{"_id": "Southwest-2018_24.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nIn addition, in response to these types of threats, there has been heightened legislative and regulatory focus on data privacy and security in the United States and elsewhere\\. As a result, the Company must address a growing and fast\\-evolving set of legal requirements in this area\\. This regulatory environment is increasingly challenging and may present material obligations and risks to the Company's business, including significantly expanded compliance burdens, costs, and enforcement risks\\.\n\nThe Company has a dedicated cyber\u2013security team and program that focuses on current and emerging data security and data privacy matters\\. The Company continues to assess and invest in the growing needs of the cyber\u2013security team through the allocation of skilled personnel, ongoing training, and support of the adoption and implementation of technologies coupled with cyber\u2013security risk management frameworks\\.\n\nThe Company carries a cyber\\-security insurance policy with regards to data protection and business interruption associated with both security breaches from malicious parties and from certain system failures\\. However, available cyber\\-security insurance with regards to data protection and business interruption could be more expensive in the future and/or have material differences in coverage than insurance that has historically been provided and may not be adequate to protect the Company's risk of loss\\.\n\n***The Company's results of operations could be adversely impacted if it is unable to effectively execute its strategic plans\\.***\n\nThe Company is reliant on the success of its revenue strategies and other strategic plans and initiatives to help offset certain increasing costs\\. The timely and effective execution of the Company's strategic plans could be negatively affected by (i) the Company's ability to timely and effectively implement, transition, and maintain related information technology systems and infrastructure; (ii) the Company's ability to effectively balance its investment of incremental operating expenses and capital expenditures related to its strategies against the need to effectively control costs; and (iii) the Company's dependence on third parties with respect to the execution of its strategic plans\\.\n\n***The airline industry has faced on\\-going security concerns and related cost burdens; further threatened or actual terrorist attacks, or other hostilities, even if not made directly on the airline industry, could significantly harm the airline industry and the Company's operations\\.***\n\nTerrorist attacks or other crimes and hostilities, actual and threatened, have from time to time materially adversely affected the demand for air travel and also have resulted in increased safety and security costs for the Company and the airline industry generally\\. Safety measures create delays and inconveniences and can, in particular, reduce the Company's competitiveness against surface transportation for short\\-haul routes\\. Additional terrorist attacks or other hostilities, even if not made directly on the airline industry, or the fear of such attacks or other hostilities (including elevated national threat warnings, government travel warnings to certain destinations, travel restrictions, or selective cancellation or redirection of flights due to terror threats) would likely have a further significant negative impact on the Company and the airline industry\\.\n\n***Airport capacity constraints and air traffic control inefficiencies have limited and could continue to limit the Company's growth; changes in or additional governmental regulation could increase the Company's operating costs or otherwise limit the Company's ability to conduct business\\.***\n\nAlmost all commercial service airports are owned and/or operated by units of local or state governments\\. Airlines are largely dependent on these governmental entities to provide adequate airport facilities and capacity at an affordable cost\\. Similarly, the federal government singularly controls all U\\.S\\. airspace, and airlines are dependent on the FAA operating that airspace in a safe and efficient manner\\. The current air traffic control system is mainly radar\\-based and supported in large part by antiquated equipment and technologies\\. The FAA's protracted transition to a satellite\\-based air traffic control system, as well as the implementation of policies and standards that account for the precision of global positioning system\\-supported aircraft technologies, could continue to adversely impact airspace capacity and the overall efficiency of the system, resulting in limited opportunities for the Company to grow, longer scheduled flight times, increased delays and cancellations, and increased fuel consumption and aircraft emissions\\. As discussed above under \"Business \\- Regulation,\" airlines are also subject to other extensive regulatory requirements\\. These requirements often impose substantial costs on airlines\\. The Company's strategic plans and results of operations could be negatively affected by changes in law and future actions taken by domestic and foreign governmental agencies having jurisdiction over its operations, including, but not limited to:\n\n25"}
{"_id": "Delta-2017_21.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nRisk Factors Relating to the Airline Industry\n\nTerrorist attacks, geopolitical conflict or security events may adversely affect our business, financial condition and operating results\\.\n\nTerrorist attacks, geopolitical conflict or security events, or fear of such events, could have a significant adverse effect on our business\\. Despite significant security measures at airports and airlines, the airline industry remains a high profile target for terrorist groups\\. We constantly monitor threats from terrorist groups and individuals, including from violent extremists both internationally and domestically, with respect to direct threats against our operations and in ways not directly related to the airline industry\\. In addition, the impact on our operations of avoiding areas of the world, including airspace, in which there are geopolitical conflicts and the targeting of commercial aircraft by parties to those conflicts can be significant\\. Security events, primarily from external sources but also from potential insider threats, also pose a significant risk to our passenger and cargo operations\\. These events could include random acts of violence and could occur in public areas that we cannot control\\.\n\nTerrorist attacks, geopolitical conflict or security events, or fear of such events, even if not made directly on or involving the airline industry, could have significant negative impact on us by discouraging passengers from flying, leading to decreased ticket sales and increased refunds\\. In addition, potential costs from these types of events include increased security costs, impacts from avoiding flight paths over areas in which conflict is occurring, reputational harm and other costs\\. If any or all of these types of events occur, they could have a material adverse effect on our business, financial condition and results of operations\\.\n\nThe global airline industry is highly competitive and, if we cannot successfully compete in the marketplace, our business, financial condition and operating results will be materially adversely affected\\.\n\nThe airline industry is highly competitive, marked by significant competition with respect to routes, fares, schedules (both timing and frequency), services, products, customer service and frequent flyer programs\\. Consolidation in the airline industry, the rise of well\\-funded government sponsored international carriers, changes in international alliances and the creation of immunized joint ventures have altered and will continue to alter the competitive landscape in the industry, resulting in the formation of airlines and alliances with increased financial resources, more extensive global networks and competitive cost structures\\.\n\nOur domestic operations are subject to competition from traditional network carriers, including American Airlines and United Airlines, national point\\-to\\-point carriers, including Alaska Airlines, JetBlue Airways and Southwest Airlines, and discount carriers, some of which may have lower costs than we do and provide service at low fares to destinations served by us\\. Point\\-to\\-point, discount and ultra low\\-cost carriers, including Spirit Airlines and Allegiant Air, place significant competitive pressure on network carriers in the domestic market\\. As a result, we face significant competition at our domestic hub and gateway airports either directly at those airports or at the hubs of other airlines that are located in close proximity to our hubs and gateways\\. We also face competition in smaller to medium\\-sized markets from regional jet operations of other carriers\\. Our ability to compete in the domestic market effectively depends, in part, on our ability to maintain a competitive cost structure\\. If we cannot maintain our costs at a competitive level, then our business, financial condition and operating results could be materially adversely affected\\.\n\nOur international operations are subject to competition from both foreign and domestic carriers\\. Competition is significant from government\\-owned and \\-funded carriers in the Gulf region, including Emirates, Etihad Airways and Qatar Airways\\. These carriers have large numbers of international widebody aircraft on order and are increasing service to the U\\.S\\. from their hubs in the Middle East\\. Several of these carriers, along with carriers from China, India and Southeast Asia, are government\\-subsidized, which has allowed them to grow quickly, reinvest in their product and expand their global presence at the expense of U\\.S\\. airlines\\. \n\nThrough alliance and other marketing and codesharing agreements with foreign carriers, U\\.S\\. carriers have increased their ability to sell international transportation, such as services to and beyond traditional European and Asian gateway cities\\. Similarly, foreign carriers have obtained increased access to interior U\\.S\\. passenger traffic beyond traditional U\\.S\\. gateway cities through these relationships\\. In addition, several joint ventures among U\\.S\\. and foreign carriers have received grants of antitrust immunity allowing the participating carriers to coordinate schedules, pricing, sales and inventory\\. \n\nIncreased competition in both the domestic and international markets may have a material adverse effect on our business, financial condition and operating results\\.\n\n 17"}
{"_id": "AmericanAirlines-2017_86.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nto be generated by the assets are less than the carrying amount of the assets and the net book value of the assets exceeds their estimated fair value\\. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets\\. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the cost to sell\\.\n\nTotal depreciation and amortization expense was $2\\.2 billion, $1\\.9 billion and $1\\.7 billion for the years ended December 31, 2017, 2016 and 2015, respectively\\.\n\n***(f) Income Taxes***\n\nIncome taxes are accounted for under the asset and liability method\\. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards\\. Deferred tax assets and liabilities are recorded net as noncurrent deferred income taxes\\.\n\nWe provide a valuation allowance for our deferred tax assets when it is more likely than not that some portion, or all of our deferred tax assets, will not be realized\\. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income\\. We consider all available positive and negative evidence and make certain assumptions in evaluating the realizability of our deferred tax assets\\. Many factors are considered that impact our assessment of future profitability, including conditions which are beyond our control, such as the health of the economy, the level and volatility of fuel prices and travel demand\\.\n\n***(g) Goodwill***\n\nGoodwill represents the excess of the purchase price over the fair value of the net assets acquired and liabilities assumed\\. Goodwill is not amortized but assessed for impairment annually on October 1^st^ or more frequently if events or circumstances indicate that goodwill may be impaired\\. We have one consolidated reporting unit\\.\n\nGoodwill is assessed for impairment by initially performing a qualitative assessment and, if necessary, then comparing the fair value of the reporting unit to its carrying value, including goodwill\\. If the fair value of the reporting unit is less than the carrying value, a second step is performed to determine the implied fair value of goodwill\\. If the implied fair value of goodwill is lower than its carrying value, an impairment charge equal to the difference is recorded\\. Based upon our annual assessment, there was no goodwill impairment in 2017\\. The carrying value of the goodwill on our consolidated balance sheets was $4\\.1 billion as of December 31, 2017 and 2016\\.\n\n***(h) Other Intangibles, Net***\n\nIntangible assets consist primarily of domestic airport slots, customer relationships, marketing agreements, international slots and route authorities, airport gate leasehold rights and tradenames\\.\n\n*Finite\\-Lived Intangible Assets*\n\nFinite\\-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable\\.\n\nThe following table provides information relating to our amortizable intangible assets as of December 31, 2017 and 2016 (in millions):\n\n\n\n|                               |                  |                  |\n| ----------------------------- | ---------------- | ---------------- |\n|                               | **December 31,** | **December 31,** |\n|                               | **2017**         | **2016**         |\n| Domestic airport slots        | $365             | $365             |\n| Customer relationships        | 300              | 300              |\n| Marketing agreements          | 105              | 105              |\n| Tradenames                    | 35               | 35               |\n| Airport gate leasehold rights | 137              | 137              |\n| Accumulated amortization      | (622)            | (578)            |\n| Total                         | $320             | $364             |\n\n\n\n87"}
{"_id": "United-2017_11.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n***Current or future litigation and regulatory actions, or failure to comply with the terms of any settlement, order or arrangement relating to these actions, could have a material adverse impact on the Company\\.*** \n\nFrom time to time, we are subject to litigation and other legal and regulatory proceedings relating to our business or investigations or other actions by governmental agencies, including as described in Part I, Item 3, Legal Proceedings, of this report\\. No assurances can be given that the results of these or new matters will be favorable to us\\. An adverse resolution of lawsuits, arbitrations, investigations or other proceedings or actions could have a material adverse effect on our financial condition and results of operations, including as a result of non\\-monetary remedies, and could also result in adverse publicity\\. Defending ourselves in these matters may be time\\-consuming, expensive and disruptive to normal business operations and may result in significant expense and a diversion of management\u2019s time and attention from the operation of our business, which could impede our ability to achieve our business objectives\\. Additionally, any amount that we may be required to pay to satisfy a judgment, settlement, fine or penalty may not be covered by insurance\\. If we fail to comply with the terms contained in any settlement, order or agreement with a governmental authority relating to these matters, we could be subject to criminal or civil penalties, which could have a material adverse impact on the Company\\. Under our charter and certain indemnification agreements that we have entered into (and may in the future enter into) with our officers, directors and certain third parties, we could be required to indemnify and advance expenses to them in connection with their involvement in certain actions, suits, investigations and other proceedings\\. There can be no assurance that any of these payments will not be material\\.\n\n***Disruptions to the Company\u2019s regional network and United Express flights provided by third\\-party regional carriers could adversely affect the Company\u2019s operations and financial condition\\.*** \n\nThe Company has contractual relationships with various regional carriers to provide regional aircraft service branded as United Express\\. These regional operations are an extension of the Company\u2019s mainline network and complement the Company\u2019s operations by carrying traffic that connects to mainline service and allows flights to smaller cities that cannot be provided economically with mainline aircraft\\. The Company\u2019s business and operations are dependent on its regional flight network, with regional capacity accounting for approximately 11% of the Company\u2019s total capacity for the year ended December 31, 2017\\.\n\nAlthough the Company has agreements with its regional carriers that include contractually agreed performance metrics, the Company does not control the operations of these carriers\\. A number of factors may impact the Company\u2019s regional network, including weather\\-related effects and seasonality\\. In addition, the decrease in qualified pilots driven by federal regulations has adversely impacted and could continue to affect the Company\u2019s regional flying\\. For example, the FAA\u2019s expansion of minimum pilot qualification standards, including a requirement that a pilot have at least 1,500 total flight hours, as well as the FAA\u2019s revised pilot flight and duty time rules, effective January 2014, have contributed to a smaller supply of pilots available to regional carriers\\. The decrease in qualified pilots resulting from the regulations as well as factors including a decreased student pilot population and a shrinking U\\.S\\. military from which to hire qualified pilots, could adversely impact the Company\u2019s operations and financial condition, and also require the Company to reduce regional carrier flying\\.\n\nIf a significant disruption occurs to the Company\u2019s regional network or flights or if one or more of the regional carriers with which the Company has relationships is unable to perform their obligations over an extended period of time, there could be a material adverse effect on the Company\u2019s business, financial condition and operations\\.\n\n***The Company\u2019s business relies extensively on third\\-party service providers\\. Failure of these parties to perform as expected, or interruptions in the Company\u2019s relationships with these providers or their provision of services to the Company, could have an adverse effect on the Company\u2019s financial position and results of operations\\.*** \n\nThe Company has engaged third\\-party service providers to perform a large number of functions that are integral to its business, including regional operations, operation of customer service call centers, distribution and sale of airline seat inventory, provision of information technology infrastructure and services, transmitting or uploading of data, provision of aircraft maintenance and repairs, provision of various utilities and performance of aircraft\n\n12"}
{"_id": "Southwest-2018_74.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe following table is a summary of the Company\u2019s intangible assets, which are included as a component of Other assets in the Company's Consolidated Balance Sheet, as of December 31, 2018 and 2017:\n\n\n\n|                                             |                                              |                                      |                                         |                                  |                                  |\n| ------------------------------------------- | -------------------------------------------- | ------------------------------------ | --------------------------------------- | -------------------------------- | -------------------------------- |\n|                                             |                                              | **Year ended December 31, 2018**     | **Year ended December 31, 2018**        | **Year ended December 31, 2017** | **Year ended December 31, 2017** |\n| **(in millions)**                           | **Weighted\\-average useful life (in years)** | **Gross carrying**<br><br>**amount** | **Accumulated**<br><br>**amortization** | **Gross carrying amount**        | **Accumulated Amortization**     |\n| Customer relationships/marketing agreements | 10                                           | $27                                  | $25                                     | $27                              | $23                              |\n| Owned domestic slots (a)                    | Indefinite                                   | 295                                  | n/a                                     | 295                              | n/a                              |\n| Gate leasehold rights (a)                   | 15                                           | 180                                  | 78                                      | 180                              | 66                               |\n| Total                                       | 14                                           | $502                                 | $103                                    | $502                             | $89                              |\n\n\n\n(a) Intangible assets primarily consist of acquired leasehold rights to certain airport owned gates, takeoff and landing slots (a \"slot\" is the right of an air carrier, pursuant to regulations of the FAA, to operate a takeoff or landing at a specific time at certain airports) at certain domestic slot\\-controlled airports, and certain intangible assets acquired\\. \n\nThe Company's definite lived assets are amortized on a straight\\-line basis over the useful life of the asset\\. The aggregate amortization expense for 2018, 2017, and 2016 was $16 million, $13 million, and $17 million, respectively\\. Estimated aggregate amortization expense for the five succeeding years and thereafter is as follows: 2019 \u2013 $13 million, 2020 \u2013 $12 million, 2021 \u2013 $12 million, 2022 \u2013 $12 million, 2023 \u2013 $12 million, and thereafter \u2013 $45 million\\.\n\n***Revenue Recognition***\n\nTickets sold are initially deferred as Air traffic liability\\. Passenger revenue is recognized and Air traffic liability is reduced when transportation is provided\\. Air traffic liability primarily represents tickets sold for future travel dates and funds that are past flight date and remain unused as well as a portion of the Company's liability associated with its loyalty program\\. The majority of the Company\u2019s tickets sold are nonrefundable\\. Refundable tickets that are sold but not flown on the travel date can be reused for another flight, up to a year from the date of sale, or refunded, subject to certain conditions\\. Based on the Company's revenue recognition policy, revenue is recorded at the flight date for a Customer who does not change his/her itinerary and loses his/her funds as the Company has then fulfilled its performance obligation\\. Amounts collected from passengers for ancillary service fees are also recognized when the service is provided, which is typically the flight date\\.\n\nRevenue from the estimated spoilage of tickets (including partial tickets) is recorded once the flight date has passed in proportion to the pattern of flights taken by the Customer, which approximates the average period over which the population of Rapid Reward Members redeem their points\\. Initial spoilage estimates are routinely adjusted and ultimately finalized once the tickets expire, which is typically twelve months after the original purchase date\\. See Note 5 for further information\\.\n\nApproximately $566 million, approximately $489 million, and approximately $383 million of the Company's Operating revenues in 2018, 2017, and 2016, respectively, were attributable to foreign operations\\. The remainder of the Company's Operating revenues, approximately $21\\.4 billion, approximately $20\\.7 billion, and approximately $20\\.0 billion in 2018, 2017, and 2016, respectively, were attributable to domestic operations\\.\n\n***Loyalty Program***\n\nThe Company records a liability for the relative fair value of providing free travel under its loyalty program for all points earned from flight activity or sold to companies participating in the Company\u2019s Rapid Rewards loyalty program as business partners that are expected to be redeemed for future travel\\. The loyalty liability represents performance obligations that will be satisfied when a Rapid Rewards loyalty member redeems points for travel or other goods and services, or upon spoilage of the points\\. Points earned from flight activity are valued at their relative standalone selling \n\n75"}
{"_id": "Southwest-2017_103.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|                                                                    |                                                                    |                                                                    |                                                                    |                                                                    |\n| ------------------------------------------------------------------ | ------------------------------------------------------------------ | ------------------------------------------------------------------ | ------------------------------------------------------------------ | ------------------------------------------------------------------ |\n| **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** |\n|                                                                    | **Valuation technique**                                            | **Unobservable input**                                             | **Period (by year)**                                               | **Range**                                                          |\n| Fuel derivatives                                                   | Option model                                                       | Implied volatility                                                 | 2018                                                               | 11\\-26%                                                            |\n|                                                                    |                                                                    |                                                                    | 2019                                                               | 17\\-22%                                                            |\n|                                                                    |                                                                    |                                                                    | 2020                                                               | 17\\-21%                                                            |\n|                                                                    |                                                                    |                                                                    | Beyond 2020                                                        | 18\\-20%                                                            |\n\n\n\nThe carrying amounts and estimated fair values of the Company\u2019s long\\-term debt (including current maturities), as well as the applicable fair value hierarchy tier, at December 31, 2017, are presented in the table below\\. The fair values of the Company\u2019s publicly held long\\-term debt are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets; therefore, the Company has categorized these agreements as Level 2\\. Debt under seven of the Company\u2019s debt agreements is not publicly held\\. The Company has determined the estimated fair value of this debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable\\. The Company utilizes indicative pricing from counterparties and a discounted cash flow method to estimate the fair value of the Level 3 items\\.\n\n\n\n|                                                               |                     |                          |                                |\n| ------------------------------------------------------------- | ------------------- | ------------------------ | ------------------------------ |\n| **(in millions)**                                             |  **Carrying value** | **Estimated fair value** | **Fair value level hierarchy** |\n| French Credit Agreements due 2018 \\- 2\\.54%                   | $1                  | $1                       | Level 3                        |\n| Fixed\\-rate 737 Aircraft Notes payable through 2018 \\- 7\\.03% | 3                   | 3                        | Level 3                        |\n| 2\\.75% Notes due 2019                                         | 300                 | 302                      | Level 2                        |\n| Term Loan Agreement payable through 2019 \\- 6\\.315%           | 66                  | 66                       | Level 3                        |\n| Term Loan Agreement payable through 2019 \\- 4\\.84%            | 19                  | 20                       | Level 3                        |\n| 2\\.65% Notes due 2020                                         | 491                 | 494                      | Level 2                        |\n| Term Loan Agreement payable through 2020 \\- 5\\.223%           | 237                 | 240                      | Level 3                        |\n| 737 Aircraft Notes payable through 2020                       | 155                 | 154                      | Level 3                        |\n| 2\\.75% Notes due 2022                                         | 300                 | 300                      | Level 2                        |\n| Pass Through Certificates due 2022 \\- 6\\.24%                  | 294                 | 318                      | Level 2                        |\n| Term Loan Agreement payable through 2026 \\- 2\\.67%            | 215                 | 215                      | Level 3                        |\n| 3\\.00% Notes due 2026                                         | 300                 | 293                      | Level 2                        |\n| 3\\.45% Notes due 2027                                         | 300                 | 299                      | Level 2                        |\n| 7\\.375% Debentures due 2027                                   | 127                 | 154                      | Level 2                        |\n\n\n\n104"}
{"_id": "AmericanAirlines-2019_22.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nconditions in certain markets, resulting in delays and disruptions of air traffic\\. The outdated technologies also cause the ATC system to be less resilient in the event of a failure\\. For example, an automation failure and an evacuation, in 2015 and 2017 respectively, at the Washington Air Route Control Center resulted in cancellations and delays of hundreds of flights traversing the greater Washington, D\\.C\\. airspace\\.\n\nIn the early 2000s, the FAA embarked on a path to modernize the national airspace system, including migration from the current radar\\-based ATC system to a GPS\\-based system\\. This modernization of the ATC system, generally referred to as \u201cNextGen,\u201d has been plagued by delays and cost overruns, and it remains uncertain when the full array of benefits expected from this modernization will be available to the public and the airlines\\. Failure to update the ATC system in a timely manner and the substantial costs that may be imposed on airlines in order to fund a modernized ATC system may have a material adverse effect on our business\\. \n\nFurther, our business has been adversely impacted when government agencies have ceased to operate as expected including due to partial shut\\-downs, sequestrations or similar events\\. These events have resulted in, among other things, reduced demand for air travel, an actual or perceived reduction in ATC and security screening resources and related travel delays, as well as disruption in the ability of the FAA to grant required regulatory approvals, such as those that are involved when a new aircraft is first placed into service\\. \n\nOur operating authority in international markets is subject to aviation agreements between the U\\.S\\. and the respective countries or governmental authorities, such as the EU, and in some cases, fares and schedules require the approval of the DOT and/or the relevant foreign governments\\. Moreover, alliances with international carriers may be subject to the jurisdiction and regulations of various foreign agencies\\. The U\\.S\\. government has negotiated \u201copen skies\u201d agreements with many countries, which agreements allow unrestricted route authority access between the U\\.S\\. and the foreign markets\\. While the U\\.S\\. has worked to increase the number of countries with which open skies agreements are in effect, a number of markets important to us, including China, do not have open skies agreements\\. For example, the open skies air services agreement between the U\\.S\\. and the EU, which took effect in March 2008, provides airlines from the U\\.S\\. and EU member states open access to each other\u2019s markets, with freedom of pricing and unlimited rights to fly from the U\\.S\\. to any airport in the EU\\. As a result of the agreement and a subsequent open skies agreement involving the U\\.S\\. and the United Kingdom, which was agreed in anticipation of Brexit, we face increased competition in these markets, including LHR\\. Bilateral and multilateral agreements among the U\\.S\\. and various foreign governments of countries we serve but which are not covered by an open skies treaty are subject to periodic renegotiation\\. We currently operate a number of international routes under government arrangements that limit the number of airlines permitted to operate on the route, the capacity of the airlines providing services on the route, or the number of airlines allowed access to particular airports\\. If an open skies policy were to be adopted for any of these markets, it could have a material adverse impact on us and could result in the impairment of material amounts of our related tangible and intangible assets\\. In addition, competition from foreign airlines, revenue\\-sharing joint ventures, JBAs, and other alliance arrangements by and among other airlines could impair the value of our business and assets on the open skies routes\\. \n\nBrexit occurred on January 31, 2020 under the terms of the agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community (the Withdrawal Agreement)\\. There will now be a transition period during which the United Kingdom and the EU will seek to negotiate an agreement governing their future relationship, including in relation to air services\\. Under the Withdrawal Agreement, this transition period is scheduled to end on December 31, 2020, with a potential extension of up to two years, although the United Kingdom government has passed legislation preventing any such extension of the transition period\\. We face risks associated with Brexit, notably given the extent of our passenger and cargo traffic and that of our joint business partners that flows through LHR in the United Kingdom\\. During the transition period, our current air services may continue as we currently conduct them\\. However, Brexit will mandate further modification in the current regulatory regime, including in relation to commercial air service\\. The precise scope of traffic rights between the EU and the United Kingdom remains uncertain and therefore the continuation of our current services is not assured and could be subject to disruption\\. During the transition period, the United Kingdom and the EU will seek to implement a new air services agreement\\. We cannot predict the terms of any such successor air services agreement or whether changes in the relationship between the United Kingdom and the EU, including whether or not an agreement governing their future relationship is reached before the end of the transition period, could materially adversely affect our business, results of operations and financial condition\\. More generally, changes in U\\.S\\. or foreign government aviation policies could result in the alteration or termination of such agreements, diminish the value of route authorities, slots or other assets located abroad, or otherwise adversely affect our international operations\\.\n\n23"}
{"_id": "Southwest-2017_84.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nby December 31, 2014\\. During second quarter 2017, the City of Dallas approved using the remaining bond funds for additional terminal construction projects which began during second quarter and are expected to be completed in 2018\\.\n\nDuring 2015, the City of Dallas issued additional bonds for the construction of a new parking garage at Dallas Love Field\\. The Company has not guaranteed the principal or interest payments on these bonds, but remains the accounting owner of this project\\. \n\nConstruction costs recorded in ACFO for the Company's various projects as of December 31, 2017, and December 31, 2016, were as follows:\n\n\n\n|                            |     |                       |                              |                                 |                       |                              |                                 |\n| -------------------------- | --- | --------------------- | ---------------------------- | ------------------------------- | --------------------- | ---------------------------- | ------------------------------- |\n|                            |     | **December 31, 2017** | **December 31, 2017**        | **December 31, 2017**           | **December 31, 2016** | **December 31, 2016**        | **December 31, 2016**           |\n| (in millions)              |     | **ACFO**              | **ACFO,**<br><br>**Net (a)** | **Construction Obligation (b)** | **ACFO**              | **ACFO,**<br><br>**Net (a)** | **Construction Obligation (b)** |\n| FLL Terminal               | (c) | $258                  | $256                         | $258                            | $132                  | $132                         | $132                            |\n| LAX Terminal 1             | (c) | 433                   | 417                          | 433                             | 344                   | 336                          | 344                             |\n| LAX Terminal 1\\.5          | (c) | 31                    | 31                           | 31                              | \u2014                     | \u2014                            | \u2014                               |\n| LFMP \\- Terminal           | (c) | 543                   | 474                          | 516                             | 538                   | 486                          | 522                             |\n| LFMP \\- Parking Garage     | (c) | 152                   | 152                          | 152                             | 80                    | 80                           | 80                              |\n| HOU International Terminal | (d) | 126                   | 118                          | \u2014                               | 126                   | 122                          | \u2014                               |\n|                            |     | $1,543                | $1,448                       | $1,390                          | $1,220                | $1,156                       | $1,078                          |\n\n\n\n(a) Net of accumulated depreciation\\.\n\n(b) Construction obligation will be reduced through future facility rent payments\\. These future payments are not fixed per the lease agreement, but are variable and fluctuate based on various market and other factors outside the control of the Company\\.\n\n(c) Projects still in progress\\.\n\n(d) Project completed in 2015 at Houston William P\\. Hobby Airport (\"HOU\")\\.\n\n***Contingencies***\n\nThe Company is from time to time subject to various legal proceedings and claims arising in the ordinary course of business, including, but not limited to, examinations by the Internal Revenue Service (\"IRS\")\\. The Company's management does not expect that the outcome of any of its currently ongoing legal proceedings or the outcome of any adjustments presented by the IRS, individually or collectively, will have a material adverse effect on the Company's financial condition, results of operations, or cash flow\\.\n\n**5****\\. SUPPLEMENTAL FINANCIAL INFORMATION**\n\n\n\n|                          |                       |                       |\n| ------------------------ | --------------------- | --------------------- |\n| **(in millions)**        | **December 31, 2017** | **December 31, 2016** |\n| Derivative contracts     | $136                  | $120                  |\n| Intangible assets, net   | 413                   | 426                   |\n| Capital lease receivable | 76                    | 90                    |\n| Other                    | 161                   | 138                   |\n| Other assets             | $786                  | $774                  |\n\n\n\n85"}
{"_id": "Alaska-2018_7.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nThe percentage of Mainline passenger capacity by region and average stage length is presented below:\n\n\n\n|                              |          |          |                    |          |          |\n| ---------------------------- | -------- | -------- | ------------------ | -------- | -------- |\n|                              | **2018** | **2017** | **2016** **^(a)^** | **2015** | **2014** |\n| West Coast ^(b)^             | 23%      | 24%      | 30%                | 31%      | 31%      |\n| Transcon/midcon              | 46%      | 45%      | 30%                | 27%      | 25%      |\n| Hawaii and Costa Rica        | 15%      | 15%      | 19%                | 20%      | 20%      |\n| Alaska                       | 11%      | 11%      | 15%                | 16%      | 16%      |\n| Mexico                       | 5%       | 5%       | 6%                 | 6%       | 7%       |\n| Canada                       | \u2014%       | \u2014%       | \u2014%                 | \u2014%       | 1%       |\n| Total                        | 100%     | 100%     | 100%               | 100%     | 100%     |\n| Average Stage Length (miles) | 1,298    | 1,301    | 1,225              | 1,195    | 1,182    |\n\n\n\n\n\n|     |                                                                                                      |\n| --- | ---------------------------------------------------------------------------------------------------- |\n| (a) | Includes information for Virgin America for the period December 14, 2016 through December 31, 2016\\. |\n\n\n\n\n\n|     |                                                                                                                                       |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | Category represents flying within the West Coast\\. Departures from the West Coast to other regions are captured in other categories\\. |\n\n\n\n**REGIONAL**\n\nOur Regional operations consist of flights operated by Horizon, SkyWest and PenAir\\. In 2018, our Regional operations carried approximately 10 million revenue passengers, primarily in the states of Washington, Oregon, Idaho and California\\. Horizon is the largest regional airline in the Pacific Northwest and carries approximately 71% of Air Group's regional revenue passengers\\. \n\nBased on 2018 Horizon passenger enplanements on regional aircraft, our most significant concentration of regional activity was in Seattle and Portland\\. At December 31, 2018, Horizon\u2019s operating fleet consisted of 26 E175 jet aircraft and 39 Bombardier Q400 turboprop aircraft\\. The regional fleet operated by SkyWest consisted of 32 E175 aircraft\\.\n\nThe percentage of regional passenger capacity by region and average stage length is presented below:\n\n\n\n|                              |          |          |          |          |          |\n| ---------------------------- | -------- | -------- | -------- | -------- | -------- |\n|                              | **2018** | **2017** | **2016** | **2015** | **2014** |\n| West Coast                   | 53%      | 59%      | 60%      | 62%      | 66%      |\n| Pacific Northwest            | 11%      | 13%      | 16%      | 19%      | 19%      |\n| Canada                       | 3%       | 4%       | 5%       | 7%       | 8%       |\n| Alaska                       | 2%       | 3%       | 4%       | 5%       | 4%       |\n| Midcon                       | 30%      | 21%      | 15%      | 6%       | 2%       |\n| Mexico                       | 1%       | \u2014%       | \u2014%       | 1%       | 1%       |\n| Total                        | 100%     | 100%     | 100%     | 100%     | 100%     |\n| Average Stage Length (miles) | 468      | 422      | 381      | 348      | 339      |\n\n\n\n**FREQUENT FLYER PROGRAM** \n\nAlaska Airlines Mileage Plan\u2122 provides a comprehensive suite of frequent flyer benefits\\. Miles can be earned by flying on our airlines or on one of our 17 airline partners, by using an Alaska Airlines credit card, or through other non\\-airline partners\\. Alaska's extensive list of airline partners includes carriers associated with each of the three major global alliances, making it easier for our members to earn miles and reach elite status in our frequent flyer program\\. Through Alaska and our global partners, Mileage Plan\u2122 members have access to a large network of over 900 worldwide travel destinations\\. Further, members can receive up to 40,000 bonus miles upon signing up for the Alaska Airlines Visa Signature card and meeting a minimum spend threshold, and earn triple miles on Alaska Airlines purchases\\. Alaska Airlines Visa Signature cardholders and small business cardholders in the U\\.S\\., and Platinum and World Elite Mastercard cardholders in Canada, also receive an annual companion ticket that allows members to purchase an additional ticket for $99 plus taxes, with no restrictions or black\\-out dates, and a free first checked bag for up to six people traveling on the same itinerary\\. Earned miles can be redeemed for flights on our airlines, or our partner airlines, for hotel stays via mileageplanhotels\\.com, or for upgrades to First Class on Alaska Airlines\\. We believe all of these benefits give our Mileage Plan\u2122 members more value for their travel\\.\n\nMileage Plan\u2122 revenues, including those in the Passenger revenue income statement line item, represented approximately 13% of Air Group's total revenues in 2018\\. Mileage Plan\u2122 helps drive revenue growth by attracting new customers and building customer loyalty through the benefits that we provide\\. \n\n 8"}
{"_id": "Alaska-2019_26.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nThe inability to attract, retain and train qualified personnel, or maintain our culture, could result in guest impacts and adversely affect our business and results of operations\\.\n\nWe compete against other major U\\.S\\. airlines for pilots, aircraft technicians and other skilled labor\\. As more pilots in the industry approach mandatory retirement age, the U\\.S\\. airline industry may be affected by a pilot shortage\\. Attrition beyond normal levels, the inability to attract new pilots, or our key vendors' inability to attract and retain mechanics or other skilled labor positions could negatively impact our operating results\\. As a result, our business prospects could be harmed\\. Additionally, we may be required to increase our wage and benefit packages, or pay increased rates to our vendors, to retain these positions\\. This would result in increased overall costs and may adversely impact our financial position\\. \n\nOur success is also dependent on cultivating and maintaining a united culture with cohesive values and goals\\. Much of our continued success is tied to our guest loyalty\\. Failure to maintain and grow the Alaska culture could strain our ability to maintain relationships with guests, suppliers, employees and other constituencies\\. As part of this process, we may continue to incur substantial costs for employee programs\\. \n\n\n\n|                                     |                                     |                                     |\n| ----------------------------------- | ----------------------------------- | ----------------------------------- |\n| ITEM 1B\\. UNRESOLVED STAFF COMMENTS | ITEM 1B\\. UNRESOLVED STAFF COMMENTS | ITEM 1B\\. UNRESOLVED STAFF COMMENTS |\n\n\n\n None\\.\n\n\n\n|                     |                     |                     |\n| ------------------- | ------------------- | ------------------- |\n| ITEM 2\\. PROPERTIES | ITEM 2\\. PROPERTIES | ITEM 2\\. PROPERTIES |\n\n\n\nAIRCRAFT\n\nThe following table describes the aircraft we operate and their average age at December 31, 2019:\n\n\n\n|                      |                      |                      |           |           |  |  |  |       |       |  |  |  |        |        |  |  |  |       |       |  |  |  |                                |                                |\n|:-------------------- |:-------------------- |:-------------------- |:---------:|:---------:|:- |:- |:- | -----:| -----:|:- |:- |:- | ------:| ------:|:- |:- |:- | -----:| -----:|:- |:- |:- | ------------------------------:| ------------------------------:|\n| Aircraft Type        | Aircraft Type        | Aircraft Type        |   Seats   |   Seats   |  |  |  | Owned | Owned |  |  |  | Leased | Leased |  |  |  | Total | Total |  |  |  | Average  <br>Age in  <br>Years | Average  <br>Age in  <br>Years |\n| B737 Freighters      | B737 Freighters      | B737 Freighters      |    \u2014      |    \u2014      |  |  |  |    3  |    3  |  |  |  |     \u2014  |     \u2014  |  |  |  |    3  |    3  |  |  |  |                         18\\.9  |                         18\\.9  |\n| B737 NextGen         | B737 NextGen         | B737 NextGen         | 124\\-178  | 124\\-178  |  |  |  |  153  |  153  |  |  |  |    10  |    10  |  |  |  |  163  |  163  |  |  |  |                          8\\.9  |                          8\\.9  |\n| A319/A320            | A319/A320            | A319/A320            | 119\\-150  | 119\\-150  |  |  |  |   10  |   10  |  |  |  |    51  |    51  |  |  |  |   61  |   61  |  |  |  |                          9\\.7  |                          9\\.7  |\n| A321neo              | A321neo              | A321neo              | 185\\-190  | 185\\-190  |  |  |  |    \u2014  |    \u2014  |  |  |  |    10  |    10  |  |  |  |   10  |   10  |  |  |  |                          1\\.7  |                          1\\.7  |\n| Total Mainline Fleet | Total Mainline Fleet | Total Mainline Fleet |           |           |  |  |  |  166  |  166  |  |  |  |    71  |    71  |  |  |  |  237  |  237  |  |  |  |                          8\\.9  |                          8\\.9  |\n| Q400                 | Q400                 | Q400                 |    76     |    76     |  |  |  |   26  |   26  |  |  |  |     7  |     7  |  |  |  |   33  |   33  |  |  |  |                         11\\.7  |                         11\\.7  |\n| E175                 | E175                 | E175                 |    76     |    76     |  |  |  |   30  |   30  |  |  |  |    32  |    32  |  |  |  |   62  |   62  |  |  |  |                          2\\.3  |                          2\\.3  |\n| Total Regional Fleet | Total Regional Fleet | Total Regional Fleet |           |           |  |  |  |   56  |   56  |  |  |  |    39  |    39  |  |  |  |   95  |   95  |  |  |  |                          5\\.6  |                          5\\.6  |\n| Total                | Total                | Total                |           |           |  |  |  |  222  |  222  |  |  |  |   110  |   110  |  |  |  |  332  |  332  |  |  |  |                          8\\.0  |                          8\\.0  |\n\n\n\n\u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" discusses future orders and options for additional aircraft\\. \u201cLiquidity and Capital Resources\" provides more information about aircraft that are used to secure long\\-term debt arrangements or collateralize credit facilities\\. Note 6 to the Consolidated Financial Statements provides more information regarding leased aircraft as capitalized on our Consolidated Balance Sheets\\.\n\nAlaska\u2019s leased B737 aircraft have lease expiration dates between 2020 and 2028\\. Alaska\u2019s leased A319, A320, and A321neo aircraft have expiration dates between 2020 and 2031\\. Horizon\u2019s leased Q400 aircraft have expiration dates between 2022 and 2023\\. The leased E175 aircraft are through our capacity purchase agreement with SkyWest, which extends through 2030\\. Alaska has the option to extend some of the leases for additional periods\\.\n\nGROUND FACILITIES AND SERVICES\n\nIn various cities in the state of Alaska, we own terminal buildings and two multi\\-bay hangars\\. We also own several buildings located at or near Seattle\\-Tacoma International Airport (Sea\\-Tac)\\. These include a multi\\-bay hangar and shops complex (used primarily for line maintenance), a flight operations and training center, an air cargo facility, an information technology office and data center, and various other commercial office buildings\\. Additionally, in 2018 we began developing a property near our existing headquarters facility for additional office space\\. \n\n26"}
{"_id": "Delta-2018_91.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nCredit Card Processing Agreements\n\nOur VISA/MasterCard and American Express credit card processing agreements provide that no cash reserve (\"Reserve\") is required, and no withholding of payment related to receivables collected will occur, except in certain circumstances, including when we do not maintain a required level of liquidity as outlined in the merchant processing agreements\\. In circumstances in which the credit card processor can establish a Reserve or withhold payments, the amount of the Reserve or payments that may be withheld would be equal to the potential liability of the credit card processor for tickets purchased with VISA/MasterCard or American Express credit cards, as applicable, that had not yet been used for travel\\. We did not have a Reserve or an amount withheld as of  December 31, 2018  or  2017 \\.\n\nOther Contingencies\n\nGeneral Indemnifications\n\nWe are the lessee under many commercial real estate leases\\. It is common in these transactions for us, as the lessee, to agree to indemnify the lessor and the lessor's related parties for tort, environmental and other liabilities that arise out of or relate to our use or occupancy of the leased premises\\. This type of indemnity would typically make us responsible to indemnified parties for liabilities arising out of the conduct of, among others, contractors, licensees and invitees at, or in connection with, the use or occupancy of the leased premises\\. This indemnity often extends to related liabilities arising from the negligence of the indemnified parties, but usually excludes any liabilities caused by either their sole or gross negligence or their willful misconduct\\. \n\nOur aircraft and other equipment lease and financing agreements typically contain provisions requiring us, as the lessee or obligor, to indemnify the other parties to those agreements, including certain of those parties' related persons, against virtually any liabilities that might arise from the use or operation of the aircraft or other equipment\\.\n\nWe believe that our insurance would cover most of our exposure to liabilities and related indemnities associated with the commercial real estate leases and aircraft and other equipment lease and financing agreements described above\\. While our insurance does not typically cover environmental liabilities, we have insurance policies in place as required by applicable environmental laws\\.\n\nSome of our aircraft and other financing transactions include provisions that require us to make payments to preserve an expected economic return to the lenders if that economic return is diminished due to specified changes in law or regulations\\. In some of these financing transactions, we also bear the risk of changes in tax laws that would subject payments to non\\-U\\.S\\. lenders to withholding taxes\\.\n\nWe cannot reasonably estimate our potential future payments under the indemnities and related provisions described above because we cannot predict (1) when and under what circumstances these provisions may be triggered and (2) the amount that would be payable if the provisions were triggered because the amounts would be based on facts and circumstances existing at such time\\.\n\n 89"}
{"_id": "AmericanAirlines-2018_201.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                         |                              |\n| ----------------------- | ---------------------------- |\n| Date: February 25, 2019 | /s/ Susan D\\. Kronick        |\n|                         | Susan D\\. Kronick, Director  |\n| Date: February 25, 2019 | /s/ Martin H\\. Nesbitt       |\n|                         | Martin H\\. Nesbitt, Director |\n| Date: February 25, 2019 | /s/ Denise M\\. O\u2019Leary       |\n|                         | Denise M\\. O\u2019Leary, Director |\n| Date: February 25, 2019 | /s/ Ray M\\. Robinson         |\n|                         | Ray M\\. Robinson, Director   |\n\n\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of American Airlines, Inc\\. and in the capacities and on the dates noted:\n\n\n\n|                         |                                                      |\n| ----------------------- | ---------------------------------------------------- |\n| Date: February 25, 2019 | /s/ W\\. Douglas Parker                               |\n|                         | W\\. Douglas Parker                                   |\n|                         | Chairman and Chief Executive Officer                 |\n|                         | (Principal Executive Officer)                        |\n| Date: February 25, 2019 | /s/ Derek J\\. Kerr                                   |\n|                         | Derek J\\. Kerr                                       |\n|                         | Executive Vice President and Chief Financial Officer |\n|                         | (Principal Financial and Accounting Officer)         |\n| Date: February 25, 2019 | /s/ Stephen L\\. Johnson                              |\n|                         | Stephen L\\. Johnson, Director                        |\n| Date: February 25, 2019 | /s/ Robert D\\. Isom                                  |\n|                         | Robert D\\. Isom, Director                            |\n\n\n\n202"}
{"_id": "United-2019_71.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|                                           |           |             |             |             |                               |           |             |             |             |                               |\n| ----------------------------------------- | --------- | ----------- | ----------- | ----------- | ----------------------------- | --------- | ----------- | ----------- | ----------- | ----------------------------- |\n|                                           | **2019**  | **2019**    | **2019**    | **2019**    | **2019**                      | **2018**  | **2018**    | **2018**    | **2018**    | **2018**                      |\n| Pension Plan Assets:                      | **Total** | **Level 1** | **Level 2** | **Level 3** | **Assets Measured at NAV(a)** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Assets Measured at NAV(a)** |\n| Equity securities funds                   | $1,957    | $47         | $117        | $71         | $1,722                        | $1,457    | $254        | $106        | $63         | $1,034                        |\n| Fixed\\-income securities                  | 1,732     | \u2014           | 687         | 69          | 976                           | 1,520     | \u2014           | 628         | 87          | 805                           |\n| Alternatives                              | 776       | \u2014           | \u2014           | 205         | 571                           | 596       | \u2014           | \u2014           | 134         | 462                           |\n| Other investments                         | 499       | 466         | 21          | 12          | \u2014                             | 254       | 224         | 17          | 13          | \u2014                             |\n| Total                                     | $4,964    | $513        | $825        | $357        | $3,269                        | $3,827    | $478        | $751        | $297        | $2,301                        |\n| Other Postretirement Benefit Plan Assets: |           |             |             |             |                               |           |             |             |             |                               |\n| Deposit administration fund               | $52       | $\u2014          | $\u2014          | $52         | $\u2014                            | $53       | $\u2014          | $\u2014          | $53         | $\u2014                            |\n\n\n\n(a) In accordance with the relevant accounting standards, certain investments that are measured at fair value using the net asset value (\"NAV\") per share (or its equivalent) have not been classified in the fair value hierarchy\\. These investments are commingled funds that invest in fixed\\-income instruments including bonds, debt securities, and other similar instruments issued by various U\\.S\\. and non\\-U\\.S\\. public\\- or private\\-sector entities\\. Redemption periods for these investments range from daily to semiannually\\.\n\nEquity and Fixed\\-Income\\.  Equities include investments in both developed market and emerging market equity securities\\. Fixed\\-income includes primarily U\\.S\\. and non\\-U\\.S\\. government fixed\\-income securities and U\\.S\\. and non\\-U\\.S\\. corporate fixed\\-income securities\\.\n\nDeposit Administration Fund\\.  This investment is a stable value investment product structured to provide investment income\\.\n\nAlternatives\\.  Alternative investments consist primarily of investments in hedge funds, real estate and private equity interests\\.\n\nOther investments\\.  Other investments consist of primarily cash, as well as insurance contracts\\. \n\nThe reconciliation of United's benefit plan assets measured at fair value using unobservable inputs (Level 3) for the years ended  December 31, 2019  and  2018  is as follows (in millions):\n\n\n\n|                                                   |             |              |\n| ------------------------------------------------- | ----------- | ------------ |\n|                                                   | **2019**    | **2018**     |\n| Balance at beginning of year                      | $350        | $383         |\n| Actual return (loss) on plan assets:              |             |              |\n| Sold during the year                              | 12          | 10           |\n| Held at year end                                  | (1<br><br>) | (21<br><br>) |\n| Purchases, sales, issuances and settlements (net) | 48          | (22<br><br>) |\n| Balance at end of year                            | $409        | $350         |\n\n\n\nFunding requirements for tax\\-qualified defined benefit pension plans are determined by government regulations\\. United's contributions reflected above have satisfied its required contributions through the  2019  calendar year\\. In  2020 , employer anticipated contributions to all of United's pension and postretirement plans are at least   $314 million  and approximately   $47 million , respectively\\.\n\nThe estimated future benefit payments, net of expected participant contributions, in United's pension plans and other postretirement benefit plans as of  December 31, 2019  are as follows (in millions):\n\n\n\n|                   |             |                          |\n| ----------------- | ----------- | ------------------------ |\n|                   | **Pension** | **Other Postretirement** |\n| 2020              | $361        | $53                      |\n| 2021              | 386         | 56                       |\n| 2022              | 399         | 59                       |\n| 2023              | 410         | 62                       |\n| 2024              | 399         | 64                       |\n| Years 2025 \u2013 2029 | 2,219       | 328                      |\n\n\n\n72"}
{"_id": "Delta-2019_20.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nRisk Factors Relating to the Airline Industry\n\nTerrorist attacks, geopolitical conflict or security events may adversely affect our business, financial condition and operating results\\.\n\nTerrorist attacks, geopolitical conflict or security events, or fear of any of these events, could have a significant adverse effect on our business\\. Despite significant security measures at airports and airlines, the airline industry remains a high profile target for terrorist groups\\. We constantly monitor threats from terrorist groups and individuals, including from violent extremists both internationally and domestically, with respect to direct threats against our operations and in ways not directly related to the airline industry\\. In addition, the impact on our operations of avoiding areas of the world, including airspace, in which there are geopolitical conflicts and the targeting of commercial aircraft by parties to those conflicts can be significant\\. Security events, primarily from external sources but also from potential insider threats, also pose a significant risk to our passenger and cargo operations\\. These events could include random acts of violence and could occur in public areas that we cannot control\\.\n\nTerrorist attacks, geopolitical conflict or security events, or fear of any of these events, even if not made directly on or involving the airline industry, could have significant negative impact on us by discouraging passengers from flying, leading to decreased ticket sales and increased refunds\\. In addition, potential costs from these types of events include increased security costs, impacts from avoiding flight paths over areas in which conflict is occurring, reputational harm and other costs\\. If any or all of these types of events occur, they could have a material adverse effect on our business, financial condition and results of operations\\.\n\nThe global airline industry is highly competitive and, if we cannot successfully compete in the marketplace, our business, financial condition and operating results will be materially adversely affected\\.\n\nThe airline industry is highly competitive, marked by significant competition with respect to routes, fares, schedules (both timing and frequency), services, products, customer service and loyalty programs\\. Consolidation in the airline industry, the rise of subsidized government sponsored international carriers, changes in international alliances and the creation of immunized joint ventures have altered and will continue to alter the competitive landscape in the industry, resulting in the formation of airlines and alliances with increased financial resources, more extensive global networks and competitive cost structures\\.\n\nOur domestic operations are subject to competition from traditional network carriers, including American Airlines and United Airlines, national point\\-to\\-point carriers, including Alaska Airlines, JetBlue Airways and Southwest Airlines, and other discount or ultra low\\-cost carriers, including Spirit Airlines, Frontier Airlines and Allegiant Air, some of which may have lower costs than we do and provide service at low fares to destinations served by us\\. Point\\-to\\-point, discount and ultra low\\-cost carriers place significant competitive pressure on network carriers in the domestic market\\. In particular, we face significant competition at our domestic hubs and key airports either directly at those airports or at the hubs of other airlines that are located in close proximity to our hubs and key airports\\. We also face competition in smaller to medium\\-sized markets from regional jet operations of other carriers\\. Our ability to compete in the domestic market effectively depends, in part, on our ability to maintain a competitive cost structure\\. If we cannot maintain our costs at a competitive level, then our business, financial condition and operating results could be materially adversely affected\\.\n\nOur international operations are subject to competition from both foreign and domestic carriers\\. Competition from government\\-owned and subsidized carriers in the Gulf region, including Emirates, Etihad Airways and Qatar Airways, is significant\\. These carriers have large numbers of international widebody aircraft on order and have increased service to the U\\.S\\. These carriers are government\\-subsidized, which has allowed them to grow quickly, reinvest in their product and expand their global presence at the expense of U\\.S\\. airlines\\.\n\nThrough alliance and other marketing and codesharing agreements with foreign carriers, U\\.S\\. carriers have increased their ability to sell international transportation, such as services to and beyond traditional European and Asian gateway cities\\. Similarly, foreign carriers have obtained increased access to interior U\\.S\\. passenger traffic beyond traditional U\\.S\\. gateway cities through these relationships\\. In addition, several joint ventures among U\\.S\\. and foreign carriers have received grants of antitrust immunity allowing the participating carriers to coordinate schedules, pricing, sales and inventory\\. \n\nIncreased competition in both the domestic and international markets may have a material adverse effect on our business, financial condition and operating results\\.\n\n18"}
{"_id": "AmericanAirlines-2019_70.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nCritical Audit Matters\n\nThe critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments\\. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate\\.\n\nEvaluation of estimated passenger travel revenue\n\nAs discussed in Note 1(k) to the consolidated financial statements, the Company recorded passenger travel revenue of $38\\.8 billion for the year ended December 31, 2019\\. Passenger travel revenue includes an estimate for the amount of revenue recognized for tickets that will expire unused in whole or in part\\. The percentage of passenger tickets that are expected to expire unused is estimated based on an analysis of the Company\u2019s historical data\\.\n\nWe identified the evaluation of estimated passenger travel revenue as a critical audit matter\\. A high degree of auditor judgment was required to assess the underlying assumption made by the Company to develop this estimate\\. \n\nThe primary procedures we performed to address this critical audit matter included the following\\. We tested certain internal controls over the Company\u2019s passenger revenue recognition process, including controls related to the estimation of the percentage of passenger tickets that are expected to expire unused\\. We assessed the Company\u2019s estimate of the percentage of passenger tickets expected to expire unused by comparing previous years\u2019 estimates to the actual percentage of passenger tickets expired unused for the year\\. We evaluated the estimated amount of revenue recorded in the current year related to passenger tickets that are expected to expire unused by developing an independent expectation using actual historical ticket expirations\\. We compared our independent expectation to that of the Company\\. \n\nAssessment of the estimated selling price for mileage credits earned through travel\n\nAs discussed in Note 1(k) to the consolidated financial statements, the Company applies a relative selling price approach whereby the total amount collected from each applicable passenger ticket sale is allocated between the air transportation and the mileage credits earned\\. The mileage credits earned are deferred and recognized in passenger revenue at the time mileage credits are redeemed and transportation is provided\\. The Company estimates the selling price of mileage credits earned through travel using an approach based on inputs and assumptions derived from historical data\\. Additionally, an adjustment is made to the estimated selling price of mileage credits earned to account for the estimate of mileage credits not expected to be redeemed\\. The Company\u2019s loyalty program liability was $8\\.6 billion as of December 31, 2019, and the associated passenger revenue for mileage credits redeemed for travel was $3\\.2 billion for the year ended December 31, 2019\\. \n\nWe identified the assessment of the estimated selling price for mileage credits earned through travel, including the estimated number of mileage credits not expected to be redeemed, as a critical audit matter\\. A high degree of auditor judgment was required to evaluate the historical data used to develop the estimate\\. \n\nThe primary procedures we performed to address this critical audit matter included the following\\. We tested certain internal controls over the Company\u2019s loyalty program accounting process, including controls related to the estimation of the selling price for mileage credits earned through travel\\. We evaluated that the Company\u2019s methodology used to develop the estimated selling price of mileage credits earned through travel, including estimated mileage credits not expected to be redeemed, was consistent with that of historical periods\\. We performed sensitivity analyses over the estimated selling price of mileage credits earned through travel, including estimated mileage credits not expected to be redeemed\\. We assessed the results of the sensitivity analyses to the Company\u2019s recorded amount of loyalty program liability and the associated passenger revenue\\. We compared the Company\u2019s estimate of mileage credits not expected to be redeemed to that of other airlines within the industry\\. \n\n/s/ KPMG LLP\n\nWe have served as the Company\u2019s auditor since 2014\\. \n\nDallas, Texas\n\nFebruary 19, 2020 \n\n71"}
{"_id": "AmericanAirlines-2018_192.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 10\\.2                         | [First Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of November 14, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of December 15, 2016, amending the Loan Agreement, dated as of May 23, 2013, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\., as borrower), as the borrower, American Airlines Group Inc\\., as parent and guarantor (as successor in interest to US Airways Group, Inc\\., as parent and guarantor), the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent and collateral agent (as successor in interest to Citicorp North America Inc\\., as administrative agent and collateral agent), and certain other parties thereto (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000009/ex10210k2017.htm) |\n| 10\\.3                         | [First Amendment and Restatement Agreement, dated as of April 20, 2015, in relation to the Credit and Guaranty Agreement, dated as of October 10, 2014 (as amended), among American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.), American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), the Revolving Lenders (as defined therein) party thereto, the 2015 Term Loan Lenders (as defined therein) party thereto and Citibank N\\.A\\., as administrative agent and collateral agent (incorporated by reference to Exhibit 10\\.4 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex104.htm)                                                                                                                                                                                                                                    |\n| 10\\.4                         | [First Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of October 26, 2015, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.), the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.6 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516474605/d78287dex106.htm)                                                                                                                                                                                                                                                                          |\n| 10\\.5                         | [Second Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of September 22, 2016, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516742263/d247546dex101.htm)                                                                                                                                                                                                                                                                                                                                                                     |\n| 10\\.6                         | [Third Amendment to the Amended and Restated Credit and Guaranty Agreement, dated as of June 14, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517239325/d416225dex102.htm)                                                                                                                                                                                                                                                                                                                                                                            |\n| 10\\.7                         | [Fourth Amendment to the Amended and Restated Credit and Guaranty Agreement, dated as of August 21, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.7 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000016/ex10110qq118.htm) \\*                                                                                                                                                                                                                                                                                                                                                                         |\n| 10\\.8                         | [Fifth Amendment to the Amended and Restated Credit and Guaranty Agreement, dated as of September 17, 2018, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000039/ex10110qq318.htm) \\*                                                                                                                                                                                                                                                                                                                                                                |\n| 10\\.9                         | [Sixth Amendment to the Amended and Restated Credit and Guaranty Agreement, dated as of December 10, 2018, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto\\.](https://americanairlines.gcs-web.com/email-alerts/ex10910k2018.htm) \\*\\*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 10\\.10                        | [First Amendment and Restatement Agreement, dated as of May 21, 2015, in relation to the Credit and Guaranty Agreement, dated as of June 27, 2013 (as amended), among American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.), American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), the Revolving Lenders (as defined therein) party thereto, the 2015 Term Loan Lenders (as defined therein) party thereto and Deutsche Bank AG New York Branch, as administrative agent and collateral agent (incorporated by reference to Exhibit 10\\.5 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex105.htm)                                                                                                                                                                                                                        |\n| 10\\.11                        | [First Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of October 26, 2015, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), American Airlines Group Inc\\., (as successor in interest to US Airways Group, Inc \\.), the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.8 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516474605/d78287dex108.htm)                                                                                                                                                                                                                                                         |\n\n\n\n193"}
{"_id": "AmericanAirlines-2017_191.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 10\\.21                        | [Supplemental Agreement No\\. 6, dated as of April 21, 2015, to Purchase Agreement No\\. 3219 between American Airlines, Inc\\. and The Boeing Company, dated as of October 15, 2008, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex102.htm) \\*                   |\n| 10\\.22                        | [Supplemental Agreement No\\. 7, dated as of September 12, 2016, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516742263/d247546dex103.htm) \\*                                                                                          |\n| 10\\.23                        | [Supplemental Agreement No\\. 8, dated as of January 26, 2017, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex103.htm) \\*                                                                                                |\n| 10\\.24                        | [Supplemental Agreement No\\. 9, dated as of April 24, 2017, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, by and between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.5 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517239325/d416225dex105.htm) \\*                                                                                            |\n| 10\\.25                        | [Supplemental Agreement No\\. 10, dated as of May 11, 2017, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, by and between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.6 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517239325/d416225dex106.htm) \\*                                                                                             |\n| 10\\.26                        | [A320 Family Aircraft Purchase Agreement, dated as of July 20, 2011, between American Airlines, Inc\\. and Airbus S\\.A\\.S\\. (incorporated by reference to Exhibit 10\\.4 to AMR\u2019s report on Form 10\\-Q for the quarter ended September 30, 2011 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312511274936/d236673dex104.htm) \\*                                                                                                                                                               |\n| 10\\.27                        | [Amendment No\\. 1, dated as of January 11, 2013, to A320 Family Aircraft Purchase Agreement between American Airlines, Inc\\. and Airbus S\\.A\\.S\\., dated as of July 20, 2011 (incorporated by reference to Exhibit 10\\.8 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000040/d516424dex108.htm) \\*                                                                                                       |\n| 10\\.28                        | [Amendment No\\. 2, dated as of May 30, 2013, to A320 Family Aircraft Purchase Agreement between American Airlines, Inc\\. and Airbus S\\.A\\.S, dated as of July 20, 2011 (incorporated by reference to Exhibit 10\\.2 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000067/d567093dex102.htm) \\*                                                                                                              |\n| 10\\.29                        | [Amendment No\\. 3, dated as of November 20, 2013, to A320 Family Aircraft Purchase Agreement between American Airlines, Inc\\. and Airbus S\\.A\\.S\\., dated as of July 20, 2011 (incorporated by reference to Exhibit 10\\.27 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex1027.htm) \\*                                                                                                       |\n| 10\\.30                        | [Amendment No\\. 4, dated as of June 18, 2014, to the A320 Family Aircraft Purchase Agreement between Airbus S\\.A\\.S\\., as seller, and American Airlines, Inc\\., as buyer, dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex101.htm) \\* |\n| 10\\.31                        | [Amendment No\\. 5, dated as of June 24, 2014, to the A320 Family Aircraft Purchase Agreement between Airbus S\\.A\\.S\\., as seller, and American Airlines, Inc\\., as buyer, dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex102.htm) \\* |\n| 10\\.32                        | [Amendment No\\. 6, dated as of July 1, 2014, to the A320 Family Aircraft Purchase Agreement between Airbus S\\.A\\.S\\., as seller, and American Airlines, Inc\\., as buyer, dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex103.htm) \\*  |\n| 10\\.33                        | [Amendment No\\. 7, dated as of November 25, 2014, to the A320 Family Aircraft Purchase Agreement between Airbus S\\.A\\.S\\., as seller, and American Airlines, Inc\\., as buyer, dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise (incorporated by reference to Exhibit 10\\.51 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515061145/d829913dex1051.htm) \\*      |\n| 10\\.34                        | [Amendment No\\. 8, dated as of June 11, 2015, to the A320 Family Aircraft Purchase Agreement between American Airlines, Inc\\. and Airbus S\\.A\\.S\\., dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex101.htm) \\*                       |\n| 10\\.35                        | [Amendment No\\. 9, dated as of September 23, 2015, to the A320 Family Aircraft Purchase Agreement, dated as of July 20, 2011, between American Airlines, Inc\\. and Airbus S\\.A\\.S\\. (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515351246/d14219dex103.htm) \\*                                                                                             |\n| 10\\.36                        | [Purchase Agreement No\\. 03735, dated as of February 1, 2013, between American Airlines, Inc\\., and The Boeing Company (incorporated by reference to Exhibit 10\\.7 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000040/d516424dex107.htm) \\*                                                                                                                                                             |\n\n\n\n192"}
{"_id": "Southwest-2017_43.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|             |                                                                                        |                                                                                                       |\n| ----------- | -------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------- |\n| **Year**    | **Fair value of fuel**<br><br>**derivative contracts**<br><br>**at December 31, 2017** | **Amount of gains (losses) deferred**<br><br>**in AOCI at December 31,**<br><br>**2017 (net of tax)** |\n| 2018        | $112                                                                                   | $(9)                                                                                                  |\n| 2019        | 75                                                                                     | 8                                                                                                     |\n| 2020        | 42                                                                                     | 3                                                                                                     |\n| Beyond 2020 | 19                                                                                     | \u2014                                                                                                     |\n| Total       | $248                                                                                   | $2                                                                                                    |\n\n\n\nBased on forward market prices and the amounts in the above table (and excluding any other subsequent changes to the fuel hedge portfolio), the Company's jet fuel costs per gallon could exceed market (i\\.e\\., unhedged) prices during some of these future periods\\. This is based primarily on expected future cash settlements associated with fuel derivatives, but excludes any impact associated with the ineffectiveness of fuel hedges or fuel derivatives that are marked to market because they do not qualify for hedge accounting\\. See Note 10 to the Consolidated Financial Statements for further information\\. Assuming no changes to the Company's current fuel derivative portfolio, but including all previous hedge activity for fuel derivatives that have not yet settled and expected fuel hedge premium costs associated with settling contracts each period, and considering only the expected net cash payments and/or receipts related to hedges that will settle, the Company is providing the below sensitivity table for first quarter 2018 and full year 2018 jet fuel prices at different crude oil assumptions as of January 19, 2018, and for expected premium costs associated with settling contracts each period, respectively\\.\n\n\n\n|                                                         |                                                 |                                                                                   |                                                 |                                                                                   |\n| ------------------------------------------------------- | ----------------------------------------------- | --------------------------------------------------------------------------------- | ----------------------------------------------- | --------------------------------------------------------------------------------- |\n|                                                         | **Fuel hedging premium expense per gallon (b)** | **Estimated economic fuel price per gallon, including taxes and premiums (c)(e)** | **Fuel hedging premium expense per gallon (b)** | **Estimated economic fuel price per gallon, including taxes and premiums (d)(e)** |\n| **Average Brent Crude Oil**<br><br>**price per barrel** | **1Q 2018**                                     | **1Q 2018**                                                                       | **Full Year 2018**                              | **Full Year 2018**                                                                |\n| $55                                                     | $0\\.07                                          | $1\\.85 \\- $1\\.90                                                                  | $0\\.06                                          | $1\\.75 \\- $1\\.80                                                                  |\n| $65                                                     | $0\\.07                                          | $2\\.05 \\- $2\\.10                                                                  | $0\\.06                                          | $2\\.00 \\- $2\\.05                                                                  |\n| **Current Market (a)**                                  | $0\\.07                                          | **$2\\.10 \\- $2\\.15**                                                              | $0\\.06                                          | **$2\\.10 \\- $2\\.15**                                                              |\n| $75                                                     | $0\\.07                                          | $2\\.25 \\- $2\\.30                                                                  | $0\\.06                                          | $2\\.30 \\- $2\\.35                                                                  |\n| $80                                                     | $0\\.07                                          | $2\\.30 \\- $2\\.35                                                                  | $0\\.06                                          | $2\\.35 \\- $2\\.40                                                                  |\n| $85                                                     | $0\\.07                                          | $2\\.35 \\- $2\\.40                                                                  | $0\\.06                                          | $2\\.45 \\- $2\\.50                                                                  |\n| Estimated premium costs                                 | Approximately $34 million                       | Approximately $34 million                                                         | Approximately $135 million                      | Approximately $135 million                                                        |\n\n\n\n(a) Brent crude oil average market prices as of January 19, 2018, were approximately $68 and $67 per barrel for first quarter 2018 and full year 2018, respectively\\.\n\n(b) In accordance with the Company's planned early adoption of Accounting Standards Update No\\. 2017\\-12, Targeting Improvements to Accounting for Hedging Activities, the Company will begin reporting premium expense within Fuel and oil expense as of January 1, 2018\\.\n\n(c) Based on the Company's existing fuel derivative contracts and market prices as of January 19, 2018, first quarter 2018 economic fuel costs are estimated to be in the $2\\.10 to $2\\.15 per gallon range, including fuel hedging premium expense of approximately $34 million, or $0\\.07 per gallon\\. First quarter 2018's expected economic fuel cost range of $2\\.10 to $2\\.15 per gallon compares with first quarter 2017's economic fuel cost of $1\\.96 per gallon, as reported, but including fuel hedging premium expense of $34 million, or $\\.07 per gallon, will be recast as $2\\.03 per gallon\\. \n\n(d) Based on the Company's existing fuel derivative contracts and market prices as of January 19, 2018, annual 2018 economic fuel costs are estimated to be in the $2\\.10 to $2\\.15 per gallon range, including fuel hedging premium expense of approximately $135 million, or $\\.06 per gallon\\. 2018's annual expected economic fuel cost range of $2\\.10 to $2\\.15 per gallon compares with 2017's annual economic fuel costs of $2\\.00 per gallon, as reported herein, but including fuel hedging premium expense of $135 million, or $\\.06 per gallon, will be recast as $2\\.06 per gallon\\. \n\n(e) The economic fuel price per gallon sensitivities provided assume the relationship between Brent crude oil and refined products based on market prices as of January 19, 2018\\. Economic fuel cost projections do not reflect the potential impact of special items because the Company cannot reliably predict or estimate the hedge accounting impact associated with the volatility of the energy \n\n44"}
{"_id": "Delta-2017_51.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK\n\nWe have market risk exposure related to fuel prices, interest rates and foreign currency exchange rates\\. Market risk is the potential negative impact of adverse changes in these prices or rates on our Consolidated Financial Statements\\. In an effort to manage our exposure to these risks, we enter into derivative contracts and may adjust our derivative portfolio as market conditions change\\. We expect adjustments to the fair value of financial instruments to result in ongoing volatility in earnings and stockholders' equity\\.\n\nThe following sensitivity analyses do not consider the effects of a change in demand for air travel, the economy as a whole or actions we may take to seek to mitigate our exposure to a particular risk\\. For these and other reasons, the actual results of changes in these prices or rates may differ materially from the following hypothetical results\\.\n\nFuel Price Risk\n\nChanges in fuel prices materially impact our results of operations\\.  We have recently managed our fuel price risk through a hedging program intended to reduce the financial impact from changes in the price of fuel as fuel prices are subject to potential volatility\\.  A one cent increase in the cost of jet fuel would result in approximately $40 million of additional annual fuel expense\\.\n\nInterest Rate Risk\n\nOur exposure to market risk from adverse changes in interest rates is primarily associated with our long\\-term debt obligations\\. Market risk associated with our fixed and variable rate long\\-term debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates\\. \n\nAt  December 31, 2017 , we had $5\\.3 billion of fixed\\-rate long\\-term debt and $3\\.2 billion of variable\\-rate long\\-term debt\\. An increase of 100 basis points in average annual interest rates would have decreased the estimated fair value of our fixed\\-rate long\\-term debt by $160 million at  December 31, 2017  and would have increased the annual interest expense on our variable\\-rate long\\-term debt by $32 million\\.\n\nForeign Currency Exchange Risk\n\nWe are subject to foreign currency exchange rate risk because we have revenue and expense denominated in foreign currencies with our primary exposures being the Japanese yen and Canadian dollar\\. To manage exchange rate risk, we execute both our international revenue and expense transactions in the same foreign currency to the extent practicable\\.  From time to time, we may also enter into foreign currency option and forward contracts\\.  At  December 31, 2017 , we had open foreign currency forward contracts totaling a  $17 million  liability position\\. We estimate that a 10% depreciation or appreciation in the price of the Japanese yen and Canadian dollar in relation to the U\\.S\\. dollar would change the projected cash settlement value of our open hedge contracts by a $34 million gain or $42 million loss, respectively, for the year ending December 31, 2018\\.\n\n 47"}
{"_id": "AmericanAirlines-2017_183.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 4\\.106                        | [Escrow and Paying Agent Agreement (Class AA), dated as of May 16, 2016, among Wilmington Trust, National Association, as Escrow Agent, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc\\., for themselves and on behalf of the several Underwriters, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2016\\-2AA, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.7 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex47.htm)        |\n| 4\\.107                        | [Escrow and Paying Agent Agreement (Class A), dated as of May 16, 2016, among Wilmington Trust, National Association, as Escrow Agent, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc\\., for themselves and on behalf of the several Underwriters, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2016\\-2A, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.8 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex48.htm)          |\n| 4\\.108                        | [Note Purchase Agreement, dated as of May 16, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex49.htm)                                                                                                                                                 |\n| 4\\.109                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex49.htm)                                                                                                           |\n| 4\\.110                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex49.htm)                                                                                                                                                                                                                                                                                                                       |\n| 4\\.111                        | [Form of Pass Through Trust Certificate, Series 2016\\-2AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| 4\\.112                        | [Form of Pass Through Trust Certificate, Series 2016\\-2A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 4\\.113                        | [Revolving Credit Agreement (2016\\-2AA), dated as of May 16, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-2AA, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex414.htm)                                                                                                                                                                                                          |\n| 4\\.114                        | [Revolving Credit Agreement (2016\\-2A), dated as of May 16, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-2A, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex415.htm)                                                                                                                                                                                                            |\n| 4\\.115                        | [Trust Supplement No\\. 2016\\-2B, dated as of July 8, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex42.htm)                                                                                                                                                                                                                                                                                      |\n| 4\\.116                        | [Amended and Restated Intercreditor Agreement (2016\\-2), dated as of July 8, 2016, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-2AA, as Trustee of the American Airlines Pass Through Trust 2016\\-2A and as Trustee of the American Airlines Pass Through Trust 2016\\-2B, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex43.htm) |\n| 4\\.117                        | [Deposit Agreement (Class B), dated as of July 8, 2016, between Wilmington Trust, National Association, as Escrow Agent, and Citibank, N\\.A\\., as Depositary (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex44.htm)                                                                                                                                                                                                                                                                                                                                   |\n| 4\\.118                        | [Escrow and Paying Agent Agreement (Class B), dated as of July 8, 2016, among Wilmington Trust, National Association, as Escrow Agent, Citigroup Global Markets Inc\\., as the initial purchaser, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2016\\-2B, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex45.htm)                                                                                |\n| 4\\.119                        | [Amended and Restated Note Purchase Agreement, dated as of July 8, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                                                                           |\n\n\n\n184"}
{"_id": "AmericanAirlines-2018_77.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***Impacts to*** ***2016*** ***Results***\n\nThe effects of the adoption of the New Revenue Standard and New Retirement Standard to our consolidated statement of operations for the twelve months ended December 31, 2016 were as follows (in millions):\n\n\n\n|                                       |                 |                             |                                         |                                   |                             |               |\n| ------------------------------------- | --------------- | --------------------------- | --------------------------------------- | --------------------------------- | --------------------------- | ------------- |\n|                                       |                 | **New Revenue Standard**    | **New Revenue Standard**                | **New Revenue Standard**          | **New Retirement Standard** |               |\n| **Year Ended  <br>December 31, 2016** | **As Reported** | **Deferred Revenue Method** | **Ancillary Revenue Reclassifications** | **Gross Versus Net Presentation** | **Reclassifications**       | **As Recast** |\n| Operating revenues:                   |                 |                             |                                         |                                   |                             |               |\n|  Passenger                            | $34,579         | $(147)                      | $2,571                                  | $42                               | $\u2014                          | $37,045       |\n|  Cargo                                | 700             | \u2014                           | 36                                      | 49                                | \u2014                           | 785           |\n|  Other                                | 4,901           | \u2014                           | (2,607)                                 | 18                                | \u2014                           | 2,312         |\n|  Total operating revenues             | 40,180          | (147)                       | \u2014                                       | 109                               | \u2014                           | 40,142        |\n|  Total operating expenses             | 34,896          | \u2014                           | \u2014                                       | 109                               | 77                          | 35,082        |\n| Operating income                      | 5,284           | (147)                       | \u2014                                       | \u2014                                 | (77)                        | 5,060         |\n| Total nonoperating expense, net       | (985)           | \u2014                           | \u2014                                       | \u2014                                 | 77                          | (908)         |\n| Income before income taxes            | 4,299           | (147)                       | \u2014                                       | \u2014                                 | \u2014                           | 4,152         |\n| Income tax provision                  | 1,623           | (55)                        | \u2014                                       | \u2014                                 | \u2014                           | 1,568         |\n| Net income                            | $2,676          | $(92)                       | $\u2014                                      | $\u2014                                | $\u2014                          | $2,584        |\n| Diluted earnings per common share     | $4\\.81          |                             |                                         |                                   |                             | $4\\.65        |\n\n\n\n*Standards Effective for 2019 Reporting Periods*\n\n***ASU 2018\\-02: Income Statement \\- Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income***\n\nThis ASU provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings due to the U\\.S\\. federal corporate income tax rate change as a result of the 2017 Tax Act\\. The amount of the reclassification is the difference between the amount initially charged or credited directly to other comprehensive income at the previously enacted U\\.S\\. federal corporate income tax rate that remains in accumulated other comprehensive income and the amount that would have been charged or credited directly to other comprehensive income using the newly enacted U\\.S\\. federal corporate income tax rate, excluding the effect of any valuation allowance previously charged to income from continuing operations\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2018, and early adoption is permitted\\. We will adopt this standard effective January 1, 2019\\. The adoption of the standard may impact tax amounts stranded in accumulated other comprehensive income related to our pension and retiree medical and other postretirement benefit plans\\.\n\n**ITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**\n\nThe risk inherent in our market risk sensitive instruments and positions is the potential loss arising from adverse changes in the price of fuel, foreign currency exchange rates and interest rates as discussed below\\. The sensitivity analyses presented do not consider the effects that such adverse changes may have on overall economic activity, nor do they consider additional actions we may take to mitigate our exposure to such changes\\. Therefore, actual results may differ\\. See Note 8 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 6 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional discussion regarding risk management matters\\.\n\n***Aircraft Fuel***\n\nOur operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in our business\\. Because of the amount of fuel needed to operate our airlines, even a relatively small increase or decrease in the price of fuel can have a material effect on our costs and liquidity\\. Market prices for jet fuel have fluctuated substantially over the past several years with market spot prices ranging from a low of approximately $0\\.80 per gallon to a high of approximately $2\\.35 per gallon during the period from January 1, 2016 to December 31, 2018\\.\n\n78"}
{"_id": "Southwest-2019_120.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      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|\n| [Supplemental Agreement No\\. 65 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238010000079/ex10_1.htm) ; [Supplemental Agreement No\\. 66 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238010000099/ex10_1.htm) ; [Supplemental Agreement No\\. 67 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312511026045/dex101a.htm) ; [Supplemental Agreement No\\. 68 (incorporated by reference to Exhibit 10\\.1(b) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312511026045/dex101b.htm) ; [Supplemental Agreement No\\. 69 (incorporated by reference to Exhibit 10\\.1(c) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312511026045/dex101c.htm) ; [Supplemental Agreement No\\. 70 (incorporated by reference to Exhibit 10\\.1(d) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312511026045/dex101d.htm) ;[ Supplemental Agreement No\\. 71 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238011000020/ex10_1.htm) ; [Supplemental Agreement No\\. 72 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238011000020/ex10_2.htm) ; [Supplemental Agreement No\\. 73 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238011000070/ex10_1.htm) ; [Supplemental Agreement No\\. 74 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238011000088/ex10_1.htm) ; [Supplemental Agreement No\\. 75 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312512049647/d293991dex101a.htm) ; [Supplemental Agreement No\\. 76 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2012 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238012000089/ex10_1.htm) ; [Supplemental Agreement No\\. 77 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2012 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238012000089/ex10_2.htm) ; [Supplemental Agreement No\\. 78 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2012 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238012000103/ex10_1.htm) ; [Supplemental Agreement No\\. 79 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2012 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238012000103/ex10_2.htm) ;[ Supplemental Agreement No\\. 80 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238013000020/sa80topa18101redacted.htm) ; [Supplemental Agreement No\\. 81 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238013000020/sa81topa1810redacted.htm) ; [Supplemental Agreement No\\. 82 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000097/sa-82topax1810_redacted.htm) [Supplemental Agreement No\\. 83 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000097/sa-83topax1810_redacted.htm) [Supplemental Agreement No\\. 84 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000111/sa-84topax1810redacted.htm) [Supplemental Agreement No\\. 85 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000010/luv-12312013xex101a.htm) [Supplemental Agreement No\\. 86 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000024/sa-86topax18101redacted.htm) [Supplemental Agreement No\\. 87 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000117/sa-87topax1810redacted.htm) [Supplemental Agreement No\\. 88 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000151/sa-88pax18101redacted.htm) [Supplemental Agreement No\\. 89 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238015000027/luv-12312014xex101a.htm) [Supplemental Agreement No\\. 90 (incorporated by reference to Exhibit 10\\.1(b) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238015000027/luv-12312014xex101b.htm) [Supplemental Agreement No\\. 91 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238015000098/luv-6302015xex101.htm) [Supplemental Letter Agreement No\\. 1810\\-LA\\-1501773 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2015 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238015000129/luv-9302015xex101.htm) [Supplemental Agreement No\\. 92 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238016000175/luv-12312015xex101a.htm) [Supplemental Agreement No\\. 93 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238016000213/luv-3312016xex101.htm) [Supplemental Agreement No\\. 94 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016 (File No\\. 1\\-7259)); ](http://www.sec.gov/Archives/edgar/data/92380/000009238016000252/luv-6302016xex101.htm)[Supplemental Agreement No\\. 95 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238016000270/luv-9302016xex101.htm) [Supplemental Agreement No\\. 96 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238016000270/luv-9302016xex102.htm) [Supplemental Agreement No\\. 97 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (File No\\. 1\\-7259)); ](http://www.sec.gov/Archives/edgar/data/92380/000009238016000270/luv-9302016xex103.htm)<br><br>  <br> |\n\n\n\n121"}
{"_id": "Delta-2019_30.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nOther Financial and Statistical Data (Unaudited)\n\n\n\n|                                                |                                                |                                                |                         |                         |                         |                         |                         |  |  |  |  |  |  |  |  |  |  |  |  |\n|:---------------------------------------------- |:---------------------------------------------- |:---------------------------------------------- | -----------------------:| -----------------------:| -----------------------:| -----------------------:| -----------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                                |                                                |                                                | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |\n| Consolidated^(1)^                              | Consolidated^(1)^                              | Consolidated^(1)^                              |                    2019 |                    2018 |                    2017 |                    2016 |                    2015 |\n| Revenue passenger miles (in millions)          | Revenue passenger miles (in millions)          | Revenue passenger miles (in millions)          |                237,680  |                225,243  |                217,712  |                213,098  |                209,625  |\n| Available seat miles (in millions)             | Available seat miles (in millions)             | Available seat miles (in millions)             |                275,379  |                263,365  |                254,325  |                251,867  |                246,764  |\n| Passenger mile yield                           | Passenger mile yield                           | Passenger mile yield                           |                17\\.79 \u00a2 |                17\\.65 \u00a2 |                16\\.97 \u00a2 |                16\\.81 \u00a2 |                16\\.59 \u00a2 |\n| Passenger revenue per available seat mile      | Passenger revenue per available seat mile      | Passenger revenue per available seat mile      |                15\\.35 \u00a2 |                15\\.09 \u00a2 |                14\\.53 \u00a2 |                14\\.22 \u00a2 |                14\\.10 \u00a2 |\n| Total revenue per available seat mile          | Total revenue per available seat mile          | Total revenue per available seat mile          |                17\\.07 \u00a2 |                16\\.87 \u00a2 |                16\\.18 \u00a2 |                15\\.66 \u00a2 |                16\\.50 \u00a2 |\n| Operating cost per available seat mile         | Operating cost per available seat mile         | Operating cost per available seat mile         |                14\\.67 \u00a2 |                14\\.87 \u00a2 |                13\\.83 \u00a2 |                12\\.89 \u00a2 |                13\\.33 \u00a2 |\n| Passenger load factor                          | Passenger load factor                          | Passenger load factor                          |                 86\\.3 % |                 85\\.5 % |                 85\\.6 % |                 84\\.6 % |                 84\\.9 % |\n| Fuel gallons consumed (in millions)            | Fuel gallons consumed (in millions)            | Fuel gallons consumed (in millions)            |                  4,214  |                  4,113  |                  4,032  |                  4,016  |                  3,988  |\n| Average price per fuel gallon^(2)^             | Average price per fuel gallon^(2)^             | Average price per fuel gallon^(2)^             |                 $2\\.02  |                 $2\\.20  |                 $1\\.68  |                 $1\\.49  |                 $1\\.90  |\n| Full\\-time equivalent employees, end of period | Full\\-time equivalent employees, end of period | Full\\-time equivalent employees, end of period |                 91,224  |                 88,680  |                 86,564  |                 83,756  |                 82,949  |\n\n\n\n^(1)^ Includes the operations of our regional carriers under capacity purchase agreements\\. Full\\-time equivalent employees exclude employees of regional carriers that we do not own\\.\n\n^(2)^ Includes the impact of fuel hedge activity and refinery segment results\\.\n\n28"}
{"_id": "Southwest-2019_31.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nviolation of the Racketeer Influenced and Corrupt Organization Act and also asserts related state law claims based upon the same alleged facts\\. The initial complaint seeks damages on behalf of putative classes of customers who purchased tickets for air travel from either the Company or American Airlines between August 29, 2017, and March 13, 2019\\. The complaint generally seeks money damages, equitable monetary relief, injunctive relief, declaratory relief, and attorneys\u2019 fees and other costs\\. On September 13, 2019, the Company filed a motion to dismiss the complaint and to strike certain class allegations\\. The plaintiffs filed a response to the Company's motion, and thereafter the parties filed respective reply briefs\\. On December 9, 2019, the Court held a hearing on the Company and Boeing\u2019s motions to dismiss, and the parties are currently awaiting the Court\u2019s ruling\\. The Company denies all allegations of wrongdoing, including those in the complaint\\. The Company believes the plaintiffs' positions are without merit and intends to vigorously defend itself\\.\n\nThe Company is from time to time subject to various legal proceedings and claims arising in the ordinary course of business, including, but not limited to, examinations by the Internal Revenue Service\\.\n\nThe Company\u2019s management does not expect that the outcome in any of its currently ongoing legal proceedings or the outcome of any proposed adjustments presented to date by the Internal Revenue Service, individually or collectively, will have a material adverse effect on the Company\u2019s financial condition, results of operations, or cash flow\\.\n\n\n\n|               |                                |\n| ------------- | ------------------------------ |\n| **Item 4\\.**  | ***Mine Safety Disclosures***  |\n\n\n\nNot applicable\\.\n\n32"}
{"_id": "United-2019_68.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|                                                                        |                                   |                                   |\n| ---------------------------------------------------------------------- | --------------------------------- | --------------------------------- |\n|                                                                        | **Pension Benefits**              | **Pension Benefits**              |\n|                                                                        | **December 31, 2019**             | **December 31, 2018**             |\n| Amounts recognized in the consolidated balance sheets consist of:      |                                   |                                   |\n| Noncurrent asset                                                       | $14                               | $13                               |\n| Current liability                                                      | (2<br><br>)                       | (6<br><br>)                       |\n| Noncurrent liability                                                   | (1,446<br><br>)                   | (1,576<br><br>)                   |\n| Total liability                                                        | $<br><br>(1,434<br><br>)          | $<br><br>(1,569<br><br>)          |\n| Amounts recognized in accumulated other comprehensive loss consist of: |                                   |                                   |\n| Net actuarial loss                                                     | $<br><br>(1,652<br><br>)          | $<br><br>(1,382<br><br>)          |\n| Prior service cost                                                     | (4<br><br>)                       | (5<br><br>)                       |\n| Total accumulated other comprehensive loss                             | $<br><br>(1,656<br><br>)          | $<br><br>(1,387<br><br>)          |\n|                                                                        | **Other Postretirement Benefits** | **Other Postretirement Benefits** |\n|                                                                        | **Year Ended December 31, 2019**  | **Year Ended December 31, 2018**  |\n| Change in benefit obligation:                                          |                                   |                                   |\n| Benefit obligation at beginning of year                                | $1,391                            | $1,710                            |\n| Service cost                                                           | 10                                | 12                                |\n| Interest cost                                                          | 47                                | 61                                |\n| Plan participants' contributions                                       | 67                                | 68                                |\n| Benefits paid                                                          | (180<br><br>)                     | (181<br><br>)                     |\n| Actuarial loss (gain)                                                  | 99                                | (285<br><br>)                     |\n| Plan amendments                                                        | (597<br><br>)                     | \u2014                                 |\n| Other                                                                  | 5                                 | 6                                 |\n| Benefit obligation at end of year                                      | $842                              | $1,391                            |\n| Change in plan assets:                                                 |                                   |                                   |\n| Fair value of plan assets at beginning of year                         | $53                               | $54                               |\n| Actual return on plan assets                                           | 1                                 | 1                                 |\n| Employer contributions                                                 | 111                               | 111                               |\n| Plan participants' contributions                                       | 67                                | 68                                |\n| Benefits paid                                                          | (180<br><br>)                     | (181<br><br>)                     |\n| Fair value of plan assets at end of year                               | 52                                | 53                                |\n| Funded status\u2014Net amount recognized                                    | $<br><br>(790<br><br>)            | $<br><br>(1,338<br><br>)          |\n\n\n\n\n\n|                                                                          |                                   |                                   |\n| ------------------------------------------------------------------------ | --------------------------------- | --------------------------------- |\n|                                                                          | **Other Postretirement Benefits** | **Other Postretirement Benefits** |\n|                                                                          | **December 31, 2019**             | **December 31, 2018**             |\n| Amounts recognized in the consolidated balance sheets consist of:        |                                   |                                   |\n| Current liability                                                        | $<br><br>(1<br><br>)              | $<br><br>(43<br><br>)             |\n| Noncurrent liability                                                     | (789<br><br>)                     | (1,295<br><br>)                   |\n| Total liability                                                          | $<br><br>(790<br><br>)            | $<br><br>(1,338<br><br>)          |\n| Amounts recognized in accumulated other comprehensive income consist of: |                                   |                                   |\n| Net actuarial gain                                                       | $403                              | $554                              |\n| Prior service credit                                                     | 693                               | 170                               |\n| Total accumulated other comprehensive income                             | $1,096                            | $724                              |\n\n\n\n69"}
{"_id": "United-2018_110.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of United Airlines, Inc\\. and in the capacities and on the date indicated\\.\n\n\n\n|                      |                                                                |\n| -------------------- | -------------------------------------------------------------- |\n| Signature            | Capacity                                                       |\n| /s/ Oscar Munoz      | Chief Executive Officer, Director                              |\n| Oscar Munoz          | (Principal Executive Officer)                                  |\n| /s/ Gerald Laderman  | Executive Vice President and Chief Financial Officer, Director |\n| Gerald Laderman      | (Principal Financial Officer)                                  |\n| /s/ Chris Kenny      | Vice President and Controller                                  |\n| Chris Kenny          | (Principal Accounting Officer)                                 |\n| /s/ Gregory L\\. Hart | Director                                                       |\n| Gregory L\\. Hart     |                                                                |\n| /s/ J\\. Scott Kirby  | Director                                                       |\n| J\\. Scott Kirby      |                                                                |\n\n\n\nDate: February 28, 2019\n\n111"}
{"_id": "United-2017_46.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|               |                                                    |\n| ------------- | -------------------------------------------------- |\n|  **ITEM 8\\.** | **FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA\\.**  |\n\n\n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** \n\nTo the Stockholders and the Board of Directors of\n\nUnited Continental Holdings, Inc\\.\n\n**Opinion on the Financial Statements** \n\nWe have audited the accompanying consolidated balance sheets of United Continental Holdings, Inc\\. (the \u201cCompany\u201d) as of December 31, 2017 and 2016, the related consolidated statements of operations, comprehensive income (loss), cash flows, and stockholders\u2019 equity for each of the three years in the period ended December 31, 2017, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the \u201cconsolidated financial statements\u201d)\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2017, in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company\u2019s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 22, 2018, expressed an unqualified opinion thereon\\.\n\n**Basis for Opinion** \n\nThese financial statements are the responsibility of the Company\u2019s management\\. Our responsibility is to express an opinion on the Company\u2019s financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\n/s/ Ernst & Young LLP\n\nWe have served as the Company\u2019s auditor since 2009\\.\n\nChicago, Illinois\n\nFebruary 22, 2018\n\n47"}
{"_id": "AmericanAirlines-2018_6.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nrelationship with Qantas Airways\\. This JBA has been approved by the competition law regulators in Australia and New Zealand\\. \n\nIn addition, we have signed JBAs with certain air carriers of the LATAM Airlines Group, which JBAs have been approved in all jurisdictions other than the United States, where approval is pending\\. Most recently, in November 2018, the Court of Free Competition in Chile approved the JBA between American and LATAM Airlines Group with respect to both our passenger and cargo businesses\\. That decision has been appealed to the Chilean Supreme Court\\. \n\nIn November 2018, we announced that we are taking steps to strengthen our partnership with China Southern Airlines Company Limited (China Southern Airlines), in which we presently hold a 2\\.2% equity interest, with a significant expansion of codeshare cooperation and the launch of reciprocal loyalty program benefits and lounge access\\.\n\n***Marketing Relationships***\n\nTo improve access to each other\u2019s markets, various U\\.S\\. and foreign air carriers, including American, have established marketing agreements with other airlines\\. These marketing agreements generally provide enhanced customer choice by means of an expanded network with reciprocal loyalty program participation and joint sales cooperation\\. American currently has codeshare and/or loyalty program relationships with Air Tahiti Nui, Alaska Airlines, British Airways, Cape Air, Cathay Dragon, Cathay Pacific, China Southern Airlines, EL AL, Etihad Airways, Fiji Airways, Finnair, Gulf Air, Hawaiian Airlines, Iberia, Interjet, Japan Airlines, Jetstar Group (includes Jetstar Airways and Jetstar Japan), Korean Air, LATAM (includes LATAM Airlines, LATAM Argentina, LATAM Brasil, LATAM Peru, LATAM Colombia and LATAM Ecuador), Malaysia Airlines, Qantas Airways, Qatar Airways, Royal Jordanian, S7 Airlines, Seaborne Airlines and SriLankan Airlines\\. \n\n**Loyalty Program**\n\nOur loyalty program, AAdvantage^\u00ae^, was established to develop passenger loyalty by offering awards to travelers for their continued patronage\\. AAdvantage was named Best Elite Program in the Americas for the seventh consecutive year in that category at the 2018 Freddie Awards, which are annual awards that recognize the world\u2019s most outstanding frequent travel programs\\. AAdvantage members earn mileage credits by flying on American, any **one**world airline or other partner airlines, or by using the services of over 1,000 program participants, such as the Citi and Barclaycard US co\\-branded credit cards, hotels and car rental companies\\. For every dollar spent, non\\-status members earn five mileage credits, but Gold, Platinum, Platinum Pro and Executive Platinum status holders earn bonus mileage credits of seven, eight, nine and eleven mileage credits, respectively\\.\n\nAll travel on eligible tickets counts toward qualification for elite status in the AAdvantage program\\. Mileage credits can be redeemed for free or upgraded travel on American and participating airlines, membership to our Admirals Club^\u00ae^ or for other non\\-travel awards from our program participants\\. Most travel awards are subject to capacity\\-controlled seating\\. A member\u2019s mileage credit does not expire as long as that member has any type of qualifying activity at least once every 18 months\\. Elite members can enjoy additional benefits of the AAdvantage program, including complimentary upgrades, checked bags, and Preferred and Main Cabin Extra seats, as well as priority check\\-in, security, boarding and baggage delivery\\. Additionally, our members earn bonus mileage credits when elite status is obtained\\. \n\nUnder our agreements with AAdvantage members and program partners, we reserve the right to change the AAdvantage program at any time without notice, and may end the program with six months\u2019 notice\\. Program rules, partners, special offers, awards and requisite mileage levels for awards are subject to change\\.\n\nDuring 2018, our members redeemed approximately 13 million awards including travel redemptions for flights and upgrades on American and other air carriers, as well as redemption of car and hotel awards, club memberships and merchandise\\. Approximately 7\\.6% of our 2018 total revenue passenger miles flown were from award travel\\.\n\nSee Part II, Item 7\\. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 \u201c*Critical Accounting Policies and Estimate*s\u201d for more information on our loyalty program\\.\n\n**Industry Competition**\n\n***Domestic***\n\nThe markets in which we operate are highly competitive\\. On most of our domestic nonstop routes, we currently face competing service from other domestic airlines, including major network airlines, low\\-cost carriers and ultra\\-low\\-cost carriers such as Alaska Airlines, Allegiant Air, Delta Air Lines, Frontier Airlines, Hawaiian Airlines, JetBlue Airways, Southwest Airlines, Spirit Airlines and United Airlines\\. Competition is even greater between cities that require a connection, where the major airlines compete via their respective hubs\\. In addition, we face competition on some of our connecting routes from airlines \n\n7"}
{"_id": "United-2017_56.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**UNITED AIRLINES, INC\\.** \n\n**CONSOLIDATED BALANCE SHEETS** \n\n**(In millions, except shares)** \n\n\n\n|                                                                                             |                     |                     |\n|:------------------------------------------------------------------------------------------- | -------------------:| -------------------:|\n|                                                                                             | **At December 31,** | **At December 31,** |\n| **ASSETS**                                                                                  |           **2017**  |           **2016**  |\n| Current assets:                                                                             |                     |                     |\n| Cash and cash equivalents                                                                   |             $1,476  |             $2,173  |\n| Short\\-term investments                                                                     |              2,316  |              2,249  |\n| Receivables, less allowance for doubtful accounts (2017\u2014$7; 2016\u2014$10)                       |              1,340  |              1,176  |\n| Aircraft fuel, spare parts and supplies, less obsolescence allowance (2017\u2014$354; 2016\u2014$295) |                924  |                873  |\n| Prepaid expenses and other                                                                  |              1,051  |                832  |\n| Total current assets                                                                        |              7,107  |              7,303  |\n| Operating property and equipment:                                                           |                     |                     |\n| Owned\u2014                                                                                      |                     |                     |\n| Flight equipment                                                                            |             28,692  |             25,873  |\n| Other property and equipment                                                                |              6,946  |              5,652  |\n| Total owned property and equipment                                                          |             35,638  |             31,525  |\n| Less\u2014Accumulated depreciation and amortization                                              |            (11,159) |             (9,975) |\n| Total owned property and equipment, net                                                     |             24,479  |             21,550  |\n| Purchase deposits for flight equipment                                                      |              1,344  |              1,059  |\n| Capital leases\u2014                                                                             |                     |                     |\n| Flight equipment                                                                            |              1,151  |              1,319  |\n| Other property and equipment                                                                |                 11  |                331  |\n| Total capital leases                                                                        |              1,162  |              1,650  |\n| Less\u2014Accumulated amortization                                                               |               (777) |               (941) |\n| Total capital leases, net                                                                   |                385  |                709  |\n| Total operating property and equipment, net                                                 |             26,208  |             23,318  |\n| Other assets:                                                                               |                     |                     |\n| Goodwill                                                                                    |              4,523  |              4,523  |\n| Intangibles, less accumulated amortization (2017\u2014$1,313; 2016\u2014$1,234)                       |              3,539  |              3,632  |\n| Deferred income taxes                                                                       |                  \u2014  |                612  |\n| Restricted cash                                                                             |                 91  |                124  |\n| Investments in affiliates and other, net                                                    |                852  |                579  |\n| Total other assets                                                                          |              9,005  |              9,470  |\n| Total assets                                                                                |            $42,320  |            $40,091  |\n\n\n\n57\n\n(continued on next page)"}
{"_id": "AmericanAirlines-2019_0.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 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STATES SECURITIES AND EXCHANGE COMMISSION\n\nWashington, D\\.C\\. 20549\n\n\n\n|          |           |\n| -------- | --------- |\n| **FORM** | **10\\-K** |\n\n\n\n\n\n|   |                                                                                          |\n| - | ---------------------------------------------------------------------------------------- |\n| \u2612 | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\nFor the Fiscal Year Ended    December 31, 2019 \n\n\n\n|   |                                                                                              |\n| - | -------------------------------------------------------------------------------------------- |\n| \u2610 | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\nFor the Transition Period From to \n\nCommission file number   1\\-8400 \n\n\n\n|                                                        |                                                        |                                                        |\n| ------------------------------------------------------ | ------------------------------------------------------ | ------------------------------------------------------ |\n| **American Airlines Group Inc\\.**                      | **American Airlines Group Inc\\.**                      | **American Airlines Group Inc\\.**                      |\n| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |\n\n\n\n\n\n|                                                                  |                                                                  |                                                                  |                                                                  |                                                      |                                                      |\n| ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- |\n| **Delaware**                                                     | **Delaware**                                                     | **Delaware**                                                     | **Delaware**                                                     | **75\\-1825172**                                      | **75\\-1825172**                                      |\n| *(State or other jurisdiction of incorporation or organization)* | *(State or other jurisdiction of incorporation or organization)* | *(State or other jurisdiction of incorporation or organization)* | *(State or other jurisdiction of incorporation or organization)* | *(I\\.R\\.S\\. Employer Identification No\\.)*           | *(I\\.R\\.S\\. Employer Identification No\\.)*           |\n| **1 Skyview Drive,**                                             | **Fort Worth,**                                                  | **Texas**                                                        | **76155**                                                        | **(817)**                                            | **963\\-1234**                                        |\n| *(Address of principal executive offices, including zip code)*   | *(Address of principal executive offices, including zip code)*   | *(Address of principal executive offices, including zip code)*   | *(Address of principal executive offices, including zip code)*   | *Registrant\u2019s telephone number, including area code* | *Registrant\u2019s telephone number, including area code* |\n\n\n\n(Former name, former address and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n\n\n|                                              |                       |                                               |\n| -------------------------------------------- | --------------------- | --------------------------------------------- |\n| **Title of each class**                      | **Trading Symbol(s)** | **Name of each exchange on which registered** |\n| **Common Stock, $0\\.01 par value per share** | **AAL**               | **The Nasdaq Global Select Market**           |\n\n\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nCommission file number   1\\-2691 \n\n\n\n|                                                        |                                                        |                                                        |\n| ------------------------------------------------------ | ------------------------------------------------------ | ------------------------------------------------------ |\n| **American Airlines, Inc\\.**                           | **American Airlines, Inc\\.**                           | **American Airlines, Inc\\.**                           |\n| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |\n\n\n\n\n\n|                                                                  |                                                                  |                                                                  |                                                                  |                                                      |                                                      |\n| ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- |\n| **Delaware**                                                     | **Delaware**                                                     | **Delaware**                                                     | **Delaware**                                                     | **13\\-1502798**                                      | **13\\-1502798**                                      |\n| *(State or other jurisdiction of incorporation or organization)* | *(State or other jurisdiction of incorporation or organization)* | *(State or other jurisdiction of incorporation or organization)* | *(State or other jurisdiction of incorporation or organization)* | *(I\\.R\\.S\\. Employer Identification No\\.)*           | *(I\\.R\\.S\\. Employer Identification No\\.)*           |\n| **1 Skyview Drive,**                                             | **Fort Worth,**                                                  | **Texas**                                                        | **76155**                                                        | **(817)**                                            | **963\\-1234**                                        |\n| *(Address of principal executive offices, including zip code)*   | *(Address of principal executive offices, including zip code)*   | *(Address of principal executive offices, including zip code)*   | *(Address of principal executive offices, including zip code)*   | *Registrant\u2019s telephone number, including area code* | *Registrant\u2019s telephone number, including area code* |\n\n\n\nSecurities registered pursuant to Section 12(b) of the Act: None\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_"}
{"_id": "AmericanAirlines-2017_177.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.21                         | [Indenture, dated as of May 24, 2013, between American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) and Wilmington Trust, National Association, as Trustee (incorporated by reference to Exhibit 4\\.1 to US Airways Group\u2019s Current Report on Form 8\\-K filed on May 24, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513235868/d544095dex41.htm)                                                                                                                                                                                                                                                   |\n| 4\\.22                         | [First Supplemental Indenture, dated as of May 24, 2013, among American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.), American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.) and Wilmington Trust, National Association, as Trustee (incorporated by reference to Exhibit 4\\.2 to US Airways Group\u2019s Current Report on Form 8\\-K filed on May 24, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513235868/d544095dex42.htm)                                                                                                                                                        |\n| 4\\.23                         | [Second Supplemental Indenture dated as of December 9, 2013, among American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) and Wilmington Trust, National Association, as trustee, to the Indenture, dated as of May 24, 2013 (incorporated by reference to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on December 9, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513466973/d640718dex41.htm)                                                                                                                                                                                             |\n| 4\\.24                         | [Third Supplemental Indenture, dated as of December 30, 2015, among American Airlines Group Inc\\., American Airlines, Inc\\. and Wilmington Trust, National Association, as trustee, to the Indenture dated as of May 24, 2013 (incorporated by reference to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex41.htm)                                                                                                                                                                                                                        |\n| 4\\.25                         | [Pass Through Trust Agreement, dated as of September 16, 2014, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee (incorporated by reference to Exhibit 4\\.1 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex41.htm)                                                                                                                                                                                                                                                                                                       |\n| 4\\.26                         | [Trust Supplement No\\. 2014\\-1A, dated as of September 16, 2014, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex42.htm)                                                                                                                                                                                                                                |\n| 4\\.27                         | [Trust Supplement No\\. 2014\\-1B, dated as of September 16, 2014, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex43.htm)                                                                                                                                                                                                                                |\n| 4\\.28                         | [Intercreditor Agreement (2014\\-1), dated as of September 16, 2014, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2014\\-1A and as Trustee of the American Airlines Pass Through Trust 2014\\-1B, Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex44.htm) |\n| 4\\.29                         | [Amendment No\\. 1 to Intercreditor Agreement (2014\\-1), dated as of June 24, 2015, among American Airlines, Inc\\., Credit Agricole Corporate and Investment Bank, as Class A and Class B liquidity provider and Wilmington Trust Company, as subordination agent and trustee (incorporated by reference to Exhibit 10\\.6 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex106.htm)                                                                                                                                                           |\n| 4\\.30                         | [Note Purchase Agreement, dated as of September 16, 2014, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex49.htm)                                                                                          |\n| 4\\.31                         | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (Exhibit B to Note Purchase Agreement) (incorporated by reference to Exhibit 4\\.10 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex410.htm)                              |\n| 4\\.32                         | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (Exhibit C to Note Purchase Agreement) (incorporated by reference to Exhibit 4\\.11 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex411.htm)                                                                                                                                                                                                                                          |\n| 4\\.33                         | [Revolving Credit Agreement (2014\\-1A), dated as of September 16, 2014, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2014\\-1A, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex414.htm)                                                                                       |\n\n\n\n178"}
{"_id": "Delta-2018_38.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nNon\\-Operating Results\n\n\n\n|                                            |                             |                             |                             |                             |                             |\n| ------------------------------------------ | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                            | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Favorable (Unfavorable)** | **Favorable (Unfavorable)** |\n| **(in millions)**                          | **2018**                    | **2017**                    | **2016**                    |  **2018 vs\\. 2017**         |  **2017 vs\\. 2016**         |\n| Interest expense, net                      | $(311)                      | $(396)                      | $(388)                      | $85                         | $(8)                        |\n| Unrealized gain/(loss) on investments, net | 14                          | \u2014                           | \u2014                           | 14                          | \u2014                           |\n| Miscellaneous, net                         | 184                         | (70)                        | (255)                       | 254                         | 185                         |\n| Total non\\-operating expense, net          | $(113)                      | $(466)                      | $(643)                      | $353                        | $177                        |\n\n\n\nInterest Expense\\.  At December 31, 2017, the principal amount of debt and finance leases was  $8\\.9 billion \\. During 2018, we issued $1\\.6 billion of unsecured notes, $1\\.4 billion of NYTDC Special Facilities Revenue Bonds and $621 million of aircraft secured loans\\. As a result of the debt issuances, partially offset by principal payments, the amount of debt and finance leases was  $9\\.7 billion  at  December 31, 2018 \\. Despite the increase in debt during the current year, interest expense decreased  $85 million  compared to the prior year due to recent refinancing transactions at lower interest rates resulting from our improvement to an investment grade credit rating in recent years and the favorable interest rate environment\\.\n\nUnrealized Gain/(Loss) on Investments\\.  Unrealized gain/(loss) on investments reflects the unrealized gains and losses on our equity investments in GOL, China Eastern, Air France\\-KLM and Alclear Holdings LLC, the parent company of CLEAR\\. Before we adopted the new financial instruments accounting standard in 2018, we recorded unrealized gains and losses on available\\-for\\-sale investments in accumulated other comprehensive income/(loss) (\"AOCI\")\\.\n\nMiscellaneous\\.  During 2018, miscellaneous non\\-operating income is composed of pension benefits and realized gains from the DGS transaction and CLEAR share sale\\. This income was partially offset by our proportionate share of losses from our equity investments in Virgin Atlantic and Grupo Aerom\u00e9xico, charitable contributions and foreign exchange losses\\. The favorable movement in 2018 compared to 2017 primarily results from:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Pension Benefit\\.*  The pension benefit increased $243 million in the current year compared to the prior year as plan assets increased $4\\.4 billion from the prior year end\\. In recent years, we have contributed significantly more to the pension plans than the minimum funding requirements, including $500 million in 2018 and $3\\.5 billion in 2017\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                  |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *DGS Transaction\\.*  In the sale of our DGS entity to a subsidiary of Argenbright Holdings, LLC, we received a non\\-controlling  49%  equity stake in a new entity and  $40 million  cash, which resulted in a gain of  $91 million \\. See  Note 4  of the Notes to the Consolidated Financial Statements for more information\\. |\n\n\n\n\n\n|     |                                                                                                                                  |\n| --- | -------------------------------------------------------------------------------------------------------------------------------- |\n| *\u2022* | *CLEAR Share Sale\\.*  We sold a portion of our equity interest in Alclear Holdings LLC, and recognized a gain of  $18 million \\. |\n\n\n\nThe favorable movement resulting from pension benefit in 2017 compared to net cost in 2016 primarily resulted from our $3\\.5 billion pension contribution during 2017\\.\n\nOur equity investment earnings and foreign exchange gains/(losses) vary and impact the comparability of miscellaneous from period to period\\. \n\nIncome Taxes\n\nOur effective tax rate for 2018 was  23\\.6% \\. We expect our annual effective tax rate to be between 23% and 24% for 2019\\. At  December 31, 2018 , we had approximately  $2\\.2 billion  of U\\.S\\. federal pre\\-tax net operating loss carryforwards, which do not begin to expire until  2027 \\. We believe we will utilize the majority of our remaining federal net operating losses and tax credits during 2019\\. \n\nFor more information about our income taxes, see  Note 12  of the Notes to the Consolidated Financial Statements\\. \n\n 36"}
{"_id": "Delta-2019_84.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nDuring 2019, net actuarial losses increased our benefit obligation due to the decrease in discount rates, while in 2018 our obligations decreased due to the actuarial gains from an increase in discount rates\\. These gains and losses are recorded in AOCI and reflected in the table below\\. \n\nA net actuarial loss of $333 million will be amortized from AOCI into net periodic benefit cost in 2020\\. Amounts are generally amortized from AOCI over the expected future lifetime of plan participants\\.\n\nBalance Sheet Position\n\n\n\n|                                                      |                                                      |                                                      |                  |                  |  |  |  |           |                                                  |                                                  |                                                  |                                                  |  |  |  |\n|:---------------------------------------------------- |:---------------------------------------------------- |:---------------------------------------------------- | ----------------:| ----------------:|:- |:- |:- | ---------:| ------------------------------------------------:|:------------------------------------------------:|:------------------------------------------------:|:------------------------------------------------:|:- |:- |:- |\n|                                                      |                                                      |                                                      | Pension Benefits | Pension Benefits |  |  |  |           | Other Postretirement and Postemployment Benefits | Other Postretirement and Postemployment Benefits | Other Postretirement and Postemployment Benefits | Other Postretirement and Postemployment Benefits |  |  |  |\n|                                                      |                                                      |                                                      |     December 31, |     December 31, |  |  |  |           |                                     December 31, |                   December 31,                   |                   December 31,                   |                   December 31,                   |  |  |  |\n| (in millions)                                        | (in millions)                                        | (in millions)                                        |             2019 |             2018 |  |  |  |      2019 |                                             2018 |\n| Current liabilities                                  | Current liabilities                                  | Current liabilities                                  |           $ (19) |           $ (27) |  |  |  |   $ (125) |                                          $ (123) |\n| Noncurrent liabilities                               | Noncurrent liabilities                               | Noncurrent liabilities                               |          (5,335) |          (6,323) |  |  |  |   (2,647) |                                          (2,465) |\n| Total liabilities                                    | Total liabilities                                    | Total liabilities                                    |        $ (5,354) |        $ (6,350) |  |  |  | $ (2,772) |                                        $ (2,588) |\n| Net actuarial loss                                   | Net actuarial loss                                   | Net actuarial loss                                   |        $ (8,765) |        $ (8,682) |  |  |  |   $ (715) |                                          $ (613) |\n| Prior service credit                                 | Prior service credit                                 | Prior service credit                                 |                \u2014 |                \u2014 |  |  |  |        38 |                                               47 |\n| Total accumulated other comprehensive loss, pre\\-tax | Total accumulated other comprehensive loss, pre\\-tax | Total accumulated other comprehensive loss, pre\\-tax |        $ (8,765) |        $ (8,682) |  |  |  |   $ (677) |                                          $ (566) |\n\n\n\nNet Periodic (Benefit) Cost \n\n\n\n|                                      |                                      |                                      |                         |                         |                         |  |  |  |       |       |                                                  |                                                  |                                                  |                                                  |                                                  |                                                  |                                                  |  |  |  |  |  |  |\n|:------------------------------------ |:------------------------------------ |:------------------------------------ | -----------------------:| -----------------------:| -----------------------:|:- |:- |:- | -----:| -----:| ------------------------------------------------:|:------------------------------------------------:|:------------------------------------------------:|:------------------------------------------------:|:------------------------------------------------:|:------------------------------------------------:|:------------------------------------------------:|:- |:- |:- |:- |:- |:- |\n|                                      |                                      |                                      |        Pension Benefits |        Pension Benefits |        Pension Benefits |  |  |  |       |       | Other Postretirement and Postemployment Benefits | Other Postretirement and Postemployment Benefits | Other Postretirement and Postemployment Benefits | Other Postretirement and Postemployment Benefits | Other Postretirement and Postemployment Benefits | Other Postretirement and Postemployment Benefits | Other Postretirement and Postemployment Benefits |  |  |  |  |  |  |\n|                                      |                                      |                                      | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |       |       |                          Year Ended December 31, |             Year Ended December 31,              |             Year Ended December 31,              |             Year Ended December 31,              |             Year Ended December 31,              |             Year Ended December 31,              |             Year Ended December 31,              |  |  |  |  |  |  |\n| (in millions)                        | (in millions)                        | (in millions)                        |                    2019 |                    2018 |                    2017 |  |  |  |  2019 |  2018 |                                             2017 |\n| Service cost                         | Service cost                         | Service cost                         |                     $ \u2014 |                     $ \u2014 |                     $ \u2014 |  |  |  |  $ 83 |  $ 85 |                                             $ 87 |\n| Interest cost                        | Interest cost                        | Interest cost                        |                     833 |                     781 |                     853 |  |  |  |   137 |   126 |                                              138 |\n| Expected return on plan assets       | Expected return on plan assets       | Expected return on plan assets       |                 (1,186) |                 (1,318) |                 (1,143) |  |  |  |  (47) |  (67) |                                             (69) |\n| Amortization of prior service credit | Amortization of prior service credit | Amortization of prior service credit |                       \u2014 |                       \u2014 |                       \u2014 |  |  |  |   (9) |  (24) |                                             (26) |\n| Recognized net actuarial loss        | Recognized net actuarial loss        | Recognized net actuarial loss        |                     291 |                     267 |                     262 |  |  |  |    37 |    36 |                                               32 |\n| Settlements                          | Settlements                          | Settlements                          |                       5 |                       4 |                       3 |  |  |  |     \u2014 |     \u2014 |                                                \u2014 |\n| Curtailment                          | Curtailment                          | Curtailment                          |                       \u2014 |                       \u2014 |                       \u2014 |  |  |  |     \u2014 |  (53) |                                                \u2014 |\n| Net periodic (benefit) cost          | Net periodic (benefit) cost          | Net periodic (benefit) cost          |                  $ (57) |                 $ (266) |                  $ (25) |  |  |  | $ 201 | $ 103 |                                            $ 162 |\n\n\n\nService cost is recorded in salaries and related costs in the income statement while other components are recorded within miscellaneous under non\\-operating expense\\.\n\n82"}
{"_id": "Southwest-2019_23.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nThe Company is also reliant upon the performance of its third party vendors for timely and effective implementation and support of many of its technology initiatives and for maintaining adequate information security measures\\. If any of the Company's significant technologies or automated systems were to cease functioning, or if its third party vendor service providers were to fail to adequately and timely provide technical support, system maintenance, or software upgrades for any of the Company's existing systems, the Company could experience service interruptions, delays, and loss of critical data, which could harm its operations, and result in financial losses and reputational damage\\. \n\nIn the ordinary course of business, the Company's systems will continue to require modification and refinements to address growth and changing business requirements\\. In addition, the Company's systems may require modification to enable the Company to comply with changing regulatory requirements\\. Modifications and refinements to the Company's systems have been and are expected to continue to be expensive to implement and can divert management\u2019s attention from other matters\\. In addition, the Company's operations could be adversely affected, or the Company could face imposition of regulatory penalties, if it were unable to timely or effectively modify its systems as necessary or appropriately balance the introduction of new capabilities with the management of existing systems\\.\n\nThe Company has experienced system interruptions and delays that have made its websites and operational systems unavailable or slow to respond, which has prevented the Company from efficiently processing Customer transactions or providing services\\. Any future system interruptions or delays could reduce the Company's operating revenues and the attractiveness of its services, as well as increase the Company's costs\\. \n\nThe Company's technologies and systems and functions could be damaged or interrupted by catastrophic events beyond its control such as fires, floods, earthquakes, tornadoes and hurricanes, power loss, computer and telecommunications failures, acts of war or terrorism, computer viruses, security breaches, and similar events or disruptions\\. Any of these events could cause system interruptions, delays, and loss of critical data, and could prevent the Company from processing Customer transactions or providing services, which could make the Company's business and services less attractive and subject the Company to liability\\. Any of these events could damage the Company's reputation and be expensive to remedy\\.\n\nThe Company's business is labor intensive; therefore, the Company could be adversely affected if it were unable to maintain satisfactory relations with its Employees or its Employees' Representatives\\.\n\nThe airline business is labor intensive\\. Salaries, wages, and benefits represented approximately 43 percent of the Company's operating expenses for the year ended December 31, 2019\\. In addition, as of December 31, 2019, approximately 83 percent of the Company's Employees were represented for collective bargaining purposes by labor unions, making the Company particularly exposed in the event of labor\\-related job actions\\. Employment\\-related matters (some of which relate to negotiated items) that have impacted, and continue to impact, the Company's results of operations include hiring/retention rates, pay rates, outsourcing, work rules, health care costs, and retirement benefits\\.\n\nThe Company is currently dependent on a single engine supplier, as well as single suppliers of certain other aircraft parts and equipment; therefore, the Company could be materially adversely affected (i) if it were unable to obtain timely or sufficient delivery of aircraft parts or equipment from Boeing or other suppliers or adequate maintenance or other support from any of these suppliers, or (ii) in the event of a mechanical or regulatory issue associated with the Company's aircraft parts or equipment\\.\n\nThe Company is dependent on Boeing as its sole supplier for many of its aircraft parts\\. The Company is also dependent on sole or limited suppliers for aircraft engines and certain other aircraft parts, equipment, and services\\. If Boeing, or other suppliers, were unable or unwilling to timely provide adequate products or support for their products, or in the event of a mechanical or regulatory issue associated with engines or other parts, the Company's operations could be materially adversely affected\\. The Company could also be materially adversely affected if the pricing or operational attributes of its aircraft equipment were to become less competitive\\.\n\nDeveloping and expanding data security and privacy requirements could increase the Company's operating costs, and any failure of the Company to maintain the security of certain Customer, Employee, and business\\-related information could result in damage to the Company's reputation and could be costly to remediate\\.\n\nThe Company must receive information related to its Customers and Employees in order to run its business, and the Company's operations depend upon secure retention and the secure transmission of information over public networks, including information permitting cashless payments\\. This information is subject to the continually evolving risk of \n\n24"}
{"_id": "Southwest-2018_37.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|     |                                                                                                                                                    |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | A revenue passenger mile is one paying passenger flown one mile\\. Also referred to as \"traffic,\" which is a measure of demand for a given period\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                       |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | An available seat mile is one seat (empty or full) flown one mile\\. Also referred to as \"capacity,\" which is a measure of the space available to carry passengers in a given period\\. |\n\n\n\n\n\n|     |                                                           |\n| --- | --------------------------------------------------------- |\n| (c) | Revenue passenger miles divided by available seat miles\\. |\n\n\n\n\n\n|     |                                                                                                                                                                             |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (d) | Seats flown is calculated using total number of seats available by aircraft type multiplied by the total trips flown by the same aircraft type during a particular period\\. |\n\n\n\n\n\n|     |                                                                          |\n| --- | ------------------------------------------------------------------------ |\n| (e) | Seats per trip is calculated using seats flown divided by trips flown\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                             |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (f) | Calculated as passenger revenue divided by revenue passenger miles\\. Also referred to as \"yield,\" this is the average cost paid by a paying passenger to fly one mile, which is a measure of revenue production and fares\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                           |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (g) | Calculated as operating revenues divided by available seat miles\\. Also referred to as \"operating unit revenues\" or \"RASM,\" this is a measure of operating revenue production based on the total available seat miles flown during a particular period\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                               |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (h) | Calculated as passenger revenue divided by available seat miles\\. Also referred to as \"passenger unit revenues,\" this is a measure of passenger revenue production based on the total available seat miles flown during a particular period\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                             |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (i) | Calculated as operating expenses divided by available seat miles\\. Also referred to as \"unit costs\" or \"cost per available seat mile,\" this is the average cost to fly an aircraft seat (empty or full) one mile, which is a measure of cost efficiencies\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (j) | Year ended 2015 RASM excludes a $172 million one\\-time special revenue adjustment in July 2015 as a result of the Company's amendment of its co\\-branded credit card agreement with Chase Bank USA, N\\.A\\. and the resulting required change in accounting methodology\\. Including the special revenue adjustment, RASM would have been 14\\.11 cents for the year ended 2015\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                             |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (k) | The Company has chosen to not recast 2015 and 2014 results for the New Revenue Standard, as permitted\\. Therefore, 2015 and 2014 only reflect recast results for the New Retirement Standard and the New Hedging Standard\\. |\n\n\n\n38"}
{"_id": "United-2017_125.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|            |                 |                                                                                                                                                                                                                                                                                                                                                                                                          |\n| ----------:|:--------------- |:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*^10\\.170 | UAL  <br>United | [Supplemental Agreement No\\. 10 to Purchase Agreement No\\. 2484, dated January 14, 2015 (filed as Exhibit 10\\.4 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2015, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex104.htm)                                                                  |\n| \\*^10\\.171 | UAL  <br>United | [Supplemental Agreement No\\. 11 to Purchase Agreement No\\. 2484, dated April 30, 2015 (filed as Exhibit 10\\.3 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2015, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex103.htm)                                                                    |\n| \\*^10\\.172 | UAL  <br>United | [Amended and Restated Letter Agreement No\\. 11, dated August 8, 2005, by and among Continental and General Electric Company (filed as Exhibit 10\\.3 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 2005, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968705000138/f3rd10qexhibit103.htm)             |\n| \\*^10\\.173 | UAL  <br>United | [Agreement, dated May 7, 2003, by and among Continental and the United States of America, acting through the Transportation Security Administration (filed as Exhibit 10\\.1 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2003, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968703000041/exhibit101.htm) |\n| \\*^10\\.174 | UAL  <br>United | [Purchase Agreement No\\.  PA\\-03784, dated July 12, 2012, between The Boeing Company and United Air Lines, Inc\\. (filed as Exhibit 10\\.1 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2012, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex101.htm)                                     |\n| \\*^10\\.175 | UAL  <br>United | [Supplemental Agreement No\\. 01 to Purchase Agreement No\\.  PA\\-03784, dated September 27, 2012 (filed as Exhibit 10\\.2 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2012, Commission file number  1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex102.htm)                                                       |\n| \\*^10\\.176 | UAL  <br>United | [Supplemental Agreement No\\. 02 to Purchase Agreement Number  PA\\-03784, dated March 1, 2013 (filed as Exhibit 10\\.3 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex103.htm)                                                              |\n| \\*^10\\.177 | UAL  <br>United | [Supplemental Agreement No\\. 03 to Purchase Agreement Number  PA\\-03784, dated June 27, 2013 (filed as Exhibit 10\\.7 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex107.htm)                                                              |\n| \\*^10\\.178 | UAL  <br>United | [Supplemental Agreement No\\. 04 to Purchase Agreement Number  PA\\-03784, dated September 11, 2013 (filed as Exhibit 10\\.2 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513409916/d578285dex102.htm)                                                    |\n| \\*^10\\.179 | UAL  <br>United | [Supplemental Agreement No\\. 05 to Purchase Agreement Number  PA\\-03784, dated March 3, 2014 (filed as Exhibit 10\\.2 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2014, Commission file number  1\\-6033 and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312514278970/d732259dex102.htm)                                                               |\n| \\*^10\\.180 | UAL  <br>United | [Supplemental Agreement No\\. 06 to Purchase Agreement Number  PA\\-03784, dated June 6, 2014 (filed as Exhibit 10\\.3 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2014, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312514278970/d732259dex103.htm)                                                               |\n| \\*^10\\.181 | UAL  <br>United | [Supplemental Agreement No\\. 07 to Purchase Agreement Number  PA\\-03784, dated May 26, 2015 (filed as Exhibit 10\\.6 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2015, Commission file number  1\\-10323 and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex106.htm)                                                               |\n\n\n\n126"}
{"_id": "Delta-2019_3.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nUnless otherwise indicated, the terms \"Delta,\" \"we,\" \"us,\" and \"our\" refer to Delta Air Lines, Inc\\. and its subsidiaries\\. \n\nFORWARD\\-LOOKING STATEMENTS\n\nStatements in this Form 10\\-K (or otherwise made by us or on our behalf) that are not historical facts, including statements about our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be \"forward\\-looking statements\" as defined in the Private Securities Litigation Reform Act of 1995\\. Forward\\-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations\\. Known material risk factors applicable to Delta are described in \"Risk Factors Relating to Delta\" and \"Risk Factors Relating to the Airline Industry\" in \"Item 1A\\. Risk Factors\" of this Form 10\\-K, other than risks that could apply to any issuer or offering\\. All forward\\-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward\\-looking statements to reflect events or circumstances that may arise after the date of this report\\.\n\n1"}
{"_id": "AmericanAirlines-2017_130.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n**1\\. Basis of Presentation and Summary of Significant Accounting Policies**\n\n***(a) Basis of Presentation***\n\nAmerican Airlines, Inc\\. (American) is a Delaware corporation whose primary business activity is the operation of a major network air carrier\\. American is the principal wholly\\-owned subsidiary of American Airlines Group Inc\\. (AAG), which owns all of American\u2019s outstanding common stock, par value $1\\.00 per share\\. On December 9, 2013, a subsidiary of AMR Corporation (AMR) merged with and into US Airways Group, Inc\\. (US Airways Group), a Delaware corporation, which survived as a wholly\\-owned subsidiary of AAG, and AAG emerged from Chapter 11 (the Merger)\\. Upon closing of the Merger and emergence from Chapter 11, AMR changed its name to American Airlines Group Inc\\. On December 30, 2015, in order to simplify AAG\u2019s internal corporate structure, US Airways, Inc\\. (US Airways), a wholly\\-owned subsidiary of US Airways Group, merged with and into American, with American as the surviving corporation\\. All significant intercompany transactions have been eliminated\\.\n\nThe preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements\\. Actual results could differ from those estimates\\. The most significant areas of judgment relate to passenger revenue recognition, impairment of goodwill, impairment of long\\-lived and intangible assets, the loyalty program, valuation allowance for deferred tax assets, as well as pension and retiree medical and other postretirement benefits\\.\n\n***(b) Short\\-term Investments***\n\nShort\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. Realized gains and losses are recorded in nonoperating expense on the consolidated statement of operations\\. Unrealized gains and losses are recorded in accumulated other comprehensive loss on the consolidated balance sheets\\.\n\n***(c) Restricted Cash and Short\\-term Investments***\n\nAmerican has restricted cash and short\\-term investments related primarily to collateral held to support workers\u2019 compensation obligations\\.\n\n***(d) Aircraft Fuel, Spare Parts and Supplies, Net***\n\nAircraft fuel is recorded on a first\\-in, first\\-out basis\\. Spare parts and supplies are recorded at average costs less an allowance for obsolescence\\. These items are expensed when used\\.\n\n***(e) Operating Property and Equipment***\n\nOperating property and equipment is recorded at cost and depreciated or amortized to residual values over the asset\u2019s estimated useful life or the lease term, whichever is less, using the straight\\-line method\\. Residual values for aircraft, engines and related rotable parts are generally 5% to 10% of original cost\\. Costs of major improvements that enhance the usefulness of the asset are capitalized and depreciated or amortized over the estimated useful life of the asset or the lease term, whichever is less\\. The estimated useful lives for the principal property and equipment classifications are as follows:\n\n\n\n|                                                     |                           |\n| --------------------------------------------------- | ------------------------- |\n| **Principal Property and Equipment Classification** | **Estimated Useful Life** |\n| Aircraft, engines and related rotable parts         | 20 \u2013 30 years             |\n| Buildings and improvements                          | 5 \u2013 30 years              |\n| Furniture, fixtures and other equipment             | 3 \u2013 10 years              |\n| Capitalized software                                | 5 \u2013 10 years              |\n\n\n\nAmerican assesses impairment on operating property and equipment when events and circumstances indicate that the assets may be impaired\\. An asset or group of assets is considered impaired when the undiscounted cash flows estimated to be generated by the assets are less than the carrying amount of the assets and the net book value of the assets exceeds their estimated fair value\\. If such assets are considered to be impaired, the impairment to be recognized \n\n131"}
{"_id": "Southwest-2019_107.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n15 \\. SUPPLEMENTAL FINANCIAL INFORMATION\n\n\n\n|                                       |                       |                       |\n| ------------------------------------- | --------------------- | --------------------- |\n| **(in millions)**                     | **December 31, 2019** | **December 31, 2018** |\n| Trade receivables                     | $53                   | $57                   |\n| Credit card receivables               | 112                   | 107                   |\n| Business partners and other suppliers | 779                   | 319                   |\n| Income tax receivable                 | 87                    | 22                    |\n| Other                                 | 55                    | 63                    |\n| Accounts and other receivables        | $1,086                | $568                  |\n\n\n\n\n\n|                          |                       |                       |\n| ------------------------ | --------------------- | --------------------- |\n| **(in millions)**        | **December 31, 2019** | **December 31, 2018** |\n| Derivative contracts     | $49                   | $95                   |\n| Intangible assets, net   | 296                   | 400                   |\n| Finance lease receivable | \u2014                     | 61                    |\n| Other                    | 232                   | 164                   |\n| Other assets             | $577                  | $720                  |\n\n\n\n\n\n|                                      |                       |                       |\n| ------------------------------------ | --------------------- | --------------------- |\n| **(in millions)**                    | **December 31, 2019** | **December 31, 2018** |\n| Accounts payable trade               | $304                  | $263                  |\n| Salaries payable                     | 231                   | 216                   |\n| Taxes payable excluding income taxes | 227                   | 220                   |\n| Aircraft maintenance payable         | 162                   | 69                    |\n| Fuel payable                         | 129                   | 122                   |\n| Other payable                        | 521                   | 526                   |\n| Accounts payable                     | $1,574                | $1,416                |\n\n\n\n\n\n|                                 |                       |                       |\n| ------------------------------- | --------------------- | --------------------- |\n| **(in millions)**               | **December 31, 2019** | **December 31, 2018** |\n| Profitsharing and savings plans | $695                  | $580                  |\n| Vacation pay                    | 434                   | 403                   |\n| Health                          | 120                   | 107                   |\n| Workers compensation            | 166                   | 166                   |\n| Property and income taxes       | 79                    | 68                    |\n| Other                           | 255                   | 425                   |\n| Accrued liabilities             | $1,749                | $1,749                |\n\n\n\n\n\n|                              |                       |                       |\n| ---------------------------- | --------------------- | --------------------- |\n| **(in millions)**            | **December 31, 2019** | **December 31, 2018** |\n| Postretirement obligation    | $288                  | $232                  |\n| Other deferred compensation  | 313                   | 247                   |\n| Other                        | 105                   | 171                   |\n| Other noncurrent liabilities | $706                  | $650                  |\n\n\n\nFor further information on supplier receivables, see Note 16\\. For further information on fuel derivative and interest rate derivative contracts, see Note  10 \\. \n\nOther Operating Expenses\n\n108"}
{"_id": "AmericanAirlines-2018_61.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\ncompared to 2017\\. This income was offset in part by a $104 million net special charge for mark\\-to\\-market unrealized losses associated with certain of American\u2019s equity investments, $54 million of net foreign currency losses principally associated with certain Latin American currencies and $13 million of net special charges associated with debt refinancings and extinguishments\\.\n\nIn 2017, other nonoperating income, net principally included $138 million of non\\-service related pension and other postretirement benefit plan income, offset in part by $22 million of net special charges associated with debt refinancings and extinguishments and $4 million of net foreign currency losses\\.\n\n*Income Taxes*\n\nAmerican is part of the AAG consolidated income tax return\\.\n\nIn 2018, American recorded an income tax provision of $534 million at an effective rate of approximately 24%, which was substantially non\\-cash\\. This provision included an $18 million special income tax charge related to an international income tax matter\\. Substantially all of American\u2019s income before income taxes is attributable to the United States\\. At December 31, 2018, American had approximately $10\\.6 billion of federal NOLs and $3\\.1 billion of state NOLs, substantially all of which American expects to be available in 2019 to reduce future federal and state taxable income\\.\n\nIn 2017, American recorded an income tax provision of $2\\.3 billion, which was substantially non\\-cash\\. This provision included a special, non\\-cash income tax charge of $924 million to reflect the impact of lower corporate income tax rates on the Company\u2019s deferred tax asset and liabilities due to the 2017 Tax Act, which reduced the federal corporate income tax rate from 35% to 21%\\.\n\nSee Note 5 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on income taxes\\.\n\n***Results of Operations \u2013*** ***2017*** ***Compared to*** ***2016***\n\nAmerican realized pre\\-tax income of $3\\.6 billion and net income of $1\\.3 billion in 2017\\. This compares to $4\\.3 billion of pre\\-tax income and $2\\.7 billion of net income in 2016\\.\n\nThe year\\-over\\-year decline in American\u2019s pre\\-tax income was principally driven by an increase in fuel costs and higher wage rates\\.\n\n*Operating Revenues*\n\n\n\n|                          |                                              |                                              |                                              |                                                       |\n| ------------------------ | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                          | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **2017**                                     | **2016**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Passenger                | $39,131                                      | $37,045                                      | $2,086                                       | 5\\.6                                                  |\n| Cargo                    | 890                                          | 785                                          | 105                                          | 13\\.3                                                 |\n| Other                    | 2,589                                        | 2,295                                        | 294                                          | 12\\.8                                                 |\n| Total operating revenues | $42,610                                      | $40,125                                      | $2,485                                       | 6\\.2                                                  |\n\n\n\nPassenger revenue increased $2\\.1 billion, or 5\\.6%, in 2017 from 2016 primarily due to a year\\-over\\-year increase in yields driven by strong demand\\.\n\nCargo revenue increased $105 million, or 13\\.3%, in 2017 from 2016 driven primarily by an increase in freight volume\\.\n\nOther revenue increased $294 million, or 12\\.8%, in 2017 from 2016 driven by higher revenue associated with American\u2019s loyalty program\\. In 2017 and 2016, loyalty revenue included in other revenue was $2\\.1 billion and $1\\.9 billion, respectively\\. \n\nTotal operating revenues in 2017increased $2\\.5 billion, or 6\\.2%, from 2016 driven principally by a 5\\.6% increase in passenger revenue as described above\\.\n\n62"}
{"_id": "Southwest-2019_108.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nOther operating expenses consist of distribution costs, advertising expenses, personnel expenses, professional fees, and other operating costs, none of which individually exceed  10 percent  of Operating expenses\\.\n\n16 \\. BOEING 737 MAX AIRCRAFT GROUNDING\n\nOn March 13, 2019, the FAA issued an emergency order for all U\\.S\\. airlines to ground all Boeing MAX aircraft\\. The Company immediately complied with the order and grounded all   34  MAX aircraft in its fleet\\. The Company will continue to monitor the situation and any potential future accounting implications that arise\\. The most significant financial impacts of this grounding to the Company thus far have been lost revenues, operating income, and operating cash flows, and delayed capital expenditures, directly associated with its grounded MAX fleet and other new aircraft that have not been able to be delivered\\. In July 2019, the Boeing Company announced a   $4\\.9 billion  after\\-tax charge for \"potential concessions and other considerations to customers for disruptions related to the 737 MAX grounding\\.\" In January 2020, the Boeing Company announced an additional pre\\-tax charge of   $2\\.6 billion  related to \"estimated potential concessions and other considerations to customers related to the 737 MAX grounding\\.\"\n\nDuring fourth quarter 2019, the Company entered into a Memorandum of Understanding with Boeing to compensate Southwest for financial damages incurred during 2019 related to the grounding of the MAX\\. The terms of the agreement are confidential, but are intended to provide for a substantial portion of the Company\u2019s financial damages associated with both the   34  MAX aircraft that were grounded as of March 13, 2019, as well as the   41  additional MAX aircraft the Company was scheduled to receive (  28  owned MAX from Boeing and   13  leased MAX from third parties) from March 13, 2019 through December 31, 2019\\. In accordance with applicable accounting principles, the Company will account for substantially all of the proceeds received from Boeing as a reduction in cost basis spread across both the existing   31  owned MAX in the Company\u2019s fleet, plus the Company\u2019s future firm aircraft deliveries as of the date of the agreement\\.  No  material financial impacts of the agreement were realized in the Company\u2019s earnings during fourth quarter or the year ended December 31, 2019\\. Amounts received in cash from Boeing are reflected within Investing Activities in the Consolidated Statement of Cash Flows for the year ended December 31, 2019\\. Amounts agreed to but not yet received are recorded within Accounts and Other Receivables and are also reflected as a Supplemental Noncash Transaction in the Consolidated Statement of Cash Flows\\. Approximately   $86 million  of the amount agreed to has been allocated as a reduction of Flight equipment (for aircraft already in the Company's MAX fleet) and the remainder has been reflected as a reduction of Deposits on flight equipment purchase contracts, within the Consolidated Balance Sheet as of December 31, 2019\\.\n\n109"}
{"_id": "Delta-2018_74.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nNOTE 5 \\. DERIVATIVES AND RISK MANAGEMENT\n\nChanges in fuel prices, interest rates and foreign currency exchange rates impact our results of operations\\.  In an effort to manage our exposure to these risks, we may enter into derivative contracts and adjust our derivative portfolio as market conditions change\\.  We recognize derivative contracts at fair value on our balance sheets\\. \n\nFuel Price Risk\n\nOur derivative contracts to hedge the financial risk from changing fuel prices are primarily related to Monroe\u2019s refining margins\\.  During the year ended December 31,  2018  fuel hedges did not have a material impact on our income statement\\. During the years ended December 31, 2017 and 2016 we recorded fuel hedge losses of   $81 million  and   $366 million , respectively\\. \n\nInterest Rate Risk\n\nOur exposure to market risk from adverse changes in interest rates is primarily associated with our long\\-term debt obligations\\. Market risk associated with our fixed and variable rate long\\-term debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates\\. \n\nIn an effort to manage our exposure to the risk associated with our variable rate long\\-term debt, we periodically enter into interest rate swaps\\. We designate interest rate contracts used to convert the interest rate exposure on a portion of our debt portfolio from a floating rate to a fixed rate as cash flow hedges, while those contracts converting our interest rate exposure from a fixed rate to a floating rate are designated as fair value hedges\\. \n\nIn April 2018, we entered into interest rate swaps which are designated as fair value hedges\\. These swaps range from two to nine years remaining and have a total notional value of   $1\\.6 billion \\. The objective of the swaps is to manage toward a higher percentage of net floating rate debt by swapping payments of fixed rate interest on the unsecured notes that we issued in the June 2018 quarter for payments of floating rate interest\\. The gains/losses on the swaps are recorded within interest expense in the income statement and offset the gain/losses in the related debt obligations due to interest rate fluctuations\\.\n\nWe also have exposure to market risk from adverse changes in interest rates associated with our cash and cash equivalents and benefit plan obligations\\. Market risk associated with our cash and cash equivalents relates to the potential decline in interest income from a decrease in interest rates\\. Pension, postretirement, postemployment and worker's compensation obligation risk relates to the potential increase in our future obligations and expenses from a decrease in interest rates used to discount these obligations\\.\n\nForeign Currency Exchange Rate Risk\n\nWe are subject to foreign currency exchange rate risk because we have revenue and expense denominated in foreign currencies\\. To manage exchange rate risk, we execute both our international revenue and expense transactions in the same foreign currency to the extent practicable\\.  From time to time, we may also enter into foreign currency option and forward contracts\\.  Our Japanese yen foreign currency exchange contracts are designated as cash flow hedges with the effective portion of the gains or losses on the derivatives recorded in passenger revenue in the income statement in the same period in which the hedged transaction affects earnings\\. \n\nIn January 2018, we entered into a three\\-year U\\.S\\. dollar\\-Euro cross currency swap with a notional value of   \u20ac375 million \\. This swap was intended to mitigate foreign currency volatility resulting from our Euro\\-denominated investment in Air France\\-KLM\\. In response to favorable changes in interest rates and the U\\.S\\. dollar\\-Euro exchange rate, we settled the cross currency swap in August 2018\\. Upon settlement, we recognized gains of   $18 million  in miscellaneous in our Consolidated Statement of Operations under non\\-operating expense\\. Subsequently, we entered into a new U\\.S\\. dollar\\-Euro cross currency swap with a notional value of   \u20ac397 million  and a maturity date in December 2020\\. During the year ended December 31, 2018, we recorded an unrealized loss on this new swap of   $4 million , which is reflected in unrealized gain/(loss) on investments under non\\-operating expense\\.\n\n 72"}
{"_id": "Southwest-2018_83.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe Company has contractual obligations and commitments primarily with regard to future purchases of aircraft, repayment of debt (see Note 6), and lease arrangements (see Note 7)\\. During the year endedDecember 31, 2018, the Company purchased 18 new 737 MAX 8 aircraft and 26 new 737\\-800 aircraft from Boeing and acquired one used 737\\-700 aircraft from a third party under a capital lease\\. The Company has firm orders in place with Boeing for 219 737 MAX 8 aircraft and 30 737 MAX 7 aircraft, as well as options for 115 737 MAX 8 aircraft as of December 31, 2018\\. The Company's capital commitments associated with these firm orders and additional aircraft are as follows: $924 million in 2019, $1\\.4 billion in 2020, $1\\.7 billion in 2021, $1\\.2 billion in 2022, $1\\.6 billion in 2023, and $3\\.4 billion thereafter\\.\n\n**Fort Lauderdale\\-Hollywood International Airport**\n\nIn December 2013, the Company entered into an agreement with Broward County, Florida, which owns and operates Fort Lauderdale\\-Hollywood International Airport (\"FLL\"), to oversee and manage the design and construction of the airport's Terminal 1 Modernization Project\\. Pursuant to an addendum entered into during 2016, the cost of the project could not exceed $333 million\\. In addition to significant improvements to the existing Terminal 1, the project included the design and construction of a new five\\-gate Concourse A with an international processing facility\\. Funding for the project has come directly from Broward County aviation sources, but flows through the Company in its capacity as manager of the project\\. Major construction on the project began during third quarter 2015\\. Construction of Concourse A was completed during second quarter 2017, and construction on Terminal 1 was substantially complete and operational as of the end of third quarter 2018\\. The Company has determined that due to its agreed upon role in overseeing and managing the project, it is considered the owner of the project for accounting purposes\\. As such, during construction the Company records expenditures as Assets constructed for others (\"ACFO\") in the Consolidated Balance Sheet, along with a corresponding outflow within Assets constructed for others in the Consolidated Statement of Cash Flows, and an increase to Construction obligation (with a corresponding cash inflow from Financing activities in the Consolidated Statement of Cash Flows) as reimbursements are received from Broward County\\. Upon completion of different phases of the project, the Company has placed the associated assets in service and has begun depreciating the assets over their estimated useful lives\\. \n\n**Los Angeles International Airport**\n\nIn March 2013, the Company executed a lease agreement (the \"T1 Lease\") with Los Angeles World Airports (\"LAWA\"), which owns and operates Los Angeles International Airport (\"LAX\")\\. Under the T1 Lease, which was amended in June 2014 and September 2017, the Company oversaw and managed the design, development, financing, construction, and commissioning of the airport's Terminal 1 Modernization Project at a cost that did not exceed $526 million (including proprietary renovations, or $510 million excluding proprietary renovations)\\. In October 2017, the Company executed a separate lease agreement with LAWA (the \"T1\\.5 Lease\")\\. Under the T1\\.5 Lease, the Company is overseeing and managing the design, development, financing, construction, and commissioning of a passenger processing facility between Terminal 1 and 2 (the \"Terminal 1\\.5 Project\")\\. The Terminal 1\\.5 Project is expected to include ticketing, baggage claim, passenger screening, and a bus gate at a cost not to exceed $479 million for site improvements and non\\-proprietary improvements\\.\n\nThese projects are being funded primarily using the Regional Airports Improvement Corporation (the \"RAIC\"), which is a quasi\\-governmental special purpose entity that acts as a conduit borrower under syndicated credit facilities provided by groups of lenders\\. Loans made under the separate credit facilities for the Terminal 1 Modernization Project and the Terminal 1\\.5 Project are being used to fund the development of each of these projects, and the outstanding loans will be repaid with the proceeds of LAWA\u2019s payments to purchase completed construction phases\\. The Company has guaranteed the obligations of the RAIC under each of the credit facilities associated with the respective lease agreements\\. At December 31, 2018, the Company's outstanding remaining guaranteed obligations under the credit facilities for the Terminal 1 Modernization Project and the Terminal 1\\.5 Project were $111 million and $106 million, respectively\\.\n\nConstruction on the Terminal 1 Modernization Project began during 2014 and was substantially complete and operational during fourth quarter 2018\\. Construction on the Terminal 1\\.5 Project began during third quarter 2017 and \n\n84"}
{"_id": "United-2018_6.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n*Airport Access\\.* Historically, access to foreign markets has been tightly controlled through bilateral agreements between the U\\.S\\. and each foreign country involved\\. These agreements regulate the markets served, the number of carriers allowed to serve each market and the frequency of carriers' flights\\. Since the early 1990s, the U\\.S\\. has pursued a policy of \"Open Skies\" (meaning all U\\.S\\.\\-flag carriers have access to the destination), under which the U\\.S\\. government has negotiated a number of bilateral agreements allowing unrestricted access between U\\.S\\. and foreign markets\\. Currently, there are more than 100 Open Skies agreements in effect\\. However, even with Open Skies, many of the airports that the Company serves in Europe, Asia and Latin America maintain slot controls\\. A large number of these slot controls exist due to congestion, environmental and noise protection and reduced capacity due to runway and air traffic control (\"ATC\") construction work, among other reasons\\. London Heathrow International Airport, Frankfurt Rhein\\-Main Airport, Shanghai Pudong International Airport, Beijing Capital International Airport, Sao Paulo Guarulhos International Airport and Tokyo Haneda International Airport are among the most restrictive foreign airports due to slot and capacity limitations\\.\n\nThe Company's ability to serve some foreign markets and expand into certain others is limited by the absence of aviation agreements between the U\\.S\\. government and the relevant foreign governments\\. Shifts in U\\.S\\. or foreign government aviation policies may lead to the alteration or termination of air service agreements\\. Depending on the nature of any such change, the value of the Company's international route authorities and slot rights may be materially enhanced or diminished\\. Similarly, foreign governments control their airspace and can restrict our ability to overfly their territory, enhancing or diminishing the value of the Company's existing international route authorities and slot rights\\.\n\n***Environmental Regulation***\n\nThe airline industry is subject to increasingly stringent federal, state, local and international environmental requirements, including those regulating emissions to air, water discharges, safe drinking water and the use and management of hazardous substances and wastes\\.\n\n*Climate Change*\\. There is an increasing global regulatory focus on greenhouse gas (\"GHG\") emissions and their potential impacts relating to climate change\\. Initiatives to regulate GHG emissions from aviation had previously been adopted by the European Union (\"EU\") in 2009, but applicability to flights arriving or departing from airports outside the EU have been postponed several times\\. In December 2017, the European Parliament voted to extend exemptions for extra\\-EU flights until December 2023 in order to align the extension date with the completion of the pilot phase of the International Civil Aviation Organization's (\"ICAO\") Carbon Offsetting and Reduction Scheme for International Aviation (\"CORSIA\")\\. CORSIA, which was adopted in October 2016, is intended to create a single global market\\-based measure to achieve carbon\\-neutral growth for international aviation after 2020, which can be achieved through airline purchases of carbon offset credits\\. Certain CORSIA program details remain to be developed and could potentially be affected by political developments in participating countries or the results of the pilot phase of the program, and thus the impact of CORSIA cannot be fully predicted\\. However, CORSIA is expected to increase operating costs for airlines that operate internationally\\. In 2016, ICAO also adopted a carbon dioxide (\"CO2\") emission standard for aircraft\\. In 2016, the U\\.S\\. Environmental Protection Agency (\"EPA\") commenced procedural steps necessary to adopt its own standard, but the timing of further action by the EPA is unknown\\. While the precise timing and final form of these various programs and requirements continue to evolve, in 2018, the Company announced a pledge to reduce its greenhouse gas emissions by 50 percent relative to 2005 levels by the year 2050 and is taking various actions that are expected to help reduce its CO2 emissions over time such as improving fuel efficiency, fleet renewal, aircraft retrofits and the commercialization of aviation alternative fuels\\.\n\n*Other Regulations*\\. Our operations are subject to a variety of other environmental laws and regulations both in the United States and internationally\\. These include noise\\-related restrictions on aircraft types and operating times and state and local air quality initiatives which have, or could in the future, result in curtailments in services, increased operating costs, limits on expansion, or further emission reduction requirements\\. Certain airports and/or governments, both domestically and internationally, either have or are seeking to establish environmental fees and other requirements applicable to carbon emissions, local air quality pollutants and/or noise\\. The implementation of state plans to achieve national standards for ozone is expected to result in restrictions on mobile sources such as cars, trucks and airport ground support equipment in some locations\\. Certain states may also elect to impose restrictions apart from the revised national standards\\. Finally, environmental cleanup laws could require the Company to undertake or subject the Company to liability for investigation and remediation costs at certain owned or leased locations or third\\-party disposal locations\\.\n\nUntil applicability of new regulations to our specific operations is better defined and/or until pending regulations are finalized, future costs to comply with such regulations will remain uncertain but are likely to increase our operating costs over time\\. While we continue to monitor these developments, the precise nature of future requirements and their applicability to the Company are difficult to predict, but the financial impact to the Company and the aviation industry could be significant\\. \n\n7"}
{"_id": "Alaska-2017_25.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nOur outstanding long\\-term debt and other fixed obligations could have important consequences\\. For example, they could limit our ability to obtain additional financing to fund our future capital expenditures, working capital or other purposes; require us to dedicate a material portion of our operating cash flow to fund lease payments and interest payments on indebtedness, thereby reducing funds available for other purposes; or limit our ability to withstand competitive pressures and reduce our flexibility in responding to changing business and economic conditions\\.\n\nAlthough we have historically been able to generate sufficient cash flow from our operations to pay our debt and other fixed obligations when they become due, we cannot ensure we will be able to do so in the future\\. If we fail to do so, our business could be harmed\\. \n\n***Our maintenance costs will increase as our fleet ages, and we will periodically incur substantial maintenance costs due to the timing of maintenance events of our aircraft\\.***\n\nAs of December 31, 2017, the average age of our NextGen aircraft (B737\\-800, \\-900, \\-900ERs) was approximately 7\\.5 years, the average age of our A319, A320, and A321neo aircraft was approximately 7\\.3 years, the average age of our Embraer E175 aircraft was approximately 1\\.2 years, and the average age of our Q400 aircraft was approximately 11 years\\. Our relatively new aircraft require less maintenance currently than they will in the future\\. Any significant increase in maintenance expenses could have a material adverse effect on our results of operations\\. \n\n***Our ability to use Virgin America\u2019s net operating loss carryforwards to offset future taxable income for U\\.S\\. federal and state income tax purposes may be limited if we are unable to earn adequate taxable income in future periods\\.*** \n\nOur ability to use the net operating loss carryforwards (NOLs) will depend on the amount of taxable income generated in future periods\\. The NOLs may expire before we can generate sufficient taxable income to utilize the NOLs\\.\n\n***BRAND AND REPUTATION***\n\n***As we evolve our brand to appeal to a changing demographic and grow into new markets, we will engage in strategic initiatives that may not be favorably received by all of our guests\\.***\n\nWe continue to focus on strategic initiatives designed to increase our brand appeal to a diverse and evolving demographic of airline travelers\\. These efforts could include significant enhancements to our in\\-airport and on\\-board environments, increasing our direct customer relationships through improvements to our purchasing portals (digital and mobile) and optimization of our customer loyalty programs\\.\n\nIn pursuit of these efforts we may negatively affect our reputation with some of our existing customer base\\. \n\n***LABOR RELATIONS AND LABOR STRATEGY***\n\n***A significant increase in labor costs, unsuccessful attempts to strengthen our relationships with union employees or loss of key personnel could adversely affect our business and results of operations\\.***\n\nLabor costs are a significant component of our total expenses\\. Each of Alaska, Horizon, Virgin America, and McGee Air Service's represented employee groups has a separate collective bargaining agreement\\. In relation to the Virgin America integration, the workgroups that have not yet reached a transition agreement could make demands that would increase our operating expenses and adversely affect our financial performance if we agree to them\\. The same result could apply if we experience a significant increase in vendor labor costs, including wage rate increases, which could ultimately flow through to us under the applicable services agreement\\.\n\nAlthough we have a long track record of fostering good communications, negotiating approaches and developing other strategies to enhance workforce engagement in our long\\-term vision, future uncertainty around open contracts\\-including the collective bargaining negotiations for the integration of Alaska's and Virgin America's represented work groups\\-could be a distraction, affecting employee focus on our business and diverting management\u2019s attention from other projects and issues\\.\n\nWe compete against the major U\\.S\\. airlines and other businesses for labor in many highly skilled positions\\. If we are unable to hire, train and retain qualified employees at a reasonable cost, achieve and sustain employee engagement in our strategic vision, or if we are unsuccessful at implementing succession plans for our key staff, we may be unable to grow or sustain our business\\.\n\n 26"}
{"_id": "AmericanAirlines-2018_157.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nThe carrying value and estimated fair value of American\u2019s long\\-term debt, including current maturities, were as follows (in millions):\n\n\n\n|                                               |                               |                           |                               |                           |\n| --------------------------------------------- | ----------------------------- | ------------------------- | ----------------------------- | ------------------------- |\n|                                               | **December 31, 2018**         | **December 31, 2018**     | **December 31, 2017**         | **December 31, 2017**     |\n|                                               | **Carrying**<br><br>**Value** | **Fair**<br><br>**Value** | **Carrying**<br><br>**Value** | **Fair**<br><br>**Value** |\n| Long\\-term debt, including current maturities | $22,503                       | $22,497                   | $22,523                       | $23,165                   |\n\n\n\n**8\\. Employee Benefit Plans**\n\nAmerican sponsors defined benefit and defined contribution pension plans for eligible employees\\. The defined benefit pension plans provide benefits for participating employees based on years of service and average compensation for a specified period of time before retirement\\. Effective November 1, 2012, substantially all of American\u2019s defined benefit pension plans were frozen and American began providing enhanced benefits under its defined contribution pension plans for certain employee groups\\. American uses a December 31 measurement date for all of its defined benefit pension plans\\. American also provides certain retiree medical and other postretirement benefits, including health care and life insurance benefits, to retired employees\\. Effective November 1, 2012, American modified its retiree medical and other postretirement benefits plans to eliminate the company subsidy for employees who retire on or after November 1, 2012\\. As a result of modifications to its retiree medical and other postretirement benefits plans in 2012, American recognized a negative plan amendment of $1\\.9 billion, which is included as a component of prior service benefit in accumulated other comprehensive income (loss) (AOCI) and will be amortized over the future service life of the active plan participants for whom the benefit was eliminated, or approximately eight years\\. As of December 31, 2018, $390 million of prior service benefit remains to be amortized\\.\n\n***Benefit Obligations, Fair Value of Plan Assets and Funded Status***\n\nThe following tables provide a reconciliation of the changes in the pension and retiree medical and other postretirement benefits obligations, fair value of plan assets and a statement of funded status as of December 31, 2018 and 2017:\n\n\n\n|                                           |                      |                      |                                                                  |                                                                  |\n| ----------------------------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                           | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                           | **2018**             | **2017**             | **2018**                                                         | **2017**                                                         |\n|                                           | **(In millions)**    | **(In millions)**    | **(In millions)**                                                | **(In millions)**                                                |\n| Benefit obligation at beginning of period | $18,175              | $17,148              | $1,010                                                           | $990                                                             |\n| Service cost                              | 2                    | 2                    | 5                                                                | 4                                                                |\n| Interest cost                             | 670                  | 717                  | 35                                                               | 39                                                               |\n| Actuarial (gain) loss  ^(1) (2)^          | (1,905)              | 1,007                | (132)                                                            | 49                                                               |\n| Settlements                               | (4)                  | (4)                  | \u2014                                                                | \u2014                                                                |\n| Benefit payments                          | (659)                | (723)                | (81)                                                             | (80)                                                             |\n| Other                                     | 3                    | 28                   | \u2014                                                                | 8                                                                |\n| Benefit obligation at end of period       | $16,282              | $18,175              | $837                                                             | $1,010                                                           |\n\n\n\n\n\n|                                                  |          |          |        |        |\n| ------------------------------------------------ | -------- | -------- | ------ | ------ |\n| Fair value of plan assets at beginning of period | $11,340  | $9,968   | $295   | $266   |\n| Actual return on plan assets                     | (1,148)  | 1,788    | (24)   | 37     |\n| Employer contributions  ^(3)^                    | 472      | 286      | 35     | 72     |\n| Settlements                                      | (4)      | (4)      | \u2014      | \u2014      |\n| Benefit payments                                 | (659)    | (723)    | (81)   | (80)   |\n| Other                                            | \u2014        | 25       | \u2014      | \u2014      |\n| Fair value of plan assets at end of period       | $10,001  | $11,340  | $225   | $295   |\n| Funded status at end of period                   | $(6,281) | $(6,835) | $(612) | $(715) |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The  December 31, 2018  and  2017  pension actuarial (gain) loss primarily relates to changes in American\u2019s weighted average discount rate and mortality assumptions and, in 2018, changes to American\u2019s retirement rate assumptions\\. |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | The  December 31, 2018  and  2017  retiree medical and other postretirement benefits actuarial (gain) loss primarily  |\n\n\n\n158"}
{"_id": "AmericanAirlines-2018_2.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**American Airlines Group Inc\\.**\n\n**American Airlines, Inc\\.**\n\n**Form 10\\-K**\n\n**Year Ended** **December 31, 2018**\n\n**Table of Contents**\n\n\n\n|                                                                                                     |                                                                                                                                                                                                                 |                                                                                                     |\n| --------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------- |\n|                                                                                                     |                                                                                                                                                                                                                 | **Page**                                                                                            |\n| [**PART I**](https://americanairlines.gcs-web.com/email-alerts#s315AC4E5333A5A47AA884D93FDDC633B)   | [**PART I**](https://americanairlines.gcs-web.com/email-alerts#s315AC4E5333A5A47AA884D93FDDC633B)                                                                                                               | [**PART I**](https://americanairlines.gcs-web.com/email-alerts#s315AC4E5333A5A47AA884D93FDDC633B)   |\n| [Item 1\\.](https://americanairlines.gcs-web.com/email-alerts#sE7DF88641DF853FF9859ABDAE7EAE59A)     | [Business](https://americanairlines.gcs-web.com/email-alerts#sE7DF88641DF853FF9859ABDAE7EAE59A)                                                                                                                 | <br>[5](https://americanairlines.gcs-web.com/email-alerts#sE7DF88641DF853FF9859ABDAE7EAE59A)        |\n| [Item 1A\\.](https://americanairlines.gcs-web.com/email-alerts#s4FB19BAF93BE555A89051C935DA5E703)    | [Risk Factors](https://americanairlines.gcs-web.com/email-alerts#s4FB19BAF93BE555A89051C935DA5E703)                                                                                                             | <br>[16](https://americanairlines.gcs-web.com/email-alerts#s4FB19BAF93BE555A89051C935DA5E703)       |\n| [Item 1B\\.](https://americanairlines.gcs-web.com/email-alerts#s51D5DA2A7C6059EE9D63014F199D62ED)    | [Unresolved Staff Comments](https://americanairlines.gcs-web.com/email-alerts#s51D5DA2A7C6059EE9D63014F199D62ED)                                                                                                | <br>[35](https://americanairlines.gcs-web.com/email-alerts#s51D5DA2A7C6059EE9D63014F199D62ED)       |\n| [Item 2\\.](https://americanairlines.gcs-web.com/email-alerts#sA0EAEDDEEE1F5EFB94043C4AEC34D113)     | [Properties](https://americanairlines.gcs-web.com/email-alerts#sA0EAEDDEEE1F5EFB94043C4AEC34D113)                                                                                                               | <br>[36](https://americanairlines.gcs-web.com/email-alerts#sA0EAEDDEEE1F5EFB94043C4AEC34D113)       |\n| [Item 3\\.](https://americanairlines.gcs-web.com/email-alerts#sDB8B0E6E06F85619AFF72E7B269A55D0)     | [Legal Proceedings](https://americanairlines.gcs-web.com/email-alerts#sDB8B0E6E06F85619AFF72E7B269A55D0)                                                                                                        | <br>[39](https://americanairlines.gcs-web.com/email-alerts#sDB8B0E6E06F85619AFF72E7B269A55D0)       |\n| [Item 4\\.](https://americanairlines.gcs-web.com/email-alerts#sD61748447FE15AA29E114700E683A231)     | [Mine Safety Disclosures](https://americanairlines.gcs-web.com/email-alerts#sD61748447FE15AA29E114700E683A231)                                                                                                  | <br>[39](https://americanairlines.gcs-web.com/email-alerts#sD61748447FE15AA29E114700E683A231)       |\n| [**PART II**](https://americanairlines.gcs-web.com/email-alerts#s94F360240C795E3293BD26186669D663)  | [**PART II**](https://americanairlines.gcs-web.com/email-alerts#s94F360240C795E3293BD26186669D663)                                                                                                              | [**PART II**](https://americanairlines.gcs-web.com/email-alerts#s94F360240C795E3293BD26186669D663)  |\n| [Item 5\\.](https://americanairlines.gcs-web.com/email-alerts#s52EE917E6E4C5236B101B3D26C6FAB53)     | [Market for American Airlines Group\u2019s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities](https://americanairlines.gcs-web.com/email-alerts#s52EE917E6E4C5236B101B3D26C6FAB53) | <br>[40](https://americanairlines.gcs-web.com/email-alerts#s52EE917E6E4C5236B101B3D26C6FAB53)       |\n| [Item 6\\.](https://americanairlines.gcs-web.com/email-alerts#s42FEF90909CF5ECB8508EB57331D0E44)     | [Selected Consolidated Financial Data](https://americanairlines.gcs-web.com/email-alerts#s42FEF90909CF5ECB8508EB57331D0E44)                                                                                     | <br>[43](https://americanairlines.gcs-web.com/email-alerts#s42FEF90909CF5ECB8508EB57331D0E44)       |\n| [Item 7\\.](https://americanairlines.gcs-web.com/email-alerts#s14E231FBAEAC5591A949080690BAEF2B)     | [Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations](https://americanairlines.gcs-web.com/email-alerts#sB56B4B9888CE5676A7F875BEA34DB822)                                    | <br>[48](https://americanairlines.gcs-web.com/email-alerts#sB56B4B9888CE5676A7F875BEA34DB822)       |\n| [Item 7A\\.](https://americanairlines.gcs-web.com/email-alerts#s392A5AC78D425AB6961A6F965272346D)    | [Quantitative and Qualitative Disclosures About Market Risk](https://americanairlines.gcs-web.com/email-alerts#s392A5AC78D425AB6961A6F965272346D)                                                               | <br>[78](https://americanairlines.gcs-web.com/email-alerts#s392A5AC78D425AB6961A6F965272346D)       |\n| [Item 8A\\.](https://americanairlines.gcs-web.com/email-alerts#sE606302AE9115475A77D90488F02B5FA)    | [Consolidated Financial Statements and Supplementary Data of American Airlines Group Inc\\.](https://americanairlines.gcs-web.com/email-alerts#sE606302AE9115475A77D90488F02B5FA)                                | <br>[80](https://americanairlines.gcs-web.com/email-alerts#sE606302AE9115475A77D90488F02B5FA)       |\n| [Item 8B\\.](https://americanairlines.gcs-web.com/email-alerts#s8A1AFE8A15BB589DB783F365EA4D0245)    | [Consolidated Financial Statements and Supplementary Data of American Airlines, Inc\\.](https://americanairlines.gcs-web.com/email-alerts#s8A1AFE8A15BB589DB783F365EA4D0245)                                     | <br>[129](https://americanairlines.gcs-web.com/email-alerts#s8A1AFE8A15BB589DB783F365EA4D0245)      |\n| [Item 9\\.](https://americanairlines.gcs-web.com/email-alerts#sB040A5CA58725461926EB367F26E5811)     | [Changes In and Disagreements with Accountants on Accounting and Financial Disclosure](https://americanairlines.gcs-web.com/email-alerts#sB040A5CA58725461926EB367F26E5811)                                     | <br>[174](https://americanairlines.gcs-web.com/email-alerts#sB040A5CA58725461926EB367F26E5811)      |\n| [Item 9A\\.](https://americanairlines.gcs-web.com/email-alerts#sBA130A1C5225557DBCA7CF684647C89E)    | [Controls and Procedures](https://americanairlines.gcs-web.com/email-alerts#sBA130A1C5225557DBCA7CF684647C89E)                                                                                                  | <br>[174](https://americanairlines.gcs-web.com/email-alerts#sBA130A1C5225557DBCA7CF684647C89E)      |\n| [**PART III**](https://americanairlines.gcs-web.com/email-alerts#s27B0D58AFBDF5815B53DA6C0B3545AE3) | [**PART III**](https://americanairlines.gcs-web.com/email-alerts#s27B0D58AFBDF5815B53DA6C0B3545AE3)                                                                                                             | [**PART III**](https://americanairlines.gcs-web.com/email-alerts#s27B0D58AFBDF5815B53DA6C0B3545AE3) |\n| [Item 10\\.](https://americanairlines.gcs-web.com/email-alerts#s349003CDADFA50FE8BD15A79652FCA50)    | [Directors, Executive Officers and Corporate Governance](https://americanairlines.gcs-web.com/email-alerts#s349003CDADFA50FE8BD15A79652FCA50)                                                                   | <br>[178](https://americanairlines.gcs-web.com/email-alerts#s349003CDADFA50FE8BD15A79652FCA50)      |\n| [Item 11\\.](https://americanairlines.gcs-web.com/email-alerts#s1A0B6FAF6848554E9C1DFC334B7AED38)    | [Executive Compensation](https://americanairlines.gcs-web.com/email-alerts#s1A0B6FAF6848554E9C1DFC334B7AED38)                                                                                                   | <br>[178](https://americanairlines.gcs-web.com/email-alerts#s1A0B6FAF6848554E9C1DFC334B7AED38)      |\n| [Item 12\\. ](https://americanairlines.gcs-web.com/email-alerts#sCCA8B630053F5F8797D80E7F0307A59C)   | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](https://americanairlines.gcs-web.com/email-alerts#sCCA8B630053F5F8797D80E7F0307A59C)                           | <br>[178](https://americanairlines.gcs-web.com/email-alerts#sCCA8B630053F5F8797D80E7F0307A59C)      |\n| [Item 13\\.](https://americanairlines.gcs-web.com/email-alerts#sD917D7FEAE13583EABEE9925B99AE591)    | [Certain Relationships and Related Transactions, and Director Independence](https://americanairlines.gcs-web.com/email-alerts#sD917D7FEAE13583EABEE9925B99AE591)                                                | <br>[178](https://americanairlines.gcs-web.com/email-alerts#sD917D7FEAE13583EABEE9925B99AE591)      |\n| [Item 14\\.](https://americanairlines.gcs-web.com/email-alerts#sD2129A5E930E5A73BEDE0CB22F0593A5)    | [Principal Accountant Fees and Services](https://americanairlines.gcs-web.com/email-alerts#sD2129A5E930E5A73BEDE0CB22F0593A5)                                                                                   | <br>[178](https://americanairlines.gcs-web.com/email-alerts#sD2129A5E930E5A73BEDE0CB22F0593A5)      |\n| [**PART IV**](https://americanairlines.gcs-web.com/email-alerts#sA4A6E48551045A17B8B706F648A34D51)  | [**PART IV**](https://americanairlines.gcs-web.com/email-alerts#sA4A6E48551045A17B8B706F648A34D51)                                                                                                              | [**PART IV**](https://americanairlines.gcs-web.com/email-alerts#sA4A6E48551045A17B8B706F648A34D51)  |\n| [Item 15\\.](https://americanairlines.gcs-web.com/email-alerts#s9FAF1D6737875D6193F530033AED2A20)    | [Exhibits and Financial Statement Schedules](https://americanairlines.gcs-web.com/email-alerts#s9FAF1D6737875D6193F530033AED2A20)                                                                               | <br>[179](https://americanairlines.gcs-web.com/email-alerts#s9FAF1D6737875D6193F530033AED2A20)      |\n| [Item 16\\.](https://americanairlines.gcs-web.com/email-alerts#sCDAA687A88365262B1F66758A701DC68)    | [Form 10\\-K Summary](https://americanairlines.gcs-web.com/email-alerts#sCDAA687A88365262B1F66758A701DC68)                                                                                                       | <br>[199](https://americanairlines.gcs-web.com/email-alerts#sCDAA687A88365262B1F66758A701DC68)      |\n| [SIGNATURES](https://americanairlines.gcs-web.com/email-alerts#s4A6DFCB156835EF5ABE737E47F0215FE)   | [SIGNATURES](https://americanairlines.gcs-web.com/email-alerts#s4A6DFCB156835EF5ABE737E47F0215FE)                                                                                                               | <br>[200](https://americanairlines.gcs-web.com/email-alerts#s4A6DFCB156835EF5ABE737E47F0215FE)      |\n\n\n\n3"}
{"_id": "United-2018_75.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nstock of Azul)\\. The Company recognizes changes to the fair value of its equity investment in Azul in Miscellaneous, net in its statements of consolidated operations\\.\n\n**Synergy Term Loan** \\- On November 29, 2018, United, as lender, entered into a Term Loan Agreement (the \"Synergy Loan Agreement\") with affiliates of Synergy Aerospace Corporation (\"Synergy\"), as borrower and guarantor, respectively, and, pursuant to the Synergy Loan Agreement, on November 30, 2018, United provided a $456 million term loan to Synergy (the \"Synergy Term Loan\"), secured by a pledge of borrower's equity, as well as Synergy's 516 million shares of common stock of AVH, the parent company of Avianca (equivalent to 64\\.5 million American Depositary Receipts (\"ADRs\"), the class of AVH securities that trades on the New York Stock Exchange (\"NYSE\"))\\. Pursuant to the Synergy Loan Agreement, the Synergy Term Loan is due and payable in five annual installments beginning on November 30, 2021, to be repaid in full on November 30, 2025 (a portion of which is subject to extension in limited circumstances)\\. Subject to the satisfaction of collateral coverage thresholds, minimum share price levels and certain other conditions, Synergy may repay United in shares of AVH common stock, at market value, in an amount up to 25 percent of any principal installment, or with cash from the sale of Synergy's shares of AVH stock\\. The Synergy Term Loan bears interest at an annual rate of 3 percent per annum, payable quarterly in arrears\\. United also obtained an option to acquire, on a gross or net basis and at a fixed price, up to 77\\.4 million shares of AVH common stock from Synergy (the \"AVH Call Options\"), and agreed with Synergy to share in any increase in value of the remaining 438\\.6 million shares of Synergy's AVH common stock within certain price ranges (the \"AVH Share Appreciation Rights\")\\. Until the third anniversary of funding, Synergy has the option to capitalize interest that would have been due, adding it to the outstanding principal balance of the Synergy Term Loan\\. Pursuant to the Synergy Loan Agreement, Synergy has agreed to certain financial and non\\-financial covenants, as well as customary events of default\\.\n\nIn connection with funding the Synergy Loan Agreement, on November 29, 2018, United also entered into an agreement with AVH's significant minority shareholder, Kingsland Holdings Limited (\"Kingsland\"), pursuant to which, in return for Kingsland's pledge of its 144\\.8 million shares of AVH common stock (equivalent to 18\\.1 million ADRs) and its consent to Synergy's pledge of its AVH common stock to United under the Synergy Loan Agreement, United (1) granted to Kingsland the right to put its shares of AVH common stock to United at market price on the fifth anniversary of the Synergy Loan Agreement, and (2) guaranteed Synergy's obligation to pay Kingsland (which amount, if paid by United, will increase United's secured loan to Synergy by such amount) if the market price of AVH common stock on the fifth anniversary is less than $12 per ADR on the NYSE, for an aggregate maximum possible combined put payment and guarantee amount on the fifth anniversary of $217\\.2 million\\. United also agreed with Kingsland to share in any increase in value of AVH common stock within certain price ranges (the \"Upside Sharing Agreement\")\\.\n\n**AVH Derivative Assets \\-** The AVH Call Options, AVH Share Appreciation Rights and the Upside Sharing Agreement (collectively, the \"AVH Derivative Assets\") are recorded at fair value as Other assets on the Company's balance sheet and are included in the table above\\. Changes in the fair value of the AVH Derivative Assets are recorded as part of Nonoperating income (expense): Miscellaneous, net on the Company's statements of consolidated operations\\.\n\nInvestments presented in the table above have the same fair value as their carrying value\\. The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above as of December 31 (in millions)\\. Carrying amounts include any related discounts, premiums, issuance costs and origination costs:\n\n\n\n|                   |                     |                |                |                |                |                     |                |                |                |                |\n| ----------------- | ------------------- | -------------- | -------------- | -------------- | -------------- | ------------------- | -------------- | -------------- | -------------- | -------------- |\n|                   | **2018**            | **2018**       | **2018**       | **2018**       | **2018**       | **2017**            | **2017**       | **2017**       | **2017**       | **2017**       |\n|                   | **Carrying Amount** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Carrying Amount** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |\n|                   |                     | **Total**      | **Level 1**    | **Level 2**    | **Level 3**    |                     | **Total**      | **Level 1**    | **Level 2**    | **Level 3**    |\n| Long\\-term debt   | $13,445             | $13,450        | $\u2014             | $9,525         | $3,925         | $13,268             | $13,787        | $\u2014             | $10,115        | $3,672         |\n| Synergy Term Loan | 478                 | 422            | \u2014              | \u2014              | 422            | \u2014                   | \u2014              | \u2014              | \u2014              | \u2014              |\n\n\n\nFair value of the financial instruments included in the tables above was determined as follows:\n\n76"}
{"_id": "Southwest-2019_119.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      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|\n| [Supplemental Agreement No\\. 11 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2000](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/sa111810redacted.txt) , including [Letter Agreement 6\\-1162\\-RLL\\-932R1](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll932r1redlined.txt)  and [Table of Contents](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/tableofcontents11.txt)  (File No\\. 1\\-7259)); [Supplemental Agreement No\\. 12 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2000](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/sa121810redacted.txt) , including [Purchase Agreement Amendments](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/pasa12redacted.txt)  (File No\\. 1\\-7259)); [Supplemental Agreement No\\. 13 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2000](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/sa13redacted.txt) , including [Purchase Agreement Amendments](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/pasa13.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-932R2](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll932r2.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-933R9](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll933r9redacted.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-934R1](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll934r2redlined.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-941R1](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll941r2redlined.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-054](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj054busmatters.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-055](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj055strucmatters.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-056](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj056noiseemission.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-057](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj057productdev.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-058](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj058submatters.txt) , and [Price Adjustment](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/exhibitd1.txt)  (File No\\. 1\\-7259)); [Supplemental Agreement No\\. 14 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2000](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/sa141810redacted.txt) , including [Purchase Agreement Amendments](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/pa1810sa14redacted.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-934R2](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll934r3redlined.txt) , and [Letter Agreement No\\. 6\\-1162\\-KJJ\\-150](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj150fccmode.txt)  (File No\\. 1\\-7259)); [Supplemental Agreements Nos\\. 15, 16, 17, 18, and 19 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2001 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013401508530/d91871ex10-1.txt) ; [Supplemental Agreements Nos\\. 20, 21, 22, 23, and 24 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2002 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238002000019/ex10_3.txt) ; [Supplemental Agreements Nos\\. 25, 26, 27, 28, and 29 (incorporated by reference to Exhibit 10\\.8 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2003 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238003000013/ex10_8.txt) ; [Supplemental Agreements Nos\\. 30, 31, 32, and 33 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2003 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013404000842/d11818exv10w1.txt) ;[ Supplemental Agreements Nos\\. 34, 35, 36, 37, and 38 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2004 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238004000016/ex10-3.txt) ; [Supplemental Agreements Nos\\. 39 and 40 (incorporated by reference to Exhibit 10\\.6 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2004 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238004000028/ex10-6.txt) ; [Supplemental Agreement No\\. 41 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2004 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013405002093/d21965exv10w1.htm) ; [Supplemental Agreements Nos\\. 42, 43, and 44 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2005 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238005000006/ex10-1.txt) ; [Supplemental Agreement No\\. 45 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2005 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238005000012/ex10-1.txt) ; [Supplemental Agreements Nos\\. 46 and 47 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2006 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013406007697/d35241exv10w1.htm) ; [Supplemental Agreement No\\. 48 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2006 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238006000009/exhibit_10-1.htm) ; [Supplemental Agreements Nos\\. 49 and 50 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2006 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238006000020/ex10-1.htm) ; [Supplemental Agreement No\\. 51 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2006 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013407001724/d42975exv10w1.htm) ; [Supplemental Agreement No\\. 52 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238007000014/ex10-1.htm) ; [Supplemental Agreement No\\. 53 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238007000024/ex10_1.htm) ; [Supplemental Agreement No\\. 54 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238007000034/ex10_1.htm) ;[ Supplemental Agreement No\\. 55 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238007000034/ex10_2.htm) ; [Supplemental Agreement No\\. 56 (incorporated by reference to Exhibit 10\\.1 to Southwest\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013408001572/d53331exv10w1.htm) ; [Supplemental Agreement No\\. 57 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2008 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238008000009/ex10_1.htm) ; [Supplemental Agreement No\\. 58 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2008 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238008000009/ex10_2.htm) ; [Supplemental Agreement No\\. 59 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2008 (File No\\. 1\\-7259)); ](http://www.sec.gov/Archives/edgar/data/92380/000009238008000009/ex10_3.htm)[Supplemental Agreement No\\. 60 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2008 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238008000014/ex10_1.htm) ; [Supplemental Agreement No\\. 61 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2008 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238008000018/ex10_1.htm) ; [Supplemental Agreement No\\. 62 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2009 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238009000016/ex10_1.htm) ; [Supplemental Agreement No\\. 63 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2009 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238009000016/ex10_2.htm) ; [Supplemental Agreement No\\. 64 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238010000032/ex10_1.htm) ;<br><br>  <br><br>  <br> |\n\n\n\n120"}
{"_id": "Delta-2017_97.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nDelta is not filing any instruments evidencing any indebtedness because the total amount of securities authorized under any single such instrument does not exceed 10% of the total assets of Delta and its subsidiaries on a consolidated basis\\. Copies of such instruments will be furnished to the Securities and Exchange Commission upon request\\.\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.1 | [Credit and Guaranty Agreement, dated as of August 24, 2015, among Delta Air Lines, Inc\\., as Borrower, the subsidiaries of the Borrower named as Guarantors, each of the several Lenders from time to time party thereto, JPMorgan Chase Bank, N\\.A\\., as administrative agent for the Lenders, Barclays Bank PLC, Bank of America, N\\.A\\., Wells Fargo Bank, N\\.A\\. and U\\.S\\. Bank National Association, as Co\\-Syndication Agents, BBVA Compass and Fifth Third Bank, as Co\\-Documentation Agents, J\\.P\\. Morgan Securities LLC, Barclays Bank PLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas Securities Corp\\., Citigroup Global Markets Inc\\., BBVA Compass, Credit Agricole Corporate and Investment Bank, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank Securities Inc\\., Fifth Third Bank, Goldman Sachs Lending Partners LLC, Morgan Stanley Senior Funding, Inc\\., Wells Fargo Securities, LLC, Natixis, New York Branch, U\\.S\\. Bank National Association and UBS Securities LLC, as Revolving Facility Joint Lead Arrangers and Revolving Facility Joint Bookrunners and Barclays Bank PLC, J\\.P\\. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas Securities Corp\\., Citigroup Global Markets Inc\\., BBVA Compass, Credit Agricole Corporate and Investment Bank, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank Securities Inc\\., Fifth Third Bank, Goldman Sachs Lending Partners LLC, Wells Fargo Securities, LLC and U\\.S\\. Bank National Association, as Term Loan Joint Lead Arrangers and Term Loan Joint Bookrunners (Filed as Exhibit 10\\.1 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2015)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790415000013/dal9302015ex101.htm) |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.2 | [Credit and Guaranty Agreement, dated as of October 18, 2012, among Delta Air Lines, Inc\\., as Borrower, the subsidiaries of the Borrower named as Guarantors, each of the several Lenders party thereto, Barclays Bank PLC, as administrative agent, Wilmington Trust, National Association, as Collateral Trustee, Deutsche Bank Securities Inc\\. and UBS Securities LLC, as Co\\-Syndication Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc\\., as co\\-documentation agents, Barclays Bank PLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc\\., Deutsche Bank Securities Inc\\., and UBS Securities LLC, as joint lead arrangers, and Barclays Bank PLC, BNP Paribas Securities Corp, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc\\., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc\\., Goldman Sachs Bank USA, J\\.P\\. Morgan Securities LLC, Morgan Stanley Senior Funding, Inc\\. and UBS Securities LLC, as joint bookrunners (Filed as Exhibit 10\\.2 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2012)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000144530513000209/dal12312012ex102.htm) |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                          |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.3 | [Anchor Tenant Agreement dated as of December 9, 2010 between JFK International Air Terminal LLC and Delta Air Lines, Inc\\. (Filed as Exhibit 10\\.4 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2010)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000095012311014364/g24877exv10w4.htm) |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                        |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.4 | [Amended and Restated Agreement of Lease by and between The Port Authority of New York and New Jersey and Delta Air Lines, Inc\\., dated as of September 13, 2017 (Filed as Exhibit 10\\.1 to Delta\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000017/dal9302017ex101.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| -------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.5(a) | [Supplemental Agreement No\\. 13 to Purchase Agreement Number 2022, dated August 24, 2011, between The Boeing Company and Delta relating to Boeing Model 737NG Aircraft (\"Supplemental Agreement 13\") (Filed as Exhibit 10\\.1 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2011)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000144530511003058/dal9302011ex101.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| -------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.5(b) | [Supplemental Agreement No\\. 17 to Purchase Agreement Number 2022, dated December 16, 2015, between The Boeing Company and Delta relating to Boeing Model 737NG Aircraft (\"Supplemental Agreement 17\") (Filed as Exhibit 10\\.6(b) to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000018/dal12312015ex106b.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| -------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.5(c) | [Supplemental Agreement No\\. 20 to Purchase Agreement Number 2022, dated March 30, 2017, between The Boeing Company and Delta relating to Boeing Model 737NG Aircraft (\"Supplemental Agreement No\\. 20\") (Filed as Exhibit 10\\.1 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000008/dal3312017ex101.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                             |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.5(d) | [Letter Agreements, dated March 30, 2017, relating to Supplemental Agreement No\\. 20 (Filed as Exhibit 10\\.2 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000008/dal3312017ex102.htm) |\n\n\n\n 93"}
{"_id": "Southwest-2018_21.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe Company's ability to effectively address fuel price increases could be limited by factors such as its historical low\\-fare reputation, the portion of its Customer base that purchases travel for leisure purposes, the competitive nature ofthe airline industry generally, and the risk that higher fares will drive a decrease in demand\\. The Company attempts to manage its risk associated with volatile jet fuel prices by utilizing over\\-the\\-counter fuel derivative instruments to hedge a portion of its future jet fuel purchases\\. However, energy prices can fluctuate significantly in a relatively short amount of time\\. Because the Company uses a variety of different derivative instruments at different price points, the Company is subject to the risk that the fuel derivatives it uses will not provide adequate protection against significant increases in fuel prices and in some cases could in fact result in hedging losses, and the Company effectively paying higher than market prices for fuel, thus creating additional volatility in the Company's earnings\\. The Company is also subject to the risk that cash collateral may be required to be posted to fuel hedge counterparties, which could have a significant impact on the Company's financial position and liquidity\\.\n\nIn addition, the Company is subject to the risk that its fuel derivatives will no longer qualify for hedge accounting under applicable accounting standards, which can create additional earnings volatility\\. Adjustments in the Company's overall fuel hedging strategy, as well as the ability of the commodities used in fuel hedging to qualify for special hedge accounting, are likely to continue to affect the Company's results of operations\\. In addition, there can be no assurance that the Company will be able to cost\\-effectively hedge against increases in fuel prices\\. Also, see Note 2 to the Consolidated Financial Statements for information on changes in applicable standards for hedge accounting\\.\n\nThe Company's fuel hedging arrangements and the various potential impacts of hedge accounting on the Company's financial position, cash flows, and results of operations are discussed in more detail under \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" \"Quantitative and Qualitative Disclosures About Market Risk,\" and in Note 1 and Note 10 to the Consolidated Financial Statements\\.\n\nThe Company is also reliant upon the readily available supply and timely delivery of jet fuel to the airports that it serves\\. A disruption in that supply could present significant challenges to the Company's operations and could ultimately cause the cancellation of flights and/or the inability of the Company to provide service to a particular airport\\.\n\n***The Company's low\\-cost structure has historically been one of its primary competitive advantages, and many factors have affected and could continue to affect the Company's ability to control its costs\\.***\n\nThe Company's low\\-cost structure has historically been one of its primary competitive advantages, as it has enabled it to offer low fares, drive traffic volume, grow market share, and protect profits\\. The Company's low\\-cost position has become even more significant with the increased presence of ULCCs and changes to the fare offerings of other carriers, as discussed above; however, it has become increasingly difficult for the Company to improve upon its industry cost position\\. For example, labor and fuel costs, as well as other costs such as regulatory compliance costs, can negatively affect the Company's ability to control its costs\\. Furthermore, the Company has limited control over many of these costs\\.\n\nJet fuel and oil constituted approximately 25 percent of the Company's operating expenses during 2018, and the Company's ability to control the cost of fuel is subject to the external factors discussed in the second Risk Factor above\\.\n\nSalaries, wages, and benefits constituted approximately 41 percent of the Company's operating expenses during 2018\\. The Company's ability to control labor costs is limited by the terms of its collective\\-bargaining agreements, and increased labor costs have negatively impacted the Company's low\\-cost competitive position\\. As discussed further under \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" the Company's unionized workforce, which makes up approximately 83 percent of its Employees, has had pay scale increases as a result of contractual rate increases, which has put pressure on the Company's labor costs\\. Additionally, as indicated above under \"Business \\- Employees,\" the majority of Southwest's unionized Employee work groups, including its Flight Attendants; Customer Service Agents, Customer Representatives, and Source of Support Representatives; Material Specialists; Mechanics; Dispatchers; Flight Simulator Technicians; and Meteorologists, are in unions currently in negotiations for labor agreements or have labor agreements that become amendable in 2019, which could result in additional pressure on the Company's low\\-cost structure\\.\n\nAs discussed above under \"Business \\- Regulation,\" the airline industry is heavily regulated, and the Company's regulatory compliance costs are subject to potentially significant increases from time to time based on actions by regulatory agencies that are out of the Company's control\\. Additionally, the Company cannot control decisions by other \n\n22"}
{"_id": "AmericanAirlines-2019_133.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nCertain information regarding the 2019\\-1 Aircraft EETC equipment notes and remaining escrowed proceeds, as of  December 31, 2019 , is set forth in the table below\\.\n\n\n\n|                               |                            |                            |                            |\n| ----------------------------- | -------------------------- | -------------------------- | -------------------------- |\n|                               | **2019\\-1 Aircraft EETCs** | **2019\\-1 Aircraft EETCs** | **2019\\-1 Aircraft EETCs** |\n|                               | **Series AA**              | **Series A**               | **Series B**               |\n| Aggregate principal issued    | $579 million               | $289 million               | $229 million               |\n| Remaining escrowed proceeds   | $155 million               | $77 million                | $61 million                |\n| Fixed interest rate per annum | 3\\.15%                     | 3\\.50%                     | 3\\.85%                     |\n| Maturity date                 | February 2032              | February 2032              | February 2028              |\n\n\n\n2019\\-1 Engine EETCs\n\nIn June  2019 , American created pass\\-through trusts which issued   $650 million  in aggregate face amount of 2019\\-1 Engine EETCs (the 2019\\-1 Engine EETCs), with maturities from June 2022 to June 2026\\. All of the proceeds received by such pass\\-through trusts from the sale of the 2019\\-1 Engine EETCs have been used to acquire equipment notes issued by American to the pass\\-through trusts\\. The pass\\-through trust certificates represent the right to payment under the equipment notes that are full\\-recourse obligations of American and such equipment notes are secured by spare aircraft engines currently owned and operated by American\\.\n\n(c) Equipment Loans and Other Notes Payable Issued in  2019 \n\nIn  2019 , American entered into agreements under which it borrowed   $1\\.7 billion  in connection with the financing or refinancing, as the case may be, of certain aircraft and other flight equipment, of which   $643 million  was used to repay existing indebtedness\\. Debt incurred under these agreements matures in  2023  through  2031  and bears interest at variable rates (comprised of LIBOR plus an applicable margin) averaging   3\\.37%  at  December 31, 2019 \\.\n\nGuarantees\n\nAs of  December 31, 2019 , American had issued guarantees covering AAG\u2019s   $500 million  aggregate principal amount of   4\\.625%  senior notes due  March 2020  and   $750 million  aggregate principal amount of   5\\.000%  senior notes due  June 2022 \\.\n\nCollateral\\-Related Covenants\n\nCertain of American\u2019s debt financing agreements (including its term loans, revolving credit facilities and spare engine EETCs) contain loan to value (LTV) ratio covenants and require American to appraise the related collateral annually\\. Pursuant to such agreements, if the LTV ratio exceeds a specified threshold or if the value of the appraised collateral fails to meet a specified threshold, as the case may be, American is required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash or investment securities), or pay down such financing, in whole or in part\\.\n\n134"}
{"_id": "AmericanAirlines-2018_148.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nSubject to certain limitations and exceptions, the Credit Facilities are secured by collateral, including certain spare parts, certain slots, certain route authorities, certain simulators and certain leasehold rights\\. American has the ability to make future modifications to the collateral pledged, subject to certain restrictions\\. American\u2019s obligations under the Credit Facilities are guaranteed by AAG\\. American is required to maintain a certain minimum ratio of appraised value of the collateral to the outstanding loans as further described below in *\u201cCollateral\\-Related Covenants\\.\u201d*\n\nThe Credit Facilities contain events of default customary for similar financings, including cross default to other material indebtedness\\. Upon the occurrence of an event of default, the outstanding obligations may be accelerated and become due and payable immediately\\. In addition, if a \u201cchange of control\u201d occurs, American will (absent an amendment or waiver) be required to repay at par the loans outstanding under the Credit Facilities and terminate the 2013 Revolving Facility, 2014 Revolving Facility and April 2016 Revolving Facility and any revolving credit facility established under the December 2016 Credit Facilities\\. The Credit Facilities also include covenants that, among other things, require AAG to maintain a minimum aggregate liquidity (as defined in the Credit Facilities) of not less than $2\\.0 billion and limit the ability of AAG and its restricted subsidiaries to pay dividends and make certain other payments, make certain investments, incur additional indebtedness, incur liens on the collateral, dispose of the collateral, enter into certain affiliate transactions and engage in certain business activities, in each case subject to certain exceptions\\.\n\n***(b) EETCs***\n\nBelow is a discussion of the 2018 aircraft financing activities resulting from EETC issuances\\. \n\n*2017\\-2 EETCs*\n\nIn August and October 2017, American created three pass\\-through trusts which issued approximately $1\\.0 billion aggregate face amount of Series 2017\\-2 Class AA, Class A and Class B EETCs (the 2017\\-2 EETCs) in connection with the financing of 30 aircraft delivered to American through May 2018 (the 2017\\-2 Aircraft)\\. In 2017, approximately $735 million of the net proceeds were used to purchase equipment notes issued by American in connection with the financing of 24 aircraft financed under the 2017\\-2 EETC\\. During the first six months of 2018, the remaining $283 million of net proceeds was used to purchase equipment notes issued by American in connection with the financing of the remaining six aircraft financed under the 2017\\-2 EETCs\\. Interest and principal payments on equipment notes issued in connection with the 2017\\-2 EETCs are payable semi\\-annually in April and October of each year, with interest payments that began in April 2018 and principal payments that began in October 2018\\. These equipment notes are secured by liens on the 2017\\-2 Aircraft\\.\n\nCertain information regarding the 2017\\-2 EETC equipment notes, as of December 31, 2018, is set forth in the table below\\.\n\n\n\n|                               |                   |                   |                   |\n| ----------------------------- | ----------------- | ----------------- | ----------------- |\n|                               | **2017\\-2 EETCs** | **2017\\-2 EETCs** | **2017\\-2 EETCs** |\n|                               | **Series AA**     | **Series A**      | **Series B**      |\n| Aggregate principal issued    | $545 million      | $252 million      | $221 million      |\n| Fixed interest rate per annum | 3\\.35%            | 3\\.60%            | 3\\.70%            |\n| Maturity date                 | October 2029      | October 2029      | October 2025      |\n\n\n\n*2012\\-2C(R) EETCs*\n\nOn May 15, 2018, American created a pass\\-through trust which issued $100 million aggregate face amount of the Series 2012\\-2 Class C(R) EETCs (the 2012\\-2C(R) EETCs)\\. Interest and principal payments on equipment notes issued in connection with the 2012\\-2C(R) EETCs are payable semi\\-annually in June and December of each year, which began in December 2018\\.\n\nAmerican had previously issued $100 million aggregate face amount of Series 2012\\-2 Class C Certificates on June 6, 2013 (the 2012\\-2C Certificates) in connection with the financing of 11 aircraft previously delivered to American between May 2013 and October 2013\\. On June 1, 2018, American redeemed the Series C Equipment Notes relating to such 2012\\-2C Certificates (the 2012\\-2C Equipment Notes), which were scheduled to mature on June 3, 2018\\. The proceeds received from the 2012\\-2C(R) EETCs were used for the redemption of the 2012\\-2 Series C Equipment Notes and the repayment of the 2012\\-2C Certificates\\. \n\nCertain information regarding the 2012\\-2 Class C(R) EETC equipment notes, as of December 31, 2018, is set forth in the table below\\.\n\n149"}
{"_id": "Alaska-2018_33.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nIn 2019, we will slow our capacity growth and renew our focus on expanding margins\\. Despite cost pressure from wage increases across our unionized labor groups and higher maintenance expenses, we will manage costs through productivity initiatives, schedule optimization and other initiatives\\. We expect to incur further costs associated with the ongoing integration of Virgin America, though less than in prior years\\. We also expect the price per gallon of jet fuel to decrease approximately 4% from the prior\\-year period\\. Our CASMex will be disproportionately impacted in the first quarter and first half of 2019 due to an increased mix of Regional flying, timing of heavy maintenance events, and costs for all\\-employee training\\. On a full year basis, however, we expect to see total unit costs excluding fuel to decrease in the second half of 2019, and expect a full year CASMex increase of 2% to 2\\.5%\\. \n\nWe expect to grow our combined network capacity in 2019 by approximately 2%, compared to 5\\.3% growth in 2018\\. Current schedules indicate competitive capacity will increase by roughly 4 points in the first quarter of 2019 compared to the first quarter of 2018\\. We believe that our product, our operation, our engaged employees, our award\\-winning service, and our competitive Mileage Plan\u2122, combined with our strong balance sheet, give us the ability to compete successfully in the markets we serve\\.\n\n**RESULTS****OF OPERATIONS**\n\n**ADJUSTED (NON\\-GAAP) RESULTS AND****PER\\-SHARE AMOUNTS**\n\nWe believe disclosure of earnings excluding the impact of merger\\-related costs, mark\\-to\\-market gains or losses or other individual special revenues or expenses is useful information to investors because:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | By excluding fuel expense and certain special items (including merger\\-related and other costs) from our unit metrics, we believe that we have better visibility into the results of operations and our non\\-fuel cost initiatives\\. Our industry is highly competitive and is characterized by high fixed costs, so even a small reduction in non\\-fuel operating costs can lead to a significant improvement in operating results\\. In addition, we believe that all domestic carriers are similarly impacted by changes in jet fuel costs over the long run, so it is important for management (and investors) to understand the impact of (and trends in) company\\-specific cost drivers, such as labor rates and productivity, airport costs, maintenance costs, etc\\., which are more controllable by management\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                    |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Cost per ASM (CASM) excluding fuel and certain special items, such as merger\\-related costs, is one of the most important measures used by management and by the Air Group Board of Directors in assessing quarterly and annual cost performance\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                          |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Adjusted income before income tax and CASM excluding fuel (and other items as specified in our plan documents) are important metrics for the employee incentive plan, which covers the majority of Air Group employees\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                              |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | CASM excluding fuel and certain special items is a measure commonly used by industry analysts and we believe it is an important metric by which they compare our airlines to others in the industry\\. The measure is also the subject of frequent questions from investors\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **\u2022** | Disclosure of the individual impact of certain noted items provides investors the ability to measure and monitor performance both with and without these special items\\. We believe that disclosing the impact of certain items, such as merger\\-related costs and mark\\-to\\-market hedging adjustments, is important because it provides information on significant items that are not necessarily indicative of future performance\\. Industry analysts and investors consistently measure our performance without these items for better comparability between periods and among other airlines\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Although we disclose our passenger unit revenues, we do not (nor are we able to) evaluate unit revenues excluding the impact that changes in fuel costs have had on ticket prices\\. Fuel expense represents a large percentage of our total operating expenses\\. Fluctuations in fuel prices often drive changes in unit revenues in the mid\\-to\\-long term\\. Although we believe it is useful to evaluate non\\-fuel unit costs for the reasons noted above, we would caution readers of these financial statements not to place undue reliance on unit costs excluding fuel as a measure or predictor of future profitability because of the significant impact of fuel costs on our business\\. |\n\n\n\nAlthough we are presenting these non\\-GAAP amounts for the reasons above, investors and other readers should not necessarily conclude that these amounts are non\\-recurring, infrequent, or unusual in nature\\.\n\n 34"}
{"_id": "United-2017_2.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n*This Form 10\\-K contains various \u201cforward\\-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d)\\. Forward\\-looking statements represent our expectations and beliefs concerning future events, based on information available to us on the date of the filing of this Form 10\\-K, and are subject to various risks and uncertainties\\. Factors that could cause actual results to differ materially from those referenced in the forward\\-looking statements are listed in Part I, Item 1A, Risk Factors and in Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\\. We disclaim any intent or obligation to update or revise any of the forward\\-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise, except as required by applicable law\\.* \n\n**PART I** \n\n\n\n|               |                 |\n| ------------- | --------------- |\n|  **ITEM 1\\.** | **BUSINESS\\.**  |\n\n\n\n**Overview** \n\nUnited Continental Holdings, Inc\\. (together with its consolidated subsidiaries, \u201cUAL\u201d or the \u201cCompany\u201d) is a holding company and its principal, wholly\\-owned subsidiary is United Airlines, Inc\\. (together with its consolidated subsidiaries, \u201cUnited\u201d)\\. As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted\\. United\u2019s operating revenues and operating expenses comprise nearly 100% of UAL\u2019s revenues and operating expenses\\. In addition, United comprises approximately the entire balance of UAL\u2019s assets, liabilities and operating cash flows\\. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures and any significant differences between the operations and results of UAL and United are separately disclosed and explained\\. We sometimes use the words \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d and the \u201cCompany\u201d in this report for disclosures that relate to all of UAL and United\\.\n\nUAL was incorporated under the laws of the State of Delaware on December 30, 1968\\. Our principal executive office is located at 233 South Wacker Drive, Chicago, Illinois 60606 (telephone number (872) 825\\-4000)\\.\n\nThe Company\u2019s website is www\\.united\\.com\\. The information contained on or connected to the Company\u2019s website is not incorporated by reference into this annual report on Form 10\\-K and should not be considered part of this or any other report filed with the U\\.S\\. Securities and Exchange Commission (\u201cSEC\u201d)\\. Through this website, the Company\u2019s filings with the SEC, including annual reports on Form 10\\-K, quarterly reports on Form 10\\-Q, current reports on Form 8\\-K, and all amendments to those reports, as well as our proxy statement for our annual meeting of stockholders, are accessible without charge, as soon as reasonably practicable, after such material is electronically filed with or furnished to the SEC\\. Such filings are also available on the SEC\u2019s website at www\\.sec\\.gov\\.\n\n**Operations** \n\nThe Company transports people and cargo through its mainline and regional operations\\. With key global aviation rights in North America, Asia\\-Pacific, Europe, Middle East and Latin America, UAL has the world\u2019s most comprehensive global route network\\. UAL, through United and its regional carriers, operates more than 4,500 flights a day to 338 airports across five continents, with hubs at Newark Liberty International Airport (\u201cNewark\u201d), Chicago O\u2019Hare International Airport (\u201cChicago O\u2019Hare\u201d), Denver International Airport (\u201cDenver\u201d), George Bush Intercontinental Airport (\u201cHouston Bush\u201d), Los Angeles International Airport (\u201cLAX\u201d), A\\.B\\. Won Pat International Airport (\u201cGuam\u201d), San Francisco International Airport (\u201cSFO\u201d) and Washington Dulles International Airport (\u201cWashington Dulles\u201d)\\.\n\nAll of the Company\u2019s domestic hubs are located in large business and population centers, contributing to a large amount of \u201corigin and destination\u201d traffic\\. The hub and spoke system allows us to transport passengers between a large number of destinations with substantially more frequent service than if each route were served directly\\. The\n\n3"}
{"_id": "United-2018_5.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n***Seasonality\\.*** The air travel business is subject to seasonal fluctuations\\. Historically, demand for air travel is higher in the second and third quarters, driving higher revenues, than in the first and fourth quarters, which are periods of lower travel demand\\.\n\n**Industry Regulation**\n\n***Domestic Regulation***\n\nAll carriers engaged in air transportation in the United States are subject to regulation by the DOT\\. Absent an exemption, no air carrier may provide air transportation of passengers or property without first being issued a DOT certificate of public convenience and necessity\\. The DOT also grants international route authority, approves international codeshare arrangements and regulates methods of competition\\. The DOT regulates consumer protection and maintains jurisdiction over advertising, denied boarding compensation, tarmac delays, baggage liability and other areas and may add additional expensive regulatory burdens in the future\\. The DOT has launched investigations or claimed rulemaking authority to regulate commercial agreements among carriers or between carriers and third parties in a wide variety of contexts\\. \n\nAirlines are also regulated by the Federal Aviation Administration (the \"FAA\"), an agency within the DOT, primarily in the areas of flight safety, air carrier operations and aircraft maintenance and airworthiness\\. The FAA issues air carrier operating certificates and aircraft airworthiness certificates, prescribes maintenance procedures, oversees airport operations, and regulates pilot and other employee training\\. From time to time, the FAA issues directives that require air carriers to inspect or modify aircraft and other equipment, potentially causing the Company to incur substantial, unplanned expenses\\. The airline industry is also subject to numerous other federal laws and regulations\\. The U\\.S\\. Department of Homeland Security (\"DHS\") has jurisdiction over virtually every aspect of civil aviation security\\. The Antitrust Division of the U\\.S\\. Department of Justice (\"DOJ\") has jurisdiction over certain airline competition matters\\. The U\\.S\\. Postal Service has authority over certain aspects of the transportation of mail by airlines\\. Labor relations in the airline industry are generally governed by the Railway Labor Act (\"RLA\"), a federal statute\\. The Company is also subject to investigation inquiries by the DOT, FAA, DOJ, DHS, the U\\.S\\. Food and Drug Administration (\"FDA\"), the U\\.S\\. Department of Agriculture (\"USDA\") and other U\\.S\\. and international regulatory bodies\\.\n\n*Airport Access\\.* Access to landing and take\\-off rights, or \"slots,\" at several major U\\.S\\. airports served by the Company are subject to government regulation\\. Federally\\-mandated domestic slot restrictions that limit operations and regulate capacity currently apply at three airports: Reagan National Airport in Washington, D\\.C\\. (\"Reagan National\"), John F\\. Kennedy International Airport and LaGuardia Airport in the New York City metropolitan region (\"LaGuardia\")\\. Of these three airports, United currently operates at two: Reagan National and LaGuardia\\. Additional restrictions on takeoff and landing slots at these and other airports may be implemented in the future and could affect the Company's rights of ownership and transfer as well as its operations\\.\n\n*Legislation*\\. The airline industry is subject to legislative actions (or inactions) that may have an impact on operations and costs\\. In 2018, the U\\.S\\. Congress approved a five\\-year reauthorization for the FAA, which encompasses significant aviation tax and policy\\-related issues\\. The law includes a range of policy changes related to airline customer service and aviation safety which, depending on how they are implemented, could impact our operations and costs\\. Additionally, the U\\.S\\. Congress may fail to continue to fund the operations of one or more federal government agencies which could negatively impact the Company and the airline industry\\.\n\n*Catering Operations*\\. The Company owns and operates catering kitchens at airports in Denver, Cleveland, Newark, Houston, and Honolulu, which prepare ready\\-to\\-eat food for United flights\\. Some of the Company's kitchens also prepare ready\\-to\\-eat food for other domestic and international airlines\\. These operations are subject to regulation by the FDA and the USDA, as well as other federal, state, and local regulatory agencies\\. The FDA has begun enforcing the Federal Food Safety Modernization Act which requires all food manufacturers to implement stringent risk\\-based preventive controls\\. As a result, ready\\-to\\-eat catering operations are a focus of enhanced scrutiny by the FDA with inspections and greater enforcement\\.\n\n***International Regulation***\n\nInternational air transportation is subject to extensive government regulation\\. In connection with the Company's international services, the Company is regulated by both the U\\.S\\. government and the governments of the foreign countries the Company serves\\. In addition, the availability of international routes to U\\.S\\. carriers is regulated by aviation agreements between the U\\.S\\. and foreign governments, and in some cases, fares and schedules require the approval of the DOT and/or the relevant foreign governments\\.\n\n*Legislation\\.* Foreign countries are increasingly enacting passenger protection laws, rules and regulations that meet or exceed U\\.S\\. requirements\\. In cases where this activity exceeds U\\.S\\. requirements, additional burden and liability may be placed on the Company\\. Certain countries have regulations requiring passenger compensation and/or enforcement penalties from the Company in addition to changes in operating procedures due to canceled and delayed flights\\.\n\n6"}
{"_id": "United-2017_31.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n***Nonoperating Income (Expense)*** \n\nThe following table illustrates the year\\-over\\-year dollar and percentage changes in the Company\u2019s nonoperating income (expense) for the years ended December 31 (in millions, except percentage changes):\n\n\n\n|                                 |          |          |                              |              |\n|:------------------------------- | --------:| --------:| ----------------------------:| ------------:|\n|                                 | **2017** | **2016** | **Increase  <br>(Decrease)** | **% Change** |\n| Interest expense                |   $(643) |   $(614) |                         $29  |        4\\.7  |\n| Interest capitalized            |      84  |      72  |                          12  |       16\\.7  |\n| Interest income                 |      57  |      42  |                          15  |       35\\.7  |\n| Miscellaneous, net              |       3  |     (19) |                         (22) |          NM  |\n| Total nonoperating expense, net |   $(499) |   $(519) |                        $(20) |       (3\\.9) |\n\n\n\n*2016 compared to 2015* \n\n***Operating Revenue*** \n\nThe table below illustrates the year\\-over\\-year percentage change in the Company\u2019s operating revenues for the years ended December 31 (in millions, except percentage changes):\n\n\n\n|                         |           |           |                              |              |\n|:----------------------- | ---------:| ---------:| ----------------------------:| ------------:|\n|                         |  **2016** |  **2015** | **Increase  <br>(Decrease)** | **% Change** |\n| Passenger\u2014Mainline      |  $25,414  |  $26,333  |                       $(919) |       (3\\.5) |\n| Passenger\u2014Regional      |    6,043  |    6,452  |                        (409) |       (6\\.3) |\n| Total passenger revenue |   31,457  |   32,785  |                      (1,328) |       (4\\.1) |\n| Cargo                   |      876  |      937  |                         (61) |       (6\\.5) |\n| Other operating revenue |    4,223  |    4,142  |                          81  |        2\\.0  |\n| Total operating revenue |  $36,556  |  $37,864  |                     $(1,308) |       (3\\.5) |\n\n\n\nThe table below presents selected passenger revenue and operating data of the Company, broken out by geographic region, expressed as year\\-over\\-year changes:\n\n\n\n|                                 |                                                |                                                |                                                |                                                |                                                |                                                |                                                |\n|:------------------------------- | ----------------------------------------------:| ----------------------------------------------:| ----------------------------------------------:| ----------------------------------------------:| ----------------------------------------------:| ----------------------------------------------:| ----------------------------------------------:|\n|                                 | **Increase (decrease) in 2016 from 2015 (a):** | **Increase (decrease) in 2016 from 2015 (a):** | **Increase (decrease) in 2016 from 2015 (a):** | **Increase (decrease) in 2016 from 2015 (a):** | **Increase (decrease) in 2016 from 2015 (a):** | **Increase (decrease) in 2016 from 2015 (a):** | **Increase (decrease) in 2016 from 2015 (a):** |\n|                                 |                                  **Domestic**  |                                  **Atlantic**  |                                   **Pacific**  |                                     **Latin**  |                   **Total  <br>Consolidated**  |                                  **Mainline**  |                                  **Regional**  |\n| Passenger revenue (in millions) |                                        $(523)  |                                        $(512)  |                                        $(215)  |                                         $(78)  |                                     $ (1,328)  |                                        $(919)  |                                        $(409)  |\n| Passenger revenue               |                                        (2\\.7)% |                                        (8\\.6)% |                                        (4\\.9)% |                                        (2\\.7)% |                                        (4\\.1)% |                                        (3\\.5)% |                                        (6\\.3)% |\n| Average fare per passenger      |                                        (4\\.7)% |                                        (5\\.2)% |                                        (5\\.6)% |                                        (7\\.9)% |                                        (5\\.9)% |                                        (8\\.0)% |                                        (2\\.2)% |\n| Yield                           |                                        (3\\.8)% |                                        (4\\.6)% |                                        (7\\.4)% |                                        (7\\.7)% |                                        (4\\.8)% |                                        (4\\.8)% |                                        (3\\.1)% |\n| PRASM                           |                                        (4\\.2)% |                                        (8\\.4)% |                                        (6\\.7)% |                                        (5\\.5)% |                                        (5\\.4)% |                                        (5\\.5)% |                                        (2\\.7)% |\n| Passengers                      |                                         2\\.1 % |                                        (3\\.7)% |                                         0\\.7 % |                                         5\\.7 % |                                         2\\.0 % |                                         4\\.9 % |                                        (4\\.3)% |\n| RPMs (traffic)                  |                                         1\\.1 % |                                        (4\\.3)% |                                         2\\.7 % |                                         5\\.4 % |                                         0\\.8 % |                                         1\\.4 % |                                        (3\\.4)% |\n| ASMs (capacity)                 |                                         1\\.6 % |                                        (0\\.2)% |                                         2\\.0 % |                                         2\\.9 % |                                         1\\.4 % |                                         2\\.1 % |                                        (3\\.7)% |\n| Passenger load factor (points)  |                                        (0\\.3)  |                                        (3\\.3)  |                                          0\\.6  |                                          2\\.0  |                                        (0\\.5)  |                                        (0\\.6)  |                                          0\\.3  |\n\n\n\n(a) See Part II, Item 6, Selected Financial Data, of this report for the definition of these statistics\\.\n\nConsolidated passenger revenue decreased $1\\.3 billion, or 4\\.1%, in 2016 as compared to 2015\\. Consolidated PRASM decreased 5\\.4% in 2016 as compared to 2015\\. The decline in PRASM was driven by factors including a competitive domestic fare environment, lower surcharges, a strong U\\.S\\. dollar and reductions from energy\\-related corporate travel\\.\n\n32"}
{"_id": "Alaska-2019_40.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nThird\\-party Regional Carrier Expense\n\nThird\\-party regional carrier expense, which represents payments made to SkyWest and PenAir under our CPA agreements, increased $12 million, or 8%, in 2019 compared to 2018\\. The increase is primarily due to a 3\\.3% increase in capacity flown by SkyWest as compared to the prior year and higher CPA rates\\. \n\nWe expect third\\-party regional carrier expense to be flat in 2020 as there is no expected growth in the number of aircraft to be operated by SkyWest\\.\n\nSpecial Items \\- Merger\\-Related Costs\n\nWe recorded $44 million of merger\\-related costs in 2019 associated with our ongoing integration of former Virgin America operations, compared to $87 million in 2018\\. Costs incurred in 2019 consisted primarily of expenses associated with Airbus flight attendant and pilot vacation balances, which were subject to a one\\-time true\\-up in accordance with the integrated labor agreements, as well as certain technology integration costs\\. We expect to incur merger\\-related costs in 2020, although at a lesser rate\\. \n\nConsolidated Non\\-operating Income (Expense)\n\nDuring 2019 we recorded net non\\-operating expense of $47 million, compared to $58 million in 2018\\. The decrease is primarily due to lower interest expense as compared to 2018 as a result of an overall reduction in our debt balance and a reduction in average interest rates\\. \n\nADDITIONAL SEGMENT INFORMATION\n\nRefer to Note 13 of the consolidated financial statements for a detailed description of each segment\\. Below is a summary of each segment's profitability\\.\n\nMainline\n\nMainline adjusted pretax profit was $993 million in 2019 compared to $809 million in 2018\\. The $184 million increase in pretax profit was primarily driven by a $318 million increase in Mainline operating revenue and a $63 million decrease in Mainline fuel expense\\. These increases were partially offset by a $201 million increase in Mainline non\\-fuel operating expenses\\.\n\nMainline revenue increased primarily due to a 3% increase in yields and a slight increase in load factor as compared to the prior year\\. Lower raw fuel prices, offset by an increase in gallons consumed, drove the decrease in Mainline fuel expense\\. Non\\-fuel operating expense increased due to a $24 million signing bonus and higher wage rates from new contracts with our IAM and AMFA employees, as well as increased aircraft ownership and maintenance costs\\. \n\nRegional\n\nOur Regional operations generated a pretax profit of $2 million in 2019 compared to a pretax loss of $100 million in 2018\\. The improvement was primarily attributable to a $197 million increase in operating revenues, partially offset by $73 million higher non\\-fuel operating expense and $33 million increase in fuel costs\\. Increased revenues and non\\-fuel operating expenses is primarily driven by the 13% increase in capacity\\. \n\nHorizon\n\nHorizon achieved a pretax profit of $38 million in 2019 compared to $27 million in 2018\\. The change was primarily driven by a 22% increase in capacity growth attributable to four E175 aircraft added to Horizon's fleet over the past year and improved cost management through better productivity and improved operational performance\\. \n\nLIQUIDITY AND CAPITAL RESOURCES\n\nOur primary sources of liquidity are:\n\n\u2022 Our existing cash and marketable securities balance of $1\\.5 billion, and our expected cash from operations;\n\n40"}
{"_id": "AmericanAirlines-2019_50.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAs of  December 31, 2019 , we did not have any fuel hedging contracts outstanding to hedge our fuel consumption\\. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review that policy from time to time based on market conditions and other factors\\. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices\\.\n\nOther Costs\n\nWe remain committed to actively managing our cost structure, which we believe is necessary in an industry whose economic prospects are heavily dependent upon two variables we cannot control: the health of the economy and the price of fuel\\.\n\nOur  2019  total cost per available seat mile (CASM) was  14\\.98  cents, an  increase  of  0\\.9 %, from  14\\.85  cents in  2018 \\. \n\nOur  2019  CASM excluding net special items and fuel was  11\\.46  cents, an  increase  of  3\\.6 %, from  11\\.06  cents in  2018 \\. The  increase  was primarily driven by higher maintenance expenses, costs associated with increased regional capacity and lower than planned capacity in 2019 due to the Boeing 737 MAX grounding\\.\n\nFor a reconciliation of CASM excluding net special items and fuel, see Part II, Item 6\\. Selected Consolidated Financial Data \u2013  \u201cReconciliation of GAAP to Non\\-GAAP Financial Measures\\.\u201d\n\nLiquidity\n\nAs of  December 31, 2019 , we had approximately  $7\\.0 billion  in total available liquidity, consisting of  $3\\.8 billion  in unrestricted cash and short\\-term investments and  $3\\.2 billion  in undrawn capacity under our revolving credit facilities\\. We also had restricted cash and short\\-term investments of  $158 million \\. \n\nDuring  2019 , we completed the following significant financing transactions:\n\n\n\n|   |                                                                                                                                                                                                 |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | raised  $3\\.2 billion  from enhanced equipment trust certificates (EETCs) and other aircraft and flight equipment financing, of which  $1\\.3 billion  was used to repay existing indebtedness;  |\n\n\n\n\n\n|   |                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------- |\n| \u2022 | issued  $750 million  in aggregate principal amount of 5\\.000% senior notes due 2022 (the 5\\.000% senior notes); |\n\n\n\n\n\n|   |                                                                       |\n| - | --------------------------------------------------------------------- |\n| \u2022 | raised  $850 million  from aircraft sale\\-leaseback transactions; and |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                          |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | extended the maturities on  $2\\.8 billion  of our revolving credit facility commitments by one year from 2023 to 2024, and due to uncertainty surrounding the timing of the Boeing 737 MAX aircraft return to service, entered into an additional  $400 million  short\\-term revolving line of credit\\.  |\n\n\n\nSee Note 5 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for additional information on our debt obligations\\.\n\nAdditionally, we returned  $1\\.3 billion  to our stockholders in  2019 , including the repurchase of  $1\\.1 billion  of our common stock, or  33\\.8 million  shares, and quarterly dividend payments totaling  $178 million \\. Since our capital return program commenced in mid\\-2014, we have returned  $13\\.6 billion  to stockholders, including  $12\\.4 billion  in share repurchases, or  312\\.7 million  shares, and  $1\\.2 billion  in quarterly dividend payments\\.\n\n51"}
{"_id": "United-2017_109.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|          |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| --------:|:--------------- |:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|   \\*4\\.4 | United          | [Indenture, dated as of July 15, 1997, between Continental Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\. (as successor to Bank One, N\\.A\\.), as trustee related to Continental Airlines, Inc\\.\u2019s 4\\.5% Convertible Notes due 2015 (filed as Exhibit to 4\\.1 to Continental\u2019s Form  S\\-3/A filed July 18, 1997, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000950155-97-000064.txt)                                                                                                                                                                                                                         |\n|   \\*4\\.5 | UAL United      | [Fourth Supplemental Indenture, dated as of October 1, 2010, by and among Continental Airlines, Inc\\., United Continental Holdings, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as trustee, with respect to the Indenture, dated as of July 15, 1997, between Continental Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\. (as successor to Bank One, N\\.A\\.), as trustee related to Continental Airlines, Inc\\.\u2019s 4\\.5% Convertible Notes due 2015 (filed as Exhibit 4\\.3 to UAL\u2019s Form  8\\-K dated October 1, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510222185/dex43.htm) |\n|   \\*4\\.6 | UAL United      | [Fifth Supplemental Indenture, dated as of May 15, 2014, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as trustee (filed as Exhibit 4\\.1 to UAL\u2019s Form  8\\-K filed on May 19, 2014, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015514000021/e64137634ex4_1.htm)                                                                                                                                                                                                                                                                                      |\n|   \\*4\\.7 | UAL United      | [Indenture, dated as of May 7, 2013, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee (filed as Exhibit 4\\.1 to UAL\u2019s Form  8\\-K filed on May 10, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015513000024/e62332806ex4_1.htm)                                                                                                                                                                                                                                                                                                          |\n|   \\*4\\.8 | UAL United      | [First Supplemental Indenture, dated as of May 7, 2013, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee, providing for the issuance of 6\\.375% Senior Notes due 2018 (filed as Exhibit 4\\.2 to UAL\u2019s Form  8\\-K filed on May 10, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015513000024/e62332806ex4_2.htm)                                                                                                                                                                                                                          |\n|   \\*4\\.9 | UAL United      | [Form of 6\\.375% Senior Notes due 2018 (filed as Exhibit A to Exhibit 4\\.2 to UAL\u2019s Form  8\\-K filed on May 10, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015513000024/e62332806ex4_2.htm#a)                                                                                                                                                                                                                                                                                                                                                                                                                            |\n|  \\*4\\.10 | UAL United      | [Form of Notation of Note Guarantee (filed as Exhibit B to Exhibit 4\\.2 to UAL\u2019s Form  8\\-K filed on May 10, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015513000024/e62332806ex4_2.htm#b)                                                                                                                                                                                                                                                                                                                                                                                                                               |\n|  \\*4\\.11 | UAL United      | [Second Supplemental Indenture, dated as of November 8, 2013, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee, providing for the issuance of 6\\.000% Senior Notes due 2020 (filed as Exhibit 4\\.2 to UAL\u2019s Form  8\\-K filed on November 12, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015513000051/e62651277ex4_2.htm)                                                                                                                                                                                                               |\n|  \\*4\\.12 | UAL United      | [Form of 6\\.000% Senior Notes due 2020 (filed as Exhibit 4\\.3 to UAL\u2019s Form  8\\-K filed on November 12, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015513000051/e62651277ex4_3.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n|  \\*4\\.13 | UAL United      | [Form of Notation of Note Guarantee (filed as Exhibit 4\\.4 to UAL\u2019s Form  8\\-K filed on November 12, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015513000051/e62651277ex4_4.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n|  \\*4\\.14 | UAL  <br>United | [Third Supplemental Indenture, dated as of January 26, 2017, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee, providing for the issuance of 5\\.000% Senior Notes due 2024 (filed as Exhibit 4\\.2 to UAL\u2019s  Form 8\\-K filed January 27, 2017, Commission file  number 1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015517000004/e75742257ex4_2.htm)                                                                                                                                                                                                                    |\n\n\n\n110"}
{"_id": "Southwest-2019_14.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|   |                                                                                   |\n| - | --------------------------------------------------------------------------------- |\n| \u2022 | upgrading of the Company's 737\\-800 fleet with designed, split scimitar winglets; |\n\n\n\n\n\n|   |                         |\n| - | ----------------------- |\n| \u2022 | periodic engine washes; |\n\n\n\n\n\n|   |                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | use of electric ground power for aircraft air and power at the gate and for ground support equipment at select locations; |\n\n\n\n\n\n|   |                                                                                           |\n| - | ----------------------------------------------------------------------------------------- |\n| \u2022 | deployment of auto\\-throttle and vertical navigation to maintain optimum cruising speeds; |\n\n\n\n\n\n|   |                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------- |\n| \u2022 | implementation of engine start procedures to support the Company's single engine taxi procedures; |\n\n\n\n\n\n|   |                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | adjustment of the timing of auxiliary power unit starts on originating flights to reduce auxiliary power unit usage; |\n\n\n\n\n\n|   |                                                                                      |\n| - | ------------------------------------------------------------------------------------ |\n| \u2022 | implementation of fuel planning initiatives to safely reduce loading of excess fuel; |\n\n\n\n\n\n|   |                                                        |\n| - | ------------------------------------------------------ |\n| \u2022 | aircraft cabin interior retrofitting to reduce weight; |\n\n\n\n\n\n|   |                                                                                                |\n| - | ---------------------------------------------------------------------------------------------- |\n| \u2022 | reduction of aircraft engine idle speed while on the ground, which also increases engine life; |\n\n\n\n\n\n|   |                                                   |\n| - | ------------------------------------------------- |\n| \u2022 | galley refreshes with dry goods weight reduction; |\n\n\n\n\n\n|   |                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Company\\-optimized routes (flying the best wind routes to take advantage of tailwinds or to minimize headwinds); |\n\n\n\n\n\n|   |                                                                                                                                                                                   |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | improvements in flight planning algorithms to better match the Company's aircraft flight management system and thereby enable the Company to fly at the most efficient altitudes; |\n\n\n\n\n\n|   |                                                                                                        |\n| - | ------------------------------------------------------------------------------------------------------ |\n| \u2022 | substitution of Pilot and Flight Attendant flight bags with lighter Electronic Flight Bag tablets; and |\n\n\n\n\n\n|   |                                                                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | implementation of Real Time Descent Winds (automatic uplinking of up\\-to\\-date wind data to the aircraft, allowing crews to time the descent to minimize thrust inputs)\\. |\n\n\n\nThe Company has also participated in Required Navigation Performance (\"RNP\") operations as part of the FAA's Performance Based Navigation program, a key component of the NextGen program, which is intended to modernize the U\\.S\\. air traffic control system by addressing limitations on air transportation capacity and making more efficient use of airspace\\. RNP combines the capabilities of advanced aircraft avionics, Global Positioning System (\"GPS\") satellite navigation (instead of less precise ground\\-based navigation), and new flight procedures to (i) enable aircraft to carry navigation capabilities, rather than relying on airports; (ii) improve operational capabilities by opening up many new and more direct airport approach paths to produce safer and more efficient flight patterns; and (iii) conserve fuel and reduce carbon emissions\\. Since its first use of RNP in 2011, Southwest has conducted approximately 237,000 RNP approaches, including over 93,000 in 2019\\. Southwest must rely on RNP approaches published by the FAA, and the rate of introduction and utilization of RNP approaches continues to be slower than expected, with fuel efficient RNP approaches currently available at only 55 of Southwest's airports\\. In addition, even at airports with approved RNP approaches, the clearance required from air traffic controllers to perform RNP approaches is often not granted\\. Southwest continues to work with the FAA to develop and seek more use of RNP approaches and to evolve air traffic control rules to support greater utilization of RNP\\.\n\nAs part of its commitment to corporate sustainability, the Company has published the Southwest One Report ^TM^  describing the Company's sustainability strategies, which include the foregoing and other efforts to reduce greenhouse gas emissions and address other environmental matters such as energy and water conservation, waste minimization, and recycling\\. Information contained in the Southwest One Report is not incorporated by reference into, and does not constitute a part of, this Form 10\\-K\\.\n\nData Privacy and Security Regulation\n\nLike all industries, the airline industry has experienced heightened legislative and regulatory focus on data privacy and security in the United States and elsewhere\\. As a result, the Company must monitor a growing and fast\\-evolving set of legal requirements in this area\\. New laws give consumers much broader access and control over their personal information\\. This regulatory environment is increasingly challenging and may present material obligations and risks to the Company's business, including significantly expanded compliance burdens, costs, and enforcement risks\\.\n\n15"}
{"_id": "Southwest-2019_25.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nmaintenance and operation of aircraft that require significant expenditures or operational restrictions\\. FAA orders and directives can be issued with little or no notice, and in certain instances, require the temporary grounding of aircraft\\. Recently, the Company reviewed a draft report from the Office of Inspector General (OIG) for the DOT regarding its audit of the FAA\u2019s oversight of the Company\\. The Company strongly disagrees with many of the draft statements and conclusions in the report and is not aware of any action the FAA might take against the Company arising from the OIG\u2019s audit of the FAA; however, the issuance of new FAA regulations, regulatory amendments, or orders or directives could result in flight schedule adjustments and groundings or delays in aircraft deliveries, as well as lower operating revenues, operating income, and net income due to a variety of factors, including, among others, (i) lost revenue due to flight cancellations and disruptions as a result of a smaller operating aircraft fleet, (ii) the lack of ability to make corresponding reductions in expenses because of the fixed nature of many expenses, and (iii) possible negative effects on Customer confidence and airline choice\\. Government regulation affecting the Company is discussed in more detail in the below risk factor and above under \u201cBusiness \\- Regulation\\.\u201d\n\nAirport capacity constraints and air traffic control inefficiencies have limited and could continue to limit the Company's growth; changes in or additional governmental regulation could increase the Company's operating costs or otherwise limit the Company's ability to conduct business\\.\n\nAlmost all commercial service airports are owned and/or operated by units of local or state governments\\. Airlines are largely dependent on these governmental entities to provide adequate airport facilities and capacity at an affordable cost\\. In order to operate efficiently, as well as to add service in current and new markets, the Company must be able to maintain and/or obtain space and facilities at desirable airports with adequate infrastructure\\. As airports become more congested, space, facility, and infrastructure constraints may prevent the Company from maintaining existing service and/or implementing new service in a commercially viable manner\\. \n\nSimilarly, the federal government singularly controls all U\\.S\\. airspace, and airlines are dependent on the FAA controlling that airspace in a safe and efficient manner\\. The current air traffic control system is mainly radar\\-based, supported in large part by antiquated equipment and technologies, and heavily dependent on skilled personnel\\. The FAA's protracted transition to a satellite\\-based air traffic control system, as well as the implementation of policies and standards that account for the precision of GPS\\-supported aircraft technologies, could continue to adversely impact airspace capacity and the overall efficiency of the system, resulting in limited opportunities for the Company to grow, longer scheduled flight times, increased delays and cancellations, and increased fuel consumption and aircraft emissions\\. The current air traffic control system faces challenges in supporting the growing demand for U\\.S\\. air travel and may not be able to effectively keep pace with future air traffic growth\\. The continuation of these air traffic control constraints or the FAA's inability to meet staffing needs on a long\\-term basis may have a material adverse effect on the Company's operations\\.\n\nAs discussed above under \"Business \\- Regulation,\" airlines are also subject to other extensive regulatory requirements\\. These requirements often impose substantial costs on airlines\\. The Company's strategic plans and results of operations could be negatively affected by changes in law and future actions taken by domestic and foreign governmental agencies having jurisdiction over its operations, including, but not limited to:\n\n\n\n|   |                                         |\n| - | --------------------------------------- |\n| \u2022 | increases in airport rates and charges; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                            |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | limitations on airport gate capacity or use of other airport facilities such as the annual reallocation of capacity at John Wayne Airport in Orange County, California, which has caused the Company to reduce service at that airport in each of the last several years;  |\n\n\n\n\n\n|   |                                    |\n| - | ---------------------------------- |\n| \u2022 | limitations on route authorities;  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | actions and decisions that create difficulties in obtaining access at slot\\-controlled airports (a \"slot\" is the right of an air carrier, pursuant to regulations of the FAA, to operate a takeoff or landing at a specific time at certain airports);  |\n\n\n\n\n\n|   |                                                                                               |\n| - | --------------------------------------------------------------------------------------------- |\n| \u2022 | actions and decisions that create difficulties in obtaining operating permits and approvals;  |\n\n\n\n\n\n|   |                                       |\n| - | ------------------------------------- |\n| \u2022 | changes to environmental regulations; |\n\n\n\n\n\n|   |                                 |\n| - | ------------------------------- |\n| \u2022 | new or increased taxes or fees; |\n\n\n\n26"}
{"_id": "Delta-2019_8.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nOther Businesses\n\nCargo\n\nThrough our global network, our cargo operations are able to connect the world's major freight gateways\\. We generate cargo revenues in domestic and international markets through the use of cargo space on regularly scheduled passenger aircraft\\. We are a member of SkyTeam Cargo, a global airline cargo alliance, whose other members are Aeroflot, Aerol\u00edneas Argentinas, Aerom\u00e9xico Cargo, Air France\\-KLM Cargo, Alitalia Cargo, China Airlines Cargo, China Cargo Airlines, Czech Airlines Cargo, Korean Air Cargo and Saudia Cargo\\. SkyTeam Cargo offers a global network spanning six continents\\.\n\nRelated Businesses\n\nWe have several other businesses arising from our airline operations\\. In 2019, the total revenue from these businesses was approximately $1\\.2 billion\\.\n\n\u2022 In addition to providing maintenance and engineering support for our fleet of over 1,000 mainline and regional aircraft, our MRO operation, known as Delta TechOps, serves aviation and airline customers from around the world\\.\n\n\u2022 Our vacation wholesale subsidiary, Delta Vacations, provides vacation packages to third\\-party consumers\\.\n\n\u2022 Delta Private Jets, until January 2020 a wholly\\-owned subsidiary, provides aircraft charters, aircraft management and programs allowing members to purchase flight time by the hour\\. In January 2020, we combined Delta Private Jets with Wheels Up, establishing one of the world\u2019s largest owned and managed fleets of private aircraft\\. We now own an equity stake in Wheels Up\\.\n\nFuel\n\nOur results of operations are significantly impacted by changes in the price and availability of aircraft fuel\\. We purchase most of our aircraft fuel under contracts that establish the price based on various market indices and therefore do not provide material protection against price increases or assure the availability of our fuel supplies\\. We also purchase aircraft fuel on the spot market, from off\\-shore sources and under contracts that permit the refiners to set the price\\.\n\nThe following table shows our aircraft fuel consumption and costs\\.\n\n\n\n|      |      |      |                                             |                                             |                                   |                                  |                                               |                                               |\n|:---- |:---- |:---- | -------------------------------------------:| -------------------------------------------:| ---------------------------------:| --------------------------------:| ---------------------------------------------:| ---------------------------------------------:|\n| Year | Year | Year | Gallons Consumed^(1)^ <br><br>(in millions) | Gallons Consumed^(1)^ <br><br>(in millions) | Cost^(1)(2)^<br><br>(in millions) | Average Price Per Gallon^(1)(2)^ | Percentage of Total Operating Expense^(1)(2)^ | Percentage of Total Operating Expense^(1)(2)^ |\n| 2019 | 2019 | 2019 |                                      4,214  |                                      4,214  |                           $8,519  |                          $2\\.02  |                                       21\\.1 % |                                       21\\.1 % |\n| 2018 | 2018 | 2018 |                                      4,113  |                                      4,113  |                           $9,020  |                          $2\\.20  |                                       23\\.0 % |                                       23\\.0 % |\n| 2017 | 2017 | 2017 |                                      4,032  |                                      4,032  |                           $6,756  |                          $1\\.68  |                                       19\\.2 % |                                       19\\.2 % |\n\n\n\n^(1)^ Includes the operations of our regional carriers operating under capacity purchase agreements\\.\n\n^(2)^ Includes the impact of fuel hedge activity and refinery segment results\\.\n\nMonroe Energy\n\nOur wholly owned subsidiaries, Monroe Energy, LLC and MIPC, LLC (collectively, \"Monroe\") operate the Trainer refinery and related assets located near Philadelphia, Pennsylvania\\. The facilities include pipelines and terminal assets that allow the refinery to supply jet fuel to our airline operations throughout the Northeastern U\\.S\\., including our New York hubs at LaGuardia and JFK\\. These companies are distinct from us, operating under their own management teams and with their own boards of managers\\. We own Monroe as part of our strategy to mitigate the cost of the refining margin reflected in the price of jet fuel, as well as to maintain sufficiency of supply to our New York operations\\.\n\nRefinery Operations\\.  The facility is capable of refining approximately 200,000 barrels of crude oil per day\\. In addition to jet fuel, the refinery's production consists of gasoline, diesel and other refined petroleum products (\"non\\-jet fuel products\")\\. Monroe sources domestic and foreign crude oil supply from a variety of providers\\.\n\nStrategic Agreements\\.  Monroe exchanges the non\\-jet fuel products the refinery produces with third parties for jet fuel consumed in our airline operations\\. \n\n6"}
{"_id": "Southwest-2019_61.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nThe following table presents the Company's fixed\\-rate senior unsecured notes outstanding, excluding the notes or debentures that have been converted to a floating rate, as of  December 31, 2019 : \n\n\n\n|                             |                       |\n| --------------------------- | --------------------- |\n| **(in millions)**           | **December 31, 2019** |\n| 2\\.75% Notes due 2022       | $300                  |\n| 3\\.00% Notes due 2026       | 300                   |\n| 7\\.375% Debentures due 2027 | 100                   |\n| 3\\.45% Notes due 2027       | 300                   |\n\n\n\nThe  $100 million  7\\.375%  senior unsecured notes due 2027 had at one point been converted to a floating rate, but the Company subsequently terminated the fixed\\-to\\-floating interest rate swap agreements related to it\\. The effect of this termination was that the interest associated with this debt prospectively reverted back to its original fixed rate\\. As a result of the gain realized on this transaction, which is being amortized over the remaining term of the corresponding notes, and based on projected interest rates at the date of termination, the Company does not believe its future interest expense, based on projected future interest rates at the date of termination, associated with these notes will significantly differ from the expense it would have recorded had the notes remained at floating rates\\. The following table displays the characteristics of the Company\u2019s secured fixed rate debt as of  December 31, 2019 :\n\n\n\n|                     |                                                            |                                       |                                 |                                       |\n| ------------------- | ---------------------------------------------------------- | ------------------------------------- | ------------------------------- | ------------------------------------- |\n|                     | **Principal**<br><br>**amount**<br><br> **(in millions)**  | **Effective**<br><br> **fixed rate**  | **Final**<br><br> **maturity**  | **Underlying collateral**             |\n| Term Loan Agreement | $134                                                       | 5\\.223%                               | 5/9/2020                        | 21 specified Boeing 737\\-700 aircraft |\n\n\n\nThe carrying value of the Company\u2019s floating rate debt totaled  $683 million , and this debt had a weighted\\-average maturity of  1\\.73  years at floating rates averaging  3\\.12 percent  for the year ended  December 31, 2019 \\. The Company's floating rate debt represented  25\\.6 percent  of the Company's total outstanding debt as of  December 31, 2019 \\. In addition, the Company's total debt (both floating and fixed rate debt) divided by total assets was  10\\.3 percent  as of  December 31, 2019 \\.\n\nThe Company also has some risk associated with changing interest rates due to the short\\-term nature of its invested cash, which totaled  $2\\.5 billion , and short\\-term investments, which totaled  $1\\.5 billion  at  December 31, 2019 \\. See Notes  1  and  11  to the Consolidated Financial Statements for further information\\. The Company currently invests available cash in certificates of deposit, highly rated money market instruments, investment grade commercial paper, treasury securities, U\\.S\\. government agency securities, and other highly rated financial instruments, depending on market conditions and operating cash requirements\\. Because of the short\\-term nature of these investments, the returns earned parallel closely with short\\-term floating interest rates\\. The Company has not undertaken any additional actions to cover interest rate market risk and is not a party to any other material market interest rate risk management activities\\.\n\nA hypothetical  10 percent  change in market interest rates as of  December 31, 2019 , would not have a material effect on the fair value of the Company\u2019s fixed\\-rate debt instruments\\. See Note  11  to the Consolidated Financial Statements for further information on the fair value of financial instruments\\. A change in market interest rates could, however, have a corresponding effect on earnings and cash flows associated with the Company\u2019s floating\\-rate debt, invested cash (excluding cash collateral deposits held, if applicable), floating\\-rate aircraft leases, and short\\-term investments because of the floating\\-rate nature of these items\\. Assuming floating market rates in effect as of  December 31, 2019  were held constant throughout a 12\\-month period, a hypothetical  10 percent  change in those rates would have an immaterial impact on the Company\u2019s net earnings and cash flows\\. Utilizing these assumptions and considering the Company\u2019s cash balance (excluding the impact of cash collateral deposits held from or provided to counterparties, if applicable), short\\-term investments, and floating\\-rate debt outstanding at  December 31, 2019 , an increase in rates would have a net positive effect on the Company\u2019s earnings and cash flows, while a decrease in rates would have a net negative effect on the Company\u2019s earnings and cash flows\\. However, a  10 percent  change in market rates would not impact the Company\u2019s earnings or cash flow associated with the Company\u2019s publicly traded fixed\\-rate debt\\.\n\n62"}
{"_id": "Delta-2017_50.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nGlossary of Defined Terms\n\nASM  \\- Available Seat Mile\\. A measure of capacity\\. ASMs equal the total number of seats available for transporting passengers during a reporting period multiplied by the total number of miles flown during that period\\.\n\nCASM  \\- (Operating) Cost per Available Seat Mile\\. The amount of operating cost incurred per ASM during a reporting period\\. CASM is also referred to as \"unit cost\\.\"\n\nCASM\\-Ex, including profit sharing  \\- The amount of operating cost incurred per ASM during a reporting period, adjusted for aircraft fuel and related taxes, other expenses, including aircraft maintenance and staffing services we provide to third parties, our vacation wholesale operations and refinery cost of sales to third parties\\.\n\nPassenger Load Factor  \\- A measure of utilized available seating capacity calculated by dividing RPMs by ASMs for a reporting period\\.\n\nPassenger Mile Yield or Yield  \\- The amount of passenger revenue earned per RPM during a reporting period\\.\n\nPRASM  \\- Passenger Revenue per ASM\\. The amount of passenger revenue earned per ASM during a reporting period\\. PRASM is also referred to as \"unit revenue\\.\"\n\nRPM  \\- Revenue Passenger Mile\\. One revenue\\-paying passenger transported one mile\\. RPMs equal the number of revenue passengers during a reporting period multiplied by the number of miles flown by those passengers during that period\\. RPMs are also referred to as \"traffic\\.\"\n\nTRASM  \\- Total Revenue per ASM\\. The amount of total revenue earned per ASM during a reporting period\\. \n\n 46"}
{"_id": "AmericanAirlines-2017_127.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**AMERICAN AIRLINES, INC\\.**\n\n**CONSOLIDATED BALANCE SHEETS**\n\n**(In millions, except shares and par value)**\n\n\n\n|                                                                                 |                  |                  |\n| ------------------------------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                 | **December 31,** | **December 31,** |\n|                                                                                 | **2017**         | **2016**         |\n| **ASSETS**                                                                      |                  |                  |\n| **Current assets**                                                              |                  |                  |\n| Cash                                                                            | $287             | $310             |\n| Short\\-term investments                                                         | 4,768            | 6,034            |\n| Restricted cash and short\\-term investments                                     | 318              | 638              |\n| Accounts receivable, net                                                        | 1,755            | 1,599            |\n| Receivables from related parties, net                                           | 8,822            | 6,810            |\n| Aircraft fuel, spare parts and supplies, net                                    | 1,294            | 1,032            |\n| Prepaid expenses and other                                                      | 647              | 633              |\n| Total current assets                                                            | 17,891           | 17,056           |\n| **Operating property and equipment**                                            |                  |                  |\n| Flight equipment                                                                | 39,993           | 36,671           |\n| Ground property and equipment                                                   | 8,006            | 6,910            |\n| Equipment purchase deposits                                                     | 1,217            | 1,209            |\n| Total property and equipment, at cost                                           | 49,216           | 44,790           |\n| Less accumulated depreciation and amortization                                  | (15,354)         | (13,909)         |\n| Total property and equipment, net                                               | 33,862           | 30,881           |\n| **Other assets**                                                                |                  |                  |\n| Goodwill                                                                        | 4,091            | 4,091            |\n| Intangibles, net of accumulated amortization of $622 and $578, respectively     | 2,203            | 2,173            |\n| Deferred tax asset                                                              | 682              | 1,912            |\n| Other assets                                                                    | 1,283            | 1,979            |\n| Total other assets                                                              | 8,259            | 10,155           |\n| **Total assets**                                                                | $60,012          | $58,092          |\n| **LIABILITIES AND STOCKHOLDER\u2019S EQUITY**                                        |                  |                  |\n| **Current liabilities**                                                         |                  |                  |\n| Current maturities of long\\-term debt and capital leases                        | $2,058           | $1,859           |\n| Accounts payable                                                                | 1,625            | 1,546            |\n| Accrued salaries and wages                                                      | 1,613            | 1,460            |\n| Air traffic liability                                                           | 3,978            | 3,912            |\n| Loyalty program liability                                                       | 2,791            | 2,789            |\n| Other accrued liabilities                                                       | 2,209            | 2,106            |\n| Total current liabilities                                                       | 14,274           | 13,672           |\n| **Noncurrent liabilities**                                                      |                  |                  |\n| Long\\-term debt and capital leases, net of current maturities                   | 21,236           | 20,718           |\n| Pension and postretirement benefits                                             | 7,452            | 7,800            |\n| Other liabilities                                                               | 2,456            | 3,253            |\n| Total noncurrent liabilities                                                    | 31,144           | 31,771           |\n| **Commitments and contingencies (Note 9)**                                      |   <br>           |   <br>           |\n| **Stockholder\u2019s equity**                                                        |                  |                  |\n| Common stock, $1\\.00 par value; 1,000 shares authorized, issued and outstanding | \u2014                | \u2014                |\n| Additional paid\\-in capital                                                     | 16,716           | 16,624           |\n| Accumulated other comprehensive loss                                            | (5,251)          | (5,182)          |\n| Retained earnings                                                               | 3,129            | 1,207            |\n| Total stockholder\u2019s equity                                                      | 14,594           | 12,649           |\n| **Total liabilities and stockholder\u2019s equity**                                  | $60,012          | $58,092          |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n128"}
{"_id": "AmericanAirlines-2018_107.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nThe components of our deferred tax assets and liabilities were (in millions):\n\n\n\n|                                                    |                  |                  |\n| -------------------------------------------------- | ---------------- | ---------------- |\n|                                                    | **December 31,** | **December 31,** |\n|                                                    | **2018**         | **2017**         |\n| Deferred tax assets:                               |                  |                  |\n| Operating loss carryforwards                       | $2,343           | $2,281           |\n| Leases                                             | 2,189            | 107              |\n| Pensions                                           | 1,430            | 1,559            |\n| Loyalty program liability                          | 1,770            | 1,809            |\n| Alternative minimum tax (AMT) credit carryforwards | 175              | 344              |\n| Postretirement benefits other than pensions        | 145              | 170              |\n| Rent expense                                       | 136              | 160              |\n| Reorganization items                               | 33               | 35               |\n| Other                                              | 631              | 678              |\n| Total deferred tax assets                          | 8,852            | 7,143            |\n| Valuation allowance                                | (30)             | (36)             |\n| Net deferred tax assets                            | 8,822            | 7,107            |\n| Deferred tax liabilities:                          |                  |                  |\n| Accelerated depreciation and amortization          | (5,280)          | (5,045)          |\n| Leases                                             | (2,081)          | \u2014                |\n| Other                                              | (326)            | (279)            |\n| Total deferred tax liabilities                     | (7,687)          | (5,324)          |\n| Net deferred tax asset                             | $1,135           | $1,783           |\n\n\n\nAt December 31, 2018, we had approximately $10\\.2 billion of federal NOLs carried over from prior taxable years (NOL Carryforwards) to reduce future federal taxable income, substantially all of which we expect to be available for use in 2019\\. The federal NOL Carryforwards will expire beginning in 2022 if unused\\. We also had approximately $3\\.2 billion of NOL Carryforwards to reduce future state taxable income at December 31, 2018, which will expire in years 2019 through 2038 if unused\\. Our ability to deduct our NOL Carryforwards and to utilize certain other available tax attributes can be substantially constrained under the general annual limitation rules of Section 382 where an \u201cownership change\u201d has occurred\\. Substantially all of our remaining federal NOL Carryforwards attributable to US Airways Group are subject to limitation under Section 382; however, our ability to utilize such NOL Carryforwards is not anticipated to be effectively constrained as a result of such limitation\\. We elected to be covered by certain special rules for federal income tax purposes that permitted approximately $9\\.0 billion (with $8\\.4 billion of unlimited NOL still remaining at December 31, 2018) of our federal NOL Carryforwards to be utilized without regard to the annual limitation generally imposed by Section 382\\. Similar limitations may apply for state income tax purposes\\. Our ability to utilize any new NOL Carryforwards arising after the ownership changes is not affected by the annual limitation rules imposed by Section 382 unless another future ownership change occurs\\. Under the Section 382 limitation, cumulative stock ownership changes among material stockholders exceeding 50% during a rolling three\\-year period can potentially limit a company\u2019s future use of NOLs and tax credits\\. See Part I, Item 1A\\. Risk Factors *\u2013 \u201cOur ability to utilize our NOL Carryforwards may be limited\u201d* for unaudited additional discussion of this risk\\.\n\nAt December 31, 2018, we had an AMT credit carryforward of approximately $339 million available for federal income tax purposes, which is now expected to be fully refundable over the next several years as a result of the repeal of corporate AMT\\. \n\nIn 2018, we recorded an income tax provision of $472 million, with an effective rate of approximately 25%, which was substantially non\\-cash\\. The 2018 income tax provision included an $18 million special income tax charge related to an international income tax matter\\. Substantially all of our income before income taxes is attributable to the United States\\.\n\nWe file our tax returns as prescribed by the tax laws of the jurisdictions in which we operate\\. Our 2015 through 2017 tax years are still subject to examination by the Internal Revenue Service\\. Various state and foreign jurisdiction tax years remain open to examination and we are under examination, in administrative appeals, or engaged in tax litigation in certain jurisdictions\\. We believe that the effect of any assessments will not be material to our consolidated financial statements\\.\n\n108"}
{"_id": "Alaska-2019_54.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nCONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY\n\n\n\n|                                                      |                                                      |                            |                            |  |  |  |              |  |  |  |                                |  |  |  |                |  |  |  |                                               |  |  |  |                   |  |  |  |         |\n|:---------------------------------------------------- |:---------------------------------------------------- | --------------------------:| --------------------------:| -:| -:| -:| ------------:| -:| -:| -:| ------------------------------:| -:| -:| -:| --------------:| -:| -:| -:| ---------------------------------------------:| -:| -:| -:| -----------------:| -:| -:| -:| -------:|\n| *(in millions)*                                      | *(in millions)*                                      | *Common Stock Outstanding* | *Common Stock Outstanding* |  |  |  | Common Stock |  |  |  | Capital in Excess of Par Value |  |  |  | Treasury Stock |  |  |  | Accumulated Other Comprehensive Income (Loss) |  |  |  | Retained Earnings |  |  |  |   Total |\n| Balances at December 31, 2016                        | Balances at December 31, 2016                        |                 *123\\.328* |                 *123\\.328* |  |  |  |          $ 1 |  |  |  |                          $ 110 |  |  |  |        $ (443) |  |  |  |                                       $ (305) |  |  |  |           $ 3,381 |  |  |  | $ 2,744 |\n| 2017 net income                                      | 2017 net income                                      |                         \u2014  |                         \u2014  |  |  |  |           \u2014  |  |  |  |                             \u2014  |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |               960 |  |  |  |     960 |\n| Other comprehensive income (loss)                    | Other comprehensive income (loss)                    |                         \u2014  |                         \u2014  |  |  |  |           \u2014  |  |  |  |                             \u2014  |  |  |  |             \u2014  |  |  |  |                                          (75) |  |  |  |                \u2014  |  |  |  |    (75) |\n| Common stock repurchases                             | Common stock repurchases                             |                 *(0\\.981)* |                 *(0\\.981)* |  |  |  |           \u2014  |  |  |  |                              \u2014 |  |  |  |           (75) |  |  |  |                                            \u2014  |  |  |  |                \u2014  |  |  |  |    (75) |\n| Stock\\-based compensation                            | Stock\\-based compensation                            |                         \u2014  |                         \u2014  |  |  |  |           \u2014  |  |  |  |                             34 |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |                \u2014  |  |  |  |      34 |\n| Cash dividend declared ($1\\.20 per share)            | Cash dividend declared ($1\\.20 per share)            |                       *\u2014*  |                       *\u2014*  |  |  |  |           \u2014  |  |  |  |                             \u2014  |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |             (148) |  |  |  |   (148) |\n| Stock issued for employee stock purchase plan        | Stock issued for employee stock purchase plan        |                   *0\\.407* |                   *0\\.407* |  |  |  |           \u2014  |  |  |  |                             24 |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |                \u2014  |  |  |  |      24 |\n| Stock issued under stock plans                       | Stock issued under stock plans                       |                   *0\\.307* |                   *0\\.307* |  |  |  |           \u2014  |  |  |  |                            (4) |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |                \u2014  |  |  |  |     (4) |\n| Balances at December 31, 2017                        | Balances at December 31, 2017                        |                 *123\\.061* |                 *123\\.061* |  |  |  |            1 |  |  |  |                            164 |  |  |  |          (518) |  |  |  |                                         (380) |  |  |  |             4,193 |  |  |  |   3,460 |\n| Reclassification of tax effects to retained earnings | Reclassification of tax effects to retained earnings |                         \u2014  |                         \u2014  |  |  |  |           \u2014  |  |  |  |                             \u2014  |  |  |  |             \u2014  |  |  |  |                                          (62) |  |  |  |                62 |  |  |  |       \u2014 |\n| 2018 net income                                      | 2018 net income                                      |                         \u2014  |                         \u2014  |  |  |  |           \u2014  |  |  |  |                             \u2014  |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |               437 |  |  |  |     437 |\n| Other comprehensive income (loss)                    | Other comprehensive income (loss)                    |                         \u2014  |                         \u2014  |  |  |  |           \u2014  |  |  |  |                             \u2014  |  |  |  |             \u2014  |  |  |  |                                           (6) |  |  |  |                \u2014  |  |  |  |     (6) |\n| Common stock repurchases                             | Common stock repurchases                             |                 *(0\\.776)* |                 *(0\\.776)* |  |  |  |           \u2014  |  |  |  |                              \u2014 |  |  |  |           (50) |  |  |  |                                            \u2014  |  |  |  |                \u2014  |  |  |  |    (50) |\n| Stock\\-based compensation                            | Stock\\-based compensation                            |                         \u2014  |                         \u2014  |  |  |  |           \u2014  |  |  |  |                             36 |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |                \u2014  |  |  |  |      36 |\n| Cash dividend declared ($1\\.28 per share)            | Cash dividend declared ($1\\.28 per share)            |                       *\u2014*  |                       *\u2014*  |  |  |  |           \u2014  |  |  |  |                             \u2014  |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |             (158) |  |  |  |   (158) |\n| Stock issued for employee stock purchase plan        | Stock issued for employee stock purchase plan        |                   *0\\.632* |                   *0\\.632* |  |  |  |           \u2014  |  |  |  |                             35 |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |                \u2014  |  |  |  |      35 |\n| Stock issued under stock plans                       | Stock issued under stock plans                       |                   *0\\.277* |                   *0\\.277* |  |  |  |           \u2014  |  |  |  |                            (3) |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |                \u2014  |  |  |  |     (3) |\n| Balances at December 31, 2018                        | Balances at December 31, 2018                        |                 *123\\.194* |                 *123\\.194* |  |  |  |            1 |  |  |  |                            232 |  |  |  |          (568) |  |  |  |                                         (448) |  |  |  |             4,534 |  |  |  |   3,751 |\n| Cumulative effect of accounting changes^(a)^         | Cumulative effect of accounting changes^(a)^         |                         \u2014  |                         \u2014  |  |  |  |           \u2014  |  |  |  |                             \u2014  |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |                 3 |  |  |  |       3 |\n| 2019 net income                                      | 2019 net income                                      |                         \u2014  |                         \u2014  |  |  |  |           \u2014  |  |  |  |                             \u2014  |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |               769 |  |  |  |     769 |\n| Other comprehensive income (loss)                    | Other comprehensive income (loss)                    |                         \u2014  |                         \u2014  |  |  |  |           \u2014  |  |  |  |                             \u2014  |  |  |  |             \u2014  |  |  |  |                                          (17) |  |  |  |                \u2014  |  |  |  |    (17) |\n| Common stock repurchases                             | Common stock repurchases                             |                 *(1\\.193)* |                 *(1\\.193)* |  |  |  |           \u2014  |  |  |  |                              \u2014 |  |  |  |           (75) |  |  |  |                                            \u2014  |  |  |  |                \u2014  |  |  |  |    (75) |\n| Stock\\-based compensation                            | Stock\\-based compensation                            |                         \u2014  |                         \u2014  |  |  |  |           \u2014  |  |  |  |                             36 |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |                \u2014  |  |  |  |      36 |\n| Cash dividend declared ($1\\.40 per share)            | Cash dividend declared ($1\\.40 per share)            |                       *\u2014*  |                       *\u2014*  |  |  |  |           \u2014  |  |  |  |                             \u2014  |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |             (173) |  |  |  |   (173) |\n| Stock issued for employee stock purchase plan        | Stock issued for employee stock purchase plan        |                   *0\\.785* |                   *0\\.785* |  |  |  |           \u2014  |  |  |  |                             40 |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |                \u2014  |  |  |  |      40 |\n| Stock issued under stock plans                       | Stock issued under stock plans                       |                   *0\\.214* |                   *0\\.214* |  |  |  |           \u2014  |  |  |  |                            (3) |  |  |  |             \u2014  |  |  |  |                                            \u2014  |  |  |  |                \u2014  |  |  |  |     (3) |\n| Balances at December 31, 2019                        | Balances at December 31, 2019                        |                 *123\\.000* |                 *123\\.000* |  |  |  |          $ 1 |  |  |  |                          $ 305 |  |  |  |        $ (643) |  |  |  |                                       $ (465) |  |  |  |           $ 5,133 |  |  |  | $ 4,331 |\n\n\n\n(a) Represents the opening balance sheet adjustment recorded as a result of the adoption of the new lease accounting standard\\.\n\nSee accompanying notes to consolidated financial statements\\.\n\n54"}
{"_id": "AmericanAirlines-2019_102.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nBenefit Plan Assets Measured at Fair Value on a Recurring Basis\n\nThe fair value of our pension plan assets at  December 31, 2019  and  2018 , by asset category, were as follows (in millions):\n\n\n\n|                                                                                               |                                                                                                                |                                                                              |                                                                                |                                                     |\n| --------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                                                                                               | **Fair Value Measurements as of December 31, 2019**                                                            | **Fair Value Measurements as of December 31, 2019**                          | **Fair Value Measurements as of December 31, 2019**                            | **Fair Value Measurements as of December 31, 2019** |\n| **Asset Category**                                                                            | **Quoted Prices in**<br><br>**Active Markets**<br><br>**for Identical**<br><br>**Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Cash and cash equivalents                                                                     | $20                                                                                                            | $\u2014                                                                           | $\u2014                                                                             | $20                                                 |\n| Equity securities:                                                                            |                                                                                                                |                                                                              |                                                                                |                                                     |\n| International markets  ^(a), (b)^                                                             | 2,769                                                                                                          | \u2014                                                                            | \u2014                                                                              | 2,769                                               |\n| Large\\-cap companies  ^(b)^                                                                   | 2,312                                                                                                          | \u2014                                                                            | \u2014                                                                              | 2,312                                               |\n| Mid\\-cap companies  ^(b)^                                                                     | 543                                                                                                            | \u2014                                                                            | \u2014                                                                              | 543                                                 |\n| Small\\-cap companies  ^(b)^                                                                   | 97                                                                                                             | \u2014                                                                            | \u2014                                                                              | 97                                                  |\n| Mutual funds  ^(c)^                                                                           | 68                                                                                                             | \u2014                                                                            | \u2014                                                                              | 68                                                  |\n| Fixed income:                                                                                 |                                                                                                                |                                                                              |                                                                                |                                                     |\n| Corporate debt  ^(d)^                                                                         | \u2014                                                                                                              | 2,804                                                                        | \u2014                                                                              | 2,804                                               |\n| Government securities  ^(e)^                                                                  | \u2014                                                                                                              | 923                                                                          | \u2014                                                                              | 923                                                 |\n| U\\.S\\. municipal securities                                                                   | \u2014                                                                                                              | 51                                                                           | \u2014                                                                              | 51                                                  |\n| Mortgage backed securities                                                                    | \u2014                                                                                                              | 4                                                                            | \u2014                                                                              | 4                                                   |\n| Alternative instruments:                                                                      |                                                                                                                |                                                                              |                                                                                |                                                     |\n| Private market partnerships  ^(f)^                                                            | \u2014                                                                                                              | \u2014                                                                            | 10                                                                             | 10                                                  |\n| Private market partnerships measured at net asset value  ^(f), (g)^                           | \u2014                                                                                                              | \u2014                                                                            | \u2014                                                                              | 1,464                                               |\n| Common/collective trusts  ^(h)^                                                               | \u2014                                                                                                              | 358                                                                          | \u2014                                                                              | 358                                                 |\n| Common/collective trusts and 103\\-12 Investment Trust measured at net asset value  ^(g), (h)^ | \u2014                                                                                                              | \u2014                                                                            | \u2014                                                                              | 1,423                                               |\n| Insurance group annuity contracts                                                             | \u2014                                                                                                              | \u2014                                                                            | 2                                                                              | 2                                                   |\n| Dividend and interest receivable                                                              | 53                                                                                                             | \u2014                                                                            | \u2014                                                                              | 53                                                  |\n| Due to/from brokers for sale of securities \u2013 net                                              | (4<br><br>)                                                                                                    | \u2014                                                                            | \u2014                                                                              | (4<br><br>)                                         |\n| Total                                                                                         | $5,858                                                                                                         | $4,140                                                                       | $12                                                                            | $12,897                                             |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(a)^ | Holdings are diversified as follows:   14%  United Kingdom,   8%  Switzerland,   8%  Ireland,   7%  Japan,   7%  France,   6%  South Korea,   6%  Canada,   18%  emerging markets and the remaining   26%  with no concentration greater than 5% in any one country\\. |\n\n\n\n\n\n|       |                                                                              |\n| ----- | ---------------------------------------------------------------------------- |\n| ^(b)^ | There are no significant concentrations of holdings by company or industry\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                             |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(c)^ | Investment includes mutual funds invested   40%  in equity securities of large\\-cap, mid\\-cap and small\\-cap U\\.S\\. companies,   33%  in U\\.S\\. treasuries and corporate bonds and   27%  in equity securities of international companies\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(d)^ | Includes approximately   76%  investments in corporate debt with a S&P rating lower than A and   24%  investments in corporate debt with a S&P rating A or higher\\. Holdings include   86%  U\\.S\\. companies,   11%  international companies and   3%  emerging market companies\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                     |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(e)^ | Includes approximately   79%  investments in U\\.S\\. domestic government securities,   13%  in emerging market government securities and   8%  in international government securities\\. There are no significant foreign currency risks within this classification\\. |\n\n\n\n103"}
{"_id": "Delta-2019_34.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nPassenger revenue related to our international regions increased 2\\.7% year\\-over\\-year primarily due to capacity growth in the Atlantic region and yield strength in the Latin America region\\. This growth in passenger revenue was achieved despite the negative impact of foreign currency fluctuations\\.\n\nAtlantic unit revenues decreased due to foreign currency fluctuations between the U\\.S\\. dollar and the Euro and British pound, the uncertain economic outlook in Europe and increased industry capacity\\. These conditions were partially offset by growth in premium product demand and strong U\\.S\\. point of sale\\.\n\nUnit revenue increased in Latin America principally as a result of yield growth, mainly due to reduced industry capacity in Brazil and improvements in Mexico beach markets\\. In the September 2019 quarter we announced our plan to enter into a strategic alliance with LATAM, which is expected to provide great customer convenience, a more seamless travel experience and to better connect customers between North and South America\\.\n\nUnit revenue decreased in the Pacific region primarily on persistent economic and trade related uncertainty, foreign currency fluctuations and increased capacity to China, Japan and Korea due to our network transformation\\. Despite these challenges, our joint venture with Korean Air has enabled solid traffic growth and we have continued to reshape our Pacific network with the announcements that in the March 2020 quarter we will transfer our U\\.S\\.\\-Tokyo services from Narita to Haneda airport, Tokyo's preferred airport for corporate customers, and shift our Beijing service to the new Beijing Daxing airport\\. \n\nStarting in February 2020, we temporarily suspended flights between the U\\.S\\. and China as the result of an outbreak of a novel coronavirus originating in Wuhan, Hubei Province, China\\. We have suspended flights between the U\\.S\\. and China through April 30, will continue to monitor the situation closely and may make additional adjustments\\. \n\nOther Revenue\n\n\n\n|                                   |                                   |                                   |                         |                         |       |                          |                          |                            |                            |                            |  |  |  |\n|:--------------------------------- |:--------------------------------- |:--------------------------------- | -----------------------:| -----------------------:| -----:| ------------------------:| ------------------------:|:--------------------------:|:--------------------------:|:--------------------------:|:- |:- |:- |\n|                                   |                                   |                                   | Year Ended December 31, | Year Ended December 31, |       | Increase  <br>(Decrease) | Increase  <br>(Decrease) | % Increase  <br>(Decrease) | % Increase  <br>(Decrease) | % Increase  <br>(Decrease) |\n| (in millions)                     | (in millions)                     | (in millions)                     |                    2019 |                    2018 |       | Increase  <br>(Decrease) | Increase  <br>(Decrease) | % Increase  <br>(Decrease) | % Increase  <br>(Decrease) | % Increase  <br>(Decrease) |  |  |  |\n| Loyalty program                   | Loyalty program                   | Loyalty program                   |                 $1,962  |                 $1,459  | $503  |                  34\\.5 % |                  34\\.5 % |\n| Ancillary businesses and refinery | Ancillary businesses and refinery | Ancillary businesses and refinery |                  1,297  |                  1,801  | (504) |                 (28\\.0)% |                 (28\\.0)% |\n| Miscellaneous                     | Miscellaneous                     | Miscellaneous                     |                    718  |                    558  |  160  |                  28\\.7 % |                  28\\.7 % |\n| Total other revenue               | Total other revenue               | Total other revenue               |                 $3,977  |                 $3,818  | $159  |                   4\\.2 % |                   4\\.2 % |\n\n\n\nLoyalty Program\\.  Loyalty program revenues relate primarily to brand usage by third parties and include the redemption of miles for non\\-travel awards\\. \n\nEffective January 1, 2019, we amended our co\\-brand agreement with American Express, and we also amended other agreements with American Express during the March quarter\\. The new agreements increase the value we receive and extend the terms to 2029\\. Under the agreements, we sell miles to American Express and allow American Express to market its services or products using our brand and customer database\\. The products and services sold with the miles (such as award travel, priority boarding, baggage fee waivers, lounge access and the use of our brand) are consistent with previous agreements\\. We continue to use the accounting method that allocates the consideration received based on the relative selling prices of those products and services\\. The increase in loyalty program revenues are primarily related to brand usage by American Express\\.\n\nAncillary Businesses and Refinery\\.  Ancillary businesses and refinery includes aircraft maintenance provided to third parties, our vacation wholesale operations, our private jet operations and refinery sales to third parties\\. Refinery sales to third parties, which are at or near cost, decreased $451 million compared to 2018\\. The 2018 results also included $244 million of third\\-party revenue from DGS, which was sold in December 2018\\. These decreases were mitigated by growth in our MRO revenues, which increased $175 million to $877 million during 2019\\.\n\nIn January 2020, we combined Delta Private Jets, our wholly owned subsidiary which provides private jet operations, with Wheels Up\\. Upon closing, we received a 27% equity stake in Wheels Up\\. Delta Private Jets will no longer be consolidated and annual revenues of approximately $200 million, which have historically been generated ratably through the year, will no longer be reflected in ancillary businesses and refinery revenue\\.\n\nMiscellaneous\\.  Miscellaneous revenue is primarily composed of lounge access and codeshare revenues, with lounge access revenue driving the majority of the $160 million increase compared to 2018\\. We continually enhance the customer experience at our lounges, which also included opening three new Sky Clubs during 2019 in Austin, Phoenix and New Orleans\\.\n\n32"}
{"_id": "Delta-2017_79.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nNet Periodic Cost \n\n\n\n|                                      |                             |                             |                             |                                                      |                                                      |                                                      |\n| ------------------------------------ | --------------------------- | --------------------------- | --------------------------- | ---------------------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- |\n|                                      | **Pension Benefits**        | **Pension Benefits**        | **Pension Benefits**        | **Other Postretirement and Postemployment Benefits** | **Other Postretirement and Postemployment Benefits** | **Other Postretirement and Postemployment Benefits** |\n|                                      | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,**                          | **Year Ended December 31,**                          | **Year Ended December 31,**                          |\n| **(in millions)**                    | **2017**                    | **2016**                    | **2015**                    | **2017**                                             | **2016**                                             | **2015**                                             |\n| Service cost                         | $\u2014                          | $\u2014                          | $\u2014                          | $87                                                  | $68                                                  | $62                                                  |\n| Interest cost                        | 853                         | 917                         | 884                         | 138                                                  | 147                                                  | 141                                                  |\n| Expected return on plan assets       | (1,143<br><br>)             | (902<br><br>)               | (879<br><br>)               | (69<br><br>)                                         | (74<br><br>)                                         | (81<br><br>)                                         |\n| Amortization of prior service credit | \u2014                           | \u2014                           | \u2014                           | (26<br><br>)                                         | (26<br><br>)                                         | (26<br><br>)                                         |\n| Recognized net actuarial loss        | 262                         | 233                         | 232                         | 32                                                   | 24                                                   | 24                                                   |\n| Settlements                          | 3                           | 3                           | 3                           | \u2014                                                    | \u2014                                                    | \u2014                                                    |\n| Net periodic cost ^(1)^              | $<br><br>(25<br><br>)       | $251                        | $240                        | $162                                                 | $139                                                 | $120                                                 |\n\n\n\n\n\n|       |                                                                                                      |\n| ----- | ---------------------------------------------------------------------------------------------------- |\n| ^(1)^ | See Note 1 for discussion on ASU No\\. 2017\\-07, \"Compensation \\- Retirement Benefits (Topic 715)\\.\"  |\n\n\n\nAssumptions\n\nWe used the following actuarial assumptions to determine our benefit obligations and our net periodic cost for the periods presented:\n\n\n\n|                                   |                  |                  |\n| --------------------------------- | ---------------- | ---------------- |\n|                                   | **December 31,** | **December 31,** |\n| **Benefit Obligations** **^(1)^** | **2017**         | **2016**         |\n| Weighted average discount rate    | 3\\.69%           | 4\\.20%           |\n\n\n\n\n\n|                                                                    |                             |                             |                             |\n| ------------------------------------------------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **Net Periodic Cost** **^(1)^**                                    | **2017**                    | **2016**                    | **2015**                    |\n| Weighted average discount rate \\- pension benefit                  | 4\\.14%                      | 4\\.57%                      | 4\\.13%                      |\n| Weighted average discount rate \\- other postretirement benefit     | 4\\.19%                      | 4\\.53%                      | 4\\.13%                      |\n| Weighted average discount rate \\- other postemployment benefit     | 4\\.14%                      | 4\\.50%                      | 4\\.13%                      |\n| Weighted average expected long\\-term rate of return on plan assets | 8\\.96%                      | 8\\.94%                      | 8\\.94%                      |\n| Assumed healthcare cost trend rate ^(2)^                           | 7\\.00%                      | 6\\.50%                      | 7\\.00%                      |\n\n\n\n\n\n|       |                                                                                                                                                                                                  |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | Future employee compensation levels do not impact our frozen defined benefit pension plans or other postretirement plans and impact only a small portion of our other postemployment liability\\. |\n\n\n\n\n\n|       |                                                                                                                                            |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(2)^ | Healthcare cost trend rate at  December 31, 2017  is assumed to decline gradually to   5\\.00%  by  2026  and remain unchanged thereafter\\. |\n\n\n\n 75"}
{"_id": "Delta-2018_19.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nRisk Factors Relating to the Airline Industry\n\nTerrorist attacks, geopolitical conflict or security events may adversely affect our business, financial condition and operating results\\.\n\nTerrorist attacks, geopolitical conflict or security events, or fear of any of these events, could have a significant adverse effect on our business\\. Despite significant security measures at airports and airlines, the airline industry remains a high profile target for terrorist groups\\. We constantly monitor threats from terrorist groups and individuals, including from violent extremists both internationally and domestically, with respect to direct threats against our operations and in ways not directly related to the airline industry\\. In addition, the impact on our operations of avoiding areas of the world, including airspace, in which there are geopolitical conflicts and the targeting of commercial aircraft by parties to those conflicts can be significant\\. Security events, primarily from external sources but also from potential insider threats, also pose a significant risk to our passenger and cargo operations\\. These events could include random acts of violence and could occur in public areas that we cannot control\\.\n\nTerrorist attacks, geopolitical conflict or security events, or fear of any of these events, even if not made directly on or involving the airline industry, could have significant negative impact on us by discouraging passengers from flying, leading to decreased ticket sales and increased refunds\\. In addition, potential costs from these types of events include increased security costs, impacts from avoiding flight paths over areas in which conflict is occurring, reputational harm and other costs\\. If any or all of these types of events occur, they could have a material adverse effect on our business, financial condition and results of operations\\.\n\nThe global airline industry is highly competitive and, if we cannot successfully compete in the marketplace, our business, financial condition and operating results will be materially adversely affected\\.\n\nThe airline industry is highly competitive, marked by significant competition with respect to routes, fares, schedules (both timing and frequency), services, products, customer service and loyalty programs\\. Consolidation in the airline industry, the rise of subsidized government sponsored international carriers, changes in international alliances and the creation of immunized joint ventures have altered and will continue to alter the competitive landscape in the industry, resulting in the formation of airlines and alliances with increased financial resources, more extensive global networks and competitive cost structures\\.\n\nOur domestic operations are subject to competition from traditional network carriers, including American Airlines and United Airlines, national point\\-to\\-point carriers, including Alaska Airlines, JetBlue Airways and Southwest Airlines, and other discount or ultra low\\-cost carriers, including Spirit Airlines and Allegiant Air, some of which may have lower costs than we do and provide service at low fares to destinations served by us\\. Point\\-to\\-point, discount and ultra low\\-cost carriers place significant competitive pressure on network carriers in the domestic market\\. In particular, we face significant competition at our domestic hub and key airports either directly at those airports or at the hubs of other airlines that are located in close proximity to our hubs and key airports\\. We also face competition in smaller to medium\\-sized markets from regional jet operations of other carriers\\. Our ability to compete in the domestic market effectively depends, in part, on our ability to maintain a competitive cost structure\\. If we cannot maintain our costs at a competitive level, then our business, financial condition and operating results could be materially adversely affected\\.\n\nOur international operations are subject to competition from both foreign and domestic carriers\\. Competition from government\\-owned and subsidized carriers in the Gulf region, including Emirates, Etihad Airways and Qatar Airways, is significant\\. These carriers have large numbers of international widebody aircraft on order and have increased service to the U\\.S\\. These carriers are government\\-subsidized, which has allowed them to grow quickly, reinvest in their product and expand their global presence at the expense of U\\.S\\. airlines\\.\n\nThrough alliance and other marketing and codesharing agreements with foreign carriers, U\\.S\\. carriers have increased their ability to sell international transportation, such as services to and beyond traditional European and Asian gateway cities\\. Similarly, foreign carriers have obtained increased access to interior U\\.S\\. passenger traffic beyond traditional U\\.S\\. gateway cities through these relationships\\. In addition, several joint ventures among U\\.S\\. and foreign carriers have received grants of antitrust immunity allowing the participating carriers to coordinate schedules, pricing, sales and inventory\\. \n\nIncreased competition in both the domestic and international markets may have a material adverse effect on our business, financial condition and operating results\\.\n\n 17"}
{"_id": "Alaska-2018_89.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nOperating segment information is as follows (in millions): \n\n\n\n|                                     |                                  |                                  |                                  |                                     |                                  |                                  |                                  |\n| ----------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ----------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- |\n|                                     | **Year Ended December 31, 2018** | **Year Ended December 31, 2018** | **Year Ended December 31, 2018** | **Year Ended December 31, 2018**    | **Year Ended December 31, 2018** | **Year Ended December 31, 2018** | **Year Ended December 31, 2018** |\n|                                     | **Mainline**                     | **Regional**                     | **Horizon**                      | **Consolidating & Other** **^(b)^** | **Air Group Adjusted** **^(c)^** | **Special Items** **^(d)^**      | **Consolidated**                 |\n| **Operating revenues**              |                                  |                                  |                                  |                                     |                                  |                                  |                                  |\n| Passenger revenues                  | 6,475                            | 1,157                            | \u2014                                | \u2014                                   | 7,632                            | \u2014                                | 7,632                            |\n| CPA revenues                        | \u2014                                | \u2014                                | 508                              | (508)                               | \u2014                                | \u2014                                | \u2014                                |\n| Mileage Plan other revenue          | 397                              | 37                               | \u2014                                | \u2014                                   | 434                              | \u2014                                | 434                              |\n| Cargo and other                     | 191                              | 3                                | 4                                | \u2014                                   | 198                              | \u2014                                | 198                              |\n| **Total operating revenues**        | 7,063                            | 1,197                            | 512                              | (508)                               | 8,264                            | \u2014                                | 8,264                            |\n| **Operating expenses**              |                                  |                                  |                                  |                                     |                                  |                                  |                                  |\n| Non\\-fuel operating expenses        | 4,577                            | 1,024                            | 465                              | (513)                               | 5,553                            | 132                              | 5,685                            |\n| Fuel expense                        | 1,652                            | 262                              | \u2014                                | \u2014                                   | 1,914                            | 22                               | 1,936                            |\n| **Total operating expenses**        | 6,229                            | 1,286                            | 465                              | (513)                               | 7,467                            | 154                              | 7,621                            |\n| **Nonoperating income (expense)**   |                                  |                                  |                                  |                                     |                                  |                                  |                                  |\n| Interest income                     | 53                               | \u2014                                | \u2014                                | (15)                                | 38                               | \u2014                                | 38                               |\n| Interest expense                    | (82)                             | \u2014                                | (22)                             | 13                                  | (91)                             | \u2014                                | (91)                             |\n| Interest capitalized                | 16                               | \u2014                                | 2                                | \u2014                                   | 18                               | \u2014                                | 18                               |\n| Other                               | (12)                             | (11)                             | \u2014                                | \u2014                                   | (23)                             | \u2014                                | (23)                             |\n| **Total nonoperating expense**      | (25)                             | (11)                             | (20)                             | (2)                                 | (58)                             | \u2014                                | (58)                             |\n| **Income (loss) before income tax** | $809                             | $(100)                           | $27                              | $3                                  | $739                             | $(154)                           | $585                             |\n\n\n\n\n\n|                                     |                                  |                                  |                                  |                                     |                                  |                                  |                                  |\n| ----------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ----------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- |\n|                                     | **Year Ended December 31, 2017** | **Year Ended December 31, 2017** | **Year Ended December 31, 2017** | **Year Ended December 31, 2017**    | **Year Ended December 31, 2017** | **Year Ended December 31, 2017** | **Year Ended December 31, 2017** |\n|                                     | **Mainline**                     | **Regional**                     | **Horizon**                      | **Consolidating & Other** **^(b)^** | **Air Group Adjusted** **^(c)^** | **Special Items** **^(d)^**      | **Consolidated**                 |\n| **Operating revenues**              |                                  |                                  |                                  |                                     |                                  |                                  |                                  |\n| Passenger revenues                  | 6,278                            | 1,023                            | \u2014                                | \u2014                                   | 7,301                            | \u2014                                | 7,301                            |\n| CPA revenues                        | \u2014                                | \u2014                                | 426                              | (426)                               | \u2014                                | \u2014                                | \u2014                                |\n| Mileage Plan other revenue          | 387                              | 31                               | \u2014                                | \u2014                                   | 418                              | \u2014                                | 418                              |\n| Cargo and other                     | 167                              | 4                                | 4                                | \u2014                                   | 175                              | \u2014                                | 175                              |\n| **Total operating revenues**        | 6,832                            | 1,058                            | 430                              | (426)                               | 7,894                            | \u2014                                | 7,894                            |\n| **Operating expenses**              |                                  |                                  |                                  |                                     |                                  |                                  |                                  |\n| Non\\-fuel operating expenses        | 4,271                            | 852                              | 427                              | (427)                               | 5,123                            | 116                              | 5,239                            |\n| Fuel expense                        | 1,282                            | 172                              | \u2014                                | \u2014                                   | 1,454                            | (7)                              | 1,447                            |\n| **Total operating expenses**        | 5,553                            | 1,024                            | 427                              | (427)                               | 6,577                            | 109                              | 6,686                            |\n| **Nonoperating income (expense)**   |                                  |                                  |                                  |                                     |                                  |                                  |                                  |\n| Interest income                     | 39                               | \u2014                                | \u2014                                | (5)                                 | 34                               | \u2014                                | 34                               |\n| Interest expense                    | (92)                             | \u2014                                | (13)                             | 2                                   | (103)                            | \u2014                                | (103)                            |\n| Interest capitalized                | 15                               | \u2014                                | 2                                | \u2014                                   | 17                               | \u2014                                | 17                               |\n| Other                               | 3                                | \u2014                                | \u2014                                | \u2014                                   | 3                                | \u2014                                | 3                                |\n| **Total nonoperating expense**      | (35)                             | \u2014                                | (11)                             | (3)                                 | (49)                             | \u2014                                | (49)                             |\n| **Income (loss) before income tax** | $1,244                           | $34                              | $(8)                             | $(2)                                | $1,268                           | $(109)                           | $1,159                           |\n\n\n\n 90"}
{"_id": "Delta-2018_25.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nPart II\n\nITEM 5\\. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND  ISSUER PURCHASES OF EQUITY SECURITIES\n\nMarket Information\n\nOur common stock is listed on the New York Stock Exchange (\"NYSE\") under the trading symbol DAL\\. \n\nHolders\n\nAs of January 31, 2019, there were approximately 2,450 holders of record of our common stock\\.\n\nDividends\n\nOur Board of Directors initiated a quarterly dividend program in the September 2013 quarter, with a payment of $0\\.06 per share\\. The Board has increased the quarterly dividend payment several times, most recently to $0\\.35 per share in the September 2018 quarter\\. The Board expects to be able to continue to pay cash dividends for the foreseeable future, subject to applicable limitations under Delaware law and compliance with covenants in certain of our credit facilities\\. Dividend payments will be dependent upon our results of operations, financial condition, cash requirements, future prospects and other factors deemed relevant by the Board of Directors\\. \n\nStock Performance Graph\n\nThe following graph compares the cumulative total returns during the period from December 31, 2013 to  December 31, 2018  of our common stock to the Standard & Poor's 500 Stock Index and the NYSE ARCA Airline Index\\. The comparison assumes $100 was invested on December 31, 2013 in each of our common stock and the indices and assumes that all dividends were reinvested\\.\n\n![chart\\-676b378b5e31571a87c\\.jpg](http://ir.delta.com/chart-676b378b5e31571a87c.jpg)\n\n 23"}
{"_id": "Southwest-2018_89.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe Company recognized revenue related to the marketing, advertising, and other travel\\-related benefits of the revenue associated with various loyalty partner agreements including, but not limited to, the Agreement with Chase, within Other operating revenues\\. For the years ended December 31, 2018, 2017, and 2016 the Company recognized $1\\.1 billion, $1\\.0 billion, and $919 million, respectively\\.\n\nThe Company is also required to collect certain taxes and fees from Customers on behalf of government agencies and remit these back to the applicable governmental entity on a periodic basis\\. These taxes and fees include foreign and U\\.S\\. federal transportation taxes, federal security charges, and airport passenger facility charges\\. These items are collected from Customers at the time they purchase their tickets, are excluded from the contract transaction price, and are therefore not included in Passenger revenue\\. The Company records a liability upon collection from the Customer and relieves the liability when payments are remitted to the applicable governmental agency\\. \n\n90"}
{"_id": "Southwest-2017_80.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nIncome\\. Amounts recorded for penalties and interest related to uncertain tax positions were immaterial for all years presented\\. See Note 14 for further information\\.\n\n***Concentration Risk***\n\nApproximately 83 percent of the Company\u2019s full\\-time equivalent Employees are unionized and are covered by collective\\-bargaining agreements\\. A small percentage of the Company's unionized Employees, including its Mechanics and Material Specialists, are in discussions on labor agreements\\. Those unionized Employee groups in discussions represent approximately 4\\.9 percent of the Company\u2019s full\\-time equivalent Employees as of December 31, 2017\\. \n\nThe Company attempts to minimize its concentration risk with regards to its cash, cash equivalents, and its investment portfolio\\. This is accomplished by diversifying and limiting amounts among different counterparties, the type of investment, and the amount invested in any individual security or money market fund\\.\n\nTo manage risk associated with financial derivative instruments held, the Company selects and will periodically review counterparties based on credit ratings, limits its exposure to a single counterparty, and monitors the market position of the program and its relative market position with each counterparty\\. The Company also has agreements with counterparties containing early termination rights and/or bilateral collateral provisions whereby security is required if market risk exposure exceeds a specified threshold amount or credit ratings fall below certain levels\\. Collateral deposits provided to or held from counterparties serve to decrease, but not totally eliminate, the credit risk associated with the Company\u2019s hedging program\\. See Note 10 for further information\\.\n\nAs of December 31, 2017, the Company operated an all\\-Boeing fleet, all of which are variations of the Boeing 737\\. If the Company was unable to acquire additional aircraft or associated aircraft parts from Boeing, or Boeing was unable or unwilling to make timely deliveries of aircraft or to provide adequate support for its products, the Company\u2019s operations would be materially adversely impacted\\. In addition, the Company would be materially adversely impacted in the event of a mechanical or regulatory issue associated with the Boeing 737 aircraft type, whether as a result of downtime for part or all of the Company\u2019s fleet, increased maintenance costs, or because of a negative perception by the flying public\\. The Company is also dependent on sole suppliers for aircraft engines and certain other aircraft parts and would, therefore, also be materially adversely impacted in the event of the unavailability of, or a mechanical or regulatory issue associated with, engines and other parts\\.\n\nThe Company has historically entered into agreements with some of its co\\-brand, payment, and loyalty partners that contain exclusivity aspects which place certain confidential restrictions on the Company from entering into certain arrangements with other payment and loyalty partners\\. These arrangements generally extend for the terms of the agreements, none of which currently extend beyond May 2022\\. The Company believes the financial benefits generated by the exclusivity aspects of these arrangements outweigh the risks involved with such agreements\\.\n\n**2****\\. NEW ACCOUNTING PRONOUNCEMENTS AND ACCOUNTING CHANGES**\n\nOn August 28, 2017, the Financial Accounting Standards Board (the \"FASB\") issued ASU No\\. 2017\\-12, Targeted Improvements to Accounting for Hedging Activities\\. The standard amends the hedge accounting model to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results\\. The amendments also simplify the application of hedge accounting in certain situations\\. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted in any interim or annual period\\. The Company plans to adopt this ASU as of January 1, 2018\\. See Note 10 for further information on current accounting for financial derivative instruments\\. The most significant impacts of this ASU on the Company's financial statements is the elimination of the requirement to separately measure and report ineffectiveness for all cash flow hedges in a hedging relationship, as well as a change in classification of premium expense associated with option contracts\\. The estimate of the cumulative effect of the adjustment to move the reporting of ineffectiveness as of January 1, 2018, to Accumulated other comprehensive income (loss) from Retained earnings, is an approximate $20 million loss, net of taxes\\. Historically \n\n81"}
{"_id": "AmericanAirlines-2018_35.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**ITEM 2\\. PROPERTIES**\n\n**Flight Equipment and Fleet Renewal**\n\nAs of December 31, 2018, American operated a mainline fleet of 956 aircraft\\. In 2018, we continued our extensive fleet renewal program, which has provided us with the youngest fleet of the major U\\.S\\. network carriers\\. During 2018, American took delivery of 23 mainline aircraft and retired 15 mainline aircraft\\. We are supported by our wholly\\-owned and third\\-party regional carriers that fly under capacity purchase agreements operating as American Eagle\\. As of December 31, 2018, American Eagle operated 595 regional aircraft\\. During 2018, we reduced our regional fleet by a net of two aircraft, including the addition of 60 regional aircraft and retirement of 62 regional aircraft\\. \n\n***Mainline***\n\nAs of December 31, 2018, American\u2019s mainline fleet consisted of the following aircraft:\n\n\n\n|                          |                                         |                                               |           |            |           |\n| ------------------------ | --------------------------------------- | --------------------------------------------- | --------- | ---------- | --------- |\n|                          | **Average Seating**<br><br>**Capacity** | **Average**<br><br>**Age**<br><br>**(Years)** | **Owned** | **Leased** | **Total** |\n| Airbus A319              | 128                                     | 14\\.7                                         | 21        | 105        | 126       |\n| Airbus A320              | 150                                     | 17\\.7                                         | 10        | 38         | 48        |\n| Airbus A321              | 178                                     | 6\\.4                                          | 165       | 54         | 219       |\n| Airbus A330\\-200         | 247                                     | 7\\.0                                          | 15        | \u2014          | 15        |\n| Airbus A330\\-300         | 291                                     | 18\\.4                                         | 4         | 5          | 9         |\n| Boeing 737\\-800          | 161                                     | 9\\.1                                          | 132       | 172        | 304       |\n| Boeing 737\\-8 MAX        | 172                                     | 0\\.6                                          | 11        | 9          | 20        |\n| Boeing 757\\-200          | 180                                     | 19\\.1                                         | 31        | 3          | 34        |\n| Boeing 767\\-300ER        | 209                                     | 20\\.1                                         | 24        | \u2014          | 24        |\n| Boeing 777\\-200ER        | 273                                     | 18\\.0                                         | 44        | 3          | 47        |\n| Boeing 777\\-300ER        | 304                                     | 4\\.8                                          | 18        | 2          | 20        |\n| Boeing 787\\-8            | 226                                     | 3\\.1                                          | 20        | \u2014          | 20        |\n| Boeing 787\\-9            | 285                                     | 1\\.3                                          | 15        | 5          | 20        |\n| Embraer 190              | 99                                      | 11\\.1                                         | 20        | \u2014          | 20        |\n| McDonnell Douglas MD\\-80 | 140                                     | 20\\.6                                         | 3         | 27         | 30        |\n| Total                    |                                         | 10\\.6                                         | 533       | 423        | 956       |\n\n\n\n36"}
{"_id": "Delta-2017_69.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nLong\\-Term Investments\n\nWe have developed strategic relationships with certain airlines through equity investments and other forms of cooperation and support\\. Strategic relationships improve our coordination with these airlines and enable our customers to seamlessly connect to more places while enjoying a consistent, high\\-quality travel experience\\.\n\nEquity Method Investments\n\n\n\n|     |                                                                                                                                                                                                                                                                                              |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| *\u2022* | *Aerom\u00e9xico* \\. During 2017, we completed a   $622 million  tender offer and executed derivative contracts for   $173 million  to obtain additional capital stock of Grupo Aerom\u00e9xico, increasing our ownership percentage to a non\\-controlling   49%  equity stake in Grupo Aerom\u00e9xico \\.  |\n\n\n\n\n\n|     |                                                                                                                                                 |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------- |\n| *\u2022* | *Virgin Atlantic* \\. We have a non\\-controlling   49%  equity stake in Virgin Atlantic Limited, the parent company of Virgin Atlantic Airways\\. |\n\n\n\nWe account for these investments under the equity method of accounting and recognize our portion of their financial results in miscellaneous, net in our Consolidated Statements of Operations\\.\n\nAvailable\\-for\\-Sale Investments\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| *\u2022* | *GOL\\.*  We own   9%  of the outstanding capital stock of GOL's parent company through ownership of its preferred shares\\. Driven by an improved outlook for the Brazilian economy and the financial performance of the company, the stock price of GOL's parent company has more than doubled since December 31, 2016 and exceeds the original cost of our investment\\. This unrealized gain of   $56 million  is recorded in AOCI\\. |\n\n\n\nAdditionally, GOL has a   $300 million  five \\-year term loan facility with third parties, which we have guaranteed\\. Our entire guaranty is secured by GOL's ownership interest in Smiles, GOL's publicly\\-traded loyalty program\\. Because GOL remains in compliance with the terms of its loan facility, we have not recorded a liability on our Consolidated Balance Sheets as of  December 31, 2017 \\. \n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *China Eastern\\.*  We have a   3%  equity interest in China Eastern\\. Because the investment agreement with China Eastern restricts our sale or transfer of these shares through the September 2018 quarter, we had previously recorded this investment at cost\\. As we are now within one year of the lapse of these restrictions, we began accounting for the investment during the September 2017 quarter as available\\-for\\-sale with changes in fair value recorded in AOCI\\. As of December 31, 2017, the unrealized gain recorded in AOCI was   $106 million \\. |\n\n\n\nCost Method Investments\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| *\u2022* | *Air France\\-KLM\\.*  During 2017, we acquired   10%  of the outstanding shares of our joint venture partner, Air France\\-KLM, for   $450 million \\. Because our investment agreement restricts the sale or transfer of these shares for five years, we account for this investment at cost\\. We are working to develop a combined long\\-term joint venture with Air France\\-KLM and Virgin Atlantic as part of our investment strategy\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                          |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Republic Airways* \\. During 2017, we acquired a   17%  ownership interest in Republic Airways Holdings Inc\\. (\"Republic\"), in consideration for our unsecured claim in Republic\u2019s bankruptcy case\\. This ownership interest is accounted for at cost as Republic's shares are not actively traded on a public exchange and we do not have the ability to exercise significant influence over Republic\\. |\n\n\n\n 65"}
{"_id": "Alaska-2018_14.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nonly for Boeing qualified mechanics, and excludes legacy Virgin America mechanics as they are not currently under a collective bargaining agreement\\. \n\nHorizon\u2019s union contracts at December 31, 2018 were as follows:\n\n\n\n|                                              |                                                              |                         |                      |\n| -------------------------------------------- | ------------------------------------------------------------ | ----------------------- | -------------------- |\n| **Union**                                    | **Employee Group**                                           | **Number of Employees** | **Contract Status**  |\n| International Brotherhood of Teamsters (IBT) | Pilots                                                       | 852                     | Amendable 12/14/2024 |\n| AFA                                          | Flight attendants                                            | 628                     | Amendable 7/18/2019  |\n| IBT                                          | Mechanics and related classifications                        | 275                     | Amendable 12/16/2020 |\n| Unifor                                       | Station personnel in  <br>Vancouver and Victoria, BC, Canada | 38                      | Amendable 2/14/2019  |\n| TWU                                          | Dispatchers                                                  | 22                      | Amendable 8/26/2018  |\n\n\n\nMcGee Air Services union contract at December 31, 2018 was as follows:\n\n\n\n|           |                        |                         |                     |\n| --------- | ---------------------- | ----------------------- | ------------------- |\n| **Union** | **Employee Group**     | **Number of Employees** | **Contract Status** |\n| IAM       | Fleet and ramp service | 1,573                   | Amendable 7/19/2023 |\n\n\n\n**EXECUTIVE OFFICERS**\n\nThe executive officers of Alaska Air Group, Inc\\. and its primary subsidiaries, Alaska Airlines, Inc\\. and Horizon Air Industries, who have significant decision\\-making responsibilities, their positions and their respective ages are as follows: \n\n\n\n|                      |                                                                                                                                                                                          |         |                                                                 |\n| -------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------- | --------------------------------------------------------------- |\n| **Name**             | **Position**                                                                                                                                                                             | **Age** | **Air Group**<br><br>**or Subsidiary**<br><br>**Officer Since** |\n| Bradley D\\. Tilden   | Chairman and Chief Executive Officer of Alaska Air Group, Inc\\., Chairman of Alaska Airlines, Inc\\., Chairman of Horizon Air Industries, Inc\\.                                           | 58      | 1994                                                            |\n| Brandon S\\. Pedersen | Executive Vice President/Finance and Chief Financial Officer of Alaska Air Group, Inc\\. and Alaska Airlines, Inc\\., and Treasurer of Alaska Air Group, Inc\\. and Alaska Airlines, Inc\\.  | 52      | 2003                                                            |\n| Kyle B\\. Levine      | Vice President Legal, General Counsel and Corporate Secretary of Alaska Air Group, Inc\\. and Alaska Airlines, Inc\\. and Chief Ethics and Compliance Officer of Alaska Air Group, Inc\\.   | 47      | 2016                                                            |\n| Benito Minicucci     | President and Chief Operating Officer of Alaska Airlines, Inc\\.                                                                                                                          | 52      | 2004                                                            |\n| Gary L\\. Beck        | President and Chief Executive Officer of Horizon Air Industries, Inc\\.                                                                                                                   | 71      | 2018                                                            |\n| Andrew R\\. Harrison  | Executive Vice President and Chief Commercial Officer of Alaska Airlines, Inc\\.                                                                                                          | 49      | 2008                                                            |\n| Shane R\\. Tackett    | Executive Vice President, Planning and Strategy of Alaska Airlines, Inc\\.                                                                                                                | 40      | 2011                                                            |\n| Andrea L\\. Schneider | Vice President People of Alaska Airlines, Inc\\.                                                                                                                                          | 53      | 1998                                                            |\n| Diana Birkett\\-Rakow | Vice President External Relations of Alaska Airlines, Inc\\.                                                                                                                              | 41      | 2017                                                            |\n\n\n\n*Mr\\. Tilden* joined Alaska Airlines in 1991, became Controller of Alaska Air Group and Alaska Airlines in 1994 and was named Vice President/Finance at Alaska Airlines in January 1999 and at Alaska Air Group in February 2000\\. He was elected Alaska \n\n 15"}
{"_id": "Delta-2019_11.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nAirport Access\n\nOperations at three major domestic airports and certain foreign airports served by us are regulated by governmental entities through allocations of \"slots\" or similar regulatory mechanisms\\. Each slot represents the authorization to land at or take off from the particular airport during a specified time period\\.\n\nIn the U\\.S\\., the FAA currently regulates the allocation of slots, slot exemptions, operating authorizations, or similar capacity allocation mechanisms at Reagan National in Washington, D\\.C\\. and LaGuardia and JFK in the New York City area\\. Our operations at these airports generally require the allocation of slots or analogous regulatory authorizations\\. Similarly, our operations at Tokyo's Haneda airport, London's Heathrow airport and other international airports are regulated by local slot coordinators pursuant to the International Air Transport Association's Worldwide Scheduling Guidelines and applicable local law\\. We currently have sufficient slots or analogous authorizations to operate our existing flights, and we have generally been able to obtain the rights to expand our operations and to change our schedules\\. There is no assurance, however, that we will be able to do so in the future because, among other reasons, such allocations are subject to changes in governmental policies\\.\n\nEnvironmental Matters\n\nOur operations are subject to a number of international, federal, state and local laws and regulations governing protection of the environment, including regulation of greenhouse gases and other air emissions, noise reduction, water discharges, aircraft drinking water, storage and use of petroleum and other regulated substances, and the management and disposal of hazardous waste, substances and materials\\. \n\nEmissions \\. Carbon emissions by the aviation industry and their impact on climate change have become a particular focus in the international community and within the U\\.S\\. For several years, the European Union has required its member states to implement regulations to include aviation in its Emissions Trading Scheme (\"ETS\")\\. Under these regulations, any airline with flights originating or landing in the European Union is subject to the ETS and, beginning in 2012, was required to purchase emissions allowances if the airline exceeds the number of free allowances allocated to it under the ETS\\. The ETS was amended to apply only to flights within the European Economic Area from 2013 through 2016\\. In 2017, the EU extended the exemption for foreign flights through 2023 based on the International Civil Aviation Organization\u2019s (\"ICAO\") adoption of a global market\\-based program\\. \n\nIn 2016, ICAO formally adopted a global, market\\-based emissions offset program known as the Carbon Offsetting and Reduction Scheme for International Aviation (\"CORSIA\")\\. This program establishes a medium\\-term goal for the aviation industry of achieving carbon\\-neutral growth in international aviation beginning in 2021, based on a 2019\\-2020 baseline\\. A pilot phase of the offset program will begin in 2021, followed by a first phase of the program beginning in 2024 and a second phase beginning in 2027\\. Countries can voluntarily participate in the pilot and first phase, and the United States has agreed to participate in these voluntary phases\\. Participation in the second phase is mandatory for certain countries, including the United States\\. We submitted our CORSIA Emissions Monitoring Plan to the FAA in 2019 and are monitoring emissions for the 2019\\-2020 baseline period\\. In 2017, ICAO also adopted new aircraft certification standards to reduce carbon dioxide (CO~2~ ) emissions from aircraft\\. The new aircraft certification standards apply to new aircraft types in 2020 and to new in\\-production aircraft starting in 2023 but no later than 2028\\. These standards will not apply to existing in\\-service aircraft\\. However, exemption from the certification requirement could affect how these aircraft are treated under other programs governing CO~2~  emissions\\. \n\nIn 2016, the U\\.S\\. Environmental Protection Agency (\"EPA\") issued a final finding under the Clean Air Act that greenhouse gases threaten the public health and welfare, and further determined that aircraft cause or contribute to greenhouse gases\\. The endangerment finding does not establish standards, but triggers an obligation for the EPA to regulate greenhouse gas emissions from aircraft\\. The EPA has historically implemented air emissions control standards adopted by ICAO; however, the EPA has yet to issue regulations to regulate greenhouse gas emissions from aircraft pursuant to the 2016 endangerment finding\\. \n\nWe may face additional regulation of aircraft emissions in the U\\.S\\. and abroad and become subject to further taxes, charges or additional requirements to obtain permits or purchase allowances or emission credits for greenhouse gas emissions in various jurisdictions\\. Additional regulation could result in taxation, regulatory or permitting requirements from multiple jurisdictions for the same operations and significant costs for us and the airline industry\\. In addition to direct costs, such regulation could result in increased fuel costs passed through from fuel suppliers affected by any such regulations\\. We are monitoring and evaluating the potential impact of such legislative and regulatory developments\\.\n\n9"}
{"_id": "Alaska-2019_47.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nAircraft Fuel\n\nCurrently, our fuel\\-hedging portfolio consists of crude oil call options\\. Call options effectively cap our pricing for the crude oil component of jet fuel, limiting our exposure to increasing fuel prices for about half of our planned fuel consumption\\. With call options, we are hedged against volatile crude oil price increases, and, during a period of decline in crude oil prices, we only forfeit cash paid for hedge premiums\\. We believe there is risk in not hedging against fuel price increases\\. We estimate that a hypothetical 10% increase or decrease in the forward curve for crude oil prices as of December 31, 2019 would change the fair value of our crude oil hedge portfolio to approximately $3 million or $33 million\\. \n\nOur portfolio value of fuel hedge contracts was $11 million at December 31, 2019 compared to a portfolio value of $4 million at December 31, 2018\\. We did not have any collateral held by counterparties to these agreements as of December 31, 2019\\.\n\nWe continue to believe that our fuel hedge program is an important part of our strategy to reduce our exposure to volatile fuel prices\\. We expect to enter into these types of contracts prospectively, although significant changes in market conditions could affect our decisions\\. For more discussion, see Note 3 to our consolidated financial statements\\.\n\nInterest Rates\n\nWe have exposure to market risk associated with changes in interest rates related primarily to our debt obligations and short\\-term investment portfolio\\. Our debt obligations include variable\\-rate instruments, which have exposure to changes in interest rates\\. In order to mitigate the risk of interest rate fluctuations, we have a number of interest rate swaps that fix the interest rates on certain variable\\-rate debt agreements\\. A hypothetical 10% change in the average interest rates incurred on average variable\\-rate debt held during 2019 would have correspondingly changed our net earnings and cash flows associated with these items by less than $5 million\\. Our variable\\-rate debt represents approximately 69% and 70% of our total long\\-term debt as of December 31, 2019 and December 31, 2018\\. Approximately $717 million of the Company's total variable\\-rate notes payable were effectively fixed via interest rate swaps at December 31, 2019\\.\n\nOur exposure to interest rate variability is further mitigated through our variable\\-rate investment portfolio\\. We also have investments in marketable securities, which are exposed to market risk associated with changes in interest rates\\. If short\\-term interest rates were to average one point more than they did in 2019, interest income would increase by approximately $12 million\\. \n\nOur variable\\-rate instruments, including long\\-term debt, interest rate swaps, and credit facilities, all make reference to the London Interbank Offered Rate (LIBOR) as the interest rate benchmark\\. It is expected that after 2021, LIBOR will be discontinued as a reference rate\\. In the event of the discontinuance of LIBOR, we will need to transition our LIBOR\\-based contracts to a mutually agreed\\-upon alternate benchmark rate, which effectively places the Lenders and the Company in the same economic position that existed immediately prior to the discontinuation of LIBOR\\. At this time, we do not anticipate that the discontinuance of LIBOR will materially impact our liquidity or financial position\\.\n\n\n\n|                                                                   |                                                                   |                                                                   |\n| ----------------------------------------------------------------- | ----------------------------------------------------------------- | ----------------------------------------------------------------- |\n| ITEM 8\\. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | ITEM 8\\. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | ITEM 8\\. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |\n\n\n\nSELECTED QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (unaudited)\n\n\n\n|                                   |                                   |                                   |               |               |               |               |               |  |  |  |         |  |  |  |                |                |                |                |                |  |  |  |         |  |  |  |               |               |               |               |               |  |  |  |  |  |  |  |  |  |                |                |                |                |                |                |                |                |                |  |  |  |  |  |  |\n|:--------------------------------- |:--------------------------------- |:--------------------------------- | -------------:|:-------------:|:-------------:|:-------------:| -------------:|:- |:- |:- | -------:|:- |:- |:- | --------------:|:--------------:|:--------------:|:--------------:| --------------:|:- |:- |:- | -------:|:- |:- |:- | -------------:|:-------------:|:-------------:|:-------------:| -------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:--------------:|:--------------:|:--------------:|:--------------:|:--------------:|:--------------:|:--------------:|:--------------:|:--------------:|:- |:- |:- |:- |:- |:- |\n|                                   |                                   |                                   | First Quarter | First Quarter | First Quarter | First Quarter | First Quarter |  |  |  |         |  |  |  | Second Quarter | Second Quarter | Second Quarter | Second Quarter | Second Quarter |  |  |  |         |  |  |  | Third Quarter | Third Quarter | Third Quarter | Third Quarter | Third Quarter |  |  |  |  |  |  |  |  |  | Fourth Quarter | Fourth Quarter | Fourth Quarter | Fourth Quarter | Fourth Quarter | Fourth Quarter | Fourth Quarter | Fourth Quarter | Fourth Quarter |  |  |  |  |  |  |\n| *(in millions, except per share)* | *(in millions, except per share)* | *(in millions, except per share)* |          2019 |               |               |               |          2018 |  |  |  |    2019 |  |  |  |           2018 |                |                |                |           2019 |  |  |  |    2018 |  |  |  |          2019 |               |               |               |          2018 |\n| Operating revenues                | Operating revenues                | Operating revenues                |       $1,876  |               |               |               |       $1,832  |  |  |  | $2,288  |  |  |  |        $2,156  |                |                |                |        $2,389  |  |  |  | $2,212  |  |  |  |       $2,228  |               |               |               |       $2,064  |\n| Operating income                  | Operating income                  | Operating income                  |           25  |               |               |               |           29  |  |  |  |    364  |  |  |  |           271  |                |                |                |           422  |  |  |  |    297  |  |  |  |          252  |               |               |               |           46  |\n| Net income                        | Net income                        | Net income                        |            4  |               |               |               |            4  |  |  |  |    262  |  |  |  |           193  |                |                |                |           322  |  |  |  |    217  |  |  |  |          181  |               |               |               |           23  |\n| Basic earnings per share^(a)^     | Basic earnings per share^(a)^     | Basic earnings per share^(a)^     |        0\\.03  |               |               |               |        0\\.03  |  |  |  |  2\\.12  |  |  |  |         1\\.57  |                |                |                |         2\\.61  |  |  |  |  1\\.76  |  |  |  |        1\\.47  |               |               |               |        0\\.19  |\n| Diluted earnings per share^(a)^   | Diluted earnings per share^(a)^   | Diluted earnings per share^(a)^   |        0\\.03  |               |               |               |        0\\.03  |  |  |  |  2\\.11  |  |  |  |         1\\.56  |                |                |                |         2\\.60  |  |  |  |  1\\.75  |  |  |  |        1\\.46  |               |               |               |        0\\.19  |\n\n\n\n^(a)^ For earnings per share, the sum of the quarters may not equal the total for the full year due to rounding\\.\n\n47"}
{"_id": "Delta-2017_57.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Statements of Cash Flows\n\n\n\n|                                                                                          |                                                                                          |                                                                                          |                                                                                          |\n| ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- |\n|                                                                                          | **Year Ended December 31,**                                                              | **Year Ended December 31,**                                                              | **Year Ended December 31,**                                                              |\n| **(in millions)**                                                                        | **2017**                                                                                 | **2016**                                                                                 | **2015**                                                                                 |\n| **Cash Flows From Operating Activities:**                                                |                                                                                          |                                                                                          |                                                                                          |\n| Net income                                                                               | $3,577                                                                                   | $4,373                                                                                   | $4,526                                                                                   |\n| Adjustments to reconcile net income to net cash provided by operating activities:        |                                                                                          |                                                                                          |                                                                                          |\n| Depreciation and amortization                                                            | 2,235                                                                                    | 1,902                                                                                    | 1,835                                                                                    |\n| Hedge derivative contracts                                                               | (7<br><br>)                                                                              | (342<br><br>)                                                                            | (1,366<br><br>)                                                                          |\n| Deferred income taxes                                                                    | 2,071                                                                                    | 2,223                                                                                    | 2,581                                                                                    |\n| Pension, postretirement and postemployment payments greater than expense                 | (3,302<br><br>)                                                                          | (717<br><br>)                                                                            | (1,013<br><br>)                                                                          |\n| Equity investment earnings                                                               | (1<br><br>)                                                                              | (160<br><br>)                                                                            | (35<br><br>)                                                                             |\n| Changes in certain assets and liabilities:                                               |                                                                                          |                                                                                          |                                                                                          |\n| Receivables                                                                              | (328<br><br>)                                                                            | (147<br><br>)                                                                            | (56<br><br>)                                                                             |\n| Fuel inventory                                                                           | (397<br><br>)                                                                            | (140<br><br>)                                                                            | 155                                                                                      |\n| Hedge margin                                                                             | (5<br><br>)                                                                              | 81                                                                                       | 806                                                                                      |\n| Prepaid expenses and other current assets                                                | (57<br><br>)                                                                             | (26<br><br>)                                                                             | (102<br><br>)                                                                            |\n| Air traffic liability                                                                    | 262                                                                                      | 123                                                                                      | 207                                                                                      |\n| Frequent flyer deferred revenue                                                          | 192                                                                                      | 45                                                                                       | (301<br><br>)                                                                            |\n| Profit sharing                                                                           | (51<br><br>)                                                                             | (383<br><br>)                                                                            | 734                                                                                      |\n| Accounts payable and accrued liabilities                                                 | 992                                                                                      | 285                                                                                      | (201<br><br>)                                                                            |\n| Other, net                                                                               | (33<br><br>)                                                                             | 88                                                                                       | 157                                                                                      |\n| Net cash provided by operating activities                                                | 5,148                                                                                    | 7,205                                                                                    | 7,927                                                                                    |\n| **Cash Flows From Investing Activities:**                                                |                                                                                          |                                                                                          |                                                                                          |\n| Property and equipment additions:                                                        |                                                                                          |                                                                                          |                                                                                          |\n| Flight equipment, including advance payments                                             | (2,704<br><br>)                                                                          | (2,617<br><br>)                                                                          | (2,223<br><br>)                                                                          |\n| Ground property and equipment, including technology                                      | (1,187<br><br>)                                                                          | (774<br><br>)                                                                            | (722<br><br>)                                                                            |\n| Purchase of equity investments                                                           | (1,245<br><br>)                                                                          | \u2014                                                                                        | (500<br><br>)                                                                            |\n| Purchase of short\\-term investments                                                      | (925<br><br>)                                                                            | (1,707<br><br>)                                                                          | (998<br><br>)                                                                            |\n| Redemption of short\\-term investments                                                    | 584                                                                                      | 2,686                                                                                    | 739                                                                                      |\n| Other, net                                                                               | 111                                                                                      | 257                                                                                      | (251<br><br>)                                                                            |\n| Net cash used in investing activities                                                    | (5,366<br><br>)                                                                          | (2,155<br><br>)                                                                          | (3,955<br><br>)                                                                          |\n| **Cash Flows From Financing Activities:**                                                |                                                                                          |                                                                                          |                                                                                          |\n| Payments on long\\-term debt and capital lease obligations                                | (1,258<br><br>)                                                                          | (1,709<br><br>)                                                                          | (2,558<br><br>)                                                                          |\n| Repurchase of common stock                                                               | (1,677<br><br>)                                                                          | (2,601<br><br>)                                                                          | (2,200<br><br>)                                                                          |\n| Cash dividends                                                                           | (731<br><br>)                                                                            | (509<br><br>)                                                                            | (359<br><br>)                                                                            |\n| Fuel card obligation                                                                     | 636                                                                                      | 211                                                                                      | (340<br><br>)                                                                            |\n| Payments on hedge derivative contracts                                                   | (244<br><br>)                                                                            | (451<br><br>)                                                                            | (71<br><br>)                                                                             |\n| Proceeds from hedge derivative contracts                                                 | 20                                                                                       | 291                                                                                      | 429                                                                                      |\n| Proceeds from long\\-term obligations                                                     | 2,454                                                                                    | 450                                                                                      | 1,038                                                                                    |\n| Other, net                                                                               | 70                                                                                       | 58                                                                                       | (27<br><br>)                                                                             |\n| Net cash used in financing activities                                                    | (730<br><br>)                                                                            | (4,260<br><br>)                                                                          | (4,088<br><br>)                                                                          |\n| **Net (Decrease) Increase in Cash and Cash Equivalents**                                 | (948<br><br>)                                                                            | 790                                                                                      | (116<br><br>)                                                                            |\n| Cash and cash equivalents at beginning of period                                         | 2,762                                                                                    | 1,972                                                                                    | 2,088                                                                                    |\n| Cash and cash equivalents at end of period                                               | $1,814                                                                                   | $2,762                                                                                   | $1,972                                                                                   |\n| **Supplemental Disclosure of Cash Paid for Interest**                                    | $390                                                                                     | $385                                                                                     | $452                                                                                     |\n| **Non\\-Cash Transactions:**                                                              |                                                                                          |                                                                                          |                                                                                          |\n| Treasury stock contributed to our qualified defined benefit pension plans                | $350                                                                                     | $350                                                                                     | $\u2014                                                                                       |\n| Flight and ground equipment acquired under capital leases                                | $261                                                                                     | $86                                                                                      | $111                                                                                     |\n| The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. |\n\n\n\n 53"}
{"_id": "AmericanAirlines-2019_178.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 10\\.19                        | [First Amendment to Credit and Guaranty Agreement, dated as of October 31, 2016, amending the Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\. as borrower, American Airlines Group Inc\\., as parent and guarantor, the lenders party thereto, Barclays Bank PLC, as administrative agent (incorporated by reference to Exhibit 10\\.81 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (Commission File No\\. 1\\-8400))\\. ](http://www.sec.gov/Archives/edgar/data/4515/000119312517051216/d286458dex1081.htm)                      |\n| 10\\.20                        | [Second Amendment to the Credit and Guaranty Agreement, dated as of August 21, 2017, amending the Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Barclays Bank PLC, as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.15 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000009/ex101510k2017.htm) \\* |\n| 10\\.21                        | [Third Amendment to Credit and Guaranty Agreement, dated as of November 1, 2017, amending the Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\. as borrower, American Airlines Group Inc\\., as parent and guarantor, the lenders party thereto, Barclays Bank PLC, as administrative agent (incorporated by reference to Exhibit 10\\.16 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000009/ex101610k2017.htm)                        |\n| 10\\.22                        | [Fourth Amendment to Credit and Guaranty Agreement, dated as of December 10, 2018, amending the Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\. as borrower, American Airlines Group Inc\\., as parent and guarantor, the lenders party thereto, Barclays Bank PLC, as administrative agent (incorporated by reference to Exhibit 10\\.20 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2018 (Commission File No\\. 1\\-8400))\\.\\*\\*\\*](http://www.sec.gov/Archives/edgar/data/4515/000000620119000009/ex102010k2018.htm)                |\n| 10\\.23                        | [Fifth Amendment to Credit and Guaranty Agreement, dated as of November 8, 2019, amending the Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\. as borrower, American Airlines Group Inc\\., as parent and guarantor, the lenders party thereto, Barclays Bank PLC, as administrative agent\\.\\*\\*](https://americanairlines.gcs-web.com/email-alerts/ex102310k2019.htm)                                                                                                                                                                                        |\n| 10\\.24                        | [Purchase Agreement No\\. 3219, dated as of October 15, 2008, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.29 to American\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000451509000008/ex1029.htm) \\*                                                                                                                                                                                                                                     |\n| 10\\.25                        | [Supplemental Agreement No\\. 2, dated as of July 21, 2010, to Purchase Agreement No\\. 3219 between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.2 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2010 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000095012310066894/d73384exv10w2.htm) \\*                                                                                                                                                                                                    |\n| 10\\.26                        | [Supplemental Agreement No\\. 3, dated as of February 1, 2013, to Purchase Agreement No\\. 3219 between American Airlines, Inc\\., and The Boeing Company (incorporated by reference to Exhibit 10\\.2 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000040/d516424dex102.htm) \\*                                                                                                                                                                                               |\n| 10\\.27                        | [Supplemental Agreement No\\. 4, dated as of June 9, 2014, to Purchase Agreement No\\. 3219 between The Boeing Company and American Airlines, Inc\\. dated as of October 15, 2008, relating to Boeing Model 787 Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.6 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex106.htm) \\*                                                 |\n| 10\\.28                        | [Supplemental Agreement No\\. 5, dated as of January 20, 2015, to Purchase Agreement No\\. 3219 between The Boeing Company and American Airlines, Inc\\., dated as of October 15, 2008, relating to Boeing Model 787 Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515145178/d900175dex102.htm) \\*                                           |\n| 10\\.29                        | [Supplemental Agreement No\\. 6, dated as of April 21, 2015, to Purchase Agreement No\\. 3219 between American Airlines, Inc\\. and The Boeing Company, dated as of October 15, 2008, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex102.htm) \\*                                                                                     |\n| 10\\.30                        | [Supplemental Agreement No\\. 7, dated as of September 12, 2016, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516742263/d247546dex103.htm) \\*                                                                                                                                                            |\n| 10\\.31                        | [Supplemental Agreement No\\. 8, dated as of January 26, 2017, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex103.htm) \\*                                                                                                                                                                  |\n| 10\\.32                        | [Supplemental Agreement No\\. 9, dated as of April 24, 2017, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, by and between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.5 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517239325/d416225dex105.htm) \\*                                                                                                                                                              |\n\n\n\n179"}
{"_id": "AmericanAirlines-2017_194.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| 10\\.66                        | [Form of American Airlines Group Inc\\. 2013 Incentive Award Plan Restricted Stock Unit (Stock\\-Settled) Award Grant Notice and Award Agreement (incorporated by reference to Exhibit 10\\.127 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex10127.htm) \u2020                                                   |\n| 10\\.67                        | [Form of American Airlines Group Inc\\. 2013 Incentive Award Plan Restricted Stock Unit (Stock\\-Settled) Award Grant Notice and Award Agreement for Director Grants (incorporated by reference to Exhibit 10\\.129 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex10129.htm) \u2020                               |\n| 10\\.68                        | [Form of Indemnification Agreement (incorporated by reference to Exhibit 10\\.9 to AAG\u2019s Current Report on Form 8\\-K filed on December 9, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513466973/d640718dex109.htm) \u2020                                                                                                                                                                              |\n| 10\\.69                        | [US Airways Group 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10\\.1 to US Airways Group\u2019s Current Report on Form 8\\-K filed on October 3, 2005 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095014405010015/g97529exv10w1.txt) \u2020                                                                                                                                                      |\n| 10\\.70                        | [Form of Stock Appreciation Rights Award Agreement under US Airways Group\u2019s 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10\\.75 to US Airways Group\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2005 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012406001200/p72019exv10w75.htm) \u2020                                                                              |\n| 10\\.71                        | [US Airways Group, Inc\\. 2008 Equity Incentive Plan (incorporated by reference to Exhibit 4\\.1 to US Airways Group\u2019s Registration Statement on Form S\\-8 filed on June 30, 2008 (Registration No\\. 333\\-152033))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095015308001188/p75713exv4w1.htm) \u2020                                                                                                                                          |\n| 10\\.72                        | [Form of Stock Appreciation Right Award Agreement under the US Airways Group, Inc\\. 2008 Equity Incentive Plan (incorporated by reference to Exhibit 10\\.2 to US Airways Group\u2019s Current Report on Form 8\\-K filed August 7, 2008 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000117902208000125/sargrantagmt.htm) \u2020                                                                                         |\n| 10\\.73                        | [Form of Stock Appreciation Right (Cash\\-Settled) Award Agreement under the US Airways Group, Inc\\. 2008 Equity Incentive Plan (incorporated by reference to Exhibit 10\\.8 to US Airways Group\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2009 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000136231009005707/c84102exv10w8.htm) \u2020                                                     |\n| 10\\.74                        | [Form of Stock Appreciation Right (Stock\\-Settled) Award Agreement under the US Airways Group, Inc\\. 2008 Equity Incentive Plan (incorporated by reference to Exhibit 10\\.9 to US Airways Group\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2009 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000136231009005707/c84102exv10w9.htm) \u2020                                                    |\n| 10\\.75                        | [US Airways Group, Inc\\. 2011 Incentive Award Plan (incorporated by reference to Exhibit 4\\.1 to US Airways Group\u2019s Registration Statement on Form S\\-8 filed on July 1, 2011 (Registration No\\. 333\\-175323))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063744/p18922exv4w1.htm) \u2020                                                                                                                                            |\n| 10\\.76                        | [Form of Stock Appreciation Right (Cash\\-Settled) Award Grant Notice and Stock Appreciation Right (Cash\\-Settled) Award Agreement under the US Airways Group, Inc\\. 2011 Incentive Award Plan (incorporated by reference to Exhibit 4\\.3 to US Airways Group\u2019s Registration Statement on Form S\\-8 filed on July 1, 2011 (Registration No\\. 333\\-175323))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063744/p18922exv4w3.htm) \u2020 |\n| 10\\.77                        | [Form of Stock Appreciation Right (Stock\\-Settled) Award Grant Notice and Stock Appreciation Right Award Agreement under the US Airways Group, Inc\\. 2011 Incentive Award Plan (incorporated by reference to Exhibit 4\\.4 to US Airways Group\u2019s Registration Statement on Form S\\-8 filed on July 1, 2011 (Registration No\\. 333\\-175323))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063744/p18922exv4w4.htm) \u2020                |\n| 10\\.78                        | [2014 Short\\-Term Incentive Program Under 2013 Incentive Award Plan (incorporated by reference to Exhibit 10\\.8 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex108.htm) \u2020                                                                                                                                |\n| 10\\.79                        | [Form of Letter Agreement for Directors Travel Program (incorporated by reference to Exhibit 10\\.106 to US Airways Group\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2007 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095015308000353/p75006exv10w106.htm) \u2020                                                                                                                            |\n| 10\\.80                        | [Amended and Restated Employment Agreement, dated as of November 28, 2007, among US Airways Group, US Airways, Inc\\. and W\\. Douglas Parker (incorporated by reference to Exhibit 10\\.1 to US Airways Group\u2019s Current Report on Form 8\\-K filed on November 29, 2007 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095015307002500/p74691exv10w1.htm) \u2020                                                     |\n| 10\\.81                        | [Form of Letter Agreement, dated April 25, 2017, by and between American Airlines Group Inc\\. and each of Robert D\\. Isom, Jr\\., Elise Eberwein, Stephen L\\. Johnson and Derek J\\. Kerr (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on May 1, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517150428/d369665dex101.htm) \u2020                              |\n| 10\\.82                        | [Proposed Final Judgment (incorporated by reference to Exhibit 10\\.1 to AMR\u2019s Current Report on Form 8\\-K filed on November 13, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513439217/d627975dex101.htm)                                                                                                                                                                                         |\n| 10\\.83                        | [Asset Preservation Order (incorporated by reference to Exhibit 10\\.2 to AMR\u2019s Current Report on Form 8\\-K filed on November 13, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513439217/d627975dex102.htm)                                                                                                                                                                                        |\n| 10\\.84                        | [Supplemental Stipulated Order (incorporated by reference to Exhibit 10\\.3 to AMR\u2019s Current Report on Form 8\\-K filed on November 13, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513439217/d627975dex103.htm)                                                                                                                                                                                   |\n| 10\\.85                        | [Joint Stipulation (incorporated by reference to Exhibit 10\\.4 to AMR\u2019s Current Report on Form 8\\-K filed on November 13, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513439217/d627975dex104.htm)                                                                                                                                                                                               |\n| 10\\.86                        | [DOT Agreement (incorporated by reference to Exhibit 10\\.5 to AMR\u2019s Current Report on Form 8\\-K filed on November 13, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513439217/d627975dex105.htm)                                                                                                                                                                                                   |\n\n\n\n195"}
{"_id": "United-2019_10.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\na material adverse effect on the Company's business, operating results and financial condition\\.\n\nThe Company's U\\.S\\. operations are subject to competition from traditional network carriers, national point\\-to\\-point carriers, and discount carriers, including low\\-cost carriers and ultra\\-low\\-cost carriers\\. Such carriers may have lower costs and provide service at lower fares to destinations also served by the Company\\. The significant presence of low\\-cost carriers and ultra\\-low\\-cost carriers, which engage in substantial price discounting, may diminish our ability to achieve sustained profitability on domestic and international routes\\. Our ability to compete in the domestic market effectively depends, in part, on our ability to maintain a competitive cost structure\\. If we cannot maintain our costs at a competitive level, then our business, operating results and financial condition could be materially and adversely affected\\.\n\nOur international operations are subject to competition from both foreign and domestic carriers\\. Competition is significant from government subsidized competitors from certain Middle East countries\\. These carriers have large numbers of international widebody aircraft on order and are increasing service to the U\\.S\\. from their hubs in the Middle East\\. The government support provided to these carriers has allowed them to grow quickly, reinvest in their product, invest in other airlines and expand their global presence\\. We also face competition from foreign carriers operating under \"fifth freedom\" rights permitted under international treaties that allow certain carriers to provide service to and from stopover points between their home country and ultimate destination, including points in the United States, in competition with service provided by us\\.\n\nThrough alliance and other marketing and codesharing agreements with foreign carriers, U\\.S\\. carriers have increased their ability to sell international transportation, such as services to and beyond traditional global gateway cities\\. Similarly, foreign carriers have obtained increased access to interior U\\.S\\. passenger traffic beyond traditional U\\.S\\. gateway cities through these relationships\\. In addition, several JBAs among U\\.S\\. and foreign carriers have received grants of antitrust immunity allowing the participating carriers to coordinate schedules, pricing, sales and inventory\\. If we are not able to continue participating in these types of alliance and other marketing and codesharing agreements in the future, our business, operating results and financial condition could be materially and adversely affected\\.\n\nHigh and/or volatile fuel prices or significant disruptions in the supply of aircraft fuel could have a material adverse impact on the Company's strategic plans, operating results, financial condition and liquidity\\.\n\nAircraft fuel is critical to the Company's operations and is one of our largest operating expenses\\. During the year ended December 31, 2019, the Company's fuel expense was approximately  $9\\.0 billion \\. The timely and adequate supply of fuel to meet operational demand depends on the continued availability of reliable fuel supply sources, as well as related service and delivery infrastructure\\. Although the Company has some ability to cover short\\-term fuel supply and infrastructure disruptions at some major demand locations, it depends significantly on the continued performance of its vendors and service providers to maintain supply integrity\\. Consequently, the Company can neither predict nor guarantee the continued timely availability of aircraft fuel throughout the Company's system\\. \n\nAircraft fuel has historically been the Company's most volatile operating expense due to the highly unpredictable nature of market prices for fuel\\. The Company generally sources fuel at prevailing market prices\\. Market prices for aircraft fuel have historically fluctuated substantially in short periods of time and continue to be highly volatile due to a dependence on a multitude of unpredictable factors beyond the Company's control\\. These factors include changes in global crude oil prices, the balance between aircraft fuel supply and demand, natural disasters, prevailing inventory levels and fuel production and transportation infrastructure\\. Prices of fuel are also impacted by indirect factors, such as geopolitical events, economic growth indicators, fiscal/monetary policies, fuel tax policies, changes in regulations, environmental concerns and financial investments in energy markets\\. Both actual changes in these factors, as well as changes in related market expectations, can potentially drive rapid changes in fuel prices in short periods of time\\.\n\nGiven the highly competitive nature of the airline industry, the Company may not be able to increase its fares and fees sufficiently to offset the full impact of increases in fuel prices, especially if these increases are significant, rapid and sustained\\. Further, any such fare or fee increase may not be sustainable, may reduce the general demand for air travel and may also eventually impact the Company's strategic growth and investment plans for the future\\. In addition, decreases in fuel prices for an extended period of time may result in increased industry capacity, increased competitive actions for market share and lower fares or surcharges\\. If fuel prices were to then subsequently rise quickly, there may be a lag between the rise in fuel prices and any improvement of the revenue environment\\.\n\nTo protect against increases in the market prices of fuel, the Company may hedge a portion of its future fuel requirements\\. The Company does not currently hedge its future fuel requirements\\. However, to the extent the Company decides to start a hedging program, such hedging program may not be successful in mitigating higher fuel costs, and any price protection provided may be limited due to the choice of hedging instruments and market conditions, including breakdown of correlation between hedging instrument and market price of aircraft fuel and failure of hedge counterparties\\. To the extent that the Company decides to hedge a portion of its future fuel requirements and uses hedge contracts that have the potential to create an obligation \n\n11"}
{"_id": "Delta-2017_78.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nBenefit Obligations, Fair Value of Plan Assets and Funded Status\n\n\n\n|                                                  |                          |                           |                                                      |                                                      |\n| ------------------------------------------------ | ------------------------ | ------------------------- | ---------------------------------------------------- | ---------------------------------------------------- |\n|                                                  | **Pension Benefits**     | **Pension Benefits**      | **Other Postretirement and Postemployment Benefits** | **Other Postretirement and Postemployment Benefits** |\n|                                                  | **December 31,**         | **December 31,**          | **December 31,**                                     | **December 31,**                                     |\n| **(in millions)**                                | **2017**                 | **2016**                  | **2017**                                             | **2016**                                             |\n| Benefit obligation at beginning of period        | $20,859                  | $20,611                   | $3,379                                               | $3,336                                               |\n| Service cost                                     | \u2014                        | \u2014                         | 87                                                   | 68                                                   |\n| Interest cost                                    | 853                      | 917                       | 138                                                  | 147                                                  |\n| Actuarial loss (gain)                            | 1,068                    | 411                       | 183                                                  | 115                                                  |\n| Benefits paid, including lump sums and annuities | (1,075<br><br>)          | (1,071<br><br>)           | (311<br><br>)                                        | (318<br><br>)                                        |\n| Participant contributions                        | \u2014                        | \u2014                         | 28                                                   | 31                                                   |\n| Settlements                                      | (9<br><br>)              | (9<br><br>)               | \u2014                                                    | \u2014                                                    |\n| Benefit obligation at end of period ^(1)^        | $21,696                  | $20,859                   | $3,504                                               | $3,379                                               |\n| Fair value of plan assets at beginning of period | $10,301                  | $9,374                    | $784                                                 | $884                                                 |\n| Actual gain (loss) on plan assets                | 1,966                    | 687                       | 138                                                  | 51                                                   |\n| Employer contributions                           | 3,561                    | 1,320                     | 254                                                  | 154                                                  |\n| Participant contributions                        | \u2014                        | \u2014                         | 28                                                   | 31                                                   |\n| Benefits paid, including lump sums and annuities | (1,075<br><br>)          | (1,071<br><br>)           | (338<br><br>)                                        | (336<br><br>)                                        |\n| Settlements                                      | (9<br><br>)              | (9<br><br>)               | \u2014                                                    | \u2014                                                    |\n| Fair value of plan assets at end of period       | $14,744                  | $10,301                   | $866                                                 | $784                                                 |\n| Funded status at end of period                   | $<br><br>(6,952<br><br>) | $<br><br>(10,558<br><br>) | $<br><br>(2,638<br><br>)                             | $<br><br>(2,595<br><br>)                             |\n\n\n\n\n\n|       |                                                                                                                                                 |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | At the end of each year presented, our accumulated benefit obligations for our pension plans are equal to the benefit obligations shown above\\. |\n\n\n\nDuring 2017 and 2016, net actuarial losses increased our benefit obligation due to the decrease in discount rates\\. These gains and losses are recorded in AOCI and reflected in the table below\\. \n\nA net actuarial loss of   $277 million  will be amortized from AOCI into net periodic benefit cost in  2018 \\. Amounts are generally amortized from AOCI over the expected future lifetime of plan participants\\.\n\nBalance Sheet Position\n\n\n\n|                                                      |                          |                           |                                                      |                                                      |\n| ---------------------------------------------------- | ------------------------ | ------------------------- | ---------------------------------------------------- | ---------------------------------------------------- |\n|                                                      | **Pension Benefits**     | **Pension Benefits**      | **Other Postretirement and Postemployment Benefits** | **Other Postretirement and Postemployment Benefits** |\n|                                                      | **December 31,**         | **December 31,**          | **December 31,**                                     | **December 31,**                                     |\n| **(in millions)**                                    | **2017**                 | **2016**                  | **2017**                                             | **2016**                                             |\n| Current liabilities                                  | $<br><br>(32<br><br>)    | $<br><br>(30<br><br>)     | $<br><br>(121<br><br>)                               | $<br><br>(125<br><br>)                               |\n| Noncurrent liabilities                               | (6,920<br><br>)          | (10,528<br><br>)          | (2,517<br><br>)                                      | (2,470<br><br>)                                      |\n| Total liabilities                                    | $<br><br>(6,952<br><br>) | $<br><br>(10,558<br><br>) | $<br><br>(2,638<br><br>)                             | $<br><br>(2,595<br><br>)                             |\n| Net actuarial loss                                   | $<br><br>(8,495<br><br>) | $<br><br>(8,515<br><br>)  | $<br><br>(651<br><br>)                               | $<br><br>(570<br><br>)                               |\n| Prior service credit                                 | \u2014                        | \u2014                         | 56                                                   | 82                                                   |\n| Total accumulated other comprehensive loss, pre\\-tax | $<br><br>(8,495<br><br>) | $<br><br>(8,515<br><br>)  | $<br><br>(595<br><br>)                               | $<br><br>(488<br><br>)                               |\n\n\n\n 74"}
{"_id": "AmericanAirlines-2018_113.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nThe estimated amount of unrecognized actuarial net gain and prior service benefit for the retiree medical and other postretirement benefits plans that will be amortized from AOCI into net periodic benefit cost over the next fiscal year is $269 million\\.\n\n***Assumptions***\n\nThe following actuarial assumptions were used to determine our benefit obligations and net periodic benefit cost for the periods presented:\n\n\n\n|                                |                      |                      |                                                                  |                                                                  |\n| ------------------------------ | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                | **2018**             | **2017**             | **2018**                                                         | **2017**                                                         |\n| Benefit obligations:           |                      |                      |                                                                  |                                                                  |\n| Weighted average discount rate | 4\\.40%               | 3\\.80%               | 4\\.30%                                                           | 3\\.60%                                                           |\n\n\n\n\n\n|                                                                           |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| ------------------------------------------------------------------------- | -------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                                                           | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                                                           | **2018**             | **2017**             | **2016**             | **2018**                                                         | **2017**                                                         | **2016**                                                         |\n| Net periodic benefit cost:                                                |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| Weighted average discount rate                                            | 3\\.80%               | 4\\.30%               | 4\\.70%               | 3\\.60%                                                           | 4\\.10%                                                           | 4\\.42%                                                           |\n| Weighted average expected rate of return on plan assets                   | 8\\.00%               | 8\\.00%               | 8\\.00%               | 8\\.00%                                                           | 8\\.00%                                                           | 8\\.00%                                                           |\n| Weighted average health care cost trend rate assumed for next year  ^(1)^ | N/A                  | N/A                  | N/A                  | 3\\.91%                                                           | 4\\.19%                                                           | 4\\.25%                                                           |\n\n\n\n\n\n|       |                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The weighted average health care cost trend rate at  December 31, 2018  is assumed to decline gradually to  3\\.45%  by 2026 and remain level thereafter\\. |\n\n\n\nAs of December 31, 2018, our estimate of the long\\-term rate of return on plan assets was 8% based on the target asset allocation\\. Expected returns on long duration bonds are based on yields to maturity of the bonds held at year\\-end\\. Expected returns on other assets are based on a combination of long\\-term historical returns, actual returns on plan assets achieved over the last ten years, current and expected market conditions, and expected value to be generated through active management and securities lending programs\\.\n\nA one percentage point change in the assumed health care cost trend rates would have the following effects on our retiree medical and other postretirement benefits plans (in millions):\n\n\n\n|                                                                   |                 |                 |\n| ----------------------------------------------------------------- | --------------- | --------------- |\n|                                                                   | **1% Increase** | **1% Decrease** |\n| Increase (decrease) on 2018 service and interest cost             | $2              | $(2)            |\n| Increase (decrease) on benefit obligation as of December 31, 2018 | 47              | (43)            |\n\n\n\n***Minimum Contributions***\n\nWe are required to make minimum contributions to our defined benefit pension plans under the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and various other laws for U\\.S\\. based plans as well as underfunding rules specific to countries where we maintain defined benefit plans\\. Based on current funding assumptions, we have minimum required contributions of $786 million for 2019 including contributions to defined benefit plans for our wholly\\-owned regional subsidiaries\\. We expect to make supplemental contributions of $21 million to our U\\.S\\. based defined benefit pension plans in 2019\\. Our funding obligations will depend on the performance of our investments held in trust by the pension plans, interest rates for determining liabilities, the amount of and timing of any supplemental contributions and our actuarial experience\\.\n\n114"}
{"_id": "Delta-2018_67.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nNOTE 2 \\.  REVENUE RECOGNITION\n\nPassenger Revenue\n\nPassenger revenue is primarily composed of passenger ticket sales, loyalty travel awards and travel\\-related services performed in conjunction with a passenger\u2019s flight\\.\n\n\n\n|                          |                             |                             |                             |\n| ------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                          | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions)**        | **2018**                    | **2017**                    | **2016**                    |\n| Ticket                   | $34,950                     | $32,467                     | $31,534                     |\n| Loyalty travel awards    | 2,651                       | 2,403                       | 2,234                       |\n| Travel\\-related services | 2,154                       | 2,077                       | 2,046                       |\n| Total passenger revenue  | $39,755                     | $36,947                     | $35,814                     |\n\n\n\nTicket\n\nPassenger Tickets\\.  We record sales of passenger tickets to be flown by us or that we sell on behalf of other airlines in air traffic liability\\. Passenger revenue is recognized when we provide transportation or when ticket breakage occurs\\. For tickets that we sell on behalf of other airlines, we reduce the air traffic liability when consideration is remitted to those airlines\\. We periodically evaluate the estimated air traffic liability and record any adjustments in our income statement\\. These adjustments relate primarily to refunds, exchanges, ticket breakage, transactions with other airlines and other items for which final settlement occurs in periods subsequent to the sale of the related tickets at amounts other than the original sales price\\.  \n\nApproximately   $3\\.5 billion  of the prior year air traffic liability related to passenger ticket sales (which excludes those tickets sold on behalf of other airlines) and was recognized in passenger revenue during each of the years ended  December 31, 2018  and  2017 \\.\n\nTicket Breakage\\.  We estimate the value of tickets that will expire unused and recognize revenue at the scheduled flight date\\.\n\nRegional Carriers \\.  Our regional carriers include both our contract carrier agreements with third\\-party regional carriers (\"contract carriers\") and Endeavor Air, Inc\\., our wholly owned subsidiary\\. Our contract carrier agreements are primarily structured as capacity purchase agreements where we purchase all or a portion of the contract carrier's capacity and are responsible for selling the seat inventory we purchase\\. We record revenue related to our capacity purchase agreements in passenger revenue and the related expenses in regional carriers expense, excluding fuel\\. \n\nLoyalty Travel Awards\n\nLoyalty travel awards revenue is related to the redemption of mileage credits for travel\\. We recognize loyalty travel awards revenue in passenger revenue as mileage credits are redeemed and travel is provided\\. See below for discussion of our loyalty program accounting policies\\.\n\nTravel\\-Related Services\n\nTravel\\-related services are primarily composed of services  performed in conjunction with a passenger\u2019s flight, including administrative fees (such as ticket change fees), baggage fees and on\\-board sales\\. We recognize revenue for these services when the related transportation service is provided\\. Prior to the adoption of the new revenue recognition standard, the majority of these fees were classified in other revenue\\.\n\n 65"}
{"_id": "United-2019_36.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nimpact of regulatory, investigative and legal proceedings and legal compliance risks; the success of our investments in other airlines, including in other parts of the world; industry consolidation or changes in airline alliances; the ability of other air carriers with whom we have alliances or partnerships to provide the services contemplated by the respective arrangements with such carriers; costs associated with any modification or termination of our aircraft orders; disruptions in the availability of aircraft, parts or support from our suppliers; our ability to maintain satisfactory labor relations and the results of any collective bargaining agreement process with our union groups; any disruptions to operations due to any potential actions by our labor groups; labor costs; an outbreak of a disease that affects travel demand or travel behavior, such as the existing threat of COVID\\-19; the impact of any management changes; extended interruptions or disruptions in service at major airports where we operate; U\\.S\\. or foreign governmental legislation, regulation and other actions (including Open Skies agreements, environmental regulations and the United Kingdom's withdrawal from the European Union); the seasonality of the airline industry; weather conditions; the costs and availability of aviation and other insurance; the costs and availability of financing; our ability to maintain adequate liquidity; our ability to comply with the terms of our various financing arrangements; our ability to realize the full value of our intangible assets and long\\-lived assets; any impact to our reputation or brand image and other risks and uncertainties set forth under Part I, Item 1A\\., Risk Factors, of this report, as well as other risks and uncertainties set forth from time to time in the reports we file with the SEC\\.\n\n37"}
{"_id": "Alaska-2019_35.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nCASM is summarized below:\n\n\n\n|                                                   |                                                   |                                                   |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:------------------------------------------------- |:------------------------------------------------- |:------------------------------------------------- | --------------------------------:| --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:| --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                                   |                                                   |                                                   | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |\n|                                                   |                                                   |                                                   |                             2019 |                             2019 |                                  |                                  |                                  |                             2018 |                             2018 |                                  |                                  |                                  |             % Change             |             % Change             |\n| Consolidated:                                     | Consolidated:                                     | Consolidated:                                     |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |\n| Total CASM                                        | Total CASM                                        | Total CASM                                        |                         11\\.58 \u00a2 |                         11\\.58 \u00a2 |                                  |                                  |                                  |                         11\\.66 \u00a2 |                         11\\.66 \u00a2 |                                  |                                  |                                  |             (0\\.7)%              |             (0\\.7)%              |\n| Less the following components:                    | Less the following components:                    | Less the following components:                    |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |\n| Aircraft fuel, including hedging gains and losses | Aircraft fuel, including hedging gains and losses | Aircraft fuel, including hedging gains and losses |                           2\\.82  |                           2\\.82  |                                  |                                  |                                  |                           2\\.96  |                           2\\.96  |                                  |                                  |                                  |             (4\\.7)%              |             (4\\.7)%              |\n| Special items \\- merger\\-related costs            | Special items \\- merger\\-related costs            | Special items \\- merger\\-related costs            |                           0\\.06  |                           0\\.06  |                                  |                                  |                                  |                           0\\.13  |                           0\\.13  |                                  |                                  |                                  |             (53\\.8)%             |             (53\\.8)%             |\n| Special items \\- other^(a)^                       | Special items \\- other^(a)^                       | Special items \\- other^(a)^                       |                               \u2014  |                               \u2014  |                                  |                                  |                                  |                           0\\.07  |                           0\\.07  |                                  |                                  |                                  |               NM                 |               NM                 |\n| CASM, excluding fuel and special items            | CASM, excluding fuel and special items            | CASM, excluding fuel and special items            |                          8\\.70 \u00a2 |                          8\\.70 \u00a2 |                                  |                                  |                                  |                          8\\.50 \u00a2 |                          8\\.50 \u00a2 |                                  |                                  |                                  |              2\\.3%               |              2\\.3%               |\n| Mainline:                                         | Mainline:                                         | Mainline:                                         |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |\n| Total CASM                                        | Total CASM                                        | Total CASM                                        |                         10\\.73 \u00a2 |                         10\\.73 \u00a2 |                                  |                                  |                                  |                         10\\.78 \u00a2 |                         10\\.78 \u00a2 |                                  |                                  |                                  |             (0\\.5)%              |             (0\\.5)%              |\n| Less the following components:                    | Less the following components:                    | Less the following components:                    |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |\n| Aircraft fuel, including hedging gains and losses | Aircraft fuel, including hedging gains and losses | Aircraft fuel, including hedging gains and losses |                           2\\.65  |                           2\\.65  |                                  |                                  |                                  |                           2\\.83  |                           2\\.83  |                                  |                                  |                                  |             (6\\.4)%              |             (6\\.4)%              |\n| Special items \\- merger\\-related costs^(a)^       | Special items \\- merger\\-related costs^(a)^       | Special items \\- merger\\-related costs^(a)^       |                           0\\.08  |                           0\\.08  |                                  |                                  |                                  |                           0\\.14  |                           0\\.14  |                                  |                                  |                                  |             (42\\.9)%             |             (42\\.9)%             |\n| Special items \\- other^(a)^                       | Special items \\- other^(a)^                       | Special items \\- other^(a)^                       |                               \u2014  |                               \u2014  |                                  |                                  |                                  |                           0\\.08  |                           0\\.08  |                                  |                                  |                                  |               NM                 |               NM                 |\n| CASM, excluding fuel and special items            | CASM, excluding fuel and special items            | CASM, excluding fuel and special items            |                          8\\.00 \u00a2 |                          8\\.00 \u00a2 |                                  |                                  |                                  |                          7\\.73 \u00a2 |                          7\\.73 \u00a2 |                                  |                                  |                                  |              3\\.5%               |              3\\.5%               |\n\n\n\n(a) Special items \\- other relates to the employee tax reform bonus awarded in January 2018 and a $20 million contract termination fee incurred in December 2018\\.\n\n35"}
{"_id": "United-2018_15.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nairport access by limiting the number of departure and arrival slots at high density traffic airports, which could affect the Company's ownership and transfer rights, and local airport authorities may have the ability to control access to certain facilities or the cost of access to their facilities, which could have an adverse effect on the Company's business\\. The FAA historically has taken actions with respect to airlines' slot holdings that airlines have challenged; if the FAA were to take actions that adversely affect the Company's slot holdings, the Company could incur substantial costs to preserve its slots or may lose slots\\. If slots are eliminated at an airport, or if the number of hours of operation governed by slots is reduced at an airport, the lack of controls on takeoffs and landings could result in greater congestion both at the affected airport or in the regional airspace (e\\.g\\., the New York City metropolitan region airspace) and could significantly impact the Company's operations\\. Further, the Company's operating costs at airports, including the Company's major hubs, may increase significantly because of capital improvements at such airports that the Company may be required to fund, directly or indirectly\\. Such costs could be imposed by the relevant airport authority without the Company's approval and may have a material adverse effect on the Company's financial condition\\.\n\nThe ability of carriers to operate flights on international routes between the United States and other countries is highly regulated\\. Applicable arrangements between the United States and foreign governments may be amended from time to time, government policies with respect to airport operations may be revised, and the availability of appropriate slots or facilities may change\\. The Company currently operates a number of flights on international routes under government arrangements, regulations or policies that designate the number of carriers permitted to operate on such routes, the capacity of the carriers providing services on such routes, the airports at which carriers may operate international flights, or the number of carriers allowed access to particular airports\\. Any limitations, additions or modifications to such arrangements, regulations or policies could have a material adverse effect on the Company's financial condition and operating results\\. Additionally, a change in law, regulation or policy for any of the Company's international routes, such as Open Skies, could have a material adverse impact on the Company's financial condition and operating results and could result in the impairment of material amounts of related tangible and intangible assets\\. In addition, competition from revenue\\-sharing JBAs and other alliance arrangements by and among other airlines could impair the value of the Company's business and assets on the Open Skies routes\\. The Company's plans to enter into or expand U\\.S\\. antitrust immunized alliances and JBAs on various international routes are subject to receipt of approvals from applicable U\\.S\\. federal authorities and obtaining other applicable foreign government clearances or satisfying the necessary applicable regulatory requirements\\. There can be no assurance that such approvals and clearances will be granted or will continue in effect upon further regulatory review or that changes in regulatory requirements or standards can be satisfied\\.\n\nSee Part I, Item 1, Business\u2014Industry Regulation, of this report for additional information on government regulation impacting the Company\\.\n\n***We are subject to many forms of environmental regulation and liability and risks associated with climate change, and may incur substantial costs as a result\\.***\n\nMany aspects of the Company's operations are subject to increasingly stringent federal, state, local and international laws protecting the environment, including those relating to emissions to the air, water discharges, safe drinking water and the use and management of hazardous materials and wastes\\. Compliance with existing and future environmental laws and regulations can require significant expenditures and violations can lead to significant fines and penalties\\. In addition, from time to time we are identified as a responsible party for environmental investigation and remediation costs under applicable environmental laws due to the disposal of hazardous substances generated by our operations\\. We could also be subject to environmental liability claims from various parties, including airport authorities, related to our operations at our leased premises or the off\\-site disposal of waste generated at our facilities\\.\n\nWe may incur substantial costs as a result of changes in weather patterns due to climate change\\. Increases in the frequency, severity or duration of severe weather events such as thunderstorms, hurricanes, flooding, typhoons, tornados and other severe weather events could result in increases in delays and cancellations, turbulence\\-related injuries and fuel consumption to avoid such weather, any of which could result in significant loss of revenue and higher costs\\.\n\nTo address climate change risks, CORSIA has been developed by ICAO, a UN specialized agency\\. CORSIA is intended to create a single global market\\-based measure to achieve carbon\\-neutral growth for international aviation after 2020 through airline purchases of carbon offset credits\\. Certain CORSIA program details remain to be developed and could potentially be affected by political developments in participating countries or the results of the pilot phase of the program, and thus the impact of CORSIA cannot be fully predicted\\. However, CORSIA is expected to increase operating costs for airlines that operate internationally\\.\n\nIn addition to CORSIA, the EPA had begun preliminary work to adopt its own aircraft engine GHG emission standards which were expected to be aligned with recent ICAO carbon dioxide emission standards\\. The timing of any U\\.S\\. EPA aircraft engine GHG emission standards is currently unknown, but some jurisdictions in which United operates have adopted or are considering GHG emission reduction initiatives, which could impact various aspects of the Company's business\\. The precise \n\n16"}
{"_id": "AmericanAirlines-2018_104.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nSupplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):\n\n\n\n|                                                   |                       |\n| ------------------------------------------------- | --------------------- |\n|                                                   | **December 31, 2018** |\n| Operating leases:                                 |                       |\n| Operating lease ROU assets                        | $9,151                |\n| Current operating lease liabilities               | $1,654                |\n| Noncurrent operating lease liabilities            | 7,902                 |\n| Total operating lease liabilities                 | $9,556                |\n| Finance leases:                                   |                       |\n| Property and equipment, at cost                   | $936                  |\n| Accumulated amortization                          | (391)                 |\n| Property and equipment, net                       | $545                  |\n| Current obligations of finance leases             | $81                   |\n| Finance leases, net of current obligations        | 613                   |\n| Total finance lease liabilities                   | $694                  |\n| Weighted average remaining lease term (in years): |                       |\n| Operating leases                                  | 7\\.6                  |\n| Finance leases                                    | 7\\.4                  |\n| Weighted average discount rate:                   |                       |\n| Operating leases                                  | 4\\.6%                 |\n| Finance leases                                    | 6\\.5%                 |\n\n\n\nSupplemental cash flow and other information related to leases was as follows (in millions):\n\n\n\n|                                                                         |                                       |\n| ----------------------------------------------------------------------- | ------------------------------------- |\n|                                                                         | **Year Ended  <br>December 31, 2018** |\n| Cash paid for amounts included in the measurement of lease liabilities: |                                       |\n| Operating cash flows from operating leases                              | $1,931                                |\n| Operating cash flows from finance leases                                | 48                                    |\n| Financing cash flows from finance leases                                | 78                                    |\n| ROU assets obtained in exchange for lease liabilities:                  |                                       |\n| Operating leases                                                        | 1,292                                 |\n| Gain on sale leaseback transactions, net                                | 59                                    |\n\n\n\n105"}
{"_id": "Delta-2019_4.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nPart I\n\nITEM 1\\. BUSINESS\n\nGeneral\n\nWe are the leading U\\.S\\. global airline serving 200 million customers every year\\. We connect customers across our expansive global network to more than 300 destinations in over 50 countries\\. We are the world\u2019s largest airline by total revenues and the most profitable with five consecutive years of $5 billion or more in pre\\-tax income\\. \n\nWe are committed to industry\\-leading safety and reliability and are consistently among the industry\u2019s best performers\\. Our employees provide world\\-class travel experiences for our customers and give back to the communities where they live, work and serve\\. Our people and service are our strongest competitive advantage creating significant customer satisfaction improvements\\. Other key competitive advantages include operational reliability, our global network, customer loyalty and our investment grade balance sheet\\.\n\nWe have diversified revenue streams beyond the basic sale of an airline ticket in order to reduce the impact of cyclicality on our results\\. Our growing partnership with American Express provides a co\\-brand revenue stream tied to broader consumer spending\\. Our focus in recent years on premium products and customer segmentation has enhanced our revenue growth and reduced reliance on the most price sensitive customer segment\\. We also maintain complementary portfolio businesses, such as our Maintenance, Repair and Overhaul (\u201cMRO\u201d) division, where we are well positioned for significant organic growth through contractual agreements with jet engine manufacturers\\.\n\nWe are incorporated under the laws of the State of Delaware\\. Our principal executive offices are located at Hartsfield\\- Jackson Atlanta International Airport in Atlanta, Georgia\\. Our telephone number is (404) 715\\-2600 and our internet address is www\\.delta\\.com\\. Information contained on our website is not part of, and is not incorporated by reference in, this Form 10\\-K\\.\n\nThe Delta Brand\n\nWe have the world\u2019s most valuable airline brand, one that is mentioned not just among the best global airlines, but also alongside top consumer brands\\. Over the last decade, we significantly improved the quality and reliability of our operations\\. As a result, customer satisfaction scores have more than tripled\\. With operational excellence and best\\-in\\-class service, we are earning our customers' trust and preference\\. Our continued investment in operations, product, service, airports and technology are reshaping customer perception of our brand and driving increased customer loyalty\\.\n\nOur Global Network and Fleet\n\nWe offer more than 5,000 daily departures and as many as 15,000 affiliated departures including the premier SkyTeam alliance, of which Delta is a founding member\\. We generate over 70% of our passenger revenue from our domestic network, centered around high\\-margin core hubs in Atlanta, Minneapolis\\-St\\. Paul, Detroit and Salt Lake City\\. These core hub positions complement strong coastal hub positions in Boston, Los Angeles, New York\\-LaGuardia, New York\\-JFK and Seattle\\. We have agreements with domestic regional carriers that operate as Delta Connection^\u00ae^  to feed traffic to our domestic hubs\\. \n\nWe serve the Transatlantic, Transpacific and Latin America markets directly on Delta and through joint ventures with global airline partners\\. Internationally, we have significant hubs and market presence in Amsterdam, London\\-Heathrow, Mexico City, Paris\\-Charles de Gaulle and Seoul\\-Incheon\\. We will become the largest U\\.S\\. carrier to Tokyo\\-Haneda in 2020 as we consolidate operations in Tokyo, the preferred airport for the local and corporate markets\\. \n\nThrough innovative alliances with Aerom\u00e9xico, Air France\\-KLM, China Eastern, Korean Air, Virgin Atlantic and Virgin Australia and alliances pending regulatory approval with LATAM Airlines and WestJet, we are bringing more choice to customers worldwide\\. Our strategic relationships with these international airlines are an important part of our business as they improve our access to markets around the world and enable us to provide customers a more seamless global travel experience across our alliance network\\. We and our alliance partners collectively serve over 140 countries and more than 900 destinations around the world, extending our network reach to cover approximately 98% of global gross domestic product\\. The most significant of these arrangements are commercial joint ventures that include joint sales and marketing coordination, co\\-location of airport facilities and other commercial cooperation arrangements\\. In some cases, we have reinforced strategic alliances through equity investments where we have opportunity to create deep relationships and maximize commercial cooperation\\.\n\n2"}
{"_id": "Southwest-2019_82.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|   |                                                                                                                                                                                                                                                                                                                                             |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Marketing Royalties*  \\- As part of its Agreement with Chase, Southwest provides certain deliverables, including use of the Southwest Airlines\u2019 brand, access to Rapid Rewards Member lists, advertising elements, and the Company\u2019s resource team\\. These performance obligations are satisfied each month that the Agreement is active\\. |\n\n\n\nAs of the years ended  December 31, 2019  and  2018 , the components of Air traffic liability, including contract liabilities based on tickets sold, unused funds available to the Customer, and loyalty points available for redemption, net of expected spoilage, within the Consolidated Balance Sheet were as follows:\n\n\n\n|                                                                            |                       |                       |\n| -------------------------------------------------------------------------- | --------------------- | --------------------- |\n|                                                                            | **Balance as of**     | **Balance as of**     |\n| **(in millions)**                                                          | **December 31, 2019** | **December 31, 2018** |\n| Air traffic liability \\- passenger travel and ancillary passenger services | $2,125                | $2,059                |\n| Air traffic liability \\- loyalty program                                   | 3,385                 | 3,011                 |\n|  **Total Air traffic liability**                                           | $5,510                | $5,070                |\n\n\n\nThe balance in Air traffic liability \u2013 passenger travel and ancillary passenger services also includes unused funds that are available for use by Customers and are not currently associated with a ticket, but represent funds effectively refunded and made available for use to purchase a ticket for a flight that occurs prior to their expiration\\. These funds are typically created as a result of a prior ticket cancellation or exchange\\. These performance obligations are expected to have a duration of twelve months or less; therefore, the Company has elected to not disclose the amount of the remaining transaction price and its expected timing of recognition for passenger tickets\\. Recognition of revenue associated with the Company\u2019s loyalty liability can be difficult to predict, as the number of award seats available to members is not currently restricted and they could choose to redeem their points at any time that a seat is available\\. The performance obligations classified as a current liability related to the Company\u2019s loyalty program were estimated based on expected redemptions utilizing historical redemption patterns, and forecasted flight availability, fares, and coefficients\\. The entire balance classified as Air traffic liability \u2013 noncurrent relates to loyalty points that were estimated to be redeemed in periods beyond 12 months following the representative balance sheet date\\. The Company expects the majority of loyalty points to be redeemed within two years\\.Rollforwards of the Company's Air traffic liability \\- loyalty program for the  years ended December 31, 2019 and 2018  were as follows (in millions):\n\n\n\n|                                                               |                             |                             |\n| ------------------------------------------------------------- | --------------------------- | --------------------------- |\n|                                                               | **Year ended December 31,** | **Year ended December 31,** |\n|                                                               | **2019**                    | **2018**                    |\n| Air traffic liability \\- loyalty program \\- beginning balance | $3,011                      | $2,667                      |\n|  Amounts deferred associated with points awarded              | 2,941                       | 2,717                       |\n|  Revenue recognized from points redeemed \\- Passenger         | (2,487<br><br>)             | (2,307<br><br>)             |\n|  Revenue recognized from points redeemed \\- Other             | (80<br><br>)                | (66<br><br>)                |\n| Air traffic liability \\- loyalty program \\- ending balance    | $3,385                      | $3,011                      |\n\n\n\nAir traffic liability includes consideration received for ticket and loyalty related performance obligations which have not been satisfied as of a given date\\. Rollforwards of the amounts included in Air traffic liability as of  December 31, 2019  and  2018  were as follows (in millions):\n\n\n\n|                                                                                                   |                           |\n| ------------------------------------------------------------------------------------------------- | ------------------------- |\n|                                                                                                   | **Air traffic liability** |\n| Balance at December 31, 2018                                                                      | $5,070                    |\n|  Current period sales (passenger travel, ancillary services, flight loyalty, and partner loyalty) | 21,296                    |\n|  Revenue from amounts included in contract liability opening balances                             | (3,816<br><br>)           |\n|  Revenue from current period sales                                                                | (17,040<br><br>)          |\n| Balance at December 31, 2019                                                                      | $5,510                    |\n\n\n\n83"}
{"_id": "Southwest-2019_48.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nNon\\-GAAP Return on Invested Capital (ROIC) (in millions) (unaudited)\n\n\n\n|                                                             |                       |     |                       |     |                       |     |\n| ----------------------------------------------------------- | --------------------- | --- | --------------------- | --- | --------------------- | --- |\n|                                                             | **Year Ended**        |     | **Year Ended**        |     | **Year Ended**        |     |\n|                                                             | **December 31, 2019** |     | **December 31, 2018** |     | **December 31, 2017** |     |\n| **Operating income, as reported**                           | $2,957                |     | $3,206                |     | $3,407                |     |\n| Net impact from fuel contracts                              | \u2014                     |     | (14)                  |     | (156)                 |     |\n| Lease termination expense                                   | \u2014                     |     | \u2014                     |     | 33                    |     |\n| Boeing 737\\-300 aircraft grounding charge                   | \u2014                     |     | \u2014                     |     | 63                    |     |\n| Gain on sale of retired Boeing 737\\-300 aircraft            | \u2014                     |     | (25)                  |     | \u2014                     |     |\n| **Operating income, non\\-GAAP**                             | 2,957                 |     | 3,167                 |     | 3,347                 |     |\n| Net adjustment for aircraft leases (a)                      | 120                   |     | 99                    |     | 110                   |     |\n| **Adjusted operating income, non\\-GAAP (A)**                | $3,077                |     | $3,266                |     | $3,457                |     |\n| **Non\\-GAAP tax rate (B)**                                  | 22\\.2%                | (d) | 22\\.1%                | (e) | 36\\.1%                | (f) |\n| **Net operating profit after\\-tax, NOPAT (A\\* (1\\-B) = C)** | $2,394                |     | $2,545                |     | $2,210                |     |\n| Debt, including finance leases (b)                          | $3,070                |     | $3,521                |     | $3,259                |     |\n| Equity (b)                                                  | 9,869                 |     | 9,853                 |     | 8,194                 |     |\n| Net present value of aircraft operating leases (b)          | 512                   |     | 584                   |     | 785                   |     |\n| **Average invested capital**                                | $13,451               |     | $13,958               |     | $12,238               |     |\n| Equity adjustment for hedge accounting (c)                  | 2                     |     | (144)                 |     | 296                   |     |\n| **Adjusted average invested capital (D)**                   | $13,453               |     | $13,814               |     | $12,534               |     |\n| **Non\\-GAAP ROIC, pre\\-tax (A/D)**                          | 22\\.9%                |     | 23\\.6%                |     | 27\\.6%                |     |\n| **Non\\-GAAP ROIC, after\\-tax (C/D)**                        | 17\\.8%                |     | 18\\.4%                |     | 17\\.6%                |     |\n\n\n\n(a) Net adjustment related to presumption that all aircraft in fleet are owned (i\\.e\\., the impact of eliminating aircraft rent expense and replacing with estimated depreciation expense for those same aircraft)\\. The Company makes this adjustment to enhance comparability to other entities that have different capital structures by utilizing alternative financing decisions\\.\n\n(b) Calculated as an average of the five most recent quarter end balances or remaining obligations\\. The Net present value of aircraft operating leases represents the assumption that all aircraft in the Company\u2019s fleet are owned, as it reflects the remaining contractual commitments discounted at the Company's estimated incremental borrowing rate as of the time each individual lease was signed\\.\n\n(c) The Equity adjustment for hedge accounting in the denominator adjusts for the cumulative impacts, in AOCI and Retained earnings, of gains and/or losses associated with hedge accounting related to fuel hedge derivatives that will settle in future periods\\. The current period impact of these gains and/or losses is reflected in the Net impact from fuel contracts in the numerator\\.\n\n(d) The GAAP annual tax rate as of  December 31, 2019 , was  22\\.2  percent, and the annual Non\\-GAAP tax rate was also  22\\.2  percent\\. See Note Regarding Use of Non\\-GAAP Financial Measures for additional information\\.\n\n(e) The GAAP annual tax rate as of  December 31, 2018 , was  22\\.1 percent , and the annual Non\\-GAAP tax rate was also  22\\.1 percent \\. See Note Regarding Use of Non\\-GAAP Financial Measures for additional information\\.\n\n(f) The GAAP annual tax rate as of  December 31, 2017 , was a  2\\.8 percent  tax benefit due to the significant impact the Tax Cuts and Jobs Act legislation enacted in December 2017 had on corporate tax rates, and the annual Non\\-GAAP tax rate was  36\\.1 percent \\. See Note Regarding Use of Non\\-GAAP Financial Measures for additional information\\.\n\n49"}
{"_id": "Southwest-2018_106.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|                                         |                       |                                                                                |                                                               |                                                           |\n| --------------------------------------- | --------------------- | ------------------------------------------------------------------------------ | ------------------------------------------------------------- | --------------------------------------------------------- |\n|                                         |                       | **Fair value measurements at reporting date using:**                           | **Fair value measurements at reporting date using:**          | **Fair value measurements at reporting date using:**      |\n|                                         |                       | **Quoted prices in**<br><br>**active markets**<br><br>**for identical assets** | **Significant**<br><br>**other observable**<br><br>**inputs** | **Significant**<br><br>**unobservable**<br><br>**inputs** |\n| **Description**                         | **December 31, 2017** | **(Level 1)**                                                                  | **(Level 2)**                                                 | **(Level 3)**                                             |\n| **Assets**                              | (in millions)         | (in millions)                                                                  | (in millions)                                                 | (in millions)                                             |\n| Cash equivalents                        |                       |                                                                                |                                                               |                                                           |\n| Cash equivalents (a)                    | $1,133                | $1,133                                                                         | $\u2014                                                            | $\u2014                                                        |\n| Commercial paper                        | 350                   | \u2014                                                                              | 350                                                           | \u2014                                                         |\n| Certificates of deposit                 | 12                    | \u2014                                                                              | 12                                                            | \u2014                                                         |\n| Short\\-term investments:                |                       |                                                                                |                                                               |                                                           |\n| Treasury bills                          | 1,491                 | 1,491                                                                          | \u2014                                                             | \u2014                                                         |\n| Certificates of deposit                 | 287                   | \u2014                                                                              | 287                                                           | \u2014                                                         |\n| Fuel derivatives:                       |                       |                                                                                |                                                               |                                                           |\n| Option contracts (b)                    | 283                   | \u2014                                                                              | \u2014                                                             | 283                                                       |\n| Other available\\-for\\-sale securities   | 107                   | 107                                                                            | \u2014                                                             | \u2014                                                         |\n| **Total assets**                        | $3,663                | $2,731                                                                         | $649                                                          | $283                                                      |\n| **Liabilities**                         |                       |                                                                                |                                                               |                                                           |\n| Fuel derivatives:                       |                       |                                                                                |                                                               |                                                           |\n| Option contracts (b)                    | (35)                  | \u2014                                                                              | \u2014                                                             | (35)                                                      |\n| Interest rate derivatives (see Note 10) | (22)                  | \u2014                                                                              | (22)                                                          | \u2014                                                         |\n| **Total liabilities**                   | $(57)                 | $\u2014                                                                             | $(22)                                                         | $(35)                                                     |\n\n\n\n(a) Cash equivalents are primarily composed of money market investments\\.\n\n(b) In the Consolidated Balance Sheet amounts are presented as a net asset\\. See Note 10\\.\n\nThe Company had no transfers of assets or liabilities between any of the above levels during the years ended December 31, 2018 or 2017\\. The Company did not have any assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2018 or 2017\\. The following tables present the Company\u2019s activity for items measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for 2018 and 2017:\n\n\n\n|                                                                              |                                                                             |                                                                             |\n| ---------------------------------------------------------------------------- | --------------------------------------------------------------------------- | --------------------------------------------------------------------------- |\n| **Fair value measurements using significant unobservable inputs (Level 3)**  | **Fair value measurements using significant unobservable inputs (Level 3)** | **Fair value measurements using significant unobservable inputs (Level 3)** |\n|                                                                              | **Fuel**                                                                    |                                                                             |\n| (in millions)                                                                | **derivatives**                                                             |                                                                             |\n| Balance at December 31, 2017                                                 | $248                                                                        |                                                                             |\n| Total losses (realized or unrealized) included in other comprehensive income | (1)                                                                         |                                                                             |\n| Purchases                                                                    | 66                                                                          | (a)                                                                         |\n| Sales                                                                        | (4)                                                                         | (a)                                                                         |\n| Settlements                                                                  | (171)                                                                       |                                                                             |\n| Balance at December 31, 2018                                                 | $138                                                                        |                                                                             |\n\n\n\n(a) The purchase and sale of fuel derivatives are recorded gross based on the structure of the derivative instrument and \n\n whether a contract with multiple derivatives is purchased as a single instrument or separate instruments\\.\n\n107"}
{"_id": "AmericanAirlines-2017_107.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***Balance Sheet Position***\n\n\n\n|                      |                      |                      |                                                                   |                                                                   |\n| -------------------- | -------------------- | -------------------- | ----------------------------------------------------------------- | ----------------------------------------------------------------- |\n|                      | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** |\n|                      | **2017**             | **2016**             | **2017**                                                          | **2016**                                                          |\n|                      | **(In millions)**    | **(In millions)**    | **(In millions)**                                                 | **(In millions)**                                                 |\n| As of December 31,   |                      |                      |                                                                   |                                                                   |\n| Current liability    | $10                  | $7                   | $89                                                               | $97                                                               |\n| Noncurrent liability | 6,870                | 7,214                | 627                                                               | 628                                                               |\n| Total liabilities    | $6,880               | $7,221               | $716                                                              | $725                                                              |\n\n\n\n\n\n|                                                               |        |        |        |          |\n| ------------------------------------------------------------- | ------ | ------ | ------ | -------- |\n| Net actuarial loss (gain)                                     | $5,351 | $5,484 | $(388) | $(430)   |\n| Prior service cost (benefit)                                  | 160    | 188    | (600)  | (837)    |\n| Total accumulated other comprehensive loss (income), pre\\-tax | $5,511 | $5,672 | $(988) | $(1,267) |\n\n\n\n***Plans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets***\n\n\n\n|                                               |                      |                      |                                                                   |                                                                   |\n| --------------------------------------------- | -------------------- | -------------------- | ----------------------------------------------------------------- | ----------------------------------------------------------------- |\n|                                               | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** |\n|                                               | **2017**             | **2016**             | **2017**                                                          | **2016**                                                          |\n|                                               | **(In millions)**    | **(In millions)**    | **(In millions)**                                                 | **(In millions)**                                                 |\n| Projected benefit obligation                  | $18,245              | $17,209              | $\u2014                                                                | $\u2014                                                                |\n| Accumulated benefit obligation (ABO)          | 18,235               | 17,197               | \u2014                                                                 | \u2014                                                                 |\n| Accumulated postretirement benefit obligation | \u2014                    | \u2014                    | 1,011                                                             | 990                                                               |\n| Fair value of plan assets                     | 11,364               | 9,986                | 295                                                               | 266                                                               |\n| ABO less fair value of plan assets            | 6,871                | 7,211                | \u2014                                                                 | \u2014                                                                 |\n\n\n\n***Net Periodic Benefit Cost (Income)***\n\n\n\n|                                    |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| ---------------------------------- | -------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                    | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                    | **2017**             | **2016**             | **2015**             | **2017**                                                         | **2016**                                                         | **2015**                                                         |\n|                                    | **(In millions)**    | **(In millions)**    | **(In millions)**    | **(In millions)**                                                | **(In millions)**                                                | **(In millions)**                                                |\n| Defined benefit plans:             |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| Service cost                       | $2                   | $2                   | $2                   | $4                                                               | $3                                                               | $3                                                               |\n| Interest cost                      | 721                  | 749                  | 737                  | 39                                                               | 47                                                               | 50                                                               |\n| Expected return on assets          | (790)                | (750)                | (851)                | (21)                                                             | (20)                                                             | (19)                                                             |\n| Settlements                        | 1                    | \u2014                    | 1                    | \u2014                                                                | \u2014                                                                | \u2014                                                                |\n| Amortization of:                   |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| Prior service cost (benefit)       | 28                   | 28                   | 28                   | (237)                                                            | (240)                                                            | (243)                                                            |\n| Unrecognized net loss (gain)       | 144                  | 126                  | 112                  | (23)                                                             | (17)                                                             | (9)                                                              |\n| Net periodic benefit cost (income) | 106                  | 155                  | 29                   | (238)                                                            | (227)                                                            | (218)                                                            |\n| Defined contribution plan cost     | 851                  | 766                  | 662                  | N/A                                                              | N/A                                                              | N/A                                                              |\n| Total cost (income)                | $957                 | $921                 | $691                 | $(238)                                                           | $(227)                                                           | $(218)                                                           |\n\n\n\nThe estimated amount of unrecognized actuarial net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year is $172 million\\.\n\n108"}
{"_id": "Alaska-2017_4.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nOne of our leadership principles is to \"give back\" and we are proud of the efforts and voluntarism of our employees across the system\\. \n\nWe continued to generate strong profits in 2017, marking our 14th consecutive annual profit on an adjusted basis\\. Our liquidity and capital position remain strong, positioning us among those of high\\-quality industrial companies\\. Due to our strong financial health and outlook, we are one of only three U\\.S\\. airlines with investment grade credit ratings\\. With the cash generated by our continued success, we have been able to invest in our business to achieve profitable growth and to enhance the guest experience\\. \n\nAs we look to the future, we will build on our success by executing our strategic plan in the following areas: \n\n*Be Safe and On time*\n\nWe have an unwavering commitment to run a safe operation, and we will not compromise this commitment in the pursuit of other initiatives\\. Alaska and Horizon were the first U\\.S\\. major airlines to receive FAA validation and acceptance of our Safety Management System (SMS) in 2016\\. In 2017, Virgin America adopted SMS, ensuring a consistent safety process across our carriers\\. Additionally, all Virgin America employees received training for the Alaska Air Group SMS, our \"Ready, Safe, Go\" principles, and our mobile safety reporting system\\. Once again, in 2017, 100% of our Alaska and Horizon aircraft technicians completed the requirements for the FAA's \"Diamond Certificate of Excellence\" award\\. This is the 16th consecutive year Alaska Airlines has received the award and the 16th time in the last 18 years Horizon has received this award\\. We also believe that maintaining safe operations, through adherence to well\\-defined processes, and ensuring every Air Group employee is aware of their individual contribution to our operation, is critical to ensuring on\\-time performance\\. The rigor we apply to running a safe operation has resulted in Alaska consistently being one of the top airlines in North America for on\\-time performance\\.\n\n*Focus on People*\n\nOur business is fundamentally a people business, and our success depends on our nearly 23,000 employees\\. Engaged employees deliver higher productivity, superior execution and better customer service\\. In merging Alaska Airlines and Virgin America employees and labor groups, we kept a vigilant focus on creating an unbeatable culture\\. In January 2017, we rolled out \"Momentum\" training for all Virgin America employees to help bridge the two airlines and blend our cultures\\. We implemented Culture Champion initiatives to help employees build relationships across airlines, allowing them to share concerns and feedback directly with executive leadership\\. Similarly, our \"QX Factor\" program brought new energy to the Horizon employee experience\\. Our people programs and integration plan are focused on ensuring employees feel valued, informed and engaged in meaningful ways as we build our future\\. \n\nAligning our employees' goals with Air Group's goals is important in achieving success\\. All permanent employees of our airlines participate in our Performance\\-Based Pay (PBP) and Operational Performance Rewards (OPR) programs, which encourage employees to work together to achieve metrics related to safety, profitability, on\\-time performance, low costs, customer loyalty, and customer satisfaction\\. Over the last five years, our incentive programs have paid out on average more than one month's pay, for most employees\\. \n\n*Build a deep emotional connection for our brand*\n\nTo be the go\\-to airline for people on the West Coast, we must be recognized for creating an airline that people love\\. In 2017, we built upon the strong brand connection we have with our guests in our Pacific Northwest markets and the state of Alaska by broadening our focus to include California\\. We rolled out fresh, modern marketing campaigns showcasing benefits such as our network growth, low fares, our Buy One Get One companion fare credit card promotional offer, and unique onboard experience elements\\. We are enthusiastic about our plans for continued investment in key products that will provide meaningful improvements to our guests, such as Gogo satellite internet which we will begin installing in early 2018\\. Additionally, we partnered with key sponsors in the Bay Area, including sports franchises such as the San Francisco Giants and the San Jose Sharks, as well as noted professional athletes including Kevin Durant of the Golden State Warriors\\. \n\nWe continue to invest in key products that will provide meaningful improvements to our guests and further drive an emotional connection to our brand\\. This includes Free Chat and Free Movies and the launch of Gogo satellite service, already mentioned above\\. We\u2019ve rolled out new digital products to improve the guest experience, including a new inflight entertainment portal and the beta launch of First Class meal pre\\-select\\. We\u2019ve nearly completed retrofits of our Boeing fleet to include Premium Class, while adding larger overhead bins to many of our aircraft\\. Expanding our airport lounge portfolio, we\u2019ve opened a third lounge at Sea\\-Tac airport and plan to open a lounge at JFK in 2018\\. Finally, guests can also look forward to an integrated onboard food and beverage program in 2018, which will emphasize fresh and local West Coast products on our aircraft\\. \n\n 5"}
{"_id": "United-2018_77.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**NOTE 10 \\- DEBT**\n\n\n\n|                                                                                                                                        |                     |                     |\n| -------------------------------------------------------------------------------------------------------------------------------------- | ------------------- | ------------------- |\n| **(In millions)**                                                                                                                      | **At December 31,** | **At December 31,** |\n|                                                                                                                                        | **2018**            | **2017**            |\n| Secured                                                                                                                                |                     |                     |\n| Notes payable, fixed interest rates of 0\\.0% to 9\\.52% (weighted average rate of 4\\.18% as of December 31, 2018), payable through 2030 | $8,811              | $8,661              |\n| Notes payable, floating interest rates of the London interbank offered rate (\"LIBOR\") plus 1\\.05% to 1\\.75%, payable through 2030      | 2,051               | 1,880               |\n| Term loan, LIBOR plus 1\\.75%, or alternative rate based on certain market rates plus 0\\.75%, due 2024                                  | 1,474               | 1,489               |\n| Unsecured                                                                                                                              |                     |                     |\n| 6\\.375% Senior Notes due 2018 (a)                                                                                                      | \u2014                   | 300                 |\n| 6% Senior Notes due 2020 (a)                                                                                                           | 300                 | 300                 |\n| 4\\.25% Senior Notes due 2022 (a)                                                                                                       | 400                 | 400                 |\n| 5% Senior Notes due 2024 (a)                                                                                                           | 300                 | 300                 |\n| Other                                                                                                                                  | 300                 | 101                 |\n|                                                                                                                                        | 13,636              | 13,431              |\n| Less: unamortized debt discount, premiums and debt issuance costs                                                                      | (191)               | (163)               |\n|  Less: current portion of long\\-term debt                                                                                              | (1,230)             | (1,565)             |\n| Long\\-term debt, net                                                                                                                   | $12,215             | $11,703             |\n\n\n\n(a) UAL is the issuer of this debt\\. United is a guarantor\\.\n\nThe table below presents the Company's contractual principal payments (not including debt discount or debt issuance costs) at December 31, 2018 under then\\-outstanding long\\-term debt agreements in each of the next five calendar years (in millions):\n\n\n\n|            |         |\n| ---------- | ------- |\n| 2019       | $1,230  |\n| 2020       | 1,310   |\n| 2021       | 1,300   |\n| 2022       | 1,653   |\n| 2023       | 703     |\n| After 2023 | 7,440   |\n|            | $13,636 |\n\n\n\n*Secured debt*\n\n***Credit and Guaranty Agreement\\.*** On March 29, 2017, United and UAL, as borrower and guarantor, respectively, entered into an Amended and Restated Credit and Guaranty Agreement (as amended, the \"Credit Agreement\")\\. The Credit Agreement consists of a $1\\.5 billion term loan due April 1, 2024 and a $2\\.0 billion revolving credit facility available for drawing until April 1, 2022\\. The obligations of United under the amended Credit Agreement are secured by liens on certain international route authorities, certain take\\-off and landing rights and related assets of United\\.\n\nTerm loan borrowings under the Credit Agreement bear interest at a variable rate equal to LIBOR plus a margin of 1\\.75% per annum, or another rate based on certain market interest rates, plus a margin of 0\\.75% per annum\\. The principal amount of the term loan must be repaid in consecutive quarterly installments of 0\\.25% of the original principal amount thereof, commencing on June 30, 2017, with any unpaid balance due on April 1, 2024\\. United may prepay all or a portion of the loan from time to time, at par plus accrued and unpaid interest\\.\n\nAs of December 31, 2018, United had its entire capacity of $2\\.0 billion available under the revolving credit facility of the Company's Credit Agreement\\. United pays a commitment fee equal to 0\\.75% per annum on the undrawn amount available under the revolving credit facility\\. If drawn, revolving loans under the Credit Agreement bear interest at a variable rate equal to LIBOR plus a margin of 2\\.25% per annum, or another rate based on certain market interest rates, plus a margin of 1\\.25% per annum\\. \n\nAs of December 31, 2018, United had cash collateralized $73 million of letters of credit, which generally have evergreen clauses and are expected to be renewed on an annual basis\\. As of December 31, 2018, United also had $418 million of surety bonds securing various obligations with expiration dates through2022\\.\n\n78"}
{"_id": "Southwest-2018_17.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nable to reduce fares because they have been able to lower their operating costs as a result of reorganization within and outside of bankruptcy\\. Further, some of the Company's competitors have continued to grow and modernize their fleets and expand their networks, potentially enabling them to better control costs per available seat mile (the average cost to fly an aircraft seat (empty or full) one mile), which in turn may enable them to lower their fares\\.\n\nThe Company believes its low\\-cost operating structure continues to provide it with an advantage over many of its airline competitors by enabling it to continue to charge low fares\\. However, ULCCs, which have increased capacity in the Company's markets, have surpassed the Company's cost advantage with larger aircraft, increased seat density, and lower wages\\. The Company believes it continues to have a competitive advantage through its differentiation of Southwest from many of its competitors by not charging additional fees for items such as first and second checked bags for each ticketed Customer, flight changes, seat selection, snacks, curb\\-side check\\-in, and telephone reservations; nevertheless, it has become increasingly difficult for the Company to improve upon its industry cost position absent using techniques favored by competitors\\.\n\n**Routes, Loyalty Programs, and Schedules**\n\nThe Company also competes with other airlines based on markets served, loyalty opportunities, and flight schedules\\. Some major airlines have more extensive route structures than Southwest, including more extensive international networks\\. In addition, many competitors have entered into significant commercial relationships with other airlines, such as global alliances, code\\-sharing, and capacity purchase agreements, which increase the airlines' opportunities to expand their route offerings\\. An alliance or code\\-sharing agreement enables an airline to offer flights that are operated by another airline and also allows the airline\u2019s customers to book travel that includes segments on different airlines through a single reservation or ticket\\. As a result, depending on the nature of the specific alliance or code\\-sharing arrangement, a participating airline may be able to, among other things, (i) offer its customers access to more destinations than it would be able to serve on its own, (ii) gain exposure in markets it does not otherwise serve, and (iii) increase the perceived frequency of its flights on certain routes\\. Alliance and code\\-sharing arrangements not only provide additional route flexibility for participating airlines, they can also allow these airlines to offer their customers more opportunities to earn and redeem loyalty miles or points\\. A capacity purchase agreement enables an airline to expand its route structure by paying another airline (e\\.g\\., a regional airline with smaller aircraft) to operate flights on its behalf in markets that it does not, or cannot, serve itself\\. The Company continues to evaluate and implement initiatives to better enable itself to offer additional itineraries\\.\n\nThe Company's anticipated new routes to Hawaii in 2019 are expected to be subject to significant competition\\. West Coast to Hawaii capacity increased in 2018, and is expected to continue to increase in 2019 with Southwest flights from California to Hawaii\\. Certain other major airlines have more experience with Hawaiian operations and have more extensive Hawaiian route structures and schedules than Southwest\\. Further, the longer stage length of the Company's Hawaiian routes, as compared with the Company's average stage length of its other routes, could put pressure on the Company's revenues per available seat mile\\.\n\n**Customer Service, Operational Reliability, and Amenities**\n\nSouthwest also competes with other airlines with respect to customer service, operational reliability (such as ontime performance), and passenger amenities\\. According to statistics published by the DOT, Southwest consistently ranks at or near the top among domestic carriers in Customer Satisfaction for having the lowest Customer complaint ratio\\. However, carriers are increasingly focusing on operational reliability as an opportunity to win and retain Customers\\. In addition, some airlines have more seating options and associated passenger amenities than does Southwest, including first\\-class, business class, and other premium seating and related amenities\\. New and different types of aircraft flown by competitors could have operational attributes and passenger amenities that could be considered more favorable than those associated with the Company's existing fleet\\.\n\n**Other Forms of Competition**\n\nThe airline industry is subject to varying degrees of competition from other forms of transportation, including surface transportation by automobiles, buses, and trains\\. Inconveniences and delays associated with air travel security measures can increase surface competition\\. In addition, surface competition can be significant during economic downturns when consumers cut back on discretionary spending and fewer choose to fly, or when gasoline prices are lower, making surface transportation a less expensive option\\. Because of the relatively high percentage of short\\-haul travel provided \n\n18"}
{"_id": "Delta-2018_36.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nOperating Expense\n\n\n\n|                                                    |                             |                             |                                    |                                      |\n| -------------------------------------------------- | --------------------------- | --------------------------- | ---------------------------------- | ------------------------------------ |\n|                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Increase**<br><br>**(Decrease)** | **% Increase**<br><br>**(Decrease)** |\n| **(in millions)**                                  | **2017**                    | **2016**                    | **Increase**<br><br>**(Decrease)** | **% Increase**<br><br>**(Decrease)** |\n| Salaries and related costs                         | $10,058                     | $9,394                      | $664                               | 7\\.1 %                               |\n| Aircraft fuel and related taxes                    | 6,756                       | 5,985                       | 771                                | 12\\.9 %                              |\n| Regional carriers expense, excluding fuel          | 3,466                       | 3,447                       | 19                                 | 0\\.6 %                               |\n| Depreciation and amortization                      | 2,222                       | 1,886                       | 336                                | 17\\.8 %                              |\n| Contracted services                                | 2,108                       | 1,918                       | 190                                | 9\\.9 %                               |\n| Passenger commissions and other selling expenses   | 1,827                       | 1,751                       | 76                                 | 4\\.3 %                               |\n| Aircraft maintenance materials and outside repairs | 1,591                       | 1,434                       | 157                                | 10\\.9 %                              |\n| Landing fees and other rents                       | 1,501                       | 1,472                       | 29                                 | 2\\.0 %                               |\n| Ancillary businesses and refinery                  | 1,495                       | 1,182                       | 313                                | 26\\.5 %                              |\n| Passenger service                                  | 1,123                       | 964                         | 159                                | 16\\.5 %                              |\n| Profit sharing                                     | 1,065                       | 1,115                       | (50)                               | (4\\.5)%                              |\n| Aircraft rent                                      | 351                         | 285                         | 66                                 | 23\\.2 %                              |\n| Other                                              | 1,609                       | 1,621                       | (12)                               | (0\\.7)%                              |\n| Total operating expense                            | $35,172                     | $32,454                     | $2,718                             | 8\\.4 %                               |\n\n\n\nSalaries and Related Costs\\.  The increase in salaries and related costs is primarily due to pay rate increases for eligible employees\\. \n\nAircraft Fuel and Related Taxes\\.  Fuel expense increased  $771 million  compared to the prior year due to a 22% increase in the market price per gallon of fuel, partially offset by reduced fuel hedge losses compared to the prior year and profits generated within our refinery segment\\. \n\nThe table below shows the impact of hedging and the refinery on fuel expense and average price per gallon, adjusted (non\\-GAAP financial measures):\n\n\n\n|                                           |                             |                             |                                    |                              |                              |                                    |\n| ----------------------------------------- | --------------------------- | --------------------------- | ---------------------------------- | ---------------------------- | ---------------------------- | ---------------------------------- |\n|                                           |                             |                             |                                    | **Average Price Per Gallon** | **Average Price Per Gallon** | **Average Price Per Gallon**       |\n|                                           | **Year Ended December 31,** | **Year Ended December 31,** | **Increase**<br><br>**(Decrease)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Increase**<br><br>**(Decrease)** |\n| **(in millions, except per gallon data)** | **2017**                    | **2016**                    | **Increase**<br><br>**(Decrease)** | **2017**                     | **2016**                     | **Increase**<br><br>**(Decrease)** |\n| Fuel purchase cost ^(1)^                  | $6,833                      | $5,579                      | $1,254                             | $1\\.70                       | $1\\.39                       | $0\\.31                             |\n| Fuel hedge impact ^(2)^                   | 33                          | 281                         | (248)                              | 0\\.01                        | 0\\.07                        | (0\\.06)                            |\n| Refinery segment impact ^(2)^             | (110)                       | 125                         | (235)                              | (0\\.03)                      | 0\\.03                        | (0\\.06)                            |\n| Total fuel expense                        | $6,756                      | $5,985                      | $771                               | $1\\.68                       | $1\\.49                       | $0\\.19                             |\n| MTM adjustments and settlements ^(3)^     | 259                         | 450                         | (191)                              | 0\\.06                        | 0\\.11                        | (0\\.05)                            |\n| Total fuel expense, adjusted              | $7,015                      | $6,435                      | $580                               | $1\\.74                       | $1\\.60                       | $0\\.14                             |\n\n\n\n\n\n|       |                                                                                                    |\n| ----- | -------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Market price for jet fuel at airport locations, including related taxes and transportation costs\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Includes the impact of pricing arrangements between the airline and refinery segments with respect to the refinery's inventory price risk\\. For additional information regarding the refinery segment, see \"Refinery Segment\" below\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | MTM adjustments and settlements include the effects of the derivative transactions discussed in  Note 5  of the Notes to the Consolidated Financial Statements\\. For additional information and the reason for adjusting fuel expense, see \"Supplemental Information\" below\\. |\n\n\n\nDepreciation and Amortization\\.  The increase in depreciation expense primarily results from new aircraft deliveries, including B\\-737\\-900ER, A321\\-200, A330\\-300 and A350\\-900 aircraft, fleet modifications and accelerated depreciation due to the planned retirement of our MD\\-88 fleet and two B\\-767\\-300ER aircraft\\.\n\nContracted Services\\.  The increase in contracted services expense predominantly relates to additional contract labor expenses associated with investments in our technology infrastructure and other activities to improve the customer experience\\.\n\n 34"}
{"_id": "United-2018_21.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nThe following table presents repurchases of UAL common stock made in the fourth quarter of 2018:\n\n\n\n|               |                                              |                                         |                                                                                          |                                                                                                                |\n| ------------- | -------------------------------------------- | --------------------------------------- | ---------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- |\n| **Period**    | **Total number of shares purchased (a) (b)** | **Average price paid per share (b)(c)** | **Total number of shares purchased as part of publicly announced plans or programs (a)** | **Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions) (a)** |\n| October 2018  | 572,349                                      | $85\\.76                                 | 572,349                                                                                  | $1,941                                                                                                         |\n| November 2018 | 927,969                                      | 91\\.76                                  | 927,969                                                                                  | 1,856                                                                                                          |\n| December 2018 | 1,228,339                                    | 85\\.87                                  | 1,228,339                                                                                | 1,750                                                                                                          |\n| Total         | 2,728,657                                    |                                         | 2,728,657                                                                                |                                                                                                                |\n\n\n\n(a) In 2018, UAL repurchased approximately 17\\.5 million shares of UAL common stock for $1\\.2 billion\\. In December 2017, UAL's Board of Directors authorized a $3\\.0 billion share repurchase program to acquire UAL's common stock\\. As of December 31, 2018, the Company had approximately $1\\.8 billion remaining to purchase shares under its share repurchase program\\. UAL may repurchase shares through the open market, privately negotiated transactions, block trades or accelerated share repurchase transactions from time to time in accordance with applicable securities laws\\. \n\n(b) The table does not include shares withheld from employees to satisfy certain tax obligations due upon the vesting of restricted stock\\. The United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan and the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan, each provide for the withholding of shares to satisfy tax obligations due upon the vesting of restricted stock\\. However, these plans do not specify a maximum number of shares that may be withheld for this purpose\\. A total of 1,368 shares were withheld under the plans in the fourth quarter of 2018 at an average price of $91\\.79 per share\\. These shares of common stock withheld to satisfy tax withholding obligations may be deemed to be \"issuer purchases\" of shares that are required to be disclosed pursuant to this Item\\.\n\n(c) Average price paid per share is calculated on a settlement basis and excludes commission\\.\n\n\n\n|              |                                |\n| ------------ | ------------------------------ |\n| **ITEM 6\\.** | **SELECTED FINANCIAL DATA\\.**  |\n\n\n\nUAL's consolidated financial statements and statistical data are provided in the tables below:\n\n\n\n|                                                                    |                             |                             |                             |                             |                             |\n| ------------------------------------------------------------------ | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                    | **2018**                    | **2017 (a)**                | **2016 (a)**                | **2015**                    | **2014**                    |\n| **Income Statement Data (in millions, except per share amounts):** |                             |                             |                             |                             |                             |\n| Operating revenue                                                  | $41,303                     | $37,784                     | $36,558                     | $37,864                     | $38,901                     |\n| Operating expense                                                  | 38,011                      | 34,113                      | 32,214                      | 32,698                      | 36,528                      |\n| Operating income                                                   | 3,292                       | 3,671                       | 4,344                       | 5,166                       | 2,373                       |\n| Net income                                                         | 2,129                       | 2,144                       | 2,234                       | 7,340                       | 1,132                       |\n| Basic earnings per share                                           | 7\\.73                       | 7\\.08                       | 6\\.77                       | 19\\.52                      | 3\\.05                       |\n| Diluted earnings per share                                         | 7\\.70                       | 7\\.06                       | 6\\.76                       | 19\\.47                      | 2\\.93                       |\n| **Balance Sheet Data at December 31 (in millions):**               |                             |                             |                             |                             |                             |\n| Unrestricted cash, cash equivalents and short\\-term investments    | $3,950                      | $3,798                      | $4,428                      | $5,196                      | $4,384                      |\n| Total assets                                                       | 44,792                      | 42,346                      | 40,208                      | 40,861                      | 36,595                      |\n| Debt and capital lease obligations                                 | 14,728                      | 14,392                      | 11,705                      | 11,759                      | 11,947                      |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)* andAccounting Standards Update No\\. 2017\\-07, *Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\n22"}
{"_id": "AmericanAirlines-2018_172.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nPursuant to a capacity purchase agreement between American and AAG\u2019s wholly\\-owned regional airlines operating as American Eagle, American purchases all of the capacity from these carriers and recognizes passenger revenue from flights operated by American Eagle\\. In 2018, 2017 and 2016, American recognized expense of approximately $1\\.8 billion, $1\\.7 billion and $1\\.5 billion, respectively, related to wholly\\-owned regional airline capacity purchase agreements\\.\n\n173"}
{"_id": "Delta-2019_82.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nNew York\\-LaGuardia Airport\n\nAs part of the terminal redevelopment project at LaGuardia Airport, we are partnering with the Port Authority to replace Terminals C and D with a new state\\-of\\-the\\-art terminal facility consisting of 37 gates across four concourses connected to a central headhouse\\. The terminal will feature a new, larger Delta Sky Club, wider concourses, more gate seating and 30 percent more concessions space than the existing terminals\\. The facility will also offer direct access between the parking garage and terminal and improved roadways and drop\\-off/pick\\-up areas\\. The design of the new terminal will integrate sustainable technologies and improvements in energy efficiency\\. Construction will be phased to limit passenger inconvenience and is expected to be completed by 2026\\. \n\nIn connection with the redevelopment, during 2017, we entered into an amended and restated terminal lease with the Port Authority with a term through 2050\\. Pursuant to the lease agreement we will (1) fund (through debt issuance and existing cash) and undertake the design, management and construction of the terminal and certain off\\-premises supporting facilities, (2) receive a Port Authority contribution of $600 million to facilitate construction of the terminal and other supporting infrastructure, (3) be responsible for all operations and maintenance during the term of the lease and (4) have preferential rights to all gates in the terminal subject to Port Authority requirements with respect to accommodation of designated carriers\\. We currently expect our net project cost to be approximately $3\\.3 billion and we bear the risks of project construction, including any potential cost over\\-runs\\. Using funding provided by cash flows from operations and/or financing arrangements, we spent approximately $562 million on this project during 2019\\. See Note 7, \"Debt,\" for additional information on the debt related to this redevelopment project, NYTDC Special Facilities Revenue Bonds, Series 2018\\.\n\nAs we are funding the majority of the LaGuardia redevelopment project, we account for the related assets as leasehold improvements\\. We entered into loan agreements to fund a portion of the construction, which are recorded on our balance sheet as debt with the proceeds reflected as restricted cash\\.\n\n80"}
{"_id": "United-2017_134.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**Schedule II** \n\n**Valuation and Qualifying Accounts** \n\n**For the Years Ended December 31, 2017, 2016 and 2015** \n\n\n\n|                                                         |                                                      |                                                                        |                             |           |                                                |\n|:------------------------------------------------------- | ----------------------------------------------------:| ----------------------------------------------------------------------:| ---------------------------:| ---------:| ----------------------------------------------:|\n| **(In millions)**  **Description**                      | **Balance at**  <br>**Beginning of**  <br>**Period** | **Additions**  <br>**Charged to**  <br>**Costs and**  <br>**Expenses** | **Deductions**  <br>**(a)** | **Other** | **Balance at**  <br>**End of**  <br>**Period** |\n| **Allowance for doubtful accounts\u2014UAL and United:**     |                                                      |                                                                        |                             |           |                                                |\n| 2017                                                    |                                                 $10  |                                                                   $20  |                        $23  |       $\u2014  |                                            $7  |\n| 2016                                                    |                                                  18  |                                                                    18  |                         26  |        \u2014  |                                            10  |\n| 2015                                                    |                                                  22  |                                                                    25  |                         29  |        \u2014  |                                            18  |\n| **Obsolescence allowance\u2014spare parts\u2014UAL and United:**  |                                                      |                                                                        |                             |           |                                                |\n| 2017                                                    |                                                $295  |                                                                   $75  |                        $17  |       $1  |                                          $354  |\n| 2016                                                    |                                                 235  |                                                                    61  |                         16  |       15  |                                           295  |\n| 2015                                                    |                                                 169  |                                                                    38  |                          \u2014  |       28  |                                           235  |\n| **Valuation allowance for deferred tax assets\u2014UAL:**    |                                                      |                                                                        |                             |           |                                                |\n| 2017                                                    |                                                 $68  |                                                                   $11  |                        $27  |      $11  |                                           $63  |\n| 2016                                                    |                                                  48  |                                                                    47  |                         27  |        \u2014  |                                            68  |\n| 2015                                                    |                                               4,751  |                                                                     \u2014  |                      4,703  |        \u2014  |                                            48  |\n| **Valuation allowance for deferred tax assets\u2014United:** |                                                      |                                                                        |                             |           |                                                |\n| 2017                                                    |                                                 $68  |                                                                   $11  |                        $27  |      $11  |                                           $63  |\n| 2016                                                    |                                                  48  |                                                                    47  |                         27  |        \u2014  |                                            68  |\n| 2015                                                    |                                               4,721  |                                                                     \u2014  |                      4,673  |        \u2014  |                                            48  |\n\n\n\n(a) Deduction from reserve for purpose for which reserve was created\\.\n\n135"}
{"_id": "Delta-2019_95.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nNOTE 15\\. SEGMENTS\n\nOperating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker and is used in resource allocation and performance assessments\\. Our chief operating decision maker is considered to be our executive leadership team\\. Our executive leadership team regularly reviews discrete information for our two operating segments, which are determined by the products and services provided: our airline segment and our refinery segment\\.\n\nAirline Segment\n\nOur airline segment is managed as a single business unit that provides scheduled air transportation for passengers and cargo throughout the U\\.S\\. and around the world and includes our loyalty program, as well as other ancillary airline services\\. This allows us to benefit from an integrated revenue pricing and route network\\. Our flight equipment forms one fleet, which is deployed through a single route scheduling system\\. When making resource allocation decisions, our chief operating decision maker evaluates flight profitability data, which considers aircraft type and route economics, but gives no weight to the financial impact of the resource allocation decision on an individual carrier basis\\. Our objective in making resource allocation decisions is to optimize our consolidated financial results\\.\n\nRefinery Segment\n\nIn 2012, our wholly owned subsidiaries, Monroe Energy, LLC, and MIPC, LLC (collectively, \"Monroe\"), acquired the Trainer oil refinery and related assets located near Philadelphia, Pennsylvania, as part of our strategy to mitigate the cost of the refining margin reflected in the price of jet fuel\\. The acquisition included pipelines and terminal assets that allow the refinery to supply jet fuel to our airline operations throughout the Northeastern U\\.S\\., including our New York hubs at LaGuardia and JFK\\.\n\nOur refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and through jet fuel obtained through agreements with third parties\\. The refinery's production consists of jet fuel as well as non\\-jet fuel products\\. We use several counterparties to exchange the non\\-jet fuel products produced by the refinery for jet fuel consumed in our airline operations\\. The gross fair value of the products exchanged under these agreements during the years ended December 31, 2019, 2018 and 2017 was $4\\.0 billion, $3\\.6 billion and $3\\.2 billion, respectively\\.\n\n93"}
{"_id": "AmericanAirlines-2018_185.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.78                         | [Form of Participation Agreement (Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee and Subordination Agent) (incorporated by reference to Exhibit B to Exhibit 4\\.12 to US Airways Group\u2019s Current Report on Form 8\\-K filed on December 13, 2012 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312512501957/d452985dex412.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.79                         | [Form of Indenture (Trust Indenture and Security Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.12 to US Airways Group\u2019s Current Report on Form 8\\-K filed on December 13, 2012 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312512501957/d452985dex412.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.80                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2012\\-2 Pass Through Certificates (incorporated by reference to Exhibit 10\\.4 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex104.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 4\\.81                         | [Form of Assumption Agreement, dated as of December 30, 2015, by American Airlines, Inc\\. for the benefit of Wilmington Trust Company, as Indenture Trustee, to (i) each Participation Agreement between, among others, American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.) and Wilmington Trust Company, as Indenture Trustee, entered into pursuant to the 2010\\-1, 2011\\-1, 2012\\-1, 2012\\-2 and 2013\\-1 EETC note purchase agreements and (ii) each Trust Indenture and Security Agreement, between, among others, American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), and Wilmington Trust Company, as Indenture Trustee entered into pursuant to the 2010\\-1, 2011\\-1, 2012\\-1, 2012\\-2 and 2013\\-1 EETC note purchase agreements (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex103.htm) |\n| 4\\.82                         | [Trust Supplement No\\. 2016\\-1AA, dated as of January 19, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| 4\\.83                         | [Trust Supplement No\\. 2016\\-1A, dated as of January 19, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| 4\\.84                         | [Trust Supplement No\\. 2016\\-1B, dated as of January 19, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex44.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| 4\\.85                         | [Intercreditor Agreement (2016\\-1), dated as of January 19, 2016, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-1AA, as Trustee of the American Airlines Pass Through Trust 2016\\-1A and as Trustee of the American Airlines Pass Through Trust 2016\\-1B, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex45.htm)                                                                                                                                                                                                                                                                                                    |\n| 4\\.86                         | [Note Purchase Agreement, dated as of January 19, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex46.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.87                         | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex46.htm)                                                                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.88                         | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex46.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 4\\.89                         | [Form of Pass Through Trust Certificate, Series 2016\\-1AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 4\\.90                         | [Form of Pass Through Trust Certificate, Series 2016\\-1A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.91                         | [Form of Pass Through Trust Certificate, Series 2016\\-1B (incorporated by reference to Exhibit A to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex44.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n\n\n\n186"}
{"_id": "AmericanAirlines-2017_144.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nSpecifically, American is required to meet certain collateral coverage tests on an annual basis for four credit facilities, as described below:\n\n\n\n|                                                        |                                                                                                                                                              |                                                                                                                                                                   |                                                                       |                                                                                                                                                                   |\n| ------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|                                                        | **2013 Credit Facilities**                                                                                                                                   | **2014 Credit Facilities**                                                                                                                                        | **April 2016 Credit**<br><br>**Facilities**                           | **December 2016**<br><br>**Credit Facilities**                                                                                                                    |\n| Frequency of Appraisals<br><br>of Appraised Collateral | Annual                                                                                                                                                       | Annual                                                                                                                                                            | Annual                                                                | Annual                                                                                                                                                            |\n| 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)                                                                                             |\n| LTV as of Last<br><br>Measurement Date                 | 33\\.9%                                                                                                                                                       | 23\\.1%                                                                                                                                                            | 42\\.7%                                                                | 59\\.0%                                                                                                                                                            |\n| 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 |\n\n\n\nAt December 31, 2017, American was in compliance with the applicable collateral coverage tests as of the most recent measurement dates\\.\n\n**4\\. Income Taxes**\n\nThe significant components of the income tax provision (benefit) were (in millions):\n\n\n\n|                                          |                             |                             |                             |\n| ---------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                          | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                          | **2017**                    | **2016**                    | **2015**                    |\n| Current income tax provision:            |                             |                             |                             |\n| Federal                                  | $\u2014                          | $\u2014                          | $\u2014                          |\n| State and Local                          | 24                          | 10                          | 15                          |\n| Current income tax provision             | 24                          | 10                          | 15                          |\n| Deferred income tax provision (benefit): |                             |                             |                             |\n| Federal                                  | 1,235                       | 1,559                       | (3,407)                     |\n| State and Local                          | 63                          | 93                          | (60)                        |\n| Deferred income tax provision (benefit)  | 1,298                       | 1,652                       | (3,467)                     |\n| Total income tax provision (benefit)     | $1,322                      | $1,662                      | $(3,452)                    |\n\n\n\n145"}
{"_id": "Delta-2019_40.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nInvesting Activities \n\nCapital Expenditures\\.  Our capital expenditures were $4\\.9 billion in 2019 and $5\\.2 billion in 2018\\. Our capital expenditures are primarily related to the purchase of aircraft, fleet modifications and technology enhancements\\. \n\nAs part of a multi\\-year initiative, we are investing in aircraft intended to provide more premium products, improved customer experience, greater fuel efficiency and better operating economics\\. We have committed to future aircraft purchases that will require significant capital investment and have obtained, but are under no obligation to use, long\\-term financing commitments for a substantial portion of the purchase price of a significant number of these aircraft\\. We expect that we will invest approximately $4\\.5 billion in 2020 primarily for aircraft, including deliveries and advance deposit payments, as well as aircraft modifications, the majority of which relate to cabin enhancements throughout our fleet\\. We expect that the investments in 2020 will be funded principally through cash flows from operations\\.\n\nIn October 2019, the Office of the U\\.S\\. Trade Representative announced a 10% tariff on new aircraft imported from Europe\\. We are evaluating the impact of this announcement on our future Airbus deliveries\\.\n\nEquity Investments\\.  During 2019, we acquired 10% of the outstanding shares of Hanjin\\-KAL, the largest shareholder of Korean Air for $170 million\\. \n\nIn September 2019 we announced our plan to enter into a strategic alliance with LATAM Airlines Group S\\.A (\"LATAM\") as well as acquire up to a 20% interest through a tender offer\\. In January 2020 we acquired 20% of the shares of LATAM for $1\\.9 billion, or $16 per share\\.\n\nIn addition, to support the establishment of the strategic alliance, we will invest $350 million, $200 million of which was disbursed in 2019\\. An additional $50 million is scheduled to be disbursed during 2020\\. As part of our planned strategic alliance with LATAM, we have also agreed to acquire four A350 aircraft from LATAM and plan to assume ten of LATAM's A350 purchase commitments from Airbus, with deliveries through 2025\\.\n\nThis alliance is expected to generate new growth opportunities, building upon Delta's and LATAM's global footprint and joint ventures, including Delta's existing partnership with Aerom\u00e9xico\\. We have sold our GOL ownership stake and are winding down our commercial agreements with GOL to facilitate the formation of our strategic alliance with LATAM\\.\n\nSee Note 4 of the Notes to the Consolidated Financial Statements for more information on our equity investments\\.\n\nLos Angeles International Airport (\"LAX\") Construction\\.  We executed a modified lease agreement during 2016 with the City of Los Angeles (\"the City\") which owns and operates LAX, and announced plans to modernize, upgrade and connect Terminals 2 and 3 at LAX\\. Under the lease agreement, we have relocated certain airlines and other tenants from Terminals 2 and 3 to Terminals 5 and 6 and undertaken various initial projects to enable operations from Terminals 2 and 3 during the project\\. We are now designing and constructing the redevelopment of Terminal 3 and enhancement of Terminal 2, which also includes rebuilding the ticketing and arrival halls and security checkpoint, construction of core infrastructure to support the City's planned airport people mover, ramp improvements and construction of a secure connector to the north side of the Tom Bradley International Terminal\\. Construction is expected to be completed by 2024\\.\n\nUnder the lease agreement and subsequent project component approvals by the City's Board of Airport Commissioners, the City has appropriated to date approximately $1\\.6 billion to purchase completed project assets\\. The lease allows for a maximum reimbursement by the City of $1\\.8 billion\\. Costs we incur in excess of such maximum will not be reimbursed by the City\\. \n\nA substantial majority of the project costs are being funded through the Regional Airports Improvement Corporation (\"RAIC\"), a California public benefit corporation, using an $800 million revolving credit facility provided by a group of lenders\\. The credit facility was executed during 2017 and amended in 2019 and we have guaranteed the obligations of the RAIC under the credit facility\\. Loans made under the credit facility are being repaid with the proceeds from the City\u2019s purchase of completed project assets\\. Using funding provided by cash flows from operations and/or the credit facility, we spent approximately $176 million on this project during 2019 and expect to spend approximately $240 million during 2020\\.\n\n38"}
{"_id": "United-2017_10.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nAirlines also compete for market share by increasing or decreasing their capacity, including route systems and the number of markets served\\. Several of the Company\u2019s domestic and international competitors have increased their international capacity by including service to some destinations that the Company currently serves, causing overlap in destinations served and therefore increasing competition for those destinations\\. This increased competition in both domestic and international markets may have a material adverse effect on the Company\u2019s results of operations, financial condition or liquidity\\.\n\n***Terrorist attacks or international hostilities, or the fear of terrorist attacks or hostilities, even if not made directly on the airline industry, could negatively affect the Company and the airline industry\\.*** \n\nThe terrorist attacks on September 11, 2001 involving commercial aircraft severely and adversely impacted the Company\u2019s financial condition and results of operations, as well as the prospects for the airline industry\\. Among the effects experienced from the September 11, 2001 terrorist attacks were substantial flight disruption costs caused by the FAA\\-imposed temporary grounding of the U\\.S\\. airline industry\u2019s fleet, significantly increased security costs and associated passenger inconvenience, increased insurance costs, substantially higher ticket refunds and significantly decreased traffic and passenger revenue\\.\n\nAdditional terrorist attacks, even if not made directly on the airline industry, or the fear of or the precautions taken in anticipation of such attacks (including elevated national threat warnings, travel restrictions or selective cancellation or redirection of flights) could materially and adversely affect the Company and the airline industry\\. Wars and other international hostilities could also have a material adverse impact on the Company\u2019s financial condition, liquidity and results of operations\\. The Company\u2019s financial resources may not be sufficient to absorb the adverse effects of any future terrorist attacks or other international hostilities\\.\n\n***Increasing privacy and data security obligations or a significant data breach may adversely affect the Company\u2019s business\\.*** \n\nThe Company is subject to increasing legislative, regulatory and customer focus on privacy issues and data security\\. Also, a number of the Company\u2019s commercial partners, including credit card companies, have imposed data security standards that the Company must meet and these standards continue to evolve\\. The Company will continue its efforts to meet its privacy and data security obligations; however, it is possible that certain new obligations may be difficult to meet and could increase the Company\u2019s costs\\. Additionally, the Company must manage evolving cybersecurity risks\\. The loss, disclosure, misappropriation of or access to customers\u2019, employees\u2019 or business partners\u2019 information or the Company\u2019s failure to meet its obligations could result in legal claims or proceedings, liability or regulatory penalties\\. A significant data breach or the Company\u2019s failure to meet its obligations may adversely affect the Company\u2019s reputation, business, results of operations and financial condition\\.\n\n***The Company relies heavily on technology and automated systems to operate its business and any significant failure or disruption of the technology or these systems could materially harm its business\\.*** \n\nThe Company depends on automated systems and technology to operate its business, including computerized airline reservation systems, flight operations systems, revenue management systems, accounting systems, telecommunication systems and commercial websites, including www\\.united\\.com\\. United\u2019s website and other automated systems must be able to accommodate a high volume of traffic, maintain secure information and deliver important flight and schedule information, as well as process critical financial transactions\\. These systems could suffer substantial or repeated disruptions due to various events, some of which are beyond the Company\u2019s control, including natural disasters, power failures, terrorist attacks, equipment or software failures, computer viruses or cyber security attacks\\. Substantial or repeated systems failures or disruptions, including failures or disruptions related to the Company\u2019s complex integration of systems, could reduce the attractiveness of the Company\u2019s services versus those of its competitors, materially impair its ability to market its services and operate its flights, result in the unauthorized release of confidential or otherwise protected information, result in increased costs, lost revenue and the loss or compromise of important data, and may adversely affect the Company\u2019s business, results of operations and financial condition\\.\n\n11"}
{"_id": "Alaska-2018_26.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\ncertified a class of approximately 1,800 flight attendants in November 2016\\. The Company believes the claims in this case are without factual and legal merit\\.\n\nIn July 2018, the Court granted in part Plaintiffs' motion for summary judgment, finding Virgin America, and Alaska Airlines, as a successor\\-in\\-interest to Virgin America, responsible for various damages and penalties sought by the class members\\. On February 4, 2019, the Court entered final judgment against Virgin America and Alaska Airlines in the amount of approximately $78 million\\. It did not award behavioral relief from Alaska Airlines\\. \n\nThe Company will then seek an appellate court ruling that the California laws on which the judgment is based are invalid as applied to national airlines pursuant to the U\\.S\\. Constitution and federal law and for other employment law and improper class certification reasons\\. The Company remains confident that a higher court will respect the federal preemption principles that were enacted to shield inter\\-state common carriers from a patchwork of state and local wage and hour regulations such as those at issue in this case and agree with the Company's other bases for appeal\\. For these reasons, no loss has been accrued\\. \n\n\n\n|                                      |\n| ------------------------------------ |\n| **ITEM 4\\. MINE SAFETY DISCLOSURES** |\n\n\n\nNot applicable\\.\n\n**PART II**\n\n\n\n|                                                                                                                                |\n| ------------------------------------------------------------------------------------------------------------------------------ |\n| **ITEM 5\\. MARKET FOR THE REGISTRANT\u2019S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES** |\n\n\n\nAs of December 31, 2018, there were 130,813,476 shares of common stock of Alaska Air Group, Inc\\. issued, 123,194,430 shares outstanding, and 2,087 shareholders of record\\. In 2018, we paid quarterly dividends of $0\\.32 per share in March, June, September and December\\. Our common stock is listed on the New York Stock Exchange (symbol: ALK)\\. \n\n**SALES OF NON\\-REGISTERED SECURITIES**\n\nNone\\.\n\n**PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**\n\n\n\n|                                              |                                                 |                                             |                                                                                                 |                                                                                                                                              |\n| -------------------------------------------- | ----------------------------------------------- | ------------------------------------------- | ----------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------- |\n|                                              | **Total Number of**<br><br>**Shares Purchased** | **Average Price**<br><br>**Paid per Share** | **Total Number of Shares (or units) Purchased as Part of Publicly Announced Plans or Programs** | **Maximum remaining**<br><br>**dollar value of shares**<br><br>**that can be purchased**<br><br>**under the plan** <br><br>**(in millions)** |\n| October 1, 2018 \\- October 31, 2018  ^(a)^   | 72,448                                          | $63\\.48                                     | 72,448                                                                                          |                                                                                                                                              |\n| November 1, 2018 \\- November 30, 2018  ^(a)^ | 68,185                                          | 67\\.80                                      | 68,185                                                                                          |                                                                                                                                              |\n| December 1, 2018 \\- December 31, 2018  ^(a)^ | 52,611                                          | 64\\.22                                      | 52,611                                                                                          |                                                                                                                                              |\n| Total                                        | 193,244                                         | $65\\.21                                     | 193,244                                                                                         | $562                                                                                                                                         |\n\n\n\n\n\n|       |                                                                                                            |\n| ----- | ---------------------------------------------------------------------------------------------------------- |\n| ^(a)^ | Purchased pursuant to the $1 billion repurchase plan authorized by the Board of Directors in August 2015\\. |\n\n\n\n 27"}
{"_id": "United-2017_25.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|               |                                |\n| ------------- | ------------------------------ |\n|  **ITEM 6\\.** | **SELECTED FINANCIAL DATA\\.**  |\n\n\n\nUAL\u2019s consolidated financial statements and statistical data are provided in the tables below:\n\n\n\n|                                                                    |                             |                             |                             |                             |                             |\n|:------------------------------------------------------------------ | ---------------------------:| ---------------------------:| ---------------------------:| ---------------------------:| ---------------------------:|\n|                                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                    |                    **2017** |                    **2016** |                    **2015** |                    **2014** |                    **2013** |\n| **Income Statement Data (in millions, except per share amounts):** |                             |                             |                             |                             |                             |\n| Operating revenue                                                  |                   $ 37,736  |                   $ 36,556  |                   $ 37,864  |                   $ 38,901  |                   $ 38,279  |\n| Operating expense                                                  |                     34,238  |                     32,218  |                     32,698  |                     36,528  |                     37,030  |\n| Operating income                                                   |                      3,498  |                      4,338  |                      5,166  |                      2,373  |                      1,249  |\n| Net income                                                         |                      2,131  |                      2,263  |                      7,340  |                      1,132  |                        571  |\n| Basic earnings per share                                           |                      7\\.04  |                      6\\.86  |                     19\\.52  |                      3\\.05  |                      1\\.64  |\n| Diluted earnings per share                                         |                      7\\.02  |                      6\\.85  |                     19\\.47  |                      2\\.93  |                      1\\.53  |\n| **Balance Sheet Data at December 31 (in millions):**               |                             |                             |                             |                             |                             |\n| Unrestricted cash, cash equivalents and short\\-term investments    |                     $3,798  |                     $4,428  |                     $5,196  |                     $4,384  |                     $5,121  |\n| Total assets                                                       |                     42,326  |                     40,140  |                     40,861  |                     36,595  |                     36,021  |\n| Debt and capital lease obligations                                 |                     14,392  |                     11,705  |                     11,759  |                     11,947  |                     12,293  |\n\n\n\n26"}
{"_id": "AmericanAirlines-2019_100.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nAssumptions\n\nThe following actuarial assumptions were used to determine our benefit obligations and net periodic benefit cost (income) for the periods presented:\n\n\n\n|                                |                      |                      |                                                                  |                                                                  |\n| ------------------------------ | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                | **2019**             | **2018**             | **2019**                                                         | **2018**                                                         |\n| Benefit obligations:           |                      |                      |                                                                  |                                                                  |\n| Weighted average discount rate | 3\\.4%                | 4\\.4%                | 3\\.3%                                                            | 4\\.3%                                                            |\n\n\n\n\n\n|                                                                           |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| ------------------------------------------------------------------------- | -------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                                                           | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                                                           | **2019**             | **2018**             | **2017**             | **2019**                                                         | **2018**                                                         | **2017**                                                         |\n| Net periodic benefit cost (income):                                       |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| Weighted average discount rate                                            | 4\\.4%                | 3\\.8%                | 4\\.3%                | 4\\.3%                                                            | 3\\.6%                                                            | 4\\.1%                                                            |\n| Weighted average expected rate of return on plan assets                   | 8\\.0%                | 8\\.0%                | 8\\.0%                | 8\\.0%                                                            | 8\\.0%                                                            | 8\\.0%                                                            |\n| Weighted average health care cost trend rate assumed for next year  ^(1)^ | N/A                  | N/A                  | N/A                  | 3\\.7%                                                            | 3\\.9%                                                            | 4\\.2%                                                            |\n\n\n\n\n\n|       |                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The weighted average health care cost trend rate at  December 31, 2019  is assumed to decline gradually to   3\\.3%  by 2027 and remain level thereafter\\. |\n\n\n\nAs of  December 31, 2019 , our estimate of the long\\-term rate of return on plan assets was   8\\.0%  based on the target asset allocation\\. Expected returns on long duration bonds are based on yields to maturity of the bonds held at year\\-end\\. Expected returns on other assets are based on a combination of long\\-term historical returns, actual returns on plan assets achieved over the last ten years, current and expected market conditions, and expected value to be generated through active management and securities lending programs\\.\n\nA one percentage point change in the assumed health care cost trend rates would have the following approximate effects on our retiree medical and other postretirement benefits plans (in millions):\n\n\n\n|                                                                   |                 |                      |\n| ----------------------------------------------------------------- | --------------- | -------------------- |\n|                                                                   | **1% Increase** | **1% Decrease**      |\n| Increase (decrease) on 2019 service and interest cost             | $1              | $<br><br>(1<br><br>) |\n| Increase (decrease) on benefit obligation as of December 31, 2019 | 40              | (40<br><br>)         |\n\n\n\nMinimum Contributions\n\nWe are required to make minimum contributions to our defined benefit pension plans under the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and various other laws for U\\.S\\. based plans as well as underfunding rules specific to countries where we maintain defined benefit plans\\. Based on current funding assumptions, we have minimum required contributions of   $196 million  for  2020  including contributions to defined benefit plans for our wholly\\-owned regional subsidiaries\\. Our funding obligations will depend on the performance of our investments held in trust by the pension plans, interest rates for determining liabilities, the amount of and timing of any supplemental contributions and our actuarial experience\\.\n\nBenefit Payments\n\nThe following benefit payments, which reflect expected future service as appropriate, are expected to be paid (approximately, in millions):\n\n\n\n|                                                   |          |          |          |          |          |                |\n| ------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | -------------- |\n|                                                   | **2020** | **2021** | **2022** | **2023** | **2024** | **2025\\-2029** |\n| Pension benefits                                  | $753     | $792     | $832     | $874     | $914     | $5,045         |\n| Retiree medical and other postretirement benefits | 80       | 71       | 66       | 64       | 61       | 265            |\n\n\n\n101"}
{"_id": "AmericanAirlines-2017_123.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nOur fourth quarter 2016 results include $273 million of total net special items that principally included $121 million of Merger integration expenses, $104 million of fleet restructuring expenses and a $47 million net charge resulting from fair value adjustments to bankruptcy obligations\\.\n\n**17\\. Subsequent Event**\n\n*Dividend Declaration*\n\nIn January 2018, we announced that our Board of Directors declared a $0\\.10 per share dividend for stockholders of record on February 6, 2018, and payable on February 20, 2018\\. Any future dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to continue a dividend for any fixed period, and payment of dividends may be suspended at any time at our discretion\\.\n\n124"}
{"_id": "Alaska-2019_62.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nInterline loyalty\n\nAlaska has interline arrangements with certain airlines whereby its members may earn and redeem Mileage Plan\u2122 credits on those airlines, and members of a partner airline\u2019s loyalty program may earn and redeem frequent flyer program credits on flights operated by Alaska and its regional partners\\. When a Mileage Plan\u2122 member earns credits on a partner airline, the partner airline remits a contractually\\-agreed upon fee to the Company which is deferred until credits are redeemed\\. When a Mileage Plan\u2122 member redeems credits on a partner airline, the Company pays a contractually agreed upon fee to the other airline, which is netted against the revenue recognized associated with the award travel\\. When a member of a partner airline redeems frequent flyer credits on Alaska, the partner airline remits a contractually\\-agreed upon amount to the Company, recognized as Passenger revenue upon travel\\. If the partner airline\u2019s member earns frequent flyer program credits on an Alaska flight, the Company remits a contractually\\-agreed upon fee to the partner airline and records a commission expense\\.\n\nMileage Plan revenue included in the consolidated statements of operations (in millions):\n\n\n\n|                            |                            |                            |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:-------------------------- |:-------------------------- |:-------------------------- | --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                            |                            |                            | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |\n|                            |                            |                            |                             2019 |                                  |                                  |                                  |                             2018 |                                  |                                  |                                  |                             2017 |\n| Passenger revenue          | Passenger revenue          | Passenger revenue          |                            $ 704 |                                  |                                  |                                  |                            $ 619 |                                  |                                  |                                  |                            $ 541 |\n| Mileage Plan other revenue | Mileage Plan other revenue | Mileage Plan other revenue |                              465 |                                  |                                  |                                  |                              434 |                                  |                                  |                                  |                              418 |\n| Total Mileage Plan revenue | Total Mileage Plan revenue | Total Mileage Plan revenue |                          $ 1,169 |                                  |                                  |                                  |                          $ 1,053 |                                  |                                  |                                  |                            $ 959 |\n\n\n\nMileage Plan other revenue is primarily brand and marketing revenue from our affinity card products\\.\n\nCargo and Other\n\nThe Company provides freight and mail services (cargo)\\. The majority of cargo services are provided to commercial businesses and the United States Postal Service\\. The Company satisfies cargo service performance obligations and recognizes revenue when the shipment arrives at its final destination, or is transferred to a third\\-party carrier for delivery\\.\n\nThe Company also earns other revenue for lounge memberships, hotel and car commissions, and certain other immaterial items not intrinsically tied to providing air travel to passengers\\. Revenue is recognized when these services are rendered and recorded as Cargo and other revenue\\. The transaction price for Cargo and other revenue is the price paid by the customer\\.\n\nCargo and other revenue included in the consolidated statements of operations (in millions):\n\n\n\n|                               |                               |                               |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:----------------------------- |:----------------------------- |:----------------------------- | --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                               |                               |                               | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |\n|                               |                               |                               |                             2019 |                                  |                                  |                                  |                             2018 |                                  |                                  |                                  |                             2017 |\n| Cargo revenue                 | Cargo revenue                 | Cargo revenue                 |                            $ 133 |                                  |                                  |                                  |                            $ 129 |                                  |                                  |                                  |                            $ 115 |\n| Other revenue                 | Other revenue                 | Other revenue                 |                               88 |                                  |                                  |                                  |                               70 |                                  |                                  |                                  |                               60 |\n| Total Cargo and other revenue | Total Cargo and other revenue | Total Cargo and other revenue |                            $ 221 |                                  |                                  |                                  |                            $ 199 |                                  |                                  |                                  |                            $ 175 |\n\n\n\nAir Traffic Liability and Deferred Revenue\n\nPassenger ticket and ancillary services liabilities\n\nAir traffic liability included on the consolidated balance sheets represents the remaining obligation associated with passenger tickets and ancillary services\\. The air traffic liability balance fluctuates with seasonal travel patterns\\. The Company recognized Passenger revenue of $577 million and $583 million from the 2018 and 2017 year\\-end air traffic liability balance during the twelve months ended December 31, 2019 and 2018\\.\n\nMileage Plan^tm^  liabilities\n\nThe total deferred revenue liability included on the consolidated balance sheets represents the remaining transaction price that has been allocated to Mileage Plan^TM^  performance obligations not yet satisfied by the Company\\. In general, the current amounts will be recognized as revenue within 12 months and the long\\-term amounts will be recognized as revenue over a period of approximately three to four years\\. This period of time represents the average time that members have historically taken to earn and redeem miles\\.\n\n62"}
{"_id": "Delta-2018_101.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nThe Board of Directors and Stockholders of \n\nDelta Air Lines, Inc\\.\n\nOpinion on Internal Control over Financial Reporting\n\nWe have audited Delta Air Lines, Inc\\.\u2019s internal control over financial reporting as of  December 31, 2018 , based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria)\\. In our opinion, Delta Air Lines, Inc\\. (the Company) maintained, in all material respects, effective internal control over financial reporting as of  December 31, 2018 , based on  the COSO criteria \\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of  December 31, 2018  and  2017 ,  and the related consolidated statements of operations, comprehensive income, cash flows and stockholders\u2019 equity for each of the three years in the period ended  December 31, 2018 , and the related notes and our report dated  February 15, 2019  expressed an unqualified opinion thereon\\.\n\nBasis for Opinion\n\nThe Company\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management\u2019s Annual Report on Internal Control Over Financial Reporting\\. Our responsibility is to express an opinion on the Company\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. \n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\nDefinition and Limitation of Internal Control Over Financial Reporting\n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n\n\n|                   |                       |\n| ----------------- | --------------------- |\n| Atlanta, Georgia  | /s/ Ernst & Young LLP |\n| February 15, 2019 |                       |\n\n\n\n 99"}
{"_id": "Southwest-2019_0.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D\\.C\\. 20549\n\nFORM   10\\-K \n\n(Mark One)\n\n\n\n|   |                                                                                          |\n| - | ---------------------------------------------------------------------------------------- |\n| \u2612 | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\n For the fiscal year ended    December 31, 2019 \n\n\n\n|    |\n| -- |\n| or |\n\n\n\n\n\n|   |                                                                                              |\n| - | -------------------------------------------------------------------------------------------- |\n| \u2610 | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\n\n\n|                                                                     |\n| ------------------------------------------------------------------- |\n| For the transition period from \\_\\_\\_\\_\\_\\_\\_\\_ to \\_\\_\\_\\_\\_\\_\\_\\_ |\n\n\n\nCommission File No\\.   1\\-7259 \n\n ![southwestfinal\\.jpg](https://www.example.com/southwestfinal.jpg)\n\nSOUTHWEST AIRLINES CO\\. \n\n(Exact name of registrant as specified in its charter)\n\n\n\n|                                          |                                          |                      |\n| ---------------------------------------- | ---------------------------------------- | -------------------- |\n| Texas                                    | Texas                                    | 74\\-1563240          |\n| (State or other jurisdiction of          | (State or other jurisdiction of          | (IRS Employer        |\n| incorporation or organization)           | incorporation or organization)           | Identification No\\.) |\n| P\\.O\\. Box 36611                         | P\\.O\\. Box 36611                         |                      |\n| Dallas,                                  | Texas                                    | 75235\\-1611          |\n| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code)           |\n\n\n\nRegistrant's telephone number, including area code:  (  214 )   792\\-4000 \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n\n\n|                                 |                |                                           |\n| ------------------------------- | -------------- | ----------------------------------------- |\n| Title of each class             | Trading Symbol | Name of each exchange on which registered |\n| Common Stock ($1\\.00 par value) | LUV            | New York Stock Exchange                   |\n\n\n\nSecurities registered pursuant to Section 12(g) of the Act:\n\nNone \n\nIndicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\.   Yes   x  No  o\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act\\. Yes  o    No   x\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\.   Yes   x  No  o\n\nIndicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S\\-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)\\.   Yes   x  No  o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, smaller reporting company, or an emerging growth company\\. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b\\-2 of the Exchange Act\\.\n\n\n\n|                         |                 |                           |   |\n| ----------------------- | --------------- | ------------------------- | - |\n| Large accelerated filer | x<br><br>  <br> | Accelerated filer         | \u2610 |\n| Non\\-accelerated filer  | \u2610               | Smaller reporting company | \u2610 |\n|                         |                 | Emerging growth company   | \u2610 |\n\n\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.  \u00a8\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Act)\\. Yes   \u2610  No  x\n\nThe aggregate market value of the common stock held by non\\-affiliates of the registrant was approximately   $27,212,024,231  computed by reference to the closing sale price of the common stock on the New York Stock Exchange on  June 28, 2019 , the last trading day of the registrant\u2019s most recently completed second fiscal quarter\\.\n\nNumber of shares of common stock outstanding as of the close of business on  January 30, 2020 :   517,295,540  shares\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the Definitive Proxy Statement for the Company\u2019s Annual Meeting of Shareholders to be held  May 21, 2020 , are incorporated into Part III of this Annual Report on Form 10\\-K\\."}
{"_id": "Alaska-2018_77.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nIn 2018, the Company adopted the full retrospective method under ASC 606 \"Revenue Contracts with Customers\\.\" The tax deferred assets and liabilities from 2017 were adjusted to reflect the retrospective adjustments of ASC 606\\. The retrospective adjustments increased other\\-net deferred tax liabilities $45 million and increased deferred tax assets $129 million, for a net deferred tax change of $84 million\\.\n\nAt December 31, 2018, the Company had federal NOLs of approximately $243 million that expire beginning in 2032 and continuing through 2036, and state NOLs of approximately $189 million that expire beginning in 2029 and continuing through 2036\\. \n\nVirgin America experienced multiple \u201cownership changes\u201d as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d), the most recent being its acquisition by the Company\\. Section 382 of the Code imposes an annual limitation on the utilization of pre\\-ownership change NOLs\\. Any unused annual limitation may, subject to certain limits, be carried over to later years\\. The combined Company\u2019s ability to use the NOLs will also depend on the amount of taxable income generated in future periods\\.\n\nValuation allowances are provided to reduce the related deferred income tax assets to an amount which will, more likely than not, be realized\\. The Company has determined it is more likely than not that a portion of the capital loss carryforward will not be realized and, therefore, has provided a valuation allowance of $2 million for that portion\\. The Company reassesses the need for a valuation allowance each reporting period\\.\n\n***Components of Income Tax Expense***\n\nThe components of income tax expense were as follows (in millions): \n\n\n\n|                                             |          |          |          |\n| ------------------------------------------- | -------- | -------- | -------- |\n|                                             | **2018** | **2017** | **2016** |\n| Current income tax expense:                 |          |          |          |\n| Federal                                     | **$(5)** | $127     | $392     |\n| State                                       | **9**    | 35       | 48       |\n| Total current income tax expense            | **4**    | 162      | 440      |\n| Deferred income tax expense (benefit):      |          |          |          |\n| Federal                                     | **125**  | (3)      | 67       |\n| State                                       | **19**   | 40       | 12       |\n| Total deferred income tax expense (benefit) | **144**  | 37       | 79       |\n| Income tax expense                          | **$148** | $199     | $519     |\n\n\n\n***Income Tax Rate Reconciliation***\n\nIncome tax expense reconciles to the amount computed by applying the 2018 U\\.S\\. federal rate of 21% to income before income tax and for deferred taxes as follows (in millions):\n\n\n\n|                          |            |          |          |\n| ------------------------ | ---------- | -------- | -------- |\n|                          | **2018**   | **2017** | **2016** |\n| Income before income tax | **$585**   | $1,159   | $1,316   |\n| Expected tax expense     | **123**    | 406      | 461      |\n| Nondeductible expenses   | **9**      | 5        | 20       |\n| State income taxes       | **21**     | 28       | 27       |\n| State income sourcing    | **\u2014**      | 9        | 12       |\n| Tax law changes          | **(7)**    | (237)    | \u2014        |\n| Other\u2014net                | **2**      | (12)     | (1)      |\n| Actual tax expense       | **$148**   | $199     | $519     |\n| Effective tax rate       | **25\\.3%** | 17\\.2%   | 39\\.4%   |\n\n\n\n 78"}
{"_id": "United-2017_77.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nThe following table sets forth the reconciliation of the beginning and ending balances of the benefit obligation and plan assets, the funded status and the amounts recognized in these financial statements for the defined benefit and other postretirement plans (in millions):\n\n\n\n|                                                   |                                       |                                       |\n|:------------------------------------------------- | -------------------------------------:| -------------------------------------:|\n|                                                   |                  **Pension Benefits** |                  **Pension Benefits** |\n|                                                   | **Year Ended  <br>December 31, 2017** | **Year Ended  <br>December 31, 2016** |\n| Accumulated benefit obligation:                   |                               $4,739  |                               $4,158  |\n| Change in projected benefit obligation:           |                                       |                                       |\n| Projected benefit obligation at beginning of year |                               $5,253  |                               $4,473  |\n| Service cost                                      |                                  195  |                                  112  |\n| Interest cost                                     |                                  220  |                                  200  |\n| Actuarial loss                                    |                                  525  |                                  738  |\n| Gross benefits paid and settlements               |                                 (366) |                                 (243) |\n| Other                                             |                                   25  |                                  (27) |\n| Projected benefit obligation at end of year       |                               $5,852  |                               $5,253  |\n| Change in plan assets:                            |                                       |                                       |\n| Fair value of plan assets at beginning of year    |                               $3,355  |                               $2,975  |\n| Actual return on plan assets                      |                                  510  |                                  230  |\n| Employer contributions                            |                                  419  |                                  421  |\n| Gross benefits paid and settlements               |                                 (366) |                                 (243) |\n| Other                                             |                                   14  |                                  (28) |\n| Fair value of plan assets at end of year          |                               $3,932  |                               $3,355  |\n| Funded status\u2014Net amount recognized               |                              $(1,920) |                              $(1,898) |\n\n\n\n\n\n|                                                                        |                       |                       |\n|:---------------------------------------------------------------------- | ---------------------:| ---------------------:|\n|                                                                        |  **Pension Benefits** |  **Pension Benefits** |\n|                                                                        | **December 31, 2017** | **December 31, 2016** |\n| Amounts recognized in the consolidated balance sheets consist of:      |                       |                       |\n| Noncurrent asset                                                       |                   $9  |                   $2  |\n| Current liability                                                      |                   (8) |                   (8) |\n| Noncurrent liability                                                   |               (1,921) |               (1,892) |\n| Total liability                                                        |              $(1,920) |              $(1,898) |\n| Amounts recognized in accumulated other comprehensive loss consist of: |                       |                       |\n| Net actuarial loss                                                     |              $(1,610) |              $(1,482) |\n| Prior service cost                                                     |                   (1) |                   (1) |\n| Total accumulated other comprehensive loss                             |              $(1,611) |              $(1,483) |\n\n\n\n78"}
{"_id": "Alaska-2018_45.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Variable Incentive Pay***\n\nVariable incentive pay expense increased to $135 million in 2017 from $127 million in 2016\\. On a Combined Comparative basis, variable incentive pay decreased $24 million, or 15%, due to lower achievement against performance\\-based pay metrics as compared to the prior year\\. \n\n***Aircraft Maintenance***\n\nAircraft maintenance costs increased by $121 million, or 45%, compared to 2016\\. On a Combined Comparative basis, aircraft maintenance costs increased $41 million, or 12%\\. Maintenance costs increased primarily due to timing of scheduled maintenance events in 2017, as well as a power\\-by\\-the\\-hour maintenance agreement for our B737\\-800 aricraft that began during the fourth quarter of 2017\\.\n\n***Aircraft Rent***\n\nAircraft rent expense increased$160 million, or 140%, compared to 2016\\. On a Combined Comparative basis, aircraft rent expense decreased$10 million, or 4%, primarily due to the resetting of straight\\-line aircraft rent resulting from purchase price accounting for leases held by Virgin America\\.\n\n***Landing Fees and Other Rentals***\n\nLanding fees and other rental expenses increased$140 million, or 44%, compared to 2016\\. On a Combined Comparative basis, landing fees and other rental expenses increased $33 million, or 8%, primarily due to increased flying in 2017 as we increased capacity by 7% and entered into 44 new markets\\.\n\n***Contracted Services***\n\nContracted services increased$67 million, or 27%, when compared to 2016\\. On a Combined Comparative basis, contracted services increased$7 million, or 2%, primarily due to increased flying at stations where we use vendors to assist us\\. Additionally, wage rates for our vendor employees have increased due to higher minimum wage laws in many locations we serve\\. These cost increases were partially offset by insourcing some of the ground services at many airports to McGee Air Services, whose costs are now included in other financial statement line items, particularly wages and benefits\\.\n\n***Selling Expenses***  \n\nSelling expenses increased by $120 million, or 48%, compared to 2016\\. On a Combined Comparative basis, selling expenses decreased$3 million, or 1%\\. The 2016 Pre\\-Acquisition Virgin America balances were not adjusted to reflect the new revenue recognition standard\\. Had the standard been applied, Virgin America's selling expenses would have decreased in 2016, resulting in a Combined Comparative year over year increase in selling expenses, mostly due to increased promotional and advertising activities\\. \n\n***Depreciation and Amortization***\n\nDepreciation and amortization expenses increased by $9 million, or 2%, compared to 2016\\. On a Combined Comparative basis, depreciation and amortization expense decreased$28 million, or 7%, primarily due to a change in the estimated useful lives of certain B737 operating aircraft and related parts from 20 years to 25 years, which was effective October 1, 2016, partially offset by the addition of 14 B737\\-900ERs and 10 E175s to our fleet during 2017\\. \n\n***Food and Beverage Service***\n\nFood and beverage service expenses increased by $69 million, or 55%, compared to 2016\\. On a Combined Comparative basis, food and beverage service expenses increased$20 million, or 11%, due to the increased number of passengers, premium class offerings and enhancements to our onboard menu offerings to provide higher quality food and beverage products\\. \n\n***Third\\-Party Regional Carrier Expense***\n\nThird\\-party regional carrier expense, which represents payments made to SkyWest and PenAir under our CPAs, increased$26 million, or 27%, in 2017 compared to 2016\\. The increase was primarily due to the addition of eight E175 aircraft operated by SkyWest in 2017\\.\n\n 46"}
{"_id": "United-2018_71.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nThe following information relates to all pension plans with an accumulated benefit obligation and a projected benefit obligation in excess of plan assets at December 31 (in millions): \n\n\n\n|                                |          |          |\n| ------------------------------ | -------- | -------- |\n|                                | **2018** | **2017** |\n| Projected benefit obligation   | $5,196   | $5,637   |\n| Accumulated benefit obligation | 4,286    | 4,567    |\n| Fair value of plan assets      | 3,614    | 3,709    |\n\n\n\nNet periodic benefit cost for the years ended December 31 included the following components (in millions):\n\n\n\n|                                                    |                      |                                   |                      |                                   |                      |                                   |\n| -------------------------------------------------- | -------------------- | --------------------------------- | -------------------- | --------------------------------- | -------------------- | --------------------------------- |\n|                                                    | **2018**             | **2018**                          | **2017**             | **2017**                          | **2016**             | **2016**                          |\n|                                                    | **Pension Benefits** | **Other Postretirement Benefits** | **Pension Benefits** | **Other Postretirement Benefits** | **Pension Benefits** | **Other Postretirement Benefits** |\n| Service cost                                       | $228                 | $12                               | $195                 | $13                               | $112                 | $19                               |\n| Interest cost                                      | 217                  | 61                                | 220                  | 66                                | 200                  | 86                                |\n| Expected return on plan assets                     | (292)                | (2)                               | (243)                | (2)                               | (216)                | (2)                               |\n| Curtailment gain                                   | \u2014                    | \u2014                                 | \u2014                    | \u2014                                 | \u2014                    | (107)                             |\n| Amortization of unrecognized actuarial (gain) loss | 130                  | (32)                              | 128                  | (33)                              | 76                   | (19)                              |\n| Amortization of prior service credits              | \u2014                    | (37)                              | \u2014                    | (37)                              | \u2014                    | (31)                              |\n| Other                                              | 1                    | \u2014                                 | 5                    | \u2014                                 | 5                    | \u2014                                 |\n| Net periodic benefit cost (credit)                 | $284                 | $2                                | $305                 | $7                                | $177                 | $(54)                             |\n\n\n\nService cost is recorded in Salaries and related costs on the statement of consolidated operations\\. All other components of net periodic benefit costs are recorded in Miscellaneous, net on the statement of consolidated operations\\. \n\nSee Note 14 of this report for additional information related to the curtailment gain recorded in 2016\\.\n\nThe assumptions used for the benefit plans were as follows:\n\n\n\n|                                                                                       |                                   |                                   |\n| ------------------------------------------------------------------------------------- | --------------------------------- | --------------------------------- |\n|                                                                                       | **Pension Benefits**              | **Pension Benefits**              |\n| **Assumptions used to determine benefit obligations**                                 | **2018**                          | **2017**                          |\n| Discount rate                                                                         | 4\\.20%                            | 3\\.65%                            |\n| Rate of compensation increase                                                         | 3\\.89%                            | 3\\.89%                            |\n| **Assumptions used to determine net expense**                                         |                                   |                                   |\n| Discount rate                                                                         | 3\\.65%                            | 4\\.19%                            |\n| Expected return on plan assets                                                        | 7\\.31%                            | 7\\.02%                            |\n| Rate of compensation increase                                                         | 3\\.89%                            | 3\\.54%                            |\n|                                                                                       | **Other Postretirement Benefits** | **Other Postretirement Benefits** |\n| **Assumptions used to determine benefit obligations**                                 | **2018**                          | **2017**                          |\n| Discount rate                                                                         | 4\\.30%                            | 3\\.63%                            |\n| **Assumptions used to determine net expense**                                         |                                   |                                   |\n| Discount rate                                                                         | 3\\.63%                            | 4\\.07%                            |\n| Expected return on plan assets                                                        | 3\\.00%                            | 3\\.00%                            |\n| Health care cost trend rate assumed for next year                                     | 6\\.00%                            | 6\\.25%                            |\n| Rate to which the cost trend rate is assumed to decline (ultimate trend rate in 2023) | 5\\.00%                            | 5\\.00%                            |\n\n\n\nThe Company used the Society of Actuaries' 2014 mortality tables, modified to reflect the Social Security Administration\n\nTrustee's Report on current projections regarding expected longevity improvements\\.\n\nThe Company selected the 2018 discount rate for substantially all of its plans by using a hypothetical portfolio of high quality bonds at December 31, 2018, that would provide the necessary cash flows to match projected benefit payments\\.\n\n72"}
{"_id": "AmericanAirlines-2018_166.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nAs of December 31, 2018, American\u2019s minimum fixed obligations under its capacity purchase agreements with third\\-party regional carriers are as follows (approximately, in millions):\n\n\n\n|                                                                                                         |          |          |          |          |          |                         |           |\n| ------------------------------------------------------------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                                                                                                         | **2019** | **2020** | **2021** | **2022** | **2023** | **2024 and Thereafter** | **Total** |\n| Minimum fixed obligations under capacity purchase agreements with third\\-party regional carriers  ^(1)^ | $1,101   | $930     | $765     | $618     | $487     | $1,043                  | $4,944    |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Represents minimum payments under capacity purchase agreements with third\\-party regional carriers, which are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American\u2019s actual payments could differ materially\\. Excludes payments for the lease of certain aircraft under capacity purchase agreements, which are reflected in the operating lease obligations in Note 4\\.  |\n\n\n\n***(c) Airport Redevelopment***\n\n*Los Angeles International Airport (LAX)*\n\nIn 2018, American executed a lease agreement with Los Angeles World Airports (LAWA), which owns and operates LAX, in connection with a $1\\.6 billion modernization project related to LAX Terminals 4 and 5\\. Construction will occur in a phased approach, which started in October 2018 and is expected to be completed in 2028\\. The modernization project will include a unified departure hall to combine the entranceway of Terminals 4 and 5, reconfigured ticket counter and check\\-in areas with seamless access to security screening areas, 16 security screening lanes with automated technology and upgraded amenities at gate areas\\. The project will also include renovated break rooms, multi\\-use meeting rooms and team gathering spaces throughout the terminals to support American\u2019s team members at LAX\\.\n\nAmerican is managing this project and has legal title to the assets during their construction\\. As each phase is completed, the assets will be sold and transferred to LAWA, including the site improvements and non\\-proprietary improvements\\. As American controls the assets during construction, they are recognized on its balance sheet until legal title has transferred\\. For 2018, American incurred approximately $7 million in costs relating to the LAX modernization project, which are included within operating property and equipment on its consolidated balance sheet as of December 31, 2018\\.\n\n***(d) Off\\-Balance Sheet Arrangements***\n\n*Aircraft*\n\nAmerican currently operates 389 owned aircraft and 88 leased aircraft which were financed with EETCs issued by pass\\-through trusts\\. These trusts are off\\-balance sheet entities, the primary purpose of which is to finance the acquisition of flight equipment\\. Rather than finance each aircraft separately when such aircraft is purchased, delivered or refinanced, these trusts allow American to raise the financing for a number of aircraft at one time and, if applicable, place such funds in escrow pending a future purchase, delivery or refinancing of the relevant aircraft\\. The trusts were also structured to provide for certain credit enhancements, such as liquidity facilities to cover certain interest payments, that reduce the risks to the purchasers of the trust certificates and, as a result, reduce the cost of aircraft financing to American\\.\n\nEach trust covers a set number of aircraft scheduled to be delivered or refinanced upon the issuance of the EETC or within a specific period of time thereafter\\. At the time of each covered aircraft financing, the relevant trust used the proceeds of the issuance of the EETC (which may have been available at the time of issuance thereof or held in escrow until financing of the applicable aircraft following its delivery) to purchase equipment notes relating to the financed aircraft\\. The equipment notes are issued, at American\u2019s election, in connection with a mortgage financing of the aircraft or, in certain cases, by a separate owner trust in connection with a leveraged lease financing of the aircraft\\. In the case of a leveraged lease financing, the owner trust then leases the aircraft to American\\. In both cases, the equipment notes are secured by a security interest in the aircraft\\. The pass\\-through trust certificates are not direct obligations of, nor are they guaranteed by, AAG or American\\. However, in the case of mortgage financings, the equipment notes issued to the trusts are direct obligations of American and, in certain instances, have been guaranteed by AAG\\. As of December 31, 2018, $11\\.6 billion associated with these mortgage financings is reflected as debt in the accompanying consolidated balance sheet\\.\n\nWith respect to leveraged leases, American evaluated whether the leases had characteristics of a variable interest entity\\. American concluded the leasing entities met the criteria for variable interest entities\\. American generally is not the primary beneficiary of the leasing entities if the lease terms are consistent with market terms at the inception of the lease and do not include a residual value guarantee, fixed\\-price purchase option or similar feature that obligates American to absorb decreases \n\n167"}
{"_id": "Alaska-2019_27.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nAt the majority of the airports we serve, we lease ticket counters, gates, cargo and baggage space, ground equipment, office space and other support areas\\. Airport leases contain provisions for periodic adjustments of lease rates\\. We are typically responsible for maintenance, insurance and other facility\\-related expenses and services under these agreements\\. We also lease operations, training, administrative, and data center facilities in Burlingame, CA; Portland, OR; Quincy, WA; and Spokane, WA, line maintenance stations in Boise, ID; San Jose, CA; Redmond, OR; Seattle, WA; Kent, WA; and Spokane, WA, and call center facilities in Phoenix, AZ, Boise, ID, and Kent, WA, and a multi\\-bay hangar in Portland, OR\\. \n\n\n\n|                            |                            |                            |\n| -------------------------- | -------------------------- | -------------------------- |\n| ITEM 3\\. LEGAL PROCEEDINGS | ITEM 3\\. LEGAL PROCEEDINGS | ITEM 3\\. LEGAL PROCEEDINGS |\n\n\n\nWe are a party to routine litigation matters incidental to our business\\. Management believes the ultimate disposition of these matters is not likely to materially affect our financial position or results of operations\\. This forward\\-looking statement is based on management\u2019s current understanding of the relevant law and facts, and it is subject to various contingencies, including the potential costs and risks associated with litigation and the actions of judges and juries\\.\n\nIn 2015, three flight attendants filed a class action lawsuit seeking to represent all Virgin America flight attendants for damages based on alleged violations of California and City of San Francisco wage and hour laws\\. The court certified a class of approximately 1,800 flight attendants in November 2016\\. The Company believes the claims in this case are without factual and legal merit\\.\n\nIn July 2018, the Court granted in part Plaintiffs' motion for summary judgment, finding Virgin America, and Alaska Airlines, as a successor\\-in\\-interest to Virgin America, responsible for various damages and penalties sought by the class members\\. On February 4, 2019, the Court entered final judgment against Virgin America and Alaska Airlines in the amount of approximately $78 million\\. It did not award injunctive relief against Alaska Airlines\\.\n\nThe Company is seeking an appellate court ruling that the California laws on which the judgment is based are invalid as applied to national airlines pursuant to the U\\.S\\. Constitution and federal law and for other employment law and improper class certification reasons\\. The Company remains confident that a higher court will respect the federal preemption principles that were enacted to shield inter\\-state common carriers from a patchwork of state and local wage and hour regulations such as those at issue in this case and agree with the Company's other bases for appeal\\. For these reasons, no loss has been accrued\\. \n\nThe Company is involved in other litigation around the application of state and local employment laws, like many air carriers\\. Our defenses are similar to those identified above, including that the state and local laws are preempted by federal law and are unconstitutional because they impede interstate commerce\\. None of these additional disputes are material\\. \n\n\n\n|                                  |                                  |                                  |\n| -------------------------------- | -------------------------------- | -------------------------------- |\n| ITEM 4\\. MINE SAFETY DISCLOSURES | ITEM 4\\. MINE SAFETY DISCLOSURES | ITEM 4\\. MINE SAFETY DISCLOSURES |\n\n\n\nNot applicable\\.\n\nPART II\n\n\n\n|                                                                                                                            |                                                                                                                            |                                                                                                                            |\n| -------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- |\n| ITEM 5\\. MARKET FOR THE REGISTRANT\u2019S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES | ITEM 5\\. MARKET FOR THE REGISTRANT\u2019S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES | ITEM 5\\. MARKET FOR THE REGISTRANT\u2019S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES |\n\n\n\nAs of December 31, 2019, there were 131,812,173 shares of common stock of Alaska Air Group, Inc\\. issued, 123,000,307 shares outstanding, and 2,131 shareholders of record\\. In 2019, we paid quarterly dividends of 0\\.35 per share in March, June, September and December\\. Our common stock is listed on the New York Stock Exchange (symbol: ALK)\\. \n\nSALES OF NON\\-REGISTERED SECURITIES\n\nNone\\.\n\nPURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS\n\n27"}
{"_id": "AmericanAirlines-2017_173.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**PART III**\n\n**ITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**\n\nExcept as stated below, the information required by this Item will be set forth in the Proxy Statement under the captions \u201cProposal 1 \u2013 Election of Directors,\u201d \u201cExecutive Officers,\u201d \u201cSection 16(a) Beneficial Ownership Reporting Compliance\u201d and \u201cInformation About the Board of Directors and Corporate Governance\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\nAmerican Airlines Group and American have adopted Standards of Business Conduct (the Ethics Standards) within the meaning of Item 406(b) of Regulation S\\-K\\. The Ethics Standards apply to all officers and employees of American Airlines Group Inc\\. and its subsidiaries, including American\\. The Ethics Standards are available on our website at *www\\.aa\\.com*\\. If we make substantive amendments to the Ethics Standards or grant any waiver, including any implicit waiver, to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, we will disclose the nature of such amendment or waiver on our website or in a Current Report on Form 8\\-K in accordance with applicable rules and regulations\\.\n\n**ITEM 11\\. EXECUTIVE COMPENSATION**\n\nThe information required by this Item will be set forth in the Proxy Statement under the captions \u201cRisk Assessment with Respect to Compensation Practices,\u201d \u201cDirector Compensation,\u201d \u201cCompensation Discussion and Analysis,\u201d \u201cExecutive Compensation\u201d and \u201cCompensation Committee Report\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\n**ITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**\n\nExcept as stated below, the information required by this Item will be set forth in the Proxy Statement under the captions \u201cSecurity Ownership of Certain Beneficial Owners and Management\u201d and \u201cEquity Compensation Plan Information\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\n**ITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**\n\nThe information required by this Item will be set forth in the Proxy Statement under the captions \u201cCertain Relationships and Related Party Transactions\u201d and \u201cInformation About the Board of Directors and Corporate Governance\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\n**ITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES**\n\nThe information required by this Item will be set forth in the Proxy Statement under the caption \u201cProposal 2 \u2013 Ratification of Appointment of Independent Registered Public Accounting Firm\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\n174"}
{"_id": "United-2018_59.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nThe New Revenue Standard and the New Retirement Standard had the same impact on the financial statements of United as they had on the financial statements of UAL\\. The tables below present the impact of the adoption of the New Revenue Standard and the New Retirement Standard on select accounts and captions of UAL's statements of consolidated operations for the twelve months ended December 31, 2017 and 2016 (in millions, except per share amounts) and the impact on UAL's balance sheet accounts and captions as of December 31, 2017 (in millions):\n\n\n\n|                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |\n| -------------------------------------------------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------------------------------------- |\n| **Statements of Consolidated Operations for the Years Ended December 31,** | **Statements of Consolidated Operations for the Years Ended December 31,** | **Statements of Consolidated Operations for the Years Ended December 31,** | **Statements of Consolidated Operations for the Years Ended December 31,** | **Statements of Consolidated Operations for the Years Ended December 31,** | **Statements of Consolidated Operations for the Years Ended December 31,** | **Statements of Consolidated Operations for the Years Ended December 31,** | **Statements of Consolidated Operations for the Years Ended December 31,** | **Statements of Consolidated Operations for the Years Ended December 31,** |\n|                                                                            | **As Previously Reported**                                                 | **As Previously Reported**                                                 | **New Revenue Standard Adjustments**                                       | **New Revenue Standard Adjustments**                                       | **New Retirement Standard Adjustments**                                    | **New Retirement Standard Adjustments**                                    | **As Adjusted**                                                            | **As Adjusted**                                                            |\n|                                                                            | **2017**                                                                   | **2016**                                                                   | **2017**                                                                   | **2016**                                                                   | **2017**                                                                   | **2016**                                                                   | **2017**                                                                   | **2016**                                                                   |\n| Operating revenue:                                                         |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |\n| Passenger revenue                                                          | $32,404                                                                    | $31,457                                                                    | $2,056                                                                     | $1,972                                                                     | $\u2014                                                                         | $\u2014                                                                         | $34,460                                                                    | $33,429                                                                    |\n| Cargo                                                                      | 1,035                                                                      | 876                                                                        | 79                                                                         | 58                                                                         | \u2014                                                                          | \u2014                                                                          | 1,114                                                                      | 934                                                                        |\n| Other operating revenue                                                    | 4,297                                                                      | 4,223                                                                      | (2,087)                                                                    | (2,028)                                                                    | \u2014                                                                          | \u2014                                                                          | 2,210                                                                      | 2,195                                                                      |\n| Total operating revenue                                                    | 37,736                                                                     | 36,556                                                                     | 48                                                                         | 2                                                                          | \u2014                                                                          | \u2014                                                                          | 37,784                                                                     | 36,558                                                                     |\n| Operating expenses                                                         | 34,238                                                                     | 32,218                                                                     | (21)                                                                       | (12)                                                                       | (104)                                                                      | 8                                                                          | 34,113                                                                     | 32,214                                                                     |\n| Operating income                                                           | 3,498                                                                      | 4,338                                                                      | 69                                                                         | 14                                                                         | 104                                                                        | (8)                                                                        | 3,671                                                                      | 4,344                                                                      |\n| Nonoperating expense, net                                                  | (499)                                                                      | (519)                                                                      | (28)                                                                       | (60)                                                                       | (104)                                                                      | 8                                                                          | (631)                                                                      | (571)                                                                      |\n| Income before income taxes                                                 | 2,999                                                                      | 3,819                                                                      | 41                                                                         | (46)                                                                       | \u2014                                                                          | \u2014                                                                          | 3,040                                                                      | 3,773                                                                      |\n| Income tax expense                                                         | 868                                                                        | 1,556                                                                      | 28                                                                         | (17)                                                                       | \u2014                                                                          | \u2014                                                                          | 896                                                                        | 1,539                                                                      |\n| Net income                                                                 | $2,131                                                                     | $2,263                                                                     | $13                                                                        | $(29)                                                                      | $\u2014                                                                         | $\u2014                                                                         | $2,144                                                                     | $2,234                                                                     |\n| Earnings per share, basic                                                  | $7\\.04                                                                     | $6\\.86                                                                     | $0\\.04                                                                     | $(0\\.09)                                                                   | $\u2014                                                                         | $\u2014                                                                         | $7\\.08                                                                     | $6\\.77                                                                     |\n| Earnings per share, diluted                                                | $7\\.02                                                                     | $6\\.85                                                                     | $0\\.04                                                                     | $(0\\.09)                                                                   | $\u2014                                                                         | $\u2014                                                                         | $7\\.06                                                                     | $6\\.76                                                                     |\n\n\n\n\n\n|                                                                      |                                                                      |                                                                      |                                                                      |\n| -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- |\n| **Consolidated Balance Sheet as of December 31, 2017**<br><br>  <br> | **Consolidated Balance Sheet as of December 31, 2017**<br><br>  <br> | **Consolidated Balance Sheet as of December 31, 2017**<br><br>  <br> | **Consolidated Balance Sheet as of December 31, 2017**<br><br>  <br> |\n|                                                                      | **As Previously Reported**                                           | **New Revenue Standard Adjustments**                                 | **As Adjusted**                                                      |\n| Current assets:                                                      |                                                                      |                                                                      |                                                                      |\n| Prepaid expenses and other                                           | $1,051                                                               | $20                                                                  | $1,071                                                               |\n| Current liabilities:                                                 |                                                                      |                                                                      |                                                                      |\n| Advance ticket sales                                                 | 3,876                                                                | 64                                                                   | 3,940                                                                |\n| Frequent flyer deferred revenue                                      | 2,176                                                                | 16                                                                   | 2,192                                                                |\n| Other                                                                | 569                                                                  | 7                                                                    | 576                                                                  |\n| Other liabilities and deferred credits:                              |                                                                      |                                                                      |                                                                      |\n| Frequent flyer deferred revenue                                      | 2,565                                                                | 26                                                                   | 2,591                                                                |\n| Deferred income taxes                                                | 225                                                                  | (21)                                                                 | 204                                                                  |\n| Stockholders' equity:                                                |                                                                      |                                                                      |                                                                      |\n| Retained earnings                                                    | $4,621                                                               | $(72)                                                                | $4,549                                                               |\n\n\n\nThe Company adopted Accounting Standards Update No\\. 2016\\-01, *Financial Instruments\u2014Overall* (Subtopic 825\\-10) effective January 1, 2018\\. This standard made several changes, including the elimination of the available\\-for\\-sale classification of equity investments, and requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in earnings\\. The Company reclassified to retained earnings $6 million of unrealized loss, net of tax, on the Company's investment in Azul, S\\.A\\. (\"Azul\") which was previously classified as an available\\-for\\-sale security\\. See Notes 6 and 9 to the financial statements included in this Part II, Item 8 for additional information\\.\n\n60"}
{"_id": "AmericanAirlines-2018_58.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n*Income Taxes*\n\nIn 2017 and 2016, we recorded an income tax provision of $2\\.1 billion and $1\\.6 billion, respectively, which was substantially non\\-cash\\. Substantially all of our income before income taxes was attributable to the United States\\. \n\nIn 2017, we recorded a special, non\\-cash income tax charge of $823 million to reflect the impact of lower corporate income tax rates on our deferred tax asset and liabilities due to the 2017 Tax Act, which reduced the federal corporate income tax rate from 35% to 21%\\.\n\nSee Note 7 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for additional information on income taxes\\.\n\n**American\u2019s Results of Operations**\n\n***Results of Operations \u2013*** ***2018*** ***Compared to*** ***2017***\n\nAmerican realized pre\\-tax income of $2\\.2 billion and net income of $1\\.7 billion in 2018\\. This compares to 2017 pre\\-tax income of $3\\.6 billion and net income of $1\\.3 billion\\.\n\nThe year\\-over\\-year decline in American\u2019s pre\\-tax income was principally driven by an increase in fuel costs, which was offset in part by higher revenues driven by strong demand\\.\n\n*Operating Revenues*\n\n\n\n|                          |                                              |                                              |                                              |                                                       |\n| ------------------------ | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                          | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **2018**                                     | **2017**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Passenger                | $40,676                                      | $39,131                                      | $1,545                                       | 3\\.9                                                  |\n| Cargo                    | 1,013                                        | 890                                          | 123                                          | 13\\.8                                                 |\n| Other                    | 2,841                                        | 2,589                                        | 252                                          | 9\\.7                                                  |\n| Total operating revenues | $44,530                                      | $42,610                                      | $1,920                                       | 4\\.5                                                  |\n\n\n\nPassenger revenue increased $1\\.5 billion, or 3\\.9%, in 2018 from 2017 due to a year\\-over\\-year increase in RPMs and yields driven by continued strong demand\\. Domestic and international yields increased, led by an increase in yield in the Atlantic market\\.\n\nCargo revenue increased $123 million, or 13\\.8%, from 2017 driven primarily by increases in domestic and international freight yields and international freight volume\\.\n\nOther revenue increased $252 million, or 9\\.7%, in 2018 from 2017 primarily driven by higher revenue associated with American\u2019s loyalty program\\. In 2018 and 2017, loyalty revenue included in other revenue was $2\\.4 billion and $2\\.1 billion, respectively\\.\n\nTotal operating revenues in 2018increased $1\\.9 billion, or 4\\.5%, from 2017 driven principally by a 3\\.9% increase in passenger revenue as described above\\.\n\n59"}
{"_id": "United-2017_29.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nThe table below presents selected passenger revenue and operating data of the Company, broken out by geographic region, expressed as year\\-over\\-year changes:\n\n\n\n|                                 |                                        |                                        |                                        |                                        |                                        |                                        |                                        |\n|:------------------------------- | --------------------------------------:| --------------------------------------:| --------------------------------------:| --------------------------------------:| --------------------------------------:| --------------------------------------:| --------------------------------------:|\n|                                 | **Increase (decrease) from 2016 (a):** | **Increase (decrease) from 2016 (a):** | **Increase (decrease) from 2016 (a):** | **Increase (decrease) from 2016 (a):** | **Increase (decrease) from 2016 (a):** | **Increase (decrease) from 2016 (a):** | **Increase (decrease) from 2016 (a):** |\n|                                 |                          **Domestic**  |                          **Atlantic**  |                           **Pacific**  |                             **Latin**  |           **Total  <br>Consolidated**  |                          **Mainline**  |                          **Regional**  |\n| Passenger revenue (in millions) |                                  $809  |                                  $103  |                                $(128)  |                                  $163  |                                  $947  |                                $1,138  |                                $(191)  |\n| Passenger revenue               |                                 4\\.2 % |                                  1\\.9% |                                (3\\.1)% |                                  5\\.8% |                                 3\\.0 % |                                 4\\.5 % |                                (3\\.2)% |\n| Average fare per passenger      |                                 0\\.1 % |                                  1\\.4% |                                    \u2014 % |                                  4\\.1% |                                (0\\.4)% |                                (2\\.3)% |                                 2\\.0 % |\n| Yield                           |                                (0\\.4)% |                                  0\\.9% |                                (2\\.2)% |                                  4\\.1% |                                 0\\.1 % |                                 0\\.6 % |                                 2\\.4 % |\n| PRASM                           |                                (0\\.6)% |                                  1\\.5% |                                (5\\.8)% |                                  3\\.3% |                                (0\\.4)% |                                 0\\.1 % |                                 0\\.6 % |\n| Passengers                      |                                 4\\.2 % |                                  0\\.5% |                                (3\\.1)% |                                  1\\.7% |                                 3\\.4 % |                                 6\\.9 % |                                (5\\.0)% |\n| RPMs (traffic)                  |                                 4\\.7 % |                                  0\\.9% |                                (0\\.9)% |                                  1\\.6% |                                 2\\.8 % |                                 3\\.9 % |                                (5\\.4)% |\n| ASMs (capacity)                 |                                 4\\.9 % |                                  0\\.4% |                                 2\\.9 % |                                  2\\.4% |                                 3\\.5 % |                                 4\\.4 % |                                (3\\.8)% |\n| Passenger load factor (points)  |                                (0\\.2)  |                                  0\\.4  |                                (3\\.0)  |                                (0\\.7)  |                                (0\\.5)  |                                (0\\.4)  |                                (1\\.5)  |\n\n\n\n(a) See Part II, Item 6, Selected Financial Data, of this report for the definition of these statistics\\.\n\nConsolidated passenger revenue increased $0\\.9 billion, or 3\\.0%, in 2017 as compared to 2016 primarily due to a 2\\.8% increase in traffic\\. Consolidated PRASM decreased 0\\.4% in 2017 as compared to 2016\\. The decline in PRASM was driven by factors including more aggressive low\\-cost carrier pricing in our hub markets, temporary share loss during roll\\-out of our Basic Economy pricing, and softer demand in China and Guam\\. Our revenue in 2017 was negatively impacted by severe storms during the third quarter\\.\n\nCargo revenue increased $159 million, or 18\\.2%, in 2017 as compared to 2016 due to higher year\\-over\\-year international freight volume and yield\\.\n\n***Operating Expense*** \n\nThe table below includes data related to the Company\u2019s operating expense for the years ended December 31 (in millions, except percentage changes):\n\n\n\n|                                                    |           |           |                              |              |\n|:-------------------------------------------------- | ---------:| ---------:| ----------------------------:| ------------:|\n|                                                    |  **2017** |  **2016** | **Increase  <br>(Decrease)** | **% Change** |\n| Salaries and related costs                         |  $11,045  |  $10,275  |                        $770  |        7\\.5  |\n| Aircraft fuel                                      |    6,913  |    5,813  |                       1,100  |       18\\.9  |\n| Landing fees and other rent                        |    2,240  |    2,165  |                          75  |        3\\.5  |\n| Regional capacity purchase                         |    2,232  |    2,197  |                          35  |        1\\.6  |\n| Depreciation and amortization                      |    2,149  |    1,977  |                         172  |        8\\.7  |\n| Aircraft maintenance materials and outside repairs |    1,856  |    1,749  |                         107  |        6\\.1  |\n| Distribution expenses                              |    1,349  |    1,303  |                          46  |        3\\.5  |\n| Aircraft rent                                      |      621  |      680  |                         (59) |       (8\\.7) |\n| Special charges                                    |      176  |      638  |                        (462) |          NM  |\n| Other operating expenses                           |    5,657  |    5,421  |                         236  |        4\\.4  |\n| Total operating expenses                           |  $34,238  |  $32,218  |                      $2,020  |        6\\.3  |\n\n\n\nSalaries and related costs increased $770 million, or 7\\.5%, in 2017 as compared to 2016 primarily due to higher pay rates and benefit expenses driven by collective bargaining agreements finalized in 2016, and a 2\\.5% increase\n\n30"}
{"_id": "Alaska-2019_73.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nCompany recognized an expense of $1 million, $1 million, and $2 million for interest and penalties, net of federal income tax benefit\\. At December 31, 2019, the Company has unrecognized tax benefits recorded as a liability and some reducing deferred tax assets\\. The Company's reserves for uncertain tax positions is unchanged in 2019 after statute lapses on reserves and current year activity\\. These uncertain tax positions could change as a result of the Company's ongoing audits, settlement of issues, new audits and status of other taxpayer court cases\\. The Company cannot predict the timing of these actions\\. Due to the positions being taken in various jurisdictions, the amounts currently accrued are the Company's best estimate as of December 31, 2019\\.\n\nNOTE 8\\. EMPLOYEE BENEFIT PLANS\n\nFour qualified defined\\-benefit plans, one non\\-qualified defined\\-benefit plan, and seven defined\\-contribution retirement plans cover various employee groups of Alaska, Horizon and McGee Air Services\\. \n\nThe defined\\-benefit plans provide benefits based on an employee\u2019s term of service and average compensation for a specified period of time before retirement\\. The qualified defined\\-benefit pension plans are closed to new entrants\\.\n\nAccounting standards require recognition of the overfunded or underfunded status of an entity\u2019s defined\\-benefit pension and other postretirement plan as an asset or liability in the consolidated financial statements and requires recognition of the funded status in AOCL\\.\n\nQualified Defined\\-Benefit Pension Plans\n\nThe Company\u2019s four qualified defined\\-benefit pension plans are funded as required by the Employee Retirement Income Security Act of 1974\\. The defined\\-benefit plan assets consist primarily of marketable equity and fixed\\-income securities\\. The work groups covered by qualified defined\\-benefit pension plans include salaried employees, pilots, clerical, office, passenger service employees, mechanics and related craft employees\\. The Company uses a December 31 measurement date for these plans\\. All plans are closed to new entrants\\.\n\nWeighted average assumptions used to determine benefit obligations:\n\nThe rates below vary by plan and related work group\\.\n\n\n\n|                                |                                |                                |                   |                   |  |  |  |                   |                   |\n|:------------------------------ |:------------------------------ |:------------------------------ |:-----------------:|:-----------------:|:- |:- |:- |:-----------------:|:-----------------:|\n|                                |                                |                                |       2019        |       2019        |  |  |  |       2018        |       2018        |\n| Discount rates                 | Discount rates                 | Discount rates                 | 3\\.33% to 3\\.47%  | 3\\.33% to 3\\.47%  |  |  |  | 4\\.37% to 4\\.46%  | 4\\.37% to 4\\.46%  |\n| Rate of compensation increases | Rate of compensation increases | Rate of compensation increases | 2\\.11% to 5\\.44%  | 2\\.11% to 5\\.44%  |  |  |  | 2\\.11% to 3\\.50%  | 2\\.11% to 3\\.50%  |\n\n\n\nWeighted average assumptions used to determine net periodic benefit cost:\n\nThe rates below vary by plan and related work group\\.\n\n\n\n|                                     |                                     |                                     |                   |                   |  |  |  |                    |                    |  |  |  |                   |                   |\n|:----------------------------------- |:----------------------------------- |:----------------------------------- |:-----------------:|:-----------------:|:- |:- |:- |:------------------:|:------------------:|:- |:- |:- |:-----------------:|:-----------------:|\n|                                     |                                     |                                     |       2019        |       2019        |  |  |  |        2018        |        2018        |  |  |  |       2017        |       2017        |\n| Discount rates                      | Discount rates                      | Discount rates                      | 4\\.37% to 4\\.46%  | 4\\.37% to 4\\.46%  |  |  |  | 3\\.69% to 3\\.78%   | 3\\.69% to 3\\.78%   |  |  |  | 4\\.29% to 4\\.50%  | 4\\.29% to 4\\.50%  |\n| Expected return on plan assets      | Expected return on plan assets      | Expected return on plan assets      | 4\\.25% to 5\\.50%  | 4\\.25% to 5\\.50%  |  |  |  | 4\\.25% to 5\\.50%   | 4\\.25% to 5\\.50%   |  |  |  | 5\\.50% to 6\\.00%  | 5\\.50% to 6\\.00%  |\n| Rate of compensation increases^(a)^ | Rate of compensation increases^(a)^ | Rate of compensation increases^(a)^ | 2\\.11% to 3\\.50%  | 2\\.11% to 3\\.50%  |  |  |  | 2\\.11% to 16\\.51%  | 2\\.11% to 16\\.51%  |  |  |  | 2\\.12% to 2\\.59%  | 2\\.12% to 2\\.59%  |\n\n\n\n(a) Significant rate of compensation increase in 2018 is due to the new contract with our Mainline pilots, which was executed at the end of 2017\\. \n\nThe discount rates are determined using current interest rates earned on high\\-quality, long\\-term bonds with maturities that correspond with the estimated cash distributions from the pension plans\\. At December 31, 2019, the Company selected discount rates for each of the plans using a pool of higher\\-yielding bonds estimated to be more reflective of settlement rates, as management has taken steps to ultimately terminate or settle plans that are frozen and move toward freezing benefits in active plans in the future\\. In determining the expected return on plan assets, the Company assesses the current level of expected returns on risk\\-free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class\\. The expected return for each asset class is then weighted based on the target asset allocation to develop the expected long\\-term rate of return on assets assumption for the portfolio\\.\n\n73"}
{"_id": "Southwest-2017_14.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nenvironmental regulatory developments in this area will have a material effect on the Company's capital expenditures or otherwise materially adversely affect its operations, operating costs, or competitive position\\.\n\nThe federal government, as well as several state and local governments, the governments of other countries, and the United Nations\u2019 International Civil Aviation Organization (\"ICAO\") are considering legislative and regulatory proposals and voluntary measures to address climate change by reducing green\\-house gas emissions\\. At the federal level, in July 2016, the Environmental Protection Agency (the \"EPA\") issued a final endangerment finding for greenhouse gas emissions from certain types of aircraft engines, which the agency determined contribute to the pollution that causes climate change and endangers public health and the environment\\. Following this endangerment finding, per the federal Clean Air Act, the EPA is required to promulgate new regulations for controlling greenhouse gas emissions from aircraft, including potential new carbon\\-efficiency standards on aircraft and engine manufacturers\\. \n\nThe EPA's endangerment finding preceded adoption by the ICAO Assembly of a new \"global market\\-based measure\" framework in an effort to control carbon dioxide emissions from international aviation\\. The focal point of this framework is a future carbon offsetting system on aircraft operators designed to cap the growth of emissions related to international aviation emissions\\. Details of this system are expected to be further developed in 2018 and, assuming the U\\.S\\. Government remains committed to the ICAO framework agreement and adopts terms for implementing it into U\\.S\\. law, this system is scheduled to be phased\\-in beginning in 2021\\. Regardless of the method of regulation, policy changes with regard to climate change are possible, which could significantly increase operating costs in the airline industry and, as a result, adversely affect operations\\.\n\nIn addition to climate change, aircraft noise continues to be an environmental focus, especially as the FAA implements new flight procedures as part of its NextGen airspace modernization program discussed above\\. The Airport Noise and Capacity Act of 1990 gives airport operators the right, under certain circumstances, to implement local noise abatement programs, provided they do not unreasonably interfere with interstate or foreign commerce or the national air transportation system\\. Some airports have established airport restrictions to limit noise, including restrictions on aircraft types to be used and limits on the number of hourly or daily operations or the time of operations\\. These types of restrictions can cause curtailments in service or increases in operating costs and can limit the ability of air carriers to expand operations at the affected airports\\. \n\nAt the federal level, the FAA is considering changes to enhance community engagement when developing new flight procedures, and there is a possibility that Congress may enact legislation in 2018 to address local noise concerns at one or more commercial airports in the United States, via either the FAA reauthorization or annual appropriations process\\. In 2017, the FAA published a final rule adopting the ICAO noise standard for future new type design aircraft submitted for certification after December 31, 2017, for large aircraft\\. This standard does not affect the Company's in\\-service fleet, nor does it require that manufacturers who produce existing types, such as the Boeing 737, meet the standard as they continue to produce those types in the future\\.\n\nThe Company remains steadfast in its desire to pursue, implement, and enhance initiatives that will reduce fuel consumption and improve fuel efficiency\\. During 2017, the Company benefited from the introduction of the Boeing 737 MAX 8 aircraft to the Company's fleet and the retirement of the Company's Classic aircraft\\. In addition, over the years, the Company has undertaken a number of other fuel conservation and carbon emission reduction initiatives such as the following:\n\n\n\n|   |                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | installation of blended winglets, which reduce drag and increase fuel efficiency, on all aircraft in the Company's fleet; |\n\n\n\n\n\n|   |                                                                                          |\n| - | ---------------------------------------------------------------------------------------- |\n| \u2022 | upgrading of the Company's 737\\-800 fleet with newly designed, split scimitar winglets;  |\n\n\n\n\n\n|   |                         |\n| - | ----------------------- |\n| \u2022 | periodic engine washes; |\n\n\n\n\n\n|   |                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | use of electric ground power for aircraft air and power at the gate and for ground support equipment at select locations; |\n\n\n\n\n\n|   |                                                                                           |\n| - | ----------------------------------------------------------------------------------------- |\n| \u2022 | deployment of auto\\-throttle and vertical navigation to maintain optimum cruising speeds; |\n\n\n\n\n\n|   |                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------- |\n| \u2022 | implementation of engine start procedures to support the Company's single engine taxi procedures; |\n\n\n\n15"}
{"_id": "Delta-2018_10.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nCertain of our international route authorities are subject to periodic renewal requirements\\. We request extension of these authorities when and as appropriate\\. While the DOT usually renews temporary authorities on routes where the authorized carrier is providing a reasonable level of service, there is no assurance this practice will continue in general or with respect to a specific renewal\\. Dormant route authorities may not be renewed in some cases, especially where another U\\.S\\. carrier indicates a willingness to provide service\\.\n\nAirport Access\n\nOperations at three major domestic airports and certain foreign airports served by us are regulated by governmental entities through allocations of \"slots\" or similar regulatory mechanisms\\. Each slot represents the authorization to land at or take off from the particular airport during a specified time period\\.\n\nIn the U\\.S\\., the FAA currently regulates the allocation of slots, slot exemptions, operating authorizations, or similar capacity allocation mechanisms at Reagan National in Washington, D\\.C\\. and LaGuardia and JFK in the New York City area\\. Our operations at these airports generally require the allocation of slots or analogous regulatory authorizations\\. Similarly, our operations at Tokyo's Narita and Haneda airports, London's Heathrow airport and other international airports are regulated by local slot coordinators pursuant to the International Air Transport Association's Worldwide Scheduling Guidelines and applicable local law\\. We currently have sufficient slots or analogous authorizations to operate our existing flights, and we have generally been able to obtain the rights to expand our operations and to change our schedules\\. There is no assurance, however, that we will be able to do so in the future because, among other reasons, such allocations are subject to changes in governmental policies\\.\n\nEnvironmental Matters\n\nOur operations are subject to a number of international, federal, state and local laws and regulations governing protection of the environment, including regulation of greenhouse gases and other air emissions, noise reduction, water discharges, aircraft drinking water, storage and use of petroleum and other regulated substances, and the management and disposal of hazardous waste, substances and materials\\. \n\nEmissions \\. Carbon emissions by the aviation industry and their impact on climate change have become a particular focus in the international community and within the U\\.S\\. For several years, the European Union has required its member states to implement regulations to include aviation in its Emissions Trading Scheme (\"ETS\")\\. Under these regulations, any airline with flights originating or landing in the European Union is subject to the ETS and, beginning in 2012, was required to purchase emissions allowances if the airline exceeds the number of free allowances allocated to it under the ETS\\. The ETS was amended to apply only to flights within the European Economic Area from 2013 through 2016\\. In 2017, the EU extended the exemption for foreign flights through 2023 based on the International Civil Aviation Organization\u2019s (\"ICAO\") adoption of a global market\\-based program\\. \n\nIn 2016, ICAO formally adopted a global, market\\-based emissions offset program known as the Carbon Offsetting and Reduction Scheme for International Aviation (\"CORSIA\")\\. This program is designed toward a medium\\-term goal for the aviation industry of achieving carbon\\-neutral growth in international aviation beginning in 2020\\. A pilot phase of the offset program will begin in 2021, followed by a first phase of the program beginning in 2024 and a second phase beginning in 2027\\. Countries can voluntarily participate in the pilot and first phase, but participation in the second phase is mandatory\\. We plan to submit our CORSIA Emissions Monitoring Plan to the FAA in 2019 and begin emissions monitoring for the 2019 baseline year\\. In 2017, ICAO also adopted new aircraft certification standards to reduce carbon dioxide (CO ~2~ ) emissions from aircraft\\. The new aircraft certification standards will apply to new aircraft types in 2020 and to new in\\-production aircraft starting in 2023 but no later than 2028\\. These standards will not apply to existing in\\-service aircraft\\. However, exemption from the certification requirement could affect how these aircraft are treated under other programs governing CO ~2~  emissions\\. \n\nIn 2016, the U\\.S\\. Environmental Protection Agency (\"EPA\") issued a final finding under the Clean Air Act that greenhouse gases threaten the public health and welfare, and further determined that aircraft cause or contribute to greenhouse gases\\. The endangerment finding does not establish standards, but triggers an obligation for the EPA to regulate greenhouse gas emissions from aircraft\\. The EPA has historically implemented air emissions control standards adopted by ICAO; therefore, the ICAO aircraft engine certification standards are expected to influence the development of any future EPA greenhouse gas emission standards for aircraft\\. \n\n 8"}
{"_id": "Southwest-2018_94.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nOn July 9, 2012, the Company signed an agreement with Delta Air Lines, Inc\\. and Boeing Capital Corp\\. to lease or sublease all 88 of AirTran Airways' B717s to Delta at agreed\\-upon lease rates\\. Three operating leases expired during 2018, and, as of December 31, 2018, the following remained: 73 operating leases, ten owned, and two capital leases\\. The sublease terms for the 73 B717s on operating lease and the two B717s on capital lease coincide with the Company's remaining lease terms for these aircraft from the original lessor, which range from approximately one to six years\\. The leasing of the ten B717s that are owned by the Company is subject to certain conditions, and the remaining lease terms are up to four years, after which Delta will have the option to purchase the aircraft at the then\\-prevailing market value\\. The ten owned B717s are accounted for as sales type leases, the two B717s classified by the Company as capital leases are accounted for as direct financing leases, and the remaining 73 subleases are accounted for as operating leases with Delta\\. There are no contingent payments and no significant residual value conditions associated with the transaction\\. \n\nDuring 2017, the Company retired its remaining 87 Classic aircraft, which included 61 Classic aircraft grounded in September 2017 as part of an accelerated retirement schedule\\. The Company recorded a charge of $63 million, within Other operating expenses in the accompanying Consolidated Statement of Income, related to the leased portion of the Classic fleet, representing the remaining net lease payments due and certain lease return requirements that could have to be performed on these leased aircraft prior to their return to the lessors, as of the cease\\-use date\\. As of December 31, 2018, the remaining amounts associated with the cease\\-use liability have been paid in full\\.\n\n**8****\\. COMMON STOCK**\n\nThe Company has one class of capital stock, its common stock\\. Holders of shares of common stock are entitled to receive dividends when and if declared by the Board of Directors and are entitled to one vote per share on all matters submitted to a vote of the Shareholders\\. At December 31, 2018, the Company had 60 million shares of common stock reserved for issuance pursuant to Employee equity plans (of which 29 million shares had not been granted) through various share\\-based compensation arrangements\\. See Note 9 to the Consolidated Financial Statements for information regarding the Company's equity plans\\.\n\n**9****\\. STOCK PLANS**\n\n***Share\\-based Compensation*** \n\nThe Company accounts for share\\-based compensation utilizing fair value, which is determined on the date of grant for all instruments\\. The Consolidated Statement of Income for the years ended December 31, 2018, 2017, and 2016, reflects share\\-based compensation expense of $46 million, $37 million, and $33 million, respectively\\. The total tax benefit recognized in earnings from share\\-based compensation arrangements for the years ended December 31, 2018, 2017, and 2016, was not material\\. As of December 31, 2018, there was $51 million of total unrecognized compensation cost related to share\\-based compensation arrangements, which is expected to be recognized over a weighted\\-average period of 1\\.9 years\\. The Company expects substantially all unvested awards to vest\\.\n\n***Restricted Stock Units and Stock Grants***\n\nUnder the Company\u2019s Amended and Restated 2007 Equity Incentive Plan (\"2007 Equity Plan\"), which has been approved by Shareholders, the Company granted restricted stock units (\"RSUs\") and performance\\-based restricted stock units (\"PBRSUs\") to certain Employees during 2018, 2017, and 2016\\. Outstanding RSUs vest over three years, subject generally to the individual\u2019s continued employment or service\\. The PBRSUs granted in January 2016 and February 2017 are subject to the Company\u2019s performance with respect to a three\\-year simple average of Return on Invested Capital, before taxes and excluding special items, for the defined performance period and the individual\u2019s continued employment or service\\. The PBRSUs granted in January 2018 are subject to the Company\u2019s performance with respect to a three\\-year simple average of Return on Invested Capital, after taxes and excluding special items, for the defined performance period and the individual\u2019s continued employment or service\\. The number of PBRSUs vesting on the vesting date will be interpolated based on the Company's Return on Invested Capital performance and ranges from zero PBRSUs to 200 percent of granted PBRSUs\\. Forfeiture rates are estimated at the time of grant based on \n\n95"}
{"_id": "Delta-2018_34.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nResults of Operations \\-  2017  Compared to  2016 \n\nOperating Revenue\n\n\n\n|                                               |                             |                             |                         |                           |\n| --------------------------------------------- | --------------------------- | --------------------------- | ----------------------- | ------------------------- |\n|                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Increase (Decrease)** | **% Increase (Decrease)** |\n| **(in millions)**                             | **2017**                    | **2016**                    | **Increase (Decrease)** | **% Increase (Decrease)** |\n| Ticket \\- Main cabin                          | $20,380                     | $20,489                     | $(109)                  | (0\\.5)%                   |\n| Ticket \\- Business cabin and premium products | 12,087                      | 11,045                      | 1,042                   | 9\\.4 %                    |\n| Loyalty travel awards                         | 2,403                       | 2,234                       | 169                     | 7\\.6 %                    |\n| Travel\\-related services                      | 2,077                       | 2,046                       | 31                      | 1\\.5 %                    |\n| Total passenger revenue                       | $36,947                     | $35,814                     | $1,133                  | 3\\.2 %                    |\n| Cargo                                         | 744                         | 684                         | 60                      | 8\\.8 %                    |\n| Other                                         | 3,447                       | 2,952                       | 495                     | 16\\.8 %                   |\n| Total operating revenue                       | $41,138                     | $39,450                     | $1,688                  | 4\\.3 %                    |\n| TRASM (cents)                                 | 16\\.18\u00a2                     | 15\\.66\u00a2                     | 0\\.52\u00a2                  | 3\\.3 %                    |\n| Third\\-party refinery sales ^(1)^             | (0\\.20)                     | (0\\.09)                     | (0\\.11)                 | NM                        |\n| TRASM, adjusted (cents)                       | 15\\.98\u00a2                     | 15\\.57\u00a2                     | 0\\.41\u00a2                  | 2\\.6 %                    |\n\n\n\n\n\n|       |                                                                                                                 |\n| ----- | --------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | For additional information on adjusting for third\\-party refinery sales, see \"Supplemental Information\" below\\. |\n\n\n\nPassenger Revenue\n\nTicket and Loyalty Travel Awards Revenue\n\nTicket, including both main cabin and business cabin and premium products, and loyalty travel awards revenue increased  $933 million  and  $169 million , respectively, compared to the year ended  December 31, 2016 , consistent with the discussion of passenger revenue by geographic region, below\\. Business cabin and premium products ticket revenue includes revenues from fare products other than main cabin, including Delta One, Delta Premium Select, First Class and Comfort\\+\\. The growth in this ticket revenue primarily results from the continued expansion of our branded fare products and strength in business demand\\.\n\nPassenger Revenue by Geographic Region\n\n\n\n|                         |                                  |                                                                      |                                                                      |                                                                      |                                                                      |                                                                      |                                                                      |                                                                      |\n| ----------------------- | -------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- |\n|                         |                                  | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2016** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2016** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2016** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2016** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2016** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2016** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2016** |\n| **(in millions)**       | **Year Ended December 31, 2017** | **Passenger Revenue**                                                | **RPMs**  **(Traffic)**                                              | **ASMs (Capacity)**                                                  | **Passenger Mile Yield**                                             | **PRASM**                                                            | **Load Factor**                                                      | **Load Factor**                                                      |\n| Domestic                | $26,079                          | 4\\.3 %                                                               | 3\\.2 %                                                               | 2\\.7 %                                                               | 1\\.1 %                                                               | 1\\.6 %                                                               | 0\\.4                                                                 | pts                                                                  |\n| Atlantic                | 5,537                            | 2\\.2 %                                                               | 4\\.8 %                                                               | 0\\.3 %                                                               | (2\\.5)%                                                              | 1\\.8 %                                                               | 3\\.6                                                                 | pts                                                                  |\n| Latin America           | 2,862                            | 6\\.6 %                                                               | 3\\.1 %                                                               | 1\\.0 %                                                               | 3\\.3 %                                                               | 5\\.5 %                                                               | 1\\.8                                                                 | pts                                                                  |\n| Pacific                 | 2,469                            | (8\\.8)%                                                              | (9\\.0)%                                                              | (7\\.7)%                                                              | 0\\.2 %                                                               | (1\\.2)%                                                              | (1\\.2)                                                               | pts                                                                  |\n| Total passenger revenue | $36,947                          | 3\\.2 %                                                               | 2\\.2 %                                                               | 1\\.0 %                                                               | 1\\.0 %                                                               | 2\\.2 %                                                               | 1\\.0                                                                 | pt                                                                   |\n\n\n\nPassenger revenue  increased  $1\\.1 billion  over the prior year\\. PRASM  increased  2\\.2%  and passenger mile yield  increased  1\\.0%  on  1\\.0%  higher  capacity\\. Load factor was  1 point  higher  than the prior year at  85\\.6% \\. \n\nUnit revenues of the domestic region  increased  1\\.6% , resulting from our commercial initiatives, including branded fares, and an improving revenue environment\\. We continued to differentiate our product offerings and enable customer choice through segmentation, including offering Basic Economy throughout our domestic network\\. Our domestic operations closed 2017 with three consecutive quarters of year\\-over\\-year unit revenue growth, with robust demand for both business and leisure\\. We saw improvements in business markets with 81 of the top 100 business markets producing positive yields during the December 2017 quarter, up from 50% earlier in the year\\.\n\n 32"}
{"_id": "Alaska-2017_27.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**GROUND FACILITIES AND SERVICES**\n\nWe own terminal buildings in various cities in the state of Alaska and several buildings located at or near Seattle\\-Tacoma International Airport (Sea\\-Tac) near Seattle, WA\\. These include a multi\\-bay hangar and shops complex (used primarily for line maintenance), a flight operations and training center, an air cargo facility, an information technology office and data center, and various other commercial office buildings\\. Additionally, in 2017 we entered into a contract to acquire property near our existing headquarters facility for the development of additional office space\\. \n\nWe lease ticket counters, gates, cargo and baggage space, ground equipment, office space and other support areas at the majority of the airports we serve\\. Airport leases contain provisions for periodic adjustments of lease rates\\. We are typically responsible for maintenance, insurance and other facility\\-related expenses and services under these agreements\\. We also lease operations, training, administrative, and data center facilities in Burlingame, CA; Portland, OR; Quincy, WA; and Spokane, WA as well as line maintenance stations in Boise, ID; Bellingham, WA; Eugene, OR; San Jose, CA; Medford, OR; Redmond, OR; Seattle, WA; Kent, WA; and Spokane, WA\\. Further, we lease call center facilities in Phoenix, AZ, and Boise, ID\\.\n\n\n\n|                                |\n| ------------------------------ |\n| **ITEM 3\\. LEGAL PROCEEDINGS** |\n\n\n\nWe are a party to routine litigation matters incidental to our business\\. Management believes the ultimate disposition of these matters is not likely to materially affect our financial position or results of operations\\. This forward\\-looking statement is based on management\u2019s current understanding of the relevant law and facts, and it is subject to various contingencies, including the potential costs and risks associated with litigation and the actions of judges and juries\\.\n\nIn 2015, three flight attendants filed a class action lawsuit seeking to represent all Virgin America flight attendants for damages based on alleged violations of California and City of San Francisco wage and hour laws\\. Plaintiffs received class certification in November 2016\\. Virgin America filed a motion for summary judgment seeking to dismiss all claims on various federal preemption grounds\\. In January 2017, the Court denied in part and granted in part Virgin America\u2019s motion\\. The Company believes the claims in this case are without factual and legal merit and intends to defend this lawsuit\\.\n\n\n\n|                                      |\n| ------------------------------------ |\n| **ITEM 4\\. MINE SAFETY DISCLOSURES** |\n\n\n\nNot applicable\\.\n\n**PART II**\n\n\n\n|                                                                                                                                |\n| ------------------------------------------------------------------------------------------------------------------------------ |\n| **ITEM 5\\. MARKET FOR THE REGISTRANT\u2019S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES** |\n\n\n\nAs of December 31, 2017, there were 129,903,498 shares of common stock of Alaska Air Group, Inc\\. issued, 123,060,638 shares outstanding, and 2,044 shareholders of record\\. In 2017, we paid quarterly dividends of $0\\.300 per share in March, June, September and December\\. Our common stock is listed on the New York Stock Exchange (symbol: ALK)\\. The following table shows the trading range of Alaska Air Group, Inc\\. common stock on the New York Stock Exchange: \n\n\n\n|                |              |             |          |          |\n| -------------- | ------------ | ----------- | -------- | -------- |\n|                | **2017**     | **2017**    | **2016** | **2016** |\n|                | **High**     | **Low**     | **High** | **Low**  |\n| First Quarter  | **$101\\.43** | **$86\\.22** | $83\\.05  | $61\\.58  |\n| Second Quarter | **93\\.16**   | **82\\.03**  | 83\\.09   | 54\\.53   |\n| Third Quarter  | **95\\.75**   | **71\\.17**  | 71\\.57   | 56\\.47   |\n| Fourth Quarter | **82\\.68**   | **61\\.10**  | 91\\.88   | 65\\.60   |\n\n\n\n**SALES OF NON\\-REGISTERED SECURITIES**\n\nNone\\.\n\n 28"}
{"_id": "Delta-2019_37.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nNon\\-Operating Results\n\n\n\n|                                   |                                   |                                   |                         |                         |  |  |  |                 |                         |                         |                         |\n|:--------------------------------- |:--------------------------------- |:--------------------------------- | -----------------------:| -----------------------:|:- |:- |:- | ---------------:|:-----------------------:|:-----------------------:|:-----------------------:|\n|                                   |                                   |                                   | Year Ended December 31, | Year Ended December 31, |  |  |  |                 | Favorable (Unfavorable) | Favorable (Unfavorable) | Favorable (Unfavorable) |\n| (in millions)                     | (in millions)                     | (in millions)                     |                    2019 |                    2018 |  |  |  |  2019 vs\\. 2018 |\n| Interest expense, net             | Interest expense, net             | Interest expense, net             |                  $(301) |                  $(311) |  |  |  |            $10  |\n| Gain/(loss) on investments, net   | Gain/(loss) on investments, net   | Gain/(loss) on investments, net   |                    119  |                     38  |  |  |  |             81  |\n| Miscellaneous, net                | Miscellaneous, net                | Miscellaneous, net                |                   (238) |                    160  |  |  |  |           (398) |\n| Total non\\-operating expense, net | Total non\\-operating expense, net | Total non\\-operating expense, net |                  $(420) |                  $(113) |  |  |  |          $(307) |\n\n\n\nInterest Expense\\.  At December 31, 2018, the principal amount of debt and finance leases was $9\\.7 billion\\. During 2019, we issued $1\\.5 billion of unsecured notes and $500 million of aircraft secured EETC debt\\. As a result of the debt issuances, partially offset by principal payments, the amount of debt and finance leases was $11\\.0 billion at December 31, 2019\\. Despite the increase in debt during the current year, interest expense decreased $10 million compared to the prior year due to recent refinancing transactions at lower interest rates resulting from our improvement to investment grade credit rating in recent years and the favorable interest rate environment\\.\n\nGain/(Loss) on Investments\\.  Gain/(loss) on investments reflects the gains and losses on our equity investments\\. The increase compared to 2018 primarily results from unrealized gains in Hanjin\\-KAL and Air France\\-KLM\\. \n\nMiscellaneous\\.  Miscellaneous, net is primarily composed of pension and related expense, our proportionate share of earnings from our equity investments in Virgin Atlantic and Grupo Aerom\u00e9xico, charitable contributions and foreign exchange gains/(losses)\\. \n\nThe change from 2019 compared to 2018 primarily results from the unfavorable movement in pension and related expense and the sale of our DGS entity in 2018\\. The pension and related expense was $65 million in 2019 compared to a benefit of $245 million in 2018\\. In 2018, the sale of our DGS entity to a subsidiary of Argenbright Holdings, LLC resulted in a gain of $91 million\\.\n\nOur equity investment earnings and foreign exchange gains/(losses) fluctuate and thus impact the comparability of miscellaneous from period to period\\.\n\nIncome Taxes\n\nOur effective tax rate for 2019 was 23\\.1%\\. We expect our annual effective tax rate to be between 23% and 24% for 2020\\. At December 31, 2019, we had approximately $1\\.9 billion of U\\.S\\. federal pre\\-tax net operating loss carryforwards, which do not begin to expire until 2027\\. We believe we will utilize the majority of our remaining federal net operating losses and tax credits during 2020\\. \n\nFor more information about our income taxes, see Note 12 of the Notes to the Consolidated Financial Statements\\. \n\n35"}
{"_id": "Delta-2018_102.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nITEM 9B\\. OTHER INFORMATION \n\nNone\\.\n\nPART III\n\nITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE OF THE  REGISTRANT\n\nInformation required by this item is set forth under the headings \"Governance Matters,\" \"Proposal 1 \\- Election of Directors\" and \"Section 16 Beneficial Ownership Reporting Compliance\" in our Proxy Statement to be filed with the Commission related to our 2019 Annual Meeting of Stockholders (\"Proxy Statement\"), and is incorporated by reference\\. Pursuant to instruction 3 to paragraph (b) of Item 401 of Regulation S\\-K, certain information regarding executive officers is contained in Part I of this Form 10\\-K\\.\n\nITEM 11\\. EXECUTIVE COMPENSATION\n\nInformation required by this item is set forth under the headings \"Compensation Committee Interlocks and Insider Participation,\" \"Executive Compensation\" and \"Director Compensation\" in our Proxy Statement and is incorporated by reference\\.\n\nITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND  RELATED STOCKHOLDER MATTERS\n\nSecurities Authorized for Issuance Under Equity Compensation Plans\n\nThe following table provides information about the number of shares of common stock that may be issued under Delta's equity compensation plans as of  December 31, 2018 \\.\n\n\n\n|                                                              |                                                                                                             |                                                                                                |                                                                                                                                                             |\n| ------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Plan Category**                                            | **(a) No\\. of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights** **^(1)^** | **(b) Weighted\\-Average Exercise Price of Outstanding Options, Warrants and Rights** **^(2)^** | **(c) No\\. of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))** **^(3)^** |\n| Equity compensation plans approved by securities holders     | 4,085,690                                                                                                   | $29\\.45                                                                                        | 27,412,528                                                                                                                                                  |\n| Equity compensation plans not approved by securities holders | \u2014                                                                                                           | \u2014                                                                                              | \u2014                                                                                                                                                           |\n| Total                                                        | 4,085,690                                                                                                   | $29\\.45                                                                                        | 27,412,528                                                                                                                                                  |\n\n\n\n\n\n|       |                                                                                                                                                                                                          |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Includes a maximum of 1,630,020 shares of common stock that may be issued upon the achievement of certain performance conditions under outstanding performance share awards as of  December 31, 2018 \\.  |\n\n\n\n\n\n|       |                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Includes performance share awards, which do not have exercise prices\\. The weighted average exercise price of options is $48\\.99\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Reflects shares remaining available for issuance under Delta's Performance Compensation Plan\\. If any shares of our common stock are covered by an award under the Plan that expires, is canceled, forfeited or otherwise terminates without delivery of shares (including shares surrendered or withheld for payment of taxes related to an award), then such shares will again be available for issuance under the Plan except for (i) any shares tendered in payment of an option, (ii) shares withheld to satisfy any tax withholding obligation with respect to the exercise of an option or stock appreciation right (\"SAR\") or (iii) shares covered by a stock\\-settled SAR or other awards that were not issued upon the settlement of the award\\. Because 2,399,369 shares of restricted stock remain unvested and subject to forfeiture, these shares could again be available for issuance\\. |\n\n\n\nOther information required by this item is set forth under the heading \"Beneficial Ownership of Securities\" in our Proxy Statement and is incorporated by reference\\.\n\nITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR  INDEPENDENCE\n\nInformation required by this item is set forth under the headings \"Governance Matters\" and \"Proposal 1 \\- Election of Directors\" in our Proxy Statement and is incorporated by reference\\.\n\n 100"}
{"_id": "Southwest-2019_88.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nThe table below presents additional information related to the Company's leases as of  December 31, 2019 :\n\n\n\n|                                           |         |\n| ----------------------------------------- | ------- |\n| **Weighted average remaining lease term** |         |\n| Operating leases                          | 9 years |\n| Finance leases                            | 8 years |\n| **Weighted average discount rate**        |         |\n| Operating leases (a)                      | 3\\.7%   |\n| Finance leases                            | 3\\.8%   |\n\n\n\n(a) Upon adoption of the New Lease Standard, the incremental borrowing rate used for existing leases was established as of January 1, 2019\\.\n\nAs of  December 31, 2019 , the Company had additional operating lease commitments that had not yet commenced of approximately   $543 million  for   16  Boeing 737 MAX 8 aircraft contractually to be delivered in 2020, each with lease terms that range from  eight  to   nine years \\.\n\nDisclosures related to periods prior to the adoption of the New Lease Standard\n\nAs of December 31, 2018, the Company's fleet included   51  aircraft on operating lease and   72  aircraft on capital lease\\. Amounts applicable to these aircraft on capital lease that were included in property and equipment were   $1\\.3 billion  for flight equipment and   $304 million  in accumulated amortization\\. \n\nTotal rental expense for operating leases, both aircraft and other, charged to operations in  2018  and  2017  was   $935 million  and   $939 million , respectively\\. The majority of the Company\u2019s terminal operations space, as well as   124  aircraft, including   73  B717s subleased to Delta, were under operating leases at December 31, 2018\\. For aircraft operating leases and for terminal operating leases and other real estate leases, expense is recorded on a straight\u2013line basis and included in Other operating expenses and in Landing fees and airport rentals, respectively, in the Consolidated Statement of Income\\. The majority of the Company\u2019s terminal operations space payments are considered variable, and thus excluded from the Company\u2019s disclosures of future minimum lease payments\\. Future minimum lease payments under capital leases and noncancelable operating leases and rentals to be received under subleases with initial or remaining terms in excess of one year at December 31, 2018, were: \n\n\n\n|                                             |                               |                                 |                        |                                      |\n| ------------------------------------------- | ----------------------------- | ------------------------------- | ---------------------- | ------------------------------------ |\n| **(in millions)**                           | **Capital**<br><br>**leases** | **Operating**<br><br>**leases** | **Subleases**          | **Operating**<br><br>**leases, net** |\n| 2019                                        | $111                          | $348                            | $<br><br>(92<br><br>)  | $256                                 |\n| 2020                                        | 109                           | 357                             | (78<br><br>)           | 279                                  |\n| 2021                                        | 105                           | 244                             | (41<br><br>)           | 203                                  |\n| 2022                                        | 100                           | 172                             | (17<br><br>)           | 155                                  |\n| 2023                                        | 97                            | 146                             | (7<br><br>)            | 139                                  |\n| Thereafter                                  | 335                           | 474                             | (1<br><br>)            | 473                                  |\n| Total minimum lease payments                | $857                          | $1,741                          | $<br><br>(236<br><br>) | $1,505                               |\n| Less amount representing interest           | 126                           |                                 |                        |                                      |\n| Present value of minimum lease payments (a) | 731                           |                                 |                        |                                      |\n| Less current portion                        | 85                            |                                 |                        |                                      |\n| Long\\-term portion                          | $646                          |                                 |                        |                                      |\n\n\n\n(a) Excludes lease incentive obligation of   $114 million \\.\n\nIn 2017, the Company recorded a charge of   $63 million , within Other operating expenses in the accompanying Consolidated Statement of Income, related to the leased portion of the Classic fleet, representing the remaining net \n\n89"}
{"_id": "Alaska-2018_9.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nThe comprehensive summary of Alaska's alliances with other airlines is as follows:\n\n\n\n|                                            |                                                    |                                                                                   |                                                                                     |\n| ------------------------------------------ | -------------------------------------------------- | --------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------- |\n|                                            |                                                    | **Codeshare**                                                                     | **Codeshare**                                                                       |\n|                                            | **Frequent**<br><br>**Flyer**<br><br>**Agreement** | **Alaska Flight \\# on** <br><br>**Flights Operated by** <br><br>**Other Airline** | **Other Airline Flight \\#** <br><br>**on Flights Operated by**<br><br>**Air Group** |\n| **Major U\\.S\\. or International Airlines** |                                                    |                                                                                   |                                                                                     |\n| Aer Lingus                                 | Yes                                                | No                                                                                | No                                                                                  |\n| American Airlines                          | Yes                                                | Yes                                                                               | Yes                                                                                 |\n| British Airways                            | Yes                                                | No                                                                                | Yes                                                                                 |\n| Cathay Pacific Airways                     | Yes                                                | No                                                                                | Yes                                                                                 |\n| Condor Airlines ^(a)^                      | Yes                                                | No                                                                                | No                                                                                  |\n| Emirates                                   | Yes                                                | No                                                                                | Yes                                                                                 |\n| Fiji Airways ^(a)^                         | Yes                                                | No                                                                                | Yes                                                                                 |\n| Finnair                                    | Yes                                                | No                                                                                | Yes                                                                                 |\n| Hainan Airlines                            | Yes                                                | No                                                                                | No                                                                                  |\n| Icelandair                                 | Yes                                                | No                                                                                | Yes                                                                                 |\n| Japan Airlines                             | Yes                                                | No                                                                                | Yes                                                                                 |\n| Korean Air                                 | Yes                                                | No                                                                                | Yes                                                                                 |\n| LATAM                                      | Yes                                                | No                                                                                | Yes                                                                                 |\n| Qantas                                     | Yes                                                | No                                                                                | Yes                                                                                 |\n| Singapore Airlines                         | Yes                                                | No                                                                                | No                                                                                  |\n| **Regional Airlines**                      |                                                    |                                                                                   |                                                                                     |\n| Ravn Alaska                                | Yes                                                | Yes                                                                               | No                                                                                  |\n| PenAir ^(a)^                               | Yes                                                | Yes                                                                               | No                                                                                  |\n\n\n\n\n\n|     |                                                                                                                                                                         |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | These airlines do not have their own frequent flyer program\\. However, Alaska's Mileage Plan ^TM^  members can earn and redeem miles on these airlines' route systems\\. |\n\n\n\n**CARGO AND OTHER REVENUE**\n\nThe Company provides freight and mail services (cargo)\\. The majority of cargo services are provided to commercial businesses and the United States Postal Service\\. The Company satisfies cargo service performance obligations and recognizes revenue when the shipment arrives at its final destination, or is transferred to a third\\-party carrier for delivery\\.\n\nThe Company also earns other revenue for lounge memberships, hotel and car commissions, and certain other immaterial items not intrinsically tied to providing air travel to passengers\\. Revenue is recognized when these services are rendered and recorded as Cargo and other revenue\\.\n\n**GENERAL**\n\nThe airline industry is highly competitive and subject to various uncertainties, including economic conditions, volatile fuel prices, a largely unionized work force, the need to finance large capital expenditures and the related availability of capital, government regulation\u2014including taxes and fees, and potential aircraft incidents\\. Airlines have high fixed costs, primarily for wages, aircraft fuel, aircraft ownership and facilities rents\\. Because expenses of a flight do not vary significantly based on the number of passengers carried, a relatively small change in the number of passengers or in pricing has a disproportionate effect on an airline\u2019s operating and financial results\\. In other words, a minor shortfall in expected revenue levels could cause a disproportionately negative impact to our operating and financial results\\. Passenger demand and ticket prices are, in large measure, influenced by the general state of the economy, current global economic and political events, and total available airline seat capacity\\.\n\nIn 2018, the airline industry's profits declined when compared to 2017, primarily due to rising fuel prices, higher labor costs, and increased competitive fare actions reducing ticket prices\\. Despite some of these headwinds, the industry reported profits in 2018\\. In the current industry environment, airlines are making significant investments in airports, more fuel\\-efficient planes and new services to differentiate their customer service offering\\. Thus, the level of competition is expected to continue to increase\\. \n\n 10"}
{"_id": "Delta-2017_66.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nRegional Carriers Revenue\n\nOur regional carriers include both our contract carrier agreements with third\\-party regional carriers (\"contract carriers\") and Endeavor Air, Inc\\. (\"Endeavor\"), our wholly owned subsidiary\\. Our contract carrier agreements are structured as either (1) capacity purchase agreements where we purchase all or a portion of the contract carrier's capacity and are responsible for selling the seat inventory we purchase or (2) revenue proration agreements, which are based on a fixed dollar or percentage division of revenues for tickets sold to passengers traveling on connecting flight itineraries\\. We record revenue related to our contract carriers and Endeavor in regional carriers passenger revenue and the related expenses in regional carriers expense\\.\n\nCargo Revenue\n\nCargo revenue is recognized when we provide the transportation\\.\n\nOther Revenue\n\nOther revenue is primarily comprised of (1) loyalty programs, (2) administrative fees, club and on\\-board sales, (3) ancillary businesses and refinery and (4) baggage fees\\.\n\nManufacturers' Credits \n\nWe periodically receive credits in connection with the acquisition of aircraft and engines\\. These credits are deferred until the aircraft and engines are delivered, and then applied as a reduction to the cost of the related equipment\\.\n\nMaintenance Costs\n\nWe record maintenance costs to aircraft maintenance materials and outside repairs\\. Maintenance costs are expensed as incurred, except for costs incurred under power\\-by\\-the\\-hour contracts, which are expensed based on actual hours flown\\. Power\\-by\\-the\\-hour contracts transfer certain risk to third\\-party service providers and fix the amount we pay per flight hour to the service provider in exchange for maintenance and repairs under a predefined maintenance program\\. Modifications that enhance the operating performance or extend the useful lives of airframes or engines are capitalized and amortized over the remaining estimated useful life of the asset or the remaining lease term, whichever is shorter\\.\n\nAdvertising Costs\n\nWe expense advertising costs in passenger commissions and other selling expenses in the year incurred\\. Advertising expense was   $284 million ,   $277 million  and   $230 million  for the years ended  December 31, 2017 , 2016 and  2015 , respectively\\.\n\nCommissions\n\nPassenger sales commissions are recognized in operating expense when the related revenue is recognized\\.\n\n 62"}
{"_id": "Alaska-2018_51.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**CRITICAL ACCOUNTING ESTIMATES**\n\nThe discussion and analysis of our financial position and results of operations in this MD&A are based upon our consolidated financial statements\\. The preparation of these financial statements requires us to make estimates and judgments that affect our financial position and results of operations\\. See **Note 1** to the consolidated financial statements for a description of our significant accounting policies\\.\n\nCritical accounting estimates are defined as those that reflect significant management judgment and uncertainties and that potentially may lead to materially different results under varying assumptions and conditions\\. Management has identified the following critical accounting estimates and has discussed the development, selection and disclosure of these policies with our audit committee\\.\n\n**FREQUENT FLYER PROGRAMS**\n\nAlaska's Mileage Plan\u2122 loyalty program awards mileage credits to members who fly on our airlines and our airline partners, referred to as flown miles\\. We also sell services, including miles for transportation, Companion Fare\u2122 certificates, bag fee waivers, and access to our brand and customer lists to a major bank that offers Alaska affinity credit cards\\. To a lesser extent, miles for transportation are also sold to other non\\-airline partners, such as hotels, and car rental agencies\\. The outstanding miles may be redeemed for travel on our airlines or any of our airline partners, and for non\\-airline products such as hotels\\. As long as the Mileage Plan\u2122 is in existence, we have an obligation to provide this future travel\\.\n\nMileage credits and the various other services we sell under our loyalty program represent performance obligations that are part of a multiple deliverable revenue arrangement\\. Accounting guidance requires that we use a relative standalone selling price allocation to allocate consideration received to the material performance obligations in these contracts\\. Our relative standalone selling price allocation models are refreshed when contracts originate or are materially modified\\. \n\nAt December 31, 2018, we had approximately 243 billion miles outstanding, resulting in an aggregate deferred revenue balance of $1\\.9 billion\\. The deferred revenue resulting from our relative selling price allocations requires significant management judgment\\. There are uncertainties inherent in these estimates\\. Therefore, different assumptions could affect the amount and/or timing of revenue recognition or expenses\\. The most significant assumptions are described below\\.\n\n\n\n|       |                                                                       |\n| ----- | --------------------------------------------------------------------- |\n| *1\\.* | *The rate at which we defer sales proceeds related to services sold:* |\n\n\n\nWe estimate the standalone selling price for each performance obligation, including mileage credits, by considering multiple inputs and methods, including but not limited to, the estimated selling price of comparable travel, discounted cash flows, brand value published selling prices, number of miles awarded, and the number of miles redeemed\\. We estimate the selling prices and volumes over the terms of the agreements in order to determine the allocation of proceeds to each of the multiple deliverables\\. \n\n\n\n|       |                                                                        |\n| ----- | ---------------------------------------------------------------------- |\n| *2\\.* | *The number of miles that will not be redeemed for travel (breakage):* |\n\n\n\nWe estimate how many miles will be used per award\\. For example, our members may redeem mileage credits for award travel to various locations or choose between a highly restricted award and an unrestricted award\\. Our estimates are based on the current requirements in our Mileage Plan program\u2122 and historical award redemption patterns\\. \n\nWe regularly review significant Mileage Plan\u2122 assumptions and change our assumptions if facts and circumstances indicate that a change is necessary\\. Any such change in assumptions could have a significant effect on our financial position and results of operations\\.\n\n\n\n|                                                                         |\n| ----------------------------------------------------------------------- |\n| **ITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK** |\n\n\n\nWe have interest\\-rate risk on our variable\\-rate debt obligations and our available\\-for\\-sale marketable investment portfolio, and commodity\\-price risk in jet fuel required to operate our aircraft fleet\\. We purchase the majority of our jet fuel at prevailing market prices and seek to manage market risk through execution of our hedging strategy and other means\\. We have market\\-sensitive instruments in the form of fixed\\-rate debt instruments and financial derivative instruments used to hedge our exposure to jet fuel price increases and interest\\-rate increases\\. We do not purchase or hold any derivative financial instruments for trading purposes\\.\n\n 52"}
{"_id": "United-2019_64.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nThe Company determined the grant date fair value of stock options using a Black\\-Scholes option pricing model, which requires the use of several assumptions\\. The risk\\-free interest rate is based on the U\\.S\\. treasury yield curve in effect for the expected term of the option at the time of grant\\. The dividend yield on UAL's common stock was assumed to be zero since UAL did not pay dividends at the time of the option grants\\. The volatility assumptions were based upon historical volatilities of UAL using daily stock price returns equivalent to the expected term of the option\\. The expected term of the options was determined based upon a simplified assumption that the option will be exercised evenly from vesting to expiration due to the Company's lack of relevant historical data related to stock options\\. \n\nAs of  December 31, 2019 , there were approximately   0\\.7 million  outstanding stock option awards,   0\\.2 million  of which were exercisable, with weighted\\-average exercise prices of   $82\\.12  and   $56\\.89 , respectively, intrinsic values of   $11 million  and   $6 million , respectively, and weighted\\-average remaining contractual lives (in years) of   7\\.3  and   3\\.7 , respectively\\.\n\nNOTE 5 \\- ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (\"AOCI\") \n\nThe tables below present the components of the Company's AOCI, net of tax (in millions): \n\n\n\n|                                                  |                                                                                      |     |                           |     |                        |        |                        |\n| ------------------------------------------------ | ------------------------------------------------------------------------------------ | --- | ------------------------- | --- | ---------------------- | ------ | ---------------------- |\n|                                                  | **Pension and** <br><br>**Other** <br><br>**Postretirement** <br><br>**Liabilities** |     | **Investments and Other** |     | **Deferred Taxes**     |        | <br><br>**Total**      |\n| Balance at December 31, 2016                     | $<br><br>(854<br><br>)                                                               |     | $<br><br>(1<br><br>)      |     | $26                    |        | $<br><br>(829<br><br>) |\n| Change in value                                  | (306<br><br>)                                                                        | (a) | (7<br><br>)               |     | 74                     |        | (239<br><br>)          |\n| Amounts reclassified to earnings                 | 58                                                                                   |     | 2                         |     | (21<br><br>)           |        | 39                     |\n| Reclassification of stranded tax effects         | \u2014                                                                                    |     | \u2014                         |     | (118<br><br>)          | (b)    | (118<br><br>)          |\n| Balance at December 31, 2017                     | (1,102<br><br>)                                                                      |     | (6<br><br>)               |     | (39<br><br>)           |        | (1,147<br><br>)        |\n| Change in value                                  | 377                                                                                  | (a) | (5<br><br>)               |     | (83<br><br>)           |        | 289                    |\n| Amounts reclassified to earnings                 | 62                                                                                   |     | \u2014                         |     | (13<br><br>)           |        | 49                     |\n| Amounts reclassified to retained earnings (\"RE\") | \u2014                                                                                    |     | 7                         | (c) | (1<br><br>)            | (c)    | 6                      |\n| Balance at December 31, 2018                     | (663<br><br>)                                                                        |     | (4<br><br>)               |     | (136<br><br>)          |   <br> | (803<br><br>)          |\n| Change in value                                  | 105                                                                                  | (a) | 7                         |     | (24<br><br>)           |        | 88                     |\n| Amounts reclassified to earnings                 | (2<br><br>)                                                                          |     | (1<br><br>)               |     | \u2014                      |        | (3<br><br>)            |\n| Balance at December 31, 2019                     | $<br><br>(560<br><br>)                                                               |     | $2                        |     | $<br><br>(160<br><br>) |        | $<br><br>(718<br><br>) |\n\n\n\n(a) This AOCI component is included in the computation of net periodic pension and other postretirement costs\\. See Note 7 of this report for additional information on pensions and other postretirement liabilities\\.\n\n(b) This amount represents the reclassification from AOCI to RE of the stranded tax effects resulting from the enactment of the Tax Cuts and Jobs Act (the \"Tax Act\")\\.\n\n(c) These amounts represent the reclassification from AOCI to RE of the unrealized loss, and related tax, on the Company's investment in Azul Linhas A\u00e9reas Brasileiras S\\.A\\. (\"Azul\") which was classified as an available\\-for\\-sale security prior to the Company adopting Accounting Standards Update No\\. 2016\\-01, Financial Instruments\u2014Overall (Subtopic 825\\-10) effective January 1, 2018\\.\n\n65"}
{"_id": "Delta-2018_43.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nUndrawn Lines of Credit\n\nWe have  $3\\.0 billion  available in revolving lines of credit\\.  During February 2019, we drew  $750 million  from our unsecured Revolving Credit Facility for general corporate purposes\\.\n\nThese credit facilities include covenants customary for financing of this type\\. If we are not in compliance with these covenants, we may be required to repay amounts borrowed under the credit facilities or we may not be able to draw on them\\. \n\nCovenants\n\n We were in compliance with the covenants in our financing agreements at  December 31, 2018 \\. \n\nContractual Obligations\n\nThe following table summarizes our contractual obligations at  December 31, 2018  that we expect will be paid in cash\\. The table does not include amounts that are contingent on events or other factors that are uncertain or unknown at this time, including legal contingencies, uncertain tax positions and amounts payable under collective bargaining arrangements, among others\\. In addition, the table does not include expected significant cash payments representing obligations that arise in the ordinary course of business that do not include contractual commitments\\.\n\nThe amounts presented are based on various estimates, including estimates regarding the timing of payments, prevailing interest rates, volumes purchased, the occurrence of certain events and other factors\\. Accordingly, the actual results may vary materially from the amounts presented in the table\\.\n\n\n\n|                                             |                                               |                                               |                                               |                                               |                                               |                                               |                                               |\n| ------------------------------------------- | --------------------------------------------- | --------------------------------------------- | --------------------------------------------- | --------------------------------------------- | --------------------------------------------- | --------------------------------------------- | --------------------------------------------- |\n|                                             | **Contractual Obligations by Year** **^(1)^** | **Contractual Obligations by Year** **^(1)^** | **Contractual Obligations by Year** **^(1)^** | **Contractual Obligations by Year** **^(1)^** | **Contractual Obligations by Year** **^(1)^** | **Contractual Obligations by Year** **^(1)^** | **Contractual Obligations by Year** **^(1)^** |\n| **(in millions)**                           | **2019**                                      | **2020**                                      | **2021**                                      | **2022**                                      | **2023**                                      | **Thereafter**                                | **Total**                                     |\n| Long\\-term debt (see Note 7)                |                                               |                                               |                                               |                                               |                                               |                                               |                                               |\n| Principal amount                            | $1,441                                        | $2,048                                        | $1,019                                        | $1,676                                        | $929                                          | $2,195                                        | $9,308                                        |\n| Interest payments                           | 387                                           | 300                                           | 248                                           | 195                                           | 128                                           | 643                                           | 1,901                                         |\n| Finance lease obligations (see Note 8)      |                                               |                                               |                                               |                                               |                                               |                                               |                                               |\n| Principal amount                            | 109                                           | 77                                            | 68                                            | 28                                            | 23                                            | 98                                            | 403                                           |\n| Interest payments                           | 17                                            | 12                                            | 8                                             | 5                                             | 4                                             | 13                                            | 59                                            |\n| Operating lease obligations (see Note 8)    | 1,185                                         | 1,022                                         | 845                                           | 712                                           | 673                                           | 4,289                                         | 8,726                                         |\n| Aircraft purchase commitments (see Note 11) | 3,290                                         | 3,130                                         | 3,190                                         | 2,760                                         | 1,850                                         | 1,940                                         | 16,160                                        |\n| Contract carrier obligations (see Note 11)  | 1,505                                         | 1,344                                         | 951                                           | 872                                           | 769                                           | 2,862                                         | 8,303                                         |\n| Employee benefit obligations (see Note 10)  | 146                                           | 144                                           | 125                                           | 119                                           | 111                                           | 6,027                                         | 6,672                                         |\n| Other obligations                           | 874                                           | 709                                           | 470                                           | 732                                           | 566                                           | 765                                           | 4,116                                         |\n| Total                                       | $8,954                                        | $8,786                                        | $6,924                                        | $7,099                                        | $5,053                                        | $18,832                                       | $55,648                                       |\n\n\n\n\n\n|       |                                                                                                                    |\n| ----- | ------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | For additional information, see the Notes to the Consolidated Financial Statements referenced in the table above\\. |\n\n\n\nLong\\-Term Debt, Principal Amount\\.  Represents scheduled principal payments on long\\-term debt\\. \n\nLong\\-Term Debt, Interest Payments\\.  Represents estimated interest payments under our long\\-term debt based on the interest rates specified in the applicable debt agreements\\. Interest payments on variable interest rate debt were calculated using LIBOR at  December 31, 2018 \\. \n\nFinance and Operating Lease Obligations\\.  Refer to  Note 8  of the Notes to the Consolidated Financial Statements for additional information regarding finance and operating leases\\. \n\nAircraft Purchase Commitments\\.  Refer to the aircraft purchase commitments table in Item 2 for additional information about our future aircraft purchases\\.\n\nContract Carrier Obligations\\.  Represents our estimated minimum fixed obligations under capacity purchase agreements with third\\-party regional carriers\\. The reported amounts are based on (1) the required minimum levels of flying by our contract carriers under the applicable agreements and (2) assumptions regarding the costs associated with such minimum levels of flying\\.\n\n 41"}
{"_id": "AmericanAirlines-2018_26.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nto support the pace of our operations, it is unlikely that we will be able to capture all security\\-related costs through increased fares\\. In addition, we cannot forecast what new security requirements may be imposed in the future, or their impact on our business\\.\n\n***We operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control\\.***\n\nWe operate a global business with significant operations outside of the U\\.S\\. Our current international activities and prospects have been and in the future could be adversely affected by government policies, reversals or delays in the opening of foreign markets, increased competition in international markets, the performance of our alliance, joint business and codeshare partners in a given market, exchange controls or other restrictions on repatriation of funds, currency and political risks (including changes in exchange rates and currency devaluations), environmental regulation, increases in taxes and fees and changes in international government regulation of our operations, including the inability to obtain or retain needed route authorities and/or slots\\. Fluctuations in foreign currencies, including devaluations, exchange controls and other restrictions on the repatriation of funds, have significantly affected and may continue to significantly affect our operating performance, liquidity and the value of any cash held outside the U\\.S\\. in local currency\\. Such fluctuations in foreign currencies, including devaluations, cannot be predicted by us and can significantly affect the value of our assets located outside the United States\\. These conditions, as well as any further delays, devaluations or imposition of more stringent repatriation restrictions, may materially adversely affect our business, results of operations and financial condition\\.\n\nMore generally, much of the demand for international air travel is the result of business travel in support of global trade\\. Should protectionist governmental policies, such as increased tariff barriers, travel limitation and other actions, have the effect of reducing global commercial activity, the result could be a material decrease in the demand for international air travel\\. \n\nThe United Kingdom held a referendum in June 2016 regarding its membership in the EU in which a majority of the United Kingdom electorate voted in favor of the British government taking the necessary action for the United Kingdom to leave the EU, an event commonly referred to as Brexit\\. In March 2017, the United Kingdom served notice of its decision to withdraw from the EU, formally initiating the withdrawal process\\. Serving this notice began the two\\-year period for the United Kingdom to negotiate the terms for its withdrawal from the EU, currently scheduled to occur on March 29, 2019\\. We face risks associated with the uncertainty following the referendum and the consequences that may flow from the decision to exit the EU, notably given the extent of our passenger and cargo traffic and that of our joint business partners that flows through LHR in the United Kingdom\\. Absent an approved withdrawal agreement between the United Kingdom and the EU (resulting in the so\\-called \u201cNo Deal Brexit\u201d scenario), our expectation is that air services (including those involving our joint business and code share partners) will continue substantially as we currently conduct them, at least for a transition period, in reliance on reciprocal \u201cbasic connectivity\u201d traffic rights proposed by the EU and the United Kingdom and the new air services agreements between the U\\.S\\. and United Kingdom concluded on November 29, 2018\\. However, the precise scope of traffic rights between the EU and the United Kingdom remains uncertain and therefore the continuation is not assured and could be subject to disruption\\. If Brexit is accomplished pursuant to a withdrawal agreement consistent with the agreement presently being discussed between the United Kingdom and the EU, but which has yet to be approved by the United Kingdom, our current air services would continue as we currently conduct them during a transition period running through the end of 2020, with a potential extension of up to two years\\. During that transition period, the United Kingdom and the EU would seek to implement a new air services agreement\\. We cannot predict the terms of any such successor air services agreement or whether changes in the relationship between the United Kingdom and the EU, including whether or not the United Kingdom withdraws from the EU with or without an agreement, could materially adversely affect our business, results of operations and financial condition\\.\n\nMoreover, the exit of the United Kingdom from the EU could adversely affect European or worldwide economic or market conditions and could contribute to further instability in global financial markets\\. In addition, the exit of the United Kingdom from the EU has created uncertainty as to the future trade relationship between the EU and the United Kingdom, including air traffic services\\. LHR is presently a very important element of our international network, however it may become less desirable as a destination or as a hub location after Brexit when compared to other airports in Europe\\. The exit of the United Kingdom from the EU could also lead to legal and regulatory uncertainty such as the identity of the relevant regulators, new regulatory action and/or potentially divergent treaties, laws and regulations as the United Kingdom determines which EU treaties, laws and regulations to replace or replicate, including those governing aviation, labor, environmental, data protection/privacy, competition and other matters applicable to the provision of air transportation services by us or our alliance, joint business or codeshare partners\\. For example, in light of Brexit and the related possibility that the EC would no longer have regulatory responsibility for the United Kingdom when existing regulatory commitments are scheduled to expire in 2020, the United Kingdom CMA in October 2018 opened an investigation into our transatlantic JBA\\. We are cooperating fully with the CMA\\. The impact on our business of any treaties, laws and regulations that replace the existing EU counterparts, or other \n\n27"}
{"_id": "United-2019_2.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nThis Annual Report on Form 10\\-K (\"Form 10\\-K\") contains various \"forward\\-looking statements\" within the meaning of Section 27A of the Securities Act of 1933, as amended (the \"Securities Act\"), and Section 21E of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\")\\. Forward\\-looking statements represent our expectations and beliefs concerning future results or events, based on information available to us on the date of the filing of this Form 10\\-K, and are subject to various risks and uncertainties\\. Factors that could cause actual results or events to differ materially from those referenced in the forward\\-looking statements are listed in Part I, Item 1A\\. Risk Factors and in Part II, Item 7\\. Management's Discussion and Analysis of Financial Condition and Results of Operations\\. We disclaim any intent or obligation to update or revise any of the forward\\-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise, except as required by applicable law\\. \n\nPART I\n\nITEM 1\\. BUSINESS\\.\n\nOverview\n\nUnited Airlines Holdings, Inc\\. (together with its consolidated subsidiaries, \"UAL\" or the \"Company\") is a holding company and its principal, wholly\\-owned subsidiary is United Airlines, Inc\\. (together with its consolidated subsidiaries, \"United\")\\. As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted\\. United's operating revenues and operating expenses comprise nearly 100% of UAL's revenues and operating expenses\\. In addition, United comprises approximately the entire balance of UAL's assets, liabilities and operating cash flows\\. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures and any significant differences between the operations and results of UAL and United are separately disclosed and explained\\. We sometimes use the words \"we,\" \"our,\" \"us,\" and the \"Company\" in this report for disclosures that relate to all of UAL and United\\.\n\nUAL was incorporated under the laws of the State of Delaware on December 30, 1968\\. Effective June 27, 2019, UAL amended its Certificate of Incorporation to change its name to \"United Airlines Holdings, Inc\\.\" Our principal executive office is located at 233 South Wacker Drive, Chicago, Illinois 60606 (telephone number (872) 825\\-4000)\\.\n\nThe Company's website is located at www\\.united\\.com and its investor relations website is located at ir\\.united\\.com\\. The information contained on or connected to the Company's websites is not incorporated by reference into this Annual Report on Form 10\\-K and should not be considered part of this or any other report filed with the U\\.S\\. Securities and Exchange Commission (\"SEC\")\\. The Company's filings with the SEC, including annual reports on Form 10\\-K, quarterly reports on Form 10\\-Q, current reports on Form 8\\-K, and all amendments to those reports, as well as UAL's proxy statement for its annual meeting of stockholders, are accessible without charge on the Company's investor relations website, as soon as reasonably practicable, after such material is electronically filed with, or furnished to, the SEC\\. Such filings are also available on the SEC's website at www\\.sec\\.gov\\. \n\nOperations\n\nThe Company transports people and cargo throughout North America and to destinations in Asia, Europe, Africa, the Pacific, the Middle East and Latin America\\. UAL, through United and its regional carriers, operates more than 4,900 flights a day to 362 airports across six continents, with hubs at Newark Liberty International Airport (\"Newark\"), Chicago O'Hare International Airport (\"Chicago O'Hare\"), Denver International Airport (\"Denver\"), George Bush Intercontinental Airport (\"Houston Bush\"), Los Angeles International Airport (\"LAX\"), A\\.B\\. Won Pat International Airport (\"Guam\"), San Francisco International Airport (\"SFO\") and Washington Dulles International Airport (\"Washington Dulles\")\\. \n\nAll of the Company's domestic hubs are located in large business and population centers, contributing to a large amount of \"origin and destination\" traffic\\. The hub and spoke system allows us to transport passengers between a large number of destinations with substantially more frequent service than if each route were served directly\\. The hub system also allows us to add service to a new destination from a large number of cities using only one or a limited number of aircraft\\. As discussed under  Alliances  below, United is a member of Star Alliance, the world's largest alliance network\\.\n\nRegional\\.  The Company  has contractual relationships with various regional carriers to provide regional aircraft service branded as United Express\\.  This regional service complements our operations by carrying traffic that connects to our hubs and allows flights to smaller cities that cannot be provided economically with mainline aircraft\\. Champlain Enterprises, LLC d/b/a CommutAir (\"CommutAir\"), Republic Airline Inc\\. (\"Republic\"), ExpressJet Airlines LLC (\"ExpressJet\"), GoJet Airlines LLC (\"GoJet\"), Mesa Airlines, Inc\\. (\"Mesa\"), SkyWest Airlines, Inc\\. (\"SkyWest\"), Air Wisconsin Airlines LLC (\"Air Wisconsin\"), and Trans States Airlines, LLC (\"Trans States\") are all regional carriers that operate with capacity contracted to United under capacity purchase agreements (\"CPAs\")\\.  Under these CPAs, the Company pays the regional carriers contractually agreed fees \n\n3"}
{"_id": "AmericanAirlines-2018_39.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**PART II**\n\n\n\n|              |                                                                                                                              |\n| ------------ | ---------------------------------------------------------------------------------------------------------------------------- |\n| **ITEM 5\\.** | **MARKET FOR AMERICAN AIRLINES GROUP\u2019S COMMON STOCK, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES** |\n\n\n\n**Stock Exchange Listing**\n\nOur common stock is listed on the NASDAQ Global Select Market (NASDAQ) under the symbol \u201cAAL\\.\u201d There is no trading market for the common stock of American, which is a wholly\\-owned subsidiary of AAG\\.\n\nAs of February 20, 2019, the closing price of our common stock was $35\\.06 and there were 13,685 holders of record\\. However, because many of the shares of our common stock are held by brokers and other institutions on behalf of stockholders, we believe there are substantially more beneficial holders of our common stock than record holders\\. \n\nInformation on securities authorized for issuance under our equity compensation plans will be set forth in our Proxy Statement for the 2019 Annual Meeting of Stockholders of American Airlines Group Inc\\. (the Proxy Statement) under the caption \u201cEquity Compensation Plan Information\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\n**Dividends of Common Stock**\n\nIn January 2019, we announced that our Board of Directors declared a $0\\.10 per share cash dividend for stockholders of record on February 6, 2019, and payable on February 20, 2019\\.\n\nThe total cash payment for dividends during the years ended December 31, 2018 and 2017 was $186 million and $198 million, respectively\\. Any future dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to continue a dividend for any fixed period, and the payment of dividends may be suspended or discontinued at any time at our discretion and without prior notice\\.\n\n**Stock Performance Graph**\n\n*The following stock performance graph and related information shall not be deemed \u201csoliciting material\u201d or \u201cfiled\u201d with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filings under the Securities Act of 1933 or the Exchange Act, each as amended, except to the extent that we specifically incorporate it by reference into such filing\\.*\n\nThe following stock performance graph compares the cumulative total stockholder returns during the period from December 31, 2013 to December 31, 2018 of our common stock to the Standard and Poor\u2019s (S&P) 500 Stock Index and the New York Stock Exchange (NYSE) ARCA Airline Index\\. The comparison assumes $100 was invested on December 31, 2013 in our common stock and in each of the foregoing indices and assumes that all dividends were reinvested\\. The stock performance shown on the following graph represents historical stock performance and is not necessarily indicative of future stock price performance\\.\n\n40"}
{"_id": "Southwest-2019_59.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\ndecrease in spoilage would have resulted in a decrease in revenue)\\. Given that Member behavior will continue to develop as the program matures, the Company expects the current estimates may change in future periods\\. However, the Company believes its current estimates are reasonable given current facts and circumstances\\.\n\nItem 7A\\.  Quantitative and Qualitative Disclosures About Market Risk\n\nThe Company has interest rate risk in its floating\\-rate debt obligations and interest rate swaps, commodity price risk in jet fuel required to operate its aircraft fleet, and market risk in the derivatives used to manage its fuel hedging program and in the form of fixed\\-rate debt instruments\\. As of  December 31, 2019 , the Company operated a total of  122  aircraft under operating and finance leases\\. However, except for a small number of aircraft that have lease payments that fluctuate based in part on changes in market interest rates, the remainder of the leases are not considered market sensitive financial instruments and, therefore, are not included in the interest rate sensitivity analysis below\\. The Company also has  67  aircraft under operating and finance lease that have been subleased to another carrier\\. Further information about these leases is disclosed in Note  7  to the Consolidated Financial Statements\\. The Company does not purchase or hold any derivative financial instruments for trading purposes\\. See  Note 10  to the Consolidated Financial Statements for information on the Company\u2019s accounting for its hedging program and for further details on the Company\u2019s financial derivative instruments\\.\n\nHedging\n\nThe Company purchases jet fuel at prevailing market prices, but seeks to manage market risk through execution of a documented hedging strategy\\. The Company utilizes financial derivative instruments, on both a short\\-term and a long\\-term basis, as a form of insurance against the potential for significant increases in fuel prices\\. The Company believes there can be significant risk in not hedging against the possibility of such fuel price increases, especially in energy markets in which prices are high and/or rising\\. The Company expects to consume approximately  2\\.2 billion  gallons of jet fuel in  2020 \\. Based on this anticipated usage, a change in jet fuel prices of just  one cent  per gallon would impact the Company\u2019s Fuel and oil expense by approximately  $22 million  for  2020 , excluding any impact associated with fuel derivative instruments held\\.\n\nAs of  December 31, 2019 , the Company held a net position of fuel derivative instruments that represented a hedge for a portion of its anticipated jet fuel purchases for future periods\\. See  Note 10  to the Consolidated Financial Statements for further information\\. The Company may increase or decrease the size of its fuel hedge based on its expectation of future market prices, as well as its perceived exposure to cash collateral requirements contained in the agreements it has signed with various counterparties, while considering the significant cost that can be associated with different types of hedging strategies\\. The gross fair value of outstanding financial derivative instruments related to the Company\u2019s jet fuel market price risk at  December 31, 2019 , was an  asset  of  $110 million \\. In addition,  $25 million  in cash collateral deposits were held by the Company in connection with these instruments based on their fair value as of  December 31, 2019 \\. The fair values of the derivative instruments, depending on the type of instrument, were determined by use of present value methods or standard option value models with assumptions about commodity prices based on those observed in underlying markets\\. An immediate  10 percent  increase or decrease in underlying fuel\\-related commodity prices from the  December 31, 2019 , prices would correspondingly change the fair value of the commodity derivative instruments in place by approximately  $143 million \\. Fluctuations in the related commodity derivative instrument cash flows may change by more or less than this amount based upon further fluctuations in futures prices, as well as related income tax effects\\. In addition, this does not consider changes in cash, aircraft, or letters of credit utilized as collateral provided to or by counterparties, which would fluctuate in an amount equal to or less than this amount, depending on the type of collateral arrangement in place with each counterparty\\. This sensitivity analysis uses industry standard valuation models and holds all inputs constant at  December 31, 2019 , levels, except underlying futures prices\\.\n\nThe Company\u2019s credit exposure related to fuel derivative instruments is represented by the fair value of contracts that are in an asset position to the Company\\. At such times, these outstanding instruments expose the Company to credit loss in the event of nonperformance by the counterparties to the agreements\\. As of  December 31, 2019 , the Company had  nine  counterparties in which the derivatives held were an asset\\. To manage credit risk, the Company selects and periodically reviews counterparties based on credit ratings, limits its exposure with respect to each counterparty, and \n\n60"}
{"_id": "Alaska-2018_73.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nAs qualifying cash flow hedges, the interest rate swaps are recognized at fair value on the balance sheet, and changes in the fair value are recognized in accumulated other comprehensive loss\\. The effective portion of the derivative represents the change in fair value of the hedge that offsets the change in fair value of the hedged item\\. To the extent the change in fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is recognized in interest expense, if material\\.\n\n***Fair Values of Derivative Instruments*** \n\nFair values of derivative instruments on the consolidated balance sheet (in millions):\n\n\n\n|                                                       |          |          |\n| ----------------------------------------------------- | -------- | -------- |\n|                                                       | **2018** | **2017** |\n| Fuel hedge contracts (not designated as hedges)       |          |          |\n| Prepaid expenses and other current assets             | **$2**   | $19      |\n| Other assets                                          | **2**    | 3        |\n| Interest rate swaps (designated as hedges)            |          |          |\n| Prepaid expenses and other current assets             | **3**    | 1        |\n| Other noncurrent assets                               | **7**    | 8        |\n| Other accrued liabilities                             | **(3)**  | (3)      |\n| Other liabilities                                     | **(4)**  | (5)      |\n| Losses in accumulated other comprehensive loss (AOCL) | **(1)**  | (2)      |\n\n\n\nThe net cash paid for new fuel hedge positions and received from settlements was $21 million, $12 million and $19 million during 2018, 2017, and 2016, respectively\\.\n\nPretax effect of derivative instruments on earnings and AOCL (in millions):\n\n\n\n|                                                      |          |          |          |\n| ---------------------------------------------------- | -------- | -------- | -------- |\n|                                                      | **2018** | **2017** | **2016** |\n| Fuel hedge contracts (not designated as hedges)      |          |          |          |\n| Gains (losses) recognized in Aircraft fuel           | **$1**   | $(6)     | $(3)     |\n| Interest rate swaps (designated as hedges)           |          |          |          |\n| Losses recognized in Aircraft rent                   | **(3)**  | (5)      | (6)      |\n| Gains recognized in other comprehensive income (OCI) | **\u2014**    | 1        | 8        |\n\n\n\nThe amounts shown as recognized in aircraft rent for cash flow hedges (interest rate swaps) represent the realized losses transferred out of AOCL to aircraft rent\\. No gains or losses related to interest rate swaps on variable rate debt have been recognized in interest expense during 2018\\. The amounts shown as recognized in OCI are prior to the losses recognized in aircraft rent during the period\\. The Company expects $2 million to be reclassified from OCI to aircraft rent and $3 million to interest income within the next twelve months\\.\n\n 74"}
{"_id": "AmericanAirlines-2017_151.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n\n\n|                                                  |                      |                      |                                                                  |                                                                  |\n| ------------------------------------------------ | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                                  | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                                  | **2017**             | **2016**             | **2017**                                                         | **2016**                                                         |\n|                                                  | **(In millions)**    | **(In millions)**    | **(In millions)**                                                | **(In millions)**                                                |\n| Fair value of plan assets at beginning of period | $9,968               | $9,660               | $266                                                             | $253                                                             |\n| Actual return on plan assets                     | 1,788                | 911                  | 37                                                               | 22                                                               |\n| Employer contributions  ^(3)^                    | 286                  | 32                   | 72                                                               | 83                                                               |\n| Settlements                                      | (4)                  | (2)                  | \u2014                                                                | \u2014                                                                |\n| Benefit payments                                 | (723)                | (633)                | (80)                                                             | (92)                                                             |\n| Other                                            | 25                   | \u2014                    | \u2014                                                                | \u2014                                                                |\n| Fair value of plan assets at end of period       | $11,340              | $9,968               | $295                                                             | $266                                                             |\n| Funded status at end of period                   | $(6,835)             | $(7,180)             | $(715)                                                           | $(724)                                                           |\n\n\n\n\n\n|       |                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The  December 31, 2017  and  2016  pension actuarial loss primarily relates to weighted average discount rate assumption changes and changes to American\u2019s mortality assumptions\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                              |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | The  December 31, 2017  retiree medical and other postretirement benefits actuarial (gain) loss primarily relates to plan experience adjustments, weighted average discount rate assumption changes and changes to American\u2019s mortality assumptions and as of  December 31, 2016 , also includes medical trend and cost assumption changes\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                   |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | During 2017, American contributed  $286 million  to its defined benefit pension plans, including supplemental contributions of  $261 million  in addition to a  $25 million  minimum required cash contribution\\. |\n\n\n\n***Balance Sheet Position***\n\n\n\n|                      |                      |                      |                                                                  |                                                                  |\n| -------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                      | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                      | **2017**             | **2016**             | **2017**                                                         | **2016**                                                         |\n|                      | **(In millions)**    | **(In millions)**    | **(In millions)**                                                | **(In millions)**                                                |\n| As of December 31,   |                      |                      |                                                                  |                                                                  |\n| Current liability    | $10                  | $7                   | $88                                                              | $97                                                              |\n| Noncurrent liability | 6,825                | 7,173                | 627                                                              | 627                                                              |\n| Total liabilities    | $6,835               | $7,180               | $715                                                             | $724                                                             |\n\n\n\n\n\n|                                                               |        |        |        |          |\n| ------------------------------------------------------------- | ------ | ------ | ------ | -------- |\n| Net actuarial loss (gain)                                     | $5,337 | $5,472 | $(388) | $(429)   |\n| Prior service cost (benefit)                                  | 159    | 188    | (600)  | (837)    |\n| Total accumulated other comprehensive loss (income), pre\\-tax | $5,496 | $5,660 | $(988) | $(1,266) |\n\n\n\n152"}
{"_id": "Alaska-2017_38.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**OPERATING STATISTICS SUMMARY (unaudited)**\n\n**Alaska Air Group, Inc\\.** \n\nBelow are operating statistics we use to measure performance\\. As the acquisition of Virgin America closed on December 14, 2016, Consolidated and Mainline amounts presented below include Virgin America results for the twelve months ended December 31, 2017, but only for the period December 14, 2016 through December 31, 2016 in the twelve months ended December 31, 2016 results below\\. We often refer to unit revenues and adjusted unit costs, which is a non\\-GAAP measure\\.\n\n\n\n|                                                          |                                      |                                      |                                      |                                      |                                      |\n| -------------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                          | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                          | **2017**                             | **2016**                             | **Change**                           | **2015**                             | **Change**                           |\n| **Consolidated Operating Statistics:** **^(a)^**         |                                      |                                      |                                      |                                      |                                      |\n| Revenue passengers (000)                                 | **44,034**                           | 34,289                               | 28\\.4%                               | 31,883                               | 7\\.5%                                |\n| RPMs (000,000) \"traffic\"                                 | **52,338**                           | 37,209                               | 40\\.7%                               | 33,578                               | 10\\.8%                               |\n| ASMs (000,000) \"capacity\"                                | **62,072**                           | 44,135                               | 40\\.6%                               | 39,914                               | 10\\.6%                               |\n| Load factor                                              | **84\\.3%**                           | 84\\.3%                               | \u2014                                    | 84\\.1%                               | 0\\.2 pts                             |\n| Yield                                                    | **13\\.03\u00a2**                          | 13\\.45\u00a2                              | (3\\.1)%                              | 14\\.27\u00a2                              | (5\\.7)%                              |\n| PRASM                                                    | **10\\.98\u00a2**                          | 11\\.34\u00a2                              | (3\\.2)%                              | 12\\.01\u00a2                              | (5\\.6)%                              |\n| RASM                                                     | **12\\.78\u00a2**                          | 13\\.44\u00a2                              | (4\\.9)%                              | 14\\.03\u00a2                              | (4\\.2)%                              |\n| CASM excluding fuel and special items ^(b)^              | **8\\.23\u00a2**                           | 8\\.23\u00a2                               | \u2014%                                   | 8\\.30\u00a2                               | (0\\.8)%                              |\n| Economic fuel cost per gallon ^(b)^                      | **$1\\.82**                           | $1\\.52                               | 19\\.7%                               | $1\\.88                               | (19\\.1)%                             |\n| Fuel gallons (000,000)                                   | **797**                              | 554                                  | 43\\.9%                               | 508                                  | 9\\.1%                                |\n| ASM's per gallon                                         | **77\\.9**                            | 79\\.7                                | (2\\.3)%                              | 78\\.6                                | 1\\.4%                                |\n| Average number of full\\-time equivalent employees (FTEs) | **20,183**                           | 14,760                               | 36\\.7%                               | 13,858                               | 6\\.5%                                |\n| **Mainline Operating Statistics:**                       |                                      |                                      |                                      |                                      |                                      |\n| Revenue passengers (000)                                 | **34,539**                           | 24,838                               | 39\\.1%                               | 22,869                               | 8\\.6%                                |\n| RPMs (000,000) \"traffic\"                                 | **48,238**                           | 33,489                               | 44\\.0%                               | 30,340                               | 10\\.4%                               |\n| ASMs (000,000) \"capacity\"                                | **56,945**                           | 39,473                               | 44\\.3%                               | 35,912                               | 9\\.9%                                |\n| Load factor                                              | **84\\.7%**                           | 84\\.8%                               | (0\\.1) pts                           | 84\\.5%                               | 0\\.3 pts                             |\n| Yield                                                    | **12\\.14\u00a2**                          | 12\\.24\u00a2                              | (0\\.8)%                              | 12\\.98\u00a2                              | (5\\.7)%                              |\n| PRASM                                                    | **10\\.29\u00a2**                          | 10\\.38\u00a2                              | (0\\.9)%                              | 10\\.97\u00a2                              | (5\\.4)%                              |\n| CASM excluding fuel and special items ^(b)^              | **7\\.47\u00a2**                           | 7\\.30\u00a2                               | 2\\.3%                                | 7\\.39\u00a2                               | (1\\.2)%                              |\n| Economic fuel cost per gallon ^(b)^                      | **$1\\.82**                           | $1\\.52                               | 19\\.7%                               | $1\\.87                               | (18\\.7)%                             |\n| Fuel gallons (000,000)                                   | **706**                              | 474                                  | 48\\.9%                               | 439                                  | 8\\.0%                                |\n| ASM's per gallon                                         | **80\\.7**                            | 83\\.3                                | (3\\.1)%                              | 81\\.8                                | 1\\.8%                                |\n| Average number of FTEs                                   | **15,653**                           | 11,447                               | 36\\.7%                               | 10,750                               | 6\\.5%                                |\n| Aircraft utilization                                     | **11\\.2**                            | 10\\.5                                | 6\\.7%                                | 10\\.8                                | (2\\.8)%                              |\n| Average aircraft stage length                            | **1,301**                            | 1,225                                | 6\\.2%                                | 1,195                                | 2\\.5%                                |\n| Mainline operating fleet at period\\-end                  | **221 a/c**                          | 218 a/c                              | 3 a/c                                | 147 a/c                              | 71 a/c                               |\n| **Regional Operating Statistics:** **^(c)^**             |                                      |                                      |                                      |                                      |                                      |\n| Revenue passengers (000)                                 | **9,495**                            | 9,452                                | 0\\.5%                                | 9,015                                | 4\\.8%                                |\n| RPMs (000,000) \"traffic\"                                 | **4,101**                            | 3,720                                | 10\\.2%                               | 3,238                                | 14\\.9%                               |\n| ASMs (000,000) \"capacity\"                                | **5,127**                            | 4,662                                | 10\\.0%                               | 4,002                                | 16\\.5%                               |\n| Load factor                                              | **80\\.0%**                           | 79\\.8%                               | 0\\.2 pts                             | 80\\.9%                               | (1\\.1) pts                           |\n| Yield                                                    | **23\\.41\u00a2**                          | 24\\.42\u00a2                              | (4\\.1)%                              | 26\\.37\u00a2                              | (7\\.4)%                              |\n| PRASM                                                    | **18\\.72\u00a2**                          | 19\\.49\u00a2                              | (4\\.0)%                              | 21\\.34\u00a2                              | (8\\.7)%                              |\n\n\n\n\n\n|       |                                                                                                              |\n| ----- | ------------------------------------------------------------------------------------------------------------ |\n| ^(a)^ | Except for FTEs, data includes information related to regional CPA flying with Horizon, SkyWest and PenAir\\. |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(b)^ | See reconciliation of this measure to the most directly related GAAP measure in the \"Results of Operations\" section\\. |\n\n\n\n\n\n|       |                                                                |\n| ----- | -------------------------------------------------------------- |\n| ^(c)^ | Data presented includes information related to regional CPAs\\. |\n\n\n\n 39"}
{"_id": "Southwest-2018_40.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n***2018*** ***Compared with*** ***2017***\n\n**Operating Revenues**\n\nPassenger revenues for 2018increased by $692 million, or 3\\.5 percent, compared with 2017\\. The increase was largely due to a 3\\.9 percentincrease in capacity, as strong demand enabled the Company to fill the majority of the additional seats offered\\. Passenger revenues for 2018 included an estimated $130 million negative impact to revenue due to temporarily lower passenger yields from an aggressive May 2018 fare sale for June through October 2018 travel, which was offered in conjunction with the Company\u2019s broad marketing efforts following the Flight 1380 accident\\. On April 17, 2018, Southwest Airlines Flight 1380 from New York\\-LaGuardia to Dallas Love Field suffered an uncontained failure of its port CFM56\\-7B engine, resulting in a Customer fatality\\. On a unit basis, Passenger revenues decreased 0\\.4 percent, year\\-over\\-year, driven by a slight decrease in Load factor to 83\\.4 percent, partially offset by a 0\\.1 percentincrease in Passenger revenue yield\\. The increase in yield was largely due to the successful deployment of several revenue management enhancements enabled by the Company's new reservation system, an improved fare environment in second half 2018, and strong passenger demand for low fares\\.\n\nFreight revenues for 2018increased by $2 million, or 1\\.2 percent, compared with 2017, primarily due to increased capacity\\. Based on current trends, the Company currently expects Freight revenues in first quarter 2019 to increase, compared with first quarter 2018\\.\n\nOther revenues for 2018increased by $125 million, or 10\\.3 percent, compared with 2017, primarily due to an increase in revenues associated with cardholder spend on the Company's co\\-branded Chase\u00ae Visa credit card\\. The Company currently expects Other revenues in first quarter 2019 to increase, compared with first quarter 2018\\. \n\nOperating unit revenues for 2018 were flat compared with 2017\\. Based on revenue and booking trends thus far in first quarter 2019, and assuming no further significant impact on bookings from the recent government shutdown, the Company currently estimates first quarter 2019 operating unit revenues to increase in the four to five percent range, compared with first quarter 2018\\.\n\n**Operating Expenses**\n\nOperating expenses for 2018increased by $1\\.0 billion, or 5\\.8 percent, compared with 2017, while capacity increased 3\\.9 percent over the same period\\. Historically, except for changes in the price of fuel, changes in Operating expenses for airlines have been largely driven by changes in capacity, or ASMs\\. The following table presents the Company's Operating expenses per ASM for 2018 and 2017, followed by explanations of these changes on a per ASM basis and dollar basis:\n\n\n\n|                                    |                             |                             |             |             |\n| ---------------------------------- | --------------------------- | --------------------------- | ----------- | ----------- |\n|                                    | **Year ended December 31,** | **Year ended December 31,** |             |             |\n|                                    | **2018**                    | **2017**                    | **Per ASM** | **Percent** |\n| (in cents, except for percentages) |                             | **As Recast**               | **change**  | **change**  |\n| Salaries, wages, and benefits      | 4\\.79\u00a2                      | 4\\.74\u00a2                      | 0\\.05\u00a2      | 1\\.1 %      |\n| Fuel and oil                       | 2\\.89                       | 2\\.65                       | 0\\.24       | 9\\.1        |\n| Maintenance materials and repairs  | 0\\.69                       | 0\\.65                       | 0\\.04       | 6\\.2        |\n| Landing fees and airport rentals   | 0\\.83                       | 0\\.84                       | (0\\.01)     | (1\\.2)      |\n| Depreciation and amortization      | 0\\.75                       | 0\\.79                       | (0\\.04)     | (5\\.1)      |\n| Other operating expenses           | 1\\.79                       | 1\\.86                       | (0\\.07)     | (3\\.8)      |\n| Total                              | 11\\.74\u00a2                     | 11\\.53\u00a2                     | 0\\.21\u00a2      | 1\\.8 %      |\n\n\n\nOperating expenses per ASM for 2018increased by 1\\.8 percent, compared with 2017, primarily due to increases in market jet fuel prices\\. Operating expenses per ASM for 2018, excluding Fuel and oil expense and special items (a non\\-GAAP financial measure), increased 0\\.6 percent year\\-over\\-year, primarily due to wage rate increases\\. See Note \n\n41"}
{"_id": "Alaska-2019_67.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nLong\\-term debt principal payments for the next five years and thereafter (in millions):\n\n\n\n|                          |                          |                          |         |\n|:------------------------ |:------------------------ |:------------------------ | -------:|\n|                          |                          |                          |   Total |\n| 2020                     | 2020                     | 2020                     |   $ 235 |\n| 2021                     | 2021                     | 2021                     |     281 |\n| 2022                     | 2022                     | 2022                     |     243 |\n| 2023                     | 2023                     | 2023                     |     173 |\n| 2024                     | 2024                     | 2024                     |     153 |\n| Thereafter               | Thereafter               | Thereafter               |     420 |\n| Total principal payments | Total principal payments | Total principal payments | $ 1,505 |\n\n\n\nBank Line of Credit\n\nThe Company has three credit facilities with availability totaling $516 million\\. All three facilities have variable interest rates based on LIBOR plus a specified margin\\. One credit facility for $250 million expires in June 2021 and is secured by aircraft\\. A second credit facility for $116 million expires in July 2020, with a mechanism for annual renewal, and is secured by aircraft\\. A third credit facility for $150 million expires in March 2022 and is secured by certain accounts receivable, spare engines, spare parts and ground service equipment\\. The Company has secured letters of credit against the $116 million facility, but has no plans to borrow using either of the two other facilities\\. All three credit facilities have a requirement to maintain a minimum unrestricted cash and marketable securities balance of $500 million\\. The Company was in compliance with this covenant at December 31, 2019\\.\n\nNOTE 6\\. LEASES\n\nIn 2016, the FASB issued ASU 2016\\-02, \"Leases (Topic 842),\" which requires lessees to recognize assets and liabilities for certain operating leases\\. Under the new standard, a lessee must recognize a liability on the balance sheet representing the lease payments owed, and a lease asset representing its right to use the underlying asset for the lease term\\. In 2018, the FASB issued ASU 2018\\-11, \"Targeted Improvements \\- Leases (Topic 842),\" which amended Topic 842 to provide a transition method that would not require adjusting comparative period financial information\\. \n\nThe Company transitioned to the new lease accounting standard effective January 1, 2019 utilizing the alternative transition method\\. Upon transition, the Company recorded a cumulative\\-effect adjustment to the opening balance of retained earnings of $3 million\\. The new standard eliminated build\\-to\\-suit lease accounting guidance and resulted in the derecognition of build\\-to\\-suit assets and liabilities of approximately $150 million each\\.\n\nThe Company elected certain practical expedients under the standard, including the practical expedient allowing a policy election to exclude from recognition short\\-term lease assets and lease liabilities for leases with an initial term of 12 months or less\\. Such expense was not material for the twelve months ended December 31, 2019\\. Additionally, the Company elected the available package of practical expedients allowing for no reassessment of lease classification for existing leases, no reassessment of expired contracts, and no reassessments of initial direct costs for existing leases\\. \n\nThe Company has five asset classes for operating leases: aircraft, capacity purchase arrangements for aircraft operated by third\\-party carriers (CPA aircraft), airport and terminal facilities, corporate real estate and other equipment\\. All capitalized lease assets have been recorded on the consolidated balance sheet as of December 31, 2019 as Operating lease assets, with the corresponding liabilities recorded as Operating lease liabilities\\. Consistent with past accounting, operating rent expense is recognized on a straight\\-line basis over the term of the lease\\. \n\nAt December 31, 2019, the Operating lease assets balance by asset class was as follows (in millions):\n\n\n\n|                                 |                                 |                                 |                   |\n|:------------------------------- |:------------------------------- |:------------------------------- | -----------------:|\n|                                 |                                 |                                 | December 31, 2019 |\n| Aircraft                        | Aircraft                        | Aircraft                        |           $ 1,049 |\n| CPA Aircraft                    | CPA Aircraft                    | CPA Aircraft                    |               596 |\n| Airport and terminal facilities | Airport and terminal facilities | Airport and terminal facilities |                18 |\n| Corporate real estate and other | Corporate real estate and other | Corporate real estate and other |                48 |\n| Total Operating lease assets    | Total Operating lease assets    | Total Operating lease assets    |           $ 1,711 |\n\n\n\n67"}
{"_id": "Alaska-2017_71.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n*Level 2* \\- Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities\\.\n\n*Level 3* \\- Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities\\.\n\nThe Company has elected not to use the fair value option provided in the accounting standards for non\\-financial instruments\\. Accordingly, those assets and liabilities are carried at amortized cost\\. For financial instruments, the assets and liabilities are carried at fair value, which is determined based on the market approach or income approach, depending upon the level of inputs used\\.\n\nAssets and liabilities recognized or disclosed at fair value on a nonrecurring basis include items such as property, plant and equipment, goodwill, intangible assets and certain other assets and liabilities\\. The Company determines the fair value of these items using Level 3 inputs, as described in Note 2 and Note 4\\. \n\n***Income Taxes***\n\nThe Company uses the asset and liability approach for accounting for and reporting income taxes\\. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, and their respective tax bases and for operating loss and tax credit carryforwards\\. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled\\. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date\\. A valuation allowance would be established, if necessary, for the amount of any tax benefits that, based on available evidence, are not expected to be realized\\. As of December 31, 2017, there is no valuation allowance against net deferred tax assets\\. The Company accounts for unrecognized tax benefits in accordance with the applicable accounting standards\\.\n\nVirgin America has substantial federal and state net operating losses (NOLs) for income tax purposes\\. The Company's ability to utilize Virgin America's NOLs could be limited if Virgin America had an \u201cownership change,\u201d as defined in Section 382 of the Internal Revenue Code and similar state provisions\\. In general terms, an ownership change can occur whenever there is a collective shift in the ownership of a company by more than 50% by one or more \u201c5% stockholders\u201d within a three\\-year period\\. The occurrence of such a change generally limits the amount of NOL carryforwards a company could utilize in a given year to the aggregate fair market value of the company's common stock immediately prior to the ownership change, multiplied by the long\\-term tax\\-exempt interest rate in effect for the month of the ownership change\\. The acquisition constituted an ownership change and the potential for further limitations following the acquisition\\. See Note 6 to the consolidated financial statements for more discussion of the calculation\\.\n\n***Stock\\-Based Compensation***\n\nAccounting standards require companies to recognize as expense the fair value of stock options and other equity\\-based compensation issued to employees as of the grant date\\. These standards apply to all stock awards that the Company grants to employees as well as the Company\u2019s Employee Stock Purchase Plan (ESPP), which features a look\\-back provision and allows employees to purchase stock at a 15% discount\\. All stock\\-based compensation expense is recorded in wages and benefits in the consolidated statements of operations\\.\n\n***Earnings Per Share (EPS)***\n\nDiluted EPS is calculated by dividing net income by the average common shares outstanding plus additional common shares that would have been outstanding assuming the exercise of in\\-the\\-money stock options and restricted stock units, using the treasury\\-stock method\\. In 2017, 2016, and 2015, antidilutive stock options excluded from the calculation of EPS were not material\\.\n\n***Recently Issued Accounting Pronouncements***\n\nIn May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014\\-09, \"Revenue from Contracts with Customers\"(Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers\\. This comprehensive new standard will \n\n 72"}
{"_id": "Delta-2018_93.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nThe following table presents the principal reasons for the difference between the effective tax rate and the U\\.S\\. federal statutory income tax rate:\n\n\n\n|                                          |                             |                             |                             |\n| ---------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                          | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                          | **2018**                    | **2017**                    | **2016**                    |\n| U\\.S\\. federal statutory income tax rate | 21\\.0 %                     | 35\\.0 %                     | 35\\.0 %                     |\n| State taxes, net of federal benefit      | 2\\.5                        | 1\\.8                        | 1\\.8                        |\n| Foreign tax rate differential            | 0\\.1                        | (2\\.2<br><br>)              | (2\\.1<br><br>)              |\n| Tax Cuts and Jobs Act adjustment         | (0\\.5<br><br>)              | 7\\.2                        | \u2014                           |\n| Other                                    | 0\\.5                        | \u2014                           | (0\\.7<br><br>)              |\n| Effective income tax rate                | 23\\.6 %                     | 41\\.8 %                     | 34\\.0 %                     |\n\n\n\nFollowing the enactment of the Tax Cuts and Jobs Act of 2017 (\"2017 tax reform\"), we recorded a provisional tax expense estimate of   $395 million  resulting in a   7\\.2%  increase in our effective tax rate during 2017\\. The provisional estimate included recognition of tax expense related to certain of our undistributed foreign earnings and tax expense to decrease our federal net deferred tax asset to a  21%  statutory tax rate\\. During 2018 we recognized a   $26 million  benefit resulting in a   0\\.5%  reduction to our 2018 effective tax rate after finalizing the impact of the 2017 tax reform\\.\n\nAs a result of the 2017 tax reform, we assessed tax on   $522 million  of foreign earnings which would have been indefinitely reinvested outside the United States and therefore not taxable prior to the 2017 tax reform\\. At  December 31, 2018 , we had a basis difference in our investments in foreign subsidiaries of   $160 million  which is considered to be indefinitely reinvested\\.\n\nDeferred Taxes\n\nDeferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes\\. The following table shows significant components of our deferred tax assets and liabilities:\n\n\n\n|                                             |                  |                  |\n| ------------------------------------------- | ---------------- | ---------------- |\n|                                             | **December 31,** | **December 31,** |\n| **(in millions)**                           | **2018**         | **2017**         |\n| **Deferred tax assets:**                    |                  |                  |\n| Net operating loss carryforwards            | $674             | $1,297           |\n| Pension, postretirement and other benefits  | 2,435            | 2,544            |\n| Alternative minimum tax credit carryforward | 189              | 379              |\n| Deferred revenue                            | 1,620            | 1,416            |\n| Operating lease liabilities                 | 1,579            | \u2014                |\n| Other                                       | 357              | 728              |\n| Valuation allowance                         | (13<br><br>)     | (15<br><br>)     |\n| Total deferred tax assets                   | $6,841           | $6,349           |\n| **Deferred tax liabilities:**               |                  |                  |\n| Depreciation                                | $4,185           | $3,847           |\n| Operating lease right\\-of\\-use assets       | 1,388            | \u2014                |\n| Intangible assets                           | 1,052            | 1,043            |\n| Other                                       | 137              | 105              |\n| Total deferred tax liabilities              | $6,762           | $4,995           |\n| Net deferred tax assets ^(1)^               | $79              | $1,354           |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                                                      |\n| ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^  | At  December 31, 2018 , the net deferred tax assets of   $79 million  included   $242 million  of net state deferred tax assets, which are recorded in deferred income taxes, net, and   $163 million  of net federal deferred tax liabilities, which are recorded in other noncurrent liabilities\\. |\n\n\n\nAt  December 31, 2018 , we had   $189 million  of federal alternative minimum tax credit carryforwards\\. As a result of the Tax Cuts and Jobs Act of 2017, this credit becomes refundable to us if not used by 2021\\. We have   $2\\.2 billion  of federal pre\\-tax net operating loss carryforwards, which will not begin to expire until  2027 \\.\n\n 91"}
{"_id": "Delta-2017_85.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nOther Contingencies\n\nGeneral Indemnifications\n\nWe are the lessee under many commercial real estate leases\\. It is common in these transactions for us, as the lessee, to agree to indemnify the lessor and the lessor's related parties for tort, environmental and other liabilities that arise out of or relate to our use or occupancy of the leased premises\\. This type of indemnity would typically make us responsible to indemnified parties for liabilities arising out of the conduct of, among others, contractors, licensees and invitees at, or in connection with, the use or occupancy of the leased premises\\. This indemnity often extends to related liabilities arising from the negligence of the indemnified parties, but usually excludes any liabilities caused by either their sole or gross negligence or their willful misconduct\\. \n\nOur aircraft and other equipment lease and financing agreements typically contain provisions requiring us, as the lessee or obligor, to indemnify the other parties to those agreements, including certain of those parties' related persons, against virtually any liabilities that might arise from the use or operation of the aircraft or other equipment\\.\n\nCertain of our aircraft and other financing transactions include provisions that require us to make payments to preserve an expected economic return to the lenders if that economic return is diminished due to certain changes in law or regulations\\. In certain of these financing transactions, we also bear the risk of certain changes in tax laws that would subject payments to non\\-U\\.S\\. lenders to withholding taxes\\.\n\nWe believe that our insurance would cover most of our exposure to liabilities and related indemnities associated with the commercial real estate leases and aircraft and other equipment lease and financing agreements described above\\. While our insurance does not typically cover environmental liabilities, we have certain insurance policies in place as required by applicable environmental laws\\.\n\nWe cannot reasonably estimate our potential future payments under the indemnities and related provisions described above because we cannot predict (1) when and under what circumstances these provisions may be triggered and (2) the amount that would be payable if the provisions were triggered because the amounts would be based on facts and circumstances existing at such time\\.\n\nEmployees Under Collective Bargaining Agreements \n\nAt  December 31, 2017 , we had approximately   87,000  full\\-time equivalent employees\\. Approximately   19%  of these employees were represented by unions\\. The following table shows our domestic airline employee groups that are represented by unions\\.\n\n\n\n|                                            |                                                        |           |                                                                     |\n| ------------------------------------------ | ------------------------------------------------------ | --------- | ------------------------------------------------------------------- |\n| **Employee Group**                         | **Approximate Number of Active Employees Represented** | **Union** | **Date on which Collective Bargaining Agreement Becomes Amendable** |\n| Delta Pilots                               | 13,234                                                 | ALPA      | December 31, 2019                                                   |\n| Delta Flight Superintendents (Dispatchers) | 420                                                    | PAFCA     | March 31, 2018                                                      |\n| Endeavor Air Pilots                        | 1,805                                                  | ALPA      | January 1, 2024                                                     |\n| Endeavor Air Flight Attendants             | 1,160                                                  | AFA       | December 31, 2018                                                   |\n| Endeavor Air Dispatchers                   | 55                                                     | PAFCA     | December 31, 2018                                                   |\n\n\n\nIn addition,   192  refinery employees of Monroe are represented by the United Steel Workers under an agreement that expires on February 28, 2019\\. This agreement is governed by the National Labor Relations Act , which generally allows either party to engage in self help upon the expiration of the agreement\\.\n\nOther\n\nWe have certain contracts for goods and services that require us to pay a penalty, acquire inventory specific to us or purchase contract\\-specific equipment, as defined by each respective contract, if we terminate the contract without cause prior to its expiration date\\. Because these obligations are contingent on our termination of the contract without cause prior to its expiration date, no obligation would exist unless such a termination occurs\\.\n\n 81"}
{"_id": "Delta-2019_50.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK\n\nWe have market risk exposure related to fuel prices, interest rates and foreign currency exchange rates\\. Market risk is the potential negative impact of adverse changes in these prices or rates on our Consolidated Financial Statements\\. In an effort to manage our exposure to these risks, we may enter into derivative contracts and may adjust our derivative portfolio as market conditions change\\. We expect adjustments to the fair value of financial instruments to result in ongoing volatility in earnings and stockholders' equity\\.\n\nThe following sensitivity analyses do not consider the effects of a change in demand for air travel, the economy as a whole or actions we may take to seek to mitigate our exposure to a particular risk\\. For these and other reasons, the actual results of changes in these prices or rates may differ materially from the following hypothetical results\\.\n\nFuel Price Risk\n\nChanges in fuel prices materially impact our results of operations\\. A one cent increase in the cost of jet fuel would result in approximately $40 million of additional annual fuel expense\\. Our derivative contracts to hedge the financial risk from changing fuel prices are primarily related to Monroe\u2019s inventory\\. \n\nInterest Rate Risk\n\nOur exposure to market risk from adverse changes in interest rates is primarily associated with our debt obligations\\. Market risk associated with our fixed and variable rate debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates\\. \n\nAt December 31, 2019, we had $7\\.6 billion of fixed\\-rate debt and $2\\.9 billion of variable\\-rate debt\\. An increase of 100 basis points in average annual interest rates would have decreased the estimated fair value of our fixed\\-rate debt by $300 million at December 31, 2019 and would have increased the annual interest expense on our variable\\-rate debt by $29 million\\.\n\nThe U\\.K\\. Financial Conduct Authority announced in July 2017 that it intends to no longer compel banks to submit rates for the calculation of the London interbank offered rate (\"LIBOR\") after 2021\\. To mitigate the possible impact, various regulators have proposed alternative reference rates\\. The effect of any discontinuation or replacement of LIBOR cannot be predicted at this time, but we believe our risk would be limited to variable rate debt and variable rate finance leases which utilize this rate\\. At December 31, 2019 we have approximately $2\\.1 billion of variable rate finance leases and variable rate debt maturing after 2021, that include provisions to update the applicable reference rate which are not expected to be materially different from LIBOR\\.\n\nForeign Currency Exchange Risk\n\nWe are subject to foreign currency exchange rate risk because we have revenue, expense and equity investments denominated in foreign currencies\\. To manage exchange rate risk, we execute both our international revenue and expense transactions in the same foreign currency to the extent practicable\\. From time to time, we may also enter into foreign currency option and forward contracts\\. \n\nAt December 31, 2019, we had open a U\\.S\\. dollar\\-Euro cross currency swap contract totaling a $9 million asset position\\. We estimate that a 10% depreciation or appreciation in the price of the Euro in relation to the U\\.S\\. dollar would have changed the projected cash settlement value of our open hedge contract by $45 million for the year ending December 31, 2019\\. At December 31, 2019, we had open a U\\.S\\. dollar\\-South Korean won cross currency swap contract totaling a $3 million liability position\\. We estimate that a 10% depreciation or appreciation in the price of the South Korean won in relation to the U\\.S\\. dollar would have changed the projected cash settlement value of our open hedge contract by $16 million for the year ending December 31, 2019\\.\n\n48"}
{"_id": "United-2018_9.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n***High and/or volatile fuel prices or significant disruptions in the supply of aircraft fuel could have a material adverse impact on the Company's strategic plans, operating results, financial condition and liquidity\\.***\n\nAircraft fuel is critical to the Company's operations and is our single largest operating expense\\. During the year ended December 31, 2018, the Company's fuel expense was $9\\.3 billion\\. The timely and adequate supply of fuel to meet operational demand depends on the continued availability of reliable fuel supply sources, as well as related service and delivery infrastructure\\. Although the Company has some ability to cover short\\-term fuel supply and infrastructure disruptions at some major demand locations, it depends significantly on the continued performance of its vendors and service providers to maintain supply integrity\\. Consequently, the Company can neither predict nor guarantee the continued timely availability of aircraft fuel throughout the Company's system\\. \n\nAircraft fuel has historically been the Company's most volatile operating expense due to the highly unpredictable nature of market prices for fuel\\. The Company generally sources fuel at prevailing market prices\\. Market prices for aircraft fuel have historically fluctuated substantially in short periods of time and continue to be highly volatile due to a dependence on a multitude of unpredictable factors beyond the Company's control\\. These factors include changes in global crude oil prices, the balance between aircraft fuel supply and demand, natural disasters, prevailing inventory levels and fuel production and transportation infrastructure\\. Prices of fuel are also impacted by indirect factors, such as geopolitical events, economic growth indicators, fiscal/monetary policies, fuel tax policies, changes in regulations, environmental concerns and financial investments in energy markets\\. Both actual changes in these factors, as well as changes in market expectations of these factors, can potentially drive rapid changes in fuel price levels in short periods of time\\.\n\nGiven the highly competitive nature of the airline industry, the Company may not be able to increase its fares and fees sufficiently to offset the full impact of increases in fuel prices, especially if these increases are significant, rapid and sustained\\. Further, any such fare or fee increase may not be sustainable, may reduce the general demand for air travel and may also eventually impact the Company's strategic growth and investment plans for the future\\. In addition, decreases in fuel prices for an extended period of time may result in increased industry capacity, increased competitive actions for market share and lower fares or surcharges in general\\. If fuel prices were to then subsequently rise quickly, there may be a lag between the rise in fuel prices and any improvement of the revenue environment\\.\n\nTo protect against increases in the market prices of fuel, the Company may hedge a portion of its future fuel requirements\\. The Company does not currently hedge its future fuel requirements\\. However, to the extent the Company decides to start a hedging program, such hedging program may not be successful in mitigating higher fuel costs, and any price protection provided may be limited due to choice of hedging instruments and market conditions, including breakdown of correlation between hedging instrument and market price of aircraft fuel and failure of hedge counterparties\\. To the extent that the Company decides to hedge a portion of its future fuel requirements and uses hedge contracts that have the potential to create an obligation to pay upon settlement if fuel prices decline significantly, such hedge contracts may limit the Company's ability to benefit fully from lower fuel costs in the future\\. If fuel prices decline significantly from the levels existing at the time the Company enters into a hedge contract, the Company may be required to post collateral (margin) beyond certain thresholds\\. There can be no assurance that the Company's hedging arrangements, if any, will provide any particular level of protection against rises in fuel prices or that its counterparties will be able to perform under the Company's hedging arrangements\\. Additionally, deterioration in the Company's financial condition could negatively affect its ability to enter into new hedge contracts in the future\\.\n\n***The Company relies heavily on technology and automated systems to operate its business and any significant failure or disruption of the technology or these systems could materially harm its business\\.***\n\nThe Company depends on automated systems and technology to operate its business, including, but not limited to, computerized airline reservation systems, demand prediction software, flight operations systems, revenue management systems, accounting systems, technical and business operations systems, telecommunication systems and commercial websites and applications, including www\\.united\\.com and the United Airlines app\\. United's website and other automated systems must be able to accommodate a high volume of traffic, maintain secure information and deliver important flight and schedule information, as well as process critical financial transactions\\. These systems could suffer substantial or repeated disruptions due to various events, some of which are beyond the Company's control, including natural disasters, power failures, terrorist attacks, equipment or software failures, computer viruses or cyber security attacks\\. Substantial or repeated systems failures or disruptions, including failures or disruptions related to the Company's complex integration of systems, could reduce the attractiveness of the Company's services versus those of its competitors, materially impair its ability to market its services and operate its flights, result in the unauthorized release of confidential or otherwise protected information, result in increased costs, lost revenue and the loss or compromise of important data, and may adversely affect the Company's business, operating results and financial condition\\. \n\n10"}
{"_id": "United-2019_55.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nperiods\\. All tickets sold at any given point of time have travel dates extending up to 12 months\\. As a result, the balance of the Company's Advance ticket sales liability represents activity that will be recognized in the next 12 months\\. \n\n\n\n|                                                                                              |\n| -------------------------------------------------------------------------------------------- |\n| *Revenue by Geography\\.*  The Company further disaggregates revenue by geographic regions\\.  |\n\n\n\nOperating segments are defined as components of an enterprise with separate financial information, which are evaluated regularly by the chief operating decision maker and are used in resource allocation and performance assessments\\. The Company deploys its aircraft across its route network through a single route scheduling system to maximize its value\\. When making resource allocation decisions, the Company's chief operating decision maker evaluates flight profitability data, which considers aircraft type and route economics\\. The Company's chief operating decision maker makes resource allocation decisions to maximize the Company's consolidated financial results\\. Managing the Company as one segment allows management the opportunity to maximize the value of its route network\\.\n\nThe Company's operating revenue by principal geographic region (as defined by the U\\.S\\. Department of Transportation) for the years ended December 31 is presented in the table below (in millions): \n\n\n\n|                              |          |          |          |\n| ---------------------------- | -------- | -------- | -------- |\n|                              | **2019** | **2018** | **2017** |\n| Domestic (U\\.S\\. and Canada) | $26,960  | $25,552  | $23,114  |\n| Atlantic                     | 7,387    | 7,103    | 6,340    |\n| Pacific                      | 5,132    | 5,188    | 4,914    |\n| Latin America                | 3,780    | 3,460    | 3,416    |\n| Total                        | $43,259  | $41,303  | $37,784  |\n\n\n\nThe Company attributes revenue among the geographic areas based upon the origin and destination of each flight segment\\. The Company's operations involve an insignificant level of dedicated revenue\\-producing assets in geographic regions as the overwhelming majority of the Company's revenue\\-producing assets (primarily U\\.S\\. registered aircraft) can be deployed in any of its geographic regions\\.\n\nAncillary Fees\\.  The Company charges fees, separately from ticket sales, for certain ancillary services that are directly related to passengers' travel, such as ticket change fees, baggage fees, inflight amenities fees, and other ticket\\-related fees\\. These ancillary fees are part of the travel performance obligation and, as such, are recognized as passenger revenue when the travel occurs\\. The Company recorded   $2\\.4 billion ,   $2\\.2 billion , and   $2\\.0 billion  of ancillary fees within passenger revenue in the years ended December 31,  2019 ,  2018  and  2017 , respectively\\.\n\n\n\n|     |                                                                                                                                                                                                                                                                                                              |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (c) | **Ticket Taxes\u2014** Certain governmental taxes are imposed on the Company's ticket sales through a fee included in ticket prices\\. The Company collects these fees and remits them to the appropriate government agency\\. These fees are recorded on a net basis and, as a result, are excluded from revenue\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (d) | **Frequent Flyer Accounting\u2014** United's MileagePlus loyalty program builds customer loyalty by offering awards, benefits and services to program participants\\. Members in this program earn miles for travel on United, United Express, Star Alliance members and certain other airlines that participate in the program\\. Members can also earn miles by purchasing goods and services from our network of non\\-airline partners\\. We have contracts to sell miles to these partners with the terms extending from  one  to   nine years \\.  These partners include domestic and international credit card issuers, retail merchants, hotels, car rental companies and our participating airline partners\\. Miles can be redeemed for free (other than taxes and government\\-imposed fees), discounted or upgraded air travel and non\\-travel awards\\.  |\n\n\n\nMiles Earned in Conjunction with Travel\\.  When frequent flyers earn miles for flights, the Company recognizes a portion of the ticket sales as revenue when the travel occurs and defers a portion of the ticket sale representing the value of the related miles as a separate performance obligation\\. The Company determines the estimated selling price of travel and miles as if each element is sold on a separate basis\\. The total consideration from each ticket sale is then allocated to each of these elements, individually, on a pro\\-rata basis\\. At the time of travel, the Company records the portion allocated to the miles to Frequent flyer deferred revenue on the Company's consolidated balance sheet and subsequently recognizes it into revenue when miles are redeemed for air travel and non\\-air travel awards\\. \n\nEstimate of Miles Not Expected to be Redeemed \\. The Company's estimated selling price of miles is based on an equivalent ticket value less breakage, which incorporates the expected redemption of miles, as the best estimate of selling price for these miles\\. The equivalent ticket value is based on the prior 12 months' weighted average equivalent ticket value of similar fares as those used to settle award redemptions while taking into consideration such factors as redemption pattern, cabin class, loyalty status and geographic region\\. The estimated selling price of miles is adjusted by breakage that considers a number of factors, including redemption patterns of various customer groups\\. The Company's breakage model is based on the assumption that the likelihood that an account will redeem its miles can be estimated \n\n56"}
{"_id": "AmericanAirlines-2018_59.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n*Operating Expenses*\n\n\n\n|                                    |                                              |                                              |                                              |                                                       |\n| ---------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                    | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                    | **2018**                                     | **2017**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                    | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Aircraft fuel and related taxes    | $8,053                                       | $6,128                                       | $1,925                                       | 31\\.4                                                 |\n| Salaries, wages and benefits       | 12,240                                       | 11,942                                       | 298                                          | 2\\.5                                                  |\n| Maintenance, materials and repairs | 2,050                                        | 1,959                                        | 91                                           | 4\\.7                                                  |\n| Other rent and landing fees        | 1,900                                        | 1,806                                        | 94                                           | 5\\.2                                                  |\n| Aircraft rent                      | 1,264                                        | 1,197                                        | 67                                           | 5\\.6                                                  |\n| Selling expenses                   | 1,520                                        | 1,477                                        | 43                                           | 2\\.9                                                  |\n| Depreciation and amortization      | 1,839                                        | 1,702                                        | 137                                          | 8\\.1                                                  |\n| Special items, net                 | 787                                          | 712                                          | 75                                           | 10\\.5                                                 |\n| Other                              | 5,090                                        | 4,910                                        | 180                                          | 3\\.6                                                  |\n| Regional expenses:                 |                                              |                                              |                                              |                                                       |\n| Aircraft fuel and related taxes    | 1,843                                        | 1,382                                        | 461                                          | 33\\.4                                                 |\n| Other                              | 5,221                                        | 5,190                                        | 31                                           | 0\\.6                                                  |\n| Total operating expenses           | $41,807                                      | $38,405                                      | $3,402                                       | 8\\.9                                                  |\n\n\n\nTotal operating expenses increased $3\\.4 billion, or 8\\.9%, in 2018 from 2017\\. The increase in operating expenses was primarily driven by an increase in fuel costs\\.\n\nSignificant changes in the components of American\u2019s total operating expenses are as follows:\n\n\n\n|   |                                                                                                                                                                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Aircraft fuel and related taxes  increase d  31\\.4 % primarily due to a  29\\.1 %  increase  in the average price per gallon of fuel to  $2\\.21  in  2018  from  $1\\.71  in  2017 , as well as a  1\\.8 %  increase  in gallons of fuel consumed\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Depreciation and amortization  increase d  8\\.1 % due in part to American\u2019s fleet renewal program, as American took delivery of eight owned mainline aircraft in  2018 \\. The continued rollout of Premium Economy and harmonization of seating configurations across American\u2019s fleet as well as information technology and software development projects associated with its merger integration also drove higher depreciation and amortization expense\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                        |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Regional aircraft fuel and related taxes  increase d  33\\.4%  primarily due to a  28\\.3%  increase  in the average price per gallon of fuel to  $2\\.30  in  2018  from  $1\\.79  in  2017  as well as a  4\\.0%  increase  in gallons of fuel consumed\\. |\n\n\n\n60"}
{"_id": "United-2019_35.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nBRW Notes Receivable\\.  The BRW Term Loan, currently in default, is secured by a pledge of BRW's equity, as well as BRW's 516 million common shares of AVH\\. In order to protect the value of its collateral, on May 24, 2019, United began to exercise certain remedies available to it under the terms of the BRW Term Loan Agreement and related documents\\. In connection with the delivery by United of a notice of default to BRW, Kingsland Holdings Limited (\"Kingsland\"), AVH's largest minority shareholder, was granted, in accordance with the agreements related to the BRW Term Loan Agreement, authority to manage BRW, which remains the majority shareholder of AVH\\. In addition, Kingsland is pursuing a foreclosure process which is expected to result in a judicially supervised sale of the collateral, following the grant of summary judgment by a New York state court on September 26, 2019\\. \n\nUnited evaluated the  $499 million  carrying value of the BRW Term Loan as of  December 31, 2019  using the fair value of the collateral and determined that the value of the collateral is sufficient to recover the carrying value of the BRW Term Loan\\. As a result, the Company concluded that the BRW Term Loan is not impaired\\. The carrying value of the BRW Term Loan represents the original loan amount plus accrued and unpaid interest and certain expenses associated with the loan origination\\.\n\nThe fair market value of AVH equity was estimated using an income approach and a market approach with equal weight applied to each approach\\. Under the income approach, the value was estimated by discounting expected future cash flows at a weighted average cost of capital to a single present value amount\\. Under the market approach, the value was estimated by reference to multiples of enterprise value to earnings before interest, taxes, depreciation, amortization and rent (\"EBITDAR\") for a group of publicly\\-traded market comparable companies, along with AVH's own EBITDAR levels\\.\n\nSee Note 8 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\nIndefinite\\-lived intangible assets\\.  The Company has indefinite\\-lived intangible assets, including goodwill\\. Goodwill and indefinite\\-lived intangible assets are not amortized but are reviewed for impairment on an annual basis as of October 1, or on an interim basis whenever a triggering event occurs\\. An impairment occurs when the fair value of an intangible asset is less than its carrying value\\. The Company determines the fair value using a variation of the income approach known as the excess earnings method, which discounts an asset's projected future net cash flows to determine the current fair value\\. Assumptions used in the discounted cash flow methodology include a discount rate, which is based upon the Company's current weighted average cost of capital plus an asset\\-specific risk factor, and a projection of sales, expenses, gross margin, tax rates and contributory asset charges for several future years and a terminal growth rate\\. The assumptions used for future projections are determined based upon the Company's asset\\-specific forecasts along with the Company's strategic plan\\. These assumptions are inherently uncertain as they relate to future events and circumstances\\. Actual results will be influenced by the competitive environment, fuel costs and other expenses, and potentially other unforeseen events or circumstances that could have a material impact on future results\\.\n\nSee Note 1 and 14 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\nForward\\-Looking Information\n\nCertain statements throughout Part II, Item 7\\. Management's Discussion and Analysis of Financial Condition and Results of Operations, and elsewhere in this report are forward\\-looking and thus reflect the Company's current expectations and beliefs with respect to certain current and future events and anticipated financial and operating performance\\. Such forward\\-looking statements are and will be subject to many risks and uncertainties relating to the Company's operations and business environment that may cause actual results to differ materially from any future results expressed or implied in such forward\\-looking statements\\. Words such as \"expects,\" \"will,\" \"plans,\" \"anticipates,\" \"indicates,\" \"believes,\" \"estimates,\" \"forecast,\" \"guidance,\" \"outlook,\" \"goals\", \"targets\" and similar expressions are intended to identify forward\\-looking statements\\.\n\nAdditionally, forward\\-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured\\. All forward\\-looking statements in this report are based upon information available to us on the date of this report\\. We undertake no obligation to publicly update or revise any forward\\-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law\\.\n\nOur actual results could differ materially from these forward\\-looking statements due to numerous factors including, without limitation, the following: our ability to execute our strategic operating plan, including our growth, revenue\\-generating and cost\\-control initiatives; general economic conditions (including interest rates, foreign currency exchange rates, investment or credit market conditions, crude oil prices, costs of aircraft fuel and energy refining capacity in relevant markets); risks of doing business globally, including instability and political developments that may impact our operations in certain countries; demand for travel and the impact that global economic and political conditions have on customer travel patterns; our capacity decisions and the capacity decisions of our competitors; competitive pressures on pricing and on demand; changes in aircraft fuel prices; disruptions in our supply of aircraft fuel; our ability to cost\\-effectively hedge against increases in the price of aircraft fuel, if we decide to do so; the effects of any technology failures, cybersecurity or significant data breaches; disruptions to services provided by third\\-party service providers; potential reputational or other impact from adverse events involving our aircraft or operations, the aircraft or operations of our regional carriers or our code share partners or the aircraft or operations of another airline; our ability to attract and retain customers; the effects of any terrorist attacks, international hostilities or other security events, or the fear of such events; the mandatory grounding of aircraft in our fleet; disruptions to our regional network; the \n\n36"}
{"_id": "Alaska-2018_90.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n|                                         |                                  |                                  |                                  |                                     |                                  |                                  |                                  |\n| --------------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ----------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- |\n|                                         | **Year Ended December 31, 2016** | **Year Ended December 31, 2016** | **Year Ended December 31, 2016** | **Year Ended December 31, 2016**    | **Year Ended December 31, 2016** | **Year Ended December 31, 2016** | **Year Ended December 31, 2016** |\n|                                         | **Mainline** **^(a)^**           | **Regional**                     | **Horizon**                      | **Consolidating & Other** **^(b)^** | **Air Group Adjusted** **^(c)^** | **Special Items** **^(d)^**      | **Consolidated**                 |\n| **Operating revenues**                  |                                  |                                  |                                  |                                     |                                  |                                  |                                  |\n| Passenger revenues                      | 4,415                            | 977                              | \u2014                                | \u2014                                   | 5,392                            | \u2014                                | 5,392                            |\n| CPA revenues                            | \u2014                                | \u2014                                | 424                              | (424)                               | \u2014                                | \u2014                                | \u2014                                |\n| Mileage Plan other revenue              | 333                              | 37                               | \u2014                                | \u2014                                   | 370                              | \u2014                                | 370                              |\n| Cargo and other                         | 160                              | 4                                | \u2014                                | (1)                                 | 163                              | \u2014                                | 163                              |\n| **Total operating revenues**            | 4,908                            | 1,018                            | 424                              | (425)                               | 5,925                            | \u2014                                | 5,925                            |\n| **Operating expenses**                  |                                  |                                  |                                  |                                     |                                  |                                  |                                  |\n| Non\\-fuel operating expenses            | 2,919                            | 769                              | 407                              | (424)                               | 3,671                            | 117                              | 3,788                            |\n| Fuel expense                            | 719                              | 125                              | \u2014                                | \u2014                                   | 844                              | (13)                             | 831                              |\n| **Total operating expenses**            | 3,638                            | 894                              | 407                              | (424)                               | 4,515                            | 104                              | 4,619                            |\n| **Nonoperating income (expense)**       |                                  |                                  |                                  |                                     |                                  |                                  |                                  |\n| Interest income                         | 26                               | \u2014                                | 1                                | \u2014                                   | 27                               | \u2014                                | 27                               |\n| Interest expense                        | (42)                             | \u2014                                | (9)                              | (4)                                 | (55)                             | \u2014                                | (55)                             |\n| Interest capitalized                    | 20                               | \u2014                                | 1                                | 4                                   | 25                               | \u2014                                | 25                               |\n| Other                                   | 13                               | \u2014                                | \u2014                                | \u2014                                   | 13                               | \u2014                                | 13                               |\n| **Total nonoperating income (expense)** | 17                               | \u2014                                | (7)                              | \u2014                                   | 10                               | \u2014                                | 10                               |\n| **Income (loss) before income tax**     | $1,287                           | $124                             | $10                              | $(1)                                | $1,420                           | $(104)                           | $1,316                           |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                             |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | As the acquisition of Virgin America closed on December 14, 2016, Mainline financial results, presented above include Virgin America only for the period from December 14, 2016 to December 31, 2016\\. Financial results also reflect the impacts of purchase accounting\\.  |\n\n\n\n\n\n|     |                                                                                                            |\n| --- | ---------------------------------------------------------------------------------------------------------- |\n| (b) | Includes consolidating entries, Parent Company, McGee Air Services, and other immaterial business units\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                   |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (c) | The Air Group Adjusted column represents the financial information that is reviewed by management to assess performance of operations and determine capital allocations and excludes certain income and charges\\. |\n\n\n\n\n\n|     |                                                                                                                |\n| --- | -------------------------------------------------------------------------------------------------------------- |\n| (d) | Includes merger\\-related costs, mark\\-to\\-market fuel\\-hedge accounting adjustments, and other special items\\. |\n\n\n\n\n\n|                                |             |          |          |\n| ------------------------------ | ----------- | -------- | -------- |\n|                                | **2018**    | **2017** | **2016** |\n| Depreciation and amortization: |             |          |          |\n| Mainline                       | **$316**    | $308     | $296     |\n| Horizon                        | **82**      | 64       | 67       |\n| Consolidated                   | **$398**    | $372     | $363     |\n| Capital expenditures:          |             |          |          |\n| Mainline                       | **$571**    | $734     | $608     |\n| Horizon                        | **389**     | 292      | 70       |\n| Consolidated                   | **$960**    | $1,026   | $678     |\n| Total assets at end of period: |             |          |          |\n| Mainline                       | **$16,853** | $16,663  |          |\n| Horizon                        | **1,229**   | 929      |          |\n| Consolidating & Other          | **(7,170)** | (6,846)  |          |\n| Consolidated                   | **$10,912** | $10,746  |          |\n\n\n\n\n\n|                                                                                                   |\n| ------------------------------------------------------------------------------------------------- |\n| **ITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE** |\n\n\n\nNone\\.\n\n 91"}
{"_id": "AmericanAirlines-2017_179.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 4\\.50                         | [Revolving Credit Agreement (2015\\-1A), dated as of March 16, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-1A, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex414.htm)                                                                                                                                                                                                                                                 |\n| 4\\.51                         | [Revolving Credit Agreement (2015\\-1B), dated as of March 16, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-1B, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex415.htm)                                                                                                                                                                                                                                                 |\n| 4\\.52                         | [Trust Supplement No\\. 2015\\-2AA, dated as of September 24, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.53                         | [Trust Supplement No\\. 2015\\-2A, dated as of September 24, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                   |\n| 4\\.54                         | [Trust Supplement No\\. 2015\\-2B, dated as of September 24, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex44.htm)                                                                                                                                                                                                                                                                                                                                                                                   |\n| 4\\.55                         | [Intercreditor Agreement (2015\\-2), dated as of September 24, 2015, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2015\\-2AA, as Trustee of the American Airlines Pass Through Trust 2015\\-2A and as Trustee of the American Airlines Pass Through Trust 2015\\-2B, Commonwealth Bank of Australia, New York Branch, as Class AA Liquidity Provider, Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex45.htm) |\n| 4\\.56                         | [Note Purchase Agreement, dated as of September 24, 2015, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex46.htm)                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.57                         | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex46.htm)                                                                                                                                                                                                             |\n| 4\\.58                         | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex46.htm)                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.59                         | [Form of Pass Through Trust Certificate, Series 2015\\-2AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.60                         | [Form of Pass Through Trust Certificate, Series 2015\\-2A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.61                         | [Form of Pass Through Trust Certificate, Series 2015\\-2B (incorporated by reference to Exhibit A to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex44.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.62                         | [Revolving Credit Agreement (2015\\-2AA), dated as of September 24, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-2AA, as Borrower, and Commonwealth Bank of Australia, New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex412.htm)                                                                                                                                                                                                                                                                          |\n| 4\\.63                         | [Revolving Credit Agreement (2015\\-2A), dated as of September 24, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-2A, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.13 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex413.htm)                                                                                                                                                                                                                                          |\n\n\n\n180"}
{"_id": "AmericanAirlines-2017_132.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nare amortized on a straight\\-line basis over approximately nine years and 30 years, respectively\\. Tradenames are fully amortized\\.\n\nAmerican recorded amortization expense related to these intangible assets of $44 million, $76 million and $55 million for the years ended December 31, 2017, 2016 and 2015, respectively\\. American expects to record annual amortization expense for these intangible assets as follows (in millions):\n\n\n\n|                     |      |\n| ------------------- | ---- |\n| 2018                | $41  |\n| 2019                | 41   |\n| 2020                | 41   |\n| 2021                | 41   |\n| 2022                | 41   |\n| 2023 and thereafter | 115  |\n| Total               | $320 |\n\n\n\n*Indefinite\\-Lived Intangible Assets*\n\nIndefinite\\-lived intangible assets include certain domestic airport slots at American\u2019s hubs and international slots and route authorities\\. Indefinite\\-lived intangible assets are not amortized but instead are assessed for impairment annually on October 1^st^ or more frequently if events or circumstances indicate that the asset may be impaired\\. As of December 31, 2017 and 2016, American had $1\\.9 billion and $1\\.8 billion, respectively, of indefinite\\-lived intangible assets on its consolidated balance sheets\\.\n\nIndefinite\\-lived intangible assets are assessed for impairment by initially performing a qualitative assessment to determine whether American believes it is more likely than not that an asset has been impaired\\. If American believes impairment has occurred, American then evaluates for impairment by comparing the estimated fair value of assets to the carrying value\\. An impairment charge is recognized if the asset\u2019s estimated fair value is less than its carrying value\\. Based upon American\u2019s annual assessment, there was no indefinite\\-lived intangible asset impairment in 2017\\.\n\n***(i) Loyalty Program***\n\nAmerican currently operates the loyalty program, AAdvantage\\. This program awards mileage credits to passengers who fly on American, any **one**world airline or other partner airlines, or by using the services of other program participants, such as the Citi and Barclaycard US co\\-branded credit cards, hotels and car rental companies\\. Mileage credits can be redeemed for travel on American or other participating partner airlines\\.\n\nThrough December 31, 2017, American used the incremental cost method to account for the portion of its loyalty program liability incurred when AAdvantage members earn mileage credits by flying on American, any **one**world airline or other partner airlines\\. American has an obligation to provide future travel when these mileage credits are redeemed and therefore have recorded a liability for mileage credits outstanding\\.\n\nThe incremental cost liability includes all mileage credits, even mileage credits for members whose account balances have not yet reached the minimum level required to redeem an award\\. Mileage credits are subject to expiration\\. The liability for outstanding mileage credits is valued based on the estimated incremental cost of carrying one additional passenger\\. The estimated incremental cost primarily includes unit costs incurred for fuel, food and insurance as well as fees incurred when travel awards are redeemed on partner airlines\\. In calculating the liability, American estimates how many mileage credits will never be redeemed for travel and excludes those mileage credits from the estimate of the liability\\. Estimates are also made for the number of miles that will be used per award redemption and the number of travel awards that will be redeemed on partner airlines\\. These costs and estimates are based on American\u2019s historical program experience as well as consideration of enacted program changes, as applicable\\. Changes in the liability resulting from members earning additional mileage credits or changes in estimates are recorded in the consolidated statements of operations as a part of passenger revenue\\.\n\nAs of December 31, 2017 and 2016, the liability for outstanding mileage credits accounted for under the incremental cost method was $677 million and $669 million, respectively, and is included on the consolidated balance sheets within loyalty program liability\\.\n\n133"}
{"_id": "AmericanAirlines-2019_171.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.110                        | [Amended and Restated Intercreditor Agreement (2016\\-3), dated as of October 4, 2017, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-3AA, as Trustee of the American Airlines Pass Through Trust 2016\\-3A and as Trustee of the American Airlines Pass Through Trust 2016\\-3B, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex43.htm) |\n| 4\\.111                        | [Note Purchase Agreement, dated as of October 3, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex49.htm)                                                                                                                                                |\n| 4\\.112                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex49.htm)                                                                                                             |\n| 4\\.113                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex49.htm)                                                                                                                                                                                                                                                                                                                         |\n| 4\\.114                        | [Form of Pass Through Trust Certificate, Series 2016\\-3AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.115                        | [Form of Pass Through Trust Certificate, Series 2016\\-3A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.116                        | [Revolving Credit Agreement (2016\\-3AA), dated as of October 3, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-3AA, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex414.htm)                                                                                                                                                                                                         |\n| 4\\.117                        | [Revolving Credit Agreement (2016\\-3A), dated as of October 3, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-3A, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex415.htm)                                                                                                                                                                                                           |\n| 4\\.118                        | [Trust Supplement No\\. 2017\\-1AA, dated as of January 13, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex42.htm)                                                                                                                                                                                                                                                                                  |\n| 4\\.119                        | [Trust Supplement No\\. 2017\\-1A, dated as of January 13, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014, (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex43.htm)                                                                                                                                                                                                                                                                                  |\n| 4\\.120                        | [Trust Supplement No\\. 2017\\-1B, dated as of January 13, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex44.htm)                                                                                                                                                                                                                                                                                   |\n| 4\\.121                        | [Intercreditor Agreement (2017\\-1), dated as of January 13, 2017, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2017\\-1AA, as Trustee of the American Airlines Pass Through Trust 2017\\-1A and as Trustee of the American Airlines Pass Through Trust 2017\\-1B, Citibank N\\.A\\., as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex45.htm)                       |\n| 4\\.122                        | [Note Purchase Agreement, dated as of January 13, 2017, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex412.htm)                                                                                                                                           |\n| 4\\.123                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex412.htm)                                                                                                         |\n\n\n\n172"}
{"_id": "Alaska-2017_29.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**PERFORMANCE GRAPH**\n\nThe following graph compares our cumulative total stockholder return since December 31, 2012 with the S&P 500 Index and the Dow Jones U\\.S\\. Airlines Index\\. The graph assumes that the value of the investment in our common stock and each index (including reinvestment of dividends) was $100 on December 31, 2012\\.\n\n![alk10\\-k123\\_chartx57832a01\\.jpg](https://www.example.com/alk10-k123_chartx57832a01.jpg)\n\n 30"}
{"_id": "Alaska-2017_14.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nAlaska\u2019s union contracts at December 31, 2017 were as follows: \n\n\n\n|                                                                     |                                        |                         |                            |\n| ------------------------------------------------------------------- | -------------------------------------- | ----------------------- | -------------------------- |\n| **Union**                                                           | **Employee Group**                     | **Number of Employees** | **Contract Status**        |\n| Air Line Pilots Association, International (ALPA)                   | Pilots                                 | 1,970                   | Amendable 4/1/2020         |\n| Association of Flight Attendants (AFA)                              | Flight attendants                      | 4,392                   | Amendable 12/17/2019  <br> |\n| International Association of Machinists and Aerospace Workers (IAM) | Ramp service and stock clerks          | 673                     | Amendable 7/19/2018        |\n| IAM                                                                 | Clerical, office and passenger service | 3,733                   | Amendable 1/1/2019         |\n| Aircraft Mechanics Fraternal Association (AMFA)                     | Mechanics, inspectors and cleaners     | 706                     | Amendable 10/17/2021       |\n| Mexico Workers Association of Air Transport                         | Mexico airport personnel               | 106                     | Amendable 2/1/2018         |\n| Transport Workers Union of America (TWU)                            | Dispatchers                            | 52                      | Amendable 3/24/2019        |\n\n\n\nVirgin America's union contracts at December 31, 2017 were as follows:\n\n\n\n|           |                                        |                         |                     |\n| --------- | -------------------------------------- | ----------------------- | ------------------- |\n| **Union** | **Employee Group**                     | **Number of Employees** | **Contract Status** |\n| ALPA      | Pilots                                 | 858                     | Amendable 4/1/2020  |\n| AFA       | Inflight teammates                     | 1,209                   | Not completed       |\n| IAM       | Clerical, office and passenger service | 865                     | Amendable 1/1/2019  |\n| TWU       | Dispatchers                            | 36                      | Not completed       |\n\n\n\nHorizon\u2019s union contracts at December 31, 2017 were as follows:\n\n\n\n|                                              |                                                              |                         |                      |\n| -------------------------------------------- | ------------------------------------------------------------ | ----------------------- | -------------------- |\n| **Union**                                    | **Employee Group**                                           | **Number of Employees** | **Contract Status**  |\n| International Brotherhood of Teamsters (IBT) | Pilots                                                       | 729                     | Amendable 12/14/2024 |\n| AFA                                          | Flight attendants                                            | 660                     | Amendable 7/18/2019  |\n| IBT                                          | Mechanics and related classifications                        | 283                     | Amendable 12/16/2020 |\n| Unifor                                       | Station personnel in  <br>Vancouver and Victoria, BC, Canada | 37                      | Amendable 2/14/2019  |\n| TWU                                          | Dispatchers                                                  | 21                      | Amendable 8/26/2018  |\n\n\n\nMcGee Air Services union contract at December 31, 2017 was as follows:\n\n\n\n|           |                    |                         |                     |\n| --------- | ------------------ | ----------------------- | ------------------- |\n| **Union** | **Employee Group** | **Number of Employees** | **Contract Status** |\n| IAM       | Fleet and ramp     | 1,596                   | Amendable 7/19/2023 |\n\n\n\n 15"}
{"_id": "Delta-2018_47.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nIdentifiable Intangible Assets\\.  Our identifiable intangible assets, which are related to the airline segment, had a net carrying amount of  $4\\.8 billion  at  December 31, 2018 , of which  $4\\.7 billion  related to indefinite\\-lived intangible assets\\.  Indefinite\\-lived assets are not amortized and consist primarily of routes, slots, the Delta tradename and assets related to SkyTeam and collaborative arrangements\\. Definite\\-lived assets consist primarily of marketing and maintenance service agreements\\. \n\nWe performed qualitative assessments of our indefinite\\-lived intangible assets, including applicable factors noted in \" Key Assumptions \" above, and determined that there was no indication that the assets were impaired\\. Our qualitative assessments include analyses and weighting of all relevant factors, which impact the fair value of our indefinite\\-lived intangible assets\\.\n\nLong\\-Lived Assets\n\nOur flight equipment and other long\\-lived assets have a recorded value of  $28\\.3 billion  at  December 31, 2018 \\. This value is based on various factors, including the assets' estimated useful lives and salvage values\\.  We review flight equipment and other long\\-lived assets used in operations for impairment losses when events and circumstances indicate the assets may be impaired\\. Factors which could be indicators of impairment include, but are not limited to, (1) a decision to permanently remove flight equipment or other long\\-lived assets from operations, (2) significant changes in the estimated useful life, (3) significant changes in projected cash flows, (4) permanent and significant declines in fleet fair values and (5) changes to the regulatory environment\\. For long\\-lived assets held for sale, we discontinue depreciation and record impairment losses when the carrying amount of these assets is greater than the fair value less the cost to sell\\.\n\nTo determine whether impairments exist for aircraft used in operations, we group assets at the fleet\\-type level or at the contract level for aircraft operated by regional carriers (i\\.e\\., the lowest level for which there are identifiable cash flows) and then estimate future cash flows based on projections of capacity, passenger mile yield, fuel costs, labor costs and other relevant factors\\. If an asset group is impaired, the impairment loss recognized is the amount by which the asset group's carrying amount exceeds its estimated fair value\\. We estimate aircraft fair values using published sources, appraisals and bids received from third parties, as available\\.\n\nSee  Note 8  of the Notes to the Consolidated Financial Statements for information related to our impairment of the Endeavor CRJ\\-200 fleet\\.\n\nDefined Benefit Pension Plans\n\nWe sponsor defined benefit pension plans for eligible employees and retirees\\. These plans are closed to new entrants and frozen for future benefit accruals\\.  As of  December 31, 2018 , the unfunded benefit obligation for these plans recorded on our balance sheet was  $6\\.4 billion \\.  We had no minimum funding requirements in 2018\\. However, during the first three months of 2018, we voluntarily contributed approximately  $500 million  to these plans\\. We have no minimum funding requirements in 2019, but we plan to voluntarily contribute approximately  $500 million  to these plans\\. The most critical assumptions impacting our defined benefit pension plan obligations and expenses are the discount rate, the expected long\\-term rate of return on plan assets and life expectancy\\. \n\nWeighted Average Discount Rate\\.  We determine our weighted average discount rate on our measurement date primarily by reference to annualized rates earned on high\\-quality fixed income investments and yield\\-to\\-maturity analysis specific to our estimated future benefit payments\\. We used a weighted average discount rate to value the obligations of  4\\.33%  and  3\\.69%  at  December 31, 2018  and  2017 , respectively\\. Our weighted average discount rate for net periodic pension benefit cost in each of the past three years has varied from the rate selected on our measurement date, ranging from  4\\.57%  to  3\\.69%  between 2016 and 2018\\.\n\nExpected Long\\-Term Rate of Return\\.  Our expected long\\-term rate of return on plan assets is based primarily on plan\\-specific investment studies using historical market return and volatility data\\. Modest excess return expectations versus some public market indices are incorporated into the return projections based on the actively managed structure of the investment programs and their records of achieving such returns historically\\. We also expect to receive a premium for investing in less liquid private markets\\. We review our rate of return on plan assets assumptions annually\\. Our annual investment performance for one particular year does not, by itself, significantly influence our evaluation\\. The investment strategy for our defined benefit pension plan assets is to earn a long\\-term return that meets or exceeds our annualized return target while taking an acceptable level of risk and maintaining sufficient liquidity to pay current benefits and other cash obligations of the plan\\. This is achieved by investing in a globally diversified mix of public and private equity, fixed income, real assets, hedge funds and other assets and instruments\\. Our expected long\\-term rate of return on assets for net periodic pension benefit cost for the year ended  December 31, 2018  was  8\\.97% \\.\n\n 45"}
{"_id": "Southwest-2017_76.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\noperating or cash flow losses associated with the use of the long\\-lived asset\\. If an asset is deemed to be impaired, an impairment loss is recorded for the excess of the asset book value in relation to its estimated fair value\\.\n\n***Aircraft and Engine Maintenance***\n\nThe cost of scheduled inspections and repairs and routine maintenance costs for all aircraft and engines are charged to Maintenance materials and repairs expense as incurred\\. The Company has maintenance agreements related to certain of its aircraft engines with external service providers, including a \"power\\-by\\-the\\-hour\" agreement associated with its Boeing 737\\-700 fleet\\. Under these agreements, which the Company has determined effectively transfer the risk and create an obligation associated with the maintenance on such engines to the counterparty, expense is recorded commensurate with each hour flown on an engine\\. In situations where the payments to the counterparty do not sufficiently match the level of services received during the period, expense is recorded on a straight\\-line basis over the term of the agreement based on the Company's best estimate of expected future aircraft utilization\\. For its engine maintenance contracts that do not transfer risk to the service provider, the Company records expense on a time and materials basis when an engine repair event takes place\\. Modifications that significantly enhance the operating performance or extend the useful lives of aircraft or engines are capitalized and amortized over the remaining life of the asset\\.\n\n***Goodwill and Intangible Assets***\n\nThe Company applies a fair value based impairment test to the carrying value of goodwill and indefinite\\-lived intangible assets annually on October 1st, or more frequently if certain events or circumstances indicate that an impairment loss may have been incurred\\. The Company assesses the value of goodwill and indefinite\\-lived assets under either a qualitative or quantitative approach\\. Under a qualitative approach, the Company considers various market factors, including applicable key assumptions listed below\\. These factors are analyzed to determine if events and circumstances could reasonably have affected the fair value of goodwill and indefinite\\-lived intangible assets\\. If the Company determines that it is more likely than not that an indefinite\\-lived intangible asset is impaired, the quantitative approach is used to assess the asset\u2019s implied fair value and the amount of the impairment\\. Under a quantitative approach, the implied fair value of the Company's identifiable assets and liabilities is calculated based on key assumptions\\. If the Company assets' carrying value exceeds the fair value calculated using the quantitative approach, an impairment charge is recorded for the difference in fair value and carrying value\\. During 2016, the Company recorded a $21 million impairment charge associated with leased slots at Newark Liberty International Airport as a result of the FAA announcement, in April 2016, that this airport was being changed to a Level 2 schedule\\-facilitated airport from its previous designation as Level 3\\. This impairment loss was reflected in Other Operating Expenses within the accompanying Consolidated Statement of Income\\. The Company does not believe this FAA decision is indicative of a similar decision being made at the Company's other slot\\-controlled airports, Washington Reagan and New York LaGuardia\\.\n\nThe following table is a summary of the Company\u2019s intangible assets, which are included as a component of Other assets in the Company's Consolidated Balance Sheet, as of December 31, 2017 and 2016:\n\n\n\n|                                             |                                              |                                      |                                         |                                  |                                  |\n| ------------------------------------------- | -------------------------------------------- | ------------------------------------ | --------------------------------------- | -------------------------------- | -------------------------------- |\n|                                             |                                              | **Year ended December 31, 2017**     | **Year ended December 31, 2017**        | **Year ended December 31, 2016** | **Year ended December 31, 2016** |\n| **(in millions)**                           | **Weighted\\-average useful life (in years)** | **Gross carrying**<br><br>**amount** | **Accumulated**<br><br>**amortization** | **Gross carrying amount**        | **Accumulated Amortization**     |\n| Customer relationships/marketing agreements | 10                                           | $27                                  | $23                                     | $38                              | $32                              |\n| Owned domestic slots (a)                    | Indefinite                                   | 295                                  | n/a                                     | 295                              | n/a                              |\n| Gate leasehold rights (a)                   | 15                                           | 180                                  | 66                                      | 180                              | 55                               |\n| Total                                       | 14                                           | $502                                 | $89                                     | $513                             | $87                              |\n\n\n\n77"}
{"_id": "Alaska-2018_35.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**OPERATING STATISTICS SUMMARY (unaudited)**\n\n**Alaska Air Group, Inc\\.** \n\nBelow are operating statistics we use to measure performance\\. As the acquisition of Virgin America closed on December 14, 2016, Consolidated and Mainline amounts presented below include Virgin America results for the period December 14, 2016 through December 31, 2016 in the twelve months ended December 31, 2016\\. Additionally, certain historical information has been adjusted to reflect the adoption of new accounting standards\\. We often refer to unit revenues and adjusted unit costs, which are non\\-GAAP measures\\.\n\n\n\n|                                                          |                                      |                                      |                                      |                                      |                                      |\n| -------------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                          | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                          | **2018**                             | **2017**                             | **Change**                           | **2016**                             | **Change**                           |\n| **Consolidated Operating Statistics:** **^(a)^**         |                                      |                                      |                                      |                                      |                                      |\n| Revenue passengers (000)                                 | **45,802**                           | 44,005                               | 4\\.1%                                | 34,289                               | 28\\.3%                               |\n| RPMs (000,000) \"traffic\"                                 | **54,673**                           | 52,338                               | 4\\.5%                                | 37,209                               | 40\\.7%                               |\n| ASMs (000,000) \"capacity\"                                | **65,335**                           | 62,072                               | 5\\.3%                                | 44,135                               | 40\\.6%                               |\n| Load factor                                              | **83\\.7%**                           | 84\\.3%                               | (0\\.6) pts                           | 84\\.3%                               | \u2014                                    |\n| Yield ^(d)^                                              | **13\\.96\u00a2**                          | 13\\.95\u00a2                              | 0\\.1%                                | 14\\.49\u00a2                              | (3\\.7)%                              |\n| RASM ^(d)^                                               | **12\\.65\u00a2**                          | 12\\.72\u00a2                              | (0\\.6)%                              | 13\\.43\u00a2                              | (5\\.3)%                              |\n| CASM excluding fuel and special items ^(b)(d)^           | **8\\.50\u00a2**                           | 8\\.25\u00a2                               | 3\\.0%                                | 8\\.32\u00a2                               | (0\\.8)%                              |\n| Economic fuel cost per gallon ^(b)^                      | **$2\\.28**                           | $1\\.82                               | 25\\.3%                               | $1\\.52                               | 19\\.7%                               |\n| Fuel gallons (000,000)                                   | **839**                              | 797                                  | 5\\.3%                                | 554                                  | 43\\.9%                               |\n| ASM's per gallon                                         | **77\\.9**                            | 77\\.9                                | \u2014%                                   | 79\\.7                                | (2\\.3)%                              |\n| Average number of full\\-time equivalent employees (FTEs) | **21,641**                           | 20,183                               | 7\\.2%                                | 14,760                               | 36\\.7%                               |\n| **Mainline Operating Statistics:**                       |                                      |                                      |                                      |                                      |                                      |\n| Revenue passengers (000)                                 | **35,603**                           | 34,510                               | 3\\.2%                                | 24,838                               | 38\\.9%                               |\n| RPMs (000,000) \"traffic\"                                 | **49,781**                           | 48,236                               | 3\\.2%                                | 33,489                               | 44\\.0%                               |\n| ASMs (000,000) \"capacity\"                                | **59,187**                           | 56,945                               | 3\\.9%                                | 39,473                               | 44\\.3%                               |\n| Load factor                                              | **84\\.1%**                           | 84\\.7%                               | (0\\.6) pts                           | 84\\.8%                               | (0\\.1) pts                           |\n| Yield ^(d)^                                              | **13\\.01\u00a2**                          | 13\\.02\u00a2                              | (0\\.1)%                              | 13\\.18\u00a2                              | (1\\.2)%                              |\n| RASM ^(d)^                                               | **11\\.93\u00a2**                          | 12\\.00\u00a2                              | (0\\.6)%                              | 15\\.01\u00a2                              | (20\\.1)%                             |\n| CASM excluding fuel and special items ^(b)(d)^           | **7\\.73\u00a2**                           | 7\\.50\u00a2                               | 3\\.1%                                | 7\\.39\u00a2                               | 1\\.5%                                |\n| Economic fuel cost per gallon ^(b)^                      | **$2\\.27**                           | $1\\.82                               | 24\\.7%                               | $1\\.52                               | 19\\.7%                               |\n| Fuel gallons (000,000)                                   | **727**                              | 706                                  | 3\\.0%                                | 474                                  | 48\\.9%                               |\n| ASM's per gallon                                         | **81\\.4**                            | 80\\.7                                | 0\\.9%                                | 83\\.3                                | (3\\.1)%                              |\n| Average number of FTEs                                   | **16,353**                           | 15,653                               | 4\\.5%                                | 11,447                               | 36\\.7%                               |\n| Aircraft utilization                                     | **11\\.2**                            | 11\\.2                                | \u2014%                                   | 10\\.5                                | 6\\.7%                                |\n| Average aircraft stage length                            | **1,298**                            | 1,301                                | (0\\.2)%                              | 1,225                                | 6\\.2%                                |\n| Mainline operating fleet at period\\-end                  | **233 a/c**                          | 221 a/c                              | 12 a/c                               | 218 a/c                              | 3 a/c                                |\n| **Regional Operating Statistics:** **^(c)^**             |                                      |                                      |                                      |                                      |                                      |\n| Revenue passengers (000)                                 | **10,199**                           | 9,495                                | 7\\.4%                                | 9,452                                | 0\\.5%                                |\n| RPMs (000,000) \"traffic\"                                 | **4,892**                            | 4,101                                | 19\\.3%                               | 3,720                                | 10\\.2%                               |\n| ASMs (000,000) \"capacity\"                                | **6,148**                            | 5,127                                | 19\\.9%                               | 4,662                                | 10\\.0%                               |\n| Load factor                                              | **79\\.6%**                           | 80\\.0%                               | (0\\.4) pts                           | 79\\.8%                               | 0\\.2 pts                             |\n| Yield ^(d)^                                              | **23\\.66\u00a2**                          | 24\\.96\u00a2                              | (5\\.2)%                              | 26\\.26\u00a2                              | (5\\.0)%                              |\n\n\n\n\n\n|       |                                                                                                                     |\n| ----- | ------------------------------------------------------------------------------------------------------------------- |\n| ^(a)^ | Except for FTEs, data includes information related to third\\-party regional capacity purchase flying arrangements\\. |\n\n\n\n\n\n|       |                                                                                                                    |\n| ----- | ------------------------------------------------------------------------------------------------------------------ |\n| ^(b)^ | See reconciliation of this non\\-GAAP measure to the most directly related GAAP measure in the accompanying pages\\. |\n\n\n\n\n\n|       |                                                                                                        |\n| ----- | ------------------------------------------------------------------------------------------------------ |\n| ^(c)^ | Data presented includes information related to flights operated by Horizon and third\\-party carriers\\. |\n\n\n\n\n\n|       |                                                                                      |\n| ----- | ------------------------------------------------------------------------------------ |\n| ^(d)^ | Information has been adjusted to reflect the adoption of new accounting standards\\.  |\n\n\n\n 36"}
{"_id": "AmericanAirlines-2019_129.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n2\\.  Special Items, Net\n\nSpecial items, net on American\u2019s consolidated statements of operations consisted of the following (in millions):\n\n\n\n|                                                                          |                             |                             |                             |\n| ------------------------------------------------------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                                                                          | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                          | **2019**                    | **2018**                    | **2017**                    |\n| Fleet restructuring expenses  ^(1)^                                      | $271                        | $422                        | $232                        |\n| Fleet impairment  ^(2)^                                                  | 213                         | \u2014                           | \u2014                           |\n| Merger integration expenses  ^(3)^                                       | 191                         | 268                         | 273                         |\n| Litigation reserve adjustments                                           | (53<br><br>)                | 45                          | \u2014                           |\n| Mark\\-to\\-market adjustments on bankruptcy obligations, net  ^(4)^       | (11<br><br>)                | (76<br><br>)                | 27                          |\n| Severance expenses  ^(5)^                                                | 11                          | 58                          | \u2014                           |\n| Intangible asset impairment  ^(6)^                                       | \u2014                           | 26                          | \u2014                           |\n| Labor contract expenses                                                  | \u2014                           | 13                          | 46                          |\n| Employee 2017 Tax Act bonus expense  ^(7)^                               | \u2014                           | \u2014                           | 123                         |\n| Other operating charges, net                                             | 13                          | 31                          | 11                          |\n| Mainline operating special items, net                                    | 635                         | 787                         | 712                         |\n| Regional operating special items, net                                    | \u2014                           | \u2014                           | 3                           |\n| Operating special items, net                                             | 635                         | 787                         | 715                         |\n| Debt refinancing and extinguishment charges                              | 16                          | 13                          | 22                          |\n| Mark\\-to\\-market adjustments on equity and other investments, net  ^(8)^ | (5<br><br>)                 | 104                         | \u2014                           |\n| Other nonoperating income, net                                           | \u2014                           | (4<br><br>)                 | \u2014                           |\n| Nonoperating special items, net                                          | 11                          | 113                         | 22                          |\n| Income tax special items  ^(9)^                                          | \u2014                           | 18                          | \u2014                           |\n| Impact of the 2017 Tax Act  ^(10)^                                       | \u2014                           | \u2014                           | 924                         |\n| Income tax special items, net                                            | \u2014                           | 18                          | 924                         |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Fleet restructuring expenses principally included accelerated depreciation and rent expense for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                                |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Fleet impairment principally includes a non\\-cash write\\-down of aircraft related to the planned retirement of American\u2019s Embraer E190 fleet\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Merger integration expenses included costs associated with integration projects, principally American's technical operations, flight attendant, human resources and payroll systems\\. |\n\n\n\n\n\n|       |                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Bankruptcy obligations that will be settled in shares of AAG common stock are marked\\-to\\-market based on AAG\u2019s stock price\\. |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(5)^ | Severance expenses primarily included costs associated with reductions of management and support staff team members\\. |\n\n\n\n\n\n|       |                                                                                                                                                                  |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(6)^ | Intangible asset impairment includes a non\\-cash charge to write\\-off American\u2019s Brazil route authority as a result of the U\\.S\\.\\-Brazil open skies agreement\\. |\n\n\n\n\n\n|       |                                                                                                                                                                           |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(7)^ | Employee bonus expense included costs related to the   $1,000  cash bonus and associated payroll taxes granted to mainline employees in recognition of the 2017 Tax Act\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                            |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(8)^ | Mark\\-to\\-market adjustments on equity and other investments, net primarily relates to net unrealized gains and losses associated with American\u2019s equity investment in China Southern Airlines Company Limited (China Southern Airlines)\\. |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(9)^ | Income tax special items for  2018  included an   $18 million  charge related to an international income tax matter\\. |\n\n\n\n130"}
{"_id": "AmericanAirlines-2017_152.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***Plans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets***\n\n\n\n|                                               |                      |                      |                                                                  |                                                                  |\n| --------------------------------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                               | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                               | **2017**             | **2016**             | **2017**                                                         | **2016**                                                         |\n|                                               | **(In millions)**    | **(In millions)**    | **(In millions)**                                                | **(In millions)**                                                |\n| Projected benefit obligation                  | $18,144              | $17,119              | $\u2014                                                               | $\u2014                                                               |\n| Accumulated benefit obligation (ABO)          | 18,135               | 17,108               | \u2014                                                                | \u2014                                                                |\n| Accumulated postretirement benefit obligation | \u2014                    | \u2014                    | 1,010                                                            | 990                                                              |\n| Fair value of plan assets                     | 11,307               | 9,936                | 295                                                              | 266                                                              |\n| ABO less fair value of plan assets            | 6,828                | 7,172                | \u2014                                                                | \u2014                                                                |\n\n\n\n***Net Periodic Benefit Cost (Income)***\n\n\n\n|                                    |                      |                      |                      |                                                                    |                                                                    |                                                                    |\n| ---------------------------------- | -------------------- | -------------------- | -------------------- | ------------------------------------------------------------------ | ------------------------------------------------------------------ | ------------------------------------------------------------------ |\n|                                    | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br> **Other Postretirement Benefits**  | **Retiree Medical and**<br><br> **Other Postretirement Benefits**  | **Retiree Medical and**<br><br> **Other Postretirement Benefits**  |\n|                                    | **2017**             | **2016**             | **2015**             | **2017**                                                           | **2016**                                                           | **2015**                                                           |\n|                                    | **(In millions)**    | **(In millions)**    | **(In millions)**    | **(In millions)**                                                  | **(In millions)**                                                  | **(In millions)**                                                  |\n| Defined benefit plans:             |                      |                      |                      |                                                                    |                                                                    |                                                                    |\n| Service cost                       | $2                   | $2                   | $1                   | $4                                                                 | $3                                                                 | $3                                                                 |\n| Interest cost                      | 717                  | 746                  | 733                  | 39                                                                 | 47                                                                 | 50                                                                 |\n| Expected return on assets          | (786)                | (747)                | (848)                | (21)                                                               | (20)                                                               | (19)                                                               |\n| Settlements                        | 1                    | \u2014                    | 1                    | \u2014                                                                  | \u2014                                                                  | \u2014                                                                  |\n| Amortization of:                   |                      |                      |                      |                                                                    |                                                                    |                                                                    |\n| Prior service cost (benefit)       | 28                   | 28                   | 28                   | (237)                                                              | (240)                                                              | (243)                                                              |\n| Unrecognized net loss (gain)       | 144                  | 125                  | 111                  | (23)                                                               | (16)                                                               | (9)                                                                |\n| Net periodic benefit cost (income) | 106                  | 154                  | 26                   | (238)                                                              | (226)                                                              | (218)                                                              |\n| Defined contribution plan cost     | 844                  | 761                  | 657                  |  N/A                                                               | N/A                                                                | N/A                                                                |\n| Total cost (income)                | $950                 | $915                 | $683                 | $(238)                                                             | $(226)                                                             | $(218)                                                             |\n\n\n\nThe estimated amount of unrecognized actuarial net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year is $171 million\\.\n\nThe estimated amount of unrecognized actuarial net gain and prior service benefit for the retiree medical and other postretirement benefits plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year is $258 million\\.\n\n153"}
{"_id": "Delta-2018_58.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Statements of Cash Flows\n\n\n\n|                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|                                                                                                                                                                                                | **Year Ended December 31,**                                                                                                                                                                    | **Year Ended December 31,**                                                                                                                                                                    | **Year Ended December 31,**                                                                                                                                                                    |\n| **(in millions)**                                                                                                                                                                              | **2018**                                                                                                                                                                                       | **2017**                                                                                                                                                                                       | **2016**                                                                                                                                                                                       |\n| **Cash Flows From Operating Activities:**                                                                                                                                                      |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n| Net income                                                                                                                                                                                     | $3,935                                                                                                                                                                                         | $3,205                                                                                                                                                                                         | $4,195                                                                                                                                                                                         |\n| Adjustments to reconcile net income to net cash provided by operating activities:                                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n| Depreciation and amortization                                                                                                                                                                  | 2,329                                                                                                                                                                                          | 2,222                                                                                                                                                                                          | 1,886                                                                                                                                                                                          |\n| Deferred income taxes                                                                                                                                                                          | 1,364                                                                                                                                                                                          | 2,242                                                                                                                                                                                          | 2,118                                                                                                                                                                                          |\n| Pension, postretirement and postemployment payments greater than expense                                                                                                                       | (790<br><br>)                                                                                                                                                                                  | (3,302<br><br>)                                                                                                                                                                                | (717<br><br>)                                                                                                                                                                                  |\n| Changes in certain assets and liabilities:                                                                                                                                                     |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n| Receivables                                                                                                                                                                                    | 108                                                                                                                                                                                            | (428<br><br>)                                                                                                                                                                                  | (134<br><br>)                                                                                                                                                                                  |\n| Fuel inventory                                                                                                                                                                                 | 324                                                                                                                                                                                            | (397<br><br>)                                                                                                                                                                                  | (140<br><br>)                                                                                                                                                                                  |\n| Prepaid expenses and other current assets                                                                                                                                                      | (440<br><br>)                                                                                                                                                                                  | (57<br><br>)                                                                                                                                                                                   | (26<br><br>)                                                                                                                                                                                   |\n| Air traffic liability                                                                                                                                                                          | 297                                                                                                                                                                                            | 284                                                                                                                                                                                            | 157                                                                                                                                                                                            |\n| Loyalty program deferred revenue                                                                                                                                                               | 319                                                                                                                                                                                            | 399                                                                                                                                                                                            | 198                                                                                                                                                                                            |\n| Profit sharing                                                                                                                                                                                 | 233                                                                                                                                                                                            | (51<br><br>)                                                                                                                                                                                   | (383<br><br>)                                                                                                                                                                                  |\n| Accounts payable and accrued liabilities                                                                                                                                                       | (418<br><br>)                                                                                                                                                                                  | 955                                                                                                                                                                                            | 298                                                                                                                                                                                            |\n| Other, net                                                                                                                                                                                     | (247<br><br>)                                                                                                                                                                                  | (49<br><br>)                                                                                                                                                                                   | (237<br><br>)                                                                                                                                                                                  |\n| Net cash provided by operating activities                                                                                                                                                      | 7,014                                                                                                                                                                                          | 5,023                                                                                                                                                                                          | 7,215                                                                                                                                                                                          |\n| **Cash Flows From Investing Activities:**                                                                                                                                                      |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n| Property and equipment additions:                                                                                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n| Flight equipment, including advance payments                                                                                                                                                   | (3,704<br><br>)                                                                                                                                                                                | (2,704<br><br>)                                                                                                                                                                                | (2,617<br><br>)                                                                                                                                                                                |\n| Ground property and equipment, including technology                                                                                                                                            | (1,464<br><br>)                                                                                                                                                                                | (1,187<br><br>)                                                                                                                                                                                | (774<br><br>)                                                                                                                                                                                  |\n| Purchase of equity investments                                                                                                                                                                 | \u2014                                                                                                                                                                                              | (1,245<br><br>)                                                                                                                                                                                | \u2014                                                                                                                                                                                              |\n| Purchase of short\\-term investments                                                                                                                                                            | (145<br><br>)                                                                                                                                                                                  | (925<br><br>)                                                                                                                                                                                  | (1,707<br><br>)                                                                                                                                                                                |\n| Redemption of short\\-term investments                                                                                                                                                          | 766                                                                                                                                                                                            | 584                                                                                                                                                                                            | 2,686                                                                                                                                                                                          |\n| Other, net                                                                                                                                                                                     | 154                                                                                                                                                                                            | 211                                                                                                                                                                                            | 257                                                                                                                                                                                            |\n| Net cash used in investing activities                                                                                                                                                          | (4,393<br><br>)                                                                                                                                                                                | (5,266<br><br>)                                                                                                                                                                                | (2,155<br><br>)                                                                                                                                                                                |\n| **Cash Flows From Financing Activities:**                                                                                                                                                      |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n| Payments on long\\-term debt and finance lease obligations                                                                                                                                      | (3,052<br><br>)                                                                                                                                                                                | (1,258<br><br>)                                                                                                                                                                                | (1,709<br><br>)                                                                                                                                                                                |\n| Repurchase of common stock                                                                                                                                                                     | (1,575<br><br>)                                                                                                                                                                                | (1,677<br><br>)                                                                                                                                                                                | (2,601<br><br>)                                                                                                                                                                                |\n| Cash dividends                                                                                                                                                                                 | (909<br><br>)                                                                                                                                                                                  | (731<br><br>)                                                                                                                                                                                  | (509<br><br>)                                                                                                                                                                                  |\n| Fuel card obligation                                                                                                                                                                           | 7                                                                                                                                                                                              | 636                                                                                                                                                                                            | 211                                                                                                                                                                                            |\n| Proceeds from long\\-term obligations                                                                                                                                                           | 3,745                                                                                                                                                                                          | 2,454                                                                                                                                                                                          | 450                                                                                                                                                                                            |\n| Other, net                                                                                                                                                                                     | 58                                                                                                                                                                                             | (154<br><br>)                                                                                                                                                                                  | (102<br><br>)                                                                                                                                                                                  |\n| Net cash used in financing activities                                                                                                                                                          | (1,726<br><br>)                                                                                                                                                                                | (730<br><br>)                                                                                                                                                                                  | (4,260<br><br>)                                                                                                                                                                                |\n| **Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash**                                                                                                                      | 895                                                                                                                                                                                            | (973<br><br>)                                                                                                                                                                                  | 800                                                                                                                                                                                            |\n| Cash, cash equivalents and restricted cash at beginning of period                                                                                                                              | 1,853                                                                                                                                                                                          | 2,826                                                                                                                                                                                          | 2,026                                                                                                                                                                                          |\n| Cash, cash equivalents and restricted cash at end of period                                                                                                                                    | $2,748                                                                                                                                                                                         | $1,853                                                                                                                                                                                         | $2,826                                                                                                                                                                                         |\n| **Supplemental Disclosure of Cash Paid for Interest**                                                                                                                                          | $376                                                                                                                                                                                           | $390                                                                                                                                                                                           | $385                                                                                                                                                                                           |\n| **Non\\-Cash Transactions:**                                                                                                                                                                    |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n| Treasury stock contributed to our qualified defined benefit pension plans                                                                                                                      | $\u2014                                                                                                                                                                                             | $350                                                                                                                                                                                           | $350                                                                                                                                                                                           |\n| Flight and ground equipment acquired under finance leases                                                                                                                                      | $100                                                                                                                                                                                           | $261                                                                                                                                                                                           | $86                                                                                                                                                                                            |\n| Flight and ground equipment acquired under operating leases                                                                                                                                    | $1,041                                                                                                                                                                                         | $\u2014                                                                                                                                                                                             | $\u2014                                                                                                                                                                                             |\n| The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: |\n|                                                                                                                                                                                                | **Year Ended December 31,**                                                                                                                                                                    | **Year Ended December 31,**                                                                                                                                                                    | **Year Ended December 31,**                                                                                                                                                                    |\n| **(in millions)**                                                                                                                                                                              | **2018**                                                                                                                                                                                       | **2017**                                                                                                                                                                                       | **2016**                                                                                                                                                                                       |\n| **Current assets:**                                                                                                                                                                            |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n| Cash and cash equivalents                                                                                                                                                                      | $1,565                                                                                                                                                                                         | $1,814                                                                                                                                                                                         | $2,762                                                                                                                                                                                         |\n| Restricted cash included in prepaid expenses and other                                                                                                                                         | 47                                                                                                                                                                                             | 39                                                                                                                                                                                             | 64                                                                                                                                                                                             |\n| **Noncurrent assets:**                                                                                                                                                                         |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n| Cash restricted for airport construction                                                                                                                                                       | 1,136                                                                                                                                                                                          | \u2014                                                                                                                                                                                              | \u2014                                                                                                                                                                                              |\n| Total cash, cash equivalents and restricted cash                                                                                                                                               | $2,748                                                                                                                                                                                         | $1,853                                                                                                                                                                                         | $2,826                                                                                                                                                                                         |\n| The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                                                                       | The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                                                                       | The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                                                                       | The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                                                                       |\n\n\n\n 56"}
{"_id": "Alaska-2017_81.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Uncertain Tax Positions***\n\nThe Company has identified its federal tax return and its state tax returns in Alaska, Oregon and California as \u201cmajor\u201d tax jurisdictions\\. A summary of the Company's jurisdictions and the periods that are subject to examination are as follows:\n\n\n\n|                  |                        |\n| ---------------- | ---------------------- |\n| **Jurisdiction** | **Period**             |\n| Federal          | 2007 to 2016  ^(a)(b)^ |\n| Alaska           | 2012 to 2016           |\n| California       | 2006 to 2016 ^(a)^     |\n| Oregon           | 2003 to 2016 ^(a)^     |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(a)^ | The 2007\\-2012 Federal and California Virgin America tax returns are subject to examination only to the extent of net operating loss carryforwards from those years that were utilized in 2012 and later years\\. The 2003, 2004, 2008\\-2010 and 2011 Oregon tax returns are subject to examination only to the extent of net operating loss carryforwards from those years that were utilized in 2010 and later years\\.  |\n\n\n\n\n\n|       |                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------- |\n| ^(b)^ | Income tax years 2012 and 2013 are currently under exam by the Internal Revenue Service\\. |\n\n\n\nChanges in the liability for gross unrecognized tax benefits during 2017, 2016 and 2015 are as follows (in millions):\n\n\n\n|                                                 |          |          |          |\n| ----------------------------------------------- | -------- | -------- | -------- |\n|                                                 | **2017** | **2016** | **2015** |\n| Balance at January 1,                           | $40      | $32      | $3       |\n| Additions related to prior years                | 16       | \u2014        | 29       |\n| Releases related to prior years                 | (2)      | \u2014        | \u2014        |\n| Additions related to current year activity      | 2        | \u2014        | \u2014        |\n| Additions from acquisitions                     | \u2014        | 8        | \u2014        |\n| Releases due to settlements                     | (11)     | \u2014        | \u2014        |\n| Releases due to lapse of statute of limitations | (2)      | \u2014        | \u2014        |\n| Balance at December 31,                         | $43      | $40      | $32      |\n\n\n\nAs of December 31, 2017, the Company had $43 million of accrued tax contingencies, of which $36 million, if fully recognized, would decrease the effective tax rate\\. As of December 31, 2017, 2016 and 2015, the Company has accrued interest and penalties, net of federal income tax benefit, of $5 million, $3 million, and zero\\. In 2017, 2016, and 2015, the Company recognized an expense of $2 million, $3 million, and zero for interest and penalties, net of federal income tax benefit\\. At December 31, 2017, the Company has unrecognized tax benefits recorded as a liability and some reducing deferred tax assets\\. The Company added $3 million of reserves for uncertain tax positions in 2017, primarily due to changes in income sourcing for state income taxes\\. These uncertain tax positions could change as a result of the Company's ongoing audits, settlement of issues, new audits and status of other taxpayer court cases\\. The Company cannot predict the timing of these actions\\. Due to the positions being taken in various jurisdictions, the amounts currently accrued are the Company's best estimate as of December 31, 2017\\.\n\n**NOTE 7\\. EMPLOYEE BENEFIT PLANS**\n\nFour qualified defined\\-benefit plans, one non\\-qualified defined\\-benefit plan, and seven defined\\-contribution retirement plans cover various employee groups of Alaska, Virgin America, McGee Air Services and Horizon\\. \n\nThe defined\\-benefit plans provide benefits based on an employee\u2019s term of service and average compensation for a specified period of time before retirement\\. The qualified defined\\-benefit pension plans are closed to new entrants\\.\n\nAccounting standards require recognition of the overfunded or underfunded status of an entity\u2019s defined\\-benefit pension and other postretirement plan as an asset or liability in the consolidated financial statements and requires recognition of the funded status in AOCL\\.\n\n***Qualified Defined\\-Benefit Pension Plans***\n\nThe Company\u2019s four qualified defined\\-benefit pension plans are funded as required by the Employee Retirement Income Security Act of 1974\\. The defined\\-benefit plan assets consist primarily of marketable equity and fixed\\-income securities\\. The work groups covered by qualified defined\\-benefit pension plans include salaried employees, pilots, clerical, office, and \n\n 82"}
{"_id": "Southwest-2018_57.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThese projects are being funded primarily using the Regional Airports Improvement Corporation (the \"RAIC\"), which is a quasi\\-governmental special purpose entity that acts as a conduit borrower under syndicated credit facilities provided by groups of lenders\\. Loans made under the separate credit facilities for the Terminal 1 Modernization Project and the Terminal 1\\.5 Project are being used to fund the development of each of these projects, and the outstanding loans will be repaid with the proceeds of LAWA\u2019s payments to purchase completed construction phases\\. The Company has guaranteed the obligations of the RAIC under each of the credit facilities associated with the respective lease agreements\\.\n\nThe Company\u2019s liquidity could be impacted by these projects under certain circumstances; however, the Company does not expect this to occur based on its past experience with other projects\\. These projects are not expected to have a significant impact on the Company\u2019s capital resources or financial position\\. Construction on the Terminal 1 Modernization Project began during 2014 and was substantially complete and operational during fourth quarter 2018\\. Construction on the Terminal 1\\.5 Project began during third quarter 2017 and is estimated to be completed during 2020\\. \n\n**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**\n\nThe Company\u2019s Consolidated Financial Statements have been prepared in accordance with GAAP\\. The Company\u2019s significant accounting policies are described in Note 1 to the Consolidated Financial Statements\\. The preparation of financial statements in accordance with GAAP requires the Company\u2019s management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying footnotes\\. The Company\u2019s estimates and assumptions are based on historical experience and changes in the business environment\\. However, actual results may differ from estimates under different conditions, sometimes materially\\. Critical accounting policies and estimates are defined as those that both (i) are most important to the portrayal of the Company\u2019s financial condition and results and (ii) require management\u2019s most subjective judgments\\. The Company\u2019s critical accounting policies and estimates are described below\\. As a result of the Company's January 1, 2018 adoption of the New Revenue Standard and the New Hedging Standard, it has updated its discussions of critical accounting policies related to Revenue Recognition, Financial Derivative Instruments, Fair Value Measurements, and Loyalty Accounting\\. Also, see Note 2 to the Consolidated Financial Statements for further information about the accounting implications of these ASUs\\.\n\n***Revenue Recognition***\n\nTickets sold for Passenger air travel are initially deferred as Air traffic liability\\. Passenger revenue is recognized and Air traffic liability is reduced when the service is provided (i\\.e\\., when the flight takes place)\\. Air traffic liability primarily represents tickets sold for future travel dates and funds that are past flight date and remain unused, as well as the Company\u2019s liability associated with its loyalty program\\. Air traffic liability fluctuates throughout the year based on seasonal travel patterns, fare sale activity, and activity associated with the Company\u2019s loyalty program\\. See Note 2 to the Consolidated Financial Statements for information about the New Revenue Standard and the Company's revenue recognition policies\\.\n\nFor air travel on Southwest, the amount of tickets that will expire unused are estimated and recognized in Passenger revenue once the scheduled flight date has passed\\. Estimating the amount of tickets that will expire unused involves some level of subjectivity and judgment\\. The majority of Southwest\u2019s tickets sold are nonrefundable, which is the primary source of unused tickets\\. Southwest has a No Show policy that applies to fares that are not canceled or changed by a Customer at least ten minutes prior to a flight's scheduled departure\\. See Note 5 to the Consolidated Financial Statements for further information\\. According to Southwest\u2019s current \"Contract of Carriage,\" all refundable tickets that are sold but not flown on the travel date can be reused for another flight up to a year from the date of sale, or some tickets can be refunded\\. This policy also applies to unused Customer funds that may be the result of an exchange downgrade, in which a Customer exchanges their ticket from a previously purchased flight for a lower priced ticket, with the price difference being effectively refunded through it being made available for use by the Customer towards travel up to twelve months from the date of original purchase\\. Fully refundable tickets rarely expire unused\\. Estimates of tickets that will expire unused are based on historical experience over many years\\. Southwest has consistently applied this accounting method to estimate revenue from unused tickets at the date of scheduled travel\\. Holding other factors constant, a 10 percent change in the Company\u2019s estimate of the amount of tickets that will expire unused would \n\n58"}
{"_id": "United-2018_39.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**ITEM 8\\. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA\\.** \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** \n\nTo the Stockholders and the Board of Directors of United Continental Holdings, Inc\\.\n\n**Opinion on the Financial Statements**\n\nWe have audited the accompanying consolidated balance sheets of United Continental Holdings, Inc\\. (the \"Company\") as of December 31, 2018 and 2017, the related statements of consolidated operations, comprehensive income (loss), cash flows, and stockholders' equity for each of the three years in the period ended December 31, 2018, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the \"consolidated financial statements\")\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2018, in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 28, 2019, expressed an unqualified opinion thereon\\.\n\n**Adoption of ASU No\\. 2014\\-09**\n\nAs discussed in Note 1 to the consolidated financial statements, the Company changed its method of accounting for revenue in 2018, 2017 and 2016 due to the adoption of ASU No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)\\.*\n\n**Basis for Opinion**\n\nThese financial statements are the responsibility of the Company's management\\. Our responsibility is to express an opinion on the Company's financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\. \n\n/s/ Ernst & Young LLP\n\nWe have served as the Company's auditor since 2009\\.\n\nChicago, Illinois\n\nFebruary 28, 2019\n\n40"}
{"_id": "Southwest-2018_113.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**15****\\. SUPPLEMENTAL FINANCIAL INFORMATION**\n\n\n\n|                          |                       |                       |\n| ------------------------ | --------------------- | --------------------- |\n| **(in millions)**        | **December 31, 2018** | **December 31, 2017** |\n| Derivative contracts     | $95                   | $136                  |\n| Intangible assets, net   | 400                   | 413                   |\n| Capital lease receivable | 61                    | 76                    |\n| Other                    | 164                   | 161                   |\n| Other assets             | $720                  | $786                  |\n\n\n\n\n\n|                              |                       |                       |\n| ---------------------------- | --------------------- | --------------------- |\n| **(in millions)**            | **December 31, 2018** | **December 31, 2017** |\n| Accounts payable trade       | $263                  | $186                  |\n| Salaries payable             | 216                   | 201                   |\n| Taxes payable                | 220                   | 203                   |\n| Aircraft maintenance payable | 69                    | 38                    |\n| Fuel payable                 | 122                   | 123                   |\n| Other payable                | 526                   | 569                   |\n| Accounts payable             | $1,416                | $1,320                |\n\n\n\n\n\n|                                              |                       |                       |\n| -------------------------------------------- | --------------------- | --------------------- |\n| **(in millions)**                            | **December 31, 2018** | **December 31, 2017** |\n| Profitsharing and savings plans              | $580                  | $579                  |\n| Aircraft and other lease related obligations | 37                    | 40                    |\n| Permanently grounded aircraft liability      | \u2014                     | 34                    |\n| Vacation pay                                 | 403                   | 365                   |\n| Health                                       | 107                   | 100                   |\n| Workers compensation                         | 166                   | 172                   |\n| Property and income taxes                    | 68                    | 57                    |\n| Other                                        | 388                   | 353                   |\n| Accrued liabilities                          | $1,749                | $1,700                |\n\n\n\n\n\n|                                         |                       |                       |\n| --------------------------------------- | --------------------- | --------------------- |\n| **(in millions)**                       | **December 31, 2018** | **December 31, 2017** |\n| Postretirement obligation               | $232                  | $275                  |\n| Non\\-current lease\\-related obligations | 48                    | 85                    |\n| Permanently grounded aircraft liability | \u2014                     | 13                    |\n| Other deferred compensation             | 247                   | 237                   |\n| Derivative contracts                    | 12                    | 21                    |\n| Other                                   | 111                   | 76                    |\n| Other noncurrent liabilities            | $650                  | $707                  |\n\n\n\nFor further information on fuel derivative and interest rate derivative contracts, see Note 10\\. \n\n***Other Operating Expenses***\n\nOther operating expenses consist of distribution costs, advertising expenses, personnel expenses, professional fees, and other operating costs, none of which individually exceed 10 percent of Operating expenses\\.\n\n114"}
{"_id": "Delta-2018_63.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nExpendables Parts and Supplies\\.  Inventories of expendable parts related to flight equipment, which cannot be economically repaired, reconditioned or reused after removal from the aircraft, are carried at moving average cost and charged to operations as consumed\\. An allowance for obsolescence is provided over the remaining useful life of the related fleet\\. We also provide allowances for parts identified as excess or obsolete to reduce the carrying costs to the lower of cost or net realizable value\\. These parts are assumed to have an estimated residual value of   5%  of the original cost\\.\n\nAccounting for Refinery Related Buy/Sell Agreements\n\nTo the extent that we receive jet fuel for non\\-jet fuel products exchanged under buy/sell agreements, we account for these transactions as nonmonetary exchanges\\. We have recorded these nonmonetary exchanges at the carrying amount of the non\\-jet fuel products transferred within aircraft fuel and related taxes on the income statement\\.\n\nDerivatives\n\nChanges in fuel prices, interest rates and foreign currency exchange rates impact our results of operations\\.  In an effort to manage our exposure to these risks, we may enter into derivative contracts and adjust our derivative portfolio as market conditions change\\.  We recognize derivative contracts at fair value on our Consolidated Balance Sheets (\"balance sheets\")\\. \n\nThe following table summarizes the risk hedged and the classification of related gains and losses on our income statement, by each type of derivative contract: \n\n\n\n|                                     |                                                 |                                                          |\n| ----------------------------------- | ----------------------------------------------- | -------------------------------------------------------- |\n| **Derivative Type**                 |  **Hedged Risk**                                | **Classification of Gains and Losses**                   |\n| Fuel hedge contracts                | Fluctuations in fuel prices                     | Aircraft fuel and related taxes                          |\n| Interest rate contracts             | Increases in interest rates                     | Interest expense, net                                    |\n| Foreign currency exchange contracts | Fluctuations in foreign currency exchange rates | Passenger revenue or non\\-operating expense (See Note 5) |\n\n\n\nThe following table summarizes the accounting treatment of our derivative contracts:\n\n\n\n|                                 |                                                                       |                                                                                       |\n| ------------------------------- | --------------------------------------------------------------------- | ------------------------------------------------------------------------------------- |\n|                                 | **Impact of Unrealized Gains and Losses**                             | **Impact of Unrealized Gains and Losses**                                             |\n| **Accounting Designation**      | **Effective Portion**                                                 | **Ineffective Portion**                                                               |\n| Not designated as hedges        | Change in fair value ^(1)^  of hedge is recorded in earnings          | Change in fair value ^(1)^  of hedge is recorded in earnings                          |\n| Designated as cash flow hedges  | Market adjustments are recorded in AOCI                               | Excess, if any, over effective portion of hedge is recorded in non\\-operating expense |\n| Designated as fair value hedges | Market adjustments are recorded in long\\-term debt and finance leases | Excess, if any, over effective portion of hedge is recorded in non\\-operating expense |\n\n\n\n\n\n|        |                                                                                                  |\n| ------ | ------------------------------------------------------------------------------------------------ |\n| ^(1)^  | Including settled gains and losses as well as mark\\-to\\-market adjustments (\"MTM adjustments\")\\. |\n\n\n\nWe perform, at least quarterly, an assessment of the effectiveness of our derivative contracts designated as hedges, including assessing the possibility of counterparty default\\. If we determine that a derivative is no longer expected to be highly effective, we discontinue hedge accounting prospectively and recognize subsequent changes in the fair value of the hedge in earnings\\. We believe our derivative contracts that continue to be designated as hedges, consisting of interest rate and foreign currency exchange contracts, will continue to be highly effective in offsetting changes in fair value or cash flow, respectively, attributable to the hedged risk\\.\n\n Cash flows associated with purchasing and settling hedge contracts generally are classified as operating cash flows\\. However, if a hedge contract includes a significant financing element at inception, cash flows associated with the hedge contract are recorded as financing cash flows\\.\n\nHedge Margin\\.  The hedge margin we receive from counterparties is recorded in cash, with the offsetting obligation in accounts payable\\. The hedge margin we provide to counterparties is recorded in prepaid expenses and other\\. We do not offset margin funded to counterparties or margin funded to us by counterparties against fair value amounts recorded for our hedge contracts\\.\n\n 61"}
{"_id": "United-2019_103.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|                          |          |\n| ------------------------ | -------- |\n| /s/ Walter Isaacson      | Director |\n| Walter Isaacson          |          |\n| /s/ James A\\.C\\. Kennedy | Director |\n| James A\\.C\\. Kennedy     |          |\n| /s/ Sito Pantoja         | Director |\n| Sito Pantoja             |          |\n| /s/ Edward M\\. Philip    | Director |\n| Edward M\\. Philip        |          |\n| /s/ Edward L\\. Shapiro   | Director |\n| Edward L\\. Shapiro       |          |\n| /s/ David J\\. Vitale     | Director |\n| David J\\. Vitale         |          |\n| /s/ James M\\. Whitehurst | Director |\n| James M\\. Whitehurst     |          |\n\n\n\n\n\n|       |                   |\n| ----- | ----------------- |\n| Date: | February 24, 2020 |\n\n\n\n104"}
{"_id": "Alaska-2017_93.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|                                                                                                   |\n| ------------------------------------------------------------------------------------------------- |\n| **ITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE** |\n\n\n\nNone\\.\n\n\n\n|                                       |\n| ------------------------------------- |\n| **ITEM 9A\\. CONTROLS AND PROCEDURES** |\n\n\n\n**EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES**\n\nThe Company\u2019s management, with the participation of the Principal Executive Officer and Principal Financial Officer, conducted an evaluation of the effectiveness of the Company\u2019s disclosure controls and procedures (as defined in Exchange Act Rule 13a\\-15(e)) as of the end of the period covered by this report\\. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that the Company\u2019s disclosure controls and procedures were effective as of the end of the period covered by this report\\.\n\n**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**\n\nExcept as noted below, there have been no changes in the Company\u2019s internal controls over financial reporting during the quarter ended December 31, 2017, that have materially affected, or are reasonably likely to materially affect, the Company\u2019s internal control over financial reporting except as noted below\\.\n\nOn December 14, 2016, the Company completed the acquisition of Virgin America\\. In 2017 we integrated policies, processes, people, technology and operations for the combined company\\. Our integration included internal controls over financial reporting\\. As the integration continues and business processes evolve, management will continue to evaluate the existing internal controls over financial reporting for change\\. \n\nAlso during 2017 the Company implemented internal controls to ensure it has adequately assessed the impact of the new accounting standard related to revenue recognition to prepare for adoption on January 1, 2018\\. The modified and new controls have been designed to address risks associated with recognizing revenue under the new standard\\. \n\nThere have been no other changes in the Company's internal controls over financial reporting during the quarter ended December 31, 2017 that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting\\. \n\n 94"}
{"_id": "Delta-2018_77.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nDefinite\\-Lived Intangible Assets\n\n\n\n|                      |                                                |                                             |                                                |                                             |\n| -------------------- | ---------------------------------------------- | ------------------------------------------- | ---------------------------------------------- | ------------------------------------------- |\n|                      | **December 31, 2018**                          | **December 31, 2018**                       | **December 31, 2017**                          | **December 31, 2017**                       |\n| **(in millions)**    | **Gross**<br><br>**Carrying**<br><br>**Value** | <br>**Accumulated**<br><br>**Amortization** | **Gross**<br><br>**Carrying**<br><br>**Value** | <br>**Accumulated**<br><br>**Amortization** |\n| Marketing agreements | $730                                           | $<br><br>(687<br><br>)                      | $730                                           | $<br><br>(677<br><br>)                      |\n| Contracts            | 193                                            | (122<br><br>)                               | 193                                            | (115<br><br>)                               |\n| Other                | 53                                             | (53<br><br>)                                | 53                                             | (53<br><br>)                                |\n| Total                | $976                                           | $<br><br>(862<br><br>)                      | $976                                           | $<br><br>(845<br><br>)                      |\n\n\n\nAmortization expense was   $17 million  for each of the years ended  December 31, 2018 ,  2017  and  2016 \\. We estimate that we will incur approximately   $15 million  of amortization expense annually from 2019 through 2023\\.\n\nNOTE 7 \\. LONG\\-TERM DEBT\n\nThe following table summarizes our long\\-term debt: \n\n\n\n|                                                           |              |              |              |                                                     |                                                     |                                                     |                  |                  |\n| --------------------------------------------------------- | ------------ | ------------ | ------------ | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | ---------------- | ---------------- |\n|                                                           | **Maturity** | **Maturity** | **Maturity** | **Interest Rate(s)** ^(4)^<br><br> **Per Annum at** | **Interest Rate(s)** ^(4)^<br><br> **Per Annum at** | **Interest Rate(s)** ^(4)^<br><br> **Per Annum at** | **December 31,** | **December 31,** |\n| **(in millions)**                                         | **Dates**    | **Dates**    | **Dates**    | **December 31, 2018**                               | **December 31, 2018**                               | **December 31, 2018**                               | **2018**         | **2017**         |\n| Pacific Facilities:                                       |              |              |              |                                                     |                                                     |                                                     |                  |                  |\n| Pacific Term Loan B\\-1                                    | n/a          | n/a          | n/a          | n/a                                                 |                                                     | n/a                                                 | $\u2014               | $1,048           |\n| Pacific Revolving Credit Facility                         | n/a          | n/a          | n/a          | n/a                                                 |                                                     | n/a                                                 | \u2014                | \u2014                |\n| 2015 Credit Facilities:                                   |              |              |              |                                                     |                                                     |                                                     |                  |                  |\n| Term Loan Facility                                        | n/a          | n/a          | n/a          | n/a                                                 |                                                     | n/a                                                 | \u2014                | 490              |\n| Revolving Credit Facility                                 | n/a          | n/a          | n/a          | n/a                                                 |                                                     | n/a                                                 | \u2014                | \u2014                |\n| Financing arrangements secured by aircraft:               |              |              |   <br>       |                                                     |                                                     |                                                     |                  |                  |\n| Certificates ^(1)^                                        | 2019         | to           | 2027         | 3\\.63%                                              | to                                                  | 8\\.02%                                              | 1,837            | 2,380            |\n| Notes ^(1)^                                               | 2019         | to           | 2025         | 2\\.91%                                              | to                                                  | 6\\.54%                                              | 1,787            | 1,961            |\n| 2018 Unsecured notes                                      | 2021         | to           | 2028         | 3\\.40%                                              | to                                                  | 4\\.38%                                              | 1,600            | \u2014                |\n| 2018 Unsecured Revolving Credit Facility                  | 2021         | to           | 2023         | undrawn                                             | variable ^(3)^                                      | variable ^(3)^                                      | \u2014                | \u2014                |\n| NYTDC Special Facilities Revenue Bonds, Series 2018 ^(1)^ | 2022         | to           | 2036         | 4\\.00%                                              | to                                                  | 5\\.00%                                              | 1,383            | \u2014                |\n| Other unsecured notes                                     | 2020         | to           | 2022         | 2\\.60%                                              | to                                                  | 3\\.63%                                              | 2,450            | 2,450            |\n| Other financings ^(1)(2)^                                 | 2019         | to           | 2030         | 1\\.81%                                              | to                                                  | 8\\.75%                                              | 251              | 210              |\n| Other revolving credit facilities                         | 2019         | to           | 2021         | undrawn                                             | variable ^(3)^                                      | variable ^(3)^                                      | \u2014                | \u2014                |\n| Total secured and unsecured debt                          |              |              |              |                                                     |                                                     |                                                     | 9,308            | 8,539            |\n| Unamortized premium (discount) and debt issue cost, net   |              |              |              |                                                     |                                                     |                                                     | 60               | (99<br><br>)     |\n| Total debt                                                |              |              |              |                                                     |                                                     |                                                     | 9,368            | 8,440            |\n| Less: current maturities                                  |              |              |              |                                                     |                                                     |                                                     | (1,409<br><br>)  | (2,145<br><br>)  |\n| Total long\\-term debt                                     |              |              |              |                                                     |                                                     |                                                     | $7,959           | $6,295           |\n\n\n\n\n\n|       |                       |\n| ----- | --------------------- |\n| ^(1)^ | Due in installments\\. |\n\n\n\n\n\n|       |                                                                                                      |\n| ----- | ---------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Primarily includes unsecured bonds and debt secured by certain accounts receivable and real estate\\. |\n\n\n\n\n\n|       |                                                                                                                            |\n| ----- | -------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Interest rate equal to LIBOR (generally subject to a floor) or another index rate, in each case plus a specified margin\\.  |\n\n\n\n\n\n|       |                                                                             |\n| ----- | --------------------------------------------------------------------------- |\n| ^(4)^ | Certain aircraft and other financings are comprised of variable rate debt\\. |\n\n\n\n2018 Aircraft\\-Secured Loans\n\nDuring the December 2018 quarter, we obtained   $621 million  in aggregate principal amount of loans secured by   10  aircraft\\. These loans, which are included in secured aircraft notes in the table above, bear interest at a variable rate equal to LIBOR plus a specified margin and are due in installments from 2019 to 2023\\.\n\n 75"}
{"_id": "United-2019_92.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|               |                         |\n| ------------- | ----------------------- |\n| **ITEM 9B\\.** | **OTHER INFORMATION\\.** |\n\n\n\nNone\\.\n\nPART III\n\nITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE\\.\n\nCertain information required by this item with respect to UAL is incorporated by reference from UAL's definitive proxy statement for its  2020  Annual Meeting of Stockholders under the captions \"Election of Directors\" and \"Corporate Governance\\.\" Information regarding the executive officers of UAL is presented in Part I, Item 1 of this report\\. There are no family relationships among the executive officers or the directors of UAL\\. The executive officers are elected by UAL's Board of Directors each year and hold office until the next annual meeting of stockholders, until their successors are elected and qualified, or until their earlier death, resignation or removal\\.\n\nInformation required by this item with respect to United is omitted pursuant to General Instruction I(2)(c) of Form 10\\-K\\.\n\nCode of Ethics\\.  The Company has a code of ethics, the \"Code of Ethics and Business Conduct,\" for its directors, officers and employees\\. The code serves as a \"Code of Ethics\" as defined by SEC regulations, and as a \"Code of Conduct\" under Nasdaq Listing Rule 5610\\. The code is available on the Company's investor relations website at ir\\.united\\.com\\. Waivers granted to certain officers from compliance with or future amendments to the code will be disclosed on the Company's investor relations website in accordance with Item 5\\.05 of Form 8\\-K\\.\n\n\n\n|               |                              |\n| ------------- | ---------------------------- |\n| **ITEM 11\\.** | **EXECUTIVE COMPENSATION\\.** |\n\n\n\nInformation required by this item with respect to UAL is incorporated by reference from UAL's definitive proxy statement for its  2020  Annual Meeting of Stockholders under the captions \"Executive Compensation,\" \"2019 Director Compensation\" and \"Corporate Governance\u2014Compensation Committee Interlocks and Insider Participation\\.\"\n\nInformation required by this item with respect to United is omitted pursuant to General Instruction I(2)(c) of Form 10\\-K\\.  \n\n\n\n|               |                                                                                                      |\n| ------------- | ---------------------------------------------------------------------------------------------------- |\n| **ITEM 12\\.** | **SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS\\.** |\n\n\n\nInformation required by this item with respect to UAL is incorporated by reference from UAL's definitive proxy statement for its  2020  Annual Meeting of Stockholders under the caption \"Beneficial Ownership of Securities\\.\"\n\nInformation required by this item with respect to United is omitted pursuant to General Instruction I(2)(c) of Form 10\\-K\\.\n\n\n\n|                |                                                                                 |\n| -------------- | ------------------------------------------------------------------------------- |\n| **ITEM 13\\.**  | **CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE\\.** |\n\n\n\nInformation required by this item with respect to UAL is incorporated by reference from UAL's definitive proxy statement for its  2020  Annual Meeting of Stockholders under the captions \"Corporate Governance\u2014Certain Relationships and Related Transactions,\" \"Corporate Governance\u2014Committees of the Board\" and \"Corporate Governance\u2014Director Independence\\.\"\n\nInformation required by this item with respect to United is omitted pursuant to General Instruction I(2)(c) of Form 10\\-K\\.\n\n93"}
{"_id": "Delta-2017_37.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nOther Revenue\n\n\n\n|                                               |                             |                             |                                    |                                      |\n| --------------------------------------------- | --------------------------- | --------------------------- | ---------------------------------- | ------------------------------------ |\n|                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Increase**<br><br>**(Decrease)** | **% Increase**<br><br>**(Decrease)** |\n| **(in millions)**                             | **2016**                    | **2015**                    | **Increase**<br><br>**(Decrease)** | **% Increase**<br><br>**(Decrease)** |\n| Loyalty programs                              | $1,782                      | $1,584                      | $198                               | 12\\.5 %                              |\n| Administrative fees, club and on\\-board sales | 1,205                       | 1,261                       | (56)                               | (4\\.4)%                              |\n| Ancillary businesses and refinery ^(1)^       | 1,129                       | 1,158                       | (29)                               | (2\\.5)%                              |\n| Baggage fees                                  | 881                         | 885                         | (4)                                | (0\\.5)%                              |\n| Other                                         | 197                         | 221                         | (24)                               | (10\\.9)%                             |\n| Total                                         | $5,194                      | $5,109                      | $85                                | 1\\.7 %                               |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                              |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | Ancillary businesses and refinery includes aircraft maintenance and staffing services we provide to third parties, our vacation wholesale operations and refinery sales to third parties\\. These revenues are not related to the generation of a seat mile\\. |\n\n\n\nOther revenue increased $85 million, or 1\\.7%, in 2016 primarily due to increased loyalty programs revenues from our co\\-brand credit card partnership with American Express resulting from new credit card accounts\\.\n\nOperating Expense\n\n\n\n|                                                    |                             |                             |                                    |                                      |\n| -------------------------------------------------- | --------------------------- | --------------------------- | ---------------------------------- | ------------------------------------ |\n|                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Increase**<br><br>**(Decrease)** | **% Increase**<br><br>**(Decrease)** |\n| **(in millions)**                                  | **2016**                    | **2015**                    | **Increase**<br><br>**(Decrease)** | **% Increase**<br><br>**(Decrease)** |\n| Salaries and related costs                         | $10,034                     | $8,776                      | $1,258                             | 14\\.3 %                              |\n| Aircraft fuel and related taxes                    | 5,133                       | 6,544                       | (1,411)                            | (21\\.6)%                             |\n| Regional carriers expense                          | 4,311                       | 4,241                       | 70                                 | 1\\.7 %                               |\n| Contracted services                                | 1,991                       | 1,848                       | 143                                | 7\\.7 %                               |\n| Depreciation and amortization                      | 1,902                       | 1,835                       | 67                                 | 3\\.7 %                               |\n| Aircraft maintenance materials and outside repairs | 1,823                       | 1,848                       | (25)                               | (1\\.4)%                              |\n| Passenger commissions and other selling expenses   | 1,710                       | 1,672                       | 38                                 | 2\\.3 %                               |\n| Landing fees and other rents                       | 1,490                       | 1,493                       | (3)                                | (0\\.2)%                              |\n| Profit sharing                                     | 1,115                       | 1,490                       | (375)                              | (25\\.2)%                             |\n| Passenger service                                  | 907                         | 872                         | 35                                 | 4\\.0 %                               |\n| Aircraft rent                                      | 285                         | 250                         | 35                                 | 14\\.0 %                              |\n| Other                                              | 1,986                       | 2,033                       | (47)                               | (2\\.3)%                              |\n| Total operating expense                            | $32,687                     | $32,902                     | $(215)                             | (0\\.7)%                              |\n\n\n\nSalaries and Related Costs\\.  The increase in salaries and related costs was principally due to pay rate increases given to eligible employees, which includes an 18% pay rate increase for pilots resulting from a new pilot contract ratified in the December 2016 quarter that was retroactive to January 1, 2016\\. Additionally, in the December 2015 quarter, base pay rates increased 14\\.5% for eligible merit, ground and flight attendant employees in conjunction with changes in their profit sharing program\\.\n\n 33"}
{"_id": "Southwest-2017_56.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nto continue to meet such obligations utilizing cash and investments on hand, as well as cash generated from its ongoing operations\\.\n\n**Off\\-Balance Sheet Arrangements, Contractual Obligations, and Contingent Liabilities and Commitments**\n\nThe Company has contractual obligations and commitments primarily with regard to future purchases of aircraft, payment of debt, and lease arrangements\\. The Company revised its future firm order delivery schedule with Boeing\n\nduring fourth quarter 2017, to support future growth opportunities and fleet modernization\\. During fourth quarter 2017, the Company exercised 40 737 MAX 8 options for 15 firm orders in 2019 and 25 firm orders in 2020\\. The Company also deferred 23 737 MAX 7 firm orders from 2019 through 2021 to 12 firm orders in 2023 and 11 firm orders in 2024\\. The Company also accelerated 23 737 MAX 8 firm orders from 2023 through 2024 to an additional 21 firm orders in 2021 and 2 firm orders in 2022\\. Earlier in 2017, the Company also exercised five 737\\-800 options for 2018, and substituted four 737\\-800 options for two 737 MAX 8 options for both 2021 and 2022\\. For aircraft commitments with Boeing, the Company is required to make cash deposits toward the purchase of aircraft in advance\\. These deposits are classified as Deposits on flight equipment purchase contracts in the Consolidated Balance Sheet until the aircraft is delivered, at which time deposits previously made are deducted from the final purchase price of the aircraft and are reclassified as Flight equipment\\. See Part 1, Item 2 for a complete table of the Company\u2019s firm deliveries and options for Boeing 737\\-700, 737\\-800, 737 MAX 7, and 737 MAX 8 aircraft, and Note 4 to the Consolidated Financial Statements for the financial commitments related to these firm deliveries\\.\n\nThe leasing of aircraft (including the sale and leaseback of aircraft) provides flexibility to the Company as a source of financing\\. Although the Company is responsible for all maintenance, insurance, and expense associated with operating leased aircraft, and retains the risk of loss for these aircraft, it has not made guarantees to the lessors regarding the residual value (or market value) of the aircraft at the end of the lease terms\\. As of December 31, 2017, the Company had 215 leased aircraft, including 78 B717s subleased to Delta and 15 Classic aircraft grounded in September 2017\\. Of these leased aircraft, 144 are under operating leases, including 76 B717s subleased to Delta and 15 Classic aircraft\\. See Note 7 to the Consolidated Financial Statements for further information on this transaction\\. Assets and obligations under operating leases are not included in the Company\u2019s Consolidated Balance Sheet\\. Disclosure of the contractual obligations associated with the Company\u2019s leased aircraft is included below\\.\n\nThe Company is required to provide standby letters of credit to support certain obligations that arise in the ordinary course of business and may choose to provide letters of credit in place of posting cash collateral related to its fuel hedging positions\\. Although the letters of credit are off\\-balance sheet, the majority of the obligations to which they relate are reflected as liabilities in the Consolidated Balance Sheet\\. Outstanding letters of credit totaled $167 million at December 31, 2017\\.\n\n57"}
{"_id": "Southwest-2019_38.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|     |                                                                                                                                                                                                                                                           |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (g) | Calculated as operating revenues divided by available seat miles\\. Also referred to as \"operating unit revenues\" or \"RASM,\" this is a measure of operating revenue production based on the total available seat miles flown during a particular period\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                               |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (h) | Calculated as passenger revenue divided by available seat miles\\. Also referred to as \"passenger unit revenues,\" this is a measure of passenger revenue production based on the total available seat miles flown during a particular period\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                             |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (i) | Calculated as operating expenses divided by available seat miles\\. Also referred to as \"unit costs\" or \"cost per available seat mile,\" this is the average cost to fly an aircraft seat (empty or full) one mile, which is a measure of cost efficiencies\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (j) | Year ended 2015 RASM excludes a $172 million one\\-time special revenue adjustment in July 2015 as a result of the Company's amendment of its co\\-branded credit card agreement with Chase Bank USA, N\\.A\\. and the resulting required change in accounting methodology\\. Including the special revenue adjustment, RASM would have been 14\\.11 cents for the year ended 2015\\. |\n\n\n\n39"}
{"_id": "Southwest-2019_49.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nNote Regarding Use of Non\\-GAAP Financial Measures \n\nThe Company's Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (\"GAAP\")\\. These GAAP financial statements may include (i) unrealized noncash adjustments and reclassifications, which can be significant, as a result of accounting requirements and elections made under accounting pronouncements relating to derivative instruments and hedging and (ii) other charges and benefits the Company believes are unusual and/or infrequent in nature and thus may make comparisons to its prior or future performance difficult\\.\n\nAs a result, the Company also provides financial information in this filing that was not prepared in accordance with GAAP and should not be considered as an alternative to the information prepared in accordance with GAAP\\. The Company provides supplemental non\\-GAAP financial information (also referred to as \"excluding special items\"), including results that it refers to as \"economic,\" which the Company's management utilizes to evaluate its ongoing financial performance and the Company believes provides additional insight to investors as supplemental information to its GAAP results\\. The non\\-GAAP measures provided that relate to the Company\u2019s performance on an economic fuel cost basis include Fuel and oil expense, non\\-GAAP; Total operating expenses, non\\-GAAP; Operating income, non\\-GAAP; Net income, non\\-GAAP; Net income per share, diluted, non\\-GAAP; Operating expenses per ASM, non\\-GAAP, excluding Fuel and oil expense and profitsharing; Adjusted operating income, non\\-GAAP; and Income tax rate, non\\-GAAP\\. The Company's economic Fuel and oil expense results differ from GAAP results in that they only include the actual cash settlements from fuel hedge contracts \\- all reflected within Fuel and oil expense in the period of settlement\\. Thus, Fuel and oil expense on an economic basis has historically been utilized by the Company, as well as some of the other airlines that utilize fuel hedging, as it reflects the Company\u2019s actual net cash outlays for fuel during the applicable period, inclusive of settled fuel derivative contracts\\. Any net premium costs paid related to option contracts that are designated as hedges are reflected as a component of Fuel and oil expense, for both GAAP and non\\-GAAP (including economic) purposes in the period of contract settlement\\. The Company believes these economic results provide further insight on the impact of the Company's fuel hedges on its operating performance and liquidity since they exclude the unrealized, noncash adjustments and reclassifications that are recorded in GAAP results in accordance with accounting guidance relating to derivative instruments, and they reflect all cash settlements related to fuel derivative contracts within Fuel and oil expense\\. This enables the Company's management, as well as investors and analysts, to consistently assess the Company's operating performance on a year\\-over\\-year or quarter\\-over\\-quarter basis after considering all efforts in place to manage fuel expense\\. However, because these measures are not determined in accordance with GAAP, such measures are susceptible to varying calculations, and not all companies calculate the measures in the same manner\\. As a result, the aforementioned measures, as presented, may not be directly comparable to similarly titled measures presented by other companies\\.\n\nFurther information on (i) the Company's fuel hedging program, (ii) the requirements of accounting for derivative instruments, and (iii) the causes of hedge ineffectiveness and/or mark\\-to\\-market gains or losses from derivative instruments is included in Note  2  and Note  10  to the Consolidated Financial Statements\\.\n\nThe Company\u2019s GAAP results in the applicable periods may include other charges or benefits that are also deemed \"special items,\" that the Company believes make its results difficult to compare to prior periods, anticipated future periods, or industry trends\\. Financial measures identified as non\\-GAAP (or as excluding special items) have been adjusted to exclude special items\\. For the periods presented, in addition to the items discussed above, special items include:\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                 |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1\\. | A gain recognized in first quarter 2018, associated with the sale of 39 Boeing 737\\-300 (\"Classic\") aircraft and a number of spare engines to a third party\\. These aircraft were previously retired as part of the Company's exit of its Classic fleet\\. The gain was not anticipated, and the Company associates it with the grounding charge recorded in third quarter 2017; |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 2\\. | Lease termination costs recorded as a result of the Company acquiring 13 of its Classic aircraft off operating leases as part of the Company\u2019s strategic effort to remove its Classic aircraft from operations on or before September 29, 2017, in the most economically advantageous manner possible\\. The Company had not budgeted for these early lease termination costs, as they were subject to negotiations being concluded with the third  |\n\n\n\n50"}
{"_id": "Alaska-2018_48.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nIn 2017, we generated $1\\.6 billion in operating cash flows compared to $1\\.4 billion in 2016\\. The increase of $204 million was due to an increase in our net income\\. \n\nWe typically generate positive cash flows from operations, and expect to use that cash flow to buy aircraft and capital equipment, to make debt payments, and to return capital to shareholders\\. During 2016, we paused our share repurchase program as we prepared for the acquisition of Virgin America\\. We resumed our share repurchase program in the second quarter of 2017 and continued the program in 2018\\.\n\n***Cash Used in Investing Activities***\n\nCash used in investing activities was $631 million during 2018, compared to $1\\.1 billion in 2017\\. Our capital expenditures were $960 million, or $66 millionlower than 2017, primarily due to the deferral of Mainline deliveries in 2018, offset by an increase in non\\-aircraft spend related to the retrofit of our fleet and corporate real estate projects\\. Cash used in investing activities was also impacted by net sales of marketable securities of $282 million in 2018 compared to net purchases in 2017 of $181 million\\. The shift to net sales is primarily due to funds being utilized to prepay certain debt\\. For further information regarding our future expected capital expenditures, please refer to the Contractual Obligations and Commitments section below\\. \n\nCash used in investing activities was $1\\.1 billion during 2017, compared to $2\\.6 billion in 2016\\. In 2016, we used $2 billion to acquire Virgin America, representing $2\\.6 billion consideration paid, offset by $645 million of cash acquired\\. This cash outlay was offset by increased capital expenditures in 2017, which were $1 billion in 2017, $348 million higher than in 2016, and was a result of the purchase of more aircraft in 2017\\. \n\n***Cash Used in Financing Activities***\n\nCash used in financing activities was $647 million during 2018, compared to cash used in financing activities of $592 million in 2017\\. During the year, we made debt payments of $807 million, repurchased $50 million of our common stock and paid cash dividends of $158 million\\. During the fourth quarter of 2018, we secured new debt financing from multiple lenders of $339 million which replaced certain debt previously retired\\.\n\nIn 2017, we made debt payments of $397 million, repurchased $75 million of our common stock and made cash dividend payments of $148 million\\. In 2016, we secured debt proceeds of $2 billion for the acquisition of Virgin America, made debt payments of $249 million, repurchased $193 million of our common stock and made cash dividend payments of $136 million\\.\n\nWe plan to meet our future capital and operating commitments through our cash and investments on hand, internally generated cash from operations, along with additional debt financing if necessary\\.\n\n***Bank Lines of Credit***\n\nWe have three credit facilities with availability totaling $516 million, including one $250 million credit facility, one $150 million credit facility, and one $116 million credit facility\\. We have secured letters of credit against the $116 million facility but have no plans to borrow using either of the two remaining facilities\\. \n\n**CONTRACTUAL OBLIGATIONS AND COMMITMENTS**\n\n***Aircraft Purchase and Lease Commitments***\n\nAs of December 31, 2018, we have firm orders to purchase or lease 48 aircraft\\. We also have cancelable purchase commitments for 30 Airbus A320neo aircraft with deliveries from 2022 through 2024\\. We could incur a loss of pre\\-delivery payments and credits as a cancellation fee\\. We also have options to acquire up to 37 additional B737 aircraft with deliveries from 2021 through 2024 and 30 E175 aircraft with deliveries from 2021 to 2023\\. In addition to the 32E175 aircraft currently operated by SkyWest in our regional fleet, we have options in future periods to add regional capacity by having SkyWest operate up to eight more E175 aircraft\\. \n\nWe expect capital expenditures to be approximately $750 million in both 2019 and 2020\\. We currently expect delivery of seven owned Mainline jet aircraft and four owned Regional jet aircraft in 2019\\. \n\n 49"}
{"_id": "Alaska-2018_2.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nYou should not place undue reliance on our forward\\-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control\\.\n\nOur forward\\-looking statements are based on the information currently available to us and speak only as of the date on which this report was filed with the SEC\\. We expressly disclaim any obligation to issue any updates or revisions to our forward\\-looking statements, even if subsequent events cause our expectations to change regarding the matters discussed in those statements\\. Over time, our actual results, performance or achievements will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward\\-looking statements, and such differences might be significant and materially adverse to our shareholders\\. For a discussion of these and other risk factors in this Form 10\\-K, see \u201cItem 1A: Risk Factors\\.\u201d Please consider our forward\\-looking statements in light of those risks as you read this report\\.\n\n 3"}
{"_id": "AmericanAirlines-2018_181.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.21                         | [Trust Supplement No\\. 2014\\-1B, dated as of September 16, 2014, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex43.htm)                                                                                                                                                                                                                                |\n| 4\\.22                         | [Intercreditor Agreement (2014\\-1), dated as of September 16, 2014, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2014\\-1A and as Trustee of the American Airlines Pass Through Trust 2014\\-1B, Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex44.htm) |\n| 4\\.23                         | [Amendment No\\. 1 to Intercreditor Agreement (2014\\-1), dated as of June 24, 2015, among American Airlines, Inc\\., Credit Agricole Corporate and Investment Bank, as Class A and Class B liquidity provider and Wilmington Trust Company, as subordination agent and trustee (incorporated by reference to Exhibit 10\\.6 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex106.htm)                                                                                                                                                           |\n| 4\\.24                         | [Note Purchase Agreement, dated as of September 16, 2014, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex49.htm)                                                                                          |\n| 4\\.25                         | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (Exhibit B to Note Purchase Agreement) (incorporated by reference to Exhibit 4\\.10 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex410.htm)                              |\n| 4\\.26                         | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (Exhibit C to Note Purchase Agreement) (incorporated by reference to Exhibit 4\\.11 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex411.htm)                                                                                                                                                                                                                                          |\n| 4\\.27                         | [Revolving Credit Agreement (2014\\-1A), dated as of September 16, 2014, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2014\\-1A, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex414.htm)                                                                                       |\n| 4\\.28                         | [Revolving Credit Agreement (2014\\-1B), dated as of September 16, 2014, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2014\\-1B, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex415.htm)                                                                                       |\n| 4\\.29                         | [Indenture, dated as of September 25, 2014, among American Airlines Group Inc\\., the Guarantors (as defined therein) and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on September 26, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514353554/d794803dex41.htm)                                                                                                                                                                                                                                                                         |\n| 4\\.30                         | [First Supplemental Indenture, dated as of December 30, 2015, among American Airlines Group Inc\\., American Airlines, Inc\\. and Wilmington Trust, National Association, as trustee, to the Indenture dated as of September 25, 2014 (incorporated by reference to Exhibit 4\\.2 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex42.htm)                                                                                                                                                                                                                  |\n| 4\\.31                         | [Indenture, dated as of March 5, 2015, among American Airlines Group Inc\\., the Guarantors (as defined therein) and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on March 12, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515088934/d891899dex41.htm)                                                                                                                                                                                                                                                                                  |\n| 4\\.32                         | [Form of 6\\.125% Senior Notes due 2018 (incorporated by reference to Exhibit A to Exhibit 4\\.2 to US Airways Group\u2019s Current Report on Form 8\\-K filed on May 24, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513235868/d544095dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                        |\n| 4\\.33                         | [Form of 5\\.50% Senior Notes due 2019 (incorporated by reference to Exhibit A to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on September 26, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514353554/d794803dex41.htm)                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.34                         | [Form of 4\\.625% Senior Notes due 2020 (incorporated by reference to Exhibit A to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on March 12, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515088934/d891899dex41.htm)                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.35                         | [First Supplemental Indenture, dated as of December 30, 2015, among American Airlines Group Inc\\., American Airlines, Inc\\. and Wilmington Trust, National Association, as trustee, to the Indenture dated as of March 5, 2015 (incorporated by reference to Exhibit 4\\.3 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex43.htm)                                                                                                                                                                                                                       |\n\n\n\n182"}
{"_id": "United-2018_61.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|                                                         |                                                    |                                                    |                                                    |                                                    |                                                    |                                                    |\n| ------------------------------------------------------- | -------------------------------------------------- | -------------------------------------------------- | -------------------------------------------------- | -------------------------------------------------- | -------------------------------------------------- | -------------------------------------------------- |\n| **Consolidated Balance Sheets as of December 31,**      | **Consolidated Balance Sheets as of December 31,** | **Consolidated Balance Sheets as of December 31,** | **Consolidated Balance Sheets as of December 31,** | **Consolidated Balance Sheets as of December 31,** | **Consolidated Balance Sheets as of December 31,** | **Consolidated Balance Sheets as of December 31,** |\n|                                                         | **As Reported**                                    | **As Reported**                                    | **New Lease Standard Adjustments**                 | **New Lease Standard Adjustments**                 | **As Adjusted**                                    | **As Adjusted**                                    |\n|                                                         | **2018**                                           | **2017**                                           | **2018**                                           | **2017**                                           | **2018**                                           | **2017**                                           |\n| Current assets:                                         |                                                    |                                                    |                                                    |                                                    |                                                    |                                                    |\n| Receivables, less allowance for doubtful accounts       | $1,346                                             | $1,340                                             | $80                                                | $126                                               | $1,426                                             | $1,466                                             |\n| Prepaid expenses and other                              | 913                                                | 1,071                                              | (180)                                              | (208)                                              | 733                                                | 863                                                |\n| Operating property and equipment:                       |                                                    |                                                    |   <br>                                             |   <br>                                             |   <br>                                             |   <br>                                             |\n| Other property and equipment (owned)                    | 7,919                                              | 6,946                                              | (1,041)                                            | (922)                                              | 6,878                                              | 6,024                                              |\n| Less\\-Accumulated depreciation and amortization (owned) | (12,760)                                           | (11,159)                                           | 140                                                | 92                                                 | (12,620)                                           | (11,067)                                           |\n| Flight equipment (finance leases) (a)                   | 1,029                                              | 1,151                                              | (37)                                               | (211)                                              | 992                                                | 940                                                |\n| Less\\-Accumulated amortization                          | (654)                                              | (777)                                              | 8                                                  | 169                                                | (646)                                              | (608)                                              |\n| Operating lease assets                                  |                                                    |                                                    |   <br>                                             |   <br>                                             |                                                    |                                                    |\n| Flight equipment                                        | \u2014                                                  | \u2014                                                  | 2,380                                              | 3,102                                              | 2,380                                              | 3,102                                              |\n| Other property and equipment                            | \u2014                                                  | \u2014                                                  | 2,882                                              | 2,975                                              | 2,882                                              | 2,975                                              |\n| Current liabilities:                                    |                                                    |                                                    |   <br>                                             |   <br>                                             |   <br>                                             |   <br>                                             |\n| Current maturities of finance leases (a)                | 149                                                | 128                                                | (26)                                               | (50)                                               | 123                                                | 78                                                 |\n| Current maturities of operating leases                  | \u2014                                                  | \u2014                                                  | 719                                                | 949                                                | 719                                                | 949                                                |\n| Other                                                   | 619                                                | 576                                                | (66)                                               | (58)                                               | 553                                                | 518                                                |\n| Long\\-term obligations under finance leases (a)         | 1,134                                              | 996                                                | (910)                                              | (766)                                              | 224                                                | 230                                                |\n| Long\\-term obligations under operating leases           | \u2014                                                  | \u2014                                                  | 5,276                                              | 5,789                                              | 5,276                                              | 5,789                                              |\n| Other liabilities and deferred credits:                 |                                                    |                                                    |   <br>                                             |   <br>                                             |                                                    |                                                    |\n| Deferred income taxes                                   | 814                                                | 204                                                | 14                                                 | 16                                                 | 828                                                | 220                                                |\n| Other                                                   | 1,832                                              | 1,832                                              | (822)                                              | (811)                                              | 1,010                                              | 1,021                                              |\n| Stockholders' equity:                                   |                                                    |                                                    |   <br>                                             |   <br>                                             |   <br>                                             |   <br>                                             |\n| Retained earnings                                       | 6,668                                              | 4,549                                              | 47                                                 | 54                                                 | 6,715                                              | 4,603                                              |\n\n\n\n(a) Finance leases, under the New Lease Standard, are the equivalent of capital leases under Topic 840\\.\n\nThe adoption of the New Lease Standard primarily resulted in the recording of assets and obligations of our operating leases on our consolidated balance sheets\\. Certain amounts recorded for prepaid and accrued rent associated with historical operating leases were reclassified to the newly captioned Operating lease assets in the consolidated balance sheets\\. Also, certain leases designated under Topic 840 as owned assets and capitalized finance leases will not be considered assets under the New Lease Standard and will be removed from the consolidated balance sheets, along with the related capital lease liability\\.\n\n62"}
{"_id": "Alaska-2019_17.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nas advertising, passenger communications, denied boarding compensation and tarmac delay response\\.  Airlines are subject to enforcement actions that are brought by the DOT for alleged violations of consumer protection and other economic regulations\\. We are not aware of any enforcement proceedings that could either materially affect our financial position or impact our authority to operate\\. \n\n\u2022 FAA:  The FAA, through Federal Aviation Regulations (FARs), generally regulates all aspects of airline operations, including establishing personnel, maintenance and flight operation standards\\. Domestic airlines are required to hold a valid air carrier operating certificate issued by the FAA\\. Pursuant to these regulations, we have established, and the FAA has approved, our operations specifications and a maintenance program for each type of aircraft we operate\\. Each maintenance program provides for the ongoing maintenance of the relevant aircraft type, ranging from frequent routine inspections to major overhauls\\. Periodically, the FAA issues airworthiness directives (ADs) that must be incorporated into our aircraft maintenance program and operations\\. All airlines are subject to enforcement actions that are brought by the FAA from time to time for alleged violations of FARs or ADs\\. At this time, we are not aware of any enforcement proceedings that could either materially affect our financial position or impact our authority to operate\\. \n\n\u2022 TSA:  Airlines serving the U\\.S\\. must operate a TSA\\-approved Aircraft Operator Standard Security Program (AOSSP), and comply with TSA Security Directives (SDs) and regulations\\. Under TSA authority, we are required to collect a September 11 Security Fee of $5\\.60 per one\\-way trip from passengers and remit that sum to the government to fund aviation security me asures\\.  Airlines are subject to enforcement actions that are brought by the TSA for alleged violations of the AOSSP, SDs or security regulations\\. We are not aware of any enforcement proceedings that could either materially affect our financial position or impact our authority to operate\\. \n\nThe Department of Justice and DOT have jurisdiction over airline antitrust matters\\. The U\\.S\\. Postal Service has jurisdiction over certain aspects of the transportation of mail and related services\\. Labor relations in the air transportation industry are regulated under the RLA\\. To the extent we continue to fly to foreign countries and pursue alliances with international carriers, we may be subject to certain regulations of foreign agencies and international treaties\\.\n\nWe are also subject to the oversight of the Occupational Safety and Health Administration (OSHA) concerning employee safety and health matters\\. The OSHA and other federal agencies have been authorized to create and enforce regulations that have an impact on our operations\\. In addition to these federal activities, various states have been delegated certain authorities under these federal statutes\\. Many state and local governments have adopted employee safety and health laws and regulations\\. We maintain our safety and health programs in order to meet or exceed these requirements\\.\n\nENVIRONMENTAL\n\nWe are also subject to various laws and government regulations concerning environmental matters, both domestically and internationally\\. Domestic regulations that have an impact to our operations include the Airport Noise and Capacity Act of 1990, the Clean Air Act, Resource Conservation and Recovery Act, Clean Water Act, Safe Drinking Water Act, the Comprehensive Environmental Response and Compensation Liability Act, the National Environmental Policy Act, Emergency Planning and Community Right\\-to\\-Know Act and the Toxic Substances Control Act\\. Many state and local environmental regulations exceed these federal regulations\\. In the future there may be incremental legislation aimed at reduction of carbon and other greenhouse gas emissions and environmental restoration\\. \n\nThe Airport Noise and Capacity Act recognizes the rights of airport operators with noise problems to implement local noise abatement programs so long as they do not interfere unreasonably with interstate or foreign commerce or the national air transportation system\\. Authorities in several cities have established aircraft noise reduction programs, including the imposition of nighttime curfews\\. We believe we have sufficient scheduling flexibility to accommodate local noise restrictions\\.\n\nThe impacts of carbon emissions generated by the airline industry and the impact of those emissions on climate change have faced increased scrutiny\\. We committed to carbon neutral international growth starting in 2020 through our commitment to Carbon Offsetting and Reduction Scheme for International Aviation, a global, market\\-based emissions offset program issued by the International Civil Aviation Organization\\. This does not have a direct impact on domestic flights, however EPA is expected to finalize a rule in 2020 on aircraft emission standards which will align with the international agreements\\. \n\nOver the course of several years, we have transitioned to more fuel\\-efficient aircraft fleets, added fuel\\-efficient winglets, and flown efficient flight paths, keeping with our industry commitments towards emission reduction\\. In 2016, Alaska Airlines flew the first commercial flight in the U\\.S\\. using a sustainable alternative jet fuel of a 20% blend made from forest residuals\\. The fuel from that flight was produced by the Northwest Advanced Renewables Alliance (NARA), led by Washington State University\\. Alaska Airlines has joined with others at Seattle Tacoma International Airport and San Francisco International \n\n17"}
{"_id": "Southwest-2017_30.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nthese cases with a proposed class of all persons who purchased domestic airline transportation services from July 1, 2011, to the date of the settlement\\. The Company agreed to pay $15 million and to provide certain cooperation with the plaintiffs as set forth in the settlement agreement\\. The Court granted preliminary approval of the settlement on January 3, 2018, and it is anticipated that the Court will establish a schedule for providing notice to the class, for class members to object or opt out, and for a final fairness hearing\\. The Company denies all allegations of wrongdoing\\.\n\nIn addition, on July 8, 2015, the Company was named as a defendant in a putative class action filed in the Federal Court in Canada alleging that the Company, Air Canada, American Airlines, Delta Air Lines, and United Airlines colluded to restrict capacity and maintain higher fares for Canadian residents traveling in the United States and for travel between the United States and Canada\\. Similar lawsuits were filed in the Supreme Court of British Columbia on July 15, 2015, Court of Queen's Bench for Saskatchewan on August 4, 2015, Superior Court of the Province of Quebec on September 21, 2015, and Ontario Superior Court of Justice on October 6, 2015\\. In December 2015, the Company entered into Tolling and Discontinuance agreements with putative class counsel in the Federal Court, British Columbia, and Ontario proceedings and a discontinuance agreement with putative class counsel in the Quebec proceeding\\. The other defendants entered into an agreement with the same putative class counsel to stay the Federal Court, British Columbia, and Quebec proceedings and to proceed in Ontario\\. On June 10, 2016, the Federal Court granted plaintiffs' motion to discontinue that action against the Company without prejudice and stayed the action against the other defendants\\. On July 13, 2016, the plaintiff unilaterally discontinued the action against the Company in British Columbia\\. On February 14, 2017, the Quebec Court granted the plaintiff\u2019s motion to discontinue the Quebec proceeding against the Company and to stay that proceeding against the other defendants\\. On March 10, 2017, the Ontario Court granted the plaintiff\u2019s motion to discontinue that proceeding as to the Company\\. On September 29, 2017, the Company and the other defendants entered into a tolling agreement suspending any limitations periods that may apply to possible claims among them for contribution and indemnity arising from the Canadian litigation\\. The Saskatchewan claim has not been served on the Company, and the time for the Company to respond to that complaint has not yet begun to run\\. The plaintiff in that case generally seeks damages (including punitive damages in certain cases), prejudgment interest, disgorgement of any benefits accrued by the defendants as a result of the allegations, injunctive relief, and attorneys' fees and other costs\\. The Company denies all allegations of wrongdoing and intends to vigorously defend this civil case in Canada\\. The Company does not currently serve Canada\\.\n\nThe Company is from time to time subject to various legal proceedings and claims arising in the ordinary course of business, including, but not limited to, examinations by the Internal Revenue Service\\.\n\nThe Company\u2019s management does not expect that the outcome in any of its currently ongoing legal proceedings or the outcome of any proposed adjustments presented to date by the Internal Revenue Service, individually or collectively, will have a material adverse effect on the Company\u2019s financial condition, results of operations, or cash flow\\.\n\n\n\n|               |                                |\n| ------------- | ------------------------------ |\n| **Item 4\\.**  | ***Mine Safety Disclosures***  |\n\n\n\nNot applicable\\.\n\n31"}
{"_id": "AmericanAirlines-2018_186.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| ----------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| 4\\.92                         | [Revolving Credit Agreement (2016\\-1AA), dated as of January 19, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-1AA, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex412.htm)                                                                                        |\n| 4\\.93                         | [Revolving Credit Agreement (2016\\-1A), dated as of January 19, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-1A, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.13 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex413.htm)                                                                                          |\n| 4\\.94                         | [Revolving Credit Agreement (2016\\-1B), dated as of January 19, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-1B, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex414.htm)                                                                                          |\n| 4\\.95                         | [Trust Supplement No\\. 2016\\-2AA, dated as of May 16, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex42.htm)                                                                                                                                                                            |\n| 4\\.96                         | [Trust Supplement No\\. 2016\\-2A, dated as of May 16, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex43.htm)                                                                                                                                                                             |\n| 4\\.97                         | [Intercreditor Agreement (2016\\-2), dated as of May 16, 2016, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-2AA and as Trustee of the American Airlines Pass Through Trust 2016\\-2A, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider and Class A Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex44.htm)          |\n| 4\\.98                         | [Note Purchase Agreement, dated as of May 16, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex49.htm)                                       |\n| 4\\.99                         | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex49.htm) |\n| 4\\.100                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex49.htm)                                                                                                                                                                                                             |\n| 4\\.101                        | [Form of Pass Through Trust Certificate, Series 2016\\-2AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex42.htm)                                                                                                                                                                                                                                                                                                                |\n| 4\\.102                        | [Form of Pass Through Trust Certificate, Series 2016\\-2A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex43.htm)                                                                                                                                                                                                                                                                                                                 |\n| 4\\.103                        | [Revolving Credit Agreement (2016\\-2AA), dated as of May 16, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-2AA, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex414.htm)                                                                                                |\n| 4\\.104                        | [Revolving Credit Agreement (2016\\-2A), dated as of May 16, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-2A, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex415.htm)                                                                                                  |\n| 4\\.105                        | [Trust Supplement No\\. 2016\\-2B, dated as of July 8, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex42.htm)                                                                                                                                                                            |\n\n\n\n187"}
{"_id": "United-2019_63.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nThe following table provides information related to UAL's share\\-based compensation plan cost for the years ended December 31 (in millions):\n\n\n\n|                    |          |          |          |\n| ------------------ | -------- | -------- | -------- |\n|                    | **2019** | **2018** | **2017** |\n| Compensation cost: |          |          |          |\n| RSUs               | $98      | $98      | $63      |\n| Restricted stock   | 1        | 2        | 8        |\n| Stock options      | 1        | 1        | 2        |\n| Total              | $100     | $101     | $73      |\n\n\n\nThe table below summarizes UAL's unearned compensation and weighted\\-average remaining period to recognize costs for all outstanding share\\-based awards that are probable of being achieved as of December 31,  2019  (in millions, except as noted): \n\n\n\n|               |                           |                                                                          |\n| ------------- | ------------------------- | ------------------------------------------------------------------------ |\n|               | **Unearned Compensation** | **Weighted\\-Average**<br><br>**Remaining Period** <br><br>**(in years)** |\n| RSUs          | $66                       | 2\\.0                                                                     |\n| Stock options | 11                        | 5\\.3                                                                     |\n| Total         | $77                       |                                                                          |\n\n\n\nRSUs and Restricted Stock\\.  As of  December 31, 2019 , UAL had recorded a liability of   $44 million  related to its cash\\-settled RSUs\\. UAL paid   $41 million ,   $28 million  and   $50 million  related to its cash\\-settled RSUs during  2019 ,  2018  and  2017 , respectively\\. \n\nThe table below summarizes UAL's RSUs and restricted stock activity for the years ended December 31 (shares in millions):\n\n\n\n|                                  |                      |                    |                                                          |                                  |                                                          |\n| -------------------------------- | -------------------- | ------------------ | -------------------------------------------------------- | -------------------------------- | -------------------------------------------------------- |\n|                                  | **Liability Awards** | **Equity Awards**  | **Equity Awards**                                        | **Equity Awards**                | **Equity Awards**                                        |\n|                                  | **RSUs**             |   <br><br>**RSUs** | **Weighted\\-**<br><br>**Average**<br><br>**Grant Price** | **Restricted** <br><br>**Stock** | **Weighted\\-**<br><br>**Average**<br><br>**Grant Price** |\n| Outstanding at December 31, 2016 | 2\\.1                 | 0\\.8               | $51\\.67                                                  | 0\\.5                             | $52\\.00                                                  |\n| Granted                          | 0\\.6                 | 1\\.0               | 71\\.68                                                   | \u2014                                | \u2014                                                        |\n| Vested                           | (0\\.7<br><br>)       | (0\\.3<br><br>)     | 51\\.81                                                   | (0\\.2<br><br>)                   | 51\\.60                                                   |\n| Forfeited                        | (0\\.2<br><br>)       | (0\\.1<br><br>)     | 57\\.49                                                   | \u2014                                | \u2014                                                        |\n| Outstanding at December 31, 2017 | 1\\.8                 | 1\\.4               | 63\\.99                                                   | 0\\.3                             | 52\\.30                                                   |\n| Granted                          | 0\\.7                 | 1\\.1               | 67\\.74                                                   | \u2014                                | \u2014                                                        |\n| Vested                           | (0\\.5<br><br>)       | (0\\.5<br><br>)     | 63\\.02                                                   | (0\\.2<br><br>)                   | 53\\.24                                                   |\n| Forfeited                        | (0\\.1<br><br>)       | (0\\.2<br><br>)     | 67\\.34                                                   | \u2014                                | \u2014                                                        |\n| Outstanding at December 31, 2018 | 1\\.9                 | 1\\.8               | 66\\.29                                                   | 0\\.1                             | 51\\.17                                                   |\n| Granted                          | 0\\.1                 | 1\\.1               | 86\\.72                                                   | \u2014                                | \u2014                                                        |\n| Vested                           | (0\\.5<br><br>)       | (0\\.8<br><br>)     | 64\\.85                                                   | (0\\.1<br><br>)                   | 51\\.17                                                   |\n| Forfeited                        | (0\\.9<br><br>)       | (0\\.1<br><br>)     | 76\\.48                                                   | \u2014                                | \u2014                                                        |\n| Outstanding at December 31, 2019 | 0\\.6                 | 2\\.0               | 78\\.03                                                   | \u2014                                | \u2014                                                        |\n\n\n\nThe fair value of RSUs and restricted stock that vested in  2019 ,  2018  and  2017  was   $99 million ,   $70 million  and   $76 million , respectively\\. The fair value of the restricted stock and the stock\\-settled RSUs was based upon the UAL common stock price on the date of grant\\. The fair value of the cash\\-settled RSUs was based on the UAL common stock price as of the last day preceding the settlement date\\. \n\nStock Options\\.  In  2019 , UAL granted an award of approximately   307,000  premium\\-priced stock options with an exercise price that was   25%  higher than the closing price of UAL's common stock on the date of grant, representing an exercise price of   $110\\.21 \\. UAL did not grant any stock option awards during 2018\\. In 2017, UAL granted approximately   36,000  stock options with an exercise price equal to the fair market value of UAL's common stock on the date of grant, representing an exercise price of   $77\\.56  and a weighted\\-average grant date fair value of approximately   $0\\.7 million \\. Expense related to each portion of an option grant is recognized on a straight\\-line basis over the specific vesting period for those options\\.\n\n64"}
{"_id": "United-2019_47.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUNITED AIRLINES HOLDINGS, INC\\. \n\nSTATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY\n\n(In millions)\n\n\n\n|                                                               |                             |                             |                                            |                          |                                             |                                                              |                 |\n| ------------------------------------------------------------- | --------------------------- | --------------------------- | ------------------------------------------ | ------------------------ | ------------------------------------------- | ------------------------------------------------------------ | --------------- |\n|                                                               | **Common**<br><br>**Stock** | **Common**<br><br>**Stock** | **Additional**<br><br>**Capital Invested** | **Treasury Stock**       | **Retained Earnings (Accumulated Deficit)** | **Accumulated**<br><br>**Other Comprehensive Income (Loss)** | **Total**       |\n|                                                               | **Shares**                  | **Amount**                  | **Additional**<br><br>**Capital Invested** | **Treasury Stock**       | **Retained Earnings (Accumulated Deficit)** | **Accumulated**<br><br>**Other Comprehensive Income (Loss)** | **Total**       |\n| Balance at December 31, 2016                                  | 314\\.6                      | $3                          | $6,569                                     | $<br><br>(511<br><br>)   | $3,342                                      | $<br><br>(829<br><br>)                                       | $8,574          |\n| Net income (a)                                                | \u2014                           | \u2014                           | \u2014                                          | \u2014                        | 2,143                                       | \u2014                                                            | 2,143           |\n| Other comprehensive loss                                      | \u2014                           | \u2014                           | \u2014                                          | \u2014                        | \u2014                                           | (200<br><br>)                                                | (200<br><br>)   |\n| Stock\\-settled share\\-based compensation                      | \u2014                           | \u2014                           | 56                                         | \u2014                        | \u2014                                           | \u2014                                                            | 56              |\n| Proceeds from exercise of stock options                       | \u2014                           | \u2014                           | 2                                          | \u2014                        | \u2014                                           | \u2014                                                            | 2               |\n| Repurchases of common stock                                   | (27\\.8<br><br>)             | \u2014                           | \u2014                                          | (1,844<br><br>)          | \u2014                                           | \u2014                                                            | (1,844<br><br>) |\n| Treasury stock retired                                        | \u2014                           | \u2014                           | (508<br><br>)                              | 1,576                    | (1,068<br><br>)                             | \u2014                                                            | \u2014               |\n| Net treasury stock issued for share\\-based awards             | 0\\.2                        | \u2014                           | (21<br><br>)                               | 10                       | (1<br><br>)                                 | \u2014                                                            | (12<br><br>)    |\n| Excess tax benefits from share\\-based awards                  | \u2014                           | \u2014                           | \u2014                                          | \u2014                        | 14                                          | \u2014                                                            | 14              |\n| Reclassification of stranded tax effects                      | \u2014                           | \u2014                           | \u2014                                          | \u2014                        | 118                                         | (118<br><br>)                                                | \u2014               |\n| Other (a)                                                     | \u2014                           | \u2014                           | \u2014                                          | \u2014                        | 55                                          | \u2014                                                            | 55              |\n| Balance at December 31, 2017                                  | 287\\.0                      | 3                           | 6,098                                      | (769<br><br>)            | 4,603                                       | (1,147<br><br>)                                              | 8,788           |\n|  Net income (a)                                               | \u2014                           | \u2014                           | \u2014                                          | \u2014                        | 2,122                                       | \u2014                                                            | 2,122           |\n| Other comprehensive income                                    | \u2014                           | \u2014                           | \u2014                                          | \u2014                        | \u2014                                           | 338                                                          | 338             |\n| Stock\\-settled share\\-based compensation                      | \u2014                           | \u2014                           | 60                                         | \u2014                        | \u2014                                           | \u2014                                                            | 60              |\n| Repurchases of common stock                                   | (17\\.5<br><br>)             | \u2014                           | \u2014                                          | (1,250<br><br>)          | \u2014                                           | \u2014                                                            | (1,250<br><br>) |\n| Net treasury stock issued for share\\-based awards             | 0\\.4                        | \u2014                           | (38<br><br>)                               | 26                       | (4<br><br>)                                 | \u2014                                                            | (16<br><br>)    |\n| Adoption of accounting standard related to equity investments | \u2014                           | \u2014                           | \u2014                                          | \u2014                        | (6<br><br>)                                 | 6                                                            | \u2014               |\n| Balance at December 31, 2018                                  | 269\\.9                      | 3                           | 6,120                                      | (1,993<br><br>)          | 6,715                                       | (803<br><br>)                                                | 10,042          |\n|  Net income                                                   | \u2014                           | \u2014                           | \u2014                                          | \u2014                        | 3,009                                       | \u2014                                                            | 3,009           |\n| Other comprehensive income                                    | \u2014                           | \u2014                           | \u2014                                          | \u2014                        | \u2014                                           | 85                                                           | 85              |\n| Stock\\-settled share\\-based compensation                      | \u2014                           | \u2014                           | 66                                         | \u2014                        | \u2014                                           | \u2014                                                            | 66              |\n| Repurchases of common stock                                   | (19\\.2<br><br>)             | \u2014                           | \u2014                                          | (1,641<br><br>)          | \u2014                                           | \u2014                                                            | (1,641<br><br>) |\n| Net treasury stock issued for share\\-based awards             | 0\\.5                        | \u2014                           | (57<br><br>)                               | 35                       | (8<br><br>)                                 | \u2014                                                            | (30<br><br>)    |\n| Balance at December 31, 2019                                  | 251\\.2                      | $3                          | $6,129                                     | $<br><br>(3,599<br><br>) | $9,716                                      | $<br><br>(718<br><br>)                                       | $11,531         |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2016\\-02,  Leases (Topic 842) \\. See Note 1 to the financial statements contained in Part II, Item 8 \n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n48"}
{"_id": "United-2019_22.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|              |                   |\n| ------------ | ----------------- |\n| **ITEM 2\\.** | **PROPERTIES\\.**  |\n\n\n\nFleet\\.  As of  December 31, 2019 , United's mainline and regional fleets consisted of the following:\n\n\n\n|                   |           |           |            |                                     |                             |\n| ----------------- | --------- | --------- | ---------- | ----------------------------------- | --------------------------- |\n| **Aircraft Type** | **Total** | **Owned** | **Leased** | **Seats in Standard Configuration** |  **Average Age (In Years)** |\n| **Mainline:**     |           |           |            |                                     |                             |\n| 777\\-300ER        | 20        | 20        | \u2014          | 350                                 | 2\\.2                        |\n| 777\\-200ER        | 55        | 51        | 4          | 267\\-276                            | 19\\.8                       |\n| 777\\-200          | 19        | 19        | \u2014          | 364                                 | 22\\.5                       |\n| 787\\-10           | 11        | 11        | \u2014          | 318                                 | 0\\.7                        |\n| 787\\-9            | 25        | 25        | \u2014          | 252                                 | 3\\.8                        |\n| 787\\-8            | 12        | 12        | \u2014          | 219                                 | 6\\.5                        |\n| 767\\-400ER        | 16        | 14        | 2          | 240                                 | 18\\.3                       |\n| 767\\-300ER        | 38        | 25        | 13         | 167\\-214                            | 23\\.9                       |\n| 757\\-300          | 21        | 9         | 12         | 234                                 | 17\\.3                       |\n| 757\\-200          | 53        | 48        | 5          | 142\\-176                            | 23\\.5                       |\n| 737\\-900ER        | 136       | 136       | \u2014          | 179                                 | 7\\.0                        |\n| 737\\-900          | 12        | 8         | 4          | 179                                 | 18\\.3                       |\n| 737\\-800          | 141       | 95        | 46         | 166                                 | 15\\.8                       |\n| 737\\-700          | 41        | 29        | 12         | 126                                 | 20\\.8                       |\n| A320\\-200         | 97        | 76        | 21         | 150                                 | 21\\.3                       |\n| A319\\-100         | 80        | 57        | 23         | 126\\-128                            | 18\\.1                       |\n| Total mainline    | 777       | 635       | 142        |                                     | 15\\.6                       |\n\n\n\nIn addition to the aircraft presented in the table above, United owned or leased the following mainline aircraft as of  December 31, 2019 : \n\n\n\n|   |                                                                                       |\n| - | ------------------------------------------------------------------------------------- |\n| \u2022 | Fourteen Boeing 737 MAX 9s, which are temporarily grounded pursuant to the FAA Order; |\n\n\n\n\n\n|   |                                                        |\n| - | ------------------------------------------------------ |\n| \u2022 | Four Boeing 747\\-400s, which are permanently grounded; |\n\n\n\n\n\n|   |                                                         |\n| - | ------------------------------------------------------- |\n| \u2022 | Three Airbus A320s, which are temporarily grounded; and |\n\n\n\n\n\n|   |                                                                    |\n| - | ------------------------------------------------------------------ |\n| \u2022 | One Boeing 767\\-200, which is being subleased to another airline\\. |\n\n\n\n\n\n|                            |           |           |                                          |                                                           |                                                      |                                     |\n| -------------------------- | --------- | --------- | ---------------------------------------- | --------------------------------------------------------- | ---------------------------------------------------- | ----------------------------------- |\n| **Aircraft Type**          | **Total** | **Owned** | **Owned or Leased by Regional Carrier**  | **Regional Carrier Operator and Number of Aircraft**      | **Regional Carrier Operator and Number of Aircraft** | **Seats in Standard Configuration** |\n| **Regional:**              |           |           |                                          |                                                           |                                                      |                                     |\n| Embraer E175/E175LL        | 170       | 71        | 99                                       | SkyWest:<br><br>Mesa:<br><br>Republic:<br><br>ExpressJet: | 65<br><br>60<br><br>28<br><br>17                     | 70\\-76                              |\n| Embraer 170                | 38        | \u2014         | 38                                       | Republic:                                                 | 38                                                   | 70                                  |\n| CRJ700                     | 47        | \u2014         | 47                                       | Mesa:<br><br>SkyWest:<br><br>GoJet:                       | 20<br><br>19<br><br>8                                | 70                                  |\n| CRJ550                     | 18        | \u2014         | 18                                       | GoJet:                                                    | 18                                                   | 50                                  |\n| CRJ200                     | 133       | \u2014         | 133                                      | SkyWest:<br><br>Air Wisconsin:                            | 70<br><br>63                                         | 50                                  |\n| Embraer ERJ 145 (XR/LR/ER) | 175       | 168       | 7                                        | ExpressJet:<br><br>Trans States: <br><br>CommutAir:       | 95<br><br>43<br><br>37                               | 50                                  |\n| Total regional             | 581       | 239       | 342                                      |                                                           |                                                      |                                     |\n\n\n\nIn addition to the aircraft presented in the table above, United owned the following regional aircraft as of  December 31, 2019 : \n\n\n\n|   |                                                                         |\n| - | ----------------------------------------------------------------------- |\n| \u2022 | Eight Embraer E175LLs, which were delivered but not yet in service; and |\n\n\n\n\n\n|   |                                                          |\n| - | -------------------------------------------------------- |\n| \u2022 | Three Embraer ERJ145s, which are temporarily grounded\\.  |\n\n\n\n23"}
{"_id": "United-2018_57.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nof capital lease assets is included in depreciation and amortization expense\\. The estimated useful lives of property and equipment are as follows:\n\n\n\n|                                    |                                      |\n| ---------------------------------- | ------------------------------------ |\n|                                    | **Estimated Useful Life (in years)** |\n| Aircraft and related rotable parts | 25 to 30                             |\n| Aircraft seats                     | 10 to 15                             |\n| Buildings                          | 25 to 45                             |\n| Other property and equipment       | 3 to 15                              |\n| Computer software                  | 5 to 15                              |\n| Building improvements              | 1 to 40                              |\n\n\n\nAs of December 31, 2018 and 2017, the Company had a carrying value of computer software of $359 million and $345 million, respectively\\. For the years ended December 31, 2018, 2017 and 2016, the Company's depreciation expense related to computer software was $122 million, $117 million and $108 million, respectively\\. Aircraft and aircraft spare parts were assumed to have residual values of approximately 10% of original cost, and other categories of property and equipment were assumed to have no residual value\\.\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (i) | **Maintenance and Repairs\u2014** The cost of maintenance and repairs, including the cost of minor replacements, is charged to expense as incurred, except for costs incurred under our power\\-by\\-the\\-hour (\"PBTH\") engine maintenance agreements\\. PBTH contracts transfer certain risk to third\\-party service providers and fix the amount we pay per flight hour or per cycle to the service provider in exchange for maintenance and repairs under a predefined maintenance program\\. Under PBTH agreements, the Company recognizes expense at a level rate per engine hour, unless the level of service effort and the related payments during the period are substantially consistent, in which case the Company recognizes expense based on the amounts paid\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                       |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (j) | **Lease Fair Value Adjustments\u2014** Lease fair value adjustments, which arose from recording operating leases at fair value under fresh start or business combination accounting, are amortized on a straight\\-line basis over the related lease term\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                          |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (k) | **Regional Capacity Purchase\u2014** Payments made to regional carriers under capacity purchase agreements (\"CPAs\") are reported in Regional capacity purchase in our consolidated statements of operations\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                      |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (l) | **Advertising\u2014** Advertising costs, which are included in Other operating expenses, are expensed as incurred\\. Advertising expenses were  $211 million ,  $217 million  and  $220 million  for the years ended December 31,  2018 ,  2017  and  2016  respectively\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (m) | **Intangibles\u2014** The Company has finite\\-lived and indefinite\\-lived intangible assets, including goodwill\\. Finite\\-lived intangible assets are amortized over their estimated useful lives\\. Goodwill and indefinite\\-lived intangible assets are not amortized but are reviewed for impairment annually or more frequently if events or circumstances indicate that the asset may be impaired\\. Goodwill and indefinite\\-lived assets are reviewed for impairment on an annual basis as of October 1, or on an interim basis whenever a triggering event occurs\\. See Note 2 of this report for additional information related to intangibles\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (n) | **Long\\-Lived Asset Impairments\u2014** The Company evaluates the carrying value of long\\-lived assets subject to amortization whenever events or changes in circumstances indicate that an impairment may exist\\. For purposes of this testing, the Company has generally identified the aircraft fleet type as the lowest level of identifiable cash flows\\.  An impairment charge is recognized when the asset's carrying value exceeds its net undiscounted future cash flows and its fair market value\\. The amount of the charge is the difference between the asset's carrying value and fair market value\\.  See Note 14 of this report for additional information related to asset impairments\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (o) | **Share\\-Based Compensation\u2014** The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award\\. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the award, usually the vesting period\\. Obligations for cash\\-settled restricted stock units (\"RSUs\") are remeasured at fair value throughout the requisite service period at the close of the reporting period based upon UAL's stock price\\. In addition to the service requirement, certain RSUs have performance metrics that must be achieved prior to vesting\\. These awards are accrued based on the expected level of achievement at each reporting period\\. An adjustment is recorded each reporting period to adjust compensation expense based on both UAL's stock price and the then current level of  |\n\n\n\n58"}
{"_id": "AmericanAirlines-2019_186.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                         |                              |\n| ----------------------- | ---------------------------- |\n| Date: February 19, 2020 | /s/ Susan D\\. Kronick        |\n|                         | Susan D\\. Kronick, Director  |\n| Date: February 19, 2020 | /s/ Martin H\\. Nesbitt       |\n|                         | Martin H\\. Nesbitt, Director |\n| Date: February 19, 2020 | /s/ Denise M\\. O\u2019Leary       |\n|                         | Denise M\\. O\u2019Leary, Director |\n| Date: February 19, 2020 | /s/ Ray M\\. Robinson         |\n|                         | Ray M\\. Robinson, Director   |\n\n\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of American Airlines, Inc\\. and in the capacities and on the dates noted:\n\n\n\n|                         |                                                      |\n| ----------------------- | ---------------------------------------------------- |\n| Date: February 19, 2020 | /s/ W\\. Douglas Parker                               |\n|                         | W\\. Douglas Parker                                   |\n|                         | Chairman and Chief Executive Officer                 |\n|                         | (Principal Executive Officer)                        |\n| Date: February 19, 2020 | /s/ Derek J\\. Kerr                                   |\n|                         | Derek J\\. Kerr                                       |\n|                         | Executive Vice President and Chief Financial Officer |\n|                         | (Principal Financial and Accounting Officer)         |\n| Date: February 19, 2020 | /s/ Stephen L\\. Johnson                              |\n|                         | Stephen L\\. Johnson, Director                        |\n| Date: February 19, 2020 | /s/ Robert D\\. Isom                                  |\n|                         | Robert D\\. Isom, Director                            |\n\n\n\n187"}
{"_id": "United-2017_107.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n***AUDIT FEES*** \n\nFor 2017 and 2016, audit fees consist primarily of the audit and quarterly reviews of the consolidated financial statements and the audit of the effectiveness of internal control over financial reporting of United Continental Holdings, Inc\\. and its wholly\\-owned subsidiaries\\. Audit fees also include the audit of the consolidated financial statements of United, employee benefit plan audits, attestation services required by statute or regulation, comfort letters, consents, assistance with and review of documents filed with the SEC, and accounting and financial reporting consultations and research work necessary to comply with generally accepted auditing standards\\.\n\n***AUDIT RELATED FEES*** \n\nFor 2017 and 2016, fees for audit related services consisted of professional services related to due diligence and consultations related to the adoption of new accounting standards\\.\n\n***TAX FEES*** \n\nTax fees for 2017 and 2016 relate to professional services provided for research and consultations regarding tax accounting and tax compliance matters, review of U\\.S\\. and international tax impacts of certain transactions and assistance in assembling data to prepare for and respond to governmental reviews of past tax filings, exclusive of tax services rendered in connection with the audit\\.\n\n***ALL OTHER FEES*** \n\nFees for all other services billed in 2017 and 2016 consist of subscriptions to Ernst & Young LLP\u2019s on\\-line accounting research tool\\.\n\n**PART IV** \n\n\n\n|                |                                                   |\n| -------------- | ------------------------------------------------- |\n|  **ITEM 15\\.** | **EXHIBITS AND FINANCIAL STATEMENT SCHEDULES\\.**  |\n\n\n\n\n\n|        |                                                                                                                                                                                |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (a)(1) | *Financial Statements*\\. The financial statements required by this item are listed in Part II, Item 8, *Financial Statements and Supplementary Data* herein\\.                  |\n| (2)    | *Financial Statement Schedules\\.* The financial statement schedule required by this item is listed below and included in this report after the signature page hereto\\.         |\n|        | Schedule  II\\-Valuation and Qualifying Accounts for the years ended December 31, 2017, 2016 and 2015\\.                                                                         |\n|        | All other schedules are omitted because they are not applicable, not required or the required information is shown in the consolidated financial statements or notes thereto\\. |\n| (b)    | *Exhibits\\.* The exhibits required by this item are provided in the Exhibit Index\\.                                                                                            |\n\n\n\n108"}
{"_id": "Alaska-2017_58.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|                                                                                         |                                                                                         |                                                                                         |                                                                                         |                                                                                         |\n| --------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------- |\n| **Provisional impact of new accounting standards to the 2017 Statement of Operations:** | **Provisional impact of new accounting standards to the 2017 Statement of Operations:** | **Provisional impact of new accounting standards to the 2017 Statement of Operations:** | **Provisional impact of new accounting standards to the 2017 Statement of Operations:** | **Provisional impact of new accounting standards to the 2017 Statement of Operations:** |\n|                                                                                         | **FY 2017**                                                                             | **Adjustments \\-**                                                                      | **Adjustments \\-**                                                                      | **FY 2017**                                                                             |\n|                                                                                         | **As Reported**                                                                         | **Revenue Recognition**                                                                 | **Retirement Benefits**                                                                 | **As Recast**                                                                           |\n| Passenger Revenue                                                                       | $6,818                                                                                  | $487                                                                                    | $\u2014                                                                                      | $7,305                                                                                  |\n| Other Revenue                                                                           | 1,115                                                                                   | (528)                                                                                   | \u2014                                                                                       | 587                                                                                     |\n| Total Operating Revenue                                                                 | 7,933                                                                                   | (41)                                                                                    | \u2014                                                                                       | 7,892                                                                                   |\n| Operating Expense                                                                       | 6,673                                                                                   | 13                                                                                      | 7                                                                                       | 6,693                                                                                   |\n| Nonoperating Income (Expense)                                                           | (53)                                                                                    | \u2014                                                                                       | 7                                                                                       | (46)                                                                                    |\n| Income Before Income Tax                                                                | $1,207                                                                                  | $(54)                                                                                   | $\u2014                                                                                      | $1,153                                                                                  |\n\n\n\n\n\n|                                                                         |\n| ----------------------------------------------------------------------- |\n| **ITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK** |\n\n\n\nWe have interest\\-rate risk on our variable\\-rate debt obligations and our available\\-for\\-sale marketable investment portfolio, and commodity\\-price risk in jet fuel required to operate our aircraft fleet\\. We purchase the majority of our jet fuel at prevailing market prices and seek to manage market risk through execution of our hedging strategy and other means\\. We have market\\-sensitive instruments in the form of fixed\\-rate debt instruments and financial derivative instruments used to hedge our exposure to jet\\-fuel price increases and interest\\-rate increases\\. We do not purchase or hold any derivative financial instruments for trading purposes\\.\n\n**Aircraft Fuel**\n\nCurrently, our fuel\\-hedging portfolio consists of crude oil call options\\. Call options effectively cap our pricing for the crude oil, limiting our exposure to increasing fuel prices for about half of our planned fuel consumption\\. With call options, we are hedged against volatile crude oil price increases, and, during a period of decline in crude oil prices, we only forfeit cash previously paid for hedge premiums\\. We believe there is risk in not hedging against the possibility of fuel price increases\\. We estimate that a 10% increase or decrease in the forward curve for crude oil prices as of December 31, 2017 would change the fair value of our crude oil hedge portfolio to approximately $55 million or $6 million, respectively\\. \n\nOur portfolio value of fuel hedge contracts was $22 million at December 31, 2017 compared to a portfolio value of $20 million at December 31, 2016\\. We do not have any collateral held by counterparties to these agreements as of December 31, 2017\\.\n\nWe continue to believe that our fuel hedge program is an important part of our strategy to reduce our exposure to volatile fuel prices\\. We expect to continue to enter into these types of contracts prospectively, although significant changes in market conditions could affect our decisions\\. For more discussion, see Note 3 to our consolidated financial statements\\.\n\n**Interest Rates**\n\nWe have exposure to market risk associated with changes in interest rates related primarily to our debt obligations and short\\-term investment portfolio\\. Our debt obligations include variable\\-rate instruments, which have exposure to changes in interest rates\\. In order to mitigate the risk of interest rate fluctuations, we have a number of interest rate swaps that fix the interest rates on certain variable\\-rate debt agreements\\. A hypothetical 10% change in the average interest rates incurred on average variable\\-rate debt held during 2017 would have correspondingly changed our net earnings and cash flows associated with these items by less than $4 million\\. Our variable\\-rate debt represents approximately 63% and 61% of our total long\\-term debt as of December 31, 2017 and December 31, 2016, respectively\\.\n\nOur exposure to interest rate variability is further mitigated through our variable\\-rate investment portfolio\\. We also have investments in marketable securities, which are exposed to market risk associated with changes in interest rates\\. If short\\-term interest rates were to average 1 point more than they did in 2017, interest income would increase by approximately $16 million\\.\n\n\n\n|                                                                       |\n| --------------------------------------------------------------------- |\n| **ITEM 8\\. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA** |\n\n\n\n 59"}
{"_id": "Southwest-2019_71.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nis used to assess the asset\u2019s implied fair value and the amount of the impairment\\. Under a quantitative approach, the implied fair value of the Company's identifiable assets and liabilities is calculated based on key assumptions\\. If the Company assets' carrying value exceeds the fair value calculated using the quantitative approach, an impairment charge is recorded for the difference in fair value and carrying value\\. \n\nThe following table is a summary of the Company\u2019s intangible assets, which are included as a component of Other assets in the Company's Consolidated Balance Sheet, as of  December 31, 2019  and  2018 :\n\n\n\n|                                             |                                              |                                      |                                         |                                  |                                  |\n| ------------------------------------------- | -------------------------------------------- | ------------------------------------ | --------------------------------------- | -------------------------------- | -------------------------------- |\n|                                             |                                              | **Year ended December 31, 2019**     | **Year ended December 31, 2019**        | **Year ended December 31, 2018** | **Year ended December 31, 2018** |\n| **(in millions)**                           | **Weighted\\-average useful life (in years)** | **Gross carrying**<br><br>**amount** | **Accumulated**<br><br>**amortization** | **Gross carrying amount**        | **Accumulated Amortization**     |\n| Customer relationships/marketing agreements | 12                                           | $14                                  | $13                                     | $27                              | $25                              |\n| Owned domestic slots (a)                    | Indefinite                                   | 295                                  | n/a                                     | 295                              | n/a                              |\n| Gate leasehold rights (b)                   | \u2014                                            | \u2014                                    | \u2014                                       | 180                              | 78                               |\n| Total                                       | 12                                           | $309                                 | $13                                     | $502                             | $103                             |\n\n\n\n(a) Intangible assets primarily consist of acquired rights to certain airport owned takeoff and landing slots (a \"slot\" is the right of an air carrier, pursuant to regulations of the Federal Aviation Administration (\"FAA\"), to operate a takeoff or landing at a specific time at certain airports) at certain domestic slot\\-controlled airports, and certain intangible assets acquired\\. \n\n(b) Airport gate leasehold rights are classified as right\\-of\\-use assets upon adoption of the New Lease Standard\\. See Note 7\\.\n\nThe Company's definite lived intangible assets are amortized on a straight\\-line basis over the useful life of the asset\\. The aggregate amortization expense for  2019 ,  2018 , and  2017  was   $15 million ,   $16 million , and   $13 million , respectively\\. Estimated aggregate amortization expense for the five succeeding years and thereafter is immaterial\\. \n\nRevenue Recognition\n\nTickets sold are initially deferred as Air traffic liability\\. Passenger revenue is recognized and Air traffic liability is reduced when transportation is provided\\. Air traffic liability primarily represents tickets sold for future travel dates, funds that are past flight date and remain unused, but are expected to be used in the future, and the Company\u2019s liability for loyalty benefits that are expected to be redeemed in the future\\. The majority of the Company\u2019s tickets sold are nonrefundable\\. Southwest has a No Show policy that applies to fares that are not canceled or changed by a Customer at least ten minutes prior to a flight's scheduled departure\\. Nonrefundable tickets that are sold but not flown on the travel date, and are canceled in accordance with the No Show policy, can be applied to future travel\\. Refundable tickets that are sold but not flown on the travel date can also be applied to future travel\\. A small percentage of tickets (or partial tickets) expire unused\\. The Company estimates the amount of tickets that expire unused and recognizes such amounts in Passenger revenue once the scheduled flight date has lapsed in proportion to the pattern of flights taken by the Customer\\. Based on the Company's revenue recognition policy, revenue is recorded at the flight date for a Customer who does not change his/her itinerary and loses his/her funds as the Company has then fulfilled its performance obligation\\. Amounts collected from passengers for ancillary services are also recognized when the service is provided, which is typically the flight date\\. \n\nInitial spoilage estimates for both tickets and funds available for future use are routinely adjusted and ultimately finalized once the tickets expire, which is typically twelve months after the original purchase date\\. Spoilage estimates are based on the Company's Customers' historical travel behavior as well as assumptions about the Customers' future travel behavior\\. Assumptions used to generate spoilage estimates can be impacted by several factors including, but not limited to: fare increases, fare sales, changes to the Company's ticketing policies, changes to the Company\u2019s refund, exchange and unused funds policies, seat availability, and economic factors\\. See Note  5  for further information\\.\n\nApproximately   $615 million , approximately   $566 million , and approximately   $489 million  of the Company's Operating revenues in  2019 ,  2018 , and  2017 , respectively, were attributable to foreign operations\\. The remainder of the Company's \n\n72"}
{"_id": "Alaska-2019_61.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nMileage Plan\u2122 Loyalty Program\n\nLoyalty mileage credits\n\nThe Company\u2019s Mileage Plan\u2122 loyalty program provides frequent flyer travel awards to program members based upon accumulated loyalty mileage credits\\. Mileage credits are earned through travel, purchases using the Mileage Plan\u2122 co\\-branded credit card and purchases from other participating partners\\. The program has a 24 month expiration period for unused mileage credits from the month of last account activity\\. The Company offers redemption of mileage credits through free, discounted or upgraded air travel on flights operated by Alaska and its regional partners or on one of its 17 airline partners, as well as redemption at partner hotels\\.\n\nThe Company uses a relative standalone selling price to allocate consideration to material performance obligations in contracts with customers that include loyalty mileage credits\\. As directly observable selling prices for mileage credits are not available, the Company determines the standalone selling price of mileage credits primarily using actual ticket purchase prices for similar tickets flown, adjusted for the likelihood of redemption, or breakage\\. In determining similar tickets flown, the Company considers current market prices, class of service, type of award, and other factors\\. For mileage credits accumulated through travel on partner airlines, the Company uses actual consideration received from the partners\\. \n\nRevenue related to air transportation is deferred in the amount of the relative standalone selling price allocated to the loyalty mileage credits as they are issued\\. The Company satisfies its performance obligation when the mileage credits are redeemed and the related air transportation is delivered\\.\n\nThe Company estimates breakage for the portion of loyalty mileage credits not expected to be redeemed using a statistical analysis of historical data, including actual mileage credits expiring, slow\\-moving and low\\-credit accounts, among other factors\\. The breakage rate for the twelve months ended December 31, 2019 and 2018 was 17\\.4%\\. The Company reviews the breakage rate used on an annual basis\\.\n\nCo\\-brand credit card agreements and other\n\nIn addition to mileage credits, the co\\-brand credit card agreements, referred to herein as the Agreements, also include performance obligations for waived bag fees, Companion Fare\u2122 offers to purchase an additional ticket at a discount, marketing, and the use of intellectual property including the brand (unlimited access to the use of the Company\u2019s brand and frequent flyer member lists), which is the predominant element in the Agreement\\. The co\\-brand card bank partners are the customer for some elements, including the brand and marketing, while the Mileage Plan\u2122 member is the customer for other elements such as mileage credits, bag waivers, and companion fares\\.\n\nAt the inception of the Agreement, management estimated the selling price of each of the performance obligations\\. The objective was to determine the price at which a sale would be transacted if the product or service was sold on a stand\\-alone basis\\. The Company determined its best estimate of selling price for each element by considering multiple inputs and methods including, but not limited to, the estimated selling price of comparable travel, discounted cash flows, brand value, published selling prices, number of miles awarded and number of miles redeemed\\. The Company estimated the selling prices and volumes over the term of the Agreement in order to determine the allocation of proceeds to each of the multiple deliverables\\. The estimates of the standalone selling prices of each element do not change subsequent to the original valuation of the contract unless the contract is materially modified, but the allocation between elements may change based upon the actual and updated projected volumes of each element delivered during the term of the contract\\.\n\nConsideration received from the banks is variable and is primarily from consumer spend on the card, among other items\\. The Company allocates consideration to each of the performance obligations, including mileage credits, waived bag fees, companion fares, and brand and marketing, using their relative standalone selling price\\. Because the performance obligation related to providing use of intellectual property including the brand is satisfied over time, it is recognized in Mileage Plan^TM^  other revenue in the period that those elements are sold\\. The Company records passenger revenue related to the air transportation and certificates for discounted companion travel when the transportation is delivered\\. \n\nIn contracts with non\\-bank partners, the Company has identified two performance obligations in most cases \\- travel and brand\\. The travel performance obligation is deferred until the transportation is provided in the amount of the estimated standalone selling price of the ticket, less breakage, and the brand performance obligation is recognized using the residual method as commission revenue when the brand element is sold\\. Mileage credit sales recorded under the residual approach are immaterial to the overall program\\.\n\n61"}
{"_id": "United-2017_106.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|                |                                                                                  |\n| -------------- | -------------------------------------------------------------------------------- |\n|  **ITEM 13\\.** | **CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE\\.**  |\n\n\n\nInformation required by this item with respect to UAL is incorporated by reference from UAL\u2019s definitive proxy statement for its 2018 Annual Meeting of Stockholders\\.\n\nInformation required by this item with respect to United is omitted pursuant to General Instruction I(2)(c) of Form 10\\-K\\.\n\n\n\n|                |                                               |\n| -------------- | --------------------------------------------- |\n|  **ITEM 14\\.** | **PRINCIPAL ACCOUNTANT FEES AND SERVICES\\.**  |\n\n\n\nThe Audit Committee of the UAL Board of Directors has adopted a policy on pre\\-approval of services of the Company\u2019s independent registered public accounting firm\\. As a wholly\\-owned subsidiary of UAL, United\u2019s audit services are determined by UAL\\. The policy provides that the Audit Committee shall pre\\-approve all audit and non\\-audit services to be provided to UAL and its subsidiaries and affiliates by its independent auditors\\. The process by which this is carried out is as follows:\n\nFor recurring services, the Audit Committee reviews and pre\\-approves the independent registered public accounting firm\u2019s annual audit services in conjunction with the annual appointment of the outside auditors\\. The reviewed materials include a description of the services along with related fees\\. The Audit Committee also reviews and pre\\-approves other classes of recurring services along with fee thresholds for pre\\-approved services\\. In the event that the additional services are required prior to the next scheduled Audit Committee meeting, pre\\-approvals of additional services follow the process described below\\.\n\nAny requests for audit, audit related, tax and other services not contemplated with the recurring services approval described above must be submitted to the Audit Committee for specific pre\\-approval and cannot commence until such approval has been granted\\. Normally, pre\\-approval is provided at regularly scheduled meetings\\. However, the authority to grant specific pre\\-approval between meetings, as necessary, has been delegated to the Chair of the Audit Committee\\. The Chair must update the Audit Committee at the next regularly scheduled meeting of any services that were granted specific pre\\-approval\\.\n\nOn a periodic basis, the Audit Committee reviews the status of services and fees incurred year\\-to\\-date and a list of newly pre\\-approved services since its last regularly scheduled meeting\\. The Audit Committee has considered whether the 2017 and 2016 non\\-audit services provided by Ernst & Young LLP, the Company\u2019s independent registered public accounting firm, are compatible with maintaining auditor independence\\.\n\nAll of the services in 2017 and 2016 under the Audit Fees, Audit Related Fees, Tax Fees and All Other Fees categories below have been approved by the Audit Committee pursuant to paragraph (c)(7) of Rule 2\\-01 of Regulation S\\-X of the Exchange Act\\.\n\nThe aggregate fees billed for professional services rendered by the Company\u2019s independent auditors in 2017 and 2016 are as follows (in thousands):\n\n\n\n|                                             |            |            |\n|:------------------------------------------- | ----------:| ----------:|\n| **Service**                                 |  **2017**  |  **2016**  |\n| Audit Fees                                  |    $4,548  |    $3,751  |\n| Audit Related Fees                          |       565  |       215  |\n| Tax Fees                                    |       584  |     1,252  |\n| All Other Fees                              |         2  |         2  |\n|                                             |   $ 5,699  |   $ 5,220  |\n| Note: UAL and United amounts are the same\\. |            |            |\n\n\n\n107"}
{"_id": "United-2018_95.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**PART IV**\n\n**ITEM 15\\. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES\\.** \n\n\n\n|     |                                                                                                                                                                         |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | List of documents filed as part of this report:                                                                                                                         |\n| (1) | *Financial Statements* \\. The financial statements required by this item are listed in Part II, Item 8,  *Financial Statements and Supplementary Data*  herein\\.        |\n| (2) | *Financial Statement Schedules\\.*  The financial statement schedule required by this item is listed below and included in this report after the signature page hereto\\. |\n\n\n\n Schedule II\\-Valuation and Qualifying Accounts for the years ended December 31, 2018, 2017 and 2016\\.\n\n\n\n|     |                                                                                                                                                                                |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n|     | All other schedules are omitted because they are not applicable, not required or the required information is shown in the consolidated financial statements or notes thereto\\. |\n| (b) | *Exhibits\\.*  The exhibits required by this item are provided in the Exhibit Index\\.                                                                                           |\n\n\n\n**ITEM 16\\. FORM 10\\-K SUMMARY\\.**\n\nNone\\.\n\n**EXHIBIT INDEX**\n\n\n\n|                  |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| ---------------- | ----------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit No\\.** | **Registrant**    | **Exhibit**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n|                  |                   | **Articles of Incorporation and Bylaws**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| 3\\.1             | UAL               | [Amended and Restated Certificate of Incorporation of United Continental Holdings, Inc\\. (filed as Exhibit 3\\.1 to UAL's Form 8\\-K filed October 1, 2010, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312510222185/dex31.htm)                                                                                                                                                                                                                                                      |\n| 3\\.2             | UAL               | [Amended and Restated Bylaws of United Continental Holdings, Inc\\. (filed as Exhibit 3\\.1 to UAL's Form 10\\-Q for the quarter ended March 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex31.htm)                                                                                                                                                                                                                                                     |\n| 3\\.3             | United            | [Amended and Restated Certificate of Incorporation of United Airlines, Inc\\. (filed as Exhibit 3\\.1 to UAL's Form 8\\-K filed April 3, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513140583/d514659dex31.htm)                                                                                                                                                                                                                                                             |\n| 3\\.4             | United            | [Amended and Restated By\\-laws of United Airlines, Inc\\. (filed as Exhibit 3\\.2 to UAL's Form 8\\-K filed April 3, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513140583/d514659dex32.htm)                                                                                                                                                                                                                                                                                 |\n|                  |                   | **Instruments Defining Rights of Security Holders, Including Indentures**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.1             | UAL<br><br>United | [Amended and Restated Indenture, dated as of January 11, 2013, by and among United Continental Holdings, Inc\\. as Issuer, United Air Lines, Inc\\. as Guarantor, and the Bank of New York Mellon Trust Company, N\\.A\\. as Trustee, providing for issuance of 6% Notes due 2028, 6% Notes due 2026 and 8% Notes due 2024 (filed as Exhibit 4\\.6 to UAL's Form 10\\-K for the year ended December 31, 2012, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513074391/d436512dex46.htm) |\n| 4\\.2             | UAL<br><br>United | [First Supplemental Indenture, dated as of April 1, 2013, by and among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as trustee, to the Amended and Restated Indenture, dated as of January 11, 2013 (filed as Exhibit 4\\.1 to UAL's Form 8\\-K filed April 3, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513140583/d514659dex41.htm)                                                                 |\n\n\n\n96"}
{"_id": "Delta-2019_77.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nAvailability Under Revolving Credit Facilities\n\nThe table below shows availability under revolving credit facilities, all of which were undrawn, as of December 31, 2019:\n\n\n\n|                                                      |                                                      |                                                      |         |\n|:---------------------------------------------------- |:---------------------------------------------------- |:---------------------------------------------------- | -------:|\n| (in millions)                                        | (in millions)                                        | (in millions)                                        |         |\n| 2018 Unsecured Revolving Credit Facility             | 2018 Unsecured Revolving Credit Facility             | 2018 Unsecured Revolving Credit Facility             | $ 2,650 |\n| Other revolving credit facilities                    | Other revolving credit facilities                    | Other revolving credit facilities                    |     459 |\n| Total availability under revolving credit facilities | Total availability under revolving credit facilities | Total availability under revolving credit facilities | $ 3,109 |\n\n\n\nFuture Maturities\n\nThe following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2019:\n\n\n\n|                     |                     |                     |            |  |  |  |                                                                         |  |  |  |          |\n|:------------------- |:------------------- |:------------------- | ----------:|:- |:- |:- | -----------------------------------------------------------------------:|:- |:- |:- | --------:|\n|   <br>(in millions) |   <br>(in millions) |   <br>(in millions) | Total Debt |  |  |  | Amortization of  <br>Debt Premium and Debt Issuance Cost, net and other |  |  |  |          |\n| 2020                | 2020                | 2020                |    $ 2,060 |  |  |  |                                                                    $ 13 |  |  |  |          |\n| 2021                | 2021                | 2021                |      1,094 |  |  |  |                                                                      15 |  |  |  |          |\n| 2022                | 2022                | 2022                |      1,708 |  |  |  |                                                                      16 |  |  |  |          |\n| 2023                | 2023                | 2023                |        932 |  |  |  |                                                                      11 |  |  |  |          |\n| 2024                | 2024                | 2024                |      1,508 |  |  |  |                                                                      10 |  |  |  |          |\n| Thereafter          | Thereafter          | Thereafter          |      2,689 |  |  |  |                                                                      50 |  |  |  |          |\n| Total               | Total               | Total               |    $ 9,991 |  |  |  |                                                                   $ 115 |  |  |  | $ 10,106 |\n\n\n\nFair Value of Debt\n\nMarket risk associated with our fixed\\- and variable\\-rate debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates\\. The fair value of debt, shown below, is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral\\. Debt is primarily classified as Level 2 within the fair value hierarchy\\.\n\n\n\n|                     |                     |                     |              |              |  |  |  |\n|:------------------- |:------------------- |:------------------- | ------------:| ------------:|:- |:- |:- |\n|                     |                     |                     | December 31, | December 31, |  |  |  |\n| (in millions)       | (in millions)       | (in millions)       |         2019 |         2018 |\n| Net carrying amount | Net carrying amount | Net carrying amount |     $ 10,106 |      $ 9,368 |\n| Fair value          | Fair value          | Fair value          |     $ 10,400 |      $ 9,400 |\n\n\n\nNOTE 8\\. LEASES\n\nDuring 2018, we adopted ASU No\\. 2016\\-02, \u201cLeases (Topic 842),\u201d which requires leases with durations greater than twelve months to be recognized on the balance sheet\\. We adopted the standard using the modified retrospective approach with an effective date of January 1, 2018\\. Prior year financial statements were not recast under the new standard\\. We elected the package of transition provisions available for expired or existing contracts, which allowed us to carryforward our historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs\\. \n\nFor leases with terms greater than 12 months, we record the related asset and obligation at the present value of lease payments over the term\\. Many of our leases include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when appropriate\\. We do not separate lease and nonlease components of contracts, except for regional aircraft and information technology (\"IT\") assets as discussed below\\.\n\n75"}
{"_id": "Southwest-2018_67.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Southwest Airlines Co\\.**\n\n**Consolidated Statement of Income**\n\n(in millions, except per share amounts)\n\n\n\n|                                          |                             |                             |                             |\n| ---------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                          | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                          | **2018**                    | **2017**                    | **2016**                    |\n|                                          |                             | **As Recast**               | **As Recast**               |\n| **OPERATING REVENUES:**                  |                             |                             |                             |\n| Passenger                                | $20,455                     | $19,763                     | $19,068                     |\n| Freight                                  | 175                         | 173                         | 171                         |\n| Other                                    | 1,335                       | 1,210                       | 1,050                       |\n| Total operating revenues                 | 21,965                      | 21,146                      | 20,289                      |\n| **OPERATING EXPENSES:**                  |                             |                             |                             |\n| Salaries, wages, and benefits            | 7,649                       | 7,305                       | 6,786                       |\n| Fuel and oil                             | 4,616                       | 4,076                       | 3,801                       |\n| Maintenance materials and repairs        | 1,107                       | 1,001                       | 1,045                       |\n| Landing fees and airport rentals         | 1,334                       | 1,292                       | 1,211                       |\n| Depreciation and amortization            | 1,201                       | 1,218                       | 1,221                       |\n| Other operating expenses                 | 2,852                       | 2,847                       | 2,703                       |\n| Total operating expenses                 | 18,759                      | 17,739                      | 16,767                      |\n| **OPERATING INCOME**                     | 3,206                       | 3,407                       | 3,522                       |\n| **OTHER EXPENSES (INCOME):**             |                             |                             |                             |\n| Interest expense                         | 131                         | 114                         | 122                         |\n| Capitalized interest                     | (38)                        | (49)                        | (47)                        |\n| Interest income                          | (69)                        | (35)                        | (24)                        |\n| Other (gains) losses, net                | 18                          | 112                         | 21                          |\n| Total other expenses (income)            | 42                          | 142                         | 72                          |\n| **INCOME BEFORE INCOME TAXES**           | 3,164                       | 3,265                       | 3,450                       |\n| **PROVISION (BENEFIT) FOR INCOME TAXES** | 699                         | (92)                        | 1,267                       |\n| **NET INCOME**                           | $2,465                      | $3,357                      | $2,183                      |\n\n\n\nSee accompanying notes\\.\n\n68"}
{"_id": "Delta-2017_14.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nCivil Reserve Air Fleet Program\n\nWe participate in the Civil Reserve Air Fleet program (the \"CRAF Program\"), which permits the U\\.S\\. military to use the aircraft and crew resources of participating U\\.S\\. airlines during airlift emergencies, national emergencies or times of war\\. We have agreed to make available under the CRAF Program a portion of our international aircraft during the contract period ending September 30, 2018\\. The CRAF Program has only been activated twice since it was created in 1951\\.\n\nEmployee Matters\n\nRailway Labor Act\n\nOur relations with labor unions representing our airline employees in the U\\.S\\. are governed by the Railway Labor Act\\. Under the Railway Labor Act, a labor union seeking to represent an unrepresented craft or class of employees is required to file with the National Mediation Board (the \"NMB\") an application alleging a representation dispute, along with authorization cards signed by at least 50% of the employees in that craft or class\\. The NMB then investigates the dispute and, if it finds the labor union has obtained a sufficient number of authorization cards, conducts an election to determine whether to certify the labor union as the collective bargaining representative of that craft or class\\. A labor union will be certified as the representative of the employees in a craft or class if more than 50% of votes cast are for that union\\. A certified labor union would commence negotiations toward a collective bargaining agreement with the employer\\.\n\nUnder the Railway Labor Act, a collective bargaining agreement between an airline and a labor union does not expire, but instead becomes amendable as of a stated date\\. Either party may request that the NMB appoint a federal mediator to participate in the negotiations for a new or amended agreement\\. If no agreement is reached in mediation, the NMB may determine, at any time, that an impasse exists and offer binding arbitration\\. If either party rejects binding arbitration, a 30\\-day \"cooling off\" period begins\\. At the end of this 30\\-day period, the parties may engage in \u201cself help,\u201d unless the U\\.S\\. President appoints a Presidential Emergency Board (\"PEB\") to investigate and report on the dispute\\. The appointment of a PEB maintains the \"status quo\" for an additional 60 days\\. If the parties do not reach agreement during this period, the parties may then engage in self help\\. Self help includes, among other things, a strike by the union or the imposition of proposed changes to the collective bargaining agreement by the airline\\. Congress and the President have the authority to prevent self help by enacting legislation that, among other things, imposes a settlement on the parties\\.\n\nCollective Bargaining\n\nAs of  December 31, 2017 , we had approximately  87,000  full\\-time equivalent employees, approximately  19%  of whom were represented by unions\\. The following table shows our domestic airline employee groups that are represented by unions\\.\n\n\n\n|                                            |                                                        |           |                                                                     |\n| ------------------------------------------ | ------------------------------------------------------ | --------- | ------------------------------------------------------------------- |\n| **Employee Group**                         | **Approximate Number of Active Employees Represented** | **Union** | **Date on which Collective Bargaining Agreement Becomes Amendable** |\n| Delta Pilots                               | 13,234                                                 | ALPA      | December 31, 2019                                                   |\n| Delta Flight Superintendents (Dispatchers) | 420                                                    | PAFCA     | March 31, 2018                                                      |\n| Endeavor Air Pilots                        | 1,805                                                  | ALPA      | January 1, 2024                                                     |\n| Endeavor Air Flight Attendants             | 1,160                                                  | AFA       | December 31, 2018                                                   |\n| Endeavor Air Dispatchers                   | 55                                                     | PAFCA     | December 31, 2018                                                   |\n\n\n\nIn addition,  192  refinery employees of Monroe are represented by the United Steel Workers under an agreement that expires on February 28, 2019\\. This agreement is governed by the National Labor Relations Act  (\"NLRA\") , which generally allows either party to engage in self help upon the expiration of the agreement\\.\n\nLabor unions periodically engage in organizing efforts to represent various groups of our employees, including at our operating subsidiaries, that are not represented for collective bargaining purposes\\.\n\n 10"}
{"_id": "Delta-2019_69.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nAssets (Liabilities) Measured at Fair Value on a Recurring Basis^(1)^\n\n\n\n|                                     |                                     |                                     |                   |                   |                   |        |        |        |  |  |  |                          |                          |                          |\n|:----------------------------------- |:----------------------------------- |:----------------------------------- | -----------------:| -----------------:| -----------------:|:------:|:------:|:------:|:- |:- |:- |:------------------------:|:------------------------:|:------------------------:|\n|                                     |                                     |                                     | December 31, 2019 | December 31, 2019 | December 31, 2019 |        |        |        |  |  |  | Valuation  <br>Technique | Valuation  <br>Technique | Valuation  <br>Technique |\n| (in millions)                       | (in millions)                       | (in millions)                       |             Total |           Level 1 |           Level 2 |        |        |        |\n| Cash equivalents                    | Cash equivalents                    | Cash equivalents                    |             $ 586 |             $ 586 |               $ \u2014 |  (a)   |  (a)   |  (a)   |\n| Restricted cash equivalents         | Restricted cash equivalents         | Restricted cash equivalents         |               847 |               847 |                 \u2014 |  (a)   |  (a)   |  (a)   |\n| Long\\-term investments              | Long\\-term investments              | Long\\-term investments              |             1,099 |               881 |               218 |  (a)   |  (a)   |  (a)   |\n| Hedge derivatives, net              | Hedge derivatives, net              | Hedge derivatives, net              |                   |                   |                   |        |        |        |\n| Fuel hedge contracts                | Fuel hedge contracts                | Fuel hedge contracts                |                 1 |               (1) |                 2 | (a)(b) | (a)(b) | (a)(b) |\n| Interest rate contracts             | Interest rate contracts             | Interest rate contracts             |                61 |                 \u2014 |                61 |  (a)   |  (a)   |  (a)   |\n| Foreign currency exchange contracts | Foreign currency exchange contracts | Foreign currency exchange contracts |                 6 |                 \u2014 |                 6 |  (a)   |  (a)   |  (a)   |\n\n\n\n\n\n|                                         |                                         |                                         |                   |                   |                   |        |        |        |  |  |  |                          |                          |                          |\n|:--------------------------------------- |:--------------------------------------- |:--------------------------------------- | -----------------:| -----------------:| -----------------:|:------:|:------:|:------:|:- |:- |:- |:------------------------:|:------------------------:|:------------------------:|\n|                                         |                                         |                                         | December 31, 2018 | December 31, 2018 | December 31, 2018 |        |        |        |  |  |  | Valuation  <br>Technique | Valuation  <br>Technique | Valuation  <br>Technique |\n| (in millions)                           | (in millions)                           | (in millions)                           |             Total |           Level 1 |           Level 2 |        |        |        |\n| Cash equivalents                        | Cash equivalents                        | Cash equivalents                        |           $ 1,222 |           $ 1,222 |               $ \u2014 |  (a)   |  (a)   |  (a)   |\n| Restricted cash equivalents             | Restricted cash equivalents             | Restricted cash equivalents             |             1,183 |             1,183 |                 \u2014 |  (a)   |  (a)   |  (a)   |\n| Short\\-term investments                 | Short\\-term investments                 | Short\\-term investments                 |                   |                   |                   |        |        |        |\n| U\\.S\\. government securities            | U\\.S\\. government securities            | U\\.S\\. government securities            |                50 |                45 |                 5 |  (a)   |  (a)   |  (a)   |\n| Asset\\- and mortgage\\-backed securities | Asset\\- and mortgage\\-backed securities | Asset\\- and mortgage\\-backed securities |                36 |                 \u2014 |                36 |  (a)   |  (a)   |  (a)   |\n| Corporate obligations                   | Corporate obligations                   | Corporate obligations                   |                90 |                 \u2014 |                90 |  (a)   |  (a)   |  (a)   |\n| Other fixed income securities           | Other fixed income securities           | Other fixed income securities           |                27 |                 \u2014 |                27 |  (a)   |  (a)   |  (a)   |\n| Long\\-term investments                  | Long\\-term investments                  | Long\\-term investments                  |             1,090 |               880 |               210 |  (a)   |  (a)   |  (a)   |\n| Hedge derivatives, net                  | Hedge derivatives, net                  | Hedge derivatives, net                  |                   |                   |                   |        |        |        |\n| Fuel hedge contracts                    | Fuel hedge contracts                    | Fuel hedge contracts                    |                15 |                20 |               (5) | (a)(b) | (a)(b) | (a)(b) |\n| Interest rate contracts                 | Interest rate contracts                 | Interest rate contracts                 |                 1 |                 \u2014 |                 1 |  (a)   |  (a)   |  (a)   |\n| Foreign currency exchange contracts     | Foreign currency exchange contracts     | Foreign currency exchange contracts     |               (3) |                 \u2014 |               (3) |  (a)   |  (a)   |  (a)   |\n\n\n\n^(1)^ See Note 10, \"Employee Benefit Plans,\" for fair value of benefit plan assets\\.\n\nCash Equivalents and Restricted Cash Equivalents\\.  Cash equivalents generally consist of money market funds\\. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit, which primarily relate to proceeds from debt issued to finance a portion of the construction costs for the new terminal facilities at New York's LaGuardia Airport\\. The fair value of these cash equivalents is based on a market approach using prices generated by market transactions involving identical or comparable assets\\. \n\nShort\\-Term Investments\\.  The fair values of our short\\-term investments were based on a market approach using industry standard valuation techniques that incorporated observable inputs such as quoted market prices, interest rates, benchmark curves, credit ratings of the security or other observable information and were recorded in prepaid expenses and other on the balance sheet\\. \n\nLong\\-Term Investments\\.  Our long\\-term investments that are measured at fair value primarily consist of equity investments which are valued based on market prices or other observable transactions and are recorded in other noncurrent assets on our balance sheet\\. See Note 4, \"Investments,\" for further information on our equity investments\\.\n\nHedge Derivatives\\.  A portion of our derivative contracts are negotiated over\\-the\\-counter with counterparties without going through a public exchange\\. Accordingly, our fair value assessments give consideration to the risk of counterparty default (as well as our own credit risk)\\. Such contracts are classified as Level 2 within the fair value hierarchy\\. The remainder of our hedge contracts are comprised of futures contracts, which are traded on a public exchange\\. These contracts are classified within Level 1 of the fair value hierarchy\\.\n\n\u2022 Fuel Contracts\\.  Our fuel hedge portfolio consists of options, swaps and futures\\. Option and swap contracts are valued under income approaches using option pricing models and discounted cash flow models, respectively, based on data either readily observable in public markets, derived from public markets or provided by counterparties who regularly trade in public markets\\. Futures contracts and options on futures contracts are traded on a public exchange and valued based on quoted market prices\\. \n\n67"}
{"_id": "AmericanAirlines-2017_126.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**AMERICAN AIRLINES, INC\\.**\n\n**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**\n\n**(In millions)**\n\n\n\n|                                                             |                             |                             |                             |\n| ----------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                             | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                             | **2017**                    | **2016**                    | **2015**                    |\n| **Net income**                                              | $1,922                      | $2,781                      | $8,120                      |\n| **Other comprehensive income (loss), net of tax:**          |                             |                             |                             |\n| Pension, retiree medical and other postretirement benefits: |                             |                             |                             |\n| Amortization of actuarial loss and prior service cost       | (55)                        | (65)                        | (109)                       |\n| Current year change                                         | (13)                        | (292)                       | (51)                        |\n| Investments and derivative financial instruments            | (1)                         | 6                           | (15)                        |\n| **Total other comprehensive loss, net of tax**              | (69)                        | (351)                       | (175)                       |\n| **Total comprehensive income**                              | $1,853                      | $2,430                      | $7,945                      |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n127"}
{"_id": "Delta-2018_61.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nI n July 2018, the FASB issued ASU No\\. 2018\\-11, \"Targeted Improvements \\- Leases (Topic 842)\\.\" This update provides an optional transition method that allows entities to elect to apply the standard using the modified retrospective approach at its effective date, versus recasting the prior years presented\\. If elected, an entity would recognize a cumulative\\-effect adjustment to the opening balance of retained earnings in the year of adoption\\. We adopted the new standard as of January 1, 2018 during the December quarter using the transition method that provides for a cumulative\\-effect adjustment to retained earnings upon adoption and have recast our 2018 quarterly results\\.  The Consolidated Financial Statements for the fiscal year ended December 31, 2018 are presented under the new standard, while comparative years presented are not adjusted and continue to be reported in accordance with our historical accounting policy\\. \n\nSee  Note 8 , \"Leases,\" for more information\\.\n\nRevenue from Contracts with Customers\\.  In 2014, the FASB issued ASU No\\. 2014\\-09, \"Revenue from Contracts with Customers (Topic 606)\\.\" Under this ASU and subsequently issued amendments, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received\\. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption\\. We adopted this standard using the full retrospective transition method effective January 1, 2018 and recast prior year results as shown below\\. \n\nWhile the adoption of the new standard did not have a significant effect on earnings, approximately   $2 billion  of certain annual revenues that were previously classified in other revenue have been reclassified to passenger revenue\\. These revenues include baggage fees, administrative charges and other travel\\-related fees, which are deemed part of the single performance obligation of providing passenger transportation\\.\n\nIn addition, the adoption of the new standard increased the rate we use to account for loyalty program miles\\. We previously analyzed our standalone sales of mileage credits to other airlines and customers to establish the accounting value for loyalty program miles\\. Considering the guidance in the new standard, we changed our valuation of a mileage credit to an analysis of the award redemption value\\. The new valuation considers the quantitative value a passenger receives by redeeming miles for a ticket rather than paying cash\\. This change increased our loyalty program liability at December 31, 2017 by   $2\\.2 billion \\. The mileage deferral and redemption rates are approximately the same; therefore, assuming stable volume, there would not be a significant change in revenue recognized from the program in a given period\\.\n\nThe adoption of the new standard also reduced our air traffic liability at December 31, 2017 by   $524 million \\. This change primarily results from estimating the tickets that will expire unused and recognizing revenue at the scheduled flight date rather than when the unused tickets expire\\.\n\nSee  Note 2 , \"Revenue Recognition,\" for more information\\.\n\nStatement of Cash Flows\\.  In 2016, the FASB issued ASU Nos\\. 2016\\-15 and 2016\\-18 related to the classification of certain cash receipts and cash payments, and the presentation of restricted cash within an entity's statement of cash flows, respectively\\. We adopted these standards effective January 1, 2018\\. \n\nFinancial Instruments\\.  In 2016, the FASB issued ASU No\\. 2016\\-01, \"Financial Instruments\u2014Overall (Subtopic 825\\-10)\\.\" This standard makes several changes, including the elimination of the available\\-for\\-sale classification of equity investments, and requires  equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income \\. In February 2018, the FASB issued ASU No\\. 2018\\-03, \"Technical Corrections and Improvements to Financial Instruments\u2014Overall (Subtopic 825\\-10),\" to clarify certain aspects of ASU No\\. 2016\\-01\\. We adopted these standards effective January 1, 2018\\. \n\nPrior to the adoption of these standards, our investments in GOL Linhas A\u00e9reas Inteligentes, the parent company of VRG Linhas A\u00e9reas (operating as GOL), and China Eastern were accounted for as available\\-for\\-sale with changes in fair value recognized in other comprehensive income\\. At the time of adoption, we reclassified an unrealized gain of   $162 million  related to these investments from AOCI to retained earnings\\.\n\nOur investment in Air France\\-KLM was previously accounted for at cost as our investment agreement restricts the sale or transfer of these shares until 2022\\. Upon adopting ASU Nos\\. 2016\\-01 and 2018\\-03, we recorded a   $148 million  gain in unrealized gain/(loss) on investments in our income statement related to the value of Air France\\-KLM's stock at December 31, 2017 compared to our investment basis\\. Consistent with our investments in GOL and China Eastern, this investment is now accounted for at fair value with changes in fair value recognized in net income\\.\n\n 59"}
{"_id": "United-2018_26.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|                                                            |          |          |\n| ---------------------------------------------------------- | -------- | -------- |\n|                                                            | **2018** | **2017** |\n| Impairment of assets                                       | $377     | $25      |\n| Termination of an engine maintenance service agreement     | 64       | \u2014        |\n| Severance and benefit costs                                | 41       | 116      |\n| (Gains) losses on sale of assets and other special charges | 5        | 35       |\n| Total special charges                                      | $487     | $176     |\n\n\n\nSee Note 14 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\nOther operating expenses increased $251 million, or 4\\.5%, in 2018 as compared to 2017, primarily due to an increase in purchased services related to our airport operations resulting from capacity growth, technology initiatives, facility projects, crew\\-related lodging and trucking and handling of cargo shipments\\.\n\n***Nonoperating Income (Expense)***\n\nThe following table illustrates the year\\-over\\-year dollar and percentage changes in the Company's nonoperating income (expense) for the years ended December 31 (in millions, except percentage changes):\n\n\n\n|                                 |          |          |                         |              |\n| ------------------------------- | -------- | -------- | ----------------------- | ------------ |\n|                                 | **2018** | **2017** | **Increase (Decrease)** | **% Change** |\n| Interest expense                | $(729)   | $(671)   | $58                     | 8\\.6         |\n| Interest capitalized            | 70       | 84       | (14)                    | (16\\.7)      |\n| Interest income                 | 101      | 57       | 44                      | 77\\.2        |\n| Miscellaneous, net              | (76)     | (101)    | (25)                    | (24\\.8)      |\n| Total nonoperating expense, net | $(634)   | $(631)   | $3                      | 0\\.5         |\n\n\n\nInterest expense increased $58 million, or 8\\.6%, in 2018 as compared to 2017, primarily due to debt issued for the acquisition of new aircraft and the conversion of certain operating leases to capital leases\\.\n\nInterest income increased $44 million, or 77\\.2%, in 2018 as compared to 2017, primarily due to increased interest rates\\.\n\nMiscellaneous, net decreased $25 million, or 24\\.8%, in 2018 as compared to 2017, primarily due to a decrease in pension benefit costs that was partially offset by an increase in foreign exchange losses and an increase in equity earnings from affiliates\\.\n\n*2017* *Compared to* *2016*\n\n***Operating Revenue***\n\nThe table below illustrates the year\\-over\\-year percentage change in the Company's operating revenues for the years ended December 31 (in millions, except percentage changes):\n\n\n\n|                         |          |          |                         |              |\n| ----------------------- | -------- | -------- | ----------------------- | ------------ |\n|                         | **2017** | **2016** | **Increase (Decrease)** | **% Change** |\n| Passenger revenue       | $34,460  | $33,429  | $1,031                  | 3\\.1         |\n| Cargo                   | 1,114    | 934      | 180                     | 19\\.3        |\n| Other operating revenue | 2,210    | 2,195    | 15                      | 0\\.7         |\n| Total operating revenue | $37,784  | $36,558  | $1,226                  | 3\\.4         |\n\n\n\nThe table below presents selected passenger revenue and operating data of the Company, broken out by geographic region, expressed as year\\-over\\-year changes: \n\n27"}
{"_id": "United-2019_18.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\ndomestically and internationally, have been proposed from time to time that could significantly increase the cost of airline operations or reduce airline revenue\\. The airline industry is heavily taxed and additional taxation could negatively impact our business\\.\n\nUnited provides air transportation under certificates of public convenience and necessity issued by the DOT\\. If the DOT altered, amended, modified, suspended or revoked these certificates, it could have a material adverse effect on the Company's business\\. The DOT also regulates consumer protection and, through its investigations or rulemaking authority, could impose restrictions that materially impact the Company's business\\. The FAA regulates the safety of United's operations\\. United operates pursuant to an air carrier operating certificate issued by the FAA\\. The FAA's regulations include stringent pilot flight and duty time requirements under Part 117 of the Federal Aviation Regulations, as well as minimum qualifications for air carrier first officers\\. These regulations have caused mainline airlines to hire regional pilots, while simultaneously significantly reducing the pool of new pilots from which regional carriers themselves can hire\\. Although this is an industry issue, it directly affects the Company and has required it to reduce regional partner flying, as several regional partners have experienced difficulty flying their schedules due to reduced pilot availability\\. From time to time, the FAA also issues orders, airworthiness directives and other regulations relating to the maintenance and operation of aircraft that require material expenditures or operational restrictions by the Company\\. These FAA orders and directives have resulted in the temporary grounding of an entire aircraft type if the FAA identifies design, manufacturing, maintenance or other issues requiring immediate corrective action (including the FAA Order grounding Boeing 737 MAX aircraft)\\. These FAA directives or requirements could have a material adverse effect on the Company\\.\n\nIn 2018, the U\\.S\\. Congress approved a five\\-year reauthorization for the FAA, which encompasses significant aviation tax and policy\\-related issues\\. The law includes a range of policy changes related to airline customer service and aviation safety which are ongoing and, depending on how they are implemented, could impact our operations and costs\\. Additionally, the U\\.S\\. Congress may consider legislation related to aviation safety as well as environmental issues which could impact the Company and the airline industry\\. \n\nThe Company's operations may also be adversely impacted due to the existing antiquated ATC system utilized by the U\\.S\\. government and regulated by the FAA\\. During peak travel periods in certain markets, the current ATC system's inability to handle demand has led to short\\-term capacity constraints imposed by government agencies and resulted in delays and disruptions of air traffic\\. In addition, the current system will not be able to effectively handle projected future air traffic growth\\. The outdated technologies also cause the ATC to be less resilient in the event of a failure, causing flight cancellations and delays\\. Imposition of these ATC constraints on a long\\-term basis may have a material adverse effect on the Company's operations\\. Failure to update the ATC system in a timely manner and the substantial funding requirements of a modernized ATC system that may be imposed on air carriers may have an adverse impact on the Company's financial condition or operating results\\.\n\nAccess to landing and take\\-off rights, or \"slots,\" at several major U\\.S\\. airports and many foreign airports served by the Company are, or recently have been, subject to government regulation\\. Certain of the Company's major hubs are among the most congested airports in the United States and have been or could be the subject of regulatory action that might limit the number of flights and/or increase costs of operations at certain times or throughout the day\\. The FAA may limit the Company's airport access by limiting the number of departure and arrival slots at high density traffic airports, which could affect the Company's ownership and transfer rights, and local airport authorities may have the ability to control access to certain facilities or the cost of access to their facilities, which could have an adverse effect on the Company's business\\. The FAA historically has taken actions with respect to airlines' slot holdings that airlines have challenged; if the FAA were to take actions that adversely affect the Company's slot holdings, the Company could incur substantial costs to preserve its slots or may lose slots\\. If slots are eliminated at an airport, or if the number of hours of operation governed by slots is reduced at an airport, the lack of controls on take\\-offs and landings could result in greater congestion both at the affected airport or in the regional airspace (e\\.g\\., the New York City metropolitan region airspace) and could significantly impact the Company's operations\\. Further, the Company's operating costs at airports, including the Company's major hubs, may increase significantly because of capital improvements at such airports that the Company may be required to fund, directly or indirectly\\. Such costs could be imposed by the relevant airport authority without the Company's approval and may have a material adverse effect on the Company's financial condition\\.\n\nThe ability of carriers to operate flights on international routes between the United States and other countries is highly regulated\\. Applicable arrangements between the United States and foreign governments may be amended from time to time, government policies with respect to airport operations may be revised, and the availability of appropriate slots or facilities may change\\. The Company currently operates a number of flights on international routes under government arrangements, regulations or policies that designate the number of carriers permitted to operate on such routes, the capacity of the carriers providing services on such routes, the airports at which carriers may operate international flights, or the number of carriers allowed access to particular airports\\. Any limitations, additions or modifications to such arrangements, regulations or policies could have a material adverse effect on the Company's financial condition and operating results\\. Additionally, a change in law, \n\n19"}
{"_id": "AmericanAirlines-2018_125.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nStock\\-settled RSU award activity for all plans for the years ended December 31, 2018, 2017 and 2016 is as follows:\n\n\n\n|                                  |                      |                                            |\n| -------------------------------- | -------------------- | ------------------------------------------ |\n|                                  | **Number of Shares** | **Weighted Average Grant Date Fair Value** |\n|                                  | **(In thousands)**   |                                            |\n| Outstanding at December 31, 2015 | 5,607                | $38\\.08                                    |\n| Granted                          | 2,655                | 41\\.34                                     |\n| Vested and released              | (2,754)              | 34\\.83                                     |\n| Forfeited                        | (321)                | 40\\.15                                     |\n| Outstanding at December 31, 2016 | 5,187                | $41\\.48                                    |\n| Granted                          | 2,309                | 48\\.58                                     |\n| Vested and released              | (2,708)              | 39\\.63                                     |\n| Forfeited                        | (464)                | 44\\.48                                     |\n| Outstanding at December 31, 2017 | 4,324                | $46\\.94                                    |\n| Granted                          | 2,194                | 47\\.65                                     |\n| Vested and released              | (1,999)              | 44\\.99                                     |\n| Forfeited                        | (199)                | 45\\.72                                     |\n| Outstanding at December 31, 2018 | 4,320                | $44\\.29                                    |\n\n\n\nAs of December 31, 2018, there was $111 million of unrecognized compensation cost related to stock\\-settled RSUs\\. These costs are expected to be recognized over a weighted average period of one year\\. The total fair value of stock\\-settled RSUs vested during the years ended December 31, 2018, 2017 and 2016 was $91 million, $123 million and $107 million, respectively\\.\n\n**16\\. Valuation and Qualifying Accounts (in millions)**\n\n\n\n|                                               |                                  |                                                           |                |                            |\n| --------------------------------------------- | -------------------------------- | --------------------------------------------------------- | -------------- | -------------------------- |\n|                                               | **Balance at Beginning of Year** | **Additions Charged to Statement of Operations Accounts** | **Deductions** | **Balance at End of Year** |\n| **Allowance for obsolescence of spare parts** |                                  |                                                           |                |                            |\n| Year ended December 31, 2018                  | $769                             | $70                                                       | $(25)          | $814                       |\n| Year ended December 31, 2017                  | 765                              | 29                                                        | (25)           | 769                        |\n| Year ended December 31, 2016                  | 728                              | 37                                                        | \u2014              | 765                        |\n| **Allowance for uncollectible accounts**      |                                  |                                                           |                |                            |\n| Year ended December 31, 2018                  | $24                              | $42                                                       | $(37)          | $29                        |\n| Year ended December 31, 2017                  | 36                               | 43                                                        | (55)           | 24                         |\n| Year ended December 31, 2016                  | 41                               | 47                                                        | (52)           | 36                         |\n\n\n\n126"}
{"_id": "United-2017_40.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nreclassified at adoption of the new standard from other operating revenue into passenger revenue under Topic 606 is approximately $2\\.0 billion and $2\\.1 billion, respectively\\. These ancillary fees are directly related to passenger travel, such as ticket change fees and baggage fees, and will no longer be considered distinct performance obligations separate from the passenger travel component\\. In addition, the ticket change fees, which were previously recognized when received, will be recognized when transportation is provided\\. On January 1, 2018, we adopted Topic 606 using the full\\-retrospective approach\\. See Note 1 to the financial statements included in Part II, Item 8 of this report for additional information on recently issued accounting standards\\.\n\n***Frequent Flyer Accounting\\.*** United\u2019s MileagePlus program is designed to increase customer loyalty\\. Program participants earn miles by flying on United and certain other participating airlines\\. Program participants can also earn miles through purchases from other non\\-airline partners that participate in United\u2019s loyalty program\\. We sell miles to these partners, which include domestic and international credit card issuers, retail merchants, hotels, car rental companies and our participating airline partners\\. Miles can be redeemed for free (other than taxes and government imposed fees), discounted or upgraded air travel and non\\-travel awards\\. The Company records its obligation for future award redemptions using a deferred revenue model\\.\n\nWhen frequent flyers earn miles for flights, the Company recognizes a portion of the ticket sales as revenue when the air transportation occurs and defers a portion of the ticket sale representing the value of the related miles as a multiple\\-deliverable revenue arrangement\\. The Company determines the estimated selling price of air transportation and miles as if each element is sold on a separate basis\\. The total consideration from each ticket sale is then allocated to each of these elements, individually, on a pro rata basis\\. The miles are recorded in Frequent flyer deferred revenue on the Company\u2019s consolidated balance sheet and recognized into revenue when the transportation is provided\\.\n\nThe Company\u2019s estimated selling price of miles is based on an equivalent ticket value less fulfillment discount, which incorporates the expected redemption of miles, as the best estimate of selling price for these miles\\. The equivalent ticket value is based on the prior 12 months\u2019 weighted average equivalent ticket value of similar fares as those used to settle award redemptions while taking into consideration such factors as redemption pattern, cabin class, loyalty status and geographic region\\. The estimated selling price of miles is adjusted by a fulfillment discount that considers a number of factors, including redemption patterns of various customer groups\\.\n\nUnited has a significant contract to sell MileagePlus miles to its co\\-branded credit card partner, Chase\\. United identified the following significant revenue elements in its Second Amended and Restated Co\\-Branded Card Marketing Services Agreement (the \u201cCo\\-Brand Agreement\u201d): the air transportation element represented by the value of the mile (generally resulting from its redemption for future air transportation and whose fair value is described above); use of the United brand and access to MileagePlus member lists; advertising; and other travel related benefits\\.\n\nThe fair value of the elements is determined using management\u2019s estimated selling price of each element\\. The objective of using the estimated selling price based methodology is to determine the price at which we would transact a sale if the product or service were sold on a stand\\-alone basis\\. Accordingly, we determine our best estimate of selling price by considering multiple inputs and methods including, but not limited to, discounted cash flows, brand value, volume discounts, published selling prices, number of miles awarded and number of miles redeemed\\. The Company estimated the selling prices and volumes over the term of the Co\\-Brand Agreement in order to determine the allocation of proceeds to each of the multiple elements to be delivered\\. We also evaluate volumes on an annual basis, which may result in a change in the allocation of estimated selling price on a prospective basis\\.\n\nThe Company records passenger revenue related to the air transportation element when the transportation is delivered\\. The other elements are generally recognized as Other operating revenue when earned\\.\n\nThe Company accounts for miles sold and awarded that will never be redeemed by program members, which we refer to as breakage\\. The Company reviews its breakage estimates annually based upon the latest available information regarding redemption and expiration patterns\\. Miles expire after 18 months of member account\n\n41"}
{"_id": "AmericanAirlines-2017_140.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***(a) 2013, 2014, April 2016 and December 2016 Credit Facilities***\n\n*2013 Credit Facilities*\n\nIn March 2017, American and AAG entered into the Second Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement dated as of May 21, 2015 (which amended and restated the Credit and Guaranty Agreement dated as of June 27, 2013), as previously amended by the First Amendment to Amended and Restated Credit and Guaranty Agreement dated as of October 26, 2015, pursuant to which AAG refinanced the $1\\.8 billion term loan facility due June 2020 established thereunder (the 2013 Term Loan Facility and, together with the $1\\.4 billion revolving credit facility established under such agreement (the 2013 Revolving Facility), the 2013 Credit Facilities) to reduce the LIBOR margin from 2\\.50% to 2\\.00% and the base rate margin from 1\\.50% to 1\\.00%\\. \n\nIn August 2017, American and AAG entered into the Third Amendment to the Amended and Restated Credit and Guaranty Agreement pursuant to which the maturity date of the 2013 Revolving Facility was extended to October 2022, the LIBOR margin thereon was reduced from 3\\.00% to 2\\.25%, and the maximum principal amount of such facility was reduced to $1\\.2 billion\\.\n\n*2014 Credit Facilities*\n\nIn June 2017, American and AAG entered into the Third Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement dated as of April 20, 2015 (which amended and restated the Credit and Guaranty Agreement dated as of October 10, 2014), as previously amended by the First Amendment to Amended and Restated Credit and Guaranty Agreement dated as of October 26, 2015 and the Second Amendment to Amended and Restated Credit and Guaranty Agreement dated as of September 22, 2016, pursuant to which AAG refinanced the $735 million term loan facility due October 2021 established thereunder (the 2014 Term Loan Facility and, together with the $1\\.025 billion revolving credit facility established under such agreement (the 2014 Revolving Facility), the 2014 Credit Facilities) to reduce the LIBOR margin from 2\\.50% to 2\\.00% and the base rate margin from 1\\.50% to 1\\.00%\\. \n\nIn August 2017, American and AAG entered into the Fourth Amendment to the Amended and Restated Credit and Guaranty Agreement pursuant to which the maturity date of the 2014 Revolving Facility was extended to October 2022, the LIBOR margin thereon was reduced from 3\\.00% to 2\\.25%, and the maximum principal amount of such facility was reduced to $1\\.0 billion\\.\n\n*April 2016 Credit Facilities*\n\nIn August 2017, American and AAG entered into the Second Amendment to the Credit and Guaranty Agreement, amending the Credit and Guaranty Agreement dated as of April 29, 2016 (the April 2016 Credit Facilities), as previously amended by the First Amendment to the Credit and Guaranty Agreement, dated as of October 31, 2016, pursuant to which a new $300 million revolving credit facility (the April 2016 Revolving Facility) was established with a maturity date of October 2022 and a LIBOR margin of 2\\.25%\\.\n\nIn November 2017, American and AAG entered into the Third Amendment to the Credit and Guaranty Agreement, amending the April 2016 Credit Facilities, pursuant to which AAG refinanced the $990 million term loan facility due April 2023 established thereunder (the April 2016 Term Loan Facility), to reduce the LIBOR margin from 2\\.50% to 2\\.00% and the base rate margin from 1\\.50% to 1\\.00%\\.\n\n*December 2016 Credit Facilities*\n\nIn November 2017, American and AAG entered into the First Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of December 15, 2016, pursuant to which AAG refinanced the $1\\.25 billion term loan facility due December 2023 established thereunder (the December 2016 Term Loan Facility), to reduce the LIBOR margin from 2\\.50% to 2\\.00% and the base rate margin from 1\\.50% to 1\\.00%\\.\n\n141"}
{"_id": "AmericanAirlines-2019_179.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 10\\.33                        | [Supplemental Agreement No\\. 10, dated as of May 11, 2017, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, by and between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.6 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517239325/d416225dex106.htm) \\*                                                                                             |\n| 10\\.34                        | [Supplemental Agreement No\\. 11, dated as of April 6, 2018, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, by and between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000027/ex10110qq218.htm) \\*                                                                                             |\n| 10\\.35                        | [Supplemental Agreement No\\. 12, dated as of May 29, 2019, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, by and between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2019 (Commission File No\\. 1\\-8400))\\.\\*\\*](http://www.sec.gov/Archives/edgar/data/4515/000000620119000053/ex101q21910q.htm)                                                                                             |\n| 10\\.36                        | [Supplemental Agreement No\\. 13, dated as of August 20, 2019, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, by and between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2019 (Commission File No\\. 1\\-8400))\\.\\*\\*](http://www.sec.gov/Archives/edgar/data/4515/000000620119000067/ex101q31910q.htm)                                                                                     |\n| 10\\.37                        | [A320 Family Aircraft Purchase Agreement, dated as of July 20, 2011, between American Airlines, Inc\\. and Airbus S\\.A\\.S\\. (incorporated by reference to Exhibit 10\\.4 to AMR\u2019s report on Form 10\\-Q for the quarter ended September 30, 2011 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312511274936/d236673dex104.htm) \\*                                                                                                                                                               |\n| 10\\.38                        | [Amendment No\\. 1, dated as of January 11, 2013, to A320 Family Aircraft Purchase Agreement between American Airlines, Inc\\. and Airbus S\\.A\\.S\\., dated as of July 20, 2011 (incorporated by reference to Exhibit 10\\.8 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000040/d516424dex108.htm) \\*                                                                                                       |\n| 10\\.39                        | [Amendment No\\. 2, dated as of May 30, 2013, to A320 Family Aircraft Purchase Agreement between American Airlines, Inc\\. and Airbus S\\.A\\.S, dated as of July 20, 2011 (incorporated by reference to Exhibit 10\\.2 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000067/d567093dex102.htm) \\*                                                                                                              |\n| 10\\.40                        | [Amendment No\\. 3, dated as of November 20, 2013, to A320 Family Aircraft Purchase Agreement between American Airlines, Inc\\. and Airbus S\\.A\\.S\\., dated as of July 20, 2011 (incorporated by reference to Exhibit 10\\.27 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex1027.htm) \\*                                                                                                       |\n| 10\\.41                        | [Amendment No\\. 4, dated as of June 18, 2014, to the A320 Family Aircraft Purchase Agreement between Airbus S\\.A\\.S\\., as seller, and American Airlines, Inc\\., as buyer, dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex101.htm) \\* |\n| 10\\.42                        | [Amendment No\\. 5, dated as of June 24, 2014, to the A320 Family Aircraft Purchase Agreement between Airbus S\\.A\\.S\\., as seller, and American Airlines, Inc\\., as buyer, dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex102.htm) \\* |\n| 10\\.43                        | [Amendment No\\. 6, dated as of July 1, 2014, to the A320 Family Aircraft Purchase Agreement between Airbus S\\.A\\.S\\., as seller, and American Airlines, Inc\\., as buyer, dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex103.htm) \\*  |\n| 10\\.44                        | [Amendment No\\. 7, dated as of November 25, 2014, to the A320 Family Aircraft Purchase Agreement between Airbus S\\.A\\.S\\., as seller, and American Airlines, Inc\\., as buyer, dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise (incorporated by reference to Exhibit 10\\.51 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515061145/d829913dex1051.htm) \\*      |\n| 10\\.45                        | [Amendment No\\. 8, dated as of June 11, 2015, to the A320 Family Aircraft Purchase Agreement between American Airlines, Inc\\. and Airbus S\\.A\\.S\\., dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex101.htm) \\*                       |\n| 10\\.46                        | [Amendment No\\. 9, dated as of September 23, 2015, to the A320 Family Aircraft Purchase Agreement, dated as of July 20, 2011, between American Airlines, Inc\\. and Airbus S\\.A\\.S\\. (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515351246/d14219dex103.htm) \\*                                                                                             |\n| 10\\.47                        | [Amendment No\\. 10, dated as of July 16, 2018, to the A320 Family Aircraft Purchase Agreement, dated as of July 20, 2011, between American Airlines, Inc\\. and Airbus S\\.A\\.S\\. (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000039/ex10210qq318.htm) \\*                                                                                                 |\n| 10\\.48                        | [Amendment No\\. 11, dated as of June 19, 2019, to the A320 Family Aircraft Purchase Agreement, dated as of July 20, 2011, between American Airlines, Inc\\. and Airbus S\\.A\\.S\\. (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2019 (Commission File No\\. 1\\-8400))\\.\\*\\*](http://www.sec.gov/Archives/edgar/data/4515/000000620119000053/ex102q21910q.htm)                                                                                                     |\n| 10\\.49                        | [Purchase Agreement No\\. 03735, dated as of February 1, 2013, between American Airlines, Inc\\., and The Boeing Company (incorporated by reference to Exhibit 10\\.7 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000040/d516424dex107.htm) \\*                                                                                                                                                             |\n\n\n\n180"}
{"_id": "Southwest-2018_110.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nPlan (ProfitSharing Plan) is a defined contribution plan to which the Company may contribute a percentage of its eligible pre\\-tax profits, as defined, on an annual basis\\. No Employee contributions to the ProfitSharing Plan are allowed\\. \n\nAmounts associated with the Company's defined contribution plans expensed in 2018, 2017, and 2016, reflected as a component of Salaries, wages, and benefits, were $1\\.0 billion, $1\\.0 billion, and $937 million, respectively\\.\n\n***Postretirement Benefit Plans***\n\nThe Company provides postretirement benefits to qualified retirees in the form of medical and dental coverage\\. Employees must meet minimum levels of service and age requirements as set forth by the Company, or as specified in collective\\-bargaining agreements with specific workgroups\\. Employees meeting these requirements, as defined, may use accrued unused sick time to pay for medical and dental premiums from the age of retirement until age 65\\.\n\nThe following table shows the change in the accumulated postretirement benefit obligation (\"APBO\") for the years ended December 31, 2018 and 2017:\n\n\n\n|                             |          |          |\n| --------------------------- | -------- | -------- |\n| **(in millions)**           | **2018** | **2017** |\n| APBO at beginning of period | $275     | $256     |\n| Service cost                | 18       | 18       |\n| Interest cost               | 9        | 11       |\n| Benefits paid               | (5)      | (8)      |\n| Actuarial gain              | (69)     | (2)      |\n|  Plan amendments            | 4        | \u2014        |\n| APBO at end of period       | $232     | $275     |\n\n\n\nDuring 2018, the Company recorded a $69 million actuarial gain as a decrease to the APBO with an offset to AOCI\\. This actuarial gain is reflected above and resulted from changes in certain key assumptions used to determine the Company\u2019s year\\-end obligation\\. The assumption change that resulted in the largest portion of the actuarial gain was the expected per capita costs for future qualifying retirees, which reflects lower expectations based on recent history\\.\n\nAll plans are unfunded, and benefits are paid as they become due\\. Estimated future benefit payments expected to be paid are $8 million in 2019, $9 million in 2020, $10 million in 2021, $11 million in 2022, $13 million in 2023, and $93 million for the next five years thereafter\\.\n\nThe funded status (the difference between the fair value of plan assets and the projected benefit obligations) of the Company\u2019s consolidated benefit plans are recognized in the Consolidated Balance Sheet, with a corresponding adjustment to AOCI\\. The following table reconciles the funded status of the plans to the accrued postretirement benefit cost recognized in Other non\\-current liabilities on the Company\u2019s Consolidated Balance Sheet at December 31, 2018 and 2017\\.\n\n\n\n|                                               |          |          |\n| --------------------------------------------- | -------- | -------- |\n| **(in millions)**                             | **2018** | **2017** |\n| Funded status                                 | $(232)   | $(275)   |\n| Unrecognized net actuarial (gain) loss        | (64)     | 5        |\n| Unrecognized prior service cost               | 5        | 4        |\n| Accumulated other comprehensive income (loss) | 59       | (9)      |\n| Cost recognized on Consolidated Balance Sheet | $(232)   | $(275)   |\n\n\n\n111"}
{"_id": "AmericanAirlines-2017_84.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**AMERICAN AIRLINES GROUP INC\\.**\n\n**CONSOLIDATED STATEMENTS OF STOCKHOLDERS\u2019 EQUITY**\n\n**(In millions, except share amounts)**\n\n\n\n|                                                                                                                     |                             |                                                       |                                                                                    |                                                       |           |\n| ------------------------------------------------------------------------------------------------------------------- | --------------------------- | ----------------------------------------------------- | ---------------------------------------------------------------------------------- | ----------------------------------------------------- | --------- |\n|                                                                                                                     | **Common**<br><br>**Stock** | **Additional**<br><br>**Paid\\-in**<br><br>**Capital** | **Accumulated**<br><br>**Other**<br><br>**Comprehensive**<br><br>**Income (Loss)** | **Retained**<br><br>**Earnings**<br><br>**(Deficit)** | **Total** |\n| **Balance at December 31, 2014**                                                                                    | $7                          | $15,135                                               | $(4,559)                                                                           | $(8,562)                                              | $2,021    |\n| Net income                                                                                                          | \u2014                           | \u2014                                                     | \u2014                                                                                  | 7,610                                                 | 7,610     |\n| Changes in pension, retiree medical and other postretirement benefits liability                                     | \u2014                           | \u2014                                                     | (159)                                                                              | \u2014                                                     | (159)     |\n| Net changes in fair value of derivative financial instruments                                                       | \u2014                           | \u2014                                                     | (9)                                                                                | \u2014                                                     | (9)       |\n| Cash tax withholding on shares issued                                                                               | \u2014                           | (306)                                                 | \u2014                                                                                  | \u2014                                                     | (306)     |\n| Purchase and retirement of 85,141,691 shares of AAG common stock                                                    | (1)                         | (3,585)                                               | \u2014                                                                                  | \u2014                                                     | (3,586)   |\n| Dividends declared on common stock ($0\\.40 per share)                                                               | \u2014                           | \u2014                                                     | \u2014                                                                                  | (278)                                                 | (278)     |\n| Issuance of 12,289,537 shares of common stock pursuant to employee stock plans                                      | \u2014                           | \u2014                                                     | \u2014                                                                                  | \u2014                                                     | \u2014         |\n| Settlement of single\\-dip unsecured claims held in distributed claims reserve                                       | \u2014                           | 63                                                    | \u2014                                                                                  | \u2014                                                     | 63        |\n| Share\\-based compensation expense                                                                                   | \u2014                           | 284                                                   | \u2014                                                                                  | \u2014                                                     | 284       |\n| Change in unrealized loss on investments                                                                            | \u2014                           | \u2014                                                     | (5)                                                                                | \u2014                                                     | (5)       |\n| **Balance at December 31, 2015**                                                                                    | 6                           | 11,591                                                | (4,732)                                                                            | (1,230)                                               | 5,635     |\n| Net income                                                                                                          | \u2014                           | \u2014                                                     | \u2014                                                                                  | 2,676                                                 | 2,676     |\n| Changes in pension, retiree medical and other postretirement benefits liability                                     | \u2014                           | \u2014                                                     | (564)                                                                              | \u2014                                                     | (564)     |\n| Non\\-cash tax benefit                                                                                               | \u2014                           | \u2014                                                     | 203                                                                                | \u2014                                                     | 203       |\n| Cash tax withholding on shares issued                                                                               | \u2014                           | (56)                                                  | \u2014                                                                                  | \u2014                                                     | (56)      |\n| Purchase and retirement of 119,823,621 shares of AAG common stock                                                   | (1)                         | (4,415)                                               | \u2014                                                                                  | \u2014                                                     | (4,416)   |\n| Dividends declared on common stock ($0\\.40 per share)                                                               | \u2014                           | \u2014                                                     | \u2014                                                                                  | (224)                                                 | (224)     |\n| Issuance of 2,506,067 shares of common stock pursuant to employee stock plans                                       | \u2014                           | \u2014                                                     | \u2014                                                                                  | \u2014                                                     | \u2014         |\n| Settlement of single\\-dip unsecured claims held in distributed claims reserve                                       | \u2014                           | 3                                                     | \u2014                                                                                  | \u2014                                                     | 3         |\n| Share\\-based compensation expense                                                                                   | \u2014                           | 100                                                   | \u2014                                                                                  | \u2014                                                     | 100       |\n| Impact of adoption of Accounting Standards Update (ASU) 2016\\-09 related to share\\-based compensation (See Note 14) | \u2014                           | \u2014                                                     | \u2014                                                                                  | 418                                                   | 418       |\n| Change in unrealized loss on investments                                                                            | \u2014                           | \u2014                                                     | 10                                                                                 | \u2014                                                     | 10        |\n| **Balance at December 31, 2016**                                                                                    | 5                           | 7,223                                                 | (5,083)                                                                            | 1,640                                                 | 3,785     |\n| Net income                                                                                                          | \u2014                           | \u2014                                                     | \u2014                                                                                  | 1,919                                                 | 1,919     |\n| Changes in pension, retiree medical and other postretirement benefits liability                                     | \u2014                           | \u2014                                                     | (117)                                                                              | \u2014                                                     | (117)     |\n| Non\\-cash tax benefit                                                                                               | \u2014                           | \u2014                                                     | 47                                                                                 | \u2014                                                     | 47        |\n| Cash tax withholding on shares issued                                                                               | \u2014                           | (51)                                                  | \u2014                                                                                  | \u2014                                                     | (51)      |\n| Purchase and retirement of 33,953,127 shares of AAG common stock                                                    | \u2014                           | (1,563)                                               | \u2014                                                                                  | \u2014                                                     | (1,563)   |\n| Dividends declared on common stock ($0\\.40 per share)                                                               | \u2014                           | \u2014                                                     | \u2014                                                                                  | (198)                                                 | (198)     |\n| Issuance of 2,166,861 shares of common stock pursuant to employee stock plans                                       | \u2014                           | \u2014                                                     | \u2014                                                                                  | \u2014                                                     | \u2014         |\n| Settlement of single\\-dip unsecured claims held in distributed claims reserve                                       | \u2014                           | 15                                                    | \u2014                                                                                  | \u2014                                                     | 15        |\n| Share\\-based compensation expense                                                                                   | \u2014                           | 90                                                    | \u2014                                                                                  | \u2014                                                     | 90        |\n| Change in unrealized loss on investments                                                                            | \u2014                           | \u2014                                                     | (1)                                                                                | \u2014                                                     | (1)       |\n| **Balance at December 31, 2017**                                                                                    | $5                          | $5,714                                                | $(5,154)                                                                           | $3,361                                                | $3,926    |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n85"}
{"_id": "Delta-2019_52.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the Board of Directors and Stockholders of \n\nDelta Air Lines, Inc\\. \n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated balance sheets of Delta Air Lines, Inc\\. (the Company) as of December 31, 2019 and 2018, and the related consolidated statements of operations, comprehensive income, cash flows, and stockholders' equity for each of the three years in the period ended December 31, 2019, and the related notes (collectively referred to as the \u201cconsolidated financial statements\u201d)\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019, in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 12, 2020 expressed an unqualified opinion thereon\\.\n\nAdoption of New Accounting Standards\n\nAs discussed in Note 8 to the consolidated financial statements, the Company changed its method of accounting for leases in 2018\\.\n\nBasis for Opinion\n\nThese financial statements are the responsibility of the Company's management\\. Our responsibility is to express an opinion on the Company\u2019s financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatements of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\nCritical Audit Matters\n\nThe critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved especially challenging, subjective, or complex judgments\\. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate\\.\n\n50"}
{"_id": "United-2019_13.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nsignificant data breach or the Company's failure to meet its obligations may adversely affect the Company's reputation, relationships with our business partners, business, operating results and financial condition\\.\n\nThe mandatory grounding of our Boeing 737 MAX 9 aircraft may have a material adverse effect on our business, operating results and financial condition\\. \n\nOn March 13, 2019, the Federal Aviation Administration issued an emergency order prohibiting the operation of Boeing 737 MAX series aircraft by U\\.S\\. certificated operators (the \"FAA Order\")\\. As a result, the Company grounded all 14 Boeing 737 MAX 9 aircraft in its fleet and Boeing also suspended deliveries of new Boeing 737 MAX series aircraft\\. The Company does not know whether, on what conditions or when the MAX grounding will end\\. The long\\-term operational and financial impact of this grounding is uncertain and could negatively affect the Company based on a number of factors, including, among others, the period of time the aircraft are unavailable, the availability of replacement aircraft, to the extent needed, and the circumstances of any reintroduction of the grounded aircraft to service\\. \n\nIn 2019, the grounding affected the delivery of 16 Boeing 737 MAX aircraft that were scheduled for delivery and were not delivered, and it is also expected to affect the timing of future Boeing 737 MAX aircraft deliveries, including the 28 Boeing 737 MAX aircraft that the Company planned to take delivery in 2020\\. The extent of the delay of future deliveries is expected to be impacted by the length of time the FAA Order remains in place, Boeing's production rate and the pace at which Boeing can deliver aircraft following the lifting of the FAA Order, among other factors\\.\n\nThe Company continues to make adjustments to its flight schedule and operations, including substituting replacement aircraft on routes originally intended to be flown by Boeing 737 MAX aircraft\\. The grounding has impacted the Company's ability to implement its strategic growth strategy, reducing the Company's scheduled capacity from its planned capacity, and has resulted in increased costs as well as lower operating revenue\\. The Company has had discussions with Boeing regarding compensation from Boeing for the Company's financial damages related to the grounding of the airline's Boeing 737 MAX aircraft; however, the parties have not agreed to any settlement, and the amount, nature and timing of any settlement with Boeing remains uncertain\\. \n\nDisruptions to our regional network and United Express flights provided by third\\-party regional carriers could adversely affect our business, operating results and financial condition\\.\n\nThe Company has contractual relationships with various regional carriers to provide regional aircraft service branded as United Express\\. These regional operations are an extension of the Company's mainline network and complement the Company's operations by carrying traffic that connects to mainline service and allows flights to smaller cities that cannot be provided economically with mainline aircraft\\. The Company's business and operations are dependent on its regional flight network, with regional capacity accounting for approximately  11%  of the Company's total capacity for the year ended  December 31, 2019 \\.\n\nAlthough the Company has agreements with its regional carriers that include contractually agreed performance metrics, each regional carrier is a separately certificated commercial air carrier and the Company does not control the operations of these carriers\\. A number of factors may impact the Company's regional network, including weather\\-related effects and seasonality\\. In addition, the decrease in qualified pilots driven by changes to federal regulations has adversely impacted and could continue to affect the Company's regional flying\\. For example, the FAA's expansion of minimum pilot qualification standards, including a requirement that a pilot have at least 1,500 total flight hours, as well as the FAA's revised pilot flight and duty time requirements under Part 117 of the Federal Aviation Regulations, have contributed to a smaller supply of pilots available to regional carriers\\. The decrease in qualified pilots resulting from the regulations as well as factors including a decreased student pilot population and a shrinking U\\.S\\. military from which to hire qualified pilots, could adversely impact the Company's operations and financial condition, and could also require the Company to reduce regional carrier flying\\. \n\nIf a significant disruption occurs to the Company's regional network or flights or if one or more of the regional carriers with which the Company has relationships is unable to perform their obligations over an extended period of time, there could be a material adverse effect on the Company's business, operating results and financial condition\\.\n\nCurrent or future litigation and regulatory actions, or failure to comply with the terms of any settlement, order or arrangement relating to these actions, could have a material adverse impact on the Company\\. \n\nFrom time to time, we are subject to litigation and other legal and regulatory proceedings relating to our business or investigations or other actions by governmental agencies, including as described in Part I, Item 3, Legal Proceedings, of this report\\. No assurances can be given that the results of these or new matters will be favorable to us\\. An adverse resolution of lawsuits, arbitrations, investigations or other proceedings or actions could have a material adverse effect on our financial condition and operating results, including as a result of non\\-monetary remedies, and could also result in adverse publicity\\. Defending ourselves in these matters may be time\\-consuming, expensive and disruptive to normal business operations and may \n\n14"}
{"_id": "Delta-2017_25.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nAircraft Purchase Commitments\n\nOur purchase commitments for additional aircraft at  December 31, 2017  are detailed in the following table:\n\n\n\n|                                   |                                       |                                       |                                       |                                       |                                       |\n| --------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- |\n|                                   | **Delivery in Calendar Years Ending** | **Delivery in Calendar Years Ending** | **Delivery in Calendar Years Ending** | **Delivery in Calendar Years Ending** | **Delivery in Calendar Years Ending** |\n| **Aircraft Purchase Commitments** | **2018**                              | **2019**                              | **2020**                              | **After 2020**                        | **Total**                             |\n| A321\\-200                         | 31                                    | 32                                    | 27                                    | 3                                     | 93                                    |\n| A321\\-200neo                      | \u2014                                     | \u2014                                     | 16                                    | 84                                    | 100                                   |\n| A330\\-900neo                      | \u2014                                     | \u2014                                     | 4                                     | 21                                    | 25                                    |\n| A350\\-900                         | 5                                     | 2                                     | 2                                     | 10                                    | 19                                    |\n| B\\-737\\-900ER                     | 23                                    | 18                                    | \u2014                                     | \u2014                                     | 41                                    |\n| CS100                             | 15                                    | 25                                    | 16                                    | 19                                    | 75                                    |\n| Total                             | 74                                    | 77                                    | 65                                    | 137                                   | 353                                   |\n\n\n\nGround Facilities\n\nAirline Operations\n\nWe lease most of the land and buildings that we occupy\\. Our largest aircraft maintenance base, various computer, cargo, flight kitchen and training facilities and most of our principal offices are located at or near the Atlanta airport on land leased from the City of Atlanta\\. We lease ticket counters, passenger holdrooms, operating areas and other terminal space in most of the airports that we serve\\. At most airports, we have entered into use agreements which provide for the non\\-exclusive use of runways, taxiways and other improvements and facilities; landing fees under these agreements normally are based on the number of landings and weight of aircraft\\. These leases and use agreements generally run for periods of less than one year to 30 years or more, and often contain provisions for periodic adjustments of lease rates, landing fees and other charges applicable under that type of agreement\\. We also lease aircraft maintenance and air cargo facilities at several airports\\. Our facility leases generally require us to pay the cost of providing, operating and maintaining such facilities, including, in some cases, amounts necessary to pay debt service on special facility bonds issued to finance their construction\\. We also lease marketing offices, reservations offices and other off\\-airport facilities in certain locations for varying terms\\.\n\nWe own our Atlanta reservations center, other real property in Atlanta, and reservations centers in Minot, North Dakota and Chisholm, Minnesota\\. \n\nRefinery Operations\n\nOur wholly owned subsidiaries, Monroe and MIPC, own and operate the Trainer refinery and related assets in Pennsylvania\\. The facility includes pipelines and terminal assets that allow the refinery to supply jet fuel to our airline operations throughout the Northeastern U\\.S\\., including our New York hubs at LaGuardia and JFK\\.\n\n 21"}
{"_id": "AmericanAirlines-2019_74.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAMERICAN AIRLINES GROUP INC\\.\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n(In millions)\n\n\n\n|                                                                                  |                              |                              |                              |\n| -------------------------------------------------------------------------------- | ---------------------------- | ---------------------------- | ---------------------------- |\n|                                                                                  |  **Year Ended December 31,** |  **Year Ended December 31,** |  **Year Ended December 31,** |\n|                                                                                  | **2019**                     | **2018**                     | **2017**                     |\n| **Cash flows from operating activities:**                                        |                              |                              |                              |\n| Net income                                                                       | $1,686                       | $1,412                       | $1,282                       |\n| Adjustments to reconcile net income to net cash provided by operating activities |                              |                              |                              |\n| Depreciation and amortization                                                    | 2,318                        | 2,159                        | 2,017                        |\n| Net gains from sale of property and equipment and sale\\-leaseback transactions   | (112<br><br>)                | (59<br><br>)                 | (11<br><br>)                 |\n| Special items, net non\\-cash                                                     | 376                          | 458                          | 272                          |\n| Pension and postretirement                                                       | (178<br><br>)                | (300<br><br>)                | (132<br><br>)                |\n| Deferred income tax provision                                                    | 560                          | 440                          | 2,089                        |\n| Share\\-based compensation                                                        | 94                           | 86                           | 90                           |\n| Other, net                                                                       | (62<br><br>)                 | (97<br><br>)                 | (142<br><br>)                |\n| **Changes in operating assets and liabilities:**                                 |                              |                              |                              |\n| Decrease (increase) in accounts receivable                                       | 73                           | 222                          | (190<br><br>)                |\n| Increase in other assets                                                         | (373<br><br>)                | (390<br><br>)                | (433<br><br>)                |\n| Increase (decrease) in accounts payable and accrued liabilities                  | 327                          | (147<br><br>)                | 299                          |\n| Increase in air traffic liability                                                | 469                          | 297                          | 65                           |\n| Increase (decrease) in loyalty program liability                                 | 76                           | (283<br><br>)                | (308<br><br>)                |\n| Contributions to pension plans                                                   | (1,230<br><br>)              | (475<br><br>)                | (286<br><br>)                |\n| Increase (decrease) in other liabilities                                         | (209<br><br>)                | 210                          | 132                          |\n| Net cash provided by operating activities                                        | 3,815                        | 3,533                        | 4,744                        |\n| **Cash flows from investing activities:**                                        |                              |                              |                              |\n| Capital expenditures and aircraft purchase deposits                              | (4,268<br><br>)              | (3,745<br><br>)              | (5,971<br><br>)              |\n| Proceeds from sale\\-leaseback transactions                                       | 850                          | 1,096                        | 853                          |\n| Proceeds from sale of property and equipment                                     | 54                           | 111                          | 94                           |\n| Purchases of short\\-term investments                                             | (3,184<br><br>)              | (3,412<br><br>)              | (4,633<br><br>)              |\n| Sales of short\\-term investments                                                 | 4,144                        | 3,705                        | 5,915                        |\n| Proceeds from vendor                                                             | 250                          | \u2014                            | \u2014                            |\n| Decrease (increase) in restricted short\\-term investments                        | (3<br><br>)                  | 72                           | 309                          |\n| Proceeds from sale of investments                                                | \u2014                            | 207                          | \u2014                            |\n| Purchase of equity investment                                                    | \u2014                            | \u2014                            | (203<br><br>)                |\n| Other investing activities                                                       | (86<br><br>)                 | (7<br><br>)                  | \u2014                            |\n| Net cash used in investing activities                                            | (2,243<br><br>)              | (1,973<br><br>)              | (3,636<br><br>)              |\n| **Cash flows from financing activities:**                                        |                              |                              |                              |\n| Proceeds from issuance of long\\-term debt                                        | 3,960                        | 2,354                        | 3,058                        |\n| Payments on long\\-term debt and finance leases                                   | (4,190<br><br>)              | (2,941<br><br>)              | (2,332<br><br>)              |\n| Deferred financing costs                                                         | (61<br><br>)                 | (59<br><br>)                 | (85<br><br>)                 |\n| Treasury stock repurchases                                                       | (1,097<br><br>)              | (837<br><br>)                | (1,615<br><br>)              |\n| Dividend payments                                                                | (178<br><br>)                | (186<br><br>)                | (198<br><br>)                |\n| Other financing activities                                                       | (2<br><br>)                  | (3<br><br>)                  | 27                           |\n| Net cash used in financing activities                                            | (1,568<br><br>)              | (1,672<br><br>)              | (1,145<br><br>)              |\n| Net increase (decrease) in cash and restricted cash                              | 4                            | (112<br><br>)                | (37<br><br>)                 |\n| Cash and restricted cash at beginning of year                                    | 286                          | 398                          | 435                          |\n| Cash and restricted cash at end of year  ^(a)^                                   | $290                         | $286                         | $398                         |\n\n\n\n^(a)^  The following table provides a reconciliation of cash and restricted cash to amounts reported within the consolidated balance sheets:\n\n\n\n|                                                                         |      |      |      |\n| ----------------------------------------------------------------------- | ---- | ---- | ---- |\n| Cash                                                                    | $280 | $275 | $295 |\n| Restricted cash included in restricted cash and short\\-term investments | 10   | 11   | 103  |\n| Total cash and restricted cash                                          | $290 | $286 | $398 |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n75"}
{"_id": "Southwest-2017_0.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n10\\-K 1 luv\\-12312017x10k\\.htm FORM 10\\-K \n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D\\.C\\. 20549**\n\n**FORM 10\\-K**\n\n(Mark One)\n\n\n\n|   |                                                                                          |\n| - | ---------------------------------------------------------------------------------------- |\n| \u00fe | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\n\n\n|                                             |\n| ------------------------------------------- |\n| For the fiscal year ended December 31, 2017 |\n\n\n\n\n\n|    |\n| -- |\n| or |\n\n\n\n\n\n|   |                                                                                              |\n| - | -------------------------------------------------------------------------------------------- |\n| \u00a8 | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\n\n\n|                                                                     |\n| ------------------------------------------------------------------- |\n| For the transition period from \\_\\_\\_\\_\\_\\_\\_\\_ to \\_\\_\\_\\_\\_\\_\\_\\_ |\n\n\n\nCommission File No\\. 1\\-7259\n\n![southwestfinal\\.jpg](https://www.example.com/southwestfinal.jpg)\n\n**Southwest Airlines Co\\.**\n\n(Exact name of registrant as specified in its charter)\n\n\n\n|                                          |                      |\n| ---------------------------------------- | -------------------- |\n| TEXAS                                    | 74\\-1563240          |\n| (State or other jurisdiction of          | (IRS Employer        |\n| incorporation or organization)           | Identification No\\.) |\n| P\\.O\\. Box 36611                         |                      |\n| Dallas, Texas                            | 75235\\-1611          |\n| (Address of principal executive offices) | (Zip Code)           |\n\n\n\nRegistrant's telephone number, including area code: **(214) 792\\-4000**\n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n\n\n|                                 |                                               |\n| ------------------------------- | --------------------------------------------- |\n| **Title of Each Class**         | **Name of Each Exchange on Which Registered** |\n| Common Stock ($1\\.00 par value) | New York Stock Exchange                       |\n\n\n\n**Securities registered pursuant to Section 12(g) of the Act:**\n\n**None**\n\nIndicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\. Yes \u00fe No \u00a8\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act\\. Yes \u00a8 No \u00fe\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\. Yes \u00fe No \u00a8"}
{"_id": "United-2017_74.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**NOTE 7 \\- INCOME TAXES** \n\nThe income tax provision (benefit) differed from amounts computed at the statutory federal income tax rate and consisted of the following significant components, as follows (in millions):\n\n\n\n|                                                       |          |          |           |\n|:----------------------------------------------------- | --------:| --------:| ---------:|\n| **UAL**                                               | **2017** | **2016** |  **2015** |\n| Income tax provision at statutory rate                |  $1,050  |  $1,337  |   $1,477  |\n| State income taxes, net of federal income tax benefit |      29  |      38  |       38  |\n| Foreign tax rate differential                         |     (43) |       \u2014  |        \u2014  |\n| Foreign income taxes                                  |       3  |       3  |        4  |\n| Nondeductible employee meals                          |      17  |      16  |       15  |\n| Impact of Tax Act                                     |    (192) |       \u2014  |        \u2014  |\n| Income tax adjustment from AOCI                       |       \u2014  |     180  |        \u2014  |\n| State rate change                                     |      12  |     (12) |        \u2014  |\n| Valuation allowance                                   |     (16) |      20  |   (4,662) |\n| Other, net                                            |       8  |     (26) |        7  |\n|                                                       |    $868  |  $1,556  |  $(3,121) |\n| Current                                               |    $(77) |    $(92) |      $56  |\n| Deferred                                              |     945  |   1,648  |   (3,177) |\n|                                                       |    $868  |  $1,556  |  $(3,121) |\n| **United**                                            | **2017** | **2016** |  **2015** |\n| Income tax provision at statutory rate                |  $1,051  |  $1,338  |   $1,477  |\n| State income taxes, net of federal income tax         |      29  |      38  |       38  |\n| Foreign tax rate differential                         |     (43) |       \u2014  |        \u2014  |\n| Foreign income taxes                                  |       3  |       3  |        4  |\n| Nondeductible employee meals                          |      17  |      16  |       15  |\n| Impact of Tax Act                                     |    (209) |       \u2014  |        \u2014  |\n| Income tax adjustment from AOCI                       |       \u2014  |     180  |        \u2014  |\n| State rate change                                     |      12  |     (12) |        \u2014  |\n| Valuation allowance                                   |     (16) |      20  |   (4,621) |\n| Other, net                                            |       8  |     (25) |        7  |\n|                                                       |    $852  |  $1,558  |  $(3,080) |\n| Current                                               |    $(77) |    $(92) |      $56  |\n| Deferred                                              |     929  |   1,650  |   (3,136) |\n|                                                       |    $852  |  $1,558  |  $(3,080) |\n\n\n\nThe Company\u2019s effective tax rate for the year ended December 31, 2017 differed from the federal statutory rate of 35% primarily because of the provisional one\\-time income tax benefit of $192 million as a result of the enactment of the Tax Act\\. This provisional benefit is the result of the remeasurement of deferred tax assets and liabilities, partially offset by a write\\-down of the employee benefit deferred tax asset for future non\\-deductible compensation, and a one\\-time transition tax on foreign earnings and profits\\. The Company\u2019s effective tax rate for the year ended December 31, 2016 differed from the federal statutory rate of\n\n75"}
{"_id": "United-2019_75.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| ------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Description**                                                                | **Fair Value Methodology**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| Cash and cash equivalents                                                      | The carrying amounts approximate fair value because of the short\\-term maturity of these assets\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| Short\\-term investments, <br><br>Equity securities and <br><br>Restricted cash | Fair value is based on (a) the trading prices of the investment or similar instruments, (b) an income approach, which uses valuation techniques to convert future amounts into a single present amount based on current market expectations about those future amounts when observable trading prices are not available, or (c) broker quotes obtained by third\\-party valuation services\\.                                                                                                                                                                                                                                                                                                                                                                                       |\n| Other investments measured at NAV                                              | In accordance with the relevant accounting standards, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy\\. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position\\. The investments measured using NAV are shares of mutual funds that invest in fixed\\-income instruments including bonds, debt securities, and other similar instruments issued by various U\\.S\\. and non\\-U\\.S\\. public\\- or private\\-sector entities\\. The Company can redeem its shares at any time at NAV subject to a three\\-day settlement period\\.  |\n| AVH Derivative Assets                                                          | Fair values are calculated using a Monte Carlo simulation approach\\. Unobservable inputs include expected volatility, expected dividend yield and control and acquisition premiums\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| Long\\-term debt                                                                | Fair values were based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities or assets\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n\n\n\nInvestments in Regional Carriers \\.  United holds investments in several regional carriers that fly for the Company as United Express under its capacity purchase agreements (\"CPAs\")\\. The combined carrying value of the investments was approximately   $126 million  as of  December 31, 2019 \\. United accounts for each investment using the equity method\\. Each investment and United's ownership stake are listed below\\.\n\n\n\n|   |                                                                                                                                                                                                                                                                         |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Republic Airways Holdings Inc\\. (\"Republic\")\\. United holds a   19%  minority interest in Republic which the Company received in 2017 in consideration for its unsecured claim in Republic's bankruptcy case\\. Republic is the parent company of Republic Airline Inc\\. |\n\n\n\n\n\n|   |                                                                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | ManaAir, LLC (\"ManaAir\")\\. United holds a   49\\.9%  minority ownership stake in ManaAir\\. ManaAir is the parent company of ExpressJet Airlines LLC\\. |\n\n\n\n\n\n|   |                                                                                                                                                 |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Champlain Enterprises, LLC (\"Champlain\")\\. United owns a   40%  minority ownership stake in Champlain\\. Champlain does business as CommutAir\\.  |\n\n\n\nOther Investments\\.  United owns approximately   8%  of the preferred shares (representing approximately   7%  of the total capital stock) of Fulcrum BioEnergy, Inc\\. (\"Fulcrum\"), a company that is developing a process for transforming municipal solid waste into transportation fuels, including jet fuel and diesel\\. United records its investment in Fulcrum at cost less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer\\. As of  December 31, 2019 , the carrying value of United's investment was   $51 million \\.\n\n76"}
{"_id": "Southwest-2018_50.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|                                                                                                          |                             |                             |             |\n| -------------------------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | ----------- |\n|                                                                                                          | **Year ended December 31,** | **Year ended December 31,** |             |\n|                                                                                                          | **2018**                    | **2017**                    | **Percent** |\n|                                                                                                          |                             | **As Recast**               | **Change**  |\n| **Net income per share, diluted, as reported**                                                           | $4\\.29                      | $5\\.57                      |             |\n| Deduct: Net impact to net income above from fuel contracts divided by<br><br> dilutive shares            | (0\\.02)                     | (0\\.08)                     |             |\n| Add (Deduct): Impact of special items                                                                    | (0\\.04)                     | 0\\.16                       |             |\n| Add (Deduct): Net income tax impact of special items, excluding Tax reform<br><br> impact (b)            | 0\\.01                       | (0\\.03)                     |             |\n| Deduct: Tax reform impact (c)                                                                            | \u2014                           | (2\\.11)                     |             |\n| **Net income per share, diluted, excluding special items**                                               | $4\\.24                      | $3\\.51                      | 20\\.8%      |\n| **Operating expenses per ASM (cents)**                                                                   | 11\\.74\u00a2                     | 11\\.53\u00a2                     |             |\n| Deduct: Fuel and oil expense divided by ASMs                                                             | (2\\.89)                     | (2\\.65)                     |             |\n| Deduct: Profitsharing expense divided by ASMs                                                            | (0\\.34)                     | (0\\.35)                     |             |\n| Add (Deduct): Impact of special items                                                                    | 0\\.02                       | (0\\.06)                     |             |\n| **Operating expenses per ASM, excluding profitsharing, Fuel and oil expense, and special items (cents)** | 8\\.53\u00a2                      | 8\\.47\u00a2                      | 0\\.7%       |\n\n\n\n(a) As a result of prior hedge ineffectiveness and/or contracts marked to market through earnings\\.\n\n(b) Tax amounts for each individual special item are calculated at the Company's effective rate for the applicable period and totaled in this line item\\.\n\n(c) Adjustment related to the Tax Cuts and Jobs Act legislation enacted in December 2017, which resulted in a re\\-measurement of the Company's deferred tax assets and liabilities at the new federal corporate tax rate of 21 percent\\.\n\n51"}
{"_id": "United-2017_53.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**UNITED CONTINENTAL HOLDINGS, INC\\.** \n\n**STATEMENTS OF CONSOLIDATED STOCKHOLDERS\u2019 EQUITY** \n\n**(In millions)** \n\n\n\n|                                                   |                           |                           |                                                |                         |                                                            |                                                                      |             |\n|:------------------------------------------------- | -------------------------:| -------------------------:| ----------------------------------------------:| -----------------------:| ----------------------------------------------------------:| --------------------------------------------------------------------:| -----------:|\n|                                                   | **Common**  <br>**Stock** | **Common**  <br>**Stock** | **Additional**  <br>**Capital  <br>Invested**  | **Treasury  <br>Stock** | **Retained  <br>Earnings  <br>(Accumulated  <br>Deficit)** | **Accumulated**  <br>**Other  <br>Comprehensive  <br>Income (Loss)** |  **Total**  |\n|                                                   |                **Shares** |                **Amount** | **Additional**  <br>**Capital  <br>Invested**  | **Treasury  <br>Stock** | **Retained  <br>Earnings  <br>(Accumulated  <br>Deficit)** | **Accumulated**  <br>**Other  <br>Comprehensive  <br>Income (Loss)** |  **Total**  |\n|  Balance at December 31, 2014                     |                      375  |                       $4  |                                        $7,721  |                  $(367) |                                                   $(3,883) |                                                             $(1,079) |     $2,396  |\n| Net income                                        |                        \u2014  |                        \u2014  |                                             \u2014  |                      \u2014  |                                                     7,340  |                                                                   \u2014  |      7,340  |\n| Other comprehensive income                        |                        \u2014  |                        \u2014  |                                             \u2014  |                      \u2014  |                                                         \u2014  |                                                                 248  |        248  |\n| Convertible debt redemptions                      |                       11  |                        \u2014  |                                           202  |                      \u2014  |                                                         \u2014  |                                                                   \u2014  |        202  |\n| Share\\-based compensation                         |                        \u2014  |                        \u2014  |                                             7  |                      \u2014  |                                                         \u2014  |                                                                   \u2014  |          7  |\n| Proceeds from exercise of stock options           |                        \u2014  |                        \u2014  |                                            16  |                      \u2014  |                                                         \u2014  |                                                                   \u2014  |         16  |\n| Repurchases of common stock                       |                      (21) |                        \u2014  |                                             \u2014  |                 (1,232) |                                                         \u2014  |                                                                   \u2014  |     (1,232) |\n| Other                                             |                        \u2014  |                        \u2014  |                                             \u2014  |                    (11) |                                                         \u2014  |                                                                   \u2014  |        (11) |\n|  Balance at December 31, 2015                     |                      365  |                        4  |                                         7,946  |                 (1,610) |                                                     3,457  |                                                                (831) |      8,966  |\n| Net income                                        |                        \u2014  |                        \u2014  |                                             \u2014  |                      \u2014  |                                                     2,263  |                                                                   \u2014  |      2,263  |\n| Other comprehensive income                        |                        \u2014  |                        \u2014  |                                             \u2014  |                      \u2014  |                                                         \u2014  |                                                                   2  |          2  |\n| Share\\-based compensation                         |                        \u2014  |                        \u2014  |                                            32  |                      \u2014  |                                                         \u2014  |                                                                   \u2014  |         32  |\n| Proceeds from exercise of stock options           |                        \u2014  |                        \u2014  |                                             6  |                      \u2014  |                                                         \u2014  |                                                                   \u2014  |          6  |\n| Repurchases of common stock                       |                      (50) |                        \u2014  |                                             \u2014  |                 (2,607) |                                                         \u2014  |                                                                   \u2014  |     (2,607) |\n| Treasury stock retired                            |                        \u2014  |                       (1) |                                        (1,415) |                  3,709  |                                                    (2,293) |                                                                   \u2014  |          \u2014  |\n| Other                                             |                        \u2014  |                        \u2014  |                                             \u2014  |                     (3) |                                                         \u2014  |                                                                   \u2014  |         (3) |\n|  Balance at December 31, 2016                     |                      315  |                        3  |                                         6,569  |                   (511) |                                                     3,427  |                                                                (829) |      8,659  |\n| Net income                                        |                        \u2014  |                        \u2014  |                                             \u2014  |                      \u2014  |                                                     2,131  |                                                                   \u2014  |      2,131  |\n| Other comprehensive loss                          |                        \u2014  |                        \u2014  |                                             \u2014  |                      \u2014  |                                                         \u2014  |                                                                (200) |       (200) |\n| Share\\-based compensation                         |                        \u2014  |                        \u2014  |                                            56  |                      \u2014  |                                                         \u2014  |                                                                   \u2014  |         56  |\n| Proceeds from exercise of stock options           |                        \u2014  |                        \u2014  |                                             2  |                      \u2014  |                                                         \u2014  |                                                                   \u2014  |          2  |\n| Repurchases of common stock                       |                      (28) |                        \u2014  |                                             \u2014  |                 (1,844) |                                                         \u2014  |                                                                   \u2014  |     (1,844) |\n| Treasury stock retired                            |                        \u2014  |                        \u2014  |                                          (508) |                  1,576  |                                                    (1,068) |                                                                   \u2014  |          \u2014  |\n| Net treasury stock issued for share\\-based awards |                        \u2014  |                        \u2014  |                                           (21) |                     10  |                                                        (1) |                                                                   \u2014  |        (12) |\n| Excess tax benefits from share\\-based awards      |                        \u2014  |                        \u2014  |                                             \u2014  |                      \u2014  |                                                        14  |                                                                   \u2014  |         14  |\n| Reclassification of stranded tax effects (Note 1) |                        \u2014  |                        \u2014  |                                             \u2014  |                      \u2014  |                                                       118  |                                                                (118) |          \u2014  |\n|  Balance at December 31, 2017                     |                      287  |                       $3  |                                        $6,098  |                  $(769) |                                                    $4,621  |                                                             $(1,147) |     $8,806  |\n\n\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n54"}
{"_id": "AmericanAirlines-2019_48.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nITEM 7\\. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\n\nBackground\n\nTogether with our wholly\\-owned regional airline subsidiaries and third\\-party regional carriers operating as American Eagle, our airline operates an average of 6,800 flights per day to more than 365 destinations in 61 countries through our hubs and gateways in Charlotte, Chicago, Dallas/Fort Worth, London Heathrow, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D\\.C\\. In  2019 , approximately  215 million  passengers boarded our flights\\.\n\n2019  Financial Overview \n\nAAG\u2019s  2019  Results\n\nThe selected financial data presented below is derived from AAG\u2019s audited consolidated financial statements included in Part II, Item 8A of this report and should be read in conjunction with those financial statements and the related notes thereto\\.\n\n\n\n|                                                       |                                              |                                              |                                              |                                                       |\n| ----------------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                                       | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                                       | **2019**                                     | **2018**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                                       | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Passenger revenue                                     | $42,010                                      | $40,676                                      | $1,334                                       | 3\\.3                                                  |\n| Cargo revenue                                         | 863                                          | 1,013                                        | (150)                                        | (14\\.8)                                               |\n| Other operating revenue                               | 2,895                                        | 2,852                                        | 43                                           | 1\\.5                                                  |\n| Total operating revenues                              | 45,768                                       | 44,541                                       | 1,227                                        | 2\\.8                                                  |\n| Mainline and regional aircraft fuel and related taxes | 9,395                                        | 9,896                                        | (501)                                        | (5\\.1)                                                |\n| Salaries, wages and benefits                          | 12,609                                       | 12,251                                       | 358                                          | 2\\.9                                                  |\n| Total operating expenses                              | 42,703                                       | 41,885                                       | 818                                          | 2\\.0                                                  |\n| Operating income                                      | 3,065                                        | 2,656                                        | 409                                          | 15\\.4                                                 |\n| Pre\\-tax income                                       | 2,256                                        | 1,884                                        | 372                                          | 19\\.7                                                 |\n| Income tax provision                                  | 570                                          | 472                                          | 98                                           | 20\\.7                                                 |\n| Net income                                            | 1,686                                        | 1,412                                        | 274                                          | 19\\.4                                                 |\n| Pre\\-tax income \u2013 GAAP                                | $2,256                                       | $1,884                                       | $372                                         | 19\\.7                                                 |\n| Adjusted for: Pre\\-tax net special items  ^(1)^       | 644                                          | 906                                          | (262)                                        | (28\\.9)                                               |\n| Pre\\-tax income excluding net special items           | $2,900                                       | $2,790                                       | $110                                         | 3\\.9                                                  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | See Part II, Item 6\\. Selected Consolidated Financial Data \u2013  *\u201c* *Reconciliation of GAAP to Non\\-GAAP Financial Measures* *\u201d*  and Note 2 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for details on the components of net special items\\. |\n\n\n\nPre\\-Tax Income and Net Income\n\nPre\\-tax income and net income were  $2\\.3 billion  and  $1\\.7 billion  in  2019 , respectively\\. This compares to  2018  pre\\-tax income and net income of  $1\\.9 billion  and  $1\\.4 billion , respectively\\. Excluding the effects of pre\\-tax net special items, pre\\-tax income was  $2\\.9 billion  and  $2\\.8 billion  in  2019  and  2018 , respectively\\. The year\\-over\\-year increase in our pre\\-tax income on both a GAAP basis and excluding pre\\-tax net special items was principally driven by higher revenues and lower fuel costs, offset in part by increases in salaries, wages and benefits, maintenance expenses and costs associated with increased regional capacity\\.\n\n49"}
{"_id": "AmericanAirlines-2018_179.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**Exhibits**\n\nExhibits required to be filed by Item 601 of Regulation S\\-K: Where the amount of securities authorized to be issued under any of our long\\-term debt agreements does not exceed 10 percent of our assets, pursuant to paragraph (b)(4) of Item 601 of Regulation S\\-K, in lieu of filing such as an exhibit, we hereby agree to furnish to the Commission upon request a copy of any agreement with respect to such long\\-term debt\\.\n\n\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| 2\\.1                          | [Confirmation Order and Plan (incorporated by reference to Exhibit 2\\.1 to AMR\u2019s Current Report on Form 8\\-K filed on October 23, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513408263/d605556dex21.htm)                                                                                                                                                                                                                                                                                                                                                                                      |\n| 2\\.2                          | [Agreement and Plan of Merger, dated as of February 13, 2013, among AMR Corporation, AMR Merger Sub, Inc\\. and US Airways Group, Inc\\. (incorporated by reference to Exhibit 2\\.1 to US Airways Group\u2019s Current Report on Form 8\\-K/A filed on February 14, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513060746/d487000dex21.htm) \\#                                                                                                                                                                                                                                                         |\n| 2\\.3                          | [Amendment to Agreement and Plan of Merger, dated as of May 15, 2013, among AMR Corporation, AMR Merger Sub, Inc\\. and US Airways Group, Inc\\. (incorporated by reference to Exhibit 2\\.1 to US Airways Group\u2019s Current Report on Form 8\\-K filed on May 16, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312513224465/d539647dex21.htm)                                                                                                                                                                                                                                                           |\n| 2\\.4                          | [Second Amendment to Agreement and Plan of Merger, dated as of June 7, 2013, among AMR Corporation, AMR Merger Sub, Inc\\. and US Airways Group, Inc\\. (incorporated by reference to Exhibit 2\\.1 to US Airways Group\u2019s Current Report on Form 8\\-K filed on June 12, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513256170/d555547dex21.htm)                                                                                                                                                                                                                                                   |\n| 2\\.5                          | [Third Amendment to Agreement and Plan of Merger, dated as of September 20, 2013, among AMR Corporation, AMR Merger Sub, Inc\\. and US Airways Group, Inc\\. (incorporated by reference to Exhibit 2\\.1 to US Airways Group\u2019s Current Report on Form 8\\-K filed on September 23, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513374023/d601604dex21.htm)                                                                                                                                                                                                                                         |\n| 2\\.6                          | [Agreement and Plan of Merger, dated as of December 28, 2015, between American Airlines, Inc\\. and US Airways, Inc\\. (incorporated by reference to Exhibit 2\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex21.htm)                                                                                                                                                                                                                                                                                             |\n| 3\\.1                          | [Restated Certificate of Incorporation of American Airlines Group Inc\\., including the Certificate of Designations, Powers, Preferences and Rights of the American Airlines Group Inc\\. Series A Convertible Preferred Stock attached as Annex I thereto (incorporated by reference to Exhibit 3\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on December 9, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513466973/d640718dex31.htm)                                                                                                                                                          |\n| 3\\.2                          | [Certificate of Amendment of Restated Certificate of Incorporation of American Airlines Group Inc\\. (incorporated by reference to Exhibit 3\\.1 to American Airlines Group Inc\\.\u2019s Current Report on Form 8\\-K filed on June 13, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312518191662/d594984dex31.htm)                                                                                                                                                                                                                                                                                        |\n| 3\\.3                          | [Third Amended and Restated Bylaws of American Airlines Group Inc\\. (incorporated by reference to Exhibit 3\\.2 to American Airlines Group Inc\\.\u2019s Current Report on Form 8\\-K filed on June 13, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312518191662/d594984dex32.htm)                                                                                                                                                                                                                                                                                                                        |\n| 3\\.4                          | [Amended and Restated Certificate of Incorporation of American Airlines, Inc\\. (incorporated by reference to Exhibit 3\\.3 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex33.htm)                                                                                                                                                                                                                                                                                                                         |\n| 3\\.5                          | [Amended and Restated Bylaws of American Airlines, Inc\\. (incorporated by reference to Exhibit 3\\.4 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex34.htm)                                                                                                                                                                                                                                                                                                                                               |\n| 4\\.1                          | [Pass Through Trust Agreement, dated as of March 12, 2013, between American Airlines, Inc\\. and Wilmington Trust Company (incorporated by reference to Exhibit 4\\.1 to AMR\u2019s Current Report on Form 8\\-K filed on March 12, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312513103330/d501326dex41.htm)                                                                                                                                                                                                                                                                                            |\n| 4\\.2                          | [Trust Supplement No\\. 2013\\-2B, dated as of November 27, 2013, among American Airlines, Inc\\. and Wilmington Trust Company, as Class B Trustee, to the Pass Through Trust Agreement, dated as of March 12, 2013 (incorporated by reference to Exhibit 4\\.2 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex42.htm)                                                                                                                                                                                                 |\n| 4\\.3                          | [Form of Pass Through Trust Certificate, Series 2013\\-2B (included in Exhibit A to Exhibit 4\\.2) (incorporated by reference to Exhibit 4\\.3 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex42.htm)                                                                                                                                                                                                                                                                                                                 |\n| 4\\.4                          | [Revolving Credit Agreement (2013\\-2B), dated as of November 27, 2013, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for Trustee of American Airlines Pass Through Trust 2013\\-2B and as Borrower, and Morgan Stanley Bank, N\\.A\\., as Class B Liquidity Provider (incorporated by reference to Exhibit 4\\.5 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex45.htm)                                                                                                               |\n| 4\\.5                          | [Participation Agreement (N907AN), dated as of September 9, 2013, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements in effect as of the date thereof, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein (incorporated by reference to Exhibit 4\\.6 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex46.htm) |\n\n\n\n180"}
{"_id": "Delta-2018_92.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nEmployees Under Collective Bargaining Agreements \n\nAt  December 31, 2018 , we had approximately   89,000  full\\-time equivalent employees\\. Approximately   19%  of these employees were represented by unions\\. The following table shows our domestic airline employee groups that are represented by unions\\.\n\n\n\n|                                                  |                                                        |           |                                                                     |\n| ------------------------------------------------ | ------------------------------------------------------ | --------- | ------------------------------------------------------------------- |\n| **Employee Group**                               | **Approximate Number of Active Employees Represented** | **Union** | **Date on which Collective Bargaining Agreement Becomes Amendable** |\n| Delta Pilots                                     | 13,203                                                 | ALPA      | December 31, 2019                                                   |\n| Delta Flight Superintendents (Dispatchers) ^(1)^ | 432                                                    | PAFCA     | March 31, 2018                                                      |\n| Endeavor Air Pilots                              | 1,976                                                  | ALPA      | January 1, 2024                                                     |\n| Endeavor Air Flight Attendants ^(1)^             | 1,307                                                  | AFA       | December 31, 2018                                                   |\n| Endeavor Air Dispatchers ^(1)^                   | 60                                                     | PAFCA     | December 31, 2018                                                   |\n\n\n\n\n\n|       |                                                                                                                                     |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | We are in discussions with representatives of these employee groups regarding terms of amendable collective bargaining agreements\\. |\n\n\n\nIn addition to the domestic airline employee groups discussed above,   196  refinery employees of Monroe are represented by the United Steel Workers under an agreement that expires on February 28, 2019\\. This agreement is governed by the National Labor Relations Act , which generally allows either party to engage in self help upon the expiration of the agreement\\.\n\nOther\n\nWe have certain contracts for goods and services that require us to pay a penalty, acquire inventory specific to us or purchase contract\\-specific equipment, as defined by each respective contract, if we terminate the contract without cause prior to its expiration date\\. Because these obligations are contingent on our termination of the contract without cause prior to its expiration date, no obligation would exist unless such a termination occurs\\.\n\nNOTE 12 \\. INCOME TAXES\n\nIncome Tax Provision \n\nOur income tax provision consisted of the following:\n\n\n\n|                                  |                             |                             |                             |\n| -------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions)**                | **2018**                    | **2017**                    | **2016**                    |\n| Current tax (provision) benefit: |   <br>                      |   <br>                      |   <br>                      |\n| Federal                          | $187                        | $<br><br>(4<br><br>)        | $\u2014                          |\n| State and local                  | (26<br><br>)                | 5                           | (28<br><br>)                |\n| International                    | (13<br><br>)                | (54<br><br>)                | (12<br><br>)                |\n| Deferred tax provision:          |   <br>                      |   <br>                      |   <br>                      |\n| Federal                          | (1,226<br><br>)             | (2,093<br><br>)             | (1,990<br><br>)             |\n| State and local                  | (138<br><br>)               | (149<br><br>)               | (128<br><br>)               |\n| Income tax provision             | $<br><br>(1,216<br><br>)    | $<br><br>(2,295<br><br>)    | $<br><br>(2,158<br><br>)    |\n\n\n\n 90"}
{"_id": "United-2019_17.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nactions designed to disrupt the Company's normal operations, in an attempt to pressure the Company in collective bargaining negotiations\\. Although the RLA makes such actions unlawful until the parties have been lawfully released to self\\-help, and the Company can seek injunctive relief against premature self\\-help, such actions can cause significant harm even if ultimately enjoined\\. Similarly, if the operations of our third\\-party regional carriers, ground handlers or other vendors are impacted by labor\\-related disruptions, our operations could be adversely affected\\. In addition, collective bargaining agreements with the Company's represented employee groups increase the Company's labor costs, which increase could be material\\.\n\nAn outbreak of disease or similar public health threat, such as the coronavirus, could have a material adverse impact on the Company's business, operating results and financial condition\\.\n\nAn outbreak of disease or similar public health threat, or fear of such an event, that affects travel demand, travel behavior, or travel restrictions could have a material adverse impact on the Company's business, financial condition and operating results\\. In addition, outbreaks of disease could result in increased government restrictions and regulation, including quarantines of our personnel or an inability to access facilities or our aircraft, which could adversely affect our operations\\. \n\nIn December 2019, a novel strain of coronavirus (\"COVID\\-19\") was reported in Wuhan, China\\. The World Health Organization has declared COVID\\-19 to constitute a \"Public Health Emergency of International Concern\\.\" On January 30, 2020, the U\\.S\\. Department of State issued a Level 4 \"do not travel\" advisory for China\\. The U\\.S\\. government has also implemented enhanced screenings, quarantine requirements and travel restrictions in connection with the COVID\\-19 outbreak\\. The Company has suspended its flights between the United States and each of Beijing, Chengdu, Shanghai and Hong Kong through April 24, 2020\\. These routes represented approximately 5% of the Company's 2020 planned capacity and the Company's other trans\\-Pacific routes represented an additional 10% of the Company's 2020 planned capacity\\. As of the date of this report, the Company is experiencing an approximately 100% decline in near\\-term demand to China and an approximately 75% decline in near\\-term demand on the rest of the Company's trans\\-Pacific routes\\. The extent of the impact of the COVID\\-19 on the Company's operational and financial performance will depend on future developments, including the duration and spread of the outbreak and related travel advisories and restrictions and the impact of the COVID\\-19 on overall demand for air travel, all of which are highly uncertain and cannot be predicted\\. If traffic on the Company's trans\\-Pacific routes were to remain at these levels for an extended period, and/or routes in other parts of the Company's network begin to see significant declines in demand, our results of operations for full year 2020 may be materially adversely affected\\.\n\nIf we experience changes in, or are unable to retain, our senior management team or other key employees, our operating results could be adversely affected\\.\n\nMuch of our future success depends on the continued availability of skilled personnel with industry experience and knowledge, including our senior management team and other key employees\\. If we are unable to attract and retain talented, highly qualified senior management and other key employees, or if we are unable to effectively provide for the succession of senior management, our business may be adversely affected\\. \n\nExtended interruptions or disruptions in service at major airports where we operate could have a material adverse impact on our operations\\.\n\nThe airline industry is heavily dependent on business models that concentrate operations in major airports in the United States and throughout the world\\. An extended interruption or disruption at an airport where we have significant operations could have a material impact on our business, financial condition and results of operation\\.\n\nWe operate principally through our domestic hubs in at Newark, Chicago O'Hare, Denver, Houston Bush, LAX, Guam, SFO and Washington Dulles\\. Substantially all of our flights either originate in or fly into one of these locations\\. A significant interruption or disruption in service at one of our hubs or other airports where we have a significant presence resulting from ATC delays, weather conditions, natural disasters, growth constraints, relations with third\\-party service providers, failure of computer systems, disruptions to government agencies or personnel (including as a result of government shutdowns), disruptions at airport facilities or other key facilities used by us to manage our operations, labor relations, power supplies, fuel supplies, terrorist activities, international hostilities or otherwise could result in the cancellation or delay of a significant portion of our flights and, as a result, could have a material impact on our business, operating results and financial condition\\. We have minimal control over the operation, quality or maintenance of these services or whether vendors will improve or continue to provide services that are essential to our business\\.\n\nThe airline industry is subject to extensive government regulation, which imposes significant costs and may adversely impact our business, operating results and financial condition\\.\n\nAirlines are subject to extensive regulatory and legal oversight\\. Compliance with U\\.S\\. and international regulations imposes significant costs and may have adverse effects on the Company\\. Laws, regulations, taxes and airport rates and charges, both \n\n18"}
{"_id": "United-2017_34.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n***Liquidity and Capital Resources*** \n\nAs of December 31, 2017, the Company had $3\\.8 billion in unrestricted cash, cash equivalents and short\\-term investments, a decrease of $0\\.6 billion from December 31, 2016\\. The Company had its entire commitment capacity of $2\\.0 billion under the revolving credit facility of the Company\u2019s Amended and Restated Credit and Guaranty Agreement, dated as of March 29, 2017 (as amended by the First Amendment to the Amended and Restated Credit and Guaranty Agreement, dated as of November 15, 2017, the \u201c2017 Credit Agreement\u201d) available for borrowings as of December 31, 2017\\. As of December 31, 2017, the Company had $109 million of restricted cash and cash equivalents, which is primarily collateral for letters of credit and collateral associated with obligations for facility leases and workers\u2019 compensation\\. We may be required to post significant additional cash collateral to provide security for obligations\\. Restricted cash and cash equivalents at December 31, 2016 totaled $124 million\\.\n\nWe have a significant amount of fixed obligations, including debt, aircraft leases and financings, leases of airport property and other facilities and pension funding obligations\\. At December 31, 2017, the Company had approximately $14\\.4 billion of debt and capital lease obligations, including $1\\.7 billion that are due within the next 12 months\\. In addition, we have substantial noncancelable commitments for capital expenditures, including the acquisition of new aircraft and related spare engines\\. As of December 31, 2017, our current liabilities exceeded our current assets by approximately $5\\.6 billion\\. However, approximately $6\\.1 billion of our current liabilities are related to our advance ticket sales and frequent flyer deferred revenue, both of which largely represent revenue to be recognized for travel in the near future and not cash outlays\\. The deficit in working capital does not have an adverse impact to our cash flows, liquidity or operations\\.\n\nThe Company will continue to evaluate opportunities to prepay its debt, including open market repurchases, to reduce its indebtedness and related interest\\.\n\nFor 2018, the Company expects between $3\\.6 billion and $3\\.8 billion of gross capital expenditures\\. See Note 13 to the financial statements included in Part II, Item 8 of this report for additional information on commitments\\.\n\nAs of December 31, 2017, a substantial portion of the Company\u2019s assets, principally aircraft, route authorities, airport slots and loyalty program intangible assets, was pledged under various loan and other agreements\\. We must sustain our profitability and/or access the capital markets to meet our significant long\\-term debt and capital lease obligations and future commitments for capital expenditures, including the acquisition of aircraft and related spare engines\\. See Note 10 to the financial statements included in Part II, Item 8 of this report for additional information on assets provided as collateral by the Company\\.\n\nThe following is a discussion of the Company\u2019s sources and uses of cash from 2015 through 2017\\.\n\n***Operating Activities*** \n\n*2017 compared to 2016* \n\nCash flow provided by operations for the year ended December 31, 2017 was $3\\.4 billion compared to $5\\.5 billion in the same period in 2016, the decrease resulting from lower operating income and reduced cash flows from certain changes in working capital items\\. Excluding the non\\-cash impairment of the Newark slots, operating income for 2017 was approximately $1\\.2 billion lower than 2016\\. Working capital changes reduced cash flow from operations by an additional $1\\.2 billion year\\-over\\-year in 2017 as compared to 2016\\. The following were significant working capital items in 2017:\n\n\n\n|   |                                                                                                              |\n| - | ------------------------------------------------------------------------------------------------------------ |\n| \u2022 | $0\\.9 billion decrease in advanced purchase of miles due to increased utilization  of pre\\-purchased miles\\. |\n\n\n\n\n\n|   |                                                                    |\n| - | ------------------------------------------------------------------ |\n| \u2022 | $0\\.4 billion increase in prepayments for maintenance contracts\\.  |\n\n\n\n*2016 compared to 2015* \n\nCash flow provided by operations for the year ended December 31, 2016 was $5\\.5 billion compared to $6\\.0 billion in the same period in 2015\\. Working capital changes reduced cash flow from operations by\n\n35"}
{"_id": "Delta-2019_35.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nOperating Expense\n\n\n\n|                                                    |                                                    |                                                    |                         |                         |         |                          |                          |                            |                            |                            |  |  |  |\n|:-------------------------------------------------- |:-------------------------------------------------- |:-------------------------------------------------- | -----------------------:| -----------------------:| -------:| ------------------------:| ------------------------:|:--------------------------:|:--------------------------:|:--------------------------:|:- |:- |:- |\n|                                                    |                                                    |                                                    | Year Ended December 31, | Year Ended December 31, |         | Increase  <br>(Decrease) | Increase  <br>(Decrease) | % Increase  <br>(Decrease) | % Increase  <br>(Decrease) | % Increase  <br>(Decrease) |\n| (in millions)                                      | (in millions)                                      | (in millions)                                      |                    2019 |                    2018 |         | Increase  <br>(Decrease) | Increase  <br>(Decrease) | % Increase  <br>(Decrease) | % Increase  <br>(Decrease) | % Increase  <br>(Decrease) |  |  |  |\n| Salaries and related costs                         | Salaries and related costs                         | Salaries and related costs                         |                $11,225  |                $10,743  |   $482  |                   4\\.5 % |                   4\\.5 % |\n| Aircraft fuel and related taxes                    | Aircraft fuel and related taxes                    | Aircraft fuel and related taxes                    |                  8,519  |                  9,020  |   (501) |                  (5\\.6)% |                  (5\\.6)% |\n| Regional carriers expense, excluding fuel          | Regional carriers expense, excluding fuel          | Regional carriers expense, excluding fuel          |                  3,584  |                  3,438  |    146  |                   4\\.2 % |                   4\\.2 % |\n| Contracted services                                | Contracted services                                | Contracted services                                |                  2,641  |                  2,175  |    466  |                  21\\.4 % |                  21\\.4 % |\n| Depreciation and amortization                      | Depreciation and amortization                      | Depreciation and amortization                      |                  2,581  |                  2,329  |    252  |                  10\\.8 % |                  10\\.8 % |\n| Passenger commissions and other selling expenses   | Passenger commissions and other selling expenses   | Passenger commissions and other selling expenses   |                  1,993  |                  1,941  |     52  |                   2\\.7 % |                   2\\.7 % |\n| Landing fees and other rents                       | Landing fees and other rents                       | Landing fees and other rents                       |                  1,762  |                  1,662  |    100  |                   6\\.0 % |                   6\\.0 % |\n| Aircraft maintenance materials and outside repairs | Aircraft maintenance materials and outside repairs | Aircraft maintenance materials and outside repairs |                  1,751  |                  1,575  |    176  |                  11\\.2 % |                  11\\.2 % |\n| Profit sharing                                     | Profit sharing                                     | Profit sharing                                     |                  1,643  |                  1,301  |    342  |                  26\\.3 % |                  26\\.3 % |\n| Passenger service                                  | Passenger service                                  | Passenger service                                  |                  1,251  |                  1,178  |     73  |                   6\\.2 % |                   6\\.2 % |\n| Ancillary businesses and refinery                  | Ancillary businesses and refinery                  | Ancillary businesses and refinery                  |                  1,245  |                  1,695  |   (450) |                 (26\\.5)% |                 (26\\.5)% |\n| Aircraft rent                                      | Aircraft rent                                      | Aircraft rent                                      |                    423  |                    394  |     29  |                   7\\.4 % |                   7\\.4 % |\n| Other                                              | Other                                              | Other                                              |                  1,771  |                  1,723  |     48  |                   2\\.8 % |                   2\\.8 % |\n| Total operating expense                            | Total operating expense                            | Total operating expense                            |                $40,389  |                $39,174  | $1,215  |                   3\\.1 % |                   3\\.1 % |\n\n\n\nSalaries and Related Costs\\.  The increase in salaries and related costs is primarily due to pay rate increases for eligible employees\\. This increase is partially offset by salaries for DGS employees, which are no longer included in salaries and related costs following the sale of that business in December 2018\\. DGS\\-related expenses are now recorded in contracted services\\.\n\nAircraft Fuel and Related Taxes\\.  Fuel expense decreased $501 million compared to the prior year despite a 4\\.6% increase in capacity, due to an 8% decrease in the market price per gallon of fuel and improved fuel efficiency driven by our investment in new aircraft\\.\n\nThe table below shows the impact of hedging and the refinery on fuel expense and average price per gallon, adjusted (non\\-GAAP financial measures):\n\n\n\n|                                                |                                                |                                                |                          |                          |        |                          |                          |                          |         |                          |                          |                          |                          |                          |                          |                          |                          |  |  |  |  |  |  |\n|:---------------------------------------------- |:---------------------------------------------- |:---------------------------------------------- | ------------------------:| ------------------------:| ------:|:------------------------:|:------------------------:|:------------------------:| -------:| ------------------------:| ------------------------:|:------------------------:|:------------------------:|:------------------------:|:------------------------:|:------------------------:|:------------------------:|:- |:- |:- |:- |:- |:- |\n|                                                |                                                |                                                |                          |                          |        |                          |                          |                          |         |                          | Average Price Per Gallon | Average Price Per Gallon | Average Price Per Gallon | Average Price Per Gallon | Average Price Per Gallon | Average Price Per Gallon | Average Price Per Gallon |  |  |  |  |  |  |\n|                                                |                                                |                                                | Year Ended December 31,  | Year Ended December 31,  |        | Increase  <br>(Decrease) | Increase  <br>(Decrease) | Increase  <br>(Decrease) |         | Year Ended December 31,  | Year Ended December 31,  |                          |                          |                          |   Increase (Decrease)    |   Increase (Decrease)    |   Increase (Decrease)    |\n| (in millions, except per gallon data)^(1)^     | (in millions, except per gallon data)^(1)^     | (in millions, except per gallon data)^(1)^     |                     2019 |                     2018 |        | Increase  <br>(Decrease) | Increase  <br>(Decrease) | Increase  <br>(Decrease) |         |                     2019 |                     2018 |                          |                          |                          |   Increase (Decrease)    |   Increase (Decrease)    |   Increase (Decrease)    |\n| Fuel purchase cost^(2)^                        | Fuel purchase cost^(2)^                        | Fuel purchase cost^(2)^                        |                  $8,581  |                  $9,131  | $(550) |                          |                          |                          | $2\\.04  |                  $2\\.22  |                 $(0\\.18) |\n| Fuel hedge impact                              | Fuel hedge impact                              | Fuel hedge impact                              |                      14  |                     (53) |    67  |                          |                          |                          |      \u2014  |                  (0\\.01) |                   0\\.01  |\n| Refinery segment impact                        | Refinery segment impact                        | Refinery segment impact                        |                     (76) |                     (58) |   (18) |                          |                          |                          | (0\\.02) |                  (0\\.01) |                  (0\\.01) |\n| Total fuel expense                             | Total fuel expense                             | Total fuel expense                             |                  $8,519  |                  $9,020  | $(501) |                          |                          |                          | $2\\.02  |                  $2\\.20  |                 $(0\\.18) |\n| MTM adjustments and settlements on hedges^(3)^ | MTM adjustments and settlements on hedges^(3)^ | MTM adjustments and settlements on hedges^(3)^ |                     (14) |                      53  |   (67) |                          |                          |                          |      \u2014  |                   0\\.01  |                  (0\\.01) |\n| Total fuel expense, adjusted                   | Total fuel expense, adjusted                   | Total fuel expense, adjusted                   |                  $8,505  |                  $9,073  | $(568) |                          |                          |                          | $2\\.02  |                  $2\\.21  |                 $(0\\.19) |\n\n\n\n^(1)^ This reconciliation may not calculate exactly due to rounding\\.\n\n^(2)^ Market price for jet fuel at airport locations, including related taxes and transportation costs\\.\n\n^(3)^ MTM adjustments and settlements on hedges include the effects of the derivative transactions disclosed in Note 5 of the Notes to the Consolidated Financial Statements\\. For additional information and the reason for adjusting fuel expense, see \"Supplemental Information\" below\\.\n\nContracted Services\\.  The increase in contracted services expense predominantly relates to services performed by DGS that were recorded in salaries and related costs prior to the sale of that business in December 2018\\. During 2018, DGS incurred expenses of approximately $350 million related to internal Delta services that were primarily recorded in salaries and related costs\\. After the sale of DGS to a third party, we now record these expenses and our portion of the new entity's (\"AirCo\") financial results under the equity method of accounting, in contracted services\\.\n\n33"}
{"_id": "Southwest-2018_31.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**EXECUTIVE OFFICERS OF THE REGISTRANT** \n\nThe following information regarding the Company\u2019s executive officers is as of February 1, 2019\\.\n\n\n\n|                        |                                                                           |         |\n| ---------------------- | ------------------------------------------------------------------------- | ------- |\n| **Name**               | **Position**                                                              | **Age** |\n| Gary C\\. Kelly         | Chairman of the Board & Chief Executive Officer                           | 63      |\n| Thomas M\\. Nealon      | President                                                                 | 57      |\n| Michael G\\. Van de Ven | Chief Operating Officer                                                   | 57      |\n| Robert E\\. Jordan      | Executive Vice President Corporate Services                               | 58      |\n| Tammy Romo             | Executive Vice President & Chief Financial Officer                        | 56      |\n| Mark R\\. Shaw          | Executive Vice President & Chief Legal & Regulatory Officer<br><br>  <br> | 56      |\n| Andrew M\\. Watterson   | Executive Vice President & Chief Revenue Officer                          | 52      |\n| Gregory D\\. Wells      | Executive Vice President Daily Operations                                 | 60      |\n\n\n\nSet forth below is a description of the background of each of the Company\u2019s executive officers\\.\n\n*Gary C\\. Kelly* has served as the Company's Chairman of the Board since May 2008 and as its Chief Executive Officer since July 2004\\. Mr\\. Kelly also served as President from July 2008 to January 2017, Executive Vice President & Chief Financial Officer from June 2001 to July 2004, and Vice President Finance & Chief Financial Officer from 1989 to 2001\\. Mr\\. Kelly joined the Company in 1986 as its Controller\\.\n\n*Thomas M\\. Nealon* has served as the Company's President since January 2017\\. Mr\\. Nealon also served as Executive Vice President Strategy & Innovation from January 2016 to January 2017\\. Prior to becoming an executive officer of the Company, Mr\\. Nealon served on the Company\u2019s Board of Directors from December 2010 until November 2015\\. Mr\\. Nealon has also served as Group Executive Vice President of J\\.C\\. Penney Company, Inc\\., a retail company, from August 2010 until December 2011\\. In this role Mr\\. Nealon was responsible for Strategy, jcp\\.com, Information Technology, Customer Insights, and Digital Ventures\\. Mr\\. Nealon also served as J\\.C\\. Penney\u2019s Executive Vice President & Chief Information Officer from September 2006 until August 2010\\. Prior to joining J\\.C\\. Penney, Mr\\. Nealon was a partner with The Feld Group, a provider of information technology consulting services, where he served in a consultant capacity as Senior Vice President & Chief Information Officer for the Company from 2002 to 2006\\. Mr\\. Nealon also served as Chief Information Officer for Frito\\-Lay, a division of PepsiCo, Inc\\., from 1996 to 2000, and in various software engineering, systems engineering, and management positions for Frito\\-Lay from 1983 to 1996\\.\n\n*Michael G\\. Van de Ven* has served as the Company's Chief Operating Officer since May 2008\\. Mr\\. Van de Ven also served as Executive Vice President & Chief Operating Officer from May 2008 to January 2017, Chief of Operations from September 2006 to May 2008, Executive Vice President Aircraft Operations from November 2005 through August 2006, Senior Vice President Planning from August 2004 to November 2005, Vice President Financial Planning & Analysis from 2001 to 2004, Senior Director Financial Planning & Analysis from 2000 to 2001, and Director Financial Planning & Analysis from 1997 to 2000\\. Mr\\. Van de Ven joined the Company in 1993 as its Director Internal Audit\\.\n\n*Robert E\\. Jordan* has served as the Company's Executive Vice President Corporate Services since July 2017 and as President of AirTran Airways, Inc\\. since May 2011\\. Mr\\. Jordan also served as Executive Vice President & Chief Commercial Officer from September 2011 to July 2017, Executive Vice President Strategy & Planning from May 2008 to September 2011, Executive Vice President Strategy & Technology from September 2006 to May 2008, Senior Vice President Enterprise Spend Management from August 2004 to September 2006, Vice President Technology from 2002 to 2004, Vice President Purchasing from 2001 to 2002, Controller from 1997 to 2001, Director Revenue Accounting from 1994 to 1997, and Manager Sales Accounting from 1990 to 1994\\. Mr\\. Jordan joined the Company in 1988 as a programmer\\.\n\n*Tammy Romo* has served as the Company's Executive Vice President & Chief Financial Officer since July 2015\\. Ms\\. Romo also served as Senior Vice President Finance & Chief Financial Officer from September 2012 to July 2015, Senior Vice President of Planning from February 2010 to September 2012, Vice President of Financial Planning from September 2008 to February 2010, Vice President Controller from February 2006 to August 2008, Vice President Treasurer from September 2004 to February 2006, Senior Director of Investor Relations from March 2002 to September\n\n32"}
{"_id": "AmericanAirlines-2018_34.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***Certain provisions of AAG\u2019s Certificate of Incorporation and Bylaws make it difficult for stockholders to change the composition of our Board of Directors and may discourage takeover attempts that some of our stockholders might consider beneficial\\.***\n\nCertain provisions of our Certificate of Incorporation and Bylaws, as currently in effect, may have the effect of delaying or preventing changes in control if our Board of Directors determines that such changes in control are not in our best interest and the best interest of our stockholders\\. These provisions include, among other things, the following:\n\n\n\n|   |                                                                                                 |\n| - | ----------------------------------------------------------------------------------------------- |\n| \u2022 | advance notice procedures for stockholder proposals to be considered at stockholders\u2019 meetings; |\n\n\n\n\n\n|   |                                                                       |\n| - | --------------------------------------------------------------------- |\n| \u2022 | the ability of our Board of Directors to fill vacancies on the board; |\n\n\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | a prohibition against stockholders taking action by written consent; |\n\n\n\n\n\n|   |                                                                                                                                                                                  |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | stockholders are restricted from calling a special meeting unless they hold at least 20% of our outstanding shares and follow the procedures provided for in the amended Bylaws; |\n\n\n\n\n\n|   |                                                                                                                                                                                                            |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | a requirement that holders of at least 80% of the voting power of the shares entitled to vote in the election of directors approve any amendment of our Bylaws submitted to stockholders for approval; and |\n\n\n\n\n\n|   |                                                                                                                   |\n| - | ----------------------------------------------------------------------------------------------------------------- |\n| \u2022 | super\\-majority voting requirements to modify or amend specified provisions of our Certificate of Incorporation\\. |\n\n\n\nThese provisions are not intended to prevent a takeover, but are intended to protect and maximize the value of the interests of our stockholders\\. While these provisions have the effect of encouraging persons seeking to acquire control of our company to negotiate with our Board of Directors, they could enable our Board of Directors to prevent a transaction that some, or a majority, of our stockholders might believe to be in their best interest and, in that case, may prevent or discourage attempts to remove and replace incumbent directors\\. In addition, we are subject to the provisions of Section 203 of the Delaware General Corporation Law, which prohibits business combinations with interested stockholders\\. Interested stockholders do not include stockholders whose acquisition of our securities is approved by the Board of Directors prior to the investment under Section 203\\.\n\n***AAG\u2019s Certificate of Incorporation and Bylaws include provisions that limit voting and acquisition and disposition of our equity interests\\.***\n\nOur Certificate of Incorporation and Bylaws include provisions that limit voting and ownership and disposition of our equity interests, as described in Part II, Item 5\\. Market for American Airlines Group\u2019s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities \\- \u201c*Ownership Restrictions\\.*\u201d These restrictions may adversely affect the ability of certain holders of AAG common stock and our other equity interests to vote such interests and adversely affect the ability of persons to acquire shares of AAG common stock and our other equity interests\\.\n\n**ITEM 1B\\. UNRESOLVED STAFF COMMENTS**\n\nWe had no unresolved Securities and Exchange Commission staff comments that were issued 180 days or more preceding December 31, 2018\\.\n\n35"}
{"_id": "United-2017_84.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**NOTE 9 \\- FAIR VALUE MEASUREMENTS AND INVESTMENTS** \n\n***Fair Value Information\\.*** Accounting standards require us to use valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs\\. These inputs are described in Note 8 of this report\\. The table below presents disclosures about the fair value of financial assets and liabilities measured at fair value on a recurring basis in the Company\u2019s financial statements as of December 31 (in millions):\n\n\n\n|                                                                              |           |             |             |             |           |             |             |             |\n|:---------------------------------------------------------------------------- | ---------:| -----------:| -----------:| -----------:| ---------:| -----------:| -----------:| -----------:|\n|                                                                              |  **2017** |    **2017** |    **2017** |    **2017** |  **2016** |    **2016** |    **2016** |    **2016** |\n|                                                                              | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** |\n| Cash and cash equivalents                                                    |  $ 1,482  |    $ 1,482  |         $\u2014  |         $\u2014  |  $ 2,179  |    $ 2,179  |         $\u2014  |         $\u2014  |\n| Short\\-term investments:                                                     |           |             |             |             |           |             |             |             |\n| Corporate debt                                                               |      958  |          \u2014  |        958  |          \u2014  |      835  |          \u2014  |        835  |          \u2014  |\n| Asset\\-backed securities                                                     |      753  |          \u2014  |        753  |          \u2014  |      792  |          \u2014  |        792  |          \u2014  |\n| Certificates of deposit placed through an account registry service (\u201cCDARS\u201d) |      120  |          \u2014  |        120  |          \u2014  |      246  |          \u2014  |        246  |          \u2014  |\n| U\\.S\\. government and agency notes                                           |      113  |          \u2014  |        113  |          \u2014  |      140  |          \u2014  |        140  |          \u2014  |\n| Other fixed\\-income securities                                               |      188  |          \u2014  |        188  |          \u2014  |       54  |          \u2014  |         54  |          \u2014  |\n| Other investments measured at NAV                                            |      184  |          \u2014  |          \u2014  |          \u2014  |      182  |          \u2014  |          \u2014  |          \u2014  |\n| Restricted cash                                                              |      109  |        109  |          \u2014  |          \u2014  |      124  |        124  |          \u2014  |          \u2014  |\n| Long\\-term investments:                                                      |           |             |             |             |           |             |             |             |\n| Equity securities                                                            |       99  |         99  |          \u2014  |          \u2014  |        \u2014  |          \u2014  |          \u2014  |          \u2014  |\n| Enhanced equipment trust certificates (\u201cEETC\u201d)                               |       22  |          \u2014  |          \u2014  |         22  |       23  |          \u2014  |          \u2014  |         23  |\n\n\n\n**Available\\-for\\-sale investment maturities**\u2014The short\\-term investments shown in the table above are classified as available\\-for\\-sale\\. As of December 31, 2017, asset\\-backed securities have remaining maturities of less than one year to approximately 17 years, corporate debt securities have remaining maturities of less than one year to approximately three years and CDARS have maturities of less than one year\\. U\\.S\\. government and other securities have maturities of less than one year to approximately three years\\. The EETC securities mature in 2019\\.\n\n**Restricted cash**\u2014Restricted cash primarily includes cash collateral for letters of credit and collateral associated with obligations for facility leases and workers\u2019 compensation\\.\n\n**Equity securities**\u2014Equity securities represent United\u2019s investment in Azul Linhas Aereas Brasileiras S\\.A\\. (\u201cAzul\u201d), which was previously accounted for as a cost\\-method investment\\. The fair value of Azul\u2019s shares became readily determinable in the second quarter of 2017 upon its initial public offering and the investment is now accounted for as available\\-for\\-sale\\.\n\n85"}
{"_id": "Delta-2017_72.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nCredit Risk\n\nTo manage credit risk associated with our fuel price, interest rate and foreign currency hedging programs, we evaluate counterparties based on several criteria including their credit ratings and limit our exposure to any one counterparty\\.\n\nOur hedge contracts contain margin funding requirements\\.  The margin funding requirements may cause us to post margin to counterparties or may cause counterparties to post margin to us as market prices in the underlying hedged items change\\.  Due to the fair value position of our hedge contracts, we posted margin of   $43 million  and   $38 million  as of  December 31, 2017  and  2016 , respectively\\.\n\nOur accounts receivable are generated largely from the sale of passenger airline tickets and cargo transportation services, the majority of which are processed through major credit card companies\\. We also have receivables from the sale of mileage credits under our SkyMiles program to participating airlines and non\\-airline businesses such as credit card companies, hotels and car rental agencies\\. The credit risk associated with our receivables is minimal\\.\n\nSelf\\-Insurance Risk\n\nWe self\\-insure a portion of our losses from claims related to workers' compensation, environmental issues, property damage, medical insurance for employees and general liability\\. Losses are accrued based on an estimate of the aggregate liability for claims incurred, using independent actuarial reviews based on standard industry practices and our historical experience\\.\n\nNOTE 5 \\. INTANGIBLE ASSETS\n\nIndefinite\\-Lived Intangible Assets\n\n\n\n|                                |                                    |                                    |\n| ------------------------------ | ---------------------------------- | ---------------------------------- |\n|                                | **Carrying Value at December 31,** | **Carrying Value at December 31,** |\n| **(in millions)**              | **2017**                           | **2016**                           |\n| International routes and slots | $2,583                             | $2,563                             |\n| Delta tradename                | 850                                | 850                                |\n| SkyTeam\\-related assets        | 661                                | 661                                |\n| Domestic slots                 | 622                                | 622                                |\n| Total                          | $4,716                             | $4,696                             |\n\n\n\nInternational Routes and Slots\\.  Our international routes and slots primarily relate to Pacific route authorities and slots at capacity\\-constrained airports in Asia, and slots at London\\-Heathrow airport\\. \n\nDomestic Slots\\.  Our domestic slots relate to our slots at New York\\-LaGuardia and Washington\\-Reagan National airports\\. \n\nDefinite\\-Lived Intangible Assets\n\n\n\n|                      |                                                |                                             |                                                |                                             |\n| -------------------- | ---------------------------------------------- | ------------------------------------------- | ---------------------------------------------- | ------------------------------------------- |\n|                      | **December 31, 2017**                          | **December 31, 2017**                       | **December 31, 2016**                          | **December 31, 2016**                       |\n| **(in millions)**    | **Gross**<br><br>**Carrying**<br><br>**Value** | <br>**Accumulated**<br><br>**Amortization** | **Gross**<br><br>**Carrying**<br><br>**Value** | <br>**Accumulated**<br><br>**Amortization** |\n| Marketing agreements | $730                                           | $<br><br>(677<br><br>)                      | $730                                           | $<br><br>(667<br><br>)                      |\n| Contracts            | 193                                            | (115<br><br>)                               | 193                                            | (108<br><br>)                               |\n| Other                | 53                                             | (53<br><br>)                                | 53                                             | (53<br><br>)                                |\n| Total                | $976                                           | $<br><br>(845<br><br>)                      | $976                                           | $<br><br>(828<br><br>)                      |\n\n\n\nAmortization expense was   $17 million ,   $17 million  and   $18 million  for the years ended  December 31, 2017 ,  2016  and  2015 , respectively\\. We estimate that we will incur approximately   $16 million  of amortization expense annually through 2022\\.\n\n 68"}
{"_id": "Southwest-2017_1.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nIndicate by checkmark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S\\-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)\\. Yes \u00fe No \u00a8\n\nIndicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K is not contained herein, and will not be contained, to the best of registrant\u2019s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K\\. \u00a8\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, smaller reporting company, or an emerging growth company\\. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b\\-2 of the Exchange Act\\.\n\n\n\n|                            |                              |\n| -------------------------- | ---------------------------- |\n| Large accelerated filer  \u00fe | Accelerated filer  \u00a8         |\n| Non\\-accelerated filer  \u00a8  | Smaller reporting company  \u00a8 |\n|                            | Emerging growth company  \u00a8   |\n\n\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.\u00a8\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Act)\\. Yes \u00a8 No \u00fe\n\nThe aggregate market value of the common stock held by non\\-affiliates of the registrant was approximately $37,211,057,645 computed by reference to the closing sale price of the common stock on the New York Stock Exchange on June 30, 2017, the last trading day of the registrant\u2019s most recently completed second fiscal quarter\\.\n\nNumber of shares of common stock outstanding as of the close of business on February 5, 2018: 587,950,973 shares\n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\nPortions of the Definitive Proxy Statement for the Company\u2019s Annual Meeting of Shareholders to be held May 16, 2018, are incorporated into Part III of this Annual Report on Form 10\\-K\\."}
{"_id": "Delta-2018_23.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nAircraft Purchase Commitments\n\nAs part of a multi\\-year effort, we have been investing in new aircraft to provide more premium products, an improved customer experience and better operating economics\\. Our purchase commitments for additional aircraft at  December 31, 2018  are detailed in the following table:\n\n\n\n|                                   |                                       |                                       |                                       |                                       |                                       |\n| --------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- |\n|                                   | **Delivery in Calendar Years Ending** | **Delivery in Calendar Years Ending** | **Delivery in Calendar Years Ending** | **Delivery in Calendar Years Ending** | **Delivery in Calendar Years Ending** |\n| **Aircraft Purchase Commitments** | **2019**                              | **2020**                              | **2021**                              | **After 2021**                        | **Total**                             |\n| A220\\-100                         | 24                                    | 12                                    | \u2014                                     | \u2014                                     | 36                                    |\n| A220\\-300                         | \u2014                                     | 6                                     | 12                                    | 32                                    | 50                                    |\n| A321\\-200                         | 32                                    | 27                                    | 3                                     | \u2014                                     | 62                                    |\n| A321\\-200neo                      | \u2014                                     | 16                                    | 36                                    | 48                                    | 100                                   |\n| A330\\-900neo                      | 4                                     | 4                                     | 9                                     | 18                                    | 35                                    |\n| A350\\-900                         | 2                                     | 2                                     | \u2014                                     | 10                                    | 14                                    |\n| B\\-737\\-900ER                     | 18                                    | \u2014                                     | \u2014                                     | \u2014                                     | 18                                    |\n| CRJ\\-900                          | 7                                     | 8                                     | \u2014                                     | \u2014                                     | 15                                    |\n| Total                             | 87                                    | 75                                    | 60                                    | 108                                   | 330                                   |\n\n\n\nGround Facilities\n\nAirline Operations\n\nWe lease most of the land and buildings that we occupy\\. Our largest aircraft maintenance base, various equipment maintenance, cargo, flight kitchen and training facilities and most of our principal offices are located at or near the Atlanta airport on land leased from the City of Atlanta\\. We lease ticket counters, passenger holdrooms, operating areas and other terminal space in most of the airports that we serve\\. At most airports, we have entered into use agreements which provide for the non\\-exclusive use of runways, taxiways and other improvements and facilities; landing fees under these agreements normally are based on the number of landings and weight of aircraft\\. These leases and use agreements generally run for periods of less than one year to 30 years or more, and often contain provisions for periodic adjustments of lease rates, landing fees and other charges applicable under that type of agreement\\. We also lease aircraft maintenance, equipment maintenance and air cargo facilities at several airports\\. Our facility leases generally require us to pay the cost of providing, operating and maintaining such facilities, including, in some cases, amounts necessary to pay debt service on special facility bonds issued to finance their construction\\. We also lease computer facilities, marketing offices, reservations offices and other off\\-airport facilities in certain locations for varying terms\\.\n\nWe own our Atlanta reservations center, other real property in Atlanta, and reservations centers in Minot, North Dakota and Chisholm, Minnesota\\. \n\nRefinery Operations\n\nOur wholly owned subsidiaries, Monroe and MIPC, own and operate the Trainer refinery and related assets in Pennsylvania\\. The facility includes pipelines and terminal assets that allow the refinery to supply jet fuel to our airline operations throughout the Northeastern U\\.S\\., including our New York hubs at LaGuardia and JFK\\.\n\n 21"}
{"_id": "AmericanAirlines-2017_135.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***(q) Regional Expenses***\n\nExpenses associated with American Eagle operations are classified as regional expenses on the consolidated statements of operations\\. Regional expenses consist of the following (in millions):\n\n\n\n|                                                               |                             |                             |                             |\n| ------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                               | **2017**                    | **2016**                    | **2015**                    |\n| Aircraft fuel and related taxes                               | $1,382                      | $1,109                      | $1,230                      |\n| Salaries, wages and benefits                                  | 356                         | 327                         | 276                         |\n| Capacity purchases from third\\-party regional carriers  ^(1)^ | 3,283                       | 3,186                       | 3,137                       |\n| Maintenance, materials and repairs                            | 7                           | 4                           | 4                           |\n| Other rent and landing fees                                   | 602                         | 487                         | 434                         |\n| Aircraft rent                                                 | 27                          | 28                          | 28                          |\n| Selling expenses                                              | 361                         | 347                         | 333                         |\n| Depreciation and amortization                                 | 262                         | 237                         | 197                         |\n| Special items, net                                            | 3                           | 13                          | 18                          |\n| Other                                                         | 289                         | 271                         | 295                         |\n| Total regional expenses                                       | $6,572                      | $6,009                      | $5,952                      |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                        |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | For the years ended  December 31, 2017 ,  2016  and  2015 , the component of capacity purchase expenses representing the lease of aircraft for accounting purposes was approximately  $437 million ,  $405 million  and  $492 million , respectively\\. |\n\n\n\n***(r) Recent Accounting Pronouncements***\n\n*Standards Effective for 2018 Reporting Periods*\n\nEffective January 1, 2018, American is adopting the accounting pronouncements described below\\. The adoption and related required disclosures will be reported in American\u2019s first quarter 2018 Quarterly Report on Form 10\\-Q\\. \n\n***ASU 2014\\-09: Revenue from Contracts with Customers (Topic 606) (the New Revenue Standard)***\n\nThe New Revenue Standard applies to all companies that enter into contracts with customers to transfer goods or services\\. American is adopting the New Revenue Standard using the full retrospective method, which results in the recast of each prior reporting period presented\\.\n\nThe adoption of the New Revenue Standard will impact American\u2019s accounting for outstanding mileage credits earned through travel by AAdvantage loyalty program members\\. There is no change in accounting for sales of mileage credits to co\\-branded card or other partners as those are currently reported in accordance with the New Revenue Standard\\. Through December 31, 2017, American used the incremental cost method to account for the portion of its loyalty program liability related to mileage credits earned through travel, which were valued based on the estimated incremental cost of carrying one additional passenger (see (i) Loyalty Program above)\\. The New Revenue Standard requires American to change its policy to the deferred revenue method and apply a relative selling price approach whereby a portion of each passenger ticket sale attributable to mileage credits earned is deferred and recognized in passenger revenue upon future mileage redemption\\. The value of the earned mileage credits is materially greater under the deferred revenue method than the value attributed to these mileage credits under the incremental cost method\\. \n\nThe New Revenue Standard will also require certain reclassifications, principally the reclassification of certain ancillary revenues previously classified and reported as other revenue to passenger revenue and as applicable to cargo revenue\\. Additionally, the New Revenue Standard requires a gross presentation on the face of American\u2019s statement of operations for certain revenues and expenses that had previously been presented on a net basis\\.\n\nSee recast 2017 statement of operations and balance sheet data presented below for the expected effects of adoption\\.\n\n136"}
{"_id": "Delta-2017_88.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nNOTE 12 \\. EQUITY AND EQUITY COMPENSATION\n\nEquity\n\nWe are authorized to issue   2\\.0 billion  shares of capital stock, of which up to   1\\.5 billion  may be shares of common stock, par value   $0\\.0001  per share, and up to   500 million  may be shares of preferred stock\\.\n\nPreferred Stock\\.  We may issue preferred stock in one or more series\\. The Board of Directors is authorized (1) to fix the descriptions, powers (including voting powers), preferences, rights, qualifications, limitations and restrictions with respect to any series of preferred stock and (2) to specify the number of shares of any series of preferred stock\\. We have not issued any preferred stock\\.\n\nTreasury Stock\\.  We generally withhold shares of Delta common stock to cover employees' portion of required tax withholdings when employee equity awards are issued or vest\\. These shares are valued at cost, which equals the market price of the common stock on the date of issuance or vesting\\. The weighted average cost of shares held in treasury was   $21\\.19  and   $19\\.40  as of  December 31, 2017  and  2016 , respectively\\.\n\nEquity Compensation\n\nOur broad\\-based equity and cash compensation plan provides for grants of restricted stock, stock options, performance awards, including cash incentive awards and other equity\\-based awards (the \"Plan\")\\. Shares of common stock issued under the Plan may be made available from authorized, but unissued, common stock or common stock we acquire\\. If any shares of our common stock are covered by an award that expires, is canceled, forfeited or otherwise terminates without delivery of shares (including shares surrendered or withheld for payment of taxes related to an award), such shares will again be available for issuance under the Plan except for (i) any shares tendered in payment of an option, (ii) shares withheld to satisfy any tax withholding obligation with respect to the exercise of an option or stock appreciation right (\"SAR\") or (iii) shares covered by a stock\\-settled SAR or other awards that were not issued upon the settlement of the award\\. The Plan authorizes the issuance of up to   163 million  shares of common stock\\. As of  December 31, 2017 , there were   30 million  shares available for future grants\\.\n\n We make long\\-term incentive awards annually to eligible employees under the Plan\\. Generally, awards vest over time, subject to the employee's continued employment\\. Equity compensation expense for these awards is recognized in salaries and related costs over the employee's requisite service period (generally, the vesting period of the award) and totaled   $108 million ,   $105 million  and   $76 million  for the years ended  December 31, 2017 ,  2016  and  2015 , respectively\\. We record expense on a straight\\-line basis for awards with installment vesting\\. As of  December 31, 2017 , unrecognized costs related to unvested shares and stock options totaled   $82 million \\. We expect substantially all unvested awards to vest and recognize any forfeitures as they occur\\.\n\nRestricted Stock \\. Restricted stock is common stock that may not be sold or otherwise transferred for a period of time and is subject to forfeiture in certain circumstances\\. The fair value of restricted stock awards is based on the closing price of the common stock on the grant date\\. As of  December 31, 2017 , there were   2\\.6  million unvested restricted stock awards\\. \n\nStock Options\\.  Stock options are granted with an exercise price equal to the closing price of Delta common stock on the grant date and generally have a 10\\-year term\\. We determine the fair value of stock options at the grant date using an option pricing model\\. As of  December 31, 2017 , there were   1\\.9 million  outstanding stock option awards with a weighted average exercise price of   $38\\.59 , and   771 thousand  were exercisable\\. \n\nPerformance Awards\\.  Performance awards are long\\-term incentive opportunities, which are payable in common stock and/or cash, and are generally contingent upon our achieving certain financial goals\\.\n\nOther\\.  During 2017 and 2016, we recognized   $21 million  and   $33 million , respectively, of excess tax benefits in our income tax provision\\.\n\n 84"}
{"_id": "AmericanAirlines-2018_109.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | Level 1 \u2013 Observable inputs such as quoted prices in active markets; |\n\n\n\n\n\n|   |                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Level 2 \u2013 Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |\n\n\n\n\n\n|   |                                                                                                                                               |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Level 3 \u2013 Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions\\. |\n\n\n\nWhen available, we use quoted market prices to determine the fair value of our financial assets\\. If quoted market prices are not available, we measure fair value using valuation techniques that use, when possible, current market\\-based or independently\\-sourced market parameters, such as interest rates and currency rates\\.\n\nWe utilize the market approach to measure fair value for our financial assets\\. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets\\. Our short\\-term investments classified as Level 2 primarily utilize broker quotes in a non\\-active market for valuation of these securities\\. No changes in valuation techniques or inputs occurred during the year ended December 31, 2018\\.\n\nAssets measured at fair value on a recurring basis are summarized below (in millions):\n\n\n\n|                                                    |                                                     |                                                     |                                                     |                                                     |\n| -------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |\n|                                                    | **Fair Value Measurements as of December 31, 2018** | **Fair Value Measurements as of December 31, 2018** | **Fair Value Measurements as of December 31, 2018** | **Fair Value Measurements as of December 31, 2018** |\n|                                                    | **Total**                                           | **Level 1**                                         | **Level 2**                                         | **Level 3**                                         |\n| Short\\-term investments  ^(1)^  ^(2)^ :            |                                                     |                                                     |                                                     |                                                     |\n| Money market funds                                 | $16                                                 | $16                                                 | $\u2014                                                  | $\u2014                                                  |\n| Corporate obligations                              | 1,658                                               | \u2014                                                   | 1,658                                               | \u2014                                                   |\n| Bank notes/certificates of deposit/time deposits   | 2,436                                               | \u2014                                                   | 2,436                                               | \u2014                                                   |\n| Repurchase agreements                              | 375                                                 | \u2014                                                   | 375                                                 | \u2014                                                   |\n|                                                    | 4,485                                               | 16                                                  | 4,469                                               | \u2014                                                   |\n| Restricted cash and short\\-term investments  ^(1)^ | 154                                                 | 12                                                  | 142                                                 | \u2014                                                   |\n| Long\\-term investments  ^(3)^                      | 189                                                 | 189                                                 | \u2014                                                   | \u2014                                                   |\n| Total                                              | $4,828                                              | $217                                                | $4,611                                              | $\u2014                                                  |\n\n\n\n\n\n|       |                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Unrealized gains or losses on short\\-term investments are recorded in accumulated other comprehensive loss at each measurement date\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                  |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | All short\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. Our short\\-term investments mature in one year or less except for  $877 million  of bank notes/certificates of deposit/time deposits and  $101 million  of corporate obligations\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                         |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Long\\-term investments primarily include our equity investment in China Southern Airlines, in which we presently own a  2\\.2%  equity interest, and are classified in other assets on the consolidated balance sheets\\. |\n\n\n\n110"}
{"_id": "Southwest-2017_98.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|                                                                                                                      |                            |                            |                               |                                |                       |                       |                       |           |\n| -------------------------------------------------------------------------------------------------------------------- | -------------------------- | -------------------------- | ----------------------------- | ------------------------------ | --------------------- | --------------------- | --------------------- | --------- |\n|                                                                                                                      | **Counterparty (CP)**      | **Counterparty (CP)**      | **Counterparty (CP)**         | **Counterparty (CP)**          | **Counterparty (CP)** | **Counterparty (CP)** | **Counterparty (CP)** |           |\n| (in millions)                                                                                                        | **A**                      | **B**                      | **C**                         | **D**                          | **E**                 | **F**                 | **Other** (a)         | **Total** |\n| Fair value of fuel derivatives                                                                                       | $89                        | $44                        | $54                           | $35                            | $15                   | $6                    | $5                    | $248      |\n| Cash collateral held from CP                                                                                         | 15                         | \u2014                          | \u2014                             | \u2014                              | \u2014                     | \u2014                     | \u2014                     | 15        |\n| Aircraft collateral pledged to CP                                                                                    | \u2014                          | \u2014                          | \u2014                             | \u2014                              | \u2014                     | \u2014                     | \u2014                     | \u2014         |\n| Letters of credit (LC)                                                                                               | \u2014                          | \u2014                          | \u2014                             | \u2014                              | \u2014                     | \u2014                     | \u2014                     | \u2014         |\n| Option to substitute LC for aircraft                                                                                 | (200) to (600)(b)          | (100) to (500)(c)          | (150) to (550)(c)             | (150) to (550)(c)              | N/A                   | N/A                   |                       |           |\n| Option to substitute LC for cash                                                                                     | N/A                        | >(500)(c)               | (75) to (150) or >(550)(c) | (125) to (150) or >(550)(d) | (d)                   | N/A                   |                       |           |\n| **If credit rating is investment** <br><br>**grade, fair value of fuel** <br><br>**derivative level at which:**      |                            |                            |                               |                                |                       |                       |                       |           |\n| Cash is provided to CP                                                                                               | (50) to (200) or >(600) | (50) to (100) or >(500) | (75) to (150) or >(550)(e) | (125) to (150) or >(550)(e) | >(125)             | >(65)(e)           |                       |           |\n| Cash is received from CP                                                                                             | >50(e)                  | >150(e)                 | >250(e)                    | >75(e)                      | >100(e)            | >30(e)             |                       |           |\n| Aircraft or cash can be pledged to <br><br> CP as collateral                                                         | (200) to (600)(f)          | (100) to (500)(c)          | (150) to (550)(c)             | (150) to (550)(c)              | N/A                   | N/A                   |                       |           |\n| **If credit rating is non\\-investment** <br><br>**grade, fair value of fuel derivative** <br><br>**level at which:** |                            |                            |                               |                                |                       |                       |                       |           |\n| Cash is provided to CP                                                                                               | (0) to (200) or >(600)  | (0) to (100) or >(500)  | (0) to (150) or >(550)     | (0) to (150) or >(550)      | (g)                   | (g)                   |                       |           |\n| Cash is received from CP                                                                                             | (g)                        | (g)                        | (g)                           | (g)                            | (g)                   | (g)                   |                       |           |\n| Aircraft or cash can be pledged to <br><br> CP as collateral                                                         | (200) to (600)             | (100) to (500)             | (150) to (550)                | (150) to (550)                 | N/A                   | N/A                   |                       |           |\n\n\n\n(a) Individual counterparties with fair value of fuel derivatives <$5 million\\.\n\n(b) The Company has the option of providing letters of credit in addition to aircraft collateral if the appraised value of the aircraft does not meet the collateral requirement\\. \n\n(c) The Company has the option of providing cash, letters of credit, or pledging aircraft as collateral\\. \n\n(d) The Company has the option to substitute letters of credit for 100 percent of cash collateral requirement\\.\n\n(e) Thresholds may vary based on changes in credit ratings within investment grade\\.\n\n(f) The Company has the option of providing cash or pledging aircraft as collateral\\. \n\n(g) Cash collateral is provided at 100 percent of fair value of fuel derivative contracts\\. \n\n**11****\\. FAIR VALUE MEASUREMENTS**\n\nAccounting standards pertaining to fair value measurements establish a three\\-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value\\. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions\\.\n\nAs of December 31, 2017, the Company held certain items that are required to be measured at fair value on a recurring basis\\. These included cash equivalents, short\\-term investments (primarily treasury bills and certificates of deposit), interest rate derivative contracts, fuel derivative contracts, and available\\-for\\-sale securities\\. The majority of the Company\u2019s short\\-term investments consist of instruments classified as Level 1\\. However, the Company has certificates of deposit and commercial paper that are classified as Level 2, due to the fact that the fair value for these instruments is determined utilizing observable inputs in non\\-active markets\\. Other available\\-for\\-sale securities primarily consist of investments associated with the Company\u2019s excess benefit plan\\.\n\n99"}
{"_id": "AmericanAirlines-2017_66.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Financing Activities*\n\nOur net cash used in financing activities was $1\\.1 billion and $894 million in 2017 and 2016, respectively\\.\n\nOur principal financing activities in 2017 included net proceeds of $3\\.1 billion from the issuance of debt, including the issuance of $2\\.0 billion of EETCs and $1\\.0 billion borrowed in connection with the financing of certain aircraft\\. These cash inflows were offset in part by $2\\.3 billion in debt repayments, $1\\.6 billion in share repurchases and $198 million in dividend payments\\.\n\nOur principal financing activities in 2016 included net proceeds of $7\\.7 billion from the issuance of debt, including the issuance of $2\\.8 billion of EETCs, $2\\.3 billion provided under the April 2016 and December 2016 Term Loan Facilities and $1\\.8 billion borrowed in connection with the financing of certain aircraft\\. These cash inflows were offset in part by $4\\.5 billion in share repurchases, $3\\.8 billion in debt repayments, including the repayment of $588 million and $970 million in remaining principal of the 2013 Citicorp Credit Facility Tranche B\\-2 and Tranche B\\-1 term loans, respectively, and $224 million in dividend payments\\.\n\n*2016* *Compared to* *2015*\n\n*Operating Activities*\n\nOur net cash provided by operating activities was $6\\.5 billion and $6\\.2 billion in 2016 and 2015, respectively\\. While AAG\u2019s profitability was lower in 2016 as compared to 2015, cash provided by operating activities increased $275 million driven by certain payments received related to our co\\-branded credit card agreements that became effective in the third quarter of 2016\\.\n\n*Investing Activities*\n\nOur net cash used in investing activities was $5\\.7 billion and $5\\.6 billion in 2016 and 2015, respectively\\.\n\nOur principal investing activities in 2016 included expenditures of $5\\.7 billion for property and equipment, including 25 Airbus A321 aircraft, 24 Embraer E175 aircraft, 20 Boeing 737\\-800 aircraft, 18 Bombardier CRJ 900 aircraft, eight Boeing 787 aircraft and two Boeing 777 aircraft\\.\n\nOur principal investing activities in 2015 included expenditures of $6\\.2 billion for property and equipment, including 38 Airbus A320 family aircraft, 24 Embraer E175 aircraft, 20 Bombardier CRJ 900 aircraft, 17 Boeing 737\\-800 aircraft, 13 Boeing 787 aircraft and two Boeing 777 aircraft and the purchase of five Boeing 757 aircraft previously being leased\\. These cash outflows were offset in part by $391 million in net sales of short\\-term investments\\.\n\n*Financing Activities*\n\nOur net cash used in financing activities was $894 million and $1\\.3 billion in 2016 and 2015, respectively\\.\n\nOur principal financing activities in 2016 included net proceeds of $7\\.7 billion from the issuance of debt, including the issuance of $2\\.8 billion of EETCs, $2\\.3 billion provided under the April 2016 and December 2016 Term Loan Facilities and $1\\.8 billion borrowed in connection with the financing of certain aircraft\\. These cash inflows were offset in part by $4\\.5 billion in share repurchases, $3\\.8 billion in debt repayments, including the repayment of $588 million and $970 million in remaining principal of the 2013 Citicorp Credit Facility Tranche B\\-2 and Tranche B\\-1 term loans, respectively, and $224 million in dividend payments\\.\n\nOur principal financing activities in 2015 included net proceeds of $5\\.0 billion from the issuance of debt, including the issuance of $2\\.3 billion of EETCs, $500 million of 4\\.625% senior notes and $1\\.9 billion borrowed in connection with the financing of certain aircraft\\. These cash inflows were offset in part by $3\\.8 billion in share repurchases, $2\\.2 billion in debt repayments, including the $400 million repayment of the AAdvantage loan with Citibank, and $278 million in dividend payments\\.\n\n67"}
{"_id": "AmericanAirlines-2017_62.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Operating Revenues*\n\n\n\n|                          |                                              |                                              |                                              |                                                       |\n| ------------------------ | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                          | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **2016**                                     | **2015**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Mainline passenger       | $27,909                                      | $29,037                                      | $(1,128)                                     | (3\\.9)                                                |\n| Regional passenger       | 6,670                                        | 6,475                                        | 195                                          | 3\\.0                                                  |\n| Cargo                    | 700                                          | 760                                          | (60)                                         | (7\\.9)                                                |\n| Other                    | 4,884                                        | 4,666                                        | 218                                          | 4\\.7                                                  |\n| Total operating revenues | $40,163                                      | $40,938                                      | $(775)                                       | (1\\.9)                                                |\n\n\n\nTotal passenger revenues declined $933 million, or 2\\.6%, in 2016 from 2015 driven by a decrease in consolidated passenger yields due to competitive capacity growth, macroeconomic softness outside of the United States and foreign currency weakness\\.\n\nCargo revenue decreased $60 million, or 7\\.9%, in 2016 from 2015 driven primarily by a decrease in domestic and international freight yields\\.\n\nOther revenue primarily includes revenue associated with American\u2019s loyalty program, baggage fees, ticketing change fees, airport clubs and inflight services\\. Other revenue increased $218 million, or 4\\.7%, in 2016 from 2015 driven by higher revenues associated with American\u2019s loyalty program\\. In 2016 and 2015, loyalty program revenue was $2\\.1 billion and $1\\.9 billion, respectively\\. Of this, $1\\.9 billion and $1\\.7 billion related to the marketing component of mileage sales and other marketing related payments, respectively\\.\n\nTotal operating revenues in 2016decreased $775 million, or 1\\.9%, from 2015 driven by lower passenger revenues offset in part by higher other revenue as described above\\.\n\n*Mainline Operating Expenses*\n\n\n\n|                                    |                                              |                                              |                                              |                                                       |\n| ---------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                    | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                    | **2016**                                     | **2015**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                    | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Aircraft fuel and related taxes    | $5,071                                       | $6,226                                       | $(1,155)                                     | (18\\.5)                                               |\n| Salaries, wages and benefits       | 10,881                                       | 9,514                                        | 1,367                                        | 14\\.4                                                 |\n| Maintenance, materials and repairs | 1,834                                        | 1,889                                        | (55)                                         | (2\\.9)                                                |\n| Other rent and landing fees        | 1,772                                        | 1,731                                        | 41                                           | 2\\.4                                                  |\n| Aircraft rent                      | 1,203                                        | 1,250                                        | (47)                                         | (3\\.8)                                                |\n| Selling expenses                   | 1,323                                        | 1,394                                        | (71)                                         | (5\\.0)                                                |\n| Depreciation and amortization      | 1,525                                        | 1,364                                        | 161                                          | 11\\.8                                                 |\n| Special items, net                 | 709                                          | 1,051                                        | (342)                                        | (32\\.6)                                               |\n| Other                              | 4,532                                        | 4,378                                        | 154                                          | 3\\.5                                                  |\n| Total mainline operating expenses  | $28,850                                      | $28,797                                      | $53                                          | 0\\.2                                                  |\n\n\n\nMainline operating expenses increased $53 million, or 0\\.2%, in 2016 from 2015\\. The increase in operating expenses was primarily driven by higher wage rates resulting from new labor contracts and the addition of an employee profit sharing program; however, these costs were substantially offset by a year\\-over\\-year decline in fuel costs\\.\n\nSignificant changes in the components of mainline operating expenses are as follows:\n\n\n\n|   |                                                                                                                                                                                      |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Aircraft fuel and related taxes  decrease d  18\\.5 % primarily due to an  18\\.2 %  decrease  in the average price per gallon of fuel to  $1\\.41  in  2016  from  $1\\.72  in  2015 \\. |\n\n\n\n\n\n|   |                                                                                                                                                                                 |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Salaries, wages and benefits  increase d  14\\.4 % primarily due to increased costs associated with new labor contracts and the addition of an employee profit sharing program\\. |\n\n\n\n63"}
{"_id": "Delta-2019_46.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nExpected Long\\-Term Rate of Return\\.  Our expected long\\-term rate of return on plan assets is based primarily on plan\\-specific investment studies using historical market return and volatility data\\. Modest excess return expectations versus some public market indices are incorporated into the return projections based on the actively managed structure of the investment programs and their records of achieving such returns historically\\. We also expect to receive a premium for investing in less liquid private markets\\. We review our rate of return on plan assets assumptions annually\\. Our annual investment performance for one particular year does not, by itself, significantly influence our evaluation\\. The investment strategy for our defined benefit pension plan assets is to earn a long\\-term return that meets or exceeds our annualized return target while taking an acceptable level of risk and maintaining sufficient liquidity to pay current benefits and other cash obligations of the plan\\. This is achieved by investing in a globally diversified mix of public and private equity, fixed income, real assets, hedge funds and other assets and instruments\\. Our weighted average expected long\\-term rate of return on assets for net periodic benefit cost for the year ended December 31, 2019 was 8\\.97%\\.\n\nThe impact of a 0\\.50% change in these assumptions is shown in the table below:\n\n\n\n|                                                                 |                                                                 |                                                                 |                                           |                                           |                                           |                                           |                                           |  |  |  |                                                                    |                                                                    |                                                                    |                                                                    |                                                                    |  |  |  |\n|:--------------------------------------------------------------- |:--------------------------------------------------------------- |:--------------------------------------------------------------- |:-----------------------------------------:|:-----------------------------------------:|:-----------------------------------------:| -----------------------------------------:| -----------------------------------------:|:- |:- |:- | ------------------------------------------------------------------:| ------------------------------------------------------------------:|:------------------------------------------------------------------:|:------------------------------------------------------------------:|:------------------------------------------------------------------:|:- |:- |:- |\n| Change in Assumption                                            | Change in Assumption                                            | Change in Assumption                                            |  Effect on 2020  <br>Pension Benefit Cost |  Effect on 2020  <br>Pension Benefit Cost |  Effect on 2020  <br>Pension Benefit Cost |  Effect on 2020  <br>Pension Benefit Cost |  Effect on 2020  <br>Pension Benefit Cost |  |  |  | Effect on Accrued  <br>Pension Liability at  <br>December 31, 2019 | Effect on Accrued  <br>Pension Liability at  <br>December 31, 2019 | Effect on Accrued  <br>Pension Liability at  <br>December 31, 2019 | Effect on Accrued  <br>Pension Liability at  <br>December 31, 2019 | Effect on Accrued  <br>Pension Liability at  <br>December 31, 2019 |  |  |  |\n| 0\\.50% decrease in weighted average discount rate               | 0\\.50% decrease in weighted average discount rate               | 0\\.50% decrease in weighted average discount rate               |                                           |                                           |                                           |                                    $ (13) |                                   million |  |  |  |                                                             $1\\.3  |                                                            billion |\n| 0\\.50% increase in weighted average discount rate               | 0\\.50% increase in weighted average discount rate               | 0\\.50% increase in weighted average discount rate               |                                           |                                           |                                           |                                      $ 9  |                                   million |  |  |  |                                                            $(1\\.2) |                                                            billion |\n| 0\\.50% decrease in expected long\\-term rate of return on assets | 0\\.50% decrease in expected long\\-term rate of return on assets | 0\\.50% decrease in expected long\\-term rate of return on assets |                                           |                                           |                                           |                                     $ 78  |                                   million |  |  |  |                                                                $\u2014  |                                                                    |\n| 0\\.50% increase in expected long\\-term rate of return on assets | 0\\.50% increase in expected long\\-term rate of return on assets | 0\\.50% increase in expected long\\-term rate of return on assets |                                           |                                           |                                           |                                    $ (78) |                                   million |  |  |  |                                                                $\u2014  |                                                                    |\n\n\n\nLife Expectancy \\. Changes in life expectancy may significantly impact our benefit obligations and future net periodic benefit cost\\. We use the Society of Actuaries (\"SOA\") published mortality data and other publicly available information to develop our best estimate of life expectancy\\. The SOA publishes updated mortality tables for U\\.S\\. plans and updated improvement scales\\. Each year we consider updates by the SOA in setting our mortality assumptions for purposes of measuring pension and other postretirement and postemployment benefit obligations\\.\n\nFunding\\.  Our funding obligations for qualified defined benefit plans are governed by the Employee Retirement Income Security Act\\. The Pension Protection Act of 2006 allows commercial airlines to elect alternative funding rules (\"Alternative Funding Rules\") for defined benefit plans that are frozen\\. We elected the Alternative Funding Rules under which the unfunded liability for a frozen defined benefit plan may be amortized over a fixed 17\\-year period and is calculated using an 8\\.85% discount rate until the 17\\-year period expires for all frozen defined benefit plans by the end of 2024\\.\n\nWhile the Pension Protection Act makes our funding obligations for these plans more predictable, factors outside our control continue to have an impact on the funding requirements\\. Estimates of future funding requirements are based on various assumptions and can vary materially from actual funding requirements\\. Assumptions include, among other things, the actual and projected market performance of assets, statutory requirements and demographic data for participants\\. For additional information, see Note 10 of the Notes to the Consolidated Financial Statements\\.\n\nInvestments Valued at Net Asset Value (\"NAV\") Per Share\\.  On an annual basis we assess the potential for adjustments to the fair value of all investments\\. Certain of our investments valued using NAV as a practical expedient have a lag in the availability of data\\. This primarily applies to private equity, private equity\\-related strategies and real assets\\. We solicit valuation updates from the investment fund managers and use their information and corroborating data from public markets to determine any needed fair value adjustments\\. \n\nRecent Accounting Standards\n\nStandards Effective in Future Years\n\nCredit Losses\\.  In 2016, the Financial Accounting Standards Board (\"FASB\") issued Accounting Standards Update (\"ASU\") No\\. 2016\\-13, \"Financial Instruments\\-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments\\.\" Under this ASU an entity is required to utilize an \u201cexpected credit loss model\u201d on certain financial instruments, including trade and financing receivables\\. This model requires consideration of a broader range of reasonable and supportable information and requires an entity to estimate expected credit losses over the lifetime of the asset\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2019\\. We do not expect adoption of this standard to have a material impact on our consolidated financial statements\\. We will adopt the standard effective January 1, 2020\\.\n\n44"}
{"_id": "AmericanAirlines-2017_15.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nLow\\-cost carriers, including so\\-called ultra\\-low\\-cost carriers, have a profound impact on industry revenues\\. Using the advantage of low unit costs, these carriers offer lower fares in order to shift demand from larger, more established airlines, and represent significant competitors, particularly for customers who fly infrequently and are price sensitive and tend not to be loyal to any one particular carrier\\. While historically these carriers have provided competition in domestic markets, we have recently experienced new competition from low\\-cost carriers on international routes\\. A number of these low\\-cost carriers have announced growth strategies including commitments to acquire significant numbers of new aircraft for delivery in the next few years\\. These low\\-cost carriers are attempting to continue to increase their market share through growth and, potentially, consolidation, and could continue to have an impact on our revenues and overall performance\\. In addition, we and several other large network carriers have announced \u201cbasic economy\u201d fares designed to compete against low\\-cost carriers and we cannot predict whether these initiatives will be successful or the competitive reaction of the low\\-cost carriers\\. Additionally, competition is also increasing from low cost airlines executing international long\\-haul expansion strategies, including, for example, Icelandair, Norwegian Air Shuttle and Wow Air\\. The actions of the low\\-cost carriers, including those described above, could have a material adverse effect on our operations and financial performance\\.\n\nOur presence in international markets, such as Asia, is not as extensive as that of some of our competitors\\. In providing international air transportation, we compete to provide scheduled passenger and cargo service between the U\\.S\\. and various overseas locations with U\\.S\\. airlines, foreign investor\\-owned airlines and foreign state\\-owned or state\\-affiliated airlines\\. Competition is increasing from foreign state\\-owned and state\\-affiliated airlines in the Gulf region, including Emirates, Etihad Airways and Qatar Airways\\. These carriers have large numbers of international widebody aircraft in service and on order and are increasing service to the U\\.S\\. from locations both in and outside the Middle East\\. We believe these carriers benefit from significant government subsidies, which has allowed them to grow quickly, reinvest in their product and expand their global presence\\. Our international service exposes us to foreign economies and the potential for reduced demand, such as we have recently experienced in Venezuela, when any foreign country we serve suffers adverse local economic conditions\\. In addition, open skies agreements with an increasing number of countries around the world provide international airlines with open access to U\\.S\\. markets\\. See also *\u201cOur business is subject to extensive government regulation, which may result in increases in our costs, disruptions to our operations, limits on our operating flexibility, reductions in the demand for air travel, and competitive disadvantages\\.\u201d*\n\nCertain airline alliances, joint ventures and joint businesses have been, or may in the future be, granted immunity from antitrust regulations by governmental authorities for specific areas of cooperation, such as joint pricing decisions\\. To the extent alliances formed by our competitors can undertake activities that are not available to us, our ability to effectively compete may be hindered\\. Our ability to attract and retain customers is dependent upon, among other things, our ability to offer our customers convenient access to desired markets\\. Our business could be adversely affected if we are unable to maintain or obtain alliance and marketing relationships with other air carriers in desired markets\\.\n\nWe have established antitrust\\-immunized JBAs with British Airways, Iberia and Finnair, and separately with Japan Airlines\\. In October 2017, American and its transatlantic partners executed an amended and restated JBA which, among other things, extends the term of the agreement\\. Also, we had previously signed a revised JBA with Qantas Airways and applied for antitrust immunity with the DOT for the revised relationship, but we withdrew that application in November 2016 after it was tentatively denied by the DOT\\. We intend to file a new application for antitrust immunity with the DOT this year, which, if granted, would allow us to further expand our relationship with Qantas Airways\\. In addition, we have signed JBAs with certain air carriers of the LATAM Airlines Group and have applied for antitrust immunity in the relevant jurisdictions affected by such agreements, which applications have been approved in some jurisdictions, but are still pending in other jurisdictions, including the United States and Chile\\. The foregoing arrangements are important aspects of our international network and we are dependent on the performance of the other airlines party to those agreements\\. No assurances can be given as to any benefits that we may derive from such arrangements or any other arrangements that may ultimately be implemented\\.\n\nAdditional mergers and other forms of industry consolidation, including antitrust immunity grants, may take place and may not involve us as a participant\\. Depending on which carriers combine and which assets, if any, are sold or otherwise transferred to other carriers in connection with any such combinations, our competitive position relative to the post\\-combination carriers or other carriers that acquire such assets could be harmed\\. In addition, as carriers combine through traditional mergers or antitrust immunity grants, their route networks will grow, and that growth will result in greater overlap with our network, which in turn could result in lower overall market share and revenues for us\\. Such consolidation is not limited to the U\\.S\\., but could include further consolidation among international carriers in Europe and elsewhere\\.\n\nAdditionally, our AAdvantage loyalty program, which is an important element of our sales and marketing programs, faces significant and increasing competition from the loyalty programs offered by other travel companies, as well as from similar loyalty benefits offered by banks and other financial services companies\\. Competition among loyalty programs is intense regarding the rewards, fees, required usage, and other terms and conditions of these programs\\. These competitive factors \n\n16"}
{"_id": "United-2017_17.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nIf the Company does not timely pay its leases and debts or comply with such covenants, a variety of adverse consequences could result\\. These potential adverse consequences include an increase of required reserves under credit card processing agreements, withholding of credit card sale proceeds by its credit card service providers, loss of undrawn lines of credit, the occurrence of one or more events of default under the relevant agreements, the acceleration of the maturity of debt and/or the exercise of other remedies by its creditors and equipment lessors that could result in a material adverse effect on the Company\u2019s financial position and results of operations\\. The Company cannot provide assurance that it would have sufficient liquidity to repay or refinance such debt if it were accelerated\\. In addition, an event of default or acceleration of debt under certain of its financing agreements could result in one or more events of default under certain of the Company\u2019s other financing agreements due to cross default and cross acceleration provisions\\.\n\nFurthermore, insufficient liquidity may limit the Company\u2019s ability to withstand competitive pressures and downturns in the travel business and the economy in general\\.\n\nThe Company\u2019s substantial level of indebtedness and non\\-investment grade credit rating, as well as market conditions and the availability of assets as collateral for loans or other indebtedness, may make it difficult for the Company to raise additional capital if needed to meet its liquidity needs on acceptable terms, or at all\\.\n\nSee Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, of this report for additional information regarding the Company\u2019s liquidity\\.\n\n***Increases in insurance costs or reductions in insurance coverage may materially and adversely impact the Company\u2019s results of operations and financial condition\\.*** \n\nThe Company could be exposed to significant liability or loss if its property or operations were to be affected by a natural catastrophe or other event, including aircraft accidents\\. The Company maintains insurance policies, including, but not limited to, terrorism, aviation hull and liability, workers\u2019 compensation and property and business interruption insurance, but we are not fully insured against all potential hazards and risks incident to our business\\. If the Company is unable to obtain sufficient insurance with acceptable terms or if the coverage obtained is insufficient relative to actual liability or losses that the Company experiences, whether due to insurance market conditions, policy limitations and exclusions or otherwise, its results of operations and financial condition could be materially and adversely affected\\.\n\n***The Company\u2019s results of operations fluctuate due to seasonality and other factors associated with the airline industry\\.*** \n\nDue to greater demand for air travel during the spring and summer months, revenues in the airline industry in the second and third quarters of the year are generally stronger than revenues in the first and fourth quarters of the year, which are periods of lower travel demand\\. The Company\u2019s results of operations generally reflect this seasonality, but have also been impacted by numerous other factors that are not necessarily seasonal, including, among others, the imposition of excise and similar taxes, extreme or severe weather, ATC congestion, geological events, natural disasters, changes in the competitive environment due to industry consolidation, general economic conditions and other factors\\. As a result, the Company\u2019s quarterly operating results are not necessarily indicative of operating results for an entire year and historical operating results in a quarterly or annual period are not necessarily indicative of future operating results\\.\n\n***The Company may never realize the full value of its intangible assets or its long\\-lived assets causing it to record impairments that may negatively affect its financial position and results of operations\\.*** \n\nIn accordance with applicable accounting standards, the Company is required to test its indefinite\\-lived intangible assets for impairment on an annual basis, or more frequently if conditions indicate that an impairment may have occurred\\. In addition, the Company is required to test certain of its other assets for impairment if conditions indicate that an impairment may have occurred\\.\n\n18"}
{"_id": "Alaska-2017_49.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nLosses recognized for hedges that settled during the year were $16 million in 2016, compared to losses of $19 million in 2015\\. These amounts represent cash paid for premium expense, offset by any cash received from those hedges at settlement\\.\n\n***Aircraft Maintenance***\n\nAircraft maintenance costs increased by $17 million, or 7%, compared to 2015\\. Maintenance costs increased primarily due to more engine and airframe maintenance events than in 2015\\. Additionally, in 2015 we received vendor credits, which offset expense, for engine maintenance that had been previously completed on the B737 fleet\\.\n\n***Aircraft Rent***\n\nAircraft rent expense increased by $9 million, or 9%, compared to 2015, primarily due to the addition of rent expense on the 53 Airbus aircraft leased by Virgin America for the period December 14, 2016 to December 31, 2016\\. \n\n***Landing Fees and Other Rentals***\n\nLanding fees and other rental expenses increased$24 million, or 8%, primarily due to increased flying in 2016 as we increased capacity and entered into new markets\\.\n\n***Contracted Services***\n\nContracted services increased$33 million, or 15%, when compared to 2015\\. The increase was primarily due to increased flying at stations where we use vendors to assist us\\. Additionally, wage rates for our vendor employees have increased due in part to higher minimum wage laws in many locations we serve\\. We also had several information technology and facilities projects that required contracted support\\.\n\n***Selling Expenses***  \n\nSelling expenses increased by $14 million, or 7%, compared to 2015, mostly due to increased promotional and advertising activities, as well as new sponsorships which became effective in 2016\\.\n\n***Depreciation and Amortization***\n\nDepreciation and amortization expenses increased by $43 million, or 13%, compared to 2015\\. The increase was primarily due to the addition of 19 B737\\-900ERs to our fleet since December 31, 2015, partially offset by a change in the estimated useful lives of certain B737 operating aircraft and related parts from 20 years to 25 years, which became effective October 1, 2016\\. \n\n***Food and Beverage Service***\n\nFood and beverage service expenses increased by $13 million, or 12%, due to the increased number of passengers and upgrades to our onboard menu, offering higher quality food and beverage products\\. \n\n***Third\\-Party Regional Carrier Expense***\n\nThird\\-party regional carrier expense, which represents payments made to SkyWest and PenAir under our CPAs, increased$23 million, or 32%, in 2016 compared to 2015\\. The increase was primarily due to the significant increase in regional capacity in 2016 through the introduction of E175 flying\\.\n\n***Other Operating Expenses***\n\nOther operating expenses increased$9 million, or 3%, compared to 2015\\. The increase was primarily due to increases in property and other taxes, personnel costs for our flight crews and an increase in fines and penalties\\. \n\n***Special Items\u2014Merger\\-Related Costs and Other***\n\nWe recorded special items of $117 million for merger\\-related costs associated with our acquisition of Virgin America\\. These costs consisted primarily of legal expenses, investment banking fees and severance costs\\. Our 2015 special items of $32 million consisted of a non\\-cash pension settlement expense and costs related to ongoing litigation\\.\n\n 50"}
{"_id": "Alaska-2018_6.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**AIR GROUP**\n\nOur airlines operate different aircraft and missions\\. Alaska operates a fleet of narrowbody passenger jets on primarily longer\\-haul capacity\\. Alaska contracts with Horizon, SkyWest Airlines, Inc\\. (SkyWest) and Peninsula Aviation Services, Inc\\. (PenAir), a subsidiary of RAVN Air Group, Inc\\., for shorter\\-haul capacity, such that Alaska receives all passenger revenue from those flights\\. Horizon operates Embraer 175 (E175) regional jet aircraft and Bombardier Q400 turboprop aircraft and sells all of its capacity to Alaska pursuant to a CPA\\. The majority of our revenues are generated by transporting passengers\\. The percentage of revenues by category is as follows:\n\n\n\n|                            |          |          |                    |          |          |\n| -------------------------- | -------- | -------- | ------------------ | -------- | -------- |\n|                            | **2018** | **2017** | **2016** **^(a)^** | **2015** | **2014** |\n| Passenger revenue          | 93%      | 93%      | 91%                | 85%      | 85%      |\n| Mileage Plan other revenue | 5%       | 5%       | 6%                 | (b)      | (b)      |\n| Cargo and other            | 2%       | 2%       | 3%                 | (b)      | (b)      |\n| Other revenue              | (b)      | (b)      | (b)                | 13%      | 13%      |\n| Freight and Mail revenue   | (b)      | (b)      | (b)                | 2%       | 2%       |\n| Total                      | 100%     | 100%     | 100%               | 100%     | 100%     |\n\n\n\n\n\n|     |                                                                                                      |\n| --- | ---------------------------------------------------------------------------------------------------- |\n| (a) | Includes information for Virgin America for the period December 14, 2016 through December 31, 2016\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                 |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | As a result of the new revenue recognition standards, certain financial statement line items were modified to address new requirements\\. We did not apply this change to fiscal years 2015 and 2014, and have left the captioning above as it was presented in those respective fiscal years\\.  |\n\n\n\nWe deploy aircraft into the network in ways that we believe will best optimize our revenues and profitability and reduce the impacts of seasonality\\.\n\nThe percentage of our capacity by region is as follows:\n\n\n\n|                       |          |          |                    |          |          |\n| --------------------- | -------- | -------- | ------------------ | -------- | -------- |\n|                       | **2018** | **2017** | **2016** **^(a)^** | **2015** | **2014** |\n| West Coast ^(b)^      | 27%      | 28%      | 34%                | 36%      | 36%      |\n| Transcon/midcon       | 44%      | 43%      | 29%                | 24%      | 22%      |\n| Hawaii and Costa Rica | 14%      | 13%      | 17%                | 18%      | 18%      |\n| Alaska                | 10%      | 10%      | 14%                | 15%      | 15%      |\n| Mexico                | 4%       | 5%       | 5%                 | 6%       | 6%       |\n| Canada                | 1%       | 1%       | 1%                 | 1%       | 3%       |\n| Total                 | 100%     | 100%     | 100%               | 100%     | 100%     |\n\n\n\n\n\n|     |                                                                                                      |\n| --- | ---------------------------------------------------------------------------------------------------- |\n| (a) | Includes information for Virgin America for the period December 14, 2016 through December 31, 2016\\. |\n\n\n\n\n\n|     |                                                                                                                                        |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | Category represents flying within the West Coast\\. Departures from the West Coast to other regions are captured in other categories\\.  |\n\n\n\n**MAINLINE**\n\nOur Mainline operations include Boeing 737 (B737) and Airbus family (A319, A320, and A321neo) jet service offered by Alaska\\. We offer extensive passenger service from the western U\\.S\\. throughout the contiguous United States, Alaska, Hawaii, Canada, Mexico, and Costa Rica\\. Our largest concentrations of departures are in Seattle, Portland, and the Bay Area\\. We also offer cargo service throughout our network and have dedicated cargo aircraft that operate primarily to and within the state of Alaska\\. \n\nIn 2018, we carried 36 million revenue passengers in our Mainline operations\\. At December 31, 2018, our Mainline operating fleet consisted of 162 Boeing 737 jet aircraft and 71 Airbus A320 family jet aircraft compared to 154 B737 aircraft and 67 Airbus aircraft as of December 31, 2017\\.\n\n 7"}
{"_id": "Southwest-2018_51.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Non\\-GAAP Return on Invested Capital (ROIC) (in millions) (unaudited)**\n\n\n\n|                                                             |                       |     |                       |     |                       |     |\n| ----------------------------------------------------------- | --------------------- | --- | --------------------- | --- | --------------------- | --- |\n|                                                             | **Year Ended**        |     | **Year Ended**        |     | **Year Ended**        |     |\n|                                                             | **December 31, 2018** |     | **December 31, 2017** |     | **December 31, 2016** |     |\n| **Operating income, as reported**                           | $3,206                |     | $3,407                |     | $3,522                |     |\n| Contract ratification bonuses                               | \u2014                     |     | \u2014                     |     | 356                   |     |\n| Net impact from fuel contracts                              | (14)                  |     | (156)                 |     | (201)                 |     |\n| Asset impairment                                            | \u2014                     |     | \u2014                     |     | 21                    |     |\n| Lease termination expense                                   | \u2014                     |     | 33                    |     | 22                    |     |\n| Aircraft grounding charge                                   | \u2014                     |     | 63                    |     | \u2014                     |     |\n| Gain on sale of grounded aircraft                           | (25)                  |     | \u2014                     |     | \u2014                     |     |\n| **Operating income, non\\-GAAP**                             | 3,167                 |     | 3,347                 |     | 3,720                 |     |\n| Net adjustment for aircraft leases (a)                      | 99                    |     | 110                   |     | 110                   |     |\n| **Adjusted operating income, non\\-GAAP (A)**                | $3,266                |     | $3,457                |     | $3,830                |     |\n| **Non\\-GAAP tax rate (B)**                                  | 22\\.1%                | (d) | 36\\.1%                | (e) | 36\\.7%                | (f) |\n| **Net operating profit after\\-tax, NOPAT (A\\* (1\\-B) = C)** | $2,545                |     | $2,210                |     | $2,424                |     |\n| Debt, including capital leases (b)                          | $3,521                |     | $3,259                |     | $3,304                |     |\n| Equity (b)                                                  | 9,853                 |     | 8,194                 |     | 7,195                 |     |\n| Net present value of aircraft operating leases (b)          | 584                   |     | 785                   |     | 1,015                 |     |\n| **Average invested capital**                                | $13,958               |     | $12,238               |     | $11,514               |     |\n| Equity adjustment for hedge accounting (c)                  | (144)                 |     | 296                   |     | 886                   |     |\n| **Adjusted average invested capital (D)**                   | $13,814               |     | $12,534               |     | $12,400               |     |\n| **Non\\-GAAP ROIC, pre\\-tax (A/D)**                          | 23\\.6%                |     | 27\\.6%                |     | 30\\.9%                |     |\n| **Non\\-GAAP ROIC, after tax (C/D)**                         | 18\\.4%                |     | 17\\.6%                |     | 19\\.5%                |     |\n\n\n\nAs of January 1, 2018, the Company adopted ASU 2014\\-09: Revenue from Contracts with Customers, ASU 2017\\-07: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, and ASU 2017\\-12: Targeted Improvements to Accounting for Hedging Activities\\. As a result, certain prior period results have been recast due to the transition methods applied\\. See Note 2 to the Consolidated Financial Statements for further information\\.\n\n(a) Net adjustment related to presumption that all aircraft in fleet are owned (i\\.e\\., the impact of eliminating aircraft rent expense and replacing with estimated depreciation expense for those same aircraft)\\. The Company makes this adjustment to enhance comparability to other entities that have different capital structures by utilizing alternative financing decisions\\.\n\n(b) Calculated as an average of the five most recent quarter end balances or remaining obligations\\. The Net present value of aircraft operating leases represents the assumption that all aircraft in the Company\u2019s fleet are owned, as it reflects the remaining contractual commitments discounted at the Company's estimated incremental borrowing rate as of the time each individual lease was signed\\.\n\n(c) The Equity adjustment for hedge accounting in the denominator adjusts for the cumulative impacts, in AOCI and Retained earnings, of gains and/or losses associated with hedge accounting related to fuel hedge derivatives that will settle in future periods\\. The current period impact of these gains and/or losses is reflected in the Net impact from fuel contracts in the numerator\\.\n\n(d) The GAAP annual tax rate as of December 31, 2018, was 22\\.1 percent, and the annual Non\\-GAAP tax rate was also 22\\.1 percent\\. See Note Regarding Use of Non\\-GAAP Financial Measures for additional information\n\n(e) The GAAP annual tax rate as of December 31, 2017, was a 2\\.8 percent tax benefit due to the significant impact the Tax Cuts and Jobs Act legislation enacted in December 2017 had on corporate tax rates, and the annual Non\\-GAAP tax rate was 36\\.1 percent\\. See Note Regarding Use of Non\\-GAAP Financial Measures for additional information\\.\n\n(f) The GAAP annual tax rate as of December 31, 2016, was 36\\.7 percent, and the annual Non\\-GAAP tax rate was also 36\\.7 percent\\. See Note Regarding Use of Non\\-GAAP Financial Measures for additional information\\.\n\n**Note Regarding Use of Non\\-GAAP Financial Measures**\n\nThe Company's Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (\"GAAP\")\\. These GAAP financial statements include (i) unrealized noncash adjustments and reclassifications, which can be significant, as a result of accounting requirements and elections made under accounting pronouncements relating to derivative instruments and hedging and (ii) other charges and benefits the Company believes are unusual and/or infrequent in nature and thus may make comparisons to its prior or future performance difficult\\.\n\nAs a result, the Company also provides financial information in this filing that was not prepared in accordance with GAAP and should not be considered as an alternative to the information prepared in accordance with GAAP\\. The Company provides supplemental non\\-GAAP financial information (also referred to as \"excluding special items\"), including results that it refers to as \"economic,\" which the Company's management utilizes to evaluate its ongoing financial performance and the Company believes provides additional insight to investors as supplemental information to its GAAP results\\. The non\\-GAAP measures provided that relate to the Company\u2019s performance on an economic fuel cost basis include Fuel and oil expense, non\\-GAAP; Total operating expenses, non\\-GAAP; Operating income, non\\-GAAP; Adjusted operating income, non\\-GAAP; Income tax rate, non\\-GAAP; Provision for income taxes, non\\-GAAP; Net income, non\\-GAAP; Net income per share, diluted, non\\-GAAP; and Operating expenses per ASM, non\\-GAAP, excluding profitsharing and Fuel and oil expense\\. The Company's economic Fuel and oil expense results differ from GAAP results in that they only include the actual cash settlements from fuel hedge contracts \\- all reflected within Fuel and oil expense in the period of settlement\\. Thus, Fuel and oil expense on an economic basis has historically been utilized by the Company, as well as some of the other airlines that utilize fuel hedging, as it reflects the Company\u2019s actual net cash outlays for fuel during the applicable period, inclusive of settled fuel derivative contracts\\. Any net premium costs paid related to option contracts that are designated as hedges are reflected as a component of Fuel and oil expense, for both GAAP and non\\-GAAP (including economic) purposes in the period of contract settlement\\. The Company believes these economic results provide further insight on the impact of the Company's fuel hedges on its operating performance and liquidity since they exclude the unrealized, noncash adjustments and reclassifications that are recorded in GAAP results in accordance with accounting guidance relating to derivative instruments, and they reflect all cash settlements related to fuel derivative contracts within Fuel and oil expense\\. This enables the Company's management, as well as investors and analysts, to consistently assess the Company's operating performance on a year\\-over\\-year or quarter\\-over\\-quarter basis after considering all efforts in place to manage fuel expense\\. However, because these measures are not determined in accordance with GAAP, such measures are susceptible to varying calculations, and not all companies calculate the measures in the same manner\\. As a result, the aforementioned measures, as presented, may not be directly comparable to similarly titled measures presented by other companies\\.\n\nFurther information on (i) the Company's fuel hedging program, (ii) the requirements of accounting for derivative instruments, and (iii) the causes of hedge ineffectiveness and/or mark\\-to\\-market gains or losses from derivative instruments is included in Note 2 and Note 10 to the Consolidated Financial Statements, which also discusses the Company's January 1, 2018 adoption of the New Hedging Standard\\.\n\nThe Company\u2019s GAAP results in the applicable periods include other charges or benefits that are also deemed \"special items,\" that the Company believes make its results difficult to compare to prior periods, anticipated future periods, or industry trends\\. Financial measures identified as non\\-GAAP (or as excluding special items) have been adjusted to exclude special items\\. Special items include:\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1\\. | Contract ratification bonuses recorded for certain workgroups\\. As the bonuses would only be paid at ratification of the associated tentative agreement and would not represent an ongoing expense to the Company, management believes its results for the associated periods are more usefully compared if the impacts of ratification bonus amounts are excluded from results\\. Generally, union contract agreements cover a specified three\\- to five\\- year period, although such contracts officially never expire, and the agreed upon terms remain in place until a revised agreement is reached, which can be several years following the amendable date; |\n\n\n\n52"}
{"_id": "Alaska-2017_41.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nAircraft fuel expense increased$616 million, or 74% compared to 2016\\. On a Combined Comparative basis, aircraft fuel expense increased $323 million, or 29%\\. The elements of the change are illustrated in the following table: \n\n\n\n|                                                    |                                      |                                      |                                      |                                      |                                      |                                      |\n| -------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                    | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                    | **2017**                             | **2017**                             | **2016 as Reported**                 | **2016 as Reported**                 | **2016 Combined**                    | **2016 Combined**                    |\n| ***(in millions, except for per gallon amounts)*** | **Dollars**                          | **Cost/Gal**                         | **Dollars**                          | **Cost/Gal**                         | **Dollars**                          | **Cost/Gal**                         |\n| Raw or \"into\\-plane\" fuel cost                     | **$1,437**                           | **$1\\.80**                           | $828                                 | $1\\.49                               | $1,105                               | $1\\.49                               |\n| Losses on settled hedges                           | **17**                               | **0\\.02**                            | 16                                   | 0\\.03                                | 34                                   | 0\\.05                                |\n| Consolidated economic fuel expense                 | **$1,454**                           | **$1\\.82**                           | $844                                 | $1\\.52                               | $1,139                               | $1\\.54                               |\n| Mark\\-to\\-market fuel hedge adjustments            | **(7)**                              | **\u2014**                                | (13)                                 | (0\\.02)                              | (15)                                 | (0\\.02)                              |\n| GAAP fuel expense                                  | **$1,447**                           | **$1\\.82**                           | $831                                 | $1\\.50                               | $1,124                               | $1\\.52                               |\n| Fuel gallons                                       | **797**                              |                                      | 554                                  |                                      | 739                                  |                                      |\n\n\n\nOn a Combined Comparative basis, raw fuel expense per gallon increased21% due primarily to higher West Coast jet fuel prices\\. West Coast jet fuel prices are impacted by both the price of crude oil, as well as the refining margins associated with the conversion of crude oil to jet fuel\\. The increase in raw fuel price per gallon during 2017 was driven by a 38% increase in refining margins and a 17% increase in crude oil prices, compared to the prior year\\. Fuel gallons consumed increased by 58 million, or 8%, consistent with the increase in capacity of 7% on a Combined Comparative basis\\. \n\nWe also evaluate economic fuel expense, which we define as raw fuel expense adjusted for the cash we receive from hedge counterparties for hedges that settle during the period, and for the premium expense that we paid for those contracts\\. A key difference between aircraft fuel expense and economic fuel expense is the timing of gain or loss recognition on our hedge portfolio\\. When we refer to economic fuel expense, we include gains and losses only when they are realized for those contracts that were settled during the period based on their original contract terms\\. We believe this is the best measure of the effect that fuel prices have on our business because it most closely approximates the net cash outflow associated with purchasing fuel for our operations\\. Accordingly, many industry analysts evaluate our results using this measure, and it is the basis for most internal management reporting and incentive pay plans\\.\n\nLosses recognized for hedges that settled during the year were $17 million in 2017, compared to losses of $16 million in 2016\\. These amounts represent cash paid for premium expense, offset by any cash received from those hedges at settlement\\. \n\nAs of the date of this filing we expect our economic fuel price per gallon to increase approximately 21% in the first quarter of 2018 as compared to the first quarter of 2017 due to higher crude oil prices and refining margins\\. As both oil prices and refining margins are volatile, we are unable to forecast the full\\-year cost with any certainty\\.\n\n 42"}
{"_id": "United-2017_102.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** \n\nTo the Stockholders and Board of Directors of United Continental Holdings, Inc\\.\n\n**Opinion on Internal Control over Financial Reporting** \n\nWe have audited United Continental Holdings, Inc\\.\u2019s (the \u201cCompany\u201d) internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria)\\. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on the COSO criteria\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (\u201cPCAOB\u201d), the consolidated financial statements as of and for the year ended December 31, 2017 of the Company and our report dated February 22, 2018 expressed an unqualified opinion thereon\\.\n\n**Basis for Opinion** \n\nThe Company\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management Report on Internal Control over Financial Reporting in Item 9A\\. Our responsibility is to express an opinion on the company\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\.\n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\n**Definition and Limitations of Internal Control Over Financial Reporting** \n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n/s/ Ernst & Young LLP\n\nChicago, Illinois\n\nFebruary 22, 2018\n\n103"}
{"_id": "Southwest-2017_23.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n***The Company's business is labor intensive; therefore, the Company would be adversely affected if it were unable to maintain satisfactory relations with its Employees or its Employees' Representatives\\.***\n\nThe airline business is labor intensive\\. Salaries, wages, and benefits represented approximately 41 percent of the Company's operating expenses for the year ended December 31, 2017\\. In addition, as of December 31, 2017, approximately 83 percent of the Company's Employees were represented for collective bargaining purposes by labor unions, making the Company particularly exposed in the event of labor\\-related job actions\\. Employment\\-related issues that have, and continue to, impact the Company's results of operations, some of which are negotiated items, include hiring/retention rates, pay rates, outsourcing costs, work rules, health care costs, and retirement benefits\\.\n\n***The Company is currently dependent on single aircraft and engine suppliers, as well as single suppliers of certain other parts; therefore, the Company would be materially adversely affected if it were unable to obtain additional equipment or support from any of these suppliers, in the event of a mechanical or regulatory issue associated with their equipment, or in the event the pricing and operational attributes of the Company's equipment become less competitive\\.***\n\nThe Company is dependent on Boeing as its sole supplier for aircraft and many of its aircraft parts and is dependent on other suppliers for certain other aircraft parts\\. Although the Company is able to purchase some aircraft from parties other than Boeing, most of its purchases are directly from Boeing\\. Therefore, if the Company was unable to acquire additional aircraft from Boeing, or if Boeing was unable or unwilling to make timely deliveries of aircraft or to provide adequate support for its products, the Company's operations would be materially adversely affected\\. In addition, the Company would be materially adversely affected in the event of a mechanical or regulatory issue associated with the Boeing 737 aircraft type, whether as a result of downtime for part or all of the Company's fleet, increased maintenance costs, or because of a negative perception by the flying public\\. The Company believes, however, that its years of experience with the Boeing 737 aircraft type, as well as the efficiencies Southwest has historically achieved by operating with a single aircraft type, continue to outweigh the risks associated with its single aircraft supplier strategy\\. The Company is also dependent on sole suppliers for aircraft engines and certain other aircraft parts and would therefore also be materially adversely affected in the event of the unavailability of, or a mechanical or regulatory issue associated with, engines and other parts\\. The Company could also be materially adversely affected if the pricing or operational attributes of its equipment were to become less competitive\\.\n\n***Any failure of the Company to maintain the security of certain Customer\\-related information could result in damage to the Company's reputation and could be costly to remediate\\.***\n\nThe Company must receive information related to its Customers in order to run its business, and the Company's operations depend upon secure retention and the secure transmission of information over public networks, including information permitting cashless payments\\. This information is subject to the risk of intrusion, tampering, and theft\\. Although the Company maintains systems to defend against this from occurring, these systems require ongoing monitoring and updating as technologies change, and security could be compromised, confidential information could be misappropriated, or system disruptions could occur\\. In the ordinary course of its business, the Company also provides certain confidential, proprietary, and personal information to third parties\\. While the Company seeks to obtain assurances that these third parties will protect this information, there is a risk the security of data held by third parties could be breached\\. A compromise of the Company's security systems could adversely affect the Company's reputation and disrupt its operations and could also result in litigation against the Company or the imposition of penalties\\. In addition, it could be costly to remediate\\. Although the Company has not experienced cyber incidents that are individually, or in the aggregate, material, the Company has experienced cyber\\-attacks in the past, which have thus far been mitigated by preventative, detective, and responsive measures put in place by the Company\\.\n\n***The Company's results of operations could be adversely impacted if it is unable to grow or to effectively execute its strategic plans\\.***\n\nSouthwest has historically been regarded as a growth airline\\. However, organic growth remains challenging because (i) the opportunities for domestic expansion are limited; (ii) the Company's international network is relatively small \n\n24"}
{"_id": "AmericanAirlines-2019_122.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nASU 2016\\-13: Financial Instruments  \u2013  Credit Losses (Topic 326)\n\nThis ASU requires the use of an expected loss model for certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates\\. For trade receivables, loans and held\\-to \\- maturity debt securities, an estimate of lifetime expected credit losses is required\\. For available\\-for\\-sale debt securities, an allowance for credit losses will be required rather than a reduction to the carrying value of the asset\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2019\\. While American has not completed its evaluation of the impact of adoption of this standard, American does not expect it to have a material impact on its consolidated financial statements\\.\n\n(c) Short\\-term Investments\n\nShort\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. Realized gains and losses are recorded in nonoperating expense on American\u2019s consolidated statements of operations\\. Unrealized gains and losses are recorded in accumulated other comprehensive loss on American\u2019s consolidated balance sheets\\.\n\n(d) Restricted Cash and Short\\-term Investments\n\nAmerican has restricted cash and short\\-term investments related primarily to collateral held to support workers\u2019 compensation obligations\\.\n\n(e) Aircraft Fuel, Spare Parts and Supplies, Net\n\nAircraft fuel is recorded on a first\\-in, first\\-out basis\\. Spare parts and supplies are recorded at average costs less an allowance for obsolescence\\. These items are expensed when used\\.\n\n(f) Operating Property and Equipment\n\nOperating property and equipment is recorded at cost and depreciated or amortized to residual values over the asset\u2019s estimated useful life or the lease term, whichever is less, using the straight\\-line method\\. Residual values for aircraft, engines and related rotable parts are generally   5%  to   10%  of original cost\\. Costs of major improvements that enhance the usefulness of the asset are capitalized and depreciated or amortized over the estimated useful life of the asset or the lease term, whichever is less\\. The estimated useful lives for the principal property and equipment classifications are as follows:\n\n\n\n|                                                     |                           |\n| --------------------------------------------------- | ------------------------- |\n| **Principal Property and Equipment Classification** | **Estimated Useful Life** |\n| Aircraft, engines and related rotable parts         | 20 \u2013 30 years             |\n| Buildings and improvements                          | 5 \u2013 30 years              |\n| Furniture, fixtures and other equipment             | 3 \u2013 10 years              |\n| Capitalized software                                | 5 \u2013 10 years              |\n\n\n\nAmerican assesses impairment of operating property and equipment when events and circumstances indicate that the assets may be impaired\\. An asset or group of assets is considered impaired when the undiscounted cash flows estimated to be generated by the assets are less than the carrying amount of the assets and the net book value of the assets exceeds their estimated fair value\\. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets\\. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the cost to sell\\.\n\nTotal depreciation and amortization expense was   $2\\.5 billion ,   $2\\.4 billion  and   $2\\.1 billion  for the years ended  December 31, 2019 ,  2018  and  2017 , respectively\\.\n\n(g) Leases\n\nAmerican determines if an arrangement is a lease at inception\\. Operating leases are included in operating lease right\\-of\\-use (ROU) assets, current operating lease liabilities and noncurrent operating lease liabilities in American\u2019s consolidated balance sheet\\. Finance leases are included in property and equipment, current maturities of long\\-term debt and finance leases and long\\-term debt and finance leases, net of current maturities, in American\u2019s consolidated balance sheets\\.\n\nROU assets represent American\u2019s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease\\. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term\\. \n\n123"}
{"_id": "United-2018_107.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|         |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| ------- | ----------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.168 | UAL  <br>United   | [Amended and Restated Credit and Guaranty Agreement, dated as of March 29, 2017, among United Airlines, Inc\\., as borrower, United Continental Holdings, Inc\\., as parent and a guarantor, the subsidiaries of United Continental Holdings, Inc\\. from time to time party thereto other than the borrower party thereto from time to time, as guarantors, the lenders from time to time party thereto and JPMorgan Chase Bank, N\\.A\\., as administrative agent (filed as Exhibit 10\\.1 to UAL's Form 8\\-K filed April 3, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015517000006/e77015399ex10_1.htm) |\n| 10\\.169 | UAL  <br>United   | [First Amendment, dated as of November 15, 2017, to Amended and Restated Credit Guaranty Agreement (filed as Exhibit 10\\.219 to UAL's Form 10\\-K for the year ended December 31, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312518054235/d471340dex10219.htm)                                                                                                                                                                                                                                                                                                                                         |\n| 10\\.170 | UAL  <br>United   | [Second Amendment, dated as of May 16, 2018, to Amended and Restated Credit Guaranty Agreement filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended June 30, 2018, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000010051718000012/ual_06301810qex101.htm)                                                                                                                                                                                                                                                                                                                                              |\n|         |                   | **List of Subsidiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| 21      | UAL<br><br>United | [List of United Continental Holdings, Inc\\. and United Airlines, Inc\\. Subsidiaries](https://www.example.com/ual_12311810kex21.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n|         |                   | **Consents of Experts and Counsel**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 23\\.1   | UAL               | [Consent of Independent Registered Public Accounting Firm (Ernst & Young LLP) for United Continental Holdings, Inc\\.](https://www.example.com/ual_12311810kex231.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 23\\.2   | United            | [Consent of Independent Registered Public Accounting Firm (Ernst & Young LLP) for United Airlines, Inc\\.](https://www.example.com/ual_12311810kex232.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n|         |                   | **Rule 13a\\-14(a)/15d\\-14(a) Certifications**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| 31\\.1   | UAL               | [Certification of the Principal Executive Officer of United Continental Holdings, Inc\\. pursuant to 15 U\\.S\\.C\\. 78m(a) or 78o(d) (Section 302 of the Sarbanes\\-Oxley Act of 2002)](https://www.example.com/ual_12311810kex311.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 31\\.2   | UAL               | [Certification of the Principal Financial Officer of United Continental Holdings, Inc\\. pursuant to 15 U\\.S\\.C\\. 78m(a) or 78o(d) (Section 302 of the Sarbanes\\-Oxley Act of 2002)](https://www.example.com/ual_12311810kex312.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 31\\.3   | United            | [Certification of the Principal Executive Officer of United Airlines, Inc\\. pursuant to 15 U\\.S\\.C\\. 78m(a) or 78o(d) (Section 302 of the Sarbanes\\-Oxley Act of 2002)](https://www.example.com/ual_12311810kex313.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 31\\.4   | United            | [Certification of the Principal Financial Officer of United Airlines, Inc\\. pursuant to 15 U\\.S\\.C\\. 78m(a) or 78o(d) (Section 302 of the Sarbanes\\-Oxley Act of 2002)](https://www.example.com/ual_12311810kex314.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n|         |                   | **Section 1350 Certifications**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 32\\.1   | UAL               | [Certification of the Chief Executive Officer and Chief Financial Officer of United Continental Holdings, Inc\\. pursuant to 18 U\\.S\\.C\\. 1350 (Section 906 of the Sarbanes\\-Oxley Act of 2002)](https://www.example.com/ual_12311810kex321.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 32\\.2   | United            | [Certification of the Chief Executive Officer and Chief Financial Officer of United Airlines, Inc\\. pursuant to 18 U\\.S\\.C\\. 1350 (Section 906 of the Sarbanes\\-Oxley Act of 2002)](https://www.example.com/ual_12311810kex322.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n|         |                   | **Interactive Data File**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| 101     | UAL<br><br>United | The following materials from each of United Continental Holdings, Inc\\.'s and United Airlines, Inc\\.'s Annual Reports on Form 10\\-K for the year ended December 31, 2018, formatted in XBRL (Extensible Business Reporting Language): (i) the Statements of Consolidated Operations, (ii) the Statements of Consolidated Comprehensive Income (Loss), (iii) the Consolidated Balance Sheets, (iv) the Statements of Consolidated Cash Flows, (v) the Statements of Consolidated Stockholders' Equity (Deficit) and (vi) the Combined Notes to Consolidated Financial Statements\\.                                                                                                           |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2020 | Indicates management contract or compensatory plan or arrangement\\. Pursuant to Item 601(b)(10), United is permitted to omit certain compensation\\-related exhibits from this report and therefore only UAL is identified as the registrant for purposes of those items\\. |\n\n\n\n\n\n|   |                                                                                                                                            |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^ | Confidential portion of this exhibit has been omitted and filed separately with the SEC pursuant to a request for confidential treatment\\. |\n\n\n\n108"}
{"_id": "AmericanAirlines-2019_49.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nFleet and Operation\n\nBoeing 737 MAX\n\nOn March 13, 2019, a directive from the FAA grounded all U\\.S\\.\\-registered Boeing 737 MAX aircraft\\. Our fleet currently includes 24 Boeing 737 MAX aircraft with an additional 76 aircraft on order\\. As a result of this directive, we canceled approximately 27,600 flights in 2019\\. We have removed all Boeing 737 MAX flying from our flight schedule through August 17, 2020 and continue to assess this timeline\\.\n\nOur estimate of the financial damages incurred in 2019 due to the Boeing 737 MAX grounding and related cancellations was approximately $540 million\\.\n\nAs previously announced in January 2020, we reached a confidential agreement with Boeing on compensation related to financial damages incurred in 2019 due to the grounding of the Boeing 737 MAX aircraft\\. The settlement did not have a material impact on 2019 earnings because we are accounting for substantially all of the compensation as a reduction in cost basis of grounded Boeing 737 MAX aircraft and certain future Boeing 737 MAX aircraft deliveries\\. Our future aircraft purchase commitments in Note 12 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A reflect the portion of the compensation we expect to receive in the future as Boeing 737 MAX aircraft are delivered\\. These amounts reflect our best estimate in light of the uncertainty surrounding the timing of future Boeing 737 MAX aircraft deliveries\\.\n\nDue to the impact of the Boeing 737 MAX grounding on our 2019 financial results, our Board of Directors authorized a discretionary portion of the settlement to be returned to team members through our 2019 profit\\-sharing program\\. The profit\\-sharing award was based on our estimate of full\\-year 2019 financial damages for the Boeing 737 MAX grounding\\. As a result, an additional accrual of approximately $30 million was made to our 2019 profit\\-sharing program\\.\n\nWe are pleased with the settlement agreement we reached for 2019, which was intended to address our financial damages incurred in 2019 due to the grounding of the Boeing 737 MAX aircraft\\. However, the aircraft remain grounded and therefore we continue to incur financial damages in 2020\\. We expect discussions to continue with Boeing for further compensation for these damages\\.\n\nOperational Slowdown\n\nIn 2019, the TWU\\-IAM Association engaged in an illegal work slowdown in an effort to influence contract negotiations\\. This slowdown significantly impacted our operation and caused a significant number of flight cancellations and delays in the second and third quarters of 2019\\. Agreements in principle were reached on January 30, 2020 for JCBAs covering all of the workgroups represented by the TWU\\-IAM Association\\. Those agreements are subject to membership ratification vote\\. \n\nRevenue\n\nIn  2019 , we reported total operating revenues of  $45\\.8 billion , an  increase  of  $1\\.2 billion , or  2\\.8 %, as compared to  2018 \\. Passenger revenue was  $42\\.0 billion , an  increase  of  $1\\.3 billion , or  3\\.3 %, as compared to  2018 \\. The increase in passenger revenue in  2019  was due to continued strength in passenger demand resulting in a  4\\.4 %  increase  in revenue passenger miles (RPMs) and a  2\\.6  point increase in passenger load factor\\. Domestic passenger revenue per available seat mile (PRASM) increased  2\\.0 % as compared to  2018 \\. Latin America was the best performing international region in 2019, with PRASM increasing  3\\.4 % followed by Pacific with PRASM increasing 3\\.1%, while Atlantic PRASM declined  1\\.5 % principally due to lower transfer payments related to our joint business arrangement and foreign currency effects\\.\n\nIn  2019 , cargo revenue was  $863 million , a  decrease  of  $150 million , or  14\\.8 %, as compared to  2018 , primarily due to a  14\\.4 % decrease in cargo ton miles reflecting declines in freight volumes, principally as a result of international schedule reductions\\. Other operating revenue  increase d  $43 million , or  1\\.5 %, in  2019  as compared to  2018 , principally driven by higher revenue associated with our airport clubs and loyalty program\\.\n\nOur total revenue per available seat mile (TRASM) was  16\\.05  cents in  2019 , a  1\\.7 %  increase  as compared to  15\\.79  cents in  2018 \\. \n\nFuel\n\nOur mainline and regional fuel expense totaled  $9\\.4 billion  in  2019 , which was  $501 million , or  5\\.1 %,  lower  compared to  2018 \\. This  decrease  was primarily driven by a  6\\.9 %  decrease  in the average price per gallon of fuel including related taxes to  $2\\.07  in  2019  from  $2\\.23  in  2018 , offset in part by a  2\\.0%  increase in gallons of fuel consumed\\.\n\n50"}
{"_id": "Southwest-2019_28.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nItem 2\\.  Properties\n\nAircraft \n\nSouthwest operated a total of  747  Boeing 737 aircraft as of  December 31, 2019 , of which 52 and 70 were under operating and finance leases, respectively\\. The following table details information on the  747  aircraft as of  December 31, 2019 : \n\n\n\n|           |           |                                             |                                   |                                 |                              |\n| --------- | --------- | ------------------------------------------- | --------------------------------- | ------------------------------- | ---------------------------- |\n| **Type**  | **Seats** | **Average**<br><br>**Age**<br><br>**(Yrs)** | **Number of**<br><br>**Aircraft** | **Number**<br><br>**Owned (a)** | **Number**<br><br>**Leased** |\n| 737\\-700  | 143       | 15                                          | 506                               | 394                             | 112                          |\n| 737\\-800  | 175       | 4                                           | 207                               | 200                             | 7                            |\n| 737 MAX 8 | 175       | 2                                           | 34                                | 31                              | 3                            |\n| Totals    |           | 12                                          | 747                               | 625                             | 122                          |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                          |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | As discussed further in Note  6  to the Consolidated Financial Statements, 96 of the Company's aircraft were pledged as collateral as of  December 31, 2019 , for secured borrowings and/or in the case that the Company has obligations related to its fuel derivative instruments with counterparties that exceed certain thresholds\\. |\n\n\n\nNote: All MAX deliveries were suspended as of March 13, 2019, upon the FAA emergency order for all U\\.S\\. airlines to ground all MAX aircraft\\. The FAA's timetables and directives will determine the timing of MAX return to service\\.\n\nThe delivery schedule below reflects contractual commitments; although, the timing of future deliveries is uncertain\\. One of the Company's 2019 undelivered aircraft contractually shifted to 2021\\. For purposes of the delivery schedule below, the Company has included the remaining 40 of its 2019 undelivered aircraft within its 2020 contractual commitments, and has not made any further adjustments to this schedule based on current estimations\\. However, Boeing currently has 27 MAX 8 aircraft produced and in storage that the Company is including in its current 2020 fleet planning assumptions\\. The Company also currently expects to retire 16 737\\-700 aircraft in 2020\\. The Company offers no assurances that current estimations and timelines are correct\\.\n\n29"}
{"_id": "Southwest-2017_107.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|                                      |          |          |          |\n| ------------------------------------ | -------- | -------- | -------- |\n| **(in millions)**                    | **2017** | **2016** | **2015** |\n| **CURRENT:**                         |          |          |          |\n| Federal                              | $904     | $778     | $1,292   |\n| State                                | 72       | 69       | 114      |\n| Total current                        | 976      | 847      | 1,406    |\n| **DEFERRED:**                        |          |          |          |\n| Federal                              | 192      | 426      | (97)     |\n| State                                | 5        | 30       | (11)     |\n| Change in federal statutory tax rate | (1,410)  | \u2014        | \u2014        |\n| Total deferred                       | (1,213)  | 456      | (108)    |\n|                                      | $(237)   | $1,303   | $1,298   |\n\n\n\nThe effective tax rate on income before income taxes differed from the federal income tax statutory rate for the following reasons:\n\n\n\n|                                            |          |          |          |\n| ------------------------------------------ | -------- | -------- | -------- |\n| **(in millions)**                          | **2017** | **2016** | **2015** |\n| Tax at statutory U\\.S\\. tax rates          | $1,138   | $1,241   | $1,218   |\n| State income taxes, net of federal benefit | 50       | 64       | 66       |\n| Change in federal statutory tax rate       | (1,410)  | \u2014        | \u2014        |\n| Other, net                                 | (15)     | (2)      | 14       |\n| Total income tax provision                 | $(237)   | $1,303   | $1,298   |\n\n\n\nThe only periods subject to examination for the Company\u2019s federal tax return are the 2016 and 2017 tax years\\.\n\n108"}
{"_id": "AmericanAirlines-2017_171.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Stockholders and Board of Directors\n\nAmerican Airlines Group Inc\\.:\n\n*Opinion on Internal Control Over Financial Reporting*\n\nWe have audited American Airlines Group Inc\\.\u2019s and subsidiaries\u2019 (the Company) internal control over financial reporting as of December 31, 2017, based on criteria established in *Internal Control \u2013 Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission\\. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on criteria established in *Internal Control \u2013 Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2017 and 2016, the related consolidated statements of operations, comprehensive income, cash flows, and stockholders\u2019 equity for each of the years in the three\\-year period ended December 31, 2017, and the related notes (collectively, the consolidated financial statements), and our report dated February 21, 2018 expressed an unqualified opinion on those consolidated financial statements\\.\n\n*Basis for Opinion* \n\nThe Company\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management\u2019s Annual Report on Internal Control over Financial Reporting\\. Our responsibility is to express an opinion on the Company\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk\\. Our audit also included performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\n*Definition and Limitations of Internal Control Over Financial Reporting* \n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n/s/ KPMG LLP\n\nDallas, Texas\n\nFebruary 21, 2018\n\n172"}
{"_id": "Southwest-2018_88.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nand made available for use to purchase a ticket for a flight that occurs prior to their expiration\\. These funds are typically created as a result of a prior ticket cancellation or exchange\\. These performance obligations are expected to have a duration of twelve months or less; therefore, the Company has elected the provision within ASC 606 to not disclose the amount of the remaining transaction price and its expected timing of recognition for passenger tickets\\. Recognition of revenue associated with the Company\u2019s loyalty liability can be difficult to predict, as the number of award seats available to members is not currently restricted and they could choose to redeem their points at any time that a seat is available\\. The performance obligations classified as a current liability related to the Company\u2019s loyalty program were estimated based on expected redemptions utilizing historical redemption patterns, and forecasted flight availability, fares, and coefficients\\. The entire balance classified as Air traffic liability \u2013 noncurrent relates to loyalty points that were estimated to be redeemed in periods beyond 12 months following the representative balance sheet date\\. The Company expects the majority of loyalty points to be redeemed within two years\\. A rollforward of the Company's Air traffic liability \\- loyalty program for the years ended December 31, 2018 and 2017 is as follows (in millions):\n\n\n\n|                                                               |                             |                             |\n| ------------------------------------------------------------- | --------------------------- | --------------------------- |\n|                                                               | **Year ended December 31,** | **Year ended December 31,** |\n|                                                               | **2018**                    | **2017**                    |\n| Air traffic liability \\- loyalty program \\- beginning balance | $2,667                      | $2,485                      |\n|  Amounts deferred associated with points awarded              | 2,717                       | 2,485                       |\n|  Revenue recognized from points redeemed \\- Passenger         | (2,307)                     | (2,263)                     |\n|  Revenue recognized from points redeemed \\- Other             | (66)                        | (40)                        |\n| Air traffic liability \\- loyalty program \\- ending balance    | $3,011                      | $2,667                      |\n\n\n\nAir traffic liability includes consideration received for ticket and loyalty related performance obligations which have not been satisfied as of a given date\\. A rollforward of the amounts included in Air traffic liability as of December 31, 2018 and 2017 are as follows (in millions):\n\n\n\n|                                                                                                   |                           |\n| ------------------------------------------------------------------------------------------------- | ------------------------- |\n|                                                                                                   | **Air traffic liability** |\n| Balance at December 31, 2017                                                                      | $4,565                    |\n|  Current period sales (passenger travel, ancillary services, flight loyalty, and partner loyalty) | 21,026                    |\n|  Revenue from amounts included in contract liability opening balances                             | (3,479)                   |\n|  Revenue from current period sales                                                                | (17,042)                  |\n| Balance at December 31, 2018                                                                      | $5,070                    |\n\n\n\n\n\n|                                                                                                   |                           |\n| ------------------------------------------------------------------------------------------------- | ------------------------- |\n|                                                                                                   | **Air traffic liability** |\n| Balance at December 31, 2016                                                                      | $4,221                    |\n|  Current period sales (passenger travel, ancillary services, flight loyalty, and partner loyalty) | 20,146                    |\n|  Revenue from amounts included in contract liability opening balances                             | (3,099)                   |\n|  Revenue from current period sales                                                                | (16,703)                  |\n| Balance at December 31, 2017                                                                      | $4,565                    |\n\n\n\nAll performance obligations related to freight services sold are completed within twelve months or less; therefore, the Company has elected the provision within ASC 606 to not disclose the amount of the remaining transaction price and its expected timing of recognition for freight shipments\\.\n\nOther revenues primarily consist of marketing royalties associated with the Company\u2019s co\\-branded Chase^\u00ae^ Visa credit card, but also include commissions and advertising associated with Southwest\\.com^\u00ae^\\. All amounts classified as Other revenues are paid monthly, coinciding with the Company fulfilling its deliverables; therefore, the Company has elected the provision within ASC 606 to not disclose the amount of the remaining transaction price and its expected timing of recognition for such services provided\\. \n\n89"}
{"_id": "Alaska-2019_82.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nOperating segment information is as follows (in millions): \n\n\n\n|                                       |                                       |                                       |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:------------------------------------- |:------------------------------------- |:------------------------------------- | ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                       |                                       |                                       | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 | Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|                                       |                                       |                                       |                     Mainline |                              |                              |                              |                     Regional |                              |                              |                              |                      Horizon |                              |                              |                              |   Consolidating & Other^(a)^ |                              |                              |                              |      Air Group Adjusted^(b)^ |                              |                              |                              |           Special Items^(c)^ |                              |                              |                              |                 Consolidated |\n| Operating Revenues                    | Operating Revenues                    | Operating Revenues                    |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |\n| Passenger revenues                    | Passenger revenues                    | Passenger revenues                    |                        6,750 |                              |                              |                              |                        1,345 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                        8,095 |                              |                              |                              |                            \u2014 |                              |                              |                              |                        8,095 |\n| CPA revenues                          | CPA revenues                          | CPA revenues                          |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          450 |                              |                              |                              |                        (450) |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |\n| Mileage Plan other revenue            | Mileage Plan other revenue            | Mileage Plan other revenue            |                          419 |                              |                              |                              |                           46 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          465 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          465 |\n| Cargo and other                       | Cargo and other                       | Cargo and other                       |                          212 |                              |                              |                              |                            3 |                              |                              |                              |                            1 |                              |                              |                              |                            5 |                              |                              |                              |                          221 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          221 |\n| Total Operating Revenues              | Total Operating Revenues              | Total Operating Revenues              |                        7,381 |                              |                              |                              |                        1,394 |                              |                              |                              |                          451 |                              |                              |                              |                        (445) |                              |                              |                              |                        8,781 |                              |                              |                              |                            \u2014 |                              |                              |                              |                        8,781 |\n| Operating Expenses                    | Operating Expenses                    | Operating Expenses                    |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |\n| Non\\-fuel operating expenses          | Non\\-fuel operating expenses          | Non\\-fuel operating expenses          |                        4,778 |                              |                              |                              |                        1,097 |                              |                              |                              |                          385 |                              |                              |                              |                        (464) |                              |                              |                              |                        5,796 |                              |                              |                              |                           44 |                              |                              |                              |                        5,840 |\n| Fuel expense                          | Fuel expense                          | Fuel expense                          |                        1,589 |                              |                              |                              |                          295 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                        1,884 |                              |                              |                              |                          (6) |                              |                              |                              |                        1,878 |\n| Total Operating Expenses              | Total Operating Expenses              | Total Operating Expenses              |                        6,367 |                              |                              |                              |                        1,392 |                              |                              |                              |                          385 |                              |                              |                              |                        (464) |                              |                              |                              |                        7,680 |                              |                              |                              |                           38 |                              |                              |                              |                        7,718 |\n| Non\\-operating Income (Expense)       | Non\\-operating Income (Expense)       | Non\\-operating Income (Expense)       |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |\n| Interest income                       | Interest income                       | Interest income                       |                           66 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (24) |                              |                              |                              |                           42 |                              |                              |                              |                            \u2014 |                              |                              |                              |                           42 |\n| Interest expense                      | Interest expense                      | Interest expense                      |                         (76) |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (28) |                              |                              |                              |                           26 |                              |                              |                              |                         (78) |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (78) |\n| Interest capitalized                  | Interest capitalized                  | Interest capitalized                  |                           15 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                           15 |                              |                              |                              |                            \u2014 |                              |                              |                              |                           15 |\n| Other                                 | Other                                 | Other                                 |                         (26) |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (26) |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (26) |\n| Total Non\\-operating Income (Expense) | Total Non\\-operating Income (Expense) | Total Non\\-operating Income (Expense) |                         (21) |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (28) |                              |                              |                              |                            2 |                              |                              |                              |                         (47) |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (47) |\n| Income (Loss) Before Income Tax       | Income (Loss) Before Income Tax       | Income (Loss) Before Income Tax       |                        $ 993 |                              |                              |                              |                          $ 2 |                              |                              |                              |                         $ 38 |                              |                              |                              |                         $ 21 |                              |                              |                              |                      $ 1,054 |                              |                              |                              |                       $ (38) |                              |                              |                              |                      $ 1,016 |\n\n\n\n\n\n|                                       |                                       |                                       |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:------------------------------------- |:------------------------------------- |:------------------------------------- | ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                       |                                       |                                       | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 | Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|                                       |                                       |                                       |                     Mainline |                              |                              |                              |                     Regional |                              |                              |                              |                      Horizon |                              |                              |                              |   Consolidating & Other^(a)^ |                              |                              |                              |      Air Group Adjusted^(b)^ |                              |                              |                              |           Special Items^(c)^ |                              |                              |                              |                 Consolidated |\n| Operating Revenues                    | Operating Revenues                    | Operating Revenues                    |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |\n| Passenger revenues                    | Passenger revenues                    | Passenger revenues                    |                        6,474 |                              |                              |                              |                        1,157 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                        7,631 |                              |                              |                              |                            \u2014 |                              |                              |                              |                        7,631 |\n| CPA revenues                          | CPA revenues                          | CPA revenues                          |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          508 |                              |                              |                              |                        (508) |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |\n| Mileage Plan other revenue            | Mileage Plan other revenue            | Mileage Plan other revenue            |                          397 |                              |                              |                              |                           37 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          434 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          434 |\n| Cargo and other                       | Cargo and other                       | Cargo and other                       |                          192 |                              |                              |                              |                            3 |                              |                              |                              |                            4 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          199 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          199 |\n| Total Operating Revenues              | Total Operating Revenues              | Total Operating Revenues              |                        7,063 |                              |                              |                              |                        1,197 |                              |                              |                              |                          512 |                              |                              |                              |                        (508) |                              |                              |                              |                        8,264 |                              |                              |                              |                            \u2014 |                              |                              |                              |                        8,264 |\n| Operating Expenses                    | Operating Expenses                    | Operating Expenses                    |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |\n| Non\\-fuel operating expenses          | Non\\-fuel operating expenses          | Non\\-fuel operating expenses          |                        4,577 |                              |                              |                              |                        1,024 |                              |                              |                              |                          465 |                              |                              |                              |                        (513) |                              |                              |                              |                        5,553 |                              |                              |                              |                          132 |                              |                              |                              |                        5,685 |\n| Fuel expense                          | Fuel expense                          | Fuel expense                          |                        1,652 |                              |                              |                              |                          262 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                        1,914 |                              |                              |                              |                           22 |                              |                              |                              |                        1,936 |\n| Total Operating Expenses              | Total Operating Expenses              | Total Operating Expenses              |                        6,229 |                              |                              |                              |                        1,286 |                              |                              |                              |                          465 |                              |                              |                              |                        (513) |                              |                              |                              |                        7,467 |                              |                              |                              |                          154 |                              |                              |                              |                        7,621 |\n| Non\\-operating Income (Expense)       | Non\\-operating Income (Expense)       | Non\\-operating Income (Expense)       |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |\n| Interest income                       | Interest income                       | Interest income                       |                           53 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (15) |                              |                              |                              |                           38 |                              |                              |                              |                            \u2014 |                              |                              |                              |                           38 |\n| Interest expense                      | Interest expense                      | Interest expense                      |                         (82) |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (22) |                              |                              |                              |                           13 |                              |                              |                              |                         (91) |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (91) |\n| Interest capitalized                  | Interest capitalized                  | Interest capitalized                  |                           16 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            2 |                              |                              |                              |                            \u2014 |                              |                              |                              |                           18 |                              |                              |                              |                            \u2014 |                              |                              |                              |                           18 |\n| Other                                 | Other                                 | Other                                 |                         (12) |                              |                              |                              |                         (11) |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (23) |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (23) |\n| Total Non\\-operating Income (Expense) | Total Non\\-operating Income (Expense) | Total Non\\-operating Income (Expense) |                         (25) |                              |                              |                              |                         (11) |                              |                              |                              |                         (20) |                              |                              |                              |                          (2) |                              |                              |                              |                         (58) |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (58) |\n| Income (Loss) Before Income Tax       | Income (Loss) Before Income Tax       | Income (Loss) Before Income Tax       |                        $ 809 |                              |                              |                              |                      $ (100) |                              |                              |                              |                         $ 27 |                              |                              |                              |                          $ 3 |                              |                              |                              |                        $ 739 |                              |                              |                              |                      $ (154) |                              |                              |                              |                        $ 585 |\n\n\n\n82"}
{"_id": "Alaska-2018_41.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**2017** **COMPARED WITH** **2016**\n\nOur consolidated net income for 2017 was $960 million, or $7\\.75 per diluted share, compared to net income of $797 million, or $6\\.41 per diluted share, in 2016\\. Our financial results include results of Virgin America for the period from December 14, 2016 through December 31, 2016 and the impact of purchase accounting as of December 14, 2016\\. Refer to our previously filed Forms 10\\-K for 2016 and 2017 for additional information on accounting for our merger with Virgin America\\. \n\nExcluding the impact of mark\\-to\\-market fuel hedge adjustments and special items, our adjusted consolidated net income for 2017 was $791 million, or $6\\.38 per diluted share, compared to an adjusted consolidated net income of $894 million, or $7\\.19 per share, in 2016\\. The following tables reconcile our adjusted net income and EPS during the full year 2017 and 2016 to amounts as reported in accordance with GAAP\\.\n\n\n\n|                                                     |                                      |                                      |                                      |                                      |\n| --------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                     | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                     | **2017**                             | **2017**                             | **2016**                             | **2016**                             |\n| ***(in millions, except per\\-share amounts)***      | **Dollars**                          | **Diluted EPS**                      | **Dollars**                          | **Diluted EPS**                      |\n| Reported GAAP net income and diluted EPS            | **$960**                             | **$7\\.75**                           | $797                                 | $6\\.41                               |\n| Mark\\-to\\-market fuel hedge (benefit) expense       | **(7)**                              | **(0\\.06)**                          | (13)                                 | (0\\.11)                              |\n| Special items\u2014merger\\-related costs and other ^(a)^ | **116**                              | **0\\.94**                            | 117                                  | 0\\.94                                |\n| Income tax effect of special items ^(b)^            | **(41)**                             | **(0\\.33)**                          | (24)                                 | (0\\.19)                              |\n| Special income tax (benefit) expense ^(c)^          | **(237)**                            | **(1\\.92)**                          | 17                                   | 0\\.14                                |\n| Non\\-GAAP adjusted net income and diluted EPS       | **$791**                             | **$6\\.38**                           | $894                                 | $7\\.19                               |\n\n\n\n\n\n|     |                                                                                                 |\n| --- | ----------------------------------------------------------------------------------------------- |\n| (a) | Refer to Note 11 to the consolidated financial statement for the description of special items\\. |\n\n\n\n\n\n|     |                                                                                                                                    |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | Certain merger\\-related costs are non\\-deductible for tax purposes, resulting in a smaller income tax effect for adjusting items\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                        |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (c) | Special tax (benefit)/expense in 2017 is due to the remeasurement of deferred tax liabilities as a result of the Tax Cuts and Jobs Act signed into law on December 22, 2017, offset by certain state tax law enactments\\. In 2016 it represents discrete impacts of adjustments to our position on income sourcing in various states\\. |\n\n\n\nCASM is summarized below:\n\n\n\n|                                                     |                                      |                                      |                                      |\n| --------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                     | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                     | **2017**                             | **2016**                             | **% Change**                         |\n| **Consolidated:**                                   |                                      |                                      |                                      |\n| Total operating expenses per ASM (CASM)             | **10\\.77\u00a2**                          | 10\\.47\u00a2                              | 2\\.9 %                               |\n| Less the following components:                      |                                      |                                      |                                      |\n| Aircraft fuel, including hedging gains and losses   | **2\\.33**                            | 1\\.88                                | 23\\.9 %                              |\n| Special items\u2014merger\\-related costs and other ^(a)^ | **0\\.19**                            | 0\\.27                                | (29\\.6)%                             |\n| CASM, excluding fuel and special items              | **8\\.25\u00a2**                           | 8\\.32\u00a2                               | (0\\.8)%                              |\n| **Mainline:**                                       |                                      |                                      |                                      |\n| Total operating expenses per ASM (CASM)             | **9\\.94\u00a2**                           | 9\\.48\u00a2                               | 4\\.9 %                               |\n| Less the following components:                      |                                      |                                      |                                      |\n| Aircraft fuel, including hedging gains and losses   | **2\\.24**                            | 1\\.79                                | 25\\.1 %                              |\n| Special items\u2014merger\\-related costs and other ^(a)^ | **0\\.20**                            | 0\\.30                                | (33\\.3)%                             |\n| CASM, excluding fuel and special items              | **7\\.50\u00a2**                           | 7\\.39\u00a2                               | 1\\.5 %                               |\n\n\n\n\n\n|     |                                                                                                 |\n| --- | ----------------------------------------------------------------------------------------------- |\n| (a) | Refer to Note 11 to the consolidated financial statement for the description of special items\\. |\n\n\n\n**COMBINED COMPARATIVE OPERATING STATISTICS**\n\nGiven the December 2016 acquisition of Virgin America, we believe that analysis of specific financial and operational results on a combined basis provides more meaningful year\\-over\\-year comparisons\\. The discussion below includes \u201cCombined Comparative\u201d results for 2016, determined as the sum of the historical consolidated results of Air Group and Virgin America\\. Additionally, we adopted the new Revenue Recognition and Retirement Benefit accounting standards on January 1, 2018 utilizing a full retrospective transition method\\. Pre\\-acquisition Virgin America 2016 results have not been retrospectively adjusted for these accounting standards, nor has it been conformed to reflect Air Group's historical financial statement presentation\\. The Combined Comparative information does not purport to reflect what our financial and operational results would have been had the acquisition been consummated at the beginning of the periods presented\\. \n\n 42"}
{"_id": "Delta-2017_18.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nOur information systems are subject to an increasing threat of continually evolving cybersecurity risks\\. Unauthorized parties may attempt to gain access to our systems or information, including through fraud or other means of deception\\. Hardware or software we develop or acquire may contain defects that could unexpectedly compromise information security\\. The methods used to obtain unauthorized access, disable or degrade service or sabotage systems are constantly evolving and may be difficult to anticipate or to detect for long periods of time\\. As a result of these types of risks and regular attacks, we regularly review and update procedures and processes to prevent and protect against unauthorized access to our systems and information and inadvertent misuse of data\\. However, the constantly changing nature of the threats means that we may not be able to prevent all data security breaches or misuse of data\\. The compromise of our technology systems resulting in the loss, disclosure, misappropriation of, or access to, customers', employees' or business partners' information or failure to comply with regulatory or contractual obligations with respect to such information could result in legal claims or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information, disruption to our operations and damage to our reputation, any or all of which could adversely affect our business\\.\n\nDisruptions of our information technology infrastructure could interfere with our operations, possibly having a material adverse effect on our business\\.\n\nDisruptions in our information technology network could result from a technology error or failure impacting our internal systems, whether hosted internally at our data centers or externally at third\\-party locations, or large scale external interruption in technology infrastructure support on which we depend, such as power, telecommunications or the internet\\. The operation of our technology systems and the use of related data may also be vulnerable to a variety of other sources of interruption, including natural disasters, terrorist attacks, computer viruses, hackers and other security issues\\. A significant individual, sustained or repeated failure of our network, including third\\-party networks we utilize and on which we depend, could impact our customer service and result in increased costs\\. While we have in place initiatives to prevent disruptions and disaster recovery plans and continue to invest in improvements to these initiatives and plans, these measures may not be adequate to prevent a business disruption and its adverse financial and reputational consequences to our business\\.\n\nFailure of our technology to perform effectively could have an adverse effect on our business\\. \n\nWe are dependent on technology initiatives to provide customer service and operational effectiveness in order to compete in the current business environment\\. For example, we have made and continue to make significant investments in customer facing technology such as delta\\.com, mobile device applications, check\\-in kiosks, customer service applications, airport information displays and related initiatives, including security for these initiatives\\. We are also investing in significant upgrades to technology infrastructure and other supporting systems\\. The performance, reliability and security of the technology are critical to our ability to serve customers\\. If our technology does not perform effectively, our business and operations would be negatively affected, which could be material\\.\n\nAgreements governing our debt, including credit agreements, include financial and other covenants\\. Failure to comply with these covenants could result in events of default\\.\n\nOur credit facilities have various financial and other covenants that require us to maintain, depending on the particular agreement, minimum fixed charge coverage ratios, minimum liquidity and/or minimum collateral coverage ratios\\. The value of the collateral that has been pledged in each facility may change over time due to appraisals of collateral required by our credit agreements and indentures\\. These changes could result from factors that are not under our control\\. A decline in the value of collateral could result in a situation where it may be difficult to maintain the collateral coverage ratio\\. In addition, the credit facilities contain other negative covenants customary for such financings\\. These covenants are subject to important exceptions and qualifications\\. If we fail to comply with these covenants and are unable to remedy or obtain a waiver or amendment, an event of default would result\\. \n\nThe credit facilities also contain other events of default customary for such financings\\. If an event of default were to occur, the lenders could, among other things, declare outstanding amounts due and payable\\. In addition, an event of default or declaration of acceleration under any of the credit facilities could also result in an event of default under other of our financing agreements\\. The acceleration of significant amounts of debt could require us to renegotiate, repay or refinance the obligations under the credit facilities or other financing arrangements\\.\n\n 14"}
{"_id": "Delta-2019_101.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES\n\nInformation required by this item is set forth under the heading \"Proposal 3 \\- Ratification of the Appointment of Independent Auditors\" in our Proxy Statement and is incorporated by reference\\.\n\nPART IV\n\nITEM 15\\. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES\n\n(a) (1)\\. The following is an index of the financial statements required by this item that are included in this Form 10\\-K:\n\nReport of Independent Registered Public Accounting Firm \n\nConsolidated Balance Sheets\u2014December 31, 2019 and 2018 \n\nConsolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017 \n\nConsolidated Statements of Comprehensive Income for the years ended December 31, 2019, 2018 and 2017\n\nConsolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017 \n\nConsolidated Statements of Stockholders' Equity for the years ended December 31, 2019, 2018 and 2017 \n\nNotes to the Consolidated Financial Statements \n\n(2)\\. Financial Statement Schedules\\. Financial statement schedules are not included herein as the required information is not applicable or is not present in amounts sufficient to require submission of the schedule, or because the information required is included in the Consolidated Financial Statements and accompanying notes included in this Form 10\\-K\\.\n\n(3)\\. Exhibit List\\.\n\nThe exhibits required by this item are listed below\\. The management contracts and compensatory plans or arrangements required to be filed as an exhibit to this Form 10\\-K are listed as Exhibits 10\\.8 through 10\\.18\\.\n\nNote to Exhibits : Any representations and warranties of a party set forth in any agreement (including all exhibits and schedules thereto) filed with this Annual Report on Form 10\\-K have been made solely for the benefit of the other party to the agreement\\. Some of those representations and warranties were made only as of the date of the agreement or such other date as specified in the agreement, may be subject to a contractual standard of materiality different from what may be viewed as material to stockholders, or may have been used for the purpose of allocating risk between the parties rather than establishing matters as facts\\. Such agreements are included with this filing only to provide investors with information regarding the terms of the agreements, and not to provide investors with any other factual or disclosure information regarding the registrant or its business\\.\n\n3\\.1(a)  [Delta's Amended and Restated Certificate of Incorporation (Filed as Exhibit 3\\.1 to Delta's Current Report on Form 8\\-K as filed on April 30, 2007)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000118811207001266/ex3-1.htm) \n\n3\\.1 (b)  [Amendment to Amended and Restated Certificate of Incorporation (Filed as Exhibit 3\\.1 to Delta's Current Report on Form 8\\-K as filed on June 27, 2014)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000101968714002579/delta_8k-ex0301.htm)\n\n3\\.2  [Delta's Bylaws (Filed as Exhibit 3\\.1 to Delta's Current Report on Form 8\\-K as filed on February 8, 2019)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000168316819000302/delta_8k-ex0301.htm) \n\n4\\.1  [Description](http://ir.delta.com/dal12312019ex41.htm)[ of Registra](http://ir.delta.com/dal12312019ex41.htm)[n](http://ir.delta.com/dal12312019ex41.htm)[t's Securities](http://ir.delta.com/dal12312019ex41.htm)[\\.](http://ir.delta.com/dal12312019ex41.htm)\n\n99"}
{"_id": "Alaska-2018_60.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n\n\n|                                                                                    |           |          |          |\n| ---------------------------------------------------------------------------------- | --------- | -------- | -------- |\n| **Year Ended December 31**  ***(in millions)***                                    | **2018**  | **2017** | **2016** |\n| **Cash flows from operating activities:**                                          |           |          |          |\n| Net income                                                                         | **$437**  | $960     | $797     |\n| Adjustments to reconcile net income to net cash provided by operating activities:  |           |          |          |\n| Depreciation and amortization                                                      | **398**   | 372      | 363      |\n| Stock\\-based compensation and other                                                | **47**    | 55       | 26       |\n| Changes in certain assets and liabilities:                                         |           |          |          |\n| Changes in deferred tax provision                                                  | **146**   | 45       | 82       |\n| (Increase) decrease in accounts receivable                                         | **(25)**  | (39)     | (46)     |\n| Increase (decrease) in air traffic liability                                       | **(18)**  | 45       | 3        |\n| Increase (decrease) in deferred revenue                                            | **149**   | 191      | 153      |\n| Changes in pension and other postretirement benefits                               | **52**    | 17       | 23       |\n| Other\u2014net                                                                          | **9**     | (56)     | (15)     |\n| Net cash provided by operating activities                                          | **1,195** | 1,590    | 1,386    |\n| **Cash flows from investing activities:**                                          |           |          |          |\n| Property and equipment additions:                                                  |           |          |          |\n| Aircraft and aircraft purchase deposits                                            | **(686)** | (804)    | (528)    |\n| Other flight equipment                                                             | **(105)** | (96)     | (53)     |\n| Other property and equipment                                                       | **(169)** | (126)    | (97)     |\n| Total property and equipment additions                                             | **(960)** | (1,026)  | (678)    |\n| Acquisition of Virgin America, net of cash acquired                                | **\u2014**     | \u2014        | (1,951)  |\n| Purchases of marketable securities                                                 | **(834)** | (1,569)  | (960)    |\n| Sales and maturities of marketable securities                                      | **1,116** | 1,388    | 962      |\n| Proceeds from disposition of assets and changes in restricted deposits             | **47**    | 78       | 5        |\n| Net cash used in investing activities                                              | **(631)** | (1,129)  | (2,622)  |\n| **Cash flows from financing activities:**                                          |           |          |          |\n| Proceeds from issuance of long\\-term debt, net of issuance costs                   | **339**   | \u2014        | 2,044    |\n| Long\\-term debt payments                                                           | **(807)** | (397)    | (249)    |\n| Common stock repurchases                                                           | **(50)**  | (75)     | (193)    |\n| Cash dividend paid                                                                 | **(158)** | (148)    | (136)    |\n| Other financing activities                                                         | **29**    | 28       | 25       |\n| **Net cash provided by (used in) financing activities**                            | **(647)** | (592)    | 1,491    |\n| Net increase (decrease) in cash, cash equivalents, and restricted cash             | **(83)**  | (131)    | 255      |\n| Cash, cash equivalents, and restricted cash at beginning of year                   | **197**   | 328      | 73       |\n| **Cash, cash equivalents, and restricted cash at end of year**                     | **$114**  | $197     | $328     |\n| **Supplemental disclosure:**                                                       |           |          |          |\n| Cash paid during the year for:                                                     |           |          |          |\n| Interest, net of amount capitalized                                                | **$72**   | $84      | $24      |\n| Income taxes, net of refunds received                                              | **\u2014**     | 177      | 459      |\n| Reconciliation of cash, cash equivalents, and restricted cash at end of the period |           |          |          |\n| Cash and cash equivalents                                                          | **$105**  | $194     | $328     |\n| Restricted cash included in Other noncurrent assets                                | **9**     | 3        | \u2014        |\n| Total cash, cash equivalents, and restricted cash at end of the period             | **$114**  | $197     | $328     |\n\n\n\nCertain historical information has been adjusted to reflect the adoption of new accounting standards\\. See accompanying notes to consolidated financial statements\\.\n\n 61"}
{"_id": "AmericanAirlines-2019_46.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|       |                                                                                                                                                                                |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(4)^ | Merger integration expenses included costs associated with integration projects, principally our technical operations, flight attendant, human resources and payroll systems\\. |\n\n\n\n\n\n|       |                                                                                                                              |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------- |\n| ^(5)^ | Bankruptcy obligations that will be settled in shares of our common stock are marked\\-to\\-market based on our stock price\\.  |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(6)^ | Severance expenses primarily included costs associated with reductions of management and support staff team members\\. |\n\n\n\n\n\n|       |                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(7)^ | Intangible asset impairment includes a non\\-cash charge to write\\-off our Brazil route authority as a result of the U\\.S\\.\\-Brazil open skies agreement\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(8)^ | Mark\\-to\\-market adjustments on equity and other investments, net primarily relates to net unrealized gains and losses associated with our equity investment in China Southern Airlines\\. |\n\n\n\n\n\n|       |                                                                                                                           |\n| ----- | ------------------------------------------------------------------------------------------------------------------------- |\n| ^(9)^ | Income tax special items, net for  2018  included an  $18 million  charge related to an international income tax matter\\. |\n\n\n\nAdditionally, the table below presents the reconciliation of total operating expenses (GAAP measure) to total operating costs excluding net special items and fuel (non\\-GAAP measure)\\. Management uses total operating costs excluding net special items and fuel to evaluate our current operating performance and for period\\-to\\-period comparisons\\. The price of fuel, over which we have no control, impacts the comparability of period\\-to\\-period financial performance\\. The adjustment to exclude aircraft fuel and net special items allows management an additional tool to understand and analyze our non\\-fuel costs and core operating performance\\. Amounts may not recalculate due to rounding\\.\n\n\n\n|                                                                                                                           |                             |                             |\n| ------------------------------------------------------------------------------------------------------------------------- | --------------------------- | --------------------------- |\n|                                                                                                                           | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                                                                           | **2019**                    | **2018**                    |\n| **Reconciliation of Total Operating Costs per Available Seat**  <br>**Mile (CASM) Excluding Net Special Items and Fuel:** |                             |                             |\n| **(In millions)**                                                                                                         |                             |                             |\n| Total operating expenses \\- GAAP                                                                                          | $42,703                     | $41,885                     |\n| Operating net special items  ^(1)^ :                                                                                      |                             |                             |\n| Mainline operating special items, net                                                                                     | (635)                       | (787)                       |\n| Regional operating special items, net                                                                                     | (6)                         | (6)                         |\n| Fuel:                                                                                                                     |                             |                             |\n| Aircraft fuel and related taxes \\- mainline                                                                               | (7,526)                     | (8,053)                     |\n| Aircraft fuel and related taxes \\- regional                                                                               | (1,869)                     | (1,843)                     |\n| Total operating expenses, excluding net special items and fuel                                                            | $32,667                     | $31,196                     |\n| **(In millions)**                                                                                                         |                             |                             |\n| Total Available Seat Miles (ASM)                                                                                          | 285,088                     | 282,054                     |\n| **(In cents)**                                                                                                            |                             |                             |\n| Total operating CASM                                                                                                      | 14\\.98                      | 14\\.85                      |\n| Operating net special items per ASM  ^(1)^ :                                                                              |                             |                             |\n| Mainline operating special items, net                                                                                     | (0\\.22)                     | (0\\.28)                     |\n| Regional operating special items, net                                                                                     | \u2014                           | \u2014                           |\n| Fuel per ASM:                                                                                                             |                             |                             |\n| Aircraft fuel and related taxes \\- mainline                                                                               | (2\\.64)                     | (2\\.86)                     |\n| Aircraft fuel and related taxes \\- regional                                                                               | (0\\.66)                     | (0\\.65)                     |\n| Total CASM, excluding net special items and fuel                                                                          | 11\\.46                      | 11\\.06                      |\n\n\n\n\n\n|       |                                                                                                                          |\n| ----- | ------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | See Note 2 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for further information on net special items\\. |\n\n\n\n47"}
{"_id": "AmericanAirlines-2018_101.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***(b) EETCs***\n\nBelow is a discussion of the 2018 aircraft financing activities resulting from EETC issuances\\. \n\n*2017\\-2 EETCs*\n\nIn August and October 2017, American created three pass\\-through trusts which issued approximately $1\\.0 billion aggregate face amount of Series 2017\\-2 Class AA, Class A and Class B EETCs (the 2017\\-2 EETCs) in connection with the financing of 30 aircraft delivered to American through May 2018 (the 2017\\-2 Aircraft)\\. In 2017, approximately $735 million of the net proceeds were used to purchase equipment notes issued by American in connection with the financing of 24 aircraft financed under the 2017\\-2 EETC\\. During the first six months of 2018, the remaining $283 million of net proceeds was used to purchase equipment notes issued by American in connection with the financing of the remaining six aircraft financed under the 2017\\-2 EETCs\\. Interest and principal payments on equipment notes issued in connection with the 2017\\-2 EETCs are payable semi\\-annually in April and October of each year, with interest payments that began in April 2018 and principal payments that began in October 2018\\. These equipment notes are secured by liens on the 2017\\-2 Aircraft\\.\n\nCertain information regarding the 2017\\-2 EETC equipment notes, as of December 31, 2018, is set forth in the table below\\.\n\n\n\n|                               |                   |                   |                   |\n| ----------------------------- | ----------------- | ----------------- | ----------------- |\n|                               | **2017\\-2 EETCs** | **2017\\-2 EETCs** | **2017\\-2 EETCs** |\n|                               | **Series AA**     | **Series A**      | **Series B**      |\n| Aggregate principal issued    | $545 million      | $252 million      | $221 million      |\n| Fixed interest rate per annum | 3\\.35%            | 3\\.60%            | 3\\.70%            |\n| Maturity date                 | October 2029      | October 2029      | October 2025      |\n\n\n\n*2012\\-2C(R) EETCs*\n\nOn May 15, 2018, American created a pass\\-through trust which issued $100 million aggregate face amount of the Series 2012\\-2 Class C(R) EETCs (the 2012\\-2C(R) EETCs)\\. Interest and principal payments on equipment notes issued in connection with the 2012\\-2C(R) EETCs are payable semi\\-annually in June and December of each year, which began in December 2018\\.\n\nAmerican had previously issued $100 million aggregate face amount of Series 2012\\-2 Class C Certificates on June 6, 2013 (the 2012\\-2C Certificates) in connection with the financing of 11 aircraft previously delivered to American between May 2013 and October 2013\\. On June 1, 2018, American redeemed the Series C Equipment Notes relating to such 2012\\-2C Certificates (the 2012\\-2C Equipment Notes), which were scheduled to mature on June 3, 2018\\. The proceeds received from the 2012\\-2C(R) EETCs were used for the redemption of the 2012\\-2 Series C Equipment Notes and the repayment of the 2012\\-2C Certificates\\. \n\nCertain information regarding the 2012\\-2 Class C(R) EETC equipment notes, as of December 31, 2018, is set forth in the table below\\.\n\n\n\n|                               |                       |\n| ----------------------------- | --------------------- |\n|                               | **2012\\-2C(R) EETCs** |\n|                               | **Series C(R)**       |\n| Aggregate principal issued    | $100 million          |\n| Fixed interest rate per annum | 4\\.70%                |\n| Maturity date                 | June 2021             |\n\n\n\n***(c) Equipment Loans and Other Notes Payable Issued in*** ***2018***\n\nIn 2018, American entered into agreements under which it borrowed $1\\.5 billion in connection with the financing of certain aircraft and certain pre\\-delivery purchase deposits\\. Debt incurred under these agreements matures in 2021 through 2030 and bears interest at fixed and variable rates of LIBOR plus an applicable margin averaging 4\\.28% at December 31, 2018\\.\n\n102"}
{"_id": "United-2019_67.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nNOTE 7 \\- PENSION AND OTHER POSTRETIREMENT PLANS\n\nThe following summarizes the significant pension and other postretirement plans of United:\n\nPension Plans\\.  United maintains two primary defined benefit pension plans, one covering certain pilot employees and another covering certain U\\.S\\. non\\-pilot employees\\. Each of these plans provide benefits based on a combination of years of benefit accruals service and an employee's final average compensation\\. Additional benefit accruals are frozen under the plan covering certain pilot employees and for management and administrative employees covered under the non\\-pilot plan\\. Benefit accruals for certain non\\-pilot employees continue\\. United maintains additional defined benefit pension plans, which cover certain international employees\\.\n\nOther Postretirement Plans\\.  United maintains postretirement medical programs which provide medical benefits to certain retirees and eligible dependents, as well as life insurance benefits to certain retirees participating in the plan\\. Benefits provided are subject to applicable contributions, co\\-payments, deductibles and other limits as described in the specific plan documentation\\. During 2019, United notified participants of a refresh to the plan options offered under its retiree medical benefit program\\. Non\\-HMO (health maintenance organization) medical plan options for post\\-Medicare retirees were converted to fully\\-insured Medicare Advantage plans\\. The plan design changes impacted all current and future eligible post\\-Medicare retirees, through updates in plan design and/or premium rate/contribution setting refinements\\. Benefit levels were not reduced as a result of this change, and in many cases the refresh resulted in reduced retiree contributions\\. As a result of this modification to its retiree medical plan options, the Company remeasured retiree medical benefit program liabilities using a discount rate of   3\\.39% \\. The projected benefit obligation of the retiree medical benefit program decreased by   $421 million  with an offset to Accumulated other comprehensive loss (  $597 million  in prior service credits related to the plan changes, partially offset by   $176 million  in actuarial losses related to the remeasurement), which will be amortized over the average years of future service to full eligibility for the participants in the retiree medical benefit program (approximately   seven years )\\.\n\nActuarial assumption changes are reflected as a component of the net actuarial (gain)/loss during  2019  and  2018 \\. The 2019 actuarial losses were mainly related to a decrease in the discount rate applied at  December 31, 2019  compared to  December 31, 2018 \\. Actuarial gains/losses will be amortized over the average remaining service life of the covered active employees or the average life expectancy of inactive participants\\. \n\nThe following tables set forth the reconciliation of the beginning and ending balances of the benefit obligation and plan assets, the funded status and the amounts recognized in these financial statements for the defined benefit and other postretirement plans (in millions):\n\n\n\n|                                                   |                                  |                                  |\n| ------------------------------------------------- | -------------------------------- | -------------------------------- |\n|                                                   | **Pension Benefits**             | **Pension Benefits**             |\n|                                                   | **Year Ended December 31, 2019** | **Year Ended December 31, 2018** |\n| Accumulated benefit obligation:                   | $5,333                           | $4,448                           |\n| Change in projected benefit obligation:           |                                  |                                  |\n| Projected benefit obligation at beginning of year | $5,396                           | $5,852                           |\n| Service cost                                      | 184                              | 228                              |\n| Interest cost                                     | 226                              | 217                              |\n| Actuarial (gain) loss                             | 784                              | (601<br><br>)                    |\n| Gross benefits paid and settlements               | (200<br><br>)                    | (292<br><br>)                    |\n| Other                                             | 8                                | (8<br><br>)                      |\n| Projected benefit obligation at end of year       | $6,398                           | $5,396                           |\n| Change in plan assets:                            |                                  |                                  |\n| Fair value of plan assets at beginning of year    | $3,827                           | $3,932                           |\n| Actual (loss) return on plan assets               | 684                              | (215<br><br>)                    |\n| Employer contributions                            | 649                              | 413                              |\n| Gross benefits paid and settlements               | (200<br><br>)                    | (292<br><br>)                    |\n| Other                                             | 4                                | (11<br><br>)                     |\n| Fair value of plan assets at end of year          | $4,964                           | $3,827                           |\n| Funded status\u2014Net amount recognized               | $<br><br>(1,434<br><br>)         | $<br><br>(1,569<br><br>)         |\n\n\n\n68"}
{"_id": "United-2018_51.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**UNITED AIRLINES, INC\\.** \n\n**STATEMENTS OF CONSOLIDATED CASH FLOWS**\n\n**(In millions)**\n\n\n\n|                                                                                     |                             |                             |                             |\n| ----------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                     | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                                     | **2018**                    | **2017 (a)**                | **2016 (a)**                |\n| Operating Activities:                                                               |                             |                             |                             |\n| Net income                                                                          | $2,131                      | $2,163                      | $2,234                      |\n| Adjustments to reconcile net income to net cash provided by operating activities \\- |                             |                             |                             |\n| Deferred income taxes                                                               | 515                         | 956                         | 1,633                       |\n| Depreciation and amortization                                                       | 2,240                       | 2,149                       | 1,977                       |\n| Special charges, non\\-cash portion                                                  | 416                         | 35                          | 391                         |\n| Other operating activities                                                          | 170                         | 140                         | 109                         |\n| Changes in operating assets and liabilities \\-                                      |                             |                             |                             |\n| Increase in receivables                                                             | (29)                        | (183)                       | (16)                        |\n| Increase in intercompany receivables                                                | (20)                        | (15)                        | (57)                        |\n| (Increase) decrease in other assets                                                 | 29                          | (533)                       | (250)                       |\n| Increase (decrease) in advance ticket sales                                         | 441                         | 145                         | (28)                        |\n| Increase (decrease) in frequent flyer deferred revenue                              | 222                         | (107)                       | (55)                        |\n| Increase in accounts payable                                                        | 130                         | 66                          | 239                         |\n| Decrease in advanced purchase of miles                                              | \u2014                           | (942)                       | (206)                       |\n| Decrease in other liabilities                                                       | (82)                        | (475)                       | (436)                       |\n| Net cash provided by operating activities                                           | 6,163                       | 3,399                       | 5,535                       |\n| Investing Activities:                                                               |                             |                             |                             |\n| Capital expenditures                                                                | (4,177)                     | (3,998)                     | (3,223)                     |\n| Purchases of short\\-term and other investments                                      | (2,552)                     | (3,241)                     | (2,768)                     |\n| Proceeds from sale of short\\-term and other investments                             | 2,616                       | 3,177                       | 2,712                       |\n| Loans made to others                                                                | (466)                       | (30)                        | (56)                        |\n| Investment in affiliates                                                            | (139)                       | (2)                         | (14)                        |\n| Other, net                                                                          | 155                         | 164                         | 111                         |\n| Net cash used in investing activities                                               | (4,563)                     | (3,930)                     | (3,238)                     |\n| Financing Activities:                                                               |                             |                             |                             |\n| Proceeds from issuance of long\\-term debt and airport construction financing        | 1,740                       | 2,765                       | 808                         |\n| Payments of long\\-term debt                                                         | (1,727)                     | (901)                       | (1,215)                     |\n| Dividend to UAL                                                                     | (1,235)                     | (1,844)                     | (2,614)                     |\n| Principal payments under capital leases                                             | (134)                       | (124)                       | (136)                       |\n| Capitalized financing costs                                                         | (37)                        | (80)                        | (64)                        |\n| Other, net                                                                          | 1                           | 3                           | 15                          |\n| Net cash used in financing activities                                               | (1,392)                     | (181)                       | (3,206)                     |\n| Net increase (decrease) in cash, cash equivalents and restricted cash               | 208                         | (712)                       | (909)                       |\n| Cash, cash equivalents and restricted cash at beginning of year                     | 1,585                       | 2,297                       | 3,206                       |\n| Cash, cash equivalents and restricted cash at end of year                           | $1,793                      | $1,585                      | $2,297                      |\n| Investing and Financing Activities Not Affecting Cash:                              |                             |                             |                             |\n| Property and equipment acquired through the issuance of debt and capital leases     | $174                        | $935                        | $386                        |\n| Debt associated with termination of a maintenance service agreement                 | 163                         | \u2014                           | \u2014                           |\n| Investment in Republic Airways Holdings, Inc\\. received from bankruptcy claims      | \u2014                           | 92                          | \u2014                           |\n| Airport construction financing                                                      | 12                          | 42                          | 91                          |\n| Operating lease conversions to capital lease                                        | 52                          | \u2014                           | 12                          |\n| Cash Paid During the Period for:                                                    |                             |                             |                             |\n| Interest                                                                            | $651                        | $571                        | $584                        |\n| Income taxes                                                                        | 19                          | 20                          | 14                          |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n52"}
{"_id": "AmericanAirlines-2017_52.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Operating Special Items, Net*\n\n\n\n|                                                         |                              |                              |\n| ------------------------------------------------------- | ---------------------------- | ---------------------------- |\n|                                                         | **Year Ended December 31,**  | **Year Ended December 31,**  |\n|                                                         | **2017**                     | **2016**                     |\n|                                                         | **(In millions)**            | **(In millions)**            |\n| Merger integration expenses  ^(1)^                      | $273                         | $514                         |\n| Fleet restructuring expenses  ^(2)^                     | 232                          | 177                          |\n| Employee 2017 Tax Act bonus expense  ^(3)^              | 123                          | \u2014                            |\n| Labor contract expenses  ^(4)^                          | 46                           | \u2014                            |\n| Mark\\-to\\-market adjustments for bankruptcy obligations | 27                           | 25                           |\n| Other operating charges (credits), net                  | 11                           | (7)                          |\n| Total mainline operating special items, net             | 712                          | 709                          |\n| Regional operating special items, net                   | 22                           | 14                           |\n| Total operating special items, net                      | $734                         | $723                         |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                          |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | Merger integration expenses included costs related to information technology, professional fees, re\\-branding of aircraft and airport facilities and training, and in 2016, also included costs related to alignment of labor union contracts and the launch of re\\-branded uniforms, both of which drove the $241 million year\\-over\\-year decrease in these expenses\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                 |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Fleet restructuring expenses, driven in part by the Merger, principally included the acceleration of depreciation and impairments for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Employee bonus expense included costs related to the $1,000 cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of the 2017 Tax Act\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Labor contract expenses primarily included one\\-time charges to adjust the vacation accruals for pilots and flight attendants as a result of the mid\\-contract pay rate adjustments effective in the second quarter of 2017\\. |\n\n\n\n*Regional Operating Expenses*\n\n\n\n|                                   |                                              |                                              |                                              |                                              |\n| --------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- |\n|                                   | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase  <br>(Decrease)**                 | **Percent  <br>Increase  <br>(Decrease)**    |\n|                                   | **2017**                                     | **2016**                                     | **Increase  <br>(Decrease)**                 | **Percent  <br>Increase  <br>(Decrease)**    |\n|                                   | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** |\n| Aircraft fuel and related taxes   | $1,382                                       | $1,109                                       | $273                                         | 24\\.6                                        |\n| Other                             | 5,164                                        | 4,935                                        | 229                                          | 4\\.6                                         |\n| Total regional operating expenses | $6,546                                       | $6,044                                       | $502                                         | 8\\.3                                         |\n\n\n\nRegional operating expenses increased $502 million, or 8\\.3%, in 2017 from 2016\\. The year\\-over\\-year increase was due in part to a $273 million, or 24\\.6%, increase in fuel costs\\. The average price per gallon of fuel increased 21\\.2% to $1\\.79 in 2017 from $1\\.48 in 2016, on a 2\\.8% increase in consumption\\. Additionally, other regional operating expenses increased $229 million, or 4\\.6%, primarily driven by a 3\\.2% increase in capacity, principally from our wholly\\-owned regional carriers\\. See Note 1(q) to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for further information on regional expenses\\.\n\n53"}
{"_id": "Delta-2017_26.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nITEM 3\\. LEGAL PROCEEDINGS\n\nFirst Bag Fee Antitrust Litigation\n\nIn 2009, a number of purported class action antitrust lawsuits were filed against Delta and AirTran Airways (\"AirTran\"), alleging that Delta and AirTran engaged in collusive behavior in violation of Section 1 of the Sherman Act in November 2008 based upon certain public statements made in October 2008 by AirTran's CEO at an analyst conference concerning fees for the first checked bag, Delta's imposition of a fee for the first checked bag on November 4, 2008 and AirTran's imposition of a similar fee on November 12, 2008\\. The plaintiffs sought to assert claims on behalf of an alleged class consisting of passengers who paid the first bag fee after December 5, 2008 and seek injunctive relief and unspecified treble damages\\. All of these cases have been consolidated for pre\\-trial proceedings and remain pending in the Northern District of Georgia\\. \n\nOn July 12, 2016, the Court issued an order granting the plaintiffs' motion for class certification\\. On October 7, 2016, the U\\.S\\. Court of Appeals for the Eleventh Circuit granted the defendants' petition for interlocutory review of this order, and that appeal remains pending\\. \n\nOn March 29, 2017, the District Court granted the defendants\u2019 motions for summary judgment\\. The plaintiffs have filed an appeal to the U\\.S\\. Court of Appeals, and that appeal remains pending\\.\n\nCapacity Antitrust Litigation\n\nIn July 2015, a number of purported class action antitrust lawsuits were filed alleging that Delta, American, United and Southwest had conspired to restrain capacity\\. The lawsuits were filed in the wake of media reports that the U\\.S\\. Department of Justice had served civil investigative demands upon these carriers seeking documents and information relating to this subject\\. The lawsuits have been consolidated into a single Multi\\-District Litigation proceeding in the U\\.S\\. District Court for the District of Columbia\\. In November 2016, the District Court denied the defendants' motion to dismiss the claims, and the matter is now proceeding through discovery\\. Delta believes the claims in these cases are without merit and is vigorously defending these lawsuits\\.\n\n\\*\\*\\*\n\nFor a discussion of certain environmental matters, see \"Business\\-Regulatory Matters\\-Environmental Matters\" in Item 1\\.\n\nITEM 4\\. MINE SAFETY DISCLOSURES\n\nNot applicable\\.\n\n 22"}
{"_id": "Alaska-2018_75.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Fair Value of Other Financial Instruments***\n\nThe Company used the following methods and assumptions to determine the fair value of financial instruments that are not recognized at fair value on the consolidated balance sheets\\.\n\n*Cash and Cash Equivalents*: Carried at amortized costs which approximate fair value\\.\n\n*Debt*: Debt assumed in the acquisition of Virgin America was subject to a non\\-recurring fair valuation adjustment as part of purchase price accounting\\. The adjustment is amortized over the life of the associated debt\\. All other fixed\\-rate debt is carried at cost\\. To estimate the fair value of all fixed\\-rate as of December 31, 2018, the Company uses the income approach by discounting cash flows using borrowing rates for comparable debt over the weighted life of the outstanding debt\\. The estimated fair value of the fixed\\-rate debt is Level 3 as certain inputs used are unobservable\\.\n\nFixed\\-rate debt on the consolidated balance sheet and the estimated fair value of long\\-term fixed\\-rate debt (in millions):\n\n\n\n|                                                                |                       |                       |\n| -------------------------------------------------------------- | --------------------- | --------------------- |\n|                                                                | **December 31, 2018** | **December 31, 2017** |\n| Fixed rate debt at cost                                        | **$639**              | $956                  |\n| Non\\-recurring purchase price accounting fair value adjustment | **3**                 | 3                     |\n| Total fixed rate debt                                          | **$642**              | $959                  |\n| Estimated fair value                                           | **$641**              | $959                  |\n\n\n\n**NOTE 6\\. LONG\\-TERM DEBT**\n\nLong\\-term debt obligations (in millions):\n\n\n\n|                                               |            |          |\n| --------------------------------------------- | ---------- | -------- |\n|                                               | **2018**   | **2017** |\n| Fixed\\-rate notes payable due through 2028    | **$642**   | $959     |\n| Variable\\-rate notes payable due through 2028 | **1,473**  | 1,625    |\n| Less debt issuance costs                      | **(12)**   | (15)     |\n| **Total debt**                                | **2,103**  | 2,569    |\n| Less current portion                          | **486**    | 307      |\n| **Long\\-term debt, less current portion**     | **$1,617** | $2,262   |\n| Weighted\\-average fixed\\-interest rate        | **4\\.1%**  | 4\\.2%    |\n| Weighted\\-average variable\\-interest rate     | **3\\.9%**  | 2\\.8%    |\n\n\n\nDuring 2018, the Company's total debt decreased$466 million, primarily due to payments of $807 million in 2018, including the prepayment of $451 million of debt\\. These reductions in debt were offset by the addition of secured debt financing from multiple lenders of $339 million\\. All outstanding debt is secured by aircraft, spare engines or by interest in certain aircraft purchase deposits\\. \n\nThe Company's variable\\-rate debt bears interest at a floating rate per annum equal to a margin plus the three or six\\-month LIBOR in effect at the commencement of each three or six\\-month period, as applicable\\. As of December 31, 2018, none of the Company's borrowings were restricted by financial covenants\\.\n\n 76"}
{"_id": "AmericanAirlines-2018_132.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**AMERICAN AIRLINES, INC\\.**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n**(In millions)**\n\n\n\n|                                                                                   |                  |                  |                  |\n| --------------------------------------------------------------------------------- | ---------------- | ---------------- | ---------------- |\n|                                                                                   | **December 31,** | **December 31,** | **December 31,** |\n|                                                                                   | **2018**         | **2017**         | **2016**         |\n| **Cash flows from operating activities:**                                         |                  |                  |                  |\n| Net income                                                                        | $1,658           | $1,285           | $2,689           |\n| Adjustments to reconcile net income to net cash provided by operating activities: |                  |                  |                  |\n| Depreciation and amortization                                                     | 2,108            | 1,964            | 1,762            |\n| Debt discount and lease amortization                                              | (97)             | (119)            | (124)            |\n| Special items, non\\-cash                                                          | 458              | 272              | 270              |\n| Pension and postretirement                                                        | (302)            | (132)            | (70)             |\n| Deferred income tax provision                                                     | 503              | 2,246            | 1,597            |\n| Share\\-based compensation                                                         | 86               | 90               | 100              |\n| Other, net                                                                        | (62)             | (25)             | (16)             |\n| **Changes in operating assets and liabilities:**                                  |                  |                  |                  |\n| Decrease (increase) in accounts receivable                                        | 232              | (189)            | (169)            |\n| Increase in other assets                                                          | (354)            | (405)            | (205)            |\n| Increase (decrease) in accounts payable and accrued  liabilities                  | (171)            | 266              | 336              |\n| Increase in air traffic liability                                                 | 297              | 65               | 158              |\n| Increase in receivables from related parties, net                                 | (1,849)          | (1,994)          | (4,862)          |\n| Increase (decrease) in loyalty program liability                                  | (283)            | (308)            | 417              |\n| Contributions to pension plans                                                    | (472)            | (286)            | (32)             |\n| Increase (decrease) in other liabilities                                          | 191              | 140              | (101)            |\n| Net cash provided by operating activities                                         | 1,943            | 2,870            | 1,750            |\n| **Cash flows from investing activities:**                                         |                  |                  |                  |\n| Capital expenditures and aircraft purchase deposits                               | (3,677)          | (5,881)          | (5,657)          |\n| Proceeds from sale of property and equipment and sale\\-leaseback transactions     | 1,202            | 922              | 115              |\n| Purchases of short\\-term investments                                              | (3,412)          | (4,633)          | (6,241)          |\n| Sales of short\\-term investments                                                  | 3,705            | 5,915            | 6,092            |\n| Proceeds from sale of investments                                                 | 207              | \u2014                | \u2014                |\n| Decrease in restricted short\\-term investments                                    | 72               | 309              | 53               |\n| Purchase of equity investment                                                     | \u2014                | (203)            | \u2014                |\n| Other investing activities                                                        | (7)              | \u2014                | \u2014                |\n| Net cash used in investing activities                                             | (1,910)          | (3,571)          | (5,638)          |\n| **Cash flows from financing activities:**                                         |                  |                  |                  |\n| Proceeds from issuance of long\\-term debt                                         | 2,354            | 3,058            | 7,701            |\n| Payments on long\\-term debt and finance leases                                    | (2,442)          | (2,332)          | (3,827)          |\n| Deferred financing costs                                                          | (59)             | (85)             | (77)             |\n| Other financing activities                                                        | \u2014                | 27               | 33               |\n| Net cash provided by (used in) financing  activities                              | (147)            | 668              | 3,830            |\n| Net decrease in cash  and restricted cash                                         | (114)            | (33)             | (58)             |\n| Cash and restricted cash at beginning of year                                     | 390              | 423              | 481              |\n| Cash and restricted cash at end of year  ^(a)^                                    | $276             | $390             | $423             |\n\n\n\n^(a)^ The following table provides a reconciliation of cash and restricted cash to amounts reported within the consolidated balance sheets:\n\n\n\n|                                                                         |      |      |      |\n| ----------------------------------------------------------------------- | ---- | ---- | ---- |\n| Cash                                                                    | $265 | $287 | $310 |\n| Restricted cash included in restricted cash and short\\-term investments | 11   | 103  | 113  |\n| Total cash and restricted cash                                          | $276 | $390 | $423 |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n133"}
{"_id": "AmericanAirlines-2019_6.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAs announced in September 2019, we are in the process of unwinding our commercial relationship with LATAM\\. We do not expect this change to have a significant financial impact on our company\\. After giving effect to this change, American remains the largest U\\.S\\. carrier to Latin America\\.\n\nMarketing Relationships\n\nTo improve access to each other\u2019s markets, various U\\.S\\. and foreign air carriers, including American, have established marketing agreements with other airlines\\. These marketing agreements generally provide enhanced customer choice by means of an expanded network with reciprocal loyalty program participation and joint sales cooperation\\. As of  December 31, 2019 , American had codeshare and/or loyalty program relationships with Air Tahiti Nui, Alaska Airlines, British Airways, Cape Air, Cathay Dragon, Cathay Pacific, China Southern Airlines, EL AL, Etihad Airways, Fiji Airways, Finnair, Gulf Air, Hawaiian Airlines, Iberia, Interjet, Japan Airlines, Jetstar Group (includes Jetstar Airways and Jetstar Japan), Korean Air, LATAM (includes LATAM Airlines, LATAM Argentina, LATAM Brasil, LATAM Peru, LATAM Colombia and LATAM Ecuador), Malaysia Airlines, Qantas Airways, Qatar Airways, Royal Air Maroc, Royal Jordanian, S7 Airlines, Seaborne Airlines, SriLankan Airlines and Vueling Airlines\\. In February 2020, American announced that it intends to enter into a codeshare relationship with the Brazilian airline, GOL Linhas A\u00e9reas, which is expected to be implemented in  2020 , subject to the receipt of relevant government approvals\\. \n\nRecent Developments\n\nOn February 13, 2020, we announced our intention to enter into an expanded relationship with Alaska Airlines\\. This arrangement, once finalized, will expand our existing codeshare relationship, including codeshare on certain of our international routes from Seattle\\-Tacoma International Airport (SEA) and LAX, and will provide for reciprocal loyalty program benefits and shared lounge access\\. In addition, we announced new nonstop international service from SEA to Bangalore, India and to LHR, expected to commence in October 2020 and March 2021, respectively\\. The implementation of this expanded relationship and commencement of these new routes are subject to the negotiation and execution of definitive documentation and governmental review\\.\n\nLoyalty Program\n\nOur loyalty program, AAdvantage ^\u00ae^ , was established to develop passenger loyalty by offering awards to travelers for their continued patronage\\. AAdvantage was named Best Elite Program in the Americas for the eighth consecutive year in that category at the 2019 Freddie Awards, which are annual awards that recognize the world\u2019s most outstanding frequent travel programs\\. AAdvantage members earn mileage credits by flying on American, any  one world airline or other partner airlines, or by using the services of over 1,000 program participants, such as the Citi and Barclaycard US co\\-branded credit cards, and certain hotels and car rental companies\\. For every dollar spent, non\\-status members earn five mileage credits, but Gold, Platinum, Platinum Pro and Executive Platinum status holders earn bonus mileage credits of seven, eight, nine and eleven mileage credits, respectively\\.\n\nAll travel on eligible tickets counts toward qualification for elite status in the AAdvantage program\\. Mileage credits can be redeemed for free or upgraded travel on American and participating airlines, membership to our Admirals Club ^\u00ae^  or for other non\\-travel awards from our program participants\\. Most travel awards are subject to capacity\\-controlled seating\\. A member\u2019s mileage credit does not expire as long as that member has any type of qualifying activity at least once every 18 months\\. Elite members can enjoy additional benefits of the AAdvantage program, including complimentary upgrades, checked bags, and Preferred and Main Cabin Extra seats, as well as priority check\\-in, security, boarding and baggage delivery\\. Additionally, our members earn bonus mileage credits when elite status is obtained\\. \n\nUnder our agreements with AAdvantage members and program partners, we reserve the right to change the terms of the AAdvantage program at any time and without notice, and may end the program with six months\u2019 notice\\. Program rules, partners, special offers, awards and requisite mileage levels for awards are subject to change\\.\n\nDuring  2019 , our members redeemed approximately  14 million  awards, including travel redemptions for flights and upgrades on American and other air carriers, as well as redemption of car and hotel awards, club memberships and merchandise\\. Approximately  8%  of our  2019  total revenue passenger miles flown were from award travel\\.\n\nSee Part II, Item 7\\. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 \u201c Critical Accounting Policies and Estimate s\u201d for more information on our loyalty program\\.\n\n7"}
{"_id": "United-2019_24.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nOther Legal Proceedings\\.  The Company is involved in various other claims and legal actions involving passengers, customers, suppliers, employees and government agencies arising in the ordinary course of business\\. Additionally, from time to time, the Company becomes aware of potential non\\-compliance with applicable environmental regulations, which have either been identified by the Company (through internal compliance programs such as its environmental compliance audits) or through notice from a governmental entity\\. In some instances, these matters could potentially become the subject of an administrative or judicial proceeding and could potentially involve monetary sanctions\\. After considering a number of factors, including (but not limited to) the views of legal counsel, the nature of contingencies to which the Company is subject and prior experience, management believes that the ultimate disposition of these other claims and legal actions will not materially affect its consolidated financial position or results of operations\\. However, the ultimate resolutions of these matters are inherently unpredictable\\. As such, the Company's financial condition and results of operations could be adversely affected in any particular period by the unfavorable resolution of one or more of these matters\\.\n\n\n\n|              |                               |\n| ------------ | ----------------------------- |\n| **ITEM 4\\.** | **MINE SAFETY DISCLOSURES\\.** |\n\n\n\nNot applicable\\.\n\nPART II\n\n\n\n|              |                                                                                                                    |\n| ------------ | ------------------------------------------------------------------------------------------------------------------ |\n| **ITEM 5\\.** | **MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES\\.** |\n\n\n\nUAL's common stock is listed on the Nasdaq Global Select Market (\"Nasdaq\") under the symbol \"UAL\\.\" As of  February 18, 2020 , there were 5,073 holders of record of UAL common stock\\.\n\nThe following graph shows the cumulative total stockholder return for UAL's common stock during the period from  December 31, 2014  to  December 31, 2019 \\. The graph also shows the cumulative returns of the Standard and Poor's 500 Index (\"SPX\") and the NYSE Arca Airline Index (\"XAL\") of 14 investor\\-owned airlines over the same five\\-year period\\. The comparison assumes $100 was invested on  December 31, 2014  in each of UAL common stock, the SPX and the XAL\\. \n\n![a2019performancev2\\.jpg](https://www.example.com/a2019performancev2.jpg)\n\nNote:  The stock price performance shown in the graph above should not be considered indicative of potential future stock price performance\\. The foregoing performance graph is being furnished as part of this report solely in accordance with the requirement under Rule 14a\\-3(b)(9) to furnish our stockholders with such information, and therefore, shall not be deemed to be filed or incorporated by reference into any filings by the Company under the Securities Act or the Exchange Act\\.\n\n25"}
{"_id": "AmericanAirlines-2017_41.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**Reconciliation of GAAP to Non\\-GAAP Financial Measures**\n\nWe sometimes use financial measures that are derived from the consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate our current operating performance and to allow for period\\-to\\-period comparisons\\. We believe these non\\-GAAP financial measures may also provide useful information to investors and others\\. These non\\-GAAP measures may not be comparable to similarly titled non\\-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP\\. We are providing a reconciliation of reported non\\-GAAP financial measures to their comparable financial measures on a GAAP basis\\.\n\nThe following table presents the components of our total special items and the reconciliation of pre\\-tax income and net income (GAAP measures) to pre\\-tax income excluding special items and net income excluding special items (non\\-GAAP measures)\\. Management uses pre\\-tax income excluding special items and net income excluding special items to evaluate our current operating performance and to allow for period\\-to\\-period comparisons\\. As special items may vary from period\\-to\\-period in nature and amount, the adjustment to exclude special items allows management an additional tool to better understand our core operating performance\\.\n\n\n\n|                                                                   |                             |                             |                             |\n| ----------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                   | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                   | **2017**                    | **2016**                    | **2015**                    |\n|                                                                   | **(In millions)**           | **(In millions)**           | **(In millions)**           |\n| **Components of Total Special Items, Net:**  **^(1)^**            |                             |                             |                             |\n| Merger integration costs  ^(2)^                                   | $273                        | $514                        | $826                        |\n| Fleet restructuring costs  ^(3)^                                  | 232                         | 177                         | 210                         |\n| Employee 2017 Tax Act bonus expense  ^(4)^                        | 123                         | \u2014                           | \u2014                           |\n| Labor contract expenses  ^(5)^                                    | 46                          | \u2014                           | \u2014                           |\n| Mark\\-to\\-market adjustments for bankruptcy obligations           | 27                          | 25                          | (53)                        |\n| Other operating charges (credits), net                            | 11                          | (7)                         | 68                          |\n| Mainline operating special items, net                             | 712                         | 709                         | 1,051                       |\n| Regional operating special items, net                             | 22                          | 14                          | 29                          |\n| Operating special items, net                                      | 734                         | 723                         | 1,080                       |\n| Debt refinancing and extinguishment charges                       | 22                          | 49                          | 24                          |\n| Venezuela foreign currency losses                                 | \u2014                           | \u2014                           | 592                         |\n| Other nonoperating charges (credits), net                         | \u2014                           | \u2014                           | (22)                        |\n| Nonoperating special items, net                                   | 22                          | 49                          | 594                         |\n| Pre\\-tax special items, net                                       | 756                         | 772                         | 1,674                       |\n| Impact of the 2017 Tax Act on deferred tax assets and liabilities | (7)                         | \u2014                           | \u2014                           |\n| Release of deferred tax valuation allowance                       | \u2014                           | \u2014                           | (3,040)                     |\n| Other tax charges                                                 | \u2014                           | \u2014                           | 25                          |\n| Income tax special items, net                                     | (7)                         | \u2014                           | (3,015)                     |\n| Total special items, net                                          | $749                        | $772                        | $(1,341)                    |\n| **Reconciliation of Pre\\-Tax Income Excluding Special Items:**    |                             |                             |                             |\n| Pre\\-tax income \u2013 GAAP                                            | $3,084                      | $4,299                      | $4,616                      |\n| Adjusted for: Pre\\-tax special items, net                         | 756                         | 772                         | 1,674                       |\n| Pre\\-tax income excluding special items                           | $3,840                      | $5,071                      | $6,290                      |\n| **Reconciliation of Net Income Excluding Special Items:**         |                             |                             |                             |\n| Net income \u2013 GAAP                                                 | $1,919                      | $2,676                      | $7,610                      |\n| Adjusted for: Total special items, net                            | 749                         | 772                         | (1,341)                     |\n| Adjusted for: Net tax effect of special items  ^(6)^              | (269)                       | (275)                       | \u2014                           |\n| Net income excluding special items                                | $2,399                      | $3,173                      | $6,269                      |\n\n\n\n42"}
{"_id": "AmericanAirlines-2019_138.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nIn  2019 , American recorded an income tax provision of   $633 million , with an effective rate of approximately   24% , which was substantially non\\-cash as American utilized its NOLs as described above\\. Substantially all of American\u2019s income before income taxes is attributable to the United States\\. \n\nAmerican is part of the AAG consolidated income tax return\\. American files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates\\. American\u2019s 2016 through 2018 tax years are still subject to examination by the Internal Revenue Service\\. Various state and foreign jurisdiction tax years remain open to examination and American is under examination, in administrative appeals, or engaged in tax litigation in certain jurisdictions\\. American believes that the effect of any assessments will not be material to its consolidated financial statements\\.\n\nThe amount of, and changes to, American\u2019s uncertain tax positions were not material in any of the years presented\\. American accrues interest and penalties related to unrecognized tax benefits in interest expense and operating expense, respectively\\.\n\nThe 2017 Tax Act was enacted on December 22, 2017 and is the most comprehensive tax change in more than 30 years\\. American completed its evaluation of the 2017 Tax Act and American reflected the impact of its effects, including the impact of a lower corporate income tax rate (21% vs\\. 35%) on its deferred tax assets and liabilities and the one\\-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred\\. For the year ended December 31 2017, American recognized a special income tax provision of   $924 million  to reflect these impacts of the 2017 Tax Act\\.\n\n6\\. Risk Management\n\nAmerican\u2019s economic prospects are heavily dependent upon two variables it cannot control: the health of the economy and the price of fuel\\.\n\nDue to the discretionary nature of business and leisure travel spending and the highly competitive nature of the airline industry, American\u2019s revenues are heavily influenced by the condition of the U\\.S\\. economy and economies in other regions of the world\\. Unfavorable conditions in these broader economies have resulted, and may result in the future, in decreased passenger demand for air travel, changes in booking practices and related reactions by American\u2019s competitors, all of which in turn have had, and may have in the future, a negative effect on American\u2019s business\\. In addition, during challenging economic times, actions by its competitors to increase their revenues can have an adverse impact on American\u2019s revenues\\.\n\nAmerican\u2019s operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in American\u2019s business\\. Aircraft fuel prices have in the past, and may in the future, experience substantial volatility\\. Because of the amount of fuel needed to operate American\u2019s business, even a relatively small increase or decrease in the price of aircraft fuel can have a material effect on American\u2019s operating results and liquidity\\.\n\nThese additional factors could impact American\u2019s results of operations, financial performance and liquidity:\n\n(a) Credit Risk\n\nMost of American\u2019s receivables relate to tickets sold to individual passengers through the use of major credit cards or to tickets sold by other airlines and used by passengers on American\\. These receivables are short\\-term, mostly settled within seven days after sale\\. Bad debt losses, which have been minimal in the past, have been considered in establishing allowances for doubtful accounts\\. American does not believe it is subject to any significant concentration of credit risk\\.\n\n(b) Interest Rate Risk\n\nAmerican has exposure to market risk associated with changes in interest rates related primarily to its variable\\-rate debt obligations\\. Interest rates on   $9\\.6 billion  principal amount of long\\-term debt as of  December 31, 2019  are subject to adjustment to reflect changes in floating interest rates\\. The weighted average effective interest rate on American\u2019s variable\\-rate debt was   3\\.6%  at  December 31, 2019 \\. American currently does not have an interest rate hedge program to hedge its exposure to floating interest rates on its variable\\-rate debt obligations\\.\n\n(c) Foreign Currency Risk\n\nAmerican is exposed to the effect of foreign exchange rate fluctuations on the U\\.S\\. dollar value of foreign currency\\-denominated transactions\\. American\u2019s largest exposure comes from the British pound, Euro, Canadian dollar and various Latin American currencies, primarily the Brazilian real\\. American does not currently have a foreign currency hedge program\\.\n\n139"}
{"_id": "Southwest-2017_32.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n2004, Director of Investor Relations from December 1994 to March 2002, Manager of Investor Relations from September 1994 to December 1994, and Manager of Financial Reporting from September 1991 to September 1994\\.\n\n*Andrew M\\. Watterson* has served as the Company's Executive Vice President & Chief Revenue Officer since July 2017\\. Mr\\. Watterson also served as Senior Vice President & Chief Revenue Officer from January 2017 to July 2017, Senior Vice President of Network & Revenue from January 2016 to January 2017, and as Vice President of Network Planning & Performance from October 2013 to January 2016\\. Prior to becoming an officer of the Company, Mr\\. Watterson served as Vice President of Planning and Revenue Management at Hawaiian Airlines from May 2011 to October 2013\\.\n\n*Gregory D\\. Wells* has served as the Company's Executive Vice President Daily Operations since January 2017\\. Mr\\. Wells also served as Senior Vice President Operational Performance from October 2013 to January 2017, Senior Vice President Operations from September 2006 to October 2013, Senior Vice President Ground Operations from November 2005 to September 2006, Vice President Ground Operations from September 2004 to November 2005, Vice President Safety, Security, and Flight Dispatch from October 2001 to September 2004, Director Flight Dispatch from February 1999 to October 2001, Senior Director Ground Operations from August 1998 to February 1999, and Director Ground Operations from August 1996 to August 1998\\. Prior to August 1996, Mr\\. Wells had various other operational experience with the Company including as Station Manager in both San Jose and Phoenix\\. Mr\\. Wells has over 35 years of experience with the Company\\.\n\n*Mark R\\. Shaw* has served as the Company's Senior Vice President, General Counsel, & Corporate Secretary since July 2015\\. Mr\\. Shaw also served as Vice President, General Counsel, & Corporate Secretary from February 2013 to July 2015 and as Associate General Counsel \\- Corporate & Transactions from February 2008 to February 2013\\. Mr\\. Shaw joined the Company in 2000 as an Attorney in the General Counsel Department\\.\n\n33"}
{"_id": "Delta-2017_55.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Statements of Operations\n\n\n\n|                                                                                          |                                                                                          |                                                                                          |                                                                                          |\n| ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- |\n|                                                                                          | **Year Ended December 31,**                                                              | **Year Ended December 31,**                                                              | **Year Ended December 31,**                                                              |\n| **(in millions, except per share data)**                                                 | **2017**                                                                                 | **2016**                                                                                 | **2015**                                                                                 |\n| **Operating Revenue:**                                                                   |                                                                                          |                                                                                          |                                                                                          |\n| Passenger:                                                                               |                                                                                          |                                                                                          |                                                                                          |\n| Mainline                                                                                 | $29,105                                                                                  | $28,105                                                                                  | $28,898                                                                                  |\n| Regional carriers                                                                        | 5,714                                                                                    | 5,672                                                                                    | 5,884                                                                                    |\n|  Total passenger revenue                                                                 | 34,819                                                                                   | 33,777                                                                                   | 34,782                                                                                   |\n| Cargo                                                                                    | 729                                                                                      | 668                                                                                      | 813                                                                                      |\n| Other                                                                                    | 5,696                                                                                    | 5,194                                                                                    | 5,109                                                                                    |\n|  Total operating revenue                                                                 | 41,244                                                                                   | 39,639                                                                                   | 40,704                                                                                   |\n| **Operating Expense:**                                                                   |                                                                                          |                                                                                          |                                                                                          |\n| Salaries and related costs                                                               | 10,436                                                                                   | 10,034                                                                                   | 8,776                                                                                    |\n| Aircraft fuel and related taxes                                                          | 5,733                                                                                    | 5,133                                                                                    | 6,544                                                                                    |\n| Regional carriers expense                                                                | 4,503                                                                                    | 4,311                                                                                    | 4,241                                                                                    |\n| Depreciation and amortization                                                            | 2,235                                                                                    | 1,902                                                                                    | 1,835                                                                                    |\n| Contracted services                                                                      | 2,184                                                                                    | 1,991                                                                                    | 1,848                                                                                    |\n| Aircraft maintenance materials and outside repairs                                       | 1,992                                                                                    | 1,823                                                                                    | 1,848                                                                                    |\n| Passenger commissions and other selling expenses                                         | 1,787                                                                                    | 1,710                                                                                    | 1,672                                                                                    |\n| Landing fees and other rents                                                             | 1,528                                                                                    | 1,490                                                                                    | 1,493                                                                                    |\n| Passenger service                                                                        | 1,067                                                                                    | 907                                                                                      | 872                                                                                      |\n| Profit sharing                                                                           | 1,065                                                                                    | 1,115                                                                                    | 1,490                                                                                    |\n| Aircraft rent                                                                            | 351                                                                                      | 285                                                                                      | 250                                                                                      |\n| Other                                                                                    | 2,249                                                                                    | 1,986                                                                                    | 2,033                                                                                    |\n| Total operating expense                                                                  | 35,130                                                                                   | 32,687                                                                                   | 32,902                                                                                   |\n| **Operating Income**                                                                     | 6,114                                                                                    | 6,952                                                                                    | 7,802                                                                                    |\n| **Non\\-Operating Expense:**                                                              |                                                                                          |                                                                                          |                                                                                          |\n| Interest expense, net                                                                    | (396<br><br>)                                                                            | (388<br><br>)                                                                            | (481<br><br>)                                                                            |\n| Miscellaneous, net                                                                       | (17<br><br>)                                                                             | 72                                                                                       | (164<br><br>)                                                                            |\n| Total non\\-operating expense, net                                                        | (413<br><br>)                                                                            | (316<br><br>)                                                                            | (645<br><br>)                                                                            |\n| **Income Before Income Taxes**                                                           | 5,701                                                                                    | 6,636                                                                                    | 7,157                                                                                    |\n| **Income Tax Provision**                                                                 | (2,124<br><br>)                                                                          | (2,263<br><br>)                                                                          | (2,631<br><br>)                                                                          |\n| **Net Income**                                                                           | $3,577                                                                                   | $4,373                                                                                   | $4,526                                                                                   |\n| **Basic Earnings Per Share**                                                             | $4\\.97                                                                                   | $5\\.82                                                                                   | $5\\.68                                                                                   |\n| **Diluted Earnings Per Share**                                                           | $4\\.95                                                                                   | $5\\.79                                                                                   | $5\\.63                                                                                   |\n| **Cash Dividends Declared Per Share**                                                    | $1\\.02                                                                                   | $0\\.68                                                                                   | $0\\.45                                                                                   |\n| The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. |\n\n\n\n 51"}
{"_id": "Alaska-2018_19.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n|   |                                                                |\n| - | -------------------------------------------------------------- |\n| \u2022 | international or domestic conflicts or terrorist activity; and |\n\n\n\n\n\n|   |                                        |\n| - | -------------------------------------- |\n| \u2022 | other changes in business conditions\\. |\n\n\n\nDue to our concentration of flights along the West Coast and Alaska, we believe a large portion of our operation is more susceptible to air traffic control delays than our competition\\. Additionally, due to our concentration of flights in the Pacific Northwest and Alaska, we believe a large portion of our operation is more susceptible to adverse weather conditions\\. A general reduction in airline passenger traffic as a result of any of the above\\-mentioned factors could harm our business, financial condition and results of operations\\.\n\n***Changes in government regulation imposing additional requirements and restrictions on our operations could increase our operating costs and result in service delays and disruptions\\.***\n\nAirlines are subject to extensive regulatory and legal requirements, both domestically and internationally, that involve significant compliance costs\\. In the last several years, Congress has passed laws, and the U\\.S\\. DOT, the TSA and the FAA have issued regulations that have required significant expenditures relating to maintenance of aircraft, operation of airlines and broadening of consumer protections\\.\n\nSimilarly, there are a number of legislative and regulatory initiatives and reforms at the federal, state and local levels\\. These initiatives include increasingly stringent laws to protect the environment, minimum wage requirements, mandatory paid sick or family leave, and health care mandates\\. These laws could affect our relationship with our workforce and the vendors that serve our airlines and cause our expenses to increase without an ability to pass through these costs\\. New initiatives with employer\\-funded costs, specifically those impacting Washington State, could disproportionately increase our cost structure as compared to our competitors\\.\n\nAlmost all commercial service airports are owned and/or operated by units of local or state governments\\. Airlines are largely dependent on these governmental entities to provide adequate airport facilities and capacity at an affordable cost\\. Many airports have increased their rates and charges to air carriers to reflect higher costs of security, updates to infrastructure and other\\. Additional laws, regulations, taxes, airport rates and airport charges may be occasionally proposed that could significantly increase the cost of airline operations or reduce the demand for air travel\\. Although lawmakers may impose these additional fees and view them as \u201cpass\\-through\u201d costs, we believe that a higher total ticket price will influence consumer purchase and travel decisions and may result in an overall decline in passenger traffic, which would harm our business\\. Additionally, changes in laws and regulations at the local level may be difficult to track and maintain compliance\\. Any instances of non\\-compliance could result in additional fines and fees\\. \n\n***The airline industry continues to face potential security concerns and related costs\\.***\n\nTerrorist attacks, the fear of such attacks or other hostilities involving the U\\.S\\. could have a significant negative effect on the airline industry, including us, and could:\n\n\n\n|   |                                                                                                            |\n| - | ---------------------------------------------------------------------------------------------------------- |\n| \u2022 | significantly reduce passenger traffic and yields as a result of a dramatic drop in demand for air travel; |\n\n\n\n\n\n|   |                                                      |\n| - | ---------------------------------------------------- |\n| \u2022 | significantly increase security and insurance costs; |\n\n\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | make war risk or other insurance unavailable or extremely expensive; |\n\n\n\n\n\n|   |                                                        |\n| - | ------------------------------------------------------ |\n| \u2022 | increase fuel costs and the volatility of fuel prices; |\n\n\n\n\n\n|   |                                                                                                                                           |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | increase costs from airport shutdowns, flight cancellations and delays resulting from security breaches and perceived safety threats; and |\n\n\n\n\n\n|   |                                                              |\n| - | ------------------------------------------------------------ |\n| \u2022 | result in a grounding of commercial air traffic by the FAA\\. |\n\n\n\nThe occurrence of any of these events would harm our business, financial condition and results of operations\\.\n\n 20"}
{"_id": "AmericanAirlines-2018_49.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nOur total revenue per available seat mile (TRASM) was 15\\.79 cents in 2018, a 2\\.4% increase as compared to 15\\.42 cents in 2017\\. \n\n***Fuel***\n\nOur mainline and regional fuel expense totaled $9\\.9 billion in 2018, which was $2\\.4 billion, or 31\\.8%, higher as compared to 2017\\. This increase was driven primarily by a 29\\.0% increase in the average price per gallon of fuel to $2\\.23 in 2018 from $1\\.73 in 2017\\.\n\nAs of December 31, 2018, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption\\. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices\\. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review that policy from time to time based on market conditions and other factors\\.\n\n***Other Costs***\n\nWe remain committed to actively managing our cost structure, which we believe is necessary in an industry whose economic prospects are heavily dependent upon two variables we cannot control: the health of the economy and the price of fuel\\.\n\nOur 2018 total cost per available seat mile (CASM) was 14\\.85 cents, an increase of 6\\.9%, from 13\\.88 cents in 2017\\. The increase was primarily driven by an increase in fuel costs as described above\\.\n\nOur 2018 CASM excluding special items and fuel was 11\\.06 cents, an increase of 1\\.4%, from 10\\.90 cents in 2017\\. The increase was primarily driven by higher salaries, wages and benefits\\.\n\nFor a reconciliation of CASM excluding special items and fuel, see Part II, Item 6\\. Selected Consolidated Financial Data \u2013 *\u201cReconciliation of GAAP to Non\\-GAAP Financial Measures\\.\u201d*\n\n***Liquidity***\n\nAs of December 31, 2018, we had approximately $7\\.6 billion in total available liquidity, consisting of $4\\.8 billion in unrestricted cash and short\\-term investments and $2\\.8 billion in undrawn revolving credit facilities\\. We also had restricted cash and short\\-term investments of $154 million\\. \n\nDuring 2018, we completed the following financing transactions:\n\n\n\n|   |                                                                                                                     |\n| - | ------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Refinanced a $1\\.8 billion term loan facility at a lower interest rate and extended the maturity from 2020 to 2025; |\n\n\n\n\n\n|   |                                                                                                                                                                                |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Raised $1\\.9 billion in proceeds from aircraft and pre\\-delivery purchase deposit debt financing, of which approximately $513 million was used to repay existing indebtedness; |\n\n\n\n\n\n|   |                                                                                              |\n| - | -------------------------------------------------------------------------------------------- |\n| \u2022 | Raised approximately  $1\\.1 billion  in proceeds from aircraft sale\\-leaseback transactions; |\n\n\n\n\n\n|   |                                                                  |\n| - | ---------------------------------------------------------------- |\n| \u2022 | Raised an incremental $500 million on a term loan facility; and  |\n\n\n\n\n\n|   |                                                                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Increased our revolving credit facility commitments by $343 million, extended their maturities from 2022 to 2023 and improved their undrawn economics\\. |\n\n\n\nSee Note 5 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 3 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on our debt obligations\\.\n\nAdditionally, we returned $986 million to our stockholders in 2018, consisting of $186 million in dividend payments and the repurchase of $800 million of AAG common stock, or 16\\.6 million shares at a weighted average cost per share of $48\\.15\\.\n\n50"}
{"_id": "United-2018_20.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n***Other Legal Proceedings***\n\nThe Company is involved in various other claims and legal actions involving passengers, customers, suppliers, employees and government agencies arising in the ordinary course of business\\. Additionally, from time to time, the Company becomes aware of potential non\\-compliance with applicable environmental regulations, which have either been identified by the Company (through internal compliance programs such as its environmental compliance audits) or through notice from a governmental entity\\. In some instances, these matters could potentially become the subject of an administrative or judicial proceeding and could potentially involve monetary sanctions\\. After considering a number of factors, including (but not limited to) the views of legal counsel, the nature of contingencies to which the Company is subject and prior experience, management believes that the ultimate disposition of these other claims and legal actions will not materially affect its consolidated financial position or results of operations\\. However, the ultimate resolutions of these matters are inherently unpredictable\\. As such, the Company's financial condition and results of operations could be adversely affected in any particular period by the unfavorable resolution of one or more of these matters\\.\n\n\n\n|              |                               |\n| ------------ | ----------------------------- |\n| **ITEM 4\\.** | **MINE SAFETY DISCLOSURES\\.** |\n\n\n\nNot applicable\\.\n\n**PART II**\n\n\n\n|              |                                                                                                                    |\n| ------------ | ------------------------------------------------------------------------------------------------------------------ |\n| **ITEM 5\\.** | **MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES\\.** |\n\n\n\nSince September 7, 2018, UAL's common stock has traded on the Nasdaq Global Select Market (\"Nasdaq\") under the symbol \"UAL\\.\" Previously, UAL's common stock was traded on the New York Stock Exchange (\"NYSE\")\\. As of February 22, 2019, there were 5,615 holders of record of UAL common stock\\.\n\nThe following graph shows the cumulative total stockholder return for UAL's common stock during the period from December 31, 2013 to December 31, 2018\\. The graph also shows the cumulative returns of the Standard and Poor's 500 Index (\"SPX\") and the NYSE Arca Airline Index (\"XAL\") of 15 investor\\-owned airlines over the same five\\-year period\\. The comparison assumes $100 was invested on December 31, 2013 in each of UAL common stock, the SPX and the XAL\\. \n\n![ualperformancechart2018\\.jpg](https://www.example.com/ualperformancechart2018.jpg)\n\n*Note:* The stock price performance shown in the graph above should not be considered indicative of potential future stock price performance\\. The foregoing performance graph is being furnished as part of this report solely in accordance with the requirement under Rule 14a\\-3(b)(9) to furnish our stockholders with such information, and therefore, shall not be deemed to be filed or incorporated by reference into any filings by the Company under the Securities Act or the Exchange Act\\.\n\n21"}
{"_id": "AmericanAirlines-2018_12.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***Environmental Matters***\n\n*Environmental Regulation*\n\nThe airline industry is subject to various laws and government regulations concerning environmental matters in the U\\.S\\. and other countries\\. U\\.S\\. federal laws that have a particular impact on our operations include the Airport Noise and Capacity Act of 1990, the Clean Air Act, the Resource Conservation and Recovery Act, the Clean Water Act, the Safe Drinking Water Act and the Comprehensive Environmental Response, Compensation and Liability Act (Superfund Act)\\. The U\\.S\\. Environmental Protection Agency (EPA) and other federal agencies have been authorized to promulgate regulations that have an impact on our operations\\. In addition to these federal activities, various states have been delegated certain authorities under the aforementioned federal statutes\\. Many state and local governments have adopted environmental laws and regulations which are similar to or stricter than federal requirements\\.\n\nRevised underground storage tank regulations issued by the EPA in 2015 have affected certain airport fuel hydrant systems, with modifications of such systems needed in order to comply with applicable portions of the revised regulations\\. In addition, related to the EPA and state regulations pertaining to stormwater management, several U\\.S\\. airport authorities are actively engaged in efforts to limit discharges of deicing fluid into the environment, often by requiring airlines to participate in the building or reconfiguring of airport deicing facilities\\.\n\nThe environmental laws to which we are subject include those related to responsibility for potential soil and groundwater contamination\\. We are conducting investigation and remediation activities to address soil and groundwater conditions at several sites, including airports and maintenance bases\\. We presently anticipate that the ongoing costs of such activities will not have a material impact on our operations\\. In addition, we have been named as a potentially responsible party (PRP) at certain Superfund sites\\. Our alleged volumetric contributions at such sites are relatively small in comparison to total contributions of all PRPs\\. Accordingly, we presently anticipate that any future payments of costs at such sites will not have a material impact on our operations\\.\n\n*Aircraft Emissions and Climate Change Requirements*\n\nMany aspects of our operations are subject to increasingly stringent environmental regulations and concerns about climate change and greenhouse gas (GHG) emissions\\. For example, the EU has established the Emissions Trading System (ETS) to regulate GHG emissions in the EU\\. The EU adopted a directive in 2008 under which each EU member state is required to extend the ETS to aviation operations\\. However, the EU ETS has never fully been imposed, in large part due to the global effort to moderate international aviation emissions solely through the International Civil Aviation Organization (ICAO)\\. The EU has extended its stay on the extra\\-territorial application of the EU ETS as applied to international flights to/from the European Economic Area (EEA) through year\\-end 2023, contingent on successful implementation of CORSIA\\. Thereafter, the EU will assess CORSIA implementation and decide the future status of the EU ETS as applied to international aviation to/from the EEA\\. The U\\.S\\. enacted legislation in November 2012 intended to encourage an international solution through ICAO, but which also authorizes the U\\.S\\. Secretary of Transportation to prohibit U\\.S\\. airlines from participating in the ETS\\.\n\nIn 2016, ICAO passed a resolution adopting the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), which is a global, market\\-based emissions offset program intended to encourage carbon\\-neutral growth beyond 2020\\. CORSIA applies to international aviation, and does not directly impact domestic U\\.S\\. flights\\. CORSIA was supported by the board of Airlines for America (the principal U\\.S\\. airline trade association, of which we are a member), the International Air Transport Association (IATA) (the principal international airline trade association), and by American and many other U\\.S\\. and foreign airlines\\. In March 2017, ICAO also adopted new aircraft certification standards to reduce carbon dioxide emissions from aircraft, which will apply to new aircraft type designs commencing in 2020, and to aircraft type designs already in production as of 2023\\. On June 27, 2018, ICAO adopted standards pertaining to the collection and sharing of information on international aviation emissions beginning in 2019\\. Airline operators must prepare GHG monitoring plans by February 2019\\. CORSIA will increase operating costs for American and most other airlines, including other U\\.S\\. airlines that operate internationally, but the implementation of a global program, as compared to regional emission reduction schemes, should ensure that resulting increases in operating costs will be more evenly applied to American and its competitors since there will be a common global regulatory regime\\. CORSIA is expected to be implemented in phases, with information collection and sharing beginning in 2019, a pilot phase beginning in 2021, and the first phase beginning in 2024\\. Certain details still need to be developed and the impact of CORSIA cannot be fully predicted\\. \n\nIn 2019, the EPA could finalize a rule implementing aircraft engine GHG emission standards developed initially through ICAO\\. It is anticipated that the EPA rule will closely align with recent ICAO carbon dioxide emission standards\\. The new standards, which were supported by the airline industry and manufacturers, would apply to new type aircraft certified beginning in 2020, and would be phased in for newly manufactured existing aircraft type designs starting in 2023\\.\n\n13"}
{"_id": "AmericanAirlines-2019_32.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nfederal NOL Carryforwards to be utilized without regard to the annual limitation generally imposed by Section 382\\. If the special rules are determined not to apply, our ability to utilize such federal NOL Carryforwards may be subject to limitation\\. Substantially all of our remaining federal NOL Carryforwards attributable to US Airways Group and its subsidiaries are subject to limitation under Section 382 as a result of the Merger; however, our ability to utilize such NOL Carryforwards is not anticipated to be effectively constrained as a result of such limitation\\. Similar limitations may apply for state income tax purposes\\.\n\nNotwithstanding the foregoing, an ownership change subsequent to our emergence from bankruptcy may severely limit or effectively eliminate our ability to utilize our NOL Carryforwards and other tax attributes\\. To reduce the risk of a potential adverse effect on our ability to utilize our NOL Carryforwards, our Certificate of Incorporation contains transfer restrictions applicable to certain substantial stockholders\\. These restrictions may adversely affect the ability of certain holders of AAG common stock to dispose of or acquire shares of AAG common stock\\. Although the purpose of these transfer restrictions is to prevent an ownership change from occurring, no assurance can be given that an ownership change will not occur even with these restrictions in place\\. See also \u201c Certain provisions of AAG\u2019s Certificate of Incorporation and Bylaws make it difficult for stockholders to change the composition of our Board of Directors and may discourage takeover attempts that some of our stockholders might consider beneficial \\. \u201d \n\nOur ability to use our NOL Carryforwards also will depend on the amount of taxable income generated in future periods\\. The NOL Carryforwards may expire before we can generate sufficient taxable income to use them\\.\n\nThe commercial relationships that we have with other airlines, including any related equity investment, may not produce the returns or results we expect\\.\n\nAn important part of our strategy to expand our network has been to expand our commercial relationships with other airlines, such as by entering into global alliance, joint business and codeshare relationships, and, in one recent instance involving China Southern Airlines Company Limited (China Southern Airlines), by making a significant equity investment in another airline in connection with initiating such a commercial relationship\\. We may explore similar non\\-controlling investments in, and joint ventures and strategic alliances with, other carriers as part of our global business strategy\\. We face competition in forming and maintaining these commercial relationships since there are a limited number of potential arrangements and other airlines are looking to enter into similar relationships, and our inability to form or maintain these relationships or inability to form as many of these relationships as our competitors may have an adverse effect on our business\\. Any such existing or future investment could involve significant challenges and risks, including that we may not realize a satisfactory return on our investment or that they may not generate the expected revenue synergies\\. These events could have a material adverse effect on our business, results of operations and financial condition\\.\n\nIf our financial condition worsens, provisions in our credit card processing and other commercial agreements may adversely affect our liquidity\\.\n\nWe have agreements with companies that process customer credit card transactions for the sale of air travel and other services\\. These agreements allow these credit card processing companies, under certain conditions (including, with respect to certain agreements, our failure to maintain certain levels of liquidity), to hold an amount of our cash (a holdback) equal to some or all of the advance ticket sales that have been processed by that credit card processor, but for which we have not yet provided the air transportation\\. These credit card processing companies are not currently entitled to maintain any holdbacks pursuant to these requirements\\. These holdback requirements can be modified at the discretion of the credit card processing companies upon the occurrence of specific events, including material adverse changes in our financial condition\\. The imposition of holdback requirements, up to and including 100% of relevant advanced ticket sales, would materially reduce our liquidity\\. Likewise, other of our commercial agreements contain provisions that allow other entities to impose less\\-favorable terms, including the acceleration of amounts due, in the event of material adverse changes in our financial condition\\.\n\nWe have a significant amount of goodwill, which is assessed for impairment at least annually\\. In addition, we may never realize the full value of our intangible assets or long\\-lived assets, causing us to record material impairment charges\\.\n\nGoodwill and indefinite\\-lived intangible assets are not amortized, but are assessed for impairment at least annually, or more frequently if conditions indicate that an impairment may have occurred\\. In accordance with applicable accounting standards, we first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test\\. In addition, we are required to assess certain of our other long\\-lived assets for impairment if conditions indicate that an impairment may have occurred\\.\n\n33"}
{"_id": "AmericanAirlines-2018_103.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**6\\. Leases**\n\nWe lease certain aircraft and engines, including aircraft under capacity purchase agreements\\. As of December 31, 2018, we had 660 leased aircraft, with remaining terms ranging from less than one year to 12 years\\.\n\nAt each airport where we conduct flight operations, we have agreements, generally with a governmental unit or authority, for the use of passenger, operations and baggage handling space as well as runways and taxiways\\. These agreements, particularly in the U\\.S\\., often contain provisions for periodic adjustments to rates and charges applicable under such agreements\\. These rates and charges also vary with our level of operations and the operations of the airport\\. Additionally, at our hub locations and in certain other cities we serve, we lease administrative offices, catering, cargo, training, maintenance and other facilities\\.\n\nThe components of lease expense were as follows (in millions):\n\n\n\n|                               |                                       |\n| ----------------------------- | ------------------------------------- |\n|                               | **Year Ended  <br>December 31, 2018** |\n| Operating lease cost          | $1,907                                |\n| Finance lease cost:           |                                       |\n| Amortization of assets        | 78                                    |\n| Interest on lease liabilities | 48                                    |\n| Variable lease cost           | 2,353                                 |\n| Total net lease cost          | $4,386                                |\n\n\n\nIncluded in the table above is $226 million of operating lease cost under our capacity purchase agreement with Republic\\. We hold a 25% equity interest in Republic Holdings, the parent company of Republic\\. \n\n104"}
{"_id": "Alaska-2017_10.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nGenerally, West Coast jet fuel prices are somewhat higher and more volatile than prices in the Gulf Coast or on the East Coast\\. Our average raw fuel cost per gallon increased21% in 2017, after decreasing 19% in 2016 and 39% in 2015\\.\n\nThe percentages of our aircraft fuel expense by crude oil and refining margins, as well as the percentage of our aircraft fuel expense of operating expenses are as follows:\n\n\n\n|                       |          |                     |          |          |          |\n| --------------------- | -------- | ------------------- | -------- | -------- | -------- |\n|                       | **2017** | **2016**  **^(a)^** | **2015** | **2014** | **2013** |\n| Crude oil             | 66%      | 69%                 | 62%      | 72%      | 71%      |\n| Refining margins      | 23%      | 20%                 | 26%      | 18%      | 19%      |\n| Other ^(b)^           | 11%      | 11%                 | 12%      | 10%      | 10%      |\n| Total                 | 100%     | 100%                | 100%     | 100%     | 100%     |\n| Aircraft fuel expense | 22%      | 18%                 | 22%      | 32%      | 34%      |\n\n\n\n\n\n|     |                                                                                                      |\n| --- | ---------------------------------------------------------------------------------------------------- |\n| (a) | Includes information for Virgin America for the period December 14, 2016 through December 31, 2016\\. |\n\n\n\n\n\n|     |                                                                                                                                                     |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | Other includes gains and losses on settled fuel hedges, unrealized mark\\-to\\-market fuel hedge gains or losses, taxes and other into\\-plane costs\\. |\n\n\n\nWe use crude oil call options as hedges to decrease our exposure to the volatility of jet fuel prices\\. Call options effectively cap our pricing for crude oil, limiting our exposure to increasing fuel prices for about half of our planned fuel consumption\\. With call options, we are hedged against spikes in crude oil prices, and during a period of decline in crude oil prices, we only forfeit cash previously paid for hedge premiums\\. We begin hedging approximately 18 months in advance of crude oil consumption\\.\n\nWe believe that operating fuel\\-efficient aircraft is the best hedge against high fuel prices\\. Alaska operates an all\\-Boeing 737 fleet, Virgin America operates an all\\-Airbus A320 family fleet, and Horizon currently operates a fleet including Embraer 175 jet aircraft and Bombardier Q400 turboprop aircraft\\. Air Group's fuel\\-efficiency rate expressed in available seat miles flown per gallon (ASMs/g) improved from 75\\.3 ASMs/g in 2013 to 77\\.9 ASMs/g in 2017\\. These improvements have not only reduced our fuel consumption rate, but also the amount of greenhouse gases and other pollutants that our aircraft emit\\.\n\n**COMPETITION**\n\nCompetition in the airline industry is intense and unpredictable\\. Our competitors consist primarily of other airlines and, to a lesser extent, other forms of transportation\\. Competition can be direct, in the form of another carrier flying the exact non\\-stop route, or indirect, where a carrier serves the same two cities non\\-stop from an alternative airport in that city or via an itinerary requiring a connection at another airport\\. We compete with other domestic airlines and a limited number of international airlines on nearly all of our scheduled routes\\. Our largest competitor is Delta, who has significantly increased its capacity in Seattle over the past few years\\. Approximately 75% of our capacity to and from Seattle competes with Delta\\. As we grow in California and expand our transcontinental route offerings, United Airlines and Southwest Airlines have also become large competitors and have increased their capacity in markets we serve\\. Our California and transcontinental routes have a higher concentration of competitors when compared to our historical route structure which was predominately concentrated in the Pacific Northwest\\. Based on schedules filed with the U\\.S\\. Department of Transportation, we expect the amount of competitive capacity overlap with all carriers to increase by more than 6% in the first half of 2018, weighted based on our network\\. \n\nWe believe that the following principal competitive factors are important to our guests:\n\n\n\n|   |               |\n| - | ------------- |\n| \u2022 | Safety record |\n\n\n\nSafety is our top priority and is at the core of everything we do\\. In 2017, we were ranked by AirlineRatings\\.com as one of only two U\\.S\\. airlines in the Top 20 safest airlines in the world\\. We also received our 16th Diamond Award of Excellence from the Federal Aviation Administration, recognizing both Alaska and Horizon aircraft technicians for their commitment to training\\.\n\n\n\n|   |                                 |\n| - | ------------------------------- |\n| \u2022 | Customer service and reputation |\n\n\n\nWe compete with other airlines in areas of customer service such as on\\-time performance, guest amenities\u2014including first class and other premium seating, quality of on\\-board products, aircraft type and comfort\\. In 2017, Alaska Airlines ranked highest in customer satisfaction among traditional network carriers by J\\.D\\. Power and Associates for the tenth year in a row\\. We have installed Boeing Space Bins on the majority of our Boeing 737\\-900ER fleet, providing additional overhead bin space for our guests\\. In 2017, we launched a Premium Class of service on our B737 aircraft that provides extra \n\n 11"}
{"_id": "Alaska-2018_0.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n10\\-K 1 alk10\\-k123118\\.htm ALK 10\\-K 12/31/2018 \n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, DC 20549**\n\n**FORM 10\\-K**\n\n\n\n|   |                                                                                          |\n| - | ---------------------------------------------------------------------------------------- |\n| x | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\nFor the fiscal year ended December 31, 2018\n\nOR\n\n\n\n|   |                                                                                              |\n| - | -------------------------------------------------------------------------------------------- |\n| \u00a8 | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\nFor the transition period from to \n\n**Commission File Number 1\\-8957**\n\n**ALASKA AIR GROUP, INC\\.**\n\n\n\n|                          |                                          |\n| ------------------------ | ---------------------------------------- |\n| **Delaware**             | **91\\-1292054**                          |\n| (State of Incorporation) | (I\\.R\\.S\\. Employer Identification No\\.) |\n\n\n\n\n\n|                                                              |\n| ------------------------------------------------------------ |\n| **19300 International Boulevard, Seattle, Washington 98188** |\n| **Telephone: (206) 392\\-5040**                               |\n\n\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n\n\n|                                    |                             |\n| ---------------------------------- | --------------------------- |\n| **Common Stock, $0\\.01 Par Value** | **New York Stock Exchange** |\n\n\n\n Securities registered pursuant to Section 12(g) of the Act:\n\n**None**\n\nIndicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\. Yesx No \u00a8\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act\\. Yes \u00a8 No x\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\. Yesx No \u00a8\n\nIndicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S\\-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)\\. Yes x No \u00a8\n\nIndicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K is not contained herein, and will not be contained, to the best of registrant\u2019s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K\\. x\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer or a smaller reporting company\\. See definitions of \u201clarge accelerated filer\u201d, \"accelerated filer\" and \"smaller reporting company\" in Rule 12b\\-2 of the Exchange Act: \n\nLarge accelerated filerx Accelerated filer \u00a8 Non\\-accelerated filer \u00a8 Smaller reporting company \u00a8\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Exchange Act\\.): Yes \u00a8 No x\n\nAs of January 31, 2019, shares of common stock outstanding totaled 123,116,410\\. The aggregate market value of the shares of common stock of Alaska Air Group, Inc\\. held by nonaffiliates on June 30, 2018, was approximately $7\\.4 billion (based on the closing price of $60\\.39 per share on the New York Stock Exchange on that date)\\. \n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\nPortions of Definitive Proxy Statement relating to 2019 Annual Meeting of Shareholders are incorporated by reference in Part III\\."}
{"_id": "Delta-2018_39.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nRefinery Segment\n\nThe refinery primarily produces gasoline, diesel and jet fuel\\.  Monroe exchanges the non\\-jet fuel products the refinery produces with third parties for jet fuel consumed in our airline operations\\.  The jet fuel produced and procured through exchanging gasoline and diesel fuel produced by the refinery provides approximately 200,000 barrels per day for use in our airline operations\\. We believe that the jet fuel supply resulting from the refinery's operation has contributed to reduced market price of jet fuel, and thus lowered our cost of jet fuel compared to what it otherwise would have been\\.\n\nDuring the December 2018 quarter, the refinery completed a planned maintenance event (\"turnaround\") and did not produce any refined products for approximately 60 days\\. The turnaround was in accordance with the long\\-term maintenance plan for the facility to allow for the safe completion of major repairs and upgrades\\.\n\nThe refinery recorded operating revenues of  $5\\.5 billion  in  2018 , compared to  $5\\.0 billion  in  2017 \\. Operating revenues in  2018  were primarily composed of  $3\\.6 billion  of non\\-jet fuel products exchanged with third parties to procure jet fuel,  $962 million  of sales of jet fuel to the airline segment and $900 million of non\\-jet fuel product sales\\. Refinery revenues increased compared to the prior year due to higher costs of crude oil leading to higher pricing for associated refined products and higher margins on distillate product\\.\n\nThe refinery recorded income of  $58 million  and  $110 million  in  2018  and  2017 , respectively\\. The refinery's income  in  2018  was lower primarily due to the turnaround in the December 2018 quarter and lower gasoline margins nationwide\\.\n\nA refinery is subject to annual EPA requirements to blend renewable fuels into the gasoline and on\\-road diesel fuel it produces\\. Alternatively, a refinery may purchase renewable energy credits, called RINs, from third parties in the secondary market\\. The refinery, operated by Monroe, purchases the majority of its RINs requirement in the secondary market\\. During 2018 observable RINs prices declined approximately 60%, which minimized our compliance costs during the current year\\.\n\n For more information regarding the refinery's results, see  Note 15  of the Notes to the Consolidated Financial Statements\\.\n\n 37"}
{"_id": "AmericanAirlines-2017_85.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**1\\. Basis of Presentation and Summary of Significant Accounting Policies**\n\n***(a) Basis of Presentation***\n\nAmerican Airlines Group Inc\\. (we, us, our and similar terms, or AAG), a Delaware corporation, is a holding company whose primary business activity is the operation of a major network air carrier, providing scheduled air transportation for passengers and cargo through its mainline operating subsidiary, American Airlines, Inc\\. (American) and its wholly\\-owned regional airline subsidiaries, Envoy Aviation Group Inc\\. (Envoy), Piedmont Airlines, Inc\\. (Piedmont) and PSA Airlines, Inc\\. (PSA) that operate under the brand American Eagle\\. On December 9, 2013, a subsidiary of AMR Corporation (AMR) merged with and into US Airways Group, Inc\\. (US Airways Group), a Delaware corporation, which survived as a wholly\\-owned subsidiary of AAG, and AAG emerged from Chapter 11 (the Merger)\\. Upon closing of the Merger and emergence from Chapter 11, AMR changed its name to American Airlines Group Inc\\. On December 30, 2015, in order to simplify AAG\u2019s internal corporate structure, US Airways Group merged with and into AAG, with AAG as the surviving corporation\\. Immediately thereafter, US Airways, Inc\\. (US Airways), a wholly\\-owned subsidiary of US Airways Group, merged with and into American, with American as the surviving corporation\\. All significant intercompany transactions have been eliminated\\.\n\nThe preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements\\. Actual results could differ from those estimates\\. The most significant areas of judgment relate to passenger revenue recognition, impairment of goodwill, impairment of long\\-lived and intangible assets, the loyalty program, valuation allowance for deferred tax assets, as well as pension and retiree medical and other postretirement benefits\\.\n\n***(b) Short\\-term Investments***\n\nShort\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. Realized gains and losses are recorded in nonoperating expense on the consolidated statement of operations\\. Unrealized gains and losses are recorded in accumulated other comprehensive loss on the consolidated balance sheets\\.\n\n***(c) Restricted Cash and Short\\-term Investments***\n\nWe have restricted cash and short\\-term investments related primarily to collateral held to support workers\u2019 compensation obligations\\.\n\n***(d) Aircraft Fuel, Spare Parts and Supplies, Net***\n\nAircraft fuel is recorded on a first\\-in, first\\-out basis\\. Spare parts and supplies are recorded at average costs less an allowance for obsolescence\\. These items are expensed when used\\.\n\n***(e) Operating Property and Equipment***\n\nOperating property and equipment is recorded at cost and depreciated or amortized to residual values over the asset\u2019s estimated useful life or the lease term, whichever is less, using the straight\\-line method\\. Residual values for aircraft, engines and related rotable parts are generally 5% to 10% of original cost\\. Costs of major improvements that enhance the usefulness of the asset are capitalized and depreciated or amortized over the estimated useful life of the asset or the lease term, whichever is less\\. The estimated useful lives for the principal property and equipment classifications are as follows:\n\n\n\n|                                                     |                           |\n| --------------------------------------------------- | ------------------------- |\n| **Principal Property and Equipment Classification** | **Estimated Useful Life** |\n| Aircraft, engines and related rotable parts         | 20 \u2013 30 years             |\n| Buildings and improvements                          | 5 \u2013 30 years              |\n| Furniture, fixtures and other equipment             | 3 \u2013 10 years              |\n| Capitalized software                                | 5 \u2013 10 years              |\n\n\n\nWe assess impairment on operating property and equipment when events and circumstances indicate that the assets may be impaired\\. An asset or group of assets is considered impaired when the undiscounted cash flows estimated \n\n86"}
{"_id": "AmericanAirlines-2019_71.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAMERICAN AIRLINES GROUP INC\\.\n\nCONSOLIDATED STATEMENTS OF OPERATIONS\n\n(In millions, except share and per share amounts)\n\n\n\n|                                                         |                             |                             |                             |\n| ------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                         | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                         | **2019**                    | **2018**                    | **2017**                    |\n| **Operating revenues:**                                 |                             |                             |                             |\n| Passenger                                               | $42,010                     | $40,676                     | $39,131                     |\n| Cargo                                                   | 863                         | 1,013                       | 890                         |\n| Other                                                   | 2,895                       | 2,852                       | 2,601                       |\n| Total operating revenues                                | 45,768                      | 44,541                      | 42,622                      |\n| **Operating expenses:**                                 |                             |                             |                             |\n| Aircraft fuel and related taxes                         | 7,526                       | 8,053                       | 6,128                       |\n| Salaries, wages and benefits                            | 12,609                      | 12,251                      | 11,954                      |\n| Regional expenses                                       | 7,501                       | 7,133                       | 6,546                       |\n| Maintenance, materials and repairs                      | 2,380                       | 2,050                       | 1,959                       |\n| Other rent and landing fees                             | 2,055                       | 1,900                       | 1,806                       |\n| Aircraft rent                                           | 1,326                       | 1,264                       | 1,197                       |\n| Selling expenses                                        | 1,602                       | 1,520                       | 1,477                       |\n| Depreciation and amortization                           | 1,982                       | 1,839                       | 1,702                       |\n| Special items, net                                      | 635                         | 787                         | 712                         |\n| Other                                                   | 5,087                       | 5,088                       | 4,910                       |\n| Total operating expenses                                | 42,703                      | 41,885                      | 38,391                      |\n| **Operating income**                                    | 3,065                       | 2,656                       | 4,231                       |\n| **Nonoperating income (expense):**                      |                             |                             |                             |\n| Interest income                                         | 127                         | 118                         | 94                          |\n| Interest expense, net                                   | (1,095<br><br>)             | (1,056<br><br>)             | (1,053<br><br>)             |\n| Other income, net                                       | 159                         | 166                         | 123                         |\n| Total nonoperating expense, net                         | (809<br><br>)               | (772<br><br>)               | (836<br><br>)               |\n| **Income before income taxes**                          | 2,256                       | 1,884                       | 3,395                       |\n| Income tax provision                                    | 570                         | 472                         | 2,113                       |\n| **Net income**                                          | $1,686                      | $1,412                      | $1,282                      |\n| **Earnings per common share:**                          |                             |                             |                             |\n| Basic                                                   | $3\\.80                      | $3\\.04                      | $2\\.62                      |\n| Diluted                                                 | $3\\.79                      | $3\\.03                      | $2\\.61                      |\n| **Weighted average shares outstanding (in thousands):** |                             |                             |                             |\n| Basic                                                   | 443,363                     | 464,236                     | 489,164                     |\n| Diluted                                                 | 444,269                     | 465,660                     | 491,692                     |\n| **Cash dividends declared per common share**            | $0\\.40                      | $0\\.40                      | $0\\.40                      |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n72"}
{"_id": "AmericanAirlines-2019_83.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n(n) Share\\-based Compensation\n\nWe account for our share\\-based compensation expense based on the fair value of the stock award at the time of grant, which is recognized ratably over the vesting period of the stock award\\. The majority of our stock awards are time vested restricted stock units, and the fair value of such awards is based on the market price of the underlying shares of AAG common stock on the date of grant\\. See Note 15 for further discussion of share\\-based compensation\\.\n\n(o) Foreign Currency Gains and Losses\n\nForeign currency gains and losses are recorded as part of other income, net within total nonoperating expense, net in our consolidated statements of operations\\. For the years ended  December 31, 2019 ,  2018  and  2017 , respectively, foreign currency  losses  were   $32 million ,   $55 million  and   $4 million \\.\n\n(p) Other Operating Expenses\n\nOther operating expenses includes costs associated with ground and cargo handling, crew travel, aircraft food and catering, passenger accommodation, airport security, international navigation fees and certain general and administrative expenses\\.\n\n(q) Regional Expenses\n\nExpenses associated with American Eagle operations are classified as regional expenses on our consolidated statements of operations\\.Regional expenses consist of the following (in millions):\n\n\n\n|                                                               |                             |                             |                             |\n| ------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                               | **2019**                    | **2018**                    | **2017**                    |\n| Aircraft fuel and related taxes                               | $1,869                      | $1,843                      | $1,382                      |\n| Salaries, wages and benefits                                  | 1,781                       | 1,591                       | 1,452                       |\n| Capacity purchases from third\\-party regional carriers  ^(1)^ | 1,398                       | 1,431                       | 1,581                       |\n| Maintenance, materials and repairs                            | 403                         | 340                         | 281                         |\n| Other rent and landing fees                                   | 651                         | 610                         | 625                         |\n| Aircraft rent                                                 | 29                          | 32                          | 35                          |\n| Selling expenses                                              | 402                         | 369                         | 361                         |\n| Depreciation and amortization                                 | 336                         | 318                         | 315                         |\n| Special items, net                                            | 6                           | 6                           | 22                          |\n| Other                                                         | 626                         | 593                         | 492                         |\n| Total regional expenses                                       | $7,501                      | $7,133                      | $6,546                      |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                      |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | In  2019 ,  2018 , and  2017 , we recognized   $590 million ,   $565 million  and   $544 million , respectively, of expense under our capacity purchase agreement with Republic Airline Inc\\. (Republic)\\. We hold a   25%  equity interest in Republic Airways Holdings Inc\\. (Republic Holdings), the parent company of Republic\\. |\n\n\n\n84"}
{"_id": "Southwest-2019_109.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nReport of Independent Registered Public Accounting Firm\n\nTo the Shareholders and the Board of Directors of Southwest Airlines Co\\.\n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated balance sheets of Southwest Airlines Co\\. (the Company) as of  December 31, 2019  and  2018 , the related consolidated statements of income, comprehensive income, stockholders\u2019 equity and cash flows for each of the three years in the period ended  December 31, 2019 , and the related notes (collectively referred to as the \u201cfinancial statements\u201d)\\. In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company at  December 31, 2019  and  2018 , and the consolidated results of its operations and its cash flows for each of the three years in the period ended  December 31, 2019 , in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company\u2019s internal control over financial reporting as of  December 31, 2019 , based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated  February 3, 2020  expressed an unqualified opinion thereon\\.\n\nAdoption of New Accounting Standards\n\nAs discussed in Note 2 to the consolidated financial statements, the Company changed its method of accounting for its leases in 2019 due to the modified retrospective adoption of ASU 2016\\-02,  Leases (Topic 842),  and the Company changed its method of accounting for financial derivative instruments in 2018 due to the modified retrospective adoption of ASU 2017\\-12,  Targeted Improvements to Accounting for Hedging Activities \\. \n\nBasis for Opinion\n\nThese financial statements are the responsibility of the Company\u2019s management\\. Our responsibility is to express an opinion on the Company\u2019s financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to fraud or error, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\nCritical audit matters\n\nThe critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments\\. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate\\.\n\n110"}
{"_id": "United-2017_123.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|            |                 |                                                                                                                                                                                                                                                                                                                                                         |\n| ----------:|:--------------- |:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*^10\\.145 | UAL  <br>United | [Supplemental Agreement No\\. 52 to Purchase Agreement No\\. 1951, dated August 31, 2009 (filed as Exhibit 10\\.4 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 2009, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968709000050/fexhibit104.htm)       |\n| \\*^10\\.146 | UAL  <br>United | [Supplemental Agreement No\\. 53 to Purchase Agreement No\\. 1951, dated December 23, 2009 (filed as Exhibit 10\\.22(bb) to Continental\u2019s Form  10\\-K for the year ended December 31, 2009, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968710000011/fexhibit1022bb.htm) |\n| \\*^10\\.147 | UAL  <br>United | [Supplemental Agreement No\\. 54 to Purchase Agreement No\\. 1951, dated March 2, 2010 (filed as Exhibit 10\\.2 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968710000020/exhibit102.htm)              |\n| \\*^10\\.148 | UAL  <br>United | [Supplemental Agreement No\\. 55 to Purchase Agreement No\\. 1951, dated March 31, 2010 (filed as Exhibit 10\\.3 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968710000020/exhibit103.htm)             |\n| \\*^10\\.149 | UAL  <br>United | [Supplemental Agreement No\\. 56 to Purchase Agreement No\\. 1951, dated August 12, 2010 (filed as Exhibit 10\\.4 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 2010, Commission File Number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968710000067/exhibit104.htm)        |\n| \\*^10\\.150 | UAL  <br>United | [Supplemental Agreement No\\. 57 to Purchase Agreement No\\. 1951, dated March 2, 2011 (filed as Exhibit 10\\.1 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2011, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312511105320/dex101.htm)                           |\n| \\*^10\\.151 | UAL  <br>United | [Supplemental Agreement No\\. 58 to Purchase Agreement No\\. 1951, dated January 6, 2012 (filed as Exhibit 10\\.1 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2012, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312512186734/d316621dex101.htm)                  |\n| \\*^10\\.152 | UAL  <br>United | [Supplemental Agreement No\\. 59 to Purchase Agreement No\\. 1951, dated July 12, 2012 (filed as Exhibit 10\\.5 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2012, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex105.htm)                |\n| \\*^10\\.153 | UAL  <br>United | [Supplemental Agreement No\\. 60 to Purchase Agreement No\\. 1951, dated November 7, 2012 (filed as Exhibit 10\\.2 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex102.htm)                  |\n| \\*^10\\.154 | UAL  <br>United | [Supplemental Agreement No\\. 61 to Purchase Agreement No\\. 1951, dated September 11, 2013 (filed as Exhibit 10\\.1 for the quarter ended September 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513409916/d578285dex101.htm)                                |\n| \\*^10\\.155 | UAL  <br>United | [Supplemental Agreement No\\. 62 to Purchase Agreement No\\. 1951, dated January 14, 2015 (filed as Exhibit 10\\.3 for the quarter ended March 31, 2015, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex103.htm)                                      |\n| \\*^10\\.156 | UAL  <br>United | [Supplemental Agreement No\\. 63 to Purchase Agreement No\\. 1951, dated May 26, 2015 (filed as Exhibit 10\\.1 for the quarter ended June 30, 2015, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex101.htm)                                          |\n| \\*^10\\.157 | UAL  <br>United | [Supplemental Agreement No\\. 64 to Purchase Agreement No\\. 1951, dated June 12, 2015 (filed as Exhibit 10\\.2 for the quarter ended June 30, 2015, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex102.htm)                                         |\n\n\n\n124"}
{"_id": "AmericanAirlines-2017_27.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***We are at risk of losses and adverse publicity stemming from any public incident involving our company, our people or our brand, including any accident or other public incident involving our personnel or aircraft, or the personnel or aircraft of our regional, codeshare or joint business operators\\.***\n\nIn a modern world where news can be captured and travel rapidly, we are at risk of adverse publicity stemming from any public incident involving our company, our people or our brand\\. Such an incident could involve the alleged behavior of any of our more than 100,000 employees\\. Further, if our personnel or one of our aircraft, or personnel of, or an aircraft that is operated under our brand by, one of our regional operators or an airline with which we have a marketing alliance, joint business or codeshare relationship, were to be involved in a public incident, accident or catastrophe, we could be exposed to significant reputational harm and potential legal liability\\. The insurance we carry may be inapplicable or inadequate to cover any such incident, accident or catastrophe\\. In the event that our insurance is inapplicable or not adequate, we may be forced to bear substantial losses from an incident or accident\\. In addition, any such incident, accident or catastrophe involving our personnel or one of our aircraft (or personnel and aircraft of our regional operators and our codeshare partners) could create an adverse public perception, which could harm our reputation, result in air travelers being reluctant to fly on our aircraft or those of our regional operators or codeshare partners, and adversely impact our business, results of operations and financial condition\\.\n\n***Delays in scheduled aircraft deliveries or other loss of anticipated fleet capacity, and failure of new aircraft to perform as expected, may adversely impact our business, results of operations and financial condition\\.***\n\nThe success of our business depends on, among other things, effectively managing the number and types of aircraft we operate\\. In many cases, the aircraft we intend to operate are not yet in our fleet, but we have contractual commitments to purchase or lease them\\. If for any reason we are unable to accept or secure deliveries of new aircraft on contractually scheduled delivery dates, this could have a negative impact on our business, results of operations and financial condition\\. Our failure to integrate newly purchased aircraft into our fleet as planned might require us to seek extensions of the terms for some leased aircraft or otherwise delay the exit of certain aircraft from our fleet\\. Such unanticipated extensions or delays may require us to operate existing aircraft beyond the point at which it is economically optimal to retire them, resulting in increased maintenance costs\\. If new aircraft orders are not filled on a timely basis, we could face higher operating costs than planned\\. In addition, if the aircraft we receive do not meet expected performance or quality standards, including with respect to fuel efficiency and reliability, our business, results of operations and financial condition could be adversely impacted\\.\n\n***We depend on a limited number of suppliers for aircraft, aircraft engines and parts\\.***\n\nWe depend on a limited number of suppliers for aircraft, aircraft engines and many aircraft and engine parts\\. These suppliers continue to consolidate as evidenced by the pending United Technologies acquisition of Rockwell Collins, the pending transaction involving Airbus and Bombardier and the public reports of a possible transaction involving Boeing and Embraer\\. Due to the limited number of these suppliers, we are vulnerable to any problems associated with the performance of their obligation to supply key aircraft, parts and engines, including design defects, mechanical problems, contractual performance by suppliers, or adverse perception by the public that would result in customer avoidance or in actions by the FAA resulting in an inability to operate our aircraft\\.\n\n***Our business has been and will continue to be affected by many changing economic and other conditions beyond our control, including global events that affect travel behavior, and our results of operations could be volatile and fluctuate due to seasonality\\.***\n\nOur business, results of operations and financial condition have been and will continue to be affected by many changing economic and other conditions beyond our control, including, among others:\n\n\n\n|   |                                                                                                                                                                                                                                   |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | actual or potential changes in international, national, regional and local economic, business and financial conditions, including recession, inflation, higher interest rates, wars, terrorist attacks and political instability; |\n\n\n\n\n\n|   |                                                                                         |\n| - | --------------------------------------------------------------------------------------- |\n| \u2022 | changes in consumer preferences, perceptions, spending patterns and demographic trends; |\n\n\n\n\n\n|   |                                                                                                                                    |\n| - | ---------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in the competitive environment due to industry consolidation, changes in airline alliance affiliations, and other factors; |\n\n\n\n\n\n|   |                                                     |\n| - | --------------------------------------------------- |\n| \u2022 | actual or potential disruptions to the ATC systems; |\n\n\n\n\n\n|   |                                                                     |\n| - | ------------------------------------------------------------------- |\n| \u2022 | increases in costs of safety, security, and environmental measures; |\n\n\n\n\n\n|   |                                                        |\n| - | ------------------------------------------------------ |\n| \u2022 | outbreaks of diseases that affect travel behavior; and |\n\n\n\n\n\n|   |                                 |\n| - | ------------------------------- |\n| \u2022 | weather and natural disasters\\. |\n\n\n\n28"}
{"_id": "AmericanAirlines-2018_67.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nAmerican\u2019s principal financing activities in 2017 included net proceeds of $3\\.1 billion from the issuance of debt, including the issuance of $2\\.0 billion of EETCs and $1\\.0 billion borrowed in connection with the financing of certain aircraft\\. These cash inflows were offset in part by $2\\.3 billion in scheduled debt repayments\\. \n\n*2017* *Compared to* *2016*\n\n*Operating Activities*\n\nAmerican\u2019s net cash provided by operating activities was $2\\.9 billion and $1\\.8 billion in 2017 and 2016, respectively, a year\\-over\\-year increase of $1\\.1 billion\\. AAG has the ability to move funds freely between its subsidiaries to support its cash requirements\\. The increase in operating cash flows was primarily due to a decrease in intercompany cash transfers from American to AAG\\. This increase in operating cash flows was offset in part by lower profitability in 2017 driven by higher fuel costs and wage rates, which were offset in part by higher revenues\\.\n\n*Investing Activities*\n\nAmerican\u2019s net cash used in investing activities was $3\\.6 billion and $5\\.6 billion in 2017 and 2016, respectively\\.\n\nAmerican\u2019s principal investing activities in 2017 included expenditures of $5\\.9 billion for property and equipment, including 20 Airbus A321 aircraft, 20 Boeing 737\\-800 aircraft, 16 Embraer E175 aircraft, 13 Boeing 787 family aircraft and four Boeing 737\\-8 MAX aircraft\\. American also made a $203 million equity investment in China Southern Airlines\\. These cash outflows were offset in part by $1\\.3 billion in net sales of short\\-term investments, $922 million of net proceeds primarily from aircraft sale\\-leaseback transactions, and a $309 million decrease in restricted short\\-term investments\\.\n\nAmerican\u2019s principal investing activities in 2016 included expenditures of $5\\.7 billion for property and equipment, including 25 Airbus A321 aircraft, 24 Embraer E175 aircraft, 20 Boeing 737\\-800 aircraft, 18 Bombardier CRJ 900 aircraft, eight Boeing 787 aircraft and two Boeing 777 aircraft\\.\n\n*Financing Activities*\n\nAmerican\u2019s net cash provided by financing activities was $668 million and $3\\.8 billion in 2017 and 2016, respectively\\.\n\nAmerican\u2019s principal financing activities in 2017 included net proceeds of $3\\.1 billion from the issuance of debt, including the issuance of $2\\.0 billion of EETCs and $1\\.0 billion borrowed in connection with the financing of certain aircraft\\. These cash inflows were offset in part by $2\\.3 billion in scheduled debt repayments\\.\n\nAmerican\u2019s principal financing activities in 2016 included net proceeds of $7\\.7 billion from the issuance of debt, including the issuance of $2\\.8 billion of EETCs, $2\\.3 billion provided under term loan facilities and $1\\.8 billion borrowed in connection with the financing of certain aircraft\\. These cash inflows were offset in part by $3\\.8 billion in debt repayments, including the repayment of $588 million and $970 million in remaining principal of the 2013 Citicorp Credit Facility tranche B\\-2 and tranche B\\-1 term loans, respectively\\. \n\n**Commitments**\n\nFor further information regarding our commitments, see the Notes to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and the Notes to American\u2019s Consolidated Financial Statements in Part II, Item 8B at the referenced footnotes below\\.\n\n\n\n|                                           |         |              |\n| ----------------------------------------- | ------- | ------------ |\n|                                           | **AAG** | **American** |\n| Long\\-term debt and debt covenants        | Note 5  | Note 3       |\n| Leases                                    | Note 6  | Note 4       |\n| Employee benefit plans                    | Note 10 | Note 8       |\n| Commitments, contingencies and guarantees | Note 12 | Note 10      |\n\n\n\n***Off\\-Balance Sheet Arrangements***\n\nAn off\\-balance sheet arrangement is any transaction, agreement or other contractual arrangement involving an unconsolidated entity under which a company has (1) made guarantees, (2) a retained or a contingent interest in transferred assets, (3) an obligation under derivative instruments classified as equity or (4) any obligation arising out of a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or that engages in leasing, hedging or research and development arrangements with us\\.\n\n68"}
{"_id": "Alaska-2019_30.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n(b) Includes flights under Capacity Purchase Agreements operated by third\\-party carriers\\.\n\n(c) See reconciliation to the most directly related Generally Accepted Accounting Principles (GAAP) measure in the \"Results of Operations\" section\\.\n\n(d) See \"Glossary of Terms\" for definitions of the abbreviated terms\\.\n\n30"}
{"_id": "Southwest-2018_19.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe following table sets forth the Company's Employee groups subject to collective bargaining and the status of their respective collective\\-bargaining agreements as of December 31, 2018:\n\n\n\n|                                                                                                    |                                     |                                                                                     |                                                                                                                                                                                                    |\n| -------------------------------------------------------------------------------------------------- | ----------------------------------- | ----------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Employee Group**                                                                                 | **Approximate Number of Employees** | **Representatives**                                                                 | **Status of Agreement**                                                                                                                                                                            |\n| Southwest Pilots                                                                                   | 9,100                               | Southwest Airlines Pilots' Association (\"SWAPA\")                                    | Amendable September 2020                                                                                                                                                                           |\n| Southwest Flight Attendants                                                                        | 15,200                              | Transportation Workers of America, AFL\\-CIO, Local 556 (\"TWU 556\")                  | In negotiations                                                                                                                                                                                    |\n| Southwest Ramp, Operations, Provisioning, Freight Agents                                           | 13,400                              | Transportation Workers of America, AFL\\-CIO, Local 555 (\"TWU 555\")                  | Amendable February 2021                                                                                                                                                                            |\n| Southwest Customer Service Agents, Customer Representatives, and Source of Support Representatives | 7,400                               | International Association of Machinists and Aerospace Workers, AFL\\-CIO (\"IAM 142\") | In negotiations                                                                                                                                                                                    |\n| Southwest Material Specialists (formerly known as Stock Clerks)                                    | 300                                 | International Brotherhood of Teamsters, Local 19 (\"IBT 19\")                         | In negotiations\\. The Company reached a tentative agreement with IBT 19 in January 2019\\. If ratified by the Company's Material Specialists, the contract will become amendable in 2024\\.          |\n| Southwest Mechanics                                                                                | 2,400                               | Aircraft Mechanics Fraternal Association (\"AMFA\")                                   | In negotiations                                                                                                                                                                                    |\n| Southwest Aircraft Appearance Technicians                                                          | 200                                 | AMFA                                                                                | Amendable November 2020                                                                                                                                                                            |\n| Southwest Facilities Maintenance Technicians                                                       | 40                                  | AMFA                                                                                | Amendable November 2022                                                                                                                                                                            |\n| Southwest Dispatchers                                                                              | 300                                 | Transportation Workers of America, AFL\\-CIO, Local 550 (\"TWU 550\")                  | Amendable June 2019                                                                                                                                                                                |\n| Southwest Flight Simulator Technicians                                                             | 50                                  | International Brotherhood of Teamsters (\"IBT\")                                      | Amendable May 2019\\. The Company reached a tentative agreement with IBT in February 2019\\. If ratified by the Company's Flight Simulator Technicians, the contract will become amendable in 2024\\. |\n| Southwest Flight Crew Training Instructors                                                         | 130                                 | Transportation Workers of America, AFL\\-CIO, Local 557 (\"TWU 557\")                  | Amendable January 2020                                                                                                                                                                             |\n| Southwest Meteorologists                                                                           | 10                                  | TWU 550                                                                             | Amendable June 2019                                                                                                                                                                                |\n\n\n\n**Additional Information About the Company** \n\nThe Company was incorporated in Texas in 1967\\. The following documents are available free of charge through the Company's website, www\\.southwest\\.com: the Company\u2019s annual report on Form 10\\-K, quarterly reports on Form 10\\-Q, current reports on Form 8\\-K, and any amendments to those reports that are filed with or furnished to the Securities and Exchange Commission (\"SEC\") pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934\\. These materials are made available through the Company's website as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC\\. In addition to its reports filed or furnished with the SEC, the Company publicly discloses material information from time to time in its press releases, at annual meetings of Shareholders, in publicly accessible conferences and Investor presentations, and through its website (principally in its Press Room and Investor Relations pages)\\. References to the Company's website in this Form 10\\-K are provided as a convenience and do not constitute, and should not be deemed, an incorporation by reference of the information contained on, or available through, the website, and such information should not be considered part of this Form 10\\-K\\.\n\n20"}
{"_id": "Southwest-2019_116.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nPART III\n\nItem 10\\.  Directors, Executive Officers, and Corporate Governance\n\nDirectors and Executive Officers\n\nThe information required by this Item 10 regarding the Company\u2019s directors will be set forth under the heading \u201cProposal 1 \\- Election of Directors\u201d in the Proxy Statement for the Company\u2019s  2020  Annual Meeting of Shareholders and is incorporated herein by reference\\. The information required by this Item 10 regarding the Company\u2019s executive officers is set forth under the heading \u201cInformation about our Executive Officers\u201d in Part I of this Form 10\\-K and is incorporated herein by reference\\.\n\nSection 16(a) Compliance\n\nIf applicable, the information required by this Item 10 regarding compliance with Section 16(a) of the Exchange Act will be set forth under the heading \u201cDelinquent Section 16(a) Reports\u201d in the Proxy Statement for the Company\u2019s  2020  Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\nCorporate Governance\n\nExcept as set forth in the following paragraph, the remaining information required by this Item 10 will be set forth under the heading \u201cCorporate Governance\u201d in the Proxy Statement for the Company\u2019s  2020  Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\nThe Company has adopted a Code of Ethics that applies to its principal executive officer, principal financial officer, and principal accounting officer or controller\\. The Company\u2019s Code of Ethics, as well as its Corporate Governance Guidelines and the charters of its Audit, Compensation, and Nominating and Corporate Governance Committees, are available on the Company\u2019s website, www\\.southwest\\.com\\. Copies of these documents are also available upon request to Investor Relations, Southwest Airlines Co\\., P\\.O\\. Box 36611, Dallas, TX 75235\\. The Company intends to disclose any amendments to, or waivers from, its Code of Ethics that apply to the Company\u2019s principal executive officer, principal financial officer, and principal accounting officer or controller on the Company\u2019s website, www\\.southwest\\.com, under the \u201cAbout Southwest\u201d caption, promptly following the date of any such amendment or waiver\\.\n\nItem 11\\.  Executive Compensation\n\nThe information required by this Item 11 will be set forth under the headings \u201cCompensation of Executive Officers\u201d and \u201cCompensation of Directors\u201d in the Proxy Statement for the Company\u2019s  2020  Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\nItem 12\\.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters\n\nExcept as set forth below regarding securities authorized for issuance under equity compensation plans, the information required by this Item 12 will be set forth under the heading \u201cVoting Securities and Principal Shareholders\u201d in the Proxy Statement for the Company\u2019s  2020  Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\nSecurities Authorized for Issuance under Equity Compensation Plans\n\nThe following table provides information as of  December 31, 2019 , regarding compensation plans under which equity securities of the Company are authorized for issuance\\.\n\n117"}
{"_id": "Southwest-2018_9.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe Company has committed significant resources to technology improvements in support of its ongoing operations and initiatives that continue to shape and guide the strategic future of the Company\\. The Company has completed a multi\\-year initiative to completely transition its reservation system to the Amadeus Alt\u00e9a Passenger Service System\\. The new reservation system, which represented the single largest technology project in the Company's history, was designed to improve flight scheduling and inventory management, enable operational enhancements to manage flight disruptions, such as those caused by extreme weather conditions, enable revenue enhancements, support additional international growth, and enable other foundational and operational capabilities\\.\n\nThe Company continues to focus on the prioritization and execution of its technology investments and is in the process of continually executing an evolving multi\\-year plan for technology, with the goal of developing a stronger, adaptable, and more efficient technology foundation to support the Company\u2019s strategic priorities\\. \n\nThe Company continues to invest significantly in technology resources including, among others, the Company's systems related to (i) aircraft maintenance record keeping, (ii) flight planning and scheduling, (iii) crew scheduling, and (iv) technology infrastructure\\.\n\n**Regulation**\n\nThe airline industry is heavily regulated, especially by the federal government, and there are a significant number of governmental agencies and legislative bodies that have the ability to directly or indirectly affect the Company and/or the airline industry financially and/or operationally\\. Examples of regulations affecting the Company and/or the airline industry, imposed by several of these governmental agencies and legislative bodies, are discussed below\\.\n\n**Economic and Operational Regulation**\n\n***Consumer Protection Regulation by the U\\.S\\. Department of Transportation***\n\nThe DOT regulates economic operating authority for air carriers and consumer protection for airline passengers\\. The FAA, an agency within the DOT, regulates aviation safety\\. The DOT and the FAA may impose civil penalties on air carriers for violating their regulations\\.\n\nTo provide passenger transportation in the United States, a domestic airline is required to hold both a Certificate of Public Convenience & Necessity from the DOT and an Air Carrier Operating Certificate from the FAA\\. A Certificate of Public Convenience & Necessity is unlimited in duration, and the Company\u2019s certificate generally permits it to operate among any points within the United States and its territories and possessions\\. Additional DOT authority, in the form of a certificate or exemption from certificate requirements, is required for a U\\.S\\. airline to serve foreign destinations either with its own aircraft or via code\\-sharing with another airline\\. Exemptions granted by the DOT to serve international markets are generally limited in duration and are subject to periodic renewal requirements\\. The DOT also has jurisdiction over international tariffs and pricing in certain markets\\. The DOT may revoke a certificate or exemption, in whole or in part, for intentional failure to comply with federal aviation statutes, regulations, orders, or the terms of the certificate itself\\.\n\nThe DOT's consumer protection and enforcement activities relate to areas such as unfair and deceptive practices and unfair competition by air carriers, deceptive airline advertising (concerning, e\\.g\\., fares, ontime performance, schedules, and code\\-sharing), and violations of rules concerning denied boarding compensation, ticket refunds, and baggage liability requirements\\. The DOT is also charged with prohibiting discrimination by airlines against consumers on the basis of (i) disability; and (ii) race, religion, national origin, sex, or ancestry\\.\n\nUnder the above\\-described authority, from 2008 through 2016, the DOT adopted so\\-called \"Passenger Protection Rules,\" which address a wide variety of matters, including flight delays on the tarmac, chronically delayed flights, denied boarding compensation, and advertising of airfares, among others\\. Under the Passenger Protection Rules, U\\.S\\. passenger airlines are required to adopt contingency plans that include the following: (i) assurances that no domestic flight will remain on the airport tarmac for more than three hours before beginning to return to the gate and that no international flight will remain on the tarmac at a U\\.S\\. airport for more than four hours before beginning to return to the gate, unless the pilot\\-in\\-command determines there is a safety\\-related or security\\-related impediment to deplaning passengers, or air traffic control advises the pilot\\-in\\-command that returning to the gate or permitting passengers to disembark elsewhere would significantly disrupt airport operations; (ii) an assurance that air carriers will provide \n\n10"}
{"_id": "Southwest-2017_47.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nSalaries, wages, and benefits expense for 2016 increased by $415 million, or 6\\.5 percent, compared with 2015\\. Salaries, wages, and benefits expense per ASM for 2016 increased 0\\.7 percent, compared with 2015\\. On both a dollar and per ASM basis, the increases were primarily due to wage rate increases as a result of agreements reached with multiple workgroups, increased training, additional headcount, and contractual increases\\. \n\nFuel and oil expense for 2016 increased by $31 million, or 0\\.9 percent, compared with 2015\\. On a per ASM basis, Fuel and oil expense for 2016 decreased 4\\.7 percent, compared with 2015, as the dollar increases were more than offset by the 5\\.7 percent increase in capacity\\. On a dollar basis, the increase was attributable to the $566 million increase in net losses resulting from the Company's fuel hedging program\\. Excluding the impact of hedging, Fuel and oil expense would have decreased by $535 million, or 15\\.9 percent, compared with 2015, due to lower market jet fuel prices\\. The Company's average economic jet fuel price per gallon decreased 7\\.2 percent year\\-over\\-year, from $2\\.07 for 2015 to $1\\.92 for 2016, not including premium expense of $0\\.06 and $0\\.08 per gallon, respectively\\. Fuel gallons consumed increased 5\\.0 percent, compared with 2015, while year\\-over\\-year capacity increased 5\\.7 percent\\. As a result of the Company's fuel hedging program, the Company recognized net losses totaling $820 million in Fuel and oil expense for 2016, compared with net losses totaling $254 million for 2015\\. These totals include cash settlements realized from the settlement of fuel derivative contracts associated with the Company's economic fuel hedge totaling $1\\.0 billion paid to counterparties for 2016, compared with $577 million paid to counterparties for 2015\\. Additionally, these totals exclude gains and/or losses recognized from hedge ineffectiveness and from derivatives that did not qualify for hedge accounting\\. These items are recorded as a component of Other (gains) losses, net\\. \n\nMaintenance materials and repairs expense for 2016 increased by $40 million, or 4\\.0 percent, compared with 2015\\. On a per ASM basis, Maintenance materials and repairs expense for 2016 decreased 2\\.8 percent, compared with 2015, as the dollar increases were more than offset by the 5\\.7 percent increase in capacity\\. On a dollar basis, the majority of the increase was attributable to the timing of regular maintenance checks and ongoing cabin refresh projects including updates for the Company's new Heart cabin interior\\. These increases were partially offset by lower engine expense as a result of the early retirement of the Classic fleet, as this decrease in engine repairs was only partially offset by higher 737\\-700 engine expense due to increased flight hours\\. \n\nAircraft rentals expense for 2016 decreased by $9 million, or 3\\.8 percent, compared with 2015\\. On a per ASM basis, Aircraft rentals expense decreased 11\\.8 percent, compared with 2015\\. On both a dollar and per ASM basis, the decreases were primarily due to the retirement of five 737\\-300 leased aircraft and two 737\\-500 leased aircraft since 2015, as well as the purchase of five leased 737\\-300s that were previously on operating lease during 2016\\. See Note Regarding Use of Non\\-GAAP Financial Measures for further information\\.\n\nLanding fees and other rentals expense for 2016 increased by $45 million, or 3\\.9 percent, compared with 2015\\. On a per ASM basis, Landing fees and other rentals expense for 2016 decreased 1\\.2 percent, compared with 2015, as the dollar increases were more than offset by the 5\\.7 percent increase in capacity\\. On a dollar basis, approximately 70 percent of the increase was due to higher space rental rates and usage at various airports\\. The remainder was due to a 3\\.5 percent increase in Trips flown coupled with heavier landing weights for the Company's higher capacity 737\\-800 aircraft, which in 2016 made up a larger portion of the Company's fleet than in 2015\\. \n\nDepreciation and amortization expense for 2016 increased by $206 million, or 20\\.3 percent, compared with 2015\\. On a per ASM basis, Depreciation and amortization expense increased 13\\.9 percent, compared with 2015\\. On both a dollar and per ASM basis, approximately 60 percent of the increases were due to the accelerated depreciation expense resulting from a change in the estimated retirement dates of many of the Company's owned Classic fleet from mid\\-2021 to third quarter 2017\\. The remainder of the increases were due to the purchase and capital lease of new and used aircraft since 2015\\. \n\nThe Company incurred no Acquisition and integration costs in 2016, compared with $39 million in 2015\\. The 2015 costs primarily consisted of Employee training and certain expenses associated with the grounding and conversion costs resulting from the transition of the Company's Boeing 717\\-200 fleet (\"B717s\") to Delta Air Lines (\"Delta\")\\. See Note 7 to the Consolidated Financial Statements for further information\\.\n\n48"}
{"_id": "Delta-2019_89.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nMD\\-90 Fleet Retirement\n\nAs part of our ongoing fleet transformation, during 2019 we committed to accelerating the retirement of our MD\\-90 fleet\\. This fleet will now be retired by the end of 2022, which is approximately two years earlier than previously planned\\. The decision to retire the fleet by 2022, including the permanent retirement of 35 aircraft during 2019, resulted in accelerated depreciation of $79 million during 2019, which is recorded in depreciation and amortization in our income statement\\.\n\nLATAM A350 Commitments\n\nWe have agreed to acquire four A350 aircraft from LATAM, which are included as purchase commitments in the table above\\. In addition, we plan to assume ten of LATAM's A350 purchase commitments from Airbus, with deliveries through 2025\\. See Note 4, \"Investments,\" for further information on our investment in LATAM\\.\n\nContract Carrier Agreements\n\nWe have contract carrier agreements with regional carriers expiring from 2020 to 2029\\.\n\nCapacity Purchase Agreements \\. Most of our contract carriers operate for us under capacity purchase agreements\\. Under these agreements, the contract carriers operate some or all of their aircraft using our flight designator codes, and we control the scheduling, pricing, reservations, ticketing and seat inventories of those aircraft and retain the revenues associated with those flights\\. We pay those airlines an amount, as defined in the applicable agreement, which is based on a determination of their cost of operating those flights and other factors intended to approximate market rates for those services\\.\n\nThe following table shows our minimum fixed obligations under our existing capacity purchase agreements with third\\-party regional carriers\\. The obligations set forth in the table contemplate minimum levels of flying by the contract carriers under the respective agreements and also reflect assumptions regarding certain costs associated with the minimum levels of flying such as the cost of fuel, labor, maintenance, insurance, catering, property tax and landing fees\\. Accordingly, our actual payments under these agreements could differ materially from the minimum fixed obligations set forth in the table below\\. \n\n\n\n|               |               |               |                 |\n|:------------- |:------------- |:------------- | ---------------:|\n| (in millions) | (in millions) | (in millions) | Amount ^(1)(2)^ |\n| 2020          | 2020          | 2020          |         $ 1,750 |\n| 2021          | 2021          | 2021          |           1,432 |\n| 2022          | 2022          | 2022          |           1,377 |\n| 2023          | 2023          | 2023          |           1,132 |\n| 2024          | 2024          | 2024          |           1,002 |\n| Thereafter    | Thereafter    | Thereafter    |           2,349 |\n| Total         | Total         | Total         |         $ 9,042 |\n\n\n\n^(1)^ These amounts exclude contract carrier payments accounted for as operating leases of aircraft, which are described in Note 8, \"Leases\\.\"\n\n^(2)^ In January 2020, we agreed not to renew our CRJ\\-900 contract with GoJet Airlines, LLC and to end those operations by the end of 2020\\. The table above reflects our commitments under that contract as of December 31, 2019\\.\n\nRevenue Proration Agreement \\. As of December 31, 2019, a portion of our contract carrier agreement with SkyWest Airlines, Inc\\. was structured as a revenue proration agreement\\. This revenue proration agreement establishes a fixed dollar or percentage division of revenues for tickets sold to passengers traveling on connecting flight itineraries\\.\n\n87"}
{"_id": "United-2019_5.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nSeasonality\\.  The air travel business is subject to seasonal fluctuations\\. Historically, demand for air travel is higher in the second and third quarters, driving higher revenues, than in the first and fourth quarters, which are periods of lower travel demand\\.\n\nIndustry Regulation\n\nDomestic Regulation\\.  All carriers engaged in air transportation in the United States are subject to regulation by the DOT\\. Absent an exemption, no air carrier may provide air transportation of passengers or property without first being issued a DOT certificate of public convenience and necessity\\. The DOT also grants international route authority, approves international codeshare arrangements and regulates methods of competition\\. The DOT regulates consumer protection and maintains jurisdiction over advertising, denied boarding compensation, tarmac delays, baggage liability and other areas and may add additional expensive regulatory burdens in the future\\. The DOT has launched investigations or claimed rulemaking authority to regulate commercial agreements among carriers or between carriers and third parties in a wide variety of contexts\\. \n\nAirlines are also regulated by the Federal Aviation Administration (the \"FAA\"), an agency within the DOT, primarily in the areas of flight safety, air carrier operations and aircraft maintenance and airworthiness\\. The FAA issues air carrier operating certificates and aircraft airworthiness certificates, prescribes maintenance procedures, oversees airport operations, and regulates pilot and other employee training\\. From time to time, the FAA issues directives that require air carriers to inspect, modify or ground aircraft and other equipment, potentially causing the Company to incur substantial, unplanned expenses\\. The airline industry is also subject to numerous other federal laws and regulations\\. The U\\.S\\. Department of Homeland Security (\"DHS\") has jurisdiction over virtually every aspect of civil aviation security\\. The Antitrust Division of the U\\.S\\. Department of Justice (\"DOJ\") has jurisdiction over certain airline competition matters\\. The U\\.S\\. Postal Service has authority over certain aspects of the transportation of mail by airlines\\. Labor relations in the airline industry are generally governed by the Railway Labor Act (\"RLA\"), a federal statute\\. The Company is also subject to investigation inquiries by the DOT, FAA, DOJ, DHS, the U\\.S\\. Food and Drug Administration (\"FDA\"), the U\\.S\\. Department of Agriculture (\"USDA\") and other U\\.S\\. and international regulatory bodies\\.\n\nAirport Access\\.  Access to landing and take\\-off rights, or \"slots,\" at several major U\\.S\\. airports served by the Company are subject to government regulation\\. Federally\\-mandated domestic slot restrictions that limit operations and regulate capacity currently apply at three airports: Reagan National Airport in Washington, D\\.C\\. (\"Reagan National\"), John F\\. Kennedy International Airport and LaGuardia Airport (\"LaGuardia\") in the New York City metropolitan region\\. Of these three airports, United currently operates at two: Reagan National and LaGuardia\\. Additional restrictions on takeoff and landing slots at these and other airports may be implemented in the future and could affect the Company's rights of ownership and transfer as well as its operations\\.\n\nLegislation \\. The airline industry is subject to legislative actions (or inactions) that may have an impact on operations and costs\\.  In 2018, the U\\.S\\. Congress approved a five\\-year reauthorization for the FAA, which encompasses significant aviation tax and policy\\-related issues\\. The law includes a range of policy changes related to airline customer service and aviation safety which are ongoing and, depending on how they are implemented, could impact our operations and costs\\. Additionally, the U\\.S\\. Congress may consider legislation related to aviation safety as well as environmental issues which could impact the Company and the airline industry\\. \n\nCatering Operations \\. The Company owns and operates catering kitchens at airports in Denver, Cleveland, Newark, Houston, and Honolulu, which prepare ready\\-to\\-eat food for United flights\\. Some of the Company's kitchens also prepare ready\\-to\\-eat food for other domestic and international airlines\\. The Company's onboard food service operations are subject to FDA regulation through its interstate conveyance sanitation regulations, and the Company's catering operations are subject to regulation by the FDA and the USDA, as well as other federal, state, and local regulatory agencies\\. In particular, the FDA enforces the Federal Food Safety Modernization Act which requires all food manufacturers, including ready\\-to\\-eat catering operations, to implement stringent risk\\-based preventive controls\\. As a result, the Company's catering and food service operations are periodically subject to inspections and enforcement by regulatory agencies\\.\n\nInternational Regulation\\.  International air transportation is subject to extensive government regulation\\. In connection with the Company's international services, the Company is regulated by both the U\\.S\\. government and the governments of the foreign countries the Company serves\\. In addition, the availability of international routes to U\\.S\\. carriers is regulated by aviation agreements between the U\\.S\\. and foreign governments, and in some cases, fares and schedules require the approval of the DOT and/or the relevant foreign governments\\.\n\nLegislation\\.  Foreign countries are increasingly enacting passenger protection laws, rules and regulations that meet or exceed U\\.S\\. requirements\\. In cases where this activity exceeds U\\.S\\. requirements, additional burden and liability may be placed on the Company\\. Certain countries have regulations requiring passenger compensation and/or enforcement penalties from the Company in addition to changes in operating procedures due to canceled and delayed flights\\.\n\n6"}
{"_id": "Southwest-2019_74.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\ncounterparties containing early termination rights and/or bilateral collateral provisions whereby security is required if market risk exposure exceeds a specified threshold amount or credit ratings fall below certain levels\\. Collateral deposits provided to or held from counterparties serve to decrease, but not totally eliminate, the credit risk associated with the Company\u2019s hedging program\\. See  Note 10  for further information\\.\n\nAs of  December 31, 2019 , the Company operated an all\\-Boeing fleet, all of which are variations of the Boeing 737\\. The Boeing 737 MAX aircraft (\"MAX\") are crucial to the Company\u2019s growth plans and fleet modernization initiatives\\. On March 13, 2019, the FAA issued an emergency order for all U\\.S\\. airlines to ground the MAX aircraft, including the   34  MAX aircraft in the Company\u2019s fleet\\. The MAX aircraft remains grounded and, based on continued uncertainty around the timing of the MAX return to service, the Company has removed the MAX from its flight schedule through June 6, 2020\\. Based on recent guidance from Boeing estimating that the ungrounding of the MAX will be mid\\-2020, the Company will likely extend MAX\\-related flight schedule adjustments further to provide operational reliability and dependable flight schedules for our Customers booking their summer travel\\. Further, MAX deliveries have remained suspended following the MAX groundings and Boeing is not currently manufacturing new MAX aircraft\\. The Company does not know whether, on what conditions, or when the MAX groundings will end\\. Regulatory approval of MAX return to service is subject to Boeing's ongoing work with the FAA, who will determine the timing of MAX return to service\\.\n\nThe MAX groundings adversely affected operating results for the year ended December 31, 2019, and could have a material, adverse effect on the Company's operating results in future periods\\. A continued prolonged extension or permanent grounding of the MAX aircraft would require additional flight schedule adjustments and result in further delays in aircraft deliveries, as well as lower operating revenues, operating income, and net income due to a variety of factors, including, among others, (i) lost revenue due to flight cancellations and disruptions as a result of a smaller operating aircraft fleet, (ii) the lack of ability to make corresponding reductions in expenses because of the fixed nature of many expenses, and (iii) possible negative effects on Customer confidence and airline choice\\. \n\nBoeing no longer manufactures versions of the 737 other than the 737 MAX family of aircraft\\. If the 737 MAX aircraft were to remain unavailable for the Company\u2019s flight operations, the Company\u2019s growth would be restricted unless and until it could procure and operate other types of aircraft from Boeing or another manufacturer, seller, or lessor, and the Company\u2019s operations would be materially adversely affected\\. In particular, if the Company\u2019s growth were to be dependent upon the introduction of a new aircraft make and model to the Company\u2019s fleet, the Company would need to, among other things, (i) develop and implement new maintenance, operating, and training programs, (ii) secure extensive regulatory approvals, and (iii) implement new technologies\\. The requirements associated with operating a new aircraft make and model could take an extended period of time to fulfill and would likely impose substantial costs on the Company\\. A shift away from a single fleet type could also add complexity to the Company\u2019s operations, present operational and compliance risks, and materially increase the Company's costs\\. Any of these events would have a material, adverse effect on the Company's business, operating results, and financial condition\\. The Company could also be materially adversely affected if the pricing or operational attributes of its aircraft were to become less competitive\\. See Note 16 for further information\\. \n\nThe Company is also dependent on sole or limited suppliers for aircraft engines and certain other aircraft parts and services and would, therefore, also be materially adversely impacted in the event of the unavailability of, inadequate support for, or a mechanical or regulatory issue associated with, engines and other parts\\.\n\nThe Company has historically entered into agreements with some of its co\\-brand, payment, and loyalty partners that contain exclusivity aspects which place certain confidential restrictions on the Company from entering into certain arrangements with other payment and loyalty partners\\. These arrangements generally extend for the terms of the agreements, which typically are for five to seven years, but none of which are more than ten years in length\\. Some of these agreements automatically renew on an annual basis, unless either party objects to such extension\\. The Company believes the financial benefits generated by the exclusivity aspects of these arrangements outweigh the risks involved with such agreements\\.\n\n75"}
{"_id": "Alaska-2018_49.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nThe following table summarizes our expected fleet count by year, as of February 15, 2019: \n\n\n\n|                                    |                        |                        |                                      |                                      |                                      |                                      |\n| ---------------------------------- | ---------------------- | ---------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                    | **Actual Fleet Count** | **Actual Fleet Count** | **Contractual Deliveries** **^(a)^** | **Contractual Deliveries** **^(a)^** | **Contractual Deliveries** **^(a)^** | **Contractual Deliveries** **^(a)^** |\n| **Aircraft**                       | **Dec 31, 2017**       | **Dec 31, 2018**       | **2019 Changes**                     | **Dec 31, 2019**                     | **2020 Changes**                     | **Dec 31, 2020**                     |\n| B737 Freighters                    | 3                      | 3                      | \u2014                                    | 3                                    | \u2014                                    | 3                                    |\n| B737 Passenger Aircraft ^(c)^      | 151                    | 159                    | 7                                    | 166                                  | 2                                    | 168                                  |\n| Airbus Passenger Aircraft          | 67                     | 71                     | 1                                    | 72                                   | (2)                                  | 70                                   |\n| **Total Mainline Fleet**           | 221                    | 233                    | 8                                    | 241                                  | \u2014                                    | 241                                  |\n| Q400 operated by Horizon ^(b)^     | 50                     | 39                     | (8)                                  | 31                                   | (8)                                  | 23                                   |\n| E175 operated by Horizon ^(b)^     | 10                     | 26                     | 4                                    | 30                                   | \u2014                                    | 30                                   |\n| E175 operated by third party ^(b)^ | 23                     | 32                     | \u2014                                    | 32                                   | \u2014                                    | 32                                   |\n| **Total Regional Fleet**           | 83                     | 97                     | (4)                                  | 93                                   | (8)                                  | 85                                   |\n| **Total**                          | 304                    | 330                    | 4                                    | 334                                  | (8)                                  | 326                                  |\n\n\n\n\n\n|       |                                                                                     |\n| ----- | ----------------------------------------------------------------------------------- |\n| ^(a)^ | The expected fleet counts at  December 31, 2019  and  2020  are subject to change\\. |\n\n\n\n\n\n|       |                                                                                                                    |\n| ----- | ------------------------------------------------------------------------------------------------------------------ |\n| ^(b)^ | Aircraft are either owned or leased by Horizon or operated under capacity purchase agreement with a third party\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                                                   |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(c)^ | Aircraft deliveries reflect the supplemental agreement entered with Boeing in the first quarter of 2018 which deferred certain B737 deliveries\\. Our first MAX9 delivery is scheduled for 2019\\.  |\n\n\n\nFor future firm orders and option exercises, we may finance the aircraft through cash from operations, long\\-term debt, or lease arrangements\\.\n\n***Future Fuel Hedge Positions***\n\nAll of our future oil positions are call options, which are designed to effectively cap the cost of the crude oil component of our jet fuel purchases\\. With call options, we are hedged against volatile crude oil price increases; and, during a period of decline in crude oil prices, we only forfeit cash previously paid for hedge premiums\\. Our crude oil positions are as follows:\n\n\n\n|                     |                                                 |                                                  |                                     |\n| ------------------- | ----------------------------------------------- | ------------------------------------------------ | ----------------------------------- |\n|                     | **Approximate % of Expected Fuel Requirements** | **Weighted\\-Average Crude Oil Price per Barrel** | **Average Premium Cost per Barrel** |\n| First Quarter 2019  | 50%                                             | $72                                              | $1                                  |\n| Second Quarter 2019 | 50%                                             | $76                                              | $1                                  |\n| Third Quarter 2019  | 40%                                             | $77                                              | $2                                  |\n| Fourth Quarter 2019 | 30%                                             | $76                                              | $2                                  |\n|  **Full Year 2019** | **42%**                                         | **$75**                                          | **$2**                              |\n| First Quarter 2020  | 20%                                             | $70                                              | $3                                  |\n| Second Quarter 2020 | 10%                                             | $64                                              | $3                                  |\n|  **Full Year 2020** | **7%**                                          | **$68**                                          | **$3**                              |\n\n\n\n 50"}
{"_id": "Delta-2017_60.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nWe have not completed our assessment, but the adoption of this standard will have a significant impact on our Consolidated Balance Sheets\\. However, we do not expect the adoption to have a significant impact on the recognition, measurement or presentation of lease expenses within the Consolidated Statements of Operations or the Consolidated Statements of Cash Flows\\. Information about our undiscounted future lease payments and the timing of those payments is in  Note 7 , \"Lease Obligations\\.\" We will adopt this standard effective January 1, 2019\\. \n\nStatement of Cash Flows\\.  In 2016, the FASB issued ASU Nos\\. 2016\\-15 and 2016\\-18 related to the classification of certain cash receipts and cash payments and the presentation of restricted cash within an entity's statement of cash flows, respectively\\. We will adopt the standards effective January 1, 2018\\.\n\nFinancial Instruments\\.  In 2016, the FASB issued ASU No\\. 2016\\-01, \"Financial Instruments\u2014Overall (Subtopic 825\\-10)\\.\" This standard makes several changes, including the elimination of the available\\-for\\-sale classification of equity investments, and requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income\\. We will adopt the standard effective January 1, 2018\\. This standard does not apply to our investments in Grupo Aerom\u00e9xico and Virgin Atlantic, which are accounted for under the equity method\\.\n\nOur investments in GOL Linhas A\u00e9reas Inteligentes, the parent company of VRG Linhas A\u00e9reas (operating as GOL) and China Eastern are currently accounted for as available\\-for\\-sale with changes in fair value recognized in other comprehensive income\\. At the time of adoption, the balance in accumulated other comprehensive income/(loss) (\"AOCI\") related to equity investments will be reclassified to retained earnings\\. As of December 31, 2017, a net unrealized gain of   $162 million  related to these investments was recorded in AOCI on our Consolidated Balance Sheet\\. \n\nOur investment in Air France\\-KLM is currently accounted for at cost as our investment agreement restricts the sale or transfer of these shares for five years\\. Despite the restriction, upon adoption of ASU No\\. 2016\\-01, this investment will be accounted for at fair value with changes in fair value recognized in net income\\.\n\nRetirement Benefits\\.  In 2017, the FASB issued ASU No\\. 2017\\-07, \"Compensation\u2014Retirement Benefits (Topic 715)\\.\" This standard requires an entity to report the service cost component in the same line item as other compensation costs\\. The other components of net (benefit) cost will be required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations\\. In 2017, we recorded   $50 million  of non\\-service costs that will be reclassified to non\\-operating expense upon adoption\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2017\\. We will adopt the standard effective January 1, 2018\\.\n\nComprehensive Income \\. In February 2018, the FASB issued ASU No\\. 2018\\-02, \"Income Statement\u2014Reporting Comprehensive Income (Topic 220)\\.\" This standard provides financial statement preparers with an option to reclassify stranded tax effects within AOCI from retained earnings due to the U\\.S\\. federal corporate income tax rate change in the Tax Cuts and Jobs Act of 2017\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2018, and early adoption is permitted\\. The adoption of the standard may impact tax amounts stranded in AOCI related to our pension plans\\. See  Note 11  of the Notes to the Consolidated Financial Statements for more information\\. \n\nCash and Cash Equivalents and Short\\-Term Investments\n\nShort\\-term, highly liquid investments with maturities of three months or less when purchased are classified as cash and cash equivalents\\.Investments with maturities of greater than three months, but not in excess of one year, when purchased are classified as short\\-term investments\\. Investments with maturities beyond one year when purchased may be classified as short\\-term investments if they are expected to be available to support our short\\-term liquidity needs\\. All short\\-term investments are classified as either available\\-for\\-sale or held\\-to\\-maturity, and realized gains and losses are recorded using the specific identification method\\.\n\nAccounts Receivable\n\nAccounts receivable primarily consist of amounts due from credit card companies from the sale of passenger airline tickets, customers of our aircraft maintenance and cargo transportation services and other companies for the purchase of mileage credits under our frequent flyer program (the \"SkyMiles program\")\\. We provide an allowance for uncollectible accounts equal to the estimated losses expected to be incurred based on historical chargebacks, write\\-offs, bankruptcies and other specific analyses\\. Bad debt expense was not material in any period presented\\.\n\n 56"}
{"_id": "AmericanAirlines-2017_47.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nAs of December 31, 2017, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption\\. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices\\. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review that policy from time to time based on market conditions and other factors\\.\n\n***Other Costs***\n\nWe remain committed to actively managing our cost structure, which we believe is necessary in an industry whose economic prospects are heavily dependent upon two variables we cannot control: the health of the economy and the price of fuel\\.\n\nOur 2017 mainline CASM was 12\\.96 cents, an increase of 8\\.6%, from 11\\.94 cents in 2016\\. The increase was primarily driven by higher fuel costs and higher wage rates due to the mid\\-contract pay increases described above\\.\n\nOur 2017 mainline CASM excluding special items and fuel was 10\\.16 cents, an increase of 6\\.4%, from 9\\.54 cents in 2016, which was also driven by higher wage rates as described above\\.\n\nFor a reconciliation of mainline CASM excluding special items and fuel, see Part II, Item 6\\. Selected Consolidated Financial Data \u2013 *\u201cReconciliation of GAAP to Non\\-GAAP Financial Measures\\.\u201d*\n\n***Income Taxes***\n\nAs of December 31, 2017, we had approximately $10\\.0 billion of federal NOLs and $3\\.4 billion of state NOLs, substantially all of which we expect to be available in 2018 to reduce future federal and state taxable income\\. While we currently do not pay federal cash income taxes, we believe the December 2017 enactment of the 2017 Tax Act represents a significant benefit for us and our stockholders\\. Commencing in 2018, our effective tax rate has been reduced from approximately 38% to approximately 24%, which will significantly reduce our federal tax liability when we do become a cash tax payer\\. In addition, we presently expect to receive cash tax refunds of approximately $170 million in both 2019 and 2020 due to the repeal of the corporate Alternative Minimum Tax (AMT)\\.\n\n***Liquidity***\n\nAs of December 31, 2017, we had approximately $7\\.6 billion in total available liquidity, consisting of $5\\.1 billion in unrestricted cash and short\\-term investments and $2\\.5 billion in undrawn revolving credit facilities\\. We also had restricted cash and short\\-term investments of $318 million\\. As described above, in connection with our strategic objective \u201cEnsure Long\\-Term Financial Strength,\u201d we completed several transactions during 2017 to ensure our long\\-term competitiveness\\. During 2017, we:\n\n\n\n|   |                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Repriced $4\\.9 billion of our term loans at lower rates and extended and increased our revolving credit facilities\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Continued to take advantage of historically low interest rates to finance new aircraft deliveries under our fleet renewal program\\. We issued an aggregate principal amount of  $2\\.0 billion  in Enhanced Equipment Trust Certificate (EETC) equipment notes at an average fixed interest rate of  3\\.74% , as well as  $1\\.0 billion  in other equipment notes, which primarily bear interest at variable rates based on LIBOR plus a margin, averaging  3\\.08%  at December 31, 2017\\. |\n\n\n\n\n\n|   |                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------ |\n| \u2022 | Raised approximately  $853 million  in net proceeds from aircraft sale\\-leaseback transactions\\. |\n\n\n\nSee Note 5 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 3 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on our debt obligations\\.\n\n48"}
{"_id": "AmericanAirlines-2018_117.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n\n\n|       |                                                                                                                                                                                                                                                                   |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(e)^ | Includes approximately  27%  investments in U\\.S\\. domestic government securities,  43%  in emerging market government securities and  30%  in international government securities\\. There are no significant foreign currency risks within this classification\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(f)^ | Includes limited partnerships that invest primarily in U\\.S\\. ( 94% ) and European ( 6% ) buyout opportunities of a range of privately held companies\\. The pension plan\u2019s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated\\. It is estimated that the underlying assets of these funds will be gradually liquidated over the next  one  to  ten years \\. Additionally, the pension plan\u2019s master trust has future funding commitments of approximately  $903 million  over the next  ten years \\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(g)^ | Investment includes  42%  in a collective interest trust investing primarily in short\\-term securities,  40%  in an emerging market 103\\-12 Investment Trust with investments in emerging country equity securities,  10%  in Canadian segregated balanced value, income growth and diversified pooled funds and  8%  in a common/collective trust investing in securities of smaller companies located outside the U\\.S\\., including developing markets\\. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                            |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(h)^ | Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy\\. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements\\. |\n\n\n\nChanges in fair value measurements of Level 3 investments during the year ended December 31, 2018, were as follows (in millions):\n\n\n\n|                                                     |                                 |                                                  |\n| --------------------------------------------------- | ------------------------------- | ------------------------------------------------ |\n|                                                     | **Private Market Partnerships** | **Insurance Group**<br><br>**Annuity Contracts** |\n| Beginning balance at December 31, 2017              | $14                             | $2                                               |\n| Actual loss on plan assets:                         |                                 |                                                  |\n| Relating to assets still held at the reporting date | (2)                             | \u2014                                                |\n| Purchases                                           | 1                               | \u2014                                                |\n| Sales                                               | (6)                             | \u2014                                                |\n| Ending balance at December 31, 2018                 | $7                              | $2                                               |\n\n\n\nChanges in fair value measurements of Level 3 investments during the year ended December 31, 2017, were as follows (in millions):\n\n\n\n|                                                     |                                            |                                                  |\n| --------------------------------------------------- | ------------------------------------------ | ------------------------------------------------ |\n|                                                     | **Private Market**<br><br>**Partnerships** | **Insurance Group**<br><br>**Annuity Contracts** |\n| Beginning balance at December 31, 2016              | $21                                        | $2                                               |\n| Actual loss on plan assets:                         |                                            |                                                  |\n| Relating to assets still held at the reporting date | (4)                                        | \u2014                                                |\n| Purchases                                           | 1                                          | \u2014                                                |\n| Sales                                               | (1)                                        | \u2014                                                |\n| Transfers out                                       | (3)                                        | \u2014                                                |\n| Ending balance at December 31, 2017                 | $14                                        | $2                                               |\n\n\n\n118"}
{"_id": "Southwest-2019_63.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nItem 8\\.   Financial Statements and Supplementary Data\n\nSouthwest Airlines Co\\.\n\nConsolidated Balance Sheet\n\n(in millions, except share data)\n\n\n\n|                                                                                                                      |                       |                       |\n| -------------------------------------------------------------------------------------------------------------------- | --------------------- | --------------------- |\n|                                                                                                                      | **December 31, 2019** | **December 31, 2018** |\n| **ASSETS**                                                                                                           |                       |                       |\n| Current assets:                                                                                                      |                       |                       |\n| Cash and cash equivalents                                                                                            | $2,548                | $1,854                |\n| Short\\-term investments                                                                                              | 1,524                 | 1,835                 |\n| Accounts and other receivables                                                                                       | 1,086                 | 568                   |\n| Inventories of parts and supplies, at cost                                                                           | 529                   | 461                   |\n| Prepaid expenses and other current assets                                                                            | 287                   | 310                   |\n| Total current assets                                                                                                 | 5,974                 | 5,028                 |\n| Property and equipment, at cost:                                                                                     |                       |                       |\n| Flight equipment                                                                                                     | 21,629                | 21,753                |\n| Ground property and equipment                                                                                        | 5,672                 | 4,960                 |\n| Deposits on flight equipment purchase contracts                                                                      | 248                   | 775                   |\n| Assets constructed for others                                                                                        | 164                   | 1,768                 |\n|                                                                                                                      | 27,713                | 29,256                |\n| Less allowance for depreciation and amortization                                                                     | 10,688                | 9,731                 |\n|                                                                                                                      | 17,025                | 19,525                |\n| Goodwill                                                                                                             | 970                   | 970                   |\n| Operating lease right\\-of\\-use assets                                                                                | 1,349                 | \u2014                     |\n| Other assets                                                                                                         | 577                   | 720                   |\n|                                                                                                                      | $25,895               | $26,243               |\n| **LIABILITIES AND STOCKHOLDERS' EQUITY**                                                                             |                       |                       |\n| Current liabilities:                                                                                                 |                       |                       |\n| Accounts payable                                                                                                     | $1,574                | $1,416                |\n| Accrued liabilities                                                                                                  | 1,749                 | 1,749                 |\n| Current operating lease liabilities                                                                                  | 353                   | \u2014                     |\n| Air traffic liability                                                                                                | 4,457                 | 4,134                 |\n| Current maturities of long\\-term debt                                                                                | 819                   | 606                   |\n| Total current liabilities                                                                                            | 8,952                 | 7,905                 |\n| Long\\-term debt less current maturities                                                                              | 1,846                 | 2,771                 |\n| Air traffic liability \\- noncurrent                                                                                  | 1,053                 | 936                   |\n| Deferred income taxes                                                                                                | 2,364                 | 2,427                 |\n| Construction obligation                                                                                              | 164                   | 1,701                 |\n| Noncurrent operating lease liabilities                                                                               | 978                   | \u2014                     |\n| Other noncurrent liabilities                                                                                         | 706                   | 650                   |\n| Stockholders' equity:                                                                                                |                       |                       |\n| Common stock, $1\\.00 par value: 2,000,000,000 shares authorized; <br><br> 807,611,634 shares issued in 2019 and 2018 | 808                   | 808                   |\n| Capital in excess of par value                                                                                       | 1,581                 | 1,510                 |\n| Retained earnings                                                                                                    | 17,945                | 15,967                |\n| Accumulated other comprehensive income (loss)                                                                        | (61<br><br>)          | 20                    |\n| Treasury stock, at cost: 288,547,318 and 255,008,275 shares<br><br> in 2019 and 2018 respectively                    | (10,441<br><br>)      | (8,452<br><br>)       |\n| Total stockholders' equity                                                                                           | 9,832                 | 9,853                 |\n|                                                                                                                      | $25,895               | $26,243               |\n\n\n\nSee accompanying notes\\.\n\n64"}
{"_id": "AmericanAirlines-2018_0.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n10\\-K 1 a10k123118\\.htm 10\\-K 2018 02\\.25\\.19 \n\n**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D\\.C\\. 20549**\n\n\n\n|                |                |                |\n| -------------- | -------------- | -------------- |\n| **FORM 10\\-K** | **FORM 10\\-K** | **FORM 10\\-K** |\n\n\n\n\n\n|   |                                                                                          |\n| - | ---------------------------------------------------------------------------------------- |\n| \u2612 | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\n**For the Fiscal Year Ended** **December 31, 2018**\n\n\n\n|   |                                                                                              |\n| - | -------------------------------------------------------------------------------------------- |\n| \u2610 | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\n**For the Transition Period From to** \n\nCommission file number 1\\-8400\n\n\n\n|                                                                                               |                                                                                               |                                                                                               |\n| --------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------- |\n| **American Airlines Group Inc\\.**  <br>(Exact name of registrant as specified in its charter) | **American Airlines Group Inc\\.**  <br>(Exact name of registrant as specified in its charter) | **American Airlines Group Inc\\.**  <br>(Exact name of registrant as specified in its charter) |\n\n\n\n\n\n|                                                                           |                                                      |\n| ------------------------------------------------------------------------- | ---------------------------------------------------- |\n| **Delaware**                                                              | **75\\-1825172**                                      |\n| *(State or other jurisdiction of*<br><br>*incorporation or organization)* | *(I\\.R\\.S\\. Employer*<br><br>*Identification No\\.)*  |\n| **4333 Amon Carter Blvd\\., Fort Worth, Texas 76155**                      | **(817) 963\\-1234**                                  |\n| *(Address of principal executive offices, including zip code)*            | *Registrant\u2019s telephone number, including area code* |\n\n\n\n*(Former name, former address and former fiscal year, if changed since last report)*\n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n\n\n|                                          |                                          |\n| ---------------------------------------- | ---------------------------------------- |\n|                                          | **Name of Exchange on Which Registered** |\n| Common Stock, $0\\.01 par value per share | NASDAQ                                   |\n\n\n\n**Securities registered pursuant to Section 12(g) of the Act: None**\n\nCommission file number 1\\-2691\n\n\n\n|                                                                                          |                                                                                          |                                                                                          |\n| ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- |\n| **American Airlines, Inc\\.**  <br>(Exact name of registrant as specified in its charter) | **American Airlines, Inc\\.**  <br>(Exact name of registrant as specified in its charter) | **American Airlines, Inc\\.**  <br>(Exact name of registrant as specified in its charter) |\n\n\n\n\n\n|                                                                           |                                                      |\n| ------------------------------------------------------------------------- | ---------------------------------------------------- |\n| **Delaware**                                                              | **13\\-1502798**                                      |\n| *(State or other jurisdiction of*<br><br>*incorporation or organization)* | *(I\\.R\\.S\\. Employer*<br><br>*Identification No\\.)*  |\n| **4333 Amon Carter Blvd\\., Fort Worth, Texas 76155**                      | **(817) 963\\-1234**                                  |\n| *(Address of principal executive offices, including zip code)*            | *Registrant\u2019s telephone number, including area code* |\n\n\n\n**Securities registered pursuant to Section 12(b) of the Act: None**\n\n**Securities registered pursuant to Section 12(g) of the Act: None**\n\n**\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_**\n\nIndicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2612 | No | \u2610 |\n| American Airlines, Inc\\.      | Yes | \u2612 | No | \u2610 |"}
{"_id": "Alaska-2018_59.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY**\n\n\n\n|                                                      |                                |                  |                                    |                    |                                                   |                       |            |\n| ---------------------------------------------------- | ------------------------------ | ---------------- | ---------------------------------- | ------------------ | ------------------------------------------------- | --------------------- | ---------- |\n| ***(in millions)***                                  | ***Common Stock Outstanding*** | **Common Stock** | **Capital in Excess of Par Value** | **Treasury Stock** | **Accumulated Other Comprehensive Income (Loss)** | **Retained Earnings** | **Total**  |\n| **Balances at December 31, 2015**                    | *125\\.175*                     | $1               | $73                                | $(250)             | $(303)                                            | $2,890                | $2,411     |\n| Cumulative effect of accounting changes ^(a)^        | \u2014                              | \u2014                | \u2014                                  | \u2014                  | \u2014                                                 | (170)                 | (170)      |\n| 2016 net income                                      | \u2014                              | \u2014                | \u2014                                  | \u2014                  | \u2014                                                 | 797                   | 797        |\n| Other comprehensive income (loss)                    | \u2014                              | \u2014                | \u2014                                  | \u2014                  | (2)                                               | \u2014                     | (2)        |\n| Common stock repurchase                              | *(2\\.595)*                     | \u2014                | \u2014                                  | (193)              | \u2014                                                 | \u2014                     | (193)      |\n| Stock\\-based compensation                            | \u2014                              | \u2014                | 19                                 | \u2014                  | \u2014                                                 | \u2014                     | 19         |\n| Cash dividend declared                               | *\u2014*                            | \u2014                | \u2014                                  | \u2014                  | \u2014                                                 | (136)                 | (136)      |\n| Stock issued for employee stock purchase plan        | *0\\.309*                       | \u2014                | 17                                 | \u2014                  | \u2014                                                 | \u2014                     | 17         |\n| Stock issued under stock plans                       | *0\\.439*                       | \u2014                | 1                                  | \u2014                  | \u2014                                                 | \u2014                     | 1          |\n| **Balances at December 31, 2016**                    | *123\\.328*                     | 1                | 110                                | (443)              | (305)                                             | 3,381                 | 2,744      |\n| 2017 net income                                      | \u2014                              | \u2014                | \u2014                                  | \u2014                  | \u2014                                                 | 960                   | 960        |\n| Other comprehensive income (loss)                    | \u2014                              | \u2014                | \u2014                                  | \u2014                  | (75)                                              | \u2014                     | (75)       |\n| Common stock repurchase                              | *(0\\.981)*                     | \u2014                | \u2014                                  | (75)               | \u2014                                                 | \u2014                     | (75)       |\n| Stock\\-based compensation                            | \u2014                              | \u2014                | 34                                 | \u2014                  | \u2014                                                 | \u2014                     | 34         |\n| Cash dividend declared                               | *\u2014*                            | \u2014                | \u2014                                  | \u2014                  | \u2014                                                 | (148)                 | (148)      |\n| Stock issued for employee stock purchase plan        | *0\\.407*                       | \u2014                | 24                                 | \u2014                  | \u2014                                                 | \u2014                     | 24         |\n| Stock issued under stock plans                       | *0\\.307*                       | \u2014                | (4)                                | \u2014                  | \u2014                                                 | \u2014                     | (4)        |\n| **Balances at December 31, 2017**                    | *123\\.061*                     | 1                | 164                                | (518)              | (380)                                             | 4,193                 | 3,460      |\n| Reclassification of tax effects to retained earnings | \u2014                              | \u2014                | \u2014                                  | \u2014                  | (62)                                              | 62                    | \u2014          |\n| 2018 net income                                      | \u2014                              | \u2014                | \u2014                                  | \u2014                  | \u2014                                                 | 437                   | 437        |\n| Other comprehensive income (loss)                    | \u2014                              | \u2014                | \u2014                                  | \u2014                  | (6)                                               | \u2014                     | (6)        |\n| Common stock repurchase                              | *(0\\.776)*                     | \u2014                | \u2014                                  | (50)               | \u2014                                                 | \u2014                     | (50)       |\n| Stock\\-based compensation                            | \u2014                              | \u2014                | 36                                 | \u2014                  | \u2014                                                 | \u2014                     | 36         |\n| Cash dividend declared                               | *\u2014*                            | \u2014                | \u2014                                  | \u2014                  | \u2014                                                 | (158)                 | (158)      |\n| Stock issued for employee stock purchase plan        | *0\\.632*                       | \u2014                | 35                                 | \u2014                  | \u2014                                                 | \u2014                     | 35         |\n| Stock issued under stock plans                       | *0\\.277*                       | \u2014                | (3)                                | \u2014                  | \u2014                                                 | \u2014                     | (3)        |\n| **Balances at December 31, 2018**                    | ***123\\.194***                 | **$1**           | **$232**                           | **$(568)**         | **$(448)**                                        | **$4,534**            | **$3,751** |\n\n\n\n\n\n|     |                                                                                                                                 |\n| --- | ------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | Represents the opening balance sheet adjustment recorded as a result of the adoption of the new revenue recognition standard\\.  |\n\n\n\nCertain information has been adjusted to reflect the adoption of new accounting standards\\. See accompanying notes to consolidated financial statements\\.\n\n 60"}
{"_id": "Southwest-2019_124.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nSIGNATURES \n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized\\.\n\n\n\n|                  |                         |                                                      |\n| ---------------- | ----------------------- | ---------------------------------------------------- |\n|                  | SOUTHWEST AIRLINES CO\\. | SOUTHWEST AIRLINES CO\\.                              |\n| February 3, 2020 | By                      | /s/ Tammy Romo                                       |\n|                  |                         | Tammy Romo                                           |\n|                  |                         | *Executive Vice President & Chief Financial Officer* |\n|                  |                         | *(On behalf of the Registrant and in*                |\n|                  |                         | *her capacity as Principal Financial*                |\n|                  |                         | *& Accounting Officer)*                              |\n\n\n\n125"}
{"_id": "United-2018_36.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nWhen calculating pension expense for 2019, the Company assumed that its plans' assets would generate a long\\-term rate of return of approximately 7\\.4%\\. The expected long\\-term rate of return assumption was developed based on historical experience and input from the trustee managing the plans' assets\\.The expected long\\-term rate of return on plan assets is based on a target allocation of assets, which is based on a goal of earning the highest rate of return while maintaining risk at acceptable levels\\. Our projected long\\-term rate of return reflects the active management of our plans' assets\\. The plans strive to have assets sufficiently diversified so that adverse or unexpected results from one security class will not have an unduly detrimental impact on the entire portfolio\\. Plan fiduciaries regularly review actual asset allocation and the pension plans' investments are periodically rebalanced to the targeted allocation when considered appropriate\\.\n\nThe defined benefit pension plans' assets consist of return generating investments and risk mitigating investments which are held through direct ownership or through interests in common collective trusts\\. Return generating investments include primarily equity securities, fixed\\-income securities and alternative investments (e\\.g\\. private equity and hedge funds)\\. Risk mitigating investments include primarily U\\.S\\. government and investment grade corporate fixed\\-income securities\\. The allocation of assets was as follows at December 31, 2018:\n\n\n\n|                          |                  |                                           |\n| ------------------------ | ---------------- | ----------------------------------------- |\n|                          | Percent of Total | Expected Long\\-Term<br><br>Rate of Return |\n| Equity securities        | 36%              | 9\\.5%                                     |\n| Fixed\\-income securities | 37               | 5\\.8                                      |\n| Alternatives             | 16               | 7\\.3                                      |\n| Other                    | 11               | 7\\.8                                      |\n\n\n\nPension expense increases as the expected rate of return on plan assets decreases\\. Lowering the expected long\\-term rate of return on plan assets by 50 basis points (from 7\\.4% to 6\\.9%) would increase estimated 2019 pension expense by approximately $20 million\\. Future pension obligations for United's plans were discounted using a weighted average rate of 4\\.2% at December 31, 2018\\. The Company selected the discount rate for substantially all of its plans by using a hypothetical portfolio of high quality bonds at December 31, 2018 that would provide the necessary cash flows to match the projected benefit payments\\. The pension liability and future pension expense both increase as the discount rate is reduced\\. Lowering the discount rate by 50 basis points (from 4\\.2% to 3\\.7%) would increase the pension liability at December 31, 2018 by approximately $585million and increase the estimated 2019 pension expense by approximately $69 million\\. Future changes in plan asset returns, plan provisions, assumed discount rates, pension funding law and various other factors related to the participants in our pension plans will impact our future pension expense and liabilities\\. We cannot predict with certainty what these factors will be in the future\\.\n\nActuarial gains or losses are triggered by changes in assumptions or experience that differ from the original assumptions\\. Under the applicable accounting standards for defined benefit pension plans, those gains and losses are not required to be recognized currently as pension benefit expense, but instead may be deferred as part of accumulated other comprehensive income and amortized into expense over the average remaining service life of the covered active employees\\. All gains and losses in accumulated other comprehensive income are amortized to expense over the remaining years of service of the covered active employees\\. At December 31, 2018 and 2017, the Company had unrecognized actuarial losses for pension benefit plans of $1\\.4 billion and $1\\.6 billion, respectively, recorded in accumulated other comprehensive income\\.\n\n***Other Postretirement Benefit Plan Accounting\\.*** United's postretirement plan provides certain health care benefits, primarily in the United States, to retirees and eligible dependents, as well as certain life insurance benefits to certain retirees reflected as \"Other Benefits\\.\" United also has retiree medical programs that permit retirees who meet certain age and service requirements to continue medical coverage between retirement and Medicare eligibility\\. Eligible employees are required to pay a portion of the costs of their retiree medical benefits, which in some cases may be offset by accumulated unused sick time at the time of their retirement\\. Plan benefits are subject to co\\-payments, deductibles and other limits as described in the plans\\. \n\nThe Company accounts for other postretirement benefits by recognizing the difference between plan assets and obligations, or the plan's funded status, in its financial statements\\. Other postretirement benefit expense is recognized on an accrual basis over employees' approximate service periods and is generally calculated independently of funding decisions or requirements\\. United has not been required to pre\\-fund its plan obligations, which has resulted in a significant net obligation, as discussed below\\. The Company's benefit obligation was $1\\.4 billion and $1\\.7 billion for the other postretirement benefit plans at December 31, 2018 and 2017, respectively\\. \n\nThe calculation of other postretirement benefit expense and obligations requires the use of a number of assumptions, including the assumed discount rate for measuring future payment obligations and the health care cost trend rate\\. The Company determines the appropriate discount rate for each of the plans based on current rates on high quality corporate bonds that would generate the cash flow necessary to pay plan benefits when due\\. The Company's weighted average discount rate to determine its \n\n37"}
{"_id": "Delta-2017_70.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nNOTE 4 \\. DERIVATIVES AND RISK MANAGEMENT\n\nChanges in fuel prices, interest rates and foreign currency exchange rates impact our results of operations\\.  In an effort to manage our exposure to these risks, we may enter into derivative contracts and adjust our derivative portfolio as market conditions change\\. \n\nFuel Price Risk\n\nChanges in fuel prices materially impact our results of operations\\.  We have recently managed our fuel price risk through a hedging program intended to reduce the financial impact from changes in the price of fuel as fuel prices are subject to potential volatility\\.  In addition, we may enter into derivatives with third parties to hedge financial risk related to Monroe\u2019s refining margins\\.\n\nIn response to this volatility, during 2015 and 2016 we entered into transactions to defer settlement of a portion of our hedge portfolio and lock in the amount of hedge settlements for a portion of 2016 and 2017\\. These deferral transactions, excluding markets movements from the date of inception, provided approximately   $300 million  in cash receipts in 2015 and 2016 and required approximately   $300 million  in cash payments in 2016 and 2017\\. We also early settled   $455 million  of our airline segment's 2016 positions during 2016\\. Cash flows associated with the deferral transactions are reported as cash flows from financing activities within our Consolidated Statements of Cash Flows\\. \n\nDuring the years ended December 31,  2017 ,  2016  and 2015, we recorded fuel hedge losses of   $81 million ,   $366 million  and   $741 million , respectively\\. \n\nInterest Rate Risk\n\nOur exposure to market risk from adverse changes in interest rates is primarily associated with our long\\-term debt obligations\\. Market risk associated with our fixed and variable rate long\\-term debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates\\. \n\nIn an effort to manage our exposure to the risk associated with our variable rate long\\-term debt, we periodically enter into interest rate swaps\\. We designate interest rate contracts used to convert the interest rate exposure on a portion of our debt portfolio from a floating rate to a fixed rate as cash flow hedges, while those contracts converting our interest rate exposure from a fixed rate to a floating rate are designated as fair value hedges\\. \n\nWe also have exposure to market risk from adverse changes in interest rates associated with our cash and cash equivalents and benefit plan obligations\\. Market risk associated with our cash and cash equivalents relates to the potential decline in interest income from a decrease in interest rates\\. Pension, postretirement, postemployment and worker's compensation obligation risk relates to the potential increase in our future obligations and expenses from a decrease in interest rates used to discount these obligations\\.\n\nForeign Currency Exchange Rate Risk\n\nWe are subject to foreign currency exchange rate risk because we have revenue and expense denominated in foreign currencies with our primary exposures being the Japanese yen and Canadian dollar\\. To manage exchange rate risk, we execute both our international revenue and expense transactions in the same foreign currency to the extent practicable\\.  From time to time, we may also enter into foreign currency option and forward contracts\\.  These foreign currency exchange contracts are designated as cash flow hedges\\. \n\n 66"}
{"_id": "Alaska-2017_100.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**EXHIBIT INDEX**\n\nCertain of the following exhibits have been filed with the Securities and Exchange Commission and are incorporated by reference from the documents below\\. Certain others are filed with this Form 10\\-K\\. The exhibits are numbered in accordance with Item 601 of Regulation S\\-K\\. \n\n\n\n|                               |                                                                                                                                                                                                                                |          |                                     |                               |                            |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------- | ----------------------------------- | ----------------------------- | -------------------------- |\n| **Exhibit**<br><br>**Number** | **Exhibit**<br><br>**Description**                                                                                                                                                                                             | **Form** | **Date of**<br><br>**First Filing** | **Exhibit**<br><br>**Number** | **File**<br><br>**Number** |\n| 3\\.1                          | [Amended and Restated Certificate of Incorporation of Registrant](http://www.sec.gov/Archives/edgar/data/766421/000076642117000049/alk10-q22017ex31.htm)                                                                       | 10\\-Q    | August 3, 2017                      | 3\\.1                          |                            |\n| 10\\.1\\#                       | [Aircraft General Terms Agreement, dated June 15, 2005, between the Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000095012405004737/v11316exv10w1.txt)                             | 10\\-Q    | August 5, 2005                      | 10\\.1                         |                            |\n| 10\\.2\\#                       | [Purchase Agreement No\\. 2497, dated June 15, 2005, between the Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000095012405004737/v11316exv10w2.txt)                                 | 10\\-Q    | August 5, 2005                      | 10\\.2                         |                            |\n| 10\\.3\\#                       | [Supplemental Agreement No\\. 23 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642111000065/exhibit101.htm)                        | 10\\-Q/A  | August 2, 2011                      | 10\\.1                         |                            |\n| 10\\.4\\#                       | [Supplemental Agreement No\\. 29 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642113000010/alk10-k123112ex107.htm)                | 10\\-K    | February 14, 2013                   | 10\\.1                         |                            |\n| 10\\.5\\#                       | [Purchase Agreement No\\. 3866 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642113000010/alk10-k123112ex108.htm)                                                  | 10\\-K    | February 14, 2013                   | 10\\.2                         |                            |\n| 10\\.6\\#                       | [Supplemental Agreement No\\. 39 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642115000024/boeingsupplemental.htm)                | 10\\-Q    | May 7, 2015                         | 10\\.1                         |                            |\n| 10\\.7\\#                       | [Purchase Agreement, dated April 11, 2016, between Embraer S\\.A\\. and Horizon Air Industries, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642116000077/exhibit101embraerpurchasea.htm)                          | 10\\-Q    | May 9, 2016                         | 10\\.1                         |                            |\n| 10\\.8^                        | [A320 Aircraft Purchase Agreement, dated as of December 29, 2010, between Airbus S\\.A\\.S\\. and Virgin America Inc\\.](http://www.sec.gov/Archives/edgar/data/1614436/000119312514365735/d761206dex1015.htm)                     | S\\-1/A^  | October 7, 2014                     | 10\\.15                        |                            |\n| 10\\.9\\*                       | [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Form of Nonqualified Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex103.htm)                                    | 10\\-Q    | August 4, 2011                      | 10\\.3                         |                            |\n| 10\\.10\\*                      | [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Form of Performance Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex104.htm)                                 | 10\\-Q    | August 4, 2011                      | 10\\.4                         |                            |\n| 10\\.11\\*                      | [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Form of Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex105.htm)                                             | 10\\-Q    | August 4, 2011                      | 10\\.5                         |                            |\n| 10\\.12\\*                      | [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Amended for Stock\\-Split](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1010.htm)                                                  | 10\\-K    | February 11, 2016                   | 10\\.10                        |                            |\n| 10\\.13\\*                      | [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan](http://www.sec.gov/Archives/edgar/data/766421/000076642116000081/ex101.htm)                                                                                          | 8\\-K     | May 18, 2016                        | 10\\.1                         |                            |\n| 10\\.14\\*                      | [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Nonqualified Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex101formofnonqualifiedsto.htm)                        | 10\\-Q    | August 2, 2016                      | 10\\.1                         |                            |\n| 10\\.15\\*                      | [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Incentive Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex102formofincentivestocko.htm)                           | 10\\-Q    | August 2, 2016                      | 10\\.2                         |                            |\n| 10\\.16\\*                      | [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Performance Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex103forofperformancestock.htm)                     | 10\\-Q    | August 2, 2016                      | 10\\.3                         |                            |\n| 10\\.17\\*                      | [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex104formofstockunitawarda.htm)                                 | 10\\-Q    | August 2, 2016                      | 10\\.4                         |                            |\n| 10\\.18\\*                      | [Alaska Air Group, Inc\\. 2010 Employee Stock Purchase Plan, as Amended for the Offering Period Commencing March 1, 2017](http://www.sec.gov/Archives/edgar/data/766421/000076642117000016/alk10-k123116ex1018.htm)             | 10\\-K    | February 28, 2017                   | 10\\.18                        |                            |\n| 10\\.19\\*                      | [Alaska Air Group, Inc\\. Stock Deferral Plan for Non\\-Employee Directors](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1012.htm)                                                            | 10\\-K    | February 11, 2016                   | 10\\.12                        |                            |\n| 10\\.20\\*                      | [Alaska Air Group, Inc\\. Nonqualified Deferred Compensation Plan, as amended](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex101.htm)                                                             | 10\\-Q    | August 4, 2011                      | 10\\.1                         |                            |\n| 10\\.21\\*                      | [1995 Elected Officers Supplementary Retirement Plan, as amended](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex102.htm)                                                                         | 10\\-Q    | August 4, 2011                      | 10\\.2                         |                            |\n| 10\\.22\\*                      | [Form of Alaska Air Group, Inc\\. Change of Control Agreement for named executive officers, as amended and restated October 16, 2014](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1015.htm) | 10\\-K    | February 11, 2016                   | 10\\.15                        |                            |\n| 10\\.23\\*                      | [Alaska Air Group Operational Performance Rewards Plan Description, adopted January 3, 2005; Amended February 14, 2017](http://www.sec.gov/Archives/edgar/data/766421/000076642117000029/alk10-q12017ex101.htm)                | 10\\-Q    | May 5, 2017                         | 10\\.1                         |                            |\n| 10\\.24\\*                      | [Alaska Air Group Performance Based Pay Plan, Amended and Restated January 18, 2017](http://www.sec.gov/Archives/edgar/data/766421/000076642117000029/alk10-q12017ex102.htm)                                                   | 10\\-Q    | May 5, 2017                         | 10\\.2                         |                            |\n| 10\\.25\\*\u2020                     | [Alaska Air Group Operational Performance Rewards Plan Description, adopted January 3, 2005; Amended January 17, 2018](https://www.example.com/oprplanamended011718.htm)                                                       |          |                                     |                               |                            |\n| 10\\.26\\*\u2020                     | [Alaska Air Group Performance Based Pay Plan, Amended and Restated January 17, 2018](https://www.example.com/pbpamendedandrestated011.htm)                                                                                     |          |                                     |                               |                            |\n| 10\\.27\\*\u2020                     | [Executive Employment Agreement between Horizon Air Industries, Inc\\. and Gary L\\. Beck](https://www.example.com/beckagmtfnl011218.htm)                                                                                        |          |                                     |                               |                            |\n| 21\u2020                           | [Subsidiaries of Registrant](https://www.example.com/alk10-k123117ex21.htm)                                                                                                                                                    |          |                                     |                               |                            |\n\n\n\n 101"}
{"_id": "AmericanAirlines-2017_69.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***Off\\-Balance Sheet Arrangements***\n\nAn off\\-balance sheet arrangement is any transaction, agreement or other contractual arrangement involving an unconsolidated entity under which a company has (1) made guarantees, (2) a retained or a contingent interest in transferred assets, (3) an obligation under derivative instruments classified as equity or (4) any obligation arising out of a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or that engages in leasing, hedging or research and development arrangements with us\\.\n\nWe have no off\\-balance sheet arrangements of the types described in the first three categories above that we believe may have a material current or future effect on financial condition, liquidity or results of operations\\. Certain guarantees that we do not expect to have a material current or future effect on our financial condition, liquidity or results of operations are disclosed in Note 11 to AAG\u2019s Consolidated Financial Statements included in Part II, Item 8A and Note 9 to American\u2019s Consolidated Financial Statements in Part II, Item 8B\\.\n\n*Pass\\-Through Trusts*\n\nWe have financed certain aircraft and engines with EETCs, issued by pass\\-through trusts\\. These trusts are off\\-balance sheet entities, the primary purpose of which is to finance the acquisition of flight equipment\\. Rather than finance each aircraft separately when such aircraft is purchased, delivered or refinanced, these trusts allow American to raise the financing for a number of aircraft at one time and, if applicable, place such funds in escrow pending a future purchase, delivery or refinancing of the relevant aircraft\\. The trusts have also been structured to provide for certain credit enhancements, such as liquidity facilities to cover certain interest payments, that reduce the risks to the purchasers of the trust certificates and, as a result, reduce the cost of aircraft financing to American\\.\n\nEach trust covers a set number of aircraft scheduled to be delivered or refinanced upon the issuance of the EETC or within a specific period of time thereafter\\. At the time of each covered aircraft financing, the relevant trust used the proceeds of the issuance of the EETC (which may have been available at the time of issuance thereof or held in escrow until financing of the applicable aircraft following its delivery) to purchase equipment notes relating to the financed aircraft\\. The equipment notes are issued, at American\u2019s election, in connection with a mortgage financing of the aircraft or, in certain cases, by a separate owner trust in connection with a leveraged lease financing of the aircraft\\. In the case of a leveraged lease financing, the owner trust then leases the aircraft to American\\. In both cases, the equipment notes are secured by a security interest in the aircraft\\. The pass\\-through trust certificates are not direct obligations of, nor are they guaranteed by, AAG or American\\. However, in the case of mortgage financings, the equipment notes issued to the trusts are direct obligations of American and, in certain instances, have been guaranteed by AAG\\. As of December 31, 2017, $11\\.9 billion associated with these mortgage financings is reflected as debt in the accompanying consolidated balance sheet\\.\n\nWith respect to leveraged leases, American evaluated whether the leases had characteristics of a variable interest entity\\. American concluded the leasing entities met the criteria for variable interest entities\\. American generally is not the primary beneficiary of the leasing entities if the lease terms are consistent with market terms at the inception of the lease and do not include a residual value guarantee, fixed\\-price purchase option or similar feature that obligates American to absorb decreases in value or entitles American to participate in increases in the value of the aircraft\\. American does not provide residual value guarantees to the bondholders or equity participants in the trusts\\. Some leases have a fair market value or a fixed price purchase option that allows American to purchase the aircraft at or near the end of the lease term\\. However, the option price approximates an estimate of the aircraft\u2019s fair value at the option date\\. Under this feature, American does not participate in any increases in the value of the aircraft\\. American concluded it is not the primary beneficiary under these arrangements\\. Therefore, American accounts for the majority of its EETC leveraged lease financings as operating leases\\. American\u2019s total future obligations to the trusts of each of the relevant EETCs under these leveraged lease financings are $572 million as of December 31, 2017\\.\n\n*Letters of Credit and Other*\n\nWe provide financial assurance, such as letters of credit, surety bonds or restricted cash and investments, to primarily support projected workers\u2019 compensation obligations and airport commitments\\. As of December 31, 2017, we had $448 million of letters of credit and surety bonds securing various obligations, of which $88 million is collateralized with our restricted cash\\. The letters of credit and surety bonds that are subject to expiration will expire on various dates through 2022\\.\n\n70"}
{"_id": "AmericanAirlines-2017_63.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|   |                                                                                            |\n| - | ------------------------------------------------------------------------------------------ |\n| \u2022 | Selling expenses  decrease d  5\\.0 % primarily due to lower credit card and booking fees\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                    |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Depreciation and amortization  increase d  11\\.8 % primarily due to depreciation related to aircraft purchased in connection with American\u2019s fleet renewal program\\. In 2016, American took delivery of 55 new mainline aircraft\\. |\n\n\n\n*Operating Special Items, Net*\n\n\n\n|                                                         |                             |                             |\n| ------------------------------------------------------- | --------------------------- | --------------------------- |\n|                                                         | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                         | **2016**                    | **2015**                    |\n|                                                         | **(In millions)**           | **(In millions)**           |\n| Merger integration expenses  ^(1)^                      | $514                        | $826                        |\n| Fleet restructuring expenses  ^(2)^                     | 177                         | 210                         |\n| Mark\\-to\\-market adjustments for bankruptcy obligations | 25                          | (53)                        |\n| Other operating charges (credits), net                  | (7)                         | 68                          |\n| Total mainline operating special items, net             | 709                         | 1,051                       |\n| Regional operating special items, net                   | 13                          | 18                          |\n| Total operating special items, net                      | $722                        | $1,069                      |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Merger integration expenses included costs related to information technology, re\\-branding of aircraft, airport facilities and uniforms, alignment of labor union contracts, professional fees, severance, relocation and training, and, in 2015, also included share\\-based compensation related to awards granted in connection with the Merger that fully vested in December 2015\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Fleet restructuring expenses, driven in part by the Merger, principally included the acceleration of depreciation, impairments, remaining lease payments and lease return costs for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n*Regional Operating Expenses*\n\n\n\n|                                   |                                              |                                              |                                              |                                              |\n| --------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- |\n|                                   | **Year Ended  <br>December 31,**             | **Year Ended  <br>December 31,**             | **Increase  <br>(Decrease)**                 | **Percent  <br>Increase  <br>(Decrease)**    |\n|                                   | **2016**                                     | **2015**                                     | **Increase  <br>(Decrease)**                 | **Percent  <br>Increase  <br>(Decrease)**    |\n|                                   | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** |\n| Aircraft fuel and related taxes   | $1,109                                       | $1,230                                       | $(121)                                       | (9\\.8)                                       |\n| Other                             | 4,900                                        | 4,722                                        | 178                                          | 3\\.8                                         |\n| Total regional operating expenses | $6,009                                       | $5,952                                       | $57                                          | 1\\.0                                         |\n\n\n\nRegional operating expenses increased $57 million, or 1\\.0%, in 2016 as compared to 2015\\. The year\\-over\\-year increase was due in part to a $178 million, or 3\\.8%, increase in other regional operating expenses\\. The increase in other regional operating expenses was primarily driven by an increase in capacity\\. Offsetting this increase was a $121 million, or 9\\.8%, decrease in fuel costs\\. The decrease in fuel costs was driven primarily by a 14\\.5% decline in the average price per gallon of fuel to $1\\.48 in 2016 from $1\\.73 in 2015, offset in part by a 5\\.5% increase in consumption\\. See Note 1(q) to American\u2019s Consolidated Financial Statements in Part II, Item 8B for further information on regional expenses\\.\n\n64"}
{"_id": "Southwest-2018_121.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Equity Compensation Plan Information**\n\n\n\n|                                                            |                                                                                                                                                                                   |     |                                                                                                                                              |     |                                                                                                                                                                                                                       |     |\n| ---------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --- | -------------------------------------------------------------------------------------------------------------------------------------------- | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --- |\n| **Plan Category**                                          | **Number of Securities**<br><br>**to be Issued Upon**<br><br>**Exercise of**<br><br>**Outstanding**<br><br>**Options,**<br><br>**Warrants, and**<br><br>**Rights**<br><br>**(a)** |     | **Weighted\\-Average**<br><br>**Exercise Price of**<br><br>**Outstanding Options,**<br><br>**Warrants, and**<br><br>**Rights**<br><br>**(b)** |     | **Number of Securities Remaining Available for**<br><br>**Future Issuance Under**<br><br>**Equity Compensation**<br><br>**Plans (Excluding**<br><br>**Securities Reflected**<br><br>**in Column (a))**<br><br>**(c)** |     |\n| Equity Compensation Plans Approved by Security Holders     | 1,359,313                                                                                                                                                                         | (1) | $6\\.75                                                                                                                                       | (2) | 29,130,404                                                                                                                                                                                                            | (3) |\n| Equity Compensation Plans not Approved by Security Holders | 2,100                                                                                                                                                                             |     | $9\\.43                                                                                                                                       |     | \u2014                                                                                                                                                                                                                     |     |\n| Total                                                      | 1,361,413                                                                                                                                                                         |     | $6\\.75                                                                                                                                       | (2) | 29,130,404                                                                                                                                                                                                            |     |\n\n\n\n\n\n|     |                                                                                                                                                                                          |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (1) | Includes  17,383  shares of common stock issuable upon exercise of outstanding stock options and  1,341,930  restricted share units settleable in shares of the Company\u2019s common stock\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                            |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (2) | The weighted\\-average exercise price does not take into account the restricted share units discussed in footnote (1) above because the restricted share units do not have an exercise price upon vesting\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (3)  | Of these shares, (i)  8,169,202  shares remained available for issuance under the Company\u2019s tax\\-qualified employee stock purchase plan; and (ii)  20,961,202  shares remained available for issuance under the Company\u2019s 2007 Equity Incentive Plan in connection with the exercise of stock options and stock appreciation rights, the settlement of awards of restricted stock, restricted stock units, and phantom shares, and the grant of unrestricted shares of common stock; however, no more than  1,183,299  shares remain available for grant in connection with awards of unrestricted shares of common stock, stock\\-settled phantom shares, and awards to non\\-Employee members of the Board\\. These shares are in addition to the shares reserved for issuance pursuant to outstanding awards included in column (a)\\. |\n\n\n\nSee Note 9 to the Consolidated Financial Statements for information regarding the material features of the above plans\\. Each of the above plans provides that the number of shares with respect to which options may be granted, the number of shares of common stock subject to an outstanding option, and the number of restricted share units granted shall be proportionately adjusted in the event of a subdivision or consolidation of shares or the payment of a stock dividend on common stock, and the purchase price per share of outstanding options shall be proportionately revised\\.\n\n**Item 13\\.** ***Certain Relationships and Related Transactions, and Director Independence***\n\nThe information required by this Item 13 will be set forth under the heading \u201cCertain Relationships and Related Transactions, and Director Independence\u201d in the Proxy Statement for the Company\u2019s 2019 Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\n**Item 14\\.** ***Principal Accounting Fees and Services***\n\nThe information required by this Item 14 will be set forth under the heading \u201cRelationship with Independent Auditors\u201d in the Proxy Statement for the Company\u2019s 2019 Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\n122"}
{"_id": "Delta-2019_81.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nNOTE 9\\. AIRPORT REDEVELOPMENT\n\nNew York\\-JFK Airport\n\nIn 2015, we completed two phases of redevelopment at New York\\-JFK's Terminal 4 to facilitate convenient connections for our passengers and improve coordination with our SkyTeam alliance partners\\. Terminal 4 is operated by JFK International Air Terminal LLC (\"IAT\"), a private party, under its lease with the Port Authority of New York and New Jersey (\"Port Authority\")\\. In December 2010, we entered into a 33\\-year agreement with IAT (\"Sublease\") to sublease space in Terminal 4\\. Also, in 2010, the Port Authority issued approximately $800 million principal amount of special project bonds to fund the majority of the project\\.\n\nWe managed the project and bore the construction risk, including cost over\\-runs\\. Prior to 2018, we accounted for this project by recording an asset for project costs (e\\.g\\., design, permitting, labor and other general construction costs), regardless of funding source, and a construction obligation equal to project costs funded by parties other than us\\. Our rental payments reduced the construction obligation and resulted in the recording of interest expense, calculated using the effective interest method\\. Upon adoption of the new lease standard during 2018, the project cost asset and construction obligation were derecognized and we recorded a transition adjustment that increased equity by $40 million (net of tax)\\. Following derecognition of these assets and liabilities, we recognized a ROU asset and lease liability representing the fixed component of the lease payments\\.\n\nWe have an equity method investment in JFK IAT Member LLC, which owns IAT, our sublessor at Terminal 4\\. The Sublease requires us to pay certain fixed management fees\\. We determined the investment is a variable interest entity and assessed whether we have a controlling financial interest in IAT\\. Our rights under the Sublease, with respect to management of Terminal 4, are consistent with rights granted to an anchor tenant under a standard airport lease\\. Accordingly, we do not consolidate this entity in our Consolidated Financial Statements\\.\n\nWe are now planning for further expansion of Terminal 4\\. Subject to approval of the Board of the Port Authority, IAT and the Port Authority will finalize and enter a lease amendment for the expansion and renovation of the Terminal 4 arrivals and departures hall, the addition of 16 new gates to Concourse A, the renovation of existing concourses and roadway upgrades to improve access for vehicles\\. \n\nLos Angeles International Airport (\"LAX\")\n\nWe executed a modified lease agreement during 2016 with the City of Los Angeles (\"the City\") which owns and operates LAX, and announced plans to modernize, upgrade and connect Terminals 2 and 3 at LAX\\. Under the lease agreement, we have relocated certain airlines and other tenants from Terminals 2 and 3 to Terminals 5 and 6 and undertaken various initial projects to enable operations from Terminals 2 and 3 during the project\\. We are now designing and constructing the redevelopment of Terminal 3 and enhancement of Terminal 2, which also includes rebuilding the ticketing and arrival halls and security checkpoint, construction of core infrastructure to support the City's planned airport people mover, ramp improvements and construction of a secure connector to the north side of the Tom Bradley International Terminal\\. Construction is expected to be completed by 2024\\.\n\nUnder the lease agreement and subsequent project component approvals by the City's Board of Airport Commissioners, the City has appropriated to date approximately $1\\.6 billion to purchase completed project assets\\. The lease allows for a maximum reimbursement by the City of $1\\.8 billion\\. Costs we incur in excess of such maximum will not be reimbursed by the City\\. \n\nA substantial majority of the project costs are being funded through the Regional Airports Improvement Corporation (\"RAIC\"), a California public benefit corporation, using an $800 million revolving credit facility provided by a group of lenders\\. The credit facility was executed during 2017 and amended in 2019 and we have guaranteed the obligations of the RAIC under the credit facility\\. Loans made under the credit facility are being repaid with the proceeds from the City\u2019s purchase of completed project assets\\. Using funding provided by cash flows from operations and/or the credit facility, we spent approximately $176 million on this project during 2019\\.\n\nBased on our assessment of the project, we concluded that we do not control the underlying assets being constructed, and therefore, we do not have the project asset or related obligation recorded on our balance sheet\\. \n\n79"}
{"_id": "United-2017_81.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n***Fair Value Information\\.*** Accounting standards require us to use valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs\\. These inputs are prioritized as follows:\n\n\n\n|         |                                                                                                                                                                                         |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Level 1 | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    |\n| Level 2 | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         |\n| Level 3 | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities |\n\n\n\nAssets and liabilities measured at fair value are based on the valuation techniques identified in the tables below\\. The valuation techniques are as follows:\n\n(a)*Market approach\\.* Prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities; and\n\n(b)*Income approach\\.* Techniques to convert future amounts to a single current value based on market expectations (including present value techniques, option\\-pricing and excess earnings models)\\.\n\nThe following tables present information about United\u2019s pension and other postretirement plan assets at December 31 (in millions):\n\n\n\n|                                           |           |             |             |             |                                         |           |             |             |             |                                         |\n|:----------------------------------------- | ---------:| -----------:| -----------:| -----------:| ---------------------------------------:| ---------:| -----------:| -----------:| -----------:| ---------------------------------------:|\n|                                           |  **2017** |    **2017** |    **2017** |    **2017** |                                **2017** |  **2016** |    **2016** |    **2016** |    **2016** |                                **2016** |\n| Pension Plan Assets:                      | **Total** | **Level 1** | **Level 2** | **Level 3** | **Assets  <br>Measured  <br>at NAV(a)** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Assets  <br>Measured  <br>at NAV(a)** |\n| Equity securities funds                   |    $1,406 |        $269 |        $133 |          $\u2014 |                                  $1,004 |    $1,173 |        $230 |        $111 |          $\u2014 |                                    $832 |\n| Fixed\\-income securities                  |     1,470 |           \u2014 |         834 |          18 |                                     618 |     1,298 |           \u2014 |         824 |          11 |                                     463 |\n| Alternatives                              |       637 |           \u2014 |           \u2014 |         139 |                                     498 |       586 |           \u2014 |           \u2014 |         134 |                                     452 |\n| Other investments                         |       419 |          32 |         124 |         172 |                                      91 |       298 |          47 |          68 |          87 |                                      96 |\n| Total                                     |    $3,932 |        $301 |      $1,091 |        $329 |                                  $2,211 |    $3,355 |        $277 |      $1,003 |        $232 |                                  $1,843 |\n| Other Postretirement Benefit Plan Assets: |           |             |             |             |                                         |           |             |             |             |                                         |\n| Deposit administration fund               |       $54 |          $\u2014 |          $\u2014 |         $54 |                                      $\u2014 |       $55 |          $\u2014 |          $\u2014 |         $55 |                                      $\u2014 |\n\n\n\n(a) In accordance with the relevant accounting standards, certain investments that are measured at fair value using the net asset value (\u201cNAV\u201d) per share (or its equivalent) have not been classified in the fair value hierarchy\\. These investments are commingled funds that invest in fixed\\-income instruments including bonds, debt securities, and other similar instruments issued by various U\\.S\\. and non\\-U\\.S\\. public\\- or private\\-sector entities\\. Redemption periods for these investments range from daily to annually\\.\n\n*Equity and Fixed\\-Income\\.* Equities include investments in both developed market and emerging market equity securities\\. Fixed\\-income includes primarily U\\.S\\. and non\\-U\\.S\\. government fixed\\-income securities and U\\.S\\. and non\\-U\\.S corporate fixed\\-income securities\\.\n\n*Deposit Administration Fund\\.* This investment is a stable value investment product structured to provide investment income\\.\n\n*Alternatives\\.* Alternative investments consist primarily of investments in hedge funds, real estate and private equity interests\\.\n\n*Other investments\\.* Other investments consist of cash, insurance contracts and other funds\\.\n\n82"}
{"_id": "Alaska-2017_76.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**NOTE 4\\. FAIR VALUE MEASUREMENTS**\n\n***Fair Value of Financial Instruments on a Recurring Basis***\n\nAs of December 31, 2017, the total cost basis for marketable securities was $1\\.4 billion\\. There were no significant differences between the cost basis and fair value of any individual class of marketable securities\\. \n\nFair values of financial instruments on the consolidated balance sheet (in millions): \n\n\n\n|                                         |             |             |           |\n| --------------------------------------- | ----------- | ----------- | --------- |\n| **December 31, 2017**                   | **Level 1** | **Level 2** | **Total** |\n| **Assets**                              |             |             |           |\n| **Marketable securities**               |             |             |           |\n| U\\.S\\. government and agency securities | $328        | $\u2014          | $328      |\n| Foreign government bonds                | \u2014           | 43          | 43        |\n| Asset\\-backed securities                | \u2014           | 209         | 209       |\n| Mortgage\\-backed securities             | \u2014           | 99          | 99        |\n| Corporate notes and bonds               | \u2014           | 726         | 726       |\n| Municipal securities                    | \u2014           | 22          | 22        |\n| **Derivative instruments**              |             |             |           |\n| Fuel hedge contracts\u2014call options       | \u2014           | 22          | 22        |\n| Interest rate swap agreements           | \u2014           | 9           | 9         |\n| **Liabilities**                         |             |             |           |\n| **Derivative instruments**              |             |             |           |\n| Interest rate swap agreements           | \u2014           | (8)         | (8)       |\n\n\n\n\n\n|                                         |             |             |           |\n| --------------------------------------- | ----------- | ----------- | --------- |\n| **December 31, 2016**                   | **Level 1** | **Level 2** | **Total** |\n| **Assets**                              |             |             |           |\n| **Marketable securities**               |             |             |           |\n| U\\.S\\. government and agency securities | $287        | $\u2014          | $287      |\n| Foreign government bonds                | \u2014           | 36          | 36        |\n| Asset\\-backed securities                | \u2014           | 138         | 138       |\n| Mortgage\\-backed securities             | \u2014           | 89          | 89        |\n| Corporate notes and bonds               | \u2014           | 691         | 691       |\n| Municipal securities                    | \u2014           | 11          | 11        |\n| **Derivative instruments**              |             |             |           |\n| Fuel hedge contracts\u2014call options       | \u2014           | 20          | 20        |\n| **Liabilities**                         |             |             |           |\n| **Derivative instruments**              |             |             |           |\n| Interest rate swap agreements           | \u2014           | (5)         | (5)       |\n\n\n\nThe Company uses the market and income approach to determine the fair value of marketable securities\\. U\\.S\\. government securities are Level 1 as the fair value is based on quoted prices in active markets\\. Foreign government bonds, asset\\-backed securities, mortgage\\-backed securities, corporate notes and bonds, and municipal securities are Level 2 as the fair value is based on standard valuation models that are calculated based on observable inputs such as quoted interest rates, yield curves, credit ratings of the security and other observable market information\\. \n\nThe Company uses the market and income approaches to determine the fair value of derivative instruments\\. The fair value for fuel hedge call options is determined utilizing an option pricing model based on inputs that are readily available in active markets or can be derived from information available in active markets\\. In addition, the fair value considers the exposure to \n\n 77"}
{"_id": "Southwest-2019_16.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nCompany's risk of loss\\. With respect to any insurance claims, policy coverages and claims are subject to acceptance by the many insurers involved and may require arbitration and/or mediation to effectively settle the claims over prolonged periods of time\\.\n\nCompetition\n\nCompetition within the airline industry is intense and highly unpredictable, and Southwest currently competes with other airlines on virtually all of its scheduled routes\\. As a result of moderately improved economic conditions and an increased focus by airlines on costs, the airline industry has become increasingly competitive in recent years with a healthier financial condition and improved profitability\\.\n\nKey competitive factors within the airline industry include (i) pricing and cost structure; (ii) routes, loyalty programs, and schedules; and (iii) customer service, operational reliability, and amenities\\. Southwest also competes for customers with other forms of transportation, as well as alternatives to travel\\. In recent years, the majority of domestic airline service has been provided by Southwest and the other largest major U\\.S\\. airlines, including American Airlines, Delta Air Lines, and United Airlines\\. The DOT defines major U\\.S\\. airlines as those airlines with annual revenues of at least $1 billion; there are currently 13 passenger airlines offering scheduled service, including Southwest, that meet this standard\\.\n\nPricing and Cost Structure\n\nPricing is a significant competitive factor in the airline industry, and the availability of fare information on the Internet allows travelers to easily compare fares and identify competitor promotions and discounts\\. During 2019, the Company continued to experience a competitive fare environment, which included further industry changes from both a fare level and product offering perspective\\. As discussed above under \"Business \\- Industry,\" other carrier offerings ranged from a \"Basic Economy\" fare product, designed to compete with ULCC fares, to a \"Premium Economy\" product, that targets consumers willing to pay a premium for certain amenities that were previously included in the carriers' base fares (e\\.g\\., more favorable seating locations in the main cabin)\\. Also in response to ULCC pricing, some carriers no longer have fare floors for certain routes, leading to a lower fare offering across the industry\\. These changes have put increased pressure on the industry's fare environment and have created a challenging revenue environment\\.\n\nPricing can be driven by a variety of factors\\. For example, airlines often discount fares to drive traffic in new markets or to stimulate traffic when necessary to improve load factors and/or grow market share\\. Some airlines have been able to reduce fares because they have been able to lower their operating costs\\. Further, some of the Company's competitors have launched multi\\-year cost savings efforts to meet specific financial and growth targets\\. Common efforts include fleet transformation to gain fuel efficiencies, fleet simplification, and increasing the number of seats per trip through seat retrofits and the use of larger aircraft\\. \n\nThe Company believes its low\\-cost operating structure continues to provide it with an advantage over many of its airline competitors by enabling it to continue to charge low fares\\. However, ULCCs, which have increased capacity in the Company's markets, have surpassed the Company's cost advantage with larger aircraft, increased seat density, and lower wages\\. Further, as discussed below under \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" the Company continues to experience significant unit cost pressure as a result of the MAX groundings\\. While it has become increasingly difficult for the Company to improve upon its industry cost position, the Company believes it continues to have a competitive advantage through its differentiation of Southwest from many of its competitors by not charging additional fees for items such as first and second checked bags for each ticketed Customer, flight changes, seat selection, snacks, curb\\-side check\\-in, and telephone reservations\\. \n\nRoutes, Loyalty Programs, and Schedules\n\nThe Company also competes with other airlines based on markets served, loyalty opportunities, and flight schedules\\. Some major airlines have more extensive route structures than Southwest, including more extensive international networks\\. In addition, many competitors have entered into significant commercial relationships with other airlines, such as global alliances, code\\-sharing, and capacity purchase agreements, which increase the airlines' opportunities to expand their route offerings\\. An alliance or code\\-sharing agreement enables an airline to offer flights that are operated by another airline and also allows the airline\u2019s customers to book travel that includes segments on different airlines through a single reservation or ticket\\. As a result, depending on the nature of the specific alliance or code\\-sharing arrangement, a participating airline may be able to, among other things, (i) offer its customers access to more destinations \n\n17"}
{"_id": "United-2018_0.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n10\\-K 1 ual\\_201810k\\.htm 10\\-K \n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, DC 20549**\n\n**FORM 10\\-K**\n\n\n\n|   |                                                                                          |\n| - | ---------------------------------------------------------------------------------------- |\n| x | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\n**For the fiscal year ended** **December 31, 2018**\n\n**OR**\n\n\n\n|   |                                                                                              |\n| - | -------------------------------------------------------------------------------------------- |\n| o | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\n**For the transition period from to**\n\n![unitedcoverlogo\\.jpg](https://www.example.com/unitedcoverlogo.jpg)\n\n\n\n|                                       |                                                                                                                                                                                    |                                       |                                                       |\n| ------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------- | ----------------------------------------------------- |\n| **Commission**<br><br>**File Number** | **Exact Name of Registrant as**<br><br>**Specified in its Charter, Principal Executive** <br><br>**Office Address, Zip Code and**<br><br>**Telephone Number, Including Area Code** | **State of**<br><br>**Incorporation** | **I\\.R\\.S\\. Employer**<br><br>**Identification No\\.** |\n| 001\\-06033                            | **United Continental Holdings, Inc\\. 233 South Wacker Drive Chicago, Illinois 60606 (872) 825\\-4000**                                                                              | Delaware                              | 36\\-2675207                                           |\n| 001\\-10323                            | **United Airlines, Inc\\. 233 South Wacker Drive Chicago, Illinois 60606 (872) 825\\-4000**                                                                                          | Delaware                              | 74\\-2099724                                           |\n\n\n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n\n\n|                                    |                                |                                               |\n| ---------------------------------- | ------------------------------ | --------------------------------------------- |\n|                                    | **Title of Each Class**        | **Name of Each Exchange on Which Registered** |\n| United Continental Holdings, Inc\\. | Common Stock, $0\\.01 par value | The Nasdaq Stock Market LLC                   |\n| United Airlines, Inc\\.             | None                           | None                                          |\n\n\n\n**Securities registered pursuant to Section 12(g) of the Act:**\n\n\n\n|                                    |      |\n| ---------------------------------- | ---- |\n| United Continental Holdings, Inc\\. | None |\n| United Airlines, Inc\\.             | None |\n\n\n\n\n\n|                                                                                                                                                                                                                                                                                                                    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---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Indicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\.                                                                                                                                                                                                                                              | Indicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\.                                                                                                                                                                                                                                              | Indicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\.                                                                                                                                                                                                                                              | Indicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\.                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                        |\n| United Continental Holdings, Inc\\.                                                                  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                                                              |\n| United Airlines, Inc\\.                                                                                                                                                                                                                                                                                                                                                 | Yes  x  No  o                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                    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                                                                                                                                                                                                                                      |\n| Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act                                                                                                                                                                                                                                            | Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act                                                                                                                                                                                                                                            | Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act                                                                                                                                                                                                                                            | Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                        |\n| United Continental Holdings, Inc\\.                                                                                                                                                                                                                                                                                                                                     | Yes  o  No  x                                                                                                                                                                                                                                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                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                        |\n| United Airlines, Inc\\.                                                                                                                                                                                                                                                                                                                                                 | Yes  o  No  x                                                        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           |                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                        |\n| Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\.              | Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\.              | Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\.              | Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\.              | Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\.              | Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\.              |\n| United Continental Holdings, Inc\\.                                           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                                                                                     |\n| United Airlines, Inc\\.                                                                                                                                                                                                                                                                                                                                                 | Yes  x  No  o                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                             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                                                                                                                                                                                                                                                             |\n| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S\\-T (\u00a7232\\.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)\\.                                                | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S\\-T (\u00a7232\\.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)\\.                                                | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S\\-T (\u00a7232\\.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)\\.                                                | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S\\-T (\u00a7232\\.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)\\.                                                | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S\\-T (\u00a7232\\.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)\\.                                                | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S\\-T (\u00a7232\\.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)\\.                                                |\n| United Continental Holdings, Inc\\.                                                                                                                                                                                                                                                                                                                                     | Yes  x  No  o                                                                                                                                                   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                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                        |\n| United Airlines, Inc\\.                                                                                                                                                                                                                                                                                                                                                 | Yes  x  No  o                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                        |\n| Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K (\u00a7229\\.405 of this chapter) is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K \\. | Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K (\u00a7229\\.405 of this chapter) is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K \\. | Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K (\u00a7229\\.405 of this chapter) is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K \\. | Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K (\u00a7229\\.405 of this chapter) is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K \\. | Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K (\u00a7229\\.405 of this chapter) is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K \\. | Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K (\u00a7229\\.405 of this chapter) is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K \\. |\n| United Continental Holdings, Inc\\.                                                                                                                                                                                                                                                                                                                                     | x                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                         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                                                                                                                                                                                                                 |\n| United Airlines, Inc\\.                                                                                                                                                                                                                                                                                                                                                 | x                                                                                                                                                                                                                                                                                                                                                                      |                                                                 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                |                                                                                                                                                                                                                                                                                                                                                                        |\n| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, a smaller reporting company, or an emerging growth company\\. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b\\-2 of the Exchange Act\\.        | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, a smaller reporting company, or an emerging growth company\\. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b\\-2 of the Exchange Act\\.        | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, a smaller reporting company, or an emerging growth company\\. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b\\-2 of the Exchange Act\\.        | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, a smaller reporting company, or an emerging growth company\\. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b\\-2 of the Exchange Act\\.        | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, a smaller reporting company, or an emerging growth company\\. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b\\-2 of the Exchange Act\\.        | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, a smaller reporting company, or an emerging growth company\\. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b\\-2 of the Exchange Act\\.        |\n| United Continental Holdings, Inc\\.                                                                                                                                                                                                                                                                                                                                     | Large accelerated filer  x                                                                                                                                                                                                                                                                                                                                             | Accelerated filer  o                                                                                                                                                                                                                                                                                                                                                   | Non\\-accelerated filer  o                                                                                                                                                                                                                                                                                                                                              | Smaller reporting company  o                                                                                                                                                                                                                                                                                                                                           | Emerging growth company  o                                                                                                                                                                                                                                                                                                                                             |\n| United Airlines, Inc\\.                                                                                                                                                                                                                                                                                                                                                 | Large accelerated filer  o                                                                                                                                                                                                                                                                                                                                             | Accelerated filer  o                                                                                                                                                                                                                                                                                                                                                   | Non\\-accelerated filer  x                                                                                                                                                                                                                                                                                                                                              | Smaller reporting company  o                                                                                                                                                                                                                                                                                                                                           | Emerging growth company  o                                                                                                                                                                                                                                                                                                                                             |\n| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.                                                                                                            | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.                                                                                                            | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.                                                                                                            | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.                                                                                                            | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.                                                                                                            | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.                                                                                                            |\n| United Continental Holdings, Inc\\.                                                                                                                                                                                                                                                     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                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                        |\n| United Airlines, Inc\\.                                                                                                                                                                                                                                                                                                                                                 | o                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                        |                              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                                                   |\n| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Act)\\.                                                                                                                                                                                                                                                              | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Act)\\.                                                                                                                                                                                                                                                              | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Act)\\.                                                                                                                                                                                                                                                              | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Act)\\.                                                                                                                                                                                                                                                              | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Act)\\.                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                        |\n| United Continental Holdings, Inc\\.                                                                                                                                                                                                                                                                                                                                     | Yes  o  No  x                                                                                                                                                                                                                                                                                                                                                          |                                              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                                   |                                                                                                                                                                                                                                                                                                                                                                        |\n| United Airlines, Inc\\.                                                                                                                                                                                                                                                                                                                                                 | Yes  o  No  x                                                                                                                                                                                                                                 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                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                        |\n\n\n\nThe aggregate market value of common stock held by non\\-affiliates of United Continental Holdings, Inc\\. was $17,844,650,113 as of June 29, 2018, based on the closing sale price of $69\\.73 on that date\\. There is no market for United Airlines, Inc\\. common stock\\.\n\nIndicate the number of shares outstanding of each of the registrant's classes of common stock, as of February 22, 2019\\.\n\n\n\n|                                    |                                                                                                    |\n| ---------------------------------- | -------------------------------------------------------------------------------------------------- |\n| United Continental Holdings, Inc\\. | 266,727,577 shares of common stock ($0\\.01 par value)                                              |\n| United Airlines, Inc\\.             | 1,000 shares of common stock ($0\\.01 par value) (100% owned by United Continental Holdings, Inc\\.) |\n\n\n\nThis combined Form 10\\-K is separately filed by United Continental Holdings, Inc\\. and United Airlines, Inc\\.\n\n**OMISSION OF CERTAIN INFORMATION**\n\nUnited Airlines, Inc\\. meets the conditions set forth in General Instruction I(1)(a) and (b) of Form 10\\-K and is therefore filing this form with the reduced disclosure format allowed under that General Instruction\\.\n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\nCertain information required by Items 10, 11, 12 and 13 of Part III of this Form 10\\-K is incorporated by reference for United Continental Holdings, Inc\\. from its definitive proxy statement for its 2019 Annual Meeting of Stockholders\\."}
{"_id": "United-2017_44.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nAdditionally, forward\\-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured\\. All forward\\-looking statements in this report are based upon information available to us on the date of this report\\. We undertake no obligation to publicly update or revise any forward\\-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law\\.\n\nOur actual results could differ materially from these forward\\-looking statements due to numerous factors including, without limitation, the following: general economic conditions (including interest rates, foreign currency exchange rates, investment or credit market conditions, crude oil prices, costs of aircraft fuel and energy refining capacity in relevant markets); economic and political instability and other risks of doing business globally; demand for travel and the impact that global economic and political conditions have on customer travel patterns; competitive pressures on pricing and on demand; demand for transportation in the markets in which we operate; our capacity decisions and the capacity decisions of our competitors; the effects of any hostilities, act of war or terrorist attack; the effects of any technology failures or cybersecurity breaches; the impact of regulatory, investigative and legal proceedings and legal compliance risks; disruptions to our regional network; the ability of other air carriers with whom we have alliances or partnerships to provide the services contemplated by the respective arrangements with such carriers; costs associated with any modification or termination of our aircraft orders; potential reputational or other impact from adverse events in our operations, the operations of our regional carriers or the operations of our code share partners; our ability to attract and retain customers; our ability to execute our operational plans and revenue\\-generating initiatives, including optimizing our revenue; our ability to control our costs, including realizing benefits from our resource optimization efforts, cost reduction initiatives and fleet replacement programs; the impact of any management changes; our ability to cost\\-effectively hedge against increases in the price of aircraft fuel if we decide to do so; any potential realized or unrealized gains or losses related to any fuel or currency hedging programs; labor costs; our ability to maintain satisfactory labor relations and the results of any collective bargaining agreement process with our union groups; any disruptions to operations due to any potential actions by our labor groups; an outbreak of a disease that affects travel demand or travel behavior; U\\.S\\. or foreign governmental legislation, regulation and other actions (including Open Skies agreements and environmental regulations); industry consolidation or changes in airline alliances; our ability to comply with the terms of our various financing arrangements; the costs and availability of financing; our ability to maintain adequate liquidity; the costs and availability of aviation and other insurance; weather conditions; our ability to utilize our net operating losses to offset future taxable income; the impact of changes in tax laws; the success of our investments in airlines in other parts of the world; and other risks and uncertainties set forth under Part I, Item 1A\\., Risk Factors, of this report, as well as other risks and uncertainties set forth from time to time in the reports we file with the SEC\\.\n\n\n\n|                |                                                                   |\n| -------------- | ----------------------------------------------------------------- |\n|  **ITEM 7A\\.** | **QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK\\.**  |\n\n\n\n**Interest Rates\\.** Our net income is affected by fluctuations in interest rates (e\\.g\\. interest expense on variable rate debt and interest income earned on short\\-term investments)\\. The Company\u2019s policy is to manage interest rate risk through a combination of fixed and variable rate debt\\. The following table summarizes information related to the Company\u2019s interest rate market risk at December 31 (in millions):\n\n\n\n|                                                                                          |          |          |\n|:---------------------------------------------------------------------------------------- | --------:| --------:|\n|                                                                                          | **2017** | **2016** |\n| **Variable rate debt**                                                                   |          |          |\n|  Carrying value of variable rate debt at December 31                                     |  $3,342  |  $2,582  |\n|  Impact of 100 basis point increase on projected interest expense for the following year |      33  |      25  |\n| **Fixed rate debt**                                                                      |          |          |\n|  Carrying value of fixed rate debt at December 31                                        |   9,926  |   8,185  |\n|  Fair value of fixed rate debt at December 31                                            |  10,349  |   8,469  |\n|  Impact of 100 basis point increase in market rates on fair value                        |    (403) |    (340) |\n\n\n\n45"}
{"_id": "Delta-2018_28.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nOther Financial and Statistical Data (Unaudited)\n\n\n\n|                                                |                             |                             |                             |                             |                             |\n| ---------------------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **Consolidated** **^(1)^**                     | **2018**                    | **2017**                    | **2016**                    | **2015**                    | **2014**                    |\n| Revenue passenger miles (in millions)          | 225,243                     | 217,712                     | 213,098                     | 209,625                     | 202,925                     |\n| Available seat miles (in millions)             | 263,365                     | 254,325                     | 251,867                     | 246,764                     | 239,676                     |\n| Passenger mile yield                           | 17\\.65\u00a2                     | 16\\.97\u00a2                     | 16\\.81\u00a2                     | 16\\.59\u00a2                     | 17\\.22\u00a2                     |\n| Passenger revenue per available seat mile      | 15\\.09\u00a2                     | 14\\.53\u00a2                     | 14\\.22\u00a2                     | 14\\.10\u00a2                     | 14\\.58\u00a2                     |\n| Total revenue per available seat mile          | 16\\.87\u00a2                     | 16\\.18\u00a2                     | 15\\.66\u00a2                     | 16\\.50\u00a2                     | 16\\.84\u00a2                     |\n| Operating cost per available seat mile         | 14\\.87\u00a2                     | 13\\.83\u00a2                     | 12\\.89\u00a2                     | 13\\.33\u00a2                     | 15\\.92\u00a2                     |\n| Passenger load factor                          | 85\\.5%                      | 85\\.6%                      | 84\\.6%                      | 84\\.9%                      | 84\\.7%                      |\n| Fuel gallons consumed (in millions)            | 4,113                       | 4,032                       | 4,016                       | 3,988                       | 3,893                       |\n| Average price per fuel gallon ^(2)^            | $2\\.20                      | $1\\.68                      | $1\\.49                      | $1\\.90                      | $3\\.47                      |\n| Full\\-time equivalent employees, end of period | 88,680                      | 86,564                      | 83,756                      | 82,949                      | 79,655                      |\n\n\n\n\n\n|       |                                                                                                                                                                                   |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Includes the operations of our regional carriers under capacity purchase agreements\\. Full\\-time equivalent employees exclude employees of regional carriers that we do not own\\. |\n\n\n\n\n\n|       |                                                                           |\n| ----- | ------------------------------------------------------------------------- |\n| ^(2)^ | Includes the impact of fuel hedge activity and refinery segment results\\. |\n\n\n\n 26"}
{"_id": "AmericanAirlines-2019_54.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|   |                                                                                                                                                                                                                                                                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Depreciation and amortization per ASM  increase d  6\\.6%  in  2019  as compared to  2018  due in part to airport and other facility improvements and the harmonization of interior configurations across the mainline fleet\\. Depreciation associated with aircraft acquired as part of our fleet renewal program also contributed to the increase\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                 |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Regional aircraft fuel and related taxes per ASM  increase d  0\\.3%  in  2019  as compared to  2018  primarily due to an  8\\.3 %  increase  in gallons of fuel consumed, offset in part by a  6\\.4 %  decrease  in the average price per gallon of fuel including related taxes to  $2\\.15  in  2019  from  $2\\.30  in  2018 \\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Regional other operating expenses per ASM increased  5\\.3%  in  2019  as compared to  2018  primarily driven by an  8\\.3 % increase in regional capacity, principally from our wholly\\-owned regional carriers\\. |\n\n\n\nOperating Special Items, Net\n\n\n\n|                                                                    |                              |                              |\n| ------------------------------------------------------------------ | ---------------------------- | ---------------------------- |\n|                                                                    | **Year Ended December 31,**  | **Year Ended December 31,**  |\n|                                                                    | **2019**                     | **2018**                     |\n|                                                                    | **(In millions)**            | **(In millions)**            |\n| Fleet restructuring expenses  ^(1)^                                | $271                         | $422                         |\n| Fleet impairment  ^(2)^                                            | 213                          | \u2014                            |\n| Merger integration expenses  ^(3)^                                 | 191                          | 268                          |\n| Litigation reserve adjustments                                     | (53)                         | 45                           |\n| Mark\\-to\\-market adjustments on bankruptcy obligations, net  ^(4)^ | (11)                         | (76)                         |\n| Severance expenses  ^(5)^                                          | 11                           | 58                           |\n| Intangible asset impairment  ^(6)^                                 | \u2014                            | 26                           |\n| Labor contract expenses                                            | \u2014                            | 13                           |\n| Other operating charges, net                                       | 13                           | 31                           |\n| Total mainline operating special items, net                        | 635                          | 787                          |\n| Regional operating special items, net                              | 6                            | 6                            |\n| Total operating special items, net                                 | $641                         | $793                         |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Fleet restructuring expenses principally included accelerated depreciation and rent expense for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                         |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Fleet impairment principally includes a non\\-cash write\\-down of aircraft related to the planned retirement of our Embraer E190 fleet\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(3)^ | Merger integration expenses included costs associated with integration projects, principally our technical operations, flight attendant, human resources and payroll systems\\. |\n\n\n\n\n\n|       |                                                                                                                             |\n| ----- | --------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Bankruptcy obligations that will be settled in shares of our common stock are marked\\-to\\-market based on our stock price\\. |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(5)^ | Severance expenses primarily included costs associated with reductions of management and support staff team members\\. |\n\n\n\n\n\n|       |                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(6)^ | Intangible asset impairment includes a non\\-cash charge to write\\-off our Brazil route authority as a result of the U\\.S\\.\\-Brazil open skies agreement\\. |\n\n\n\n55"}
{"_id": "Delta-2017_40.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nFinancial Condition and Liquidity\n\nWe expect to meet our cash needs for the next 12 months from cash flows from operations, cash and cash equivalents, short\\-term investments and financing arrangements\\. As of  December 31, 2017 , we had  $5\\.1 billion  in unrestricted liquidity, consisting of  $2\\.6 billion  in cash and cash equivalents and short\\-term investments and  $2\\.5 billion  in undrawn revolving credit facilities\\. During  2017 , we used existing cash and cash generated from operations to fund capital expenditures of  $3\\.9 billion , purchase shares of Grupo Aerom\u00e9xico and Air France\\-KLM for $1\\.2 billion and return  $2\\.4 billion  to shareholders\\. In addition, we used the proceeds from a debt offering and cash generated from operations to contribute $3\\.2 billion in cash to fund our pension obligation\\.\n\nSources of Liquidity\n\nOperating Activities\n\nCash flows from operating activities continue to provide our primary source of liquidity\\. We generated positive cash flows from operations of  $5\\.1 billion  in  2017 ,  $7\\.2 billion  in  2016  and  $7\\.9 billion  in  2015 \\. We also expect to generate positive cash flows from operations in  2018 \\. We had lower operating cash flows in 2017 compared to prior years primarily due to incremental pension plan contributions partially funded through $2\\.0 billion of debt issuance\\.\n\nOur operating cash flows can be impacted by the following factors:\n\nSeasonality of Advance Ticket Sales \\. We sell tickets for air travel in advance of the customer's travel date\\. When we receive a cash payment at the time of sale, we record the cash received on advance sales as deferred revenue in air traffic liability\\. The air traffic liability increases during the winter and spring as advanced ticket sales grow prior to the summer peak travel season and decreases during the summer and fall months\\.\n\nFuel \\. Including our regional carriers, fuel expense represented  19\\.2%  of our total operating expenses for  2017 \\. The market price for jet fuel is highly volatile, which can impact the comparability of our cash flows from operations from period to period\\.\n\nPension Contributions\\.  We sponsor defined benefit pension plans for eligible employees and retirees\\. These plans are closed to new entrants and are frozen for future benefit accruals\\. Our funding obligations for these plans are governed by the Employee Retirement Income Security Act, as modified by the Pension Protection Act of 2006\\. In the first half of 2017, we contributed $3\\.5 billion to our qualified defined benefit pension plans using net proceeds from a $2\\.0 billion debt issuance, shares of our common stock from treasury with a value of $350 million and existing cash\\. As a result of these contributions, we satisfied, on an accelerated basis, our 2017 required contributions for our defined benefit plans, including more than $3\\.0 billion above the minimum funding requirements\\. We contributed  $1\\.3 billion  and $1\\.2 billion in  2016  and 2015, respectively\\. We have no minimum funding requirements in 2018\\. However, in January 2018, we voluntarily contributed approximately  $500 million  to these plans\\.\n\nProfit Sharing\\.  Our broad\\-based employee profit sharing program provides that, for each year in which we have an annual pre\\-tax profit, as defined by the terms of the program, we will pay a specified portion of that profit to employees\\. In determining the amount of profit sharing, the program defines profit as pre\\-tax profit adjusted for profit sharing and certain other items\\.\n\nWe paid $1\\.1 billion in February 2017, $1\\.5 billion in February 2016, and $1\\.1 billion in two payments, $756 million in February 2015 and more than $300 million in October 2014, to our employees in recognition of their contributions toward meeting our financial goals\\. During the year ended December 2017, we recorded  $1\\.1 billion  in profit sharing expense based on 2017 pre\\-tax profit, which was paid to employees in February 2018\\.\n\nEffective October 1, 2017, we aligned our profit sharing plans under a single formula\\. Under this formula, our profit sharing program pays 10% to all eligible employees for the first $2\\.5 billion of annual profit and 20% of annual profit above $2\\.5 billion\\. Prior to that time, the profit sharing program for pilots used this formula but for 2016 and the first nine months of 2017, the profit sharing program for merit, ground and flight attendant employees paid 10% of annual profit (as defined by the terms of the program) and, if we exceeded our prior\\-year results, the program paid 20% of the year\\-over\\-year increase in profit to eligible employees\\. For years prior to 2016, the profit sharing program for merit, ground and flight attendant employees paid according to the current formula\\. Going forward, all eligible employees will be paid profit sharing under the current formula\\. \n\n 36"}
{"_id": "United-2019_72.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nDefined Contribution Plans\\.  Depending upon the employee group, employer contributions consist of matching contributions and/or non\\-elective employer contributions\\. United's employer contribution percentages vary from   1%  to   16%  of eligible earnings depending on the terms of each plan\\. United recorded expenses for its defined contribution plans of   $735 million ,   $693 million  and   $656 million  in the years ended  December 31, 2019 ,  2018  and  2017 , respectively\\.\n\nMulti\\-Employer Plans\\.  United's participation in the IAM National Pension Plan (\"IAM Plan\") for the annual period ended  December 31, 2019  is outlined in the table below\\. Except as described in table below, there have been no other changes that affect the comparability of  2019  and  2018  contributions\\. The risks of participating in these multi\\-employer plans are different from single\\-employer plans, as United may be subject to additional risks that others do not meet their obligations, which in certain circumstances could revert to United\\. The IAM Plan reported   $467 million  in employers' contributions for the year ended December 31,  2018 \\. For  2018 , the Company's contributions to the IAM Plan represented more than   5%  of total contributions to the IAM Plan\\. The 2019 information is not available as Form 5500 is not final for the plan year\\. \n\n\n\n|                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| -------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Pension Fund                                       | IAM National Pension Fund                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| EIN/ Pension Plan Number                           | 51\\-6031295 \\- 002                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| Pension Protection Act Zone Status (2019 and 2018) | Red Zone (2019) and Green Zone (2018)\\. Plans in the Green Zone are at least 80 percent funded\\. Plans in the Red Zone are less than 65% funded\\. The IAM National Pension Fund Board of Trustees voluntarily elected to place the fund in the Red Zone for 2019, although the fund was over 80% funded at the time, to protect the fund's participants' core retirement benefits and strengthen the fund's financial health over the long term\\.  |\n| FIP/RP Status Pending/Implemented                  | A 10\\-year Rehabilitation Plan effective, January 1, 2022, was adopted on April 17, 2019 that requires the Company to make an additional contribution of 2\\.5% of the hourly contribution rate, compounded annually for the length of the Rehabilitation Plan, effective June 1, 2019\\.                                                                                                                                                            |\n| United's Contributions                             | $59 million, $52 million and $50 million in the years ended December 31, 2019, 2018 and 2017, respectively                                                                                                                                                                                                                                                                                                                                         |\n| Surcharge Imposed                                  | No                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| Expiration Date of Collective Bargaining Agreement | N/A                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n\n\n\nProfit Sharing\\.  Substantially all employees participate in profit sharing based on a percentage of pre\\-tax earnings, excluding special charges, profit sharing expense and share\\-based compensation\\. Profit sharing percentages range from   5%  to   20%  depending on the work group, and in some cases profit sharing percentages vary above and below certain pre\\-tax margin thresholds\\. Eligible U\\.S\\. co\\-workers in each participating work group receive a profit sharing payout using a formula based on the ratio of each qualified co\\-worker's annual eligible earnings to the eligible earnings of all qualified co\\-workers in all domestic work groups\\. Eligible non\\-U\\.S\\. co\\-workers receive profit sharing based on the calculation under the U\\.S\\. profit sharing plan for management and administrative employees\\. The Company recorded profit sharing and related payroll tax expense of   $491 million ,   $334 million  and   $349 million  in  2019 ,  2018  and  2017 , respectively\\. Profit sharing expense is recorded as a component of Salaries and related costs in the Company's statements of consolidated operations\\.\n\n73"}
{"_id": "Delta-2019_13.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nUnder the Railway Labor Act, a collective bargaining agreement between an airline and a labor union does not expire, but instead becomes amendable as of a stated date\\. Either party may request that the NMB appoint a federal mediator to participate in the negotiations for a new or amended agreement\\. If no agreement is reached in mediation, the NMB may determine, at any time, that an impasse exists and offer binding arbitration\\. If either party rejects binding arbitration, a 30\\-day \"cooling off\" period begins\\. At the end of this 30\\-day period, the parties may engage in \u201cself help,\u201d unless the U\\.S\\. President appoints a Presidential Emergency Board (\"PEB\") to investigate and report on the dispute\\. The appointment of a PEB maintains the \"status quo\" for an additional 60 days\\. If the parties do not reach agreement during this period, the parties may then engage in self help\\. Self help includes, among other things, a strike by the union or the imposition of proposed changes to the collective bargaining agreement by the airline\\. Congress and the President have the authority to prevent self help by enacting legislation that, among other things, imposes a settlement on the parties\\.\n\nCollective Bargaining\n\nAs of December 31, 2019, we had approximately 91,000 full\\-time equivalent employees, approximately 19% of whom were represented by unions\\. The following table shows our domestic airline employee groups that are represented by unions\\.\n\n\n\n|                                            |                                            |                                            |                                                    |                                                    |  |  |  |       |       |       |                                                                 |                                                                 |                                                                 |\n|:------------------------------------------ |:------------------------------------------ |:------------------------------------------ | --------------------------------------------------:| --------------------------------------------------:|:- |:- |:- | -----:| -----:| -----:| ---------------------------------------------------------------:| ---------------------------------------------------------------:| ---------------------------------------------------------------:|\n| Employee Group                             | Employee Group                             | Employee Group                             | Approximate Number of Active Employees Represented | Approximate Number of Active Employees Represented |  |  |  | Union | Union | Union | Date on which Collective Bargaining Agreement Becomes Amendable | Date on which Collective Bargaining Agreement Becomes Amendable | Date on which Collective Bargaining Agreement Becomes Amendable |\n| Delta Pilots                               | Delta Pilots                               | Delta Pilots                               |                                            13,082  |                                            13,082  |  |  |  |  ALPA |  ALPA |  ALPA |                                               December 31, 2019 |                                               December 31, 2019 |                                               December 31, 2019 |\n| Delta Flight Superintendents (Dispatchers) | Delta Flight Superintendents (Dispatchers) | Delta Flight Superintendents (Dispatchers) |                                               443  |                                               443  |  |  |  | PAFCA | PAFCA | PAFCA |                                                November 1, 2024 |                                                November 1, 2024 |                                                November 1, 2024 |\n| Endeavor Air Pilots                        | Endeavor Air Pilots                        | Endeavor Air Pilots                        |                                             1,872  |                                             1,872  |  |  |  |  ALPA |  ALPA |  ALPA |                                                 January 1, 2024 |                                                 January 1, 2024 |                                                 January 1, 2024 |\n| Endeavor Air Flight Attendants             | Endeavor Air Flight Attendants             | Endeavor Air Flight Attendants             |                                             1,492  |                                             1,492  |  |  |  |   AFA |   AFA |   AFA |                                               December 31, 2018 |                                               December 31, 2018 |                                               December 31, 2018 |\n\n\n\nWe are in discussions with representatives of our pilots and Endeavor Air flight attendants regarding terms of amendable collective bargaining agreements\\.\n\nIn addition to the domestic airline employee groups discussed above, 199 refinery employees of Monroe are represented by the United Steel Workers under an agreement that expires on February 28, 2022\\. This agreement is governed by the National Labor Relations Act (\"NLRA\"), which generally allows either party to engage in self help upon the expiration of the agreement\\.\n\nLabor unions periodically engage in organizing efforts to represent various groups of our employees, including at our operating subsidiaries, that are not represented for collective bargaining purposes\\.\n\n11"}
{"_id": "United-2018_30.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n*2017* *Compared to* *2016*\n\nThe Company's capital expenditures were $4\\.0 billion and $3\\.2 billion in 2017and 2016, respectively\\. The Company's capital expenditures for both years were primarily attributable to the purchase of aircraft, aircraft improvements, facility and fleet\\-related costs and the purchase of information technology assets\\.\n\n***Financing Activities***\n\nSignificant financing events in 2018 were as follows:\n\nShare Repurchases\n\nThe Company used $1\\.2 billion of cash to purchase approximately 17\\.5 million shares of its common stock during 2018\\. As of December 31, 2018, the Company had approximately $1\\.8 billion remaining to purchase shares under its share repurchase program\\.\n\nDebt Issuances\n\nDuring 2018, United received and recorded $1\\.2 billion of proceeds as debt related to enhanced equipment trust certificate (\"EETC\") offerings created in 2018 to finance the purchase of aircraft\\. \n\nDuring 2018, United borrowed approximately $424 million aggregate principal amount from various financial institutions to finance the purchase of several aircraft delivered in 2018\\.\n\nDebt and Capital Lease Principal Payments\n\nDuring the year ended December 31, 2018, the Company made debt and capital lease principal payments of $1\\.9 billion\\. \n\nSignificant financing events in 2017 were as follows:\n\nShare Repurchases\n\nThe Company used $1\\.8 billion of cash to purchase approximately 27\\.8 million shares of its common stock during 2017, completing its July 2016 repurchase authorization\\. In December 2017, UAL's Board of Directors authorized a new $3\\.0 billion share repurchase program to acquire UAL's common stock\\. As of December 31, 2017, the Company had approximately $3\\.0 billion remaining to purchase shares under its share repurchase program\\.\n\nDebt Issuances\n\nDuring 2017, United received and recorded $1\\.8 billion of proceeds as debt related to enhanced equipment trust certificate (\"EETC\") offerings created in 2016 and 2017 to finance the purchase of aircraft\\. \n\nIn 2017, UAL issued, and United guaranteed, (i) $400 million aggregate principal amount of unsecured 4\\.25% Senior Notes due October 1, 2022, and (ii) $300 million aggregate principal amount of unsecured 5% Senior Notes due February 1, 2024\\.\n\nIn 2017, United and UAL, as borrower and guarantor, respectively, increased the term loan under the Credit Agreement by approximately $440 million\\.\n\nDuring 2017, United borrowed approximately $497 million aggregate principal amount from various financial institutions to finance the purchase of several aircraft delivered in 2017\\.\n\nDebt and Capital Lease Principal Payments\n\nDuring the year ended December 31, 2017, the Company made debt and capital lease principal payments of $1\\.0 billion\\.\n\nSignificant financing events in 2016 were as follows:\n\nShare Repurchases\n\nThe Company used $2\\.6 billion of cash to purchase 50\\.3 million shares of its common stock during 2016 under its share repurchase programs\\.\n\n31"}
{"_id": "United-2019_6.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nAirport Access\\.  Historically, access to foreign markets has been tightly controlled through bilateral agreements between the U\\.S\\. and each foreign country involved\\. These agreements regulate the markets served, the number of carriers allowed to serve each market and the frequency of carriers' flights\\. Since the early 1990s, the U\\.S\\. has pursued a policy of \"Open Skies\" (meaning all U\\.S\\.\\-flag carriers have access to the destination), under which the U\\.S\\. government has negotiated a number of bilateral agreements allowing unrestricted access between U\\.S\\. and foreign markets\\. Currently, there are more than 100 Open Skies agreements in effect\\. However, even with Open Skies, many of the airports that the Company serves in Europe, Asia and Latin America maintain slot controls\\. A large number of these slot controls exist due to congestion, environmental and noise protection and reduced capacity due to runway and air traffic control (\"ATC\") construction work, among other reasons\\. London Heathrow International Airport, Frankfurt Rhein\\-Main Airport, Shanghai Pudong International Airport, Beijing Capital International Airport, Sao Paulo Guarulhos International Airport and Tokyo Haneda International Airport are among the most restrictive foreign airports due to slot and capacity limitations\\.\n\nThe Company's ability to serve some foreign markets and expand into certain others is limited by the absence of aviation agreements between the U\\.S\\. government and the relevant foreign governments\\. Shifts in U\\.S\\. or foreign government aviation policies may lead to the alteration or termination of air service agreements\\. Depending on the nature of any such change, the value of the Company's international route authorities and slot rights may be materially enhanced or diminished\\. Similarly, foreign governments control their airspace and can restrict our ability to overfly their territory, enhancing or diminishing the value of the Company's existing international route authorities and slot rights\\.\n\nEnvironmental Regulation\\.  The airline industry is subject to increasingly stringent federal, state, local and international environmental requirements, including those regulating emissions to air, water discharges, safe drinking water and the use and management of hazardous substances and wastes\\.\n\nClimate Change \\. There is an increasing global regulatory focus on greenhouse gas (\"GHG\") emissions and their potential impacts relating to climate change\\. An initiative to regulate GHG emissions from aviation known as the European Union (\"EU\") Emission Trading System (\"ETS\") was adopted in 2009, but applicability to flights arriving or departing from airports outside the EU has been postponed several times\\. In December 2017, the European Parliament voted to extend exemptions for extra\\-EU flights until December 2023 in order to align the extension date with the completion of the pilot phase of the International Civil Aviation Organization's (\"ICAO\") Carbon Offsetting and Reduction Scheme for International Aviation (\"CORSIA\")\\. CORSIA, which was adopted in October 2016, is intended to create a single global market\\-based measure to achieve carbon\\-neutral growth for international aviation after 2020, which can be achieved through airline purchases of carbon offset credits\\. However, the European Parliament is expected to assess CORSIA implementation and re\\-assess the applicability of EU ETS to international aviation in 2024, at which point the EU could require all extra\\- and intra\\-EU flights to participate in EU ETS\\. Certain CORSIA program details remain to be developed and could potentially be affected by political developments in participating countries or the results of the pilot phase of the program, and thus the impact of CORSIA cannot be fully predicted\\. However, CORSIA is expected to increase operating costs for the Company, depending on a number of factors, including the number of its flights that are subject to CORSIA, the fuel efficiency of the Company's fleet, the Company's purchase and use of CORSIA\\-eligible sustainable aviation fuels, aviation sector growth, and the price of CORSIA\\-eligible offsets\\. In 2017, ICAO also adopted a carbon dioxide (\"CO2\") emission standard for aircraft\\. In 2016, the U\\.S\\. Environmental Protection Agency (\"EPA\") commenced procedural steps necessary to adopt its own standard, but has not yet taken further action\\. While the precise timing and final form of these various programs and requirements continue to evolve, the Company is taking various actions that are expected to help reduce its CO2 emissions over time such as improving fuel efficiency, fleet renewal, aircraft retrofits and promoting the commercialization of sustainable aviation fuels\\.\n\nOther Regulations \\. Our operations are subject to a variety of other environmental laws and regulations both in the United States and internationally\\. These include noise\\-related restrictions on aircraft types and operating times and state and local air quality initiatives which have, or could in the future, result in curtailments in services, increased operating costs, limits on expansion, or further emission reduction requirements\\. Certain airports and/or governments, both domestically and internationally, either have or are seeking to establish environmental fees and other requirements applicable to carbon emissions, local air quality pollutants and/or noise\\. The implementation of these requirements is expected to result in restrictions on mobile sources such as cars, trucks and airport ground support equipment in corresponding locations\\. Finally, environmental cleanup laws could require the Company to undertake or subject the Company to liability for investigation and remediation costs at certain owned or leased locations or third\\-party disposal locations\\.\n\nUntil applicability of new regulations to our specific operations is better defined and/or until pending regulations are finalized, future costs to comply with such regulations will remain uncertain but are likely to increase our operating costs over time\\. While we continue to monitor these developments, the precise nature of future requirements and their applicability to the Company are difficult to predict, but the financial impact to the Company and the aviation industry could be significant\\. \n\n7"}
{"_id": "Southwest-2018_119.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Item 9B\\.** ***Other Information***\n\nNone\\. \n\n120"}
{"_id": "Delta-2018_13.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nExecutive Officers of the Registrant\n\nEdward H\\. Bastian, Age 61 :  Chief Executive Officer of Delta since May 2016; President of Delta (September 2007 \\- May 2016); President of Delta and Chief Executive Officer Northwest Airlines, Inc\\. (October 2008 \\- December 2009); President and Chief Financial Officer of Delta (September 2007 \\- October 2008); Executive Vice President and Chief Financial Officer of Delta (July 2005 \\- September 2007); Chief Financial Officer of Acuity Brands (June 2005 \\- July 2005); Senior Vice President \\- Finance and Controller of Delta (2000 \\- April 2005); Vice President and Controller of Delta (1998 \\- 2000)\\.\n\nPeter W\\. Carter, Age 55 :  Executive Vice President \\- Chief Legal Officer of Delta since July 2015; Partner of Dorsey & Whitney LLP (1999 \\- 2015), including co\\-chair of Securities Litigation and Enforcement practice group, chair of Policy Committee and chair of trial department\\.\n\nGlen W\\. Hauenstein, Age 58 :  President of Delta since May 2016; Executive Vice President \\- Chief Revenue Officer of Delta (August 2013 \\- May 2016); Executive Vice President \\- Network Planning and Revenue Management of Delta (April 2006 \\- July 2013); Executive Vice President and Chief of Network and Revenue Management of Delta (August 2005 \\- April 2006); Vice General Director \\- Chief Commercial Officer and Chief Operating Officer of Alitalia (2003 \\- 2005); Senior Vice President\\- Network of Continental Airlines (2003); Senior Vice President \\- Scheduling of Continental Airlines (2001 \\- 2003); Vice President Scheduling of Continental Airlines (1998 \\- 2001)\\.\n\nPaul A\\. Jacobson, Age 47:  Executive Vice President \\- Chief Financial Officer of Delta since August 2013; Senior Vice President and Chief Financial Officer of Delta (March 2012 \\- July 2013); Senior Vice President and Treasurer of Delta (December 2007 \\- March 2012); Vice President and Treasurer of Delta (August 2005 \\- December 2007)\\.\n\nWilliam P\\. Lentsch, Age 55 : Executive Vice President \\- Flying/Air Operations of Delta since August 2018; Senior Vice President \\- Delta Connection and Delta Global Services, CEO \\- Endeavor Air (April 2017 \\- August 2018); Senior Vice President \\- Airport Customer Service and Airline Operations of Delta (September 2013 \\- April 2017); Senior Vice President \\- Minnesota Operations of Delta (June 2009 \\- September 2013); Senior Vice President \\- Flight Operations of Northwest Airlines, Inc\\. (October 2008 \\- June 2009); Vice President \\- Flight Operations of Northwest Airlines, Inc\\. (October 2007 \\- October 2008); Vice President \\- Customer Service \\- Minneapolis of Northwest Airlines, Inc\\. (May 2006 \\- October 2007); Vice President \\- Station Operations of Northwest Airlines, Inc\\. (July 2005 \\- May 2006)\\.\n\nRahul Samant, Age 52:  Executive Vice President \\- Chief Information Officer of Delta since January 2018; Senior Vice President and Chief Information Officer of Delta (February 2016 \\- December 2017); Senior Vice President and Chief Digital Officer of American International Group, Inc\\. (January 2015 \\- February 2016); Senior Vice President and Global Head, Application Development and Management of American International Group, Inc\\. (September 2012 \\- December 2014); Managing Director of Bank of America (1999 \\- September 2012)\\.\n\nSteven M\\. Sear, Age 53 :  President, International and Executive Vice President \\- Global Sales of Delta since February 2016; Senior Vice President \\- Global Sales of Delta (December 2011 \\- February 2016); Vice President \\- Global Sales of Delta (October 2008 \\- December 2011); Vice President \\- Sales & Customer Care of Northwest Airlines, Inc\\. (June 2005 \\- October 2008)\\.\n\nJoanne D\\. Smith, Age 60:  Executive Vice President and Chief Human Resources Officer of Delta since October 2014; Senior Vice President \\- In\\-Flight Service of Delta (March 2007 \\- September 2014); Vice President \\- Marketing of Delta (November 2005 \\- February 2007); President of Song (January 2005 \\- October 2005); Vice President \\- Marketing and Customer Service of Song (November 2002 \\- December 2004)\\.\n\nW\\. Gil West, Age 58:  Senior Executive Vice President and Chief Operating Officer of Delta since February 2016; Executive Vice President and Chief Operating Officer of Delta (March 2014 \\- February 2016); Senior Vice President \\- Airport Customer Service and Technical Operations of Delta (February 2012 \\- February 2014); Senior Vice President \\- Airport Customer Service of Delta (March 2008 \\- January 2012); President and Chief Executive Officer of Laidlaw Transit Services (2006 \\- 2007)\\.\n\nAdditional Information\n\nWe make available free of charge on our website at  ir\\.delta\\.com  our Annual Report on Form 10\\-K, our Quarterly Reports on Form 10\\-Q, our Current Reports on Form 8\\-K and amendments to those reports as soon as reasonably practicable after these reports are filed with or furnished to the Securities and Exchange Commission\\. Information on our website is not incorporated into this Form 10\\-K or our other securities filings and is not a part of those filings\\.\n\n 11"}
{"_id": "AmericanAirlines-2019_183.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nITEM 16\\. FORM 10\\-K SUMMARY\n\nNone\\.\n\n184"}
{"_id": "AmericanAirlines-2017_30.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|   |                           |\n| - | ------------------------- |\n| \u2022 | movements in fuel prices; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                    |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | expectations regarding our capital deployment program, including any existing or potential future share repurchase programs and any future dividend payments that may be declared by our Board of Directors, or any determination to cease repurchasing stock or paying dividends; |\n\n\n\n\n\n|   |                                                                     |\n| - | ------------------------------------------------------------------- |\n| \u2022 | new regulatory pronouncements and changes in regulatory guidelines; |\n\n\n\n\n\n|   |                                                     |\n| - | --------------------------------------------------- |\n| \u2022 | general and industry\\-specific economic conditions; |\n\n\n\n\n\n|   |                               |\n| - | ----------------------------- |\n| \u2022 | changes in our key personnel; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                       |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | distributions of shares of AAG common stock pursuant to the Plan, including distributions from the disputed claims reserve established under the plan of reorganization upon the resolution of the underlying claims; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                               |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | public sales of a substantial number of shares of AAG common stock or issuances of AAG common stock upon the exercise or conversion of convertible securities, options, warrants, restricted stock unit awards, stock appreciation rights, or similar rights; |\n\n\n\n\n\n|   |                                                                                            |\n| - | ------------------------------------------------------------------------------------------ |\n| \u2022 | increases or decreases in reported holdings by insiders or other significant stockholders; |\n\n\n\n\n\n|   |                                     |\n| - | ----------------------------------- |\n| \u2022 | fluctuations in trading volume; and |\n\n\n\n\n\n|   |                                                                                      |\n| - | ------------------------------------------------------------------------------------ |\n| \u2022 | changes in market values of airline companies as well as general market conditions\\. |\n\n\n\n***We cannot guarantee that we will continue to repurchase our common stock or pay dividends on our common stock or that our capital deployment program will enhance long\\-term stockholder value\\. Our capital deployment program could increase the volatility of the price of our common stock and diminish our cash reserves\\.***\n\nSince July 2014, as part of our capital deployment program, our Board of Directors has approved six share repurchase programs aggregating $11\\.0 billion of authority\\. As of December 31, 2017, $450 million remained unused under a repurchase program that expires on December 31, 2018\\. Share repurchases under our repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions\\. These share repurchase programs do not obligate us to acquire any specific number of shares or to repurchase any specific number of shares for any fixed period, and may be suspended at any time at our discretion\\. The timing and amount of repurchases, if any, will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. Our repurchase of common stock may be limited, suspended or discontinued at any time without prior notice\\.\n\nAlthough our Board of Directors commenced declaring quarterly cash dividends in July 2014 as part of our capital deployment program, any future dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to continue a dividend for any fixed period, and the payment of dividends may be suspended at any time at our discretion\\. We will continue to retain future earnings to develop our business, as opportunities arise, and evaluate on a quarterly basis the amount and timing of future dividends based on our operating results, financial condition, capital requirements and general business conditions\\. The amount and timing of any future dividends may vary, and the payment of any dividend does not assure that we will be able to pay dividends in the future\\.\n\nIn addition, any future repurchases of AAG common stock or dividends, or any determination to cease repurchasing stock or paying dividends, could affect our stock price and increase its volatility\\. The existence of a share repurchase program and any future dividends could cause our stock price to be higher than it would otherwise be and could potentially reduce the market liquidity for our stock\\. Additionally, any future repurchases of common stock or dividends will diminish our cash reserves, which may impact our ability to finance future growth and to pursue possible future strategic opportunities and acquisitions\\. Further, our repurchase of common stock may fluctuate such that our cash flow may be insufficient to fully cover our share repurchases\\. Although our share repurchase programs are intended to enhance long\\-term stockholder value, there is no assurance that it will do so because the market price of our common stock may decline below the levels at which we repurchased shares of stock and short\\-term stock price fluctuations could reduce the program\u2019s effectiveness\\.\n\n31"}
{"_id": "United-2019_50.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUNITED AIRLINES, INC\\. \n\nCONSOLIDATED BALANCE SHEETS\n\n(In millions, except shares)\n\n\n\n|                                                                                             |                     |                     |\n| ------------------------------------------------------------------------------------------- | ------------------- | ------------------- |\n|                                                                                             | **At December 31,** | **At December 31,** |\n| **ASSETS**                                                                                  | **2019**            | **2018 (a)**        |\n| Current assets:                                                                             |                     |                     |\n| Cash and cash equivalents                                                                   | $2,756              | $1,688              |\n| Short\\-term investments                                                                     | 2,182               | 2,256               |\n| Receivables, less allowance for doubtful accounts (2019\u2014$9; 2018\u2014$8)                        | 1,364               | 1,426               |\n| Aircraft fuel, spare parts and supplies, less obsolescence allowance (2019\u2014$425; 2018\u2014$412) | 1,072               | 985                 |\n| Prepaid expenses and other                                                                  | 814                 | 733                 |\n| Total current assets                                                                        | 8,188               | 7,088               |\n| Operating property and equipment:                                                           |                     |                     |\n| Flight equipment                                                                            | 35,421              | 32,599              |\n| Other property and equipment                                                                | 7,926               | 6,889               |\n| Purchase deposits for flight equipment                                                      | 1,360               | 1,177               |\n| Total operating property and equipment                                                      | 44,707              | 40,665              |\n| Less\u2014Accumulated depreciation and amortization                                              | (14,537<br><br>)    | (13,266<br><br>)    |\n| Total operating property and equipment, net                                                 | 30,170              | 27,399              |\n| Operating lease right\\-of\\-use assets                                                       | 4,758               | 5,262               |\n| Other assets:                                                                               |                     |                     |\n| Goodwill                                                                                    | 4,523               | 4,523               |\n| Intangibles, less accumulated amortization (2019\u2014$1,440; 2018\u2014$1,380)                       | 3,009               | 3,159               |\n| Restricted cash                                                                             | 106                 | 105                 |\n| Notes receivable, net                                                                       | 671                 | 516                 |\n| Investments in affiliates and other, net                                                    | 1,180               | 966                 |\n| Total other assets                                                                          | 9,489               | 9,269               |\n| Total assets                                                                                | $52,605             | $49,018             |\n\n\n\n(continued on next page)\n\n51"}
{"_id": "United-2019_98.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|          |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| -------- | --------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u202010\\.39  | UAL             | [Form of Share Unit Award Notice pursuant to the United Continental Holdings, Inc\\. 2006 Director Equity Incentive Plan (for awards granted on or after June 2011) (filed as Exhibit 10\\.9 to UAL's Form 10\\-Q for the quarter ended June 30, 2014, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312514278970/d732259dex109.htm)                                                                               |\n| ^10\\.40  | UAL  <br>United | [Amended and Restated A350\\-900 Purchase Agreement, dated September 1, 2017, including letter agreements related thereto, between Airbus S\\.A\\.S\\. and United Airlines, Inc\\. (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended September 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517313831/d437791dex101.htm)                                                               |\n| ^10\\.41  | UAL  <br>United | [Amendment No\\. 1, dated as of July 18, 2019, to the Amended and Restated A350\\-900 Purchase Agreement, dated as of September 1, 2017, including letter agreements related thereto, between Airbus S\\.A\\.S\\. and United Airlines, Inc\\. (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended September 30, 2019, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000010051719000026/ual09301910qex101.htm) |\n|  ^10\\.42 | UAL  <br>United | [Amendment No\\. 2, dated as of December 3, 2019, to the Amended and Restated A350\\-900 Purchase Agreement, dated as of September 1, 2017, including letter agreements related thereto, between Airbus S\\.A\\.S\\. and United Airlines, Inc\\.](https://www.example.com/ual12311910kex1042.htm)                                                                                                                                                                                                  |\n|  ^10\\.43 | UAL  <br>United | [Aircraft General Terms Agreement, dated October 10, 1997, by and among Continental and Boeing (filed as Exhibit 10\\.15 to Continental's Form 10\\-K for the year ended December 31, 1997, Commission File Number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/0000319687-98-000003.txt)                                                                                                                                                    |\n|  ^10\\.44 | UAL  <br>United | [Purchase Agreement No\\. PA\\-03776, dated July 12, 2012, between The Boeing Company and United Continental Holdings, Inc\\. (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended September 30, 2012, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex103.htm)                                                                                                                  |\n|  ^10\\.45 | UAL  <br>United | [Supplemental Agreement No\\. 1 to Purchase Agreement No\\. 03776, dated June 17, 2013 (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended June 30, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex105.htm)                                                                                                                                                             |\n|  ^10\\.46 | UAL  <br>United | [Purchase Agreement Assignment to Purchase Agreement No\\. 03776, dated October 23, 2013, between United Continental Holdings, Inc\\. and United Airlines, Inc\\. (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended September 30, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513409916/d578285dex103.htm)                                                                              |\n|  ^10\\.47 | UAL  <br>United | [Supplemental Agreement No\\. 2 to Purchase Agreement No\\. 03776, dated January 14, 2015 (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended March 31, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex105.htm)                                                                                                                                                         |\n|  ^10\\.48 | UAL  <br>United | [Supplemental Agreement No\\. 3 to Purchase Agreement No\\. 03776, dated May 26, 2015 (filed as Exhibit 10\\.4 to UAL's Form 10\\-Q for the quarter ended June 30, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex104.htm)                                                                                                                                                              |\n|  ^10\\.49 | UAL  <br>United | [Supplemental Agreement No\\. 4 to Purchase Agreement No\\. 03776, dated June 12, 2015 (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended June 30, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex105.htm)                                                                                                                                                             |\n|  ^10\\.50 | UAL  <br>United | [Supplemental Agreement No\\. 5 to Purchase Agreement No\\. 03776, dated January 20, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended March 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex101.htm)                                                                                                  |\n|  ^10\\.51 | UAL  <br>United | [Supplemental Agreement No\\. 6 to Purchase Agreement No\\. 03776, dated February 8, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended March 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex103.htm)                                                                                                  |\n|  ^10\\.52 | UAL  <br>United | [Supplemental Agreement No\\. 7 to Purchase Agreement No\\. 03776, dated December 27, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.183 to UAL's Form 10\\-K for the year ended December 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex10183.htm)                                                                                             |\n|  ^10\\.53 | UAL  <br>United | [Supplemental Agreement No\\. 8, including exhibits and side letters, to Purchase Agreement No\\. 03776, dated June 7, 2017, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended June 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex103.htm)                                                                 |\n\n\n\n99"}
{"_id": "United-2017_57.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**UNITED AIRLINES, INC\\.** \n\n**CONSOLIDATED BALANCE SHEETS** \n\n**(In millions, except shares)** \n\n\n\n|                                                                                                                                   |                     |                     |\n|:--------------------------------------------------------------------------------------------------------------------------------- | -------------------:| -------------------:|\n|                                                                                                                                   | **At December 31,** | **At December 31,** |\n| **LIABILITIES AND STOCKHOLDER\u2019S EQUITY**                                                                                          |            **2017** |            **2016** |\n| Current liabilities:                                                                                                              |                     |                     |\n| Advance ticket sales                                                                                                              |             $3,876  |             $3,730  |\n| Frequent flyer deferred revenue                                                                                                   |              2,176  |              2,135  |\n| Accounts payable                                                                                                                  |              2,196  |              2,144  |\n| Accrued salaries and benefits                                                                                                     |              2,166  |              2,307  |\n| Current maturities of long\\-term debt                                                                                             |              1,565  |                849  |\n| Current maturities of capital leases                                                                                              |                128  |                116  |\n| Other                                                                                                                             |                574  |              1,009  |\n| Total current liabilities                                                                                                         |             12,681  |             12,290  |\n| Long\\-term debt                                                                                                                   |             11,703  |              9,918  |\n| Long\\-term obligations under capital leases                                                                                       |                996  |                822  |\n| Other liabilities and deferred credits:                                                                                           |                     |                     |\n| Frequent flyer deferred revenue                                                                                                   |              2,565  |              2,748  |\n| Postretirement benefit liability                                                                                                  |              1,602  |              1,581  |\n| Pension liability                                                                                                                 |              1,921  |              1,892  |\n| Advanced purchase of miles                                                                                                        |                  \u2014  |                 430 |\n| Deferred income taxes                                                                                                             |                252  |                  \u2014  |\n| Lease fair value adjustment, net                                                                                                  |                198  |                277  |\n| Other                                                                                                                             |              1,634  |              1,527  |\n| Total other liabilities and deferred credits                                                                                      |              8,172  |              8,455  |\n| Commitments and contingencies                                                                                                     |                     |                     |\n| Stockholder\u2019s equity:                                                                                                             |                     |                     |\n| Common stock at par, $0\\.01 par value; authorized 1,000 shares; issued and outstanding 1,000 shares at December 31, 2017 and 2016 |                  \u2014  |                  \u2014  |\n| Additional capital invested                                                                                                       |              1,787  |              3,573  |\n| Retained earnings                                                                                                                 |              8,218  |              5,937  |\n| Accumulated other comprehensive loss                                                                                              |             (1,147) |               (829) |\n| Receivable from related parties                                                                                                   |                (90) |                (75) |\n| Total stockholder\u2019s equity                                                                                                        |              8,768  |              8,606  |\n| Total liabilities and stockholder\u2019s equity                                                                                        |            $42,320  |            $40,091  |\n\n\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n58"}
{"_id": "Alaska-2017_54.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Deferred Income Taxes***\n\nFor federal income tax purposes, the majority of our assets are fully depreciated over a seven\\-year life using an accelerated depreciation method or bonus depreciation, if available\\. For financial reporting purposes, the majority of our assets are depreciated over 15 to 25 years to an estimated salvage value using the straight\\-line basis\\. This difference has created a significant deferred tax liability\\. At some point in the future the depreciation basis will reverse, potentially resulting in an increase in income taxes paid\\. \n\nWhile it is possible that we could have material cash obligations for this deferred liability at some point in the future, we cannot estimate the timing of long\\-term cash flows with reasonable accuracy\\. Taxable income and cash taxes payable in the short\\-term are impacted by many items, including the amount of book income generated (which can be volatile depending on revenue and fuel prices), usage of net operating losses, whether \"bonus depreciation\" provisions are available, any future tax reform efforts at the federal level, as well as other legislative changes that are beyond our control\\. \n\nIn 2017, we made tax payments, net of refunds, totaling $177 million, and had an effective tax rate of 14\\.3% largely due to the impact of the Tax Cuts and Jobs Act\\. We expect our effective tax rate to be approximately 24\\.5% for 2018 and the effective rate of cash paid for income taxes to be approximately 10%\\-15% of book income, although these estimates are subject to change\\. We believe that we will have the liquidity available to make our future tax payments\\.\n\n**CRITICAL ACCOUNTING ESTIMATES**\n\nThe discussion and analysis of our financial position and results of operations in this MD&A are based upon our consolidated financial statements\\. The preparation of these financial statements requires us to make estimates and judgments that affect our financial position and results of operations\\. See Note 1 to the consolidated financial statements for a description of our significant accounting policies\\.\n\nCritical accounting estimates are defined as those that reflect significant management judgment and uncertainties and that potentially may lead to materially different results under varying assumptions and conditions\\. Management has identified the following critical accounting estimates and has discussed the development, selection and disclosure of these policies with our audit committee\\.\n\n**FREQUENT FLYER PROGRAMS**\n\nAlaska's Mileage Plan\u2122 loyalty program awards miles to members who fly on our airlines and our airline partners\\. We also sell services, including miles for transportation, to non\\-airline partners, such as hotels, car rental agencies and a major bank that offers Alaska affinity credit cards\\. In either case, the outstanding miles may be redeemed for travel on our airlines or any of our airline partners\\. As long as the Mileage Plan\u2122 is in existence, we have an obligation to provide this future travel\\.\n\nFor miles earned by guests who fly on us or our airline partners, we recognize a liability and a corresponding selling expense representing the incremental cost associated with the obligation to provide travel in the future\\. For services sold through one of our non\\-airline partners, the sales proceeds that represent award transportation and certificates for discounted companion travel are deferred and recognized when the transportation is delivered, and the remaining components are recorded as commission in other\u2014net revenue in the period the services are performed\\. Commission revenue recognized for the years ended December 31, 2017, 2016 and 2015 was $396 million, $329 million and $280 million, respectively\\. The deferred revenue is recognized as passenger revenue when the award travel occurs, or the miles expire, and as other***\u2014***net revenue for awards issued and flown on partner airlines\\.\n\nAt December 31, 2017, we had approximately 220 billion miles and points outstanding, resulting in an aggregate liability and deferred revenue balance of $1\\.2 billion\\. Both the liability and the deferred revenue are determined based on several assumptions that require significant management judgment to estimate and formulate\\. There are uncertainties inherent in these estimates\\. Therefore, different assumptions could affect the amount and/or timing of revenue recognition or expenses\\. The most significant assumptions in accounting for the Mileage Plan\u2122 are described below\\.\n\n 55"}
{"_id": "Delta-2018_4.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nPart I\n\nITEM 1\\. BUSINESS\n\nGeneral\n\nWe are a major passenger airline, providing scheduled air transportation for passengers and cargo throughout the United States (\"U\\.S\\.\") and around the world\\. Through the dedication of our employees, we are committed to providing exceptional customer service through our global route network\\. Our route network is centered around a system of significant hubs and key markets at airports in Amsterdam, Atlanta, Boston, Detroit, London\\-Heathrow, Los Angeles, Mexico City, Minneapolis\\-St\\. Paul, New York\\-LaGuardia, New York\\-JFK, Paris\\-Charles de Gaulle, Salt Lake City, S\u00e3o Paulo, Seattle, Seoul\\-Incheon and Tokyo\\-Narita\\. Each of these operations includes flights that gather and distribute traffic from markets in the geographic region surrounding the hub or key market to domestic and international cities and to other hubs or key markets\\. Our network is supported by a fleet of aircraft that is varied in size and capabilities, giving us flexibility to adjust aircraft to the network\\. Through our international joint ventures, our alliances with other foreign airlines, our membership in SkyTeam and agreements with multiple domestic regional carriers that operate as Delta Connection, ^\u00ae^  we are able to bring choice to customers worldwide\\.\n\nWe are incorporated under the laws of the State of Delaware\\. Our principal executive offices are located at Hartsfield\\-Jackson Atlanta International Airport in Atlanta, Georgia\\. Our telephone number is (404) 715\\-2600 and our Internet address is www\\.delta\\.com\\. Information contained on our website is not part of, and is not incorporated by reference in, this Form 10\\-K\\.\n\nExpanded Product Offerings\n\nWe have a retail oriented, merchandised approach to distribution with well\\-defined and differentiated products for our customers\\. We offer distinct travel experiences with clear value propositions that enable customer choice\\. Delta One ^TM^ , Delta Premium Select, First Class and Delta Comfort\\+ ^TM^  include varying premium amenities and services while Main Cabin and Basic Economy allow varying levels of pre\\-travel flexibility as well as exceptional service onboard the aircraft\\. We are investing in our fleet, acquiring new, more efficient aircraft with increased premium seating to replace older aircraft\\.\n\nOur tickets are sold through various distribution channels, including: (1) digital channels, such as delta\\.com and mobile applications/web, (2) telephone reservations, (3) online travel agencies and (4) traditional \"brick and mortar\" and other agencies\\. We make fare and product information widely available across those channels, ensuring customers always receive the best information and service options\\. An increasing number of our tickets are sold through Delta digital channels, driving more direct, personalized interactions with our customers and reducing distribution costs\\.\n\nWe expect that these merchandising initiatives as implemented across our distribution channels will allow customers to better understand our product offerings, make it easier to buy the products they desire and increase customer satisfaction\\. This merchandising effort is most effective in Delta's digital channels where customers can compare all product options in a single, easy to understand display\\.\n\nLeveraging Technology to Improve Service and Efficiency\n\nWe are engaged in a digital transformation by continuing to invest in technology that supports our operations and provides tools for our employees, with our long term goal to convert our technology into a competitive advantage\\. These investments include improvements to infrastructure and technology architecture to unify and improve access to data sources and continue innovations in customer facing applications\\. This digital transformation will enhance interactions with our customers and allow us to deliver more personalized service, further enhancing the customer experience and strengthening our brand and competitive position\\.\n\nWe continue to make technological improvements that personalize the travel experience for our customers and empower our employees\\. We made significant progress in 2018 on the digital transformation to create a single view of the customer\\. We delivered several capabilities that enable our front\\-line employees to personalize their interactions with our customers\\. We also added self\\-service features on both the mobile app and delta\\.com and launched the first facial recognition biometric terminal for international travelers at the Atlanta airport\\.\n\n 2"}
{"_id": "AmericanAirlines-2018_176.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Stockholder and Board of Directors\n\nAmerican Airlines, Inc\\.:\n\n*Opinion on Internal Control Over Financial Reporting* \n\nWe have audited American Airlines, Inc\\.\u2019s and subsidiaries\u2019 (American) internal control over financial reporting as of December 31, 2018, based on criteria established in *Internal Control \\- Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission\\. In our opinion, American maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018, based on criteria established in *Internal Control \\- Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission\\. \n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of American as of December 31, 2018 and 2017, the related consolidated statements of operations, comprehensive income, cash flows, and stockholder\u2019s equity for each of the years in the three\\-year period ended December 31, 2018, and the related notes (collectively, the consolidated financial statements), and our report dated February 25, 2019 expressed an unqualified opinion on those consolidated financial statements\\.\n\n*Basis for Opinion* \n\nAmerican\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management\u2019s Annual Report on Internal Control over Financial Reporting\\. Our responsibility is to express an opinion on American\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to American in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk\\. Our audit also included performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\n*Definition and Limitations of Internal Control Over Financial Reporting* \n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n/s/ KPMG LLP\n\nDallas, Texas\n\nFebruary 25, 2019\n\n177"}
{"_id": "United-2017_54.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**UNITED AIRLINES, INC\\.** \n\n**STATEMENTS OF CONSOLIDATED OPERATIONS** \n\n**(In millions)** \n\n\n\n|                                                    |                             |                             |                             |\n|:-------------------------------------------------- | ---------------------------:| ---------------------------:| ---------------------------:|\n|                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                    |                   **2017**  |                   **2016**  |                   **2015**  |\n| Operating revenue:                                 |                             |                             |                             |\n| Passenger\u2014Mainline                                 |                    $26,552  |                    $25,414  |                    $26,333  |\n| Passenger\u2014Regional                                 |                      5,852  |                      6,043  |                      6,452  |\n| Total passenger revenue                            |                     32,404  |                     31,457  |                     32,785  |\n| Cargo                                              |                      1,035  |                        876  |                        937  |\n| Other operating revenue                            |                      4,297  |                      4,223  |                      4,142  |\n| Total operating revenue                            |                     37,736  |                     36,556  |                     37,864  |\n| Operating expense:                                 |                             |                             |                             |\n| Salaries and related costs                         |                     11,045  |                     10,275  |                      9,713  |\n| Aircraft fuel                                      |                      6,913  |                      5,813  |                      7,522  |\n| Landing fees and other rent                        |                      2,240  |                      2,165  |                      2,203  |\n| Regional capacity purchase                         |                      2,232  |                      2,197  |                      2,290  |\n| Depreciation and amortization                      |                      2,149  |                      1,977  |                      1,819  |\n| Aircraft maintenance materials and outside repairs |                      1,856  |                      1,749  |                      1,651  |\n| Distribution expenses                              |                      1,349  |                      1,303  |                      1,342  |\n| Aircraft rent                                      |                        621  |                        680  |                        754  |\n| Special charges (Note 14)                          |                        176  |                        638  |                        326  |\n| Other operating expenses                           |                      5,655  |                      5,418  |                      5,076  |\n| Total operating expenses                           |                     34,236  |                     32,215  |                     32,696  |\n| Operating income                                   |                      3,500  |                      4,341  |                      5,168  |\n| Nonoperating income (expense):                     |                             |                             |                             |\n| Interest expense                                   |                       (643) |                       (614) |                       (670) |\n| Interest capitalized                               |                         84  |                         72  |                         49  |\n| Interest income                                    |                         57  |                         42  |                         25  |\n| Miscellaneous, net (Note 14)                       |                          3  |                        (19) |                       (351) |\n| Total nonoperating expense, net                    |                       (499) |                       (519) |                       (947) |\n| Income before income taxes                         |                      3,001  |                      3,822  |                      4,221  |\n| Income tax expense (benefit) (Note 14)             |                        852  |                      1,558  |                    (3,080)  |\n| Net income                                         |                     $2,149  |                     $2,264  |                     $7,301  |\n\n\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n55"}
{"_id": "United-2017_98.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nrate from historical SICAD rates to a combination of SIMADI and SICAD rates based on projections of future cash payments\\. Including this adjustment, the Company\u2019s resulting cash balance held in Venezuelan bolivars at December 31, 2015 was approximately $13 million\\.\n\n**Accrual Activity** \n\nActivity related to the accruals for severance and medical costs and future lease payments on permanently grounded aircraft is as follows (in millions):\n\n\n\n|                                 |                                   |                                        |\n|:------------------------------- | ---------------------------------:| --------------------------------------:|\n|                                 | **Severance/  <br>Benefit Costs** | **Permanently  <br>Grounded Aircraft** |\n| Balance at December 31, 2014    |                              $109 |                                   $102 |\n| Accrual                         |                               107 |                                     30 |\n| Payments                        |                             (189) |                                   (54) |\n| Balance at December 31, 2015    |                                27 |                                     78 |\n| Accrual and related adjustments |                                37 |                                   (17) |\n| Payments                        |                              (50) |                                   (20) |\n| Balance at December 31, 2016    |                                14 |                                     41 |\n| Accrual                         |                               116 |                                    (4) |\n| Payments                        |                              (93) |                                   (15) |\n| Balance at December 31, 2017    |                               $37 |                                    $22 |\n\n\n\nThe Company\u2019s accrual and payment activity is primarily related to severance and other compensation expense associated with voluntary employee early retirement programs\\.\n\n**NOTE 15 \\- SEGMENT INFORMATION** \n\nOperating segments are defined as components of an enterprise with separate financial information, which are evaluated regularly by the chief operating decision maker and are used in resource allocation and performance assessments\\.\n\nThe Company deploys its aircraft across its route network through a single route scheduling system to maximize its value\\. When making resource allocation decisions, the Company\u2019s chief operating decision maker evaluates flight profitability data, which considers aircraft type and route economics\\. The Company\u2019s chief operating decision maker makes resource allocation decisions to maximize the Company\u2019s consolidated financial results\\. Managing the Company as one segment allows management the opportunity to maximize the value of its route network\\.\n\nThe Company\u2019s operating revenue by principal geographic region (as defined by the U\\.S\\. Department of Transportation) for the years ended December 31 is presented in the table below (in millions):\n\n\n\n|                              |            |            |            |\n|:---------------------------- | ----------:| ----------:| ----------:|\n|                              |  **2017**  |  **2016**  |  **2015**  |\n| Domestic (U\\.S\\. and Canada) |    $23,131 |    $22,202 |    $21,931 |\n| Pacific                      |      4,898 |      4,959 |      5,498 |\n| Atlantic                     |      6,285 |      6,157 |      7,068 |\n| Latin America                |      3,422 |      3,238 |      3,367 |\n| Total                        |    $37,736 |    $36,556 |    $37,864 |\n\n\n\nThe Company attributes revenue among the geographic areas based upon the origin and destination of each flight segment\\. The Company\u2019s operations involve an insignificant level of dedicated revenue\\-producing assets in\n\n99"}
{"_id": "United-2019_76.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nNOTE 10 \\- DEBT\n\n\n\n|                                                                                                                                       |                     |                     |\n| ------------------------------------------------------------------------------------------------------------------------------------- | ------------------- | ------------------- |\n| **(In millions)**                                                                                                                     | **At December 31,** | **At December 31,** |\n|                                                                                                                                       | **2019**            | **2018**            |\n| Secured                                                                                                                               |                     |                     |\n| Notes payable, fixed interest rates of 2\\.7% to 9\\.8% (weighted average rate of 3\\.95% as of December 31, 2019), payable through 2032 | $9,615              | $8,811              |\n| Notes payable, floating interest rates of the London interbank offered rate (\"LIBOR\") plus 1\\.05% to 2\\.25%, payable through 2030     | 1,970               | 2,051               |\n| Term loan, LIBOR plus 1\\.75%, or alternative rate based on certain market rates plus 0\\.75%, due 2024                                 | 1,459               | 1,474               |\n| Unsecured                                                                                                                             |                     |                     |\n| 6% Senior Notes due 2020 (a)                                                                                                          | 300                 | 300                 |\n| 4\\.25% Senior Notes due 2022 (a)                                                                                                      | 400                 | 400                 |\n| 5% Senior Notes due 2024 (a)                                                                                                          | 300                 | 300                 |\n| 4\\.875% Senior Notes due 2025 (a)                                                                                                     | 350                 | \u2014                   |\n| Other                                                                                                                                 | 339                 | 300                 |\n|                                                                                                                                       | 14,733              | 13,636              |\n| Less: unamortized debt discount, premiums and debt issuance costs                                                                     | (181<br><br>)       | (191<br><br>)       |\n| Less: current portion of long\\-term debt                                                                                              | (1,407<br><br>)     | (1,230<br><br>)     |\n| Long\\-term debt, net                                                                                                                  | $13,145             | $12,215             |\n\n\n\n(a) UAL is the issuer of this debt\\. United is a guarantor\\.\n\nThe table below presents the Company's contractual principal payments (not including debt discount or debt issuance costs) at  December 31, 2019  under then\\-outstanding long\\-term debt agreements in each of the next five calendar years (in millions):  \n\n\n\n|            |         |\n| ---------- | ------- |\n| 2020       | $1,407  |\n| 2021       | 1,415   |\n| 2022       | 1,765   |\n| 2023       | 815     |\n| 2024       | 3,122   |\n| After 2024 | 6,209   |\n|            | $14,733 |\n\n\n\nSecured debt\n\nCredit and Guaranty Agreement\\.  United and UAL, as borrower and guarantor, respectively, are parties to the Amended and Restated Credit and Guaranty Agreement (as amended, the \"Credit Agreement\")\\. The Credit Agreement consists of a   $1\\.5 billion  term loan due April 1, 2024 and a   $2\\.0 billion  revolving credit facility available for drawing until its maturity date on April 1, 2022\\. The obligations of United under the amended Credit Agreement are secured by liens on certain international route authorities, certain take\\-off and landing rights and related assets of United\\.\n\nTerm loan borrowings under the Credit Agreement bear interest at a variable rate equal to LIBOR plus a margin of   1\\.75%  per annum, or another rate based on certain market interest rates, plus a margin of   0\\.75%  per annum\\. The principal amount of the term loan must be repaid in consecutive quarterly installments of   0\\.25%  of the original principal amount thereof, commencing on June 30, 2017, with any unpaid balance due on  April 1, 2024 \\. United may prepay all or a portion of the loan from time to time, at par plus accrued and unpaid interest\\.\n\nAs of  December 31, 2019 , United had its entire capacity of   $2\\.0 billion  available under the revolving credit facility of the Company's Credit Agreement\\. United pays a commitment fee equal to   0\\.75%  per annum on the undrawn amount available under the revolving credit facility\\. If drawn, revolving loans under the Credit Agreement bear interest at a variable rate equal to LIBOR plus a margin of   2\\.25%  per annum, or another rate based on certain market interest rates, plus a margin of   1\\.25%  per annum\\.\n\n77"}
{"_id": "AmericanAirlines-2019_142.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nBalance Sheet Position\n\n\n\n|                      |                      |                      |                                                                  |                                                                  |\n| -------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                      | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                      | **2019**             | **2018**             | **2019**                                                         | **2018**                                                         |\n|                      | **(In millions)**    | **(In millions)**    | **(In millions)**                                                | **(In millions)**                                                |\n| As of December 31,   |                      |                      |                                                                  |                                                                  |\n| Current liability    | $5                   | $7                   | $24                                                              | $23                                                              |\n| Noncurrent liability | 5,412                | 6,274                | 596                                                              | 589                                                              |\n| Total liabilities    | $5,417               | $6,281               | $620                                                             | $612                                                             |\n\n\n\n\n\n|                                                               |        |        |                        |                        |\n| ------------------------------------------------------------- | ------ | ------ | ---------------------- | ---------------------- |\n| Net actuarial loss (gain)                                     | $5,662 | $5,341 | $<br><br>(426<br><br>) | $<br><br>(452<br><br>) |\n| Prior service cost (benefit)                                  | 102    | 131    | (120<br><br>)          | (362<br><br>)          |\n| Total accumulated other comprehensive loss (income), pre\\-tax | $5,764 | $5,472 | $<br><br>(546<br><br>) | $<br><br>(814<br><br>) |\n\n\n\nPlans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets\n\n\n\n|                                               |                      |                      |                                                                  |                                                                  |\n| --------------------------------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                               | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                               | **2019**             | **2018**             | **2019**                                                         | **2018**                                                         |\n|                                               | **(In millions)**    | **(In millions)**    | **(In millions)**                                                | **(In millions)**                                                |\n| Projected benefit obligation                  | $18,215              | $16,254              | $\u2014                                                               | $\u2014                                                               |\n| Accumulated benefit obligation (ABO)          | 18,204               | 16,246               | \u2014                                                                | \u2014                                                                |\n| Accumulated postretirement benefit obligation | \u2014                    | \u2014                    | 824                                                              | 837                                                              |\n| Fair value of plan assets                     | 12,794               | 9,971                | 204                                                              | 225                                                              |\n| ABO less fair value of plan assets            | 5,410                | 6,275                | \u2014                                                                | \u2014                                                                |\n\n\n\nNet Periodic Benefit Cost (Income)\n\n\n\n|                                    |                      |                       |                      |                                                                    |                                                                    |                                                                    |\n| ---------------------------------- | -------------------- | --------------------- | -------------------- | ------------------------------------------------------------------ | ------------------------------------------------------------------ | ------------------------------------------------------------------ |\n|                                    | **Pension Benefits** | **Pension Benefits**  | **Pension Benefits** | **Retiree Medical and**<br><br> **Other Postretirement Benefits**  | **Retiree Medical and**<br><br> **Other Postretirement Benefits**  | **Retiree Medical and**<br><br> **Other Postretirement Benefits**  |\n|                                    | **2019**             | **2018**              | **2017**             | **2019**                                                           | **2018**                                                           | **2017**                                                           |\n|                                    | **(In millions)**    | **(In millions)**     | **(In millions)**    | **(In millions)**                                                  | **(In millions)**                                                  | **(In millions)**                                                  |\n| Defined benefit plans:             |                      |                       |                      |                                                                    |                                                                    |                                                                    |\n| Service cost                       | $2                   | $2                    | $2                   | $3                                                                 | $5                                                                 | $4                                                                 |\n| Interest cost                      | 699                  | 670                   | 717                  | 33                                                                 | 35                                                                 | 39                                                                 |\n| Expected return on assets          | (811<br><br>)        | (901<br><br>)         | (786<br><br>)        | (15<br><br>)                                                       | (24<br><br>)                                                       | (21<br><br>)                                                       |\n| Settlements                        | \u2014                    | \u2014                     | 1                    | \u2014                                                                  | \u2014                                                                  | \u2014                                                                  |\n| Amortization of:                   |                      |                       |                      |                                                                    |                                                                    |                                                                    |\n| Prior service cost (benefit)       | 28                   | 28                    | 28                   | (236<br><br>)                                                      | (236<br><br>)                                                      | (237<br><br>)                                                      |\n| Unrecognized net loss (gain)       | 150                  | 140                   | 144                  | (31<br><br>)                                                       | (21<br><br>)                                                       | (23<br><br>)                                                       |\n| Net periodic benefit cost (income) | $68                  | $<br><br>(61<br><br>) | $106                 | $<br><br>(246<br><br>)                                             | $<br><br>(241<br><br>)                                             | $<br><br>(238<br><br>)                                             |\n\n\n\nThe components of net periodic benefit cost (income) other than the service cost component are included in nonoperating other income, net in American\u2019s consolidated statements of operations\\. \n\nThe estimated amount of unrecognized actuarial net loss and prior service cost for the defined benefit pension plans that will be amortized from AOCI into net periodic benefit cost over the next fiscal year is   $193 million \\.\n\nThe estimated amount of unrecognized actuarial net gain and prior service benefit for the retiree medical and other postretirement benefits plans that will be amortized from AOCI into net periodic benefit cost over the next fiscal year is   $167 million \\.\n\n143"}
{"_id": "Alaska-2017_87.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**NOTE 9\\. SHAREHOLDERS' EQUITY**\n\n***Common Stock Changes***\n\nDuring the second quarter of 2017, shareholders voted to increase the number of authorized shares of common stock from 200 million to 400 million\\. \n\n***Dividends***\n\nDuring 2017, the Board of Directors declared dividends of $1\\.20 per share\\. The Company paid dividends of $148 million, $136 million and $102 million to shareholders of record during 2017, 2016 and 2015\\.\n\nSubsequent to year\\-end, the Board of Directors declared a quarterly cash dividend of $0\\.32 per share to be paid in March 2018 to shareholders of record as of February 20, 2018\\. This is a 7% increase from the most recent quarterly dividend of $0\\.30 per share\\.\n\n***Common Stock Repurchase***\n\nIn May 2014, the Board of Directors authorized a $650 million share repurchase program, which was completed in October 2015\\. In August 2015, the Board of Directors authorized a $1 billion share repurchase program\\. As of December 31, 2017, the Company has repurchased 5\\.1 million shares for $388 million under this program\\. \n\nAt December 31, 2017, the Company held 6,842,860 shares in treasury\\. Management does not anticipate retiring common shares held in treasury for the foreseeable future\\.\n\nShare repurchase activity (in millions, except shares):\n\n\n\n|                                        |             |            |            |            |            |            |\n| -------------------------------------- | ----------- | ---------- | ---------- | ---------- | ---------- | ---------- |\n|                                        | **2017**    | **2017**   | **2016**   | **2016**   | **2015**   | **2015**   |\n|                                        | **Shares**  | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |\n| 2015 Repurchase Program \u2013 $1 billion   | **981,277** | **$75**    | 2,594,809  | $193       | 1,517,277  | $120       |\n| 2014 Repurchase Program \u2013 $650 million | **\u2014**       | **\u2014**      | \u2014          | \u2014          | 5,691,051  | 385        |\n| Total                                  | **981,277** | **$75**    | 2,594,809  | $193       | 7,208,328  | $505       |\n\n\n\n***Accumulated Other Comprehensive Loss (AOCL)***\n\nAOCL consisted of the following (in millions, net of tax): \n\n\n\n|                                      |            |          |\n| ------------------------------------ | ---------- | -------- |\n|                                      | **2017**   | **2016** |\n| Related to marketable securities     | **$(5)**   | $(3)     |\n| Related to employee benefit plans    | **(376)**  | (299)    |\n| Related to interest rate derivatives | **1**      | (3)      |\n|                                      | **$(380)** | $(305)   |\n\n\n\nIn relation to the Tax Cuts and Jobs Act, amounts recognized in other comprehensive income subsequent to the December 22, 2017 enactment date, are taxed at the revised federal income tax rates\\. The Company's actuarial adjustments for employee benefit plans occur annually at December 31, and therefore are tax effected at the new lower rates\\. Accordingly, the effective tax rate for employee benefit plan amounts recognized in other comprehensive income at December 31, 2017 is lower than it historically has been\\. \n\n 88"}
{"_id": "Alaska-2017_60.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\nTo the Stockholders and Board of Directors\n\nAlaska Air Group, Inc\\.:\n\n*Opinion on the Consolidated Financial Statements*\n\nWe have audited the accompanying consolidated balance sheets of Alaska Air Group, Inc\\. and subsidiaries (the \u201cCompany\u201d) as of December 31, 2017 and 2016, the related consolidated statements of operations, comprehensive operations, shareholders\u2019 equity, and cash flows for each of the years in the three\u2011year period ended December 31, 2017, and the related notes (collectively, the \u201cconsolidated financial statements\u201d)\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the years in the three\u2011year period ended December 31, 2017, in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (\u201cPCAOB\u201d), the Company\u2019s internal control over financial reporting as of December 31, 2017, based on criteria established in *Internal Control \\- Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 14, 2018 expressed an unqualified opinion on the effectiveness of the Company\u2019s internal control over financial reporting\\.\n\n*Basis for Opinion*\n\nThese consolidated financial statements are the responsibility of the Company\u2019s management\\. Our responsibility is to express an opinion on these consolidated financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\nKPMG LLP\n\nWe have served as the Company\u2019s auditor since 2004\\.\n\nSeattle*,* Washington\n\nFebruary 14, 2018\n\n 61"}
{"_id": "AmericanAirlines-2017_28.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nIn particular, an outbreak of a contagious disease such as the Ebola virus, Middle East Respiratory Syndrome, Severe Acute Respiratory Syndrome, H1N1 influenza virus, avian flu, Zika virus or any other similar illness, if it were to become associated with air travel or persist for an extended period, could materially affect the airline industry and us by reducing revenues and adversely impacting our operations and passengers\u2019 travel behavior\\. As a result of these or other conditions beyond our control, our results of operations could be volatile and subject to rapid and unexpected change\\. In addition, due to generally weaker demand for air travel during the winter, our revenues in the first and fourth quarters of the year could be weaker than revenues in the second and third quarters of the year\\.\n\n***A higher than normal number of pilot retirements, more stringent duty time regulations, increased flight hour requirements for commercial airline pilots, reductions in the number of military pilots entering the commercial workforce and other factors have caused a shortage of pilots that could materially adversely affect our business\\.***\n\nWe currently have a higher than normal number of pilots eligible for retirement\\. Large numbers of pilots in the industry are approaching the FAA\u2019s mandatory retirement age of 65\\. Further, in July 2013, the FAA issued regulations that increased the flight hours required for pilots working for airlines certificated under Part 121 of the Federal Aviation Regulations\\. In addition, on January 4, 2014, more stringent pilot flight and duty time requirements under Part 117 of the Federal Aviation Regulations took effect\\. These and other factors, including reductions in the number of military pilots being trained by the U\\.S\\. armed forces and available as commercial pilots upon their retirement from military service, have contributed to a shortage of qualified, entry\\-level pilots and increased compensation costs, particularly for our regional subsidiaries and our other regional partners who are being required by market conditions to pay significantly increased wages and large signing bonuses to their pilots in an attempt to achieve desired staffing levels\\. The foregoing factors have also led to increased competition from large, mainline carriers attempting to meet their hiring needs\\. We believe that this industry\\-wide pilot shortage is becoming an increasing problem for airlines in the United States\\. Our regional partners have recently been unable to hire adequate numbers of pilots to meet their needs, resulting in a reduction in the number of flights offered, disruptions, increased costs of operations, financial difficulties and other adverse effects, and these circumstances may become more severe in the future and thereby cause a material adverse effect on our business\\.\n\n***Increases in insurance costs or reductions in insurance coverage may adversely impact our operations and financial results\\.***\n\nThe terrorist attacks of September 11, 2001 led to a significant increase in insurance premiums and a decrease in the insurance coverage available to commercial air carriers\\. Accordingly, our insurance costs increased significantly, and our ability to continue to obtain insurance even at current prices remains uncertain\\. If we are unable to maintain adequate insurance coverage, our business could be materially and adversely affected\\. Additionally, severe disruptions in the domestic and global financial markets could adversely impact the claims paying ability of some insurers\\. Future downgrades in the ratings of enough insurers could adversely impact both the availability of appropriate insurance coverage and its cost\\. Because of competitive pressures in our industry, our ability to pass along additional insurance costs to passengers is limited\\. As a result, further increases in insurance costs or reductions in available insurance coverage could have an adverse impact on our financial results\\.\n\n***We may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity\\.***\n\nFrom time to time, we are a party to or otherwise involved in legal proceedings, claims and government inspections or investigations and other legal matters, both inside and outside the United States, arising in the ordinary course of our business or otherwise\\. We are currently involved in various legal proceedings and claims that have not yet been fully resolved, and additional claims may arise in the future\\. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within our control\\. Litigation is subject to significant uncertainty and may be expensive, time\\-consuming, and disruptive to our operations\\. Although we will vigorously defend ourselves in such legal proceedings, their ultimate resolution and potential financial and other impacts on us are uncertain\\. For these and other reasons, we may choose to settle legal proceedings and claims, regardless of their actual merit\\. If a legal proceeding is resolved against us, it could result in significant compensatory damages, and in certain circumstances punitive or trebled damages, disgorgement of revenue or profits, remedial corporate measures or injunctive relief imposed on us\\. If our existing insurance does not cover the amount or types of damages awarded, or if other resolution or actions taken as a result of the legal proceeding were to restrain our ability to operate or market our services, our consolidated financial position, results of operations or cash flows could be materially adversely affected\\. In addition, legal proceedings, and any adverse resolution thereof, can result in adverse publicity and damage to our reputation, which could adversely impact our business\\. Additional information regarding certain legal matters in which we are involved can be found in Part I, Item 3\\. Legal Proceedings\\.\n\n29"}
{"_id": "Southwest-2017_28.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nThe Company owns an additional headquarters building, located across the street from the Company's main headquarters building, on land owned by the Company\\. This energy\\-efficient, modern building, called TOPS, houses certain operational and training functions, including its 24\\-hour operations\\. In 2016, the Company broke ground on an additional headquarters complex, called the Wings Complex, consisting of a Leadership Education and Aircrew Development (LEAD) Center (designed to house flight simulators and classroom space for Pilot training), an additional office building, and a parking garage\\. The Wings Complex is scheduled to be completed in 2018 and is also located across the street from the Company's main headquarters building on land owned by the Company\\. The Company began moving its Boeing 737 flight simulators to the LEAD Center during 2017 and expects to have 15 Boeing 737 flight simulators in the LEAD Center by mid\\-2018\\. As of December 31, 2017, the Company operated seven Customer Support and Services call centers\\. The centers located in Atlanta, San Antonio, Chicago, Albuquerque, and Oklahoma City occupy leased space\\. The Company owns its Houston and Phoenix centers\\.\n\nThe Company performs substantially all line maintenance on its aircraft and provides ground support services at most of the airports it serves\\. However, the Company has arrangements with certain aircraft maintenance firms for major component inspections and repairs for its airframes and engines, which comprise the majority of the Company's annual aircraft maintenance costs\\.\n\n29"}
{"_id": "Alaska-2017_80.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Components of Income Tax Expense***\n\nThe components of income tax expense were as follows (in millions): \n\n\n\n|                                             |          |          |          |\n| ------------------------------------------- | -------- | -------- | -------- |\n|                                             | **2017** | **2016** | **2015** |\n| Current income tax expense:                 |          |          |          |\n| Federal                                     | **$127** | $392     | $397     |\n| State                                       | **35**   | 48       | 30       |\n| Total current income tax expense            | **162**  | 440      | 427      |\n| Deferred income tax expense (benefit):      |          |          |          |\n| Federal                                     | **(30)** | 77       | 60       |\n| State                                       | **41**   | 14       | (23)     |\n| Total deferred income tax expense (benefit) | **11**   | 91       | 37       |\n| Income tax expense                          | **$173** | $531     | $464     |\n\n\n\n***Income Tax Rate Reconciliation***\n\nIncome tax expense reconciles to the amount computed by applying the U\\.S\\. federal rate of 35% to income before income tax and the 2018 US federal rate of 21% for deferred taxes as follows (in millions):\n\n\n\n|                          |            |          |          |\n| ------------------------ | ---------- | -------- | -------- |\n|                          | **2017**   | **2016** | **2015** |\n| Income before income tax | **$1,207** | $1,345   | $1,312   |\n| Expected tax expense     | **422**    | 471      | 459      |\n| Nondeductible expenses   | **5**      | 20       | 4        |\n| State income taxes       | **29**     | 28       | 19       |\n| State income sourcing    | **9**      | 13       | (15)     |\n| Tax law changes          | **(280)**  | \u2014        | \u2014        |\n| Other\u2014net                | **(12)**   | (1)      | (3)      |\n| Actual tax expense       | **$173**   | $531     | $464     |\n| Effective tax rate       | **14\\.3%** | 39\\.5%   | 35\\.4%   |\n\n\n\nAs a result of tax changes signed into law during 2017, the Company recorded a deferred tax benefit of $280 million as a result of the reduction in future corporate income tax rate and other state law changes\\. \n\nThe Company incurred $39 million of acquisition\\-related costs that are not deductible under U\\.S\\. federal tax law in 2016\\. These expenses are included in Special items\u2014merger\\-related costs and other on the Company\u2019s consolidated statement of operations and are reflected as a permanent unfavorable adjustment for the year ended December 31, 2016, in the table above\\.\n\nIn the fourth quarter of 2015, the Company filed amended state tax returns for the years 2010 through 2013 to change the Company\u2019s position on income sourcing in various states\\. These positions were also taken on 2014 and subsequent filings, unless guidance or rules changed\\. In 2017, adjustments were made to the Company's position on income sourcing in various states due to updated guidance from state taxing authorities\\. The impact of this guidance is reflected as an increase in income tax expense of approximately $9 million for the year ended December 31, 2017\\.\n\n 81"}
{"_id": "AmericanAirlines-2019_80.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n(k) Revenue Recognition\n\nRevenue\n\nThe following are the significant categories comprising our reported operating revenues (in millions):\n\n\n\n|                                       |                             |                             |                             |\n| ------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                       | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                       | **2019**                    | **2018**                    | **2017**                    |\n| Passenger revenue:                    |                             |                             |                             |\n| Passenger travel                      | $38,831                     | $37,457                     | $36,152                     |\n| Loyalty revenue \\- travel  ^(1)^      | 3,179                       | 3,219                       | 2,979                       |\n| Total passenger revenue               | 42,010                      | 40,676                      | 39,131                      |\n| Cargo                                 | 863                         | 1,013                       | 890                         |\n| Other:                                |                             |                             |                             |\n| Loyalty revenue \\- marketing services | 2,361                       | 2,352                       | 2,124                       |\n| Other revenue                         | 534                         | 500                         | 477                         |\n| Total other revenue                   | 2,895                       | 2,852                       | 2,601                       |\n| Total operating revenues              | $45,768                     | $44,541                     | $42,622                     |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                   |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions earned through travel or from co\\-branded credit card and other partners\\. See \u201c *Loyalty Revenue* \u201d below for further discussion on these mileage credits\\. |\n\n\n\nThe following is our total passenger revenue by geographic region (in millions):\n\n\n\n|                         |                             |                             |                             |\n| ----------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                         | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                         | **2019**                    | **2018**                    | **2017**                    |\n| Domestic                | $30,881                     | $29,573                     | $28,749                     |\n| Latin America           | 5,047                       | 5,125                       | 4,840                       |\n| Atlantic                | 4,624                       | 4,376                       | 4,028                       |\n| Pacific                 | 1,458                       | 1,602                       | 1,514                       |\n| Total passenger revenue | $42,010                     | $40,676                     | $39,131                     |\n\n\n\nWe attribute passenger revenue by geographic region based upon the origin and destination of each flight segment\\.\n\nPassenger Revenue\n\nWe recognize all revenues generated from transportation on American and our regional flights operated under the brand name American Eagle, including associated baggage fees, ticketing change fees and other inflight services, as passenger revenue when transportation is provided\\. Ticket and other related sales for transportation that has not yet been provided are initially deferred and recorded as air traffic liability on our consolidated balance sheets\\. The air traffic liability principally represents tickets sold for future travel on American and partner airlines, as well as estimated future refunds and exchanges of tickets sold for past travel\\. \n\nThe majority of tickets sold are nonrefundable\\. A small percentage of tickets, some of which are partially used tickets, expire unused\\. Due to complex pricing structures, refund and exchange policies, and interline agreements with other airlines, certain amounts are recognized in passenger revenue using estimates regarding both the timing of the revenue recognition and the amount of revenue to be recognized\\. These estimates are generally based on the analysis of our historical data\\. We have consistently applied this accounting method to estimate revenue from unused tickets at the date of travel\\. Estimated future refunds and exchanges included in the air traffic liability are routinely evaluated based on subsequent activity to validate the accuracy of our estimates\\. Any adjustments resulting from periodic evaluations of the estimated air traffic liability are included in passenger revenue during the period in which the evaluations are completed\\. \n\n81"}
{"_id": "AmericanAirlines-2017_182.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| ----------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.91                         | [Intercreditor Agreement (2016\\-1), dated as of January 19, 2016, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-1AA, as Trustee of the American Airlines Pass Through Trust 2016\\-1A and as Trustee of the American Airlines Pass Through Trust 2016\\-1B, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex45.htm) |\n| 4\\.92                         | [Note Purchase Agreement, dated as of January 19, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex46.htm)                                                                                                                                                                                                                               |\n| 4\\.93                         | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex46.htm)                                                                                         |\n| 4\\.94                         | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex46.htm)                                                                                                                                                                                                                                                                                                     |\n| 4\\.95                         | [Form of Pass Through Trust Certificate, Series 2016\\-1AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 4\\.96                         | [Form of Pass Through Trust Certificate, Series 2016\\-1A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.97                         | [Form of Pass Through Trust Certificate, Series 2016\\-1B (incorporated by reference to Exhibit A to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex44.htm)                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.98                         | [Revolving Credit Agreement (2016\\-1AA), dated as of January 19, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-1AA, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex412.htm)                                                                                                                                                                                    |\n| 4\\.99                         | [Revolving Credit Agreement (2016\\-1A), dated as of January 19, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-1A, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.13 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex413.htm)                                                                                                                                                                                      |\n| 4\\.100                        | [Revolving Credit Agreement (2016\\-1B), dated as of January 19, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-1B, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex414.htm)                                                                                                                                                                                      |\n| 4\\.101                        | [Trust Supplement No\\. 2016\\-2AA, dated as of May 16, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex42.htm)                                                                                                                                                                                                                                                                        |\n| 4\\.102                        | [Trust Supplement No\\. 2016\\-2A, dated as of May 16, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex43.htm)                                                                                                                                                                                                                                                                         |\n| 4\\.103                        | [Intercreditor Agreement (2016\\-2), dated as of May 16, 2016, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-2AA and as Trustee of the American Airlines Pass Through Trust 2016\\-2A, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider and Class A Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex44.htm)                                                                                                      |\n| 4\\.104                        | [Deposit Agreement (Class AA), dated as of May 16, 2016, between Wilmington Trust, National Association, as Escrow Agent, and Citibank, N\\.A\\., as Depositary (incorporated by reference to Exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex45.htm)                                                                                                                                                                                                                                                                                                                     |\n| 4\\.105                        | [Deposit Agreement (Class A), dated as of May 16, 2016, between Wilmington Trust, National Association, as Escrow Agent, and Citibank, N\\.A\\., as Depositary (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex46.htm)                                                                                                                                                                                                                                                                                                                      |\n\n\n\n183"}
{"_id": "AmericanAirlines-2019_72.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAMERICAN AIRLINES GROUP INC\\.\n\nCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME\n\n(In millions)\n\n\n\n|                                                            |                             |                             |                             |\n| ---------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                            | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                            | **2019**                    | **2018**                    | **2017**                    |\n| **Net income**                                             | $1,686                      | $1,412                      | $1,282                      |\n| **Other comprehensive income (loss), net of tax:**         |                             |                             |                             |\n| Pension, retiree medical and other postretirement benefits | (438<br><br>)               | (117<br><br>)               | (70<br><br>)                |\n| Investments                                                | 3                           | (3<br><br>)                 | (1<br><br>)                 |\n| **Total other comprehensive loss, net of tax**             | (435<br><br>)               | (120<br><br>)               | (71<br><br>)                |\n| **Total comprehensive income**                             | $1,251                      | $1,292                      | $1,211                      |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n73"}
{"_id": "Alaska-2019_87.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n|                             |                             |                             |\n| --------------------------- | --------------------------- | --------------------------- |\n| ITEM 9B\\. OTHER INFORMATION | ITEM 9B\\. OTHER INFORMATION | ITEM 9B\\. OTHER INFORMATION |\n\n\n\nAs previously reported in a Form 8\\-K filed by Alaska Air Group, Inc\\. (the \u201cCompany\u201d) on January 6, 2020, Brandon S\\. Pedersen will resign as the Company\u2019s Executive Vice President Finance, Chief Financial Officer and Treasurer, effective March 2, 2020\\. On February 11, 2020, the Compensation Committee of the Company\u2019s Board of Directors (the \u201cCommittee\u201d) approved the terms of an agreement to be entered into by the Company and Mr\\. Pedersen (the \u201cRetirement & Release Agreement\u201d)\\. Under the Retirement & Release Agreement, Mr\\. Pedersen will receive a pro\\-rated amount of the award he would have received for 2020 under the Company\u2019s Performance Based Pay Plan had he remained employed through the end of the year, and he will be deemed to have met the requirements to receive benefits under the Company\u2019s Travel Benefits for Former Officers policy\\. In addition, his resignation will be treated as a \u201cretirement\u201d for purposes of his outstanding equity awards granted by the Company, such that his awards of stock units that are subject to performance\\-based vesting will remain outstanding until the end of the applicable performance period and vest on a pro\\-rated basis based on the Company\u2019s performance against the goals established for that period and the period of his employment with the Company during each period, and his awards of stock units that are subject only to time\\-based vesting will vest in full upon his resignation\\. Any portion of Mr\\. Pedersen\u2019s outstanding and unvested stock options that are scheduled to vest within three years after his retirement date will be fully vested on that date, and his vested options will remain exercisable for three years following his retirement (provided, however, that any options that vest upon his resignation may not be exercised prior to their original vesting date and that all of his vested options will remain subject to earlier termination at the end of the maximum term of the option or in connection with a change in control of the Company)\\. The Retirement Agreement will also include a non\\-competition commitment for a period of 24 months following his separation and other covenants favorable to the Company\\. \n\nPART III\n\n\n\n|                                                                  |                                                                  |                                                                  |\n| ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n| ITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE | ITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE | ITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |\n\n\n\nSee \u201cExecutive Officers\u201d under Item 1, \u201cOur Business,\u201d in Part I of this Form 10\\-K for information on the executive officers of Air Group and its subsidiaries\\. Except as provided herein, the remainder of the information required by this item is incorporated herein by reference from the definitive Proxy Statement for Air Group's 2020 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year ended December 31, 2019 (hereinafter referred to as our \u201c2020 Proxy Statement\u201d)\\.\n\n\n\n|                                  |                                  |                                  |\n| -------------------------------- | -------------------------------- | -------------------------------- |\n| ITEM 11\\. EXECUTIVE COMPENSATION | ITEM 11\\. EXECUTIVE COMPENSATION | ITEM 11\\. EXECUTIVE COMPENSATION |\n\n\n\nThe information required by this item is incorporated herein by reference from our 2020 Proxy Statement\\.\n\n87"}
{"_id": "United-2017_88.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nIn 2017, United borrowed approximately $497 million aggregate principal amount from various financial institutions to finance the purchase of several aircraft delivered in 2017\\. The notes evidencing these borrowings, which are secured by the related aircraft, mature in 2027 and have interest rates comprised of the LIBOR plus a specified margin\\.\n\n*Unsecured debt* \n\n***4\\.25% Senior Notes due 2022\\.*** In September 2017, UAL issued $400 million aggregate principal amount of 4\\.25% Senior Notes due October 1, 2022 (the \u201c4\\.25% Senior Notes due 2022\u201d)\\. These notes are fully and unconditionally guaranteed and recorded by United on its balance sheet as debt\\. The indenture for the 4\\.25% Senior Notes due 2022 requires UAL to offer to repurchase the notes for cash if certain changes of control of UAL occur at a purchase price equal to 101% of the principal amount of notes repurchased plus accrued and unpaid interest\\.\n\n***5% Senior Notes due 2024\\.*** In January 2017, UAL issued $300 million aggregate principal amount of 5% Senior Notes due February 1, 2024 (the \u201c5% Senior Notes due 2024\u201d)\\. These notes are fully and unconditionally guaranteed and recorded by United on its balance sheet as debt\\. The indenture for the 5% Senior Notes due 2024 requires UAL to offer to repurchase the notes for cash if certain changes of control of UAL occur at a purchase price equal to 101% of the principal amount of notes repurchased plus accrued and unpaid interest\\.\n\n89"}
{"_id": "Southwest-2019_53.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nThe following table aggregates the Company\u2019s material expected contractual obligations and commitments as of  December 31, 2019 :\n\n\n\n|                                                |                                         |                                         |                                         |                                         |                                         |\n| ---------------------------------------------- | --------------------------------------- | --------------------------------------- | --------------------------------------- | --------------------------------------- | --------------------------------------- |\n|                                                | **Obligations by period (in millions)** | **Obligations by period (in millions)** | **Obligations by period (in millions)** | **Obligations by period (in millions)** | **Obligations by period (in millions)** |\n| **Contractual obligations**                    | **2020**                                | **2021 \\- 2022**                        | **2023 \\- 2024**                        | **Thereafter**                          | **Total**                               |\n| Long\\-term debt (a)                            | $734                                    | $480                                    | $43                                     | $776                                    | $2,033                                  |\n| Interest commitments \\- fixed (b)              | 52                                      | 83                                      | 53                                      | 67                                      | 255                                     |\n| Interest commitments \\- floating (c)           | 18                                      | 8                                       | 6                                       | 4                                       | 36                                      |\n| Facility and other operating lease commitments | 107                                     | 131                                     | 88                                      | 580                                     | 906                                     |\n| Aircraft operating lease commitments (d)       | 285                                     | 267                                     | 117                                     | 81                                      | 750                                     |\n| Aircraft finance lease commitments (e)         | 107                                     | 200                                     | 184                                     | 230                                     | 721                                     |\n| Aircraft purchase commitments (f)              | 2,106                                   | 2,862                                   | 3,495                                   | 1,509                                   | 9,972                                   |\n| Other commitments                              | 217                                     | 227                                     | 108                                     | 320                                     | 872                                     |\n| Total contractual obligations                  | $3,626                                  | $4,258                                  | $4,094                                  | $3,567                                  | $15,545                                 |\n\n\n\n\n\n|     |                                                                                                              |\n| --- | ------------------------------------------------------------------------------------------------------------ |\n| (a) | Includes principal only\\. See Note  6  to the Consolidated Financial Statements for additional information\\. |\n\n\n\n\n\n|     |                                                                          |\n| --- | ------------------------------------------------------------------------ |\n| (b) | Related to fixed\\-rate debt (either at issuance or through swaps) only\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                               |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (c) | Interest obligations associated with floating\\-rate debt (either at issuance or through swaps) is estimated utilizing forward interest rate curves as of  December 31, 2019 , and can be subject to significant fluctuation\\. |\n\n\n\n\n\n|     |                                                                                                                                                                        |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (d) | Includes the impact of the B717 lease/sublease transaction entered into in  2012 \\. See Note  7  to the Consolidated Financial Statements for additional information\\. |\n\n\n\n\n\n|     |                                                                                                                                        |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------- |\n| (e) | Includes principal and interest on finance leases\\. See Note  7  to the Consolidated Financial Statements for additional information\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (f) | This reflects firm orders for purchased MAX aircraft from Boeing; shifting the 28 MAX aircraft originally scheduled for delivery in 2019 into 2020 and 2021 as MAX deliveries were suspended as of March 13, 2019, and the timeline of future deliveries is uncertain\\. The FAA will ultimately determine the timing of the MAX return to service, and the Company therefore offers no assurances that current estimation and timelines of aircraft purchase commitments are correct\\. See Part I, Item 2 for a complete table of the Company\u2019s contractual firm deliveries\\. |\n\n\n\nAirport Projects\n\nThe Company has commitments associated with various airport improvement projects that will impact its future liquidity needs in differing ways\\. These projects include the construction of new facilities and the rebuilding or modernization of existing facilities and are discussed in more detail in Note  4  to the Consolidated Financial Statements\\.\n\nDallas Love Field \n\nFor the rebuilding of the facilities at Dallas Love Field, the Company guaranteed principal, premium, and interest on  $456 million  in bonds issued by the Love Field Airport Modernization Corporation (\"LFAMC\") that were utilized to fund the majority of the project\\. The amount of bonds outstanding as of  December 31, 2019 , was  $407 million \\. Repayment of the bonds is through the \"Facilities Payments\" described below\\. Reimbursement of the Company for its payment of Facilities Payments is made through recurring ground rents, fees, and other revenues collected at the airport\\. \n\nPrior to the issuance of the bonds by the LFAMC, the Company entered into two separate funding agreements: (i) a \"Facilities Agreement\" pursuant to which the Company is obligated to make debt service payments on the principal and interest amounts associated with the bonds (\"Facilities Payments\"), less other sources of funds the City of Dallas may apply to the repayment of the bonds (including, but not limited to, passenger facility charges collected from passengers originating from the airport); and (ii) a \"Revenue Credit Agreement\" pursuant to which the City of Dallas reimburses the Company for the Facilities Payments made by the Company\\.\n\nA majority of the monies transferred from the City of Dallas to the Company under the Revenue Credit Agreement originate from a reimbursement account created in the \"Use and Lease Agreement\" between the City of Dallas and the \n\n54"}
{"_id": "Alaska-2019_15.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nEXECUTIVE OFFICERS\n\nThe executive officers of Alaska Air Group, Inc\\. and its primary subsidiaries, Alaska Airlines, Inc\\. and Horizon Air Industries, who have significant decision\\-making responsibilities, their positions and their respective ages are as follows: \n\n\n\n|                      |                      |                      |  |  |  |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |  |  |  |     |     |  |  |  |                                                 |                                                 |                                                 |\n|:-------------------- |:-------------------- |:-------------------- |:- |:- |:- |:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:- |:- |:- |:---:|:---:|:- |:- |:- |:-----------------------------------------------:|:-----------------------------------------------:|:-----------------------------------------------:|\n| Name                 | Name                 | Name                 |  |  |  |                                                                                            Position                                                                                            |                                                                                            Position                                                                                            |                                                                                            Position                                                                                            |  |  |  | Age | Age |  |  |  | Air Group  <br>or Subsidiary  <br>Officer Since | Air Group  <br>or Subsidiary  <br>Officer Since | Air Group  <br>or Subsidiary  <br>Officer Since |\n| Bradley D\\. Tilden   | Bradley D\\. Tilden   | Bradley D\\. Tilden   |  |  |  |                         Chairman and Chief Executive Officer of Alaska Air Group, Inc\\., Chairman of Alaska Airlines, Inc\\., Chairman of Horizon Air Industries, Inc\\.                         |                         Chairman and Chief Executive Officer of Alaska Air Group, Inc\\., Chairman of Alaska Airlines, Inc\\., Chairman of Horizon Air Industries, Inc\\.                         |                         Chairman and Chief Executive Officer of Alaska Air Group, Inc\\., Chairman of Alaska Airlines, Inc\\., Chairman of Horizon Air Industries, Inc\\.                         |  |  |  | 59  | 59  |  |  |  |                      1994                       |                      1994                       |                      1994                       |\n| Brandon S\\. Pedersen | Brandon S\\. Pedersen | Brandon S\\. Pedersen |  |  |  |    Executive Vice President/Finance and Chief Financial Officer of Alaska Air Group, Inc\\. and Alaska Airlines, Inc\\., and Treasurer of Alaska Air Group, Inc\\. and Alaska Airlines, Inc\\.     |    Executive Vice President/Finance and Chief Financial Officer of Alaska Air Group, Inc\\. and Alaska Airlines, Inc\\., and Treasurer of Alaska Air Group, Inc\\. and Alaska Airlines, Inc\\.     |    Executive Vice President/Finance and Chief Financial Officer of Alaska Air Group, Inc\\. and Alaska Airlines, Inc\\., and Treasurer of Alaska Air Group, Inc\\. and Alaska Airlines, Inc\\.     |  |  |  | 53  | 53  |  |  |  |                      2003                       |                      2003                       |                      2003                       |\n| Kyle B\\. Levine      | Kyle B\\. Levine      | Kyle B\\. Levine      |  |  |  | Senior Vice President Legal, General Counsel and Corporate Secretary of Alaska Air Group, Inc\\. and Alaska Airlines, Inc\\. and Chief Ethics and Compliance Officer of Alaska Air Group, Inc\\.  | Senior Vice President Legal, General Counsel and Corporate Secretary of Alaska Air Group, Inc\\. and Alaska Airlines, Inc\\. and Chief Ethics and Compliance Officer of Alaska Air Group, Inc\\.  | Senior Vice President Legal, General Counsel and Corporate Secretary of Alaska Air Group, Inc\\. and Alaska Airlines, Inc\\. and Chief Ethics and Compliance Officer of Alaska Air Group, Inc\\.  |  |  |  | 48  | 48  |  |  |  |                      2016                       |                      2016                       |                      2016                       |\n| Benito Minicucci     | Benito Minicucci     | Benito Minicucci     |  |  |  |                                                                              President of Alaska Airlines, Inc\\.                                                                               |                                                                              President of Alaska Airlines, Inc\\.                                                                               |                                                                              President of Alaska Airlines, Inc\\.                                                                               |  |  |  | 53  | 53  |  |  |  |                      2004                       |                      2004                       |                      2004                       |\n| Joseph A\\. Sprague   | Joseph A\\. Sprague   | Joseph A\\. Sprague   |  |  |  |                                                                          President of Horizon Air Industries, Inc\\.                                                                            |                                                                          President of Horizon Air Industries, Inc\\.                                                                            |                                                                          President of Horizon Air Industries, Inc\\.                                                                            |  |  |  | 51  | 51  |  |  |  |                      2019                       |                      2019                       |                      2019                       |\n| Gary L\\. Beck        | Gary L\\. Beck        | Gary L\\. Beck        |  |  |  |                                                         Executive Vice President and Chief Operating Officer of Alaska Airlines, Inc\\.                                                         |                                                         Executive Vice President and Chief Operating Officer of Alaska Airlines, Inc\\.                                                         |                                                         Executive Vice President and Chief Operating Officer of Alaska Airlines, Inc\\.                                                         |  |  |  | 72  | 72  |  |  |  |                      2018                       |                      2018                       |                      2018                       |\n| Andrew R\\. Harrison  | Andrew R\\. Harrison  | Andrew R\\. Harrison  |  |  |  |                                                        Executive Vice President and Chief Commercial Officer of Alaska Airlines, Inc\\.                                                         |                                                        Executive Vice President and Chief Commercial Officer of Alaska Airlines, Inc\\.                                                         |                                                        Executive Vice President and Chief Commercial Officer of Alaska Airlines, Inc\\.                                                         |  |  |  | 50  | 50  |  |  |  |                      2008                       |                      2008                       |                      2008                       |\n| Shane R\\. Tackett    | Shane R\\. Tackett    | Shane R\\. Tackett    |  |  |  |                                                           Executive Vice President, Planning and Strategy of Alaska Airlines, Inc\\.                                                            |                                                           Executive Vice President, Planning and Strategy of Alaska Airlines, Inc\\.                                                            |                                                           Executive Vice President, Planning and Strategy of Alaska Airlines, Inc\\.                                                            |  |  |  | 41  | 41  |  |  |  |                      2011                       |                      2011                       |                      2011                       |\n| Andrea L\\. Schneider | Andrea L\\. Schneider | Andrea L\\. Schneider |  |  |  |                                                                     Senior Vice President People of Alaska Airlines, Inc\\.                                                                     |                                                                     Senior Vice President People of Alaska Airlines, Inc\\.                                                                     |                                                                     Senior Vice President People of Alaska Airlines, Inc\\.                                                                     |  |  |  | 54  | 54  |  |  |  |                      1998                       |                      1998                       |                      1998                       |\n| Diana Birkett\\-Rakow | Diana Birkett\\-Rakow | Diana Birkett\\-Rakow |  |  |  |                                                                  Vice President External Relations of Alaska Airlines, Inc\\.                                                                   |                                                                  Vice President External Relations of Alaska Airlines, Inc\\.                                                                   |                                                                  Vice President External Relations of Alaska Airlines, Inc\\.                                                                   |  |  |  | 42  | 42  |  |  |  |                      2017                       |                      2017                       |                      2017                       |\n\n\n\nMr\\. Tilden  joined Alaska Airlines in 1991, became Controller of Alaska Air Group and Alaska Airlines in 1994 and was named Vice President/Finance at Alaska Airlines in January 1999 and at Alaska Air Group in February 2000\\. He was elected Alaska Airlines Chief Financial Officer in February 2000, Executive Vice President/Finance and Chief Financial Officer of both companies in January 2002 and Executive Vice President/Finance and Planning of Alaska Airlines in April 2007\\. Mr\\. Tilden was named President of Alaska Airlines in December 2008 and, in May 2012, he was elected President and CEO of Alaska Air Group and Alaska Airlines and CEO of Horizon Air\\. He leads Air Group\u2019s Management Executive Committee and was elected to the Air Group Board in 2010 and became Chairman of the Board in January 2014\\.\n\nMr\\. Pedersen  joined Alaska Airlines in 2003 as Staff Vice President/Finance and Controller of Alaska Air Group and Alaska Airlines and was elected Vice President/Finance and Controller for both entities in 2006\\. He was elected Chief Financial Officer of Alaska Air Group and Alaska Airlines in June 2010 and Executive Vice President/Finance and Chief Financial Officer of both entities in 2014\\. Effective February 2019, he was elected Treasurer of Alaska Air Group and Alaska Airlines\\. He was Chief Financial Officer of Virgin America Inc\\. from December 2016 to July 2018, when Virgin America was merged into Alaska\\. He is a member of Air Group's Management Executive Committee\\. Mr\\. Pedersen will retire effective March 2, 2020 and Mr\\. Tackett will assume the role of Chief Financial Officer\\. \n\nMr\\. Levine  was elected Senior Vice President Legal and General Counsel of Alaska Air Group and Alaska Airlines in January 2020 and is a member of Air Group\u2019s Management Executive Committee\\. Mr\\. Levine was previously Vice President Legal and General Counsel of Alaska Air Group and Alaska Airlines (January 2016 \\- January 2020)\\. He was elected Corporate Secretary of Alaska Air Group and Alaska Airlines in August 2017\\. Mr\\. Levine joined Alaska Airlines in February 2006 as a Senior Attorney\\. He also served as Associate General Counsel and Managing Director Commercial Law and General Litigation from \n\n15"}
{"_id": "Alaska-2019_68.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nAircraft\n\nAt December 31, 2019, Alaska had operating leases for 10 Boeing 737, 61 Airbus, and Horizon had operating leases for seven Bombardier Q400 aircraft\\. Remaining lease terms for these aircraft extend up to 12 years, some with options to extend, subject to negotiation at the end of the term\\. As extension is not certain, and rates are highly likely to be renegotiated, the extended term is only capitalized when it is reasonably determinable\\. While aircraft rent is primarily fixed, certain leases contain rental adjustments throughout the lease term which would be recognized as variable expense as incurred\\. Variable lease expense for aircraft was $4 million for the twelve months ended December 31, 2019\\. \n\nCapacity purchase agreements with aircraft (CPA aircraft)\n\nAt December 31, 2019, Alaska had CPAs with two carriers, including the Company\u2019s wholly\\-owned subsidiary, Horizon\\. Horizon sells 100% of its capacity under a CPA with Alaska\\. Alaska also has a CPA with SkyWest covering 32 E175 aircraft to fly certain routes in the Lower 48 and Canada\\. Under these agreements, Alaska pays the carriers an amount which is based on a determination of their cost of operating those flights and other factors intended to approximate market rates for those services\\. As Horizon is a wholly\\-owned subsidiary, intercompany leases between Alaska and Horizon have not been recognized under the standard\\. \n\nRemaining lease terms for CPA aircraft range from 7\\.5 years to 11 years\\. Financial arrangements of the CPAs include a fixed component, representing the costs to operate each aircraft and is capitalized under the new lease accounting standard\\. CPAs also include variable rent based on actual levels of flying, which is expensed as incurred\\. Variable lease expense for CPA aircraft for the twelve months ended December 31, 2019 was not material\\.\n\nAirport and terminal facilities\n\nThe Company leases ticket counters, gates, cargo and baggage space, ground equipment, office space and other support areas at numerous airports\\. For this asset class, the Company has elected to combine lease and non\\-lease components\\. The majority of airport and terminal facility leases are not capitalized because they do not meet the definition of controlled assets under the standard, or because the lease payments are entirely variable\\. For airports where leased assets are identified, and where the contract includes fixed lease payments, operating lease assets and lease liabilities have been recorded\\. The Company is also commonly responsible for maintenance, insurance and other facility\\-related expenses and services under these agreements\\. These costs are recognized as variable expense in the period incurred\\. Airport and terminal facilities variable lease expense was $322 million for the twelve months ended December 31, 2019\\. \n\nStarting in 2018, the Company leased 12 airport slots at LaGuardia Airport and eight airport slots at Reagan National Airport to a third party\\. For these leases, the Company recorded $13 million of lease income during the twelve months ended December 31, 2019\\.\n\nCorporate real estate and other leases\n\nLeased corporate real estate is primarily for office space in hub cities, data centers, land leases, and reservation centers\\. For this asset class, the Company has elected to combine lease and non\\-lease components under the standard\\. Other leased assets are comprised of other ancillary contracts and items including leased flight simulators and spare engines\\. Variable lease expense related to corporate real estate and other leases for the twelve months ended December 31, 2019 was $10 million\\. \n\n68"}
{"_id": "Delta-2017_24.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nITEM 2\\. PROPERTIES\n\nFlight Equipment\n\nOur operating aircraft fleet, commitments and options at  December 31, 2017  are summarized in the following table:\n\n\n\n|                   |                             |                             |                             |                             |                 |                 |                 |                 |\n| ----------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------- | --------------- | --------------- | --------------- |\n|                   | **Current Fleet** **^(1)^** | **Current Fleet** **^(1)^** | **Current Fleet** **^(1)^** | **Current Fleet** **^(1)^** |                 | **Commitments** | **Commitments** | **Commitments** |\n| **Aircraft Type** | **Owned**                   | **Capital Lease**           | **Operating Lease**         | **Total**                   | **Average Age** | **Purchase**    | **Lease**       | **Options**     |\n| B\\-717\\-200       | 3                           | 13                          | 75                          | 91                          | 16\\.3           | \u2014               | \u2014               | \u2014               |\n| B\\-737\\-700       | 10                          | \u2014                           | \u2014                           | 10                          | 8\\.9            | \u2014               | \u2014               | \u2014               |\n| B\\-737\\-800       | 73                          | 4                           | \u2014                           | 77                          | 16\\.3           | \u2014               | \u2014               | \u2014               |\n| B\\-737\\-900ER     | 52                          | \u2014                           | 37                          | 89                          | 2\\.3            | 41              | \u2014               | \u2014               |\n| B\\-757\\-200       | 88                          | 9                           | 3                           | 100                         | 20\\.4           | \u2014               | \u2014               | \u2014               |\n| B\\-757\\-300       | 16                          | \u2014                           | \u2014                           | 16                          | 14\\.9           | \u2014               | \u2014               | \u2014               |\n| B\\-767\\-300       | 2                           | \u2014                           | \u2014                           | 2                           | 24\\.5           | \u2014               | \u2014               | \u2014               |\n| B\\-767\\-300ER     | 55                          | 2                           | \u2014                           | 57                          | 21\\.7           | \u2014               | \u2014               | \u2014               |\n| B\\-767\\-400ER     | 21                          | \u2014                           | \u2014                           | 21                          | 17\\.0           | \u2014               | \u2014               | \u2014               |\n| B\\-777\\-200ER     | 8                           | \u2014                           | \u2014                           | 8                           | 18\\.1           | \u2014               | \u2014               | \u2014               |\n| B\\-777\\-200LR     | 10                          | \u2014                           | \u2014                           | 10                          | 8\\.8            | \u2014               | \u2014               | \u2014               |\n| A319\\-100         | 55                          | \u2014                           | 2                           | 57                          | 15\\.8           | \u2014               | \u2014               | \u2014               |\n| A320\\-200         | 55                          | 3                           | 4                           | 62                          | 22\\.4           | \u2014               | \u2014               | \u2014               |\n| A321\\-200         | 14                          | \u2014                           | 20                          | 34                          | 0\\.8            | 93              | \u2014               | \u2014               |\n| A321\\-200neo      | \u2014                           | \u2014                           | \u2014                           | \u2014                           | \u2014               | 100             | \u2014               | 100             |\n| A330\\-200         | 11                          | \u2014                           | \u2014                           | 11                          | 12\\.8           | \u2014               | \u2014               | \u2014               |\n| A330\\-300         | 28                          | \u2014                           | 3                           | 31                          | 9\\.0            | \u2014               | \u2014               | \u2014               |\n| A330\\-900neo      | \u2014                           | \u2014                           | \u2014                           | \u2014                           | \u2014               | 25              | \u2014               | \u2014               |\n| A350\\-900         | 6                           | \u2014                           | \u2014                           | 6                           | 0\\.2            | 19              | \u2014               | \u2014               |\n| CS100             | \u2014                           | \u2014                           | \u2014                           | \u2014                           | \u2014               | 75              | \u2014               | 50              |\n| MD\\-88            | 92                          | 17                          | \u2014                           | 109                         | 27\\.5           | \u2014               | \u2014               | \u2014               |\n| MD\\-90            | 65                          | \u2014                           | \u2014                           | 65                          | 20\\.9           | \u2014               | \u2014               | \u2014               |\n| Total             | 664                         | 48                          | 144                         | 856                         | 16\\.7           | 353             | \u2014               | 150             |\n\n\n\n\n\n|       |                                                                                                                           |\n| ----- | ------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Excludes certain aircraft we own or lease that are operated by regional carriers on our behalf shown in the table below\\. |\n\n\n\nThe following table summarizes the aircraft fleet operated by our regional carriers on our behalf at  December 31, 2017 :\n\n\n\n|                                  |                |                |                |                 |                 |           |\n| -------------------------------- | -------------- | -------------- | -------------- | --------------- | --------------- | --------- |\n|                                  | **Fleet Type** | **Fleet Type** | **Fleet Type** | **Fleet Type**  | **Fleet Type**  |           |\n| **Carrier**                      | **CRJ\\-200**   | **CRJ\\-700**   | **CRJ\\-900**   | **Embraer 170** | **Embraer 175** | **Total** |\n| Endeavor Air, Inc\\. ^(1)^        | 50             | \u2014              | 93             | \u2014               | \u2014               | 143       |\n| ExpressJet Airlines, Inc\\. ^(2)^ | \u2014              | 33             | 16             | \u2014               | \u2014               | 49        |\n| SkyWest Airlines, Inc\\.          | 86             | 27             | 36             | \u2014               | 18              | 167       |\n| Compass Airlines, LLC            | \u2014              | \u2014              | \u2014              | \u2014               | 36              | 36        |\n| Republic Airline, Inc\\.          | \u2014              | \u2014              | \u2014              | 20              | 16              | 36        |\n| GoJet Airlines, LLC              | \u2014              | 22             | 7              | \u2014               | \u2014               | 29        |\n| Total                            | 136            | 82             | 152            | 20              | 70              | 460       |\n\n\n\n\n\n|       |                                                             |\n| ----- | ----------------------------------------------------------- |\n| ^(1)^ | Endeavor Air, Inc\\. is a wholly owned subsidiary of Delta\\. |\n\n\n\n\n\n|       |                                                                                                                |\n| ----- | -------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | During 2017, we and ExpressJet Airlines, Inc\\. agreed to early terminate our relationship by the end of 2018\\. |\n\n\n\n 20"}
{"_id": "AmericanAirlines-2017_157.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n\n\n|      |                                                                                                                                                                                                                                                                               |\n| ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^c)^ | Includes approximately  74%  investments in corporate debt with a S&P rating lower than A and  26%  investments in corporate debt with a S&P rating A or higher\\. Holdings include  86%  U\\.S\\. companies,  12%  international companies and  2%  emerging market companies\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                     |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^d)^ | Includes approximately  61%  investments in U\\.S\\. domestic government securities and  39%  in emerging market government securities\\. There are no significant foreign currency risks within this classification\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^e)^ | Includes limited partnerships that invest primarily in U\\.S\\. ( 95% ) and European ( 5% ) buyout opportunities of a range of privately held companies\\. The pension plan\u2019s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated\\. It is estimated that the underlying assets of these funds will be gradually liquidated over the next  one  to  ten years \\. Additionally, the pension plan\u2019s master trust has future funding commitments of approximately  $456 million  over the next  ten years \\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^f)^ | Investment includes  73%  in an emerging market 103\\-12 Investment Trust with investments in emerging country equity securities,  12%  in Canadian segregated balanced value, income growth and diversified pooled funds and  15%  in a common/collective trust investing in securities of smaller companies located outside the U\\.S\\., including developing markets\\. Requests for withdrawals must meet specific requirements with advance notice of redemption preferred\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                            |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^g)^ | Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy\\. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements\\. |\n\n\n\nChanges in fair value measurements of Level 3 investments during the year ended December 31, 2017, were as follows (in millions):\n\n\n\n|                                                     |                                            |                                                  |\n| --------------------------------------------------- | ------------------------------------------ | ------------------------------------------------ |\n|                                                     | **Private Equity**<br><br>**Partnerships** | **Insurance Group**<br><br>**Annuity Contracts** |\n| Beginning balance at December 31, 2016              | $21                                        | $2                                               |\n| Actual loss on plan assets:                         |                                            |                                                  |\n| Relating to assets still held at the reporting date | (4)                                        | \u2014                                                |\n| Purchases                                           | 1                                          | \u2014                                                |\n| Sales                                               | (1)                                        | \u2014                                                |\n| Transfers out                                       | (3)                                        | \u2014                                                |\n| Ending balance at December 31, 2017                 | $14                                        | $2                                               |\n\n\n\nChanges in fair value measurements of Level 3 investments during the year ended December 31, 2016, were as follows (in millions):\n\n\n\n|                                           |                                            |                                                  |\n| ----------------------------------------- | ------------------------------------------ | ------------------------------------------------ |\n|                                           | **Private Equity**<br><br>**Partnerships** | **Insurance Group**<br><br>**Annuity Contracts** |\n| Beginning balance at December 31, 2015    | $16                                        | $2                                               |\n| Actual return on plan assets:             |                                            |                                                  |\n| Relating to assets sold during the period | 7                                          | \u2014                                                |\n| Purchases                                 | 7                                          | \u2014                                                |\n| Sales                                     | (9)                                        | \u2014                                                |\n| Ending balance at December 31, 2016       | $21                                        | $2                                               |\n\n\n\n158"}
{"_id": "Delta-2018_71.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nAssets (Liabilities) Measured at Fair Value on a Recurring Basis ^(1)^ \n\n\n\n|                                         |                       |                       |                       |                                    |\n| --------------------------------------- | --------------------- | --------------------- | --------------------- | ---------------------------------- |\n|                                         | **December 31, 2018** | **December 31, 2018** | **December 31, 2018** | **Valuation**<br><br>**Technique** |\n| **(in millions)**                       | **Total**             | **Level 1**           | **Level 2**           | **Valuation**<br><br>**Technique** |\n| Cash equivalents                        | $1,222                | $1,222                | $\u2014                    | (a)                                |\n| Restricted cash equivalents             | 1,183                 | 1,183                 | \u2014                     | (a)                                |\n| Short\\-term investments                 |                       |                       |   <br>                |   <br>                             |\n| U\\.S\\. government and agency securities | 50                    | 45                    | 5                     | (a)                                |\n| Asset\\- and mortgage\\-backed securities | 36                    | \u2014                     | 36                    | (a)                                |\n| Corporate obligations                   | 90                    | \u2014                     | 90                    | (a)                                |\n| Other fixed income securities           | 27                    | \u2014                     | 27                    | (a)                                |\n| Long\\-term investments                  | 1,084                 | 880                   | 204                   | (a)                                |\n| Hedge derivatives, net                  |                       |                       |                       |                                    |\n| Fuel hedge contracts                    | 15                    | 20                    | (5<br><br>)           | (a)(b)                             |\n| Interest rate contracts                 | 1                     | \u2014                     | 1                     | (a)                                |\n| Foreign currency exchange contracts     | (3<br><br>)           | \u2014                     | (3<br><br>)           | (a)                                |\n\n\n\n\n\n|                                         |                       |                       |                       |                                    |\n| --------------------------------------- | --------------------- | --------------------- | --------------------- | ---------------------------------- |\n|                                         | **December 31, 2017** | **December 31, 2017** | **December 31, 2017** | **Valuation**<br><br>**Technique** |\n| **(in millions)**                       | **Total**             | **Level 1**           | **Level 2**           | **Valuation**<br><br>**Technique** |\n| Cash equivalents                        | $1,357                | $1,357                | $\u2014                    | (a)                                |\n| Restricted cash equivalents             | 38                    | 38                    | \u2014                     | (a)                                |\n| Short\\-term investments                 |   <br>                |                       |   <br>                |   <br>                             |\n| U\\.S\\. government securities            | 93                    | 84                    | 9                     | (a)                                |\n| Asset\\- and mortgage\\-backed securities | 173                   | \u2014                     | 173                   | (a)                                |\n| Corporate obligations                   | 467                   | \u2014                     | 467                   | (a)                                |\n| Other fixed income securities           | 92                    | \u2014                     | 92                    | (a)                                |\n| Long\\-term investments                  | 513                   | 485                   | 28                    | (a)                                |\n| Hedge derivatives, net                  |                       |                       |                       |                                    |\n| Fuel hedge contracts                    | (66<br><br>)          | (43<br><br>)          | (23<br><br>)          | (a)(b)                             |\n| Foreign currency exchange contracts     | (17<br><br>)          | \u2014                     | (17<br><br>)          | (a)                                |\n\n\n\n\n\n|       |                                                                                  |\n| ----- | -------------------------------------------------------------------------------- |\n| ^(1)^ | See  Note 10 , \"Employee Benefit Plans,\" for fair value of benefit plan assets\\. |\n\n\n\nCash Equivalents and Restricted Cash Equivalents\\.  Cash equivalents generally consist of money market funds\\. Restricted cash equivalents generally consist of money market funds, time deposits, commercial paper and negotiable certificates of deposit, which primarily relate to proceeds from debt issued to finance a portion of the construction costs for the new terminal facilities at the LaGuardia Airport, certain self\\-insurance obligations and other airport commitments\\. The fair value of these investments is based on a market approach using prices generated by market transactions involving identical or comparable assets\\.\n\nShort\\-Term Investments\\.  The fair values of short\\-term investments are based on a market approach using industry standard valuation techniques that incorporate observable inputs such as quoted market prices, interest rates, benchmark curves, credit ratings of the security and other observable information\\. \n\nLong\\-Term Investments\\.  Our long\\-term investments that are measured at fair value primarily consist of equity investments which are valued based on market prices or other observable transactions and are recorded in other noncurrent assets on our balance sheet\\. See  Note 4 , \"Investments,\" for further information on our equity investments\\.\n\nHedge Derivatives\\.  A portion of our derivative contracts are negotiated over\\-the\\-counter with counterparties without going through a public exchange\\. Accordingly, our fair value assessments give consideration to the risk of counterparty default (as well as our own credit risk)\\. Such contracts are classified as Level 2 within the fair value hierarchy\\. The remainder of our hedge contracts are comprised of futures contracts, which are traded on a public exchange\\. These contracts are classified within Level 1 of the fair value hierarchy\\.\n\n 69"}
{"_id": "Southwest-2019_79.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nAs a result, the costs incurred to fund the Terminal 1\\.5 Project are included within ACFO and all amounts that have been or will be reimbursed will be included within Construction obligation on the accompanying Consolidated Balance Sheet\\. Upon completion of the Terminal 1\\.5 Project, the Company will perform an evaluation to determine the treatment of these associated assets and liabilities\\.\n\nFunding for the Terminal 1\\.5 Project is primarily through the Regional Airports Improvement Corporation (the \"RAIC\"), which is a quasi\\-governmental special purpose entity that acts as a conduit borrower under a syndicated credit facility provided by a group of lenders\\. A loan made under the credit facility for the Terminal 1\\.5 Project is being used to reimburse the Company for the site improvements and non\\-proprietary improvements of the Terminal 1\\.5 Project, and the outstanding loan will be repaid with the proceeds of LAWA\u2019s payments to purchase completed construction phases\\. The Company guaranteed the obligation of the RAIC under the credit facility associated with the T1\\.5 Lease\\. As of  December 31, 2019 , the Company's outstanding guaranteed obligation under the credit facility for the Terminal 1\\.5 Project was   $176 million \\.\n\nDallas Love Field \n\nDuring  2008 , the City of Dallas approved the LFMP, a project to reconstruct Dallas Love Field with modern, convenient air travel facilities\\. Pursuant to a Program Development Agreement with the City of Dallas and the Love Field Airport Modernization Corporation (or the \"LFAMC,\" a Texas non\\-profit \"local government corporation\" established by the City of Dallas to act on the City of Dallas' behalf to facilitate the development of the LFMP), the Company managed this project\\. Major construction was effectively completed in 2014\\. During second quarter 2017, the City of Dallas approved using the remaining bond funds for additional terminal construction projects, which were effectively completed in 2018\\. As construction was completed prior to adoption of the New Lease Standard, the Company derecognized the LFMP Terminal related ACFO and Construction obligation within the Consolidated Balance Sheet as of January 1, 2019\\.\n\nAlthough the City of Dallas received commitments from various sources that helped to fund portions of the LFMP project, including the FAA, the Transportation Security Administration, and the City of Dallas' Aviation Fund, the majority of the funds used were from the issuance of bonds\\. The Company guaranteed principal and interest payments on   $456 million  of such bonds issued by the LFAMC\\. As of  December 31, 2019 ,   $407 million  of principal remained outstanding\\. The net present value of the future principal and interest payments associated with the bonds was   $444 million  as of  December 31, 2019 , and was reflected as part of the Company's operating lease right\\-of\\-use assets and lease obligations in the Consolidated Balance Sheet\\. See Notes 2 and 7 for further information\\.\n\nDuring 2015, the City of Dallas issued additional bonds for the construction of a new parking garage at Dallas Love Field, which was completed and operational in fourth quarter 2018\\. As construction was completed prior to adoption of the New Lease Standard, the Company derecognized the LFMP Parking Garage related ACFO and Construction obligation within the Consolidated Balance Sheet as of January 1, 2019\\. The Company has not guaranteed the principal or interest payments on these bonds\\.\n\nConstruction costs recorded in ACFO for the Company's various projects as of  December 31, 2019 , and  December 31, 2018 , were as follows:\n\n80"}
{"_id": "Delta-2019_92.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nThe following table presents the principal reasons for the difference between the effective tax rate and the U\\.S\\. federal statutory income tax rate:\n\n\n\n|                                          |                                          |                                          |                         |                         |                         |                         |                         |                         |  |  |  |  |  |  |\n|:---------------------------------------- |:---------------------------------------- |:---------------------------------------- | -----------------------:| -----------------------:| -----------------------:| -----------------------:| -----------------------:| -----------------------:|:- |:- |:- |:- |:- |:- |\n|                                          |                                          |                                          | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |  |  |  |\n|                                          |                                          |                                          |                    2019 |                    2019 |                    2018 |                    2018 |                    2017 |                    2017 |\n| U\\.S\\. federal statutory income tax rate | U\\.S\\. federal statutory income tax rate | U\\.S\\. federal statutory income tax rate |                 21\\.0 % |                 21\\.0 % |                 21\\.0 % |                 21\\.0 % |                 35\\.0 % |                 35\\.0 % |\n| State taxes, net of federal benefit      | State taxes, net of federal benefit      | State taxes, net of federal benefit      |                    2\\.3 |                    2\\.3 |                    2\\.5 |                    2\\.5 |                    1\\.8 |                    1\\.8 |\n| Foreign tax rate differential            | Foreign tax rate differential            | Foreign tax rate differential            |                       \u2014 |                       \u2014 |                    0\\.1 |                    0\\.1 |                  (2\\.2) |                  (2\\.2) |\n| Tax Cuts and Jobs Act adjustment         | Tax Cuts and Jobs Act adjustment         | Tax Cuts and Jobs Act adjustment         |                       \u2014 |                       \u2014 |                  (0\\.5) |                  (0\\.5) |                    7\\.2 |                    7\\.2 |\n| Other                                    | Other                                    | Other                                    |                  (0\\.2) |                  (0\\.2) |                    0\\.5 |                    0\\.5 |                       \u2014 |                       \u2014 |\n| Effective income tax rate                | Effective income tax rate                | Effective income tax rate                |                 23\\.1 % |                 23\\.1 % |                 23\\.6 % |                 23\\.6 % |                 41\\.8 % |                 41\\.8 % |\n\n\n\nFollowing the enactment of the Tax Cuts and Jobs Act of 2017 (\"2017 tax reform\"), we recorded a provisional tax expense estimate of $395 million resulting in a 7\\.2% increase in our effective tax rate during 2017\\. The provisional estimate included recognition of tax expense related to certain of our undistributed foreign earnings and tax expense to decrease our federal net deferred tax asset to a 21% statutory tax rate\\. During 2018 we recognized a $26 million benefit resulting in a 0\\.5% reduction to our 2018 effective tax rate after finalizing the impact of the 2017 tax reform\\.\n\nAt December 31, 2019, we had a basis difference in our investments in foreign subsidiaries of $212 million which is considered to be indefinitely reinvested\\.\n\nDeferred Taxes\n\nDeferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes\\. The following table shows significant components of our deferred tax assets and liabilities:\n\n\n\n|                                             |                                             |                                             |              |              |  |  |  |\n|:------------------------------------------- |:------------------------------------------- |:------------------------------------------- | ------------:| ------------:|:- |:- |:- |\n|                                             |                                             |                                             | December 31, | December 31, |  |  |  |\n| (in millions)                               | (in millions)                               | (in millions)                               |         2019 |         2018 |\n| Deferred tax assets:                        | Deferred tax assets:                        | Deferred tax assets:                        |              |              |\n| Net operating loss carryforwards            | Net operating loss carryforwards            | Net operating loss carryforwards            |        $ 560 |        $ 674 |\n| Pension, postretirement and other benefits  | Pension, postretirement and other benefits  | Pension, postretirement and other benefits  |        2,241 |        2,435 |\n| Alternative minimum tax credit carryforward | Alternative minimum tax credit carryforward | Alternative minimum tax credit carryforward |           94 |          189 |\n| Deferred revenue                            | Deferred revenue                            | Deferred revenue                            |        1,667 |        1,620 |\n| Operating lease liabilities                 | Operating lease liabilities                 | Operating lease liabilities                 |        1,446 |        1,579 |\n| Other                                       | Other                                       | Other                                       |          350 |          357 |\n| Valuation allowance                         | Valuation allowance                         | Valuation allowance                         |         (58) |         (13) |\n| Total deferred tax assets                   | Total deferred tax assets                   | Total deferred tax assets                   |      $ 6,300 |      $ 6,841 |\n| Deferred tax liabilities:                   | Deferred tax liabilities:                   | Deferred tax liabilities:                   |              |              |\n| Depreciation                                | Depreciation                                | Depreciation                                |      $ 5,190 |      $ 4,185 |\n| Operating lease right\\-of\\-use assets       | Operating lease right\\-of\\-use assets       | Operating lease right\\-of\\-use assets       |        1,298 |        1,388 |\n| Intangible assets                           | Intangible assets                           | Intangible assets                           |        1,049 |        1,052 |\n| Other                                       | Other                                       | Other                                       |           99 |          137 |\n| Total deferred tax liabilities              | Total deferred tax liabilities              | Total deferred tax liabilities              |      $ 7,636 |      $ 6,762 |\n| Net deferred tax (liabilities) assets^(1)^  | Net deferred tax (liabilities) assets^(1)^  | Net deferred tax (liabilities) assets^(1)^  |    $ (1,336) |         $ 79 |\n\n\n\n^(1)^ At December 31, 2019, the net deferred tax liabilities of $1\\.3 billion included $120 million of net state deferred tax assets, which are recorded in other noncurrent assets, and $1\\.5 billion of net federal deferred tax liabilities, which are recorded in deferred income taxes, net\\. At December 31, 2018, the net deferred tax assets of $79 million included $242 million of net state deferred tax assets, which are recorded in other noncurrent assets, and $163 million of net federal deferred tax liabilities, which are recorded in deferred income taxes, net\\.\n\nAt December 31, 2019, we had $94 million of federal alternative minimum tax credit carryforwards\\. As a result of the Tax Cuts and Jobs Act of 2017, this credit becomes refundable to us if not used by 2021\\. We have $1\\.9 billion of federal pre\\-tax net operating loss carryforwards, which will not begin to expire until 2027\\.\n\n90"}
{"_id": "United-2017_119.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|            |                 |                                                                                                                                                                                                                                                                                                                                                                                  |\n| ----------:|:--------------- |:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  \\*^10\\.98 | UAL  <br>United | [Supplemental Agreement No\\. 6, including exhibits and side letters, to Purchase Agreement No\\. 1951, dated July 30, 1998 (filed as Exhibit 10\\.1 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 1998, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000319687-98-000014.txt)       |\n|  \\*^10\\.99 | UAL  <br>United | [Supplemental Agreement No\\. 7, including side letters, to Purchase Agreement No\\. 1951, dated November 12, 1998 (filed as Exhibit 10\\.24(g) to Continental\u2019s Form  10\\-K for the year ended December 31, 1998, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000319687-99-000003.txt)                |\n| \\*^10\\.100 | UAL  <br>United | [Supplemental Agreement No\\. 8, including side letters, to Purchase Agreement No\\. 1951, dated December 7, 1998 (filed as Exhibit 10\\.24(h) to Continental\u2019s Form  10\\-K for the year ended December 31, 1998, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000319687-99-000003.txt)                 |\n| \\*^10\\.101 | UAL  <br>United | [Letter Agreement No\\.    6\\-1162\\-GOC\\-131R1 to Purchase Agreement No\\. 1951, dated March 26, 1998 (filed as Exhibit 10\\.1 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 1998, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000319687-98-000004.txt)                                 |\n| \\*^10\\.102 | UAL  <br>United | [Supplemental Agreement No\\. 9, including side letters, to Purchase Agreement No\\. 1951, dated February 18, 1999 (filed as Exhibit 10\\.4 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 1999, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000319687-99-000006.txt)                    |\n| \\*^10\\.103 | UAL  <br>United | [Supplemental Agreement No\\. 10, including side letters, to Purchase Agreement No\\. 1951, dated March 19, 1999 (filed as Exhibit 10\\.4(a) to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 1999, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000319687-99-000006.txt)                   |\n| \\*^10\\.104 | UAL  <br>United | [Supplemental Agreement No\\. 11, including side letters, to Purchase Agreement No\\. 1951, dated March 14, 1999 (filed as Exhibit 10\\.7 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 1999, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968799000010/0000319687-99-000010.txt)    |\n| \\*^10\\.105 | UAL  <br>United | [Supplemental Agreement No\\. 12, including side letters, to Purchase Agreement No\\. 1951, dated July 2, 1999 (filed as Exhibit 10\\.8 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 1999, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968799000012/0000319687-99-000012.txt) |\n| \\*^10\\.106 | UAL  <br>United | [Supplemental Agreement No\\. 13 to Purchase Agreement No\\. 1951, dated October 13, 1999 (filed as Exhibit 10\\.25(n) to Continental\u2019s Form  10\\-K for the year ended December 31, 1999, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968700000007/0000319687-00-000007.txt)                      |\n| \\*^10\\.107 | UAL  <br>United | [Supplemental Agreement No\\. 14 to Purchase Agreement No\\. 1951, dated December 13, 1999 (filed as Exhibit 10\\.25(o) to Continental\u2019s Form  10\\-K for the year ended December 31, 1999, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968700000007/0000319687-00-000007.txt)                     |\n| \\*^10\\.108 | UAL  <br>United | [Supplemental Agreement No\\. 15, including side letters, to Purchase Agreement No\\. 1951, dated January 13, 2000 (filed as Exhibit 10\\.1 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 2000, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968700000010/0000319687-00-000010.txt) |\n| \\*^10\\.109 | UAL  <br>United | [Supplemental Agreement No\\. 16, including side letters, to Purchase Agreement No\\. 1951, dated March 17, 2000 (filed as Exhibit 10\\.2 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 2000, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968700000010/0000319687-00-000010.txt)   |\n\n\n\n120"}
{"_id": "AmericanAirlines-2018_183.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.50                         | [Note Purchase Agreement, dated as of September 24, 2015, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex46.htm)                                                                                                                                                                                                                                                                    |\n| 4\\.51                         | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex46.htm)                                                                                                                               |\n| 4\\.52                         | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex46.htm)                                                                                                                                                                                                                                                                                                                                           |\n| 4\\.53                         | [Form of Pass Through Trust Certificate, Series 2015\\-2AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| 4\\.54                         | [Form of Pass Through Trust Certificate, Series 2015\\-2A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| 4\\.55                         | [Form of Pass Through Trust Certificate, Series 2015\\-2B (incorporated by reference to Exhibit A to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex44.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| 4\\.56                         | [Revolving Credit Agreement (2015\\-2AA), dated as of September 24, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-2AA, as Borrower, and Commonwealth Bank of Australia, New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex412.htm)                                                                                                                                                                                            |\n| 4\\.57                         | [Revolving Credit Agreement (2015\\-2A), dated as of September 24, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-2A, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.13 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex413.htm)                                                                                                                                                            |\n| 4\\.58                         | [Revolving Credit Agreement (2015\\-2B), dated as of September 24, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-2B, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex414.htm)                                                                                                                                                            |\n| 4\\.59                         | [Note Purchase Agreement, dated as of April 24, 2013, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.) Wilmington Trust Company, as Pass Through Trustee, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.12 to US Airways Group\u2019s Current Report on Form 8\\-K filed on April 25, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513171448/d526546dex412.htm)                                                                                                                                                           |\n| 4\\.60                         | [Assumption Agreement, dated as of December 30, 2015, by American Airlines, Inc\\. for the benefit of Wilmington Trust Company, as pass through trustee, subordination agent, and paying agent, and Wilmington Trust, National Association, as escrow agent, in each case, under the Note Purchase Agreement, dated as of April 24, 2013, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), Wilmington Trust Company, Wilmington Trust, National Association and Wilmington Trust Company (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex102.htm) |\n| 4\\.61                         | [Form of Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee, Subordination Agent and Pass Through Trustee (incorporated by reference to Exhibit 4\\.13 to US Airways Group\u2019s Current Report on Form 8\\-K filed on April 25, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513171448/d526546dex413.htm)                                                                                                                                                                                                                                                                              |\n| 4\\.62                         | [Form of Trust Indenture and Security Agreement among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, Wilmington Trust, National Association, as Securities Intermediary, and Wilmington Trust Company, as Indenture Trustee (incorporated by reference to Exhibit 4\\.14 to US Airways Group\u2019s Current Report on Form 8\\-K filed on April 25, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513171448/d526546dex414.htm)                                                                                                                                                                                                                                           |\n| 4\\.63                         | [Form of Amendment No\\. 1 to Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee, Subordination Agent and Pass Through Trustee (Exhibit A to Note Purchase Agreement) (incorporated by reference to Exhibit 4\\.8 to US Airways Group\u2019s Current Report on Form 8\\-K filed on June 6, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513250235/d548366dex48.htm)                                                                                                                                                                                                                       |\n\n\n\n184"}
{"_id": "AmericanAirlines-2019_153.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nIn certain transactions, including certain aircraft financing leases and loans, the lessors, lenders and/or other parties have rights to terminate the transaction based on changes in foreign tax law, illegality or certain other events or circumstances\\. In such a case, American may be required to make a lump sum payment to terminate the relevant transaction\\.\n\nAmerican has general indemnity clauses in many of its airport and other real estate leases where American as lessee indemnifies the lessor (and related parties) against liabilities related to American\u2019s use of the leased property\\. Generally, these indemnifications cover liabilities resulting from the negligence of the indemnified parties, but not liabilities resulting from the gross negligence or willful misconduct of the indemnified parties\\. In addition, American provides environmental indemnities in many of these leases for contamination related to American\u2019s use of the leased property\\.\n\nUnder certain contracts with third parties, American indemnifies the third\\-party against legal liability arising out of an action by the third\\-party, or certain other parties\\. The terms of these contracts vary and the potential exposure under these indemnities cannot be determined\\. American has liability insurance protecting American for some of the obligations it has undertaken under these indemnities\\.\n\nAmerican is required to make principal and interest payments for certain special facility revenue bonds issued by municipalities primarily to build or improve airport facilities and purchase equipment, which are leased to American\\. The payment of principal and interest of certain special facility revenue bonds is guaranteed by American\\. As of  December 31, 2019 , the remaining lease payments through 2035 guaranteeing the principal and interest on these bonds are   $589 million  and the current carrying amount of the associated operating lease liability in the accompanying consolidated balance sheet is   $321 million \\.\n\nAs of  December 31, 2019 , American had issued guarantees covering AAG\u2019s   $500 million  aggregate principal amount of   4\\.625%  senior notes due  March 2020  and   $750 million  aggregate principal amount of   5\\.000%  senior notes due  June 2022 \\.\n\n(g) Credit Card Processing Agreements\n\nAmerican has agreements with companies that process customer credit card transactions for the sale of air travel and other services\\. American\u2019s agreements allow these credit card processing companies, under certain conditions, to hold an amount of its cash (referred to as a holdback) equal to a portion of advance ticket sales that have been processed by that company, but for which American has not yet provided the air transportation\\. Additional holdback requirements in the event of material adverse changes in American\u2019s financial condition will reduce its liquidity in the form of unrestricted cash by the amount of the holdbacks\\. These credit card processing companies are not currently entitled to maintain any holdbacks pursuant to these requirements\\.\n\n(h) Labor Negotiations\n\nAs of  December 31, 2019 , American employed approximately   104,200  active full\\-time equivalent employees\\. Approximately   84%  of employees are covered by collective bargaining agreements (CBAs) with various labor unions and approximately   25%  of employees are covered by CBAs that will become amendable within one year\\. Agreements in principle were reached on January 30, 2020 for joint collective bargaining agreements (JCBAs) covering American\u2019s maintenance, fleet service, stock clerks, maintenance control technicians and maintenance training instructors\\. Those agreements are subject to membership ratification vote\\. Additionally, the post\\-Merger JCBAs covering American\u2019s pilots and flight attendants became amendable in January 2020 and December 2019, respectively\\. Negotiations continue for new agreements\\.\n\n11\\. Supplemental Cash Flow Information\n\nSupplemental disclosure of cash flow information and non\\-cash investing and financing activities are as follows (in millions):\n\n\n\n|                                               |                             |                             |                             |\n| --------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                               | **2019**                    | **2018**                    | **2017**                    |\n| Non\\-cash investing and financing activities: |                             |                             |                             |\n| Settlement of bankruptcy obligations          | $7                          | $\u2014                          | $15                         |\n| Equity Investment                             | \u2014                           | \u2014                           | 120                         |\n| Supplemental information:                     |                             |                             |                             |\n| Interest paid, net                            | 1,025                       | 1,009                       | 942                         |\n| Income taxes paid                             | 8                           | 16                          | 18                          |\n\n\n\n154"}
{"_id": "United-2019_84.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nbased on its recent consortia participation\\. The Company's contingent exposure could increase if the participation of other air carriers decreases\\. The guarantees will expire when the tax\\-exempt bonds are paid in full, which ranges from  2022  to  2051 \\. The Company did not record a liability at the time these indirect guarantees were made\\.\n\nRegional Capacity Purchase\\.  As of  December 31, 2019 , United had   325  call options to purchase regional jet aircraft being operated by certain of its regional carriers with contract dates extending until  2029 \\. These call options are exercisable upon wrongful termination or breach of contract, among other conditions\\. \n\nCredit Card Processing Agreements\\.  The Company has agreements with financial institutions that process customer credit card transactions for the sale of air travel and other services\\. Under certain of the Company's credit card processing agreements, the financial institutions in certain circumstances have the right to require that the Company maintain a reserve equal to a portion of advance ticket sales that has been processed by that financial institution, but for which the Company has not yet provided the air transportation\\. Such financial institutions may require additional cash or other collateral reserves to be established or additional withholding of payments related to receivables collected if the Company does not maintain certain minimum levels of unrestricted cash, cash equivalents and short\\-term investments (collectively, \"Unrestricted Liquidity\")\\. The Company's current level of Unrestricted Liquidity is substantially in excess of these minimum levels\\.\n\nLabor Negotiations\\.  As of  December 31, 2019 , United, including its subsidiaries, had approximately   96,000  employees\\. Approximately   84%  of United's employees were represented by various U\\.S\\. labor organizations as of  December 31, 2019 \\.\n\nOn February 1, 2019, the collective bargaining agreement with the Air Line Pilots Association (\"ALPA\"), the labor union representing United's pilots, became amendable\\. The Company and ALPA are in negotiations for an amended agreement\\. The Company and UNITE HERE, the labor union representing United's Catering Operations employees, started negotiations for a first collective bargaining agreement in March 2019\\. \n\nThe collective bargaining agreement with the International Brotherhood of Teamsters (the \"IBT\") contains provisions that require the Company to align contract terms with other airlines' workgroups under certain conditions\\. There were no triggering events in 2019 that invoked these provisions\\.\n\n85"}
{"_id": "Southwest-2017_70.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Item 8\\.*****Financial Statements and Supplementary Data***\n\n**Southwest Airlines Co\\.**\n\n**Consolidated Balance Sheet**\n\n(in millions, except share data)\n\n\n\n|                                                                                                                      |                       |                       |\n| -------------------------------------------------------------------------------------------------------------------- | --------------------- | --------------------- |\n|                                                                                                                      | **December 31, 2017** | **December 31, 2016** |\n| **ASSETS**                                                                                                           |                       |                       |\n| Current assets:                                                                                                      |                       |                       |\n| Cash and cash equivalents                                                                                            | $1,495                | $1,680                |\n| Short\\-term investments                                                                                              | 1,778                 | 1,625                 |\n| Accounts and other receivables                                                                                       | 662                   | 546                   |\n| Inventories of parts and supplies, at cost                                                                           | 420                   | 337                   |\n| Prepaid expenses and other current assets                                                                            | 460                   | 310                   |\n| Total current assets                                                                                                 | 4,815                 | 4,498                 |\n| Property and equipment, at cost:                                                                                     |                       |                       |\n| Flight equipment                                                                                                     | 21,368                | 20,275                |\n| Ground property and equipment                                                                                        | 4,399                 | 3,779                 |\n| Deposits on flight equipment purchase contracts                                                                      | 919                   | 1,190                 |\n| Assets constructed for others                                                                                        | 1,543                 | 1,220                 |\n|                                                                                                                      | 28,229                | 26,464                |\n| Less allowance for depreciation and amortization                                                                     | 9,690                 | 9,420                 |\n|                                                                                                                      | 18,539                | 17,044                |\n| Goodwill                                                                                                             | 970                   | 970                   |\n| Other assets                                                                                                         | 786                   | 774                   |\n|                                                                                                                      | $25,110               | $23,286               |\n| **LIABILITIES AND STOCKHOLDERS' EQUITY**                                                                             |                       |                       |\n| Current liabilities:                                                                                                 |                       |                       |\n| Accounts payable                                                                                                     | $1,320                | $1,178                |\n| Accrued liabilities                                                                                                  | 1,777                 | 1,985                 |\n| Air traffic liability                                                                                                | 3,460                 | 3,115                 |\n| Current maturities of long\\-term debt                                                                                | 348                   | 566                   |\n| Total current liabilities                                                                                            | 6,905                 | 6,844                 |\n| Long\\-term debt less current maturities                                                                              | 3,320                 | 2,821                 |\n| Deferred income taxes                                                                                                | 2,358                 | 3,374                 |\n| Construction obligation                                                                                              | 1,390                 | 1,078                 |\n| Other noncurrent liabilities                                                                                         | 707                   | 728                   |\n| Stockholders' equity:                                                                                                |                       |                       |\n| Common stock, $1\\.00 par value: 2,000,000,000 shares authorized; <br><br> 807,611,634 shares issued in 2017 and 2016 | 808                   | 808                   |\n| Capital in excess of par value                                                                                       | 1,451                 | 1,410                 |\n| Retained earnings                                                                                                    | 14,621                | 11,418                |\n| Accumulated other comprehensive income (loss)                                                                        | 12                    | (323)                 |\n| Treasury stock, at cost: 219,060,856 and 192,450,855 shares<br><br> in 2017 and 2016 respectively                    | (6,462)               | (4,872)               |\n| Total stockholders' equity                                                                                           | 10,430                | 8,441                 |\n|                                                                                                                      | $25,110               | $23,286               |\n\n\n\nSee accompanying notes\\.\n\n71"}
{"_id": "Southwest-2017_102.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|                                                                                                                                                                                                     |                                                                             |                                                                             |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------- | --------------------------------------------------------------------------- |\n| **Fair value measurements using significant unobservable inputs (Level 3)**                                                                                                                         | **Fair value measurements using significant unobservable inputs (Level 3)** | **Fair value measurements using significant unobservable inputs (Level 3)** |\n|                                                                                                                                                                                                     | **Fuel**                                                                    |                                                                             |\n| (in millions)                                                                                                                                                                                       | **derivatives**                                                             |                                                                             |\n| Balance at December 31, 2016                                                                                                                                                                        | $(258)                                                                      |                                                                             |\n| Total losses (realized or unrealized)                                                                                                                                                               |                                                                             |                                                                             |\n| Included in earnings                                                                                                                                                                                | (125)                                                                       |                                                                             |\n| Included in other comprehensive income                                                                                                                                                              | (50)                                                                        |                                                                             |\n| Purchases                                                                                                                                                                                           | 142                                                                         | (a)                                                                         |\n| Sales                                                                                                                                                                                               | \u2014                                                                           | (a)                                                                         |\n| Settlements                                                                                                                                                                                         | 539                                                                         |                                                                             |\n| Balance at December 31, 2017                                                                                                                                                                        | $248                                                                        |                                                                             |\n| The amount of total losses for the period<br><br> included in earnings attributable to the <br><br> change in unrealized gains or losses relating<br><br> to assets still held at December 31, 2017 | $(42)                                                                       |                                                                             |\n\n\n\n(a) The purchase and sale of fuel derivatives are recorded gross based on the structure of the derivative instrument and \n\n whether a contract with multiple derivatives is purchased as a single instrument or separate instruments\\.\n\n\n\n|                                                                                                                                                                                                    |                                                                             |                                                                             |                                                                             |                                                                             |\n| -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------- | --------------------------------------------------------------------------- | --------------------------------------------------------------------------- | --------------------------------------------------------------------------- |\n| **Fair value measurements using significant unobservable inputs (Level 3)**                                                                                                                        | **Fair value measurements using significant unobservable inputs (Level 3)** | **Fair value measurements using significant unobservable inputs (Level 3)** | **Fair value measurements using significant unobservable inputs (Level 3)** | **Fair value measurements using significant unobservable inputs (Level 3)** |\n|                                                                                                                                                                                                    | **Fuel**                                                                    |                                                                             | **Other**                                                                   |                                                                             |\n| (in millions)                                                                                                                                                                                      | **derivatives**                                                             |                                                                             | **securities**                                                              | **Total**                                                                   |\n| Balance at December 31, 2015                                                                                                                                                                       | $(1,676)                                                                    |                                                                             | $27                                                                         | $(1,649)                                                                    |\n| Total gains (losses) (realized or unrealized)                                                                                                                                                      |                                                                             |                                                                             |                                                                             |                                                                             |\n| Included in earnings                                                                                                                                                                               | 175                                                                         |                                                                             | (2)                                                                         | 173                                                                         |\n| Included in other comprehensive income                                                                                                                                                             | 201                                                                         |                                                                             | 8                                                                           | 209                                                                         |\n| Purchases                                                                                                                                                                                          | 221                                                                         | (a)                                                                         | \u2014                                                                           | 221                                                                         |\n| Sales                                                                                                                                                                                              | (61)                                                                        | (a)                                                                         | (33)                                                                        | (94)                                                                        |\n| Settlements                                                                                                                                                                                        | 882                                                                         |                                                                             | \u2014                                                                           | 882                                                                         |\n| Balance at December 31, 2016                                                                                                                                                                       | $(258)                                                                      |   <br>                                                                      | $\u2014                                                                          | $(258)                                                                      |\n| The amount of total gains for the period<br><br> included in earnings attributable to the <br><br> change in unrealized gains or losses relating<br><br> to assets still held at December 31, 2016 | $93                                                                         |                                                                             | $\u2014                                                                          | $93                                                                         |\n\n\n\n(a) The purchase and sale of fuel derivatives are recorded gross based on the structure of the derivative instrument and \n\n whether a contract with multiple derivatives is purchased as a single instrument or separate instruments\\.\n\nThe significant unobservable input used in the fair value measurement of the Company\u2019s derivative option contracts is implied volatility\\. Holding other inputs constant, an increase (decrease) in implied volatility would result in a higher (lower) fair value measurement, respectively, for the Company\u2019s derivative option contracts\\. \n\nThe following table presents a range of the unobservable inputs utilized in the fair value measurements of the Company\u2019s fuel derivatives classified as Level 3 at December 31, 2017:\n\n103"}
{"_id": "Alaska-2018_91.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n|                                       |\n| ------------------------------------- |\n| **ITEM 9A\\. CONTROLS AND PROCEDURES** |\n\n\n\n**EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES**\n\nThe Company\u2019s management, with the participation of the Principal Executive Officer and Principal Financial Officer, conducted an evaluation of the effectiveness of the Company\u2019s disclosure controls and procedures (as defined in Exchange Act Rule 13a\\-15(e)) as of the end of the period covered by this report\\. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that the Company\u2019s disclosure controls and procedures were effective as of the end of the period covered by this report\\.\n\n**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**\n\nThere have been no changes in the Company\u2019s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company\u2019s internal control over financial reporting during the quarter ended December 31, 2018\\.\n\n 92"}
{"_id": "Southwest-2019_87.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nThe components of lease costs, included in the Consolidated Statement of Comprehensive Income, were as follows: \n\n\n\n|                                      |                                                                              |                                  |\n| ------------------------------------ | ---------------------------------------------------------------------------- | -------------------------------- |\n| **(** **in millions** **)**          | **Statement of Comprehensive Income location**                               | **Year ended December 31, 2019** |\n| Operating lease cost \\- aircraft (a) | Other operating expenses                                                     | $182                             |\n| Operating lease cost \\- other        | Landing fees and airport rentals, and Other operating expenses<br><br>  <br> | 89                               |\n| Short\\-term lease cost               | Other operating expenses                                                     | 4                                |\n| Variable lease cost                  | Landing fees and airport rentals, and Other operating expenses<br><br>  <br> | 1,377                            |\n| Finance lease cost:                  |                                                                              |                                  |\n| Amortization of lease liabilities    | Depreciation and amortization<br><br>  <br>                                  | 116                              |\n| Interest on lease liabilities        | Interest expense                                                             | 26                               |\n| Total net finance lease cost         |                                                                              | $142                             |\n\n\n\n(a) Net of sublease income of   $97 million  for the  year ended December 31, 2019 \\. \n\nSupplemental cash flow information related to leases, included in the Consolidated Statement of Cash Flows, was as follows: \n\n\n\n|                                                                          |                                  |\n| ------------------------------------------------------------------------ | -------------------------------- |\n| **(** **in millions** **)**                                              | **Year ended December 31, 2019** |\n| Cash paid for amounts included in the measurement of lease liabilities:  |                                  |\n| Operating cash flows for operating leases                                | $379                             |\n| Operating cash flows for finance leases                                  | 26                               |\n| Financing cash flows for finance leases                                  | 85                               |\n| Right\\-of\\-use assets obtained in exchange for lease obligations:        |                                  |\n| Operating leases                                                         | 230                              |\n| Finance leases                                                           | 1                                |\n\n\n\nAs of  December 31, 2019 , maturities of lease liabilities were as follows: \n\n\n\n|                              |                      |                    |\n| ---------------------------- | -------------------- | ------------------ |\n| **(** **in millions** **)**  | **Operating leases** | **Finance leases** |\n| 2020                         | $392                 | $107               |\n| 2021                         | 257                  | 102                |\n| 2022                         | 141                  | 98                 |\n| 2023                         | 113                  | 94                 |\n| 2024                         | 92                   | 90                 |\n| Thereafter                   | 661                  | 230                |\n| Total lease payments         | $1,656               | $721               |\n| Less imputed interest        | (325<br><br>)        | (94<br><br>)       |\n| Total lease obligations      | 1,331                | 627                |\n| Less current obligations     | (353<br><br>)        | (85<br><br>)       |\n| Long\\-term lease obligations | $978                 | $542               |\n\n\n\n88"}
{"_id": "Alaska-2018_97.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n|                           |                                                                                                    |\n| ------------------------- | -------------------------------------------------------------------------------------------------- |\n| /s/ BRADLEY D\\. TILDEN    | Chairman and Chief Executive Officer <br><br>(Principal Executive Officer)                         |\n| **Bradley D\\. Tilden**    | Chairman and Chief Executive Officer <br><br>(Principal Executive Officer)                         |\n| /s/ BRANDON S\\. PEDERSEN  | Executive Vice President/Finance and Chief Financial Officer <br><br>(Principal Financial Officer) |\n| **Brandon S\\. Pedersen**  | Executive Vice President/Finance and Chief Financial Officer <br><br>(Principal Financial Officer) |\n| /s/ CHRISTOPHER M\\. BERRY | Vice President Finance and Controller <br><br>(Principal Accounting Officer)                       |\n| **Christopher M\\. Berry** | Vice President Finance and Controller <br><br>(Principal Accounting Officer)                       |\n| /s/ PATRICIA M\\. BEDIENT  | Director                                                                                           |\n| **Patricia M\\. Bedient**  |                                                                                                    |\n| /s/ JAMES A\\. BEER        | Director                                                                                           |\n| **James A\\. Beer**        |                                                                                                    |\n| /s/ MARION C\\. BLAKEY     | Director                                                                                           |\n| **Marion C\\. Blakey**     |                                                                                                    |\n| /s/ PHYLLIS J\\. CAMPBELL  | Director                                                                                           |\n| **Phyllis J\\. Campbell**  |                                                                                                    |\n| /s/ RAYMOND L\\. CONNER    | Director                                                                                           |\n| **Raymond L\\. Conner**    |                                                                                                    |\n| /s/ DHIREN R\\. FONSECA    | Director                                                                                           |\n| **Dhiren R\\. Fonseca**    |                                                                                                    |\n| /s/ SUSAN J\\. LI          | Director                                                                                           |\n| **Susan J\\. Li**          |                                                                                                    |\n| /s/ HELVI K\\. SANDVIK     | Director                                                                                           |\n| **Helvi K\\. Sandvik**     |                                                                                                    |\n| /s/ J\\. KENNETH THOMPSON  | Director                                                                                           |\n| **J\\. Kenneth Thompson**  |                                                                                                    |\n| /s/ ERIC K\\. YEAMAN       | Director                                                                                           |\n| **Eric K\\. Yeaman**       |                                                                                                    |\n\n\n\n 98"}
{"_id": "United-2017_89.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nAs of December 31, 2017, UAL and United were in compliance with their respective debt covenants\\. The collateral, covenants and cross default provisions of the Company\u2019s principal debt instruments that contain such provisions are summarized in the table below:\n\n\n\n|                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| --------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Debt Instrument**                                                                                             | **Collateral, Covenants and Cross Default Provisions**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| Various equipment notes and other notes payable                                                                 | Secured by certain aircraft\\. The indentures contain events of default that are customary for aircraft financing, including in certain cases cross default to other related aircraft\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| Credit Agreement                                                                                                | Secured by certain of United\u2019s international route authorities, specified  take\\-off and landing slots at certain airports and certain other assets\\.<br><br>The 2017 Credit Agreement requires the Company to maintain at least $2\\.0 billion of unrestricted liquidity at all times, which includes unrestricted cash, short\\-term investments and any undrawn amounts under any revolving credit facility, and to maintain a minimum ratio of appraised value of collateral to the outstanding obligations under the 2017 Credit Agreement of 1\\.6 to 1\\.0 at all times\\. The 2017 Credit Agreement contains covenants that, among other things, restrict the ability of UAL and its restricted subsidiaries (as defined in the 2017 Credit Agreement) to incur additional indebtedness and to pay dividends on or repurchase stock, although the Company currently has ample ability under these restrictions to repurchase stock under the Company\u2019s share repurchase program\\.  The 2017 Credit Agreement contains events of default customary for this type of financing, including a cross default and cross acceleration provision to certain other material indebtedness of the Company\\. |\n| 6\\.375% Senior Notes due 2018  6% Senior Notes due 2020  4\\.25% Senior Notes due 2022  5% Senior Notes due 2024 | The indentures for these notes contain covenants that, among other things, restrict the ability of the Company and its restricted subsidiaries (as defined in the indentures) to incur additional indebtedness and pay dividends on or repurchase stock, although the Company currently has ample ability under these restrictions to repurchase stock under the Company\u2019s share repurchase program\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n\n\n\n**NOTE 11 \\- LEASES AND CAPACITY PURCHASE AGREEMENTS** \n\nUnited leases aircraft, airport passenger terminal space, aircraft hangars and related maintenance facilities, cargo terminals, other airport facilities, other commercial real estate, office and computer equipment and vehicles\\.\n\n90"}
{"_id": "AmericanAirlines-2017_39.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**Ownership Restrictions**\n\nAAG\u2019s Certificate of Incorporation and Bylaws provide that, consistent with the requirements of Subtitle VII of Title 49 of the United States Code, as amended (the Aviation Act), any persons or entities who are not a \u201ccitizen of the United States\u201d (as defined under the Aviation Act and administrative interpretations issued by the DOT, its predecessors and successors, from time to time), including any agent, trustee or representative of such persons or entities (a non\\-citizen), shall not, in the aggregate, own (beneficially or of record) and/or control more than (a) 24\\.9% of the aggregate votes of all of our outstanding equity securities or (b) 49\\.0% of our outstanding equity securities\\. Our Certificate of Incorporation and Bylaws further specify that it is the duty of each stockholder who is a non\\-citizen to register his, her or its equity securities on our foreign stock record and provide for remedies applicable to stockholders that exceed the voting and ownership caps described above\\.\n\nIn addition, to reduce the risk of a potential adverse effect on our ability to use our NOL Carryforwards and certain other tax attributes for federal income tax purposes, our Certificate of Incorporation contains certain restrictions on the acquisition and disposition of our common stock by substantial stockholders (generally holders of more than 4\\.75%)\\.\n\nSee Part I, Item 1A\\. Risk Factors \u2013 *\u201cAAG\u2019s Certificate of Incorporation and Bylaws include provisions that limit voting and acquisition and disposition of our equity interests\\.\u201d* Also see AAG\u2019s Certification of Incorporation and Bylaws, which are filed as Exhibits 3\\.1 and 3\\.2 hereto, for the full text of the foregoing restrictions\\.\n\n40"}
{"_id": "United-2018_56.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nIn the year ended December 31, 2018, 2017 and 2016, the Company recognized, in Other operating revenue, $2\\.0 billion, $1\\.8 billion and $1\\.7 billion, respectively, related to the marketing, advertising, non\\-travel miles redeemed (net of related costs) and other travel\\-related benefits of the mileage revenue associated with our various partner agreements including, but not limited to, our Chase co\\-brand agreement\\. The portion related to the MileagePlus miles awarded of the total amounts received is deferred and presented in the table above as an increase to the frequent flyer liability\\. \n\n\n\n|     |                                                                                                                                                                                               |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (d) | **Cash and Cash Equivalents and Restricted Cash\u2014**  Highly liquid investments with a maturity of three months or less on their acquisition date are classified as cash and cash equivalents\\. |\n\n\n\nRestricted cash primarily includes cash collateral for letters of credit and collateral associated with obligations for facility leases and other insurance\\-related obligations\\. Restricted cash is classified as short\\-term or long\\-term in the consolidated balance sheets based on the expected timing of return of the assets to the Company\\.\n\nThe following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statements of consolidated cash flows (in millions):\n\n\n\n|                                                                                                    |                                                                                                    |                                                                                                    |                     |                     |                     |                     |                     |                     |\n| -------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- |\n|                                                                                                    |                                                                                                    |                                                                                                    | **UAL**             | **UAL**             | **UAL**             | **United**          | **United**          | **United**          |\n|                                                                                                    |                                                                                                    |                                                                                                    | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |\n|                                                                                                    |                                                                                                    |                                                                                                    | **2018**            | **2017**            | **2016**            | **2018**            | **2017**            | **2016**            |\n| Current assets:                                                                                    | Current assets:                                                                                    | Current assets:                                                                                    |                     |                     |                     |                     |                     |                     |\n| Cash and cash equivalents                                                                          | Cash and cash equivalents                                                                          | Cash and cash equivalents                                                                          | $1,694              | $1,482              | $2,179              | $1,688              | $1,476              | $2,173              |\n| Restricted cash included in Prepaid expenses and other                                             | Restricted cash included in Prepaid expenses and other                                             | Restricted cash included in Prepaid expenses and other                                             | \u2014                   | 18                  | \u2014                   | \u2014                   | 18                  | \u2014                   |\n| Other assets:                                                                                      | Other assets:                                                                                      | Other assets:                                                                                      |                     |                     |                     |                     |                     |                     |\n| Restricted cash                                                                                    | Restricted cash                                                                                    | Restricted cash                                                                                    | 105                 | 91                  | 124                 | 105                 | 91                  | 124                 |\n| Total cash, cash equivalents and restricted cash shown in the statement of consolidated cash flows | Total cash, cash equivalents and restricted cash shown in the statement of consolidated cash flows | Total cash, cash equivalents and restricted cash shown in the statement of consolidated cash flows | $1,799              | $1,591              | $2,303              | $1,793              | $1,585              | $2,297              |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (e)  | **Short\\-term Investments\u2014** Debt investments are classified as available\\-for\\-sale and are stated at fair value\\. Realized gains and losses on sales of these investments are reflected in Miscellaneous, net in the consolidated statements of operations\\. Unrealized gains and losses on available\\-for\\-sale securities are reflected as a component of accumulated other comprehensive income (loss)\\. Equity investments with readily determinable fair values are measured at fair value\\. Equity investments without readily determinable fair values are measured using the equity method, or measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative)\\. Changes in fair value are recorded in Miscellaneous, net in the consolidated statements of operations\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (f) | **Accounts Receivable\\.**  Accounts receivable primarily consist of amounts due from credit card companies, non\\-airline partners, and cargo transportation customers\\. We provide an allowance for uncollectible accounts equal to the estimated losses expected to be incurred based on historical write\\-offs and other specific analyses\\. Bad debt expense and write\\-offs were not material for the year ended December 31,  2018  and  2017 \\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                          |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (g) | **Aircraft Fuel, Spare Parts and Supplies\u2014** The Company accounts for aircraft fuel, spare parts and supplies at average cost and provides an obsolescence allowance for aircraft spare parts with an assumed residual value of  10%  of original cost\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (h) | **Property and Equipment\u2014** The Company records additions to owned operating property and equipment at cost when acquired\\. Property under capital leases and the related obligation for future lease payments are recorded at an amount equal to the initial present value of those lease payments\\. Modifications that enhance the operating performance or extend the useful lives of airframes or engines are capitalized as property and equipment\\. It is the Company's policy to record compensation from delays in delivery of aircraft as a reduction of the cost of the related aircraft\\. |\n\n\n\nDepreciation and amortization of owned depreciable assets is based on the straight\\-line method over the assets' estimated useful lives\\. Leasehold improvements are amortized over the remaining term of the lease, including estimated facility renewal options when renewal is reasonably assured at key airports, or the estimated useful life of the related asset, whichever is less\\. Properties under capital leases are amortized on the straight\\-line method over the life of the lease or, in the case of certain aircraft, over their estimated useful lives, whichever is shorter\\. Amortization \n\n57"}
{"_id": "AmericanAirlines-2017_38.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n![chart\\-cad0e2f0c5015363845a05\\.jpg](https://americanairlines.gcs-web.com/email-alerts/chart-cad0e2f0c5015363845a05.jpg)\n\n\n\n|                                     |               |                |                |                |                |                |\n| ----------------------------------- | ------------- | -------------- | -------------- | -------------- | -------------- | -------------- |\n|                                     | **12/9/2013** | **12/31/2013** | **12/31/2014** | **12/31/2015** | **12/31/2016** | **12/31/2017** |\n| American Airlines Group Inc\\. (AAL) | $100          | $103           | $219           | $175           | $194           | $219           |\n| NYSE ARCA Airline Index (XAL)       | 100           | 102            | 152            | 127            | 162            | 170            |\n| S&P 500 Index (GSPC)                | 100           | 102            | 114            | 113            | 124            | 148            |\n\n\n\n**Purchases of Equity Securities by the Issuer and Affiliated Purchasers**\n\nDuring the year ended December 31, 2017, we repurchased 33\\.9 million shares of AAG common stock for $1\\.6 billion at a weighted average cost per share of $45\\.68\\. During the year ended December 31, 2016, we repurchased 119\\.8 million shares of AAG common stock for $4\\.4 billion at a weighted average cost per share of $36\\.86\\. Since the inception of our share repurchase programs in July 2014 through December 31, 2017, we have repurchased 262\\.3 million shares of AAG common stock for $10\\.6 billion at a weighted average cost per share of $40\\.22\\.\n\nThe following table displays information with respect to our purchases of shares of AAG common stock during the three months ended December 31, 2017:\n\n\n\n|               |                                                 |                                             |                                                                                                                      |                                                                                                                                             |\n| ------------- | ----------------------------------------------- | ------------------------------------------- | -------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Period**    | **Total number of**<br><br>**shares purchased** | **Average price**<br><br>**paid per share** | **Total number of shares**<br><br>**purchased as part of** <br><br>**publicly announced**<br><br>**plan or program** | **Maximum remaining dollar value of shares**<br><br>**that may be purchased under**<br><br>**the plan or program**<br><br>**(in millions)** |\n| October 2017  | 2,497,462                                       | $50\\.37                                     | 2,497,462                                                                                                            | $551                                                                                                                                        |\n| November 2017 | 1,236,546                                       | $47\\.59                                     | 1,236,546                                                                                                            | $492                                                                                                                                        |\n| December 2017 | 834,577                                         | $50\\.96                                     | 834,577                                                                                                              | $450                                                                                                                                        |\n\n\n\nShare repurchases under our repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions\\. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to repurchase any specific number of shares and our repurchase of common stock may be limited, suspended or discontinued at any time at our discretion\\.\n\n39"}
{"_id": "Alaska-2017_79.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nDeferred tax (assets) and liabilities comprise the following (in millions):\n\n\n\n|                                       |           |          |\n| ------------------------------------- | --------- | -------- |\n|                                       | **2017**  | **2016** |\n| Excess of tax over book depreciation  | **$964**  | $1,282   |\n| Intangibles\u2014net                       | **14**    | 39       |\n| Other\u2014net                             | **43**    | 26       |\n| Gross deferred tax liabilities        | **1,021** | 1,347    |\n| Mileage Plan\u2122                         | **(208)** | (310)    |\n| Inventory obsolescence                | **(16)**  | (23)     |\n| Deferred gains                        | **(5)**   | (8)      |\n| Employee benefits                     | **(154)** | (196)    |\n| Acquired net operating losses         | **(127)** | (289)    |\n| Other\u2014net                             | **(57)**  | (62)     |\n| Gross deferred tax assets             | **(567)** | (888)    |\n| Valuation allowance                   | **\u2014**     | 4        |\n| Net deferred tax (assets) liabilities | **$454**  | $463     |\n\n\n\nOn December 22, 2017, the Tax Cuts and Jobs Act was signed into law\\. The Tax Cuts and Jobs Act changed many aspects of the U\\.S\\. corporate income taxation, including but not limited to, a reduction in the corporate income tax rate from 35% to 21% and accelerated depreciation that will allow for full expensing of qualified property\\. ASC 740 requires a company to record the effects of a tax law change in the period of enactment\\.\n\nThe Company evaluated the impact of the Tax Cuts and Jobs Act and other law changes and recorded a discrete adjustment in our 2017 income tax expense of $280 million\\. The Company will continue to evaluate the impact of the new law and future guidance as issued\\.\n\nAt December 31, 2017, the Company had federal NOLs of approximately $525 million that expire beginning in 2029 and continuing through 2036, and state NOLs of approximately $254 million that expire beginning in 2028 and continuing through 2035\\. \n\nVirgin America experienced multiple \u201cownership changes\u201d as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d), the most recent being its acquisition by the Company\\. Section 382 of the Code imposes an annual limitation on the utilization of pre\\-ownership change NOLs\\. Any unused annual limitation may, subject to certain limits, be carried over to later years\\. The combined Company\u2019s ability to use the NOLs will also depend on the amount of taxable income generated in future periods\\.\n\nValuation allowances are provided to reduce the related deferred income tax assets to an amount which will, more likely than not, be realized\\. As a result of the Company\u2019s assessment of the realization of deferred income tax assets, the Company concluded that it is more likely than not that all of its federal and state deferred income tax assets will be realized and thus no valuation allowance is necessary\\. The change from 2016 to 2017 was due to the reversal of the valuation allowance related to state NOL carryforwards\\. The Company reassesses the need for a valuation allowance each reporting period\\.\n\n 80"}
{"_id": "AmericanAirlines-2017_23.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***The airline industry is heavily taxed\\.***\n\nThe airline industry is subject to extensive government fees and taxation that negatively impact our revenue and profitability\\. The U\\.S\\. airline industry is one of the most heavily taxed of all industries\\. These fees and taxes have grown significantly in the past decade for domestic flights, and various U\\.S\\. fees and taxes also are assessed on international flights\\. For example, as permitted by federal legislation, most major U\\.S\\. airports impose a passenger facility charge per passenger on us\\. In addition, the governments of foreign countries in which we operate impose on U\\.S\\. airlines, including us, various fees and taxes, and these assessments have been increasing in number and amount in recent years\\. Moreover, we are obligated to collect a federal excise tax, commonly referred to as the \u201cticket tax,\u201d on domestic and international air transportation\\. We collect the excise tax, along with certain other U\\.S\\. and foreign taxes and user fees on air transportation (such as passenger security fees), and pass along the collected amounts to the appropriate governmental agencies\\. Although these taxes and fees are not operating expenses, they represent an additional cost to our customers\\. There are continuing efforts in Congress and in other countries to raise different portions of the various taxes, fees, and charges imposed on airlines and their passengers, and we may not be able to recover all of these charges from our customers\\. Increases in such taxes, fees and charges could negatively impact our business, results of operations and financial condition\\.\n\nUnder DOT regulations, all governmental taxes and fees must be included in the prices we quote or advertise to our customers\\. Due to the competitive revenue environment, many increases in these fees and taxes have been absorbed by the airline industry rather than being passed on to the customer\\. Further increases in fees and taxes may reduce demand for air travel, and thus our revenues\\.\n\n***Recent U\\.S\\. tax legislation may adversely affect our financial condition, results of operations and cash flows\\.***\n\nRecently enacted U\\.S\\. tax legislation has significantly changed the U\\.S\\. federal income taxation of U\\.S\\. corporations, including by reducing the U\\.S\\. corporate income tax rate, limiting interest deductions, permitting immediate expensing of certain capital expenditures, adopting elements of a territorial tax system, revising the rules governing net operating losses (NOLs) and the rules governing foreign tax credits and introducing new anti\\-base erosion provisions\\. Many of these changes are effective immediately, without any transition periods or grandfathering for existing transactions\\. The legislation is unclear in many respects and could be subject to potential amendments and technical corrections, as well as interpretations and implementation regulations by the Treasury and Internal Revenue Service, any of which could materially affect the impacts of the legislation\\. In addition, it is unclear how these U\\.S\\. federal income tax changes will affect state and local taxation, which often uses federal taxable income as a starting point for computing state and local tax liabilities\\. See Note 6 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 4 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on income taxes\\.\n\nWhile some of the changes made by the tax legislation may adversely affect us in one or more reporting periods and prospectively, other changes may be beneficial on a going forward basis\\. We continue to work with our tax advisors to determine the full impact of this legislation on us\\.\n\n***Changes to our business model that are designed to increase revenues may not be successful and may cause operational difficulties or decreased demand\\.***\n\nWe have recently instituted, and intend to institute in the future, changes to our business model to increase revenues and offset costs\\. These measures include premium economy service, basic economy service and other low\\-cost fares, enhancements to our AAdvantage loyalty program, charging separately for services that had previously been included within the price of a ticket and increasing other pre\\-existing fees\\. We may introduce additional initiatives in the future; however, as time goes on, we expect that it will be more difficult to identify and implement additional initiatives\\. We cannot assure you that these measures or any future initiatives will be successful in increasing our revenues\\. Additionally, the implementation of these initiatives may create logistical challenges that could harm the operational performance of our airline\\. Also, any new and increased fees might reduce the demand for air travel on our airline or across the industry in general, particularly if weakened economic conditions make our customers more sensitive to increased travel costs or provide a significant competitive advantage to other carriers that determine not to institute similar charges\\.\n\n***The loss of key personnel upon whom we depend to operate our business or the inability to attract additional qualified personnel could adversely affect our business\\.***\n\nWe believe that our future success will depend in large part on our ability to retain or attract highly qualified management, technical and other personnel\\. We may not be successful in retaining key personnel or in attracting other highly qualified personnel\\. Any inability to retain or attract significant numbers of qualified management and other personnel would have a material adverse effect on our business, results of operations and financial condition\\.\n\n24"}
{"_id": "Southwest-2018_28.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Item 2\\.** ***Properties***\n\n**Aircraft** \n\nSouthwest operated a total of 750 Boeing 737 aircraft as of December 31, 2018, of which 51 and 72 were under operating and capital leases, respectively\\. The following table details information on the 750 aircraft as of December 31, 2018: \n\n\n\n|           |           |                                             |                                   |                                 |                              |\n| --------- | --------- | ------------------------------------------- | --------------------------------- | ------------------------------- | ---------------------------- |\n| **Type**  | **Seats** | **Average**<br><br>**Age**<br><br>**(Yrs)** | **Number of**<br><br>**Aircraft** | **Number**<br><br>**Owned (a)** | **Number**<br><br>**Leased** |\n| 737\\-700  | 143       | 15                                          | 512                               | 396                             | 116                          |\n| 737\\-800  | 175       | 3                                           | 207                               | 200                             | 7                            |\n| 737 MAX 8 | 175       | 1                                           | 31                                | 31                              | \u2014                            |\n| Totals    |           | 11                                          | 750                               | 627                             | 123                          |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                           |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | As discussed further in Note  6  to the Consolidated Financial Statements, 169 of the Company's aircraft were pledged as collateral as of  December 31, 2018 , for secured borrowings and/or in the case that the Company has obligations related to its fuel derivative instruments with counterparties that exceed certain thresholds\\. |\n\n\n\nAs of December 31, 2018, the Company had firm deliveries and options for Boeing 737 MAX 7 and 737 MAX 8 aircraft as follows:\n\n\n\n|      |                            |                            |                        |                        |                       |     |           |\n| ---- | -------------------------- | -------------------------- | ---------------------- | ---------------------- | --------------------- | --- | --------- |\n|      | **The Boeing Company**     | **The Boeing Company**     | **The Boeing Company** | **The Boeing Company** |                       |     |           |\n|      | **MAX 7  <br>Firm Orders** | **MAX 8  <br>Firm Orders** |                        | **MAX 8 Options**      | **Additional MAX 8s** |     | **Total** |\n| 2019 | 7                          | 21                         |                        | \u2014                      | 16                    |     | 44        |\n| 2020 | \u2014                          | 35                         |                        | \u2014                      | 3                     |     | 38        |\n| 2021 | \u2014                          | 44                         |                        | \u2014                      | \u2014                     |     | 44        |\n| 2022 | \u2014                          | 27                         |                        | 14                     | \u2014                     |     | 41        |\n| 2023 | 12                         | 22                         |                        | 23                     | \u2014                     |     | 57        |\n| 2024 | 11                         | 30                         |                        | 23                     | \u2014                     |     | 64        |\n| 2025 | \u2014                          | 40                         |                        | 36                     | \u2014                     |     | 76        |\n| 2026 | \u2014                          | \u2014                          |                        | 19                     | \u2014                     |     | 19        |\n|      | 30                         | 219                        | (a)                    | 115                    | 19                    | (b) | 383       |\n\n\n\n(a) The Company has flexibility to substitute 737 MAX 7 in lieu of 737 MAX 8 firm orders beginning in 2019\\.\n\n(b) To be acquired in leases from various third parties\\.\n\n**Ground Facilities and Services**\n\nSouthwest either leases or pays a usage fee for terminal passenger service facilities at each of the airports it serves, to which various leasehold improvements have been made\\. The Company leases the land and/or structures on a long\\-term basis for its aircraft maintenance centers (located at Dallas Love Field, Houston Hobby, Phoenix Sky Harbor, Chicago Midway, Hartsfield\\-Jackson Atlanta International Airport, and Orlando International Airport) and its main corporate headquarters building, also located near Dallas Love Field\\. The Company also leases a warehouse and engine repair facility in Atlanta\\. In 2018, the Company announced its intent to build a new aircraft maintenance facility, scheduled to be completed in 2021, subject to FAA approvals, at Baltimore\\-Washington International Airport\\.\n\nThe Company has commitments associated with various airport improvement projects, including ongoing construction at Los Angeles International Airport\\. These projects include the construction of new facilities and the rebuilding or modernization of existing facilities\\. Additional information regarding these projects is provided below under \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" and in Note 4 to the Consolidated Financial Statements\\.\n\n29"}
{"_id": "AmericanAirlines-2017_75.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***Income Taxes***\n\nIncome taxes are accounted for under the asset and liability method\\. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards\\. Deferred tax assets and liabilities are recorded net as noncurrent deferred income taxes\\.\n\nWe provide a valuation allowance for our deferred tax assets when it is more likely than not that some portion, or all of our deferred tax assets, will not be realized\\. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income\\. We consider all available positive and negative evidence and make certain assumptions in evaluating the realizability of our deferred tax assets\\. Many factors are considered that impact our assessment of future profitability, including conditions which are beyond our control, such as the health of the economy, the level and volatility of fuel prices and travel demand\\.\n\nIn connection with the preparation of our financial statements at the end of 2015, we determined that after considering all positive and negative evidence, including the completion of certain critical Merger integration milestones as well as our financial performance, it was more likely than not that substantially all of our deferred income tax assets, which include our NOLs, would be realized\\. Accordingly, we reversed $3\\.0 billion of the valuation allowance as of December 31, 2015, which resulted in a special non\\-cash tax benefit recorded in the consolidated statement of operations for 2015\\.\n\n***Recent Accounting Pronouncements***\n\n*Standards Effective for 2018 Reporting Periods*\n\nEffective January 1, 2018, we are adopting the accounting pronouncements described below\\. The adoption and related required disclosures will be reported in our first quarter 2018 Quarterly Report on Form 10\\-Q\\.\n\n***ASU 2014\\-09: Revenue from Contracts with Customers (Topic 606) (the New Revenue Standard)***\n\nThe New Revenue Standard applies to all companies that enter into contracts with customers to transfer goods or services\\. We are adopting the New Revenue Standard using the full retrospective method, which results in the recast of each prior reporting period presented\\.\n\nThe adoption of the New Revenue Standard will impact our accounting for outstanding mileage credits earned through travel by AAdvantage loyalty program members\\. There is no change in accounting for sales of mileage credits to co\\-branded card or other partners as those are currently reported in accordance with the New Revenue Standard\\. Through December 31, 2017, we used the incremental cost method to account for the portion of our loyalty program liability related to mileage credits earned through travel, which were valued based on the estimated incremental cost of carrying one additional passenger (see Loyalty Program above)\\. The New Revenue Standard requires us to change our policy to the deferred revenue method and apply a relative selling price approach whereby a portion of each passenger ticket sale attributable to mileage credits earned is deferred and recognized in passenger revenue upon future mileage redemption\\. The value of the earned mileage credits is materially greater under the deferred revenue method than the value attributed to these mileage credits under the incremental cost method\\. \n\nThe New Revenue Standard will also require certain reclassifications, principally the reclassification of certain ancillary revenues previously classified and reported as other revenue to passenger revenue and as applicable to cargo revenue\\. Additionally, the New Revenue Standard requires a gross presentation on the face of our statement of operations for certain revenues and expenses that had previously been presented on a net basis\\.\n\nSee recast 2017 statement of operations and balance sheet data presented below for the expected effects of adoption\\.\n\n***ASU 2017\\-07: Compensation \\- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (the New Retirement Standard)***\n\nThe New Retirement Standard requires all components of our net periodic benefit cost (income), with the exception of service cost, previously reported within operating expenses as salaries, wages and benefits, to be reclassified and reported within nonoperating income (expense)\\. The New Retirement Standard is required to be applied retrospectively, which results in the recast of each prior reporting period presented\\. The adoption of the New Retirement Standard has no impact on pre\\-tax income or net income reported\\. See recast 2017 statement of operations data presented below for the expected effects of adoption\\.\n\n76"}
{"_id": "Alaska-2019_84.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n|                                   |                                   |                                   |\n| --------------------------------- | --------------------------------- | --------------------------------- |\n| ITEM 9A\\. CONTROLS AND PROCEDURES | ITEM 9A\\. CONTROLS AND PROCEDURES | ITEM 9A\\. CONTROLS AND PROCEDURES |\n\n\n\nEVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES\n\nThe Company\u2019s management, with the participation of the Principal Executive Officer and Principal Financial Officer, conducted an evaluation of the effectiveness of the Company\u2019s disclosure controls and procedures (as defined in Exchange Act Rule 13a\\-15(e)) as of the end of the period covered by this report\\. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that the Company\u2019s disclosure controls and procedures were effective as of the end of the period covered by this report\\.\n\nCHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING\n\nThere have been no changes in the Company\u2019s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company\u2019s internal control over financial reporting during the quarter ended December 31, 2019\\.\n\n84"}
{"_id": "AmericanAirlines-2019_108.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n(d) Off\\-Balance Sheet Arrangements\n\nAircraft and Engines\n\nAmerican currently operates   382  owned aircraft and   69  leased aircraft, and owns   79  spare aircraft engines, which in each case were financed with EETCs issued by pass\\-through trusts\\. These trusts are off\\-balance sheet entities, the primary purpose of which is to finance the acquisition of flight equipment or to permit issuance of debt backed by existing flight equipment\\. In the case of aircraft EETCs, rather than finance each aircraft separately when such aircraft is purchased, delivered or refinanced, these trusts allow American to raise the financing for a number of aircraft at one time and, if applicable, place such funds in escrow pending a future purchase, delivery or refinancing of the relevant aircraft\\. Similarly, in the case of the spare engine EETCs, the trust allows American to use its existing pool of spare engines to raise financing under a single facility\\. The trusts have also been structured to provide for certain credit enhancements, such as liquidity facilities to cover certain interest payments, that reduce the risks to the purchasers of the trust certificates and, as a result, reduce the cost of aircraft financing to American\\.\n\nEach trust covers a set number of aircraft or spare engines scheduled to be delivered, financed or refinanced upon the issuance of the EETC or within a specific period of time thereafter\\. At the time of each covered aircraft or spare engine financing, the relevant trust used the proceeds of the issuance of the EETC (which may have been available at the time of issuance thereof or held in escrow until financing of the applicable aircraft following its delivery) to purchase equipment notes relating to the financed aircraft or engines\\. The equipment notes are issued, at American\u2019s election, in connection with a mortgage financing of the aircraft or spare engines or, in certain cases, by a separate owner trust in connection with a leveraged lease financing of the aircraft\\. In the case of a leveraged lease financing, the owner trust then leases the aircraft to American\\. In both cases, the equipment notes are secured by a security interest in the aircraft or engines, as applicable\\. The pass\\-through trust certificates are not direct obligations of, nor are they guaranteed by, AAG or American\\. However, in the case of mortgage financings, the equipment notes issued to the trusts are direct obligations of American and, in certain instances, have been guaranteed by AAG\\. As of  December 31, 2019 ,   $11\\.9 billion  associated with these mortgage financings is reflected as debt in the accompanying consolidated balance sheet\\.\n\nWith respect to leveraged leases, American evaluated whether the leases had characteristics of a variable interest entity\\. American concluded the leasing entities met the criteria for variable interest entities; however, American concluded it is not the primary beneficiary under these leasing arrangements and accounts for the majority of its EETC leveraged lease financings as operating leases\\. American\u2019s total future payments to the trusts of each of the relevant EETCs under these leveraged lease financings are   $177 million  as of  December 31, 2019 , which are reflected in the operating lease obligations in Note 6\\.\n\nLetters of Credit and Other\n\nWe provide financial assurance, such as letters of credit, surety bonds or restricted cash and investments, primarily to support projected workers\u2019 compensation obligations and airport commitments\\. As of  December 31, 2019 , we had   $572 million  of letters of credit and surety bonds securing various obligations\\. The letters of credit and surety bonds that are subject to expiration will expire on various dates through  2022 \\.\n\n(e) Legal Proceedings\n\nChapter 11 Cases \\. On November 29, 2011, AMR, American, and certain of AMR\u2019s other direct and indirect domestic subsidiaries (the Debtors) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court)\\. On October 21, 2013, the Bankruptcy Court entered an order approving and confirming the Debtors\u2019 fourth amended joint plan of reorganization (as amended, the Plan)\\. On the Effective Date, December 9, 2013, the Debtors consummated their reorganization pursuant to the Plan and completed the Merger\\.\n\nPursuant to rulings of the Bankruptcy Court, the Plan established the Disputed Claims Reserve to hold shares of AAG common stock reserved for issuance to disputed claimholders at the Effective Date that ultimately become holders of allowed claims\\. The shares of AAG common stock issued to the Disputed Claims Reserve were originally issued on December 13, 2013 and have at all times since been included in the number of shares issued and outstanding as reported from time to time in our quarterly and annual reports, including for purposes of calculating earnings per common share\\. As disputed claims are resolved, the claimants receive distributions of shares from the Disputed Claims Reserve\\. However, we are not required to distribute additional shares above the limits contemplated by the Plan, even if the shares remaining for distribution in the Disputed Claims Reserve are not sufficient to fully pay any additional allowed unsecured claims\\. To the extent that any of the reserved shares remain undistributed upon resolution of all remaining disputed claims, such shares will not be returned to us but rather will be distributed to former AMR stockholders and former convertible noteholders treated as stockholders \n\n109"}
{"_id": "AmericanAirlines-2017_53.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Nonoperating Results*\n\n\n\n|                                 |                                              |                                              |                                              |                                                       |\n| ------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                 | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **2017**                                     | **2016**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Interest income                 | $94                                          | $63                                          | $31                                          | 47\\.8                                                 |\n| Interest expense, net           | (1,053)                                      | (991)                                        | (62)                                         | 6\\.2                                                  |\n| Other, net                      | (15)                                         | (57)                                         | 42                                           | (73\\.4)                                               |\n| Total nonoperating expense, net | $(974)                                       | $(985)                                       | $11                                          | (1\\.0)                                                |\n\n\n\nOur short\\-term investments in each period consisted of highly liquid investments that provided relatively nominal returns\\. Interest income increased $31 million, or 47\\.8%, principally due to a 50 basis point increase in average yields in 2017 as compared to 2016\\.\n\nInterest expense, net increased $62 million, or 6\\.2%, in 2017 primarily due to higher outstanding debt as a result of aircraft financings associated with our fleet renewal program\\.\n\nOther nonoperating expense, net in 2017 and 2016 included $22 million and $49 million, respectively, of net special charges associated with debt refinancings and extinguishments\\.\n\n*Income Taxes*\n\nIn 2017 and 2016, we recorded an income tax provision of $1\\.2 billion and $1\\.6 billion, respectively, at an effective rate of approximately 38%\\. This tax provision was substantially non\\-cash due to utilization of our NOLs\\. Substantially all of our income before income taxes is attributable to the United States\\. At December 31, 2017, we had approximately $10\\.0 billion of federal NOLs and $3\\.4 billion of state NOLs, substantially all of which we expect to be available in 2018 to reduce future federal and state taxable income\\.\n\nAs a result of the 2017 Tax Act, we recorded a special, non\\-cash tax benefit of $7 million in 2017 to reflect the impact of lower corporate income tax rates on our deferred tax assets and liabilities\\. For 2018, we presently expect to recognize a provision for income taxes at an effective rate of approximately 24% due to the reduction in the corporate tax rate\\.\n\nSee Note 6 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for additional information on income taxes\\.\n\n***Results of Operations \u2013*** ***2016*** ***Compared to*** ***2015***\n\nWe realized net income of $2\\.7 billion in 2016\\. This compares to $7\\.6 billion of net income in 2015, which included a special $3\\.0 billion non\\-cash tax benefit as we reversed the valuation allowance on our deferred tax assets, which include our federal and state NOLs\\. As a result of the reversal of the valuation allowance, we recorded a $1\\.6 billion provision for income taxes in 2016, which is substantially non\\-cash due to the utilization of NOLs\\. Accordingly, amounts reported in 2016 for income tax provision and net income are not comparable to 2015\\.\n\nWe realized pre\\-tax income of $4\\.3 billion and $4\\.6 billion in 2016 and 2015, respectively\\. Excluding the effects of pre\\-tax net special items, pre\\-tax income was $5\\.1 billion and $6\\.3 billion in 2016 and 2015, respectively\\. For reconciliation of pre\\-tax and net income excluding special items to their comparable measures on a GAAP basis, see Part II, Item 6\\. Selected Consolidated Financial Data \u2013*\u201cReconciliation of GAAP to Non\\-GAAP Financial Measures*\\.*\u201d*\n\nOur 2016 pre\\-tax results on both a GAAP basis and excluding pre\\-tax net special items were impacted by a decline in revenues due to lower yields\\. Salaries, wages and benefits costs were higher in 2016, driven by our new labor contracts and the addition of an employee profit sharing program; however, these increases were substantially offset by a year\\-over\\-year decline in fuel costs\\.\n\n54"}
{"_id": "Alaska-2018_50.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Contractual Obligations***\n\nThe following table provides a summary of our obligations as of December 31, 2018\\. For agreements with variable terms, amounts included reflect our minimum obligations\\.\n\n\n\n|                                         |          |          |          |          |          |            |           |\n| --------------------------------------- | -------- | -------- | -------- | -------- | -------- | ---------- | --------- |\n| *(in millions)*                         | **2019** | **2020** | **2021** | **2022** | **2023** | **Beyond** | **Total** |\n| Current and long\\-term debt obligations | $488     | $305     | $263     | $216     | $262     | $579       | $2,113    |\n| Aircraft leases ^(a)^                   | 350      | 320      | 286      | 262      | 208      | 847        | 2,273     |\n| Facility lease commitments ^(b)^        | 133      | 124      | 113      | 94       | 26       | 122        | 612       |\n| Aircraft maintenance deposits ^(c)^     | 61       | 65       | 59       | 48       | 24       | 8          | 265       |\n| Aircraft commitments  ^(d)^             | 495      | 517      | 556      | 307      | 108      | 33         | 2,016     |\n| Interest obligations ^(e)^              | 70       | 56       | 44       | 35       | 27       | 44         | 276       |\n| Other obligations ^(f)^                 | 145      | 152      | 173      | 181      | 186      | 1,079      | 1,916     |\n| Total                                   | $1,742   | $1,539   | $1,494   | $1,143   | $841     | $2,712     | $9,471    |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                  |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(a)^ | Aircraft lease commitments generally include aircraft operating leases, including E175 aircraft operated by SkyWest under a capacity purchase agreement\\. Upon our transition to the new leasing standard, aircraft leases will be capitalized as a right\\-to\\-use asset on our balance sheet\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                           |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(b)^ | Facility lease commitments generally include airport property and hangar leases, office space, and other equipment leases\\. Upon our transition to the new leasing standard, certain of these leases will be capitalized as a right\\-to\\-use asset on our balance sheet\\. |\n\n\n\n\n\n|       |                                                                                                                                   |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------- |\n| ^(c)^ | Aircraft maintenance deposits relate to leased Airbus aircraft, and the power\\-by\\-the\\-hour agreement for the B737\\-800 fleet\\.  |\n\n\n\n\n\n|       |                                                                                        |\n| ----- | -------------------------------------------------------------------------------------- |\n| ^(d)^ | Represents non\\-cancelable contractual payment commitments for aircraft and engines\\.  |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(e)^ | For variable\\-rate debt, future obligations are shown above using interest rates forecast as of  December 31, 2018 \\. |\n\n\n\n\n\n|       |                                                                                                  |\n| ----- | ------------------------------------------------------------------------------------------------ |\n| ^(f)^ | Primarily comprised of non\\-aircraft lease costs associated with capacity purchase agreements\\.  |\n\n\n\n***Defined Benefit Pensions***\n\nThe table above excludes contributions to our various pension plans, for which there are no minimum required contributions given the funded status of the plans\\. The unfunded liability for our qualified defined\\-benefit pension plans was $367 million at December 31, 2018, compared to a $304 million unfunded position at December 31, 2017\\. This results in an 84% funded status on a projected benefit obligation basis compared to 87% funded as of December 31, 2017\\. There were no contributions in 2018 to the plans\\.\n\n***Credit Card Agreements***\n\nWe have agreements with a number of credit card companies to process the sale of tickets and other services\\. Under these agreements, there are material adverse change clauses that, if triggered, could result in the credit card companies holding back a reserve from our credit card receivables\\. Under one such agreement, we could be required to maintain a reserve if our credit rating is downgraded to or below a rating specified by the agreement or our cash and marketable securities balance fell below $500 million\\. Under another such agreement, we could be required to maintain a reserve if our cash and marketable securities balance fell below $500 million\\. We are not currently required to maintain any reserve under these agreements, but if we were, our financial position and liquidity could be materially harmed\\.\n\n***Deferred Income Taxes***\n\nFor federal income tax purposes, the majority of our assets are fully depreciated over a seven\\-year life using an accelerated depreciation method or bonus depreciation, if available\\. For financial reporting purposes, the majority of our assets are depreciated over 15 to 25 years to an estimated salvage value using the straight\\-line basis\\. This difference has created a significant deferred tax liability\\. At some point in the future the depreciation basis will reverse, potentially resulting in an increase in income taxes paid\\. \n\nWhile it is possible that we could have material cash obligations for this deferred liability at some point in the future, we cannot estimate the timing of long\\-term cash flows with reasonable accuracy\\. Taxable income and cash taxes payable in the short\\-term are impacted by many items, including the amount of book income generated (which can be volatile depending on revenue and fuel prices), usage of net operating losses, whether bonus depreciation provisions are available, any future tax reform efforts at the federal level, as well as other legislative changes that are beyond our control\\. \n\nIn 2018, we had no net tax payments and had an effective tax rate of 25\\.3%\\. We believe that we will have the liquidity available to make our future tax payments\\.\n\n 51"}
{"_id": "United-2019_33.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\nEETCs\\.  As of  December 31, 2019 , United had  $9\\.6 billion  principal amount of equipment notes outstanding issued under EETC financings\\. Generally, the structure of these EETC financings consists of pass\\-through trusts created by United to issue pass\\-through certificates, which represent fractional undivided interests in the respective pass\\-through trusts and are not obligations of United\\. The proceeds of the issuance of the pass\\-through certificates are used to purchase equipment notes which are issued by United and secured by its aircraft\\. The payment obligations under the equipment notes are those of United\\. Proceeds received from the sale of pass\\-through certificates are initially held by a depositary in escrow for the benefit of the certificate holders until United issues equipment notes to the trust, which purchases such notes with a portion of the escrowed funds\\. These escrowed funds are not guaranteed by United and are not reported as debt on United's consolidated balance sheet because the proceeds held by the depositary are not United's assets\\. The total amount of EETC funds held in escrow was  $328 million  as of  December 31, 2019 \\. See Note 10 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\nFuel Consortia\\.  United participates in numerous fuel consortia with other air carriers at major airports to reduce the costs of fuel distribution and storage\\. Interline agreements govern the rights and responsibilities of the consortia members and provide for the allocation of the overall costs to operate the consortia based on usage\\. The consortia (and in limited cases, the participating carriers) have entered into long\\-term agreements to lease certain airport fuel storage and distribution facilities that are typically financed through tax\\-exempt bonds, either special facilities lease revenue bonds or general airport revenue bonds, issued by various local municipalities\\. In general, each consortium lease agreement requires the consortium to make lease payments in amounts sufficient to pay the maturing principal and interest payments on the bonds\\. As of December 31, 2019, approximately  $1\\.9 billion  principal amount of such bonds were secured by significant fuel facility leases in which United participates, as to which United and each of the signatory airlines has provided indirect guarantees of the debt\\. As of December 31, 2019, the Company's contingent exposure was approximately  $175 million  principal amount of such bonds based on its recent consortia participation\\. The Company's contingent exposure could increase if the participation of other air carriers decreases\\. The guarantees will expire when the tax\\-exempt bonds are paid in full, which ranges from  2022  to  2051 \\. The Company did not record a liability at the time these indirect guarantees were made\\.\n\nIncreased Cost Provisions\\.  In United's financing transactions that include loans in which United is the borrower, United typically agrees to reimburse lenders for any reduced returns with respect to the loans due to any change in capital requirements and, in the case of loans with respect to which the interest rate is based on LIBOR, for certain other increased costs that the lenders incur in carrying these loans as a result of any change in law, subject, in most cases, to obligations of the lenders to take certain limited steps to mitigate the requirement for, or the amount of, such increased costs\\. At December 31, 2019, the Company had  $3\\.4 billion  of floating rate debt with remaining terms of up to  11 years  that are subject to these increased cost provisions\\. In several financing transactions involving loans or leases from non\\-U\\.S\\. entities, with remaining terms of up to  11 years  and an aggregate balance of  $3\\.2 billion , the Company bears the risk of any change in tax laws that would subject loan or lease payments thereunder to non\\-U\\.S\\. entities to withholding taxes, subject to customary exclusions\\.\n\nCritical Accounting Policies\n\nCritical accounting policies are defined as those that are affected by significant judgments and uncertainties which potentially could result in materially different accounting under different assumptions and conditions\\. The Company has prepared the financial statements in conformity with accounting principles generally accepted in the United States of America (\"GAAP\"), which requires management to make estimates and assumptions that affect the reported amounts in the financial statements\\. Actual results could differ from those estimates under different assumptions or conditions\\. The Company has identified the following critical accounting policies that impact the preparation of the financial statements\\.\n\nFrequent Flyer Accounting\\.  United's MileagePlus loyalty program builds customer loyalty by offering awards, benefits and services to program participants\\. Members in this program earn miles for travel on United, United Express, Star Alliance members and certain other airlines that participate in the program\\. Members can also earn miles by purchasing goods and services from our network of non\\-airline partners\\. We have contracts to sell miles to these partners with the terms extending from  one  to  nine  years\\.  These partners include domestic and international credit card issuers, retail merchants, hotels, car rental companies and our participating airline partners\\. Miles can be redeemed for free (other than taxes and government\\-imposed fees), discounted or upgraded air travel and non\\-travel awards\\. \n\nMiles Earned in Conjunction with Travel\\.  When frequent flyers earn miles for flights, the Company recognizes a portion of the ticket sales as revenue when the travel occurs and defers a portion of the ticket sale representing the value of the related miles as a separate performance obligation\\. The Company determines the estimated selling price of travel and miles as if each element is sold on a separate basis\\. The total consideration from each ticket sale is then allocated to each of these elements, individually, on a pro\\-rata basis\\. At the time of travel, the Company records the portion allocated to the miles to Frequent flyer deferred revenue on the Company's consolidated balance sheet and subsequently recognizes it into revenue when miles are redeemed for air travel and non\\-air travel awards\\. \n\n34"}
{"_id": "AmericanAirlines-2017_175.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**Exhibits**\n\nExhibits required to be filed by Item 601 of Regulation S\\-K: Where the amount of securities authorized to be issued under any of our long\\-term debt agreements does not exceed 10 percent of our assets, pursuant to paragraph (b)(4) of Item 601 of Regulation S\\-K, in lieu of filing such as an exhibit, we hereby agree to furnish to the Commission upon request a copy of any agreement with respect to such long\\-term debt\\.\n\n\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| 2\\.1                          | [Confirmation Order and Plan (incorporated by reference to Exhibit 2\\.1 to AMR\u2019s Current Report on Form 8\\-K filed on October 23, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513408263/d605556dex21.htm)                                                                                                                                                                                                                                                                                                                                                                                      |\n| 2\\.2                          | [Agreement and Plan of Merger, dated as of February 13, 2013, among AMR Corporation, AMR Merger Sub, Inc\\. and US Airways Group, Inc\\. (incorporated by reference to Exhibit 2\\.1 to US Airways Group\u2019s Current Report on Form 8\\-K/A filed on February 14, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513060746/d487000dex21.htm) \\#                                                                                                                                                                                                                                                         |\n| 2\\.3                          | [Amendment to Agreement and Plan of Merger, dated as of May 15, 2013, among AMR Corporation, AMR Merger Sub, Inc\\. and US Airways Group, Inc\\. (incorporated by reference to Exhibit 2\\.1 to US Airways Group\u2019s Current Report on Form 8\\-K filed on May 16, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312513224465/d539647dex21.htm)                                                                                                                                                                                                                                                           |\n| 2\\.4                          | [Second Amendment to Agreement and Plan of Merger, dated as of June 7, 2013, among AMR Corporation, AMR Merger Sub, Inc\\. and US Airways Group, Inc\\. (incorporated by reference to Exhibit 2\\.1 to US Airways Group\u2019s Current Report on Form 8\\-K filed on June 12, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513256170/d555547dex21.htm)                                                                                                                                                                                                                                                   |\n| 2\\.5                          | [Third Amendment to Agreement and Plan of Merger, dated as of September 20, 2013, among AMR Corporation, AMR Merger Sub, Inc\\. and US Airways Group, Inc\\. (incorporated by reference to Exhibit 2\\.1 to US Airways Group\u2019s Current Report on Form 8\\-K filed on September 23, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513374023/d601604dex21.htm)                                                                                                                                                                                                                                         |\n| 2\\.6                          | [Agreement and Plan of Merger, dated as of December 28, 2015, between American Airlines, Inc\\. and US Airways, Inc\\. (incorporated by reference to Exhibit 2\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex21.htm)                                                                                                                                                                                                                                                                                             |\n| 3\\.1                          | [Restated Certificate of Incorporation of American Airlines Group Inc\\., including the Certificate of Designations, Powers, Preferences and Rights of the American Airlines Group Inc\\. Series A Convertible Preferred Stock attached as Annex I thereto (incorporated by reference to Exhibit 3\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on December 9, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513466973/d640718dex31.htm)                                                                                                                                                          |\n| 3\\.2                          | [Second Amended and Restated Bylaws of American Airlines Group Inc\\. (incorporated by reference to Exhibit 3\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on January 30, 2017 (Commission File No\\. 001\\-08400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312517023738/d320402dex32.htm)                                                                                                                                                                                                                                                                                                                                           |\n| 3\\.3                          | [Amended and Restated Certificate of Incorporation of American Airlines, Inc\\. (incorporated by reference to Exhibit 3\\.3 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex33.htm)                                                                                                                                                                                                                                                                                                                         |\n| 3\\.4                          | [Amended and Restated Bylaws of American Airlines, Inc\\. (incorporated by reference to Exhibit 3\\.4 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex34.htm)                                                                                                                                                                                                                                                                                                                                               |\n| 4\\.1                          | [Pass Through Trust Agreement, dated as of March 12, 2013, between American Airlines, Inc\\. and Wilmington Trust Company (incorporated by reference to Exhibit 4\\.1 to AMR\u2019s Current Report on Form 8\\-K filed on March 12, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312513103330/d501326dex41.htm)                                                                                                                                                                                                                                                                                            |\n| 4\\.2                          | [Trust Supplement No\\. 2013\\-2B, dated as of November 27, 2013, among American Airlines, Inc\\. and Wilmington Trust Company, as Class B Trustee, to the Pass Through Trust Agreement, dated as of March 12, 2013 (incorporated by reference to Exhibit 4\\.2 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex42.htm)                                                                                                                                                                                                 |\n| 4\\.3                          | [Form of Pass Through Trust Certificate, Series 2013\\-2B (included in Exhibit A to Exhibit 4\\.2) (incorporated by reference to Exhibit 4\\.3 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex42.htm)                                                                                                                                                                                                                                                                                                                 |\n| 4\\.4                          | [Revolving Credit Agreement (2013\\-2B), dated as of November 27, 2013, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for Trustee of American Airlines Pass Through Trust 2013\\-2B and as Borrower, and Morgan Stanley Bank, N\\.A\\., as Class B Liquidity Provider (incorporated by reference to Exhibit 4\\.5 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex45.htm)                                                                                                               |\n| 4\\.5                          | [Participation Agreement (N907AN), dated as of September 9, 2013, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements in effect as of the date thereof, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein (incorporated by reference to Exhibit 4\\.6 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex46.htm) |\n| 4\\.6                          | [Indenture and Security Agreement (N907AN), dated as of September 9, 2013, between American Airlines, Inc\\. and Wilmington Trust Company, as Loan Trustee (incorporated by reference to Exhibit 4\\.7 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex47.htm)                                                                                                                                                                                                                                                        |\n\n\n\n176"}
{"_id": "United-2017_66.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|                                                                                                                                                                                           |\n| ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  operating, financing, or investing activities in our consolidated cash flows statements\\. Adoption of Topic 606 is expected to impact our reported results as shown in the table below:  |\n\n\n\n**Statements of Consolidated Operations for the Years Ended December 31,** \n\n\n\n|                              |                 |                 |                |                |                                                         |                                                         |\n|:---------------------------- | ---------------:| ---------------:| --------------:| --------------:| -------------------------------------------------------:| -------------------------------------------------------:|\n|                              | **As Reported** | **As Reported** | **Adjustment** | **Adjustment** | **As Adjusted**  <br>**for Adoption of  <br>Topic 606** | **As Adjusted**  <br>**for Adoption of  <br>Topic 606** |\n|                              |        **2017** |        **2016** |       **2017** |       **2016** |                                                **2017** |                                                **2016** |\n| Operating revenue:           |                 |                 |                |                |                                                         |                                                         |\n| Passenger\u2014Mainline           |        $26,552  |        $25,414  |        $1,707  |        $1,615  |                                                $28,259  |                                                $27,029  |\n| Passenger\u2014Regional           |          5,852  |          6,043  |           349  |           357  |                                                  6,201  |                                                  6,400  |\n| Total passenger revenue      |         32,404  |         31,457  |         2,056  |         1,972  |                                                 34,460  |                                                 33,429  |\n| Cargo                        |          1,035  |            876  |            79  |            58  |                                                  1,114  |                                                    934  |\n| Other operating revenue      |          4,297  |          4,223  |        (2,087) |        (2,028) |                                                  2,210  |                                                  2,195  |\n| Total operating revenue      |         37,736  |         36,556  |            48  |             2  |                                                 37,784  |                                                 36,558  |\n| Operating expenses           |         34,238  |         32,218  |           (21) |           (12) |                                                 34,217  |                                                 32,206  |\n| Operating income             |          3,498  |          4,338  |            69  |            14  |                                                  3,567  |                                                  4,352  |\n| Nonoperating expense, net    |           (499) |           (519) |           (28) |           (60) |                                                   (527) |                                                   (579) |\n| Income before income taxes   |          2,999  |          3,819  |            41  |           (46) |                                                  3,040  |                                                  3,773  |\n| Income tax expense (benefit) |            868  |          1,556  |            28  |           (17) |                                                    896  |                                                  1,539  |\n| Net income                   |         $2,131  |         $2,263  |           $13  |          $(29) |                                                 $2,144  |                                                 $2,234  |\n| Earnings per share, basic    |         $7\\.04  |         $6\\.86  |        $0\\.04  |       $(0\\.09) |                                                 $7\\.08  |                                                 $6\\.77  |\n| Earnings per share, diluted  |         $7\\.02  |         $6\\.85  |        $0\\.04  |       $(0\\.09) |                                                 $7\\.06  |                                                 $6\\.76  |\n\n\n\n**Consolidated Balance Sheets as of December 31,** \n\n\n\n|                                         |                 |                 |                |                |                                                         |                                                         |\n|:--------------------------------------- | ---------------:| ---------------:| --------------:| --------------:| -------------------------------------------------------:| -------------------------------------------------------:|\n|                                         | **As Reported** | **As Reported** | **Adjustment** | **Adjustment** | **As Adjusted**  <br>**for Adoption of  <br>Topic 606** | **As Adjusted**  <br>**for Adoption of  <br>Topic 606** |\n|                                         |        **2017** |        **2016** |       **2017** |       **2016** |                                                **2017** |                                                **2016** |\n| Current assets:                         |                 |                 |                |                |                                                         |                                                         |\n| Prepaid expenses and other              |         $1,051  |           $832  |           $20  |            $20 |                                                 $1,071  |                                                   $852  |\n| Other assets:                           |                 |                 |                |                |                                                         |                                                         |\n| Deferred income taxes                   |              \u2014  |            655  |             \u2014  |             48 |                                                      \u2014  |                                                    703  |\n| Current liabilities:                    |                 |                 |                |                |                                                         |                                                         |\n| Advance ticket sales                    |          3,876  |          3,730  |            64  |             65 |                                                  3,940  |                                                  3,795  |\n| Frequent flyer deferred revenue         |          2,176  |          2,135  |            16  |             14 |                                                  2,192  |                                                  2,149  |\n| Other                                   |            569  |          1,010  |             7  |             79 |                                                    576  |                                                  1,089  |\n| Other liabilities and deferred credits: |                 |                 |                |                |                                                         |                                                         |\n| Frequent flyer deferred revenue         |          2,565  |          2,748  |            26  |             (8 |                                                  2,591  |                                                  2,740  |\n| Advanced purchase of miles              |              \u2014  |            430  |             \u2014  |              3 |                                                      \u2014  |                                                    433  |\n| Deferred income taxes                   |            225  |              \u2014  |           (21) |             \u2014  |                                                    204  |                                                      \u2014  |\n| Stockholders\u2019 equity:                   |                 |                 |                |                |                                                         |                                                         |\n| Retained earnings                       |          4,621  |          3,427  |           (72) |            (85 |                                                  4,549  |                                                  3,342  |\n\n\n\n67"}
{"_id": "AmericanAirlines-2019_99.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nPlans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets\n\n\n\n|                                               |                      |                      |                                                                   |                                                                   |\n| --------------------------------------------- | -------------------- | -------------------- | ----------------------------------------------------------------- | ----------------------------------------------------------------- |\n|                                               | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** |\n|                                               | **2019**             | **2018**             | **2019**                                                          | **2018**                                                          |\n|                                               | **(In millions)**    | **(In millions)**    | **(In millions)**                                                 | **(In millions)**                                                 |\n| Projected benefit obligation                  | $18,327              | $16,351              | $\u2014                                                                | $\u2014                                                                |\n| Accumulated benefit obligation (ABO)          | 18,315               | 16,341               | \u2014                                                                 | \u2014                                                                 |\n| Accumulated postretirement benefit obligation | \u2014                    | \u2014                    | 824                                                               | 837                                                               |\n| Fair value of plan assets                     | 12,862               | 10,023               | 204                                                               | 225                                                               |\n| ABO less fair value of plan assets            | 5,453                | 6,318                | \u2014                                                                 | \u2014                                                                 |\n\n\n\nNet Periodic Benefit Cost (Income)\n\n\n\n|                                    |                      |                       |                      |                                                                  |                                                                  |                                                                  |\n| ---------------------------------- | -------------------- | --------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                    | **Pension Benefits** | **Pension Benefits**  | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                    | **2019**             | **2018**              | **2017**             | **2019**                                                         | **2018**                                                         | **2017**                                                         |\n|                                    | **(In millions)**    | **(In millions)**     | **(In millions)**    | **(In millions)**                                                | **(In millions)**                                                | **(In millions)**                                                |\n| Defined benefit plans:             |                      |                       |                      |                                                                  |                                                                  |                                                                  |\n| Service cost                       | $2                   | $3                    | $2                   | $3                                                               | $5                                                               | $4                                                               |\n| Interest cost                      | 703                  | 674                   | 721                  | 33                                                               | 35                                                               | 39                                                               |\n| Expected return on assets          | (815<br><br>)        | (905<br><br>)         | (790<br><br>)        | (15<br><br>)                                                     | (24<br><br>)                                                     | (21<br><br>)                                                     |\n| Settlements                        | \u2014                    | \u2014                     | 1                    | \u2014                                                                | \u2014                                                                | \u2014                                                                |\n| Amortization of:                   |                      |                       |                      |                                                                  |                                                                  |                                                                  |\n| Prior service cost (benefit)       | 28                   | 28                    | 28                   | (236<br><br>)                                                    | (236<br><br>)                                                    | (237<br><br>)                                                    |\n| Unrecognized net loss (gain)       | 150                  | 141                   | 144                  | (31<br><br>)                                                     | (21<br><br>)                                                     | (23<br><br>)                                                     |\n| Net periodic benefit cost (income) | $68                  | $<br><br>(59<br><br>) | $106                 | $<br><br>(246<br><br>)                                           | $<br><br>(241<br><br>)                                           | $<br><br>(238<br><br>)                                           |\n\n\n\nThe components of net periodic benefit cost (income) other than the service cost component are included in nonoperating other income, net in our consolidated statements of operations\\. \n\nThe estimated amount of unrecognized actuarial net loss and prior service cost for the defined benefit pension plans that will be amortized from AOCI into net periodic benefit cost over the next fiscal year is   $194 million \\.\n\nThe estimated amount of unrecognized actuarial net gain and prior service benefit for the retiree medical and other postretirement benefits plans that will be amortized from AOCI into net periodic benefit cost over the next fiscal year is   $167 million \\.\n\n100"}
{"_id": "AmericanAirlines-2018_47.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**ITEM 7\\. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**\n\n**Background**\n\nTogether with our wholly\\-owned regional airline subsidiaries and third\\-party regional carriers operating as American Eagle, we operate an average of nearly 6,700 flights per day to nearly 350 destinations in more than 50 countries through hubs and gateways in Charlotte, Chicago, Dallas/Fort Worth, London Heathrow, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D\\.C\\. In 2018, approximately 204 million passengers boarded our flights\\.\n\n**2018****Financial Overview**\n\n*Fuel Costs and the U\\.S\\. Airline Industry*\n\nWhile 2018 marked another profitable year for the U\\.S\\. airline industry, higher fuel costs significantly impacted industry results\\. With respect to fuel costs, the price of Brent crude oil per barrel, which jet fuel prices tend to follow, was on average approximately 33%higher in 2018 as compared to 2017\\. The average daily spot price for Brent crude oil during 2018 was $72 per barrel as compared to an average daily spot price of $54 per barrel during 2017\\. On a daily basis, Brent crude oil prices fluctuated during 2018 between a high of $86 per barrel to a low of $50 per barrel, and closed the year on December 31, 2018 at $54 per barrel\\. Brent crude oil prices were higher in the 2018 period due principally to reductions of global inventories driven by strong demand and continued production restraint led primarily by the Organization of Petroleum Exporting Countries (OPEC)\\. U\\.S\\. sanctions against Iran, coupled with declining output from Venezuela further limited supply\\. Concerns about slowing global growth and lower demand for oil surfaced in the fourth quarter of 2018 causing Brent crude oil prices to drop\\. With respect to revenue, the network U\\.S\\. airlines reported positive unit revenue growth in 2018 driven by strong demand and higher yields as airlines attempted to pass along the cost of rising fuel prices\\. The positive unit revenue growth in 2018 was led by international markets, primarily in the Atlantic market, with the domestic market also contributing to the growth\\.\n\nSee Part I, Item 1A\\. Risk Factors \u2013 *\u201c**Downturns in economic conditions could adversely affect our business**,\u201d**\u201c**Our business is very dependent on the price and availability of aircraft fuel\\. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on our operating results and liquidity**\u201d* and *\u201c**Our business has been and will continue to be affected by many changing economic and other conditions beyond our control, including global events that affect travel behavior, and our results of operations could be volatile and fluctuate due to seasonality\\.**\u201d*\n\n48"}
{"_id": "AmericanAirlines-2019_144.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nPlan Assets\n\nThe objectives of American\u2019s investment policies are to: maintain sufficient income and liquidity to pay retirement benefits; produce a long\\-term rate of return that meets or exceeds the assumed rate of return for plan assets; limit the volatility of asset performance and funded status; and diversify assets among asset classes and investment managers\\.\n\nBased on these investment objectives, a long\\-term strategic asset allocation has been established\\. This strategic allocation seeks to balance the potential benefit of improving the funded position with the potential risk that the funded position would decline\\. The current strategic target asset allocation is as follows:\n\n\n\n|                                 |                   |\n| ------------------------------- | ----------------- |\n| **Asset Class/Sub\\-Class**      | **Allowed Range** |\n| Equity                          | 45% \\- 80%        |\n| Public:                         |                   |\n| U\\.S\\. Large                    | 15% \\- 40%        |\n| U\\.S\\. Small/Mid                | 2% \\- 10%         |\n| International                   | 10% \\- 25%        |\n| Emerging Markets                | 2% \\- 15%         |\n| Alternative Investments         | 5% \\- 30%         |\n| Fixed Income                    | 20% \\- 55%        |\n| Public:                         |                   |\n| U\\.S\\. Long Duration            | 15% \\- 45%        |\n| High Yield and Emerging Markets | 0% \\- 10%         |\n| Private Income                  | 0% \\- 10%         |\n| Other                           | 0% \\- 5%          |\n| Cash Equivalents                | 0% \\- 20%         |\n\n\n\nPublic equity as well as high yield and emerging market fixed income securities are used to provide diversification and are expected to generate higher returns over the long\\-term than U\\.S\\. long duration bonds\\. Public stocks are managed using a value investment approach in order to participate in the returns generated by stocks in the long\\-term, while reducing year\\-over\\-year volatility\\. U\\.S\\. long duration bonds are used to partially hedge the assets from declines in interest rates\\. Alternative (private) investments are used to provide expected returns in excess of the public markets over the long\\-term\\. The pension plan\u2019s master trust also participates in securities lending programs to generate additional income by loaning plan assets to borrowers on a fully collateralized basis\\. These programs are subject to market risk\\.\n\nInvestments in securities traded on recognized securities exchanges are valued at the last reported sales price on the last business day of the year\\. Securities traded in the over\\-the\\-counter market are valued at the last bid price\\. The money market fund is valued at fair value which represents the net asset value of the shares of such fund as of the close of business at the end of the period\\. Investments in limited partnerships are carried at estimated net asset value as determined by and reported by the general partners of the partnerships and represent the proportionate share of the estimated fair value of the underlying assets of the limited partnerships\\. Common/collective trusts are valued at net asset value based on the fair values of the underlying investments of the trusts as determined by the sponsor of the trusts\\. The pension plan\u2019s master trust also invests in a 103\\-12 investment entity (the 103\\-12 Investment Trust) which is designed to invest plan assets of more than one unrelated employer\\. The 103\\-12 Investment Trust is valued at net asset value which is determined by the issuer daily and is based on the aggregate fair value of trust assets less liabilities, divided by the number of units outstanding\\. No changes in valuation techniques or inputs occurred during the year\\.\n\n145"}
{"_id": "Southwest-2018_41.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nRegarding Use of Non\\-GAAP Financial Measures and the Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures for additional detail regarding non\\-GAAP financial measures\\. Based on current trends and excluding Fuel and oil expense and profitsharing expense, the Company expects its first quarter 2019 unit costs to increase approximately six percent, compared with first quarter 2018's unit costs of 8\\.65, which excluded Fuel and oil expense, profitsharing expense, and special items\\. \n\nSalaries, wages, and benefits expense for 2018increased by $344 million, or 4\\.7 percent, compared with 2017\\. Salaries, wages, and benefits expense per ASM for 2018increased1\\.1 percent, compared with 2017\\. On both a dollar and per ASM basis, the majority of the increases were the result of higher salaries expense, primarily driven by contractual wage rate increases\\. These increases more than offset the impact in 2017 of the $1,000 per Employee bonus awarded as a result of Tax Reform, which totaled $70 million in the 2017 results\\. Based on current cost trends and anticipated capacity, the Company expects first quarter 2019 Salaries, wages, and benefits expense per ASM, excluding profitsharing expense, to increase, compared with first quarter 2018\\. \n\nDuring 2018, the Company conducted negotiations with various unionized Employee groups\\. The following table sets\n\nforth the Company\u2019s unionized Employee groups that are currently in negotiations on collective\\-bargaining agreements: \n\n\n\n|                                                                                                    |                                     |                                                                                     |                                                                                                                                                                                          |\n| -------------------------------------------------------------------------------------------------- | ----------------------------------- | ----------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Employee Group**                                                                                 | **Approximate Number of Employees** | **Representatives**                                                                 | **Amendable Date**                                                                                                                                                                       |\n| Southwest Flight Attendants                                                                        | 15,200                              | Transportation Workers of America, AFL\\-CIO, Local 556 (\"TWU 556\")                  | November 2018                                                                                                                                                                            |\n| Southwest Customer Service Agents, Customer Representatives, and Source of Support Representatives | 7,400                               | International Association of Machinists and Aerospace Workers, AFL\\-CIO (\"IAM 142\") | December 2018                                                                                                                                                                            |\n| Southwest Material Specialists (formerly known as Stock Clerks)                                    | 300                                 | International Brotherhood of Teamsters, Local 19 (\"IBT 19\")                         | August 2013\\. The Company reached a tentative agreement with IBT 19 in January 2019\\. If ratified by the Company's Material Specialists, the contract will become amendable in 2024\\.    |\n| Southwest Mechanics                                                                                | 2,400                               | Aircraft Mechanics Fraternal Association (\"AMFA\")                                   | August 2012                                                                                                                                                                              |\n| Southwest Flight Simulator Technicians                                                             | 50                                  | International Brotherhood of Teamsters (\"IBT\")                                      | May 2019\\. The Company reached a tentative agreement with IBT in February 2019\\. If ratified by the Company's Flight Simulator Technicians, the contract will become amendable in 2024\\. |\n\n\n\nFuel and oil expense for 2018increased by $540 million, or 13\\.2 percent, compared with 2017\\. On a per ASM basis, Fuel and oil expense for 2018increased 9\\.1 percent, compared with 2017\\. On both a dollar and per ASM basis, the increases were attributable to higher market jet fuel prices, partially offset by the recognition of $168 million in net hedging gains in 2018 versus the recognition of $416 million in net hedging losses in 2017\\. See Note Regarding Use of Non\\-GAAP Financial Measures and the Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures for additional detail regarding non\\-GAAP financial measures\\. These totals include cash settlements realized from the settlement of fuel derivative contracts associated with the Company's economic fuel hedge totaling $154 million received from counterparties in 2018, compared with $572 million paid to counterparties in 2017\\. However, these cash settlement totals exclude the impact from derivatives that did not qualify for hedge accounting for both periods, and gains and/or losses recognized from hedge ineffectiveness in 2017\\. Those items are recorded as a component of Other (gains) losses, net\\. See Note 10 to the Consolidated Financial Statements\\. The Company's average economic jet fuel cost per gallon, which includes hedge settlements in both years, increased 6\\.8 percent, year\\-over\\-year, to $2\\.20 during 2018 from $2\\.06 during 2017\\. These figures include premium expense associated with the Company's fuel hedges, which on a per gallon basis equated to approximately $0\\.06 and $0\\.07 for 2018 and 2017, respectively\\. The Company also slightly improved its fuel efficiency during 2018, compared with 2017, when measured on the basis of ASMs generated per gallon of fuel, driven primarily by the retirement of the Classic aircraft and the addition of the more fuel\\-\n\n42"}
{"_id": "AmericanAirlines-2017_114.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**10\\. Accumulated Other Comprehensive Income (Loss)**\n\nThe components of accumulated other comprehensive income (loss) (AOCI) are as follows (in millions):\n\n\n\n|                                                            |                                                                                         |                                           |                                                         |       |           |\n| ---------------------------------------------------------- | --------------------------------------------------------------------------------------- | ----------------------------------------- | ------------------------------------------------------- | ----- | --------- |\n|                                                            | **Pension,  <br>Retiree  <br>Medical and  <br>Other  <br>Postretirement  <br>Benefits** | **Unrealized Gain (Loss) on Investments** | **Income Tax  <br>Benefit  <br>(Provision)**  **^(1)^** |       | **Total** |\n| Balance at December 31, 2015                               | $(3,842)                                                                                | $(10)                                     | $(880)                                                  |       | $(4,732)  |\n| Other comprehensive income (loss) before reclassifications | (462)                                                                                   | 10                                        | 166                                                     |       | (286)     |\n| Amounts reclassified from AOCI                             | (102)                                                                                   | \u2014                                         | 37                                                      | ^(2)^ | (65)      |\n| Net current\\-period other comprehensive income (loss)      | (564)                                                                                   | 10                                        | 203                                                     |       | (351)     |\n| Balance at December 31, 2016                               | (4,406)                                                                                 | \u2014                                         | (677)                                                   |       | (5,083)   |\n| Other comprehensive income (loss) before reclassifications | (30)                                                                                    | (1)                                       | 15                                                      |       | (16)      |\n| Amounts reclassified from AOCI                             | (87)                                                                                    | \u2014                                         | 32                                                      | ^(2)^ | (55)      |\n| Net current\\-period other comprehensive income (loss)      | (117)                                                                                   | (1)                                       | 47                                                      |       | (71)      |\n| Balance at December 31, 2017                               | $(4,523)                                                                                | $(1)                                      | $(630)                                                  |       | $(5,154)  |\n\n\n\n\n\n|       |                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income until the obligations are fully extinguished\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                   |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Relates to pension, retiree medical and other postretirement benefits obligations and is recognized within the income tax provision on the consolidated statement of operations\\. |\n\n\n\nReclassifications out of AOCI for the years ended December 31, 2017 and 2016 are as follows (in millions):\n\n\n\n|                                                                             |                                   |                                   |                                                                                           |\n| --------------------------------------------------------------------------- | --------------------------------- | --------------------------------- | ----------------------------------------------------------------------------------------- |\n|                                                                             | **Amount reclassified from AOCI** | **Amount reclassified from AOCI** | **Affected line items on the**<br><br>**consolidated statement of**<br><br>**operations** |\n|                                                                             | **Year Ended December 31,**       | **Year Ended December 31,**       | **Affected line items on the**<br><br>**consolidated statement of**<br><br>**operations** |\n| **AOCI Components**                                                         | **2017**                          | **2016**                          | **Affected line items on the**<br><br>**consolidated statement of**<br><br>**operations** |\n| Amortization of pension, retiree medical and other postretirement benefits: |                                   |                                   |                                                                                           |\n| Prior service benefit                                                       | $(132)                            | $(134)                            | Salaries, wages and benefits                                                              |\n| Actuarial loss                                                              | 77                                | 69                                | Salaries, wages and benefits                                                              |\n| Total reclassifications for the period, net of tax                          | $(55)                             | $(65)                             |                                                                                           |\n\n\n\nAmounts allocated to OCI for income taxes as further described in Note 6 will remain in AOCI until we cease all related activities, such as termination of the pension plan\\.\n\n115"}
{"_id": "AmericanAirlines-2019_90.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nCollateral\\-Related Covenants\n\nCertain of our debt financing agreements (including our term loans, revolving credit facilities and spare engine EETCs) contain loan to value (LTV) ratio covenants and require us to appraise the related collateral annually\\. Pursuant to such agreements, if the LTV ratio exceeds a specified threshold or if the value of the appraised collateral fails to meet a specified threshold, as the case may be, we are required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash or investment securities), or pay down such financing, in whole or in part\\.\n\nSpecifically, we are required to meet certain collateral coverage tests on an annual basis for our Credit Facilities, as described below:\n\n\n\n|                                                         |                                                                                                                                                             |                                                                                                                                                                                              |                                                                       |                                                                                                                                                                   |\n| ------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|                                                         | **2013 Credit Facilities**                                                                                                                                  | **2014 Credit Facilities**                                                                                                                                                                   | **April 2016** <br><br>**Credit Facilities**                          | **December 2016**<br><br>**Credit Facilities**                                                                                                                    |\n| Frequency of Appraisals of<br><br> Appraised Collateral | Annual                                                                                                                                                      | Annual                                                                                                                                                                                       | Annual                                                                | Annual                                                                                                                                                            |\n| 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)                                                                                             |\n| LTV as of Last Measurement<br><br> Date                 | 36\\.2%                                                                                                                                                      | 17\\.7%                                                                                                                                                                                       | 36\\.2%                                                                | 53\\.6%                                                                                                                                                            |\n| 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 La Guardia Airport (LGA) slots, certain simulators and certain leasehold rights |\n\n\n\nAt  December 31, 2019 , we were in compliance with the applicable collateral coverage tests as of the most recent measurement dates\\.\n\n6\\. Leases\n\nWe lease certain aircraft and engines, including aircraft under capacity purchase agreements\\. As of  December 31, 2019 , we had   636  leased aircraft, with remaining terms ranging from less than   one year  to   12 years \\.\n\nAt each airport where we conduct flight operations, we have agreements, generally with a governmental unit or authority, for the use of passenger, operations and baggage handling space as well as runways and taxiways\\. These agreements, particularly in the U\\.S\\., often contain provisions for periodic adjustments to rates and charges applicable under such agreements\\. These rates and charges also vary with our level of operations and the operations of the airport\\. Because of the variable nature of these rates, these leases are not recorded on our balance sheet as a ROU asset or a lease liability\\. Additionally, at our hub locations and in certain other cities we serve, we lease administrative offices, catering, cargo, training, maintenance and other facilities\\.\n\n91"}
{"_id": "Delta-2019_75.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nNOTE 6\\. INTANGIBLE ASSETS\n\nIndefinite\\-Lived Intangible Assets\n\n\n\n|                                |                                |                                |                                |                                |  |  |  |\n|:------------------------------ |:------------------------------ |:------------------------------ | ------------------------------:| ------------------------------:|:- |:- |:- |\n|                                |                                |                                | Carrying Value at December 31, | Carrying Value at December 31, |  |  |  |\n| (in millions)                  | (in millions)                  | (in millions)                  |                           2019 |                           2018 |\n| International routes and slots | International routes and slots | International routes and slots |                        $ 2,583 |                        $ 2,583 |\n| Airline alliances              | Airline alliances              | Airline alliances              |                          1,005 |                            661 |\n| Delta tradename                | Delta tradename                | Delta tradename                |                            850 |                            850 |\n| Domestic slots                 | Domestic slots                 | Domestic slots                 |                            622 |                            622 |\n| Total                          | Total                          | Total                          |                        $ 5,060 |                        $ 4,716 |\n\n\n\nInternational Routes and Slots\\.  Our international routes and slots primarily relate to Pacific route authorities and slots at capacity\\-constrained airports in Asia, and slots at London\\-Heathrow airport\\. \n\nAirline Alliances\\.  Our airline alliances intangible assets primarily relate to our commercial agreements with SkyTeam partners and LATAM\\.\n\nDomestic Slots\\.  Our domestic slots relate to our slots at New York\\-LaGuardia and Washington\\-Reagan National airports\\. \n\nDefinite\\-Lived Intangible Assets\n\n\n\n|                      |                      |                      |                                |                                     |  |  |  |                                |                                     |                   |                   |                   |  |  |  |\n|:-------------------- |:-------------------- |:-------------------- | ------------------------------:| -----------------------------------:|:- |:- |:- | ------------------------------:| -----------------------------------:|:-----------------:|:-----------------:|:-----------------:|:- |:- |:- |\n|                      |                      |                      |              December 31, 2019 |                   December 31, 2019 |  |  |  |                                |                   December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 |  |  |  |\n| (in millions)        | (in millions)        | (in millions)        | Gross  <br>Carrying  <br>Value |   <br>Accumulated  <br>Amortization |  |  |  | Gross  <br>Carrying  <br>Value |   <br>Accumulated  <br>Amortization |\n| Marketing agreements | Marketing agreements | Marketing agreements |                          $ 730 |                             $ (692) |  |  |  |                          $ 730 |                             $ (687) |\n| Contracts            | Contracts            | Contracts            |                            193 |                               (128) |  |  |  |                            193 |                               (122) |\n| Other                | Other                | Other                |                             53 |                                (53) |  |  |  |                             53 |                                (53) |\n| Total                | Total                | Total                |                          $ 976 |                             $ (873) |  |  |  |                          $ 976 |                             $ (862) |\n\n\n\nAmortization expense was $11 million for the year ended December 31, 2019 and $17 million  for each of the years ended December 31, 2018 and 2017\\. Based on our definite\\-lived intangible assets at December 31, 2019, we estimate that we will incur approximately $9 million of amortization expense annually from 2020 through 2024\\.\n\n73"}
{"_id": "Alaska-2019_91.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nEXHIBIT INDEX\n\nCertain of the following exhibits have been filed with the Securities and Exchange Commission and are incorporated by reference from the documents below\\. Certain others are filed with this Form 10\\-K\\. The exhibits are numbered in accordance with Item 601 of Regulation S\\-K\\. \n\n\n\n|                     |                     |                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                      |         |         |         |                           |                           |                           |                     |                     |                  |                  |                  |\n|:-------------------:|:-------------------:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:-------:|:-------:|:-------:|:-------------------------:|:-------------------------:|:-------------------------:|:-------------------:|:-------------------:|:----------------:|:----------------:|:----------------:|\n| Exhibit  <br>Number | Exhibit  <br>Number |                                                                                                                               Exhibit  <br>Description                                                                                                                               |                                                                                                                               Exhibit  <br>Description                                                                                                                               |                                                                                                                               Exhibit  <br>Description                                                                                                                               |  Form   |  Form   |  Form   | Date of  <br>First Filing | Date of  <br>First Filing | Date of  <br>First Filing | Exhibit  <br>Number | Exhibit  <br>Number | File  <br>Number | File  <br>Number | File  <br>Number |\n|        3\\.1         |        3\\.1         |                                                               [Amended and Restated Certificate of Incorporation of Registrant](http://www.sec.gov/Archives/edgar/data/766421/000076642117000049/alk10-q22017ex31.htm)                                                               |                                                               [Amended and Restated Certificate of Incorporation of Registrant](http://www.sec.gov/Archives/edgar/data/766421/000076642117000049/alk10-q22017ex31.htm)                                                               |                                                               [Amended and Restated Certificate of Incorporation of Registrant](http://www.sec.gov/Archives/edgar/data/766421/000076642117000049/alk10-q22017ex31.htm)                                                               |  10\\-Q  |  10\\-Q  |  10\\-Q  |      August 3, 2017       |      August 3, 2017       |      August 3, 2017       |        3\\.1         |        3\\.1         |                  |                  |                  |\n|       10\\.1\\#       |       10\\.1\\#       |                                          [Aircraft General Terms Agreement, dated June 15, 2005, between the Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000095012405004737/v11316exv10w1.txt)                                          |                                          [Aircraft General Terms Agreement, dated June 15, 2005, between the Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000095012405004737/v11316exv10w1.txt)                                          |                                          [Aircraft General Terms Agreement, dated June 15, 2005, between the Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000095012405004737/v11316exv10w1.txt)                                          |  10\\-Q  |  10\\-Q  |  10\\-Q  |      August 5, 2005       |      August 5, 2005       |      August 5, 2005       |       10\\.1         |       10\\.1         |                  |                  |                  |\n|       10\\.2\\#       |       10\\.2\\#       |                                            [Purchase Agreement No\\. 2497, dated June 15, 2005, between the Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000095012405004737/v11316exv10w2.txt)                                            |                                            [Purchase Agreement No\\. 2497, dated June 15, 2005, between the Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000095012405004737/v11316exv10w2.txt)                                            |                                            [Purchase Agreement No\\. 2497, dated June 15, 2005, between the Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000095012405004737/v11316exv10w2.txt)                                            |  10\\-Q  |  10\\-Q  |  10\\-Q  |      August 5, 2005       |      August 5, 2005       |      August 5, 2005       |       10\\.2         |       10\\.2         |                  |                  |                  |\n|       10\\.3\\#       |       10\\.3\\#       |                                       [Supplemental Agreement No\\. 23 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642111000065/exhibit101.htm)                                        |                                       [Supplemental Agreement No\\. 23 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642111000065/exhibit101.htm)                                        |                                       [Supplemental Agreement No\\. 23 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642111000065/exhibit101.htm)                                        | 10\\-Q/A | 10\\-Q/A | 10\\-Q/A |      August 2, 2011       |      August 2, 2011       |      August 2, 2011       |       10\\.1         |       10\\.1         |                  |                  |                  |\n|       10\\.4\\#       |       10\\.4\\#       |                                   [Supplemental Agreement No\\. 29 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642113000010/alk10-k123112ex107.htm)                                    |                                   [Supplemental Agreement No\\. 29 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642113000010/alk10-k123112ex107.htm)                                    |                                   [Supplemental Agreement No\\. 29 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642113000010/alk10-k123112ex107.htm)                                    |  10\\-K  |  10\\-K  |  10\\-K  |     February 14, 2013     |     February 14, 2013     |     February 14, 2013     |       10\\.1         |       10\\.1         |                  |                  |                  |\n|       10\\.5\\#       |       10\\.5\\#       |                                                    [Purchase Agreement No\\. 3866 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642113000010/alk10-k123112ex108.htm)                                                     |                                                    [Purchase Agreement No\\. 3866 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642113000010/alk10-k123112ex108.htm)                                                     |                                                    [Purchase Agreement No\\. 3866 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642113000010/alk10-k123112ex108.htm)                                                     |  10\\-K  |  10\\-K  |  10\\-K  |     February 14, 2013     |     February 14, 2013     |     February 14, 2013     |       10\\.2         |       10\\.2         |                  |                  |                  |\n|       10\\.6\\#       |       10\\.6\\#       |                                   [Supplemental Agreement No\\. 39 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642115000024/boeingsupplemental.htm)                                    |                                   [Supplemental Agreement No\\. 39 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642115000024/boeingsupplemental.htm)                                    |                                   [Supplemental Agreement No\\. 39 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642115000024/boeingsupplemental.htm)                                    |  10\\-Q  |  10\\-Q  |  10\\-Q  |        May 7, 2015        |        May 7, 2015        |        May 7, 2015        |       10\\.1         |       10\\.1         |                  |                  |                  |\n|       10\\.7\\#       |       10\\.7\\#       |                                        [Purchase Agreement, dated April 11, 2016, between Embraer S\\.A\\. and Horizon Air Industries, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642116000077/exhibit101embraerpurchasea.htm)                                         |                                        [Purchase Agreement, dated April 11, 2016, between Embraer S\\.A\\. and Horizon Air Industries, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642116000077/exhibit101embraerpurchasea.htm)                                         |                                        [Purchase Agreement, dated April 11, 2016, between Embraer S\\.A\\. and Horizon Air Industries, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642116000077/exhibit101embraerpurchasea.htm)                                         |  10\\-Q  |  10\\-Q  |  10\\-Q  |        May 9, 2016        |        May 9, 2016        |        May 9, 2016        |       10\\.1         |       10\\.1         |                  |                  |                  |\n|       10\\.8^        |       10\\.8^        |                                      [A320 Aircraft Purchase Agreement, dated as of December 29, 2010, between Airbus S\\.A\\.S\\. and Virgin America Inc\\.](http://www.sec.gov/Archives/edgar/data/1614436/000119312514365735/d761206dex1015.htm)                                      |                                      [A320 Aircraft Purchase Agreement, dated as of December 29, 2010, between Airbus S\\.A\\.S\\. and Virgin America Inc\\.](http://www.sec.gov/Archives/edgar/data/1614436/000119312514365735/d761206dex1015.htm)                                      |                                      [A320 Aircraft Purchase Agreement, dated as of December 29, 2010, between Airbus S\\.A\\.S\\. and Virgin America Inc\\.](http://www.sec.gov/Archives/edgar/data/1614436/000119312514365735/d761206dex1015.htm)                                      | S\\-1/A^ | S\\-1/A^ | S\\-1/A^ |      October 7, 2014      |      October 7, 2014      |      October 7, 2014      |       10\\.15        |       10\\.15        |                  |                  |                  |\n|       10\\.9\\*       |       10\\.9\\*       |                                             [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Form of Nonqualified Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex103.htm)                                              |                                             [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Form of Nonqualified Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex103.htm)                                              |                                             [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Form of Nonqualified Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex103.htm)                                              |  10\\-Q  |  10\\-Q  |  10\\-Q  |      August 4, 2011       |      August 4, 2011       |      August 4, 2011       |       10\\.3         |       10\\.3         |                  |                  |                  |\n|      10\\.10\\*       |      10\\.10\\*       |                                            [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Form of Performance Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex104.htm)                                            |                                            [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Form of Performance Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex104.htm)                                            |                                            [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Form of Performance Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex104.htm)                                            |  10\\-Q  |  10\\-Q  |  10\\-Q  |      August 4, 2011       |      August 4, 2011       |      August 4, 2011       |       10\\.4         |       10\\.4         |                  |                  |                  |\n|      10\\.11\\*       |      10\\.11\\*       |                                                    [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Amended for Stock\\-Split](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1010.htm)                                                     |                                                    [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Amended for Stock\\-Split](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1010.htm)                                                     |                                                    [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Amended for Stock\\-Split](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1010.htm)                                                     |  10\\-K  |  10\\-K  |  10\\-K  |     February 11, 2016     |     February 11, 2016     |     February 11, 2016     |       10\\.10        |       10\\.10        |                  |                  |                  |\n|      10\\.12\\*       |      10\\.12\\*       |                                                                        [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan](http://www.sec.gov/Archives/edgar/data/766421/000076642116000081/ex101.htm)                                                                         |                                                                        [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan](http://www.sec.gov/Archives/edgar/data/766421/000076642116000081/ex101.htm)                                                                         |                                                                        [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan](http://www.sec.gov/Archives/edgar/data/766421/000076642116000081/ex101.htm)                                                                         |  8\\-K   |  8\\-K   |  8\\-K   |       May 18, 2016        |       May 18, 2016        |       May 18, 2016        |       10\\.1         |       10\\.1         |                  |                  |                  |\n|      10\\.13\\*       |      10\\.13\\*       |                                       [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Nonqualified Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex101formofnonqualifiedsto.htm)                                        |                                       [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Nonqualified Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex101formofnonqualifiedsto.htm)                                        |                                       [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Nonqualified Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex101formofnonqualifiedsto.htm)                                        |  10\\-Q  |  10\\-Q  |  10\\-Q  |      August 2, 2016       |      August 2, 2016       |      August 2, 2016       |       10\\.1         |       10\\.1         |                  |                  |                  |\n|      10\\.14\\*       |      10\\.14\\*       |                                         [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Incentive Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex102formofincentivestocko.htm)                                         |                                         [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Incentive Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex102formofincentivestocko.htm)                                         |                                         [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Incentive Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex102formofincentivestocko.htm)                                         |  10\\-Q  |  10\\-Q  |  10\\-Q  |      August 2, 2016       |      August 2, 2016       |      August 2, 2016       |       10\\.2         |       10\\.2         |                  |                  |                  |\n|      10\\.15\\*       |      10\\.15\\*       |                                      [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Performance Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex103forofperformancestock.htm)                                      |                                      [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Performance Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex103forofperformancestock.htm)                                      |                                      [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Performance Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex103forofperformancestock.htm)                                      |  10\\-Q  |  10\\-Q  |  10\\-Q  |      August 2, 2016       |      August 2, 2016       |      August 2, 2016       |       10\\.3         |       10\\.3         |                  |                  |                  |\n|      10\\.16\\*       |      10\\.16\\*       |                                            [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex104formofstockunitawarda.htm)                                            |                                            [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex104formofstockunitawarda.htm)                                            |                                            [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex104formofstockunitawarda.htm)                                            |  10\\-Q  |  10\\-Q  |  10\\-Q  |      August 2, 2016       |      August 2, 2016       |      August 2, 2016       |       10\\.4         |       10\\.4         |                  |                  |                  |\n|      10\\.17\\*       |      10\\.17\\*       |                                  [Alaska Air Group, Inc\\. 2010 Employee Stock Purchase Plan, as Amended for the Offering Period Commencing March 1, 2017](http://www.sec.gov/Archives/edgar/data/766421/000076642117000016/alk10-k123116ex1018.htm)                                  |                                  [Alaska Air Group, Inc\\. 2010 Employee Stock Purchase Plan, as Amended for the Offering Period Commencing March 1, 2017](http://www.sec.gov/Archives/edgar/data/766421/000076642117000016/alk10-k123116ex1018.htm)                                  |                                  [Alaska Air Group, Inc\\. 2010 Employee Stock Purchase Plan, as Amended for the Offering Period Commencing March 1, 2017](http://www.sec.gov/Archives/edgar/data/766421/000076642117000016/alk10-k123116ex1018.htm)                                  |  10\\-K  |  10\\-K  |  10\\-K  |     February 28, 2017     |     February 28, 2017     |     February 28, 2017     |       10\\.18        |       10\\.18        |                  |                  |                  |\n|      10\\.18\\*       |      10\\.18\\*       |                                                         [Alaska Air Group, Inc\\. Stock Deferral Plan for Non\\-Employee Directors](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1012.htm)                                                          |                                                         [Alaska Air Group, Inc\\. Stock Deferral Plan for Non\\-Employee Directors](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1012.htm)                                                          |                                                         [Alaska Air Group, Inc\\. Stock Deferral Plan for Non\\-Employee Directors](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1012.htm)                                                          |  10\\-K  |  10\\-K  |  10\\-K  |     February 11, 2016     |     February 11, 2016     |     February 11, 2016     |       10\\.12        |       10\\.12        |                  |                  |                  |\n|      10\\.19\\*       |      10\\.19\\*       |                                                          [Alaska Air Group, Inc\\. Nonqualified Deferred Compensation Plan, as amended](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex101.htm)                                                          |                                                          [Alaska Air Group, Inc\\. Nonqualified Deferred Compensation Plan, as amended](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex101.htm)                                                          |                                                          [Alaska Air Group, Inc\\. Nonqualified Deferred Compensation Plan, as amended](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex101.htm)                                                          |  10\\-Q  |  10\\-Q  |  10\\-Q  |      August 4, 2011       |      August 4, 2011       |      August 4, 2011       |       10\\.1         |       10\\.1         |                  |                  |                  |\n|      10\\.20\\*       |      10\\.20\\*       |                                                                [1995 Elected Officers Supplementary Retirement Plan, as amended](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex102.htm)                                                                |                                                                [1995 Elected Officers Supplementary Retirement Plan, as amended](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex102.htm)                                                                |                                                                [1995 Elected Officers Supplementary Retirement Plan, as amended](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex102.htm)                                                                |  10\\-Q  |  10\\-Q  |  10\\-Q  |      August 4, 2011       |      August 4, 2011       |      August 4, 2011       |       10\\.2         |       10\\.2         |                  |                  |                  |\n|      10\\.21\\*       |      10\\.21\\*       |                            [Form of Alaska Air Group, Inc\\. Change of Control Agreement for named executive officers, as amended and restated October 16, 2014](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1015.htm)                            |                            [Form of Alaska Air Group, Inc\\. Change of Control Agreement for named executive officers, as amended and restated October 16, 2014](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1015.htm)                            |                            [Form of Alaska Air Group, Inc\\. Change of Control Agreement for named executive officers, as amended and restated October 16, 2014](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1015.htm)                            |  10\\-K  |  10\\-K  |  10\\-K  |     February 11, 2016     |     February 11, 2016     |     February 11, 2016     |       10\\.15        |       10\\.15        |                  |                  |                  |\n|      10\\.22\\*       |      10\\.22\\*       | [Alaska Air Group Performance Based Pay Plan, Amended and Restated January 16, 201](http://www.sec.gov/Archives/edgar/data/766421/000076642119000008/pbpplanamendedandrestate.htm)[9](http://www.sec.gov/Archives/edgar/data/766421/000076642119000008/pbpplanamendedandrestate.htm) | [Alaska Air Group Performance Based Pay Plan, Amended and Restated January 16, 201](http://www.sec.gov/Archives/edgar/data/766421/000076642119000008/pbpplanamendedandrestate.htm)[9](http://www.sec.gov/Archives/edgar/data/766421/000076642119000008/pbpplanamendedandrestate.htm) | [Alaska Air Group Performance Based Pay Plan, Amended and Restated January 16, 201](http://www.sec.gov/Archives/edgar/data/766421/000076642119000008/pbpplanamendedandrestate.htm)[9](http://www.sec.gov/Archives/edgar/data/766421/000076642119000008/pbpplanamendedandrestate.htm) |  10\\-K  |  10\\-K  |  10\\-K  |     February 14, 2019     |     February 14, 2019     |     February 14, 2019     |       10\\.26        |       10\\.26        |                  |                  |                  |\n|     10\\.23\\* \u2020      |     10\\.23\\* \u2020      |                                                      [Alaska Air Group Operational Performance Rewards Plan Description, adopted January 3, 2005; Amended November 7, 2019](https://www.example.com/oprplanamended11-07x19.htm)                                                      |                                                      [Alaska Air Group Operational Performance Rewards Plan Description, adopted January 3, 2005; Amended November 7, 2019](https://www.example.com/oprplanamended11-07x19.htm)                                                      |                                                      [Alaska Air Group Operational Performance Rewards Plan Description, adopted January 3, 2005; Amended November 7, 2019](https://www.example.com/oprplanamended11-07x19.htm)                                                      |         |         |         |                           |                           |                           |                     |                     |                  |                  |                  |\n|     10\\.24\\* \u2020      |     10\\.24\\* \u2020      |                                                                      [Alaska Air Group, Inc\\. Non\\-Employee Director Form of Deferred Stock Unit Agreement](https://www.example.com/alkformagmt2016pipdsu.htm)                                                                       |                                                                      [Alaska Air Group, Inc\\. Non\\-Employee Director Form of Deferred Stock Unit Agreement](https://www.example.com/alkformagmt2016pipdsu.htm)                                                                       |                                                                      [Alaska Air Group, Inc\\. Non\\-Employee Director Form of Deferred Stock Unit Agreement](https://www.example.com/alkformagmt2016pipdsu.htm)                                                                       |         |         |         |                           |                           |                           |                     |                     |                  |                  |                  |\n|         21\u2020         |         21\u2020         |                                                                                                    [Subsidiaries of Registrant](https://www.example.com/ngalk10-k123119ex21.htm)                                                                                                     |                                                                                                    [Subsidiaries of Registrant](https://www.example.com/ngalk10-k123119ex21.htm)                                                                                                     |                                                                                                    [Subsidiaries of Registrant](https://www.example.com/ngalk10-k123119ex21.htm)                                                                                                     |         |         |         |                           |                           |                           |                     |                     |                  |                  |                  |\n|       23\\.1\u2020        |       23\\.1\u2020        |                                                                               [Consent of Independent Registered Public Accounting Firm (KPMG LLP)](https://www.example.com/ngalk10-k123119ex231.htm)                                                                                |                                                                               [Consent of Independent Registered Public Accounting Firm (KPMG LLP)](https://www.example.com/ngalk10-k123119ex231.htm)                                                                                |                                                                               [Consent of Independent Registered Public Accounting Firm (KPMG LLP)](https://www.example.com/ngalk10-k123119ex231.htm)                                                                                |         |         |         |                           |                           |                           |                     |                     |                  |                  |                  |\n|       31\\.1\u2020        |       31\\.1\u2020        |                                                               [Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/ngalk10-k123119ex311.htm)                                                                |                                                               [Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/ngalk10-k123119ex311.htm)                                                                |                                                               [Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/ngalk10-k123119ex311.htm)                                                                |         |         |         |                           |                           |                           |                     |                     |                  |                  |                  |\n|       31\\.2\u2020        |       31\\.2\u2020        |                                                               [Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/ngalk10-k123119ex312.htm)                                                                |                                                               [Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/ngalk10-k123119ex312.htm)                                                                |                                                               [Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/ngalk10-k123119ex312.htm)                                                                |         |         |         |                           |                           |                           |                     |                     |                  |                  |                  |\n\n\n\n91"}
{"_id": "Delta-2019_27.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nPart II\n\nITEM 5\\. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND  ISSUER PURCHASES OF EQUITY SECURITIES\n\nMarket Information\n\nOur common stock is listed on the New York Stock Exchange (\"NYSE\") under the trading symbol DAL\\. \n\nHolders\n\nAs of January 31, 2020, there were approximately 2,300 holders of record of our common stock\\.\n\nDividends\n\nOur Board of Directors initiated a quarterly dividend program in the September 2013 quarter and has increased the quarterly dividend payment several times, most recently to $0\\.4025 per share in the September 2019 quarter\\. The Board expects to be able to continue to pay cash dividends for the foreseeable future, subject to applicable limitations under Delaware law and compliance with covenants in certain of our credit facilities\\. Dividend payments are dependent upon our results of operations, financial condition, cash requirements, future prospects and other factors deemed relevant by the Board of Directors\\. \n\nStock Performance Graph\n\nThe following graph compares the cumulative total returns during the period from December 31, 2014 to December 31, 2019 of our common stock to the Standard & Poor's 500 Stock Index and the NYSE ARCA Airline Index\\. The comparison assumes $100 was invested on December 31, 2014 in each of our common stock and the indices and assumes that all dividends were reinvested\\.\n\n![dal\\-20191231\\_g2\\.jpg](http://ir.delta.com/dal-20191231_g2.jpg)\n\n25"}
{"_id": "AmericanAirlines-2019_12.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nEnvironmental Matters\n\nEnvironmental Regulation\n\nThe airline industry is subject to various laws and government regulations concerning environmental matters in the U\\.S\\. and other countries\\. U\\.S\\. federal laws that have a particular impact on our operations include the Airport Noise and Capacity Act of 1990, the Clean Air Act, the Resource Conservation and Recovery Act, the Clean Water Act, the Safe Drinking Water Act and the Comprehensive Environmental Response, Compensation and Liability Act (Superfund Act)\\. The U\\.S\\. Environmental Protection Agency (EPA) and other federal agencies have been authorized to promulgate regulations that have an impact on our operations\\. In addition to these federal activities, various states have been delegated certain authorities under the aforementioned federal statutes\\. Many state and local governments have adopted environmental laws and regulations which are similar to or stricter than federal requirements\\.\n\nRevised underground storage tank regulations issued by the EPA in 2015 have affected certain airport fuel hydrant systems, with modifications of such systems needed in order to comply with applicable portions of the revised regulations\\. In addition, related to the EPA and state regulations pertaining to storm water management, several U\\.S\\. airport authorities are actively engaged in efforts to limit discharges of deicing fluid into the environment, often by requiring airlines to participate in the building or reconfiguring of airport deicing facilities\\.\n\nThe environmental laws to which we are subject include those related to responsibility for potential soil and groundwater contamination\\. We are conducting investigation and remediation activities to address soil and groundwater conditions at several sites, including airports and maintenance bases\\. We presently anticipate that the ongoing costs of such activities will not have a material impact on our operations\\. In addition, we have been named as a potentially responsible party (PRP) at certain Superfund sites\\. Our alleged volumetric contributions at such sites are relatively small in comparison to total contributions of all PRPs\\. Accordingly, we presently anticipate that any future payments of costs at such sites will not have a material impact on our operations\\.\n\nWe employ an environmental management system that provides a systematic approach for compliance with environmental regulations and management of a broad range of issues including air emissions, hazardous waste disposal, underground tanks, and aircraft water quality\\. \n\nAircraft Emissions and Climate Change Requirements\n\nMany aspects of our operations are subject to a number of increasingly stringent environmental regulations and concerns about climate change and greenhouse gas (GHG) emissions, including carbon dioxide (CO ~2~ ) emissions\\. In particular, the International Civil Aviation Organization (ICAO) is in the process of adopting rules that will require us to limit the CO ~2~  emissions of a significant majority of our international flights to a baseline level equal to our 2019\\-2020 average emissions from such flights\\. In 2016, ICAO passed a resolution adopting the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), an international, market\\-based emissions offset program intended to achieve carbon\\-neutral growth in the international aviation sector after 2020\\. CORSIA is expected to be implemented in three phases: the Pilot Phase (from 2021 to 2023); the First Phase (from 2024 to 2027); and the Second Phase (from 2027 to 2035)\\. American and the majority of other U\\.S\\. airlines currently report their CO ~2~  emissions to the FAA in accordance with CORSIA requirements\\. It is expected that the FAA (with the support of Congress) will implement regulations to establish a carbon offset credit surrender mechanism and to provide for the oversight and compliance auditing of the CORSIA obligations of U\\.S\\. carriers, including American\\.\n\nTo meet their obligations under CORSIA, airlines will have the option to increase the efficiency of their fleet, use sustainable or lower carbon aircraft fuel, or purchase carbon offset credits\\. At this time, the costs of complying with our future obligations under CORSIA are uncertain and cannot be fully predicted\\. For example, we will not directly control our CORSIA compliance costs during the CORSIA Pilot and First Phases because such phases include a sharing mechanism for the growth in emissions for the global aviation sector\\. In addition, and with respect to all phases of CORSIA including after 2027, there is uncertainty with respect to the future supply, demand and price of sustainable or lower carbon aircraft fuel, carbon offset credits and technologies that could allow airlines to reduce their emissions of CO ~2~ \\.\n\n13"}
{"_id": "AmericanAirlines-2018_97.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n\n\n|        |                                                                                                                                                                                                                                                                                                         |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(10)^ | Impact of the 2017 Tax Act includes an  $823 million  non\\-cash charge to income tax expense to reflect the impact of lower corporate income tax rates on our deferred tax asset and liabilities resulting from the 2017 Tax Act, which reduced the federal corporate income tax rate from 35% to 21%\\. |\n\n\n\n**3\\. Earnings Per Common Share**\n\nThe following table sets forth the computation of basic and diluted earnings per common share (EPS) (in millions, except share and per share amounts):\n\n\n\n|                                                                                                                                  |                             |                             |                             |\n| -------------------------------------------------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                                                                  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                                                                                  | **2018**                    | **2017**                    | **2016**                    |\n| **Basic EPS:**                                                                                                                   |                             |                             |                             |\n| Net income                                                                                                                       | $1,412                      | $1,282                      | $2,584                      |\n| Weighted average common shares outstanding (in thousands)                                                                        | 464,236                     | 489,164                     | 552,308                     |\n| Basic EPS                                                                                                                        | $3\\.04                      | $2\\.62                      | $4\\.68                      |\n| **Diluted EPS:**                                                                                                                 |                             |                             |                             |\n| Net income for purposes of computing diluted EPS                                                                                 | $1,412                      | $1,282                      | $2,584                      |\n| Share computation for diluted EPS (in thousands):                                                                                |                             |                             |                             |\n| Basic weighted average common shares outstanding                                                                                 | 464,236                     | 489,164                     | 552,308                     |\n| Dilutive effect of stock awards                                                                                                  | 1,424                       | 2,528                       | 3,791                       |\n| Diluted weighted average common shares outstanding                                                                               | 465,660                     | 491,692                     | 556,099                     |\n| Diluted EPS                                                                                                                      | $3\\.03                      | $2\\.61                      | $4\\.65                      |\n| Restricted stock unit awards excluded from the calculation of diluted EPS because inclusion would be antidilutive (in thousands) | 1,266                       | 328                         | 1,429                       |\n\n\n\n**4\\. Share Repurchase Programs and Dividends**\n\nIn April 2018, we announced that our Board of Directors authorized a new $2\\.0 billion share repurchase program that expires on December 31, 2020\\. Since July 2014, our Board of Directors has approved seven share repurchase programs aggregating $13\\.0 billion of authority\\. As of December 31, 2018, there was $1\\.7 billion remaining authority to repurchase shares under our new $2\\.0 billion share repurchase program\\. Share repurchases under our repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions\\. Any such repurchases that may be made from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to repurchase any specific number of shares and our repurchase of AAG common stock may be limited, suspended or discontinued at any time at our discretion and without prior notice\\.\n\nIn 2018, we repurchased 16\\.6 million shares of AAG common stock for $800 million at a weighted average cost per share of $48\\.15\\. In 2017, we repurchased 33\\.9 million shares of AAG common stock for $1\\.6 billion at a weighted average cost per share of $45\\.68\\. In 2016, we repurchased 119\\.8 million shares of AAG common stock for $4\\.4 billion at a weighted average cost per share of $36\\.86\\. Since the inception of our share repurchase programs in July 2014 through December 31, 2018, we have repurchased278\\.9 million shares of AAG common stock for $11\\.3 billion at a weighted average cost per share of $40\\.69\\.\n\nOur Board of Directors declared quarterly cash dividends of $0\\.10 per share totaling $186 million, $198 million and $224 million for 2018, 2017 and 2016, respectively\\.\n\n98"}
{"_id": "AmericanAirlines-2017_90.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***(q) Regional Expenses***\n\nExpenses associated with American Eagle operations are classified as regional expenses on the consolidated statements of operations\\. Regional expenses consist of the following (in millions):\n\n\n\n|                                                               |                             |                             |                             |\n| ------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                               | **2017**                    | **2016**                    | **2015**                    |\n| Aircraft fuel and related taxes                               | $1,382                      | $1,109                      | $1,230                      |\n| Salaries, wages and benefits                                  | 1,452                       | 1,333                       | 1,187                       |\n| Capacity purchases from third\\-party regional carriers  ^(1)^ | 1,581                       | 1,538                       | 1,651                       |\n| Maintenance, materials and repairs                            | 281                         | 345                         | 323                         |\n| Other rent and landing fees                                   | 625                         | 564                         | 504                         |\n| Aircraft rent                                                 | 35                          | 36                          | 34                          |\n| Selling expenses                                              | 361                         | 347                         | 333                         |\n| Depreciation and amortization                                 | 315                         | 301                         | 252                         |\n| Special items, net                                            | 22                          | 14                          | 29                          |\n| Other                                                         | 492                         | 457                         | 440                         |\n| Total regional expenses                                       | $6,546                      | $6,044                      | $5,983                      |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                        |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | For the years ended  December 31, 2017 ,  2016  and  2015 , the component of capacity purchase expenses representing the lease of aircraft for accounting purposes was approximately  $437 million ,  $405 million  and  $492 million , respectively\\. |\n\n\n\n***(r) Recent Accounting Pronouncements***\n\n*Standards Effective for 2018 Reporting Periods*\n\nEffective January 1, 2018, we are adopting the accounting pronouncements described below\\. The adoption and related required disclosures will be reported in our first quarter 2018 Quarterly Report on Form 10\\-Q\\.\n\n***ASU 2014\\-09: Revenue from Contracts with Customers (Topic 606) (the New Revenue Standard)***\n\nThe New Revenue Standard applies to all companies that enter into contracts with customers to transfer goods or services\\. We are adopting the New Revenue Standard using the full retrospective method, which results in the recast of each prior reporting period presented\\.\n\nThe adoption of the New Revenue Standard will impact our accounting for outstanding mileage credits earned through travel by AAdvantage loyalty program members\\. There is no change in accounting for sales of mileage credits to co\\-branded card or other partners as those are currently reported in accordance with the New Revenue Standard\\. Through December 31, 2017, we used the incremental cost method to account for the portion of our loyalty program liability related to mileage credits earned through travel, which were valued based on the estimated incremental cost of carrying one additional passenger (see (i) Loyalty Program above)\\. The New Revenue Standard requires us to change our policy to the deferred revenue method and apply a relative selling price approach whereby a portion of each passenger ticket sale attributable to mileage credits earned is deferred and recognized in passenger revenue upon future mileage redemption\\. The value of the earned mileage credits is materially greater under the deferred revenue method than the value attributed to these mileage credits under the incremental cost method\\.\n\nThe New Revenue Standard will also require certain reclassifications, principally the reclassification of certain ancillary revenues previously classified and reported as other revenue to passenger revenue and as applicable to cargo revenue\\. Additionally, the New Revenue Standard requires a gross presentation on the face of our statement of operations for certain revenues and expenses that had previously been presented on a net basis\\.\n\nSee recast 2017 statement of operations and balance sheet data presented below for the expected effects of adoption\\.\n\n91"}
{"_id": "Delta-2018_87.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nThe following table summarizes the benefit payments that are scheduled to be paid in the years ending December 31:\n\n\n\n|                   |                      |                                                      |\n| ----------------- | -------------------- | ---------------------------------------------------- |\n| **(in millions)** | **Pension Benefits** | **Other Postretirement and Postemployment Benefits** |\n| 2019              | $1,187               | $295                                                 |\n| 2020              | 1,197                | 302                                                  |\n| 2021              | 1,218                | 303                                                  |\n| 2022              | 1,238                | 301                                                  |\n| 2023              | 1,252                | 298                                                  |\n| 2024\\-2028        | 6,380                | 1,418                                                |\n\n\n\nPlan Assets\n\nWe have adopted and implemented investment policies for our defined benefit pension plans that incorporate strategic asset allocation mixes intended to best meet the plans' long\\-term obligations, while maintaining an appropriate level of risk and liquidity\\. These asset portfolios employ a diversified mix of investments, which are reviewed periodically\\. Active management strategies are utilized where feasible in an effort to realize investment returns in excess of market indices\\. Derivatives in the plans are primarily used to manage risk and gain asset class exposure while still maintaining liquidity\\. As part of these strategies, the plans are required to hold cash collateral associated with certain derivatives\\. Our investment strategies target a mix of   30 \\-  50%  growth\\-seeking assets,   25 \\-  35%  income\\-generating assets and   30 \\-  40%  risk\\-diversifying assets\\. Risk diversifying assets include hedged mandates implementing long\\-short, market neutral and relative value strategies that invest primarily in publicly\\-traded equity, fixed income, foreign currency and commodity securities and are used to improve the impact of active management on the plans\\. \n\nBenefit Plan Assets Measured at Fair Value on a Recurring Basis\n\nBenefit Plan Assets\\.  Benefit plan assets relate to our defined benefit pension plans and certain of our postemployment benefit plans\\. These investments are presented net of the related benefit obligation in pension, postretirement and related benefits on the balance sheets\\. See  Note 3 , \"Fair Value,\" for a description of the levels within the fair value hierarchy and associated valuation techniques used to measure fair value\\. The following table shows our benefit plan assets by asset class\\.\n\n\n\n|                                                       |                       |                       |                       |                       |                       |                       |                         |\n| ----------------------------------------------------- | --------------------- | --------------------- | --------------------- | --------------------- | --------------------- | --------------------- | ----------------------- |\n|                                                       | **December 31, 2018** | **December 31, 2018** | **December 31, 2018** | **December 31, 2017** | **December 31, 2017** | **December 31, 2017** | **Valuation Technique** |\n| **(in millions)**                                     | **Level 1**           | **Level 2**           | **Total**             | **Level 1**           | **Level 2**           | **Total**             | **Valuation Technique** |\n| Equities and equity\\-related instruments              | $400                  | $100                  | $500                  | $2,033                | $13                   | $2,046                | (a)                     |\n| Delta common stock                                    | 675                   | \u2014                     | 675                   | 801                   | \u2014                     | 801                   | (a)                     |\n| Cash equivalents                                      | 312                   | 708                   | 1,020                 | 735                   | 697                   | 1,432                 | (a)                     |\n| Fixed income and fixed income\\-related instruments    | 233                   | 2,157                 | 2,390                 | 17                    | 3,648                 | 3,665                 | (a)(b)                  |\n| Benefit plan assets                                   | $1,620                | $2,965                | $4,585                | $3,586                | $4,358                | $7,944                |                         |\n| Investments measured at net asset value (\"NAV\") ^(1)^ |                       |                       | 9,136                 |                       |                       | 7,378                 |                         |\n| Total benefit plan assets                             |                       |                       | $13,721               |                       |                       | $15,322               |                         |\n\n\n\n\n\n|       |                                                                                                                                                      |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ |  Investments that were measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy\\. |\n\n\n\nEquities and Equity\\-Related Instruments\\.  These investments include common stock and equity\\-related instruments\\. Common stock is valued at the closing price reported on the active market on which the individual securities are traded\\. Equity\\-related instruments include investments in securities traded on exchanges, including listed futures and options, which are valued at the last reported sale prices on the last business day of the year or, if not available, the last reported bid prices\\. Over\\-the\\-counter securities are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable, generally broker quotes\\.\n\nDelta Common Stock\\.  In both 2017 and 2016, we contributed   $350 million  of Delta common stock as a portion of the employer contribution to certain of our defined benefit pension plans\\. The Delta common stock investment is managed by an independent fiduciary\\.\n\n 85"}
{"_id": "Southwest-2019_17.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nthan it would be able to serve on its own, (ii) gain exposure in markets it does not otherwise serve, and (iii) increase the perceived frequency of its flights on certain routes\\. More extensive route structures, as well as alliance and code\\-sharing arrangements, not only provide additional route flexibility for participating airlines, they can also allow these airlines to offer their customers more opportunities to earn and redeem loyalty miles or points\\. A capacity purchase agreement enables an airline to expand its route structure by paying another airline (e\\.g\\., a regional airline with smaller aircraft) to operate flights on its behalf in markets that it does not, or cannot, serve itself\\. The Company continues to evaluate and implement initiatives to better enable itself to offer additional itineraries\\.\n\nCustomer Service, Operational Reliability, and Amenities\n\nSouthwest also competes with other airlines with respect to customer service, operational reliability (such as ontime performance), and passenger amenities\\. According to statistics published by the DOT, Southwest consistently ranks at or near the top among domestic carriers in Customer Satisfaction for having the lowest Customer complaint ratio\\. However, carriers are increasingly focusing on operational reliability as an opportunity to win and retain Customers\\. In addition, some airlines have more seating options and associated passenger amenities than Southwest, including first class, business class, and other premium seating and related amenities\\. New and different types of aircraft flown by competitors could have operational attributes and passenger amenities that could be considered more attractive to certain consumers than those associated with the Company's existing fleet\\.\n\nOther Forms of Competition\n\nThe airline industry is subject to varying degrees of competition from other forms of transportation, including surface transportation by automobiles, buses, and trains\\. Inconveniences and delays associated with air travel security measures can increase surface competition\\. In addition, surface competition can be significant during economic downturns when consumers cut back on discretionary spending and fewer choose to fly, or when gasoline prices are lower, making surface transportation a less expensive option\\. Because of the relatively high percentage of short\\-haul travel provided by Southwest, it is particularly exposed to competition from surface transportation in these instances\\. The airline industry is also subject to technology advancements that may limit the demand for air travel, including competition from alternatives to air travel such as videoconferencing and the Internet, which can increase in the event of travel inconveniences and economic downturns\\. The Company is subject to the risk that air travel inconveniences and economic downturns may, in some cases, result in permanent changes to consumer behavior in favor of surface transportation and electronic communications\\.\n\nSeasonality\n\nThe Company's business is seasonal\\. Generally, in most markets the Company serves, demand for air travel is greater during the summer months, and, therefore, revenues in the airline industry tend to be stronger in the second (April 1 \\- June 30) and third (July 1 \\- September 30) quarters of the year than in the first (January 1 \\- March 31) and fourth (October 1 \\- December 31) quarters of the year\\. As a result, in many cases, the Company's results of operations reflect this seasonality\\. Factors that could alter this seasonality include, among others, the price of fuel, general economic conditions, changes in consumer behavior, governmental action, extreme or severe weather and natural disasters, fears of terrorism or war, or changes in the competitive environment\\. Therefore, the Company's quarterly operating results are not necessarily indicative of operating results for the entire year, and historical operating results in a quarterly or annual period are not necessarily indicative of future operating results\\.\n\nEmployees\n\nAt December 31, 2019, the Company had approximately 60,800 active fulltime equivalent Employees, consisting of approximately 25,900 flight, 3,200 maintenance, 21,000 ground, Customer, and fleet service, and 10,700 management, technology, finance, marketing, and clerical personnel (associated with non\\-operational departments)\\. Approximately 83 percent of these Employees were represented by labor unions\\. The Railway Labor Act establishes the right of airline employees to organize and bargain collectively\\. Under the Railway Labor Act, collective\\-bargaining agreements between an airline and a labor union generally do not expire, but instead become amendable as of an agreed date\\. By the amendable date, if either party wishes to modify the terms of the agreement, it must notify the other party in the manner required by the Railway Labor Act and/or described in the agreement\\. After receipt of the notice, the parties must meet for direct negotiations\\. If no agreement is reached, either party may request the National Mediation Board to appoint a federal mediator\\. If no agreement is reached in mediation, the National Mediation Board may determine \n\n18"}
{"_id": "Delta-2017_3.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n|                                                                                                                                                                                                                                                            |                                                                    |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------ |\n| **Table of Contents**                                                                                                                                                                                                                                      | **Table of Contents**                                              |\n|                                                                                                                                                                                                                                                            | **Page**                                                           |\n| [Forward\\-Looking Statements](http://ir.delta.com/.#s9C660AB1B5E751EFBFF1397E87FD0791)                                                                                                                                                                     | <br>[ 1](http://ir.delta.com/.#s9C660AB1B5E751EFBFF1397E87FD0791)  |\n| **PART I**                                                                                                                                                                                                                                                 |                                                                    |\n| [**ITEM 1\\. BUSINESS**](http://ir.delta.com/.#s66A82B80860656B8820C39C9C17CA57E)                                                                                                                                                                           | <br>[ 2](http://ir.delta.com/.#s66A82B80860656B8820C39C9C17CA57E)  |\n| [General](http://ir.delta.com/.#sF0F090E0FC855DE29E4BF3C7AB17C8FA)                                                                                                                                                                                         | <br>[ 2](http://ir.delta.com/.#sF0F090E0FC855DE29E4BF3C7AB17C8FA)  |\n| [Frequent Flyer Program](http://ir.delta.com/.#s6DDA41D5C59F5AA19DF244660885F7CF)                                                                                                                                                                          | <br>[ 4](http://ir.delta.com/.#s0F572D4042A452F7A6ACBB03932DDE89)  |\n| [Fuel](http://ir.delta.com/.#s0F572D4042A452F7A6ACBB03932DDE89)                                                                                                                                                                                            | <br>[ 4](http://ir.delta.com/.#s6DDA41D5C59F5AA19DF244660885F7CF)  |\n| [Other Businesses](http://ir.delta.com/.#s45A27AE74C145033A35B297B4A81B103)                                                                                                                                                                                | <br>[ 5](http://ir.delta.com/.#s45A27AE74C145033A35B297B4A81B103)  |\n| [Distribution and Expanded Product Offerings](http://ir.delta.com/.#sB27BE734F75D5A979BB059BD51B4FF75)                                                                                                                                                     | <br>[ 5](http://ir.delta.com/.#sB27BE734F75D5A979BB059BD51B4FF75)  |\n| [Competition](http://ir.delta.com/.#s2186D61BF6545A598FA9C63C6D126AF1)                                                                                                                                                                                     | <br>[ 6](http://ir.delta.com/.#s2186D61BF6545A598FA9C63C6D126AF1)  |\n| [Regulatory Matters](http://ir.delta.com/.#sC782BE645A155DA8B2EE353C79AE7BC1)                                                                                                                                                                              | <br>[ 7](http://ir.delta.com/.#sC782BE645A155DA8B2EE353C79AE7BC1)  |\n| [Employee Matters](http://ir.delta.com/.#sBD975A0863655B52B28C9FA5B61AE7B0)                                                                                                                                                                                | <br>[ 10](http://ir.delta.com/.#sBD975A0863655B52B28C9FA5B61AE7B0) |\n| [Executive Officers of the Registrant](http://ir.delta.com/.#s0B106DB2E6B55E3CB3B43CC2376BBBAC)                                                                                                                                                            | <br>[ 11](http://ir.delta.com/.#s0B106DB2E6B55E3CB3B43CC2376BBBAC) |\n| [Additional Information](http://ir.delta.com/.#s7B7DE818733F58DA96F9608A56039F14)                                                                                                                                                                          | <br>[ 11](http://ir.delta.com/.#s7B7DE818733F58DA96F9608A56039F14) |\n| [**ITEM 1A\\. RISK FACTORS**](http://ir.delta.com/.#s32E7B8D7CFCC5890893B5F4F82775D13)                                                                                                                                                                      | <br>[ 12](http://ir.delta.com/.#s32E7B8D7CFCC5890893B5F4F82775D13) |\n| [Risk Factors Relating to Delta](http://ir.delta.com/.#sFD6951C588F6530E8ECBDECBC6A23377)                                                                                                                                                                  | <br>[ 12](http://ir.delta.com/.#sFD6951C588F6530E8ECBDECBC6A23377) |\n| [Risk Factors Relating to the Airline Industry](http://ir.delta.com/.#sBF4C8C65F2BB55C7851B35F3865E141F)                                                                                                                                                   | <br>[ 17](http://ir.delta.com/.#sBF4C8C65F2BB55C7851B35F3865E141F) |\n| [**ITEM 1B\\. UNRESOLVED STAFF COMMENTS**](http://ir.delta.com/.#s77E66D98E4845619A2CD8FB441C2CFA6)                                                                                                                                                         | <br>[ 19](http://ir.delta.com/.#s77E66D98E4845619A2CD8FB441C2CFA6) |\n| [**ITEM 2\\. PROPERTIES**](http://ir.delta.com/.#s0AD7CB6FEB815783A9E8B28434C131CF)                                                                                                                                                                         | <br>[ 20](http://ir.delta.com/.#s0AD7CB6FEB815783A9E8B28434C131CF) |\n| [Flight Equipment](http://ir.delta.com/.#sC1C036F535B35588AC93BF9E6D1C0E76)                                                                                                                                                                                | <br>[ 20](http://ir.delta.com/.#sC1C036F535B35588AC93BF9E6D1C0E76) |\n| [Ground Facilities](http://ir.delta.com/.#sE2C1257B409C52ECB22BCAF98ED22CDB)                                                                                                                                                                               | <br>[ 21](http://ir.delta.com/.#sE2C1257B409C52ECB22BCAF98ED22CDB) |\n| [**ITEM 3\\. LEGAL PROCEEDINGS**](http://ir.delta.com/.#sCF7D4DC11BAA544D8D73ED9D1939B71B)                                                                                                                                                                  | <br>[ 22](http://ir.delta.com/.#sCF7D4DC11BAA544D8D73ED9D1939B71B) |\n| [**ITEM 4\\. MINE SAFETY DISCLOSURES**](http://ir.delta.com/.#sEB1EEDF4445A5AE381FABA2ACB432666)                                                                                                                                                            | <br>[ 22](http://ir.delta.com/.#sEB1EEDF4445A5AE381FABA2ACB432666) |\n| **PART II**                                                                                                                                                                                                                                                |                                                                    |\n| [**ITEM 5\\. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER**](http://ir.delta.com/.#s699C4BCD54D2582DB52C9CF0568753E8)<br><br>[**MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**](http://ir.delta.com/.#s699C4BCD54D2582DB52C9CF0568753E8) | <br>[ 23](http://ir.delta.com/.#s699C4BCD54D2582DB52C9CF0568753E8) |\n| [**ITEM 6\\. SELECTED FINANCIAL DATA**](http://ir.delta.com/.#sCCB479AEF0535114A10D6CA240A00EC1)                                                                                                                                                            | <br>[ 25](http://ir.delta.com/.#sCCB479AEF0535114A10D6CA240A00EC1) |\n| [**ITEM 7\\. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND**](http://ir.delta.com/.#s2F0D246DA9B45245A4DC549A76EE901F)<br><br>[**RESULTS OF OPERATION**](http://ir.delta.com/.#s2F0D246DA9B45245A4DC549A76EE901F)**S**                   | <br>[ 27](http://ir.delta.com/.#s2F0D246DA9B45245A4DC549A76EE901F) |\n| [Financial Highlights \\- 2017 Compared to 2016](http://ir.delta.com/.#s1854A5FE8DAC5CAE888D634B94649771)                                                                                                                                                   | <br>[ 27](http://ir.delta.com/.#s1854A5FE8DAC5CAE888D634B94649771) |\n| [Results of Operations \\- 2017 Compared to 2016](http://ir.delta.com/.#sD85E84FAF2E65537B5DD04C6C6528673)                                                                                                                                                  | <br>[ 28](http://ir.delta.com/.#sD85E84FAF2E65537B5DD04C6C6528673) |\n| [Results of Operations \\- 2016 Compared to 2015](http://ir.delta.com/.#sB8E583D6BDD554A6A4539E013BB18847)                                                                                                                                                  | <br>[ 32](http://ir.delta.com/.#sB8E583D6BDD554A6A4539E013BB18847) |\n| [Non\\-Operating Results](http://ir.delta.com/.#s0A09F0A81F045F95B8DF4D8A7BAA539A)                                                                                                                                                                          | <br>[ 35](http://ir.delta.com/.#s0A09F0A81F045F95B8DF4D8A7BAA539A) |\n| [Income Taxes](http://ir.delta.com/.#s17BD50889F5A5E6186EB54DD64F35FF5)                                                                                                                                                                                    | <br>[ 35](http://ir.delta.com/.#s17BD50889F5A5E6186EB54DD64F35FF5) |\n| [Refinery Segment](http://ir.delta.com/.#sE0CFF62740FC52E8886BC44A8733F418)                                                                                                                                                                                | <br>[ 35](http://ir.delta.com/.#sE0CFF62740FC52E8886BC44A8733F418) |\n| [Financial Condition and Liquidity](http://ir.delta.com/.#s6CCF7426EEE855BB8678A6A4CBE8E43E)                                                                                                                                                               | <br>[ 36](http://ir.delta.com/.#s6CCF7426EEE855BB8678A6A4CBE8E43E) |\n| [Contractual Obligations](http://ir.delta.com/.#s941FC03B31535E0DA3F5818655FB4084)                                                                                                                                                                         | <br>[ 39](http://ir.delta.com/.#s941FC03B31535E0DA3F5818655FB4084) |\n| [Critical Accounting Policies and Estimates](http://ir.delta.com/.#s7BFF24C2C6EB53D5ABAAC317CEEB0BC0)                                                                                                                                                      | <br>[ 40](http://ir.delta.com/.#s7BFF24C2C6EB53D5ABAAC317CEEB0BC0) |\n| [Supplemental Information](http://ir.delta.com/.#s4D59E3F454AD51738E180B190836FD4B)                                                                                                                                                                        | <br>[ 45](http://ir.delta.com/.#s4D59E3F454AD51738E180B190836FD4B) |\n| [Glossary of Defined Terms](http://ir.delta.com/.#s65F846AB63565CF5A23E38097EDB2A73)                                                                                                                                                                       | <br>[ 46](http://ir.delta.com/.#s65F846AB63565CF5A23E38097EDB2A73) |\n| [**ITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**](http://ir.delta.com/.#sEBBFC6FC966D57FE92763ED11BEB7DF0)                                                                                                                        | <br>[ 47](http://ir.delta.com/.#sEBBFC6FC966D57FE92763ED11BEB7DF0) |\n| [**ITEM 8\\. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**](http://ir.delta.com/.#s64EDC3EA643158F9B7785EF1F17626AF)                                                                                                                                        | <br>[ 48](http://ir.delta.com/.#s64EDC3EA643158F9B7785EF1F17626AF) |\n| [**ITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND**](http://ir.delta.com/.#sA7A516179EA152B68F962E32D20A14CF)<br><br>[**FINANCIAL DISCLOSURE**](http://ir.delta.com/.#sA7A516179EA152B68F962E32D20A14CF)                         | <br>[ 89](http://ir.delta.com/.#sA7A516179EA152B68F962E32D20A14CF) |\n| [**ITEM 9A\\. CONTROLS AND PROCEDURES**](http://ir.delta.com/.#s6FDE1FAE0F4651898268E10BABEB0C87)                                                                                                                                                           | <br>[ 89](http://ir.delta.com/.#s6FDE1FAE0F4651898268E10BABEB0C87) |"}
{"_id": "United-2017_103.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**United Continental Holdings, Inc\\. Management Report on Internal Control Over Financial Reporting** \n\nFebruary 22, 2018\n\nTo the Stockholders of United Continental Holdings, Inc\\.\n\nChicago, Illinois\n\nThe management of United Continental Holdings, Inc\\. (\u201cUAL\u201d) is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a\\-15(f)\\. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. Because of its inherent limitations, our internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\nUnder the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the design and operating effectiveness of our internal control over financial reporting as of December 31, 2017\\. In making this assessment, management used the framework set forth in Internal Control\u2014Integrated Framework (2013 Framework)issued by the Committee of the Sponsoring Organizations of the Treadway Commission\\. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our internal control over financial reporting was effective as of December 31, 2017\\.\n\nOur independent registered public accounting firm, Ernst & Young LLP, who audited UAL\u2019s consolidated financial statements included in this Form 10\\-K, has issued a report on UAL\u2019s internal control over financial reporting, which is included herein\\.\n\n**United Airlines, Inc\\. Management Report on Internal Control Over Financial Reporting** \n\nFebruary 22, 2018\n\nTo the Stockholder of United Airlines, Inc\\.\n\nChicago, Illinois\n\nThe management of United Airlines, Inc\\. (\u201cUnited\u201d) is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a\\-15(f)\\. United\u2019s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. Because of its inherent limitations, United\u2019s internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\nUnder the supervision and with the participation of management, including United\u2019s Chief Executive Officer and Chief Financial Officer, United conducted an evaluation of the design and operating effectiveness of its internal control over financial reporting as of December 31, 2017\\. In making this assessment, management used the framework set forth in Internal Control\u2014Integrated Framework (2013 Framework) issued by the Committee of the Sponsoring Organizations of the Treadway Commission\\. Based on this evaluation, United\u2019s Chief Executive Officer and Chief Financial Officer concluded that its internal control over financial reporting was effective as of December 31, 2017\\.\n\nThis annual report does not include an attestation report of United\u2019s registered public accounting firm regarding internal control over financial reporting\\. Management\u2019s report was not subject to attestation by United\u2019s registered public accounting firm pursuant to the rules of the Securities and Exchange Commission that permit United to provide only management\u2019s report in this annual report\\.\n\n104"}
{"_id": "AmericanAirlines-2019_139.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n7\\. Fair Value Measurements and Other Investments\n\nAssets Measured at Fair Value on a Recurring Basis\n\nFair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i\\.e\\. an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability\\. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy\\. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market\\. Each fair value measurement is reported in one of three levels:\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | Level 1 \u2013 Observable inputs such as quoted prices in active markets; |\n\n\n\n\n\n|   |                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Level 2 \u2013 Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |\n\n\n\n\n\n|   |                                                                                                                                               |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Level 3 \u2013 Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions\\. |\n\n\n\nWhen available, American uses quoted market prices to determine the fair value of its financial assets\\. If quoted market prices are not available, American measures fair value using valuation techniques that use, when possible, current market\\-based or independently\\-sourced market parameters, such as interest rates and currency rates\\.\n\nAmerican utilizes the market approach to measure the fair value of its financial assets\\. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets\\. American\u2019s short\\-term investments classified as Level 2 primarily utilize broker quotes in a non\\-active market for valuation of these securities\\. No changes in valuation techniques or inputs occurred during the year ended  December 31, 2019 \\.\n\nAssets measured at fair value on a recurring basis are summarized below (in millions):\n\n\n\n|                                                    |                                                     |                                                     |                                                     |                                                     |\n| -------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |\n|                                                    | **Fair Value Measurements as of December 31, 2019** | **Fair Value Measurements as of December 31, 2019** | **Fair Value Measurements as of December 31, 2019** | **Fair Value Measurements as of December 31, 2019** |\n|                                                    | **Total**                                           | **Level 1**                                         | **Level 2**                                         | **Level 3**                                         |\n| Short\\-term investments  ^(1),^  ^(2)^ :           |                                                     |                                                     |                                                     |                                                     |\n| Money market funds                                 | $331                                                | $331                                                | $\u2014                                                  | $\u2014                                                  |\n| Bank notes/certificates of deposit/time deposits   | 2,106                                               | \u2014                                                   | 2,106                                               | \u2014                                                   |\n| Corporate obligations                              | 1,021                                               | \u2014                                                   | 1,021                                               | \u2014                                                   |\n| Repurchase agreements                              | 85                                                  | \u2014                                                   | 85                                                  | \u2014                                                   |\n|                                                    | 3,543                                               | 331                                                 | 3,212                                               | \u2014                                                   |\n| Restricted cash and short\\-term investments  ^(1)^ | 158                                                 | 10                                                  | 148                                                 | \u2014                                                   |\n| Long\\-term investments  ^(3)^                      | 204                                                 | 204                                                 | \u2014                                                   | \u2014                                                   |\n| Total                                              | $3,905                                              | $545                                                | $3,360                                              | $\u2014                                                  |\n\n\n\n\n\n|                                                    |                                                     |                                                     |                                                     |                                                     |\n| -------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |\n|                                                    | **Fair Value Measurements as of December 31, 2018** | **Fair Value Measurements as of December 31, 2018** | **Fair Value Measurements as of December 31, 2018** | **Fair Value Measurements as of December 31, 2018** |\n|                                                    | **Total**                                           | **Level 1**                                         | **Level 2**                                         | **Level 3**                                         |\n| Short\\-term investments  ^(1)^ :                   |                                                     |                                                     |                                                     |                                                     |\n| Money market funds                                 | $14                                                 | $14                                                 | $\u2014                                                  | $\u2014                                                  |\n| Bank notes/certificates of deposit/time deposits   | 2,435                                               | \u2014                                                   | 2,435                                               | \u2014                                                   |\n| Corporate obligations                              | 1,658                                               | \u2014                                                   | 1,658                                               | \u2014                                                   |\n| Repurchase agreements                              | 375                                                 | \u2014                                                   | 375                                                 | \u2014                                                   |\n|                                                    | 4,482                                               | 14                                                  | 4,468                                               | \u2014                                                   |\n| Restricted cash and short\\-term investments  ^(1)^ | 154                                                 | 12                                                  | 142                                                 | \u2014                                                   |\n| Long\\-term investments  ^(3)^                      | 189                                                 | 189                                                 | \u2014                                                   | \u2014                                                   |\n| Total                                              | $4,825                                              | $215                                                | $4,610                                              | $\u2014                                                  |\n\n\n\n140"}
{"_id": "Alaska-2017_83.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nPlan asset by fund category (in millions):\n\n\n\n|                                         |            |          |                          |\n| --------------------------------------- | ---------- | -------- | ------------------------ |\n|                                         | **2017**   | **2016** | **Fair Value Hierarchy** |\n| **Fund type:**                          |            |          |                          |\n| U\\.S\\. equity market fund               | **$515**   | $545     | 1                        |\n| Non\\-U\\.S\\. equity fund                 | **226**    | 218      | 1                        |\n| Credit bond index fund                  | **1,232**  | 989      | 1                        |\n| Plan assets in common commingled trusts | **$1,973** | $1,752   |                          |\n| Real estate                             | **97**     | 91       | (a)                      |\n| Cash equivalents                        | **13**     | 3        | 1                        |\n| Total plan assets                       | **$2,083** | $1,846   |                          |\n\n\n\n\n\n|     |                                                                                                                                                                                     |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | In accordance with Subtopic 820\\-10, certain investments that are measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy\\.  |\n\n\n\nThe following table sets forth the status of the qualified defined\\-benefit pension plans (in millions):\n\n\n\n|                                        |            |          |\n| -------------------------------------- | ---------- | -------- |\n|                                        | **2017**   | **2016** |\n| **Projected benefit obligation (PBO)** |            |          |\n| Beginning of year                      | **$2,043** | $1,898   |\n| Service cost                           | **39**     | 37       |\n| Interest cost                          | **74**     | 73       |\n| Actuarial loss                         | **300**    | 104      |\n| Benefits paid                          | **(69)**   | (69)     |\n| End of year                            | **$2,387** | $2,043   |\n| **Plan assets at fair value**          |            |          |\n| Beginning of year                      | **$1,846** | $1,737   |\n| Actual return on plan assets           | **291**    | 178      |\n| Employer contributions                 | **15**     | \u2014        |\n| Benefits paid                          | **(69)**   | (69)     |\n| End of year                            | **$2,083** | $1,846   |\n| Unfunded status                        | **$(304)** | $(197)   |\n| Percent funded                         | **87%**    | 90%      |\n\n\n\nThe accumulated benefit obligation for the combined qualified defined\\-benefit pension plans was $2\\.2 billion and $1\\.9 billion at December 31, 2017 and 2016\\. \n\nThe amounts recognized in the consolidated balance sheets (in millions): \n\n\n\n|                                                         |          |          |\n| ------------------------------------------------------- | -------- | -------- |\n|                                                         | **2017** | **2016** |\n| Accrued benefit liability\\-long term                    | **$335** | $225     |\n| Plan assets\\-long term (within Other noncurrent assets) | **(31)** | (28)     |\n| Total liability recognized                              | **$304** | $197     |\n\n\n\nThe amounts not yet reflected in net periodic benefit cost and included in AOCL (in millions):\n\n\n\n|                                    |          |          |\n| ---------------------------------- | -------- | -------- |\n|                                    | **2017** | **2016** |\n| Prior service credit               | **$(9)** | $(10)    |\n| Net loss                           | **597**  | 509      |\n| Amount recognized in AOCL (pretax) | **$588** | $499     |\n\n\n\n 84"}
{"_id": "Delta-2017_47.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nLife Expectancy \\. Changes in life expectancy may significantly change our benefit obligations and future expense\\. We use the Society of Actuaries (\"SOA\") published mortality data, other publicly available information and our own perspective of future longevity to develop our best estimate of life expectancy\\. The SOA publishes annual updated mortality tables for U\\.S\\. plans and updated improvement scale\\. Each year we consider updates by the SOA in setting our mortality assumptions for purposes of measuring pension and other postretirement and postemployment benefit obligations\\. \n\nFunding\\.  Our funding obligations for qualified defined benefit plans are governed by the Employee Retirement Income Security Act\\.  The Pension Protection Act of 2006 allows commercial airlines to elect alternative funding rules (\"Alternative Funding Rules\") for defined benefit plans that are frozen\\. We elected the Alternative Funding Rules under which the unfunded liability for a frozen defined benefit plan may be amortized over a fixed 17\\-year period and is calculated using an  8\\.85%  discount rate\\.\n\nWhile the Pension Protection Act makes our funding obligations for these plans more predictable, factors outside our control continue to have an impact on the funding requirements\\. Estimates of future funding requirements are based on various assumptions and can vary materially from actual funding requirements\\. Assumptions include, among other things, the actual and projected market performance of assets, statutory requirements and demographic data for participants\\. For additional information, see  Note 9  of the Notes to the Consolidated Financial Statements\\.\n\nRecent Accounting Standards\n\nRevenue from Contracts with Customers \n\nOn January 1, 2018, we will adopt ASU No\\. 2014\\-09, \"Revenue from Contracts with Customers (Topic 606)\" using the full retrospective method\\. While the adoption will not have a significant impact on earnings, the classification of certain revenues that are currently classified in other revenue will be reclassified to passenger revenue\\. These include baggage fees, administrative charges and other travel\\-related fees, all of which will be deemed part of the single performance obligation of providing passenger transportation\\. These revenues, which are approximately  $2 billion  annually, will be reclassified from the current presentation in other revenue to passenger revenue\\.\n\nIn addition, the adoption of the new standard increases the rate used to account for frequent flyer miles\\. We currently analyze our standalone sales of mileage credits to other airlines and customers to establish the accounting value for frequent flyer miles\\. Considering the guidance in the new standard, we will change our valuation of a mileage credit to an analysis of the award redemption value\\. The new valuation considers the value a passenger receives by redeeming miles rather than paying cash for an award ticket\\. This change increases our frequent flyer liability by approximately  $2 billion \\. The mileage deferral and redemption rates are approximately the same; therefore, assuming stable volume, there would not be a significant change in revenue recognized from the program for a given period\\. \n\nThe adoption of the new standard will also reduce our air traffic liability by approximately  $500 million \\. This change primarily results from estimating the tickets that will expire unused and recognizing revenue at the scheduled flight date rather than when the unused tickets expire\\.\n\nRetirement Benefits\n\nIn 2017, the FASB issued ASU No\\. 2017\\-07, \"Compensation\u2014Retirement Benefits (Topic 715)\\.\" This standard requires an entity to report the service cost component in the same line item as other compensation costs\\. The other components of net (benefit) cost will be required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations\\. In 2017, we recorded $50 million of non\\-service costs that will be reclassified to non\\-operating expense upon adoption\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2017\\. We will adopt the standard effective January 1, 2018\\.\n\n 43"}
{"_id": "United-2017_80.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|                                                                                       |                                   |                                   |\n|:------------------------------------------------------------------------------------- | ---------------------------------:| ---------------------------------:|\n|                                                                                       | **Other Postretirement Benefits** | **Other Postretirement Benefits** |\n| **Assumptions used to determine benefit obligations**                                 |                         **2017**  |                         **2016**  |\n| Discount rate                                                                         |                            3\\.63% |                            4\\.07% |\n| **Assumptions used to determine net expense**                                         |                                   |                                   |\n| Discount rate                                                                         |                            4\\.07% |                            4\\.49% |\n| Expected return on plan assets                                                        |                            3\\.00% |                            3\\.00% |\n| Health care cost trend rate assumed for next year                                     |                            6\\.25% |                            6\\.50% |\n| Rate to which the cost trend rate is assumed to decline (ultimate trend rate in 2023) |                            5\\.00% |                            5\\.00% |\n\n\n\nThe Company used the Society of Actuaries\u2019 2014 mortality tables, modified to reflect the Social Security Administration Trustee\u2019s Report on current projections regarding expected longevity improvements\\.\n\nThe Company selected the 2017 discount rate for substantially all of its plans by using a hypothetical portfolio of high quality bonds at December 31, 2017, that would provide the necessary cash flows to match projected benefit payments\\.\n\nWe develop our expected long\\-term rate of return assumption for our defined benefit plans based on historical experience and by evaluating input from the trustee managing the plans\u2019 assets\\. Our expected long\\-term rate of return on plan assets for these plans is based on a target allocation of assets, which is based on our goal of earning the highest rate of return while maintaining risk at acceptable levels\\. The plans strive to have assets sufficiently diversified so that adverse or unexpected results from one security class will not have an unduly detrimental impact on the entire portfolio\\. Plan fiduciaries regularly review our actual asset allocation and the pension plans\u2019 investments are periodically rebalanced to our targeted allocation when considered appropriate\\. United\u2019s plan assets are allocated within the following guidelines:\n\n\n\n|                          |                  |                                           |\n|:------------------------ |:----------------:|:-----------------------------------------:|\n|                          | Percent of Total | Expected Long\\-Term<br><br>Rate of Return |\n| Equity securities        |     27\\-42 %     |                   9\\.5 %                  |\n| Fixed\\-income securities |      30\\-40      |                   5\\.5                    |\n| Alternatives             |      10\\-25      |                   7\\.3                    |\n| Other                    |      0\\-10       |                   7\\.3                    |\n\n\n\nOne\\-hundred percent of other postretirement plan assets are invested in a deposit administration fund\\.\n\nAssumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement plans\\. A 1% change in the assumed health care trend rate for the Company would have the following additional effects (in millions):\n\n\n\n|                                                                                |                 |                 |\n|:------------------------------------------------------------------------------ | ---------------:| ---------------:|\n|                                                                                | **1% Increase** | **1% Decrease** |\n| Effect on total service and interest cost for the year ended December 31, 2017 |            $11  |            $(8) |\n| Effect on postretirement benefit obligation at December 31, 2017               |            170  |           (149) |\n\n\n\nA one percentage point decrease in the weighted average discount rate would increase the Company\u2019s postretirement benefit liability by approximately $185 million and increase the estimated 2017 benefits expense by approximately $8 million\\.\n\n81"}
{"_id": "United-2018_54.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n*Advance Ticket Sales\\.* Advance ticket sales represent the Company's liability to provide air transportation in the future\\. In the years ended December 31, 2018 and 2017, the Company recognized approximately $3\\.1 billion and $2\\.9 billion, respectively, of passenger revenue for tickets that were included in Advance ticket sales at the beginning of those periods\\. All tickets sold at any given point of time have travel dates extending up to twelve months\\. As a result, the balance of the Company's Advance ticket sales liability represents activity that will be recognized in the next twelve months\\. \n\n\n\n|                                                                                                                                                                                                                                                                                                                                       |\n| ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| *Revenue by Geography\\.*  The Company further disaggregates revenue by geographic regions\\. Operating segments are defined as components of an enterprise with separate financial information, which are evaluated regularly by the chief operating decision maker and are used in resource allocation and performance assessments\\.  |\n\n\n\nThe Company deploys its aircraft across its route network through a single route scheduling system to maximize its value\\. When making resource allocation decisions, the Company's chief operating decision maker evaluates flight profitability data, which considers aircraft type and route economics\\. The Company's chief operating decision maker makes resource allocation decisions to maximize the Company's consolidated financial results\\. Managing the Company as one segment allows management the opportunity to maximize the value of its route network\\.\n\nThe Company's operating revenue by principal geographic region (as defined by the U\\.S\\. Department of Transportation) for the years ended December 31 is presented in the table below (in millions): \n\n\n\n|                              |          |           |           |\n| ---------------------------- | -------- | --------- | --------- |\n|                              | **2018** | **2017\u00b9** | **2016\u00b9** |\n| Domestic (U\\.S\\. and Canada) | $25,552  | $23,114   | $22,151   |\n| Atlantic                     | 7,103    | 6,340     | 6,194     |\n| Pacific                      | 5,188    | 4,914     | 4,984     |\n| Latin America                | 3,460    | 3,416     | 3,229     |\n| Total                        | $41,303  | $37,784   | $36,558   |\n\n\n\n(1) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)\\.* See (u) below for additional information\\.\n\nThe Company attributes revenue among the geographic areas based upon the origin and destination of each flight segment\\. The Company's operations involve an insignificant level of dedicated revenue\\-producing assets in geographic regions as the overwhelming majority of the Company's revenue\\-producing assets (primarily U\\.S\\. registered aircraft) can be deployed in any of its geographic regions\\.\n\n*Ancillary Fees\\.*The Company charges fees, separately from ticket sales, for certain ancillary services that are directly related to passengers' travel, such as ticket change fees, baggage fees, inflight amenities fees, and other ticket\\-related fees\\. These ancillary fees are part of the travel performance obligation and, as such, are recognized as passenger revenue when the travel occurs\\. The Company recorded $2\\.2 billion, $2\\.0 billion, and $1\\.9 billion of ancillary fees within passenger revenue in the years ended December 31, 2018, 2017 and 2016 respectively\\.\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (c) | **Frequent Flyer Accounting\u2014**  United's MileagePlus loyalty program builds customer loyalty by offering awards, benefits and services to program participants\\. Members in this program earn miles for travel on United, United Express, Star Alliance members and certain other airlines that participate in the program\\. Members can also earn miles by purchasing the goods and services of our network of non\\-airline partners\\. We have contracts to sell miles to these partners with the terms extending from one to eight years\\. These partners include domestic and international credit card issuers, retail merchants, hotels, car rental companies and our participating airline partners\\. Miles can be redeemed for free (other than taxes and government imposed fees), discounted or upgraded air travel and non\\-travel awards\\. Miles expire after 18 months of member account inactivity\\.  |\n\n\n\n*Miles Earned in Conjunction with Travel\\.* When frequent flyers earn miles for flights, the Company recognizes a portion of the ticket sales as revenue when the travel occurs and defers a portion of the ticket sale representing the value of the related miles as a separate performance obligation\\. The Company determines the estimated selling price of travel and miles as if each element is sold on a separate basis\\. The total consideration from each ticket sale is then allocated to each of these elements, individually, on a pro\\-rata basis\\. At the time of travel, the Company records the portion allocated to the miles to Frequent flyer deferred revenue on the Company's consolidated balance sheet and subsequently recognizes it into revenue when miles are redeemed for air travel and non\\-air travel awards\\.\n\nThe Company's estimated selling price of miles is based on an equivalent ticket value less breakage, which incorporates the expected redemption of miles, as the best estimate of selling price for these miles\\. The equivalent ticket value is based on the prior 12 months' weighted average equivalent ticket value of similar fares as those used to \n\n55"}
{"_id": "Southwest-2017_64.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nprice basis, of any undelivered element remaining at the date of contract modification\\. The relative selling price of the undelivered element (air transportation) was lower than the rate at which it had been deferred under the previous contract and the Company recorded a one\\-time, non\\-cash adjustment to decrease frequent flyer deferred revenue and increase revenue through the recording of a Special revenue adjustment of $172 million during 2015\\. In addition, 2015, 2016, and 2017 Operating revenues increased year\\-over\\-year by an estimated net $255 million, $544 million, and $544 million respectively, as a result of the amended Agreement with Chase and the resulting July 1, 2015, required change in accounting methodology\\. See Note 1 to the Consolidated Financial Statements for further information\\.\n\nUnder its current program, Southwest estimates the portion of frequent flyer points that will not be redeemed\\. In estimating spoilage, the Company takes into account the Member\u2019s past behavior, as well as several factors related to the Member\u2019s account that are expected to be indicative of the likelihood of future point redemption\\. These factors include, but are not limited to, tenure with program, points accrued in the program, and whether or not the customer has a co\\-branded credit card\\. During fourth quarter 2014, the Company obtained sufficient historical behavioral data to develop a predictive statistical model to analyze the amount of spoilage expected for points sold to business partners\\. The Company updates this model at least annually, and applies the new spoilage rates effective October 1st each year, or more frequently if required by changes in the business\\. The new spoilage rates applied in 2015, 2016, and 2017 did not have a material impact to Passenger revenues during 2015, 2016, or 2017\\. For the year ended December 31, 2017, based on actual redemptions of points sold to business partners, a hypothetical one percentage point change in the estimated spoilage rate would have resulted in a change to Passenger revenue of approximately $48 million (an increase in spoilage would have resulted in an increase in revenue and a decrease in spoilage would have resulted in a decrease in revenue)\\. Given that Member behavior will continue to develop as the program matures, the Company expects the current estimates may change in future periods\\. However, the Company believes its current estimates are reasonable given current facts and circumstances\\.\n\n***Goodwill and Other Intangible Assets***\n\nAs a result of the Company\u2019s acquisition of AirTran on May 2, 2011, the Company has reflected Goodwill on its Consolidated Balance Sheet in the amount of $970 million at December 31, 2017, the excess of the consideration transferred over the fair value of AirTran\u2019s assets and liabilities on the acquisition date\\. In addition, the Company's other intangible assets have a net carrying amount of approximately $413 million at December 31, 2017, of which $295 million related to indefinite\\-lived intangible assets\\. Indefinite\\-lived assets are not amortized and primarily consist of take\\-off and landing slots at certain domestic slot\\-controlled airports\\. Goodwill and indefinite\\-lived intangible assets are not amortized, but tested for impairment annually, as of October 1st, or more frequently if events or circumstances indicate that impairment may exist\\. \n\nThe Company applies a fair value based impairment test to the carrying value of goodwill and indefinite\\-lived intangible assets annually on October 1st, or more frequently if certain events or circumstances indicate that an impairment loss may have been incurred\\. The Company assesses the value of goodwill and indefinite\\-lived assets under either a qualitative or quantitative approach\\. Under a qualitative approach, the Company considers various market factors, including applicable key assumptions listed below\\. These factors are analyzed to determine if events and circumstances have affected the fair value of goodwill and indefinite\\-lived intangible assets\\. If the Company determines that it is more likely than not that an indefinite\\-lived intangible asset is impaired, the quantitative approach is used to assess the asset\u2019s fair value and the amount of the impairment\\. Under a quantitative approach, the fair value is calculated based on key assumptions listed below\\. If the asset\u2019s carrying value exceeds its fair value calculated using the quantitative approach, an impairment charge is recorded for the difference in fair value and carrying value\\.\n\nWhen performing a quantitative impairment assessment of goodwill and indefinite\\-lived intangible assets, fair value is estimated based on (i) recent market transactions, where available; (ii) projected discounted cash flows (an income approach); or (iii) a combination of limited market transactions and the lease savings method (which reflects potential annual after\\-tax lease savings arising from owning the slots rather than leasing them from another airline at market rates)\\.\n\nKey assumptions and/or estimates made in the Company\u2019s impairment tests include: (i) a projection of revenues, expenses, and cash flows; (ii) terminal period revenue growth and cash flows; (iii) an estimated weighted average cost \n\n65"}
{"_id": "AmericanAirlines-2017_33.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***Regional***\n\nAs of December 31, 2017, the fleet of our wholly\\-owned and third\\-party regional carriers operating as American Eagle consisted of the following aircraft:\n\n\n\n|                          |                                         |           |            |                                                                          |           |                                           |                                                                  |\n| ------------------------ | --------------------------------------- | --------- | ---------- | ------------------------------------------------------------------------ | --------- | ----------------------------------------- | ---------------------------------------------------------------- |\n|                          | **Average Seating**<br><br>**Capacity** | **Owned** | **Leased** | **Owned or**<br><br>**Leased by**<br><br>**Regional**<br><br>**Carrier** | **Total** | **Operating Regional**<br><br>**Carrier** | **Number of**<br><br>**Aircraft**<br><br>**Operated**  **^(1)^** |\n| Bombardier CRJ 200       | 50                                      | 12        | 23         | 33                                                                       | 68        | PSA                                       | 35                                                               |\n|                          |                                         |           |            |                                                                          |           | Air Wisconsin  ^(2)^                      | 23                                                               |\n|                          |                                         |           |            |                                                                          |           | SkyWest                                   | 10                                                               |\n|                          |                                         |           |            |                                                                          |           | Total                                     | 68                                                               |\n| Bombardier CRJ 700       | 66                                      | 54        | 7          | 49                                                                       | 110       | SkyWest                                   | 37                                                               |\n|                          |                                         |           |            |                                                                          |           | PSA                                       | 34                                                               |\n|                          |                                         |           |            |                                                                          |           | Envoy                                     | 27                                                               |\n|                          |                                         |           |            |                                                                          |           | ExpressJet                                | 12                                                               |\n|                          |                                         |           |            |                                                                          |           | Total                                     | 110                                                              |\n| Bombardier CRJ 900       | 77                                      | 54        | \u2014          | 64                                                                       | 118       | Mesa                                      | 64                                                               |\n|                          |                                         |           |            |                                                                          |           | PSA                                       | 54                                                               |\n|                          |                                         |           |            |                                                                          |           | Total                                     | 118                                                              |\n| De Havilland Dash 8\\-100 | 37                                      | 3         | \u2014          | \u2014                                                                        | 3         | Piedmont                                  | 3                                                                |\n| De Havilland Dash 8\\-300 | 48                                      | \u2014         | 11         | \u2014                                                                        | 11        | Piedmont                                  | 11                                                               |\n| Embraer E175             | 76                                      | 64        | \u2014          | 84                                                                       | 148       | Republic                                  | 84                                                               |\n|                          |                                         |           |            |                                                                          |           | Envoy                                     | 44                                                               |\n|                          |                                         |           |            |                                                                          |           | Compass                                   | 20                                                               |\n|                          |                                         |           |            |                                                                          |           | Total                                     | 148                                                              |\n| Embraer ERJ 140          | 44                                      | 21        | \u2014          | \u2014                                                                        | 21        | Envoy                                     | 21                                                               |\n| Embraer ERJ 145          | 50                                      | 118       | \u2014          | \u2014                                                                        | 118       | Envoy                                     | 68                                                               |\n|                          |                                         |           |            |                                                                          |           | Piedmont                                  | 35                                                               |\n|                          |                                         |           |            |                                                                          |           | Trans States                              | 15                                                               |\n|                          |                                         |           |            |                                                                          |           | Total                                     | 118                                                              |\n| Total                    |                                         | 326       | 41         | 230                                                                      | 597       |                                           | 597                                                              |\n\n\n\n\n\n|       |                                                                                                                                                                                                                     |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Excluded from the total operating aircraft count above are  38  owned Embraer ERJ 140s that are being held in temporary storage and two Embraer E170s that were operated by Republic under a short\\-term contract\\. |\n\n\n\n\n\n|       |                                                                                                                    |\n| ----- | ------------------------------------------------------------------------------------------------------------------ |\n| ^(2)^ | Air Wisconsin previously operated regional jet aircraft for us; however, this arrangement ended in February 2018\\. |\n\n\n\nSee Note 11 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 9 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on our capacity purchase agreements with third\\-party regional carriers\\.\n\n34"}
{"_id": "United-2017_19.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n***Our significant investments in airlines in other parts of the world and the commercial relationships that we have with those carriers may not produce the returns or results we expect\\.*** \n\nAn important part of our strategy to expand our global network includes making significant investments in airlines in other parts of the world and expanding our commercial relationships with these carriers\\. In 2015, we made a $100 million investment in Azul Linhas A\u00e9reas Brasileiras S\\.A\\. (\u201cAzul\u201d) and enhanced our commercial arrangements with Azul\\. We expect to continue exploring similar non\\-controlling investments in, and entering into joint ventures, commercial agreements, loan transactions and strategic alliances with, other carriers as part of our global business strategy\\. These transactions and relationships (including our strategic partnership with, and investment in, Azul) involve significant challenges and risks, including that we may not realize a satisfactory return on our investment, that we may not receive repayment of invested funds, that they may distract management from our operations or that they may not generate the expected revenue synergies\\. These events could have a material adverse effect on our operating results or financial condition\\.\n\nIn addition, we are dependent on these other carriers for significant aspects of our network in the regions in which they operate\\. While we work closely with these carriers, we do not have control over their operations or business methods\\. We may be subject to consequences from any improper behavior of joint venture partners, including for failure to comply with anti\\-corruption laws such as the U\\.S\\. Foreign Corrupt Practices Act\\. Furthermore, our relationships with these carriers may be subject to the laws and regulations of non\\-U\\.S\\. jurisdictions in which these carriers are located or conduct business\\. Any political or regulatory change in these jurisdictions that negatively impact or prohibit our arrangements with these carriers could have an adverse effect on our results of operations or financial condition\\. To the extent that the operations of any of these carriers are disrupted over an extended period of time or their actions subject us to the consequences of failure to comply with laws and regulations, our results of operations may be adversely affected\\.\n\n\n\n|                |                                  |\n| -------------- | -------------------------------- |\n|  **ITEM 1B\\.** | **UNRESOLVED STAFF COMMENTS\\.**  |\n\n\n\nNone\\.\n\n20"}
{"_id": "AmericanAirlines-2018_11.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nOur ability to provide service can also be impaired at airports, such as ORD in Chicago and Los Angeles International Airport (LAX), where the airport gate and other facilities are currently inadequate to accommodate all of the service that we would like to provide\\.\n\nExisting law also permits domestic local airport authorities to implement procedures and impose restrictions designed to abate noise, provided such procedures and restrictions do not unreasonably interfere with interstate or foreign commerce or the national transportation system\\. In some instances, these restrictions have caused curtailments in service or increases in operating costs\\.\n\n***Airline Fares, Taxes and User Fees***\n\nAirlines are permitted to establish their own domestic fares without governmental regulation\\. The DOT maintains authority over certain international fares, rates and charges, but applies this authority on a limited basis\\. In addition, international fares and rates are sometimes subject to the jurisdiction of the governments of the foreign countries which we serve\\.\n\nAirlines are obligated to collect a federal excise tax, commonly referred to as the \u201cticket tax,\u201d on domestic and international air transportation, and to collect other taxes and charge other fees, such as foreign taxes, security fees and passenger facility charges\\. Although these taxes and fees are not our operating expenses, they represent an additional cost to our customers\\. These taxes and fees are subject to increase from time to time\\.\n\n***DOT Passenger Protection Rules***\n\nThe DOT regulates airline interactions with passengers through the ticketing process, at the airport and on board the aircraft\\. Among other things, these regulations govern how our fares are displayed online, required customer disclosures, access by disabled passengers, handling of long onboard flight delays and reporting of mishandled bags\\. In addition, the DOT is likely to issue a regulation in 2019 that would require air carriers to refund checked bag fees in the event of certain delays in delivery\\.\n\n***International***\n\nInternational air transportation is subject to extensive government regulation, including aviation agreements between the U\\.S\\. and other countries or governmental authorities, such as the EU\\. Moreover, alliances with international carriers may be subject to the jurisdiction and regulations of various foreign agencies\\. The U\\.S\\. government has negotiated \u201copen skies\u201d agreements with over 120 countries, which allow unrestricted route authority access between the U\\.S\\. and the foreign markets\\. While the U\\.S\\. has worked to increase the number of countries with which open skies agreements are in effect, a number of markets important to us, including China, do not have open skies agreements\\.\n\nIn addition, foreign countries impose passenger protection rules, which are analogous to, and often meet or exceed the requirements of, the DOT passenger protection rules discussed above\\. In cases where these foreign requirements exceed the DOT rules, we may bear additional burdens and liabilities\\. Further, various foreign airport authorities impose noise restrictions at their local airports\\.\n\n***Security***\n\nSince shortly after the events of September 11, 2001, substantially all aspects of civil aviation security in the U\\.S\\. or affecting U\\.S\\. carriers have been controlled or regulated by the federal government through the Transportation Security Administration (TSA)\\. Requirements include flight deck security; carriage of federal air marshals at no charge; enhanced security screening of passengers, baggage, cargo, mail, employees and vendors; fingerprint\\-based background checks of all employees and vendor employees with access to secure areas of airports; and the provision of certain passenger data to the federal government and other international border security authorities, for security and immigration controls\\. Funding for the TSA is provided by a combination of air carrier fees, passenger fees and taxpayer funds\\. Customs and Border Protection, which, like the TSA, is part of the Department of Homeland Security (DHS), also promulgates requirements, performs services and collects fees that impact our provision of services\\. Additionally, we have at times found it necessary or desirable to make significant expenditures to comply with security\\-related requirements while seeking to reduce their impact on our customers, such as expenditures for automated security screening lines at airports\\. Our international service further requires us to comply with the civil aviation security regimes imposed at the foreign airports we serve\\. \n\n12"}
{"_id": "Delta-2018_35.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nPassenger revenues related to our international regions  increased  0\\.5%  year\\-over\\-year primarily due to strength in the Atlantic and Latin America regions, partially offset by revenue declines in the Pacific\\. During 2017, we continued to expand our branded fare products offered throughout the international regions\\.\n\nThe Atlantic region closed 2017 with three consecutive quarters of year\\-over\\-year unit revenue growth on strong business class bookings\\. We continued to leverage our alliance partners' hub positions in Europe's leading business markets of Amsterdam, London and Paris to increase the volume of U\\.S\\. point\\-of\\-sale traffic\\. The U\\.K\\. was particularly robust, with unit revenue growth throughout 2017, including double\\-digit growth in the second half of 2017\\. During the year, we expanded our Basic Economy product to mitigate the impact of ultra\\-low cost carrier capacity increases\\.\n\nUnit revenues increased in Latin America principally resulting from unit revenue improvement in Brazil, related to both improved traffic and higher fares\\. This improvement was driven by the strengthening of the Brazilian economy and additional connectivity for our customers provided by our relationship with GOL\\. Increased leisure traffic to Mexico and the Caribbean, and the incremental value provided by our alliance with Aerom\u00e9xico also contributed to the Latin America unit revenue improvement\\. Although unit revenue improved in the Caribbean, hurricane damage in several markets during 2017 resulted in temporary service adjustments\\. Finally, we continued to differentiate our product offerings, including expanding Basic Economy and selling Comfort\\+ as a separate fare product in Latin America\\.\n\nUnit revenue declines in the Pacific primarily resulted from industry capacity growth in the region\\. We continued to optimize the Pacific region with a  7\\.7%  reduction in capacity during 2017, focused on refining the network to generate incremental value from our Chinese and Korean alliances and differentiating our product offerings, including expanding Basic Economy and selling Comfort\\+ as a separate fare product\\. During 2017, we reached an agreement to create a transpacific joint venture with Korean Air, offering an enhanced and expanded network, industry\\-leading products and service, and a seamless customer experience between the U\\.S\\. and Asia\\. We also retired our last B\\-747\\-400 and introduced our new A350\\-900 with Delta One suites and the Delta Premium Select cabin on routes from Detroit to Tokyo\\-Narita and Seoul\\-Incheon, resulting in improvements in both profitability and customer feedback\\. These efforts began to show results as the Pacific returned to positive PRASM growth during the December 2017 quarter for the first time in more than four years\\.\n\nOther Revenue\n\n\n\n|                                   |                             |                             |              |                |\n| --------------------------------- | --------------------------- | --------------------------- | ------------ | -------------- |\n|                                   | **Year Ended December 31,** | **Year Ended December 31,** | **Increase** | **% Increase** |\n| **(in millions)**                 | **2017**                    | **2016**                    | **Increase** | **% Increase** |\n| Ancillary businesses and refinery | $1,591                      | $1,293                      | $298         | 23\\.0%         |\n| Loyalty program                   | 1,269                       | 1,110                       | 159          | 14\\.3%         |\n| Miscellaneous                     | 587                         | 549                         | 38           | 6\\.9%          |\n| Total other revenue               | $3,447                      | $2,952                      | $495         | 16\\.8%         |\n\n\n\nAncillary Businesses and Refinery\\.  Ancillary businesses and refinery includes aircraft maintenance and staffing services provided to third parties, our vacation wholesale operations, our private jet operations and refinery sales to third parties\\.  The increase in ancillary businesses and refinery primarily resulted from $268 million of additional refinery sales to third parties\\.\n\nLoyalty Program\\.  Loyalty program revenues relate to brand usage by third parties and other performance obligations embedded in mileage credits sold, including redemption of mileage credits for non\\-travel awards\\.  Loyalty program revenues increased compared to 2016 related to growth in our co\\-brand credit card relationship with American Express\\.\n\nMiscellaneous\\.  Miscellaneous revenue is primarily composed of lounge access and codeshare revenues\\. \n\n 33"}
{"_id": "AmericanAirlines-2019_38.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAircraft and Engine Purchase Commitments\n\nAs of  December 31, 2019 , we had definitive purchase agreements with Airbus, Boeing, Embraer and Bombardier for the acquisition of the following mainline and regional aircraft  ^(1)^ :\n\n\n\n|                       |          |          |          |          |          |                         |           |\n| --------------------- | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                       | **2020** | **2021** | **2022** | **2023** | **2024** | **2025 and Thereafter** | **Total** |\n| **Airbus**            |          |          |          |          |          |                         |           |\n| A320neo Family  ^(2)^ | 18       | 15       | 25       | 8        | 22       | 20                      | 108       |\n| **Boeing**            |          |          |          |          |          |                         |           |\n| 737 MAX Family  ^(3)^ | 22       | 14       | \u2014        | \u2014        | \u2014        | 40                      | 76        |\n| 787 Family            | 12       | 10       | \u2014        | 6        | 6        | 13                      | 47        |\n| **Embraer**           |          |          |          |          |          |                         |           |\n| E175                  | 14       | \u2014        | \u2014        | \u2014        | \u2014        | \u2014                       | 14        |\n| **Bombardier**        |          |          |          |          |          |                         |           |\n| CRJ900                | 3        | \u2014        | \u2014        | \u2014        | \u2014        | \u2014                       | 3         |\n| Total                 | 69       | 39       | 25       | 14       | 28       | 73                      | 248       |\n\n\n\n\n\n|       |                                                                                                                                                                                                               |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Delivery schedule represents our best estimate as of the date of this report\\. Actual delivery dates are subject to change based on many potential factors including production delays by the manufacturer\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(2)^ | In October 2019, the Office of the U\\.S\\. Trade Representative announced a 10% tariff on new Airbus aircraft imported from Europe\\. Effective March 18, 2020, this tariff rate will increase to 15%\\. We are evaluating the impact of this tariff on our future Airbus deliveries\\. See Part I, Item 1A\\. Risk Factors \\- \u201c *We operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control\\.* \u201d |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | On March 13, 2019, a directive from the FAA grounded all U\\.S\\.\\-registered Boeing 737 MAX aircraft\\. We currently have 76 Boeing 737 MAX Family aircraft on order and we have not taken delivery of any Boeing 737 MAX Family aircraft since the grounding\\. The extent of the delay to the scheduled deliveries of the Boeing 737 MAX aircraft included in the table above is expected to be impacted by the length of time the FAA order remains in place, Boeing's production rate and the pace at which Boeing can deliver aircraft following the lifting of the FAA order, among other factors\\. The above table reflects our estimate of future Boeing 737 MAX aircraft deliveries based on information currently available to us; however, the actual delivery schedule may differ from the table above, potentially materially\\. |\n\n\n\nWe also have agreements for  34  spare engines to be delivered in  2020  and beyond\\.\n\nWe currently have financing commitments in place for all aircraft on order and scheduled to be delivered through  May 2020 \\. Our ability to draw on the financing commitments we have in place is subject to the satisfaction of various terms and conditions, including in some cases, on our acquisition of the aircraft by a certain date\\. We do not have financing commitments in place for  four  aircraft scheduled to be delivered in  2020 :  two  Airbus A320neo Family aircraft and  two  Boeing 737 MAX Family aircraft\\. We also do not have financing commitments in place for any of the aircraft scheduled to be delivered beyond 2020, except for 10 Boeing 787 Family aircraft scheduled to be delivered in 2021\\. See Part I, Item 1A\\. Risk Factors \u2013 \u201cWe will need to obtain sufficient financing or other capital to operate successfully\u201d  for additional discussion\\.\n\nSee Note 12 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 10 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on aircraft and engine acquisition commitments\\.\n\n39"}
{"_id": "United-2017_69.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nIn 2017, the Company retired 25 million treasury shares that were originally acquired at an average cost of approximately $63 per share\\.\n\nAt December 31, 2017, approximately 10 million shares of UAL\u2019s common stock were reserved for future issuance related to the issuance of equity\\-based awards under the Company\u2019s incentive compensation plans\\.\n\nAs of December 31, 2017, UAL had two shares of junior preferred stock (par value $0\\.01 per share) outstanding\\. In addition, UAL is authorized to issue 250 million shares of preferred stock (without par value) under UAL\u2019s amended and restated certificate of incorporation\\.\n\n**NOTE 4 \\- EARNINGS PER SHARE** \n\nThe computations of UAL\u2019s basic and diluted earnings per share are set forth below for the years ended December 31 (in millions, except per share amounts):\n\n\n\n|                                              |            |            |            |\n|:-------------------------------------------- | ----------:| ----------:| ----------:|\n|                                              |  **2017**  |  **2016**  |  **2015**  |\n| Earnings available to common stockholders    |    $2,131  |    $2,263  |    $7,340  |\n| Basic weighted\\-average shares outstanding   |    302\\.7  |    329\\.9  |    376\\.1  |\n| Effect of convertible notes                  |         \u2014  |         \u2014  |      0\\.3  |\n| Effect of employee stock awards              |      0\\.9  |      0\\.4  |      0\\.5  |\n| Diluted weighted\\-average shares outstanding |    303\\.6  |    330\\.3  |    376\\.9  |\n| Earnings per share, basic                    |    $7\\.04  |    $6\\.86  |   $19\\.52  |\n| Earnings per share, diluted                  |    $7\\.02  |    $6\\.85  |   $19\\.47  |\n\n\n\nThe number of antidilutive securities excluded from the computation of diluted earnings per share amounts was not material\\.\n\n**NOTE 5 \\- SHARE\\-BASED COMPENSATION PLANS** \n\nUAL maintains several share\\-based compensation plans\\. In May 2017, UAL\u2019s Board of Directors and stockholders approved the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan (the \u201c2017 Plan\u201d)\\. The 2017 Plan is an incentive compensation plan that allows the Company to use different forms of long\\-term equity incentives to attract, retain, and reward officers and employees (including prospective officers and employees)\\. The 2017 Plan replaced the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (the \u201c2008 Plan\u201d)\\. Any awards granted under the 2008 Plan prior to the approval of the 2017 Plan remain in effect pursuant to their terms\\. Awards may not be granted under the 2017 Plan after May 24, 2027\\. Under the 2017 Plan, the Company may grant: non\\-qualified stock options, incentive stock options (within the meaning of Section 422 of the Internal Revenue Code of 1986), stock appreciation rights, restricted shares, RSUs, performance compensation awards, performance units, cash incentive awards, other equity\\-based and equity\\-related awards, and dividends and dividend equivalents\\.\n\nAll awards are recorded as either equity or a liability in the Company\u2019s consolidated balance sheets\\. The share\\-based compensation expense is recorded in salaries and related costs\\.\n\nDuring 2017, UAL granted share\\-based compensation awards pursuant to both the 2008 Plan and the 2017 Plan\\. These share\\-based compensation awards include approximately 1\\.6 million RSUs, consisting of 1\\.0 million time\\-vested RSUs and 0\\.6 million performance\\-based RSUs, and approximately 36,000 stock options\\. The time\\-vested RSUs vest pro\\-rata, a majority of which vest on February 28th of each year over a three year period from the date\n\n70"}
{"_id": "AmericanAirlines-2019_19.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nof alternative reference rates in the United Kingdom, the United States or elsewhere\\. See also the discussion of interest rate risk in Part II, Item 7A\\. Quantitative and Qualitative Disclosures About Market Risk \u2013  \u201cInterest\\.\u201d\n\nWe may in the future pursue amendments to our LIBOR\\-based debt transactions to provide for a transaction mechanism or other reference rate in anticipation of LIBOR\u2019s discontinuation, but we may not be able to reach agreement with our lenders on any such amendments\\. As of  December 31, 2019 , we had  $9\\.6 billion  of borrowings based on LIBOR\\. The replacement of LIBOR with a comparable or successor rate could cause the amount of interest payable on our long\\-term debt to be different or higher than expected\\.\n\nWe will need to obtain sufficient financing or other capital to operate successfully\\.\n\nOur business plan contemplates continued significant investments related to modernizing our fleet, improving the experience of our customers and updating our facilities\\. Significant capital resources will be required to execute this plan\\. We estimate that, based on our commitments as of  December 31, 2019 , our planned aggregate expenditures for aircraft purchase commitments and certain engines on a consolidated basis for calendar years  2020 \\- 2024  would be approximately  $8\\.1 billion \\. We may also require financing to refinance maturing obligations and to provide liquidity to fund other corporate requirements\\. Accordingly, we will need substantial financing or other capital resources to finance such aircraft and engines and meet such other liquidity needs\\. If we are unable to arrange such financing at customary advance rates and on terms and conditions acceptable to us, we may need to use cash from operations or cash on hand to purchase such aircraft and engines or may seek to negotiate deferrals for such aircraft and engines with the applicable aircraft and engine manufacturers or otherwise defer corporate obligations\\. Depending on numerous factors applicable at the time we seek capital, many of which are out of our control, such as the state of the domestic and global economies, the capital and credit markets\u2019 view of our prospects and the airline industry in general, and the general availability of debt and equity capital, the financing or other capital resources that we will need may not be available to us, or may be available only on onerous terms and conditions\\. There can be no assurance that we will be successful in obtaining financing or other needed sources of capital to operate successfully\\. An inability to obtain necessary financing on acceptable terms would have a material adverse impact on our business, results of operations and financial condition\\.\n\nThe loss of key personnel upon whom we depend to operate our business or the inability to attract additional qualified personnel could adversely affect our business\\.\n\nWe believe that our future success will depend in large part on our ability to retain or attract highly qualified management, technical and other personnel\\. We may not be successful in retaining key personnel or in attracting other highly qualified personnel\\. Any inability to retain or attract significant numbers of qualified management and other personnel would have a material adverse effect on our business, results of operations and financial condition\\.\n\nUnion disputes, employee strikes and other labor\\-related disruptions, or our inability to otherwise maintain labor costs at competitive levels may adversely affect our operations and financial performance\\.\n\nRelations between air carriers and labor unions in the U\\.S\\. are governed by the RLA\\. Under the RLA, CBAs generally contain \u201camendable dates\u201d rather than expiration dates, and the RLA requires that a carrier maintain the existing terms and conditions of employment following the amendable date through a multi\\-stage and usually lengthy series of bargaining processes overseen by the NMB\\. For the dates that the CBAs with our major work groups become amendable under the RLA, see Part I, Item 1\\. Business \u2013  \u201cEmployees and Labor Relations \\.\u201d\n\nIn the case of a CBA that is amendable under the RLA, if no agreement is reached during direct negotiations between the parties, either party may request that the NMB appoint a federal mediator\\. The RLA prescribes no timetable for the direct negotiation and mediation processes, and it is not unusual for those processes to last for many months or even several years\\. If no agreement is reached in mediation, the NMB in its discretion may declare that an impasse exists and proffer binding arbitration to the parties\\. Either party may decline to submit to arbitration, and if arbitration is rejected by either party, a 30\\-day \u201ccooling off\u201d period commences\\. During or after that period, a PEB may be established, which examines the parties\u2019 positions and recommends a solution\\. The PEB process lasts for 30 days and is followed by another 30\\-day \u201ccooling off\u201d period\\. At the end of this \u201ccooling off\u201d period, unless an agreement is reached or action is taken by Congress, the labor organization may exercise \u201cself\\-help,\u201d such as a strike, which could materially adversely affect our business, results of operations and financial condition\\.\n\nNone of the unions representing our employees presently may lawfully engage in concerted slowdowns or refusals to work, such as strikes, sick\\-outs or other similar activity, against us\\. Nonetheless, there is a risk that employees, either with or without union involvement, could engage in one or more concerted refusals to work that could individually or collectively harm the operation of our airline and impair our financial performance\\. For example, last year we initiated litigation and obtained a permanent injunction after the unions representing our mechanics and other ground workers \n\n20"}
{"_id": "AmericanAirlines-2019_150.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nOn March 13, 2019, a directive from the Federal Aviation Administration (FAA) grounded all U\\.S\\.\\-registered Boeing 737 MAX aircraft\\. American currently has   76  Boeing 737 MAX Family aircraft on order and American has not taken delivery of any Boeing 737 MAX Family aircraft since the grounding\\. The extent of the delay to the scheduled deliveries of the Boeing 737 MAX aircraft is expected to be impacted by the length of time the FAA order remains in place, Boeing's production rate and the pace at which Boeing can deliver aircraft following the lifting of the FAA order, among other factors\\. Due to uncertainty surrounding the timing of delivery of certain aircraft, the amounts in the table represent American\u2019s current best estimate, including with respect to the delivery of Boeing 737 MAX aircraft; however, the actual delivery schedule may differ from the table above, potentially materially\\.\n\nThe amounts in the table exclude   22  787\\-8 aircraft to be delivered in 2020 and 2021 for which Boeing has committed to provide sale\\-leaseback financing (in the form of operating leases)\\. See Note 4 for information regarding this operating lease commitment\\.\n\nAdditionally, American has purchase commitments related to aircraft fuel, construction projects and information technology support as follows (approximately):   $3\\.5 billion  in  2020 ,   $3\\.5 billion  in  2021 ,   $1\\.3 billion  in  2022 ,   $130 million  in  2023 ,   $81 million  in  2024  and   $77 million  in  2025 and thereafter \\.\n\n(b) Capacity Purchase Agreements with Third\\-Party Regional Carriers\n\nAmerican has capacity purchase agreements with third\\-party regional carriers\\. The capacity purchase agreements provide that all revenues, including passenger, in\\-flight, ancillary, mail and freight revenues, go to American\\. American controls marketing, scheduling, ticketing, pricing and seat inventories\\. In return, American agrees to pay predetermined fees to these airlines for operating an agreed\\-upon number of aircraft, without regard to the number of passengers on board\\. In addition, these agreements provide that American either reimburses or pays   100%  of certain variable costs, such as airport landing fees, fuel and passenger liability insurance\\. \n\nAs of  December 31, 2019 , American\u2019s capacity purchase agreements with third\\-party regional carriers had expiration dates ranging from  2020  to  2032 , with rights of American to extend the respective terms of certain agreements\\.\n\nAs of  December 31, 2019 , American\u2019s minimum obligations under its capacity purchase agreements with third\\-party regional carriers are as follows (approximately, in millions):\n\n\n\n|                                                                                                   |          |          |          |          |          |                         |           |\n| ------------------------------------------------------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                                                                                                   | **2020** | **2021** | **2022** | **2023** | **2024** | **2025 and Thereafter** | **Total** |\n| Minimum obligations under capacity purchase agreements with third\\-party regional carriers  ^(1)^ | $1,115   | $1,185   | $1,126   | $1,077   | $1,077   | $3,402                  | $8,982    |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Represents minimum payments under capacity purchase agreements with third\\-party regional carriers, which are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American\u2019s actual payments could differ materially\\. Excludes payments for the lease of certain aircraft under capacity purchase agreements, which are reflected in the operating lease obligations in Note 4\\.  |\n\n\n\n(c) Airport Redevelopment\n\nLos Angeles International Airport (LAX)\n\nIn  2018 , American executed a lease agreement with Los Angeles World Airports (LAWA), which owns and operates LAX, in connection with a   $1\\.6 billion  modernization project related to LAX Terminals 4 and 5\\. Construction will occur in a phased approach, which started in October 2018 and is expected to be completed in 2028\\. The modernization project will include a unified departure hall to combine the entranceway of Terminals 4 and 5, reconfigured ticket counter and check\\-in areas with seamless access to security screening areas,   16  security screening lanes with automated technology and upgraded amenities at gate areas\\. The project will also include renovated break rooms, multi\\-use meeting rooms and team gathering spaces throughout the terminals to support American\u2019s team members at LAX\\.\n\nAmerican is managing this project and has legal title to the assets during their construction\\. As each phase is completed, the assets will be sold and transferred to LAWA, including the site improvements and non\\-proprietary improvements\\. As American controls the assets during construction, they are recognized on its balance sheet until legal title has transferred\\. For  2019 , American incurred approximately   $98 million  in costs relating to the LAX modernization project, which are included within operating property and equipment on its consolidated balance sheet as of  December 31, 2019 \\.\n\n151"}
{"_id": "Southwest-2018_116.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n/s/ Ernst & Young LLP\n\nDallas, Texas\n\nFebruary 5, 2019\n\n117"}
{"_id": "Delta-2017_58.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Statements of Stockholders' Equity \n\n\n\n|                                                                                                                                                                |                  |                  |                                      |                             |                                                    |                    |                        |                 |\n| -------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- | ------------------------------------ | --------------------------- | -------------------------------------------------- | ------------------ | ---------------------- | --------------- |\n|                                                                                                                                                                | **Common Stock** | **Common Stock** | **Additional  <br>Paid\\-In Capital** |  **Retained  <br>Earnings** | **Accumulated  <br>Other  <br>Comprehensive Loss** | **Treasury Stock** | **Treasury Stock**     |                 |\n| **(in millions, except per share data)**                                                                                                                       | **Shares**       | **Amount**       | **Additional  <br>Paid\\-In Capital** |  **Retained  <br>Earnings** | **Accumulated  <br>Other  <br>Comprehensive Loss** | **Shares**         | **Amount**             | **Total**       |\n| Balance at January 1, 2015                                                                                                                                     | 845              | $\u2014               | $13,621                              | $2,816                      | $<br><br>(7,311<br><br>)                           | 20                 | $<br><br>(313<br><br>) | $8,813          |\n| Net income                                                                                                                                                     | \u2014                | \u2014                | \u2014                                    | 4,526                       | \u2014                                                  | \u2014                  | \u2014                      | 4,526           |\n| Dividends declared                                                                                                                                             | \u2014                | \u2014                | \u2014                                    | (359<br><br>)               | \u2014                                                  | \u2014                  | \u2014                      | (359<br><br>)   |\n| Other comprehensive income                                                                                                                                     | \u2014                | \u2014                | \u2014                                    | \u2014                           | 36                                                 | \u2014                  | \u2014                      | 36              |\n| Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $46\\.83 ^(1)^  per share) | 1                | \u2014                | 76                                   | \u2014                           | \u2014                                                  | 1                  | (60<br><br>)           | 16              |\n| Stock options exercised                                                                                                                                        | 2                | \u2014                | 18                                   | \u2014                           | \u2014                                                  | \u2014                  | \u2014                      | 18              |\n| Stock purchased and retired                                                                                                                                    | (48<br><br>)     | \u2014                | (779<br><br>)                        | (1,421<br><br>)             | \u2014                                                  | \u2014                  | \u2014                      | (2,200<br><br>) |\n| Balance at December 31, 2015                                                                                                                                   | 800              | \u2014                | 12,936                               | 5,562                       | (7,275<br><br>)                                    | 21                 | (373<br><br>)          | 10,850          |\n| Net income                                                                                                                                                     | \u2014                | \u2014                | \u2014                                    | 4,373                       | \u2014                                                  | \u2014                  | \u2014                      | 4,373           |\n| Change in accounting principle                                                                                                                                 | \u2014                | \u2014                | \u2014                                    | 95                          | \u2014                                                  | \u2014                  | \u2014                      | 95              |\n| Dividends declared                                                                                                                                             | \u2014                | \u2014                | \u2014                                    | (509<br><br>)               | \u2014                                                  | \u2014                  | \u2014                      | (509<br><br>)   |\n| Other comprehensive loss                                                                                                                                       | \u2014                | \u2014                | \u2014                                    | \u2014                           | (361<br><br>)                                      | \u2014                  | \u2014                      | (361<br><br>)   |\n| Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $44\\.27 ^(1)^  per share) | 2                | \u2014                | 105                                  | \u2014                           | \u2014                                                  | 1                  | (40<br><br>)           | 65              |\n| Stock options exercised                                                                                                                                        | 3                | \u2014                | 32                                   | \u2014                           | \u2014                                                  | \u2014                  | \u2014                      | 32              |\n| Treasury stock, net, contributed to our qualified defined benefit pension plans                                                                                | \u2014                | \u2014                | 204                                  | \u2014                           | \u2014                                                  | (8<br><br>)        | 139                    | 343             |\n| Stock purchased and retired                                                                                                                                    | (60<br><br>)     | \u2014                | (983<br><br>)                        | (1,618<br><br>)             | \u2014                                                  | \u2014                  | \u2014                      | (2,601<br><br>) |\n| Balance at December 31, 2016                                                                                                                                   | 745              | \u2014                | 12,294                               | 7,903                       | (7,636<br><br>)                                    | 14                 | (274<br><br>)          | 12,287          |\n| Net income                                                                                                                                                     | \u2014                | \u2014                | \u2014                                    | 3,577                       | \u2014                                                  | \u2014                  | \u2014                      | 3,577           |\n| Dividends declared                                                                                                                                             | \u2014                | \u2014                | \u2014                                    | (731<br><br>)               | \u2014                                                  | \u2014                  | \u2014                      | (731<br><br>)   |\n| Other comprehensive income                                                                                                                                     | \u2014                | \u2014                | \u2014                                    | \u2014                           | 15                                                 | \u2014                  | \u2014                      | 15              |\n| Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $48\\.31 ^(1)^  per share) | 1                | \u2014                | 107                                  | \u2014                           | \u2014                                                  | 1                  | (39<br><br>)           | 68              |\n| Stock options exercised                                                                                                                                        | 2                | \u2014                | 28                                   | \u2014                           | \u2014                                                  | \u2014                  | \u2014                      | 28              |\n| Treasury stock, net, contributed to our qualified defined benefit pension plans                                                                                | \u2014                | \u2014                | 188                                  | \u2014                           | \u2014                                                  | (8<br><br>)        | 155                    | 343             |\n| Stock purchased and retired                                                                                                                                    | (33<br><br>)     | \u2014                | (564<br><br>)                        | (1,113<br><br>)             | \u2014                                                  | \u2014                  | \u2014                      | (1,677<br><br>) |\n| Balance at December 31, 2017                                                                                                                                   | 715              | $\u2014               | $12,053                              | $9,636                      | $<br><br>(7,621<br><br>)                           | 7                  | $<br><br>(158<br><br>) | $13,910         |\n\n\n\n\n\n|       |                                   |\n| ----- | --------------------------------- |\n| ^(1)^ | Weighted average price per share  |\n\n\n\nThe accompanying notes are an integral part of these Consolidated Financial Statements\\.\n\n 54"}
{"_id": "Delta-2017_94.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nThe Board of Directors and Stockholders of \n\nDelta Air Lines, Inc\\.\n\nOpinion on Internal Control over Financial Reporting\n\nWe have audited Delta Air Lines, Inc\\.\u2019s internal control over financial reporting as of  December 31, 2017 , based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria)\\. In our opinion, Delta Air Lines, Inc\\. (the Company) maintained, in all material respects, effective internal control over financial reporting as of  December 31, 2017 , based on  the COSO criteria \\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of  December 31, 2017  and  2016 ,  and the related consolidated statements of operations, comprehensive income, cash flows and stockholders\u2019 equity for each of the three years in the period ended  December 31, 2017 , and the related notes and our report dated  February 23, 2018  expressed an unqualified opinion thereon\\.\n\nBasis for Opinion\n\nThe Company\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management\u2019s Annual Report on Internal Control Over Financial Reporting\\. Our responsibility is to express an opinion on the Company\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. \n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\nDefinition and Limitation of Internal Control Over Financial Reporting\n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n\n\n|                   |                       |\n| ----------------- | --------------------- |\n| Atlanta, Georgia  | /s/ Ernst & Young LLP |\n| February 23, 2018 |                       |\n\n\n\n 90"}
{"_id": "Southwest-2017_110.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\ninadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n/s/ Ernst & Young LLP\n\nDallas, Texas\n\nFebruary 7, 2018\n\n111"}
{"_id": "United-2017_122.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|            |                 |                                                                                                                                                                                                                                                                                                                                                                 |\n| ----------:|:--------------- |:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*^10\\.134 | UAL  <br>United | [Supplemental Agreement No\\. 41 to Purchase Agreement No\\. 1951, dated June 1, 2007 (filed as Exhibit 10\\.1 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2007, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968707000040/fexhibit101.htm)                       |\n| \\*^10\\.135 | UAL  <br>United | [Supplemental Agreement No\\. 42 to Purchase Agreement No\\. 1951, dated June 12, 2007 (filed as Exhibit 10\\.2 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2007, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968707000040/fexhibit102.htm)                      |\n| \\*^10\\.136 | UAL  <br>United | [Supplemental Agreement No\\. 43 to Purchase Agreement No\\. 1951, dated July 18, 2007 (filed as Exhibit 10\\.1 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 2007, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968707000049/f3rd10qfileexh101.htm)           |\n| \\*^10\\.137 | UAL  <br>United | [Supplemental Agreement No\\. 44 to Purchase Agreement No\\. 1951, dated December 7, 2007 (filed as Exhibit 10\\.21(as) to Continental\u2019s Form  10\\-K for the year ended December 31, 2007, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968708000009/f200710kexh1021as.htm)       |\n| \\*^10\\.138 | UAL  <br>United | [Supplemental Agreement No\\. 45 to Purchase Agreement No\\. 1951, dated February 20, 2008 (filed as Exhibit 10\\.2 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 2008, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968708000020/f1st10qfileexh102.htm)           |\n| \\*^10\\.139 | UAL  <br>United | [Supplemental Agreement No\\. 46 to Purchase Agreement No\\. 1951, dated June 25, 2008 (filed as Exhibit 10\\.5 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2008, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968708000040/f2nd10qfileexh105.htm)                |\n| \\*^10\\.140 | UAL  <br>United | [Supplemental Agreement No\\. 47 to Purchase Agreement No\\. 1951, dated October 30, 2008 (filed as Exhibit 10\\.21(av) to Continental\u2019s Form  10\\-K for the year ended December 31, 2008, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968709000008/f123108form10kexh1021av.htm) |\n| \\*^10\\.141 | UAL  <br>United | [Supplemental Agreement No\\. 48 to Purchase Agreement No\\. 1951, dated January 29, 2009 (filed as Exhibit 10\\.3 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2009, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968709000038/exhibit103.htm)                    |\n| \\*^10\\.142 | UAL  <br>United | [Supplemental Agreement No\\. 49 to Purchase Agreement No\\. 1951, dated May 1, 2009 (filed as Exhibit 10\\.4 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2009, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968709000038/exhibit104.htm)                         |\n| \\*^10\\.143 | UAL  <br>United | [Supplemental Agreement No\\. 50 to Purchase Agreement No\\. 1951, dated July 23, 2009 (filed as Exhibit 10\\.2 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 2009, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968709000050/fexhibit102.htm)                 |\n| \\*^10\\.144 | UAL  <br>United | [Supplemental Agreement No\\. 51 to Purchase Agreement No\\. 1951, dated August 5, 2009 (filed as Exhibit 10\\.3 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 2009, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968709000050/fexhibit103.htm)                |\n\n\n\n123"}
{"_id": "Delta-2019_76.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nNOTE 7\\. DEBT\n\nThe following table summarizes our debt: \n\n\n\n|                                                           |                                                           |                                                           |          |          |          |          |          |          |          |          |          |          |          |          |          |          |                                            |                                            |                                            |                                            |   |   |  |  |  |              |              |              |              |              |              |  |  |  |\n|:--------------------------------------------------------- |:--------------------------------------------------------- |:--------------------------------------------------------- |:--------:|:--------:|:--------:|:--------:|:--------:|:--------:|:--------:|:--------:|:--------:|:--------:|:--------:|:--------:|:--------:|:--------:|:------------------------------------------:|:------------------------------------------:| ------------------------------------------:| ------------------------------------------:| -:| -:|:- |:- |:- |:------------:|:------------:|:------------:|:------------:|:------------:|:------------:|:- |:- |:- |\n|                                                           |                                                           |                                                           | Maturity | Maturity | Maturity | Maturity | Maturity | Maturity | Maturity | Maturity | Maturity |          |          |          |          |          | Interest Rate(s)^(1)^<br><br> Per Annum at | Interest Rate(s)^(1)^<br><br> Per Annum at | Interest Rate(s)^(1)^<br><br> Per Annum at | Interest Rate(s)^(1)^<br><br> Per Annum at |   |   |  |  |  | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, |  |  |  |\n| (in millions)                                             | (in millions)                                             | (in millions)                                             |  Dates   |  Dates   |  Dates   |  Dates   |  Dates   |  Dates   |  Dates   |  Dates   |  Dates   |          |          |          |          |          |             December 31, 2019              |             December 31, 2019              |                          December 31, 2019 |                          December 31, 2019 |   |   |  |  |  |     2019     |     2019     |     2019     |     2018     |     2018     |     2018     |\n| Unsecured notes                                           | Unsecured notes                                           | Unsecured notes                                           |   2020   |   2020   |   2020   |    to    |    to    |    to    |   2029   |   2029   |   2029   | 2\\.60%   | 2\\.60%   |    to    |    to    |    to    |                  4\\.38%                    |                  4\\.38%                    |                                    $ 5,550 |                                    $ 4,050 |\n| Financing arrangements secured by aircraft:               | Financing arrangements secured by aircraft:               | Financing arrangements secured by aircraft:               |          |          |          |          |          |          |          |          |          |          |          |          |          |          |                                            |                                            |                                            |                                            |\n| Certificates^(2)^                                         | Certificates^(2)^                                         | Certificates^(2)^                                         |   2020   |   2020   |   2020   |    to    |    to    |    to    |   2027   |   2027   |   2027   | 3\\.20%   | 3\\.20%   |    to    |    to    |    to    |                  8\\.02%                    |                  8\\.02%                    |                                      1,669 |                                      1,837 |\n| Notes^(2)^                                                | Notes^(2)^                                                | Notes^(2)^                                                |   2020   |   2020   |   2020   |    to    |    to    |    to    |   2025   |   2025   |   2025   | 1\\.99%   | 1\\.99%   |    to    |    to    |    to    |                  6\\.08%                    |                  6\\.08%                    |                                      1,193 |                                      1,787 |\n| NYTDC Special Facilities Revenue Bonds, Series 2018^(2)^  | NYTDC Special Facilities Revenue Bonds, Series 2018^(2)^  | NYTDC Special Facilities Revenue Bonds, Series 2018^(2)^  |   2022   |   2022   |   2022   |    to    |    to    |    to    |   2036   |   2036   |   2036   | 4\\.00%   | 4\\.00%   |    to    |    to    |    to    |                  5\\.00%                    |                  5\\.00%                    |                                      1,383 |                                      1,383 |\n| Other financings^(2)(3)^                                  | Other financings^(2)(3)^                                  | Other financings^(2)(3)^                                  |   2021   |   2021   |   2021   |    to    |    to    |    to    |   2030   |   2030   |   2030   | 2\\.51%   | 2\\.51%   |    to    |    to    |    to    |                  8\\.75%                    |                  8\\.75%                    |                                        196 |                                        251 |\n| 2018 Unsecured Revolving Credit Facility                  | 2018 Unsecured Revolving Credit Facility                  | 2018 Unsecured Revolving Credit Facility                  |   2021   |   2021   |   2021   |    to    |    to    |    to    |   2023   |   2023   |   2023   | undrawn  | undrawn  | variable | variable | variable |                  variable                  |                  variable                  |                                            |                                          \u2014 | \u2014 | \u2014 |\n| Other revolving credit facilities                         | Other revolving credit facilities                         | Other revolving credit facilities                         |   2020   |   2020   |   2020   |    to    |    to    |    to    |   2021   |   2021   |   2021   | undrawn  | undrawn  | variable | variable | variable |                  variable                  |                  variable                  |                                            |                                          \u2014 | \u2014 | \u2014 |\n| Total secured and unsecured debt                          | Total secured and unsecured debt                          | Total secured and unsecured debt                          |          |          |          |          |          |          |          |          |          |          |          |          |          |          |                                            |                                            |                                      9,991 |                                      9,308 |\n| Unamortized premium and debt issuance cost, net and other | Unamortized premium and debt issuance cost, net and other | Unamortized premium and debt issuance cost, net and other |          |          |          |          |          |          |          |          |          |          |          |          |          |          |                                            |                                            |                                        115 |                                         60 |\n| Total debt                                                | Total debt                                                | Total debt                                                |          |          |          |          |          |          |          |          |          |          |          |          |          |          |                                            |                                            |                                     10,106 |                                      9,368 |\n| Less: current maturities                                  | Less: current maturities                                  | Less: current maturities                                  |          |          |          |          |          |          |          |          |          |          |          |          |          |          |                                            |                                            |                                    (2,054) |                                    (1,409) |\n| Total long\\-term debt                                     | Total long\\-term debt                                     | Total long\\-term debt                                     |          |          |          |          |          |          |          |          |          |          |          |          |          |          |                                            |                                            |                                    $ 8,052 |                                    $ 7,959 |\n\n\n\n^(1)^ Certain aircraft and other financings are comprised of variable rate debt\\. All variable rates are equal to LIBOR (generally subject to a floor) or another index rate, in each case plus a specified margin\\. \n\n^(2)^ Due in installments\\.\n\n^(3)^ Primarily includes unsecured bonds and debt secured by certain accounts receivable and real estate\\.\n\n2019 Unsecured Notes\n\nIn October 2019, we issued $1\\.5 billion in aggregate principal amount of unsecured notes, consisting of $900 million of 2\\.9% Notes due 2024 and $600 million of 3\\.75% Notes due 2029 (collectively, the \"Notes\")\\. These Notes are included in Unsecured notes in the table above\\. We used the net proceeds from the offering of these Notes to fund a portion of the tender offer to acquire common shares of LATAM in January 2020\\. See Note 4, \"Investments,\" for further information on our investment in LATAM\\.\n\n2019\\-1 EETC\n\nWe completed a $500 million offering of Pass Through Certificates, Series 2019\\-1 (\"2019\\-1 EETC\") utilizing a pass through trust during 2019\\. This amount is included in Certificates in the table above\\. The details of the 2019\\-1 EETC, which is secured by 14 aircraft, are shown in the table below:\n\n\n\n|                               |                               |                               |                 |                     |                     |               |               |               |                     |                     |                     |\n|:----------------------------- |:----------------------------- |:----------------------------- | ---------------:| -------------------:| -------------------:| -------------:| -------------:| -------------:| -------------------:| -------------------:| -------------------:|\n| (in millions)                 | (in millions)                 | (in millions)                 | Total Principal | Fixed Interest Rate | Fixed Interest Rate | Issuance Date | Issuance Date | Issuance Date | Final Maturity Date | Final Maturity Date | Final Maturity Date |\n| 2019\\-1 Class AA Certificates | 2019\\-1 Class AA Certificates | 2019\\-1 Class AA Certificates |           $ 425 |            3\\.204 % |            3\\.204 % |    March 2019 |    March 2019 |    March 2019 |          April 2024 |          April 2024 |          April 2024 |\n| 2019\\-1 Class A Certificates  | 2019\\-1 Class A Certificates  | 2019\\-1 Class A Certificates  |              75 |            3\\.404 % |            3\\.404 % |    March 2019 |    March 2019 |    March 2019 |          April 2024 |          April 2024 |          April 2024 |\n| Total                         | Total                         | Total                         |           $ 500 |                     |                     |               |               |               |                     |                     |                     |\n\n\n\n2019 Unsecured Term Loan\n\nIn February 2019, we entered into a $1 billion term loan issued by two lenders, which was subsequently repaid by the end of the June 2019 quarter\\. We used the net proceeds of the term loan to accelerate planned 2019 repurchases under our share repurchase program\\.\n\nFinancial Covenants \n\nWe were in compliance with the covenants in our financing agreements at December 31, 2019\\. \n\n74"}
{"_id": "Southwest-2018_61.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Fair Value of Rapid Rewards Points*  \\- Determined from the base fare value of tickets which were purchased using prior point redemptions for travel and other products and services, which the Company believes to be indicative of the fair value of points as perceived by Customers and representative of the value of each point at the time of redemption\\. The Company\u2019s booking site allows a Customer to toggle between fares utilizing either cash or point redemptions, which provides the Customer with an approximation of the equivalent value of their points\\. The value can differ, however, based on demand, the amount of time prior to the flight, and other factors\\. The fare mix during the period measured represents a constraint, which could result in the assumptions above changing at the measurement date, as fare classes can have different coefficients used to determine the total loyalty points needed to purchase an award ticket\\. The mixture of these fare classes could cause the fair value per point to increase or decrease\\. |\n\n\n\nThe majority of the points sold to business partners are through the Southwest co\\-branded credit card agreement (\"Agreement\") with Chase Bank USA, N\\.A\\. Consideration received as part of this Agreement is subject to Accounting Standards Codification 606, Revenue From Contracts With Customers (\"ASC 606\")\\. The Agreement has the following multiple elements: travel points to be awarded, use of the Southwest Airlines\u2019 brand and access to Rapid Rewards Member lists, advertising elements, and the Company\u2019s resource team\\. These elements are combined into two performance obligations, transportation and marketing, and consideration from the Agreement is allocated based on the relative selling price of each performance obligation\\.\n\nSignificant management judgment was used to estimate the selling price of each of the performance obligations in the Agreement at inception\\. The objective is to determine the price at which the Company would transact a sale if the product or service was sold on a stand\\-alone basis\\. The Company determines the best estimate of selling price by considering multiple inputs and methods including, but not limited to, the estimated selling price of comparable travel, discounted cash flows, brand value, published selling prices, number of points awarded, and the number of points redeemed\\. The Company estimates the selling prices and volumes over the term of the Agreement in order to determine the allocation of proceeds to each of the multiple performance obligations\\. The Company records revenue related to air transportation when the transportation is delivered and revenue related to marketing elements when the performance obligation is satisfied\\. A one percent increase or decrease in the Company's estimate of the standalone selling prices, implemented as of January 1, 2018, resulting in an allocation of proceeds to air transportation would have changed the Company's Operating revenues by approximately $6 million for the year ended December 31, 2018\\.\n\nUnder its current program, Southwest estimates the portion of loyalty points that will not be redeemed\\. In estimating the spoilage, the Company takes into account the Member\u2019s past behavior, as well as several factors related to the Member\u2019s account that are expected to be indicative of the likelihood of future point redemption\\. These factors include, but are not limited to, tenure with the program, points accrued in the program, and whether or not the Member has a co\\-branded credit card\\. The Company believes it has obtained sufficient historical behavioral data to develop a predictive statistical model to analyze the amount of spoilage expected for all loyalty points\\. The Company updates this model at least annually, and applies the new spoilage rates effective October 1st each year, or more frequently if required by changes in the business\\. Changes in the spoilage rates applied annually in recent years have not had a material impact on Passenger revenues\\. However, given the Company's January 1, 2018 adoption of the New Revenue Standard and elimination of the incremental cost method of accounting for flight points, the value of the loyalty liabilities subject to changes in the spoilage rates has significantly increased\\. Therefore, future spoilage rate changes are much more likely to cause volatility in Passenger revenues\\. For the year ended December 31, 2018, based on actual redemptions of points sold to business partners and earned through flights, a hypothetical one percentage point change in the estimated spoilage rate would have resulted in a change to Passenger revenue of approximately $107 million (an increase in spoilage would have resulted in an increase in revenue and a decrease in spoilage would have resulted in a decrease in revenue)\\. Given that Member behavior will continue to develop as the program matures, the Company expects the current estimates may change in future periods\\. However, the Company believes its current estimates are reasonable given current facts and circumstances\\.\n\n**Item 7A\\.** ***Quantitative and Qualitative Disclosures About Market Risk***\n\n62"}
{"_id": "Southwest-2018_105.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe following tables present the Company\u2019s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2018, and December 31, 2017:\n\n\n\n|                                         |                       |                                                                                |                                                               |                                                           |\n| --------------------------------------- | --------------------- | ------------------------------------------------------------------------------ | ------------------------------------------------------------- | --------------------------------------------------------- |\n|                                         |                       | **Fair value measurements at reporting date using:**                           | **Fair value measurements at reporting date using:**          | **Fair value measurements at reporting date using:**      |\n|                                         |                       | **Quoted prices in**<br><br>**active markets**<br><br>**for identical assets** | **Significant**<br><br>**other observable**<br><br>**inputs** | **Significant**<br><br>**unobservable**<br><br>**inputs** |\n| **Description**                         | **December 31, 2018** | **(Level 1)**                                                                  | **(Level 2)**                                                 | **(Level 3)**                                             |\n| **Assets**                              | (in millions)         | (in millions)                                                                  | (in millions)                                                 | (in millions)                                             |\n| Cash equivalents                        |                       |                                                                                |                                                               |                                                           |\n| Cash equivalents (a)                    | $1,392                | $1,392                                                                         | $\u2014                                                            | $\u2014                                                        |\n| Commercial paper                        | 454                   | \u2014                                                                              | 454                                                           | \u2014                                                         |\n| Certificates of deposit                 | 8                     | \u2014                                                                              | 8                                                             | \u2014                                                         |\n| Short\\-term investments:                |                       |                                                                                |                                                               |                                                           |\n| Treasury bills                          | 1,582                 | 1,582                                                                          | \u2014                                                             | \u2014                                                         |\n| Certificates of deposit                 | 228                   | \u2014                                                                              | 228                                                           | \u2014                                                         |\n| Time deposits                           | 25                    | \u2014                                                                              | 25                                                            | \u2014                                                         |\n| Fuel derivatives:                       |                       |                                                                                |                                                               |                                                           |\n| Option contracts (b)                    | 138                   | \u2014                                                                              | \u2014                                                             | 138                                                       |\n| Other available\\-for\\-sale securities   | 127                   | 127                                                                            | \u2014                                                             | \u2014                                                         |\n| **Total assets**                        | $3,954                | $3,101                                                                         | $715                                                          | $138                                                      |\n| **Liabilities**                         |                       |                                                                                |                                                               |                                                           |\n| Interest rate derivatives (see Note 10) | (14)                  | \u2014                                                                              | (14)                                                          | \u2014                                                         |\n\n\n\n(a) Cash equivalents are primarily composed of money market investments\\.\n\n(b) In the Consolidated Balance Sheet amounts are presented as an asset\\. See Note 10\\.\n\n106"}
{"_id": "Delta-2017_89.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nNOTE 13 \\. ACCUMULATED OTHER COMPREHENSIVE LOSS\n\nThe following table shows the components of accumulated other comprehensive loss:\n\n\n\n|                                                                     |                                                      |                          |                       |                          |\n| ------------------------------------------------------------------- | ---------------------------------------------------- | ------------------------ | --------------------- | ------------------------ |\n| **(in millions)**                                                   | **Pension and Other Benefits Liabilities** **^(2)^** | **Derivative Contracts** | **Investments**       | **Total**                |\n| Balance at January 1, 2015 (net of tax effect of $1,279)            | $<br><br>(7,517<br><br>)                             | $222                     | $<br><br>(16<br><br>) | $<br><br>(7,311<br><br>) |\n| Changes in value (net of tax effect of $41)                         | 10                                                   | 43                       | (45<br><br>)          | 8                        |\n| Reclassification into earnings (net of tax effect of $16) ^(1)^     | 153                                                  | (125<br><br>)            | \u2014                     | 28                       |\n| Balance at December 31, 2015 (net of tax effect of $1,222)          | (7,354<br><br>)                                      | 140                      | (61<br><br>)          | (7,275<br><br>)          |\n| Changes in value (net of tax effect of $293)                        | (482<br><br>)                                        | (19<br><br>)             | 42                    | (459<br><br>)            |\n| Reclassification into earnings (net of tax effect of $57) ^(1)^     | 122                                                  | (24<br><br>)             | \u2014                     | 98                       |\n| Balance at December 31, 2016 (net of tax effect of $1,458)          | (7,714<br><br>)                                      | 97                       | (19<br><br>)          | (7,636<br><br>)          |\n| Changes in value (net of tax effect of $32)                         | (264<br><br>)                                        | (21<br><br>)             | 148                   | (137<br><br>)            |\n| Reclassification into earnings (net of tax effect of $90)**^(1)^** | 166                                                  | (6<br><br>)              | (8<br><br>)           | 152                      |\n| Balance at December 31, 2017 (net of tax effect of $1,400)          | $<br><br>(7,812<br><br>)                             | $70                      | $121                  | $<br><br>(7,621<br><br>) |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Amounts reclassified from AOCI for pension and other benefits liabilities and for derivative contracts designated as foreign currency cash flow hedges are recorded in salaries and related costs and in passenger revenue, respectively, in the Consolidated Statements of Operations\\. The reclassification into earnings for investments relates to our investment in Grupo Aerom\u00e9xico and the related conversion to accounting under the equity method\\. The reclassification of the unrealized gain was recorded to non\\-operating expense in our Consolidates Statements of Operations\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                         |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Includes   $700 million  of deferred income tax expense, primarily related to pension obligations, that will not be recognized in net income until the pension obligations are fully extinguished\\. We consider all income sources, including other comprehensive income, in determining the amount of tax benefit allocated to continuing operations\\. |\n\n\n\nNOTE 14 \\. SEGMENTS AND GEOGRAPHIC INFORMATION\n\nOperating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker and is used in resource allocation and performance assessments\\. Our chief operating decision maker is considered to be our executive leadership team\\. Our executive leadership team regularly reviews discrete information for our   two  operating segments, which are determined by the products and services provided: our airline segment and our refinery segment\\.\n\nAirline Segment\n\nOur airline segment is managed as a single business unit that provides scheduled air transportation for passengers and cargo throughout the U\\.S\\. and around the world and other ancillary airline services\\. This allows us to benefit from an integrated revenue pricing and route network\\. Our flight equipment forms one fleet, which is deployed through a single route scheduling system\\. When making resource allocation decisions, our chief operating decision maker evaluates flight profitability data, which considers aircraft type and route economics, but gives no weight to the financial impact of the resource allocation decision on an individual carrier basis\\. Our objective in making resource allocation decisions is to optimize our consolidated financial results\\.\n\nRefinery Segment\n\nIn  June 2012 , our wholly owned subsidiaries, Monroe Energy, LLC, and MIPC, LLC (collectively, \"Monroe\"), acquired the Trainer oil refinery and related assets located near Philadelphia, Pennsylvania, as part of our strategy to mitigate the cost of the refining margin reflected in the price of jet fuel\\. The acquisition included pipelines and terminal assets that allow the refinery to supply jet fuel to our airline operations throughout the Northeastern U\\.S\\., including our New York hubs at LaGuardia and JFK\\. We accounted for the refinery acquisition as a business combination\\. \n\nOur refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and through jet fuel obtained through agreements with third parties\\. The refinery's production consists of jet fuel as well as non\\-jet fuel products\\. We use several counterparties to exchange the non\\-jet fuel products produced by the refinery for jet fuel consumed in our airline operations\\. The gross fair value of the products exchanged under these agreements during the years ended  December 31, 2017 ,  2016  and  2015  was   $3\\.2 billion ,   $2\\.7 billion  and   $3\\.1 billion , respectively\\.\n\n 85"}
{"_id": "AmericanAirlines-2018_182.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 4\\.36                         | [Trust Supplement No\\. 2015\\-1A, dated as of March 16, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                          |\n| 4\\.37                         | [Trust Supplement No\\. 2015\\-1B, dated as of March 16, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                          |\n| 4\\.38                         | [Intercreditor Agreement (2015\\-1), dated as of March 16, 2015, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2015\\-1A and as Trustee of the American Airlines Pass Through Trust 2015\\-1B, Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex44.htm)                                                                                                                                                           |\n| 4\\.39                         | [Note Purchase Agreement, dated as of March 16, 2015, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex49.htm)                                                                                                                                                                                                                                                    |\n| 4\\.40                         | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit 4\\.10 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex410.htm)                                                                                                                                                                                                                           |\n| 4\\.41                         | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit 4\\.11 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex411.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 4\\.42                         | [Form of Pass Through Trust Certificate, Series 2015\\-1A (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 4\\.43                         | [Form of Pass Through Trust Certificate, Series 2015\\-1B (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 4\\.44                         | [Revolving Credit Agreement (2015\\-1A), dated as of March 16, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-1A, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex414.htm)                                                                                                                                                                                                                                                 |\n| 4\\.45                         | [Revolving Credit Agreement (2015\\-1B), dated as of March 16, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-1B, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex415.htm)                                                                                                                                                                                                                                                 |\n| 4\\.46                         | [Trust Supplement No\\. 2015\\-2AA, dated as of September 24, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.47                         | [Trust Supplement No\\. 2015\\-2A, dated as of September 24, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                   |\n| 4\\.48                         | [Trust Supplement No\\. 2015\\-2B, dated as of September 24, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex44.htm)                                                                                                                                                                                                                                                                                                                                                                                   |\n| 4\\.49                         | [Intercreditor Agreement (2015\\-2), dated as of September 24, 2015, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2015\\-2AA, as Trustee of the American Airlines Pass Through Trust 2015\\-2A and as Trustee of the American Airlines Pass Through Trust 2015\\-2B, Commonwealth Bank of Australia, New York Branch, as Class AA Liquidity Provider, Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex45.htm) |\n\n\n\n183"}
{"_id": "Southwest-2018_96.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe following table provides information about the Company\u2019s ESPP activity during 2018, 2017, and 2016: \n\n\n\n|                                  |                                  |                                  |                                  |\n| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- |\n| **Employee Stock Purchase Plan** | **Employee Stock Purchase Plan** | **Employee Stock Purchase Plan** | **Employee Stock Purchase Plan** |\n|                                  |                                  |                                  | (a)                              |\n|                                  | **Total number**                 |                                  | **Weighted\\-average**            |\n|                                  | **of shares**                    | **Average**                      | **fair value of each**           |\n|                                  | **purchased**                    | **price paid**                   | **purchase right**               |\n| **Period**                       | (in thousands)                   | **per share**                    | **under the ESPP**               |\n| As of December 31, 2016          | 622                              | $36\\.57                          | $4\\.06                           |\n| As of December 31, 2017          | 544                              | $50\\.13                          | $5\\.57                           |\n| As of December 31, 2018          | 661                              | $50\\.73                          | $5\\.64                           |\n\n\n\n(a) The weighted\\-average fair value of each purchase right under the ESPP granted is equal to ten percent discount from the market value of the Common Stock at the end of each monthly purchase period\\. \n\n***Taxes***\n\nGrants of RSUs result in the creation of a deferred tax asset, which is a temporary difference, until the time the RSU vests\\. All excess tax benefits and tax deficiencies are recorded through the income statement\\. Due to the treatment of RSUs for tax purposes, the Company\u2019s effective tax rate from year to year is subject to variability\\.\n\n**10****\\. FINANCIAL DERIVATIVE INSTRUMENTS**\n\n***Fuel Contracts***\n\nAirline operators are inherently dependent upon energy to operate and, therefore, are impacted by changes in jet fuel prices\\. Furthermore, jet fuel and oil typically represents one of the largest operating expenses for airlines\\. The Company endeavors to acquire jet fuel at the lowest possible cost and to reduce volatility in operating expenses through its fuel hedging program\\. Although the Company may periodically enter into jet fuel derivatives for short\\-term timeframes, because jet fuel is not widely traded on an organized futures exchange, there are limited opportunities to hedge directly in jet fuel for time horizons longer than approximately 24 months into the future\\. However, the Company has found that financial derivative instruments in other commodities, such as West Texas Intermediate (\"WTI\") crude oil, Brent crude oil, and refined products, such as heating oil and unleaded gasoline, can be useful in decreasing its exposure to jet fuel price volatility\\. The Company does not purchase or hold any financial derivative instruments for trading or speculative purposes\\.\n\nThe Company has used financial derivative instruments for both short\\-term and long\\-term timeframes, and primarily uses a mixture of purchased call options, collar structures (which include both a purchased call option and a sold put option), call spreads (which include a purchased call option and a sold call option), put spreads (which include a purchased put option and a sold put option), and fixed price swap agreements in its portfolio\\. Although the use of collar structures and swap agreements can reduce the overall cost of hedging, these instruments carry more risk than purchased call options in that the Company could end up in a liability position when the collar structure or swap agreement settles\\. With the use of purchased call options and call spreads, the Company cannot be in a liability position at settlement, but does not have coverage once market prices fall below the strike price of the purchased call option\\.\n\nFor the purpose of evaluating its net cash spend for jet fuel and for forecasting its future estimated jet fuel expense, the Company evaluates its hedge volumes strictly from an \"economic\" standpoint and thus does not consider whether the hedges have qualified or will qualify for hedge accounting\\. The Company defines its \"economic\" hedge as the net volume of fuel derivative contracts held, including the impact of positions that have been offset through sold positions, regardless of whether those contracts qualify for hedge accounting\\. The level at which the Company is economically hedged for a particular period is also dependent on current market prices for that period, as well as the types of derivative instruments held and the strike prices of those instruments\\. For example, the Company may enter into \"out\\-of\\-the\\-money\" option contracts (including catastrophic protection), which may not generate intrinsic gains at settlement if market prices do not rise above the option strike price\\. Therefore, even though the Company may have an economic \n\n97"}
{"_id": "United-2018_8.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n***Unfavorable economic and political conditions, in the United States and globally, may have a material adverse effect on our business, operating results and financial condition\\.***\n\nThe Company's business and operating results are significantly impacted by U\\.S\\. and global economic and political conditions\\. The airline industry is highly cyclical, and the level of demand for air travel is correlated to the strength of the U\\.S\\. and global economies\\. Robust demand for the Company's air transportation services depends largely on favorable economic conditions, including the strength of the domestic and foreign economies, low unemployment levels, strong consumer confidence levels and the availability of consumer and business credit\\. Air transportation is often a discretionary purchase that leisure travelers may limit or eliminate during difficult economic times\\. Short\\-haul travelers, in particular, have the option to replace air travel with surface travel\\. In addition, during periods of unfavorable economic conditions, business travelers historically have reduced the volume of their travel, either due to cost\\-saving initiatives, the replacement of travel with alternatives such as videoconferencing, or as a result of decreased business activity requiring travel\\. During such periods, the Company's business and operating results may be adversely affected due to significant declines in industry passenger demand, particularly with respect to the Company's business and premium cabin travelers, and a reduction in fare levels\\.\n\nAs a global business with operations outside of the United States from which it derives significant operating revenues, volatile conditions in certain international regions may have a negative impact on the Company's operating results and its ability to achieve its business objectives\\. The Company's international operations are a vital part of its worldwide airline network\\. Political disruptions and instability in certain regions can negatively impact the demand and network availability for air travel\\.\n\nStagnant or weakening global economic conditions either in the United States or in other geographic regions may have a material adverse effect on the Company's revenues, operating results and liquidity\\. \n\n***The global airline industry is highly competitive and susceptible to price discounting and changes in capacity, which could have a material adverse effect on our business, operating results and financial condition\\.*** \n\nThe airline industry is highly competitive, marked by significant competition with respect to routes, fares, schedules (both timing and frequency), services, products, customer service and frequent flyer programs\\. Consolidation in the airline industry, the rise of well\\-funded government sponsored international carriers, changes in international alliances and the creation of immunized JBAs have altered and are expected to continue to alter the competitive landscape in the industry, resulting in the formation of airlines and alliances with increased financial resources, more extensive global networks and services and competitive cost structures\\.\n\nAirlines also compete by increasing or decreasing their capacity, including route systems and the number of destinations served\\. Several of the Company's domestic and international competitors have increased their international capacity by including service to some destinations that the Company currently serves, causing overlap in destinations served and therefore increasing competition for those destinations\\. This increased competition in both domestic and international markets may have a material adverse effect on the Company's business, operating results and financial condition\\.\n\nThe Company's U\\.S\\. operations are subject to competition from traditional network carriers, national point\\-to\\-point carriers, and discount carriers, including low\\-cost carriers and ultra\\-low\\-cost carriers\\. Such carriers may have lower costs and provide service at lower fares to destinations also served by the Company\\. The significant presence of low\\-cost carriers, which engage in substantial price discounting, may diminish our ability to achieve sustained profitability on domestic and international routes\\. Our ability to compete in the domestic market effectively depends, in part, on our ability to maintain a competitive cost structure\\. If we cannot maintain our costs at a competitive level, then our business, financial condition and operating results could be materially and adversely affected\\.\n\nOur international operations are subject to competition from both foreign and domestic carriers\\. Competition is significant from government subsidized competitors from certain Middle East countries\\. These carriers have large numbers of international widebody aircraft on order and are increasing service to the U\\.S\\. from their hubs in the Middle East\\. The government support provided to these carriers has allowed them to grow quickly, reinvest in their product, invest in other airlines and expand their global presence\\.\n\nThrough alliance and other marketing and codesharing agreements with foreign carriers, U\\.S\\. carriers have increased their ability to sell international transportation, such as services to and beyond traditional European and Asian gateway cities\\. Similarly, foreign carriers have obtained increased access to interior U\\.S\\. passenger traffic beyond traditional U\\.S\\. gateway cities through these relationships\\. In addition, several JBAs among U\\.S\\. and foreign carriers have received grants of antitrust immunity allowing the participating carriers to coordinate schedules, pricing, sales and inventory\\. If we are not able to continue participating in these types of alliance and other marketing and codesharing agreements in the future, our business, financial condition and operating results could be materially and adversely affected\\.\n\n9"}
{"_id": "Southwest-2019_80.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|                            |     |                       |                              |                             |                       |                              |                             |\n| -------------------------- | --- | --------------------- | ---------------------------- | --------------------------- | --------------------- | ---------------------------- | --------------------------- |\n|                            |     | **December 31, 2019** | **December 31, 2019**        | **December 31, 2019**       | **December 31, 2018** | **December 31, 2018**        | **December 31, 2018**       |\n| (in millions)              |     | **ACFO**              | **ACFO,**<br><br>**Net (a)** | **Construction Obligation** | **ACFO**              | **ACFO,**<br><br>**Net (a)** | **Construction Obligation** |\n| FLL Terminal               |     | $\u2014                    | $\u2014                           | $\u2014                          | $313                  | $304                         | $308                        |\n| LAX Terminal 1             |     | \u2014                     | \u2014                            | \u2014                           | 485                   | 459                          | 476                         |\n| LAX Terminal 1\\.5          | (b) | 164                   | 164                          | 164                         | 99                    | 99                           | 99                          |\n| LFMP Terminal              |     | \u2014                     | \u2014                            | \u2014                           | 545                   | 460                          | 502                         |\n| LFMP Parking Garage        |     | \u2014                     | \u2014                            | \u2014                           | 200                   | 200                          | 200                         |\n| HOU International Terminal | (c) | \u2014                     | \u2014                            | \u2014                           | 126                   | 115                          | 116                         |\n|                            |     | $164                  | $164                         | $164                        | $1,768                | $1,637                       | $1,701                      |\n\n\n\n(a) Net of accumulated depreciation\\.\n\n(b) Project still in progress\\.\n\n(c) Project completed in 2015 at Houston William P\\. Hobby Airport (\"HOU\")\\.\n\nContingencies\n\nThe Company is from time to time subject to various legal proceedings and claims arising in the ordinary course of business, including, but not limited to, examinations by the Internal Revenue Service (\"IRS\")\\. The Company's management does not expect that the outcome of any of its currently ongoing legal proceedings or the outcome of any adjustments presented by the IRS, individually or collectively, will have a material adverse effect on the Company's financial condition, results of operations, or cash flow\\.\n\n5 \\. REVENUE\n\nPassenger Revenues\n\nThe Company\u2019s contracts with its Customers primarily consist of its tickets sold, which are initially deferred as Air traffic liability\\. Passenger revenue associated with tickets is recognized when the performance obligation to the Customer is satisfied, which is primarily when travel is provided\\. \n\nRevenue is categorized by revenue source as the Company believes it best depicts the nature, amount, timing, and uncertainty of revenue and cash flow\\. The following table provides the components of Passenger revenue recognized for the years ended  December 31, 2019 ,  2018 , and  2017 : \n\n\n\n|                                         |                             |                             |                             |\n| --------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                         | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n| **(in millions)**                       | **2019**                    | **2018**                    | **2017**                    |\n| Passenger non\\-loyalty                  | $17,578                     | $17,506                     | $16,934                     |\n| Passenger loyalty \\- air transportation | 2,487                       | 2,307                       | 2,263                       |\n| Passenger ancillary sold separately     | 711                         | 642                         | 566                         |\n|  **Total passenger revenues**           | $20,776                     | $20,455                     | $19,763                     |\n\n\n\nPassenger non\\-loyalty includes all revenues recognized from Passengers related to flights paid for primarily with cash or credit card\\. All Customers purchasing a ticket on Southwest Airlines are generally able to check up to two bags at no extra charge (with certain exceptions as stated in the Company's published Contract of Carriage), and the Company also does not charge a fee for a Customer to make a change to their flight after initial purchase, although fare differences may apply\\. Passenger loyalty \\- air transportation primarily consists of the revenue recognized associated with award flights taken by loyalty program members upon redemption of loyalty points\\. Passenger ancillary sold separately \n\n81"}
{"_id": "Alaska-2018_96.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**SIGNATURES**\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized\\.\n\n\n\n|                         |                         |       |                   |\n| ----------------------- | ----------------------- | ----- | ----------------- |\n| ALASKA AIR GROUP, INC\\. | ALASKA AIR GROUP, INC\\. |       |                   |\n| By:                     | /s/ BRADLEY D\\. TILDEN  | Date: | February 15, 2019 |\n|                         | **Bradley D\\. Tilden**  |       |                   |\n|                         | Chief Executive Officer |       |                   |\n\n\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on February 15, 2019 on behalf of the registrant and in the capacities indicated\\. \n\n 97"}
{"_id": "Alaska-2018_79.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**NOTE 8\\. EMPLOYEE BENEFIT PLANS**\n\nFour qualified defined\\-benefit plans, one non\\-qualified defined\\-benefit plan, and seven defined\\-contribution retirement plans cover various employee groups of Alaska, Horizon and McGee Air Services\\. \n\nThe defined\\-benefit plans provide benefits based on an employee\u2019s term of service and average compensation for a specified period of time before retirement\\. The qualified defined\\-benefit pension plans are closed to new entrants\\.\n\nAccounting standards require recognition of the overfunded or underfunded status of an entity\u2019s defined\\-benefit pension and other postretirement plan as an asset or liability in the consolidated financial statements and requires recognition of the funded status in AOCL\\.\n\n***Qualified Defined\\-Benefit Pension Plans***\n\nThe Company\u2019s four qualified defined\\-benefit pension plans are funded as required by the Employee Retirement Income Security Act of 1974\\. The defined\\-benefit plan assets consist primarily of marketable equity and fixed\\-income securities\\. The work groups covered by qualified defined\\-benefit pension plans include salaried employees, pilots, clerical, office, passenger service employees, mechanics and related craft employees\\. The Company uses a December 31 measurement date for these plans\\. All plans are closed to new entrants\\.\n\n***Weighted average assumptions used to determine benefit obligations:***\n\nThe rates below vary by plan and related work group\\.\n\n\n\n|                                |                      |                   |\n| ------------------------------ | -------------------- | ----------------- |\n|                                | **2018**             | **2017**          |\n| Discount rates                 | **4\\.37% to 4\\.46%** | 3\\.69% to 3\\.78%  |\n| Rate of compensation increases | **2\\.11% to 3\\.50%** | 2\\.11% to 16\\.51% |\n\n\n\n***Weighted average assumptions used to determine net periodic benefit cost:***\n\nThe rates below vary by plan and related work group\\.\n\n\n\n|                                      |                       |                  |                  |\n| ------------------------------------ | --------------------- | ---------------- | ---------------- |\n|                                      | **2018**              | **2017**         | **2016**         |\n| Discount rates                       | **3\\.69% to 3\\.78%**  | 4\\.29% to 4\\.50% | 4\\.55% to 4\\.69% |\n| Expected return on plan assets       | **4\\.25% to 5\\.50%**  | 5\\.50% to 6\\.00% | 6\\.00% to 6\\.50% |\n| Rate of compensation increases ^(a)^ | **2\\.11% to 16\\.51%** | 2\\.12% to 2\\.59% | 2\\.06% to 2\\.65% |\n\n\n\n\n\n|     |                                                                                                                                                 |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | Significant rate of compensation increase in 2018 is due to the new contract with our Mainline pilots, which was executed at the end of 2017\\.  |\n\n\n\nThe discount rates are determined using current interest rates earned on high\\-quality, long\\-term bonds with maturities that correspond with the estimated cash distributions from the pension plans\\. At December 31, 2018, the Company selected discount rates for each of the plans using a pool of higher\\-yielding bonds estimated to be more reflective of settlement rates, as management has taken steps to ultimately terminate or settle plans that are frozen and move toward freezing benefits in active plans in the future\\. In determining the expected return on plan assets, the Company assesses the current level of expected returns on risk\\-free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class\\. The expected return for each asset class is then weighted based on the target asset allocation to develop the expected long\\-term rate of return on assets assumption for the portfolio\\.\n\n 80"}
{"_id": "Delta-2017_28.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nStock Performance Graph\n\nThe following graph compares the cumulative total returns during the period from December 31, 2012 to  December 31, 2017  of our common stock to the Standard & Poor's 500 Stock Index and the NYSE ARCA Airline Index\\. The comparison assumes $100 was invested on December 31, 2012 in each of our common stock and the indices and assumes that all dividends were reinvested\\.\n\n![dal1231201\\_chart\\-56897a05\\.jpg](http://ir.delta.com/dal1231201_chart-56897a05.jpg)\n\nIssuer Purchases of Equity Securities\n\nThe following table presents information with respect to purchases of common stock we made during the  December 2017  quarter\\. The total number of shares purchased includes shares repurchased pursuant to our $5 billion share repurchase program, which was publicly announced on May 11, 2017 and will terminate no later than December 31, 2020\\. Some purchases were made pursuant to a trading plan meeting the requirements of Rule 10b5\\-1 under the Securities Exchange Act of 1934\\.\n\nIn addition, the table includes shares withheld from employees to satisfy certain tax obligations due in connection with grants of stock under the Delta Air Lines, Inc\\. Performance Compensation Plan (the \"Plan\")\\. The Plan provides for the withholding of shares to satisfy tax obligations\\. It does not specify a maximum number of shares that can be withheld for this purpose\\. The shares of common stock withheld to satisfy tax withholding obligations may be deemed to be \"issuer purchases\" of shares that are required to be disclosed pursuant to this Item\\.\n\n\n\n|               |                                      |                                  |                                                                                      |                                                                                                           |\n| ------------- | ------------------------------------ | -------------------------------- | ------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------- |\n| **Period**    | **Total Number of Shares Purchased** | **Average Price Paid Per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Approximate Dollar Value (in millions) of Shares That May Yet Be Purchased Under the Plan or Programs** |\n| October 2017  | 1,382,740                            | $52\\.67                          | 1,382,740                                                                            | $4,925                                                                                                    |\n| November 2017 | 2,529,455                            | $49\\.86                          | 2,529,455                                                                            | $4,800                                                                                                    |\n| December 2017 | 2,321,176                            | $54\\.34                          | 2,321,176                                                                            | $4,675                                                                                                    |\n| Total         | 6,233,371                            |                                  | 6,233,371                                                                            |                                                                                                           |\n\n\n\n 24"}
{"_id": "AmericanAirlines-2019_148.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n\n\n|                          |                                                                                                     |                                                                              |                                                                                |                                                     |\n| ------------------------ | --------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                          | **Fair Value Measurements as of December 31, 2018**                                                 | **Fair Value Measurements as of December 31, 2018**                          | **Fair Value Measurements as of December 31, 2018**                            | **Fair Value Measurements as of December 31, 2018** |\n| **Asset Category**       | **Quoted Prices in**<br><br>**Active Markets for**<br><br>**Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Money market fund        | $4                                                                                                  | $\u2014                                                                           | $\u2014                                                                             | $4                                                  |\n| Mutual funds \u2013 AAL Class | \u2014                                                                                                   | 221                                                                          | \u2014                                                                              | 221                                                 |\n| Total                    | $4                                                                                                  | $221                                                                         | $\u2014                                                                             | $225                                                |\n\n\n\nInvestments in the retiree medical and other postretirement benefits plans\u2019 mutual funds are valued by quoted prices on the active market, which is fair value, and represents the net asset value of the shares of such funds as of the close of business at the end of the period\\. The AAL Class mutual funds are offered only to benefit plans of American, therefore, trading is restricted only to American, resulting in a fair value classification of Level 2\\. Investments included approximately   24%  and   30%  of investments in non\\-U\\.S\\. common stocks in  2019  and  2018 , respectively\\. Net asset value is based on the fair market value of the funds\u2019 underlying assets and liabilities at the date of determination\\.\n\nDefined Contribution and Multiemployer Plans\n\nThe costs associated with American\u2019s defined contribution plans were   $836 million ,   $825 million  and   $813 million  for the years ended  December 31, 2019 ,  2018  and  2017 , respectively\\.\n\nAmerican participates in the International Association of Machinists & Aerospace Workers (IAM) National Pension Fund, Employer Identification No\\. 51\\-6031295 and Plan No\\. 002 (the IAM Pension Fund)\\. American\u2019s contributions to the IAM Pension Fund were   $32 million ,   $31 million  and   $31 million  for the years ended  December 31, 2019 ,  2018  and  2017 , respectively\\. The IAM Pension Fund reported   $467 million  in employers\u2019 contributions for the year ended  December 31, 2018 , which is the most recent year for which such information is available\\. For  2018 , American\u2019s contributions represented more than   5%  of total contributions to the IAM Pension Fund\\.\n\nOn March 29, 2019, the actuary for the IAM Pension Fund certified that the fund was in endangered status despite reporting a funded status of over   80% \\. Additionally, the IAM Pension Fund\u2019s Board voluntarily elected to enter into critical status on April 17, 2019\\. In connection with the entry into critical status, the IAM Pension Fund adopted a rehabilitation plan on April 17, 2019 (the Rehabilitation Plan)\\. Under the Rehabilitation Plan, American was subject to an immaterial contribution surcharge, which ceased to apply June 14, 2019 upon American\u2019s adoption of a contribution schedule under the Rehabilitation Plan\\. The contribution schedule American adopted provides for   2\\.5%  annual increases to its contribution rate\\. This contribution schedule will remain in effect through the earlier of December 31, 2031 or the date the IAM Pension Fund emerges from critical status\\.\n\nProfit Sharing Program\n\nAmerican accrues   5%  of its pre\\-tax income excluding net special items for its profit sharing program\\. For the year ended  December 31, 2019 , American accrued   $213 million  for this program, which will be distributed to employees in the first quarter of  2020 \\.\n\n149"}
{"_id": "United-2019_31.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\nFinancing Activities\\.  Significant financing events in  2019  were as follows:\n\nShare Repurchases\\.  The Company used  $1\\.6 billion  of cash to purchase approximately  19\\.2 million  shares of its common stock during  2019 \\. In December 2017, UAL's Board of Directors authorized a $3\\.0 billion share repurchase program to acquire UAL's common stock\\. In July 2019, UAL's Board of Directors authorized a new $3\\.0 billion share repurchase program to acquire UAL's common stock\\. As of  December 31, 2019 , the Company had approximately  $3\\.1 billion  remaining to purchase shares under its share repurchase programs\\.\n\nDebt Issuances\\.  During  2019 , United received and recorded  $1\\.8 billion  of proceeds as debt related to enhanced equipment trust certificate (\"EETC\") offerings created in  2019  to finance the purchase of aircraft\\. Also, United received and recorded $350 million of proceeds from the 4\\.875% Senior Notes due January 15, 2025 and borrowed approximately  $105 million  aggregate principal amount from various financial institutions to finance the purchase of several aircraft delivered in  2019 \\. As of December 31, 2019, United had recorded approximately $39 million of debt to finance the construction of an aircraft maintenance and ground service equipment complex at Los Angeles International Airport\\.\n\nDebt and Finance Lease Principal Payments\\.  During the year ended  December 31, 2019 , the Company made debt and finance lease principal payments of  $1\\.4 billion \\. \n\nSignificant financing events in 2018 were as follows:\n\nShare Repurchases\\.  The Company used $1\\.2 billion of cash to purchase approximately 17\\.5 million shares of its common stock during 2018\\.\n\nDebt Issuances\\.  During 2018, United received and recorded $1\\.2 billion of proceeds as debt related to EETC offerings created in 2018 to finance the purchase of aircraft\\. Also, United borrowed approximately $424 million aggregate principal amount from various financial institutions to finance the purchase of several aircraft delivered in 2018\\.\n\nDebt and Finance Lease Principal Payments\\.  During the year ended December 31, 2018, the Company made debt and finance lease principal payments of $1\\.8 billion\\.\n\nFor additional information regarding these Liquidity and Capital Resource matters, see Notes 2, 10, 11 and 13  to the financial statements included in Part II, Item 8 of this report\\. For information regarding non\\-cash investing and financing activities, see the Company's statements of consolidated cash flows\\. \n\nCredit Ratings\\.  As of the filing date of this report, UAL and United had the following corporate credit ratings: \n\n\n\n|                                                                                        |                                                                                        |                                                                                        |                                                                                        |\n| -------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------- |\n|                                                                                        | S&P                                                                                    | Moody's                                                                                | Fitch                                                                                  |\n| UAL                                                                                    | BB                                                                                     | Ba2                                                                                    | BB                                                                                     |\n| United                                                                                 | BB                                                                                     | \\*                                                                                     | BB                                                                                     |\n| \\*The credit agency does not issue corporate credit ratings for subsidiary entities\\.  | \\*The credit agency does not issue corporate credit ratings for subsidiary entities\\.  | \\*The credit agency does not issue corporate credit ratings for subsidiary entities\\.  | \\*The credit agency does not issue corporate credit ratings for subsidiary entities\\.  |\n\n\n\nThese credit ratings are below investment grade levels; however, the Company has been able to secure financing with investment grade credit ratings for certain EETCs and term loans\\. Downgrades from these rating levels, among other things, could restrict the availability, or increase the cost, of future financing for the Company\\.\n\nOther Liquidity Matters\n\nBelow is a summary of additional liquidity matters\\. See the indicated notes to our consolidated financial statements included in Part II, Item 8 of this report for additional details related to these and other matters affecting our liquidity and commitments\\.\n\n\n\n|                                         |         |\n| --------------------------------------- | ------- |\n| Pension and other postretirement plans  | Note 7  |\n| Long\\-term debt and debt covenants      | Note 10 |\n| Leases and capacity purchase agreements | Note 11 |\n| Commitments and contingencies           | Note 13 |\n\n\n\nContractual Obligations\\.  The Company's business is capital intensive, requiring significant amounts of capital to fund the acquisition of assets, particularly aircraft\\. In the past, the Company has funded the acquisition of aircraft with cash, by using EETC financing, by entering into finance or operating leases, or through other financings\\. The Company also often enters into long\\-term lease commitments with airports to ensure access to terminal, cargo, maintenance and other required facilities\\.\n\nThe table below provides a summary of the Company's material contractual obligations as of  December 31, 2019  (in billions):\n\n32"}
{"_id": "AmericanAirlines-2018_154.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nAt December 31, 2018, American had approximately $10\\.6 billion of federal NOLs carried over from prior taxable years (NOL Carryforwards) to reduce future federal taxable income, substantially all of which American expects to be available for use in 2019\\. American is a member of AAG\u2019s consolidated federal and certain state income tax returns\\. The amount of federal NOL Carryforwards available in those returns is $10\\.2 billion, substantially all of which is expected to be available for use in 2019\\. The federal NOL Carryforwards will expire beginning in 2022 if unused\\. American also had approximately $3\\.1 billion of NOL Carryforwards to reduce future state taxable income at December 31, 2018, which will expire in years 2019 through 2038 if unused\\. American\u2019s ability to deduct its NOL Carryforwards and to utilize certain other available tax attributes can be substantially constrained under the general annual limitation rules of Section 382 where an \u201cownership change\u201d has occurred\\. Substantially all of American\u2019s remaining federal NOL Carryforwards attributable to US Airways Group are subject to limitation under Section 382; however, American\u2019s ability to utilize such NOL Carryforwards is not anticipated to be effectively constrained as a result of such limitation\\. American elected to be covered by certain special rules for federal income tax purposes that permitted approximately $9\\.5 billion (with $8\\.6 billion of unlimited NOL still remaining at December 31, 2018) of its federal NOL Carryforwards to be utilized without regard to the annual limitation generally imposed by Section 382\\. Similar limitations may apply for state income tax purposes\\. American\u2019s ability to utilize any new NOL Carryforwards arising after the ownership changes is not affected by the annual limitation rules imposed by Section 382 unless another future ownership change occurs\\. Under the Section 382 limitation, cumulative stock ownership changes among material stockholders exceeding 50% during a rolling three\\-year period can potentially limit a company\u2019s future use of NOLs and tax credits\\. See Part I, Item 1A\\. Risk Factors \u2013 *\u201cOur ability to utilize our NOL Carryforwards may be limited\u201d* for unaudited additional discussion of this risk\\.\n\nAt December 31, 2018, American had an AMT credit carryforward of approximately $452 million available for federal income tax purposes, which is now expected to be fully refundable over the next several years as a result of the repeal of corporate AMT\\.\n\nIn 2018, American recorded an income tax provision of $534 million, with an effective rate of approximately 24%, which was substantially non\\-cash\\. American\u2019s income tax provision included an $18 million special income tax charge related to an international income tax matter\\. Substantially all of American\u2019s income before income taxes is attributable to the United States\\.\n\nAmerican is part of the AAG consolidated income tax return\\. American files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates\\. American\u2019s 2015 through 2017 tax years are still subject to examination by the Internal Revenue Service\\. Various state and foreign jurisdiction tax years remain open to examination and American is under examination, in administrative appeals, or engaged in tax litigation in certain jurisdictions\\. American believes that the effect of any assessments will not be material to its consolidated financial statements\\.\n\nThe amount of, and changes to, American\u2019s uncertain tax positions were not material in any of the years presented\\. American accrues interest and penalties related to unrecognized tax benefits in interest expense and operating expense, respectively\\.\n\nThe 2017 Tax Act was enacted on December 22, 2017\\. The 2017 Tax Act is the most comprehensive tax change in more than 30 years\\. American has completed its evaluation of the 2017 Tax Act and American has reflected the impact of its effects, including the impact of lower corporate income tax rates (21% vs\\. 35%) on its deferred tax assets and liabilities and the one\\-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred\\. For the year ended December 31, 2017, American recognized a special income tax provision of $924 million to reflect these impacts of the 2017 Tax Act\\.\n\n**6\\. Risk Management**\n\nAmerican\u2019s economic prospects are heavily dependent upon two variables it cannot control: the health of the economy and the price of fuel\\.\n\nDue to the discretionary nature of business and leisure travel spending and the highly competitive nature of the airline industry, American\u2019s revenues are heavily influenced by the condition of the U\\.S\\. economy and economies in other regions of the world\\. Unfavorable conditions in these broader economies have resulted, and may result in the future, in decreased passenger demand for air travel, changes in booking practices and related reactions by American\u2019s competitors, all of which in turn have had, and may have in the future, a negative effect on American\u2019s business\\. In addition, during challenging economic times, actions by its competitors to increase their revenues can have an adverse impact on American\u2019s revenues\\.\n\nAmerican\u2019s operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in American\u2019s business\\. Market prices for jet fuel have fluctuated substantially over the past several years and prices continue to be highly volatile\\. Because of the amount of fuel needed to \n\n155"}
{"_id": "Southwest-2017_24.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nand international expansion presents unique challenges; and (iii) the Company has faced an increased presence of other low\\-cost, low\\-fare carriers\\. As a result, the Company is reliant on the success of its revenue strategies to help offset certain increasing costs\\. The timely and effective execution of the Company's strategic plans could be negatively affected by (i) the Company's ability to timely and effectively implement, transition, and maintain related information technology systems and infrastructure; (ii) the Company's ability to effectively balance its investment of incremental operating expenses and capital expenditures related to its strategies against the need to effectively control costs; and (iii) the Company's dependence on third parties with respect to its strategic plans\\.\n\n***The airline industry has faced on\\-going security concerns and related cost burdens; further threatened or actual terrorist attacks, or other hostilities, could significantly harm the airline industry and the Company's operations\\.***\n\nTerrorist attacks or other crimes and hostilities, actual and threatened, have from time to time materially adversely affected the demand for air travel and also have resulted in increased safety and security costs for the Company and the airline industry generally\\. Safety measures create delays and inconveniences and can, in particular, reduce the Company's competitiveness against surface transportation for short\\-haul routes\\. Additional terrorist attacks or other hostilities, even if not made directly on the airline industry, or the fear of such attacks or other hostilities (including elevated national threat warnings or selective cancellation or redirection of flights due to terror threats) would likely have a further significant negative impact on the Company and the airline industry\\.\n\n***Airport capacity constraints and air traffic control inefficiencies have limited and could continue to limit the Company's growth; changes in or additional governmental regulation could increase the Company's operating costs or otherwise limit the Company's ability to conduct business\\.***\n\nAlmost all commercial service airports are owned and/or operated by units of local or state governments\\. Airlines are largely dependent on these governmental entities to provide adequate airport facilities and capacity at an affordable cost\\. Similarly, the federal government singularly controls all U\\.S\\. airspace, and airlines are completely dependent on the FAA operating that airspace in a safe and efficient manner\\. The current air traffic control system is mainly radar\\-based and supported in large part by antiquated equipment and technologies\\. The FAA's protracted transition to a satellite\\-based air traffic control system, as well as the implementation of policies and standards that account for the precision of global positioning system\\-supported aircraft technologies, could continue to adversely impact airspace capacity and the overall efficiency of the system, resulting in limited opportunities for the Company to grow, longer scheduled flight times, increased delays and cancellations, and increased fuel consumption and aircraft emissions\\. As discussed above under \"Business \\- Regulation,\" airlines are also subject to other extensive regulatory requirements\\. These requirements often impose substantial costs on airlines\\. The Company's strategic plans and results of operations could be negatively affected by changes in law and future actions taken by domestic and foreign governmental agencies having jurisdiction over its operations, including, but not limited to:\n\n\n\n|   |                                          |\n| - | ---------------------------------------- |\n| \u2022 | increases in airport rates and charges;  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                          |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | limitations on airport gate capacity or use of other airport facilities such as the 2016 and 2017 reallocation of slots at John Wayne Airport in Orange County, California, which caused the Company to reduce service at that airport;  |\n\n\n\n\n\n|   |                                    |\n| - | ---------------------------------- |\n| \u2022 | limitations on route authorities;  |\n\n\n\n\n\n|   |                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------- |\n| \u2022 | actions and decisions that create difficulties in obtaining access at slot\\-controlled airports;  |\n\n\n\n\n\n|   |                                                                                               |\n| - | --------------------------------------------------------------------------------------------- |\n| \u2022 | actions and decisions that create difficulties in obtaining operating permits and approvals;  |\n\n\n\n\n\n|   |                                       |\n| - | ------------------------------------- |\n| \u2022 | changes to environmental regulations; |\n\n\n\n\n\n|   |                                 |\n| - | ------------------------------- |\n| \u2022 | new or increased taxes or fees; |\n\n\n\n\n\n|   |                                                                                                                            |\n| - | -------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes to laws that affect the services that can be offered by airlines in particular markets and at particular airports; |\n\n\n\n\n\n|   |                                        |\n| - | -------------------------------------- |\n| \u2022 | restrictions on competitive practices; |\n\n\n\n\n\n|   |                                                                                                            |\n| - | ---------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in laws that increase costs for safety, security, compliance, or other Customer Service standards; |\n\n\n\n\n\n|   |                                                                                                                                         |\n| - | --------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in laws that may limit the Company's ability to enter into fuel derivative contracts to hedge against increases in fuel prices; |\n\n\n\n\n\n|   |                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in laws that may limit or regulate the Company's ability to promote the Company\u2019s business or fares; and |\n\n\n\n25"}
{"_id": "Alaska-2018_69.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**NOTE 3\\. REVENUE**\n\nTicket revenue is recorded as Passenger revenue, and represents the primary source of the Company's revenue\\. Also included in Passenger revenue are passenger ancillary revenues such as bag fees, on\\-board food and beverage, ticket change fees, and certain revenue from the frequent flyer program\\. Mileage Plan other revenue includes brand and marketing revenue from our co\\-branded credit card and other partners and certain interline frequent flyer revenue, net of commissions\\. Cargo and other revenue includes freight and mail revenue, and to a lesser extent, other ancillary revenue products such as lounge membership and certain commissions\\.\n\nThe Company disaggregates revenue by segment in Note 13\\. The level of detail within the Company\u2019s statements of operations, segment disclosures, and in this footnote depict the nature, amount, timing and uncertainty of revenue and how cash flows are affected by economic and other factors\\. \n\n**Passenger Ticket and Ancillary Services Revenue**\n\nThe primary performance obligation on a typical passenger ticket is to provide air travel to the passenger\\. Ticket revenue is collected in advance of travel and recorded as Air Traffic Liability (ATL) on the consolidated balance sheets\\. The Company satisfies its performance obligation and recognizes ticket revenue for each flight segment when the transportation is provided\\. \n\nAncillary passenger revenues relate to items such as checked\\-bag fees, ticket change fees, and on\\-board food and beverage sales, all of which are provided at time of flight\\. As such, the obligation to perform these services is satisfied at the time of travel and is recorded with ticket revenue in Passenger revenue\\.\n\nRevenue is also recognized for tickets that are expected to expire unused, a concept referred to as \u201cpassenger ticket breakage\\.\u201d Passenger ticket breakage is recorded at the flight date using estimates made at the time of sale based on the Company\u2019s historical experience of expired tickets, and other facts such as program changes and modifications\\.\n\nIn addition to selling tickets on its own marketed flights, Alaska has interline agreements with partner airlines under which it sells multi\\-city tickets with one or more segments of the trip flown by a partner airline, or it operates a connecting flight sold by a partner airline\\. Each segment in a connecting flight represents a separate performance obligation\\. Revenue on segments sold and operated by the Company is recognized as Passenger revenue in the gross amount of the allocated ticket price when the travel occurs, while the commission paid to the partner airline is recognized as a selling expense when the related transportation is provided\\. Revenue on segments operated by a partner airline is deferred for the full amount of the consideration received at the time the ticket is sold and, once the segment has been flown the Company records the net amount, after compensating the partner airline, as Cargo and other revenue\\. \n\nA portion of revenue from the Mileage Plan\u2122 program is recorded in Passenger revenue\\. As members are awarded mileage credits on flown tickets, these credits become a distinct performance obligation to the Company\\. The Company allocates the transaction price to each performance obligation identified in a passenger ticket contract on a relative standalone selling price basis\\. The standalone selling price for loyalty mileage credits issued is discussed in the *Loyalty**Mileage Credits* section of this Note below\\. The amount allocated to the mileage credits is deferred on the balance sheet\\. Once a member travels using a travel award redeemed with mileage credits on one of the Company's airline carriers, the revenue associated with those mileage credits is recorded as Passenger revenue\\.\n\nTaxes collected from passengers, including transportation excise taxes, airport and security fees and other fees, are recorded on a net basis within passenger revenue in the consolidated statements of operations\\. \n\nPassenger revenue recognized in the consolidated statements of operations (in millions):\n\n\n\n|                                                                               |                                      |                                      |                                      |\n| ----------------------------------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                                               | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                                               | **2018**                             | **2017**                             | **2016**                             |\n| Passenger ticket revenue, including ticket breakage and net of taxes and fees | **$6,483**                           | $6,246                               | $4,568                               |\n| Passenger ancillary revenue                                                   | **530**                              | 514                                  | 381                                  |\n| Mileage Plan ^TM^  passenger revenue                                          | **619**                              | 541                                  | 443                                  |\n| **Total passenger revenue**                                                   | **$7,632**                           | $7,301                               | $5,392                               |\n\n\n\n 70"}
{"_id": "AmericanAirlines-2018_38.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**ITEM 3\\. LEGAL PROCEEDINGS**\n\n*Chapter 11 Cases*\\. On November 29, 2011, AMR, American, and certain of AMR\u2019s other direct and indirect domestic subsidiaries (the Debtors) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court)\\. On October 21, 2013, the Bankruptcy Court entered an order approving and confirming the Debtors\u2019 fourth amended joint plan of reorganization (as amended, the Plan)\\. On the Effective Date, December 9, 2013, the Debtors consummated their reorganization pursuant to the Plan and completed the Merger\\.\n\nPursuant to rulings of the Bankruptcy Court, the Plan established the Disputed Claims Reserve to hold shares of AAG common stock reserved for issuance to disputed claimholders at the Effective Date that ultimately become holders of allowed claims\\. The shares of AAG common stock issued to the Disputed Claims Reserve were originally issued on December 13, 2013 and have at all times since been included in the number of shares issued and outstanding as reported from time to time in our quarterly and annual reports, including for purposes of calculating earnings per share\\. As disputed claims are resolved, the claimants will receive distributions of shares from the Disputed Claims Reserve\\. However, we are not required to distribute additional shares above the limits contemplated by the Plan, even if the shares remaining for distribution in the Disputed Claims Reserve are not sufficient to fully pay any additional allowed unsecured claims\\. To the extent that any of the reserved shares remain undistributed upon resolution of all remaining disputed claims, such shares will not be returned to us but rather will be distributed to former AMR stockholders and former convertible noteholders treated as stockholders under the Plan\\. On February 12, 2019, in accordance with the approval granted by the Bankruptcy Court on December 6, 2018, an aggregate of approximately 17\\.3 million shares of AAG common stock were distributed from the Disputed Claims Reserve to former AMR shareholders and convertible noteholders\\. After giving effect to this distribution, the Disputed Claims Reserve holds approximately 7\\.2 million shares of AAG common stock\\.\n\n*Private Party Antitrust Action Related to Passenger Capacity\\.* We, along with Delta Air Lines, Inc\\., Southwest Airlines Co\\., United Airlines, Inc\\. and, in the case of litigation filed in Canada, Air Canada, have been named as defendants in approximately 100 putative class action lawsuits alleging unlawful agreements with respect to air passenger capacity\\. The U\\.S\\. lawsuits have been consolidated in the Federal District Court for the District of Columbia (the DC Court)\\. On June 15, 2018, we reached a preliminary settlement agreement with the plaintiffs in the amount of $45 million that, once approved, will resolve all claims in the U\\.S\\. lawsuits\\. That settlement received preliminary approval from the DC Court on June 18, 2018\\. \n\n*Private Party Antitrust Action Related to the Merger*\\. On August 6, 2013, a lawsuit captioned Carolyn Fjord, et al\\., v\\. AMR Corporation, et al\\., was filed in the United States Bankruptcy Court for the Southern District of New York\\. The complaint named as defendants US Airways Group, US Airways, AMR and American, alleged that the effect of the Merger may be to create a monopoly in violation of Section 7 of the Clayton Antitrust Act, and sought injunctive relief and/or divestiture\\. On November 27, 2013, the Bankruptcy Court denied plaintiffs\u2019 motion to preliminarily enjoin the Merger\\. On August 29, 2018, the Court denied in part defendants' motion for summary judgment, and fully denied plaintiffs' cross\\-motion for summary judgment\\. A bench trial is presently scheduled for March 2019\\. We believe this lawsuit is without merit and intend to vigorously defend against the allegations\\.\n\n*DOJ Investigation Related to the United States Postal Service*\\. In April 2015, the Department of Justice (DOJ) informed us of an inquiry regarding American\u2019s 2009 and 2011 contracts with the United States Postal Service for the international transportation of mail by air\\. In October 2015, we received a Civil Investigative Demand from the DOJ seeking certain information relating to these contracts and the DOJ has also sought information concerning certain of the airlines that transport mail on a codeshare basis\\. The DOJ has indicated it is investigating potential violations of the False Claims Act or other statutes\\. We are cooperating fully with the DOJ with regard to its investigation\\.\n\n*General*\\. In addition to the specifically identified legal proceedings, we and our subsidiaries are also engaged in other legal proceedings from time to time\\. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within our control\\. Therefore, although we will vigorously defend ourselves in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on us are uncertain but could be material\\. See Part I, Item 1A\\. Risk Factors \u2013*\u201cWe may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity\u201d* for additional discussion\\.\n\n**ITEM 4\\. MINE SAFETY DISCLOSURES**\n\nNot Applicable\\.\n\n39"}
{"_id": "Alaska-2018_23.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***FINANCIAL CONDITION AND FINANCIAL MARKETS***\n\n***Our business, financial condition and results of operations are substantially exposed to the volatility of jet fuel prices\\. Significant increases in jet fuel costs would harm our business\\.***\n\nFuel costs constitute a significant portion of our total operating expenses\\. Future increases in the price of jet fuel may harm our business, financial condition and results of operations unless we are able to increase fares and fees or add additional ancillary services to attempt to recover increasing fuel costs\\.\n\n***Our indebtedness and other fixed obligations could lead to liquidity constraints that may restrict our activities\\.*** \n\nWe incurred a significant amount of new debt to finance our acquisition of Virgin America\\. Although we have paid down a large portion of the merger\\-related debt, we now carry, and will continue to carry for the foreseeable future, a substantial amount of debt\\. Due to our high fixed costs, including aircraft lease commitments and debt service, a decrease in revenues would result in a disproportionately greater decrease in earnings\\. \n\nOur outstanding long\\-term debt and other fixed obligations could have important consequences\\. For example, they could limit our ability to obtain additional financing to fund our future capital expenditures, working capital or other purposes; require us to dedicate a material portion of our operating cash flow to fund lease payments and interest payments on indebtedness, thereby reducing funds available for other purposes; or limit our ability to withstand competitive pressures and reduce our flexibility in responding to changing business and economic conditions\\.\n\nAlthough we have historically been able to generate sufficient cash flow from our operations to pay our debt and other fixed obligations when they become due, we cannot ensure we will be able to do so in the future\\. If we fail to do so, our business could be harmed\\. \n\n***Our maintenance costs will increase as our fleet ages, and we will periodically incur substantial maintenance costs due to the timing of maintenance events of our aircraft\\.***\n\nAs of December 31, 2018, the average age of our NextGen aircraft (B737\\-700, \\-800, \\-900, \\-900ERs) was approximately 8\\.1 years, the average age of our A319, A320, and A321neo aircraft was approximately 7\\.9 years, the average age of our E175 aircraft was approximately 1\\.4 years, and the average age of our Q400 aircraft was approximately 11\\.2 years\\. Currently, our newer aircraft require less maintenance than they will in the future\\. Any significant increase in maintenance expenses could have a material adverse effect on our results of operations\\. \n\n***The application of the acquisition method of accounting resulted in us recording a significant amount of goodwill, which could result in significant future impairment charges and negatively affect our financial results\\.***\n\nIn accordance with acquisition accounting rules, we recorded goodwill on our consolidated balance sheet to the extent the Virgin America acquisition purchase price exceeded the net fair value of Virgin America\u2019s tangible and identifiable intangible assets and liabilities as of the acquisition date\\. Goodwill is not amortized, but is tested for impairment at least annually\\. We could record impairment charges in our results of operations as a result of, among other items, extreme fuel price volatility, a significant decline in the fair value of certain tangible or intangible assets, unfavorable trends in forecasted results of operations and cash flows, uncertain economic environment and other uncertainties\\. We can provide no assurance that a significant impairment charge will not occur in one or more future periods\\. Any such charges may materially negatively affect our financial results\\.\n\n***Our ability to use Virgin America\u2019s net operating loss carryforwards to offset future taxable income for U\\.S\\. federal and state income tax purposes may be limited if we are unable to earn adequate taxable income in future periods\\.*** \n\nOur ability to use the net operating loss carryforwards (NOLs) will depend on the amount of taxable income generated in future periods\\. The NOLs may expire before we can generate sufficient taxable income to utilize the NOLs\\.\n\n 24"}
{"_id": "AmericanAirlines-2019_117.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAMERICAN AIRLINES, INC\\.\n\nCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME\n\n(In millions)\n\n\n\n|                                                            |                             |                             |                             |\n| ---------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                            | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                            | **2019**                    | **2018**                    | **2017**                    |\n| **Net income**                                             | $1,972                      | $1,658                      | $1,285                      |\n| **Other comprehensive income (loss), net of tax:**         |                             |                             |                             |\n| Pension, retiree medical and other postretirement benefits | (434<br><br>)               | (116<br><br>)               | (68<br><br>)                |\n| Investments                                                | 3                           | (3<br><br>)                 | (1<br><br>)                 |\n| **Total other comprehensive loss, net of tax**             | (431<br><br>)               | (119<br><br>)               | (69<br><br>)                |\n| **Total comprehensive income**                             | $1,541                      | $1,539                      | $1,216                      |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n118"}
{"_id": "AmericanAirlines-2018_164.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nThe fair value of American\u2019s retiree medical and other postretirement benefits plans assets at December 31, 2017 by asset category, were as follows (in millions):\n\n\n\n|                          |                                                                                                     |                                                                              |                                                                                |                                                     |\n| ------------------------ | --------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                          | **Fair Value Measurements as of December 31, 2017**                                                 | **Fair Value Measurements as of December 31, 2017**                          | **Fair Value Measurements as of December 31, 2017**                            | **Fair Value Measurements as of December 31, 2017** |\n| **Asset Category**       | **Quoted Prices in**<br><br>**Active Markets for**<br><br>**Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Money market fund        | $5                                                                                                  | $\u2014                                                                           | $\u2014                                                                             | $5                                                  |\n| Mutual funds \u2013 AAL Class | \u2014                                                                                                   | 290                                                                          | \u2014                                                                              | 290                                                 |\n| Total                    | $5                                                                                                  | $290                                                                         | $\u2014                                                                             | $295                                                |\n\n\n\nInvestments in the retiree medical and other postretirement benefits plans\u2019 mutual funds are valued by quoted prices on the active market, which is fair value and represents the net asset value of the shares of such funds as of the close of business at the end of the period\\. The AAL Class mutual fund restricts trading only to American, resulting in a fair value classification of Level 2\\. Investments included approximately 30% of investments in non\\-U\\.S\\. common stocks in both 2018 and 2017\\. Net asset value is based on the fair market value of the funds\u2019 underlying assets and liabilities at the date of determination\\.\n\n***Defined Contribution Plans***\n\nAmerican contributed $856 million, $844 million and $761 million to its defined contribution plans for the years ended December 31, 2018, 2017 and 2016, respectively\\.\n\n***Profit Sharing Program***\n\nAmerican accrues 5% of its pre\\-tax income excluding special items for its profit sharing program\\. For the year ended December 31, 2018, American accrued $175 million for this program, which will be distributed to employees in the first quarter of 2019\\.\n\n**9\\. Accumulated Other Comprehensive Loss**\n\nThe components of AOCI are as follows (in millions):\n\n\n\n|                                                            |                                                                                         |                                    |                                                         |       |           |\n| ---------------------------------------------------------- | --------------------------------------------------------------------------------------- | ---------------------------------- | ------------------------------------------------------- | ----- | --------- |\n|                                                            | **Pension,  <br>Retiree  <br>Medical and  <br>Other  <br>Postretirement  <br>Benefits** | **Unrealized Loss on Investments** | **Income Tax  <br>Benefit  <br>(Provision)**  **^(1)^** |       | **Total** |\n| Balance at December 31, 2016                               | $(4,394)                                                                                | $\u2014                                 | $(788)                                                  |       | $(5,182)  |\n| Other comprehensive income (loss) before reclassifications | (27)                                                                                    | (1)                                | 14                                                      |       | (14)      |\n| Amounts reclassified from AOCI                             | (87)                                                                                    | \u2014                                  | 32                                                      | ^(2)^ | (55)      |\n| Net current\\-period other comprehensive income (loss)      | (114)                                                                                   | (1)                                | 46                                                      |       | (69)      |\n| Balance at December 31, 2017                               | (4,508)                                                                                 | (1)                                | (742)                                                   |       | (5,251)   |\n| Other comprehensive income (loss) before reclassifications | (61)                                                                                    | (4)                                | 15                                                      |       | (50)      |\n| Amounts reclassified from AOCI                             | (89)                                                                                    | \u2014                                  | 20                                                      | ^(2)^ | (69)      |\n| Net current\\-period other comprehensive income (loss)      | (150)                                                                                   | (4)                                | 35                                                      |       | (119)     |\n| Balance at December 31, 2018                               | $(4,658)                                                                                | $(5)                               | $(707)                                                  |       | $(5,370)  |\n\n\n\n\n\n|       |                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income until the obligations are fully extinguished\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Relates to pension, retiree medical and other postretirement benefits obligations and is recognized within the income tax provision on American\u2019s consolidated statements of operations\\. |\n\n\n\n165"}
{"_id": "Delta-2019_100.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nITEM 9B\\. OTHER INFORMATION \n\nNone\\.\n\nPART III\n\nITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE OF THE  REGISTRANT\n\nInformation required by this item is set forth under the headings \"Board Operations,\" \"Proposal 1 \\- Election of Directors\" and \"Section 16 Beneficial Ownership Reporting Compliance\" in our Proxy Statement to be filed with the Commission related to our 2020 Annual Meeting of Stockholders (\"Proxy Statement\"), and is incorporated by reference\\. Pursuant to instruction 3 to paragraph (b) of Item 401 of Regulation S\\-K, certain information regarding executive officers is contained in Part I of this Form 10\\-K\\.\n\nITEM 11\\. EXECUTIVE COMPENSATION\n\nInformation required by this item is set forth under the headings \"Executive Compensation\" and \"Director Compensation\" in our Proxy Statement and is incorporated by reference\\.\n\nITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND  RELATED STOCKHOLDER MATTERS\n\nSecurities Authorized for Issuance Under Equity Compensation Plans\n\nThe following table provides information about the number of shares of common stock that may be issued under Delta's equity compensation plans as of December 31, 2019\\.\n\n\n\n|                                                              |                                                              |                                                              |                                                                                                    |                                                                                                    |                                                                                       |                                                                                                                                                    |                                                                                                                                                    |\n|:------------------------------------------------------------ |:------------------------------------------------------------ |:------------------------------------------------------------ | --------------------------------------------------------------------------------------------------:| --------------------------------------------------------------------------------------------------:| -------------------------------------------------------------------------------------:| --------------------------------------------------------------------------------------------------------------------------------------------------:| --------------------------------------------------------------------------------------------------------------------------------------------------:|\n| Plan Category                                                | Plan Category                                                | Plan Category                                                | (a) No\\. of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights^(1)^ | (a) No\\. of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights^(1)^ | (b) Weighted\\-Average Exercise Price of Outstanding Options, Warrants and Rights^(2)^ | (c) No\\. of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))^(3)^ | (c) No\\. of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))^(3)^ |\n| Equity compensation plans approved by securities holders     | Equity compensation plans approved by securities holders     | Equity compensation plans approved by securities holders     |                                                                                         5,334,334  |                                                                                         5,334,334  |                                                                              $36\\.60  |                                                                                                                                        24,809,943  |                                                                                                                                        24,809,943  |\n| Equity compensation plans not approved by securities holders | Equity compensation plans not approved by securities holders | Equity compensation plans not approved by securities holders |                                                                                                 \u2014  |                                                                                                 \u2014  |                                                                                    \u2014  |                                                                                                                                                 \u2014  |                                                                                                                                                 \u2014  |\n| Total                                                        | Total                                                        | Total                                                        |                                                                                         5,334,334  |                                                                                         5,334,334  |                                                                              $36\\.60  |                                                                                                                                        24,809,943  |                                                                                                                                        24,809,943  |\n\n\n\n^(1)^ Includes a maximum of 1,395,451 shares of common stock that may be issued upon the achievement of certain performance conditions under outstanding performance share awards as of December 31, 2019\\. \n\n^(2)^ Includes performance share awards, which do not have exercise prices\\. The weighted average exercise price of options is  $49\\.57\\.\n\n^(3)^ Reflects shares remaining available for issuance under Delta's Performance Compensation Plan\\. If any shares of our common stock are covered by an award under the Plan that expires, is canceled, forfeited or otherwise terminates without delivery of shares (including shares surrendered or withheld for payment of taxes related to an award), then such shares will again be available for issuance under the Plan except for (i) any shares tendered in payment of an option, (ii) shares withheld to satisfy any tax withholding obligation with respect to the exercise of an option or stock appreciation right (\"SAR\") or (iii) shares covered by a stock\\-settled SAR or other awards that were not issued upon the settlement of the award\\. Because 2,590,479 shares of restricted stock remain unvested and subject to forfeiture, these shares could again be available for issuance\\.\n\nOther information required by this item is set forth under the heading \"Beneficial Ownership of Securities\" in our Proxy Statement and is incorporated by reference\\.\n\nITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR  INDEPENDENCE\n\nInformation required by this item is set forth under the headings \"Board Operations\" and \"Proposal 1 \\- Election of Directors\" in our Proxy Statement and is incorporated by reference\\.\n\n98"}
{"_id": "Alaska-2018_62.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Property, Equipment and Depreciation***\n\nProperty and equipment are recorded at cost and depreciated using the straight\\-line method over their estimated useful lives less an estimated salvage value, which are as follows:\n\n\n\n|                                                |                                                                 |                             |\n| ---------------------------------------------- | --------------------------------------------------------------- | --------------------------- |\n|                                                | **Estimated Useful Life**                                       | **Estimated Salvage Value** |\n| Aircraft and other flight equipment:           |                                                                 |                             |\n| Boeing 737, Airbus A319/320, and E175 aircraft | 20\\-25 years                                                    | 10%                         |\n| Bombardier Q400 aircraft                       | 15 years                                                        | 5%                          |\n| Buildings                                      | 25 \\- 30 years                                                  | 10%                         |\n| Minor building and land improvements           | 10 years                                                        | \u2014%                          |\n| Capitalized leases and leasehold improvements  | Generally shorter of lease term or<br><br>estimated useful life | \u2014%                          |\n| Computer hardware and software                 | 3\\-10 years                                                     | \u2014%                          |\n| Other furniture and equipment                  | 5\\-10 years                                                     | \u2014%                          |\n\n\n\nNear the end of an asset's estimated useful life, management updates the salvage value estimates based on current market conditions and expected use of the asset\\. Repairable and rotable aircraft parts are included in Aircraft and other flight equipment, and are depreciated over the associated fleet life\\.\n\nIn 2016, the Company changed its accounting estimate for the expected useful life of the B737 NextGen aircraft, which includes the B737\\-700, \\-800, \\-900, \\-900ER aircraft and the related parts, from 20 years to 25 years\\. The change in estimate was precipitated by management's annual accounting policy review, which considered market studies, asset performance and intended use, as well as industry benchmarking\\. The change in estimate was applied prospectively effective October 1, 2016\\.\n\nCapitalized interest, based on the Company\u2019s weighted\\-average borrowing rate, is added to the cost of the related asset, and is depreciated over the estimated useful life of the asset\\.\n\nMaintenance and repairs, other than engine maintenance on B737\\-800 engines, are expensed when incurred\\. Major modifications that extend the life or improve the usefulness of aircraft are capitalized and depreciated over their estimated period of use\\. Maintenance on B737\\-800 engines is covered under a power\\-by\\-the\\-hour agreement with a third party, whereby the Company pays a determinable amount, and transfers risk, to a third party\\. The Company expenses the contract amounts based on engine usage\\.\n\nThe Company evaluates long\\-lived assets to be held and used for impairment whenever events or changes in circumstances indicate that the total carrying amount of an asset or asset group may not be recoverable\\. The Company groups assets for purposes of such reviews at the lowest level at which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities, which is generally the fleet level\\. An impairment loss is considered when estimated future undiscounted cash flows expected to result from the use of the asset or asset group and its eventual disposition are less than its carrying amount\\. If the asset or asset group is not considered recoverable, a write\\-down equal to the excess of the carrying amount over the fair value will be recorded\\. \n\n***Goodwill*** \n\nGoodwill represents the excess of purchase price over the fair value of the related net assets acquired in the Company's acquisition of Virgin America and is not amortized\\. The total balance of goodwill is associated with the Mainline reporting unit\\. The Company reviews goodwill for impairment annually in Q4, or more frequently if events or circumstances indicate than an impairment may exist\\. If fair value of the reporting unit does not exceed the carrying amount, an impairment charge may be recorded\\. In 2018, the fair value of the reporting unit with goodwill substantially exceeded its carrying value\\. \n\n***Intangible Assets*** \n\nIntangible assets recorded in conjunction with the acquisition of Virgin America consist primarily of indefinite\\-lived airport slots, finite\\-lived airport gates and finite\\-lived customer relationships\\. Finite\\-lived intangibles are amortized over their estimated useful lives\\. Indefinite\\-lived intangibles are not amortized, but are tested at least annually for impairment using a similar methodology to property, equipment and goodwill, as described above\\. \n\n 63"}
{"_id": "Delta-2017_9.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nFuel Hedging Program\n\nWe have recently managed our fuel price risk through a hedging program intended to reduce the financial impact from changes in the price of fuel as fuel prices are subject to potential volatility\\.  We may utilize different contract and commodity types in this program and frequently test their economic effectiveness against our financial targets\\. We closely monitor the hedge portfolio and rebalance the portfolio based on market conditions, which may result in locking in gains or losses on hedge contracts prior to their settlement dates\\. In addition, we enter into derivatives with third parties to hedge financial risk related to Monroe\u2019s refining margins\\.\n\nFuel Supply Availability\n\nWe are currently able to obtain adequate supplies of aircraft fuel, including fuel produced by Monroe or procured through the exchange of non\\-jet fuel products the refinery produces, and crude oil for Monroe's operations\\. However, it is impossible to predict the future availability or price of aircraft fuel and crude oil\\. Weather\\-related events, natural disasters, political disruptions or wars involving oil\\-producing countries, changes in government policy concerning aircraft fuel production, transportation, taxes or marketing, changes in refining capacity, environmental concerns and other unpredictable events may result in future fuel supply shortages and fuel price increases\\.\n\nOther Businesses\n\nCargo\n\nThrough our global network, our cargo operations are able to connect the world's major freight gateways\\. We generate cargo revenues in domestic and international markets through the use of cargo space on regularly scheduled passenger aircraft\\. We are a member of SkyTeam Cargo, a global airline cargo alliance, whose other members are Aeroflot, Aerol\u00edneas Argentinas, Aerom\u00e9xico Cargo, Air France\\-KLM Cargo, Alitalia Cargo, China Airlines Cargo, China Cargo Airlines, China Southern Cargo, Czech Airlines Cargo and Korean Air Cargo\\. SkyTeam Cargo offers a global network spanning six continents\\.\n\nAncillary Businesses\n\nWe have several other businesses arising from our airline operations, including aircraft maintenance, repair and overhaul (\"MRO\"), staffing and other services, vacation wholesale operations and our private jet operations\\. In  2017 , the total revenue from these businesses was approximately $1 billion\\.\n\n\n\n|   |                                                                                                                                                                                                            |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | In addition to providing maintenance and engineering support for our fleet of over 900 aircraft, our MRO operation, known as Delta TechOps, serves aviation and airline customers from around the world\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                    |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Delta Global Services provides services to us and to third parties, including staffing services, aviation solutions, professional security and training services\\. |\n\n\n\n\n\n|   |                                                                                                          |\n| - | -------------------------------------------------------------------------------------------------------- |\n| \u2022 | Our vacation wholesale business, Delta Vacations, provides vacation packages to third\\-party consumers\\. |\n\n\n\n\n\n|   |                                                                                                                                                                     |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Our private jet operations, Delta Private Jets, provides aircraft charters, aircraft management and programs allowing members to purchase flight time by the hour\\. |\n\n\n\nDistribution and Expanded Product Offerings\n\nOur tickets are sold through various distribution channels, including: (1) digital channels, such as delta\\.com and mobile applications/web, (2) telephone reservations, (3) online travel agencies and (4) traditional \"brick and mortar\" and other agencies\\. We make fare and product information widely available across those channels, ensuring customers always receive the best information and service options\\. An increasing number of our tickets are sold through Delta digital direct channels, driving more direct, personalized interactions with our customers and reducing distribution costs\\.\n\n 5"}
{"_id": "United-2017_33.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nAircraft maintenance materials and outside repairs increased $98 million, or 5\\.9%, in 2016 as compared to 2015 primarily due to a year\\-over\\-year increase in airframe maintenance visits as a result of the cyclical timing of these visits and volume\\-driven increases in component costs, partially offset by a reduction in costs due to the timing of maintenance on certain engines\\.\n\nAircraft rent decreased $74 million, or 9\\.8%, in 2016 as compared to 2015 primarily due to lease expirations, the purchase or capital lease conversion of several operating leased aircraft and lower lease renewal rates for certain aircraft\\.\n\nThe table below presents special charges incurred by the Company during the years ended December 31 (in millions):\n\n\n\n|                                                            |          |          |\n|:---------------------------------------------------------- | --------:| --------:|\n|                                                            | **2016** | **2015** |\n| Impairment of assets                                       |    $412  |     $79  |\n| Cleveland airport lease restructuring                      |      74  |       \u2014  |\n| Labor agreement costs                                      |      64  |      18  |\n| Severance and benefit costs                                |      37  |     107  |\n| (Gains) losses on sale of assets and other special charges |      51  |     122  |\n| Total special charges                                      |    $638  |    $326  |\n\n\n\nSee Note 14 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\nOther operating expenses increased $343 million, or 6\\.8%, in 2016 as compared to 2015 primarily due to increases in ground handling costs, food and technology costs associated with the Company\u2019s enhanced customer experience initiatives, rate\\-driven increases in hotel expenses for crews, increases in marketing expenses related to the 2016 Summer Olympics and volume\\-driven increases in cargo costs\\.\n\n***Nonoperating Income (Expense)*** \n\nThe following table illustrates the year\\-over\\-year dollar and percentage changes in the Company\u2019s nonoperating income (expense) for the years ended December 31 (in millions, except percentage changes):\n\n\n\n|                                 |          |          |                              |              |\n|:------------------------------- | --------:| --------:| ----------------------------:| ------------:|\n|                                 | **2016** | **2015** | **Increase  <br>(Decrease)** | **% Change** |\n| Interest expense                |   $(614) |   $(669) |                        $(55) |       (8\\.2) |\n| Interest capitalized            |      72  |      49  |                          23  |       46\\.9  |\n| Interest income                 |      42  |      25  |                          17  |       68\\.0  |\n| Miscellaneous, net              |     (19) |    (352) |                        (333) |      (94\\.6) |\n| Total nonoperating expense, net |   $(519) |   $(947) |                       $(428) |      (45\\.2) |\n\n\n\nThe decrease in interest expense of $55 million, or 8\\.2%, in 2016 as compared to 2015 was primarily due to the prepayment of certain debt issuances in 2015 and declining balances of other debt, partially offset by interest expense on debt issued for the acquisition of new aircraft, the conversion of certain operating leases to capital leases and certain constructed airport assets accounted for as capital leases\\.\n\nIn 2015, Miscellaneous, net included losses of $80 million from fuel derivatives not qualifying for hedge accounting\\. Foreign currency losses were approximately $43 million and $129 million in 2016 and 2015, respectively\\. Foreign currency results included $8 million and $61 million of foreign exchange losses for 2016 and 2015, respectively, related to the Company\u2019s cash holdings in Venezuela\\. Miscellaneous, net for 2015 also includes a $134 million special charge related to the write\\-off of unamortized non\\-cash debt discounts for the early redemption of the 6% Notes due 2026 (the \u201c2026 Notes\u201d) and the 6% Notes due 2028 (the \u201c2028 Notes\u201d)\\.\n\n34"}
{"_id": "United-2019_93.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|               |                                               |\n| ------------- | --------------------------------------------- |\n| **ITEM 14\\.** | **PRINCIPAL ACCOUNTANT FEES AND SERVICES\\.**  |\n\n\n\nThe Audit Committee of the UAL Board of Directors has adopted a policy on pre\\-approval of services of the Company's independent registered public accounting firm\\. As a wholly\\-owned subsidiary of UAL, United's audit services are determined by UAL\\. The policy provides that the Audit Committee shall pre\\-approve all audit and non\\-audit services to be provided to UAL and its subsidiaries and affiliates by its independent auditors\\. The process by which this is carried out is as follows:\n\nFor recurring services, the Audit Committee reviews and pre\\-approves the independent registered public accounting firm's annual audit services in conjunction with the annual appointment of the outside auditors\\. The reviewed materials include a description of the services along with related fees\\. The Audit Committee also reviews and pre\\-approves other classes of recurring services along with fee thresholds for pre\\-approved services\\. In the event that the additional services are required prior to the next scheduled Audit Committee meeting, pre\\-approvals of additional services follow the process described below\\.\n\nAny requests for audit, audit related, tax and other services not contemplated with the recurring services approval described above must be submitted to the Audit Committee for specific pre\\-approval and cannot commence until such approval has been granted\\. Normally, pre\\-approval is provided at regularly scheduled meetings\\. However, the authority to grant specific pre\\-approval between meetings, as necessary, has been delegated to the Chair of the Audit Committee\\. The Chair must update the Audit Committee at the next regularly scheduled meeting of any services that were granted specific pre\\-approval\\.\n\nOn a periodic basis, the Audit Committee reviews the status of services and fees incurred year\\-to\\-date and a list of newly pre\\-approved services since its last regularly scheduled meeting\\. The Audit Committee has considered whether the  2019  and  2018  non\\-audit services provided by Ernst & Young LLP, the Company's independent registered public accounting firm, are compatible with maintaining auditor independence\\.\n\nAll of the services in  2019  and  2018  under the Audit Fees, Audit Related Fees, Tax Fees and All Other Fees categories below have been approved by the Audit Committee pursuant to paragraph (c)(7) of Rule 2\\-01 of Regulation S\\-X of the Exchange Act\\.\n\nThe aggregate fees billed for professional services rendered by the Company's independent auditors in  2019  and  2018  are as follows (in thousands):  \n\n\n\n|                                              |          |          |\n| -------------------------------------------- | -------- | -------- |\n| **Service**                                  | **2019** | **2018** |\n| Audit Fees                                   | $4,323   | $3,992   |\n| Audit Related Fees                           | 403      | 375      |\n| Tax Fees                                     | 174      | 166      |\n| All Other Fees                               | \u2014        | 2        |\n| Total Fees                                   | $4,900   | $4,535   |\n| Note: UAL and United amounts are the same\\.  |          |          |\n\n\n\nAudit Fees\\.  For  2019  and  2018 , audit fees consist primarily of the audit and quarterly reviews of the consolidated financial statements and the audit of the effectiveness of internal control over financial reporting of United Airlines Holdings, Inc\\. and its wholly\\-owned subsidiaries\\. Audit fees also include the audit of the consolidated financial statements of United, attestation services required by statute or regulation, comfort letters, consents, assistance with and review of documents filed with the SEC, and accounting and financial reporting consultations and research work necessary to comply with generally accepted auditing standards\\.\n\nAudit Related Fees\\.  For  2019 , fees for audit\\-related services primarily consisted of accounting consultations for proposed or future transactions and identifying and testing changes in the internal control environment prior to the implementation of the new revenue accounting system, which went into effect during the third quarter of  2019 \\. For  2018 , fees for audit\\-related services consisted of consultations related to the adoption of new accounting standards prior to adoption\\.\n\nTax Fees\\.  Tax fees for  2019  and  2018  relate to professional services provided for research and consultations regarding tax accounting and tax compliance matters and review of U\\.S\\. and international tax impacts of certain transactions, exclusive of tax services rendered in connection with the audit\\.\n\nAll Other Fees\\.  Fees for all other services billed in  2018  consist of subscriptions to Ernst & Young LLP's on\\-line accounting research tool\\.\n\n94"}
{"_id": "United-2017_75.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n35% primarily because of the non\\-cash income tax expense of $180 million that was related to losses on fuel derivatives designated for hedge accounting\\. Subsequent to the release of the valuation allowance in 2015, this deferred income tax expense of $180 million remained in AOCI until all fuel derivatives were settled in December 2016\\.\n\nTotal income tax expense in 2017 includes the provisional one\\-time transition tax of $19 million on previously deferred foreign earnings\\. The undistributed cumulative earnings of foreign subsidiaries contributing to the one\\-time transition tax were $122 million\\. The Company expects to repatriate these earnings in 2018\\.\n\nAs of December 31, 2017, we had not completed our analysis of all aspects of the Tax Act\\. However, we have made a provisional estimate for its effect on our existing deferred tax balances and the one\\-time transition tax\\. We remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%\\. We are still analyzing certain aspects of the Tax Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts\\.\n\nTemporary differences and carryforwards that give rise to deferred tax assets and liabilities at December 31, 2017 and 2016 were as follows (in millions):\n\n\n\n|                                                                  |           |           |            |            |\n|:---------------------------------------------------------------- | ---------:| ---------:| ----------:| ----------:|\n|                                                                  |   **UAL** |   **UAL** | **United** | **United** |\n|                                                                  |  **2017** |  **2016** |   **2017** |   **2016** |\n| Deferred income tax asset (liability):                           |           |           |            |            |\n| Federal and state net operating loss (\u201cNOL\u201d) carryforwards       |     $601  |   $1,613  |      $574  |    $1,571  |\n| Deferred revenue                                                 |    1,069  |    2,096  |     1,069  |     2,096  |\n| Employee benefits, including pension, postretirement and medical |    1,051  |    1,662  |     1,051  |     1,662  |\n| Alternative minimum tax credit carryforwards                     |        \u2014  |      116  |         \u2014  |       116  |\n| Other                                                            |      351  |      523  |       351  |       522  |\n| Less: Valuation allowance                                        |      (63) |      (68) |       (63) |       (68) |\n| Total deferred tax assets                                        |  $ 3,009  |   $5,942  |    $2,982  |    $5,899  |\n| Depreciation                                                     |  $(2,431) |  $(3,961) |   $(2,431) |   $(3,961) |\n| Intangibles                                                      |     (803) |   (1,326) |      (803) |    (1,326) |\n| Total deferred tax liabilities                                   |  $(3,234) |  $(5,287) |   $(3,234) |   $(5,287) |\n| Net deferred tax asset (liability)                               |    $(225) |     $655  |     $(252) |      $612  |\n\n\n\nUnited and its domestic consolidated subsidiaries file a consolidated federal income tax return with UAL\\. Under an intercompany tax allocation policy, United and its subsidiaries compute, record and pay UAL for their own tax liability as if they were separate companies filing separate returns\\. In determining their own tax liabilities, United and each of its subsidiaries take into account all tax credits or benefits generated and utilized as separate companies and they are each compensated for the aforementioned tax benefits only if they would be able to use those benefits on a separate company basis\\.\n\nThe Company\u2019s federal and state NOL carryforwards relate to prior years\u2019 NOLs, which may be used to reduce tax liabilities in future years\\. These tax benefits are mostly attributable to federal pre\\-tax NOL carryforwards of $2\\.4 billion for UAL\\. If not utilized these federal pre\\-tax NOLs will expire as follows (in billions): $0\\.2 in 2026, $0\\.5 in 2028 and $1\\.7 thereafter\\. In addition, for UAL the majority of tax benefits of the state NOLs of $49 million, net of a valuation allowance of $52 million, will expire over a five to 20\\-year period\\.\n\nThe Company periodically assesses whether it is more likely than not that it will generate sufficient taxable income to realize its deferred income tax assets\\. The Company establishes valuation allowances if it is not more\n\n76"}
{"_id": "AmericanAirlines-2019_84.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n2\\. Special Items, Net\n\nSpecial items, net on our consolidated statements of operations consisted of the following (in millions):\n\n\n\n|                                                                          |                             |                             |                             |\n| ------------------------------------------------------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                                                                          | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                          | **2019**                    | **2018**                    | **2017**                    |\n| Fleet restructuring expenses  ^(1)^                                      | $271                        | $422                        | $232                        |\n| Fleet impairment  ^(2)^                                                  | 213                         | \u2014                           | \u2014                           |\n| Merger integration expenses  ^(3)^                                       | 191                         | 268                         | 273                         |\n| Litigation reserve adjustments                                           | (53<br><br>)                | 45                          | \u2014                           |\n| Mark\\-to\\-market adjustments on bankruptcy obligations, net  ^(4)^       | (11<br><br>)                | (76<br><br>)                | 27                          |\n| Severance expenses  ^(5)^                                                | 11                          | 58                          | \u2014                           |\n| Intangible asset impairment  ^(6)^                                       | \u2014                           | 26                          | \u2014                           |\n| Labor contract expenses                                                  | \u2014                           | 13                          | 46                          |\n| Employee 2017 Tax Act bonus expense  ^(7)^                               | \u2014                           | \u2014                           | 123                         |\n| Other operating charges, net                                             | 13                          | 31                          | 11                          |\n| Mainline operating special items, net                                    | 635                         | 787                         | 712                         |\n| Regional operating special items, net                                    | 6                           | 6                           | 22                          |\n| Operating special items, net                                             | 641                         | 793                         | 734                         |\n| Debt refinancing and extinguishment charges                              | 16                          | 13                          | 22                          |\n| Mark\\-to\\-market adjustments on equity and other investments, net  ^(8)^ | (5<br><br>)                 | 104                         | \u2014                           |\n| Other nonoperating income, net                                           | (8<br><br>)                 | (4<br><br>)                 | \u2014                           |\n| Nonoperating special items, net                                          | 3                           | 113                         | 22                          |\n| Income tax special items  ^(9)^                                          | \u2014                           | 18                          | \u2014                           |\n| Impact of the 2017 Tax Act  ^(10)^                                       | \u2014                           | \u2014                           | 823                         |\n| Income tax special items, net                                            | \u2014                           | 18                          | 823                         |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Fleet restructuring expenses principally included accelerated depreciation and rent expense for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                         |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Fleet impairment principally includes a non\\-cash write\\-down of aircraft related to the planned retirement of our Embraer E190 fleet\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(3)^ | Merger integration expenses included costs associated with integration projects, principally our technical operations, flight attendant, human resources and payroll systems\\. |\n\n\n\n\n\n|       |                                                                                                                             |\n| ----- | --------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Bankruptcy obligations that will be settled in shares of our common stock are marked\\-to\\-market based on our stock price\\. |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(5)^ | Severance expenses primarily included costs associated with reductions of management and support staff team members\\. |\n\n\n\n\n\n|       |                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(6)^ | Intangible asset impairment includes a non\\-cash charge to write\\-off our Brazil route authority as a result of the U\\.S\\.\\-Brazil open skies agreement\\. |\n\n\n\n\n\n|       |                                                                                                                                                                           |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(7)^ | Employee bonus expense included costs related to the   $1,000  cash bonus and associated payroll taxes granted to mainline employees in recognition of the 2017 Tax Act\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                     |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(8)^ | Mark\\-to\\-market adjustments on equity and other investments, net primarily relates to net unrealized gains and losses associated with our equity investment in China Southern Airlines Company Limited (China Southern Airlines)\\. |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(9)^ | Income tax special items for  2018  included an   $18 million  charge related to an international income tax matter\\. |\n\n\n\n85"}
{"_id": "United-2017_62.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nThe Company records passenger revenue related to the air transportation element when the transportation is delivered\\. The other elements are generally recognized as Other operating revenue when earned\\.\n\n**Expiration of Miles** \n\nThe Company accounts for miles sold and awarded that will never be redeemed by program members, which we refer to as breakage\\. The Company reviews its breakage estimates annually based upon the latest available information regarding redemption and expiration patterns\\. Miles expire after 18 months of member account inactivity\\.\n\nThe Company\u2019s estimate of the expected expiration of miles requires significant management judgment\\. Current and future changes to expiration assumptions or to the expiration policy, or to program rules and program redemption opportunities, may result in material changes to the deferred revenue balance as well as recognized revenues from the programs\\.\n\n**Other Information**\n\nThe following table provides additional information related to the frequent flyer program (in millions):\n\n\n\n|                                                                                                                                                                                                 |                                                                                                                                                                                                 |                                                                                                                                                                                                 |                                                                                                                                                                                                 |                                                                                                                                                                                                 |\n|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:| -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:| -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:| -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:| -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|\n|                                                                                 **Year Ended** **December 31,**                                                                                 |                                                                                                                                          **Cash Proceeds  <br>from Miles Sold  <br>and Earned** |                                                                                      **Other Revenue**  <br>**Recognized Upon**  <br>**Award of Miles  <br>to Third\\-Party  <br>Customers (a)** |                                                                                                        **Increase in Frequent**  <br>**Flyer Deferred  <br>Revenue for Miles  <br>Awarded (b)** |                                                                                                                               **Decrease in  <br>Advanced  <br>Purchase**  <br>**of Miles (c)** |\n|                                                                                              2017                                                                                               |                                                                                                                                                                                         $2,343  |                                                                                                                                                                                         $1,183  |                                                                                                                                                                                         $2,025  |                                                                                                                                                                                          $(865) |\n|                                                                                              2016                                                                                               |                                                                                                                                                                                          3,022  |                                                                                                                                                                                          1,221  |                                                                                                                                                                                          2,050  |                                                                                                                                                                                           (249) |\n|                                                                                              2015                                                                                               |                                                                                                                                                                                          2,999  |                                                                                                                                                                                          1,050  |                                                                                                                                                                                          2,173  |                                                                                                                                                                                           (224) |\n| (a) This amount represents other revenue recognized during the period from the sale of miles to third parties, representing the marketing\\-related deliverable services component of the sale\\. | (a) This amount represents other revenue recognized during the period from the sale of miles to third parties, representing the marketing\\-related deliverable services component of the sale\\. | (a) This amount represents other revenue recognized during the period from the sale of miles to third parties, representing the marketing\\-related deliverable services component of the sale\\. | (a) This amount represents other revenue recognized during the period from the sale of miles to third parties, representing the marketing\\-related deliverable services component of the sale\\. | (a) This amount represents other revenue recognized during the period from the sale of miles to third parties, representing the marketing\\-related deliverable services component of the sale\\. |\n|                                                 (b) This amount represents the increase to Frequent flyer deferred revenue during the period\\.                                                  |                                                                                                  (b) This amount represents the increase to Frequent flyer deferred revenue during the period\\. |                                                                                                  (b) This amount represents the increase to Frequent flyer deferred revenue during the period\\. |                                                                                                  (b) This amount represents the increase to Frequent flyer deferred revenue during the period\\. |                                                                                                  (b) This amount represents the increase to Frequent flyer deferred revenue during the period\\. |\n|            (c) This amount represents the net decrease in the advance purchase of miles obligation due to cash payments for the sale of miles less than miles awarded to customers\\.            |                       (c) This amount represents the net decrease in the advance purchase of miles obligation due to cash payments for the sale of miles less than miles awarded to customers\\. |                       (c) This amount represents the net decrease in the advance purchase of miles obligation due to cash payments for the sale of miles less than miles awarded to customers\\. |                       (c) This amount represents the net decrease in the advance purchase of miles obligation due to cash payments for the sale of miles less than miles awarded to customers\\. |                       (c) This amount represents the net decrease in the advance purchase of miles obligation due to cash payments for the sale of miles less than miles awarded to customers\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                              |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (d) | **Cash and Cash Equivalents and Restricted Cash\u2014** Highly liquid investments with a maturity of three months or less on their acquisition date are classified as cash and cash equivalents\\. |\n\n\n\nRestricted cash primarily includes cash collateral for letters of credit and collateral associated with obligations for facility leases and workers\u2019 compensation\\. Restricted cash is classified as short\\-term or long\\-term in the consolidated balance sheets based on the expected timing of return of the assets to the Company\\.\n\n63"}
{"_id": "Southwest-2018_30.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nof Indiana, the Eastern District of Louisiana, the District of Minnesota, the District of New Jersey, the Eastern District of New York, the Southern District of New York, the Middle District of North Carolina, the District of Oklahoma, the Eastern District of Pennsylvania, the Northern District of Texas, the District of Vermont, and the Eastern District of Wisconsin\\. On October 13, 2015, the Judicial Panel on Multi\\-District Litigation centralized the cases to the United States District Court in the District of Columbia\\. On March 25, 2016, the plaintiffs filed a Consolidated Amended Complaint in the consolidated cases alleging that the defendants conspired to restrict capacity from 2009 to present\\. The plaintiffs seek to bring their claims on behalf of a class of persons who purchased tickets for domestic airline travel on the defendants' airlines from July 1, 2011 to present\\. They seek treble damages, injunctive relief, and attorneys' fees and expenses\\. On May 11, 2016, the defendants moved to dismiss the Consolidated Amended Complaint, and on October 28, 2016, the Court denied this motion\\. On December 20, 2017, the Company reached an agreement to settle these cases with a proposed class of all persons who purchased domestic airline transportation services from July 1, 2011, to the date of the settlement\\. The Company agreed to pay $15 million and to provide certain cooperation with the plaintiffs as set forth in the settlement agreement\\. The Court granted preliminary approval of the settlement on January 3, 2018\\. The plaintiffs provided notice to the settlement class pursuant to a notice program approved by the Court, and the deadline for class members to opt out or object was January 4, 2019\\. The fairness hearing for the settlement is scheduled for March 22, 2019\\. The Company denies all allegations of wrongdoing\\.\n\nIn addition, on July 8, 2015, the Company was named as a defendant in a putative class action filed in the Federal Court in Canada alleging that the Company, Air Canada, American Airlines, Delta Air Lines, and United Airlines colluded to restrict capacity and maintain higher fares for Canadian residents traveling in the United States and for travel between the United States and Canada\\. Similar lawsuits were filed in the Supreme Court of British Columbia on July 15, 2015, Court of Queen's Bench for Saskatchewan on August 4, 2015, Superior Court of the Province of Quebec on September 21, 2015, and Ontario Superior Court of Justice on October 6, 2015\\. In December 2015, the Company entered into Tolling and Discontinuance agreements with putative class counsel in the Federal Court, British Columbia, and Ontario proceedings and a discontinuance agreement with putative class counsel in the Quebec proceeding\\. The other defendants entered into an agreement with the same putative class counsel to stay the Federal Court, British Columbia, and Quebec proceedings and to proceed in Ontario\\. On June 10, 2016, the Federal Court granted plaintiffs' motion to discontinue that action against the Company without prejudice and stayed the action against the other defendants\\. On July 13, 2016, the plaintiff unilaterally discontinued the action against the Company in British Columbia\\. On February 14, 2017, the Quebec Court granted the plaintiff\u2019s motion to discontinue the Quebec proceeding against the Company and to stay that proceeding against the other defendants\\. On March 10, 2017, the Ontario Court granted the plaintiff\u2019s motion to discontinue that proceeding as to the Company\\. On September 29, 2017, the Company and the other defendants entered into a tolling agreement suspending any limitations periods that may apply to possible claims among them for contribution and indemnity arising from the Canadian litigation\\. The Saskatchewan claim has not been served on the Company, and the time for the Company to respond to that complaint has not yet begun to run\\. The plaintiff in that case generally seeks damages (including punitive damages in certain cases), prejudgment interest, disgorgement of any benefits accrued by the defendants as a result of the allegations, injunctive relief, and attorneys' fees and other costs\\. The Company denies all allegations of wrongdoing and intends to vigorously defend this civil case in Canada\\. The Company does not currently serve Canada\\.\n\nThe Company is from time to time subject to various legal proceedings and claims arising in the ordinary course of business, including, but not limited to, examinations by the Internal Revenue Service\\.\n\nThe Company\u2019s management does not expect that the outcome in any of its currently ongoing legal proceedings or the outcome of any proposed adjustments presented to date by the Internal Revenue Service, individually or collectively, will have a material adverse effect on the Company\u2019s financial condition, results of operations, or cash flow\\.\n\n\n\n|               |                                |\n| ------------- | ------------------------------ |\n| **Item 4\\.**  | ***Mine Safety Disclosures***  |\n\n\n\nNot applicable\\.\n\n31"}
{"_id": "Delta-2018_86.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nAssumptions\n\nWe used the following actuarial assumptions to determine our benefit obligations and our net periodic cost for the periods presented:\n\n\n\n|                                   |                  |                  |\n| --------------------------------- | ---------------- | ---------------- |\n|                                   | **December 31,** | **December 31,** |\n| **Benefit Obligations** **^(1)^** | **2018**         | **2017**         |\n| Weighted average discount rate    | 4\\.33%           | 3\\.69%           |\n\n\n\n\n\n|                                                                    |                             |                             |                             |\n| ------------------------------------------------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **Net Periodic Cost** **^(1)^**                                    | **2018**                    | **2017**                    | **2016**                    |\n| Weighted average discount rate \\- pension benefit                  | 3\\.69%                      | 4\\.14%                      | 4\\.57%                      |\n| Weighted average discount rate \\- other postretirement benefit     | 3\\.69%                      | 4\\.19%                      | 4\\.53%                      |\n| Weighted average discount rate \\- other postemployment benefit     | 3\\.65%                      | 4\\.14%                      | 4\\.50%                      |\n| Weighted average expected long\\-term rate of return on plan assets | 8\\.97%                      | 8\\.96%                      | 8\\.94%                      |\n| Assumed healthcare cost trend rate for the next year ^(2)^         | 6\\.75%                      | 7\\.00%                      | 6\\.50%                      |\n\n\n\n\n\n|       |                                                                                                                                                                                                   |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Future employee compensation levels do not impact our frozen defined benefit pension plans or other postretirement plans and impact only a small portion of our other postemployment obligation\\. |\n\n\n\n\n\n|       |                                                                                                                     |\n| ----- | ------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Healthcare cost trend rate is assumed to decline gradually to   5\\.00%  by  2026  and remain unchanged thereafter\\. |\n\n\n\nExpected Long\\-Term Rate of Return\\.  Our expected long\\-term rate of return on plan assets is based primarily on plan\\-specific investment studies using historical market return and volatility data\\. Modest excess return expectations versus some public market indices are incorporated into the return projections based on the actively managed structure of the investment programs and their records of achieving such returns historically\\. We also expect to receive a premium for investing in less liquid private markets\\. We review our rate of return on plan assets assumptions annually\\. Our annual investment performance for one particular year does not, by itself, significantly influence our evaluation\\. The investment strategy for our defined benefit pension plan assets is to earn a long\\-term return that meets or exceeds our annualized return target while taking an acceptable level of risk and maintaining sufficient liquidity to pay current benefits and other cash obligations of the plan\\. This is achieved by investing in a globally diversified mix of public and private equity, fixed income, real assets, hedge funds and other assets and instruments\\. Our expected long\\-term rate of return on assets for net periodic pension benefit cost for the year ended  December 31, 2018  was   8\\.97% \\.\n\nHealthcare Cost Trend Rate\\.  Assumed healthcare cost trend rates have an effect on the amounts reported for the other postretirement benefit plans\\. A   1%  change in the healthcare cost trend rate used in measuring the plan benefit obligation for these plans would have the following effects:\n\n\n\n|                                                                |                 |                      |\n| -------------------------------------------------------------- | --------------- | -------------------- |\n| **(in millions)**                                              | **1% Increase** | **1% (Decrease)**    |\n| Increase (decrease) in total service and interest cost         | $1              | $<br><br>(2<br><br>) |\n| Increase (decrease) in the accumulated plan benefit obligation | 9               | (29<br><br>)         |\n\n\n\nLife Expectancy \\.  Changes in life expectancy may significantly change our benefit obligations and future expense\\. We use the Society of Actuaries (\"SOA\") published mortality data, other publicly available information and our own perspective of future longevity to develop our best estimate of life expectancy\\. The SOA publishes updated mortality tables for U\\.S\\. plans and updated improvement scales\\. Each year we consider updates by the SOA in setting our mortality assumptions for purposes of measuring pension and other postretirement and postemployment benefit obligations\\.\n\nBenefit Payments\n\nBenefit payments in the table below are based on the same assumptions used to measure the related benefit obligations\\. Actual benefit payments may vary significantly from these estimates\\. Benefits earned under our pension plans and certain postemployment benefit plans are expected to be paid from funded benefit plan trusts, while our other postretirement benefits are funded from current assets\\.\n\n 84"}
{"_id": "AmericanAirlines-2017_92.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nThe expected effects of adoption of the New Revenue Standard to our December 31, 2017 balance sheet are as follows:\n\n\n\n|                                      |             |                      |           |\n| ------------------------------------ | ----------- | -------------------- | --------- |\n|                                      | As Reported | New Revenue Standard | As Recast |\n| Deferred tax asset                   | $427        | $1,389               | $1,816    |\n| Air traffic liability                | 3,978       | 64                   | 4,042     |\n| Current loyalty program liability    | 2,791       | 384                  | 3,175     |\n| Noncurrent loyalty program liability | \u2014           | 5,647                | 5,647     |\n| Total stockholders\u2019 equity (deficit) | 3,926       | (4,706)              | (780)     |\n\n\n\n*Standards Effective for 2019 Reporting Periods*\n\n***ASU 2016\\-02: Leases (Topic 842) (the New Lease Standard)***\n\nThe New Lease Standard requires lessees to recognize a lease liability and a right\\-of\\-use asset on the balance sheet and aligns many of the underlying principles of the new lessor model with those in the New Revenue Standard\\. The New Lease Standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years\\. Early adoption is permitted\\. We expect we will adopt the New Lease Standard effective January 1, 2019\\. Entities are required to adopt the New Lease Standard using a modified retrospective approach, which results in the recast of each prior reporting period presented, for all leases existing at or commencing after the date of initial application with an option to use certain practical expedients\\. We are currently evaluating how the adoption of the New Lease Standard will impact our consolidated financial statements\\. Interpretations are on\\-going and could have a material impact on our implementation\\. Currently, we expect that the adoption of the New Lease Standard will have a material impact on our consolidated balance sheet due to the recognition of right\\-of\\-use assets and lease liabilities principally for certain leases currently accounted for as operating leases\\.\n\n93"}
{"_id": "Alaska-2018_32.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Shareholder Return***\n\nIn 2018, we paid cash dividends of $158 million and repurchased 776,186 shares of our common stock for $50 million under the $1 billion share repurchase program authorized by our Board of Directors in August 2015\\. As of December 31, 2018, the Company has repurchased approximately 6 million shares for $438 million under this program\\. \n\nSince 2007, we have repurchased 61 million shares of common stock for $1\\.6 billion for an average price of approximately $27\\.20 per share\\. In 2018, we increased our quarterly dividend 7% from $0\\.30 per share to $0\\.32 per share, and, subsequent to December 31, 2018, we announced a 9% increase to $0\\.35 per share for 2019\\. Overall, we returned $208 million to shareholders during 2018\\. We expect to continue to return capital to shareholders in 2019, primarily in the form of dividends\\.\n\n***Labor Update***\n\nIn July 2018, Alaska dispatchers, represented by TWU, ratified a merger transition agreement\\. And, in the third quarter, our pilots finalized their integrated seniority list\\. As a result, all Mainline groups except for aircraft technicians, are now under a single collective bargaining agreement and have an integrated seniority list\\. Additionally, we are currently in negotiations with IAM, who represent our clerical, office and passenger service employees as well as our ramp and stores agents\\. We are optimistic that we will reach a long\\-term agreement with this work group early in 2019\\.\n\n***Other***\n\nIn April, we entered into an agreement to lease 12 airport slots at LaGuardia Airport (LGA) and eight airport slots at Reagan National Airport (DCA) to another carrier\\. The lease began in October 2018 and continues through 2028\\. This agreement enables us to monetize these valuable slots, and reallocate flying from Dallas Love Field (DAL) to more strategic and profitable opportunities on the West Coast\\. We maintain the right to resume flying using these slots, should we choose to do so, in 2028 when the agreement expires, or if perimeter restrictions change\\. \n\nOn August 10, 2018, one of our Q400 aircraft was taken without authorization by an employee from Sea\\-Tac International Airport\\. The aircraft crashed in a remote area south of the airport, resulting in the loss of life of the individual flying the aircraft\\. There were no other fatalities and no ground structures were involved at the crash site\\. The loss of the aircraft is a fully insured event with no deductibles\\. Air Group's aviation insurance program is secured with a number of highly rated insurers on quota share programs\\. Presenting a claim to all insurers on the programs commenced only after the aircraft wreckage was released from governmental authorities in late September 2018\\. The FBI concluded their investigation in November 2018\\. We are currently working with insurers to finalize our claim and expect to receive proceeds in the first half of 2019\\. \n\n***Outlook***\n\nIn 2019 and beyond, we are focused on completing our integration of Boeing and Airbus operations and realizing the full synergies from the merger\\. We are investing in our people through an all\\-employee workshop called Flight Path so that we can have face\\-to\\-face conversations between leaders and our employees and come together as one team\\. We know our people are our greatest competitive advantage and that investment, along with investments in our product, will allow us to continue to be recognized in the industry as one of the best in customer satisfaction\\. \n\nIn 2019, some of the more notable guest experience enhancement projects underway include adding high\\-speed satellite connectivity to our entire Boeing and Airbus fleets, further upgrades to our onboard menu offerings, updating and expanding airport lounges, and working with the Port of Seattle to open a state\\-of\\-the\\-art 20\\-gate North Satellite Concourse at Sea\\-Tac Airport\\. We also have begun the retrofit of our Airbus fleet, which will allow us to align the product across both Mainline aircraft platforms\\. \n\nWe have also announced new revenue initiatives that are competitively driven and incremental to our expected merger synergies\\. In Fall 2018 we introduced a new option for our guests called the \"Saver Fare,\" a low\\-fare product which we believe will result in incremental annual revenue of approximately $100 million in 2019\\. In addition, we have implemented a series of other revenue initiatives that we expect to add $50 million of revenue in 2019, such as offering exit rows for sale, introducing demand\\-based pricing for our premium class seats, leveraging new technology to better manage revenue post\\-sale, and eliminating fee waivers for changes made outside of 60 days\\. Furthermore, we announced an increase in our checked bag fees which is also expected to add approximately $50 million of incremental revenue in 2019, bringing the expected total of new revenue initiatives to $200 million\\. We believe these changes provide guests with more options and reflect the significant increase in the value of our expanded network and product\\. \n\n 33"}
{"_id": "Delta-2017_1.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n![deltacra01a01a01a02a30\\.jpg](http://ir.delta.com/deltacra01a01a01a02a30.jpg)\n\nA LETTER FROM OUR CEO TO OUR SHAREHOLDERS\n\nDear Delta shareholder:\n\nDelta Air Lines had a strong year on many fronts in 2017, delivering solid results for our employees, customers and owners, while also making significant investments in Delta\u2019s future\\. We generated more than $5 billion in pre\\-tax income for the third consecutive year despite a number of challenges, including major weather events and a 12\\-hour power outage at our Atlanta hub\\. Through it all, Delta people provided our customers the very best service in the industry \\- showing that they are our greatest asset\\. \n\nOur top financial priority in 2017 was to return the business to unit revenue growth\\. We took a number of actions to drive this result, including capping our capacity growth at 1% for the year\\. We also made investments in our product and people that are contributing to higher net promoter scores, demonstrating better customer satisfaction and a sustainable revenue premium\\. We enter 2018 with the best revenue momentum in years\\. Domestic demand and yields remain robust and global economies are rebounding, allowing us to resume growth in our international business\\. \n\nLimiting our capacity growth helped produce revenue momentum, but it also created heightened pressure on our unit costs\\. Costs were further pressured by product investments, weather and accelerated depreciation on aircraft exiting our fleet\\. These impacts combined for unsustainable unit cost growth in 2017, and we are determined to change this trajectory in 2018\\. Our 2018 fleet additions are set to deliver some of the greatest efficiency gains in Delta\u2019s history\\. In addition, we have started a company\\-wide project to drive productivity by better leveraging our scale and rethinking the way we do business\\. \n\nIn recent years, we have invested more than $2 billion in partnerships with some of the finest airlines in the world\\. These strong relationships allow us to offer more choices to our customers and expand globally in a more capital efficient way\\. In 2017 alone, we acquired a 10% stake in Air France\\-KLM, acquired a 49% stake in Grupo Aerom\u00e9xico and announced plans for joint ventures with Korean Air and WestJet\\. With these investments made, we have built the foundation to produce hundreds of millions of dollars in benefits in the coming years from serving some of the largest and fastest growing markets in the world\\. \n\nAs we look to 2018 and beyond, our focus is on delivering sustainable financial results by leveraging our five key competitive differentiators:\n\nOur People and Culture  \\- Our culture is the foundation of every decision we make at Delta and the key to every other competitive advantage that we have built\\. Ensuring that the incentives of our people are aligned with those of our customers and shareholders is vital to our success, which is why we are proud to offer our people one of the most generous profit\\-sharing programs of any company\\. Since we started our profit sharing program in 2007, it has paid out more than $6 billion, including at least $1 billion for each of the past four years\\. Our culture is also one of giving back to the communities we serve \\- in 2017 we contributed over $40 million as part of our annual commitment to give 1 percent of net income to key charitable organizations\\. \n\nOur Industry\\-Leading Operational Reliability  \\- We are constantly focused on ways to run a better, more reliable, customer\\-focused airline\\. We have made significant investments in our business and currently run the best operation in the global industry \\- in 2017 we ran 242 days without cancelling any mainline flights, including 90 days with no system cancellations on the entire Delta platform \\- a 10% increase from 2016\\. These results led to Delta\u2019s recognition by  FlightGlobal  as the most on\\-time global airline \\- the first time a U\\.S\\. airline has earned this award\\.\n\nOur Network  \\- Our domestic network combines a focus on the most desirable markets with a balanced footprint between East and West coasts, and is optimally structured to capture premium revenue\\. Delta holds approximately 60% share in our four interior hubs (Atlanta, Minneapolis, Detroit and Salt Lake City), allowing us to take advantage of scale economies\\. We have also streamlined our international network with a focus on major and developing markets around the world through global partnerships\\. We are achieving many of the benefits of cross\\-border cooperation for our customers and our owners, with strong alliances in Europe, Latin America, Asia, Australia and Canada\\."}
{"_id": "AmericanAirlines-2018_81.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**AMERICAN AIRLINES GROUP INC\\.**\n\n**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**\n\n**(In millions)**\n\n\n\n|                                                            |                             |                             |                             |\n| ---------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                            | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                            | **2018**                    | **2017**                    | **2016**                    |\n| **Net income**                                             | $1,412                      | $1,282                      | $2,584                      |\n| **Other comprehensive income (loss), net of tax:**         |                             |                             |                             |\n| Pension, retiree medical and other postretirement benefits | (117)                       | (70)                        | (358)                       |\n| Investments                                                | (3)                         | (1)                         | 7                           |\n| **Total other comprehensive loss, net of tax**             | (120)                       | (71)                        | (351)                       |\n| **Total comprehensive income**                             | $1,292                      | $1,211                      | $2,233                      |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n82"}
{"_id": "Delta-2019_64.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nIncome Taxes\n\nWe account for deferred income taxes under the liability method\\. We recognize deferred tax assets and liabilities based on the tax effects of temporary differences between the financial statement and tax basis of assets and liabilities, as measured by current enacted tax rates\\. Deferred tax assets and liabilities are net by jurisdiction and are recorded as noncurrent on the balance sheet\\. \n\nWe have elected to recognize earnings of foreign affiliates that are determined to be global intangible low tax income in the period it arises and do not recognize deferred taxes for basis differences that may reverse in future years\\. \n\nA valuation allowance is recorded to reduce deferred tax assets when necessary\\. We periodically assess whether it is more likely than not that we will generate sufficient taxable income to realize our deferred income tax assets\\. We establish valuation allowances if it is not likely we will realize our deferred income tax assets\\. In making this determination, we consider all available positive and negative evidence and make certain assumptions\\. We consider, among other things, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, our historical financial results and tax planning strategies\\.\n\nFuel Card Obligation\n\nWe have a purchasing card with American Express for the purpose of buying jet fuel and crude oil\\. The card currently carries a maximum credit limit of $1\\.1 billion and must be paid monthly\\. At December 31, 2019 and 2018, we had $736 million and $1\\.1 billion outstanding on this purchasing card, respectively, and the activity was classified as a financing activity in our Consolidated Statements of Cash Flows\\. \n\nRetirement of Repurchased Shares\n\nWe immediately retire shares repurchased pursuant to our share repurchase program\\. We allocate the share purchase price in excess of par value between additional paid\\-in capital and retained earnings\\.\n\nManufacturers' Credits \n\nWe periodically receive credits in connection with the acquisition of aircraft and engines\\. These credits are deferred until the aircraft and engines are delivered, and then applied as a reduction to the cost of the related equipment\\.\n\nMaintenance Costs\n\nWe record maintenance costs related to our fleet in aircraft maintenance materials and outside repairs\\. Maintenance costs are expensed as incurred, except for costs incurred under power\\-by\\-the\\-hour contracts, which are expensed based on actual hours flown\\. Power\\-by\\-the\\-hour contracts transfer certain risk to third\\-party service providers and fix the amount we pay per flight hour to the service provider in exchange for maintenance and repairs under a predefined maintenance program\\. Modifications that enhance the operating performance or extend the useful lives of airframes or engines are capitalized and amortized over the remaining estimated useful life of the asset or the remaining lease term, whichever is shorter\\.\n\nAdvertising Costs\n\nWe expense advertising costs in passenger commissions and other selling expenses in the year the advertising first takes place\\. Advertising expense was $288 million, $267 million and $273 million for the years ended December 31, 2019, 2018 and 2017, respectively\\.\n\nCommissions\n\nPassenger sales commissions are recognized in operating expense when the related revenue is recognized\\.\n\n62"}
{"_id": "Delta-2017_98.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\n\n\n|          |                                                                                                                                                                                                                                                                                             |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.6(a) | [Letter Agreements, dated August 24, 2011, relating to Supplemental Agreement 13 (Filed as Exhibit 10\\.2 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2011)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000144530511003058/dal9302011ex102.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                             |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.6(b) | [Letter Agreements, dated December 16, 2015, relating to Supplemental Agreement 17 (Filed as Exhibit 10\\.7(b) to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000018/dal12312015ex107b.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                 |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.7(a) | [Aircraft General Terms Agreement, dated October 21, 1997, between Boeing and Delta (Filed as Exhibit 10\\.6 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended December 31, 1997)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/0001047469-98-035570.txt) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                         |\n| -------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.7(b) | [Letter Agreement, dated August 24, 2011, relating to Revisions to Aircraft General Terms Agreement dated October 21, 1997 and Supplemental Agreement 13 (Filed as Exhibit 10\\.3(b) to Delta's Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2011)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000144530511003058/dal9302011ex103b.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                     |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.7(c) | [Letter Agreement, dated December 16, 2015, relating to Revisions to Aircraft General Terms Agreement dated October 21, 1997 and Supplemental Agreement 17 (Filed as Exhibit 10\\.8(c) to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000018/dal12312015ex108c.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                              |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.8(a) | [Airbus A330\\-900neo Aircraft and A350\\-900 Aircraft Purchase Agreement dated as of November 24, 2014 between Airbus S\\.A\\.S and Delta Air Lines, Inc\\. (Filed as Exhibit 10\\.9 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2014)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790415000003/dal12312014ex109.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.8(b) | [Amendment No\\. 3, dated May 10, 2017, to Airbus A330 Aircraft and A350\\-900 Aircraft Purchase Agreement dated as of November 24, 2014 between Airbus S\\.A\\.S\\. and Delta Air Lines, Inc\\. (\u201cAmendment No\\. 3\u201d) (Filed as Exhibit 10\\.2(a) to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex102a.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.8(c) | [Letter Agreements, dated May 10, 2017, relating to Amendment No\\. 3 (Filed as Exhibit 10\\.2(b) to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex102b.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                                     |\n| -------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.9(a) | [Airbus A321 Aircraft and A330 Aircraft Purchase Agreement dated as of September 3, 2013 between Airbus S\\.A\\.S and Delta Air Lines, Inc\\., as amended through April 29, 2016 (Filed as Exhibit 10\\.1 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000026/dal6302016ex101.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.9(b) | [Amendment No\\. 9, dated May 10, 2017, to Airbus A321 Aircraft and A330 Aircraft Purchase Agreement dated as of September 3, 2013 between Airbus S\\.A\\.S\\. and Delta Air Lines, Inc\\. (\u201cAmendment No\\. 9\u201d) (Filed as Exhibit 10\\.1(a) to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex101a.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.9(c) | [Letter Agreements, dated May 10, 2017, relating to Amendment No\\. 9 (Filed as Exhibit 10\\.1(b) to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex101b.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                             |\n| ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.10 | [Airbus A321neo Aircraft Purchase Agreement dated as of December 15, 2017 between Airbus S\\.A\\.S and Delta Air Lines, Inc\\.\\*\\*](http://ir.delta.com/dal12312017ex1010.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                        |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.11 | [Delta Air Lines, Inc\\. Performance Compensation Plan (Filed as Exhibit 10\\.2 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000026/dal6302016ex102.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                                                          |\n| ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.12 | [Delta Air Lines, Inc\\. Officer and Director Severance Plan, as amended and restated as of June 1, 2016 (Filed as Exhibit 10\\.3 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000026/dal6302016ex103.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                                                 |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.13 | [Description of Certain Benefits of Members of the Board of Directors and Executive Officers (Filed as Exhibit 10\\.11 to Delta's Annual Report on Form 10\\- K for the year ended December 31, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000004/dal12312016ex1011.htm) |\n\n\n\n10\\.14(a) [Delta Air Lines, Inc\\. 2015 Long Term Incentive Program (Filed as Exhibit 10\\.16 to Delta's Annual Report on Form 10\\- K for the year ended December 31, 2014)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790415000003/dal12312014ex1016.htm)\n\n10\\.14(b) [First Amendment to the Delta Air Lines, Inc\\. 2015 Long Term Incentive Program\\.](http://ir.delta.com/dal12312017ex1014b.htm)\n\n10\\.14(c) [Model Award Agreement for the Delta Air Lines, Inc\\. 2015 Long Term Incentive Program (Filed as Exhibit 10\\.2 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2015)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790415000006/dal3312015ex102.htm)\n\n 94"}
{"_id": "Delta-2019_39.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nFinancial Condition and Liquidity\n\nWe expect to meet our cash needs for the next 12 months with cash flows from operations, cash and cash equivalents, restricted cash equivalents and financing arrangements\\. As of December 31, 2019, we had $6\\.0 billion in unrestricted liquidity, consisting of $2\\.9 billion in cash and cash equivalents and $3\\.1 billion in undrawn revolving credit facilities\\. During 2019, we used existing cash and cash generated from operations to fund capital expenditures of $4\\.9 billion, and return $3\\.0 billion to shareholders\\. \n\nSources of Liquidity\n\nOperating Activities\n\nCash flows from operating activities continue to provide our primary source of liquidity\\. We generated cash flows from operations of $8\\.4 billion in 2019 and $7\\.0 billion in 2018\\. We also expect to continue generating cash flows from operations in 2020\\. \n\nOur operating cash flows are impacted by the following factors:\n\nSeasonality of Advance Ticket Sales \\. We sell tickets for air travel in advance of the customer's travel date\\. When we receive a cash payment at the time of sale, we record the cash received on advance sales as deferred revenue in air traffic liability\\. The air traffic liability increases during the winter and spring as advanced ticket sales grow prior to the summer peak travel season and decreases during the summer and fall months\\.\n\nFuel \\. Fuel expense represented approximately 21% of our total operating expenses for 2019\\. The market price for jet fuel is volatile, which can impact the comparability of our periodic cash flows from operations\\.\n\nPension Contributions\\.  We sponsor defined benefit pension plans for eligible employees and retirees\\. These plans are closed to new entrants and are frozen for future benefit accruals\\. Our funding obligations for these plans are governed by the Employee Retirement Income Security Act, as modified by the Pension Protection Act of 2006\\. We had no minimum funding requirements in 2019\\. However, during 2019, we voluntarily contributed $1 billion to these plans\\. We contributed $500 million to these plans during 2018\\. We have no minimum funding requirements in 2020, but we plan to voluntarily contribute approximately $500 million to these plans\\. \n\nProfit Sharing\\.  Our broad\\-based employee profit sharing program provides that, for each year in which we have an annual pre\\-tax profit, as defined by the terms of the program, we will pay a specified portion of that profit to employees\\. In determining the amount of profit sharing, the program defines profit as pre\\-tax profit adjusted for profit sharing and certain other items\\.\n\nWe pay profit sharing annually in February\\. We paid $1\\.3 billion in 2019 and $1\\.1 billion in 2018 to our employees in recognition of their contributions toward meeting our financial goals\\. During the year ended December 31, 2019, we recorded $1\\.6 billion in profit sharing expense based on 2019 pre\\-tax profit, which we will pay to employees in February 2020\\.\n\nEffective October 1, 2017, we aligned our profit sharing plans under a single formula\\. Under this formula, our profit sharing program pays 10% to all eligible employees for the first $2\\.5 billion of annual profit and 20% of annual profit above $2\\.5 billion\\. Prior to that time, the profit sharing program for pilots used this formula but in the first nine months of 2017, the profit sharing program for merit, ground and flight attendant employees paid 10% of annual profit and, if we exceeded our prior\\-year results, the program paid 20% of the year\\-over\\-year increase in profit to eligible employees\\.\n\n37"}
{"_id": "AmericanAirlines-2018_133.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**AMERICAN AIRLINES, INC\\.**\n\n**CONSOLIDATED STATEMENTS OF STOCKHOLDER\u2019S EQUITY**\n\n**(In millions)**\n\n\n\n|                                                                                                       |                             |                                                       |                                                                           |                                                       |           |\n| ----------------------------------------------------------------------------------------------------- | --------------------------- | ----------------------------------------------------- | ------------------------------------------------------------------------- | ----------------------------------------------------- | --------- |\n|                                                                                                       | **Common**<br><br>**Stock** | **Additional**<br><br>**Paid\\-in**<br><br>**Capital** | **Accumulated**<br><br>**Other**<br><br>**Comprehensive**<br><br>**Loss** | **Retained**<br><br>**Earnings**<br><br>**(Deficit)** | **Total** |\n| **Balance at December 31, 2015**                                                                      | $\u2014                          | $16,521                                               | $(4,831)                                                                  | $(1,992)                                              | $9,698    |\n| Net income                                                                                            | \u2014                           | \u2014                                                     | \u2014                                                                         | 2,689                                                 | 2,689     |\n| Other comprehensive loss                                                                              | \u2014                           | \u2014                                                     | (351)                                                                     | \u2014                                                     | (351)     |\n| Share\\-based compensation expense                                                                     | \u2014                           | 100                                                   | \u2014                                                                         | \u2014                                                     | 100       |\n| Impact of adoption of Accounting Standards Update (ASU) 2016\\-09 related to share\\-based compensation | \u2014                           | \u2014                                                     | \u2014                                                                         | 418                                                   | 418       |\n| Impact of adoption of ASU 2014\\-09 related to revenue recognition (See Note 1(b))                     | \u2014                           | \u2014                                                     | \u2014                                                                         | (3,977)                                               | (3,977)   |\n| Intercompany equity transfer                                                                          | \u2014                           | 3                                                     | \u2014                                                                         | \u2014                                                     | 3         |\n| **Balance at December 31, 2016**                                                                      | \u2014                           | 16,624                                                | (5,182)                                                                   | (2,862)                                               | 8,580     |\n| Net income                                                                                            | \u2014                           | \u2014                                                     | \u2014                                                                         | 1,285                                                 | 1,285     |\n| Other comprehensive loss                                                                              | \u2014                           | \u2014                                                     | (69)                                                                      | \u2014                                                     | (69)      |\n| Share\\-based compensation expense                                                                     | \u2014                           | 90                                                    | \u2014                                                                         | \u2014                                                     | 90        |\n| Intercompany equity transfer                                                                          | \u2014                           | 2                                                     | \u2014                                                                         | \u2014                                                     | 2         |\n| **Balance at December 31, 2017**                                                                      | \u2014                           | 16,716                                                | (5,251)                                                                   | (1,577)                                               | 9,888     |\n| Net income                                                                                            | \u2014                           | \u2014                                                     | \u2014                                                                         | 1,658                                                 | 1,658     |\n| Other comprehensive loss                                                                              | \u2014                           | \u2014                                                     | (119)                                                                     | \u2014                                                     | (119)     |\n| Share\\-based compensation expense                                                                     | \u2014                           | 86                                                    | \u2014                                                                         | \u2014                                                     | 86        |\n| Impact of adoption of ASU 2016\\-01 related to financial instruments (See Note 1(b))                   | \u2014                           | \u2014                                                     | \u2014                                                                         | 60                                                    | 60        |\n| Impact of adoption of ASU 2016\\-02 related to leases (See Note 1(b))                                  | \u2014                           | \u2014                                                     | \u2014                                                                         | 197                                                   | 197       |\n| **Balance at December 31, 2018**                                                                      | $\u2014                          | $16,802                                               | $(5,370)                                                                  | $338                                                  | $11,770   |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n134"}
{"_id": "Alaska-2019_79.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nNOTE 11\\. SPECIAL ITEMS\n\nIn 2019, the Company recognized special items of $44 million for merger\\-related costs associated with its acquisition of Virgin America\\. Costs classified as merger\\-related are directly attributable to merger activities\\. \n\nIn 2018, the Company recognized $87 million in merger\\-related costs\\. The Company incurred a one\\-time settlement fee of $20 million for the termination of an existing maintenance services agreement and subsequently entered into a new services agreement that provides more flexibility for the timing and scope of engine work\\. Additionally, the Company incurred $25 million for one\\-time bonuses paid to employees as a result of tax reform\\. These charges were recognized as special charges and are included in the Special items \\- other line on our consolidated statements of operations\\. \n\nIn 2017, the Company recognized $116 million in merger\\-related costs\\. The Company also recognized a special tax benefit of $237 million due to the remeasurement of net deferred tax liabilities as a result of the Tax Cuts and Jobs Act signed into law on December 22, 2017, partially offset by certain state tax law enactments\\.\n\nThe Company has recognized $364 million in merger\\-related costs since the acquisition of Virgin America in December 2016\\.\n\nThe following breaks down merger\\-related costs incurred in 2019, 2018 and 2017 (in millions):\n\n\n\n|                                      |                                      |                                      |      |  |  |  |      |  |  |  |       |\n|:------------------------------------ |:------------------------------------ |:------------------------------------ | ----:|:- |:- |:- | ----:|:- |:- |:- | -----:|\n|                                      |                                      |                                      | 2019 |  |  |  | 2018 |  |  |  |  2017 |\n| Consulting and professional services | Consulting and professional services | Consulting and professional services | $ 18 |  |  |  | $ 45 |  |  |  |  $ 52 |\n| Employee\\-related costs^(a)^         | Employee\\-related costs^(a)^         | Employee\\-related costs^(a)^         |   15 |  |  |  |   13 |  |  |  |    41 |\n| Legal and accounting fees            | Legal and accounting fees            | Legal and accounting fees            |    1 |  |  |  |    1 |  |  |  |     3 |\n| Other merger\\-related costs^(b)^     | Other merger\\-related costs^(b)^     | Other merger\\-related costs^(b)^     |   10 |  |  |  |   28 |  |  |  |    20 |\n| Total Merger\\-related Costs          | Total Merger\\-related Costs          | Total Merger\\-related Costs          | $ 44 |  |  |  | $ 87 |  |  |  | $ 116 |\n\n\n\n(a) Employee\\-related costs consist primarily of vacation balance true\\-ups, severance, retention bonuses, and training and skill development\\. \n\n(b) Other merger\\-related costs consist primarily of costs for marketing and advertising, IT, employee appreciation and company sponsored events, moving expenses, supplies, and other immaterial expenses\\.\n\nNOTE 12\\. STOCK\\-BASED COMPENSATION PLANS\n\nThe Company has various equity incentive plans under which it may grant stock awards to directors, officers and employees\\. The Company also has an employee stock purchase plan\\.\n\nThe table below summarizes the components of total stock\\-based compensation (in millions):\n\n\n\n|                                                  |                                                  |                                                  |      |  |  |  |      |  |  |  |      |\n|:------------------------------------------------ |:------------------------------------------------ |:------------------------------------------------ | ----:|:- |:- |:- | ----:|:- |:- |:- | ----:|\n|                                                  |                                                  |                                                  | 2019 |  |  |  | 2018 |  |  |  | 2017 |\n| Stock options                                    | Stock options                                    | Stock options                                    |  $ 3 |  |  |  |  $ 3 |  |  |  |  $ 3 |\n| Stock awards                                     | Stock awards                                     | Stock awards                                     |   21 |  |  |  |   23 |  |  |  |   24 |\n| Deferred stock awards                            | Deferred stock awards                            | Deferred stock awards                            |    1 |  |  |  |    1 |  |  |  |    1 |\n| Employee stock purchase plan                     | Employee stock purchase plan                     | Employee stock purchase plan                     |   11 |  |  |  |    9 |  |  |  |    6 |\n| Stock\\-based compensation                        | Stock\\-based compensation                        | Stock\\-based compensation                        | $ 36 |  |  |  | $ 36 |  |  |  | $ 34 |\n| Tax benefit related to stock\\-based compensation | Tax benefit related to stock\\-based compensation | Tax benefit related to stock\\-based compensation |  $ 9 |  |  |  |  $ 9 |  |  |  | $ 13 |\n\n\n\nUnrecognized stock\\-based compensation for non\\-vested options and awards and the weighted\\-average period the expense will be recognized (in millions):\n\n\n\n|                                        |                                        |                                        |        |  |  |  |                                |                                |\n|:-------------------------------------- |:-------------------------------------- |:-------------------------------------- | ------:|:- |:- |:- | ------------------------------:| ------------------------------:|\n|                                        |                                        |                                        | Amount |  |  |  | Weighted\\-Average  <br>Period  | Weighted\\-Average  <br>Period  |\n| Stock options                          | Stock options                          | Stock options                          |    $ 4 |  |  |  |                           1\\.3 |                           1\\.3 |\n| Stock awards                           | Stock awards                           | Stock awards                           |     20 |  |  |  |                           1\\.5 |                           1\\.5 |\n| Unrecognized stock\\-based compensation | Unrecognized stock\\-based compensation | Unrecognized stock\\-based compensation |   $ 24 |  |  |  |                           1\\.5 |                           1\\.5 |\n\n\n\nThe Company is authorized to issue 17 million shares of common stock under these plans, of which 8,627,341 shares remain available for future grants of either options or stock awards as of December 31, 2019\\.\n\n79"}
{"_id": "Southwest-2018_111.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe consolidated periodic postretirement benefit cost for the years ended December 31, 2018, 2017, and 2016, included the following:\n\n\n\n|                                          |          |          |          |\n| ---------------------------------------- | -------- | -------- | -------- |\n| **(in millions)**                        | **2018** | **2017** | **2016** |\n| Service cost                             | $18      | $18      | $13      |\n| Interest cost                            | 9        | 11       | 9        |\n| Amortization of prior service cost       | 3        | 3        | 3        |\n| Net periodic postretirement benefit cost | $30      | $32      | $25      |\n\n\n\nService cost is recognized within Salaries, wages, and benefits expense, and all other costs are recognized in Other (gains) losses, net in the Consolidated Statement of Income\\. Unrecognized prior service cost is expensed using a straight\\-line amortization of the cost over the average future service of Employees expected to receive benefits under the plans\\. Actuarial gains are amortized utilizing the minimum amortization method\\. The following actuarial assumptions were used to account for the Company\u2019s postretirement benefit plans at December 31,2018, 2017, and 2016:\n\n\n\n|                                        |          |          |          |\n| -------------------------------------- | -------- | -------- | -------- |\n|                                        | **2018** | **2017** | **2016** |\n| Weighted\\-average discount rate        | 4\\.35%   | 3\\.65%   | 4\\.25%   |\n| Assumed healthcare cost trend rate (a) | 7\\.13%   | 7\\.08%   | 7\\.08%   |\n\n\n\n\n\n|     |                                                                                                                                                         |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | The assumed healthcare cost trend rate is assumed to be  7\\.13%  for  2019 , then decline gradually to  5\\.19%  by  2027  and remain level thereafter\\. |\n\n\n\nThe selection of a discount rate is made annually and is selected by the Company based upon comparison of the expected future cash flows associated with the Company\u2019s future payments under its consolidated postretirement obligations to a yield curve created using high quality bonds that closely match those expected future cash flows\\. This rate increased during 2018 due to market conditions\\. The assumed healthcare trend rate is also reviewed at least annually and is determined based upon both historical experience with the Company\u2019s healthcare benefits paid and expectations of how those trends may or may not change in future years\\.\n\n**14****\\. INCOME TAXES**\n\nDeferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes\\. The Tax Cuts and Jobs Act (the \"Act\") was enacted on December 22, 2017\\. The Act reduces the U\\.S\\. federal corporate tax rate from the previous rate of 35 percent to 21 percent, required companies to pay a one\\-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and created new taxes on certain foreign sourced earnings\\. At December 31, 2017, the Company calculated the accounting for the tax effects of enactment of the Act as written, and recorded the effects on the existing deferred tax balances\\. The components of deferred tax assets and liabilities at December 31, 2018 and 2017, are as follows:\n\n112"}
{"_id": "United-2017_3.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nhub system also allows us to add service to a new destination from a large number of cities using only one or a limited number of aircraft\\. As discussed under *Alliances* below, United is a member of Star Alliance, the world\u2019s largest alliance network\\.\n\nFinancial information on the Company\u2019s operating revenues by geographic region, as reported to the U\\.S\\. Department of Transportation (the \u201cDOT\u201d), can be found in Note 15 to the financial statements included in Part II, Item 8 of this report\\.\n\n***Regional\\.*** The Company has contractual relationships with various regional carriers to provide regional aircraft service branded as United Express\\. These regional operations are an extension of the Company\u2019s mainline network\\. This regional service complements our operations by carrying traffic that connects to our mainline service and allows flights to smaller cities that cannot be provided economically with mainline aircraft\\. Republic Airlines (\u201cRepublic\u201d), Champlain Enterprises, LLC d/b/a CommutAir (\u201cCommutAir\u201d), ExpressJet Airlines (\u201cExpressJet\u201d), GoJet Airlines (\u201cGoJet\u201d), Mesa Airlines (\u201cMesa\u201d), SkyWest Airlines (\u201cSkyWest\u201d), Air Wisconsin Airlines (\u201cAir Wisconsin\u201d), and Trans States Airlines (\u201cTrans States\u201d) are all regional carriers that operate with capacity contracted to United under capacity purchase agreements (\u201cCPAs\u201d)\\. Under these CPAs, the Company pays the regional carriers contractually agreed fees (carrier costs) for operating these flights plus a variable reimbursement (incentive payment for operational performance) based on agreed performance metrics, subject to annual inflation adjustments\\. The fees for carrier costs are based on specific rates for various operating expenses of the regional carriers, such as crew expenses, maintenance and aircraft ownership, some of which are multiplied by specific operating statistics (e\\.g\\., block hours, departures), while others are fixed monthly amounts\\. Under these CPAs, the Company is responsible for all fuel costs incurred, as well as landing fees and other costs, which are either passed through by the regional carrier to the Company without any markup or directly incurred by the Company\\. In return, the regional carriers operate this capacity exclusively for United, on schedules determined by the Company\\. The Company also determines pricing and revenue management, assumes the inventory and distribution risk for the available seats and permits mileage accrual and redemption for regional flights through its MileagePlus^\u00ae^ loyalty program\\.\n\n***Alliances\\.*** United is a member of Star Alliance, a global integrated airline network and the largest and most comprehensive airline alliance in the world\\. As of January 1, 2018, Star Alliance carriers served 1,300 airports in 191 countries with 18,400 daily departures\\. Star Alliance members, in addition to United, are Adria Airways, Aegean Airlines, Air Canada, Air China, Air India, Air New Zealand, All Nippon Airways (\u201cANA\u201d), Asiana Airlines, Austrian Airlines, Avianca, Avianca Brasil, Brussels Airlines, Copa Airlines, Croatia Airlines, EGYPTAIR, Ethiopian Airlines, EVA Air, LOT Polish Airlines, Lufthansa, SAS Scandinavian Airlines, Shenzhen Airlines, Singapore Airlines, South African Airways, SWISS, TAP Air Portugal, THAI Airways International and Turkish Airlines\\. In May 2017, Star Alliance added Shanghai\\-based Juneyao Airlines as an additional connecting partner\\.\n\nUnited has a variety of bilateral commercial alliance agreements and obligations with Star Alliance members, addressing, among other things, reciprocal earning and redemption of frequent flyer miles, access to airport lounges and, with certain Star Alliancemembers, codesharing of flight operations (whereby one carrier\u2019s selected flights can be marketed under the brand name of another carrier)\\. In addition to the alliance agreements with Star Alliance members, United currently maintains independent marketing alliance agreements with other air carriers, including Aeromar, Aer Lingus, Air Dolomiti, Azul, Cape Air, Eurowings, Great Lakes Airlines, Hawaiian Airlines, and Silver Airways\\. In addition to the marketing alliance agreements with air partners, United also offers a train\\-to\\-plane codeshare and frequent flyer alliance with Amtrak from Newark on select city pairs in the northeastern United States\\.\n\nUnited also participates in three passenger joint ventures, one with Air Canada and the Lufthansa Group (which includes Lufthansa and its affiliates Austrian Airlines, Brussels Airlines, Eurowings and SWISS) covering transatlantic routes, one with ANA covering certain transpacific routes and one with Air New Zealand covering certain routes between the United States and New Zealand\\. These passenger joint ventures enable the participating carriers to integrate the services they provide in the respective regions, capturing revenue synergies and delivering highly competitive flight schedules, fares and services\\. United has also implemented cargo joint\n\n4"}
{"_id": "Southwest-2017_79.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nfloating\\-rate debt to a fixed\\-rate\\. These interest rate hedges are appropriately designated as either fair value hedges or as cash flow hedges\\.\n\nSince the majority of the Company\u2019s financial derivative instruments are not traded on a market exchange, the Company estimates their fair values\\. Depending on the type of instrument, the values are determined by the use of present value methods or option value models with assumptions about commodity prices based on those observed in underlying markets\\. Also, since there is not a reliable forward market for jet fuel, the Company must estimate the future prices of jet fuel in order to measure the effectiveness of the hedging instruments in offsetting changes to those prices\\. Forward jet fuel prices are estimated through utilization of a statistical\\-based regression equation with data from market forward prices of like commodities\\. This equation is then adjusted for certain items, such as transportation costs, that are stated in the Company\u2019s fuel purchasing contracts with its vendors\\.\n\nFor the effective portion of settled fuel hedges, the Company records the associated gains or losses as a component of Fuel and oil expense in the Consolidated Statement of Income\\. For amounts representing ineffectiveness, as defined, or changes in fair value of derivative instruments for which hedge accounting is not applied, the Company records any gains or losses as a component of Other (gains) losses, net, in the Consolidated Statement of Income\\. Amounts that are paid or received in connection with the purchase or sale of financial derivative instruments (i\\.e\\., premium costs of option contracts) are classified as a component of Other (gains) losses, net, in the Consolidated Statement of Income in the period in which the instrument settles or expires\\. All cash flows associated with purchasing and selling derivatives are classified as operating cash flows in the Consolidated Statement of Cash Flows, within Changes in certain assets and liabilities\\. See Note 10 for further information on hedge accounting and financial derivative instruments\\.\n\nThe Company classifies its cash collateral provided to or held from counterparties in a \"net\" presentation on the Consolidated Balance Sheet against the fair value of the derivative positions with those counterparties\\. See Note 10 for further information\\.\n\n***Software Capitalization***\n\nThe Company capitalizes certain internal and external costs related to the acquisition and development of internal use software during the application development stages of projects\\. The Company amortizes these costs using the straight\\-line method over the estimated useful life of the software, which is typically five to fifteen years\\. Costs incurred during the preliminary project or the post\\-implementation/operation stages of the project are expensed as incurred\\. Capitalized computer software, included as a component of Ground property and equipment in the accompanying Consolidated Balance Sheet, net of accumulated depreciation, was $654 million and $544 million at December 31, 2017, and 2016, respectively\\. Computer software depreciation expense was $168 million, $111 million, and $106 million for the years ended December 31, 2017, 2016, and 2015, respectively, and is included as a component of Depreciation and amortization expense in the accompanying Consolidated Statement of Income\\. The Company evaluates internal use software for impairment on a quarterly basis; if it is determined the value of an asset was not recoverable or it qualifies for impairment, a charge would be recorded to write down the software to the lower of its carrying value or fair value\\. The Company had no significant impairments during 2017, 2016, or 2015\\.\n\n***Income Taxes***\n\nThe Company accounts for deferred income taxes utilizing an asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effect of temporary differences between the financial statements and the tax basis of assets and liabilities, as measured by current enacted tax rates\\. The Company also evaluates the need for a valuation allowance to reduce deferred tax assets to estimated recoverable amounts\\. \n\nThe Company\u2019s policy for recording interest and penalties associated with uncertain tax positions is to record such items as a component of income before income taxes\\. Penalties are recorded in Other (gains) losses, net, and interest paid or received is recorded in Interest expense or Interest income, respectively, in the Consolidated Statement of \n\n80"}
{"_id": "Alaska-2019_7.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nWe deploy aircraft in ways that we believe will best optimize our revenues and profitability and reduce the impacts of seasonality\\.\n\nThe percentage of our capacity by region is as follows:\n\n\n\n|                       |                       |                       |       |       |  |  |  |       |       |  |  |  |       |       |  |  |  |           |           |  |  |  |       |       |\n|:--------------------- |:--------------------- |:--------------------- | -----:| -----:|:- |:- |:- | -----:| -----:|:- |:- |:- | -----:| -----:|:- |:- |:- | ---------:| ---------:|:- |:- |:- | -----:| -----:|\n|                       |                       |                       |  2019 |  2019 |  |  |  |  2018 |  2018 |  |  |  |  2017 |  2017 |  |  |  | 2016^(a)^ | 2016^(a)^ |  |  |  |  2015 |  2015 |\n| West Coast^(b)^       | West Coast^(b)^       | West Coast^(b)^       |  28 % |  28 % |  |  |  |  27 % |  27 % |  |  |  |  28 % |  28 % |  |  |  |      34 % |      34 % |  |  |  |  36 % |  36 % |\n| Transcon/midcon       | Transcon/midcon       | Transcon/midcon       |  44 % |  44 % |  |  |  |  44 % |  44 % |  |  |  |  43 % |  43 % |  |  |  |      29 % |      29 % |  |  |  |  24 % |  24 % |\n| Hawaii and Costa Rica | Hawaii and Costa Rica | Hawaii and Costa Rica |  14 % |  14 % |  |  |  |  14 % |  14 % |  |  |  |  13 % |  13 % |  |  |  |      17 % |      17 % |  |  |  |  18 % |  18 % |\n| Alaska                | Alaska                | Alaska                |  10 % |  10 % |  |  |  |  10 % |  10 % |  |  |  |  10 % |  10 % |  |  |  |      14 % |      14 % |  |  |  |  15 % |  15 % |\n| Mexico                | Mexico                | Mexico                |   3 % |   3 % |  |  |  |   4 % |   4 % |  |  |  |   5 % |   5 % |  |  |  |       5 % |       5 % |  |  |  |   6 % |   6 % |\n| Canada                | Canada                | Canada                |   1 % |   1 % |  |  |  |   1 % |   1 % |  |  |  |   1 % |   1 % |  |  |  |       1 % |       1 % |  |  |  |   1 % |   1 % |\n| Total                 | Total                 | Total                 | 100 % | 100 % |  |  |  | 100 % | 100 % |  |  |  | 100 % | 100 % |  |  |  |     100 % |     100 % |  |  |  | 100 % | 100 % |\n\n\n\n(a) Includes information for Virgin America for the period December 14, 2016 through December 31, 2016\\.\n\n(b) Category represents flying within the West Coast\\. Departures from the West Coast to other regions are captured in other categories\\. \n\nMAINLINE\n\nOur Mainline operations include Boeing 737 (B737) and Airbus A320 family (A319, A320, and A321neo) jet service offered by Alaska\\. We offer extensive passenger service from the western U\\.S\\. throughout the contiguous United States, Alaska, Hawaii, Canada, Mexico, and Costa Rica\\. Our largest concentrations of departures are in Seattle, Portland, and the Bay Area\\. We also offer cargo service throughout our network and have three dedicated cargo aircraft that operate primarily to and within the state of Alaska\\. \n\nIn 2019, we carried 36 million revenue passengers in our Mainline operations\\. At December 31, 2019, our Mainline operating fleet consisted of 166 Boeing 737 jet aircraft and 71 Airbus A320 family jet aircraft compared to 162 B737 aircraft and 71 Airbus aircraft as of December 31, 2018\\.\n\nThe percentage of Mainline passenger capacity by region and average stage length is presented below:\n\n\n\n|                              |                              |                              |        |        |  |  |        |        |  |  |  |        |        |  |  |  |           |           |  |  |  |        |        |\n|:---------------------------- |:---------------------------- |:---------------------------- | ------:| ------:| -:| -:| ------:| ------:|:- |:- |:- | ------:| ------:|:- |:- |:- | ---------:| ---------:|:- |:- |:- | ------:| ------:|\n|                              |                              |                              |   2019 |   2019 |  |  |   2018 |   2018 |  |  |  |   2017 |   2017 |  |  |  | 2016^(a)^ | 2016^(a)^ |  |  |  |   2015 |   2015 |\n| West Coast^(b)^              | West Coast^(b)^              | West Coast^(b)^              |   23 % |   23 % |  |  |   23 % |   23 % |  |  |  |   24 % |   24 % |  |  |  |      30 % |      30 % |  |  |  |   31 % |   31 % |\n| Transcon/midcon              | Transcon/midcon              | Transcon/midcon              |   46 % |   46 % |  |  |   46 % |   46 % |  |  |  |   45 % |   45 % |  |  |  |      30 % |      30 % |  |  |  |   27 % |   27 % |\n| Hawaii and Costa Rica        | Hawaii and Costa Rica        | Hawaii and Costa Rica        |   16 % |   16 % |  |  |   15 % |   15 % |  |  |  |   15 % |   15 % |  |  |  |      19 % |      19 % |  |  |  |   20 % |   20 % |\n| Alaska                       | Alaska                       | Alaska                       |   11 % |   11 % |  |  |   11 % |   11 % |  |  |  |   11 % |   11 % |  |  |  |      15 % |      15 % |  |  |  |   16 % |   16 % |\n| Mexico                       | Mexico                       | Mexico                       |    4 % |    4 % |  |  |    5 % |    5 % |  |  |  |    5 % |    5 % |  |  |  |       6 % |       6 % |  |  |  |    6 % |    6 % |\n| Total                        | Total                        | Total                        |  100 % |  100 % |  |  |  100 % |  100 % |  |  |  |  100 % |  100 % |  |  |  |     100 % |     100 % |  |  |  |  100 % |  100 % |\n| Average Stage Length (miles) | Average Stage Length (miles) | Average Stage Length (miles) | 1,299  | 1,299  |  |  | 1,298  | 1,298  |  |  |  | 1,301  | 1,301  |  |  |  |    1,225  |    1,225  |  |  |  | 1,195  | 1,195  |\n\n\n\n(a) Includes information for Virgin America for the period December 14, 2016 through December 31, 2016\\.\n\n(b) Category represents flying within the West Coast\\. Departures from the West Coast to other regions are captured in other categories\\.\n\nREGIONAL\n\nOur Regional operations consist primarily of flights operated by Horizon and SkyWest\\. In 2019, our Regional operations carried approximately 11 million revenue passengers, primarily in the states of Washington, Oregon, Idaho and California\\. Horizon is the largest regional airline in the Pacific Northwest and carries approximately 70% of Air Group's regional revenue passengers\\. \n\nBased on 2019 Horizon passenger enplanements on regional aircraft, our most significant concentration of regional activity was in Seattle and Portland\\. At December 31, 2019, Horizon\u2019s operating fleet consisted of 30 E175 jet aircraft and 33 Bombardier Q400 turboprop aircraft\\. The regional fleet operated by SkyWest consisted of 32 E175 aircraft\\.\n\n7"}
{"_id": "AmericanAirlines-2018_89.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***(f) Operating Property and Equipment***\n\nOperating property and equipment is recorded at cost and depreciated or amortized to residual values over the asset\u2019s estimated useful life or the lease term, whichever is less, using the straight\\-line method\\. Residual values for aircraft, engines and related rotable parts are generally 5% to 10% of original cost\\. Costs of major improvements that enhance the usefulness of the asset are capitalized and depreciated or amortized over the estimated useful life of the asset or the lease term, whichever is less\\. The estimated useful lives for the principal property and equipment classifications are as follows:\n\n\n\n|                                                     |                           |\n| --------------------------------------------------- | ------------------------- |\n| **Principal Property and Equipment Classification** | **Estimated Useful Life** |\n| Aircraft, engines and related rotable parts         | 20 \u2013 30 years             |\n| Buildings and improvements                          | 5 \u2013 30 years              |\n| Furniture, fixtures and other equipment             | 3 \u2013 10 years              |\n| Capitalized software                                | 5 \u2013 10 years              |\n\n\n\nWe assess impairment on operating property and equipment when events and circumstances indicate that the assets may be impaired\\. An asset or group of assets is considered impaired when the undiscounted cash flows estimated to be generated by the assets are less than the carrying amount of the assets and the net book value of the assets exceeds their estimated fair value\\. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets\\. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the cost to sell\\.\n\nTotal depreciation and amortization expense was $2\\.4 billion, $2\\.2 billion and $1\\.9 billion for the years ended December 31, 2018, 2017 and 2016, respectively\\.\n\n***(g) Leases***\n\nWe determine if an arrangement is a lease at inception\\. Operating leases are included in operating lease ROU assets, current operating lease liabilities and noncurrent operating lease liabilities in our consolidated balance sheet\\. Finance leases are included in property and equipment, current maturities of long\\-term debt and finance leases and long\\-term debt and finance leases, net of current maturities, in our consolidated balance sheet\\. \n\nROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease\\. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term\\. \n\nWe use our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments\\. We give consideration to our recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates\\.\n\nOur lease term includes options to extend the lease when it is reasonably certain that we will exercise that option\\. Leases with a term of 12 months or less are not recorded on the balance sheet\\. Our lease agreements do not contain any residual value guarantees\\.\n\nUnder certain of our capacity purchase agreements with third\\-party regional carriers, we do not own the underlying aircraft\\. However, since we control the marketing, scheduling, ticketing, pricing and seat inventories of these aircraft and therefore control the asset, the aircraft is deemed to be leased for accounting purposes\\. For these capacity purchase agreements, we account for the lease and non\\-lease components separately\\. The lease component consists of the aircraft and the non\\-lease components consist of services, such as the crew and maintenance\\. We allocate the consideration in the capacity purchase agreements to the lease and non\\-lease components using their estimated relative standalone prices\\. See Note 12(b) for additional information on our capacity purchase agreements\\.\n\nFor real estate, we account for the lease and non\\-lease components as a single lease component\\.\n\n***(h) Income Taxes***\n\nIncome taxes are accounted for under the asset and liability method\\. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards\\. Deferred tax assets and liabilities are recorded net as noncurrent deferred income taxes\\.\n\n90"}
{"_id": "United-2017_16.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nmaterial adverse impact on the Company\u2019s financial position and results of operations and could result in the impairment of material amounts of related tangible and intangible assets\\. In addition, competition from revenue\\-sharing joint ventures and other alliance arrangements by and among other airlines could impair the value of the Company\u2019s business and assets on the Open Skies routes\\. The Company\u2019s plans to enter into or expand U\\.S\\. antitrust immunized alliances and joint ventures on various international routes are subject to receipt of approvals from applicable U\\.S\\. federal authorities and obtaining other applicable foreign government clearances or satisfying the necessary applicable regulatory requirements\\. There can be no assurance that such approvals and clearances will be granted or will continue in effect upon further regulatory review or that changes in regulatory requirements or standards can be satisfied\\.\n\nSee Part I, Item 1, Business\u2014Industry Regulation, of this report for additional information on government regulation impacting the Company\\.\n\n***The airline industry may undergo further change with respect to alliances and joint ventures or due to consolidations, any of which could have a material adverse effect on the Company\\.*** \n\nThe Company faces and may continue to face strong competition from other carriers due to the modification of alliances and formation of new joint ventures\\. Carriers may improve their competitive positions through airline alliances, slot swaps and/or joint ventures\\. Certain types of airline joint ventures further competition by allowing multiple airlines to coordinate routes, pool revenues and costs, and enjoy other mutual benefits, achieving many of the benefits of consolidation\\. \u201cOpen Skies\u201d agreements, including the agreements between the United States and the EU and between the United States and Japan, may also give rise to better integration opportunities among international carriers\\. Movement of airlines between current global airline alliances could reduce joint network coverage for members of such alliances while also creating opportunities for joint ventures and bilateral alliances that did not exist before such realignment\\. There is ongoing speculation that further airline and airline alliance consolidations or reorganizations could occur in the future, especially if new \u201cOpen Skies\u201d agreements between Brazil and the United States are fully implemented\\. The Company routinely engages in analysis and discussions regarding its own strategic position, including current and potential alliances, asset acquisitions and divestitures and may have future discussions with other airlines regarding strategic activities\\. If other airlines participate in such activities, those airlines may significantly improve their cost structures or revenue generation capabilities, thereby potentially making them stronger competitors of the Company and potentially impairing the Company\u2019s ability to realize expected benefits from its own strategic relationships\\.\n\n***Insufficient liquidity may have a material adverse effect on the Company\u2019s financial position and business\\.*** \n\nThe Company has a significant amount of financial leverage from fixed obligations, including aircraft lease and debt financings, leases of airport property and other facilities, and other material cash obligations\\. In addition, the Company has substantial noncancelable commitments for capital expenditures, including for the acquisition of new aircraft and related spare engines\\.\n\nAlthough the Company\u2019s cash flows from operations and its available capital, including the proceeds from financing transactions, have been sufficient to meet these obligations and commitments to date, the Company\u2019s future liquidity could be negatively affected by the risk factors discussed in this report, including, but not limited to, substantial volatility in the price of fuel, adverse economic conditions, disruptions in the global capital markets and catastrophic external events\\.\n\nIf the Company\u2019s liquidity is materially diminished due to the various risk factors noted in this report, or otherwise, the Company might not be able to timely pay its leases and debts or comply with certain operating and financial covenants under its financing and credit card processing agreements or with other material provisions of its contractual obligations\\. Certain of these covenants require the Company or United, as applicable, to maintain minimum liquidity and/or minimum collateral coverage ratios\\. The Company\u2019s or United\u2019s ability to comply with these covenants may be affected by events beyond its control, including the overall industry revenue environment, the level of fuel costs and the appraised value of the collateral\\.\n\n17"}
{"_id": "Southwest-2018_12.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nleast 10 consecutive hours prior to a flight attendant's flight duty period\\. The rules affect the Company\u2019s staffing flexibility, which could impact the Company\u2019s operational performance, costs, and Customer Experience\\.\n\nThe Reauthorization Act also contains provisions directing the FAA to issue new regulations to establish minimum dimensions for seat size that are necessary for the safety of passengers\\. Further, the Reauthorization Act expands human trafficking training requirements beyond flight attendants to include several public\\-facing Employee work groups\\. \n\nIn addition to its role as safety regulator, the FAA operates the nation\u2019s air traffic control system and has continued its lengthy and ongoing effort to implement a multi\\-faceted, air traffic control modernization program called \"NextGen\\.\" The Air Traffic Organization (\"ATO\") is the operational arm of the FAA\\. The ATO is responsible for providing safe and efficient air navigation services to all of the United States and large portions of the Atlantic and Pacific Oceans and the Gulf of Mexico\\. The Company is subject to any operational changes imposed by the FAA/ATO as they relate to the NextGen program, as well as the day\\-to\\-day management of the air traffic control system\\. The Reauthorization Act directs the FAA to (i) undertake a comprehensive review and prepare a full report on NextGen implementation and (ii) annually report on NextGen progress and return on investment\\. \n\nThe Company is subject to various other federal, state, and local laws and regulations relating to occupational safety and health, including Occupational Safety and Health Administration and Food and Drug Administration regulations\\.\n\n**Security Regulation**\n\nPursuant to the Aviation and Transportation Security Act (\"ATSA\"), the TSA, a division of the U\\.S\\. Department of Homeland Security, is responsible for certain civil aviation security matters\\. ATSA and subsequent TSA regulations and procedures implementing ATSA address, among other things, (i) flight deck security; (ii) the use of federal air marshals onboard flights; (iii) airport perimeter access security; (iv) airline crew security training; (v) security screening of passengers, baggage, cargo, mail, employees, and vendors; (vi) training and qualifications of security screening personnel; (vii) provision of passenger data to CBP; and (viii) background checks\\.\n\nUnder ATSA, substantially all security officers at airports are federal employees, and significant other elements of airline and airport security are overseen and performed by federal employees, including federal security managers, federal law enforcement officers, and federal air marshals\\. TSA personnel and TSA\\-mandated security procedures can affect the Company's operations, costs, and Customer experience\\. For example, as part of its security measures, the TSA regulates the types of liquid items that can be carried onboard aircraft\\. In addition, as part of its Secure Flight program, the TSA requires airlines to collect a passenger's full name (as it appears on a government\\-issued ID), date of birth, gender, and Redress Number (if applicable)\\. Airlines must transmit this information to Secure Flight, which uses the information to perform matching against terrorist watch lists\\. After matching passenger information against the watch lists, Secure Flight transmits the matching results back to airlines\\. This serves to identify individuals for enhanced security screening and to prevent individuals on watch lists from boarding an aircraft\\. It also helps prevent the misidentification of passengers who have names similar to individuals on watch lists\\. The TSA has also implemented enhanced security procedures as part of its enhanced, multi\\-layer approach to airport security, including physical pat down procedures, at security checkpoints\\. Such enhanced security procedures have raised privacy concerns by some air travelers, and have caused delays at screening checkpoints\\.\n\nPursuant to the Reauthorization Act, the FAA is required to issue an order requiring installation of a physical secondary cockpit barrier on each newly\\-manufactured aircraft for delivery to a passenger air carrier\\. This could impose a substantial cost on the Company\\.\n\nThe Company, in conjunction with the TSA, participates in TSA PreCheck\u2122, a pre\\-screening initiative that allows a select group of low risk passengers to move through security checkpoints with greater efficiency and ease when traveling\\. Eligible passengers may use dedicated screening lanes at certain airports the Company serves for screening benefits, which include leaving on shoes, light outerwear, and belts, as well as leaving laptops and permitted liquids in carryon bags\\. A similar CBP\\-administered program, Global Entry^\u00ae^, allows expedited clearance for pre\\-approved, low\\-risk international travelers upon arrival in the United States\\.\n\nThe Company also participates in the TSA Known Crewmember^\u00ae^ program, which is a risk\\-based screening system that enables TSA security officers to positively verify the identity and employment status of flight\\-crew members\\. The program expedites flight crew member access to sterile areas of airports\\.\n\n13"}
{"_id": "Alaska-2019_69.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nComponents of Lease Expense\n\nThe impact of leases, including variable lease cost, on earnings for the twelve months ended December 31, 2019 was as follows (in millions):\n\n\n\n|                                 |                                 |                                 |                                |                                |                                |       |\n|:------------------------------- |:------------------------------- |:------------------------------- |:------------------------------:|:------------------------------:|:------------------------------:| -----:|\n|                                 |                                 |                                 |         Classification         |         Classification         |         Classification         |  2019 |\n| Expense                         | Expense                         | Expense                         |                                |                                |                                |       |\n| Aircraft                        | Aircraft                        | Aircraft                        |         Aircraft rent          |         Aircraft rent          |         Aircraft rent          | $ 246 |\n| CPA Aircraft                    | CPA Aircraft                    | CPA Aircraft                    |         Aircraft rent          |         Aircraft rent          |         Aircraft rent          |    79 |\n| Airport and terminal facilities | Airport and terminal facilities | Airport and terminal facilities | Landing fees and other rentals | Landing fees and other rentals | Landing fees and other rentals |   324 |\n| Corporate real estate and other | Corporate real estate and other | Corporate real estate and other | Landing fees and other rentals | Landing fees and other rentals | Landing fees and other rentals |    19 |\n| Total lease expense             | Total lease expense             | Total lease expense             |                                |                                |                                | $ 668 |\n| Revenue                         | Revenue                         | Revenue                         |                                |                                |                                |       |\n| Lease income                    | Lease income                    | Lease income                    |    Cargo and other revenues    |    Cargo and other revenues    |    Cargo and other revenues    |  (13) |\n| Net lease impact                | Net lease impact                | Net lease impact                |                                |                                |                                | $ 655 |\n\n\n\nSupplemental Cash Flow Information\n\nDuring the year ended December 31, 2019, the Company paid $347 million for capitalized operating leases\\. The Company also acquired $176 million of operating lease assets in exchange for assumption of the same total of operating lease liabilities, inclusive of lease extensions\\.\n\nLease Term and Discount Rate\n\nAs most leases do not provide an implicit interest rate, the Company generally utilizes the incremental borrowing rate (IBR) based on information available at the commencement date of the lease to determine the present value of lease payments\\. The weighted average IBR and weighted average remaining lease term (in years) for all asset classes were as follows at December 31, 2019\\. \n\n\n\n|                                  |                                  |                                  |                       |                       |  |  |  |                                       |                                       |                                       |\n|:-------------------------------- |:-------------------------------- |:-------------------------------- | ---------------------:| ---------------------:|:- |:- |:- | -------------------------------------:| -------------------------------------:| -------------------------------------:|\n|                                  |                                  |                                  | Weighted Average IBR  | Weighted Average IBR  |  |  |  | Weighted Average Remaining Lease term | Weighted Average Remaining Lease term | Weighted Average Remaining Lease term |\n| Aircraft                         | Aircraft                         | Aircraft                         |                4\\.0 % |                4\\.0 % |  |  |  |                                  7\\.0 |                                  7\\.0 |                                  7\\.0 |\n| CPA Aircraft                     | CPA Aircraft                     | CPA Aircraft                     |                4\\.3 % |                4\\.3 % |  |  |  |                                  9\\.2 |                                  9\\.2 |                                  9\\.2 |\n| Airports and terminal facilities | Airports and terminal facilities | Airports and terminal facilities |                4\\.1 % |                4\\.1 % |  |  |  |                                 10\\.0 |                                 10\\.0 |                                 10\\.0 |\n| Corporate real estate and other  | Corporate real estate and other  | Corporate real estate and other  |                4\\.2 % |                4\\.2 % |  |  |  |                                 34\\.9 |                                 34\\.9 |                                 34\\.9 |\n\n\n\n69"}
{"_id": "AmericanAirlines-2018_21.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nIn light of constraints on existing facilities, there is presently a significant amount of capital spending underway at major airports in the United States, including large projects underway at a number of airports where we have significant operations, such as ORD, LAX, LGA and DCA\\. This spending is expected to result in increased costs to airlines and the traveling public that use those facilities as the airports seek to recover their investments through increased rental, landing and other facility costs\\. In some circumstances, such costs could be imposed by the relevant airport authority without our approval\\. Accordingly, our operating costs are expected to increase significantly at many airports at which we operate, including a number of our hubs and gateways, as a result of capital spending projects currently underway and additional projects that we expect to commence over the next several years\\.\n\nIn addition, operations at three major domestic airports, certain smaller domestic airports and many foreign airports served by us are regulated by governmental entities through the use of slots or similar regulatory mechanisms that limit the rights of carriers to conduct operations at those airports\\. Each slot represents the authorization to land at or take off from the particular airport during a specified time period and may have other operational restrictions as well\\. In the U\\.S\\., the DOT and the FAA currently regulate the allocation of slots or slot exemptions at DCA and two New York City airports: JFK and LGA\\. Our operations at these airports generally require the allocation of slots or similar regulatory authority\\. In addition to slot restrictions, operations at LGA and DCA are also limited based on a so\\-called \u201cperimeter rule\u201d which generally limits the stage length of the flights that can be operated from those airports to 1,500 and 1,250 miles, respectively\\. Similarly, our operations at LHR, international airports in Beijing, Frankfurt, Paris, Tokyo and other airports outside the U\\.S\\. are regulated by local slot authorities pursuant to the IATA Worldwide Scheduling Guidelines and/or applicable local law\\. Termination of slot controls at some or all of the foregoing airports could affect our operational performance and competitive position\\. We currently have sufficient slots or analogous authorizations to operate our existing flights and we have generally, but not always, been able to obtain the rights to expand our operations and to change our schedules\\. However, there is no assurance that we will be able to obtain sufficient slots or analogous authorizations in the future or as to the cost of acquiring such rights because, among other reasons, such allocations are often sought after by other airlines and are subject to changes in governmental policies\\. We cannot provide any assurance that regulatory changes regarding the allocation of slots, the continued enforcement of a perimeter rule or similar regulatory authority will not have a material adverse impact on our operations\\.\n\nOur ability to provide service can also be impaired at airports, such as ORD and LAX where the airport gate and other facilities are currently inadequate to accommodate all of the service that we would like to provide, or airports such as Dallas Love Field Airport where we have no access to gates at all\\.\n\nAny limitation on our ability to acquire or maintain adequate gates, ticketing facilities, operations areas, operations control facilities, slots (where applicable), or office space could have a material adverse effect on our business, results of operations and financial condition\\.\n\n***If we encounter problems with any of our third\\-party regional operators or third\\-party service providers, our operations could be adversely affected by a resulting decline in revenue or negative public perception about our services\\.***\n\nA significant portion of our regional operations are conducted by third\\-party operators on our behalf, substantially all of which are provided for under capacity purchase agreements\\. Due to our reliance on third parties to provide these essential services, we are subject to the risk of disruptions to their operations, which may result from many of the same risk factors disclosed in this report, such as the impact of adverse economic conditions, the inability of third parties to hire or retain skilled personnel, including pilots and mechanics, and other risk factors, such as an out\\-of\\-court or bankruptcy restructuring of any of our regional operators\\. Many of these third\\-party regional operators provide significant regional capacity that we would be unable to replace in a short period of time should that operator fail to perform its obligations to us\\. Disruptions to capital markets, shortages of skilled personnel and adverse economic conditions in general have subjected certain of these third\\-party regional operators to significant financial pressures, which have in the past and may in the future lead to bankruptcies among these operators\\. We may also experience disruption to our regional operations if we terminate the capacity purchase agreement with one or more of our current operators and transition the services to another provider\\. Any significant disruption to our regional operations would have a material adverse effect on our business, results of operations and financial condition\\.\n\nIn addition, our reliance upon others to provide essential services on behalf of our operations may result in our relative inability to control the efficiency and timeliness of contract services\\. We have entered into agreements with contractors to provide various facilities and services required for our operations, including distribution and sale of airline seat inventory, reservations, provision of information technology and services, regional operations, aircraft maintenance, ground services and facilities and baggage handling\\. Similar agreements may be entered into in any new markets we decide to serve\\. These agreements are generally subject to termination after notice by the third\\-party service provider\\. We are also at risk should one \n\n22"}
{"_id": "Southwest-2017_83.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nconstructed for others (\"ACFO\") in the Consolidated Balance Sheet, along with a corresponding outflow within Assets constructed for others in the Consolidated Statement of Cash Flows, and an increase to Construction obligation (with a corresponding cash inflow from Financing activities in the Consolidated Statement of Cash Flows) as reimbursements are received from Broward County\\. \n\n**Los Angeles International Airport**\n\nIn March 2013, the Company executed a lease agreement (the \"T1 Lease\") with Los Angeles World Airports (\"LAWA\"), which owns and operates Los Angeles International Airport (\"LAX\")\\. Under the T1 Lease, which was amended in June 2014 and September 2017, the Company is overseeing and managing the design, development, financing, construction, and commissioning of the airport's Terminal 1 Modernization Project at a cost not to exceed $526 million (including proprietary renovations, or $510 million excluding proprietary renovations)\\. In October 2017, the Company executed a separate lease agreement with LAWA (the \"T1\\.5 Lease\")\\. The Company will oversee and manage the design, development, financing, construction, and commissioning of a passenger processing facility between Terminal 1 and 2 (the \"Terminal 1\\.5 Project\")\\. The Terminal 1\\.5 Project is expected to include ticketing, baggage claim, passenger screening, and a bus gate at a cost not to exceed $479 million for site improvements and non\\-proprietary improvements\\.\n\nThese projects are being funded primarily using the Regional Airports Improvement Corporation (the \"RAIC\"), which is a quasi\\-governmental special purpose entity that acts as a conduit borrower under syndicated credit facilities provided by groups of lenders\\. Loans made under the separate credit facilities for the Terminal 1 Modernization Project and the Terminal 1\\.5 Project are being used to fund the development of each of these projects, and the outstanding loans will be repaid with the proceeds of LAWA\u2019s payments to purchase completed construction phases\\. The Company has guaranteed the obligations of the RAIC under each of the credit facilities of the respective lease agreements\\. At December 31, 2017, the Company's outstanding remaining guaranteed obligations under the credit facilities for the Terminal 1 Modernization Project and the Terminal 1\\.5 Project were $230 million and $36 million, respectively\\.\n\nConstruction on the Terminal 1 Modernization Project began during 2014 and is estimated to be completed during 2018\\. Construction on the Terminal 1\\.5 Project began during third quarter 2017 and is estimated to be completed during 2020\\. The Company has determined that due to its agreed upon role in overseeing and managing these projects, it is considered the owner of these projects for accounting purposes\\. LAWA is reimbursing the Company (through the RAIC credit facilities) for the site improvements and non\\-proprietary improvements, while proprietary improvements will not be reimbursed\\. As a result, the costs incurred to fund these projects are included within ACFO and all amounts that have been or will be reimbursed will be included within Construction obligation on the accompanying Consolidated Balance Sheet\\.\n\n**Dallas Love Field**\n\nDuring 2008, the City of Dallas approved the Love Field Modernization Program (\"LFMP\"), a project to reconstruct Dallas Love Field with modern, convenient air travel facilities\\. Pursuant to a Program Development Agreement with the City of Dallas and the Love Field Airport Modernization Corporation (or \"LFAMC,\" a Texas non\\-profit \"local government corporation\" established by the City of Dallas to act on the City of Dallas' behalf to facilitate the development of the LFMP), the Company managed this project\\.\n\nAlthough the City of Dallas received commitments from various sources that helped to fund portions of the LFMP project, including the FAA, the Transportation Security Administration, and the City of Dallas' Aviation Fund, the majority of the funds used were from the issuance of bonds\\. The Company guaranteed principal and interest payments on $456 million of such bonds issued by the LFAMC\\. As of December 31, 2017, $424 million of principal remained outstanding\\. The Company utilized the accounting guidance provided for lessees involved in asset construction\\. Upon completion of different phases of the LFMP project, the Company has placed the associated assets in service and has begun depreciating the assets over their estimated useful lives\\. The corresponding LFMP liabilities are being reduced primarily through the Company's airport rental payments to the City of Dallas as the construction costs of this project are passed through to the Company via recurring airport rates and charges\\. Major construction was effectively completed \n\n84"}
{"_id": "United-2017_45.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nA change in market interest rates would also impact interest income earned on our cash, cash equivalents and short\\-term investments\\. Assuming our cash, cash equivalents and short\\-term investments remain at their average 2017 levels, a 100 basis point increase in interest rates would result in a corresponding increase in the Company\u2019s interest income of approximately $45 million during 2018\\.\n\n***Commodity Price Risk (Aircraft Fuel)\\.*** The price level of aircraft fuel can significantly affect the Company\u2019s operations, results of operations, financial position and liquidity\\.\n\nOur operational and financial results can be significantly impacted by changes in the price and availability of aircraft fuel\\. To provide adequate supplies of fuel, the Company routinely enters into purchase contracts that are customarily indexed to market prices for aircraft fuel, and the Company generally has some ability to cover short\\-term fuel supply and infrastructure disruptions at some major demand locations\\. The price of aircraft fuel has fluctuated substantially in the past several years and in order to lower its exposure to unpredictable increases in the market prices of aircraft fuel, the Company has historically hedged a portion of its planned fuel requirements\\. The Company\u2019s current strategy is to not enter into transactions to hedge fuel price volatility, although the Company regularly reviews its policy based on market conditions and other factors\\. The Company\u2019s 2018 forecasted fuel consumption is presently approximately four billion gallons, and based on this forecast, a one dollar change in the price of a barrel of crude oil would change the Company\u2019s annual fuel expense by approximately $96 million\\.\n\n***Foreign Currency\\.*** The Company generates revenues and incurs expenses in numerous foreign currencies\\. Changes in foreign currency exchange rates impact the Company\u2019s results of operations through changes in the dollar value of foreign currency\\-denominated operating revenues and expenses\\. Some of the Company\u2019s more significant foreign currency exposures include the Canadian dollar, Chinese renminbi, European euro, British pound and Japanese yen\\. The Company\u2019s current strategy is to not enter into transactions to hedge its foreign currency sales, although the Company regularly reviews its policy based on market conditions and other factors\\.\n\nThe result of a uniform 10 percent strengthening in the value of the U\\.S\\. dollar from December 31, 2017 levels relative to each of the currencies in which the Company has foreign currency exposure would result in a decrease in pre\\-tax income of approximately $245 million for the year ending December 31, 2018\\. This sensitivity analysis was prepared based upon projected 2018 foreign currency\\-denominated revenues and expenses as of December 31, 2017\\.\n\n46"}
{"_id": "AmericanAirlines-2018_69.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**Contractual Obligations**\n\nThe following table provides details of our future cash contractual obligations as of December 31, 2018\\. The table does not include commitments that are contingent on events or other factors that are uncertain or unknown at this time\\.\n\n\n\n|                                                                   |                            |                            |                            |                            |                            |                            |                            |\n| ----------------------------------------------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- |\n|                                                                   | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |\n|                                                                   | **2019**                   | **2020**                   | **2021**                   | **2022**                   | **2023**                   | **2024 and Thereafter**    | **Total**                  |\n| *American*  *^(a)^*                                               |                            |                            |                            |                            |                            |                            |                            |\n| Long\\-term debt:                                                  |                            |                            |                            |                            |                            |                            |                            |\n| Principal amount  ^(b), (d)^  (See Note 3)                        | $2,508                     | $1,815                     | $3,409                     | $1,344                     | $3,892                     | $9,754                     | $22,722                    |\n| Interest obligations  ^(c), (d)^                                  | 939                        | 837                        | 731                        | 598                        | 511                        | 1,121                      | 4,737                      |\n| Finance lease obligations (See Note 4)                            | 124                        | 120                        | 118                        | 122                        | 105                        | 282                        | 871                        |\n| Aircraft and engine purchase commitments  ^(e)^  (See Note 10(a)) | 2,906                      | 1,683                      | 994                        | 1,378                      | 1,450                      | 6,047                      | 14,458                     |\n| Operating lease commitments  ^(f)^  (See Note 4)                  | 1,894                      | 1,824                      | 1,625                      | 1,428                      | 1,250                      | 3,611                      | 11,632                     |\n| Regional capacity purchase agreements  ^(g)^  (See Note 10(b))    | 1,101                      | 930                        | 765                        | 618                        | 487                        | 1,043                      | 4,944                      |\n| Minimum pension obligations  ^(h)^  (See Note 8)                  | 801                        | 625                        | 671                        | 939                        | 909                        | 1,263                      | 5,208                      |\n| Retiree medical and other postretirement benefits (See Note 8)    | 23                         | 17                         | 17                         | 17                         | 23                         | 280                        | 377                        |\n| Other purchase obligations  ^(i)^  (See Note 10(a))               | 1,873                      | 1,068                      | 1,009                      | 32                         | 7                          | 92                         | 4,081                      |\n| Total American Contractual Obligations                            | $12,169                    | $8,919                     | $9,339                     | $6,476                     | $8,634                     | $23,493                    | $69,030                    |\n| *AAG Parent and Other AAG Subsidiaries*  *^(a)^*                  |                            |                            |                            |                            |                            |                            |                            |\n| Long\\-term debt:                                                  |                            |                            |                            |                            |                            |                            |                            |\n| Principal amount  ^(b)^  (See Note 5)                             | $750                       | $505                       | $2                         | $2                         | $2                         | $18                        | $1,279                     |\n| Interest obligations  ^(c)^                                       | 67                         | 14                         | 2                          | 2                          | 1                          | 4                          | 90                         |\n| Minimum pension obligations  ^(h)^  (See Note 10)                 | 6                          | 4                          | 5                          | 5                          | 5                          | 13                         | 38                         |\n| Operating lease commitments (See Note 6)                          | 18                         | 14                         | 11                         | 10                         | 5                          | 9                          | 67                         |\n| Total AAG Contractual Obligations                                 | $13,010                    | $9,456                     | $9,359                     | $6,495                     | $8,647                     | $23,537                    | $70,504                    |\n\n\n\n\n\n|       |                                                                                                                                                                                |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(a)^ | For additional information, see the Notes to AAG\u2019s and American\u2019s Consolidated Financial Statements in Part II, Items 8A and 8B, respectively, referenced in the table above\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                     |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(b)^ | Amounts represent contractual amounts due\\. Excludes  $219 million  and  $3 million  of unamortized debt discount, premium and issuance costs as of  December 31, 2018  for American and AAG Parent, respectively\\. |\n\n\n\n\n\n|       |                                                                                                                             |\n| ----- | --------------------------------------------------------------------------------------------------------------------------- |\n| ^(c)^ | For variable\\-rate debt, future interest obligations are estimated using the current forward rates at  December 31, 2018 \\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                               |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(d)^ | Includes  $11\\.6 billion  of future principal payments and  $2\\.4 billion  of future interest payments, respectively, as of  December 31, 2018 , related to EETCs associated with mortgage financings for the purchase of certain aircraft\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                      |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(e)^ | See Part I, Item 2\\. Properties \u2013  *\u201cAircraft and Engine Purchase Commitments\u201d*  for additional information about the firm commitment aircraft delivery schedule\\. Boeing has committed to provide sale\\-leaseback financing (in the form of operating leases) for 22 787\\-8 aircraft to be delivered in 2020 and 2021\\. This financing is reflected in the operating lease commitments line above\\. |\n\n\n\n\n\n|       |                                                                                                                                                     |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(f)^ | Includes  $352 million  of future minimum lease payments related to EETC leveraged lease financings of certain aircraft as of  December 31, 2018 \\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(g)^ | Represents minimum payments under capacity purchase agreements with third\\-party regional carriers\\. These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and our actual payments could differ materially\\. Rental payments under operating leases for certain aircraft flown under these capacity purchase agreements is reflected in the operating lease commitments line above\\. |\n\n\n\n70"}
{"_id": "Southwest-2018_108.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|                                                         |                     |                          |                                |\n| ------------------------------------------------------- | ------------------- | ------------------------ | ------------------------------ |\n| **(in millions)**                                       |  **Carrying value** | **Estimated fair value** | **Fair value level hierarchy** |\n| 2\\.75% Notes due November 2019                          | $300                | $299                     | Level 2                        |\n| Term Loan Agreement payable through May 2019 \\- 6\\.315% | 23                  | 23                       | Level 3                        |\n| Term Loan Agreement payable through July 2019 \\- 4\\.84% | 10                  | 10                       | Level 3                        |\n| 2\\.65% Notes due 2020                                   | 492                 | 486                      | Level 2                        |\n| Term Loan Agreement payable through 2020 \\- 5\\.223%     | 187                 | 187                      | Level 3                        |\n| 737 Aircraft Notes payable through 2020                 | 67                  | 67                       | Level 3                        |\n| 2\\.75% Notes due 2022                                   | 300                 | 293                      | Level 2                        |\n| Pass Through Certificates due 2022 \\- 6\\.24%            | 250                 | 263                      | Level 2                        |\n| Term Loan Agreement payable through 2026 \\- 3\\.88%      | 197                 | 197                      | Level 3                        |\n| 3\\.00% Notes due 2026                                   | 300                 | 279                      | Level 2                        |\n| 3\\.45% Notes due 2027                                   | 300                 | 286                      | Level 2                        |\n| 7\\.375% Debentures due 2027                             | 125                 | 146                      | Level 2                        |\n\n\n\n109"}
{"_id": "AmericanAirlines-2018_15.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**ITEM 1A\\. RISK FACTORS**\n\nBelow are certain risk factors that may affect our business, results of operations and financial condition, or the trading price of our common stock or other securities\\. We caution the reader that these risk factors may not be exhaustive\\. We operate in a continually changing business environment, and new risks and uncertainties emerge from time to time\\. Management cannot predict such new risks and uncertainties, nor can it assess the extent to which any of the risk factors below or any such new risks and uncertainties, or any combination thereof, may impact our business\\.\n\n***Downturns in economic conditions could adversely affect our business******\\.*** \n\nDue to the discretionary nature of business and leisure travel spending and the highly competitive nature of the airline industry, our revenues are heavily influenced by the condition of the U\\.S\\. economy and economies in other regions of the world\\. Unfavorable conditions in these broader economies have resulted, and may result in the future, in decreased passenger demand for air travel, changes in booking practices and related reactions by our competitors, all of which in turn have had, and may have in the future, a strong negative effect on our business\\. See also *\u201cThe airline industry is intensely competitive and dynamic\u201d* below\\.\n\n***Our business is very dependent on the price and availability of aircraft fuel\\. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on our operating results and liquidity******\\.***\n\nOur operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in our business\\. Market prices for jet fuel have fluctuated substantially over the past several years and prices continue to be highly volatile\\.\n\nBecause of the amount of fuel needed to operate our business, even a relatively small increase or decrease in the price of fuel can have a material effect on our operating results and liquidity\\. Due to the competitive nature of the airline industry and unpredictability of the market for air travel, we can offer no assurance that we may be able to increase our fares, impose fuel surcharges or otherwise increase revenues or decrease other operating costs sufficiently to offset fuel price increases\\. Similarly, we cannot predict actions that may be taken by our competitors in response to changes in fuel prices\\.\n\nAlthough we are currently able to obtain adequate supplies of aircraft fuel, we cannot predict the future availability, price volatility or cost of aircraft fuel\\. Natural disasters (including hurricanes or similar events in the U\\.S\\. Southeast and on the Gulf Coast where a significant portion of domestic refining capacity is located), political disruptions or wars involving oil\\-producing countries, economic sanctions imposed against oil\\-producing countries or specific industry participants, changes in fuel\\-related governmental policy, the strength of the U\\.S\\. dollar against foreign currencies, changes in the cost to transport or store petroleum products, changes in access to petroleum product pipelines and terminals, speculation in the energy futures markets, changes in aircraft fuel production capacity, environmental concerns and other unpredictable events may result in fuel supply shortages, distribution challenges, additional fuel price volatility and cost increases in the future\\. Any of these factors or events could cause a disruption in oil production, refinery operations, pipeline capacity or terminal access and possibly result in significant increases in the price of aircraft fuel and diminished availability of aircraft fuel supply\\.\n\nOur aviation fuel purchase contracts generally do not provide meaningful price protection against increases in fuel costs\\. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review this policy from time to time based on market conditions and other factors\\. Accordingly, as of December 31, 2018, we did not have any fuel hedging contracts outstanding\\. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices\\. See also the discussion in Part II, Item 7A\\. Quantitative and Qualitative Disclosures About Market Risk \u2013 *\u201cAircraft Fuel\\.\u201d*\n\n***The airline industry is intensely competitive and dynamic\\.***\n\nOur competitors include other major domestic airlines and foreign, regional and new entrant airlines, as well as joint ventures formed by some of these airlines, many of which have more financial or other resources and/or lower cost structures than ours, as well as other forms of transportation, including rail and private automobiles\\. In many of our markets we compete with at least one low\\-cost carrier (including so\\-called ultra\\-low cost carriers)\\. Our revenues are sensitive to the actions of other carriers in many areas including pricing, scheduling, capacity, amenities, loyalty benefits and promotions, which can have a substantial adverse impact not only on our revenues, but on overall industry revenues\\. These factors may become even more significant in periods when the industry experiences large losses, as airlines under financial stress, or in bankruptcy, may institute pricing structures intended to achieve near\\-term survival rather than long\\-term viability\\.\n\n16"}
{"_id": "AmericanAirlines-2018_198.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**ITEM 16\\. FORM 10\\-K SUMMARY**\n\nNone\\.\n\n199"}
{"_id": "United-2018_64.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**NOTE 4 \\- EARNINGS PER SHARE**\n\nThe computations of UAL's basic and diluted earnings per share are set forth below for the years ended December 31 (in millions, except per share amounts):\n\n\n\n|                                              |          |              |              |\n| -------------------------------------------- | -------- | ------------ | ------------ |\n|                                              | **2018** | **2017 (a)** | **2016 (a)** |\n| Earnings available to common stockholders    | $2,129   | $2,144       | $2,234       |\n| Basic weighted\\-average shares outstanding   | 275\\.5   | 302\\.7       | 329\\.9       |\n| Effect of employee stock awards              | 1\\.2     | 0\\.9         | 0\\.4         |\n| Diluted weighted\\-average shares outstanding | 276\\.7   | 303\\.6       | 330\\.3       |\n| Earnings per share, basic                    | $7\\.73   | $7\\.08       | $6\\.77       |\n| Earnings per share, diluted                  | $7\\.70   | $7\\.06       | $6\\.76       |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe number of antidilutive securities excluded from the computation of diluted earnings per share amounts was not material\\.\n\n**NOTE 5 \\- SHARE\\-BASED COMPENSATION PLANS**\n\nUAL maintains several share\\-based compensation plans\\. These plans provide for grants of non\\-qualified stock options, incentive stock options (within the meaning of Section 422 of the Internal Revenue Code of 1986), stock appreciation rights, restricted shares, RSUs, performance compensation awards, performance units, cash incentive awards, other equity\\-based and equity\\-related awards, and dividends and dividend equivalents\\.\n\nAll awards are recorded as either equity or a liability in the Company's consolidated balance sheets\\. The share\\-based compensation expense is recorded in salaries and related costs\\.\n\nDuring 2018, UAL granted share\\-based compensation awards pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan\\. These share\\-based compensation awards included approximately 1\\.8 million RSUs consisting of 1\\.1 million time\\-vested RSUs and 0\\.7 million performance\\-based RSUs\\. The time\\-vested RSUs vest pro\\-rata, a majority of which vest on February 28th of each year over a three\\-year period from the date of grant\\. These RSUs are generally equity awards settled in stock for domestic employees and liability awards settled in cash for international employees\\. The cash payments are based on the 20\\-day average closing price of UAL common stock immediately prior to the vesting date\\. The performance\\-based RSUs vest based on the Company's relative improvement in pre\\-tax margin compared to a group of airline industry peers for the three years ending December 31, 2020\\. If the performance condition is achieved, cash payments will be made after the end of the performance period based on the 20\\-day average closing price of UAL common stock immediately prior to the vesting date and based on the level, if any, of the performance goal achieved\\. The Company accounts for the performance\\-based RSUs as liability awards\\. \n\nThe following table provides information related to UAL's share\\-based compensation plan cost for the years ended December 31 (in millions):\n\n\n\n|                    |          |          |          |\n| ------------------ | -------- | -------- | -------- |\n|                    | **2018** | **2017** | **2016** |\n| Compensation cost: |          |          |          |\n| RSUs               | $98      | $63      | $58      |\n| Restricted stock   | 2        | 8        | 11       |\n| Stock options      | 1        | 2        | 1        |\n| Total              | $101     | $73      | $70      |\n\n\n\n65"}
{"_id": "Delta-2017_13.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nIn October 2016, ICAO formally adopted a global, market\\-based emissions offset program known as the Carbon Offsetting and Reduction Scheme for International Aviation\\. This program is designed to achieve a medium\\-term goal for the aviation industry of achieving carbon\\-neutral growth in international aviation beginning in 2020\\. A pilot phase of the offset program will begin in 2021, followed by a first phase of the program beginning in 2024 and a second phase beginning in 2027\\. Countries can voluntarily participate in the pilot and first phase, but participation in the second phase is mandatory\\. In 2016, ICAO also adopted new aircraft certification standards to reduce carbon dioxide (CO ~2~ ) emissions from aircraft\\. The new aircraft certification standards will apply to new aircraft types in 2020 and to new in\\-production aircraft starting in 2023 but no later than 2028\\. It is important to note that the standards will not apply to existing in\\-service aircraft\\. However, exemption from the certification requirement would provide no protection from taxation schemes based on CO ~2~  emissions\\. \n\nIn July 2016, the U\\.S\\. Environmental Protection Agency (\"EPA\") issued a final finding under the Clean Air Act that greenhouse gases threaten the public health and welfare, and further determined that aircraft cause or contribute to greenhouse gases\\. The endangerment finding does not establish standards, but triggers an obligation for the EPA to regulate greenhouse gas emissions from aircraft\\. The EPA has historically implemented air emissions control standards adopted by ICAO; therefore, the ICAO aircraft engine certification standards are expected to influence the development of any EPA greenhouse gas emission standards for aircraft\\. \n\nWe may face additional regulation of aircraft emissions in the U\\.S\\. and abroad and become subject to further taxes, charges or additional requirements to obtain permits or purchase allowances or emission credits for greenhouse gas emissions in various jurisdictions\\. Additional regulation could result in taxation or permitting requirements from multiple jurisdictions for the same operations and significant costs for us and the airline industry\\. In addition to direct costs, such regulation could result in increased fuel costs passed through from fuel suppliers affected by any such regulations\\. We are monitoring and evaluating the potential impact of such legislative and regulatory developments\\.\n\nWe seek to minimize the impact of greenhouse gas emissions from our operations through reductions in our fuel consumption and other efforts, and have realized reductions in our greenhouse gas emission levels since 2005\\. We have reduced the fuel needs of our aircraft fleet through the retirement of older, less fuel efficient aircraft and replacement with newer, more fuel efficient aircraft\\. In addition, we have implemented fuel saving procedures in our flight and ground support operations that further reduce carbon emissions\\. We are also supporting efforts to develop alternative fuels and efforts to modernize the air traffic control system in the U\\.S\\. as part of our efforts to reduce our emissions and minimize our impact on the environment\\.\n\nNoise \\. The Airport Noise and Capacity Act of 1990 recognizes the rights of operators of airports with noise problems to implement local noise abatement programs so long as such programs do not interfere unreasonably with interstate or foreign commerce or the national air transportation system\\. This statute generally provides that local noise restrictions on Stage 3 aircraft first effective after October 1, 1990, require FAA approval\\. While we have had sufficient scheduling flexibility to accommodate local noise restrictions in the past, our operations could be adversely impacted if locally\\-imposed regulations become more restrictive or widespread\\. In addition, foreign governments may allow airports to enact similar restrictions, which could adversely impact our international operations or require significant expenditure in order for our aircraft to comply with the restrictions\\.\n\nRefinery Matters \\. Monroe's operation of the Trainer refinery is subject to numerous environmental laws and extensive regulations, including those relating to the discharge of materials into the environment, waste management, pollution prevention measures and greenhouse gas emissions\\.\n\nUnder the Energy Independence and Security Act of 2007, the EPA has adopted Renewable Fuel Standards (\"RFS\") that mandate the blending of renewable fuels into gasoline and on\\-road diesel (\"Transportation Fuels\")\\. Renewable Identification Numbers (\"RINs\") are assigned to renewable fuels produced or imported into the U\\.S\\. that are blended into Transportation Fuels to demonstrate compliance with this obligation\\. A refinery may meet its obligation under RFS by blending the necessary volumes of renewable fuels with Transportation Fuels or by purchasing RINs in the open market or through a combination of blending and purchasing RINs\\. Because the refinery operated by Monroe does not blend renewable fuels, it must purchase its RINs requirement in the secondary market or obtain a waiver from the EPA\\.\n\nOther Environmental Matters \\. We are subject to certain environmental laws and contractual obligations governing the management and release of regulated substances, which may require the investigation and remediation of affected sites\\. Soil and/or ground water impacts have been identified at certain of our current or former leaseholds at several domestic airports\\. To address these impacts, we have a program in place to investigate and, if appropriate, remediate these sites\\. Although the ultimate outcome of these matters cannot be predicted with certainty, we believe that the resolution of these matters will not have a material adverse effect on our Consolidated Financial Statements\\.\n\n 9"}
{"_id": "Delta-2018_82.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nOther Information\n\nThe table below presents supplemental cash flow information related to leases during 2018\\.\n\n\n\n|                                                                        |                       |\n| ---------------------------------------------------------------------- | --------------------- |\n|                                                                        | **Year Ended**        |\n| **(in millions)**                                                      | **December 31, 2018** |\n| Cash paid for amounts included in the measurement of lease liabilities |                       |\n| Operating cash flows for operating leases                              | $1,271                |\n| Operating cash flows for finance leases                                | 22                    |\n| Financing cash flows for finance leases                                | 108                   |\n\n\n\nUndiscounted Cash Flows\n\nThe table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet\\.\n\n\n\n|                                                      |                      |                    |\n| ---------------------------------------------------- | -------------------- | ------------------ |\n| **(in millions)**                                    | **Operating Leases** | **Finance Leases** |\n| 2019                                                 | $1,172               | $127               |\n| 2020                                                 | 1,000                | 89                 |\n| 2021                                                 | 819                  | 75                 |\n| 2022                                                 | 692                  | 33                 |\n| 2023                                                 | 654                  | 27                 |\n| Thereafter                                           | 4,200                | 111                |\n| Total minimum lease payments                         | 8,537                | 462                |\n| Less: amount of lease payments representing interest | (1,781<br><br>)      | (59<br><br>)       |\n| Present value of future minimum lease payments       | 6,756                | 403                |\n| Less: current obligations under leases               | (955<br><br>)        | (109<br><br>)      |\n| Long\\-term lease obligations                         | $5,801               | $294               |\n\n\n\nAs of December 31, 2018 we have additional leases that have not yet commenced of   $189 million \\. These leases will commence between 2019 and 2020 with lease terms of   1  year to   17  years\\.\n\nNOTE 9 \\. AIRPORT REDEVELOPMENT\n\nNew York\\-JFK Airport Redevelopment\n\nIn 2015, we completed our redevelopment project at New York\\-JFK's Terminal 4 to facilitate convenient connections for our passengers and improve coordination with our SkyTeam alliance partners\\. Terminal 4 is operated by JFK International Air Terminal LLC (\"IAT\"), a private party, under its lease with the Port Authority of New York and New Jersey (\"Port Authority\")\\. In December 2010, we entered into a   33 \\-year agreement with IAT (\"Sublease\") to sublease space in Terminal 4\\. Also, in 2010, the Port Authority issued approximately   $800 million  principal amount of special project bonds to fund the majority of the project\\.\n\nWe managed the project and bore the construction risk, including cost overruns\\. We previously accounted for this project by recording an asset for project costs (e\\.g\\., design, permitting, labor and other general construction costs), regardless of funding source, and a construction obligation equal to project costs funded by parties other than us\\. Our rental payments reduced the construction obligation and resulted in the recording of interest expense, calculated using the effective interest method\\. At  December 31, 2017 , we recorded   $691 million  as property and equipment and   $744 million  as the related construction obligation\\. Upon adoption of the new lease standard, these amounts were derecognized and we recorded a transition adjustment that increased equity by   $40 million  (net of tax)\\. Following derecognition of these assets and liabilities, we recognized a ROU asset and lease liability representing the fixed component of the lease payments\\.\n\n 80"}
{"_id": "AmericanAirlines-2018_155.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\noperate American\u2019s business, even a relatively small increase or decrease in the price of fuel can have a material effect on American\u2019s operating results and liquidity\\.\n\nThese additional factors could impact American\u2019s results of operations, financial performance and liquidity:\n\n***(a) Credit Risk***\n\nMost of American\u2019s receivables relate to tickets sold to individual passengers through the use of major credit cards or to tickets sold by other airlines and used by passengers on American\\. These receivables are short\\-term, mostly settled within seven days after sale\\. Bad debt losses, which have been minimal in the past, have been considered in establishing allowances for doubtful accounts\\. American does not believe it is subject to any significant concentration of credit risk\\.\n\n***(b) Interest Rate Risk***\n\nAmerican has exposure to market risk associated with changes in interest rates related primarily to its variable rate debt obligations\\. Interest rates on $9\\.9 billion principal amount of long\\-term debt as of December 31, 2018 are subject to adjustment to reflect changes in floating interest rates\\. The weighted average effective interest rate on American\u2019s variable rate debt was 4\\.3% at December 31, 2018\\. American does not currently have an interest rate hedge program\\.\n\n***(c) Foreign Currency Risk***\n\nAmerican is exposed to the effect of foreign exchange rate fluctuations on the U\\.S\\. dollar value of foreign currency\\-denominated operating revenues and expenses\\. American\u2019s largest exposure comes from the British pound, Euro, Canadian dollar and various Latin American currencies, primarily the Brazilian real\\. American does not currently have a foreign currency hedge program\\. See Part I, Item 1A\\. Risk Factors \u2013 *\u201cWe operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control\u201d* for unaudited additional discussion of this risk\\.\n\n**7\\. Fair Value Measurements and Other Investments**\n\n***Assets Measured at Fair Value on a Recurring Basis***\n\nFair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i\\.e\\. an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability\\. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy\\. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market\\. Each fair value measurement is reported in one of three levels:\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | Level 1 \u2013 Observable inputs such as quoted prices in active markets; |\n\n\n\n\n\n|   |                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Level 2 \u2013 Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |\n\n\n\n\n\n|   |                                                                                                                                               |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Level 3 \u2013 Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions\\. |\n\n\n\nWhen available, American uses quoted market prices to determine the fair value of its financial assets\\. If quoted market prices are not available, American measures fair value using valuation techniques that use, when possible, current market\\-based or independently\\-sourced market parameters, such as interest rates and currency rates\\.\n\nAmerican utilizes the market approach to measure fair value for its financial assets\\. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets\\. American\u2019s short\\-term investments classified as Level 2 primarily utilize broker quotes in a non\\-active market for valuation of these securities\\. No changes in valuation techniques or inputs occurred during the year ended December 31, 2018\\.\n\n156"}
{"_id": "Southwest-2018_18.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nby Southwest, it is particularly exposed to competition from surface transportation in these instances\\. The airline industry is also subject to technology advancements that may limit the demand for air travel, including competition from alternatives to air travel such as videoconferencing and the Internet, which can increase in the event of travel inconveniences and economic downturns\\. The Company is subject to the risk that air travel inconveniences and economic downturns may, in some cases, result in permanent changes to consumer behavior in favor of surface transportation and electronic communications\\.\n\n**Seasonality**\n\nThe Company's business is seasonal\\. Generally, in most markets the Company serves, demand for air travel is greater during the summer months, and, therefore, revenues in the airline industry tend to be stronger in the second (April 1 \\- June 30) and third (July 1 \\- September 30) quarters of the year than in the first (January 1 \\- March 31) and fourth (October 1 \\- December 31) quarters of the year\\. As a result, in many cases, the Company's results of operations reflect this seasonality\\. Factors that could alter this seasonality include, among others, the price of fuel, general economic conditions, extreme or severe weather and natural disasters, fears of terrorism or war, or changes in the competitive environment\\. Therefore, the Company's quarterly operating results are not necessarily indicative of operating results for the entire year, and historical operating results in a quarterly or annual period are not necessarily indicative of future operating results\\.\n\n**Employees**\n\nAt December 31, 2018, the Company had approximately 58,800 active fulltime equivalent Employees, consisting of approximately 24,900 flight, 3,000 maintenance, 20,800 ground, Customer, and fleet service, and 10,100 management, technology, finance, marketing, and clerical personnel (associated with non\\-operational departments)\\. Approximately 83 percent of these Employees were represented by labor unions\\. The Railway Labor Act establishes the right of airline employees to organize and bargain collectively\\. Under the Railway Labor Act, collective\\-bargaining agreements between an airline and a labor union generally do not expire, but instead become amendable as of an agreed date\\. By the amendable date, if either party wishes to modify the terms of the agreement, it must notify the other party in the manner required by the Railway Labor Act and/or described in the agreement\\. After receipt of the notice, the parties must meet for direct negotiations\\. If no agreement is reached, either party may request the National Mediation Board to appoint a federal mediator\\. If no agreement is reached in mediation, the National Mediation Board may determine an impasse exists and offer binding arbitration to the parties\\. If either party rejects binding arbitration, a 30\\-day \"cooling off\" period begins\\. At the end of this 30\\-day period, the parties may engage in \"self\\-help,\" unless a Presidential Emergency Board is established to investigate and report on the dispute\\. The appointment of a Presidential Emergency Board maintains the \"status quo\" for an additional period of time\\. If the parties do not reach agreement during this period, the parties may then engage in \"self\\-help\\.\" \"Self\\-help\" includes, among other things, a strike by the union or the airline\u2019s imposition of any or all of its proposed amendments and the hiring of new employees to replace any striking workers\\. \n\n19"}
{"_id": "Alaska-2017_92.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|                                     |              |              |             |                                     |                                  |                             |                  |\n| ----------------------------------- | ------------ | ------------ | ----------- | ----------------------------------- | -------------------------------- | --------------------------- | ---------------- |\n| **Year Ended December 31, 2015**    | **Mainline** | **Regional** | **Horizon** | **Consolidating & Other** **^(b)^** | **Air Group Adjusted** **^(c)^** | **Special Items** **^(d)^** | **Consolidated** |\n| **Operating revenues**              |              |              |             |                                     |                                  |                             |                  |\n| Passenger                           |              |              |             |                                     |                                  |                             |                  |\n| Mainline                            | $3,939       | $\u2014           | $\u2014          | $\u2014                                  | $3,939                           | $\u2014                          | $3,939           |\n| Regional                            | \u2014            | 854          | \u2014           | \u2014                                   | 854                              | \u2014                           | 854              |\n| Total passenger revenues            | 3,939        | 854          | \u2014           | \u2014                                   | 4,793                            | \u2014                           | 4,793            |\n| CPA revenues                        | \u2014            | \u2014            | 408         | (408)                               | \u2014                                | \u2014                           | \u2014                |\n| Freight and mail                    | 103          | 5            | \u2014           | \u2014                                   | 108                              | \u2014                           | 108              |\n| Other\\-net                          | 621          | 72           | 4           | \u2014                                   | 697                              | \u2014                           | 697              |\n| **Total operating revenues**        | 4,663        | 931          | 412         | (408)                               | 5,598                            | \u2014                           | 5,598            |\n| **Operating expenses**              |              |              |             |                                     |                                  |                             |                  |\n| Operating expenses, excluding fuel  | 2,653        | 695          | 375         | (409)                               | 3,314                            | 32                          | 3,346            |\n| Fuel expense                        | 823          | 131          | \u2014           | \u2014                                   | 954                              | \u2014                           | 954              |\n| **Total operating expenses**        | 3,476        | 826          | 375         | (409)                               | 4,268                            | 32                          | 4,300            |\n| **Nonoperating income (expense)**   |              |              |             |                                     |                                  |                             |                  |\n| Interest income                     | 19           | \u2014            | \u2014           | 2                                   | 21                               | \u2014                           | 21               |\n| Interest expense                    | (28)         | \u2014            | (10)        | (4)                                 | (42)                             | \u2014                           | (42)             |\n| Other                               | 28           | \u2014            | 1           | 6                                   | 35                               | \u2014                           | 35               |\n|                                     | 19           | \u2014            | (9)         | 4                                   | 14                               | \u2014                           | 14               |\n| **Income (loss) before income tax** | $1,206       | $105         | $28         | $5                                  | $1,344                           | $(32)                       | $1,312           |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                           |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | As the acquisition of Virgin America closed on December 14, 2016, Mainline financial results, presented above include Virgin America for the twelve months ended  December 31, 2017 , and not for the prior period\\. Financial results also reflect the impacts of purchase accounting\\.  |\n\n\n\n\n\n|     |                                                                                                            |\n| --- | ---------------------------------------------------------------------------------------------------------- |\n| (b) | Includes consolidating entries, Parent Company, McGee Air Services, and other immaterial business units\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                            |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (c) | The Air Group Adjusted column excludes certain charges described in  (d)  and represents the financial information that is reviewed by management to assess performance of operations and determine capital allocations\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                           |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (d) | Includes accounting adjustments related to mark\\-to\\-market fuel hedge accounting charges (all years), merger\\-related costs (2017 and 2016), pension settlement charge (2015), and a litigation\\-related matter (2015)\\. |\n\n\n\n\n\n|                                |             |          |          |\n| ------------------------------ | ----------- | -------- | -------- |\n|                                | **2017**    | **2016** | **2015** |\n| Depreciation and amortization: |             |          |          |\n| Mainline                       | **$308**    | $296     | $268     |\n| Horizon                        | **64**      | 67       | 52       |\n| Consolidated                   | **$372**    | $363     | $320     |\n| Capital expenditures:          |             |          |          |\n| Mainline                       | **$734**    | $608     | $821     |\n| Horizon                        | **292**     | 70       | 10       |\n| Consolidated                   | **$1,026**  | $678     | $831     |\n| Total assets at end of period: |             |          |          |\n| Mainline                       | **$16,650** | $15,260  |          |\n| Horizon                        | **929**     | 690      |          |\n| Consolidating & Other          | **(6,839)** | (5,988)  |          |\n| Consolidated                   | **$10,740** | $9,962   |          |\n\n\n\n 93"}
{"_id": "Southwest-2017_61.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nThe Company enters into financial derivative instruments with third party institutions in \"over\\-the\\-counter\" markets\\. Since the majority of the Company\u2019s financial derivative instruments are not traded on a market exchange, the Company estimates their fair values\\. Depending on the type of instrument, the values are determined by the use of present value methods or standard option value models with assumptions about commodity prices based on those observed in underlying markets\\. Also, since there is not a reliable forward market for jet fuel beyond approximately 24 months, the Company must estimate the future prices of jet fuel in order to measure the effectiveness of the hedging instruments in offsetting changes to those prices\\. Forward jet fuel prices are estimated through the observation of similar commodity futures prices (such as crude oil, heating oil, and unleaded gasoline) and adjusted based on variations of those like commodities to the Company\u2019s ultimate expected price to be paid for jet fuel at the specific locations in which the Company hedges\\.\n\nFair values for financial derivative instruments and forward jet fuel prices are estimated prior to the time that the financial derivative instruments settle and the time that jet fuel is purchased and consumed, respectively\\. However, once settlement of the financial derivative instruments occurs and the hedged jet fuel is purchased and consumed, all values and prices are known and are recognized in the financial statements\\. Although the Company continues to use a prospective assessment to determine that commodities continue to qualify for hedge accounting in specific locations where the Company hedges, there are no assurances that these commodities will continue to qualify in the future\\. This is due to the fact that future price changes in these refined products may not be consistent with historical price changes\\. Increased volatility in these commodity markets for an extended period of time, especially if such volatility were to worsen, could cause the Company to lose hedge accounting altogether for the commodities used in its fuel hedging program, which would create further volatility in the Company\u2019s GAAP financial results\\.\n\nEstimating the fair value of these fuel derivative instruments and forward prices for jet fuel will also result in changes in their fair values from period to period and thus determine their accounting treatment\\. To the extent that the change in the estimated fair value of a fuel derivative instrument differs from the change in the estimated price of the associated jet fuel to be purchased, both on a cumulative and a period\\-to\\-period basis, ineffectiveness of the fuel hedge can result\\. This could result in the immediate recording of non\\-cash charges or income, representing the change in the fair value of the derivative, even though the derivative instrument may not expire/settle until a future period\\. Likewise, if a derivative contract ceases to qualify for hedge accounting, the change in the fair value of the derivative instrument is recorded every period to Other (gains) and losses, net in the Consolidated Statement of Income in the period of the change\\.\n\nUnder current hedge accounting guidance, ineffectiveness is inherent in hedging jet fuel with derivative positions based in other crude oil related commodities, especially given the past volatility in the prices of refined products\\. Due to the volatility in markets for crude oil and related products, the Company is unable to predict the amount of ineffectiveness each period, including the loss of hedge accounting, which could be determined on a derivative by derivative basis or in the aggregate for a specific commodity\\. This may result, and has historically resulted, in increased volatility in the Company\u2019s financial statements\\. The amount of hedge ineffectiveness and unrealized gains and losses due to the change in fair value of derivative contracts settling in future periods, recorded during historical periods, has been due to a number of factors\\. These factors include: the significant fluctuation in energy prices, the number of derivative positions the Company holds, significant weather events that have affected refinery capacity and the production of refined products, and the volatility of the different types of products the Company uses for mitigation of fuel price volatility\\. The discontinuation of hedge accounting for specific hedges and for specific refined products, such as unleaded gasoline, can also be a result of these factors\\. Depending on the level at which the Company is hedged at any point in time, as the fair value of the Company\u2019s hedge positions fluctuate in amount from period to period, there could be continued variability recorded in the Consolidated Statement of Income, and furthermore, the amount of hedge ineffectiveness and unrealized gains or losses recorded in earnings may be material\\. This is primarily because small differences in the correlation of crude oil related products could be leveraged over large volumes\\.\n\nThe Company continually looks for better and more accurate methodologies in forecasting expected future cash flows relating to its jet fuel hedging program\\. These estimates are an important component used in the measurement of effectiveness for the Company\u2019s fuel hedges\\. The current methodology used by the Company in forecasting forward jet fuel prices is primarily based on the idea that different types of commodities are statistically better predictors of \n\n62"}
{"_id": "United-2017_115.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|           |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ---------:|:--------------- |:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \\*\u202010\\.50 | UAL             | [Third Amendment to Incentive Plan 2000, dated as of September 14, 2006 (filed as Exhibit 10\\.1 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 2006, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968706000073/fexhibit101.htm)                                                                                             |\n| \\*\u202010\\.51 | UAL             | [Form of Outside Director Stock Option Agreement pursuant to Incentive Plan 2000 (filed as Exhibit 10\\.14(b) to Continental\u2019s Form  10\\-K for the year ended December 31, 2000, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968701500005/exhibit1014b.htm)                                                                                   |\n| \\*\u202010\\.52 | UAL             | [Form of Outside Director Stock Option Grant pursuant to Incentive Plan 2000 (filed as Exhibit 10\\.1 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 2008, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968708000020/f1st10qfileexh101.htm)                                                                                      |\n| \\*\u202010\\.53 | UAL             | [Form of  Non\\-Employee Director Option Grant Document pursuant to Continental Airlines, Inc\\. Incentive Plan 2010, as amended and restated through February 17, 2010 (filed as Exhibit 10\\.12(a) to Continental\u2019s Form  10\\-K for the year ended December 31, 2009, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968710000011/fexh1012a.htm) |\n| \\*\u202010\\.54 | UAL             | [United Air Lines, Inc\\. Management Cash Direct & Cash Match Program (amended and restated effective January 1, 2014) (filed as Exhibit 10\\.64 to UAL\u2019s Form  10\\-K for the year ended December 31, 2013, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312514060695/d624298dex1064.htm)                                                       |\n| \\*\u202010\\.55 | UAL             | [United Continental Holdings, Inc\\. Executive Severance Plan (effective October 1, 2014) (filed as Exhibit 10\\.1 to UAL\u2019s Form  8\\-K filed June 20, 2014, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312514243977/d743918dex101.htm)                                                                                                         |\n| \\*\u202010\\.56 | UAL  <br>United | [Separation Agreement, dated as of February 9, 2017, by and among United Continental Holdings, Inc\\., United Airlines, Inc\\. and Julia Haywood (filed as Exhibit 10\\.2 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517127429/d334701dex102.htm)                                 |\n| \\*\u202010\\.57 | UAL             | [First Amendment to the United Continental Holdings, Inc\\. 2006 Director Equity Incentive Plan (as amended and restated on February 20, 2014) (filed as Exhibit 10\\.3 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517127429/d334701dex103.htm)                                  |\n| \\*\u202010\\.58 | UAL             | [United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan (filed as Exhibit 10\\.1 to UAL\u2019s  Form 8\\-K  filed on May 30, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517187534/d378920dex101.htm)                                                                                                                          |\n| \\*\u202010\\.59 | UAL             | [Form of Restricted Stock Unit Award Notice pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan (filed as Exhibit 10\\.6 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex106.htm)                                                 |\n| \\*\u202010\\.60 | UAL             | [Form of Stock Option Award Notice pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan (filed as Exhibit 10\\.7 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex107.htm)                                                          |\n| \\*\u202010\\.61 | UAL             | [United Continental Holdings, Inc\\. Performance\\-Based RSU Program (adopted pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan) (filed as Exhibit 10\\.8 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex108.htm)                |\n\n\n\n116"}
{"_id": "Delta-2019_78.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nWhen available, we use the rate implicit in the lease to discount lease payments to present value; however, we have an insignificant number of leases representing an immaterial portion of our lease liability that provide readily determinable implicit rates\\. When the rate implicit in the lease is not available, we use our incremental borrowing rate, which is based on the estimated interest rate for collateralized borrowing over a similar term of the lease at commencement date\\. \n\nSome of our aircraft lease agreements include provisions for residual value guarantees\\. These provisions primarily relate to our regional aircraft and the amounts are not significant\\. We do not have other forms of variable interests with the lessors of our leased assets, other than at New York\\-JFK, in which we are not the primary beneficiary as discussed in Note 9, \"Airport Redevelopment,\" and one lessor, in which we have a variable interest in certain immaterial aircraft leases, that we have consolidated\\. \n\nAircraft\n\nAs of December 31, 2019, including aircraft operated by our regional carriers, we leased 343 aircraft, of which 130 were under finance leases and 213 were operating leases\\. Our aircraft leases had remaining lease terms of one month to 12 years\\. Aircraft finance leases continue to be reported on our balance sheet, while operating leases were added to the balance sheet in 2018 with the adoption of the new standard\\. \n\nIn addition, we have regional aircraft leases that are embedded within our capacity purchase agreements and included in the right\\-of\\-use (\"ROU\") asset and lease liability\\. We allocated the consideration in each capacity purchase agreement to the lease and nonlease components based on their relative standalone value\\. Lease components of these agreements consist of 162 aircraft as of December 31, 2019 and nonlease components primarily consist of flight operations, in\\-flight and maintenance services\\. We determined our best estimate of the standalone value of the individual components by considering observable information including rates paid by our wholly owned subsidiary, Endeavor Air, Inc\\., and rates published by independent valuation firms\\. See Note 11, \"Commitments and Contingencies,\" for additional information about our capacity purchase agreements\\.\n\nWith the adoption of the new lease standard in 2018, we determined that the CRJ\\-200 fleet operated by our wholly\\-owned subsidiary, Endeavor, was impaired due to insufficient future cash flows projected for the fleet\\. Therefore, we recorded a transition adjustment that reduced equity by $284 million (net of tax) as of January 1, 2018, which reflects the difference in fair value compared to the basis of the ROU asset\\.\n\nAirport Facilities\n\nOur facility leases are primarily for space at approximately 300 airports around the world that we serve\\. These leases are classified as operating leases and reflect our use of airport terminals, office space, cargo warehouses and maintenance facilities\\. We generally lease space from government agencies that control the use of the airport\\. The remaining lease terms vary from one month to 31 years\\. At the majority of the U\\.S\\. airports, the lease rates depend on airport operating costs or use of the facilities and are reset at least annually\\. Because of the variable nature of the rates, these leases are not recorded on our balance sheet as a ROU asset and lease liability\\. \n\nSome airport facilities have fixed payment schedules, the most significant of which are New York\\-LaGuardia and New York\\-JFK\\. For those airport leases, we have recorded a ROU asset and lease liability representing the fixed component of the lease payment\\. See Note 9, \"Airport Redevelopment,\" for more information on our significant airport redevelopment projects\\.\n\nOther Ground Property and Equipment\n\nWe lease certain IT assets (including servers, mainframes, etc\\.), ground support equipment (including tugs, tractors, fuel trucks and de\\-icers), and various other equipment\\. The remaining lease terms range from one month to seven years\\. Certain leased IT assets are embedded within various service agreements\\. The lease components included in those agreements are included in the ROU asset and lease liability, and the amounts are not significant\\. \n\n76"}
{"_id": "AmericanAirlines-2017_149.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nAssets measured at fair value on a recurring basis are summarized below (in millions):\n\n\n\n|                                                    |                                                     |                                                     |                                                     |                                                     |\n| -------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |\n|                                                    | **Fair Value Measurements as of December 31, 2017** | **Fair Value Measurements as of December 31, 2017** | **Fair Value Measurements as of December 31, 2017** | **Fair Value Measurements as of December 31, 2017** |\n|                                                    | **Total**                                           | **Level 1**                                         | **Level 2**                                         | **Level 3**                                         |\n| Short\\-term investments  ^(1) (2)^ :               |                                                     |                                                     |                                                     |                                                     |\n| Money market funds                                 | $186                                                | $186                                                | $\u2014                                                  | $\u2014                                                  |\n| Corporate obligations                              | 1,620                                               | \u2014                                                   | 1,620                                               | \u2014                                                   |\n| Bank notes/certificates of deposit/time deposits   | 2,662                                               | \u2014                                                   | 2,662                                               | \u2014                                                   |\n| Repurchase agreements                              | 300                                                 | \u2014                                                   | 300                                                 | \u2014                                                   |\n|                                                    | 4,768                                               | 186                                                 | 4,582                                               | \u2014                                                   |\n| Restricted cash and short\\-term investments  ^(1)^ | 318                                                 | 108                                                 | 210                                                 | \u2014                                                   |\n| Total                                              | $5,086                                              | $294                                                | $4,792                                              | $\u2014                                                  |\n\n\n\n\n\n|       |                                                                                                                                                                                                |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Unrealized gains or losses on short\\-term investments and restricted cash and short\\-term investments are recorded in accumulated other comprehensive income (loss) at each measurement date\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                         |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | All short\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. American\u2019s short\\-term investments mature in one year or less except for  $700 million  of bank notes/certificates of deposit/time deposits and  $341 million  of corporate obligations\\. |\n\n\n\n\n\n|                                                    |                                                     |                                                     |                                                     |                                                     |\n| -------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |\n|                                                    | **Fair Value Measurements as of December 31, 2016** | **Fair Value Measurements as of December 31, 2016** | **Fair Value Measurements as of December 31, 2016** | **Fair Value Measurements as of December 31, 2016** |\n|                                                    | **Total**                                           | **Level 1**                                         | **Level 2**                                         | **Level 3**                                         |\n| Short\\-term investments  ^(1)^  ^(2)^ :            |                                                     |                                                     |                                                     |                                                     |\n| Money market funds                                 | $587                                                | $587                                                | $\u2014                                                  | $\u2014                                                  |\n| Corporate obligations                              | 2,550                                               | \u2014                                                   | 2,550                                               | \u2014                                                   |\n| Bank notes/certificates of deposit/time deposits   | 2,897                                               | \u2014                                                   | 2,897                                               | \u2014                                                   |\n|                                                    | 6,034                                               | 587                                                 | 5,447                                               | \u2014                                                   |\n| Restricted cash and short\\-term investments  ^(1)^ | 638                                                 | 638                                                 | \u2014                                                   | \u2014                                                   |\n| Total                                              | $6,672                                              | $1,225                                              | $5,447                                              | $\u2014                                                  |\n\n\n\n\n\n|       |                                                                                                                                                                                                |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Unrealized gains or losses on short\\-term investments and restricted cash and short\\-term investments are recorded in accumulated other comprehensive income (loss) at each measurement date\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                         |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | All short\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. American\u2019s short\\-term investments mature in one year or less except for  $385 million  of bank notes/certificates of deposit/time deposits and  $230 million  of corporate obligations\\. |\n\n\n\n***Fair Value of Debt***\n\nThe fair value of American\u2019s long\\-term debt was estimated using quoted market prices or discounted cash flow analyses, based on American\u2019s current estimated incremental borrowing rates for similar types of borrowing arrangements\\. If American\u2019s long\\-term debt was measured at fair value, it would have been classified as Level 2 in the fair value hierarchy\\.\n\nThe carrying value and estimated fair value of American\u2019s long\\-term debt, including current maturities, were as follows (in millions):\n\n\n\n|                                               |                               |                           |                               |                           |\n| --------------------------------------------- | ----------------------------- | ------------------------- | ----------------------------- | ------------------------- |\n|                                               | **December 31, 2017**         | **December 31, 2017**     | **December 31, 2016**         | **December 31, 2016**     |\n|                                               | **Carrying**<br><br>**Value** | **Fair**<br><br>**Value** | **Carrying**<br><br>**Value** | **Fair**<br><br>**Value** |\n| Long\\-term debt, including current maturities | $23,294                       | $24,029                   | $22,577                       | $23,181                   |\n\n\n\n150"}
{"_id": "Alaska-2019_74.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nPlan assets are invested in common commingled trust funds invested in equity and fixed income securities and in certain real estate assets\\. The target and actual asset allocation of the funds in the qualified defined\\-benefit plans, by asset category, are as follows: \n\n\n\n|                               |                               |                               |                    |                    |                    |                    |                    |                    |                    |                    |                    |                    |                    |                    |  |  |  |             |             |  |  |  |       |       |  |  |  |                 |                 |                 |                 |                 |                 |                 |                 |                 |                 |                 |                 |                 |                 |  |  |  |  |  |  |  |  |  |  |  |  |\n|:----------------------------- |:----------------------------- |:----------------------------- | ------------------:| ------------------:|:------------------ |:------------------ |:------------------ | ------------------:| ------------------:|:------------------ |:------------------ |:------------------ | ------------------:| ------------------:|:- |:- |:- | -----------:| -----------:|:- |:- |:- | -----:| -----:|:- |:- |:- | ---------------:| ---------------:|:---------------:|:---------------:|:---------------:|:---------------:|:---------------:|:---------------:|:---------------:|:---------------:|:---------------:|:---------------:|:---------------:|:---------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                               |                               |                               | Salaried Plan^(a)^ | Salaried Plan^(a)^ | Salaried Plan^(a)^ | Salaried Plan^(a)^ | Salaried Plan^(a)^ | Salaried Plan^(a)^ | Salaried Plan^(a)^ | Salaried Plan^(a)^ | Salaried Plan^(a)^ | Salaried Plan^(a)^ | Salaried Plan^(a)^ | Salaried Plan^(a)^ |  |  |  |             |             |  |  |  |       |       |  |  |  | All other plans | All other plans | All other plans | All other plans | All other plans | All other plans | All other plans | All other plans | All other plans | All other plans | All other plans | All other plans | All other plans | All other plans |  |  |  |  |  |  |  |  |  |  |  |  |\n|                               |                               |                               |             Target |             Target |                    |                    |                    |               2019 |               2019 |                    |                    |                    |               2018 |               2018 |  |  |  |      Target |      Target |  |  |  |  2019 |  2019 |  |  |  |            2018 |            2018 |\n| Asset category:               | Asset category:               | Asset category:               |                    |                    |                    |                    |                    |                    |                    |                    |                    |                    |                    |                    |  |  |  |             |             |  |  |  |       |       |  |  |  |                 |                 |\n| Domestic equity securities    | Domestic equity securities    | Domestic equity securities    |         2% \\- 12%  |         2% \\- 12%  |                    |                    |                    |                7 % |                7 % |                    |                    |                    |                6 % |                6 % |  |  |  | 36% \\- 46%  | 36% \\- 46%  |  |  |  |  41 % |  41 % |  |  |  |            28 % |            28 % |\n| Non\\-U\\.S\\. equity securities | Non\\-U\\.S\\. equity securities | Non\\-U\\.S\\. equity securities |          0% \\- 5%  |          0% \\- 5%  |                    |                    |                    |                3 % |                3 % |                    |                    |                    |                3 % |                3 % |  |  |  | 13% \\- 23%  | 13% \\- 23%  |  |  |  |  18 % |  18 % |  |  |  |            12 % |            12 % |\n| Fixed income securities       | Fixed income securities       | Fixed income securities       |        85% \\- 95%  |        85% \\- 95%  |                    |                    |                    |               90 % |               90 % |                    |                    |                    |               91 % |               91 % |  |  |  | 26% \\- 46%  | 26% \\- 46%  |  |  |  |  35 % |  35 % |  |  |  |            53 % |            53 % |\n| Real estate                   | Real estate                   | Real estate                   |                \u2014 % |                \u2014 % |                    |                    |                    |                \u2014 % |                \u2014 % |                    |                    |                    |                \u2014 % |                \u2014 % |  |  |  |  0% \\- 10%  |  0% \\- 10%  |  |  |  |   6 % |   6 % |  |  |  |             7 % |             7 % |\n| Plan assets                   | Plan assets                   | Plan assets                   |                    |                    |                    |                    |                    |              100 % |              100 % |                    |                    |                    |              100 % |              100 % |  |  |  |             |             |  |  |  | 100 % | 100 % |  |  |  |           100 % |           100 % |\n\n\n\n(a) As our Salaried Plan is frozen and fully funded, our investment strategies differ significantly from that of our other outstanding plans\\. Investments are in lower\\-risk securities, with earnings designed to maintain a fully\\-funded status\\. \n\nThe Company\u2019s investment policy focuses on achieving maximum returns at a reasonable risk for pension assets over a full market cycle\\. The Company determines the strategic allocation between equities, fixed income and real estate based on current funded status and other characteristics of the plans\\. As the funded status improves, the Company increases the fixed income allocation of the portfolio and decreases the equity allocation\\. Actual asset allocations are reviewed regularly and periodically rebalanced as appropriate\\.\n\nPlan assets invested in common commingled trust funds are fair valued using the net asset values of these funds to determine fair value as allowed using the practical expedient method outlined in the accounting standards\\. Fair value estimates for real estate are calculated using the present value of expected future cash flows based on independent appraisals, local market conditions and current and projected operating performance\\. \n\nPlan assets by fund category (in millions):\n\n\n\n|                                         |                                         |                                         |         |  |  |  |         |  |  |  |                      |                      |\n|:--------------------------------------- |:--------------------------------------- |:--------------------------------------- | -------:|:- |:- |:- | -------:|:- |:- |:- |:--------------------:|:--------------------:|\n|                                         |                                         |                                         |    2019 |  |  |  |    2018 |  |  |  | Fair Value Hierarchy | Fair Value Hierarchy |\n| Fund type:                              | Fund type:                              | Fund type:                              |         |  |  |  |         |  |  |  |                      |                      |\n| U\\.S\\. equity market fund               | U\\.S\\. equity market fund               | U\\.S\\. equity market fund               |   $ 773 |  |  |  |   $ 431 |  |  |  |          1           |          1           |\n| Non\\-U\\.S\\. equity fund                 | Non\\-U\\.S\\. equity fund                 | Non\\-U\\.S\\. equity fund                 |     344 |  |  |  |     183 |  |  |  |          1           |          1           |\n| Credit bond index fund                  | Credit bond index fund                  | Credit bond index fund                  |   1,009 |  |  |  |   1,135 |  |  |  |          1           |          1           |\n| Plan assets in common commingled trusts | Plan assets in common commingled trusts | Plan assets in common commingled trusts | $ 2,126 |  |  |  | $ 1,749 |  |  |  |                      |                      |\n| Real estate                             | Real estate                             | Real estate                             |     102 |  |  |  |     104 |  |  |  |         (a)          |         (a)          |\n| Cash equivalents                        | Cash equivalents                        | Cash equivalents                        |      11 |  |  |  |       5 |  |  |  |          1           |          1           |\n| Total plan assets                       | Total plan assets                       | Total plan assets                       | $ 2,239 |  |  |  | $ 1,858 |  |  |  |                      |                      |\n\n\n\n(a) In accordance with Subtopic 820\\-10, certain investments that are measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy\\.\n\n74"}
{"_id": "AmericanAirlines-2018_8.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\noff\u201d period commences\\. During or after that period, a Presidential Emergency Board (PEB) may be established, which examines the parties\u2019 positions and recommends a solution\\. The PEB process lasts for 30 days and is followed by another 30\\-day \u201ccooling off\u201d period\\. At the end of this \u201ccooling off\u201d period, unless an agreement is reached or action is taken by Congress, the labor organization may exercise \u201cself\\-help,\u201d such as a strike, and the airline may resort to its own \u201cself\\-help,\u201d including the imposition of any or all of its proposed amendments to the CBA and the hiring of new employees to replace any striking workers\\.\n\nNone of the unions representing our employees presently may lawfully engage in concerted slowdowns or refusals to work, such as strikes, sick\\-outs or other similar activity, against us\\. Nonetheless, there is a risk that disgruntled employees, either with or without union involvement, could engage in one or more concerted refusals to work that could individually or collectively harm the operation of our airline and impair our financial performance\\.\n\nThe following table shows our domestic airline employee groups that are represented by unions:\n\n\n\n|                                                                                                                                         |                                  |                          |                                          |\n| --------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------- | ------------------------ | ---------------------------------------- |\n| **Union**                                                                                                                               | **Class or Craft**               | **Employees**  **^(1)^** | **Contract  <br>Amendable Date**         |\n| **Mainline:**                                                                                                                           |                                  |                          |                                          |\n| Allied Pilots Association (APA)                                                                                                         | Pilots                           | 13,600                   | 2020                                     |\n| Association of Professional Flight Attendants (APFA)                                                                                    | Flight Attendants                | 24,800                   | 2019                                     |\n| Airline Customer Service Employee Association \u2013 Communications Workers of America and International Brotherhood of Teamsters (CWA\\-IBT) | Passenger Service                | 15,050                   | 2020                                     |\n| Transport Workers Union and International Association of Machinists & Aerospace Workers (TWU\\-IAM Association)                          | Mechanics and Related            | 12,450                   | 2018                                     |\n| TWU\\-IAM Association                                                                                                                    | Fleet Service                    | 16,800                   | 2018                                     |\n| TWU\\-IAM Association                                                                                                                    | Stock Clerks                     | 1,900                    | 2018                                     |\n| TWU\\-IAM Association                                                                                                                    | Flight Simulator Engineers       | 150                      | 2021                                     |\n| TWU\\-IAM Association                                                                                                                    | Maintenance Control Technicians  | 200                      | 2018                                     |\n| TWU\\-IAM Association                                                                                                                    | Maintenance Training Instructors | 50                       | 2018                                     |\n| Professional Airline Flight Control Association (PAFCA)                                                                                 | Dispatchers                      | 400                      | 2021                                     |\n| Transport Workers Union (TWU)                                                                                                           | Flight Crew Training Instructors | 300                      | 2021                                     |\n| **Envoy:**                                                                                                                              |                                  |                          |                                          |\n| Air Line Pilots Associations (ALPA)                                                                                                     | Pilots                           | 2,300                    | 2024                                     |\n| Association of Flight Attendants\\-CWA (AFA)                                                                                             | Flight Attendants                | 1,400                    | 2020                                     |\n| TWU                                                                                                                                     | Ground School Instructors        | 10                       | 2019                                     |\n| TWU                                                                                                                                     | Mechanics and Related            | 1,350                    | 2020                                     |\n| TWU                                                                                                                                     | Stock Clerks                     | 150                      | 2020                                     |\n| TWU                                                                                                                                     | Fleet Service Clerks             | 3,700                    | 2019                                     |\n| TWU                                                                                                                                     | Dispatchers                      | 70                       | 2019                                     |\n| Communications Workers of America (CWA)                                                                                                 | Passenger Service                | 4,800                    | Tentative Initial  <br>Agreement Reached |\n\n\n\n9"}
{"_id": "United-2018_79.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nAs of December 31, 2018, UAL and United were in compliance with their respective debt covenants\\. The collateral, covenants and cross default provisions of the Company's principal debt instruments that contain such provisions are summarized in the table below: \n\n\n\n|                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| -------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Debt Instrument**                                                                          | **Collateral, Covenants and Cross Default Provisions**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| Various equipment notes and other notes payable                                              | Secured by certain aircraft\\. The indentures contain events of default that are customary for aircraft financing, including in certain cases cross default to other related aircraft\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| Credit Agreement<br><br>  <br>                                                               | Secured by certain of United's international route authorities, specified take\\-off and landing slots at certain airports and certain other assets\\.  <br>  <br>The Credit Agreement requires the Company to maintain at least $2\\.0 billion of unrestricted liquidity at all times, which includes unrestricted cash, short\\-term investments and any undrawn amounts under any revolving credit facility, and to maintain a minimum ratio of appraised value of collateral to the outstanding obligations under the Credit Agreement of 1\\.6 to 1\\.0 at all times\\. The Credit Agreement contains covenants that, among other things, restrict the ability of UAL and its restricted subsidiaries (as defined in the Credit Agreement) to incur additional indebtedness and to pay dividends on or repurchase stock, although, as of December 31, 2018, the Company had ample ability under these restrictions to repurchase stock under the Company's share repurchase program\\.  <br>  <br>The Credit Agreement contains events of default customary for this type of financing, including a cross default and cross acceleration provision to certain other material indebtedness of the Company\\. |\n| 6% Senior Notes due 2020<br><br>4\\.25% Senior Notes due 2022<br><br>5% Senior Notes due 2024 | The indentures for these notes contain covenants that, among other things, restrict the ability of the Company and its restricted subsidiaries (as defined in the indentures) to incur additional indebtedness and pay dividends on or repurchase stock, although the Company currently has ample ability under these restrictions to repurchase stock under the Company's share repurchase program\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n\n\n\n**NOTE 11 \\- LEASES AND CAPACITY PURCHASE AGREEMENTS**\n\nUnited leases aircraft, airport passenger terminal space, aircraft hangars and related maintenance facilities, cargo terminals, other airport facilities, other commercial real estate, office and computer equipment and vehicles\\.\n\nIn 2018, United entered into a new Airline Use and Lease Agreement at Chicago O'Hare International Airport (\"Chicago O'Hare\") with the City of Chicago with a lease term of approximately 15 years, effective May 12, 2018 through December 31, 2033\\. United also entered into several new ground and facility leases at Chicago O'Hare, effective May 12, 2018, for hangars, a ground equipment maintenance building, and employee parking with lease terms ranging from 15 years to 30 years\\.\n\nAt December 31, 2018, United's scheduled future minimum lease payments under operating leases having initial or remaining noncancelable lease terms of more than one year, aircraft leases, including aircraft rent under CPAs and capital leases \n\n80"}
{"_id": "AmericanAirlines-2017_18.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***We have significant pension and other postretirement benefit funding obligations, which may adversely affect our liquidity, results of operations and financial condition\\.***\n\nOur pension funding obligations are significant\\. The amount of these obligations will depend on the performance of investments held in trust by the pension plans, interest rates for determining liabilities and actuarial experience\\. The minimum funding obligation applicable to our pension plans was subject to favorable temporary funding rules that expired at the end of 2017\\. Our minimum pension funding obligations are likely to increase materially beginning in 2019, when we will be required to make cash contributions corresponding to determinations made regarding the 2018 fiscal year\\. In addition, we may have significant obligations for other postretirement benefits, the ultimate amount of which depends on, among other things, the outcome of an adversary proceeding related to retiree medical and other postretirement benefits and life insurance obligations filed in the Chapter 11 Cases\\.\n\n***If our financial condition worsens, provisions in our credit card processing and other commercial agreements may adversely affect our liquidity\\.***\n\nWe have agreements with companies that process customer credit card transactions for the sale of air travel and other services\\. These agreements allow these processing companies, under certain conditions (including, with respect to certain agreements, the failure of American to maintain certain levels of liquidity), to hold an amount of our cash (a holdback) equal to some or all of the advance ticket sales that have been processed by that credit card processor, but for which we have not yet provided the air transportation\\. We are not currently required to maintain any holdbacks pursuant to these requirements\\. These holdback requirements can be modified at the discretion of the credit card processing companies upon the occurrence of specific events, including material adverse changes in our financial condition\\. An increase in the current holdbacks, up to and including 100% of relevant advanced ticket sales, could materially reduce our liquidity\\. Likewise, other of our commercial agreements contain provisions that allow other entities to impose less\\-favorable terms, including the acceleration of amounts due, in the event of material adverse changes in our financial condition\\.\n\n***Union disputes, employee strikes and other labor\\-related disruptions may adversely affect our operations\\.***\n\nRelations between air carriers and labor unions in the U\\.S\\. are governed by the RLA\\. Under the RLA, CBAs generally contain \u201camendable dates\u201d rather than expiration dates, and the RLA requires that a carrier maintain the existing terms and conditions of employment following the amendable date through a multi\\-stage and usually lengthy series of bargaining processes overseen by the NMB\\. For the dates that the CBAs with our major work groups become amendable under the RLA, see Part I, Item 1\\. Business \u2013 \u201c*Employees and Labor Relations*\\.\u201d\n\nIn the case of a CBA that is amendable under the RLA, if no agreement is reached during direct negotiations between the parties, either party may request that the NMB appoint a federal mediator\\. The RLA prescribes no timetable for the direct negotiation and mediation processes, and it is not unusual for those processes to last for many months or even several years\\. If no agreement is reached in mediation, the NMB in its discretion may declare that an impasse exists and proffer binding arbitration to the parties\\. Either party may decline to submit to arbitration, and if arbitration is rejected by either party, a 30\\-day \u201ccooling off\u201d period commences\\. During or after that period, a PEB may be established, which examines the parties\u2019 positions and recommends a solution\\. The PEB process lasts for 30 days and is followed by another 30\\-day \u201ccooling off\u201d period\\. At the end of a \u201ccooling off\u201d period, unless an agreement is reached or action is taken by Congress, the labor organization may exercise \u201cself\\-help,\u201d such as a strike, which could materially adversely affect our business, results of operations and financial condition\\.\n\nNone of the unions representing our employees presently may lawfully engage in concerted refusals to work, such as strikes, slow\\-downs, sick\\-outs or other similar activity, against us\\. Nonetheless, there is a risk that disgruntled employees, either with or without union involvement, could engage in one or more concerted refusals to work that could individually or collectively harm the operation of our airline and impair our financial performance\\. See also Part I, Item 1\\. Business \u2013 \u201c*Employees and Labor Relations*\\.\u201d\n\n19"}
{"_id": "Delta-2018_69.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nWe defer the amount for award travel obligation as part of loyalty program deferred revenue and recognize loyalty travel awards in passenger revenue as the mileage credits are used for travel\\. Revenue allocated to services performed in conjunction with a passenger\u2019s flight, such as baggage fee waivers, is recognized as travel\\-related services in passenger revenue when the related service is performed\\. Revenue allocated to access Delta Sky Club lounges is recognized as miscellaneous in other revenue as access is provided\\. Revenue allocated to the remaining performance obligations, primarily brand value, is recorded as loyalty program in other revenue over time as miles are delivered\\. \n\nCurrent Activity of the Loyalty Program\\.  Mileage credits are combined in one homogeneous pool and are not separately identifiable\\. As such, the revenue is comprised of miles that were part of the loyalty program deferred revenue balance at the beginning of the period as well as miles that were issued during the period\\. \n\nThe table below presents the activity of the current and noncurrent loyalty program liability, and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements\\.\n\n\n\n|                                      |                 |                 |\n| ------------------------------------ | --------------- | --------------- |\n| **(in millions)**                    | **2018**        | **2017**        |\n| Balance at January 1                 | $6,321          | $5,922          |\n| Mileage credits earned               | 3,142           | 2,948           |\n| Travel mileage credits redeemed      | (2,651<br><br>) | (2,403<br><br>) |\n| Non\\-travel mileage credits redeemed | (171<br><br>)   | (146<br><br>)   |\n| Balance at December 31               | $6,641          | $6,321          |\n\n\n\nThe timing of mileage redemptions can vary widely; however, the majority of new miles are redeemed within two years\\.\n\nRevenue by Geographic Region\n\nOperating revenue for the airline segment is recognized in a specific geographic region based on the origin, flight path and destination of each flight segment\\. The majority of the revenues of the refinery, consisting of fuel sales to the airline, have been eliminated in the Consolidated Financial Statements\\. The remaining operating revenue for the refinery segment is included in the domestic region\\. Our passenger and operating revenue by geographic region (as defined by the U\\.S\\. Department of Transportation) is summarized in the following table:\n\n\n\n|                   |                             |                             |                             |                             |                             |                             |\n| ----------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                   | **Passenger Revenue**       | **Passenger Revenue**       | **Passenger Revenue**       | **Operating Revenue**       | **Operating Revenue**       | **Operating Revenue**       |\n|                   | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions)** | **2018**                    | **2017**                    | **2016**                    | **2018**                    | **2017**                    | **2016**                    |\n| Domestic          | $28,159                     | $26,079                     | $25,002                     | $31,233                     | $28,850                     | $27,309                     |\n| Atlantic          | 6,165                       | 5,537                       | 5,419                       | 7,042                       | 6,297                       | 6,115                       |\n| Latin America     | 2,888                       | 2,862                       | 2,686                       | 3,181                       | 3,133                       | 2,939                       |\n| Pacific           | 2,543                       | 2,469                       | 2,707                       | 2,982                       | 2,858                       | 3,087                       |\n| Total             | $39,755                     | $36,947                     | $35,814                     | $44,438                     | $41,138                     | $39,450                     |\n\n\n\nCargo Revenue\n\nCargo revenue is recognized when we provide the transportation\\. \n\nOther Revenue\n\n\n\n|                                   |                             |                             |                             |\n| --------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                   | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions)**                 | **2018**                    | **2017**                    | **2016**                    |\n| Ancillary businesses and refinery | $1,801                      | $1,591                      | $1,293                      |\n| Loyalty program                   | 1,459                       | 1,269                       | 1,110                       |\n| Miscellaneous                     | 558                         | 587                         | 549                         |\n| Total other revenue               | $3,818                      | $3,447                      | $2,952                      |\n\n\n\n 67"}
{"_id": "United-2018_73.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n*Equity and Fixed\\-Income\\.* Equities include investments in both developed market and emerging market equity securities\\. Fixed\\-income includes primarily U\\.S\\. and non\\-U\\.S\\. government fixed\\-income securities and U\\.S\\. and non\\-U\\.S\\. corporate fixed\\-income securities\\.\n\n*Deposit Administration Fund\\.* This investment is a stable value investment product structured to provide investment income\\.\n\n*Alternatives\\.* Alternative investments consist primarily of investments in hedge funds, real estate and private equity interests\\.\n\n*Other investments\\.* Other investments consist of cash, insurance contracts and other funds\\. \n\nThe reconciliation of United's defined benefit plan assets measured at fair value using unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017 is as follows (in millions):\n\n\n\n|                                                   |          |          |\n| ------------------------------------------------- | -------- | -------- |\n|                                                   | **2018** | **2017** |\n| Balance at beginning of year                      | $383     | $287     |\n| Actual return (loss) on plan assets:              |          |          |\n| Sold during the year                              | 10       | 7        |\n| Held at year end                                  | (21)     | 16       |\n| Purchases, sales, issuances and settlements (net) | (22)     | 73       |\n| Balance at end of year                            | $350     | $383     |\n\n\n\nFunding requirements for tax\\-qualified defined benefit pension plans are determined by government regulations\\. United's contributions reflected above have satisfied its required contributions through the 2018 calendar year\\. In 2019, employer anticipated contributions to all of United's pension and postretirement plans are at least $318 million and approximately $95 million, respectively\\.\n\nThe estimated future benefit payments, net of expected participant contributions, in United's pension plans and other postretirement benefit plans as of December 31, 2018 are as follows (in millions):\n\n\n\n|                   |             |                               |                                                 |\n| ----------------- | ----------- | ----------------------------- | ----------------------------------------------- |\n|                   | **Pension** | **Other  <br>Postretirement** | **Other Postretirement\u2014  <br>subsidy receipts** |\n| 2019              | $329        | $100                          | $5                                              |\n| 2020              | 327         | 104                           | 6                                               |\n| 2021              | 353         | 108                           | 6                                               |\n| 2022              | 367         | 111                           | 6                                               |\n| 2023              | 379         | 113                           | 7                                               |\n| Years 2024 \u2013 2028 | 2,022       | 575                           | 38                                              |\n\n\n\n**Defined Contribution Plans**\n\nDepending upon the employee group, employer contributions consist of matching contributions and/or non\\-elective employer contributions\\. United's employer contribution percentages vary from 1% to 16% of eligible earnings depending on the terms of each plan\\. United recorded expenses for its defined contribution plans of $693 million, $656 million and $592 million in the years ended December 31, 2018, 2017 and 2016, respectively\\.\n\n**Multi\\-Employer Plans**\n\nUnited's participation in the IAM National Pension Plan (\"IAM Plan\") for the annual period ended December 31, 2018 is outlined in the table below\\. There have been no significant changes that affect the comparability of 2018 and 2017 contributions\\. The risks of participating in these multi\\-employer plans are different from single\\-employer plans, as United may be subject to additional risks that others do not meet their obligations, which in certain circumstances could revert to United\\. The IAM Plan reported $435 million in employers' contributions for the year ended December 31, 2017\\. For 2017, the Company's contributions to the IAM Plan represented more than 5% of total contributions to the IAM Plan\\. The 2018 \n\n74"}
{"_id": "Southwest-2018_124.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      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|\n| [Supplemental Agreement No\\. 65 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238010000079/ex10_1.htm) ; [Supplemental Agreement No\\. 66 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238010000099/ex10_1.htm) ; [Supplemental Agreement No\\. 67 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312511026045/dex101a.htm) ; [Supplemental Agreement No\\. 68 (incorporated by reference to Exhibit 10\\.1(b) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312511026045/dex101b.htm) ; [Supplemental Agreement No\\. 69 (incorporated by reference to Exhibit 10\\.1(c) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312511026045/dex101c.htm) ; [Supplemental Agreement No\\. 70 (incorporated by reference to Exhibit 10\\.1(d) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312511026045/dex101d.htm) ;[ Supplemental Agreement No\\. 71 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238011000020/ex10_1.htm) ; [Supplemental Agreement No\\. 72 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238011000020/ex10_2.htm) ; [Supplemental Agreement No\\. 73 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238011000070/ex10_1.htm) ; [Supplemental Agreement No\\. 74 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238011000088/ex10_1.htm) ; [Supplemental Agreement No\\. 75 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312512049647/d293991dex101a.htm) ; [Supplemental Agreement No\\. 76 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2012 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238012000089/ex10_1.htm) ; [Supplemental Agreement No\\. 77 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2012 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238012000089/ex10_2.htm) ; [Supplemental Agreement No\\. 78 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2012 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238012000103/ex10_1.htm) ; [Supplemental Agreement No\\. 79 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2012 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238012000103/ex10_2.htm) ;[ Supplemental Agreement No\\. 80 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238013000020/sa80topa18101redacted.htm) ; [Supplemental Agreement No\\. 81 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238013000020/sa81topa1810redacted.htm) ; [Supplemental Agreement No\\. 82 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000097/sa-82topax1810_redacted.htm) [Supplemental Agreement No\\. 83 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000097/sa-83topax1810_redacted.htm) [Supplemental Agreement No\\. 84 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000111/sa-84topax1810redacted.htm) [Supplemental Agreement No\\. 85 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000010/luv-12312013xex101a.htm) [Supplemental Agreement No\\. 86 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000024/sa-86topax18101redacted.htm) [Supplemental Agreement No\\. 87 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000117/sa-87topax1810redacted.htm) [Supplemental Agreement No\\. 88 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000151/sa-88pax18101redacted.htm) [Supplemental Agreement No\\. 89 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238015000027/luv-12312014xex101a.htm) [Supplemental Agreement No\\. 90 (incorporated by reference to Exhibit 10\\.1(b) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238015000027/luv-12312014xex101b.htm) [Supplemental Agreement No\\. 91 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238015000098/luv-6302015xex101.htm) [Supplemental Letter Agreement No\\. 1810\\-LA\\-1501773 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2015 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238015000129/luv-9302015xex101.htm) [Supplemental Agreement No\\. 92 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238016000175/luv-12312015xex101a.htm) [Supplemental Agreement No\\. 93 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238016000213/luv-3312016xex101.htm) [Supplemental Agreement No\\. 94 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016 (File No\\. 1\\-7259)); ](http://www.sec.gov/Archives/edgar/data/92380/000009238016000252/luv-6302016xex101.htm)[Supplemental Agreement No\\. 95 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238016000270/luv-9302016xex101.htm) [Supplemental Agreement No\\. 96 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238016000270/luv-9302016xex102.htm) [Supplemental Agreement No\\. 97 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (File No\\. 1\\-7259)); ](http://www.sec.gov/Archives/edgar/data/92380/000009238016000270/luv-9302016xex103.htm)<br><br>  <br> |\n\n\n\n125"}
{"_id": "United-2019_8.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nSeptember 2008 to September 2010, Mr\\. Hart served as Vice President Network Strategy of Continental\\. Mr\\. Hart joined Continental in 1997\\.\n\nLinda P\\. Jojo\\.  Age 54\\. Ms\\. Jojo has served as Executive Vice President Technology and Chief Digital Officer of UAL and United since May 2017\\. From November 2014 to May 2017, Ms\\. Jojo served as Executive Vice President and Chief Information Officer of UAL and United\\. From July 2011 to October 2014, Ms\\. Jojo served as Executive Vice President and Chief Information Officer of Rogers Communications, Inc\\., a Canadian communications and media company\\. From October 2008 to June 2011, Ms\\. Jojo served as Chief Information Officer of Energy Future Holdings, a Dallas\\-based privately held energy company and electrical utility provider\\. \n\nChris Kenny\\.  Age 55\\. Mr\\. Kenny has served as Vice President and Controller of UAL and United since October 2010\\. From September 2003 to September 2010, Mr\\. Kenny served as Vice President and Controller of Continental\\. Mr\\. Kenny joined Continental in 1997\\.\n\nJ\\. Scott Kirby\\.  Age 52\\. Mr\\. Kirby has served as President of UAL and United since August 2016\\. Prior to joining the Company, from December 2013 to August 2016, Mr\\. Kirby served as President of American Airlines Group and American Airlines, Inc\\. Mr\\. Kirby also previously served as President of US Airways from October 2006 to December 2013\\. Mr\\. Kirby held significant other leadership roles at US Airways and at America West prior to the 2005 merger of those carriers, including Executive Vice President\u2014Sales and Marketing (2001 to 2006); Senior Vice President, e\\-business (2000 to 2001); Vice President, Revenue Management (1998 to 2000); Vice President, Planning (1997 to 1998); and Senior Director, Scheduling and Planning (1995 to 1998)\\. Prior to joining America West, Mr\\. Kirby worked for American Airlines Decision Technologies and at the Pentagon\\.\n\nIn December 2019, the Company announced that Mr\\. Kirby will become Chief Executive Officer of UAL and United following UAL's 2020 Annual Meeting of Stockholders, scheduled for May 20, 2020 (the \"2020 Annual Meeting\")\\. \n\nGerald Laderman\\.  Age 62 \\.  Mr\\. Laderman has served as Executive Vice President and Chief Financial Officer since August 2018\\. Mr\\. Laderman served as Senior Vice President Finance, Procurement and Treasurer for UAL and United from 2013 to August 2015, and again from August 2016 to May 2018\\. Mr\\. Laderman additionally was acting Chief Financial Officer from August 2015 to August 2016 and from May 2018 to August 2018\\. Mr\\. Laderman served as Senior Vice President Finance and Treasurer for the Company from 2010 to 2013\\. From 2001 to 2010, Mr\\. Laderman served as Senior Vice President of Finance and Treasurer for Continental\\. Mr\\. Laderman joined Continental in 1988 as senior director legal affairs, finance and aircraft programs\\.\n\nOscar Munoz\\.  Age 61\\. Mr\\. Munoz has served as Chief Executive Officer of UAL and United since September 2015, and also as President of UAL and United from September 2015 until August 2016\\. From February 2015 to September 2015, Mr\\. Munoz served as President and Chief Operating Officer of CSX Corporation (\"CSX\"), a railroad and intermodal transportation services company, overseeing operations, sales and marketing, human resources, service design and information technology\\. Prior to his appointment as President and Chief Operating Officer of CSX, Mr\\. Munoz served as Executive Vice President and Chief Operating Officer of CSX from January 2012 to February 2015 and as Executive Vice President and Chief Financial Officer of CSX from 2003 to 2012\\. Mr\\. Munoz has been a member of the UAL Board of Directors since 2010\\.\n\nIn December 2019, the Company announced that Mr\\. Munoz will transition from the role of Chief Executive Officer of UAL and United following UAL's 2020 Annual Meeting and assume the role of Executive Chairman of the Board of Directors of UAL\\. \n\nAndrew Nocella\\.  Age 50\\. Mr\\. Nocella has served as Executive Vice President and Chief Commercial Officer of UAL and United since September 2017\\. From February 2017 to September 2017, he served as Executive Vice President and Chief Revenue Officer of UAL and United\\. Prior to joining the Company, from August 2016 to February 2017, Mr\\. Nocella served as Senior Vice President, Alliances and Sales of American Airlines, Inc\\. From December 2013 to August 2016, he served as Senior Vice President and Chief Marketing Officer of American Airlines, Inc\\. From August 2007 to December 2013, he served as Senior Vice President, Marketing and Planning of US Airways\\.\n\n9"}
{"_id": "AmericanAirlines-2017_83.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**AMERICAN AIRLINES GROUP INC\\.**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n**(In millions)**\n\n\n\n|                                                                                  |                  |                  |                  |\n| -------------------------------------------------------------------------------- | ---------------- | ---------------- | ---------------- |\n|                                                                                  | **December 31,** | **December 31,** | **December 31,** |\n|                                                                                  | **2017**         | **2016**         | **2015**         |\n| **Cash flows from operating activities:**                                        |                  |                  |                  |\n| Net income                                                                       | $1,919           | $2,676           | $7,610           |\n| Adjustments to reconcile net income to net cash provided by operating activities |                  |                  |                  |\n| Depreciation and amortization                                                    | 2,017            | 1,818            | 1,609            |\n| Deferred income tax provision (benefit)                                          | 1,141            | 1,611            | (3,014)          |\n| Debt discount and lease amortization                                             | (114)            | (119)            | (122)            |\n| Special items, non\\-cash                                                         | 272              | 270              | 273              |\n| Pension and postretirement                                                       | (132)            | (68)             | (193)            |\n| Share\\-based compensation                                                        | 90               | 100              | 284              |\n| Other, net                                                                       | (39)             | (18)             | (12)             |\n| **Changes in operating assets and liabilities:**                                 |                  |                  |                  |\n| Decrease (increase) in accounts receivable                                       | (190)            | (160)            | 352              |\n| Increase in other assets                                                         | (433)            | (184)            | (27)             |\n| Increase in accounts payable and accrued liabilities                             | 299              | 307              | 173              |\n| Increase (decrease) in air traffic liability                                     | 66               | 164              | (505)            |\n| Increase (decrease) in loyalty program liability                                 | 2                | 264              | (295)            |\n| Contributions to pension plans                                                   | (286)            | (32)             | (6)              |\n| Increase (decrease) in other liabilities                                         | 132              | (105)            | 122              |\n| Net cash provided by operating activities                                        | 4,744            | 6,524            | 6,249            |\n| **Cash flows from investing activities:**                                        |                  |                  |                  |\n| Capital expenditures and aircraft purchase deposits                              | (5,971)          | (5,731)          | (6,151)          |\n| Proceeds from sale of property and equipment and sale\\-leaseback transactions    | 947              | 125              | 35               |\n| Purchases of short\\-term investments                                             | (4,633)          | (6,241)          | (8,126)          |\n| Sales of short\\-term investments                                                 | 5,915            | 6,092            | 8,517            |\n| Decrease in restricted cash and short\\-term investments                          | 319              | 57               | 79               |\n| Purchase of equity investment                                                    | (203)            | \u2014                | \u2014                |\n| Proceeds from sale of an investment                                              | \u2014                | \u2014                | 52               |\n| Net cash used in investing activities                                            | (3,626)          | (5,698)          | (5,594)          |\n| **Cash flows from financing activities:**                                        |                  |                  |                  |\n| Proceeds from issuance of long\\-term debt                                        | 3,058            | 7,701            | 5,009            |\n| Payments on long\\-term debt and capital leases                                   | (2,332)          | (3,827)          | (2,153)          |\n| Deferred financing costs                                                         | (85)             | (77)             | (87)             |\n| Treasury stock repurchases                                                       | (1,615)          | (4,500)          | (3,846)          |\n| Dividend payments                                                                | (198)            | (224)            | (278)            |\n| Other financing activities                                                       | 27               | 33               | 96               |\n| Net cash used in financing activities                                            | (1,145)          | (894)            | (1,259)          |\n| Net decrease in cash                                                             | (27)             | (68)             | (604)            |\n| Cash at beginning of year                                                        | 322              | 390              | 994              |\n| Cash at end of year                                                              | $295             | $322             | $390             |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n84"}
{"_id": "Alaska-2018_87.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nThe fair value of each option grant was estimated on the date of grant using the Black\\-Scholes option\\-pricing model with the following weighted\\-average assumptions used for grants: \n\n\n\n|                                                    |             |          |          |\n| -------------------------------------------------- | ----------- | -------- | -------- |\n|                                                    | **2018**    | **2017** | **2016** |\n| Expected volatility                                | **30%**     | 51%      | 51%      |\n| Expected term                                      | **6 years** | 6 years  | 6 years  |\n| Risk\\-free interest rate                           | **2\\.61%**  | 2\\.04%   | 1\\.23%   |\n| Expected dividend yield                            | **1\\.94%**  | 1\\.10%   | 1\\.50%   |\n| Weighted\\-average grant date fair value per share  | **$17\\.18** | $41\\.19  | $27\\.14  |\n| Estimated fair value of options granted (millions) | **$1**      | $4       | $2       |\n\n\n\nThe expected market price volatility and expected term are based on historical results\\. The risk\\-free interest rate is based on the U\\.S\\. Treasury yield curve in effect at the time of the grant\\. The expected dividend yield is based on the estimated weighted average dividend yield over the expected term\\. The expected forfeiture rates are based on historical experience\\.\n\nThe tables below summarize stock option activity for the year ended December 31, 2018:\n\n\n\n|                                               |             |                                                            |                                                                       |                                                                    |\n| --------------------------------------------- | ----------- | ---------------------------------------------------------- | --------------------------------------------------------------------- | ------------------------------------------------------------------ |\n|                                               | **Shares**  | **Weighted\\-**<br><br>**Average Exercise Price Per Share** | **Weighted\\-**<br><br>**Average**<br><br>**Contractual Life (Years)** | **Aggregate Intrinsic**<br><br>**Value** <br><br>**(in millions)** |\n| Outstanding, December 31, 2017                | 441,467     | $52\\.34                                                    | 6\\.0                                                                  | $11                                                                |\n| Granted                                       | 204,700     | 66\\.67                                                     |                                                                       |                                                                    |\n| Exercised                                     | (40,848)    | 32\\.76                                                     |                                                                       |                                                                    |\n| Canceled                                      | (6,937)     | 67\\.12                                                     |                                                                       |                                                                    |\n| Forfeited or expired                          | (25,140)    | 72\\.67                                                     |                                                                       |                                                                    |\n| Outstanding, December 31, 2018                | 573,242     | $57\\.78                                                    | 6\\.6                                                                  | $6                                                                 |\n| Exercisable, December 31, 2018                | **265,113** | **$41\\.47**                                                | **4\\.5**                                                              | **$6**                                                             |\n| Vested or expected to vest, December 31, 2018 | **573,242** | **$57\\.78**                                                | **6\\.6**                                                              | **$6**                                                             |\n\n\n\n\n\n|                                               |          |          |          |\n| --------------------------------------------- | -------- | -------- | -------- |\n|  ***(in millions)***                          | **2018** | **2017** | **2016** |\n| Intrinsic value of option exercises           | **$1**   | $6       | $9       |\n| Cash received from stock option exercises     | **1**    | 3        | 3        |\n| Tax benefit related to stock option exercises | **\u2014**    | 2        | 3        |\n| Fair value of options vested                  | **2**    | 3        | 3        |\n\n\n\n***Stock Awards***\n\nRestricted Stock Units (RSUs) are awarded to eligible employees and entitle the grantee to receive shares of common stock at the end of the vest period\\. The fair value of the RSUs is based on the stock price on the date of grant\\. Generally, RSUs \u201ccliff vest\u201d after three years, or the period from the date of grant to the employee\u2019s retirement eligibility, and expense is recognized accordingly\\. Performance Share Units (PSUs) are awarded to certain executives to receive shares of common stock if specific performance goals and market conditions are achieved\\. There are several tranches of PSUs which vest when performance goals and market conditions are met\\. \n\n 88"}
{"_id": "Delta-2018_7.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nFuel\n\nOur results of operations are significantly impacted by changes in the price and availability of aircraft fuel\\. We purchase most of our aircraft fuel under contracts that establish the price based on various market indices and therefore do not provide material protection against price increases or assure the availability of our fuel supplies\\. We also purchase aircraft fuel on the spot market, from off\\-shore sources and under contracts that permit the refiners to set the price\\.\n\nThe following table shows our aircraft fuel consumption and costs\\.\n\n\n\n|          |                                                          |                                          |                                           |                                                        |\n| -------- | -------------------------------------------------------- | ---------------------------------------- | ----------------------------------------- | ------------------------------------------------------ |\n| **Year** | **Gallons Consumed** **^(1)^** <br><br>**(in millions)** | **Cost** **^(1)(2)^**  **(in millions)** | **Average Price Per Gallon** **^(1)(2)^** | **Percentage of Total Operating Expense** **^(1)(2)^** |\n| 2018     | 4,113                                                    | $9,020                                   | $2\\.20                                    | 23\\.0%                                                 |\n| 2017     | 4,032                                                    | $6,756                                   | $1\\.68                                    | 19\\.2%                                                 |\n| 2016     | 4,016                                                    | $5,985                                   | $1\\.49                                    | 18\\.3%                                                 |\n\n\n\n\n\n|       |                                                                                                 |\n| ----- | ----------------------------------------------------------------------------------------------- |\n| ^(1)^ | Includes the operations of our regional carriers operating under capacity purchase agreements\\. |\n\n\n\n\n\n|       |                                                                           |\n| ----- | ------------------------------------------------------------------------- |\n| ^(2)^ | Includes the impact of fuel hedge activity and refinery segment results\\. |\n\n\n\nMonroe Energy\n\nOur wholly owned subsidiaries, Monroe Energy, LLC and MIPC, LLC (collectively, \"Monroe\") operate the Trainer refinery and related assets located near Philadelphia, Pennsylvania\\. The facilities include pipelines and terminal assets that allow the refinery to supply jet fuel to our airline operations throughout the Northeastern U\\.S\\., including our New York hubs at LaGuardia and JFK\\. These companies are distinct from us, operating under their own management teams and with their own boards of managers\\. We own Monroe as part of our strategy to mitigate the cost of the refining margin reflected in the price of jet fuel, as well as to maintain sufficiency of supply to our New York operations\\.\n\nRefinery Operations\\.  The facility is capable of refining approximately 200,000 barrels of crude oil per day\\. In addition to jet fuel, the refinery's production consists of gasoline, diesel and other refined petroleum products (\"non\\-jet fuel products\")\\. Monroe sources domestic and foreign crude oil supply from a variety of providers\\.\n\nStrategic Agreements\\.  Monroe exchanges the non\\-jet fuel products the refinery produces with third parties for jet fuel consumed in our airline operations\\. \n\nFuel Hedging Program\n\nOur derivative contracts to hedge the financial risk from changing fuel prices are primarily related to Monroe\u2019s refining margins\\.  We may utilize different contract and commodity types in this program and frequently test their economic effectiveness against our financial targets\\. We closely monitor the hedge portfolio and rebalance the portfolio based on market conditions, which may result in locking in gains or losses on hedge contracts prior to their settlement dates\\.\n\nFuel Supply Availability\n\nWe are currently able to obtain adequate supplies of aircraft fuel, including fuel produced by Monroe or procured through the exchange of non\\-jet fuel products the refinery produces, and crude oil for Monroe's operations\\. However, it is impossible to predict the future availability or price of aircraft fuel and crude oil\\. Weather\\-related events, natural disasters, political disruptions or wars involving oil\\-producing countries, changes in government policy concerning aircraft fuel production, transportation, taxes or marketing, changes in refining capacity, environmental concerns and other unpredictable events may result in future fuel supply shortages and fuel price increases\\.\n\nOther Businesses\n\nCargo\n\nThrough our global network, our cargo operations are able to connect the world's major freight gateways\\. We generate cargo revenues in domestic and international markets through the use of cargo space on regularly scheduled passenger aircraft\\. We are a member of SkyTeam Cargo, a global airline cargo alliance, whose other members are Aeroflot, Aerol\u00edneas Argentinas, Aerom\u00e9xico Cargo, Air France\\-KLM Cargo, Alitalia Cargo, China Airlines Cargo, China Cargo Airlines, China Southern Cargo, Czech Airlines Cargo and Korean Air Cargo\\. SkyTeam Cargo offers a global network spanning six continents\\.\n\n 5"}
{"_id": "AmericanAirlines-2017_184.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.120                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (included in Exhibit B to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                                                                                |\n| 4\\.121                        | [Form of First Amendment to Participation Agreement (First Amendment to Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (included in Exhibit D to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                                          |\n| 4\\.122                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (included in Exhibit C to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.123                        | [Form of First Amendment to Indenture and Security Agreement (First Amendment to Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (included in Exhibit E to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                                                                                                                                                                                                                                                      |\n| 4\\.124                        | [Form of Pass Through Trust Certificate, Series 2016\\-2B (included in Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 4\\.125                        | [Revolving Credit Agreement (2016\\-2B), dated as of July 8, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-2B, as Borrower, and KfW IPEX Bank GmbH, as liquidity Provider (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex412.htm)                                                                                                                                                                                                                 |\n| 4\\.126                        | [Trust Supplement No\\. 2016\\-3AA, dated as of October 3, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex42.htm)                                                                                                                                                                                                                                                                                     |\n| 4\\.127                        | [Trust Supplement No\\. 2016\\-3A, dated as of October 3, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex43.htm)                                                                                                                                                                                                                                                                                      |\n| 4\\.128                        | [Intercreditor Agreement (2016\\-3), dated as of October 3, 2016, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-3AA and as Trustee of the American Airlines Pass Through Trust 2016\\-3A, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider and Class A Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex44.htm)                                                                                                                   |\n| 4\\.129                        | [Amended and Restated Intercreditor Agreement (2016\\-3), dated as of October 4, 2017, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-3AA, as Trustee of the American Airlines Pass Through Trust 2016\\-3A and as Trustee of the American Airlines Pass Through Trust 2016\\-3B, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex43.htm) |\n| 4\\.130                        | [Deposit Agreement (Class AA), dated as of October 3, 2016, between Wilmington Trust, National Association, as Escrow Agent, and Citibank, N\\.A\\., as Depositary (incorporated by reference to Exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex45.htm)                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.131                        | [Deposit Agreement (Class A), dated as of October 3, 2016, between Wilmington Trust, National Association, as Escrow Agent, and Citibank, N\\.A\\., as Depositary (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex46.htm)                                                                                                                                                                                                                                                                                                                                   |\n| 4\\.132                        | [Escrow and Paying Agent Agreement (Class AA), dated as of October 3, 2016, among Wilmington Trust, National Association, as Escrow Agent, Morgan Stanley & Co\\. LLC and Goldman, Sachs & Co\\., for themselves and on behalf of the several Underwriters, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2016\\-3AA, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.7 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex47.htm)                         |\n| 4\\.133                        | [Escrow and Paying Agent Agreement (Class A), dated as of October 3, 2016, among Wilmington Trust, National Association, as Escrow Agent, Morgan Stanley & Co\\. LLC and Goldman, Sachs & Co\\., for themselves and on behalf of the several Underwriters, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2016\\-3A, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.8 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex48.htm)                           |\n\n\n\n185"}
{"_id": "Delta-2017_38.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nAircraft Fuel and Related Taxes\\.  Including our regional carriers, fuel expense decreased $1\\.6 billion compared to the prior year due to an 18% decrease in the market price per gallon of fuel and lower fuel hedge losses, partially offset by a loss from our refinery segment in the current year compared to a profit in the prior year and a 0\\.7% increase in consumption\\. \n\nThe table below presents fuel expense, including our regional carriers:\n\n\n\n|                                                                           |                             |                             |                |                  |\n| ------------------------------------------------------------------------- | --------------------------- | --------------------------- | -------------- | ---------------- |\n|                                                                           | **Year Ended December 31,** | **Year Ended December 31,** | **(Decrease)** | **% (Decrease)** |\n| **(in millions)**                                                         | **2016**                    | **2015**                    | **(Decrease)** | **% (Decrease)** |\n| Aircraft fuel and related taxes ^(1)^                                     | $5,133                      | $6,544                      | $(1,411)       |                  |\n| Aircraft fuel and related taxes included within regional carriers expense | 852                         | 1,035                       | (183)          |                  |\n| Total fuel expense                                                        | $5,985                      | $7,579                      | $(1,594)       | (21\\.0)%         |\n\n\n\n\n\n|       |                                                                                                 |\n| ----- | ----------------------------------------------------------------------------------------------- |\n| ^(1)^ | Includes the impact of fuel hedging and refinery results described further in the table below\\. |\n\n\n\nThe table below shows the impact of hedging and the refinery on fuel expense and average price per gallon, adjusted:\n\n\n\n|                                           |                             |                             |                                    |                              |                              |                                    |\n| ----------------------------------------- | --------------------------- | --------------------------- | ---------------------------------- | ---------------------------- | ---------------------------- | ---------------------------------- |\n|                                           |                             |                             |                                    | **Average Price Per Gallon** | **Average Price Per Gallon** | **Average Price Per Gallon**       |\n|                                           | **Year Ended December 31,** | **Year Ended December 31,** | **Increase**<br><br>**(Decrease)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Increase**<br><br>**(Decrease)** |\n| **(in millions, except per gallon data)** | **2016**                    | **2015**                    | **Increase**<br><br>**(Decrease)** | **2016**                     | **2015**                     | **Increase**<br><br>**(Decrease)** |\n| Fuel purchase cost ^(1)^                  | $5,579                      | $6,934                      | $(1,355)                           | $1\\.39                       | $1\\.74                       | $(0\\.35)                           |\n| Airline segment fuel hedge losses ^(2)^   | 281                         | 935                         | (654)                              | 0\\.07                        | 0\\.23                        | (0\\.16)                            |\n| Refinery segment impact ^(2)^             | 125                         | (290)                       | 415                                | 0\\.03                        | (0\\.07)                      | 0\\.10                              |\n| Total fuel expense                        | $5,985                      | $7,579                      | $(1,594)                           | $1\\.49                       | $1\\.90                       | $(0\\.41)                           |\n| MTM adjustments and settlements ^(3)^     | 450                         | 1,301                       | (851)                              | 0\\.11                        | 0\\.33                        | (0\\.22)                            |\n| Total fuel expense, adjusted              | $6,435                      | $8,880                      | $(2,445)                           | $1\\.60                       | $2\\.23                       | $(0\\.63)                           |\n\n\n\n\n\n|       |                                                                                                    |\n| ----- | -------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Market price for jet fuel at airport locations, including related taxes and transportation costs\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                              |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Includes the impact of pricing arrangements between the airline and refinery segments with respect to the refinery's inventory price risk\\. For additional information regarding the refinery segment impact, see \"Refinery Segment\" below\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | MTM adjustments and settlements include the effects of the derivative transactions discussed in  Note 4  of the Notes to the Consolidated Financial Statements\\. For additional information and the reason for adjusting fuel expense, see \"Supplemental Information\" below\\. |\n\n\n\nRegional Carriers Expense\\.  The increase in regional carriers expense was primarily due to increases in aircraft maintenance and scheduled contract carrier rate escalations, partially offset by lower fuel cost from the decrease in the market price of fuel\\.\n\nContracted Services\\.  The increase in contracted services expense predominantly related to costs associated with the 2\\.1% increase in capacity and additional temporary staffing\\.\n\nProfit Sharing\\.  The decrease in profit sharing was primarily due to an adjustment to the profit sharing calculation during 2016 (paid out in 2017) for merit, ground and flight attendant employees\\. This adjusted calculation paid 10% of annual profit (as defined by the terms of the program) and, if we exceeded our prior\\-year results, the program paid 20% of the year\\-over\\-year increase in profit to eligible employees\\. In 2015, our profit sharing program paid 10% to all eligible employees for the first $2\\.5 billion of annual profit and 20% of annual profit above $2\\.5 billion\\. The profit sharing program for pilots remained unchanged from the prior year\\. \n\n 34"}
{"_id": "Alaska-2019_12.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nwere completed in 2019, while the interior reconfiguration is expected to wrap up in early 2021\\. We began installation of next\\-generation Gogo inflight satellite based Wi\\-Fi on our entire Boeing and Airbus fleets in 2018, which is planned to be complete in 2020\\.\n\nOur employees are a key element of our product\\. We have a highly engaged workforce that strives to provide genuine and caring service to our guests, both at the airport and onboard\\. We heavily emphasize our service standards with our employees through training and education programs and monetary incentives related to operational performance and guest satisfaction\\.\n\n\u2022 Routes served, flight schedules, codesharing and interline relationships, and frequent flyer programs\n\nWe also compete with other airlines based on markets served, the frequency of service to those markets and frequent flyer opportunities\\. Some airlines have more extensive route structures than we do, and they offer significantly more international routes\\. In order to expand opportunities for our guests, we enter into codesharing and interline relationships with other airlines that provide reciprocal frequent flyer mileage credit and redemption privileges\\. These relationships allow us to offer our guests access to more destinations than we can on our own, gain exposure in markets we do not serve and allow our guests more opportunities to earn and redeem frequent flyer miles\\. Our Mileage Plan\u2122 offers some of the most comprehensive benefits to our members with the ability to earn and redeem miles on 18 partner carriers\\. For the fifth year in a row, Mileage Plan\u2122 was ranked first in U\\.S\\. News and World Report's list of Best Travel Rewards Programs\\. \n\nIn addition to domestic or foreign airlines that we compete with on most of our routes, we compete with ground transportation in our short\\-haul markets\\. To some extent, our airlines also compete with technology, such as video conferencing and internet\\-based meeting tools that have changed the need for, or frequency of, face\\-to\\-face business meetings\\.\n\nTICKET DISTRIBUTION\n\nOur tickets are distributed through three primary channels:\n\n\u2022 Direct to customer:  It is less expensive for us to sell through our direct channel at alaskaair\\.com\\. We believe direct sales through this channel are preferable from a branding and customer relationship standpoint in that we can establish ongoing communication with the guest and tailor offers accordingly\\. As a result, we continue to take steps to drive more business to our website\\. \n\n\u2022 Traditional and online travel agencies:  Both traditional and online travel agencies typically use Global Distribution Systems (GDS) to obtain their fare and inventory data from airlines\\. Bookings made through these agencies result in a fee that is charged to the airline\\. Many of our large corporate customers require us to use these agencies\\. Some of our competitors do not use this distribution channel and, as a result, have lower ticket distribution costs\\.\n\n\u2022 Reservation call centers:  Our call centers are located in Phoenix, AZ, Kent, WA, and Boise, ID\\. We generally charge a $15 fee for booking reservations through the call centers\\. \n\nOur sales by channel are as follows: \n\n\n\n|                          |                          |                          |       |       |  |  |  |       |       |  |  |  |       |       |  |  |  |            |            |  |  |  |       |       |\n|:------------------------ |:------------------------ |:------------------------ | -----:| -----:|:- |:- |:- | -----:| -----:|:- |:- |:- | -----:| -----:|:- |:- |:- | ----------:| ----------:|:- |:- |:- | -----:| -----:|\n|                          |                          |                          |  2019 |  2019 |  |  |  |  2018 |  2018 |  |  |  |  2017 |  2017 |  |  |  | 2016 ^(a)^ | 2016 ^(a)^ |  |  |  |  2015 |  2015 |\n| Direct to customer       | Direct to customer       | Direct to customer       |  65 % |  65 % |  |  |  |  63 % |  63 % |  |  |  |  62 % |  62 % |  |  |  |       61 % |       61 % |  |  |  |  60 % |  60 % |\n| Traditional agencies     | Traditional agencies     | Traditional agencies     |  20 % |  20 % |  |  |  |  22 % |  22 % |  |  |  |  22 % |  22 % |  |  |  |       23 % |       23 % |  |  |  |  23 % |  23 % |\n| Online travel agencies   | Online travel agencies   | Online travel agencies   |  11 % |  11 % |  |  |  |  11 % |  11 % |  |  |  |  11 % |  11 % |  |  |  |       11 % |       11 % |  |  |  |  11 % |  11 % |\n| Reservation call centers | Reservation call centers | Reservation call centers |   4 % |   4 % |  |  |  |   4 % |   4 % |  |  |  |   5 % |   5 % |  |  |  |        5 % |        5 % |  |  |  |   6 % |   6 % |\n| Total                    | Total                    | Total                    | 100 % | 100 % |  |  |  | 100 % | 100 % |  |  |  | 100 % | 100 % |  |  |  |      100 % |      100 % |  |  |  | 100 % | 100 % |\n\n\n\n(a) Includes results for Virgin America for the period December 14, 2016 through December 31, 2016\\. \n\n12"}
{"_id": "AmericanAirlines-2018_42.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**ITEM 6\\. SELECTED CONSOLIDATED FINANCIAL DATA**\n\nWe adopted three new accounting standards as of January 1, 2018: Accounting Standards Update (ASU) 2016\\-02: Leases (Topic 842) (the New Lease Standard), ASU 2014\\-09: Revenue from Contracts with Customers (the New Revenue Standard) and ASU 2017\\-07: Compensation \\- Retirement Benefits (the New Retirement Standard)\\. The 2017 and 2016 financial information presented within Item 6\\. Selected Consolidated Financial Data has been recast to reflect the impact of the adoption of the New Revenue Standard and the New Retirement Standard\\. The New Lease Standard did not require the recast of prior periods\\. See Note 1(b) to AAG\u2019s and American\u2019s Consolidated Financial Statements in Part II, Items 8A and 8B, respectively, for further information on the impacts of these new accounting standards\\.\n\n**Selected Consolidated Financial Data of AAG**\n\nThe selected consolidated financial data presented below under the captions \u201cConsolidated Statements of Operations data\u201d and \u201cConsolidated Balance Sheet data\u201d for the years ended December 31, 2018, 2017, 2016, 2015 and 2014 are derived from AAG\u2019s audited consolidated financial statements\\.\n\n\n\n|                                                                     |                                                    |                                                    |                                                    |                                                    |                                                    |\n| ------------------------------------------------------------------- | -------------------------------------------------- | -------------------------------------------------- | -------------------------------------------------- | -------------------------------------------------- | -------------------------------------------------- |\n|                                                                     | **Year Ended December 31,**                        | **Year Ended December 31,**                        | **Year Ended December 31,**                        | **Year Ended December 31,**                        | **Year Ended December 31,**                        |\n|                                                                     | **2018**                                           | **2017**                                           | **2016**                                           | **2015**                                           | **2014**                                           |\n|                                                                     | **(In millions, except share and per share data)** | **(In millions, except share and per share data)** | **(In millions, except share and per share data)** | **(In millions, except share and per share data)** | **(In millions, except share and per share data)** |\n| **Consolidated Statements of Operations data:**                     |                                                    |                                                    |                                                    |                                                    |                                                    |\n| Total operating revenues                                            | $44,541                                            | $42,622                                            | $40,142                                            | $40,990                                            | $42,650                                            |\n| Total operating expenses                                            | 41,885                                             | 38,391                                             | 35,082                                             | 34,786                                             | 38,401                                             |\n| Operating income                                                    | 2,656                                              | 4,231                                              | 5,060                                              | 6,204                                              | 4,249                                              |\n| Net income                                                          | 1,412                                              | 1,282                                              | 2,584                                              | 7,610                                              | 2,882                                              |\n| Earnings per common share:                                          |                                                    |                                                    |                                                    |                                                    |                                                    |\n| Basic                                                               | $3\\.04                                             | $2\\.62                                             | $4\\.68                                             | $11\\.39                                            | $4\\.02                                             |\n| Diluted                                                             | 3\\.03                                              | 2\\.61                                              | 4\\.65                                              | 11\\.07                                             | 3\\.93                                              |\n| Shares used for computation (in thousands):                         |                                                    |                                                    |                                                    |                                                    |                                                    |\n| Basic                                                               | 464,236                                            | 489,164                                            | 552,308                                            | 668,393                                            | 717,456                                            |\n| Diluted                                                             | 465,660                                            | 491,692                                            | 556,099                                            | 687,355                                            | 734,016                                            |\n| Cash dividends declared per common share                            | $0\\.40                                             | $0\\.40                                             | $0\\.40                                             | $0\\.40                                             | $0\\.20                                             |\n| **Consolidated Balance Sheet data** <br><br>**(at end of period):** |                                                    |                                                    |                                                    |                                                    |                                                    |\n| Total assets                                                        | $60,580                                            | $52,785                                            | $53,610                                            | $48,415                                            | $43,225                                            |\n| Debt and finance leases                                             | 24,473                                             | 25,065                                             | 24,344                                             | 20,561                                             | 17,720                                             |\n| Pension and postretirement obligations  ^(1)^                       | 6,937                                              | 7,596                                              | 7,946                                              | 7,566                                              | 7,689                                              |\n| Operating lease liabilities                                         | 9,556                                              | \u2014                                                  | \u2014                                                  | \u2014                                                  | \u2014                                                  |\n| Stockholders\u2019 equity (deficit)                                      | (169)                                              | (780)                                              | (286)                                              | 5,635                                              | 2,021                                              |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                      |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | Substantially all defined benefit pension plans were frozen effective November 1, 2012\\. See Note 10 to AAG's Consolidated Financial Statements in Part II, Item 8A for further information on pension and postretirement benefits\\. |\n\n\n\n**Reconciliation of GAAP to Non\\-GAAP Financial Measures**\n\nWe sometimes use financial measures that are derived from the consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate our current operating performance and to allow for period\\-to\\-period comparisons\\. We believe these non\\-GAAP financial measures may also provide useful information to investors and others\\. These non\\-GAAP measures may not be comparable to similarly titled non\\-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP\\. We are providing a reconciliation of reported non\\-GAAP financial measures to their comparable financial measures on a GAAP basis\\.\n\n43"}
{"_id": "AmericanAirlines-2019_175.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| ----------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.168                        | [Trust Supplement No\\. 2019\\-1AA (Aircraft EETC), dated as of August 15, 2019, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex42.htm)                                                                                                                                                                                                                                                                                                            |\n| 4\\.169                        | [Trust Supplement No\\. 2019\\-1A (Aircraft EETC), dated as of August 15, 2019, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex43.htm)                                                                                                                                                                                                                                                                                                             |\n| 4\\.170                        | [Trust Supplement No\\. 2019\\-1B (Aircraft EETC), dated as of August 15, 2019, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex44.htm)                                                                                                                                                                                                                                                                                                             |\n| 4\\.171                        | [Intercreditor Agreement (2019\\-1), dated as of August 15, 2019, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2019\\-1AA (Aircraft EETC), as Trustee of the American Airlines Pass Through Trust 2019\\-1A (Aircraft EETC) and as Trustee of the American Airlines Pass Through Trust 2019\\-1B (Aircraft EETC), National Australia Bank Limited, as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex45.htm) |\n| 4\\.172                        | [Deposit Agreement (Class AA), dated as of August 15, 2019, between Wilmington Trust, National Association, as Escrow Agent, and Citibank, N\\.A\\., as Depositary (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex46.htm)                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.173                        | [Deposit Agreement (Class A), dated as of August 15, 2019, between Wilmington Trust, National Association, as Escrow Agent, and Citibank, N\\.A\\., as Depositary (incorporated by reference to Exhibit 4\\.7 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex47.htm)                                                                                                                                                                                                                                                                                                                                                                          |\n| 4\\.174                        | [Deposit Agreement (Class B), dated as of August 15, 2019, between Wilmington Trust, National Association, as Escrow Agent, and Citibank, N\\.A\\., as Depositary (incorporated by reference to Exhibit 4\\.8 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex48.htm)                                                                                                                                                                                                                                                                                                                                                                          |\n| 4\\.175                        | [Escrow and Paying Agent Agreement (Class AA), dated as of August 15, 2019, among Wilmington Trust, National Association, as Escrow Agent, Citigroup Global Markets Inc\\. and Credit Suisse Securities (USA) LLC, for themselves and on behalf of the several Underwriters, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2019\\-1AA (Aircraft EETC), and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex49.htm)                              |\n| 4\\.176                        | [Escrow and Paying Agent Agreement (Class A), dated as of August 15, 2019, among Wilmington Trust, National Association, as Escrow Agent, Citigroup Global Markets Inc\\. and Credit Suisse Securities (USA) LLC, for themselves and on behalf of the several Underwriters, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2019\\-1A (Aircraft EETC), and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.10 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex410.htm)                              |\n| 4\\.177                        | [Escrow and Paying Agent Agreement (Class B), dated as of August 15, 2019, among Wilmington Trust, National Association, as Escrow Agent, Citigroup Global Markets Inc\\. and Credit Suisse Securities (USA) LLC, for themselves and on behalf of the several Underwriters, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2019\\-1B (Aircraft EETC), and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.11 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex411.htm)                              |\n| 4\\.178                        | [Note Purchase Agreement, dated as of August 15, 2019, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex412.htm)                                                                                                                                                                                     |\n| 4\\.179                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex412.htm)                                                                                                                                                  |\n| 4\\.180                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex412.htm)                                                                                                                                                                                                                                                                                                                                                              |\n| 4\\.181                        | [Form of Pass Through Trust Certificate, Series 2019\\-1AA (Aircraft EETC) (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n\n\n\n176"}
{"_id": "AmericanAirlines-2018_40.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n![chart\\-67368081c5635809a1fa01\\.jpg](https://americanairlines.gcs-web.com/email-alerts/chart-67368081c5635809a1fa01.jpg)\n\n\n\n|                                     |                |                |                |                |                |                |\n| ----------------------------------- | -------------- | -------------- | -------------- | -------------- | -------------- | -------------- |\n|                                     | **12/31/2013** | **12/31/2014** | **12/31/2015** | **12/31/2016** | **12/31/2017** | **12/31/2018** |\n| American Airlines Group Inc\\. (AAL) | $100           | $213           | $170           | $189           | $213           | $133           |\n| NYSE ARCA Airline Index (XAL)       | 100            | 149            | 125            | 159            | 167            | 130            |\n| S&P 500 Index (GSPC)                | 100            | 111            | 111            | 121            | 145            | 136            |\n\n\n\n**Purchases of Equity Securities by the Issuer and Affiliated Purchasers**\n\nIn 2018, we repurchased 16\\.6 million shares of AAG common stock for $800 million at a weighted average cost per share of $48\\.15\\. In 2017, we repurchased 33\\.9 million shares of AAG common stock for $1\\.6 billion at a weighted average cost per share of $45\\.68\\. Since the inception of our share repurchase programs in July 2014 through December 31, 2018, we have repurchased278\\.9 million shares of AAG common stock for $11\\.3 billion at a weighted average cost per share of $40\\.69\\.\n\nWe did not make any purchases of shares of AAG common stock during the three months ended December 31, 2018\\.\n\nShare repurchases under our repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions\\. Any such repurchases that may be made from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to repurchase any specific number of shares and our repurchase of AAG common stock may be limited, suspended or discontinued at any time at our discretion and without prior notice\\.\n\nSee Part I, Item 1A\\. Risk Factors \u2013 \u201c*We cannot guarantee that we will continue to repurchase our common stock or pay dividends on our common stock or that our capital deployment program will enhance long\\-term stockholder value\\. Our capital deployment program could increase the volatility of the price of our common stock and diminish our cash reserves*\\.\u201d\n\n**Ownership Restrictions**\n\nAAG\u2019s Certificate of Incorporation and Bylaws provide that, consistent with the requirements of Subtitle VII of Title 49 of the United States Code, as amended (the Aviation Act), any persons or entities who are not a \u201ccitizen of the United States\u201d (as defined under the Aviation Act and administrative interpretations issued by the DOT, its predecessors and successors, from time to time), including any agent, trustee or representative of such persons or entities (a non\\-citizen), shall not, in the aggregate, own (beneficially or of record) and/or control more than (a) 24\\.9% of the aggregate votes of all of our outstanding equity securities or (b) 49\\.0% of our outstanding equity securities\\. Our Certificate of Incorporation and Bylaws further specify that it is the duty of each stockholder who is a non\\-citizen to register his, her or its equity securities on our foreign stock record and provide for remedies applicable to stockholders that exceed the voting and ownership caps described above\\.\n\n41"}
{"_id": "Alaska-2019_88.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n|                                                                                                           |                                                                                                           |                                                                                                           |\n| --------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- |\n| ITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS | ITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS | ITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS |\n\n\n\nSecurities Authorized for Issuance Under Equity Compensation Plans\n\n\n\n|                                                            |                                                            |                                                            |                                                                                             |                                                                                             |  |  |  |                                                                              |                                                                              |  |  |  |                                                                                                                                             |                                                                                                                                             |\n|:---------------------------------------------------------- |:---------------------------------------------------------- |:---------------------------------------------------------- | -------------------------------------------------------------------------------------------:| -------------------------------------------------------------------------------------------:|:- |:- |:- | ----------------------------------------------------------------------------:| ----------------------------------------------------------------------------:|:- |:- |:- | -------------------------------------------------------------------------------------------------------------------------------------------:| -------------------------------------------------------------------------------------------------------------------------------------------:|\n|                                                            |                                                            |                                                            | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Number of securities to be issued upon exercise of outstanding options, warrants and rights |  |  |  | Weighted\\-average exercise price of outstanding options, warrants and rights | Weighted\\-average exercise price of outstanding options, warrants and rights |  |  |  | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |\n| Plan category                                              | Plan category                                              | Plan category                                              |                                                                                         (a) |                                                                                         (a) |  |  |  |                                                                          (b) |                                                                          (b) |  |  |  |                                                                                                                                         (c) |                                                                                                                                         (c) |\n| Equity compensation plans approved by security holders     | Equity compensation plans approved by security holders     | Equity compensation plans approved by security holders     |                                                                              1,698,035^(1)^ |                                                                              1,698,035^(1)^ |  |  |  |                                                                $60\\.98^(2)^  |                                                                $60\\.98^(2)^  |  |  |  |                                                                                                                              8,627,341^(3)^ |                                                                                                                              8,627,341^(3)^ |\n| Equity compensation plans not approved by security holders | Equity compensation plans not approved by security holders | Equity compensation plans not approved by security holders |                                                                                          \u2014  |                                                                                          \u2014  |  |  |  |                                                              Not applicable  |                                                              Not applicable  |  |  |  |                                                                                                                                          \u2014  |                                                                                                                                          \u2014  |\n| Total                                                      | Total                                                      | Total                                                      |                                                                                  1,698,035  |                                                                                  1,698,035  |  |  |  |                                                                      $60\\.98 |                                                                      $60\\.98 |  |  |  |                                                                                                                                   8,627,341 |                                                                                                                                   8,627,341 |\n\n\n\n(1) Of these shares, 269,958 and 524,097 were subject to options then outstanding under the 2008 Plan and 2016 Plan, 83,246 were subject to outstanding restricted, performance and deferred stock unit awards granted under the 2008 Plan and 820,734 were subject to outstanding restricted, performance and deferred stock unit awards granted under the 2016 Plan\\. Outstanding performance awards are reflected in the table assuming that the target level of performance will be achieved\\. \n\n(2) This number does not reflect the 903,980 shares that were subject to outstanding stock unit awards granted under the 2008 and 2016 Plans\\.\n\n(3) Of the aggregate number of shares that remained available for future issuance, no shares were available under the 2008 Plan, 4,245,573 shares were available under the 2016 Plan and 4,381,768 shares were available under the ESPP\\. Subject to certain express limits of the 2016 Plan, shares available for award purposes under the 2016 Plan generally may be used for any type of award authorized under that plan including options, stock appreciation rights, and other forms of awards granted or denominated in shares of our common stock including, without limitation, stock bonuses, restricted stock, restricted stock units and performance shares\\. Full\\-value shares issued under the 2016 Plan are counted against the share limit as 1\\.7 shares for every one share issued\\. This table does not give effect to that rule\\.\n\nOther information required by this item is set forth under the heading \u201cBeneficial Ownership of Securities\u201d in our 2020 Proxy Statement and is incorporated by reference\\.\n\n\n\n|                                                                                     |                                                                                     |                                                                                     |\n| ----------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------- |\n| ITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE | ITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE | ITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |\n\n\n\nThe information required by this item is incorporated herein by reference from our 2020 Proxy Statement\\.\n\n\n\n|                                                  |                                                  |                                                  |\n| ------------------------------------------------ | ------------------------------------------------ | ------------------------------------------------ |\n| ITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES | ITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES | ITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES |\n\n\n\nThe information required by this item is incorporated herein by reference from our 2020 Proxy Statement\\.\n\nPART IV\n\n\n\n|                    |                    |                    |\n| ------------------ | ------------------ | ------------------ |\n| ITEM 15\\. EXHIBITS | ITEM 15\\. EXHIBITS | ITEM 15\\. EXHIBITS |\n\n\n\nThe following documents are filed as part of this report:\n\n1\\. Exhibits:  See Exhibit Index\\.\n\n88"}
{"_id": "Southwest-2017_78.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nuse of the Southwest Airlines\u2019 brand and access to Rapid Reward Member lists; advertising elements; and the Company\u2019s resource team)\\. The Company records passenger revenue related to air transportation and certificates for discounted companion travel when the transportation is delivered\\. The other elements are recognized as Other \\- net revenue when earned\\. \n\nThe Company followed the transition approach of ASU No\\. 2009\\-13, which required that the Company adjust the existing deferred revenue balance, classified within Air traffic liability, to reflect the value, on a relative selling price basis, of any undelivered element remaining at the date of contract modification\\. The relative selling price of the undelivered element (air transportation) was lower than the rate at which it had been deferred under the residual method, and the Company recorded a one\\-time, non\\-cash adjustment to decrease frequent flyer deferred revenue and increase revenue through the recording of a Special revenue adjustment of $172 million in 2015\\. The estimated impacts on revenue and earnings associated with the Agreement and the resulting required change in accounting methodology recognized subsequent to the effective date of July 1, 2015, are as follows:\n\n\n\n|                                             |                                  |                                  |                                  |\n| ------------------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- |\n| **(in millions, except per share amounts)** | **Year ended December 31, 2017** | **Year ended December 31, 2016** | **Year ended December 31, 2015** |\n| Passenger revenue                           | $(364)                           | $(250)                           | $(89)                            |\n| Special revenue adjustment                  | \u2014                                | \u2014                                | 172                              |\n| Other revenue                               | 908                              | 794                              | 344                              |\n| Operating revenues                          | $544                             | $544                             | $427                             |\n| Net income                                  | $496                             | $293                             | $227                             |\n| Net income per basic share                  | $0\\.82                           | $0\\.47                           | $0\\.34                           |\n| Net income per diluted share                | $0\\.82                           | $0\\.46                           | $0\\.34                           |\n\n\n\nFor all points sold to business partners that are expected to expire unused, the Company recognizes spoilage in accordance with the redemption method\\. The Company\u2019s consolidated liability associated with the sale of frequent flyer points, was approximately $1\\.6 billion and $1\\.4 billion as of December 31, 2017, and 2016, respectively, which is classified within Air traffic liability\\. The Company continues to evaluate spoilage annually in October, but these analyses have not resulted in material adjustments in 2015, 2016, or 2017\\. \n\n***Advertising***\n\nAdvertising costs are charged to expense as incurred\\. Advertising and promotions expense for the years ended December 31, 2017, 2016, and 2015 was $224 million, $232 million, and $218 million, respectively, and is included as a component of Other operating expense in the accompanying Consolidated Statement of Income\\.\n\n***Share\\-based Employee Compensation***\n\nThe Company has share\\-based compensation plans covering certain Employees, including a plan that also covers the Company\u2019s Board of Directors\\. The Company accounts for share\\-based compensation based on its grant date fair value\\. See Note 9 for further information\\.\n\n***Financial Derivative Instruments***\n\nThe Company accounts for financial derivative instruments at fair value and applies hedge accounting rules where appropriate\\. The Company utilizes various derivative instruments, including jet fuel, crude oil, unleaded gasoline, and heating oil\\-based derivatives, to attempt to reduce the risk of its exposure to jet fuel price increases\\. These instruments consist primarily of purchased call options, collar structures, call spreads, put spreads, and fixed price swap agreements, and upon proper qualification are accounted for as cash\\-flow hedges\\. The Company also has interest rate swap agreements to convert a portion of its fixed\\-rate debt to floating rates and has swap agreements that convert certain \n\n79"}
{"_id": "Alaska-2018_67.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nConsolidated statements of operations for the twelve months ended December 31, 2017 and December 31, 2016 (in millions):\n\n\n\n|                                         |                                           |                                           |                                           |                                           |                                           |                                           |                                           |                                           |\n| --------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- |\n|                                         | **Twelve Months Ended December 31, 2017** | **Twelve Months Ended December 31, 2017** | **Twelve Months Ended December 31, 2017** | **Twelve Months Ended December 31, 2017** | **Twelve Months Ended December 31, 2016** | **Twelve Months Ended December 31, 2016** | **Twelve Months Ended December 31, 2016** | **Twelve Months Ended December 31, 2016** |\n|                                         |                                           | **Adjustments**                           | **Adjustments**                           |                                           |                                           | **Adjustments**                           | **Adjustments**                           |                                           |\n|                                         | **As Reported**                           | **Revenue Recognition**                   | **Retirement Benefits**                   | **As Adjusted**                           | **As Reported**                           | **Revenue Recognition**                   | **Retirement Benefits**                   | **As Adjusted**                           |\n| **Operating Revenues**                  |                                           |                                           |                                           |                                           |                                           |                                           |                                           |                                           |\n| Passenger revenue ^(a)^                 | $6,818                                    | $483                                      | $\u2014                                        | $7,301                                    | $5,006                                    | $386                                      | $\u2014                                        | $5,392                                    |\n| Mileage Plan other revenue ^(a)^        | 482                                       | (64)                                      | \u2014                                         | 418                                       | 429                                       | (59)                                      | \u2014                                         | 370                                       |\n| Cargo and other ^(a)^                   | 633                                       | (458)                                     | \u2014                                         | 175                                       | 496                                       | (333)                                     | \u2014                                         | 163                                       |\n| **Total Operating Revenues**            | 7,933                                     | (39)                                      | \u2014                                         | 7,894                                     | 5,931                                     | (6)                                       | \u2014                                         | 5,925                                     |\n| **Operating Expenses**                  |                                           |                                           |                                           |                                           |                                           |                                           |                                           |                                           |\n| Wages and benefits                      | 1,924                                     | \u2014                                         | 7                                         | 1,931                                     | 1,382                                     | \u2014                                         | 12                                        | 1,394                                     |\n| Selling expense ^(b)^                   | 357                                       | 11                                        | \u2014                                         | 368                                       | 225                                       | 23                                        | \u2014                                         | 248                                       |\n| Special items\u2014merger\\-related costs     | 118                                       | (2)                                       | \u2014                                         | 116                                       | 117                                       | \u2014                                         | \u2014                                         | 117                                       |\n| All other operating expenses            | 4,271                                     | \u2014                                         | \u2014                                         | 4,271                                     | 2,860                                     | \u2014                                         | \u2014                                         | 2,860                                     |\n| **Total Operating Expenses**            | 6,670                                     | 9                                         | 7                                         | 6,686                                     | 4,584                                     | 23                                        | 12                                        | 4,619                                     |\n| **Operating Income**                    | 1,263                                     | (48)                                      | (7)                                       | 1,208                                     | 1,347                                     | (29)                                      | (12)                                      | 1,306                                     |\n| **Nonoperating Income (Expense)**       |                                           |                                           |                                           |                                           |                                           |                                           |                                           |                                           |\n| Other\u2014net                               | (4)                                       | \u2014                                         | 7                                         | 3                                         | 1                                         | \u2014                                         | 12                                        | 13                                        |\n| All other nonoperating income (expense) | (52)                                      | \u2014                                         | \u2014                                         | (52)                                      | (3)                                       | \u2014                                         | \u2014                                         | (3)                                       |\n|                                         | (56)                                      | \u2014                                         | 7                                         | (49)                                      | (2)                                       | \u2014                                         | 12                                        | 10                                        |\n| Income (loss) before income tax         | 1,207                                     | (48)                                      | \u2014                                         | 1,159                                     | 1,345                                     | (29)                                      | \u2014                                         | 1,316                                     |\n| Income tax expense (benefit)            | 173                                       | 26                                        | \u2014                                         | 199                                       | 531                                       | (12)                                      | \u2014                                         | 519                                       |\n| **Net Income (Loss)**                   | $1,034                                    | $(74)                                     | $\u2014                                        | $960                                      | $814                                      | $(17)                                     | $\u2014                                        | $797                                      |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                     |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | Application of Topic 606 resulted in a shift in certain ancillary revenues to Passenger revenue from Other Revenues\\. Additionally, the standard shifted the timing of the recognition of certain ancillary revenues from the time of sale to the time of travel\\.  |\n\n\n\n\n\n|     |                                                                                                                                                           |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | Application of Topic 606 resulted in an increase to Selling expense as our methodology changed the timing of recognition of certain of our booking fees\\. |\n\n\n\n 68"}
{"_id": "Alaska-2017_51.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nIn our cash and marketable securities portfolio, we invest only in securities that meet our primary investment strategy of maintaining and securing investment principal\\. The portfolio is managed by reputable firms that adhere to our investment policy that sets forth investment objectives, approved and prohibited investments, and duration and credit quality guidelines\\. Our policy, and the portfolio managers, are continually reviewed to ensure that the investments are aligned with our strategy\\. \n\nThe table below presents the major indicators of financial condition and liquidity: \n\n\n\n|                                                                                                          |                       |                       |            |\n| -------------------------------------------------------------------------------------------------------- | --------------------- | --------------------- | ---------- |\n| ***(in millions, except per share and debt\\-to\\-capital amounts)***                                      | **December 31, 2017** | **December 31, 2016** | **Change** |\n| Cash and marketable securities                                                                           | **$1,621**            | $1,580                | $41        |\n| Cash, marketable securities and unused lines of credit as a percentage of trailing twelve months revenue | **25%**               | 31%                   | (6) pts    |\n| Long\\-term debt, net of current portion                                                                  | **2,262**             | 2,645                 | (383)      |\n| Shareholders\u2019 equity                                                                                     | **3,721**             | 2,931                 | 790        |\n| Long\\-term debt\\-to\\-capital including net present value of aircraft operating lease payments ^(a)^      | **51%**               | 59%                   | (8) pts    |\n\n\n\n\n\n|     |                                                                                                                                                     |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | Calculated using the present value of remaining aircraft lease payments for aircraft that are in our operating fleet as of the balance sheet date\\. |\n\n\n\nThe following discussion summarizes the primary drivers of the increase in our cash and marketable securities balance and our expectation of future cash requirements\\.\n\n**ANALYSIS OF OUR CASH FLOWS**\n\n***Cash Provided by Operating Activities***\n\nNet cash provided by operating activities was $1\\.6 billion in 2017 compared to $1\\.4 billion in 2016\\. The increase of $204 million is primarily due to an increase in our net income\\. \n\nIn 2016, we generated $1\\.4 billion in operating cash flows compared to $1\\.6 billion in 2015\\. The decrease of $200 million was due to a decline in operating results primarily driven by an increase in non\\-fuel operating expenses\u2014including $117 million million in merger\\-related costs associated with the acquisition of Virgin America\u2014partially offset by higher revenues and lower fuel costs\\. \n\nWe typically generate positive cash flows from operations, and expect to use that cash flow to buy aircraft and capital equipment, to make debt payments, and to return capital to shareholders\\. During 2016, we paused our share repurchase program as we prepared for the acquisition of Virgin America\\. We resumed our share repurchase program in the second quarter of 2017\\.\n\n***Cash Used in Investing Activities***\n\nCash used in investing activities was $1\\.1 billion during 2017, compared to $2\\.6 billion in 2016\\. In 2016, cash from investing activities included approximately $2 billion of cash paid for the acquisition of Virgin America, which drove a decrease in cash used for investing activities in 2017 when compared to the prior year\\. Our capital expenditures were $1 billion, or $348 millionhigher than in 2016 primarily as a result of the purchase of more aircraft in the current year\\. During 2017 we took delivery of 14 B737\\-900ERs and 10 E715 aircraft\\. This compares to the delivery of 19 B737\\-900ERs in the prior year\\. Our future expected capital expenditures are summarized in the Contractual Obligations and Commitments section\\.\n\nCash used in investing activities was $2\\.6 billion during 2016, compared to $930 million in 2015\\. We used $2 billion to acquire Virgin America, representing $2\\.6 billion consideration paid, offset by $645 million of cash acquired\\. Our capital expenditures were $678 million in 2016, $153 million lower than in 2015\\. \n\n 52"}
{"_id": "Southwest-2017_112.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Item 9\\.** ***Changes in and Disagreements With Accountants on Accounting and Financial Disclosure***\n\nNone\\.\n\n**Item 9A\\.** ***Controls and Procedures***\n\n*Evaluation of Disclosure Controls and Procedures\\.* The Company maintains disclosure controls and procedures (as defined in Rule 13a\\-15(e) of the Securities Exchange Act (the \u201cExchange Act\u201d)) designed to provide reasonable assurance that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC\u2019s rules and forms\\. These include controls and procedures designed to ensure that this information is accumulated and communicated to the Company\u2019s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure\\. Management, with the participation of the Company\u2019s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company\u2019s disclosure controls and procedures as of December 31, 2017\\. Based on this evaluation, the Company\u2019s Chief Executive Officer and Chief Financial Officer have concluded that the Company\u2019s disclosure controls and procedures were effective as of December 31, 2017, at the reasonable assurance level\\.\n\n*Management\u2019s Annual Report on Internal Control over Financial Reporting\\.* Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a\\-15(f) of the Exchange Act)\\. The Company\u2019s internal control over financial reporting is a process, under the supervision of the Company\u2019s Chief Executive Officer and Chief Financial Officer, designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives\\.\n\nManagement, with the participation of the Company\u2019s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company\u2019s internal control over financial reporting as of December 31, 2017\\. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control \\- Integrated Framework (2013 Framework)\\. Based on this evaluation, management, with the participation of the Company\u2019s Chief Executive Officer and Chief Financial Officer, concluded that, as of December 31, 2017, the Company\u2019s internal control over financial reporting was effective\\.\n\nErnst & Young, LLP, the independent registered public accounting firm who audited the Company\u2019s Consolidated Financial Statements included in this Form 10\\-K, has issued a report on the Company\u2019s internal control over financial reporting, which is included herein\\.\n\n*Changes in Internal Control over Financial Reporting\\.* There were no changes in the Company\u2019s internal control over financial reporting (as defined in Rule 13a\\-15(f) of the Exchange Act) during the quarter ended December 31, 2017, that have materially affected, or are reasonably likely to materially affect, the Company\u2019s internal control over financial reporting\\.\n\n113"}
{"_id": "Southwest-2019_6.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nexceptions, all segments associated with the reservation will be canceled, and (i) with respect to a \"Wanna Get Away\" fare, unused funds will be forfeited; and (ii) with respect to an \"Anytime\" or \"Business Select\" fare, unused funds will be held as travel credit for future travel by the Customer on Southwest\\.\n\nAncillary Services\n\nThe Company offers ancillary services such as Southwest's EarlyBird Check\\-In ^\u00ae^ , Upgraded Boarding, and transportation of pets and unaccompanied minors, in accordance with Southwest's respective policies\\.\n\nEarlyBird Check\\-In provides Customers with automatic check\\-in and an assigned boarding position before general boarding positions become available, thereby improving Customers' seat selection options (priority boarding privileges are already a benefit of being an \"A\\-List\" tier member under the Company's Rapid Rewards Loyalty Program)\\. The Company has implemented a variable pricing model for EarlyBird Check\\-In based on the length of the flight and the historical popularity of EarlyBird Check\\-In on the route\\.\n\nWhen available, Southwest sells Upgraded Boarding at the airport, which allows a Customer to pay for an open priority boarding position in the first 15 positions in its \"A\" boarding group\\.\n\nSouthwest\u2019s Pet Policy provides Customers an opportunity to travel with a small cat or dog in the aircraft cabin on domestic flights\\. Southwest also has an unaccompanied minor travel policy to address the administrative costs and the extra care necessary to safely transport these Customers\\.\n\nInflight Entertainment Portal and WiFi Service\n\nSouthwest offers inflight entertainment and connectivity service on WiFi\\-enabled aircraft on the majority of its fleet\\. Southwest's suite of complimentary offerings onboard its inflight entertainment portal offers free movies, free messaging, free music, free games, and free live and on\\-demand television while onboard WiFi\\-enabled aircraft\\. The inflight entertainment service allows Customers to enjoy gate\\-to\\-gate entertainment directly on their personal wireless devices\\.\n\nThe free inflight entertainment offerings include approximately 45 free movies\\-on\\-demand per month and free app messaging via iMessage or WhatsApp\\. The television product consists of over 15 live channels and up to 75 on\\-demand recorded episodes from popular television series\\. In addition, the onboard entertainment portal offers free digital music and live streaming radio service to Customers within the onboard entertainment portal\\. \n\nCustomers can also purchase satellite internet service while on WiFi\\-enabled aircraft\\. Customers do not have to purchase WiFi to access the free inflight entertainment options including free movies, free messaging, free television, free music, free games, weather, destination guides, a flight tracker, and connecting flight information\\. \n\nRapid Rewards Loyalty Program\n\nSouthwest's Rapid Rewards loyalty program enables program members (\"Members\") to earn points for every dollar spent on Southwest base fares\\. The amount of points earned under the program is based on the fare and fare class purchased, with higher fare products (e\\.g\\., Business Select) earning more points than lower fare products (e\\.g\\., Wanna Get Away)\\. Each fare class is associated with a points earning multiplier, and points for flights are calculated by multiplying the fare for the flight by the fare class multiplier\\. Likewise, the amount of points required to be redeemed for a flight is based on the fare purchased\\. Under the program, (i) Members are able to redeem their points for every available seat, every day, on every flight, with no blackout dates; and (ii) points do not expire\\.\n\nUnder the program, Members continue to accumulate points until the time they decide to redeem them\\. As a result, the program provides Members significant flexibility and options for earning and redeeming rewards\\. For example, Members can earn more points (and/or achieve tiered status such as A\\-List and Companion Pass faster) by purchasing higher fare tickets\\. Members also have significant flexibility in redeeming points, such as the opportunity to book in advance to take advantage of a lower fare ticket (including many fare sales) and redeem fewer points or by being able to redeem more points and book at the last minute if seats are still available for sale\\. In addition to redeeming points for Southwest flights, Members are also able to redeem their points for items such as international flights on other airlines, cruises, hotel stays, rental cars, gift cards, event tickets, and more\\. Members can also earn points through qualifying purchases with Rapid Rewards Partners (which include, for example, car rental agencies, hotels, and restaurants), as well as by using Southwest's co\\-branded Chase ^\u00ae^  Visa credit card\\. In addition to earning points for \n\n7"}
{"_id": "Southwest-2019_111.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nReport of Independent Registered Public Accounting Firm\n\nTo the Shareholders and the Board of Directors of Southwest Airlines Co\\.\n\nOpinion on Internal Control over Financial Reporting\n\nWe have audited Southwest Airlines Co\\.\u2019s internal control over financial reporting as of  December 31, 2019 , based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework), (the COSO criteria)\\. In our opinion, Southwest Airlines Co\\. (the Company) maintained, in all material respects, effective internal control over financial reporting as of  December 31, 2019 , based on the COSO criteria\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Southwest Airlines Co\\. as of  December 31, 2019  and  2018 , the related consolidated statements of income, comprehensive income, stockholders\u2019 equity and cash flows for each of the three years in the period ended  December 31, 2019 , and the related notes (collectively referred to as the \u201cfinancial statements\u201d) of the Company and our report dated  February 3, 2020  expressed an unqualified opinion thereon\\.\n\nBasis for Opinion\n\nThe Company\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying \u201cManagement\u2019s Annual Report on Internal Control Over Financial Reporting\u201d\\. Our responsibility is to express an opinion on the Company\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. \n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\nDefinition and Limitations of Internal Control over Financial Reporting\n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become \n\n112"}
{"_id": "AmericanAirlines-2017_100.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nThe 6\\.125%, 5\\.50% and 4\\.625% senior notes are senior unsecured obligations of AAG\\. The senior notes are fully and unconditionally guaranteed by American\\. The indentures for the senior notes contain covenants and events of default generally customary for similar financings\\. In addition, if we experience specific kinds of changes of control, we must offer to repurchase the senior notes at a price of 101% of the principal amount plus accrued and unpaid interest, if any, to (but not including) the repurchase date\\. Upon the occurrence of certain events of default, the senior notes may be accelerated and become due and payable\\.\n\n***Guarantees***\n\nAs of December 31, 2017, AAG had issued guarantees covering approximately $810 million of American\u2019s special facility revenue bonds (and interest thereon) and $8\\.5 billion of American\u2019s secured debt (and interest thereon), including the Credit Facilities and certain EETC financings\\.\n\n***Collateral\\-Related Covenants***\n\nCertain of our debt financing agreements contain loan to value (LTV) ratio covenants and require us to annually appraise the related collateral\\. Pursuant to such agreements, if the LTV ratio exceeds a specified threshold, we are required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash collateral), or pay down such financing, in whole or in part\\.\n\nSpecifically, we are required to meet certain collateral coverage tests on an annual basis for four credit facilities, as described below:\n\n\n\n|                                                        |                                                                                                                                                              |                                                                                                                                                                   |                                                                       |                                                                                                                                                                   |\n| ------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|                                                        | **2013 Credit Facilities**                                                                                                                                   | **2014 Credit Facilities**                                                                                                                                        | **April 2016** <br><br>**Credit Facilities**                          | **December 2016**<br><br>**Credit Facilities**                                                                                                                    |\n| Frequency of Appraisals<br><br>of Appraised Collateral | Annual                                                                                                                                                       | Annual                                                                                                                                                            | Annual                                                                | Annual                                                                                                                                                            |\n| 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)                                                                                             |\n| LTV as of Last Measurement Date                        | 33\\.9%                                                                                                                                                       | 23\\.1%                                                                                                                                                            | 42\\.7%                                                                | 59\\.0%                                                                                                                                                            |\n| 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 |\n\n\n\nAt December 31, 2017, we were in compliance with the applicable collateral coverage tests as of the most recent measurement dates\\.\n\n101"}
{"_id": "AmericanAirlines-2017_156.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^e)^ | Includes limited partnerships that invest primarily in U\\.S\\. ( 94% ) and European ( 6% ) buyout opportunities of a range of privately held companies\\. The pension plan\u2019s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated\\. It is estimated that the underlying assets of these funds will be gradually liquidated over the next  one  to  ten years \\. Additionally, the pension plan\u2019s master trust has future funding commitments of approximately  $903 million  over the next  ten years \\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^f)^ | Investment includes  42%  in a collective interest trust investing primarily in short\\-term securities,  40%  in an emerging market 103\\-12 Investment Trust with investments in emerging country equity securities,  10%  in Canadian segregated balanced value, income growth and diversified pooled funds and  8%  in a common/collective trust investing in securities of smaller companies located outside the U\\.S\\., including developing markets\\. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                            |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^g)^ | Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy\\. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements\\. |\n\n\n\n\n\n|                                                                                              |                                                                                                       |                                                                              |                                                                                |                                                     |\n| -------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                                                                                              | **Fair Value Measurements as of December 31, 2016**                                                   | **Fair Value Measurements as of December 31, 2016**                          | **Fair Value Measurements as of December 31, 2016**                            | **Fair Value Measurements as of December 31, 2016** |\n| **Asset Category**                                                                           | **Quoted Prices in** <br><br>**Active Markets** <br><br>**for Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Cash and cash equivalents                                                                    | $573                                                                                                  | $\u2014                                                                           | $\u2014                                                                             | $573                                                |\n| Equity securities:                                                                           |                                                                                                       |                                                                              |                                                                                |                                                     |\n| International markets  ^(a) (b)^                                                             | 3,232                                                                                                 | \u2014                                                                            | \u2014                                                                              | 3,232                                               |\n| Large\\-cap companies  ^(b)^                                                                  | 2,253                                                                                                 | \u2014                                                                            | \u2014                                                                              | 2,253                                               |\n| Mid\\-cap companies  ^(b)^                                                                    | 371                                                                                                   | \u2014                                                                            | \u2014                                                                              | 371                                                 |\n| Small\\-cap companies  ^(b)^                                                                  | 6                                                                                                     | \u2014                                                                            | \u2014                                                                              | 6                                                   |\n| Fixed income:                                                                                |                                                                                                       |                                                                              |                                                                                |                                                     |\n| Corporate bonds  ^(c)^                                                                       | \u2014                                                                                                     | 2,337                                                                        | \u2014                                                                              | 2,337                                               |\n| Government securities  ^(d)^                                                                 | \u2014                                                                                                     | 150                                                                          | \u2014                                                                              | 150                                                 |\n| U\\.S\\. municipal securities                                                                  | \u2014                                                                                                     | 37                                                                           | \u2014                                                                              | 37                                                  |\n| Alternative instruments:                                                                     |                                                                                                       |                                                                              |                                                                                |                                                     |\n| Private equity partnerships  ^(e)^                                                           | \u2014                                                                                                     | \u2014                                                                            | 21                                                                             | 21                                                  |\n| Private equity partnerships measured at net asset value  ^(e) (g)^                           | \u2014                                                                                                     | \u2014                                                                            | \u2014                                                                              | 703                                                 |\n| Common/collective trusts  ^(f)^                                                              | \u2014                                                                                                     | 32                                                                           | \u2014                                                                              | 32                                                  |\n| Common/collective trusts and 103\\-12 Investment Trust measured at net asset value  ^(f) (g)^ | \u2014                                                                                                     | \u2014                                                                            | \u2014                                                                              | 227                                                 |\n| Insurance group annuity contracts                                                            | \u2014                                                                                                     | \u2014                                                                            | 2                                                                              | 2                                                   |\n| Dividend and interest receivable                                                             | 40                                                                                                    | \u2014                                                                            | \u2014                                                                              | 40                                                  |\n| Due to/from brokers for sale of securities \u2013 net                                             | (9)                                                                                                   | \u2014                                                                            | \u2014                                                                              | (9)                                                 |\n| Other liabilities \u2013 net                                                                      | (7)                                                                                                   | \u2014                                                                            | \u2014                                                                              | (7)                                                 |\n| Total                                                                                        | $6,459                                                                                                | $2,556                                                                       | $23                                                                            | $9,968                                              |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                           |\n| ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^a)^ | Holdings are diversified as follows:  15%  United Kingdom,  12%  Japan,  10%  France,  7%  Switzerland,  6%  Netherlands,  17%  other emerging markets and the remaining  33%  with no concentration greater than 5% in any one country\\. |\n\n\n\n\n\n|      |                                                                              |\n| ---- | ---------------------------------------------------------------------------- |\n| ^b)^ | There are no significant concentrations of holdings by company or industry\\. |\n\n\n\n157"}
{"_id": "AmericanAirlines-2017_160.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n**9\\. Commitments, Contingencies and Guarantees**\n\n***(a) Aircraft and Engine Purchase Commitments***\n\nUnder all of American\u2019s aircraft and engine purchase agreements, its total future commitments as of December 31, 2017 are expected to be as follows (approximately, in millions):\n\n\n\n|                                                              |          |          |          |          |          |                         |           |\n| ------------------------------------------------------------ | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                                                              | **2018** | **2019** | **2020** | **2021** | **2022** | **2023 and Thereafter** | **Total** |\n| Payments for aircraft commitments and certain engines  ^(1)^ | $1,826   | $2,730   | $2,730   | $2,858   | $2,138   | $1,482                  | $13,764   |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | These amounts are net of purchase deposits currently held by the manufacturers and include all commitments for regional aircraft\\. American has granted a security interest in its purchase deposits with Boeing\\. American\u2019s purchase deposits held by all manufacturers totaled  $1\\.2 billion  as of  December 31, 2017 \\. |\n\n\n\n***(b) Operating Leases and Other***\n\nAmerican leases certain aircraft, engines and ground equipment, in addition to the majority of its ground facilities and terminal space\\. As of December 31, 2017, American had 410 aircraft under operating leases, with remaining terms ranging from three months to approximately 12 years\\. Airports are utilized for flight operations under lease arrangements with the municipalities or agencies owning or controlling such airports\\. Substantially all leases provide that the lessee must pay taxes, maintenance, insurance and certain other operating expenses applicable to the leased property\\. Some leases also include renewal and purchase options\\.\n\nAs of December 31, 2017, obligations under noncancellable operating leases for future minimum lease payments are as follows (approximately, in millions):\n\n\n\n|                               |          |          |          |          |          |                         |           |\n| ----------------------------- | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                               | **2018** | **2019** | **2020** | **2021** | **2022** | **2023 and Thereafter** | **Total** |\n| Future minimum lease payments | $2,178   | $1,966   | $1,776   | $1,331   | $1,155   | $3,253                  | $11,659   |\n\n\n\nMainline and regional rent expense, excluding landing fees, was $2\\.8 billion in 2017 and $2\\.7 billion in each of 2016and 2015\\.\n\nAdditionally, American has purchase commitments related to jet fuel, facility construction projects and information technology support as follows (approximately): $2\\.0 billion in 2018, $1\\.4 billion in 2019, $890 million in 2020 and $950 million in 2021\\.\n\n***(c) Capacity Purchase Agreements with Third\\-Party Regional Carriers***\n\nAmerican has capacity purchase agreements with third\\-party regional carriers\\. The capacity purchase agreements provide that all revenues, including passenger, in\\-flight, ancillary, mail and freight revenues, go to American\\. In return, American agrees to pay predetermined fees to these airlines for operating an agreed\\-upon number of aircraft, without regard to the number of passengers on board\\. In addition, these agreements provide that American reimburses 100% of certain variable costs, such as airport landing fees and passenger liability insurance\\. American controls marketing, scheduling, ticketing, pricing and seat inventories\\.\n\nAs of December 31, 2017, American\u2019s capacity purchase agreements with third\\-party regional carriers had expiration dates ranging from 2018 to 2027, with rights of American to extend the respective terms of certain agreements\\. See Part I, Item 2\\. Properties for unaudited information on the aircraft operated by third\\-party regional carriers under such capacity purchase agreements\\.\n\n161"}
{"_id": "AmericanAirlines-2019_13.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nIn the event that CORSIA does not come into force as expected, American and other airlines could become subject to an unpredictable and inconsistent array of national or regional emissions restrictions, creating a patchwork of complex regulatory requirements that will often affect global competitors differently and frequently offer no meaningful aviation environmental improvements\\. For example, a directive adopted in 2008 by the EU currently covers CO ~2~  emissions from flights operating within the mostly European countries participating in the EU Emissions Trading System (ETS)\\. The EU ETS does not apply to CO ~2~  emissions from the vast majority of American flights serving EU countries because, in 2012, the EU agreed to suspend the application of its rules to international flights to pursue, instead, a global effort solely through ICAO\\. The EU has extended the suspension of its rules to international flights through the end of 2023, contingent on the successful implementation of CORSIA\\. \n\nWe have taken a number of actions that mitigate our GHG emissions and conserve fuel such as:\n\n\n\n|   |                                                                                                                                                                                   |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | retiring older, less fuel\\-efficient aircraft and replacing them with new, more fuel\\-efficient aircraft, resulting in the youngest mainline fleet of any U\\.S\\. network carrier; |\n\n\n\n\n\n|   |                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------- |\n| \u2022 | reducing fuel consumption through operational initiatives such as single\\-engine taxi and engine washing; |\n\n\n\n\n\n|   |                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | working with the FAA and vendors to facilitate efficient airspace procedures, which also reduces aircraft emissions; |\n\n\n\n\n\n|   |                                                                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | updating our fleet with lightweight interiors including seats and furnishings and replacing existing cargo containers with lighter weight versions;  |\n\n\n\n\n\n|   |                                                                                                                                                                            |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | replacing older, inefficient ground support equipment with new, more fuel\\-efficient ground support equipment, including alternative\\-fuel and electric powered equipment; |\n\n\n\n\n\n|   |                                                                                                                       |\n| - | --------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | purchasing renewable electricity to reduce indirect emissions associated with the production of the power we consume; |\n\n\n\n\n\n|   |                                                                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | seeking certification of certain of our buildings to the U\\.S\\. Green Building Council\u2019s Leadership in Energy and Environmental Design (LEED) standard; |\n\n\n\n\n\n|   |                                                                                                                                          |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | entering into discussions with potential vendors to explore potential production pathways for sustainable alternative aircraft fuel; and |\n\n\n\n\n\n|   |                                                                                                                          |\n| - | ------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | collaborating with airports and other stakeholders to accelerate the introduction of sustainable or lower carbon fuels\\. |\n\n\n\nFor further information, see our annual Corporate Responsibility Report, available on our website at  www\\.aa\\.com/CRR \\. None of the information or contents of our website is incorporated into this Annual Report on Form 10\\-K\\.\n\nImpact of Regulatory Requirements on Our Business\n\nRegulatory requirements, including but not limited to those discussed above, affect operations and increase operating costs for the airline industry, including our airline subsidiaries, and future regulatory developments may continue to do the same in the future\\. See Part I, Item 1A\\. Risk Factors \u2013 \u201c Evolving data security and privacy requirements could increase our costs, and any significant data security incident could disrupt our operations, harm our reputation, expose us to legal risks and otherwise materially adversely affect our business, results of operations and financial condition,\u201d \u201cIf we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots, we may be unable to operate our existing flight schedule and to expand or change our route network in the future, which may have a material adverse impact on our operations,\u201d \u201cOur business is subject to extensive government regulation, which may result in increases in our costs, disruptions to our operations, limits on our operating flexibility, reductions in the demand for air travel, and competitive disadvantages,\u201d \u201cThe airline industry is heavily taxed, \u201d  \u201cWe are subject to many forms of environmental and noise regulation and may incur substantial costs as a result,\u201d  and  \u201cWe are subject to risks associated with climate change, including increased regulation of our CO ~2~  emissions and the potential increased impacts of severe weather events on our operations and infrastructure\u201d  for additional information\\.\n\n14"}
{"_id": "Southwest-2017_117.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| [Supplemental Agreement No\\. 11 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2000](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/sa111810redacted.txt) , including [Letter Agreement 6\\-1162\\-RLL\\-932R1](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll932r1redlined.txt)  and [Table of Contents](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/tableofcontents11.txt)  (File No\\. 1\\-7259)); [Supplemental Agreement No\\. 12 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2000](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/sa121810redacted.txt) , including [Purchase Agreement Amendments](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/pasa12redacted.txt)  (File No\\. 1\\-7259)); [Supplemental Agreement No\\. 13 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2000](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/sa13redacted.txt) , including [Purchase Agreement Amendments](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/pasa13.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-932R2](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll932r2.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-933R9](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll933r9redacted.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-934R1](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll934r2redlined.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-941R1](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll941r2redlined.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-054](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj054busmatters.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-055](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj055strucmatters.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-056](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj056noiseemission.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-057](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj057productdev.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-058](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj058submatters.txt) , and [Price Adjustment](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/exhibitd1.txt)  (File No\\. 1\\-7259)); [Supplemental Agreement No\\. 14 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2000](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/sa141810redacted.txt) , including [Purchase Agreement Amendments](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/pa1810sa14redacted.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-934R2](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll934r3redlined.txt) , and [Letter Agreement No\\. 6\\-1162\\-KJJ\\-150](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj150fccmode.txt)  (File No\\. 1\\-7259)); [Supplemental Agreements Nos\\. 15, 16, 17, 18, and 19 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2001 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013401508530/d91871ex10-1.txt) ; [Supplemental Agreements Nos\\. 20, 21, 22, 23, and 24 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2002 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238002000019/ex10_3.txt) ; [Supplemental Agreements Nos\\. 25, 26, 27, 28, and 29 (incorporated by reference to Exhibit 10\\.8 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2003 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238003000013/ex10_8.txt) ; [Supplemental Agreements Nos\\. 30, 31, 32, and 33 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2003 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013404000842/d11818exv10w1.txt) ;[ Supplemental Agreements Nos\\. 34, 35, 36, 37, and 38 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2004 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238004000016/ex10-3.txt) ; [Supplemental Agreements Nos\\. 39 and 40 (incorporated by reference to Exhibit 10\\.6 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2004 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238004000028/ex10-6.txt) ; [Supplemental Agreement No\\. 41 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2004 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013405002093/d21965exv10w1.htm) ; [Supplemental Agreements Nos\\. 42, 43, and 44 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2005 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238005000006/ex10-1.txt) ; [Supplemental Agreement No\\. 45 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2005 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238005000012/ex10-1.txt) ; [Supplemental Agreements Nos\\. 46 and 47 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2006 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013406007697/d35241exv10w1.htm) ; [Supplemental Agreement No\\. 48 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2006 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238006000009/exhibit_10-1.htm) ; [Supplemental Agreements Nos\\. 49 and 50 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2006 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238006000020/ex10-1.htm) ; [Supplemental Agreement No\\. 51 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2006 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013407001724/d42975exv10w1.htm) ; [Supplemental Agreement No\\. 52 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238007000014/ex10-1.htm) ; [Supplemental Agreement No\\. 53 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238007000024/ex10_1.htm) ; [Supplemental Agreement No\\. 54 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238007000034/ex10_1.htm) ;[ Supplemental Agreement No\\. 55 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238007000034/ex10_2.htm) ; [Supplemental Agreement No\\. 56 (incorporated by reference to Exhibit 10\\.1 to Southwest\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013408001572/d53331exv10w1.htm) ; [Supplemental Agreement No\\. 57 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2008 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238008000009/ex10_1.htm) ; [Supplemental Agreement No\\. 58 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2008 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238008000009/ex10_2.htm) ; [Supplemental Agreement No\\. 59 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2008 (File No\\. 1\\-7259)); ](http://www.sec.gov/Archives/edgar/data/92380/000009238008000009/ex10_3.htm)[Supplemental Agreement No\\. 60 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2008 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238008000014/ex10_1.htm) ; [Supplemental Agreement No\\. 61 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2008 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238008000018/ex10_1.htm) ; [Supplemental Agreement No\\. 62 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2009 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238009000016/ex10_1.htm) ; [Supplemental Agreement No\\. 63 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2009 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238009000016/ex10_2.htm) ; [Supplemental Agreement No\\. 64 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238010000032/ex10_1.htm) ;<br><br>  <br><br>  <br> |\n\n\n\n118"}
{"_id": "Delta-2018_60.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\n\nNOTE 1 \\. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n\nBasis of Presentation\n\nDelta Air Lines, Inc\\., a Delaware corporation, provides scheduled air transportation for passengers and cargo throughout the United States (\"U\\.S\\.\") and around the world\\. Our Consolidated Financial Statements include the accounts of Delta Air Lines, Inc\\. and our wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U\\.S\\. (\"GAAP\")\\. We do not consolidate the financial statements of any company in which we have voting rights of   50%  or less\\. We are not the primary beneficiary of, nor do we have a controlling financial interest in, any variable interest entity\\. Accordingly, we have not consolidated any variable interest entity\\. \n\nWe have marketing alliances with other airlines to enhance our access to domestic and international markets\\. These arrangements may include codesharing, reciprocal loyalty program benefits, shared or reciprocal access to passenger lounges, joint promotions, common use of airport gates and ticket counters, ticket office co\\-location and other marketing agreements\\. We have received antitrust immunity for certain marketing arrangements, which enables us to offer a more integrated route network and develop common sales, marketing and discount programs for customers\\. Some of our marketing arrangements provide for the sharing of revenues and expenses\\. Revenues and expenses associated with collaborative arrangements are presented on a gross basis in the applicable line items on our Consolidated Statements of Operations (\"income statement\")\\.\n\nWe have recast prior year financial statements to conform with the adoption of the revenue recognition and retirement benefits standards described below\\. In addition, we have reclassified regional carriers fuel expense from regional carriers expense to aircraft fuel and related taxes, and consolidated ancillary businesses and refinery expenses into one financial statement line item, in addition to making other classification changes to conform to the current year presentation\\. \n\nUnless otherwise noted, all amounts disclosed are stated before consideration of income taxes\\.\n\nUse of Estimates\n\nWe are required to make estimates and assumptions when preparing our Consolidated Financial Statements in accordance with GAAP\\. These estimates and assumptions affect the amounts reported in our Consolidated Financial Statements and the accompanying notes\\. Actual results could differ materially from those estimates\\.\n\nRecent Accounting Standards\n\nStandards Effective in Future Years\n\nComprehensive Income \\. In February 2018, the Financial Accounting Standards Board (\"FASB\") issued Accounting Standards Update (\"ASU\") No\\. 2018\\-02, \"Income Statement\u2014Reporting Comprehensive Income (Topic 220)\\.\" This standard provides an option to reclassify stranded tax effects within  accumulated other comprehensive income/(loss) (\"AOCI\")  to retained earnings due to the U\\.S\\. federal corporate income tax rate change in the Tax Cuts and Jobs Act of 2017\\. The adoption of the standard may impact tax amounts stranded in AOCI related to our pension plans\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2018\\. \n\nRecently Adopted Standards\n\nLeases\\.  In 2016, the FASB issued ASU No\\. 2016\\-02, \"Leases (Topic 842)\\.\" This ASU and subsequently issued amendments require leases with durations greater than 12 months to be recognized on the balance sheet\\.  The standard is effective for interim and annual reporting periods beginning after December 15, 2018, and early adoption is permitted\\. \n\n 58"}
{"_id": "Southwest-2018_34.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Stock Performance Graph**\n\n*The following Performance Graph and related information shall not be deemed \"soliciting material\" or \"filed\" with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934\\.*\n\nThe following graph compares the cumulative total shareholder return on the Company\u2019s common stock over the five\\-year period ended December 31, 2018, with the cumulative total return during such period of the Standard and Poor\u2019s 500 Stock Index and the NYSE ARCA Airline Index\\. The comparison assumes $100 was invested on December 31, 2013, in the Company\u2019s common stock and in each of the foregoing indices and assumes reinvestment of dividends\\. The stock performance shown on the graph below represents historical stock performance and is not necessarily indicative of future stock price performance\\. \n\n**COMPARISON OF FIVE YEAR CUMULATIVE TOTAL RETURN AMONG SOUTHWEST AIRLINES CO\\., S&P 500 INDEX, AND NYSE ARCA AIRLINE INDEX** \n\n![chart1\\.jpg](https://www.example.com/chart1.jpg)\n\n\n\n|                             |                |                |                |                |                |                |\n| --------------------------- | -------------- | -------------- | -------------- | -------------- | -------------- | -------------- |\n|                             | **12/31/2013** | **12/31/2014** | **12/31/2015** | **12/31/2016** | **12/31/2017** | **12/31/2018** |\n| **Southwest Airlines Co\\.** | $100           | $226           | $232           | $271           | $359           | $257           |\n| **S&P 500**                 | $100           | $114           | $115           | $129           | $157           | $150           |\n| **NYSE ARCA Airline**       | $100           | $150           | $127           | $164           | $174           | $137           |\n\n\n\n35"}
{"_id": "AmericanAirlines-2019_52.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nThis table presents our total passenger revenue and the year\\-over\\-year change in certain operating statistics:\n\n\n\n|                   |                                  |                                                                |                                                                |                                                                |                                                                |                                                                |                                                                |\n| ----------------- | -------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- |\n|                   |                                  | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2018** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2018** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2018** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2018** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2018** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2018** |\n|                   | **Year Ended December 31, 2019** | **Passenger**<br><br>**Revenue**                               | **RPMs**                                                       | **ASMs**                                                       | **Load**<br><br>**Factor**                                     | **Passenger**<br><br>**Yield**                                 | **PRASM**                                                      |\n|                   | **(In millions)**                |                                                                |                                                                |                                                                |                                                                |                                                                |                                                                |\n| Passenger revenue | $42,010                          | 3\\.3%                                                          | 4\\.4%                                                          | 1\\.1%                                                          | 2\\.6pts                                                        | (1\\.0)%                                                        | 2\\.2%                                                          |\n\n\n\nPassenger revenue  increase d  $1\\.3 billion , or  3\\.3 %, in  2019  from  2018  due to continued strength in passenger demand resulting in a  4\\.4%  increase in RPMs and a  2\\.6  point increase in passenger load factor\\. Domestic PRASM increased 2\\.0% in 2019 as compared to 2018\\. Latin America was the best performing international region in  2019 , with PRASM increasing 3\\.4% followed by Pacific with PRASM increasing 3\\.1%, while Atlantic PRASM declined 1\\.5% principally due to lower transfer payments related to our joint business arrangement and foreign currency effects\\.\n\nCargo revenue  decrease d  $150 million , or  14\\.8 %, in  2019  from  2018  primarily due to a  14\\.4 % decrease in cargo ton miles reflecting declines in international freight volumes, principally as a result of international schedule reductions\\.\n\nOther operating revenue increased  $43 million , or  1\\.5 %, in  2019  from  2018  primarily due to higher revenue associated with our airport clubs and loyalty program\\.\n\nTotal operating revenues in  2019  increase d  $1\\.2 billion , or  2\\.8 %, from  2018  driven principally by a  3\\.3 % increase in passenger revenue as described above\\. Our TRASM was  16\\.05  cents in  2019 , a  1\\.7 %  increase  as compared to  15\\.79  cents in  2018 \\.\n\nOperating Expenses\n\n\n\n|                                       |                                              |                                              |                                              |                                              |\n| ------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- |\n|                                       | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase  <br>(Decrease)**                 | **Percent  <br>Increase  <br>(Decrease)**    |\n|                                       | **2019**                                     | **2018**                                     | **Increase  <br>(Decrease)**                 | **Percent  <br>Increase  <br>(Decrease)**    |\n|                                       | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** |\n| Aircraft fuel and related taxes       | $7,526                                       | $8,053                                       | $(527)                                       | (6\\.5)                                       |\n| Salaries, wages and benefits          | 12,609                                       | 12,251                                       | 358                                          | 2\\.9                                         |\n| Maintenance, materials and repairs    | 2,380                                        | 2,050                                        | 330                                          | 16\\.1                                        |\n| Other rent and landing fees           | 2,055                                        | 1,900                                        | 155                                          | 8\\.2                                         |\n| Aircraft rent                         | 1,326                                        | 1,264                                        | 62                                           | 4\\.9                                         |\n| Selling expenses                      | 1,602                                        | 1,520                                        | 82                                           | 5\\.4                                         |\n| Depreciation and amortization         | 1,982                                        | 1,839                                        | 143                                          | 7\\.7                                         |\n| Mainline operating special items, net | 635                                          | 787                                          | (152)                                        | (19\\.4)                                      |\n| Other                                 | 5,087                                        | 5,088                                        | (1)                                          | \u2014                                            |\n| Regional expenses:                    |                                              |                                              |                                              |                                              |\n| Aircraft fuel and related taxes       | 1,869                                        | 1,843                                        | 26                                           | 1\\.4                                         |\n| Other                                 | 5,632                                        | 5,290                                        | 342                                          | 6\\.5                                         |\n| Total operating expenses              | $42,703                                      | $41,885                                      | $818                                         | 2\\.0                                         |\n\n\n\nTotal operating expenses  increase d  $818 million , or  2\\.0 %, in  2019  from  2018 \\. See detailed explanations below relating to changes in total CASM\\.\n\nTotal CASM\n\nWe sometimes use financial measures that are derived from the consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate our current operating performance and to allow for period\\-to\\-period comparisons\\. We believe these non\\-GAAP financial measures may also provide useful information to investors and others\\. These non\\-GAAP measures may not be comparable to similarly titled non\\-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, \n\n53"}
{"_id": "AmericanAirlines-2019_131.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n(a) 2013, 2014, April 2016 and December 2016 Credit Facilities\n\n2013 Credit Facilities\n\nIn November 2019, American and AAG entered into the Sixth Amendment to Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement dated as of May 21, 2015 (as previously amended, the 2013 Credit Agreement; the revolving credit facility established thereunder, the 2013 Revolving Facility; the term loan facility established thereunder, the 2013 Term Loan Facility; and the 2013 Revolving Facility together with the 2013 Term Loan Facility, the 2013 Credit Facilities), which reduced the total aggregate commitments under the 2013 Revolving Facility to   $750 million  from   $1\\.0 billion \\. In addition, certain lenders party to the 2013 Credit Agreement extended the maturity date of their commitments under the 2013 Revolving Facility to October 2024 from October 2023\\.\n\n2014 Credit Facilities\n\nIn November 2019, American and AAG entered into the Seventh Amendment to Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement dated as of April 20, 2015 (as previously amended, the 2014 Credit Agreement; the revolving credit facility established thereunder, the 2014 Revolving Facility; the term loan facility established thereunder, the 2014 Term Loan Facility; and the 2014 Revolving Facility together with the 2014 Term Loan Facility, the 2014 Credit Facilities), which increased the total aggregate commitments under the 2014 Revolving Facility to   $1\\.6 billion  from   $1\\.5 billion \\. In addition, certain lenders party to the 2014 Credit Agreement extended the maturity date of their commitments under the 2014 Revolving Facility to October 2024 from October 2023\\.\n\nApril 2016 Credit Facilities\n\nIn November 2019, American and AAG entered into the Fifth Amendment to Credit and Guaranty Agreement, amending the Credit and Guaranty Agreement dated as of April 29, 2016 (as previously amended, April 2016 Credit Agreement; the revolving credit facility established thereunder, the April 2016 Revolving Facility; the term loan facility established thereunder, the 2016 Term Loan Facility; and the April 2016 Revolving Facility together with the 2016 Term Loan Facility, the April 2016 Credit Facilities), which increased the total aggregate commitments under the April 2016 Revolving Facility to   $450 million  from   $300 million \\. In addition, certain lenders party to the April 2016 Credit Agreement extended the maturity date of their commitments under the April 2016 Revolving Facility to October 2024 from October 2023\\.\n\nDecember 2016 Credit Facilities\n\nIn December 2016, American and AAG entered into the Amended and Restated Credit and Guaranty Agreement, dated as of December 15, 2016 (as amended, the December 2016 Credit Agreement; the term loan facility established thereunder, the December 2016 Term Loan Facility; and together with the revolving credit facility that may be established thereunder in the future, the December 2016 Credit Facilities)\\.\n\nCertain details of American\u2019s 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, 2019 :\n\n\n\n|                                                                                          |                                |                                  |                            |                                  |                                  |                                        |                                     |\n| ---------------------------------------------------------------------------------------- | ------------------------------ | -------------------------------- | -------------------------- | -------------------------------- | -------------------------------- | -------------------------------------- | ----------------------------------- |\n|                                                                                          | **2013 Credit Facilities**     | **2013 Credit Facilities**       | **2014 Credit Facilities** | **2014 Credit Facilities**       | **April 2016 Credit Facilities** | **April 2016 Credit Facilities**       | **December 2016 Credit Facilities** |\n|                                                                                          | **2013 Replacement Term Loan** | **2013  <br>Revolving Facility** | **2014 Term  <br>Loan**    | **2014  <br>Revolving Facility** | **April 2016  <br>Term Loan**    | **April 2016  <br>Revolving Facility** | **December 2016 Term Loan**         |\n| Aggregate principal issued<br><br> or credit facility availability<br><br> (in millions) | $1,919                         | $750                             | $1,250                     | $1,643                           | $1,000                           | $450                                   | $1,250                              |\n| Principal outstanding or<br><br> drawn (in millions)                                     | $1,807                         | $\u2014                               | $1,202                     | $\u2014                               | $970                             | $\u2014                                     | $1,213                              |\n| Maturity date                                                                            | June 2025                      | October 2024                     | October 2021               | October 2024                     | April 2023                       | October 2024                           | December 2023                       |\n| LIBOR margin                                                                             | 1\\.75%                         | 2\\.00%                           | 2\\.00%                     | 2\\.00%                           | 2\\.00%                           | 2\\.00%                                 | 2\\.00%                              |\n\n\n\nThe term loans under each of the Credit Facilities are repayable in annual installments in an amount equal to   1\\.00%  of the aggregate principal amount issued, with any unpaid balance due on the respective maturity dates\\. Voluntary prepayments may be made by American at any time\\.\n\n132"}
{"_id": "United-2019_34.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nCo\\-Brand Agreement \\. United has a significant contract (the \"Co\\-Brand Agreement\") to sell MileagePlus miles to its co\\-branded credit card partner JPMorgan Chase Bank, N\\.A\\. (\"Chase\")\\. Chase awards miles to MileagePlus members based on their credit card activity\\. United identified the following significant separately identifiable performance obligations in the Co\\-Brand Agreement: \n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | MileagePlus miles awarded \u2013 United has a performance obligation to provide MileagePlus cardholders with miles to be used for air travel and non\\-travel award redemptions\\. The Company records Passenger revenue related to the travel awards when the transportation is provided and records Other revenue related to the non\\-travel awards when the goods or services are delivered\\. The Company records the cost associated with non\\-travel awards in Other operating revenue\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Marketing \u2013 United has a performance obligation to provide Chase access to United's customer list and the use of United's brand\\. Marketing revenue is recorded to Other operating revenue as miles are delivered to Chase\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Advertising \u2013 United has a performance obligation to provide advertising in support of the MileagePlus card in various customer contact points such as United's website, email promotions, direct mail campaigns, airport advertising and in\\-flight advertising\\. Advertising revenue is recorded to Other operating revenue as miles are delivered to Chase\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Other travel\\-related benefits \u2013 United's performance obligations are comprised of various items such as waived bag fees, seat upgrades and lounge passes\\. Lounge passes are recorded to Other operating revenue as customers use the lounge passes\\. Bag fees and seat upgrades are recorded to Passenger revenue at the time of the associated travel\\.  |\n\n\n\nWe account for all the payments received (including monthly and one\\-time payments) under the Co\\-Brand Agreement by allocating them to the separately identifiable performance obligations\\. The fair value of the separately identifiable performance obligations is determined using management's estimated selling price of each component\\. The objective of using the estimated selling price based methodology is to determine the price at which we would transact a sale if the product or service were sold on a stand\\-alone basis\\. Accordingly, we determine our best estimate of selling price by considering multiple inputs and methods including, but not limited to, discounted cash flows, brand value, volume discounts, published selling prices, number of miles awarded and number of miles redeemed\\. The Company estimated the selling prices and volumes over the term of the Co\\-Brand Agreement in order to determine the allocation of proceeds to each of the components to be delivered\\. We also evaluate volumes on an annual basis, which may result in a change in the allocation of the estimated consideration from the Co\\-Brand Agreement on a prospective basis\\.\n\nIn  February 2020 , the Company announced that they had entered into a Third Amended and Restated Co\\-Branded Card Marketing Services Agreement (as amended from time to time, the \"Agreement\") with Chase\\. The Agreement, which replaces the Co\\-Brand Agreement, also extends the term into 2029 and modifies certain other terms\\. We will continue to account for the considerations received under the Agreement to the separately identifiable performance obligations using the estimated selling price allocation methodology explained above\\. In connection with the Agreement the Company, entered into an Amended and Restated Co\\-Branded Card Strategic Alliance Agreement with Visa U\\.S\\.A\\. Inc\\. \n\nEstimate of Miles Not Expected to be Redeemed \\. The Company's estimated selling price of miles is based on an equivalent ticket value less breakage, which incorporates the expected redemption of miles, as the best estimate of selling price for these miles\\. The equivalent ticket value is based on the prior 12 months' weighted average equivalent ticket value of similar fares as those used to settle award redemptions while taking into consideration such factors as redemption pattern, cabin class, loyalty status and geographic region\\. The estimated selling price of miles is adjusted by breakage that considers a number of factors, including redemption patterns of various customer groups\\. The Company's breakage model is based on the assumption that the likelihood that an account will redeem its miles can be estimated based on a consideration of the account's historical behavior\\. The Company uses a logit regression model to estimate the probability that an account will redeem its current miles balance\\. The Company reviews its breakage estimates annually based upon the latest available information\\. The Company's estimate of the expected breakage of miles requires significant management judgment\\. Current and future changes to breakage assumptions, or to program rules and program redemption opportunities, may result in material changes to the deferred revenue balance as well as recognized revenues from the program\\. For the portion of the outstanding miles that we estimate will not be redeemed, we recognize the associated value proportionally as the remaining miles are redeemed\\. \n\nThe following table summarizes information related to the Company's Frequent flyer deferred revenue liability:\n\n\n\n|                                                                                                                                     |        |\n| ----------------------------------------------------------------------------------------------------------------------------------- | ------ |\n| Frequent flyer deferred revenue at December 31, 2019 (in millions)                                                                  | $5,276 |\n| Percentage of miles earned not expected to be redeemed                                                                              | 14%    |\n| Impact of 1% change in outstanding miles expected to be redeemed or weighted average ticket value on deferred revenue (in millions) | $53    |\n\n\n\n35"}
{"_id": "AmericanAirlines-2019_128.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n(n) Share\\-based Compensation\n\nAmerican accounts for its share\\-based compensation expense based on the fair value of the stock award at the time of grant, which is recognized ratably over the vesting period of the stock award\\. The majority of American\u2019s stock awards are time vested restricted stock units, and the fair value of such awards is based on the market price of the underlying shares of AAG common stock on the date of grant\\. See Note 13 for further discussion of share\\-based compensation\\.\n\n(o) Foreign Currency Gains and Losses\n\nForeign currency gains and losses are recorded as part of other income, net within total nonoperating expense, net in American\u2019s consolidated statements of operations\\. For the years ended  December 31, 2019 ,  2018  and  2017 , respectively, foreign currency  losses  were   $32 million ,   $54 million  and   $4 million \\.\n\n(p) Other Operating Expenses\n\nOther operating expenses includes costs associated with ground and cargo handling, crew travel, aircraft food and catering, passenger accommodation, airport security, international navigation fees and certain general and administrative expenses\\.\n\n(q) Regional Expenses\n\nExpenses associated with American Eagle operations are classified as regional expenses on American\u2019s consolidated statements of operations\\.Regional expenses consist of the following (in millions):\n\n\n\n|                                                               |                             |                             |                             |\n| ------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                               | **2019**                    | **2018**                    | **2017**                    |\n| Aircraft fuel and related taxes                               | $1,869                      | $1,843                      | $1,382                      |\n| Salaries, wages and benefits                                  | 325                         | 338                         | 356                         |\n| Capacity purchases from third\\-party regional carriers  ^(1)^ | 3,562                       | 3,267                       | 3,283                       |\n| Maintenance, materials and repairs                            | 30                          | 8                           | 7                           |\n| Other rent and landing fees                                   | 621                         | 583                         | 602                         |\n| Aircraft rent                                                 | 29                          | 27                          | 27                          |\n| Selling expenses                                              | 402                         | 369                         | 361                         |\n| Depreciation and amortization                                 | 286                         | 267                         | 262                         |\n| Special items, net                                            | \u2014                           | \u2014                           | 3                           |\n| Other                                                         | 394                         | 362                         | 289                         |\n| Total regional expenses                                       | $7,518                      | $7,064                      | $6,572                      |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                   |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | In  2019 ,  2018 , and  2017 , American recognized   $590 million ,   $565 million  and   $544 million , respectively, of expense under its capacity purchase agreement with Republic Airline Inc\\. (Republic)\\. American holds a   25%  equity interest in Republic Airways Holdings Inc\\. (Republic Holdings), the parent company of Republic\\. |\n\n\n\n129"}
{"_id": "Delta-2019_31.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nITEM 7\\. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS  OF OPERATIONS\n\nThis section of this Form 10\\-K does not address certain items regarding the year ended December 31, 2017\\. Discussion and analysis of 2017 and year\\-to\\-year comparisons between 2018 and 2017 not included in this Form 10\\-K can be found in \"Item 7\\. Management's Discussion and Analysis\" of our Annual Report on Form 10\\-K for the year ended December 31, 2018\\.\n\nYear in Review\n\nDelta had a strong year in 2019, delivering record financial results and making significant progress on strategic priorities\\. We leveraged our brand momentum to drive strong revenue growth and improvement in pre\\-tax income, margin, earnings per share and free cash flow over 2018\\. Strategic accomplishments during the year include our renewed agreement with American Express and announcing plans to enter into a strategic alliance with LATAM\\. \n\nOur pre\\-tax income for 2019 was $6\\.2 billion, representing a $1 billion, or 20%,  increase compared to the prior year\\. Diluted earnings per share of $7\\.30 improved 29% over 2018\\. Our $8\\.4 billion of cash flows from operations helped fund $4\\.9 billion in capital expenditures, resulting in free cash flow of $4\\.2 billion, representing a $1\\.8 billion improvement to the prior year\\. We returned 72% of free cash flow, or $3 billion, to shareholders through share repurchases and dividends\\. The improvement in earnings and cash flow primarily resulted from a $2\\.6 billion increase in revenue and lower fuel expense on an 8% decrease in the market price per gallon of fuel and improved fuel efficiency\\.\n\nWe continued to run the world\u2019s most reliable airline and set a new record for zero cancel days with 165 cancel\\-free days across the system and 281 on our mainline operations\\. Industry\\-leading operational performance, our culture of service and continued product investments supported record customer satisfaction scores\\. In 2019, we increased net promoter scores in every geographic region, highlighted by a 5\\-point improvement in the Domestic region to 50%\\.\n\nStrong Brand Drives Revenue Growth\n\nCompared to 2018, our operating revenue increased $2\\.6 billion, or 5\\.8%, on balanced growth across our diverse revenue streams, with premium product ticket revenue driving nearly half of the improvement, and strong growth in both loyalty and MRO revenue\\. Total revenue per available seat mile (\"TRASM\") and TRASM, adjusted (a non\\-GAAP financial measure) increased 1\\.2% and 2\\.8%, respectively, compared to the prior year, led by (1) unit revenue growth in our Domestic and Latin regions, (2) demand strength in both business and leisure segments and (3) strong growth in premium products and non\\-ticket revenues\\. Total loyalty revenue grew 18% in 2019\\.\n\nSolid Cost Performance\n\nOperating Expense\\.  Operating expense increased $1\\.2 billion, or 3\\.1%, primarily due to higher revenue\\- and capacity\\-related expenses including wages and profit sharing for employees and contracted services expense\\. Salaries and related costs were higher due to pay rate increases for eligible employees implemented during 2019, while profit sharing was higher due to increased profitability in 2019\\. The increase in contracted services expense predominantly relates to services performed by Delta Global Services (\"DGS\") that were recorded in salaries and related costs prior to the sale of that business in December 2018\\. These increases were partially offset by lower fuel expense on an 8% decrease in the market price per gallon of fuel and improved fuel efficiency driven by our ongoing fleet transformation\\.\n\nOur operating cost per available seat mile (\"CASM\") decreased 1\\.3% to 14\\.67 cents compared to 2018, primarily due to lower fuel expense and a 4\\.6% increase in capacity\\. Non\\-fuel unit costs (\"CASM\\-Ex\", a non\\-GAAP financial measure) increased 2\\.0% to 10\\.52 cents due to the higher revenue\\- and capacity\\-related expense increases discussed above\\.\n\nNon\\-Operating Expense\\.  Total non\\-operating expense was $420 million during 2019 compared to $113 million in 2018, primarily due to an increase in pension and related expense compared to the prior year, partially offset by higher gains on investments\\.\n\n29"}
{"_id": "Southwest-2019_41.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nextend MAX\\-related flight schedule adjustments\\. The FAA will determine the timing of MAX return to service, and the Company offers no assurances that current estimations and timelines are correct\\. The Company continues to be focused on proactively managing cancellations, minimizing operational disruptions, reaccommodating Customers, and minimizing the impact on its ontime performance\\.\n\nAs of  December 31, 2019 , the Company had firm orders in place with Boeing for  219  737 MAX 8 aircraft and  30  737 MAX 7 aircraft\\. As previously disclosed, Boeing is not currently delivering new MAX aircraft and, therefore, not meeting its contractual delivery schedule\\. The Company had 41 MAX aircraft on order from Boeing or third parties from 2019 that have yet to be delivered, one of which contractually shifted to 2021\\. As a result of the MAX groundings, the Company deferred the planned retirement of seven of its owned Boeing 737\\-700 aircraft to future years\\. The Company retired  one  737\\-700 aircraft during third quarter 2019 and an additional  three  737\\-700 aircraft during fourth quarter 2019\\. The Company also returned  two  leased 737\\-700 aircraft during fourth quarter 2019\\. See Part I, Item 2 and Note 16 to the Consolidated Financial Statements for further information\\.\n\nBased on the Company's MAX\\-related flight schedule adjustments through June 6, 2020, the Company currently expects its  first quarter 2020  ASMs to decrease in the range of 1\\.5 to 2\\.5 percent, compared with  first quarter 2019 \\. Based on continued uncertainty regarding the MAX return to service that could materially impact current and future flight schedules, the Company is unable to provide annual 2020 available seat mile guidance at this time\\. \n\nDuring 2019, the following events took place regarding the Company's unionized Employee groups in contract negotiations:\n\n\n\n|   |                                                                                                                                                                                                                                            |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | The Company's Mechanics and Related Employees, represented by Aircraft Mechanics Fraternal Association, ratified a new collective\\-bargaining agreement with the Company\\. The newly ratified contract becomes amendable in August 2024\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                    |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | The Company's Flight Simulator Technicians, represented by International Brotherhood of Teamsters, ratified a new collective\\-bargaining agreement with the Company\\. The newly ratified contract becomes amendable in May 2024\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                       |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | The Company's Material Specialists, represented by International Brotherhood of Teamsters Local 19, ratified a new collective\\-bargaining agreement with the Company\\. The newly ratified contract becomes amendable in April 2024\\.  |\n\n\n\n2019  Compared with  2018 \n\nOperating Revenues\n\nPassenger revenues for  2019  increase d by  $321 million , or  1\\.6  percent, compared with  2018 \\. On a unit basis, Passenger revenues  increase d  3\\.2 percent , year\\-over\\-year, largely driven by a  3\\.1 percent  increase  in Passenger revenue yield and a slight  increase  in Load factor, year\\-over\\-year, to  83\\.5 percent \\. The Company's capacity  decrease d  1\\.6 percent  in 2019, as compared with 2018\\. The  increase  in Passenger revenue yield was the result of an increase in average fare\\. In addition, prior year results included negative revenue effects from its Flight 1380 accident in April 2018\\. On April 17, 2018, Southwest Airlines Flight 1380 from New York\\-LaGuardia to Dallas Love Field suffered an uncontained failure of its port CFM56\\-7B engine, resulting in a Customer fatality\\. The nominal dollar  increase  was partially offset by several unexpected events during  2019  that contributed to a negative revenue impact, including the MAX groundings, unscheduled maintenance disruptions in first quarter, and the U\\.S\\. government shutdown in first quarter\\.\n\nFreight revenues for  2019  decrease d by  $3 million , or  1\\.7 percent , compared with  2018 , primarily due to  decrease d demand\\. Based on current trends, the Company currently expects Freight revenues in  first quarter 2020  to increase, compared with  first quarter 2019 \\.\n\nOther revenues for  2019  increase d by  $145 million , or  10\\.9  percent, compared with  2018 \\. The increase was primarily due to an increase in revenues associated with cardholder spend on the Company's co\\-branded Chase ^\u00ae^  Visa credit card, driven by the Company's bonus point offers in the second, third, and fourth quarters of 2019, and the success of its \n\n42"}
{"_id": "Alaska-2019_31.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n|                                                                                                |                                                                                                |                                                                                                |\n| ---------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- |\n| ITEM 7\\. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | ITEM 7\\. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | ITEM 7\\. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |\n\n\n\nOVERVIEW\n\nThe following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand our company, our operations and our present business environment\\. MD&A is provided as a supplement to \u2013 and should be read in conjunction with \u2013 our consolidated financial statements and the accompanying notes\\. All statements in the following discussion that are not statements of historical information or descriptions of current accounting policy are forward\\-looking statements\\. Please consider our forward\\-looking statements in light of the risks referred to in this report\u2019s introductory cautionary note and the risks mentioned in Part I, \u201cItem 1A\\. Risk Factors\\.\u201d This overview summarizes the MD&A, which includes the following sections:\n\n\u2022 Year in Review \u2014highlights from 2019 outlining some of the major events that happened during the year and how they affected our financial performance\\.\n\n\u2022 Results of Operations \u2014an in\\-depth analysis of our revenues by segment and our expenses from a consolidated perspective for the three years presented in our consolidated financial statements\\. To the extent material to the understanding of segment profitability, we more fully describe the segment expenses per financial statement line item\\. Financial and statistical data is also included here\\. We have recast our financial information to reflect the impact of those standards\\. This section also includes forward\\-looking statements regarding our view of 2020\\. \n\n\u2022 Liquidity and Capital Resources \u2014an overview of our financial position, analysis of cash flows, sources and uses of cash, contractual obligations and commitments and off\\-balance sheet arrangements\\.\n\n\u2022 Critical Accounting Estimates \u2014a discussion of our accounting estimates that involve significant judgment and uncertainties\\.\n\nThis section of the Form 10\\-K covers discussion of 2019 and 2018 results, and comparisons between those years\\. Discussion of 2017 results and comparisons between 2018 and 2017 have been removed from this Form 10\\-K, and can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's Annual Report on Form 10\\-K for the fiscal year ended December 31, 2018\\. \n\nYEAR IN REVIEW\n\nIn 2019, we posted our 16th consecutive annual profit on an adjusted basis and an adjusted pretax margin of 12%, which ranks among the top quartile of the industry\\. Our pretax income was $1\\.0 billion, compared to $585 million in 2018\\. Our 2019 pretax income on an adjusted basis (a non\\-GAAP financial measure) was $1\\.1 billion, an increase of 43% from the same measure in 2018\\. Adjusted pretax income for 2019 excludes $44 million of merger\\-related costs associated with our acquisition of Virgin America and $6 million of mark\\-to\\-market fuel hedge adjustments\\.\n\nThe increase in adjusted pretax income was driven largely by an increase in operating revenues of $517 million, and a decrease in fuel expense of $58 million due to lower fuel prices as compared to the prior year\\. These improvements were partially offset by an increase in operating expenses, excluding fuel and special items, of $243 million\\.\n\nRevenue growth of $517 million was largely driven by initiatives we launched in late 2018 and early 2019, most notably our new Saver Fare product, and continued network expansion resulting in capacity growth of about 2%\\. \n\nThe $243 million increase in operating expenses, excluding fuel and special items, was largely due to growth in wages and benefits cost from new collective bargaining agreements and growth in our overall business, requiring an increase in frontline staffing\\. One of these agreements was a joint collective bargaining agreement with our aircraft mechanics, marking the last of the work groups to integrate from the Virgin America merger\\. This was a significant achievement and marks 2019 as the year in which we completed substantially all of the integration milestones\\. \n\nSee \u201cResults of Operations\u201d below for further discussion of changes in revenues and operating expenses and our reconciliation of non\\-GAAP measures to the most directly comparable GAAP measure\\.\n\n31"}
{"_id": "AmericanAirlines-2017_22.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|   |                                                                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | restrictions on airport operations, such as restrictions on the use of slots at airports or the auction or reallocation of slot rights currently held by us; and |\n\n\n\n\n\n|   |                                                                        |\n| - | ---------------------------------------------------------------------- |\n| \u2022 | the adoption of more restrictive locally\\-imposed noise restrictions\\. |\n\n\n\nEach additional regulation or other form of regulatory oversight increases costs and adds greater complexity to airline operations and, in some cases, may reduce the demand for air travel\\. There can be no assurance that our compliance with new rules, anticipated rules or other forms of regulatory oversight will not have a material adverse effect on us\\.\n\nAny significant reduction in air traffic capacity at and in the airspace serving key airports in the U\\.S\\. or overseas could have a material adverse effect on our business, results of operations and financial condition\\. In addition, the United States National Airspace System (the ATC system) is not successfully modernizing to meet the growing demand for U\\.S\\. air travel\\. Air traffic controllers rely on outdated procedures and technologies that routinely compel airlines to fly inefficient routes or take significant delays on the ground\\. The ATC system\u2019s inability to manage existing travel demand has led government agencies to implement short\\-term capacity constraints during peak travel periods or adverse weather conditions in certain markets, resulting in delays and disruptions of air traffic\\. The outdated technologies also cause the ATC to be less resilient in the event of a failure\\. For example, an automation failure and an evacuation, in 2015 and 2017, respectively, at the Washington Air Route Control Center resulted in cancellations and delays of hundreds of flights traversing the greater Washington, D\\.C\\. airspace\\.\n\nIn the early 2000s, the FAA embarked on a path to modernize the national airspace system, including migration from the current radar\\-based ATC system to a GPS\\-based system\\. This ATC modernization, generally referred to as \u201cNextGen,\u201d has been plagued by delays and cost overruns, and it remains uncertain when the full array of benefits expected from ATC modernization will be available to the public and the airlines\\. Failure to update the ATC system in a timely manner and the substantial funding requirements that may be imposed on airlines of a modernized ATC system may have a material adverse effect on our business\\. We support legislative efforts that would establish a nimble not\\-for\\-profit entity better suited to manage the long\\-term investments in technology and provide a governance structure needed to successfully implement NextGen and improve the operation of the ATC system\\.\n\nOur operating authority in international markets is subject to aviation agreements between the U\\.S\\. and the respective countries or governmental authorities, such as the EU, and in some cases, fares and schedules require the approval of the DOT and/or the relevant foreign governments\\. Moreover, alliances with international carriers may be subject to the jurisdiction and regulations of various foreign agencies\\. Bilateral and multilateral agreements among the U\\.S\\. and various foreign governments of countries we serve are subject to periodic renegotiation\\. We currently operate a number of international routes under government arrangements that limit the number of airlines permitted to operate on the route, the capacity of the airlines providing services on the route, or the number of airlines allowed access to particular airports\\. If an open skies policy were to be adopted for any of these routes, such an event could have a material adverse impact on us and could result in the impairment of material amounts of our related tangible and intangible assets\\. In addition, competition from revenue\\-sharing joint ventures, JBAs, and other alliance arrangements by and among other airlines could impair the value of our business and assets on the open skies routes\\. For example, the open skies air services agreement between the U\\.S\\. and the EU, which took effect in March 2008, provides airlines from the U\\.S\\. and EU member states open access to each other\u2019s markets, with freedom of pricing and unlimited rights to fly from the U\\.S\\. to any airport in the EU, including LHR\\. As a result of the agreement, we face increased competition in these markets, including LHR\\. The pending withdrawal of the United Kingdom from the EU, commonly referred to as Brexit, will mandate further modification in the current regulatory regime\\. Among other things, Brexit will likely require a transition arrangement or new air services agreement involving the U\\.S\\. and United Kingdom, and the United Kingdom and EU, to permit our current air services (including those involving our joint business and code share partners) to continue as we currently conduct them\\. More generally, changes in U\\.S\\. or foreign government aviation policies could result in the alteration or termination of such agreements, diminish the value of route authorities, slots or other assets located abroad, or otherwise adversely affect our international operations\\. The U\\.S\\. government has negotiated \u201copen skies\u201d agreements with many countries, which allow unrestricted route authority access between the U\\.S\\. and the foreign markets\\. While the U\\.S\\. has worked to increase the number of countries with which open skies agreements are in effect, a number of markets important to us, including China, do not have open skies agreements\\.\n\n23"}
{"_id": "Alaska-2019_22.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nSTRATEGY\n\nThe airline industry is highly competitive and susceptible to price discounting and changes in capacity, which could have a material adverse effect on our business\\. If we cannot successfully compete in the marketplace, our business, financial condition, and operating results will be materially adversely affected\\.\n\nThe U\\.S\\. airline industry is characterized by substantial price competition\\. In recent years, the market share held by low\\-cost carriers and ultra low\\-cost carriers has increased significantly and is expected to continue to increase\\. Airlines also compete for market share by increasing or decreasing their capacity, route systems, and the number of markets served\\. Several of our competitors have increased their capacity in markets we serve, particularly in our key West Coast markets\\. The resulting increased competition in both domestic and international markets may have a material adverse effect on our results of operations, financial condition, or liquidity\\. \n\nWe strive toward maintaining and improving our competitive cost structure by setting aggressive unit cost\\-reduction goals\\. This is an important part of our business strategy of offering the best value to our guests through low fares while achieving acceptable profit margins and return on capital\\. If we are unable to maintain our cost advantage over the long\\-term and achieve sustained targeted returns on invested capital, we will likely not be able to grow our business in the future or weather industry downturns\\. Therefore, our financial results may suffer\\.\n\nThe airline industry may undergo further restructuring, consolidation, or the creation or modification of alliances or joint ventures, any of which could have a material adverse effect on our business, financial condition and results of operations\\.\n\nWe continue to face strong competition from other carriers due to restructuring, consolidation, and the creation and modification of alliances and joint ventures\\. Since deregulation, both the U\\.S\\. and international airline industries have experienced consolidation through a number of mergers and acquisitions\\. Carriers may also improve their competitive positions through airline alliances, slot swaps/acquisitions and/or joint ventures\\. Certain airline joint ventures further competition by allowing airlines to coordinate routes, pool revenues and costs, and enjoy other mutual benefits, achieving many of the benefits of consolidation\\.\n\nOur concentration in certain markets could cause us to be disproportionately impacted by adverse changes in circumstances in those locations\\. \n\nOur strategy includes being the premier carrier for people living on the West Coast\\. This results in a high concentration of our business in key West Coast markets\\. A significant portion of our flights occur to and from our Seattle, Portland, and Bay Area hubs\\. In 2019, passengers to and from Seattle, Portland, and the Bay Area accounted for 83% of our total guests\\. \n\nWe believe that concentrating our service offerings in this way allows us to maximize our investment in personnel, aircraft and ground facilities, as well as to gain greater advantage from sales and marketing efforts in those regions\\. As a result, we remain highly dependent on our key markets\\. Our business could be harmed by any circumstances causing a reduction in demand for air transportation in our key markets\\. An increase in competition in our key markets could also cause us to reduce fares or take other competitive measures that, if sustained, could harm our business, financial condition and results of operations\\.\n\nWe are dependent on a limited number of suppliers for aircraft and parts\\.\n\nAlaska is dependent on Boeing and Airbus as its sole suppliers for aircraft and many aircraft parts\\. Horizon is similarly dependent on De Havilland and Embraer\\. Additionally, each carrier is dependent on sole suppliers for aircraft engines for each aircraft type\\. As a result, we are more vulnerable to issues associated with the supply of those aircraft and parts including design defects, mechanical problems, contractual performance by the manufacturers, or adverse perception by the public that would result in customer avoidance or in actions by the FAA\\. Should we be unable to resolve known issues with certain of our aircraft or engine suppliers, it may result in the inability to operate our aircraft for extended periods\\. Should these suppliers be unable to manufacture or deliver new aircraft, we may not be able to grow our fleet at our intended rate, which could impact our financial position\\. Specifically, the Boeing 737 MAX aircraft was grounded by the FAA in March 2019 and remains grounded\\. We have 32 MAX9 aircraft on order, with 10 aircraft deliveries currently anticipated in 2020\\. If we are unable to receive these aircraft and future aircraft in a timely manner, our growth plans could be significantly impacted\\. Additionally, further consolidation amongst aircraft and aircraft parts manufacturers could further limit the number of suppliers\\. This could result in an inability to operate our aircraft or instability in the foreign countries in which the aircraft and its parts are manufactured\\.\n\n22"}
{"_id": "Delta-2019_104.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\n31\\.1  [Rule 13a\\-14(a)/15d\\-14(a) Certification of Chief Executive Officer\\.](http://ir.delta.com/dal12312019ex311.htm)\n\n31\\.2  [Rule 13a\\-14(a)/15d\\-14(a) Certification of Chief Financial Officer\\.](http://ir.delta.com/dal12312019ex312.htm)\n\n32  [Certification pursuant to 18 U\\.S\\.C\\. Section 1350, as adopted pursuant to Section 906 of the Sarbanes\\-Oxley Act 2002\\.](http://ir.delta.com/dal12312019ex32.htm)\n\n101\\.INS XBRL Instance Document \\- The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document\\.\n\n101\\.SCH XBRL Taxonomy Extension Schema Document\n\n101\\.CAL XBRL Taxonomy Extension Calculation Linkbase Document\n\n101\\.DEF XBRL Taxonomy Extension Definition Linkbase Document\n\n101\\.LAB XBRL Taxonomy Extension Labels Linkbase Document\n\n101\\.PRE XBRL Taxonomy Extension Presentation Linkbase Document\n\n104 The cover page from this Annual Report on Form 10\\-K for the year ended December 31, 2019 formatted in Inline XBRL\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\n\\* Incorporated by reference\\. \n\n\\*\\* Portions of this exhibit have been omitted as confidential information\\.\n\nITEM 16\\. FORM 10\\-K SUMMARY\n\nNot applicable\\.\n\n102"}
{"_id": "Delta-2017_64.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nIdentifiable Intangible Assets\\.  Indefinite\\-lived assets are not amortized and consist of routes, slots, the Delta tradename and assets related to SkyTeam and collaborative arrangements\\. Definite\\-lived intangible assets consist primarily of marketing and maintenance service agreements and are amortized on a straight\\-line basis or under the undiscounted cash flows method over the estimated economic life of the respective agreements\\. Costs incurred to renew or extend the term of an intangible asset are expensed as incurred\\.\n\nWe assess our indefinite\\-lived assets under a qualitative or quantitative approach\\. We analyze market factors to determine if events and circumstances have affected the fair value of the indefinite\\-lived intangible assets\\. If we determine that it is more likely than not that the asset value may be impaired, we use the quantitative approach to assess the asset's fair value and the amount of the impairment\\. We perform the quantitative impairment test for indefinite\\-lived intangible assets by comparing the asset's fair value to its carrying value\\. Fair value  is estimated based on (1) recent market transactions, where available, (2) the royalty method for the Delta tradename (which assumes hypothetical royalties generated from using our tradename) or (3) projected discounted future cash flows (an income approach)\\.  We recognize an impairment charge if the asset's carrying value exceeds its estimated fair value\\.\n\nIncome Taxes\n\nWe account for deferred income taxes under the liability method\\. We recognize deferred tax assets and liabilities based on the tax effects of temporary differences between the financial statement and tax basis of assets and liabilities, as measured by current enacted tax rates\\. Deferred tax assets and liabilities are recorded net as noncurrent deferred income taxes\\. \n\nA valuation allowance is recorded to reduce deferred tax assets when necessary\\. We periodically assess whether it is more likely than not that we will generate sufficient taxable income to realize our deferred income tax assets\\. We establish valuation allowances if it is not likely we will realize our deferred income tax assets\\. In making this determination, we consider all available positive and negative evidence and make certain assumptions\\. We consider, among other things, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, our historical financial results and tax planning strategies\\.\n\nFuel Card Obligation\n\nWe have a purchasing card with American Express for the purpose of buying jet fuel and crude oil\\. The card currently carries a maximum credit limit of   $1\\.1 billion  and must be paid monthly\\. At  December 31, 2017  and  December 31, 2016 , we had   $1\\.1 billion  and   $431 million , respectively, outstanding on this purchasing card, which was classified as a financing activity in our Consolidated Statements of Cash Flows\\.\n\nRetirement of Repurchased Shares\n\nWe immediately retire shares repurchased pursuant to our share repurchase program\\. We allocate the share purchase price in excess of par value between APIC and retained earnings\\.\n\nPassenger Tickets\n\nWe record sales of passenger tickets in air traffic liability\\. Passenger revenue is recognized when we provide transportation or when the ticket expires unused, reducing the related air traffic liability\\. We periodically evaluate the estimated air traffic liability and record any adjustments in our Consolidated Statements of Operations\\. These adjustments relate primarily to refunds, exchanges, transactions with other airlines and other items for which final settlement occurs in periods subsequent to the sale of the related tickets at amounts other than the original sales price\\.\n\nPassenger Taxes and Fees\n\nWe are required to charge certain taxes and fees on our passenger tickets, including U\\.S\\. federal transportation taxes, federal security charges, airport passenger facility charges and foreign arrival and departure taxes\\. These taxes and fees are assessments on the customer for which we act as a collection agent\\. Because we are not entitled to retain these taxes and fees, we do not include such amounts in passenger revenue\\. We record a liability when the amounts are collected and reduce the liability when payments are made to the applicable government agency or operating carrier\\.\n\n 60"}
{"_id": "Southwest-2017_10.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Economic and Operational Regulation**\n\n***Consumer Protection Regulation by the U\\.S\\. Department of Transportation***\n\nThe DOT regulates economic operating authority for air carriers and consumer protection for airline passengers\\. The FAA, a sub\\-agency of the DOT, regulates aviation safety\\. The DOT may impose civil penalties on air carriers for violating its regulations\\.\n\nTo provide passenger transportation in the United States, a domestic airline is required to hold both a Certificate of Public Convenience & Necessity from the DOT and an Air Carrier Operating Certificate from the FAA\\. A Certificate of Public Convenience & Necessity is unlimited in duration, and the Company\u2019s certificate generally permits it to operate among any points within the United States and its territories and possessions\\. Additional DOT authority, in the form of a certificate or exemption from certificate requirements, is required for a U\\.S\\. airline to serve foreign destinations either with its own aircraft or via code\\-sharing with another airline\\. Exemptions granted by the DOT to serve international markets are generally limited in duration and are subject to periodic renewal requirements\\. The DOT also has jurisdiction over international tariffs and pricing in certain markets\\. The DOT may revoke a certificate or exemption, in whole or in part, for intentional failure to comply with federal aviation statutes, regulations, orders, or the terms of the certificate itself\\.\n\nThe DOT's consumer protection and enforcement activities relate to areas such as unfair and deceptive practices and unfair competition by air carriers, deceptive airline advertising (concerning, e\\.g\\., fares, ontime performance, schedules, and code\\-sharing), and violations of rules concerning denied boarding compensation, ticket refunds, and baggage liability requirements\\. The DOT is also charged with prohibiting discrimination by airlines against consumers on the basis of race, religion, national origin, sex, or ancestry\\.\n\nUnder the above\\-described authority, the DOT has adopted so\\-called \"Passenger Protection Rules,\" which address a wide variety of matters, including flight delays on the tarmac, chronically delayed flights, denied boarding compensation, and advertising of airfares, among others\\. Under the Passenger Protection Rules, U\\.S\\. passenger airlines are required to adopt contingency plans that include the following: (i) assurances that no domestic flight will remain on the airport tarmac for more than three hours before beginning to return to the gate and that no international flight will remain on the tarmac at a U\\.S\\. airport for more than four hours before beginning to return to the gate, unless the pilot\\-in\\-command determines there is a safety\\-related or security\\-related impediment to deplaning passengers, or air traffic control advises the pilot\\-in\\-command that returning to the gate or permitting passengers to disembark elsewhere would significantly disrupt airport operations; (ii) an assurance that air carriers will provide adequate food and potable drinking water no later than two hours after the aircraft leaves the gate (in the case of departure) or touches down (in the case of arrival) if the aircraft remains on the tarmac, unless the pilot\\-in\\-command determines that safety or security considerations preclude such service; and (iii) an assurance of operable lavatories, as well as adequate medical attention, if needed\\. Air carriers are required to publish their contingency plans on their websites\\.\n\nThe Passenger Protection Rules also subject airlines to potential DOT enforcement action for unfair and deceptive practices in the event of chronically delayed domestic flights (i\\.e\\., domestic flights that operate at least ten times a month and arrive more than 30 minutes late more than 50 percent of the time during that month)\\. In addition, airlines are required to (i) display ontime performance on their websites; (ii) adopt customer service plans, publish those plans on their website, and audit their own compliance with their plans; (iii) designate an employee to monitor the performance of their flights; (iv) provide information to passengers on how to file complaints; and (v) respond in a timely and substantive fashion to consumer complaints\\.\n\nThe Passenger Protection Rules also require airlines to (i) pay up to $1,350 in compensation to each passenger denied boarding involuntarily from an oversold flight; (ii) refund any checked bag fee for permanently lost luggage; (iii) prominently disclose all potential fees for optional ancillary services on their websites; and (iv) refund passenger fees paid for ancillary services if a flight cancels or oversells and a passenger is unable to take advantage of such services\\.\n\nThe Passenger Protection Rules also require that (i) advertised airfares include all government\\-mandated taxes and fees; (ii) passengers be allowed to either hold a reservation for up to 24 hours without making a payment or cancel a paid reservation without penalty for 24 hours after the reservation is made, as long as the reservation is made at least seven days in advance of travel; (iii) fares may not increase after purchase; (iv) baggage fees must be disclosed to the \n\n11"}
{"_id": "AmericanAirlines-2018_88.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***Impacts to*** ***2016*** ***Results***\n\nThe effects of the adoption of the New Revenue Standard and New Retirement Standard to our consolidated statement of operations for the twelve months ended December 31, 2016 were as follows (in millions):\n\n\n\n|                                       |                 |                             |                                         |                                   |                             |               |\n| ------------------------------------- | --------------- | --------------------------- | --------------------------------------- | --------------------------------- | --------------------------- | ------------- |\n|                                       |                 | **New Revenue Standard**    | **New Revenue Standard**                | **New Revenue Standard**          | **New Retirement Standard** |               |\n| **Year Ended  <br>December 31, 2016** | **As Reported** | **Deferred Revenue Method** | **Ancillary Revenue Reclassifications** | **Gross Versus Net Presentation** | **Reclassifications**       | **As Recast** |\n| Operating revenues:                   |                 |                             |                                         |                                   |                             |               |\n|  Passenger                            | $34,579         | $(147)                      | $2,571                                  | $42                               | $\u2014                          | $37,045       |\n|  Cargo                                | 700             | \u2014                           | 36                                      | 49                                | \u2014                           | 785           |\n|  Other                                | 4,901           | \u2014                           | (2,607)                                 | 18                                | \u2014                           | 2,312         |\n|  Total operating revenues             | 40,180          | (147)                       | \u2014                                       | 109                               | \u2014                           | 40,142        |\n|  Total operating expenses             | 34,896          | \u2014                           | \u2014                                       | 109                               | 77                          | 35,082        |\n| Operating income                      | 5,284           | (147)                       | \u2014                                       | \u2014                                 | (77)                        | 5,060         |\n| Total nonoperating expense, net       | (985)           | \u2014                           | \u2014                                       | \u2014                                 | 77                          | (908)         |\n| Income before income taxes            | 4,299           | (147)                       | \u2014                                       | \u2014                                 | \u2014                           | 4,152         |\n| Income tax provision                  | 1,623           | (55)                        | \u2014                                       | \u2014                                 | \u2014                           | 1,568         |\n| Net income                            | $2,676          | $(92)                       | $\u2014                                      | $\u2014                                | $\u2014                          | $2,584        |\n| Diluted earnings per common share     | $4\\.81          |                             |                                         |                                   |                             | $4\\.65        |\n\n\n\n*Standards Effective for 2019 Reporting Periods*\n\n***ASU 2018\\-02: Income Statement \\- Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income***\n\nThis ASU provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings due to the U\\.S\\. federal corporate income tax rate change as a result of the 2017 Tax Act\\. The amount of the reclassification is the difference between the amount initially charged or credited directly to other comprehensive income at the previously enacted U\\.S\\. federal corporate income tax rate that remains in accumulated other comprehensive income and the amount that would have been charged or credited directly to other comprehensive income using the newly enacted U\\.S\\. federal corporate income tax rate, excluding the effect of any valuation allowance previously charged to income from continuing operations\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2018, and early adoption is permitted\\. We will adopt this standard effective January 1, 2019\\. The adoption of the standard may impact tax amounts stranded in accumulated other comprehensive income related to our pension and retiree medical and other postretirement benefit plans\\.\n\n***(c) Short\\-term Investments***\n\nShort\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. Realized gains and losses are recorded in nonoperating expense on our consolidated statements of operations\\. Unrealized gains and losses are recorded in accumulated other comprehensive loss on our consolidated balance sheets\\.\n\n***(d) Restricted Cash and Short\\-term Investments***\n\nWe have restricted cash and short\\-term investments related primarily to collateral held to support workers\u2019 compensation obligations\\.\n\n***(e) Aircraft Fuel, Spare Parts and Supplies, Net***\n\nAircraft fuel is recorded on a first\\-in, first\\-out basis\\. Spare parts and supplies are recorded at average costs less an allowance for obsolescence\\. These items are expensed when used\\.\n\n89"}
{"_id": "AmericanAirlines-2019_40.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\ncovered by defined benefit plans accrue retirement benefits in the form of a single life annuity payable upon retirement on a monthly basis until the employee\u2019s death, and may elect certain alternative forms of benefit payments\\. Plaintiffs contend that the mortality tables used by American for purposes of calculations related to these alternative forms of benefits are outdated and that more recent mortality tables would have provided more generous benefits and should have been used to make those calculations\\. The court has denied our motion to dismiss the complaint\\. We believe this lawsuit is without merit and intend to vigorously defend against the allegations\\.\n\nGeneral \\. In addition to the specifically identified legal proceedings, we and our subsidiaries are also engaged in other legal proceedings from time to time\\. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within our control\\. Therefore, although we will vigorously defend ourselves in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on us are uncertain but could be material\\. See Part I, Item 1A\\. Risk Factors \u2013 \u201cWe may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity\u201d  for additional discussion\\.\n\nITEM 4\\. MINE SAFETY DISCLOSURES\n\nNot Applicable\\.\n\n41"}
{"_id": "Southwest-2018_35.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Issuer Repurchases**\n\n\n\n|                                                     |                                           |                                           |                                           |                                           |                                           |\n| --------------------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- |\n| Issuer Purchases of Equity Securities (1)           | Issuer Purchases of Equity Securities (1) | Issuer Purchases of Equity Securities (1) | Issuer Purchases of Equity Securities (1) | Issuer Purchases of Equity Securities (1) | Issuer Purchases of Equity Securities (1) |\n|                                                     | **(a)**                                   | **(b)**                                   |                                           | **(c)**                                   | **(d)**                                   |\n|                                                     |                                           |                                           |                                           | **Total number of**                       | **Maximum dollar**                        |\n|                                                     |                                           |                                           |                                           | **shares purchased**                      | **value of shares that**                  |\n|                                                     | **Total number**                          | **Average**                               |                                           | **as part of publicly**                   | **may yet be purchased**                  |\n|                                                     | **of shares**                             | **price paid**                            |                                           | **announced plans**                       | **under the plans**                       |\n| **Period**                                          | **purchased**                             | **per share**                             |                                           | **or programs**                           | **or programs**                           |\n| October 1, 2018 through <br><br> October 31, 2018   | 1,848,814                                 | $\u2014                                        | (2)(3)                                    | 1,848,814                                 | $1,350,032,588                            |\n| November 1, 2018 through <br><br> November 30, 2018 | \u2014                                         | $\u2014                                        |                                           | \u2014                                         | $1,350,032,588                            |\n| December 1, 2018 through <br><br> December 31, 2018 | 9,835,633                                 | $\u2014                                        | (3)                                       | 9,835,633                                 | $1,350,032,588                            |\n| Total                                               | 11,684,447                                |                                           |                                           | 11,684,447                                |                                           |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (1) | On  May 17, 2017 , the Company's Board of Directors authorized the repurchase of up to  $2\\.0 billion  of the Company's common stock\\. On  May 16, 2018 , the Company\u2019s Board of Directors authorized the repurchase of up to an additional  $2\\.0 billion  of the Company\u2019s common stock in a new share repurchase authorization, upon the completion of the May 2017 share repurchase authorization\\. Repurchases are made in accordance with applicable securities laws in open market or private, including accelerated, repurchase transactions from time to time, depending on market conditions, and may be discontinued at any time\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (2) | Under an accelerated share repurchase program entered into by the Company with a third party financial institution in third quarter 2018 (the \"Third Quarter 2018 ASR Program\"), the Company paid  $500 million  and received an initial delivery of  6,349,325  shares during August 2018, representing an estimated 75 percent of the shares to be purchased by the Company under the Third Quarter 2018 ASR Program based on a volume\\-weighted average price of  $59\\.0614  per share of the Company\u2019s common stock on the New York Stock Exchange during a calculation period between August 1, 2018 and August 22, 2018\\. Final settlement of the Third Quarter 2018 ASR Program occurred in October 2018 and was determined based generally on a discount to the volume\\-weighted average price per share of the Company's common stock during a calculation period completed in October 2018\\. Upon settlement, the third party financial institution delivered  1,848,814  additional shares of the Company\u2019s common stock to the Company\\. In total, the average purchase price per share for the  8,198,139  shares repurchased under the Third Quarter 2018 ASR Program, upon completion of the Third Quarter 2018 ASR Program in October 2018, was  $60\\.9895\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (3) | Under an accelerated share repurchase program entered into by the Company with a third party financial institution in fourth quarter 2018 (the \"Fourth Quarter 2018 ASR Program\"), the Company paid  $500 million  in October 2018 and received an initial delivery of  7,827,176  shares during December 2018, representing an estimated 75 percent of the shares to be purchased by the Company under the Fourth Quarter 2018 ASR Program based on a price of  $47\\.91  per share, which was the closing price of the Company\u2019s common stock on the New York Stock Exchange on October 29, 2018\\. The third party financial institution delivered an additional 1,472,253 shares to the Company in further partial settlements of the Fourth Quarter 2018 ASR Program in December 2018, which was determined based generally on a discount to the volume\\-weighted average price per share of the Company's common stock during calculation periods completed in December 2018\\. Final settlement of the Fourth Quarter 2018 ASR Program occurred in December 2018 and was determined based generally on a discount to the volume\\-weighted average price per share of the Company's common stock during a calculation period completed in December 2018\\. Upon settlement, the third party financial institution delivered  536,204  additional shares of the Company\u2019s common stock to the Company\\. In total, the average purchase price per share for the  9,835,633  shares repurchased under the Fourth Quarter 2018 ASR Program, upon completion of the Fourth Quarter 2018 ASR Program in December 2018, was  $50\\.8356 \\. |\n\n\n\n36"}
{"_id": "United-2017_14.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nAdditionally, deterioration in the Company\u2019s financial condition could negatively affect its ability to enter into new hedge contracts in the future\\.\n\n***Union disputes, employee strikes or slowdowns, and other labor\\-related disruptions could adversely affect the Company\u2019s operations and could result in increased costs that impair its financial performance\\.*** \n\nUnited is a highly unionized company\\. As of December 31, 2017, the Company and its subsidiaries had approximately 89,800 active employees, of whom approximately 80% were represented by various U\\.S\\. labor organizations\\.\n\nThere is a risk that unions or individual employees might pursue judicial or arbitral claims arising out of changes implemented as a result of the Company entering into collective bargaining agreements with its represented employee groups\\. There is also a possibility that employees or unions could engage in job actions such as slowdowns, work\\-to\\-rule campaigns, sick\\-outs or other actions designed to disrupt the Company\u2019s normal operations, in an attempt to pressure the Company in collective bargaining negotiations\\. Although the RLA makes such actions unlawful until the parties have been lawfully released to self\\-help, and the Company can seek injunctive relief against premature self\\-help, such actions can cause significant harm even if ultimately enjoined\\. In addition, collective bargaining agreements with the Company\u2019s represented employee groups increase the Company\u2019s labor costs, which increase could be material for any applicable reporting period\\.\n\n***An outbreak of a disease or similar public health threat could have a material adverse impact on the Company\u2019s business, financial position and results of operations\\.*** \n\nAn outbreak of a disease or similar public health threat that affects travel demand, travel behavior, or travel restrictions could have a material adverse impact on the Company\u2019s business, financial condition and results of operations\\.\n\n***Extensive government regulation could increase the Company\u2019s operating costs and restrict its ability to conduct its business\\.*** \n\nAirlines are subject to extensive regulatory and legal oversight\\. Compliance with U\\.S\\. and international regulations imposes significant costs and may have adverse effects on the Company\\. Laws, regulations, taxes and airport rates and charges, both domestically and internationally, have been proposed from time to time that could significantly increase the cost of airline operations or reduce airline revenue\\.\n\nUnited provides air transportation under certificates of public convenience and necessity issued by the DOT\\. If the DOT altered, amended, modified, suspended or revoked these certificates, it could have a material adverse effect on the Company\u2019s business\\. The FAA regulates the safety of United\u2019s operations\\. United operates pursuant to an air carrier operating certificate issued by the FAA\\. In 2014, the FAA\u2019s more stringent pilot flight and duty time requirements under Part 117 of the Federal Aviation Regulations took effect, which has increased costs for all carriers\\. Additionally, minimum qualifications took effect for air carrier first officers\\. These regulations will continue to impact the industry and the Company for years to come, as they have caused mainline airlines to hire regional pilots, while simultaneously significantly reducing the pool of new pilots from which regional carriers themselves can hire\\. Although this is an industry issue, it directly affects the Company and requires it to reduce regional partner flying, as several regional partners have experienced difficulty flying their schedules due to reduced pilot availability\\. From time to time, the FAA also issues orders, airworthiness directives and other regulations relating to the maintenance and operation of aircraft that require material expenditures or operational restrictions by the Company\\. These FAA orders and directives could include the temporary grounding of an entire aircraft type if the FAA identifies design, manufacturing, maintenance or other issues requiring immediate corrective action\\. These FAA directives or requirements could have a material adverse effect on the Company\\.\n\nIn 2018, the U\\.S\\. Congress will continue to consider legislation to reauthorize the FAA, which encompasses all significant aviation tax and policy related issues\\. As with previous reauthorization legislation, the U\\.S\\. Congress may consider a range of policy changes that could impact the Company\u2019s operations and costs\\.\n\n15"}
{"_id": "AmericanAirlines-2018_78.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nAs of December 31, 2018, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption\\. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices\\. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review that policy from time to time based on market conditions and other factors\\. Based on our 2019 forecasted fuel consumption, we estimate that a one cent per gallon increase in aviation fuel price would increase our 2019 annual fuel expense by $45 million\\.\n\n***Foreign Currency***\n\nWe are exposed to the effect of foreign exchange rate fluctuations on the U\\.S\\. dollar value of foreign currency\\-denominated operating revenues and expenses\\. Our largest exposure comes from the British pound, Euro, Canadian dollar and various Latin American currencies, primarily the Brazilian real\\. We do not currently have a foreign currency hedge program\\. A uniform 10% strengthening in the value of the U\\.S\\. dollar from 2018 levels relative to each of the currencies in which we have foreign currency exposure would have resulted in a decrease in operating income of approximately $200 million for the year ended December 31, 2018\\.\n\nGenerally, fluctuations in foreign currencies, including devaluations, cannot be predicted by us and can significantly affect the value of our assets located outside the United States\\. These conditions, as well as any further delays, devaluations or imposition of more stringent repatriation restrictions, may materially adversely affect our business, results of operations and financial condition\\. See Part I, Item 1A\\. Risk Factors \u2013 *\u201cWe operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control\u201d* for additional discussion of this and other currency risks\\.\n\n***Interest***\n\nOur earnings and cash flow are affected by changes in interest rates due to the impact those changes have on our interest expense from variable rate debt instruments and our interest income from short\\-term, interest bearing investments\\.\n\nOur largest exposure with respect to variable rate debt comes from changes in LIBOR\\. We had variable rate debt instruments representing approximately 40% of our total long\\-term debt at December 31, 2018\\. We currently do not have an interest rate hedge program\\. If annual interest rates increase 100 basis points, based on our December 31, 2018 variable\\-rate debt and short\\-term investments balances, annual interest expense on variable rate debt would increase by approximately $100 million and annual interest income on short\\-term investments would increase by approximately $50 million\\. Additionally, the fair value of fixed\\-rate debt would have decreased by approximately $565 million for AAG and $550 million for American\\.\n\n79"}
{"_id": "United-2017_50.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n(continued on next page)\n\n**UNITED CONTINENTAL HOLDINGS, INC\\.** \n\n**CONSOLIDATED BALANCE SHEETS** \n\n**(In millions, except shares)** \n\n\n\n|                                                                                                  |                     |                     |\n|:------------------------------------------------------------------------------------------------ | -------------------:| -------------------:|\n|                                                                                                  | **At December 31,** | **At December 31,** |\n| **ASSETS**                                                                                       |           **2017**  |           **2016**  |\n| Current assets:                                                                                  |                     |                     |\n| Cash and cash equivalents                                                                        |             $1,482  |             $2,179  |\n| Short\\-term investments                                                                          |              2,316  |              2,249  |\n| Receivables, less allowance for doubtful accounts (2017\u2014$7; 2016\u2014$10)                            |              1,340  |              1,176  |\n| Aircraft fuel, spare parts and supplies, less obsolescence allowance  <br>(2017\u2014$354; 2016\u2014$295) |                924  |                873  |\n| Prepaid expenses and other                                                                       |              1,051  |                832  |\n| Total current assets                                                                             |              7,113  |              7,309  |\n| Operating property and equipment:                                                                |                     |                     |\n| Owned\u2014                                                                                           |                     |                     |\n| Flight equipment                                                                                 |             28,692  |             25,873  |\n| Other property and equipment                                                                     |              6,946  |              5,652  |\n| Total owned property and equipment                                                               |             35,638  |             31,525  |\n| Less\u2014Accumulated depreciation and amortization                                                   |            (11,159) |             (9,975) |\n| Total owned property and equipment, net                                                          |             24,479  |             21,550  |\n| Purchase deposits for flight equipment                                                           |              1,344  |              1,059  |\n| Capital leases\u2014                                                                                  |                     |                     |\n| Flight equipment                                                                                 |              1,151  |              1,319  |\n| Other property and equipment                                                                     |                 11  |                331  |\n| Total capital leases                                                                             |              1,162  |              1,650  |\n| Less\u2014Accumulated amortization                                                                    |               (777) |               (941) |\n| Total capital leases, net                                                                        |                385  |                709  |\n| Total operating property and equipment, net                                                      |             26,208  |             23,318  |\n| Other assets:                                                                                    |                     |                     |\n| Goodwill                                                                                         |              4,523  |              4,523  |\n| Intangibles, less accumulated amortization (2017\u2014$1,313; 2016\u2014$1,234)                            |              3,539  |              3,632  |\n| Deferred income taxes                                                                            |                  \u2014  |                655  |\n| Restricted cash                                                                                  |                 91  |                124  |\n| Investments in affiliates and other, net                                                         |                852  |                579  |\n| Total other assets                                                                               |              9,005  |              9,513  |\n| Total assets                                                                                     |            $42,326  |            $40,140  |\n\n\n\n51"}
{"_id": "Delta-2019_10.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nRegulatory Matters\n\nThe DOT and the Federal Aviation Administration (the \"FAA\") exercise regulatory authority over air transportation in the U\\.S\\. The DOT has authority to issue certificates of public convenience and necessity required for airlines to provide domestic air transportation\\. An air carrier that the DOT finds fit to operate is given authority to operate domestic and international air transportation (including the carriage of passengers and cargo)\\. Except for constraints imposed by regulations regarding \"Essential Air Services,\" which are applicable to certain small communities, airlines may terminate service to a city without restriction\\.\n\nThe DOT has jurisdiction over certain economic and consumer protection matters, such as unfair or deceptive practices and methods of competition, advertising, denied boarding compensation, baggage liability and disabled passenger transportation\\. The DOT also has authority to review certain joint venture agreements between domestic and international carriers\\. The DOT engages in regulation of economic matters such as transactions involving allocation of \"slots\" or similar regulatory mechanisms which limit the rights of carriers to conduct operations at airports where such mechanisms are in place\\. The FAA has primary responsibility for matters relating to the safety of air carrier flight operations, including airline operating certificates, control of navigable air space, flight personnel, aircraft certification and maintenance and other matters affecting air safety\\.\n\nAuthority to operate international routes and international codesharing arrangements is regulated by the DOT and by the governments of the foreign countries involved\\. International certificate authorities are also subject to the approval of the U\\.S\\. President for conformance with national defense and foreign policy objectives\\.\n\nThe Transportation Security Administration and the U\\.S\\. Customs and Border Protection, each a division of the Department of Homeland Security, are responsible for certain civil aviation security matters, including passenger and baggage screening at U\\.S\\. airports and international passenger prescreening prior to entry into or departure from the U\\.S\\.\n\nAirlines are also subject to various other federal, state, local and foreign laws and regulations\\. For example, the U\\.S\\. Department of Justice has jurisdiction over airline competition matters\\. The U\\.S\\. Postal Service has authority over certain aspects of the transportation of mail\\. Labor relations in the airline industry, as discussed below, are generally governed by the Railway Labor Act with oversight by the National Mediation Board\\. Environmental matters are regulated by various federal, state, local and foreign governmental entities\\. Privacy of passenger and employee data is regulated by domestic and foreign laws and regulations\\.\n\nFares and Rates\n\nAirlines set ticket prices in all domestic and most international city pairs with minimal governmental regulation, and the industry is characterized by significant price competition\\. Certain international fares and rates are subject to the jurisdiction of the DOT and the governments of the foreign countries involved\\. Many of our tickets are sold by travel agents, and fares are subject to commissions, overrides and discounts paid to travel agents, brokers and wholesalers\\.\n\nRoute Authority\n\nOur flight operations are authorized by certificates of public convenience and necessity and also by exemptions and limited\\-entry frequency awards issued by the DOT\\. The requisite approvals of other governments for international operations are controlled by bilateral agreements (and a multilateral agreement in the case of the U\\.S\\. and the European Union) with, or permits or approvals issued by, foreign countries\\. Because international air transportation is governed by bilateral or other agreements between the U\\.S\\. and the foreign country or countries involved, changes in U\\.S\\. or foreign government aviation policies could result in the alteration or termination of such agreements, diminish the value of our international route authorities or otherwise affect our international operations\\. Bilateral agreements between the U\\.S\\. and various foreign countries served by us are subject to renegotiation from time to time\\. The U\\.S\\. government has negotiated \"Open Skies\" agreements with many countries, which allow unrestricted access between the U\\.S\\. and the foreign markets\\. \n\nCertain of our international route authorities are subject to periodic renewal requirements\\. We request extension of these authorities when and as appropriate\\. While the DOT usually renews temporary authorities on routes where the authorized carrier is providing a reasonable level of service, there is no assurance this practice will continue in general or with respect to a specific renewal\\. Dormant route authorities may not be renewed in some cases, especially where another U\\.S\\. carrier indicates a willingness to provide service\\.\n\n8"}
{"_id": "AmericanAirlines-2017_108.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nThe estimated amount of unrecognized actuarial net gain and prior service benefit for the retiree medical and other postretirement benefits plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year is $258 million\\.\n\n***Assumptions***\n\nThe following actuarial assumptions were used to determine our benefit obligations and net periodic benefit cost for the periods presented:\n\n\n\n|                                |                      |                      |                                                                  |                                                                  |\n| ------------------------------ | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                | **2017**             | **2016**             | **2017**                                                         | **2016**                                                         |\n| Benefit obligations:           |                      |                      |                                                                  |                                                                  |\n| Weighted average discount rate | 3\\.80%               | 4\\.30%               | 3\\.60%                                                           | 4\\.10%                                                           |\n\n\n\n\n\n|                                                                           |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| ------------------------------------------------------------------------- | -------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                                                           | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                                                           | **2017**             | **2016**             | **2015**             | **2017**                                                         | **2016**                                                         | **2015**                                                         |\n| Net periodic benefit cost:                                                |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| Weighted average discount rate                                            | 4\\.30%               | 4\\.70%               | 4\\.30%               | 4\\.10%                                                           | 4\\.42%                                                           | 4\\.00%                                                           |\n| Weighted average expected rate of return on plan assets                   | 8\\.00%               | 8\\.00%               | 8\\.00%               | 8\\.00%                                                           | 8\\.00%                                                           | 8\\.00%                                                           |\n| Weighted average health care cost trend rate assumed for next year  ^(1)^ | N/A                  | N/A                  | N/A                  | 4\\.19%                                                           | 4\\.25%                                                           | 5\\.21%                                                           |\n\n\n\n\n\n|       |                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The weighted average health care cost trend rate at  December 31, 2017  is assumed to decline gradually to  3\\.76%  by 2025 and remain level thereafter\\. |\n\n\n\nAs of December 31, 2017, our estimate of the long\\-term rate of return on plan assets was 8% based on the target asset allocation\\. Expected returns on long duration bonds are based on yields to maturity of the bonds held at year\\-end\\. Expected returns on other assets are based on a combination of long\\-term historical returns, actual returns on plan assets achieved over the last ten years, current and expected market conditions, and expected value to be generated through active management, currency overlay and securities lending programs\\.\n\nA one percentage point change in the assumed health care cost trend rates would have the following effects on our retiree medical and other postretirement benefits plans (in millions):\n\n\n\n|                                                                   |                 |                 |\n| ----------------------------------------------------------------- | --------------- | --------------- |\n|                                                                   | **1% Increase** | **1% Decrease** |\n| Increase (decrease) on 2017 service and interest cost             | $2              | $(2)            |\n| Increase (decrease) on benefit obligation as of December 31, 2017 | 54              | (51)            |\n\n\n\n***Minimum Contributions***\n\nWe are required to make minimum contributions to our defined benefit pension plans under the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and various other laws for U\\.S\\. based plans as well as under funding rules specific to countries where we maintain defined benefit plans\\. Based on current funding assumptions, we have minimum required contributions of $42 million for 2018 including contributions to defined benefit plans for our wholly\\-owned regional subsidiaries\\. We expect to make supplemental contributions of $425 million to our U\\.S\\. based defined benefit pension plans in 2018\\. The minimum funding obligation for our U\\.S\\. based defined benefit pension plans was subject to temporary favorable rules that expired at the end of 2017\\. Our pension funding obligations are likely to increase materially beginning in 2019, when we will be required to make contributions relating to the 2018 fiscal year\\. The amount of these obligations will depend on the performance of our investments held in trust by the pension plans, interest rates for determining liabilities, the amount of and timing of any supplemental contributions and our actuarial experience\\.\n\n109"}
{"_id": "AmericanAirlines-2017_8.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                                                                                                                                        |                                  |                          |                                         |\n| -------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------- | ------------------------ | --------------------------------------- |\n| **Union**                                                                                                                              | **Class or Craft**               | **Employees**  **^(1)^** | **Contract**<br><br>**Amendable Date**  |\n| **Mainline:**  **^(2)^**                                                                                                               |                                  |                          |                                         |\n| Allied Pilots Association (APA)                                                                                                        | Pilots                           | 13,200                   | 2020                                    |\n| Association of Professional Flight Attendants (APFA)                                                                                   | Flight Attendants                | 24,900                   | 2019                                    |\n| Airline Customer Service Employee Association \u2013Communications Workers of America and International Brotherhood of Teamsters (CWA\\-IBT) | Passenger Service                | 16,000                   | 2020                                    |\n| Transport Workers Union and International Association of Machinists & Aerospace Workers (TWU\\-IAM Association)                         | Mechanics and Related            | 12,400                   | 2018                                    |\n| TWU\\-IAM Association                                                                                                                   | Fleet Service                    | 16,700                   | 2018                                    |\n| TWU\\-IAM Association                                                                                                                   | Stock Clerks                     | 1,900                    | 2018                                    |\n| TWU\\-IAM Association                                                                                                                   | Flight Simulator Engineers       | 150                      | 2021                                    |\n| TWU\\-IAM Association                                                                                                                   | Maintenance Control Technicians  | 200                      | 2018                                    |\n| TWU\\-IAM Association                                                                                                                   | Maintenance Training Instructors | 50                       | 2018                                    |\n| TWU (Transport Workers Union)                                                                                                          | Dispatchers                      | 450                      | 2021                                    |\n| TWU                                                                                                                                    | Flight Crew Training Instructors | 300                      | 2021                                    |\n| **Envoy:**  **^(3)^**                                                                                                                  |                                  |                          |                                         |\n| Air Line Pilots Associations (ALPA)                                                                                                    | Pilots                           | 2,200                    | 2024                                    |\n| Association of Flight Attendants\\-CWA (AFA)                                                                                            | Flight Attendants                | 1,300                    | 2020                                    |\n| TWU                                                                                                                                    | Ground School Instructors        | 10                       | 2019                                    |\n| TWU                                                                                                                                    | Mechanics and Related            | 1,300                    | 2020                                    |\n| TWU                                                                                                                                    | Stock Clerks                     | 150                      | 2020                                    |\n| TWU                                                                                                                                    | Fleet Service Clerks             | 3,500                    | 2019                                    |\n| TWU                                                                                                                                    | Dispatchers                      | 60                       | 2019                                    |\n| Communications Workers of America (CWA)                                                                                                | Passenger Service                | 4,300                    | Initial Contract <br><br>in Negotiation |\n| **Piedmont:**  **^(3)^**                                                                                                               |                                  |                          |                                         |\n| ALPA                                                                                                                                   | Pilots                           | 550                      | 2024                                    |\n| AFA                                                                                                                                    | Flight Attendants                | 300                      | 2019                                    |\n| International Brotherhood of Teamsters (IBT)                                                                                           | Mechanics                        | 350                      | 2021                                    |\n| IBT                                                                                                                                    | Stock Clerks                     | 50                       | 2021                                    |\n| CWA                                                                                                                                    | Fleet and Passenger Service      | 3,400                    | 2017                                    |\n| IBT                                                                                                                                    | Dispatchers                      | 20                       | 2019                                    |\n| ALPA                                                                                                                                   | Flight Crew Training Instructors | 40                       | 2024                                    |\n| **PSA:**  **^(3)^**                                                                                                                    |                                  |                          |                                         |\n| ALPA                                                                                                                                   | Pilots                           | 1,500                    | 2023                                    |\n| AFA                                                                                                                                    | Flight Attendants                | 1,000                    | 2017                                    |\n| International Association of Machinists & Aerospace Workers (IAM)                                                                      | Mechanics                        | 350                      | 2016                                    |\n| TWU                                                                                                                                    | Dispatchers                      | 50                       | 2022                                    |\n\n\n\n\n\n|       |                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------- |\n| ^(1)^ | Approximate number of active full\\-time equivalent employees as of  December 31, 2017 \\. |\n\n\n\n9"}
{"_id": "AmericanAirlines-2017_124.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**ITEM 8B\\. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA OF AMERICAN AIRLINES, INC\\.**\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Stockholder and Board of Directors\n\nAmerican Airlines, Inc\\.:\n\n*Opinion on the Consolidated Financial Statements*\n\nWe have audited the accompanying consolidated balance sheets of American Airlines, Inc\\. and subsidiaries (American) as of December 31, 2017 and 2016, the related consolidated statements of operations, comprehensive income, cash flows, and stockholder\u2019s equity for each of the years in the three\\-year period ended December 31, 2017, and the related notes (collectively, the consolidated financial statements)\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of American as of December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the years in the three\\-year period ended December 31, 2017, in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), American\u2019s internal control over financial reporting as of December 31, 2017, based on criteria established in *Internal Control \u2013 Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 21, 2018 expressed an unqualified opinion on the effectiveness of American\u2019s internal control over financial reporting\\. \n\n*Basis for Opinion* \n\nThese consolidated financial statements are the responsibility of American\u2019s management\\. Our responsibility is to express an opinion on these consolidated financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to American in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\n/s/ KPMG LLP\n\nWe have served as American\u2019s auditor since 2014\\. \n\nDallas, Texas\n\nFebruary 21, 2018\n\n125"}
{"_id": "AmericanAirlines-2018_19.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nvariable interest rates\\. To the extent the interest rates applicable to our floating rate debt increase, our interest expense will increase, in which event we may have difficulties making interest payments and funding our other fixed costs, and our available cash flow for general corporate requirements may be adversely affected\\. \n\nOn July 27, 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021\\. It is unclear whether new methods of calculating LIBOR will be established such that it continues to exist after 2021\\. The U\\.S\\. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, is considering replacing U\\.S\\. dollar LIBOR with a newly created index, calculated based on repurchase agreements backed by treasury securities\\. It is not possible to predict the effect of these changes, other reforms or the establishment of alternative reference rates in the United Kingdom, the United States or elsewhere\\. See also the discussion of interest rate risk in Part II, Item 7A\\. Quantitative and Qualitative Disclosures About Market Risk \u2013*\u201cInterest\\.\u201d*\n\nThese obligations also impact our ability to obtain additional financing, if needed, and our flexibility in the conduct of our business, and could materially adversely affect our liquidity, results of operations and financial condition\\.\n\n***We will need to obtain sufficient financing or other capital to operate successfully\\.***\n\nOur business plan contemplates continued significant investments related to modernizing our fleet, improving the experience of our customers and updating our facilities\\. Significant capital resources will be required to execute this plan\\. We estimate that, based on our commitments as of December 31, 2018, our planned aggregate expenditures for aircraft purchase commitments and certain engines on a consolidated basis for calendar years 2019\\-2023 would be approximately $8\\.4 billion\\. Accordingly, we will need substantial financing or other capital resources to finance such aircraft and engines\\. If we are unable to arrange financing for such aircraft and engines at customary advance rates and on terms and conditions acceptable to us, we may need to use cash from operations or cash on hand to purchase such aircraft and engines or may seek to negotiate deferrals for such aircraft and engines with the applicable aircraft and engine manufacturers\\. Depending on numerous factors applicable at the time we seek capital, many of which are out of our control, such as the state of the domestic and global economies, the capital and credit markets\u2019 view of our prospects and the airline industry in general, and the general availability of debt and equity capital, the financing or other capital resources that we will need may not be available to us, or may be available only on onerous terms and conditions\\. There can be no assurance that we will be successful in obtaining financing or other needed sources of capital to operate successfully\\. An inability to obtain necessary financing on acceptable terms would have a material adverse impact on our business, results of operations and financial condition\\.\n\n***We have significant pension and other postretirement benefit funding obligations, which may adversely affect our liquidity, results of operations and financial condition\\.***\n\nOur pension funding obligations are significant\\. The amount of these obligations will depend on the performance of investments held in trust by the pension plans, interest rates for determining liabilities and actuarial experience\\. The minimum funding obligation applicable to our pension plans was subject to favorable temporary funding rules that expired at the end of 2017 and, as a result, our minimum pension funding obligations will increase materially beginning in 2019\\. In addition, we may have significant obligations for other postretirement benefits, retiree medical and other postretirement benefits\\.\n\n***If our financial condition worsens, provisions in our credit card processing and other commercial agreements may adversely affect our liquidity\\.***\n\nWe have agreements with companies that process customer credit card transactions for the sale of air travel and other services\\. These agreements allow these credit card processing companies, under certain conditions (including, with respect to certain agreements, the failure of American to maintain certain levels of liquidity), to hold an amount of our cash (a holdback) equal to some or all of the advance ticket sales that have been processed by that credit card processor, but for which we have not yet provided the air transportation\\. These credit card processing companies are not currently entitled to maintain any holdbacks pursuant to these requirements\\. These holdback requirements can be modified at the discretion of the credit card processing companies upon the occurrence of specific events, including material adverse changes in our financial condition\\. An increase in the current holdbacks, up to and including 100% of relevant advanced ticket sales, would materially reduce our liquidity\\. Likewise, other of our commercial agreements contain provisions that allow other entities to impose less\\-favorable terms, including the acceleration of amounts due, in the event of material adverse changes in our financial condition\\.\n\n20"}
{"_id": "Alaska-2019_92.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n|           |           |           |                                                                                                                                                                                                                         |                                                                                                                                                                                                                         |                                                                                                                                                                                                                         |                                                                                                                                                                                                        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Section 1350, as adopted pursuant to Section 906 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/ngalk10-k123119ex321.htm)               | [Certification of Chief Executive Officer Pursuant to 18 U\\.S\\.C\\. Section 1350, as adopted pursuant to Section 906 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/ngalk10-k123119ex321.htm)               | [Certification of Chief Executive Officer Pursuant to 18 U\\.S\\.C\\. 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Section 1350, as adopted pursuant to Section 906 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/ngalk10-k123119ex322.htm)               | [Certification of Chief Financial Officer Pursuant to 18 U\\.S\\.C\\. Section 1350, as adopted pursuant to Section 906 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/ngalk10-k123119ex322.htm)               | [Certification of Chief Financial Officer Pursuant to 18 U\\.S\\.C\\. Section 1350, as adopted pursuant to Section 906 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/ngalk10-k123119ex322.htm)               |                                                                                                                                                                                                                         |                                                                                                                                                                                                                         |                                                                                                                                                                                                                         |                                                                                                                                                                                                    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                                        | XBRL Instance Document \\- The instance document does not appear in the interactive data file because XBRL tags are embedded within the inline XBRL document\\.                                                           | XBRL Instance Document \\- The instance document does not appear in the interactive data file because XBRL tags are embedded within the inline XBRL document\\.                                                           |                                                                                                                                                                                                                         |                                                                                                                                                                                                                         |                                                                                    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                                                                                             |\n| 101\\.SCH\u2020 | 101\\.SCH\u2020 | 101\\.SCH\u2020 | XBRL Taxonomy Extension Schema Document                                                                                                                                                                                 | XBRL Taxonomy Extension Schema Document                                                                                                                                                                                 | XBRL Taxonomy Extension Schema Document                                                                                                                                                                                 |                                                                                                                                                                                                    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                                                                |\n| 101\\.LAB\u2020 | 101\\.LAB\u2020 | 101\\.LAB\u2020 | XBRL Taxonomy Extension Label Linkbase Document                                                                                                                                                                         | XBRL Taxonomy Extension Label Linkbase Document                                                                                                                                                                         | XBRL Taxonomy Extension Label Linkbase Document                                                                                                                                                                         |                                                                                                                                                                                                                         |       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                                |\n| \\*        | \\*        | \\*        | Indicates management contract or compensatory plan or arrangement\\.                                                                                                                                                     | Indicates management contract or compensatory plan or arrangement\\.                                                                                                                                                     | Indicates management contract or compensatory plan or arrangement\\.                                                                                                                                                     |                                                                                                                                                                                                                         |                                                   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                                                                                                                              |                                                                                                                                                                                                                         |\n| \\#        | \\#        | \\#        | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. |  |  |  |  |  |  |  |  |  |  |  |  |\n| ^         | ^         | ^         | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |\n\n\n\n92"}
{"_id": "Southwest-2017_123.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on February 7, 2018, on behalf of the registrant and in the capacities indicated\\.\n\n\n\n|                            |                                                                                               |\n| -------------------------- | --------------------------------------------------------------------------------------------- |\n| **Signature**              | **Title**                                                                                     |\n| /s/ GARY C\\. KELLY         | Chairman of the Board & Chief Executive Officer (Principal Executive Officer)                 |\n| **Gary C\\. Kelly**         |                                                                                               |\n| /s/ TAMMY ROMO             | Executive Vice President & Chief Financial Officer (Principal Financial & Accounting Officer) |\n| **Tammy Romo**             |                                                                                               |\n| /s/ RON RICKS              | Vice Chairman of the Board                                                                    |\n| **Ron Ricks**              |                                                                                               |\n| /s/ DAVID W\\. BIEGLER      | Director                                                                                      |\n| **David W\\. Biegler**      |                                                                                               |\n| /s/ J\\. VERONICA BIGGINS   | Director                                                                                      |\n| **J\\. Veronica Biggins**   |                                                                                               |\n| /s/ DOUGLAS H\\. BROOKS     | Director                                                                                      |\n| **Douglas H\\. Brooks**     |                                                                                               |\n| /s/ WILLIAM H\\. CUNNINGHAM | Director                                                                                      |\n| **William H\\. Cunningham** |                                                                                               |\n| /s/ JOHN G\\. DENISON       | Director                                                                                      |\n| **John G\\. Denison**       |                                                                                               |\n| /s/ THOMAS W\\. GILLIGAN    | Director                                                                                      |\n| **Thomas W\\. Gilligan**    |                                                                                               |\n| /s/ GRACE D\\. LIEBLEIN     | Director                                                                                      |\n| **Grace D\\. Lieblein**     |                                                                                               |\n| /s/ NANCY B\\. LOEFFLER     | Director                                                                                      |\n| **Nancy B\\. Loeffler**     |                                                                                               |\n| /s/ JOHN T\\. MONTFORD      | Director                                                                                      |\n| **John T\\. Montford**      |                                                                                               |\n\n\n\n124"}
{"_id": "AmericanAirlines-2019_125.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n(k) Revenue Recognition\n\nRevenue\n\nThe following are the significant categories comprising American\u2019s reported operating revenues (in millions):\n\n\n\n|                                       |                             |                             |                             |\n| ------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                       | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                       | **2019**                    | **2018**                    | **2017**                    |\n| Passenger revenue:                    |                             |                             |                             |\n| Passenger travel                      | $38,831                     | $37,457                     | $36,152                     |\n| Loyalty revenue \\- travel  ^(1)^      | 3,179                       | 3,219                       | 2,979                       |\n| Total passenger revenue               | 42,010                      | 40,676                      | 39,131                      |\n| Cargo                                 | 863                         | 1,013                       | 890                         |\n| Other:                                |                             |                             |                             |\n| Loyalty revenue \\- marketing services | 2,361                       | 2,352                       | 2,124                       |\n| Other revenue                         | 527                         | 489                         | 465                         |\n| Total other revenue                   | 2,888                       | 2,841                       | 2,589                       |\n| Total operating revenues              | $45,761                     | $44,530                     | $42,610                     |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                   |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions earned through travel or from co\\-branded credit card and other partners\\. See \u201c *Loyalty Revenue\u201d*  below for further discussion on these mileage credits\\. |\n\n\n\nThe following is American\u2019s total passenger revenue by geographic region (in millions):\n\n\n\n|                         |                             |                             |                             |\n| ----------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                         | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                         | **2019**                    | **2018**                    | **2017**                    |\n| Domestic                | $30,881                     | $29,573                     | $28,749                     |\n| Latin America           | 5,047                       | 5,125                       | 4,840                       |\n| Atlantic                | 4,624                       | 4,376                       | 4,028                       |\n| Pacific                 | 1,458                       | 1,602                       | 1,514                       |\n| Total passenger revenue | $42,010                     | $40,676                     | $39,131                     |\n\n\n\nAmerican attributes passenger revenue by geographic region based upon the origin and destination of each flight segment\\.\n\nPassenger Revenue\n\nAmerican recognizes all revenues generated from transportation on American and its regional flights operated under the brand name American Eagle, including associated baggage fees, ticketing change fees and other inflight services, as passenger revenue when transportation is provided\\. Ticket and other related sales for transportation that has not yet been provided are initially deferred and recorded as air traffic liability on American\u2019s consolidated balance sheets\\. The air traffic liability principally represents tickets sold for future travel on American and partner airlines, as well as estimated future refunds and exchanges of tickets sold for past travel\\. \n\nThe majority of tickets sold are nonrefundable\\. A small percentage of tickets, some of which are partially used tickets, expire unused\\. Due to complex pricing structures, refund and exchange policies, and interline agreements with other airlines, certain amounts are recognized in passenger revenue using estimates regarding both the timing of the revenue recognition and the amount of revenue to be recognized\\. These estimates are generally based on the analysis of American\u2019s historical data\\. American has consistently applied this accounting method to estimate revenue from unused tickets at the date of travel\\. Estimated future refunds and exchanges included in the air traffic liability are routinely evaluated based on subsequent activity to validate the accuracy of American\u2019s estimates\\. Any adjustments resulting from periodic evaluations of the estimated air traffic liability are included in passenger revenue during the period in which the evaluations are completed\\. \n\n126"}
{"_id": "Delta-2018_53.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nITEM 8\\. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA\n\nINDEX TO CONSOLIDATED FINANCIAL STATEMENTS\n\n\n\n|                                                                                                                                                                 |                                                                    |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------ |\n|                                                                                                                                                                 | Page                                                               |\n| [Report of Independent Registered Public Accounting Firm](http://ir.delta.com/.#s69BD3F0E837257CF9AF7C5B69EFA0385)                                              | <br>[ 52](http://ir.delta.com/.#s69BD3F0E837257CF9AF7C5B69EFA0385) |\n| [Consolidated Balance Sheets \\- December 31, 2018 and 2017](http://ir.delta.com/.#sD11FEE4059B050ADAEA7667A08B964C2)                                            | <br>[ 53](http://ir.delta.com/.#sD11FEE4059B050ADAEA7667A08B964C2) |\n| [Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016](http://ir.delta.com/.#s04095BABD52359E8A64161BF1E3B83D6)           | <br>[ 54](http://ir.delta.com/.#s04095BABD52359E8A64161BF1E3B83D6) |\n| [Consolidated Statements of Comprehensive Income for the years ended December 31, 2018, 2017 and 2016](http://ir.delta.com/.#s1352EC39BD1F57F9BF100B998B5BA38E) | <br>[ 55](http://ir.delta.com/.#s1352EC39BD1F57F9BF100B998B5BA38E) |\n| [Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017 and 2016](http://ir.delta.com/.#s7853F989C4AD56808B4DA3972397C721)           | <br>[ 56](http://ir.delta.com/.#s7853F989C4AD56808B4DA3972397C721) |\n| [Consolidated Statements of Stockholders' Equity for the years ended December 31, 2018, 2017 and 2016](http://ir.delta.com/.#s36850955D34953F38C0FDD3B66695463) | <br>[ 57](http://ir.delta.com/.#s36850955D34953F38C0FDD3B66695463) |\n| [Notes to the Consolidated Financial Statements](http://ir.delta.com/.#s7A724D16EB4F5373A79A03DA80D7E01A)                                                       | <br>[ 58](http://ir.delta.com/.#s7A724D16EB4F5373A79A03DA80D7E01A) |\n| [Note 1 \\- Summary of Significant Accounting Policies](http://ir.delta.com/.#s5AE5368E8D0E5D1CBF66B4E067513C4F)                                                 | <br>[ 58](http://ir.delta.com/.#s5AE5368E8D0E5D1CBF66B4E067513C4F) |\n| [Note 2 \\- Revenue Recognition](http://ir.delta.com/.#s76bc80c50bcc430691dbd3d52fae558d)                                                                        | <br>[ 65](http://ir.delta.com/.#s76bc80c50bcc430691dbd3d52fae558d) |\n| [Note 3 \\- Fair Value Measurements](http://ir.delta.com/.#s8AD4252095AF551D97A05B72E4AEDB7F)                                                                    | <br>[ 68](http://ir.delta.com/.#s8AD4252095AF551D97A05B72E4AEDB7F) |\n| [Note 4 \\- Investments](http://ir.delta.com/.#sEFB1C6569B3051A489A5CFEF3760B0A5)                                                                                | <br>[ 70](http://ir.delta.com/.#sEFB1C6569B3051A489A5CFEF3760B0A5) |\n| [Note 5 \\- Derivatives and Risk Management](http://ir.delta.com/.#s037C0108F0495CD5850801392A1E5BB4)                                                            | <br>[ 72](http://ir.delta.com/.#s037C0108F0495CD5850801392A1E5BB4) |\n| [Note 6 \\- Intangible Assets](http://ir.delta.com/.#sD1A890B77980550990C23086312684BA)                                                                          | <br>[ 74](http://ir.delta.com/.#sD1A890B77980550990C23086312684BA) |\n| [Note 7 \\- Long\\-Term Debt](http://ir.delta.com/.#s2898FF2CB90B59D78BD59AB9FA251F4F)                                                                            | <br>[ 75](http://ir.delta.com/.#s2898FF2CB90B59D78BD59AB9FA251F4F) |\n| [Note 8 \\- Leases](http://ir.delta.com/.#s6999A7F06FDD54D9AA7383E43A1A0897)                                                                                     | <br>[ 77](http://ir.delta.com/.#s6999A7F06FDD54D9AA7383E43A1A0897) |\n| [Note 9 \\- Airport Redevelopment](http://ir.delta.com/.#s00D3867C3A7057E8823BF79729ED312A)                                                                      | <br>[ 80](http://ir.delta.com/.#s00D3867C3A7057E8823BF79729ED312A) |\n| [Note 10 \\- Employee Benefit Plans](http://ir.delta.com/.#sB3B3B334560B5CAAB32D461DF50FA60A)                                                                    | <br>[ 82](http://ir.delta.com/.#sB3B3B334560B5CAAB32D461DF50FA60A) |\n| [Note 11 \\- Commitments and Contingencies](http://ir.delta.com/.#sD1260FDD0BD15EB89F86B4F328FB0669)                                                             | <br>[ 87](http://ir.delta.com/.#sD1260FDD0BD15EB89F86B4F328FB0669) |\n| [Note 12 \\- Income Taxes](http://ir.delta.com/.#s41EA66224DBE5861A62D7B47116D2124)                                                                              | <br>[ 90](http://ir.delta.com/.#s41EA66224DBE5861A62D7B47116D2124) |\n| [Note 13 \\- Equity and Equity Compensation](http://ir.delta.com/.#s06F2008B00155AA2BD96797EDA90A8A1)                                                            | <br>[ 92](http://ir.delta.com/.#s06F2008B00155AA2BD96797EDA90A8A1) |\n| [Note 14 \\- Accumulated Other Comprehensive Loss](http://ir.delta.com/.#s4759ACD9C5E65877988796850EBE51E7)                                                      | <br>[ 93](http://ir.delta.com/.#s4759ACD9C5E65877988796850EBE51E7) |\n| [Note 15 \\- Segments and Geographic Information](http://ir.delta.com/.#sEF8845DEC87853DBB893F4E2B584A88C)                                                       | <br>[ 94](http://ir.delta.com/.#sEF8845DEC87853DBB893F4E2B584A88C) |\n| [Note 16 \\- Restructuring and Other](http://ir.delta.com/.#s401F72D3ADE154999846EFD622159398)                                                                   | <br>[ 96](http://ir.delta.com/.#s401F72D3ADE154999846EFD622159398) |\n| [Note 17 \\- Earnings Per Share](http://ir.delta.com/.#sD522B17DCBE8521EAF2A7473C0DC4E06)                                                                        | <br>[ 96](http://ir.delta.com/.#sD522B17DCBE8521EAF2A7473C0DC4E06) |\n| [Note 18 \\- Quarterly Financial Data (Unaudited)](http://ir.delta.com/.#s2656E5F19B1B5088ACD590919783D0ED)                                                      | <br>[ 97](http://ir.delta.com/.#s2656E5F19B1B5088ACD590919783D0ED) |\n\n\n\n 51"}
{"_id": "AmericanAirlines-2017_134.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n*Cargo Revenue*\n\nCargo revenue is recognized when American provides the transportation\\.\n\n*Other Revenue*\n\nOther revenue includes revenue associated with marketing services provided to American\u2019s business partners as part of its loyalty program, baggage fees, ticketing change fees, airport clubs and inflight services\\. The accounting and recognition for the loyalty program marketing services are discussed in Note 1(i) above\\. Baggage fees, ticketing change fees, airport clubs and inflight service revenues are recognized when American provides the service\\.\n\nEffective January 1, 2018, American is adopting ASU 2014\\-09: Revenue from Contracts with Customers (Topic 606)\\. See Recent Accounting Pronouncements in Note 1(r) below for further discussion\\.\n\n***(k) Maintenance, Materials and Repairs***\n\nMaintenance and repair costs for owned and leased flight equipment are charged to operating expense as incurred, except costs incurred for maintenance and repair under flight hour maintenance contract agreements, which are accrued based on contractual terms when an obligation exists\\.\n\n***(l) Selling Expenses***\n\nSelling expenses include credit card fees, commissions, computerized reservations systems fees and advertising\\. Advertising costs are expensed as incurred\\. Advertising expense was $135 million, $116 million and $110 million for the years ended December 31, 2017, 2016 and 2015, respectively\\.\n\n***(m) Share\\-based Compensation***\n\nAmerican accounts for its share\\-based compensation expense based on the fair value of the stock award at the time of grant, which is recognized ratably over the vesting period of the stock award\\. Certain awards have performance conditions that must be achieved prior to vesting and are expensed based on the expected achievement at each reporting period\\. The fair value of stock appreciation rights is estimated using a Black\\-Scholes option pricing model\\. The fair value of restricted stock units is based on the market price of the underlying shares of common stock on the date of grant\\. See Note 12 for further discussion of share\\-based compensation\\.\n\n***(n) Deferred Gains and Credits, Net***\n\nIncluded within deferred gains and credits, net are amounts deferred and amortized into future periods associated with the adjustment of leases to fair value in connection with the application of acquisition accounting, deferred gains on the sale\\-leaseback of aircraft and certain vendor incentives\\. American periodically receives vendor incentives in connection with acquisition of aircraft and engines\\. These credits are deferred until aircraft and engines are delivered and then applied as a reduction to the cost of the related equipment\\.\n\n***(o) Foreign Currency Gains and Losses***\n\nForeign currency gains and losses are recorded as part of other nonoperating expense, net in American\u2019s consolidated statements of operations\\. Foreign currency losses for 2017 were $4 million\\. Foreign currency gains were $1 million for 2016\\. For 2015, foreign currency losses were $751 million and included a $592 million nonoperating special charge to write off all of the value of Venezuelan bolivars held by American due to continued lack of repatriations and deterioration of economic conditions in Venezuela\\.\n\n***(p) Other Operating Expenses***\n\nOther operating expenses includes costs associated with ground and cargo handling, crew travel, aircraft food and catering, passenger accommodation, airport security, international navigation fees and certain general and administrative expenses\\.\n\n135"}
{"_id": "United-2018_58.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nexpected performance achievement for the performance\\-based awards\\. See Note 5 of this report for additional information on UAL's share\\-based compensation plans\\.\n\n\n\n|     |                                                                                                                                                                                                                                                                                                              |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (p) | **Ticket Taxes\u2014** Certain governmental taxes are imposed on the Company's ticket sales through a fee included in ticket prices\\. The Company collects these fees and remits them to the appropriate government agency\\. These fees are recorded on a net basis and, as a result, are excluded from revenue\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (q) | **Retirement of Leased Aircraft\u2014** The Company accrues for estimated lease costs over the remaining term of the lease at the present value of future minimum lease payments, net of estimated sublease rentals (if any), in the period that aircraft are permanently removed from service\\. When reasonably estimable and probable, the Company estimates maintenance lease return condition obligations for items such as minimum aircraft and engine conditions specified in leases and accrues these amounts over the lease term while the aircraft are operating, and any remaining unrecognized estimated obligations are accrued in the period that an aircraft is removed from service\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (r) | **Uncertain Income Tax Positions\u2014** The Company has recorded reserves for income taxes and associated interest that may become payable in future years\\. Although management believes that its positions taken on income tax matters are reasonable, the Company nevertheless has established tax and interest reserves in recognition that various taxing authorities may challenge certain of the positions taken by the Company, potentially resulting in additional liabilities for taxes and interest\\. The Company's uncertain tax position reserves are reviewed periodically and are adjusted as events occur that affect its estimates, such as the availability of new information, the lapsing of applicable statutes of limitation, the conclusion of tax audits, the measurement of additional estimated liability, the identification of new tax matters, the release of administrative tax guidance affecting its estimates of tax liabilities, or the rendering of relevant court decisions\\. The Company records penalties and interest relating to uncertain tax positions as part of income tax expense in its consolidated statements of operations\\. See Note 7 of this report for additional information on UAL's uncertain tax positions\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (s) | **Labor Costs\u2014** The Company records expenses associated with amendable labor agreements when the amounts are probable and estimable\\. These include costs associated with lump sum cash payments that would be made in conjunction with the ratification of labor agreements\\. To the extent these upfront costs are in lieu of future pay increases, they would be capitalized and amortized over the term of the labor agreements\\. If not, these amounts would be expensed\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (t)  | **Third\\-Party Business\u2014** The Company has third\\-party business revenue that includes fuel sales, catering, ground handling, maintenance services and frequent flyer award non\\-air redemptions\\. Third\\-party business revenue is recorded in Other operating revenue\\. The Company also incurs third\\-party business expenses, such as maintenance, ground handling and catering services for third parties, fuel sales and non\\-air mileage redemptions\\. The third\\-party business expenses are recorded in Other operating expenses, except for non\\-air mileage redemption\\. Non\\-air mileage redemption expenses are recorded to Other operating revenue\\.  |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (u)  | **Recently Issued Accounting Standards\u2014**  The Company adopted Financial Accounting Standards Board (\"FASB\") Accounting Standards Codification Topic 606,  *Revenue from Contracts with Customers*  (the \"New Revenue Standard\"), effective January 1, 2018 using the full\\-retrospective method\\. Topic 606 prescribes that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services\\. For the Company, the most significant impact of the standard was the reclassification of certain ancillary fees from other operating revenue into passenger revenue on the statement of consolidated operations\\. These ancillary fees are directly related to passenger travel, such as ticket change fees and baggage fees, and are no longer considered distinct performance obligations separate from the passenger travel component\\. In addition, the ticket change fees, which were previously recognized when received, are now recognized when transportation is provided\\. Adoption of the standard had no impact on the Company's consolidated cash flows statements\\. |\n\n\n\nThe Company adopted Accounting Standards Update No\\. 2017\\-07, *Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost* (the \"New Retirement Standard\"), effective January 1, 2018 using the full\\-retrospective method\\. The New Retirement Standard requires employers to present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period\\. The other components of net benefit cost, including interest cost, expected return on plan assets, amortization of prior service cost/credit and actuarial gain/loss, and settlement and curtailment effects, are to be presented outside of any subtotal of operating income\\. The Company elected to apply the practical expedient and use the amounts disclosed in Note 8 to the financial statements included in Part II, Item 8 of the Company's Annual Report on Form 10\\-K for the fiscal year ended December 31, 2017 as the estimation basis for applying the retrospective presentation requirements of the standard\\.\n\n59"}
{"_id": "AmericanAirlines-2017_143.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nIn October 2017, American created one additional pass\\-through trust which issued approximately $221 million aggregate principal amount of Series 2017\\-2 Class B EETCs (the 2017\\-2 Class B EETCs) in connection with the financing of the 2017\\-2 Aircraft\\. A portion of the net proceeds received from the sale of the Series 2017\\-2 Class B EETCs was used on the date of issuance of the 2017\\-2 Class B EETCs to acquire Series B equipment notes issued by American in connection with the financing of certain 2017\\-2 Aircraft, and the balance of such proceeds is being held in escrow for the benefit of the holders of the 2017\\-2 Class B EETCs until such time as American issues additional Series B equipment notes to the pass\\-through trust, which will purchase such additional equipment notes with a portion of the escrowed funds\\. These escrowed funds are not guaranteed by American and are not reported as debt on American\u2019s consolidated balance sheet because the proceeds held by the depository are not American\u2019s assets\\. \n\nAs of December 31, 2017, approximately $735 million of the escrowed proceeds from the 2017\\-2 EETCs have been used to purchase equipment notes issued by American\\. Interest and principal payments on equipment notes issued in connection with the 2017\\-2 EETCs are payable semi\\-annually in April and October of each year, with interest payments beginning in April 2018 and principal payments beginning in October 2018\\. These equipment notes are secured by liens on the aircraft financed with the proceeds of the 2017\\-2 EETCs\\.\n\nCertain 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\\.\n\n\n\n|                               |                   |                   |                   |\n| ----------------------------- | ----------------- | ----------------- | ----------------- |\n|                               | **2017\\-2 EETCs** | **2017\\-2 EETCs** | **2017\\-2 EETCs** |\n|                               | **Series AA**     | **Series A**      | **Series B**      |\n| Aggregate principal issued    | $545 million      | $252 million      | $221 million      |\n| Remaining escrowed proceeds   | $152 million      | $70 million       | $61 million       |\n| Fixed interest rate per annum | 3\\.35%            | 3\\.60%            | 3\\.70%            |\n| Maturity date                 | October 2029      | October 2029      | October 2025      |\n\n\n\n***(c) Equipment Loans and Other Notes Payable Issued in 2017***\n\nIn 2017, American entered into agreements under which it borrowed $1\\.0 billion in connection with the financing of certain aircraft\\. Debt incurred under these agreements matures in 2027 through 2029 and bears interest at fixed and variable rates of LIBOR plus an applicable margin averaging 3\\.08% at December 31, 2017\\.\n\n***Guarantees***\n\nAs of December 31, 2017, American had issued guarantees covering AAG\u2019s $500 million aggregate principal amount of 6\\.125% senior notes due 2018, $750 million aggregate principal amount of 5\\.50% senior notes due 2019 and $500 million aggregate principal amount of 4\\.625% senior notes due 2020\\.\n\n***Collateral\\-Related Covenants***\n\nCertain of American\u2019s debt financing agreements contain loan to value (LTV) ratio covenants and require American to annually appraise the related collateral\\. Pursuant to such agreements, if the LTV ratio exceeds a specified threshold, American is required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash collateral), or pay down such financing, in whole or in part\\.\n\n144"}
{"_id": "Delta-2019_7.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nSkyTeam \\. In addition to our marketing alliance agreements with individual foreign airlines, we are a member of the SkyTeam global airline alliance\\. The other members of SkyTeam are Aeroflot, Aerol\u00edneas Argentinas, Aerom\u00e9xico, Air Europa, Air France, Alitalia, China Airlines, China Eastern, CSA Czech Airlines, Garuda Indonesia, Kenya Airways, KLM, Korean Air, Middle East Airlines, Saudi Arabian Airlines, Tarom, Vietnam Airlines and Xiamen Airlines\\. Through alliance arrangements with other SkyTeam carriers, Delta is able to link its network with the route networks of the other member airlines, providing opportunities to increase connecting traffic while offering enhanced customer service through reciprocal codesharing and loyalty program participation, airport lounge access and cargo operations\\.\n\nRegional Carriers\n\nWe have air service agreements with domestic regional air carriers that feed traffic to our route system by serving passengers primarily in small and medium\\-sized cities in the domestic market\\. These arrangements enable us to better match capacity with demand in these markets\\. Approximately 15% of our passenger revenue in 2019 was related to flying by regional air carriers\\.\n\nThrough our regional carrier program, Delta Connection^\u00ae^ , we have contractual arrangements with regional carriers to operate aircraft using our \"DL\" designator code\\. We currently have contractual arrangements with:\n\n\u2022 Compass Airlines, LLC (\"Compass\") and GoJet Airlines, LLC (\"GoJet\"), both subsidiaries of Trans States Holdings, Inc\\. (\"Trans States\"); \n\n\u2022 Endeavor Air, Inc\\., a wholly owned subsidiary of ours; \n\n\u2022 Republic Airline, Inc\\. (\"Republic\"), a subsidiary of Republic Airways Holdings, Inc\\.; and \n\n\u2022 SkyWest Airlines, Inc\\., a subsidiary of SkyWest, Inc\\.\n\nWe have agreed with each of Compass and GoJet not to renew our existing arrangements and end our relationship with each by the end of 2020\\.\n\nOur contractual agreements with regional carriers primarily are capacity purchase arrangements, under which we control the scheduling, pricing, reservations, ticketing and seat inventories for the regional carriers' flights operating under our \"DL\" designator code\\. We are entitled to all ticket, cargo, mail, in\\-flight and ancillary revenues associated with these flights\\. We pay those airlines an amount, as defined in the applicable agreement, which is based on a determination of their cost of operating those flights and other factors intended to approximate market rates for those services\\. These capacity purchase agreements are long\\-term agreements, usually with initial terms of at least ten years, which grant us the option to extend the initial term\\. Certain of these agreements provide us the right to terminate the entire agreement, or in some cases remove some of the aircraft from the scope of the agreement, for convenience at certain future dates\\.\n\nSkyWest Airlines operates some flights for us under a revenue proration agreement\\. This proration agreement establishes a fixed dollar or percentage division of revenues for tickets sold to passengers traveling on connecting flight itineraries\\.\n\nGlobal Impact\n\nAs we connect people with communities, experiences and each other, we are committed to doing our part to build a better world\\. Giving back to the communities where we live, work and serve is part of our culture, and we have pledged to give one percent of our annual net income back to communities across the globe\\. As a purpose\\-driven and values\\-led company, we are committed to reducing our environmental impact\\. We were among the leaders in the industry to offer comprehensive onboard recycling to our passengers and are working to reduce our use of single\\-use plastics\\. The chief focus of reducing our impact on the environment is jet fuel, which is the primary contributor to our carbon footprint\\. We continue to focus on increasing fuel efficiency as we replace older aircraft with more fuel\\-efficient jets and improve the efficiency of our existing aircraft through operational efforts\\.\n\n5"}
{"_id": "Delta-2018_73.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\n|   |                                                                                                                                                                                                                                                                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *DGS\\.*  In December 2018, we sold DGS, which provides aviation\\-related, ground support equipment maintenance and professional security services, to a new subsidiary of Argenbright Holdings, LLC\\. The new company will continue to service our customers and third parties, and is expected to continue operating at the same airport locations it currently serves\\. |\n\n\n\nAt the time of the sale, we received a non\\-controlling   49%  equity stake in the new company of   $109 million  and   $40 million  cash\\. We recognized a gain upon deconsolidation of   $91 million  in miscellaneous under non\\-operating expense\\. \n\nAfter the sale, we will record our portion of the new entity's financial results in contracted services under operating expense as this entity is integral to the operations of our business\\.\n\nFair Value Investments\n\nWe account for the following investments at fair value with adjustments to fair value recognized in unrealized gain/(loss) on investments within non\\-operating expense\\.\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| *\u2022* | *Air France\\-KLM\\.*  We own   9%  of the outstanding shares of Air France\\-KLM, which are recorded at   $408 million  as of  December 31, 2018 \\. In addition, we have a joint venture with Air France\\-KLM and entered into an agreement with Air France\\-KLM and Virgin Atlantic to combine our separate transatlantic joint ventures into a single three\\-party transatlantic joint venture\\. The three\\-party agreement remains subject to required regulatory approvals\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                  |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| *\u2022* | *GOL\\.*  We own   9%  of the outstanding capital stock of GOL Linhas A\u00e9reas Inteligentes, the parent company of VRG Linhas A\u00e9reas (operating as GOL), through ownership of its preferred shares\\. Our ownership stake is recorded at   $213 million  as of  December 31, 2018 \\. |\n\n\n\nAdditionally, GOL has a   $300 million  five \\-year term loan facility with third parties, which we have guaranteed\\. Our entire guaranty is secured by GOL's ownership interest in Smiles, GOL's publicly\\-traded loyalty program\\. Because GOL remains in compliance with the terms of its loan facility, we have not recorded a liability on our balance sheet as of  December 31, 2018 \\. \n\n\n\n|   |                                                                                                                                      |\n| - | ------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | *China Eastern\\.*  We own a   3%  equity interest in China Eastern, which is recorded at   $259 million  as of  December 31, 2018 \\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                       |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Alclear Holdings, LLC (\"CLEAR\")* \\. We own a   7%  equity interest in CLEAR\\. During the year ended December 31, 2018, we sold a portion of our equity interest and recognized a gain of   $18 million  in miscellaneous, net in our income statement under non\\-operating expense\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | *Republic Airways* \\. We own a   17%  equity interest in Republic Airways Holdings Inc\\. (\"Republic\")\\. This ownership interest is currently recorded at our original cost, as Republic's shares are not actively traded on a public exchange and we do not have the ability to exercise significant influence over Republic\\. |\n\n\n\n 71"}
{"_id": "Southwest-2019_60.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nmonitors the market position of the fuel hedging program and its relative market position with each counterparty\\. However, if one or more of these counterparties were in a liability position to the Company and were unable to meet their obligations, any open derivative contracts with the counterparty could be subject to early termination, which could result in substantial losses for the Company\\. At  December 31, 2019 , the Company had agreements with all of its active counterparties containing early termination rights and/or bilateral collateral provisions whereby security is required if market risk exposure exceeds a specified threshold amount based on the counterparty\u2019s credit rating\\. The  C ompany also had agreements with counterparties in which cash deposits, letters of credit, and/or pledged aircraft are required to be posted as collateral whenever the net fair value of derivatives associated with those counterparties exceeds specific thresholds\\. Refer to the counterparty credit risk and collateral table provided in  Note 10  to the Consolidated Financial Statements for the fair values of fuel derivatives, amounts held as collateral, and applicable collateral posting threshold amounts as of  December 31, 2019 , at which such postings are triggered\\.\n\nThe Company is also subject to the risk that the fuel derivatives it uses to hedge against fuel price volatility do not provide adequate protection\\. The Company has found that financial derivative instruments in commodities, such as West Texas Intermediate crude oil, Brent crude oil, and refined products, such as heating oil and unleaded gasoline, can be useful in decreasing its exposure to jet fuel price volatility\\. In addition, to add further protection, the Company may periodically enter into jet fuel derivatives for short\\-term timeframes\\. Jet fuel is not widely traded on an organized futures exchange and, therefore, there are limited opportunities to hedge directly in jet fuel for time horizons longer than approximately  24  months into the future\\.\n\nThe Company also has agreements with each of its counterparties associated with its outstanding interest rate swap agreements in which cash collateral may be required based on the fair value of outstanding derivative instruments, as well as the Company\u2019s and its counterparty\u2019s credit ratings\\. As of  December 31, 2019 , no cash collateral deposits were provided by or held by the Company based on its outstanding interest rate swap agreements\\.\n\nDue to the significance of the Company\u2019s fuel hedging program and the emphasis that the Company places on utilizing fuel derivatives to reduce its fuel price risk, the Company has created a system of governance and management oversight and has put in place a number of internal controls designed so that procedures are properly followed and accountability is present at the appropriate levels\\. For example, the Company has put in place controls designed to: (i) create and maintain a comprehensive risk management policy; (ii) provide for proper authorization by the appropriate levels of management; (iii) provide for proper segregation of duties; (iv) maintain an appropriate level of knowledge regarding the execution of and the accounting for derivative instruments; and (v) have key performance indicators in place in order to adequately measure the performance of its hedging activities\\. The Company believes the governance structure that it has in place is adequate given the size and sophistication of its hedging program\\.\n\nFinancial Market Risk\n\nThe vast majority of the Company\u2019s tangible assets are aircraft, which are long\\-lived\\. The Company\u2019s strategy is to maintain a conservative balance sheet and grow capacity steadily and profitably under the right conditions\\. While the Company uses financial leverage, it strives to maintain a strong balance sheet and has an \" A \\-\" rating with Fitch, a \" BBB \\+\" rating with Standard & Poor\u2019s, and an \" A3 \" credit rating with Moody\u2019s as of  December 31, 2019 , all of which are considered \"investment grade\\.\" As disclosed in  Note 10  to the Consolidated Financial Statements, the Company has converted certain of its long\\-term debt to floating rate debt by entering into an interest rate swap agreement\\. See Note  6  to the Consolidated Financial Statements for more information on the material terms of the Company\u2019s short\\-term and long\\-term debt\\.\n\n61"}
{"_id": "Southwest-2017_77.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n(a) Intangible assets primarily consist of acquired leasehold rights to certain airport owned gates, takeoff and landing slots (a \"slot\" is the right of an air carrier, pursuant to regulations of the FAA, to operate a takeoff or landing at a specific time at certain airports) at certain domestic slot\\-controlled airports, and certain intangible assets acquired\\. \n\nThe Company's definite lived assets are amortized on a straight\\-line basis over the useful life of the asset\\. The aggregate amortization expense for 2017, 2016, and 2015 was $13 million, $17 million, and $19 million, respectively\\. Estimated aggregate amortization expense for the five succeeding years and thereafter is as follows: 2018 \u2013 $13 million, 2019 \u2013 $13 million, 2020 \u2013 $12 million, 2021 \u2013 $12 million, 2022 \u2013 $12 million, and thereafter \u2013 $56 million\\.\n\n***Revenue Recognition***\n\nTickets sold are initially deferred as Air traffic liability\\. Passenger revenue is recognized when transportation is provided\\. Air traffic liability primarily represents tickets sold for future travel dates and funds that are past flight date and remain unused\\. The majority of the Company\u2019s tickets sold are nonrefundable\\. Refundable tickets that are sold but not flown on the travel date can be reused for another flight, up to a year from the date of sale, or refunded, subject to certain conditions\\. A small percentage of tickets (or partial tickets) expire unused\\. The Company has a No Show policy that applies to fares that are not canceled or changed by a Customer at least ten minutes prior to a flight's scheduled departure\\. Based on the Company's revenue recognition policy, revenue is recorded at the flight date for a Customer who does not change his/her itinerary and loses his/her funds\\. Amounts collected from passengers for ancillary service fees are generally recognized as Other revenue when the service is provided, which is typically the flight date\\.\n\nThe Company's policy is to record Passenger revenue for the estimated spoilage of tickets (including partial tickets) once the flight date has passed under the redemption method\\. Initial spoilage estimates are routinely adjusted and ultimately finalized once the tickets expire, which is typically twelve months after the original purchase date\\. Spoilage estimates are based on the Customers' historical travel behavior as well as assumptions about the Customers' future travel behavior\\. Assumptions used to generate spoilage estimates can be impacted by several factors including, but not limited to: fare increases, fare sales, events leading to significant flight cancellations, changes to the Company's ticketing policies, changes to the Company\u2019s refund, exchange and unused funds policies, and economic factors\\. \n\nThe Company is also required to collect certain taxes and fees from Customers on behalf of government agencies and remit these back to the applicable governmental entity on a periodic basis\\. These taxes and fees include foreign and U\\.S\\. federal transportation taxes, federal security charges, and airport passenger facility charges\\. These items are collected from Customers at the time they purchase their tickets, but are not included in Passenger revenue\\. The Company records a liability upon collection from the Customer and relieves the liability when payments are remitted to the applicable governmental agency\\.\n\n***Frequent Flyer Program***\n\nThe Company records a liability for the estimated incremental cost of providing free travel under its frequent flyer program for all amounts earned from flight activity that are expected to be redeemed for future travel\\. The estimated incremental cost includes direct passenger costs such as fuel, food, and other operational costs, but does not include any contribution to fixed overhead costs or profit\\.\n\nThe Company also sells frequent flyer points and related services to companies participating in its frequent flyer program\\. Historically, until July 1, 2015, funds received from the sale of points associated with these agreements were accounted for under the residual method\\. Under this method, the Company estimated the portion of the amounts received from the sale of frequent flyer points that related to free travel and these amounts were deferred and recognized as Passenger revenue when the ultimate free travel awards were flown\\. Effective July 1, 2015, the Company entered into an amended co\\-branded credit card agreement (\"Agreement\") with Chase Bank USA, N\\.A\\. (\"Chase\"), through which the Company sells loyalty points and other items to Chase\\. This material modification triggered a required accounting change under Accounting Standards Update (\"ASU\") No\\. 2009\\-13, which was recorded on a prospective basis\\. The impact of the accounting change is that the Company estimated the selling prices and volumes over the term of the Agreement in order to determine the allocation of proceeds to each of the deliverables (travel points to be awarded; \n\n78"}
{"_id": "Delta-2019_45.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nGoodwill \\. Our goodwill balance, which is related to the airline segment, was $9\\.8 billion at December 31, 2019\\. Based upon our quantitative assessment of all relevant factors, including applicable factors noted in \" Key Assumptions \" above, we determined that the fair value of goodwill significantly exceeded the carrying value and, therefore, there was no indication that goodwill was impaired\\.\n\nIdentifiable Intangible Assets\\.  Our identifiable intangible assets, which are related to the airline segment, had a net carrying amount of $5\\.2 billion at December 31, 2019, of which $5\\.1 billion related to indefinite\\-lived intangible assets\\. Indefinite\\-lived assets are not amortized and consist primarily of routes, slots, the Delta tradename and assets related to SkyTeam and collaborative arrangements\\. Definite\\-lived assets consist primarily of marketing and maintenance service agreements\\. \n\nIn 2019, we performed quantitative assessments of our indefinite\\-lived intangible assets, including applicable factors noted in \" Key Assumptions \" above, and determined that there was no indication that the assets were impaired as the fair value of each asset exceeded its carrying value by at least 15%\\.\n\nLong\\-Lived Assets\n\nOur flight equipment, which consists of aircraft and associated engines and parts, and other long\\-lived assets have a recorded value of $31\\.3 billion at December 31, 2019\\. This value is based on various factors, including the assets' estimated useful lives and salvage values\\. We review flight equipment and other long\\-lived assets used in operations for impairment losses when events and circumstances indicate the assets may be impaired\\. Factors which could be indicators of impairment include, but are not limited to, (1) a decision to permanently remove flight equipment or other long\\-lived assets from operations, (2) significant changes in the estimated useful life, (3) significant changes in projected cash flows, (4) permanent and significant declines in fleet fair values and (5) changes to the regulatory environment\\. For long\\-lived assets held for sale, we discontinue depreciation and record impairment losses when the carrying amount of these assets is greater than the fair value less the cost to sell\\.\n\nTo determine whether impairments exist for aircraft used in operations, we group assets at the fleet\\-type level or at the contract level for aircraft operated by regional carriers (i\\.e\\., the lowest level for which there are identifiable cash flows) and then estimate future cash flows based on projections of capacity, passenger mile yield, fuel costs, labor costs and other relevant factors\\. If an asset group is impaired, the impairment loss recognized is the amount by which the asset group's carrying amount exceeds its estimated fair value\\. We estimate aircraft fair values using published sources, appraisals and bids received from third parties, as available\\.\n\nAs part of our ongoing fleet transformation, during 2019 we committed to accelerating the retirement of our MD\\-90 fleet\\. This fleet will now be retired by the end of 2022, which is approximately two years earlier than previously planned\\. We evaluated the MD\\-90 fleet and determined that the fleet was not impaired as the future cash flows from operation of the fleet through the updated retirement date significantly exceeded the carrying value\\. However, the decision to retire the fleet by 2022, including the permanent retirement of 35 aircraft during 2019, resulted in accelerated depreciation of $79 million during 2019, which is recorded in depreciation and amortization in our income statement\\. \n\nDefined Benefit Pension Plans\n\nWe sponsor defined benefit pension plans for eligible employees and retirees\\. These plans are closed to new entrants and frozen for future benefit accruals\\. As of December 31, 2019, the unfunded benefit obligation for these plans recorded on our balance sheet was $5\\.4 billion\\. We had no minimum funding requirements in 2019\\. However, during 2019, we voluntarily contributed $1 billion to these plans\\. We have no minimum funding requirements in 2020, but we plan to voluntarily contribute approximately $500 million to these plans\\. The most critical assumptions impacting our defined benefit pension plan obligations and net periodic benefit cost are the discount rate, the expected long\\-term rate of return on plan assets and life expectancy\\.\n\nWeighted Average Discount Rate\\.  We determine our weighted average discount rate on our measurement date primarily by reference to annualized rates earned on high\\-quality fixed income investments and yield\\-to\\-maturity analysis specific to our estimated future benefit payments\\. We used a weighted average discount rate to value the obligations of 3\\.40% and 4\\.33% at December 31, 2019 and 2018, respectively\\. Our weighted average discount rate for net periodic benefit cost in each of the past three years has varied from the rate selected on our measurement date, ranging from 3\\.69% to 4\\.33%\\.\n\n43"}
{"_id": "AmericanAirlines-2018_180.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| ----------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| 4\\.6                          | [Indenture and Security Agreement (N907AN), dated as of September 9, 2013, between American Airlines, Inc\\. and Wilmington Trust Company, as Loan Trustee (incorporated by reference to Exhibit 4\\.7 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex47.htm)                                                                                                                                                                                                                                                                                           |\n| 4\\.7                          | [First Amendment to Participation Agreement (N907AN), dated as of November 27, 2013, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein (incorporated by reference to Exhibit 4\\.8 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex48.htm)                                                  |\n| 4\\.8                          | [First Amendment to Indenture and Security Agreement (N907AN), dated as of November 27, 2013, between American Airlines, Inc\\. and Wilmington Trust Company, as Loan Trustee (incorporated by reference to Exhibit 4\\.9 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex49.htm)                                                                                                                                                                                                                                                                        |\n| 4\\.9                          | [Series 2013\\-2A N907AN Equipment Note No\\. 1, dated as of September 9, 2013 (incorporated by reference to Exhibit 4\\.10 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex410.htm)                                                                                                                                                                                                                                                                                                                                                                      |\n| 4\\.10                         | [Series 2013\\-2B N907AN Equipment Note No\\. 1, dated as of November 27, 2013 (incorporated by reference to Exhibit 4\\.11 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex411.htm)                                                                                                                                                                                                                                                                                                                                                                      |\n| 4\\.11                         | [Schedule I (Pursuant to Instruction 2 to Item 601 of Regulation S\\-K, this Schedule I contains a list of documents applicable to the financing of the Aircraft in connection with the offering of the Class B Certificates, which documents are substantially identical to those filed herewith as Exhibits 4\\.6, 4\\.7, 4\\.8, 4\\.9 and 4\\.10\\. Schedule I sets forth the details by which such documents differ from the corresponding Exhibits) (incorporated by reference to Exhibit 99\\.2 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex992.htm) |\n| 4\\.12                         | [Amended and Restated Intercreditor Agreement (2013\\-2), dated as of December 20, 2013, among Wilmington Trust Company, as Trustee of American Airlines Pass Through Trust 2013\\-2A, American Airlines Pass Through Trust 2013\\-2B and American Airlines Pass Through Trust 2013\\-2C, Morgan Stanley Bank, N\\.A\\., as Class A Liquidity Provider and as Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to AMR\u2019s Current Report on Form 8\\-K filed on December 20, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513480827/d647497dex44.htm)            |\n| 4\\.13                         | [Second Amendment to Participation Agreement (N907AN), dated as of December 20, 2013, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein (incorporated by reference to Exhibit 4\\.9 to AMR\u2019s Current Report on Form 8\\-K filed on December 20, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513480827/d647497dex49.htm)                                                 |\n| 4\\.14                         | [Second Amendment to Indenture and Security Agreement (N907AN), dated as of December 20, 2013, between American Airlines, Inc\\. and Wilmington Trust Company, as Loan Trustee (incorporated by reference to Exhibit 4\\.10 to AMR\u2019s Current Report on Form 8\\-K filed on December 20, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513480827/d647497dex410.htm)                                                                                                                                                                                                                                                                     |\n| 4\\.15                         | [Indenture, dated as of May 24, 2013, between American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) and Wilmington Trust, National Association, as Trustee (incorporated by reference to Exhibit 4\\.1 to US Airways Group\u2019s Current Report on Form 8\\-K filed on May 24, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513235868/d544095dex41.htm)                                                                                                                                                                                                                                                  |\n| 4\\.16                         | [First Supplemental Indenture, dated as of May 24, 2013, among American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.), American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.) and Wilmington Trust, National Association, as Trustee (incorporated by reference to Exhibit 4\\.2 to US Airways Group\u2019s Current Report on Form 8\\-K filed on May 24, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513235868/d544095dex42.htm)                                                                                                                                                       |\n| 4\\.17                         | [Second Supplemental Indenture dated as of December 9, 2013, among American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) and Wilmington Trust, National Association, as trustee, to the Indenture, dated as of May 24, 2013 (incorporated by reference to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on December 9, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513466973/d640718dex41.htm)                                                                                                                                                                                            |\n| 4\\.18                         | [Third Supplemental Indenture, dated as of December 30, 2015, among American Airlines Group Inc\\., American Airlines, Inc\\. and Wilmington Trust, National Association, as trustee, to the Indenture dated as of May 24, 2013 (incorporated by reference to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex41.htm)                                                                                                                                                                                                                       |\n| 4\\.19                         | [Pass Through Trust Agreement, dated as of September 16, 2014, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee (incorporated by reference to Exhibit 4\\.1 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex41.htm)                                                                                                                                                                                                                                                                                                      |\n| 4\\.20                         | [Trust Supplement No\\. 2014\\-1A, dated as of September 16, 2014, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex42.htm)                                                                                                                                                                                                                               |\n\n\n\n181"}
{"_id": "Southwest-2018_70.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Southwest Airlines Co\\.**\n\n**Consolidated Statement of Cash Flows**\n\n(in millions)\n\n\n\n|                                                                                         |                             |                             |                             |\n| --------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                         | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                                                                         | **2018**                    | **2017**                    | **2016**                    |\n|                                                                                         |                             | **As Recast**               | **As Recast**               |\n| **CASH FLOWS FROM OPERATING ACTIVITIES:**                                               |                             |                             |                             |\n| Net income                                                                              | $2,465                      | $3,357                      | $2,183                      |\n| Adjustments to reconcile net income to cash provided by (used in) operating activities: |                             |                             |                             |\n| Depreciation and amortization                                                           | 1,201                       | 1,218                       | 1,221                       |\n| Loss on asset impairment                                                                | \u2014                           | \u2014                           | 21                          |\n| Aircraft grounding charge                                                               | \u2014                           | 63                          | \u2014                           |\n| Unrealized/realized gains on fuel derivative instruments                                | (14)                        | (50)                        | (200)                       |\n| Deferred income taxes                                                                   | 301                         | (1,066)                     | 419                         |\n| Changes in certain assets and liabilities:                                              |                             |                             |                             |\n| Accounts and other receivables                                                          | 117                         | (102)                       | (50)                        |\n| Other assets                                                                            | (227)                       | (262)                       | (119)                       |\n| Accounts payable and accrued liabilities                                                | 545                         | 233                         | 221                         |\n| Air traffic liability                                                                   | 506                         | 343                         | 227                         |\n| Cash collateral received from (provided to) derivative counterparties                   | (15)                        | 316                         | 535                         |\n| Other, net                                                                              | 14                          | (121)                       | (165)                       |\n| Net cash provided by operating activities                                               | 4,893                       | 3,929                       | 4,293                       |\n| **CASH FLOWS FROM INVESTING ACTIVITIES:**                                               |                             |                             |                             |\n| Capital expenditures                                                                    | (1,922)                     | (2,123)                     | (2,038)                     |\n| Assets constructed for others                                                           | (54)                        | (126)                       | (109)                       |\n| Purchases of short\\-term investments                                                    | (2,409)                     | (2,380)                     | (2,388)                     |\n| Proceeds from sales of short\\-term and other investments                                | 2,342                       | 2,221                       | 2,263                       |\n| Other, net                                                                              | 5                           | \u2014                           | \u2014                           |\n| Net cash used in investing activities                                                   | (2,038)                     | (2,408)                     | (2,272)                     |\n| **CASH FLOWS FROM FINANCING ACTIVITIES:**                                               |                             |                             |                             |\n| Proceeds from issuance of long\\-term debt                                               | \u2014                           | 600                         | 515                         |\n| Proceeds from Employee stock plans                                                      | 35                          | 29                          | 29                          |\n| Reimbursement for assets constructed for others                                         | 170                         | 126                         | 107                         |\n| Payments of long\\-term debt and capital lease obligations                               | (342)                       | (592)                       | (523)                       |\n| Payments of convertible debt                                                            | \u2014                           | \u2014                           | (68)                        |\n| Payments of cash dividends                                                              | (332)                       | (274)                       | (222)                       |\n| Repayment of construction obligation                                                    | (30)                        | (10)                        | (9)                         |\n| Repurchase of common stock                                                              | (2,000)                     | (1,600)                     | (1,750)                     |\n| Other, net                                                                              | 3                           | 15                          | (3)                         |\n| Net cash used in financing activities                                                   | (2,496)                     | (1,706)                     | (1,924)                     |\n| **NET CHANGE IN CASH AND CASH EQUIVALENTS**                                             | 359                         | (185)                       | 97                          |\n| **CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD**                                    | 1,495                       | 1,680                       | 1,583                       |\n| **CASH AND CASH EQUIVALENTS AT END OF PERIOD**                                          | $1,854                      | $1,495                      | $1,680                      |\n| **CASH PAYMENTS FOR:**                                                                  |                             |                             |                             |\n| Interest, net of amount capitalized                                                     | $107                        | $81                         | $100                        |\n| Income taxes                                                                            | $327                        | $992                        | $902                        |\n| **SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:**                                    |                             |                             |                             |\n| Flight equipment acquired through the assumption of debt                                | $\u2014                          | $\u2014                          | $20                         |\n| Flight equipment under capital leases                                                   | $32                         | $233                        | $307                        |\n| Assets constructed for others                                                           | $171                        | $197                        | $196                        |\n\n\n\nSee accompanying notes\\.\n\n71"}
{"_id": "United-2019_73.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nNOTE 8 \\- NOTES RECEIVABLE\n\nBRW Term Loan\\.  In November 2018, United, as lender, entered into a Term Loan Agreement (the \"BRW Term Loan Agreement\") with, among others, BRW Aviation Holding LLC and BRW Aviation LLC (\"BRW\"), as guarantor and borrower, respectively, BRW Aviation Holding LLC and BRW are affiliates of Synergy Aerospace Corporation (\"Synergy\"), and BRW is the majority shareholder of Avianca Holdings S\\.A\\. (\"AVH\")\\. Pursuant to the BRW Term Loan Agreement, United provided to BRW a   $456 million  term loan (the \"BRW Term Loan\"), secured by a pledge of BRW's equity, as well as BRW's   516 million  common shares of AVH (which are eligible to be converted into the same number of preferred shares, which may be deposited with the depositary for AVH's American Depositary Receipts (\"ADRs\"), the class of AVH securities that trades on the New York Stock Exchange (the \"NYSE\"), in exchange for   64\\.5 million  ADRs) (such equity and shares, collectively, the \"BRW Loan Collateral\")\\. BRW is currently in default under the BRW Term Loan Agreement\\. \n\nIn order to protect the value of its collateral, on May 24, 2019, United began to exercise certain remedies available to it under the terms of the BRW Term Loan Agreement and related documents\\. In connection with the delivery by United of a notice of default to BRW, Kingsland Holdings Limited (\"Kingsland\"), AVH's largest minority shareholder, was granted, in accordance with the agreements related to the BRW Term Loan Agreement, authority to manage BRW, which remains the majority shareholder of AVH\\. In addition, Kingsland is pursuing a foreclosure process which is expected to result in a judicially supervised sale of the BRW Loan Collateral\\. \n\nUnited evaluated the   $499 million  carrying value of the BRW Term Loan as of  December 31, 2019  using the fair value of the BRW Loan Collateral and determined that the value of the BRW Loan Collateral is sufficient to recover the carrying value of the BRW Term Loan\\. As a result, the Company concluded that the BRW Term Loan is not impaired\\. The carrying value of the BRW Term Loan represents the original loan amount plus accrued and unpaid interest and certain expenses associated with the loan origination\\.\n\nThe fair market value of AVH equity was estimated using an income approach and a market approach with equal weight applied to each approach\\. Under the income approach, the value was estimated by discounting expected future cash flows at a weighted average cost of capital to a single present value amount\\. Under the market approach, the value was estimated by reference to multiples of enterprise value to earnings before interest, taxes, depreciation, amortization and rent (\"EBITDAR\") for a group of publicly\\-traded market comparable companies, along with AVH's own EBITDAR levels\\.\n\nAvianca Loan\\.  In November 2019, United entered into a senior secured convertible term loan agreement (the \"AVH Convertible Loan Agreement\") with, among others, AVH, as borrower, for the provision by the lenders thereunder (including United) to AVH of convertible term loans for general corporate purposes\\. In December 2019, United provided such a convertible term loan to AVH under the AVH Convertible Loan Agreement in the aggregate amount of   $150 million  (the \"AVH Convertible Loan\")\\. The AVH Convertible Loan (1) is payable in a single installment in December 2023, (2) bears paid\\-in\\-kind interest at a rate of   3 percent  per annum (\"PIK Interest\") and (3) is secured by a pledge of capital stock in AVH's major subsidiaries and, until released, certain Colombian Peso\\-denominated credit card receivables owing to Aerovias del Continente Americano S\\.A\\. (\"Avianca\"), a subsidiary of AVH and guarantor under the AVH Convertible Loan Agreement\\. United has the option to convert the AVH Convertible Loan, in minimum   $5 million  principal increments, into equity of AVH at a conversion price of   $4\\.6217  per one American Depositary Share (as evidenced by an ADR) or  eight  AVH shares\\. Following the occurrence of a change of control of AVH, the conversion price will be reduced to   $4\\.1595  per ADR\\. Additionally, AVH may, on or after the day occurring  360 days  after the funding date of the AVH Convertible Loan, require that United convert   100%  of the outstanding principal amount (including capitalized PIK Interest) of the AVH Convertible Loan, together with accrued cash interest thereon, into AVH shares, if certain conditions are satisfied, including conditions corresponding to a minimum volume\\-weighted average market price of AVH ADRs and a minimum AVH average cash balance\\. As of  December 31, 2019 , the fair value of the AVH Convertible Loan approximated its carrying value\\.\n\n74"}
{"_id": "Southwest-2017_8.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nIn addition, A\\-List Preferred Members enjoy free inflight WiFi on equipped flights\\. Members who attain A\\-List or A\\-List Preferred status receive priority boarding privileges for an entire year\\. When these Customers purchase travel at least 36 hours prior to flight time, they receive the best boarding pass number available (generally, an \"A\" boarding pass)\\. During the day of travel, if an A\\-List or A\\-List Preferred Member's plans change, they have free same\\-day standby privileges, which allow them to fly on earlier flights between the same city pairs if space is available\\. Members who fly 100 qualifying one\\-way flights or earn 110,000 qualifying points in a calendar year automatically receive a Companion Pass, which provides for unlimited travel free of airline charges (does not include taxes and fees from $5\\.60 one\\-way)\\. The Companion Pass is valid for the remainder of the calendar year in which status was earned and for the following full calendar year to any destination available on Southwest for a designated companion of the qualifying Member\\. The Member and designated companion must travel together on the same flight\\.\n\nSouthwest's Rapid Rewards frequent flyer program has been designed to drive more revenue by (i) bringing in new Customers, including new Members, as well as new holders of Southwest's co\\-branded Chase Visa credit card; (ii) increasing business from existing Customers; and (iii) strengthening the Company's Rapid Rewards hotel, rental car, credit card, and retail partnerships\\. \n\nFor the Company's 2017 consolidated results, Customers of Southwest redeemed approximately 9\\.6 million flight awards, accounting for approximately 13\\.8 percent of revenue passenger miles flown\\. For the Company's 2016 consolidated results, Customers of Southwest redeemed approximately 8\\.3 million flight awards, accounting for approximately 12\\.7 percent of revenue passenger miles flown\\. For the Company's 2015 consolidated results, Customers of Southwest redeemed approximately 7\\.3 million flight awards, accounting for approximately 12\\.0 percent of revenue passenger miles flown\\. The Company's accounting policies with respect to its frequent flyer programs are discussed in more detail in Note 1 to the Consolidated Financial Statements\\.\n\n**Digital Customer Platforms including Southwest\\.com**\n\nThe Company offers a suite of digital platforms to support Customers' needs across the travel journey including Southwest\\.com\u00ae, mobile\\.southwest\\.com, an iOS app, an Android app, an email subscription service, and push notifications\\. The Company also offers Swabiz\\.com, a website tailored for business Customers that offers businesses shared stored company credit cards, company activity reporting, and centralized traveler management\\. These digital tools are designed to help make the Customer's experience personal and intuitive with features such as recognizing the Customer's location to provide relevant deals, remembering recent searches to make it easy to get to trips of interest, offering a calendar view to find the best date to travel for the lowest fare, and providing a \"My Account\" section to provide a detailed view into a Customer's travel and loyalty activity\\. \n\nThe Company's digital assets are also used to highlight points of differentiation between Southwest and other air carriers, as well as provide information on the Company's fare and ancillary products\\. In addition, Southwest\\.com and Swabiz\\.com are available in a translated Spanish version, which provides Customers who prefer to transact in Spanish the same level of Customer Service provided by the English versions of the websites\\. Both sites meet Web Content Accessibility Guidelines (2\\.0, Level AA) in order to provide an optimal experience for Customers with accessibility needs\\.\n\nThe Company continues to invest to broaden and improve these digital assets\\. In 2017, the Company launched enhanced Customer experiences on the desktop application for Car Bookings, Viewing Flight Reservations, and Flight Checkin, which were all launched on a new modern architecture that is expected to be used for additional enhancements in the future\\. The Company continues to invest in growing mobile applications, such as adding the ability to buy EarlyBird within the booking path, offering buttons to view Inflight Drinks and Entertainment options while flying, building mobile friendly versions of Special Offers, simplifying the checkout process, redesigning the apps' homepages, and adding targeting capabilities to better match Customers with relevant information\\. \n\nFor the year ended December 31, 2017, approximately 80 percent of the Company\u2019s Passenger revenues originated from its websites (including revenues from Swabiz\\.com)\\.\n\n**Marketing**\n\nDuring 2017, the Company continued to aggressively market and benefit from Southwest's points of differentiation from its competitors\\. For example, the Company's Trans**fare**ncy^SM^ campaign emphasizes Southwest's approach to \n\n9"}
{"_id": "AmericanAirlines-2019_91.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nThe components of lease expense were as follows (in millions):\n\n\n\n|                               |                             |                             |\n| ----------------------------- | --------------------------- | --------------------------- |\n|                               | **Year Ended December 31,** | **Year Ended December 31,** |\n|                               | **2019**                    | **2018**                    |\n| Operating lease cost          | $2,027                      | $1,907                      |\n| Finance lease cost:           |                             |                             |\n| Amortization of assets        | 79                          | 78                          |\n| Interest on lease liabilities | 43                          | 48                          |\n| Variable lease cost           | 2,558                       | 2,353                       |\n| Total net lease cost          | $4,707                      | $4,386                      |\n\n\n\nIncluded in the table above is   $236 million  and   $226 million  of operating lease cost under our capacity purchase agreement with Republic for the years ended  December 31, 2019  and  2018 , respectively\\. We hold a   25%  equity interest in Republic Holdings, the parent company of Republic\\. \n\nSupplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):\n\n\n\n|                                                   |                  |                  |\n| ------------------------------------------------- | ---------------- | ---------------- |\n|                                                   | **December 31,** | **December 31,** |\n|                                                   | **2019**         | **2018**         |\n| Operating leases:                                 |                  |                  |\n| Operating lease ROU assets                        | $8,737           | $9,151           |\n| Current operating lease liabilities               | $1,708           | $1,654           |\n| Noncurrent operating lease liabilities            | 7,421            | 7,902            |\n| Total operating lease liabilities                 | $9,129           | $9,556           |\n| Finance leases:                                   |                  |                  |\n| Property and equipment, at cost                   | $954             | $936             |\n| Accumulated amortization                          | (447<br><br>)    | (391<br><br>)    |\n| Property and equipment, net                       | $507             | $545             |\n| Current finance lease liabilities                 | $112             | $81              |\n| Noncurrent finance lease liabilities              | 558              | 613              |\n| Total finance lease liabilities                   | $670             | $694             |\n| Weighted average remaining lease term (in years): |                  |                  |\n| Operating leases                                  | 7\\.4             | 7\\.6             |\n| Finance leases                                    | 6\\.2             | 7\\.4             |\n| Weighted average discount rate:                   |                  |                  |\n| Operating leases                                  | 4\\.7%            | 4\\.6%            |\n| Finance leases                                    | 6\\.2%            | 6\\.5%            |\n\n\n\n92"}
{"_id": "Delta-2018_32.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nOperating Expense\n\n\n\n|                                                    |                             |                             |                                    |                                      |\n| -------------------------------------------------- | --------------------------- | --------------------------- | ---------------------------------- | ------------------------------------ |\n|                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Increase**<br><br>**(Decrease)** | **% Increase**<br><br>**(Decrease)** |\n| **(in millions)**                                  | **2018**                    | **2017**                    | **Increase**<br><br>**(Decrease)** | **% Increase**<br><br>**(Decrease)** |\n| Salaries and related costs                         | $10,743                     | $10,058                     | $685                               | 6\\.8 %                               |\n| Aircraft fuel and related taxes                    | 9,020                       | 6,756                       | 2,264                              | 33\\.5 %                              |\n| Regional carriers expense, excluding fuel          | 3,438                       | 3,466                       | (28)                               | (0\\.8)%                              |\n| Depreciation and amortization                      | 2,329                       | 2,222                       | 107                                | 4\\.8 %                               |\n| Contracted services                                | 2,175                       | 2,108                       | 67                                 | 3\\.2 %                               |\n| Passenger commissions and other selling expenses   | 1,941                       | 1,827                       | 114                                | 6\\.2 %                               |\n| Ancillary businesses and refinery                  | 1,695                       | 1,495                       | 200                                | 13\\.4 %                              |\n| Landing fees and other rents                       | 1,662                       | 1,501                       | 161                                | 10\\.7 %                              |\n| Aircraft maintenance materials and outside repairs | 1,575                       | 1,591                       | (16)                               | (1\\.0)%                              |\n| Profit sharing                                     | 1,301                       | 1,065                       | 236                                | 22\\.2 %                              |\n| Passenger service                                  | 1,178                       | 1,123                       | 55                                 | 4\\.9 %                               |\n| Aircraft rent                                      | 394                         | 351                         | 43                                 | 12\\.3 %                              |\n| Other                                              | 1,723                       | 1,609                       | 114                                | 7\\.1 %                               |\n| Total operating expense                            | $39,174                     | $35,172                     | $4,002                             | 11\\.4 %                              |\n\n\n\nSalaries and Related Costs\\.  The increase in salaries and related costs is primarily due to pay rate increases for eligible employees implemented during 2017 and 2018\\.\n\nAircraft Fuel and Related Taxes\\.  Fuel expense increased  $2\\.3 billion  compared to the prior year due to a 31% increase in the market price per gallon of fuel and a  3\\.6%  capacity growth, which was partially offset by improved fuel efficiency driven by our investment in new aircraft\\.\n\nThe table below shows the impact of hedging and the refinery on fuel expense and average price per gallon, adjusted (non\\-GAAP financial measures):\n\n\n\n|                                           |                             |                             |                                    |                              |                              |                              |\n| ----------------------------------------- | --------------------------- | --------------------------- | ---------------------------------- | ---------------------------- | ---------------------------- | ---------------------------- |\n|                                           |                             |                             |                                    | **Average Price Per Gallon** | **Average Price Per Gallon** | **Average Price Per Gallon** |\n|                                           | **Year Ended December 31,** | **Year Ended December 31,** | **Increase**<br><br>**(Decrease)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Increase (Decrease)**      |\n| **(in millions, except per gallon data)** | **2018**                    | **2017**                    | **Increase**<br><br>**(Decrease)** | **2018**                     | **2017**                     | **Increase (Decrease)**      |\n| Fuel purchase cost ^(1)^                  | $9,131                      | $6,833                      | $2,298                             | $2\\.22                       | $1\\.70                       | $0\\.52                       |\n| Fuel hedge impact                         | (53)                        | 33                          | (86)                               | (0\\.01)                      | 0\\.01                        | (0\\.02)                      |\n| Refinery segment impact                   | (58)                        | (110)                       | 52                                 | (0\\.01)                      | (0\\.03)                      | 0\\.02                        |\n| Total fuel expense                        | $9,020                      | $6,756                      | $2,264                             | $2\\.20                       | $1\\.68                       | $0\\.52                       |\n| MTM adjustments and settlements ^(2)^     | 53                          | 259                         | (206)                              | 0\\.01                        | 0\\.06                        | (0\\.05)                      |\n| Total fuel expense, adjusted              | $9,073                      | $7,015                      | $2,058                             | $2\\.21                       | $1\\.74                       | $0\\.47                       |\n\n\n\n\n\n|       |                                                                                                    |\n| ----- | -------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Market price for jet fuel at airport locations, including related taxes and transportation costs\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                         |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | MTM adjustments and settlements include the effects of the derivative transactions disclosed in  Note 5  of the Notes to the Condensed Consolidated Financial Statements\\. For additional information and the reason for adjusting fuel expense, see \"Supplemental Information\" below\\. |\n\n\n\nRegional Carriers Expense, Excluding Fuel\\.  The decrease in regional carriers expense compared to the prior year results from the  $75 million  reduction in rent expense following the impairment of the Endeavor CRJ\\-200 fleet effective January 1, 2018\\. For additional information on this impairment, see  Note 8  of the Notes to the Consolidated Financial Statements\\. \n\nDepreciation and Amortization\\.  The increase in depreciation and amortization primarily results from our increased capital expenditures in recent years\\. These investments have allowed for additional new aircraft deliveries, including A321\\-200s, B\\-737\\-900ERs, A350\\-900s, A220\\-100s and CRJ\\-900s, fleet modifications and technology enhancements\\. As we take delivery of new aircraft, we continue to evaluate our current fleet compared to network requirements\\. \n\n 30"}
{"_id": "AmericanAirlines-2018_145.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Fleet restructuring expenses principally included accelerated depreciation and rent expense for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Merger integration expenses included costs associated with integration projects, principally American's flight attendant, human resources and payroll, and technical operations systems\\. |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Severance expenses primarily included costs associated with reductions of management and support staff team members\\. |\n\n\n\n\n\n|       |                                                                                                                                                                  |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Settlement of a private party antitrust lawsuit\\. See Note 10(e) \\- \u201c *Private Party Antitrust Action Related to Passenger Capacity* \u201d for further discussion\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                  |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(5)^ | Intangible asset impairment includes a non\\-cash charge to write\\-off American\u2019s Brazil route authority as a result of the U\\.S\\.\\-Brazil open skies agreement\\. |\n\n\n\n\n\n|       |                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------- |\n| ^(6)^ | Bankruptcy obligations that will be settled in shares of AAG common stock are marked\\-to\\-market based on AAG\u2019s stock price\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                  |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(7)^ | Employee bonus expense included costs related to the  $1,000  cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of the 2017 Tax Act\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                 |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(8)^ | Mark\\-to\\-market adjustments on equity investments relate to net unrealized losses primarily associated with American\u2019s equity investments in China Southern Airlines and Mesa Air Group, Inc\\. |\n\n\n\n\n\n|       |                                                                                                                    |\n| ----- | ------------------------------------------------------------------------------------------------------------------ |\n| ^(9)^ | Income tax special items for 2018 included an  $18 million  charge related to an international income tax matter\\. |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                                                                  |\n| ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(10)^ | Impact of the 2017 Tax Act includes a  $924 million  non\\-cash charge to income tax expense to reflect the impact of lower corporate income tax rates on the Company\u2019s deferred tax asset and liabilities resulting from the 2017 Tax Act, which reduced the federal corporate income tax rate from 35% to 21%\\. |\n\n\n\n**3\\. Debt**\n\nLong\\-term debt included in the consolidated balance sheets consisted of (in millions):\n\n\n\n|                                                                                                                                                                 |                  |                  |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                                                                                                 | **December 31,** | **December 31,** |\n|                                                                                                                                                                 | **2018**         | **2017**         |\n| *Secured*                                                                                                                                                       |                  |                  |\n| 2013 Credit Facilities, variable interest rate of 4\\.26%, installments through 2025  ^(a)^                                                                      | $1,825           | $1,825           |\n| 2014 Credit Facilities, variable interest rate of 4\\.39%, installments through 2021  ^(a)^                                                                      | 1,215            | 728              |\n| April 2016 Credit Facilities, variable interest rate of 4\\.52%, installments through 2023  ^(a)^                                                                | 980              | 990              |\n| December 2016 Credit Facilities, variable interest rate of 4\\.46%, installments through 2023  ^(a)^                                                             | 1,225            | 1,238            |\n| Aircraft enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 3\\.00% to 9\\.01%, averaging 4\\.21%, maturing from 2019 to 2029  ^(b)^ | 11,648           | 11,881           |\n| Equipment loans and other notes payable, fixed and variable interest rates ranging from 2\\.34% to 8\\.48%, averaging 4\\.26%, maturing from 2019 to 2030  ^(c)^   | 5,060            | 5,259            |\n| Special facility revenue bonds, fixed interest rates of 5\\.00%, maturing from 2019 to 2031                                                                      | 769              | 828              |\n| Other secured obligations                                                                                                                                       | \u2014                | 1                |\n| Total long\\-term debt                                                                                                                                           | 22,722           | 22,750           |\n| Less: Total unamortized debt discount, premium and issuance costs                                                                                               | 219              | 227              |\n| Less: Current maturities                                                                                                                                        | 2,466            | 1,980            |\n| Long\\-term debt, net of current maturities                                                                                                                      | $20,037          | $20,543          |\n\n\n\nThe table below shows the maximum availability under revolving credit facilities, all of which were undrawn, as of December 31, 2018 (in millions):\n\n146"}
{"_id": "AmericanAirlines-2018_13.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nIn addition, several states have adopted or are considering initiatives to regulate GHG emissions, primarily through the planned development of GHG emissions inventories, regional GHG cap and trade programs or low carbon fuel programs\\.\n\nWe have taken a number of actions that mitigate our GHG emissions and conserve fuel such as:\n\n\n\n|   |                                                                                     |\n| - | ----------------------------------------------------------------------------------- |\n| \u2022 | Retiring older aircraft and replacing them with new, more fuel\\-efficient aircraft; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                              |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Reducing fuel consumption through our Fuel Smart Program, which is an employee\\-led effort to safely reduce fuel consumption at American; a similar program is underway to reduce fuel consumption at our regional carriers; |\n\n\n\n\n\n|   |                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Working with the FAA and vendors to facilitate efficient airspace procedures, which also reduces aircraft emissions; |\n\n\n\n\n\n|   |                                                                |\n| - | -------------------------------------------------------------- |\n| \u2022 | Replacing existing cargo containers with lightweight versions; |\n\n\n\n\n\n|   |                                                                                                                                                                            |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Replacing older, inefficient ground support equipment with new, more fuel\\-efficient ground support equipment, including alternative\\-fuel and electric powered equipment; |\n\n\n\n\n\n|   |                                                           |\n| - | --------------------------------------------------------- |\n| \u2022 | Purchasing renewable energy to reduce indirect emissions; |\n\n\n\n\n\n|   |                                                                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Seeking certification of certain of our buildings to the U\\.S\\. Green Building Council\u2019s Leadership in Energy and Environmental Design (LEED) standard; |\n\n\n\n\n\n|   |                                                                                                                                             |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Entering into discussions with potential vendors to further explore potential production pathways for sustainable alternative jet fuel; and |\n\n\n\n\n\n|   |                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Cooperating with airports and other stakeholders to accelerate the introduction of sustainable alternative fuels |\n\n\n\nFor further information, see our annual Corporate Responsibility Report, available on our website at *www\\.aa\\.com*\\. None of the information or contents of our website is incorporated into this Annual Report on Form 10\\-K\\.\n\n***Impact of Regulatory Requirements on Our Business***\n\nRegulatory requirements, including but not limited to those discussed above, affect operations and increase operating costs for the airline industry, including our airline subsidiaries, and future regulatory developments may continue to do the same in the future\\. See Part I, Item 1A\\. Risk Factors \u2013 \u201c*Evolving data security and privacy requirements could increase our costs, and any significant data security incident could disrupt our operations, harm our reputation, expose us to legal risks and otherwise materially adversely affect our business, results of operations and financial condition,\u201d \u201cIf we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots, we may be unable to operate our existing flight schedule and to expand or change our route network in the future, which may have a material adverse impact on our operations,\u201d \u201cOur business is subject to extensive government regulation, which may result in increases in our costs, disruptions to our operations, limits on our operating flexibility, reductions in the demand for air travel, and competitive disadvantages,\u201d \u201cThe airline industry is heavily taxed,*\u201d *\u201cWe are subject to many forms of environmental and noise regulation and may incur substantial costs as a result\u201d* and *\u201cWe are subject to risks associated with climate change, including increased regulation to reduce emissions of greenhouse gases\u201d* for additional information\\.\n\n**Available Information**\n\n***Use of Websites to Disclose Information***\n\nOur website is located at *www\\.aa\\.com*\\. We have made and expect in the future to make public disclosures to investors and the general public of information regarding AAG and its subsidiaries by means of the investor relations section of our website as well as through the use of our social media sites, including Facebook and Twitter\\. In order to receive notifications regarding new postings to our website, investors are encouraged to enroll on our website to receive automatic email alerts (see *https://americanairlines\\.gcs\\-web\\.com/email\\-alerts*), \u201cfollow\u201d American (@AmericanAir) on Twitter and \u201clike\u201d American on our Facebook page (*www\\.facebook\\.com/AmericanAirlines*)\\. None of the information or contents of our website or social media postings is incorporated into this Annual Report on Form 10\\-K\\.\n\n14"}
{"_id": "United-2018_53.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**UNITED CONTINENTAL HOLDINGS, INC\\.**\n\n**UNITED AIRLINES, INC\\.**\n\n**COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**Overview**\n\nUnited Continental Holdings, Inc\\. (together with its consolidated subsidiaries, \"UAL\" or the \"Company\") is a holding company and its principal, wholly\\-owned subsidiary is United Airlines, Inc\\. (together with its consolidated subsidiaries, \"United\")\\. As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted\\. United's operating revenues and operating expenses comprise nearly 100% of UAL's revenues and operating expenses\\. In addition, United comprises approximately the entire balance of UAL's assets, liabilities and operating cash flows\\. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures and any significant differences between the operations and results of UAL and United are separately disclosed and explained\\. We sometimes use the words \"we,\" \"our,\" \"us,\" and the \"Company\" in this report for disclosures that relate to all of UAL and United\\. \n\n**NOTE 1 \\- SIGNIFICANT ACCOUNTING POLICIES**\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                     |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | **Use of Estimates\u2014** The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (\"GAAP\") requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes\\. Actual results could differ from those estimates\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                  |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | **Revenue Recognition\u2014**  The Company presents Passenger revenue, Cargo revenue and Other operating revenue on its income statement\\. Passenger revenue is recognized when transportation is provided and Cargo revenue is recognized when shipments arrive at their destination\\. Other operating revenue is recognized as the related performance obligations are satisfied\\.  |\n\n\n\nPassenger tickets and related ancillary services sold by the Company for mainline and regional flights are purchased primarily via credit card transactions, with payments collected by the Company in advance of the performance of related services\\. The Company initially records ticket sales in its Advance ticket sales liability, deferring revenue recognition until the travel occurs\\. For travel that has more than one flight segment, the Company deems each segment as a separate performance obligation and recognizes revenue for each segment as travel occurs\\. Tickets sold by other airlines where the Company provides the transportation are recognized as passenger revenue at the estimated value to be billed to the other airline when travel is provided\\. Differences between amounts billed and the actual amounts may be rejected and rebilled or written off if the amount recorded was different from the original estimate\\. When necessary, the Company records a reserve against its billings and payables with other airlines based on historical experience\\.\n\nThe Company sells certain tickets with connecting flights with one or more segments operated by its other airline partners\\. For segments operated by its other airline partners, the Company has determined that it is acting as an agent on behalf of the other airlines as they are responsible for their portion of the contract (i\\.e\\. transportation of the passenger)\\. The Company, as the agent, recognizes revenue within Other operating revenue at the time of the travel for the net amount representing commission to be retained by the Company for any segments flown by other airlines\\.\n\nRefundable tickets expire after one year from the date of issuance\\. Non\\-refundable tickets generally expire on the date of the intended travel, unless the date is extended by notification from the customer on or before the intended travel date\\.The Company records breakage revenue on the travel date for its estimate of tickets that will expire unused\\. To determine breakage, the Company uses its historical experience with refundable and nonrefundable expired tickets and other facts, such as recent aging trends, program changes and modifications that could affect the ultimate expiration patterns of tickets\\. Fees charged in association with changes or extensions to non\\-refundable tickets are considered part of the Company's passenger travel obligation\\. As such, those fees are deferred at the time of collection and recognized at the time the travel is provided\\. \n\nUnited initially capitalizes the costs of selling airline travel tickets and then recognizes those costs as Distribution expense at the time of travel\\. Passenger ticket costs include credit card fees, travel agency and other commissions paid, as well as global distribution systems booking fees\\.\n\n54"}
{"_id": "AmericanAirlines-2018_23.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nDOT consumer rules dictate procedures for customer handling during long onboard delays, further regulate airline interactions with passengers, including passengers with disabilities, through the ticketing process, at the airport, and onboard the aircraft, and require disclosures concerning airline fares and ancillary fees such as baggage fees\\. Other DOT rules apply to post\\-ticket purchase price increases and an expansion of tarmac delay regulations to international airlines\\. \n\nThe Aviation and Transportation Security Act mandates the federalization of certain airport security procedures and imposes additional security requirements on airports and airlines, most of which are funded by a per\\-ticket tax on passengers and a tax on airlines\\. Present and potential future security requirements can have the effect of imposing costs and inconvenience on travelers, potentially reducing the demand for air travel\\.\n\nThe results of our operations, demand for air travel, and the manner in which we conduct business each may be affected by changes in law and future actions taken by governmental agencies, including:\n\n\n\n|   |                                                                                                                                                                                                    |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in law that affect the services that can be offered by airlines in particular markets and at particular airports, or the types of fares offered or fees that can be charged to passengers; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | the granting and timing of certain governmental approvals (including antitrust or foreign government approvals) needed for codesharing alliances, joint businesses and other arrangements with other airlines; |\n\n\n\n\n\n|   |                                                                                                                                                                         |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | restrictions on competitive practices (for example, court orders, or agency regulations or orders, that would curtail an airline\u2019s ability to respond to a competitor); |\n\n\n\n\n\n|   |                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------- |\n| \u2022 | the adoption of new passenger security standards or regulations that impact customer service standards; |\n\n\n\n\n\n|   |                                                                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | restrictions on airport operations, such as restrictions on the use of slots at airports or the auction or reallocation of slot rights currently held by us; and |\n\n\n\n\n\n|   |                                                                        |\n| - | ---------------------------------------------------------------------- |\n| \u2022 | the adoption of more restrictive locally\\-imposed noise restrictions\\. |\n\n\n\nEach additional regulation or other form of regulatory oversight increases costs and adds greater complexity to airline operations and, in some cases, may reduce the demand for air travel\\. There can be no assurance that our compliance with new rules, anticipated rules or other forms of regulatory oversight will not have a material adverse effect on us\\.\n\nAny significant reduction in air traffic capacity at and in the airspace serving key airports in the U\\.S\\. or overseas could have a material adverse effect on our business, results of operations and financial condition\\. In addition, the United States National Airspace System (the ATC system) is not successfully modernizing to meet the growing demand for U\\.S\\. air travel\\. Air traffic controllers rely on outdated procedures and technologies that routinely compel airlines to fly inefficient routes or take significant delays on the ground\\. The ATC system\u2019s inability to manage existing travel demand has led government agencies to implement short\\-term capacity constraints during peak travel periods or adverse weather conditions in certain markets, resulting in delays and disruptions of air traffic\\. The outdated technologies also cause the ATC system to be less resilient in the event of a failure\\. For example, an automation failure and an evacuation, in 2015 and 2017, respectively, at the Washington Air Route Control Center resulted in cancellations and delays of hundreds of flights traversing the greater Washington, D\\.C\\. airspace\\.\n\nIn the early 2000s, the FAA embarked on a path to modernize the national airspace system, including migration from the current radar\\-based ATC system to a GPS\\-based system\\. This modernization of the ATC system, generally referred to as \u201cNextGen,\u201d has been plagued by delays and cost overruns, and it remains uncertain when the full array of benefits expected from this modernization will be available to the public and the airlines\\. Failure to update the ATC system in a timely manner and the substantial costs that may be imposed on airlines in order to fund a modernized ATC system may have a material adverse effect on our business\\. \n\nFurther, our business has been adversely impacted when government agencies have ceased to operate as expected including due to partial shut\\-downs, sequestrations or similar events\\. These events have resulted in, among other things, reduced demand for air travel, an actual or perceived reduction in ATC and security screening resources and related travel delays, as well as disruption in the ability of the FAA to grant required regulatory approvals, such as are involved when a new aircraft is first placed into service\\. \n\nOur operating authority in international markets is subject to aviation agreements between the U\\.S\\. and the respective countries or governmental authorities, such as the EU, and in some cases, fares and schedules require the approval of the DOT and/or the relevant foreign governments\\. Moreover, alliances with international carriers may be subject to the jurisdiction and regulations of various foreign agencies\\. The U\\.S\\. government has negotiated \u201copen skies\u201d agreements with many \n\n24"}
{"_id": "Delta-2019_26.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nRefinery Operations\n\nOur wholly owned subsidiaries, Monroe and MIPC, own and operate the Trainer refinery and related assets in Pennsylvania\\. The facility includes pipelines and terminal assets that allow the refinery to supply jet fuel to our airline operations throughout the Northeastern U\\.S\\., including our New York hubs at LaGuardia and JFK\\.\n\nITEM 3\\. LEGAL PROCEEDINGS\n\nCapacity Antitrust Litigation\n\nIn July 2015, a number of purported class action antitrust lawsuits were filed alleging that Delta, American, United and Southwest had conspired to restrain capacity\\. The lawsuits were filed in the wake of media reports that the U\\.S\\. Department of Justice had served civil investigative demands upon these carriers seeking documents and information relating to this subject\\. The lawsuits have been consolidated into a single Multi\\-District Litigation proceeding in the U\\.S\\. District Court for the District of Columbia\\. In November 2016, the District Court denied the defendants' motion to dismiss the claims, and the matter is now proceeding through discovery\\. Delta believes the claims in these cases are without merit and is vigorously defending these lawsuits\\.\n\n\\*\\*\\*\n\nFor a discussion of certain environmental matters, see \"Business\\-Regulatory Matters\\-Environmental Matters\" in Item 1\\.\n\nITEM 4\\. MINE SAFETY DISCLOSURES\n\nNot applicable\\.\n\n24"}
{"_id": "AmericanAirlines-2017_57.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Operating Special Items, Net*\n\n\n\n|                                                         |                              |                              |\n| ------------------------------------------------------- | ---------------------------- | ---------------------------- |\n|                                                         | **Year Ended December 31,**  | **Year Ended December 31,**  |\n|                                                         | **2016**                     | **2015**                     |\n|                                                         | **(In millions)**            | **(In millions)**            |\n| Merger integration expenses  ^(1)^                      | $514                         | $826                         |\n| Fleet restructuring expenses  ^(2)^                     | 177                          | 210                          |\n| Mark\\-to\\-market adjustments for bankruptcy obligations | 25                           | (53)                         |\n| Other operating charges (credits), net                  | (7)                          | 68                           |\n| Total mainline operating special items, net             | 709                          | 1,051                        |\n| Regional operating special items, net                   | 14                           | 29                           |\n| Total operating special items, net                      | $723                         | $1,080                       |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Merger integration expenses included costs related to information technology, re\\-branding of aircraft, airport facilities and uniforms, alignment of labor union contracts, professional fees, severance, relocation and training, and, in 2015, also included share\\-based compensation related to awards granted in connection with the Merger that fully vested in December 2015\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Fleet restructuring expenses, driven in part by the Merger, principally included the acceleration of depreciation, impairments, remaining lease payments and lease return costs for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n*Regional Operating Expenses*\n\n\n\n|                                   |                                              |                                              |                                              |                                              |\n| --------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- |\n|                                   | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase  <br>(Decrease)**                 | **Percent  <br>Increase  <br>(Decrease)**    |\n|                                   | **2016**                                     | **2015**                                     | **Increase  <br>(Decrease)**                 | **Percent  <br>Increase  <br>(Decrease)**    |\n|                                   | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** |\n| Aircraft fuel and related taxes   | $1,109                                       | $1,230                                       | $(121)                                       | (9\\.8)                                       |\n| Other                             | 4,935                                        | 4,753                                        | 182                                          | 3\\.8                                         |\n| Total regional operating expenses | $6,044                                       | $5,983                                       | $61                                          | 1\\.0                                         |\n\n\n\nRegional operating expenses increased $61 million, or 1\\.0%, in 2016 as compared to 2015\\. The year\\-over\\-year increase was due in part to a $182 million, or 3\\.8%, increase in other regional operating expenses\\. The increase in other regional operating expenses was primarily driven by an increase in capacity, principally from our wholly\\-owned regional carriers\\. Offsetting this increase was a $121 million, or 9\\.8%, decrease in fuel costs\\. The decrease in fuel costs was driven primarily by a 14\\.5% decline in the average price per gallon of fuel to $1\\.48 in 2016 from $1\\.73 in 2015, offset in part by a 5\\.5% increase in consumption\\. See Note 1(q) to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for further information on regional expenses\\.\n\n*Nonoperating Results*\n\n\n\n|                                 |                                              |                                              |                                              |                                                       |\n| ------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                 | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **2016**                                     | **2015**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Interest income                 | $63                                          | $39                                          | 24                                           | 60\\.9                                                 |\n| Interest expense, net           | (991)                                        | (880)                                        | (111)                                        | 12\\.6                                                 |\n| Other, net                      | (57)                                         | (747)                                        | 690                                          | (92\\.4)                                               |\n| Total nonoperating expense, net | $(985)                                       | $(1,588)                                     | $603                                         | (38\\.1)                                               |\n\n\n\nOur short\\-term investments in each period consisted of highly liquid investments that provided nominal returns\\. Interest income increased $24 million, or 60\\.9%, principally due to a 50 basis point increase in average yields in 2016 as compared to 2015\\.\n\n58"}
{"_id": "United-2017_8.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nCertain states may also elect to impose restrictions apart from the revised national standards\\. Finally, environmental cleanup laws could require the Company to undertake or subject the Company to liability for investigation and remediation costs at certain owned or leased locations or third party disposal locations\\.\n\nUntil applicability of new regulations to our specific operations is better defined and/or until pending regulations are finalized, future costs to comply with such regulations will remain uncertain but are likely to increase our operating costs over time\\. While we continue to monitor these developments, the precise nature of future requirements and their applicability to the Company are difficult to predict, but the financial impact to the Company and the aviation industry could be significant\\.\n\n**Employees** \n\nAs of December 31, 2017, UAL, including its subsidiaries, had approximately 89,800 employees\\. Approximately 80% of the Company\u2019s employees were represented by various U\\.S\\. labor organizations\\.\n\nCollective bargaining agreements between the Company and its represented employee groups are negotiated under the RLA\\. Such agreements typically do not contain an expiration date and instead specify an amendable date, upon which the agreement is considered \u201copen for amendment\\.\u201d\n\nThe following table reflects the Company\u2019s represented employee groups, the number of employees per represented group, union representation for each of United\u2019s employee groups, and the amendable date for each employee group\u2019s collective bargaining agreement as of December 31, 2017:\n\n\n\n|                                                            |                                                            |                                                            |                              |                                                                           |                                      |\n|:----------------------------------------------------------:|:----------------------------------------------------------:|:----------------------------------------------------------:| ----------------------------:|:-------------------------------------------------------------------------:|:------------------------------------:|\n|                   **Employee** **Group**                   |                   **Employee** **Group**                   |                   **Employee** **Group**                   | **Number of  <br>Employees** |                                 **Union**                                 | **Agreement Open** **for Amendment** |\n|                   **Flight Attendants**                    |                   **Flight Attendants**                    |                   **Flight Attendants**                    |                       22,676 |               Association of Flight Attendants (the \u201cAFA\u201d)                |             August 2021              |\n|                   **Passenger Service**                    |                   **Passenger Service**                    |                   **Passenger Service**                    |                       13,299 | International Association of Machinists and Aerospace Workers (the \u201cIAM\u201d) |            December 2021             |\n|                     **Fleet Service**                      |                     **Fleet Service**                      |                     **Fleet Service**                      |                       13,187 |                                    IAM                                    |            December 2021             |\n|                         **Pilots**                         |                         **Pilots**                         |                         **Pilots**                         |                       11,492 |                Air Line Pilots Association, International                 |             January 2019             |\n| **Technicians and Related & Flight Simulator Technicians** | **Technicians and Related & Flight Simulator Technicians** | **Technicians and Related & Flight Simulator Technicians** |                        9,535 |            International Brotherhood of Teamsters (the \u201cIBT\u201d)             |            December 2022             |\n|                 **Storekeeper Employees**                  |                 **Storekeeper Employees**                  |                 **Storekeeper Employees**                  |                        1,000 |                                    IAM                                    |            December 2021             |\n|                      **Dispatchers**                       |                      **Dispatchers**                       |                      **Dispatchers**                       |                          402 |              Professional Airline Flight Control Association              |            December 2021             |\n|                 **Fleet Tech Instructors**                 |                 **Fleet Tech Instructors**                 |                 **Fleet Tech Instructors**                 |                          111 |                                    IAM                                    |            December 2021             |\n|                     **Load Planners**                      |                     **Load Planners**                      |                     **Load Planners**                      |                           71 |                                    IAM                                    |            December 2021             |\n|                   **Security Officers**                    |                   **Security Officers**                    |                   **Security Officers**                    |                           51 |                                    IAM                                    |            December 2021             |\n|                **Maintenance Instructors**                 |                **Maintenance Instructors**                 |                **Maintenance Instructors**                 |                           40 |                                    IAM                                    |            December 2021             |\n\n\n\nUNITE HERE is attempting to organize United\u2019s Catering Operations employees, who are currently unrepresented, and filed an application to do so with the National Mediation Board on January 24, 2018\\.\n\n9"}
{"_id": "Alaska-2018_86.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nThe following breaks down merger\\-related costs incurred in 2018, 2017 and 2016 (in millions):\n\n\n\n|                                      |          |          |          |\n| ------------------------------------ | -------- | -------- | -------- |\n|                                      | **2018** | **2017** | **2016** |\n| Consulting and professional services | **$45**  | $52      | $32      |\n| Employee\\-related costs ^(a)^        | **13**   | 41       | 22       |\n| Banking fees                         | **\u2014**    | \u2014        | 36       |\n| Legal and accounting fees            | **1**    | 3        | 22       |\n| Other merger\\-related costs ^(b)^    | **28**   | 20       | 5        |\n| Total Merger\\-related Costs          | **$87**  | $116     | $117     |\n\n\n\n\n\n|     |                                                                                                                  |\n| --- | ---------------------------------------------------------------------------------------------------------------- |\n| (a) | Employee\\-related costs consist primarily of severance, retention bonuses, and training and skill development\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                          |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | Other merger\\-related costs consist primarily of costs for marketing and advertising, IT, employee appreciation and company sponsored events, moving expenses, supplies, and other immaterial expenses\\. |\n\n\n\n**NOTE 12\\. STOCK\\-BASED COMPENSATION PLANS**\n\nThe Company has various equity incentive plans under which it may grant stock awards to directors, officers and employees\\. The Company also has an employee stock purchase plan\\.\n\nThe table below summarizes the components of total stock\\-based compensation (in millions):\n\n\n\n|                                                  |          |          |          |\n| ------------------------------------------------ | -------- | -------- | -------- |\n|                                                  | **2018** | **2017** | **2016** |\n| Stock options                                    | **$3**   | $3       | $2       |\n| Stock awards                                     | **23**   | 24       | 11       |\n| Deferred stock awards                            | **1**    | 1        | 1        |\n| Employee stock purchase plan                     | **9**    | 6        | 5        |\n| Stock\\-based compensation                        | **$36**  | $34      | $19      |\n| Tax benefit related to stock\\-based compensation | **$9**   | $13      | $7       |\n\n\n\nUnrecognized stock\\-based compensation for non\\-vested options and awards and the weighted\\-average period the expense will be recognized (in millions):\n\n\n\n|                                        |            |                                         |\n| -------------------------------------- | ---------- | --------------------------------------- |\n|                                        | **Amount** | **Weighted\\-Average**<br><br>**Period** |\n| Stock options                          | **$3**     | 1\\.4                                    |\n| Stock awards                           | **26**     | 1\\.6                                    |\n| Unrecognized stock\\-based compensation | **$29**    | 1\\.6                                    |\n\n\n\nThe Company is authorized to issue 17 million shares of common stock under these plans, of which 9,851,918 shares remain available for future grants of either options or stock awards as of December 31, 2018\\.\n\n***Stock Options***\n\nStock options to purchase common stock are granted at the fair market value of the stock on the date of grant\\. The stock options granted have terms of up to ten years\\.\n\n 87"}
{"_id": "Alaska-2017_7.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nThe percentage of regional passenger capacity by region and average stage length is presented below:\n\n\n\n|                      |          |          |          |          |          |\n| -------------------- | -------- | -------- | -------- | -------- | -------- |\n|                      | **2017** | **2016** | **2015** | **2014** | **2013** |\n| West Coast           | 59%      | 60%      | 62%      | 66%      | 66%      |\n| Pacific Northwest    | 13%      | 16%      | 19%      | 19%      | 21%      |\n| Canada               | 4%       | 5%       | 7%       | 8%       | 9%       |\n| Alaska               | 3%       | 4%       | 5%       | 4%       | 2%       |\n| Midcon               | 21%      | 15%      | 6%       | 2%       | 1%       |\n| Mexico               | \u2014%       | \u2014%       | 1%       | 1%       | 1%       |\n| Total                | 100%     | 100%     | 100%     | 100%     | 100%     |\n| Average Stage Length | 422      | 381      | 348      | 339      | 329      |\n\n\n\n**FREQUENT FLYER PROGRAM** \n\nIn 2017, we maintained two frequent flyer plans: the Alaska Airlines Mileage Plan\u2122 and Virgin America Elevate\u00ae\\. To provide consistency and clarity to our guests, we merged the two programs throughout the year, and Elevate\u00ae was officially sunset in December 2017\\. \n\nAlaska Airlines Mileage Plan\u2122 provides a comprehensive suite of frequent flyer benefits\\. Miles can be earned by flying on our airlines or on one of our 18 airline partners, by using the Alaska Airlines credit card, or through other non\\-airline partners\\. Alaska's extensive list of airline partners includes carriers associated with each of the three major global alliances, making it easier for our members to earn miles and reach elite status in our frequent flyer program\\. Through Alaska and our global partners, Mileage Plan\u2122 members have access to a large network of over 900 worldwide travel destinations\\. Further, members can receive 30,000 bonus miles upon signing up for the Alaska Airlines Visa Signature card and meeting a minimum spend threshold, and earn triple miles on Alaska Airlines and Virgin America purchases\\. Alaska Airlines Visa Signature cardholders and small business cardholders in the U\\.S\\., and Platinum and World Elite Mastercard holders in Canada, also receive an annual companion ticket that allows members to purchase an additional ticket for $99 plus taxes, with no restrictions or black\\-out dates, and a free first checked bag for up to seven people traveling in the same itinerary\\. Earned miles can be redeemed for flights on our airlines, or partner airlines, or for upgrades to First Class on Alaska Airlines\\. We believe all of these benefits give our Mileage Plan\u2122 members more value for their travel\\.\n\nMileage Plan\u2122 and Elevate\u00ae revenues represented approximately 11% of Air Group's total revenues in 2017\\. Mileage Plan\u2122 helps drive revenue growth by attracting new customers and building customer loyalty through the benefits that we provide\\. \n\n**AGREEMENTS WITH OTHER AIRLINES**\n\nOur agreements fall into three different categories: Frequent Flyer, Codeshare and Interline agreements\\. Frequent Flyer agreements offer mileage credits and redemptions for our Mileage Plan\u2122 members\\. Alaska offers one of the most comprehensive frequent flyer programs for our Mileage Plan\u2122 members through frequent flyer partnerships with 18 domestic and international carriers\\. \n\nCodeshare agreements allow one or more marketing carriers to sell seats on a single operating carrier that services passengers under multiple flight numbers\\. The sale of codeshare seats can vary depending on the sale arrangement\\. For example, in a free\\-sale arrangement, the marketing carrier sells the operating carrier's inventory without any restriction; whereas in a block space arrangement, a fixed amount of seats are sold to the marketing carrier by the operating carrier\\. The interchangeability of the flight code between carriers provides a greater selection of flights for customers, along with increased flexibility for mileage accrual and redemption\\. \n\nInterline agreements allow airlines to jointly offer a competitive, single\\-fare itinerary to customers traveling via multiple carriers to a final destination\\. An interline itinerary offered by one airline may not necessarily be offered by the other, and the fares collected from passengers are prorated and distributed to interline partners according to preexisting agreements between the carriers\\. Frequent flyer, codeshare and interline agreements help increase our traffic and revenue by providing more route choices to our guests\\. \n\nAlaska has marketing alliances with a number of airlines that provide frequent flyer and codesharing opportunities\\. Alliances are an important part of our strategy and enhance our revenues by:\n\n 8"}
{"_id": "Southwest-2019_55.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nFor air travel on Southwest, the amount of tickets that will expire unused are estimated and recognized in Passenger revenue once the scheduled flight date has passed\\. Estimating the amount of tickets that will expire unused involves some level of subjectivity and judgment\\. The majority of the Company's tickets sold are nonrefundable, which is the primary source of unused tickets\\. The Company has a No Show policy that applies to fares that are not canceled or changed by a Customer at least ten minutes prior to a flight's scheduled departure\\. See Note  1  to the Consolidated Financial Statements for further information\\. According to the Company\u2019s current \"Contract of Carriage,\" all refundable tickets that are sold but not flown on the travel date can be reused for another flight up to a year from the date of sale, or some tickets can be refunded\\. This policy also applies to unused Customer funds that may be the result of an exchange downgrade, in which a Customer exchanges their ticket from a previously purchased flight for a lower priced ticket, with the price difference being effectively refunded through it being made available for use by the Customer towards travel up to twelve months from the date of original purchase\\. Fully refundable tickets rarely expire unused\\. Estimates of tickets that will expire unused are based on historical experience over many years\\. The Company has consistently applied this accounting method to estimate revenue from unused tickets at the date of scheduled travel\\. Holding other factors constant, a 10 percent change in the Company\u2019s estimate of the amount of tickets that will expire unused would have resulted in a  $61 million , or  less than one percent , change in Passenger revenues recognized for the  year ended December 31, 2019 \\.\n\nEvents and circumstances outside of historical fare sale activity or historical Customer travel patterns can result in actual spoiled tickets differing significantly from estimates\\. The Company evaluates its estimates within a narrow range of acceptable amounts\\. If actual spoilage results in an amount outside of this range, estimates and assumptions are reviewed and adjustments to Air traffic liability and to Passenger revenue are recorded, as necessary\\. Assumptions used to generate spoilage estimates can be impacted by several factors including, but not limited to: fare increases, fare sales, changes to the Company's ticketing policies, changes to the Company\u2019s refund, exchange and unused funds policies, seat availability, and economic factors\\. The Company\u2019s estimation techniques have been consistently applied from year to year; however, as with any estimates, actual spoiled tickets may vary from estimated amounts\\.\n\nThe Company believes it is unlikely that materially different estimates for future spoiled tickets would be reported based on other reasonable assumptions or conditions suggested by actual historical experience and other data available at the time estimates were made\\.\n\nAccounting for Long\\-Lived Assets\n\nFlight equipment and related assets make up the majority of the Company\u2019s long\\-lived assets\\. Flight equipment primarily relates to the  695  Boeing 737 aircraft in the Company\u2019s fleet at  December 31, 2019 , which are either owned or on finance lease\\. The remaining  52  Boeing 737 aircraft in the Company\u2019s fleet at  December 31, 2019 , are operated under operating leases\\. The Company also has  67  B717 aircraft, which are leased/subleased to Delta\\. As these aircraft were not in service for the Company, they were not included in the fleet count as of  December 31, 2019  or  2018 \\. The Company also includes Assets constructed for others in its long\\-lived assets\\. These are airport improvement projects in which the Company is considered to have control of the asset during the construction period\\. Once construction is effectively completed, the sale\\-leaseback model would apply when control passes from the lessee to the lessor\\. In accounting for long\\-lived assets, the Company must make estimates about the expected useful lives of the assets, the expected residual values of the assets, and the potential for impairment based on the fair value of the assets and their future expected cash flows\\.\n\nThe following table shows a breakdown of the Company\u2019s long\\-lived asset groups, along with information about estimated useful lives and residual values for new assets generally purchased from the manufacturer:\n\n\n\n|                               |                        |                                   |\n| ----------------------------- | ---------------------- | --------------------------------- |\n|                               | Estimated useful life  | Estimated<br><br> residual value  |\n| Airframes and engines         | 25 years               | 15 percent                        |\n| Spare aircraft engines        | 25 years               | 20 percent                        |\n| Aircraft parts                | Fleet life             | 4 percent                         |\n| Ground property and equipment | 5 to 30 years          | 0 to 10 percent                   |\n\n\n\n56"}
{"_id": "Alaska-2018_95.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n|                                                                                         |\n| --------------------------------------------------------------------------------------- |\n| **ITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE** |\n\n\n\nThe information required by this item is incorporated herein by reference from our 2019 Proxy Statement\\.\n\n\n\n|                                                      |\n| ---------------------------------------------------- |\n| **ITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES** |\n\n\n\nThe information required by this item is incorporated herein by reference from our 2019 Proxy Statement\\.\n\n**PART IV**\n\n\n\n|                        |\n| ---------------------- |\n| **ITEM 15\\. EXHIBITS** |\n\n\n\nThe following documents are filed as part of this report:\n\n\n\n|     |                                  |\n| --- | -------------------------------- |\n| 1\\. | *Exhibits:*  See Exhibit Index\\. |\n\n\n\n 96"}
{"_id": "AmericanAirlines-2017_137.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nThe expected effects of adoption of the New Revenue Standard to American\u2019s December 31, 2017 balance sheet are as follows:\n\n\n\n|                                      |             |                      |           |\n| ------------------------------------ | ----------- | -------------------- | --------- |\n|                                      | As Reported | New Revenue Standard | As Recast |\n| Deferred tax asset                   | $682        | $1,389               | $2,071    |\n| Air traffic liability                | 3,978       | 64                   | 4,042     |\n| Current loyalty program liability    | 2,791       | 384                  | 3,175     |\n| Noncurrent loyalty program liability | \u2014           | 5,647                | 5,647     |\n| Total stockholder\u2019s equity (deficit) | 14,594      | (4,706)              | 9,888     |\n\n\n\n*Standards Effective for 2019 Reporting Periods*\n\n***ASU 2016\\-02: Leases (Topic 842) (the New Lease Standard)***\n\nThe New Lease Standard requires lessees to recognize a lease liability and a right\\-of\\-use asset on the balance sheet and aligns many of the underlying principles of the new lessor model with those in the New Revenue Standard\\. The New Lease Standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years\\. Early adoption is permitted\\. American expects it will adopt the New Lease Standard effective January 1, 2019\\. Entities are required to adopt the New Lease Standard using a modified retrospective approach, which results in the recast of each prior reporting period presented, for all leases existing at or commencing after the date of initial application with an option to use certain practical expedients\\. American is currently evaluating how the adoption of the New Lease Standard will impact its consolidated financial statements\\. Interpretations are on\\-going and could have a material impact on its implementation\\. Currently, American expects that the adoption of the New Lease Standard will have a material impact on its consolidated balance sheet due to the recognition of right\\-of\\-use assets and lease liabilities principally for certain leases currently accounted for as operating leases\\.\n\n138"}
{"_id": "United-2018_111.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**Schedule II**\n\n**Valuation and Qualifying Accounts**\n\n**For the Years Ended** **December 31, 2018****,** **2017** **and** **2016**\n\n\n\n|                                                  |                                                          |                                                                              |                    |           |                                                    |\n| ------------------------------------------------ | -------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------ | --------- | -------------------------------------------------- |\n| **(In millions)**<br><br><br>**Description**     | **Balance at**<br><br>**Beginning of**<br><br>**Period** | **Additions**<br><br>**Charged to**<br><br>**Costs and**<br><br>**Expenses** | **Deductions (a)** | **Other** | **Balance at**<br><br>**End of**<br><br>**Period** |\n| **Allowance for doubtful accounts:**             |                                                          |                                                                              |                    |           |                                                    |\n| 2018                                             | $7                                                       | $17                                                                          | $16                | $\u2014        | $8                                                 |\n| 2017                                             | 10                                                       | 20                                                                           | 23                 | \u2014         | 7                                                  |\n| 2016                                             | 18                                                       | 18                                                                           | 26                 | \u2014         | 10                                                 |\n| **Obsolescence allowance\u2014spare parts:**          |                                                          |                                                                              |                    |           |                                                    |\n| 2018                                             | $354                                                     | $73                                                                          | $15                | $\u2014        | $412                                               |\n| 2017                                             | 295                                                      | 75                                                                           | 17                 | 1         | 354                                                |\n| 2016                                             | 235                                                      | 61                                                                           | 16                 | 15        | 295                                                |\n| **Valuation allowance for deferred tax assets:** |                                                          |                                                                              |                    |           |                                                    |\n| 2018                                             | $63                                                      | $2                                                                           | $6                 | $\u2014        | $59                                                |\n| 2017                                             | 68                                                       | 11                                                                           | 27                 | 11        | 63                                                 |\n| 2016                                             | 48                                                       | 47                                                                           | 27                 | \u2014         | 68                                                 |\n\n\n\n(a) Deduction from reserve for purpose for which reserve was created\\.\n\n112"}
{"_id": "AmericanAirlines-2017_109.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***Benefit Payments***\n\nThe following benefit payments, which reflect expected future service as appropriate, are expected to be paid (approximately, in millions):\n\n\n\n|                                                   |          |          |          |          |          |                |\n| ------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | -------------- |\n|                                                   | **2018** | **2019** | **2020** | **2021** | **2022** | **2023\\-2027** |\n| Pension benefits                                  | $715     | $754     | $799     | $843     | $884     | $4,976         |\n| Retiree medical and other postretirement benefits | 96       | 92       | 80       | 75       | 70       | 315            |\n\n\n\n***Plan Assets***\n\nThe objectives of our investment policies are to: maintain sufficient income and liquidity to pay retirement benefits; produce a long\\-term rate of return that meets or exceeds the assumed rate of return for plan assets; limit the volatility of asset performance and funded status; and diversify assets among asset classes and investment managers\\.\n\nBased on these investment objectives, a long\\-term strategic asset allocation has been established\\. This strategic allocation seeks to balance the potential benefit of improving funded position with the potential risk that the funded position would decline\\. The current strategic target asset allocation is as follows:\n\n\n\n|                                 |                   |\n| ------------------------------- | ----------------- |\n| **Asset Class/Sub\\-Class**      | **Allowed Range** |\n| Equity                          | 65% \\- 90%        |\n| Public:                         |                   |\n| U\\.S\\. Large                    | 20% \\- 50%        |\n| U\\.S\\. Small/Mid                | 0% \\- 10%         |\n| International                   | 17% \\- 27%        |\n| Emerging Markets                | 5% \\- 11%         |\n| Alternative Investments         | 5% \\- 20%         |\n| Fixed Income                    | 15% \\- 40%        |\n| Public:                         |                   |\n| U\\.S\\. Long Duration            | 15% \\- 30%        |\n| High Yield and Emerging Markets | 0% \\- 10%         |\n| Private Income                  | 0% \\- 10%         |\n| Other                           | 0% \\- 5%          |\n| Cash Equivalents                | 0% \\- 5%          |\n\n\n\nPublic equity and emerging market fixed income securities are used to provide diversification and are expected to generate higher returns over the long\\-term than U\\.S\\. long duration bonds\\. Public stocks are managed using a value investment approach in order to participate in the returns generated by stocks in the long\\-term, while reducing year\\-over\\-year volatility\\. U\\.S\\. long duration bonds are used to partially hedge the assets from declines in interest rates\\. Alternative (private) investments are used to provide expected returns in excess of the public markets over the long\\-term\\. Additionally, the pension plan\u2019s master trust engages currency overlay managers in an attempt to increase returns by protecting non\\-U\\.S\\. dollar denominated assets from a rise in the relative value of the U\\.S\\. dollar\\. The pension plan\u2019s master trust also participates in securities lending programs to generate additional income by loaning plan assets to borrowers on a fully collateralized basis\\. These programs are subject to market risk\\.\n\nInvestments in securities traded on recognized securities exchanges are valued at the last reported sales price on the last business day of the year\\. Securities traded in the over\\-the\\-counter market are valued at the last bid price\\. The money market fund is valued at fair value which represents the net asset value of the shares of such fund as of the close of business at the end of the period\\. Investments in limited partnerships are carried at estimated net asset value as determined by and reported by the general partners of the partnerships and represent the proportionate share of the estimated fair value of the underlying assets of the limited partnerships\\. Common/collective trusts are valued at net asset value based on the fair values of the underlying investments of the trusts as determined by the sponsor of the trusts\\. The pension plan\u2019s master trust also invests in a 103\\-12 investment entity (the 103\\-12 Investment Trust) which is designed to invest plan assets of more than one unrelated employer\\. The 103\\-12 Investment Trust is valued at net asset value which is determined by the issuer at the end of each month and is based on the aggregate fair value \n\n110"}
{"_id": "Alaska-2017_17.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *DOT:*  In order to provide passenger and cargo air transportation in the U\\.S\\., a domestic airline is required to hold a certificate of public convenience and necessity issued by the DOT\\. Subject to certain individual airport capacity, noise and other restrictions, this certificate permits an air carrier to operate between any two points in the U\\.S\\. Certificates do not expire, but may be revoked for failure to comply with federal aviation statutes, regulations, orders or the terms of the certificates\\. While airlines are permitted to establish their own fares without government regulation,  the DOT has jurisdiction over the approval of international codeshare agreements, marketing alliance agreements between major domestic carriers, international and some domestic route authorities, Essential Air Service market subsidies, carrier liability for personal or property damage, and certain airport rates and charges disputes\\. International treaties may also contain restrictions or requirements for flying outside of the U\\.S\\. and impose different carrier liability limits than those applicable to domestic flights\\. The DOT has been active in implementing a variety of \u201cconsumer protection\u201d regulations, covering subjects such as advertising, passenger communications, denied boarding compensation and tarmac delay response\\.  Airlines are subject to enforcement actions that are brought by the DOT from time to time for alleged violations of consumer protection and other economic regulations\\. We are not aware of any enforcement proceedings that could either materially affect our financial position or impact our authority to operate\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *FAA:*  The FAA, through Federal Aviation Regulations (FARs), generally regulates all aspects of airline operations, including establishing personnel, maintenance and flight operation standards\\. Domestic airlines are required to hold a valid air carrier operating certificate issued by the FAA\\. Pursuant to these regulations, we have established, and the FAA has approved, our operations specifications and a maintenance program for each type of aircraft we operate\\. Each maintenance program provides for the ongoing maintenance of the relevant aircraft type, ranging from frequent routine inspections to major overhauls\\. From time to time, the FAA issues airworthiness directives (ADs) that must be incorporated into our aircraft maintenance program and operations\\. All airlines are subject to enforcement actions that are brought by the FAA from time to time for alleged violations of FARs or ADs\\. At this time, we are not aware of any enforcement proceedings that could either materially affect our financial position or impact our authority to operate\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *TSA:*  Airlines serving the U\\.S\\. must operate a TSA\\-approved Aircraft Operator Standard Security Program (AOSSP), and comply with TSA Security Directives (SDs) and regulations\\. Under TSA authority, we are required to collect a September 11 Security Fee of $5\\.60 per one\\-way trip from passengers and remit that sum to the government to fund aviation security me asures\\.  Airlines are subject to enforcement actions that are brought by the TSA from time to time for alleged violations of the AOSSP, SDs or security regulations\\. We are not aware of any enforcement proceedings that could either materially affect our financial position or impact our authority to operate\\.  |\n\n\n\nThe Department of Justice and DOT have jurisdiction over airline antitrust matters\\. The U\\.S\\. Postal Service has jurisdiction over certain aspects of the transportation of mail and related services\\. Labor relations in the air transportation industry are regulated under the Railway Labor Act\\. To the extent we continue to fly to foreign countries and pursue alliances with international carriers, we may be subject to certain regulations of foreign agencies and international treaties\\.\n\n**ENVIRONMENTAL AND OCCUPATIONAL SAFETY MATTERS**\n\nWe are subject to various laws and government regulations concerning environmental matters and employee safety and health in the U\\.S\\. and other countries\\. We are also subject to the oversight of the Occupational Safety and Health Administration (OSHA) concerning employee safety and health matters\\. The U\\.S\\. Environmental Protection Agency, OSHA, and other federal agencies have been authorized to create and enforce regulations that have an impact on our operations\\. In addition to these federal activities, various states have been delegated certain authorities under these federal statutes\\. Many state and local governments have adopted environmental and employee safety and health laws and regulations\\. We maintain our safety, health and environmental programs in order to meet or exceed these requirements\\.\n\nIn the future there may be legislation to reduce carbon and other greenhouse gas emissions\\. Over the course of several years, we have transitioned to more fuel\\-efficient aircraft fleets and reduced our emissions with the goal of continuing that trend\\.\n\nThe Airport Noise and Capacity Act recognizes the rights of airport operators with noise problems to implement local noise abatement programs so long as they do not interfere unreasonably with interstate or foreign commerce or the national air transportation system\\. Authorities in several cities have established aircraft noise reduction programs, including the imposition of nighttime curfews\\. We believe we have sufficient scheduling flexibility to accommodate local noise restrictions\\.\n\nAlthough we do not currently anticipate that these regulatory matters, individually or collectively, will have a material effect on our financial condition, results of operations or cash flows, new regulations or compliance issues that we do not currently anticipate could have the potential to harm our financial condition, results of operations or cash flows in future periods\\.\n\n 18"}
{"_id": "Southwest-2017_31.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**EXECUTIVE OFFICERS OF THE REGISTRANT** \n\nThe following information regarding the Company\u2019s executive officers is as of February 1, 2018\\.\n\n\n\n|                        |                                                               |         |\n| ---------------------- | ------------------------------------------------------------- | ------- |\n| **Name**               | **Position**                                                  | **Age** |\n| Gary C\\. Kelly         | Chairman of the Board & Chief Executive Officer               | 62      |\n| Thomas M\\. Nealon      | President                                                     | 56      |\n| Michael G\\. Van de Ven | Chief Operating Officer                                       | 56      |\n| Robert E\\. Jordan      | Executive Vice President Corporate Services                   | 57      |\n| Tammy Romo             | Executive Vice President & Chief Financial Officer            | 55      |\n| Andrew M\\. Watterson   | Executive Vice President & Chief Revenue Officer              | 51      |\n| Gregory D\\. Wells      | Executive Vice President Daily Operations                     | 59      |\n| Mark R\\. Shaw          | Senior Vice President, General Counsel, & Corporate Secretary | 55      |\n\n\n\nSet forth below is a description of the background of each of the Company\u2019s executive officers\\.\n\n*Gary C\\. Kelly* has served as the Company's Chairman of the Board since May 2008 and as its Chief Executive Officer since July 2004\\. Mr\\. Kelly also served as President from July 2008 to January 2017, Executive Vice President & Chief Financial Officer from June 2001 to July 2004, and Vice President Finance & Chief Financial Officer from 1989 to 2001\\. Mr\\. Kelly joined the Company in 1986 as its Controller\\.\n\n*Thomas M\\. Nealon* has served as the Company's President since January 2017\\. Mr\\. Nealon also served as Executive Vice President Strategy & Innovation from January 2016 to January 2017\\. Prior to becoming an executive officer of the Company, Mr\\. Nealon served on the Company\u2019s Board of Directors from December 2010 until November 2015\\. Mr\\. Nealon has also served as Group Executive Vice President of J\\.C\\. Penney Company, Inc\\., a retail company, from August 2010 until December 2011\\. In this role Mr\\. Nealon was responsible for Strategy, jcp\\.com, Information Technology, Customer Insights, and Digital Ventures\\. Mr\\. Nealon also served as J\\.C\\. Penney\u2019s Executive Vice President & Chief Information Officer from September 2006 until August 2010\\. Prior to joining J\\.C\\. Penney, Mr\\. Nealon was a partner with The Feld Group, a provider of information technology consulting services, where he served in a consultant capacity as Senior Vice President & Chief Information Officer for the Company from 2002 to 2006\\. Mr\\. Nealon also served as Chief Information Officer for Frito\\-Lay, a division of PepsiCo, Inc\\., from 1996 to 2000, and in various software engineering, systems engineering, and management positions for Frito\\-Lay from 1983 to 1996\\.\n\n*Michael G\\. Van de Ven* has served as the Company's Chief Operating Officer since May 2008\\. Mr\\. Van de Ven also served as Executive Vice President & Chief Operating Officer from May 2008 to January 2017, Chief of Operations from September 2006 to May 2008, Executive Vice President Aircraft Operations from November 2005 through August 2006, Senior Vice President Planning from August 2004 to November 2005, Vice President Financial Planning & Analysis from 2001 to 2004, Senior Director Financial Planning & Analysis from 2000 to 2001, and Director Financial Planning & Analysis from 1997 to 2000\\. Mr\\. Van de Ven joined the Company in 1993 as its Director Internal Audit\\.\n\n*Robert E\\. Jordan* has served as the Company's Executive Vice President Corporate Services since July 2017 and as President of AirTran Airways, Inc\\. since May 2011\\. Mr\\. Jordan also served as Executive Vice President & Chief Commercial Officer from September 2011 to July 2017, Executive Vice President Strategy & Planning from May 2008 to September 2011, Executive Vice President Strategy & Technology from September 2006 to May 2008, Senior Vice President Enterprise Spend Management from August 2004 to September 2006, Vice President Technology from 2002 to 2004, Vice President Purchasing from 2001 to 2002, Controller from 1997 to 2001, Director Revenue Accounting from 1994 to 1997, and Manager Sales Accounting from 1990 to 1994\\. Mr\\. Jordan joined the Company in 1988 as a programmer\\.\n\n*Tammy Romo* has served as the Company's Executive Vice President & Chief Financial Officer since July 2015\\. Ms\\. Romo also served as Senior Vice President Finance & Chief Financial Officer from September 2012 to July 2015, Senior Vice President of Planning from February 2010 to September 2012, Vice President of Financial Planning from September 2008 to February 2010, Vice President Controller from February 2006 to August 2008, Vice President Treasurer from September 2004 to February 2006, Senior Director of Investor Relations from March 2002 to September \n\n32"}
{"_id": "AmericanAirlines-2018_184.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| ----------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| 4\\.64                         | [Form of Amendment No\\. 1 to Trust Indenture and Security Agreement among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, Wilmington Trust, National Association, as Securities Intermediary, and Wilmington Trust Company, as Indenture Trustee (Exhibit B to Note Purchase Agreement) (incorporated by reference to Exhibit 4\\.9 to US Airways Group\u2019s Current Report on Form 8\\-K filed on June 6, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513250235/d548366dex49.htm)               |\n| 4\\.65                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2013\\-1 Pass Through Certificates (incorporated by reference to Exhibit 10\\.5 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex105.htm)                                                       |\n| 4\\.66                         | [Form of Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee, Subordination Agent and Pass Through Trustee (Schedule I to Amendment No\\. 1 to Note Purchase Agreement (2012\\-2)) (incorporated by reference to Exhibit 4\\.10 to US Airways Group\u2019s Current Report on Form 8\\-K filed on June 6, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513250235/d548366dex410.htm)                                     |\n| 4\\.67                         | [Form of Trust Indenture and Security Agreement among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, Wilmington Trust, National Association, as Securities Intermediary, and Wilmington Trust Company, as Indenture Trustee (Schedule II to Amendment No\\. 1 to Note Purchase Agreement (2012\\-2)) (incorporated by reference to Exhibit 4\\.11 to US Airways Group\u2019s Current Report on Form 8\\-K filed on June 6, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513250235/d548366dex411.htm) |\n| 4\\.68                         | [Form of Participation Agreement (Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee and Subordination Agent) (incorporated by reference to Exhibit 4\\.14 to US Airways Group\u2019s Current Report on Form 8\\-K filed on December 23, 2010 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012310116213/p18414exv4w14.htm)                                                                                                  |\n| 4\\.69                         | [Form of Indenture (Trust Indenture and Security Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee) (incorporated by reference to Exhibit 4\\.15 to US Airways Group\u2019s Current Report on Form 8\\-K filed on December 23, 2010 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012310116213/p18414exv4w15.htm)                                                                                                                         |\n| 4\\.70                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2010\\-1 Pass Through Certificates (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex101.htm)                                                       |\n| 4\\.71                         | [Form of Participation Agreement (Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee and Subordination Agent) (incorporated by reference to Exhibit 4\\.18 to US Airways Group\u2019s Current Report on Form 8\\-K filed on July 1, 2011 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063424/p18939exv4w18.htm)                                                                                                      |\n| 4\\.72                         | [Form of Indenture (Trust Indenture and Security Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee) (incorporated by reference to Exhibit 4\\.19 to US Airways Group\u2019s Current Report on Form 8\\-K filed on July 1, 2011 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063424/p18939exv4w19.htm)                                                                                                                             |\n| 4\\.73                         | [Guarantee, dated as of June 28, 2011, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) (incorporated by reference to Exhibit 4\\.23 to US Airways Group\u2019s Current Report on Form 8\\-K filed on July 1, 2011 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063424/p18939exv4w23.htm)                                                                                                                                                                                                        |\n| 4\\.74                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2011\\-1 Pass Through Certificates (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex102.htm)                                                       |\n| 4\\.75                         | [Form of Participation Agreement (Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee and Subordination Agent) (incorporated by reference to Exhibit 4\\.18 to US Airways Group\u2019s Current Report on Form 8\\-K filed on May 16, 2012 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312512236751/d354045dex418.htm)                                                                                                      |\n| 4\\.76                         | [Form of Indenture (Trust Indenture and Security Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee) (incorporated by reference to Exhibit 4\\.19 to US Airways Group\u2019s Current Report on Form 8\\-K filed on May 16, 2012 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312512236751/d354045dex419.htm)                                                                                                                             |\n| 4\\.77                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2012\\-1 Pass Through Certificates (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex103.htm)                                                       |\n\n\n\n185"}
{"_id": "Southwest-2018_16.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nCompany expands its international flight offerings, CBP and its requirements and resources will also become increasingly important considerations to the Company\\. For instance, with the exception of flights from a small number of foreign \"preclearance\" locations, arriving international flights may only land at CBP\\-designated airports, and CBP officers must be present and in sufficient quantities at those airports to effectively process and inspect arriving international passengers and cargo\\. Thus, CBP personnel and CBP\\-mandated procedures can affect the Company's operations, costs, and Customer experience\\. The Company has made, and expects to continue to make, significant investments in facilities, equipment, and technologies at certain airports in order to improve the Customer experience and to assist CBP with its inspection and processing duties; however, the Company is not able to predict the impact, if any, that various CBP measures or the lack of CBP resources will have on Company revenues and costs, either in the short\\-term or the long\\-term\\.\n\n**Insurance**\n\nThe Company carries insurance of types customary in the airline industry and in amounts the Company deems adequate to protect the Company and its property and to comply both with federal regulations and certain of the Company's credit and lease agreements\\. The policies principally provide coverage for public and passenger liability, property damage, cargo and baggage liability, loss or damage to aircraft, engines, and spare parts, and workers\u2019 compensation\\. In addition, the Company carries a cyber\\-security insurance policy with regards to data protection and business interruption associated with both security breaches from malicious parties and from certain system failures\\.\n\nAlthough the Company has been able to purchase aviation, property, liability, and professional insurance via the commercial insurance marketplace, available commercial insurance could be more expensive in the future and/or have material differences in coverage than insurance that has historically been provided and may not be adequate to protect the Company's risk of loss from future events, including acts of terrorism\\. Further, available cyber\\-security insurance with regards to data protection and business interruption could be more expensive in the future and/or have material differences in coverage than insurance that has historically been provided and may not be adequate to protect the Company's risk of loss\\. With respect to any insurance claims, policy coverages and claims are subject to acceptance by the many insurers involved and may require arbitration and/or mediation to effectively settle the claims over prolonged periods of time\\.\n\n**Competition**\n\nCompetition within the airline industry is intense and highly unpredictable, and Southwest currently competes with other airlines on virtually all of its scheduled routes\\. As a result of moderately improved economic conditions and an increased focus by airlines on costs, the airline industry has become increasingly competitive in recent years with a healthier financial condition and improved profitability\\.\n\nKey competitive factors within the airline industry include (i) pricing and cost structure; (ii) routes, loyalty programs, and schedules; and (iii) customer service, operational reliability, and amenities\\. Southwest also competes for customers with other forms of transportation, as well as alternatives to travel\\. In recent years, the majority of domestic airline service has been provided by Southwest and the other largest major U\\.S\\. airlines, including American Airlines, Delta Air Lines, and United Airlines\\. The DOT defines major U\\.S\\. airlines as those airlines with annual revenues of at least $1 billion; there are currently 13 passenger airlines offering scheduled service, including Southwest, that meet this standard\\.\n\n**Pricing and Cost Structure**\n\nPricing is a significant competitive factor in the airline industry, and the availability of fare information on the Internet allows travelers to easily compare fares and identify competitor promotions and discounts\\. During 2018, the Company experienced competitive challenges associated with industry changes from both a fare level and productoffering perspective\\. As discussed above under \"Business \\- Industry,\" other carrier offerings ranged from a \"Basic Economy\" fare product, designed to compete with ULCC fares, to a \"Premium Economy\" product, targeted to appeal to customers willing to pay a premium for additional amenities\\. Also in response to ULCC pricing, some carriers have removed their fare floors for certain routes, leading to a lower fare offering across the industry\\. These changes have put increased pressure on the industry's fare environment and have created a challenging revenue environment\\.\n\nPricing can be driven by a variety of factors\\. For example, airlines often discount fares to drive traffic in new markets or to stimulate traffic when necessary to improve load factors and/or cash flow\\. In addition, multiple airlines have been \n\n17"}
{"_id": "AmericanAirlines-2017_136.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***ASU 2017\\-07: Compensation \\- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (the New Retirement Standard)***\n\nThe New Retirement Standard requires all components of American\u2019s net periodic benefit cost (income), with the exception of service cost, previously reported within operating expenses as salaries, wages and benefits, to be reclassified and reported within nonoperating income (expense)\\. The New Retirement Standard is required to be applied retrospectively, which results in the recast of each prior reporting period presented\\. The adoption of the New Retirement Standard has no impact on pre\\-tax income or net income reported\\. See recast 2017 statement of operations data presented below for the expected effects of adoption\\.\n\n***ASU 2016\\-01: Financial Instruments \\- Overall (Subtopic 825\\-10)***\n\nThis ASU makes several modifications to Subtopic 825\\-10, including the elimination of the available\\-for\\-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income\\. This standard is applied prospectively as of the beginning of the year of adoption\\. The adoption of this standard is not expected to have a material impact on American\u2019s consolidated financial statements\\.\n\n***ASU 2016\\-18: Statement of Cash Flows (Topic 230): Restricted Cash***\n\nThis ASU requires that the change in total cash, cash at beginning of period and cash at end of period on the statement of cash flows include restricted cash and restricted cash equivalents and also requires companies who report cash and restricted cash separately on the balance sheet to reconcile those amounts to the statement of cash flows\\. This standard is required to be applied retrospectively, which results in the recast of each prior reporting period statement of cash flows presented\\. The adoption of this standard is not expected to have a material impact on American\u2019s consolidated financial statements\\.\n\n***Impacts to*** ***2017*** ***Results***\n\nThe expected effects of adoption of the New Revenue Standard and New Retirement Standard to American\u2019s statement of operations for the twelve months ended December 31, 2017 are as follows:\n\n\n\n|                                  |             |                         |                      |                         |           |\n| -------------------------------- | ----------- | ----------------------- | -------------------- | ----------------------- | --------- |\n|                                  |             | New Revenue Standard    | New Revenue Standard | New Retirement Standard |           |\n|                                  | As Reported | Deferred Revenue Method | Reclassifications    | Reclassifications       | As Recast |\n| Operating revenues:              |             |                         |                      |                         |           |\n|  Passenger                       | $36,133     | $311                    | $2,687               | $\u2014                      | $39,131   |\n|  Cargo                           | 800         | \u2014                       | 90                   | \u2014                       | 890       |\n|  Other                           | 5,262       | \u2014                       | (2,673)              | \u2014                       | 2,589     |\n|  Total operating revenues        | 42,195      | 311                     | 104                  | \u2014                       | 42,610    |\n|  Total operating expenses        | 38,163      | \u2014                       | 104                  | 138                     | 38,405    |\n| Operating income                 | 4,032       | 311                     | \u2014                    | (138)                   | 4,205     |\n|  Total nonoperating expense, net | (788)       | \u2014                       | \u2014                    | 138                     | (650)     |\n| Income before income taxes       | 3,244       | 311                     | \u2014                    | \u2014                       | 3,555     |\n| Income tax provision  ^(1)^      | 1,322       | 948                     | \u2014                    | \u2014                       | 2,270     |\n| Net income                       | $1,922      | $(637)                  | $\u2014                   | $\u2014                      | $1,285    |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                               |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The adjustment to the  2017  income tax provision includes an  $830 million  special charge to reduce American\u2019s deferred tax asset associated with loyalty program liabilities as a result of H\\.R\\. 1, the 2017 Tax Cuts and Jobs Act (the 2017 Tax Act), enacted in December 2017 that reduced the federal corporate income tax rate from  35%  to  21% \\. |\n\n\n\n137"}
{"_id": "Delta-2017_16.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nITEM 1A\\. RISK FACTORS \n\nRisk Factors Relating to Delta\n\nOur business and results of operations are dependent on the price of aircraft fuel\\. High fuel costs or cost increases, including in the cost of crude oil, could have a material adverse effect on our operating results\\. \n\nOur operating results are significantly impacted by changes in the price of aircraft fuel\\. Over the last decade, fuel prices have increased substantially at times and have been highly volatile during the last several years\\. In  2017 , our average fuel price per gallon, including the impact of fuel hedges, was  $1\\.68 , a  12\\.8%  increase from our average fuel price in  2016 \\. In  2016 , our average fuel price per gallon was  $1\\.49 , a 21\\.6% decrease from our average fuel price in  2015 \\. In  2015 , our average fuel price per gallon was  $1\\.90 , a 45\\.2% decrease from our average fuel price in 2014\\. Fuel costs represented  19\\.2% ,  18\\.3%  and  23\\.0%  of our operating expense in  2017 ,  2016  and  2015 , respectively\\. \n\nOur ability to pass along rapidly increasing fuel costs to our customers may be affected by the competitive nature of the airline industry\\. Because passengers often purchase tickets well in advance of their travel, a significant rapid increase in fuel price may result in the fare charged not covering that increase\\. At times in the past, we often were not able to increase our fares to offset fully the effect of increases in fuel costs, and we may not be able to do so in the future\\. \n\nWe acquire a significant amount of jet fuel from our wholly owned subsidiary, Monroe, and through strategic agreements that Monroe has with third parties\\. The cost of the fuel we purchase under these arrangements remains subject to volatility in the cost of crude oil and jet fuel\\. In addition, we continue to purchase a significant amount of aircraft fuel in addition to what we obtain from Monroe\\. Our aircraft fuel purchase contracts alone do not provide material protection against price increases as these contracts typically establish the price based on industry standard market price indices\\.\n\nFuel hedging activities are intended to manage the financial impact of the volatility in the price of jet fuel\\. The effects of rebalancing our hedge portfolio and mark\\-to\\-market adjustments may have a negative effect on our financial results\\.\n\nWe have recently managed our fuel price risk through a hedging program intended to reduce the financial impact from changes in the price of fuel as fuel prices are subject to potential volatility\\.  We may utilize different contract and commodity types in this program and test their economic effectiveness against our financial targets\\. We closely monitor the hedge portfolio and rebalance the portfolio based on market conditions, which may result in locking in gains or losses on hedge contracts prior to their settlement dates\\. Our hedging program may not be successful in providing price protection due to market conditions and the choice of hedging instruments\\. In addition, we record mark\\-to\\-market adjustments (\"MTM adjustments\") on our fuel hedges\\. MTM adjustments are based on market prices at the end of the reporting period for contracts settling in future periods\\. Losses from rebalancing or MTM adjustments (or both) may have a negative impact on our financial results\\.\n\nOur fuel hedge contracts may contain margin funding requirements, which require us to post margin to counterparties or cause counterparties to post margin to us as market prices in the underlying hedged items change\\. If fuel prices decrease significantly from the levels existing at the time we enter into fuel hedge contracts, we may be required to post a significant amount of margin, which could have a material impact on the level of our unrestricted cash and cash equivalents and short\\-term investments\\. \n\nSignificant extended disruptions in the supply of aircraft fuel, including from Monroe, could have a material adverse effect on our operations and operating results\\.\n\nWeather\\-related events, natural disasters, political disruptions or wars involving oil\\-producing countries, changes in governmental policy concerning aircraft fuel production, transportation, taxes or marketing, changes in refining capacity, environmental concerns and other unpredictable events may impact crude oil and fuel supply and could result in shortages in the future\\. Shortages in fuel supplies could have negative effects on our results of operations and financial condition\\.\n\n 12"}
{"_id": "Southwest-2017_68.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nThe Company also has some risk associated with changing interest rates due to the short\\-term nature of its invested cash, which totaled $1\\.5 billion, and short\\-term investments, which totaled $1\\.8 billion at December 31, 2017\\. See Notes 1 and 11 to the Consolidated Financial Statements for further information\\. The Company currently invests available cash in certificates of deposit, highly rated money market instruments, investment grade commercial paper, treasury securities, U\\.S\\. government agency securities, and other highly rated financial instruments, depending on market conditions and operating cash requirements\\. Because of the short\\-term nature of these investments, the returns earned parallel closely with short\\-term floating interest rates\\. The Company has not undertaken any additional actions to cover interest rate market risk and is not a party to any other material market interest rate risk management activities\\.\n\nA hypothetical 10 percent change in market interest rates as of December 31, 2017, would not have a material effect on the fair value of the Company\u2019s fixed\\-rate debt instruments\\. See Note 11 to the Consolidated Financial Statements for further information on the fair value of financial instruments\\. A change in market interest rates could, however, have a corresponding effect on earnings and cash flows associated with the Company\u2019s floating\\-rate debt, invested cash (excluding cash collateral deposits held, if applicable), floating\\-rate aircraft leases, and short\\-term investments because of the floating\\-rate nature of these items\\. Assuming floating market rates in effect as of December 31, 2017 were held constant throughout a 12\\-month period, a hypothetical 10 percent change in those rates would have an immaterial impact on the Company\u2019s net earnings and cash flows\\. Utilizing these assumptions and considering the Company\u2019s cash balance (excluding the impact of cash collateral deposits held or provided to counterparties, if applicable), short\\-term investments, and floating\\-rate debt outstanding at December 31, 2017, an increase in rates would have a net positive effect on the Company\u2019s earnings and cash flows, while a decrease in rates would have a net negative effect on the Company\u2019s earnings and cash flows\\. However, a 10 percent change in market rates would not impact the Company\u2019s earnings or cash flow associated with the Company\u2019s publicly traded fixed\\-rate debt\\.\n\nThe Company is also subject to a financial covenant included in its revolving credit facility, and is subject to credit rating triggers related to its credit card transaction processing agreements, the pricing related to any funds drawn under its revolving credit facility, and some of its hedging counterparty agreements\\. Certain covenants include the maintenance of minimum credit ratings and/or triggers that are based on changes in these ratings\\. The Company\u2019s revolving credit facility contains a financial covenant requiring a minimum coverage ratio of adjusted pre\\-tax income to fixed obligations, as defined\\. As of December 31, 2017, the Company was in compliance with this covenant and there were no amounts outstanding under the revolving credit facility\\. However, if conditions change and the Company fails to meet the minimum standards set forth in the revolving credit facility, there could be a reduction in the availability of cash under the facility, or an increase in the costs to keep the facility intact as written\\. The Company\u2019s hedging counterparty agreements contain ratings triggers in which cash collateral could be required to be posted with the counterparty if the Company\u2019s credit rating were to fall below investment grade by two of the three major rating agencies, and if the Company was in a net liability position with the counterparty\\. See Note 10 to the Consolidated Financial Statements for further information\\.\n\nThe Company currently has agreements with organizations that process credit card transactions arising from purchases of air travel tickets by its Customers utilizing American Express, Discover, and MasterCard/VISA\\. Credit card processors have financial risk associated with tickets purchased for travel because the processor generally forwards the cash related to the purchase to the Company soon after the purchase is completed, but the air travel generally occurs after that time; therefore, the processor will have liability if the Company does not ultimately provide the air travel\\. Under these processing agreements, and based on specified conditions, increasing amounts of cash reserves could be required to be posted with the counterparty\\.\n\nA majority of the Company\u2019s sales transactions are processed by Chase Paymentech\\. Should chargebacks processed by Chase Paymentech reach a certain level, proceeds from advance ticket sales could be held back and used to establish a reserve account to cover such chargebacks and any other disputed charges that might occur\\. Additionally, cash reserves are required to be established if the Company\u2019s credit rating falls to specified levels below investment grade\\. Cash reserve requirements are based on the Company\u2019s public debt rating and a corresponding percentage of the Company\u2019s Air traffic liability\\.\n\n69"}
{"_id": "Southwest-2019_43.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\ndiscretionary, special $124 million pre\\-tax profitsharing award for Boeing compensation which was accrued in fourth quarter 2019\\. Based on current cost trends and anticipated capacity, the Company expects  first quarter 2020  Salaries, wages, and benefits expense per ASM, excluding profitsharing expense, to increase, compared with  first quarter 2019 \\. \n\nDuring 2019, the Company conducted negotiations with various unionized Employee groups\\. The following table sets forth the Company\u2019s unionized Employee groups with amendable contracts that are currently in negotiations on collective\\-bargaining agreements: \n\n\n\n|                                                                                                    |                                     |                                                                                     |                    |\n| -------------------------------------------------------------------------------------------------- | ----------------------------------- | ----------------------------------------------------------------------------------- | ------------------ |\n| **Employee Group**                                                                                 | **Approximate Number of Employees** | **Representatives**                                                                 | **Amendable Date** |\n| Southwest Flight Attendants                                                                        | 16,000                              | Transportation Workers of America, AFL\\-CIO, Local 556 (\"TWU 556\")                  | November 2018      |\n| Southwest Customer Service Agents, Customer Representatives, and Source of Support Representatives | 7,200                               | International Association of Machinists and Aerospace Workers, AFL\\-CIO (\"IAM 142\") | December 2018      |\n| Southwest Dispatchers                                                                              | 400                                 | Transportation Workers of America, AFL\\-CIO, Local 550 (\"TWU 550\")                  | June 2019          |\n| Southwest Flight Crew Training Instructors                                                         | 130                                 | Transportation Workers of America, AFL\\-CIO, Local 557 (\"TWU 557\")                  | January 2020       |\n| Southwest Meteorologists                                                                           | 10                                  | TWU 550                                                                             | June 2019          |\n\n\n\nIn addition to the above, the Southwest Airlines Pilots' Association (\u201cSWAPA\u201d), which represents the Company's approximately 9,300 Pilots, has notified the Company of its request to begin discussions on a new agreement, prior to the current contract amendable date of September 1, 2020\\. The Company and SWAPA are scheduled for initial discussions in first quarter 2020\\.\n\nFuel and oil expense for  2019  decrease d by  $269 million , or  5\\.8  percent, compared with  2018 \\. On a per ASM basis, Fuel and oil expense  decrease d  4\\.5  percent, compared with  2018 \\. On both a dollar and per ASM basis, the decreases were primarily attributable to lower market jet fuel prices\\. The Company's  2019  average economic jet fuel cost per gallon  decrease d  5\\.0 percent , year\\-over\\-year, to $ 2\\.09  from  $2\\.20 \\. See  Note Regarding Use of Non\\-GAAP Financial Measures  and the  Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures  for additional detail regarding non\\-GAAP financial measures\\. These figures include  $\\.05  per gallon in premium expense and  $\\.02  per gallon in favorable cash settlements from fuel derivative contracts in 2019, compared with  $\\.06  per gallon in premium expense and  $\\.07  per gallon in favorable cash settlements from fuel derivative contracts in 2018\\. The  decrease s were partially offset by a decline in the Company's fuel efficiency during  2019 , compared with  2018 , when measured on the basis of ASMs generated per gallon of fuel\\. The decline in fuel efficiency was primarily due to the removal of the Company's most fuel efficient aircraft from its schedule as a result of the MAX groundings\\.\n\nAs of  January 17, 2020 , on an economic basis, the Company had derivative contracts in place related to expected future fuel consumption as follows:\n\n\n\n|                 |                                                                                                                                                                                                              |                                                                                                                                                                                                              |                                                                                                                                                                                                              |                                                                                                                                                                                                              |                                                                                                                                                                                                              |\n| --------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| **Period**      | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** |\n| **2020**        | 59%                                                                                                                                                                                                          | 59%                                                                                                                                                                                                          | 59%                                                                                                                                                                                                          | 59%                                                                                                                                                                                                          | 59%                                                                                                                                                                                                          |\n| **2021**        | 54%                                                                                                                                                                                                          | 54%                                                                                                                                                                                                          | 54%                                                                                                                                                                                                          | 54%                                                                                                                                                                                                          | 54%                                                                                                                                                                                                          |\n| **2022**        | 31%                                                                                                                                                                                                          | 31%                                                                                                                                                                                                          | 31%                                                                                                                                                                                                          | 31%                                                                                                                                                                                                          | 31%                                                                                                                                                                                                          |\n| **Beyond 2022** | less than 5%                                                                                                                                                                                                 | less than 5%                                                                                                                                                                                                 | less than 5%                                                                                                                                                                                                 | less than 5%                                                                                                                                                                                                 | less than 5%                                                                                                                                                                                                 |\n\n\n\n44"}
{"_id": "AmericanAirlines-2018_32.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***Our ability to utilize our NOL Carryforwards may be limited\\.***\n\nUnder the Internal Revenue Code of 1986, as amended (the Code), a corporation is generally allowed a deduction for NOLs carried over from prior taxable years (NOL Carryforwards)\\. As of December 31, 2018, we had available NOL Carryforwards of approximately $10\\.2 billion for regular federal income tax purposes that will expire, if unused, beginning in 2022, and approximately $3\\.2 billion for state income tax purposes that will expire, if unused, between 2019 and 2038\\. Our NOL Carryforwards are subject to adjustment on audit by the Internal Revenue Service and the respective state taxing authorities\\.\n\nA corporation\u2019s ability to deduct its federal NOL Carryforwards and to utilize certain other available tax attributes can be substantially constrained under the general annual limitation rules of Section 382 of the Code (Section 382) if it undergoes an \u201cownership change\u201d as defined in Section 382 (generally where cumulative stock ownership changes among material stockholders exceed 50 percent during a rolling three\\-year period)\\. We experienced an ownership change in connection with our emergence from the Chapter 11 Cases and US Airways Group experienced an ownership change in connection with the Merger\\. The general limitation rules for a debtor in a bankruptcy case are liberalized where the ownership change occurs upon emergence from bankruptcy\\. We elected to be covered by certain special rules for federal income tax purposes that permitted approximately $9\\.0 billion (with $8\\.4 billion of unlimited NOL still remaining at December 31, 2018) of our federal NOL Carryforwards to be utilized without regard to the annual limitation generally imposed by Section 382\\. If the special rules are determined not to apply, our ability to utilize such federal NOL Carryforwards may be subject to limitation\\. Substantially all of our remaining federal NOL Carryforwards attributable to US Airways Group and its subsidiaries are subject to limitation under Section 382 as a result of the Merger; however, our ability to utilize such NOL Carryforwards is not anticipated to be effectively constrained as a result of such limitation\\. Similar limitations may apply for state income tax purposes\\.\n\nNotwithstanding the foregoing, an ownership change subsequent to our emergence from the Chapter 11 Cases may severely limit or effectively eliminate our ability to utilize our NOL Carryforwards and other tax attributes\\. To reduce the risk of a potential adverse effect on our ability to utilize our NOL Carryforwards, our Certificate of Incorporation contains transfer restrictions applicable to certain substantial stockholders\\. These restrictions may adversely affect the ability of certain holders of AAG common stock to dispose of or acquire shares of AAG common stock\\. Although the purpose of these transfer restrictions is to prevent an ownership change from occurring, no assurance can be given that an ownership change will not occur even with these restrictions in place\\.\n\nOur ability to use our NOL Carryforwards also will depend on the amount of taxable income generated in future periods\\. The NOL Carryforwards may expire before we can generate sufficient taxable income to use them\\.\n\n***We have a significant amount of goodwill, which is assessed for impairment at least annually\\. In addition, we may never realize the full value of our intangible assets or long\\-lived assets, causing us to record material impairment charges\\.***\n\nGoodwill and indefinite\\-lived intangible assets are not amortized, but are assessed for impairment at least annually, or more frequently if conditions indicate that an impairment may have occurred\\. In accordance with applicable accounting standards, we first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test\\. In addition, we are required to assess certain of our other long\\-lived assets for impairment if conditions indicate that an impairment may have occurred\\.\n\nFuture impairment of goodwill or other long\\-lived assets could be recorded in results of operations as a result of changes in assumptions, estimates, or circumstances, some of which are beyond our control\\. There can be no assurance that a material impairment charge of goodwill or tangible or intangible assets will be avoided\\. The value of our aircraft could be impacted in future periods by changes in supply and demand for these aircraft\\. Such changes in supply and demand for certain aircraft types could result from grounding of aircraft by us or other airlines\\. An impairment charge could have a material adverse effect on our business, results of operations and financial condition\\.\n\n***The price of AAG common stock has recently been and may in the future be volatile\\.***\n\nThe market price of AAG common stock has fluctuated in the past, and may fluctuate substantially in the future, due to a variety of factors, many of which are beyond our control, including:\n\n\n\n|   |                                                          |\n| - | -------------------------------------------------------- |\n| \u2022 | macro\\-economic conditions, including the price of fuel; |\n\n\n\n\n\n|   |                                                                                     |\n| - | ----------------------------------------------------------------------------------- |\n| \u2022 | changes in market values of airline companies as well as general market conditions; |\n\n\n\n\n\n|   |                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------- |\n| \u2022 | our operating and financial results failing to meet the expectations of securities analysts or investors; |\n\n\n\n33"}
{"_id": "Southwest-2019_39.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nItem 7 \\.  Management's Discussion and Analysis of Financial Condition and Results of Operations\n\nYEAR IN REVIEW\n\nFor the  47 ^th^  consecutive year, the Company was profitable, recording GAAP and non\\-GAAP results for  2019  and  2018  as noted in the following tables\\. See  Note Regarding Use of Non\\-GAAP Financial Measures  and the  Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures  for additional detail regarding non\\-GAAP financial measures\\.\n\n\n\n|                                         |                  |                  |                    |\n| --------------------------------------- | ---------------- | ---------------- | ------------------ |\n|                                         | **Year ended**   | **Year ended**   |                    |\n| (in millions, except per share amounts) | **December 31,** | **December 31,** |                    |\n| GAAP                                    | **2019**         | **2018**         | **Percent Change** |\n| Operating income                        | $2,957           | $3,206           | (7\\.8)             |\n| Net income                              | $2,300           | $2,465           | (6\\.7)             |\n| Net income per share, diluted           | $4\\.27           | $4\\.29           | (0\\.5)             |\n| Non\\-GAAP                               |                  |                  |                    |\n| Operating income                        | $2,957           | $3,167           | (6\\.6)             |\n| Net income                              | $2,300           | $2,435           | (5\\.5)             |\n| Net income per share, diluted           | $4\\.27           | $4\\.24           | 0\\.7               |\n\n\n\nNet income for the year ended  December 31, 2019 , was  $2\\.3 billion , a  6\\.7 percent  decrease  year\\-over\\-year, as compared to  2018  Net income of  $2\\.5 billion \\. Diluted earnings per share for  2019  was  $4\\.27 , as compared with  $4\\.29  for  2018 \\. For the year ended December 31, 2019, Non\\-GAAP Net income was also  $2\\.3 billion , a  5\\.5 percent  decrease  year\\-over\\-year\\. Non\\-GAAP diluted earnings per share for  2019  was also  $4\\.27 , as compared with  $4\\.24  for  2018 \\. The  decrease  in GAAP Net income was primarily due to the impact of the Federal Aviation Administration (\"FAA\") grounding of the Boeing 737 MAX aircraft (\"MAX\"), unscheduled maintenance disruptions in first quarter 2019, and the U\\.S\\. government shutdown in first quarter 2019\\. The  decrease  in GAAP Net income also resulted from an  8\\.4 percent   increase  in Salaries, wages, and benefits expense, which included a discretionary, special $124 million pre\\-tax profitsharing award which was accrued in fourth quarter 2019, coupled with a  6\\.1 percent   increase  in Other operating expenses\\. These increases were partially offset by a  2\\.1 percent   increase  in Operating revenues, and a  5\\.8 percent   decrease  in Fuel and oil expense\\. See below for further information\\. Operating income for the year ended  December 31, 2019 , was  $3\\.0 billion , a  decrease  of  7\\.8 percent  year\\-over\\-year, and non\\-GAAP Operating income was also  $3\\.0 billion , a  6\\.6 percent  decrease  year\\-over\\-year\\.\n\nBoeing 737 MAX Grounding\n\nThe estimated 2019 Operating income reduction attributable to the MAX groundings from March 13, 2019, through the end of the year, was  $828 million \\. The Company reached a confidential agreement (the \u201cBoeing settlement\u201d) with The Boeing Company on compensation related to estimated 2019 financial damages due to the grounding of the MAX\\. The terms of the Boeing settlement are confidential, but are intended to provide for a substantial portion of the Company's financial damages in 2019 associated with the MAX grounding\\. The Boeing settlement did not impact 2019 earnings, as substantially all of the compensation will be accounted for as a reduction of the cost basis for both owned MAX aircraft and future purchased MAX aircraft, which is expected to reduce depreciation expense in future years\\. The Company\u2019s Board of Directors authorized a discretionary, special  $124 million  pre\\-tax profitsharing award for Boeing compensation which was accrued in fourth quarter 2019\\. The Company continues to engage in discussions with Boeing regarding compensation for 2020 damages related to the MAX groundings; however, no settlement assumptions have been factored into the Company's 2020 outlook\\. Based on continued uncertainty around the timing of MAX return to service, the Company has proactively removed the MAX from its flight schedule through June 6, 2020\\. Based on recent guidance from Boeing estimating that the ungrounding of the MAX will be mid\\-2020, the Company will likely extend MAX\\-related flight schedule adjustments further to provide operational reliability and a dependable flight schedule \n\n40"}
{"_id": "Alaska-2017_63.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS**\n\n\n\n|                                                                            |              |          |          |\n| -------------------------------------------------------------------------- | ------------ | -------- | -------- |\n| **Year Ended December 31**  ***(in millions, except per\\-share amounts)*** | **2017**     | **2016** | **2015** |\n| **Operating Revenues**                                                     |              |          |          |\n| Passenger                                                                  |              |          |          |\n| Mainline                                                                   | **$5,858**   | $4,098   | $3,939   |\n| Regional                                                                   | **960**      | 908      | 854      |\n| Total passenger revenue                                                    | **6,818**    | 5,006    | 4,793    |\n| Freight and mail                                                           | **114**      | 108      | 108      |\n| Other\u2014net                                                                  | **1,001**    | 817      | 697      |\n| **Total Operating Revenues**                                               | **7,933**    | 5,931    | 5,598    |\n| **Operating Expenses**                                                     |              |          |          |\n| Wages and benefits                                                         | **1,924**    | 1,382    | 1,254    |\n| Variable incentive pay                                                     | **135**      | 127      | 120      |\n| Aircraft fuel, including hedging gains and losses                          | **1,447**    | 831      | 954      |\n| Aircraft maintenance                                                       | **391**      | 270      | 253      |\n| Aircraft rent                                                              | **274**      | 114      | 105      |\n| Landing fees and other rentals                                             | **460**      | 320      | 296      |\n| Contracted services                                                        | **314**      | 247      | 214      |\n| Selling expense                                                            | **357**      | 225      | 211      |\n| Depreciation and amortization                                              | **372**      | 363      | 320      |\n| Food and beverage service                                                  | **195**      | 126      | 113      |\n| Third\\-party regional carrier expense                                      | **121**      | 95       | 72       |\n| Other                                                                      | **565**      | 365      | 356      |\n| Special items\u2014merger\\-related costs and other                              | **118**      | 117      | 32       |\n| **Total Operating Expenses**                                               | **6,673**    | 4,582    | 4,300    |\n| **Operating Income**                                                       | **1,260**    | 1,349    | 1,298    |\n| **Nonoperating Income (Expense)**                                          |              |          |          |\n| Interest income                                                            | **34**       | 27       | 21       |\n| Interest expense                                                           | **(103)**    | (55)     | (42)     |\n| Interest capitalized                                                       | **17**       | 25       | 34       |\n| Other\u2014net                                                                  | **(1)**      | (1)      | 1        |\n|                                                                            | **(53)**     | (4)      | 14       |\n| **Income Before Income Tax**                                               | **1,207**    | 1,345    | 1,312    |\n| Income tax expense                                                         | **453**      | 514      | 490      |\n| Special income tax expense (benefit)                                       | **(280)**    | 17       | (26)     |\n| **Total Income Tax Expense**                                               | **$173**     | $531     | $464     |\n| **Net Income**                                                             | **$1,034**   | $814     | $848     |\n| **Basic Earnings Per Share**                                               | **$8\\.39**   | $6\\.59   | $6\\.61   |\n| **Diluted Earnings Per Share**                                             | **$8\\.35**   | $6\\.54   | $6\\.56   |\n| Shares used for computation:                                               |              |          |          |\n| Basic                                                                      | **123\\.211** | 123\\.557 | 128\\.373 |\n| Diluted                                                                    | **123\\.854** | 124\\.389 | 129\\.372 |\n| Cash dividend declared per share                                           | **$1\\.20**   | $1\\.10   | $0\\.80   |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n 64"}
{"_id": "Delta-2019_33.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nResults of Operations\n\nOperating Revenue\n\n\n\n|                                               |                                               |                                               |                         |                         |         |                          |                          |                            |                            |                            |  |  |  |\n|:--------------------------------------------- |:--------------------------------------------- |:--------------------------------------------- | -----------------------:| -----------------------:| -------:| ------------------------:| ------------------------:|:--------------------------:|:--------------------------:|:--------------------------:|:- |:- |:- |\n|                                               |                                               |                                               | Year Ended December 31, | Year Ended December 31, |         | Increase  <br>(Decrease) | Increase  <br>(Decrease) | % Increase  <br>(Decrease) | % Increase  <br>(Decrease) | % Increase  <br>(Decrease) |\n| (in millions)                                 | (in millions)                                 | (in millions)                                 |                    2019 |                    2018 |         | Increase  <br>(Decrease) | Increase  <br>(Decrease) | % Increase  <br>(Decrease) | % Increase  <br>(Decrease) | % Increase  <br>(Decrease) |  |  |  |\n| Ticket \\- Main cabin                          | Ticket \\- Main cabin                          | Ticket \\- Main cabin                          |                $21,919  |                $21,196  |   $723  |                   3\\.4 % |                   3\\.4 % |\n| Ticket \\- Business cabin and premium products | Ticket \\- Business cabin and premium products | Ticket \\- Business cabin and premium products |                 14,989  |                 13,754  |  1,235  |                   9\\.0 % |                   9\\.0 % |\n| Loyalty travel awards                         | Loyalty travel awards                         | Loyalty travel awards                         |                  2,900  |                  2,651  |    249  |                   9\\.4 % |                   9\\.4 % |\n| Travel\\-related services                      | Travel\\-related services                      | Travel\\-related services                      |                  2,469  |                  2,154  |    315  |                  14\\.6 % |                  14\\.6 % |\n| Total passenger revenue                       | Total passenger revenue                       | Total passenger revenue                       |                $42,277  |                $39,755  | $2,522  |                   6\\.3 % |                   6\\.3 % |\n| Cargo                                         | Cargo                                         | Cargo                                         |                    753  |                    865  |   (112) |                 (12\\.9)% |                 (12\\.9)% |\n| Other                                         | Other                                         | Other                                         |                  3,977  |                  3,818  |    159  |                   4\\.2 % |                   4\\.2 % |\n| Total operating revenue                       | Total operating revenue                       | Total operating revenue                       |                $47,007  |                $44,438  | $2,569  |                   5\\.8 % |                   5\\.8 % |\n| TRASM (cents)                                 | TRASM (cents)                                 | TRASM (cents)                                 |                17\\.07 \u00a2 |                16\\.87 \u00a2 | 0\\.20 \u00a2 |                   1\\.2 % |                   1\\.2 % |\n| Third\\-party refinery sales^(1)^              | Third\\-party refinery sales^(1)^              | Third\\-party refinery sales^(1)^              |                 (0\\.04) |                 (0\\.21) |  0\\.17  |                      NM  |                      NM  |\n| DGS sale adjustment^(1)^                      | DGS sale adjustment^(1)^                      | DGS sale adjustment^(1)^                      |                      \u2014  |                 (0\\.09) |  0\\.09  |                      NM  |                      NM  |\n| TRASM, adjusted (cents)                       | TRASM, adjusted (cents)                       | TRASM, adjusted (cents)                       |                17\\.03 \u00a2 |                16\\.57 \u00a2 | 0\\.46 \u00a2 |                   2\\.8 % |                   2\\.8 % |\n\n\n\n^(1)^ For additional information on adjustments to TRASM, see \"Supplemental Information\" below\\.\n\nPassenger Revenue\n\nTicket revenues, including both main cabin and business cabin and premium products increased $2\\.0 billion compared to the year ended December 31, 2018\\. Business cabin and premium products ticket revenue includes revenues from fare products other than main cabin, including Delta One, Delta Premium Select, First Class and Comfort\\+\\. The growth in ticket revenue was driven by strength in the Delta brand and products, capitalizing on healthy industry business and leisure demand\\. We continue to take delivery of new aircraft that include more premium seats, while also generating higher paid load factor for premium products\\. \n\nLoyalty travel awards revenue increased $249 million compared to the year ended December 31, 2018 due to growth in mileage redemptions\\. Travel\\-related services increased $315 million compared to the year ended December 31, 2018 primarily due to increases in checked baggage and ticket change revenues\\.\n\nPassenger Revenue by Geographic Region\n\n\n\n|                         |                         |                         |                              |                                                       |                                                       |                                                       |                                                       |                                                       |                                                       |                                                       |                                                       |                                                       |                                                       |                                                       |                                                       |                                                       |                                                       |                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:----------------------- |:----------------------- |:----------------------- | ----------------------------:| -----------------------------------------------------:| -----------------------------------------------------:| -----------------------------------------------------:| -----------------------------------------------------:| -----------------------------------------------------:| -----------------------------------------------------:| -----------------------------------------------------:| -----------------------------------------------------:| -----------------------------------------------------:| -----------------------------------------------------:| -----------------------------------------------------:| -----------------------------------------------------:|:-----------------------------------------------------:|:-----------------------------------------------------:|:-----------------------------------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                         |                         |                         |                              | Increase (Decrease) vs\\. Year Ended December 31, 2018 | Increase (Decrease) vs\\. Year Ended December 31, 2018 | Increase (Decrease) vs\\. Year Ended December 31, 2018 | Increase (Decrease) vs\\. Year Ended December 31, 2018 | Increase (Decrease) vs\\. Year Ended December 31, 2018 | Increase (Decrease) vs\\. Year Ended December 31, 2018 | Increase (Decrease) vs\\. Year Ended December 31, 2018 | Increase (Decrease) vs\\. Year Ended December 31, 2018 | Increase (Decrease) vs\\. Year Ended December 31, 2018 | Increase (Decrease) vs\\. Year Ended December 31, 2018 | Increase (Decrease) vs\\. Year Ended December 31, 2018 | Increase (Decrease) vs\\. Year Ended December 31, 2018 | Increase (Decrease) vs\\. Year Ended December 31, 2018 | Increase (Decrease) vs\\. Year Ended December 31, 2018 | Increase (Decrease) vs\\. Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n| (in millions)           | (in millions)           | (in millions)           | Year Ended December 31, 2019 |                                     Passenger Revenue |                                     Passenger Revenue |                                        RPMs (Traffic) |                                        RPMs (Traffic) |                                       ASMs (Capacity) |                                       ASMs (Capacity) |                                  Passenger Mile Yield |                                  Passenger Mile Yield |                                                 PRASM |                                                 PRASM |                                           Load Factor |                                           Load Factor |                      Load Factor                      |                      Load Factor                      |                      Load Factor                      |  |  |  |\n| Domestic                | Domestic                | Domestic                |                     $30,367  |                                                7\\.8 % |                                                7\\.8 % |                                                6\\.8 % |                                                6\\.8 % |                                                5\\.3 % |                                                5\\.3 % |                                                1\\.0 % |                                                1\\.0 % |                                                2\\.4 % |                                                2\\.4 % |                                                 1\\.2  |                                                 1\\.2  |                          pts                          |                          pts                          |                          pts                          |\n| Atlantic                | Atlantic                | Atlantic                |                       6,381  |                                                3\\.5 % |                                                3\\.5 % |                                                4\\.8 % |                                                4\\.8 % |                                                4\\.4 % |                                                4\\.4 % |                                               (1\\.3)% |                                               (1\\.3)% |                                               (0\\.9)% |                                               (0\\.9)% |                                                 0\\.4  |                                                 0\\.4  |                          pts                          |                          pts                          |                          pts                          |\n| Latin America           | Latin America           | Latin America           |                       3,002  |                                                4\\.0 % |                                                4\\.0 % |                                               (0\\.1)% |                                               (0\\.1)% |                                               (0\\.9)% |                                               (0\\.9)% |                                                4\\.0 % |                                                4\\.0 % |                                                4\\.9 % |                                                4\\.9 % |                                                 0\\.7  |                                                 0\\.7  |                          pts                          |                          pts                          |                          pts                          |\n| Pacific                 | Pacific                 | Pacific                 |                       2,527  |                                               (0\\.6)% |                                               (0\\.6)% |                                                3\\.5 % |                                                3\\.5 % |                                                5\\.0 % |                                                5\\.0 % |                                               (4\\.0)% |                                               (4\\.0)% |                                               (5\\.3)% |                                               (5\\.3)% |                                                (1\\.2) |                                                (1\\.2) |                          pts                          |                          pts                          |                          pts                          |\n| Total passenger revenue | Total passenger revenue | Total passenger revenue |                     $42,277  |                                                6\\.3 % |                                                6\\.3 % |                                                5\\.5 % |                                                5\\.5 % |                                                4\\.6 % |                                                4\\.6 % |                                                0\\.8 % |                                                0\\.8 % |                                                1\\.7 % |                                                1\\.7 % |                                                 0\\.8  |                                                 0\\.8  |                          pts                          |                          pts                          |                          pts                          |\n\n\n\nPassenger revenue increased $2\\.5 billion, or 6\\.3%, compared to the prior year\\. PRASM increased 1\\.7% and passenger mile yield increased 0\\.8% on 4\\.6% higher capacity\\. Load factor increased 0\\.8 pts from the prior year to 86\\.3%\\.\n\nDomestic unit revenue increased 2\\.4%, resulting from our commercial initiatives, including our premium products, as well as high load factors driven by a combination of strong demand and limited industry capacity growth\\. \n\n31"}
{"_id": "United-2017_72.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nAs of December 31, 2017, there were approximately 0\\.5 million outstanding stock option awards, 0\\.1 million of which were exercisable, with weighted\\-average exercise prices of $51\\.67 and $34\\.74, respectively, intrinsic values of $8 million and $5 million, respectively, and weighted\\-average remaining contractual lives (in years) of 6\\.3 and 3\\.7, respectively\\.\n\n**NOTE 6 \\- ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)** \n\nThe tables below present the components of the Company\u2019s AOCI, net of tax (in millions):\n\n\n\n|                                                                  |                                                                             |      |                                          |                                |                         |      |           |\n|:---------------------------------------------------------------- | ---------------------------------------------------------------------------:|:---- | ----------------------------------------:| ------------------------------:| -----------------------:|:---- | ---------:|\n|                                                                  | **Pension and**  <br>**Other**  <br>**Postretirement**  <br>**Liabilities** |      | **Fuel  <br>Derivatives  <br>Contracts** | **Investments  <br>and Other** | **Deferred  <br>Taxes** |      | **Total** |\n| Balance at December 31, 2014                                     |                                                                      $(472) |      |                                   $(499) |                            $8  |                  $(116) |      |  $(1,079) |\n| Other comprehensive income (loss) before reclassifications       |                                                                         78  | (a)  |                                    (320) |                            (5) |                     88  |      |     (159) |\n| Amounts reclassified from accumulated other comprehensive income |                                                                         31  |      |                                     604  |                             \u2014  |                   (228) |      |      407  |\n| Net other comprehensive income (loss)                            |                                                                        109  |      |                                     284  |                            (5) |                   (140) |      |      248  |\n| Balance at December 31, 2015                                     |                                                                      $(363) |      |                                   $(215) |                            $3  |                  $(256) |      |    $(831) |\n| Other comprehensive income (loss) before reclassifications       |                                                                       (517) | (a)  |                                      (4) |                             \u2014  |                    187  |      |     (334) |\n| Amounts reclassified from accumulated other comprehensive income |                                                                         26  |      |                                     217  |                            (2) |                     95  |      |      336  |\n| Net other comprehensive income (loss)                            |                                                                       (491) |      |                                     213  |                            (2) |                    282  |      |        2  |\n| Balance at December 31, 2016                                     |                                                                      $(854) |      |                                     $(2) |                            $1  |                    $26  |      |    $(829) |\n| Other comprehensive income (loss) before reclassifications       |                                                                       (306) | (a)  |                                       \u2014  |                            (7) |                     74  |      |     (239) |\n| Amounts reclassified from accumulated other comprehensive income |                                                                         58  |      |                                       2  |                             \u2014  |                    (21) |      |       39  |\n| Reclassification of stranded tax effects                         |                                                                          \u2014  |      |                                       \u2014  |                             \u2014  |                   (118) | (b)  |     (118) |\n| Net other comprehensive income (loss)                            |                                                                       (248) |      |                                       2  |                            (7) |                    (65) |      |     (318) |\n| Balance at December 31, 2017                                     |                                                                    $(1,102) |      |                                      $\u2014  |                           $(6) |                   $(39) | (c)  |  $(1,147) |\n\n\n\n73"}
{"_id": "Delta-2019_12.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nWe seek to minimize the impact of carbon emissions from our operations through reductions in our fuel consumption and other efforts, and have realized reductions in our carbon emission levels since 2005\\. We have reduced the fuel needs of our aircraft fleet through the retirement of older aircraft and replacement with newer, more fuel efficient aircraft\\. In addition, we have implemented fuel saving procedures in our flight and ground support operations that further reduce carbon emissions\\. We are also supporting efforts to develop alternative fuels and efforts to modernize the air traffic control system in the U\\.S\\. as part of our efforts to reduce our emissions and minimize our impact on the environment\\.\n\nNoise \\. The Airport Noise and Capacity Act of 1990 recognizes the rights of operators of airports with noise problems to implement local noise abatement programs so long as such programs do not interfere unreasonably with interstate or foreign commerce or the national air transportation system\\. This statute generally provides that local noise restrictions on Stage 3 aircraft first effective after October 1, 1990, require FAA approval\\. While we have had sufficient scheduling flexibility to accommodate local noise restrictions in the past, our operations could be adversely impacted if locally\\-imposed regulations become more restrictive or widespread\\. In addition, foreign governments may allow airports to enact similar restrictions, which could adversely impact our international operations or require significant expenditure in order for our aircraft to comply with the restrictions\\.\n\nRefinery Matters \\. Monroe's operation of the Trainer refinery is subject to numerous environmental laws and extensive regulations, including those relating to the discharge of materials into the environment, waste management, pollution prevention measures and greenhouse gas and other air emissions\\.\n\nUnder the Energy Independence and Security Act of 2005 and 2007, the Renewable Fuel Standard (\"RFS\") was created, setting up specific targets of renewable fuel to be used in the U\\.S\\. economy by mandating the blending of renewable fuels into gasoline and on\\-road diesel (\"Transportation Fuels\")\\. Renewable Identification Numbers (\"RINs\") are assigned to renewable fuels produced or imported into the U\\.S\\. that are blended into Transportation Fuels to demonstrate compliance with this obligation\\. A refiner may meet its obligation under RFS by blending the necessary volumes of renewable fuels with Transportation Fuels or by purchasing RINs in the open market or through a combination of blending and purchasing RINs\\. Because Monroe blends only a small amount of renewable fuels, it must purchase the majority of its RINs requirement in the secondary market\\. Market prices for RINs have been volatile, marked by periods of sharp increases and decreases primarily in response to predictions about what the EPA and/or the U\\.S\\. Congress will do with respect to compliance obligations\\.\n\nOther Environmental Matters \\. We are subject to certain environmental laws and contractual obligations governing the management and release of regulated substances, which may require the investigation and remediation of affected sites\\. Soil and/or ground water impacts have been identified at certain of our current or former leaseholds at several domestic airports\\. To address these impacts, we have a program in place to investigate and, if appropriate, remediate these sites\\. Although the ultimate outcome of these matters cannot be predicted with certainty, we believe that the resolution of these matters will not have a material adverse effect on our Consolidated Financial Statements\\.\n\nCivil Reserve Air Fleet Program\n\nWe participate in the Civil Reserve Air Fleet program (the \"CRAF Program\"), which permits the U\\.S\\. military to use the aircraft and crew resources of participating U\\.S\\. airlines during airlift emergencies, national emergencies or times of war\\. We have agreed to make available under the CRAF Program a portion of our international aircraft during the contract period ending September 30, 2020\\. The CRAF Program has only been activated twice since it was created in 1951\\.\n\nEmployee Matters\n\nRailway Labor Act\n\nOur relations with labor unions representing our airline employees in the U\\.S\\. are governed by the Railway Labor Act\\. Under the Railway Labor Act, a labor union seeking to represent an unrepresented craft or class of employees is required to file with the National Mediation Board (\"NMB\") an application alleging a representation dispute, along with authorization cards signed by at least 50% of the employees in that craft or class\\. The NMB then investigates the dispute and, if it finds the labor union has obtained a sufficient number of authorization cards, conducts an election to determine whether to certify the labor union as the collective bargaining representative of that craft or class\\. A labor union will be certified as the representative of the employees in a craft or class if more than 50% of votes cast are for representation\\. A certified labor union would commence negotiations toward a collective bargaining agreement with the employer\\.\n\n10"}
{"_id": "United-2018_31.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\nDebt Issuances\n\nIn 2016, United completed two EETC offerings for a total principal amount of $2\\.0 billion\\. Of the $2\\.0 billion, United received and recorded $708 million of proceeds as debt as of December 31, 2016 to finance the purchase of 17 aircraft\\. In 2016, United borrowed approximately $369 million aggregate principal amount from various financial institutions to finance the purchase of several aircraft delivered in 2016\\.\n\nDebt and Capital Lease Principal Payments\n\nDuring the year ended December 31, 2016, the Company made debt and capital lease principal payments of $1\\.4 billion\\.\n\nFor additional information regarding these Liquidity and Capital Resource matters, see Notes 3, 10, 11 and 12to the financial statements included in Part II, Item 8 of this report\\. For information regarding non\\-cash investing and financing activities, see the Company's statements of consolidated cash flows\\. \n\n***Credit Ratings\\.*** As of the filing date of this report, UAL and United had the following corporate credit ratings: \n\n\n\n|                                                                                        |                                                                                        |                                                                                        |                                                                                        |\n| -------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------- |\n|                                                                                        | S&P                                                                                    | Moody's                                                                                | Fitch                                                                                  |\n| UAL                                                                                    | BB                                                                                     | Ba2                                                                                    | BB                                                                                     |\n| United                                                                                 | BB                                                                                     | \\*                                                                                     | BB                                                                                     |\n| \\*The credit agency does not issue corporate credit ratings for subsidiary entities\\.  | \\*The credit agency does not issue corporate credit ratings for subsidiary entities\\.  | \\*The credit agency does not issue corporate credit ratings for subsidiary entities\\.  | \\*The credit agency does not issue corporate credit ratings for subsidiary entities\\.  |\n\n\n\nThese credit ratings are below investment grade levels\\. Downgrades from these rating levels, among other things, could restrict the availability, or increase the cost, of future financing for the Company\\.\n\n**Other Liquidity Matters**\n\nBelow is a summary of additional liquidity matters\\. See the indicated notes to our consolidated financial statements included in Part II, Item 8 of this report for additional details related to these and other matters affecting our liquidity and commitments\\.\n\n\n\n|                                         |         |\n| --------------------------------------- | ------- |\n| Pension and other postretirement plans  | Note 8  |\n| Long\\-term debt and debt covenants      | Note 10 |\n| Leases and capacity purchase agreements | Note 11 |\n| Commitments and contingencies           | Note 13 |\n\n\n\n***Contractual Obligations\\.*** The Company's business is capital intensive, requiring significant amounts of capital to fund the acquisition of assets, particularly aircraft\\. In the past, the Company has funded the acquisition of aircraft with cash, by using EETC financing, by entering into capital or operating leases, or through other financings\\. The Company also often enters into long\\-term lease commitments with airports to ensure access to terminal, cargo, maintenance and other required facilities\\.\n\nThe table below provides a summary of the Company's material contractual obligations as of December 31, 2018 (in billions):\n\n\n\n|                                                    |          |          |          |          |          |                |           |\n| -------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | -------------- | --------- |\n|                                                    | **2019** | **2020** | **2021** | **2022** | **2023** | **After 2023** | **Total** |\n| Long\\-term debt (a)                                | $1\\.2    | $1\\.3    | $1\\.3    | $1\\.7    | $0\\.7    | $7\\.4          | $13\\.6    |\n| Capital lease obligations\u2014principal portion        | 0\\.2     | 0\\.1     | 0\\.1     | 0\\.1     | \u2014        | 0\\.9           | 1\\.3      |\n| Total debt and capital lease obligations           | 1\\.4     | 1\\.4     | 1\\.4     | 1\\.8     | 0\\.7     | 8\\.3           | 14\\.9     |\n| Interest on debt and capital lease obligations (b) | 0\\.7     | 0\\.6     | 0\\.5     | 0\\.4     | 0\\.4     | 1\\.1           | 3\\.6      |\n| Aircraft operating lease obligations               | 0\\.8     | 0\\.7     | 0\\.6     | 0\\.4     | 0\\.4     | 1\\.2           | 4\\.1      |\n| Regional CPAs (c)                                  | 2\\.2     | 2\\.0     | 1\\.8     | 1\\.4     | 0\\.8     | 3\\.1           | 11\\.3     |\n| Other operating lease obligations                  | 1\\.3     | 1\\.4     | 1\\.1     | 1\\.0     | 1\\.0     | 7\\.0           | 12\\.8     |\n| Postretirement obligations (d)                     | 0\\.1     | 0\\.1     | 0\\.1     | 0\\.1     | 0\\.1     | 0\\.5           | 1\\.0      |\n| Pension obligations (e)                            | \u2014        | \u2014        | \u2014        | 0\\.3     | 0\\.2     | 0\\.5           | 1\\.0      |\n| Capital purchase obligations (f)                   | 4\\.2     | 5\\.3     | 3\\.5     | 2\\.8     | 1\\.9     | 7\\.0           | 24\\.7     |\n| Total contractual obligations                      | $10\\.7   | $11\\.5   | $9\\.0    | $8\\.2    | $5\\.5    | $28\\.7         | $73\\.4    |\n\n\n\n32"}
{"_id": "United-2017_32.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nCargo revenue decreased $61 million, or 6\\.5%, in 2016 as compared to 2015 due to lower freight yields and lower mail volumes year\\-over\\-year, partially offset by an increase in freight volumes\\. Freight yields were negatively impacted as air freighter competitors increased capacity in response to lower fuel prices\\. Another contributing factor to the year\\-over\\-year decrease was a U\\.S\\. West Coast port labor dispute that resulted in an increase in air freight results in the first quarter of 2015\\. The labor dispute was resolved during the first quarter of 2015\\.\n\n***Operating Expense*** \n\nThe table below includes data related to the Company\u2019s operating expense for the years ended December 31 (in millions, except percentage changes):\n\n\n\n|                                                    |           |           |                              |              |\n|:-------------------------------------------------- | ---------:| ---------:| ----------------------------:| ------------:|\n|                                                    |  **2016** |  **2015** | **Increase  <br>(Decrease)** | **% Change** |\n| Salaries and related costs                         |  $10,275  |   $9,713  |                        $562  |        5\\.8  |\n| Aircraft fuel                                      |    5,813  |    7,522  |                      (1,709) |      (22\\.7) |\n| Regional capacity purchase                         |    2,197  |    2,290  |                         (93) |       (4\\.1) |\n| Landing fees and other rent                        |    2,165  |    2,203  |                         (38) |       (1\\.7) |\n| Depreciation and amortization                      |    1,977  |    1,819  |                         158  |        8\\.7  |\n| Aircraft maintenance materials and outside repairs |    1,749  |    1,651  |                          98  |        5\\.9  |\n| Distribution expenses                              |    1,303  |    1,342  |                         (39) |       (2\\.9) |\n| Aircraft rent                                      |      680  |      754  |                         (74) |       (9\\.8) |\n| Special charges                                    |      638  |      326  |                         312  |          NM  |\n| Other operating expenses                           |    5,421  |    5,078  |                         343  |        6\\.8  |\n| Total operating expenses                           |  $32,218  |  $32,698  |                       $(480) |       (1\\.5) |\n\n\n\nSalaries and related costs increased $562 million, or 5\\.8%, in 2016 as compared to 2015 primarily due to higher pay rates and benefit expenses driven by new and extended collective bargaining agreements, an increase in employee incentive expenses due to improvements in operational performance and a 2\\.2% increase in average full\\-time equivalent employees, partially offset by a reduction in profit sharing expense in 2016 as compared to 2015, a reduction in medical and dental costs and the results of certain costs savings initiatives in 2016\\.\n\nThe decrease in aircraft fuel expense was primarily attributable to decreased fuel prices and a reduction in fuel hedge losses, partially offset by the impact of a 1\\.4% increase in capacity\\. 2016 fuel expense includes the benefit of a $20 million fuel tax refund\\. The table below presents the significant changes in aircraft fuel cost per gallon for the years ended December 31 (in millions, except percentage changes):\n\n\n\n|                                                                |                   |                   |                       |                              |                              |                              |\n|:-------------------------------------------------------------- | -----------------:| -----------------:| ---------------------:| ----------------------------:| ----------------------------:| ----------------------------:|\n|                                                                | **(In millions)** | **(In millions)** | **%**  <br>**Change** | **Average price per gallon** | **Average price per gallon** | **Average price per gallon** |\n|                                                                |          **2016** |          **2015** | **%**  <br>**Change** |                     **2016** |                     **2015** |        **%**  <br>**Change** |\n| Total aircraft fuel purchase cost excluding fuel hedge impacts |          $ 5,596  |          $ 6,918  |               (19\\.1) |                     $ 1\\.43  |                     $ 1\\.78  |                      (19\\.7) |\n| Hedge losses reported in fuel expense                          |              217  |              604  |                   NM  |                       0\\.06  |                       0\\.16  |                          NM  |\n| Fuel expense                                                   |            5,813  |            7,522  |               (22\\.7) |                       1\\.49  |                       1\\.94  |                      (23\\.2) |\n| Total fuel consumption (gallons)                               |            3,904  |            3,886  |                 0\\.5  |                              |                              |                              |\n\n\n\nDepreciation and amortization increased $158 million, or 8\\.7%, in 2016 as compared to 2015 primarily due to additions of new aircraft, conversions of operating leases to capital leases, aircraft improvements, accelerated depreciation of certain assets related to several fleet types and increases in information technology assets\\.\n\n33"}
{"_id": "AmericanAirlines-2018_171.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n**15\\. Quarterly Financial Data (Unaudited)**\n\nUnaudited summarized financial data by quarter for 2018 and 2017 (in millions):\n\n\n\n|                     |                   |                    |                   |                    |\n| ------------------- | ----------------- | ------------------ | ----------------- | ------------------ |\n|                     | **First Quarter** | **Second Quarter** | **Third Quarter** | **Fourth Quarter** |\n| **2018**  **^(1)^** |                   |                    |                   |                    |\n| Operating revenues  | $10,398           | $11,640            | $11,556           | $10,936            |\n| Operating expenses  | 9,986             | 10,626             | 10,850            | 10,344             |\n| Operating income    | 412               | 1,014              | 706               | 592                |\n| Net income          | 209               | 609                | 433               | 407                |\n| **2017**            |                   |                    |                   |                    |\n| Operating revenues  | $9,817            | $11,224            | $10,962           | $10,607            |\n| Operating expenses  | 9,077             | 9,633              | 9,713             | 9,982              |\n| Operating income    | 740               | 1,591              | 1,249             | 625                |\n| Net income (loss)   | 369               | 888                | 686               | (658)              |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                      |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | In the fourth quarter of 2018, American adopted the New Lease Standard as of January 1, 2018\\. In accordance with the New Lease Standard, prior 2018 periods have been recast to reflect the effects of this adoption\\. See Note 1(b) and Note 4 for further discussion of the New Lease Standard\\.  |\n\n\n\nAmerican\u2019s fourth quarter 2018 results include $220 million of total net special items that principally included $146 million of fleet restructuring expenses, $81 million of merger integration expenses, $37 million of severance costs associated with reductions of management and support staff team members, $22 million of mark\\-to\\-market net unrealized losses associated with certain equity investments, offset in part by a $37 million net credit resulting from mark\\-to\\-market adjustments on bankruptcy obligations and a $22 million income tax credit as a result of the reversal of the valuation allowance previously recognized in the first quarter of 2018 related to American\u2019s estimated refund for AMT credits, which is no longer subject to sequestration\\.\n\nAmerican\u2019s fourth quarter 2017 results include $1\\.2 billion of total net special items that principally included a $123 million charge for the $1,000 cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of the 2017 Tax Act, $81 million of merger integration expenses, $58 million of fleet restructuring expenses, a $20 million net charge resulting from mark\\-to\\-market adjustments on bankruptcy obligations and a $924 million special non\\-cash charge to reflect the impact of lower corporate income tax rates on the Company\u2019s deferred tax asset and liabilities due to the 2017 Tax Act, which reduced the federal corporate income tax rate from 35% to 21%\\.\n\n**16\\. Transactions with Related Parties**\n\nThe following represents the net receivables (payables) to related parties (in millions):\n\n\n\n|                                         |                  |                  |\n| --------------------------------------- | ---------------- | ---------------- |\n|                                         | **December 31,** | **December 31,** |\n|                                         | **2018**         | **2017**         |\n| AAG  ^(1)^                              | $12,808          | $10,968          |\n| AAG\u2019s wholly\\-owned subsidiaries  ^(2)^ | (2,142)          | (2,146)          |\n| Total                                   | $10,666          | $8,822           |\n\n\n\n\n\n|       |                                                                                                                                                                             |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The increase in American\u2019s net related party receivable from AAG is primarily due to American providing the cash funding for AAG\u2019s share repurchase and dividend programs\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                 |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | The net payable to AAG\u2019s wholly\\-owned subsidiaries consists primarily of amounts due under regional capacity purchase agreements with AAG\u2019s wholly\\-owned regional airlines operating under the brand name of American Eagle\\. |\n\n\n\n172"}
{"_id": "Southwest-2019_27.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nCBP with its inspection and processing duties; however, the Company is not able to predict the impact, if any, that various CBP measures or the lack of CBP resources will have on Company revenues and costs, either in the short\\-term or the long\\-term\\.\n\nInternational flying requires the Company to modify certain processes, as the airport environment is dramatically different in certain international locations with respect to, among other things, common\\-use ticket counters and gate areas, local operating requirements, and cultural preferences\\. Certain international routes served by the Company are also subject to specific aircraft equipage requirements and unique consumer behavior\\. Route\\-specific equipage requirements and unique consumer behavior, together or individually, may (i) restrict the Company's flexibility when scheduling and routing aircraft and crews, (ii) require the Company to modify its policies or procedures, and (iii) impact the Company's operational performance, costs, and Customer Experience\\. In addition, international flying exposes the Company to certain foreign currency risks to the extent the Company chooses to, or is required to, transact in currencies other than the U\\.S\\. dollar\\. To the extent the Company seeks to serve additional international destinations in the future, or to renew its authority to serve certain routes, it may be required to obtain necessary authority from the DOT and/or approvals from the FAA, as well as any applicable foreign government entity\\.\n\nThe Company's operations in non\\-U\\.S\\. jurisdictions may subject the Company to the laws of those jurisdictions rather than, or in addition to, U\\.S\\. laws\\. Laws in some jurisdictions differ in significant respects from those in the United States, and these differences can affect the Company's ability to react to changes in its business, and its rights or ability to enforce rights may be different than would be expected under U\\.S\\. laws\\. Furthermore, enforcement of laws in some jurisdictions can be inconsistent and unpredictable, which can affect both the Company's ability to enforce its rights and to undertake activities that it believes are beneficial to its business\\. As a result, the Company's ability to generate revenue and its expenses in non\\-U\\.S\\. jurisdictions may differ from what would be expected if U\\.S\\. laws governed these operations\\. Although the Company has policies and procedures in place that are designed to promote compliance with the laws of the jurisdictions in which it operates, a violation by the Company's Employees, contractors, or agents or other intermediaries could nonetheless occur\\. Any violation (or alleged or perceived violation), even if prohibited by the Company's policies, could have an adverse effect on the Company's reputation and/or its results of operations\\.\n\nIn first quarter 2019, the Company began service to Hawaii after receiving approval from the FAA for ETOPS, a regulatory requirement to operate between the U\\.S\\. mainland and the Hawaiian Islands\\. The Company is subject to additional, ongoing, ETOPS\\-specific regulatory and procedural requirements, which present operational and compliance risks to the Company\u2019s business, including costs associated therewith\\. \n\nThe Company is currently subject to pending litigation, and if judgment were to be rendered against the Company in the litigation, such judgment could adversely affect the Company's operating results\\.\n\nAs discussed below under \"Legal Proceedings,\" the Company is subject to pending litigation\\.\n\nRegardless of merit, these litigation matters and any potential future claims against the Company may be both time consuming and disruptive to the Company's operations and cause significant expense and diversion of management attention\\. Should the Company fail to prevail in these or other matters, the Company may be faced with significant monetary damages or injunctive relief that could materially adversely affect its business and might materially affect its financial condition and operating results\\.\n\nThe Company\u2019s reputation and brand could be harmed if it were to experience significant negative publicity, including through social media\\.\n\nThe Company operates in a public\\-facing industry with significant exposure to social media\\. Negative publicity, whether or not justified, can spread rapidly through social media\\. To the extent that the Company is unable to respond timely and appropriately to negative publicity, the Company\u2019s reputation and brand can be harmed\\. Damage to the Company\u2019s overall reputation and brand could have a negative impact on its financial results\\.\n\nItem 1B\\.  Unresolved Staff Comments\n\nNone\\.\n\n28"}
{"_id": "AmericanAirlines-2017_118.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nSeptember 1, 2017; a hearing date has not yet been set\\. We believe this lawsuit is without merit and intend to vigorously defend against the allegations\\.\n\n*DOJ Investigation Related to the United States Postal Service*\\. In April 2015, the DOJ informed us of an inquiry regarding American\u2019s 2009 and 2011 contracts with the United States Postal Service for the international transportation of mail by air\\. In October 2015, we received a CID from the DOJ seeking certain information relating to these contracts and the DOJ has also sought information concerning certain of the airlines that transport mail on a codeshare basis\\. The DOJ has indicated it is investigating potential violations of the False Claims Act or other statutes\\. We are cooperating fully with the DOJ with regard to its investigation\\.\n\n*General*\\. In addition to the specifically identified legal proceedings, we and our subsidiaries are also engaged in other legal proceedings from time to time\\. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within our control\\. Therefore, although we will vigorously defend ourselves in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on us are uncertain but could be material\\. See Part I, Item 1A\\. Risk Factors \u2013*\u201cWe may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity\u201d* for unaudited additional discussion\\.\n\n***(f) Guarantees and Indemnifications***\n\nWe are party to many routine contracts in which we provide general indemnities in the normal course of business to third parties for various risks\\. We are not able to estimate the potential amount of any liability resulting from the indemnities\\. These indemnities are discussed in the following paragraphs\\.\n\nIn our aircraft financing agreements, we generally indemnify the financing parties, trustees acting on their behalf and other relevant parties against liabilities (including certain taxes) resulting from the financing, manufacture, design, ownership, operation and maintenance of the aircraft regardless of whether these liabilities (or taxes) relate to the negligence of the indemnified parties\\.\n\nOur loan agreements and other LIBOR\\-based financing transactions (including certain leveraged aircraft leases) generally obligate us to reimburse the applicable lender for incremental costs due to a change in law that imposes (i) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (ii) any tax, duty or other charge with respect to the loan (except standard income tax) or (iii) capital adequacy requirements\\. In addition, our loan agreements and other financing arrangements typically contain a withholding tax provision that requires us to pay additional amounts to the applicable lender or other financing party, generally if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law\\.\n\nIn certain transactions, including certain aircraft financing leases and loans, the lessors, lenders and/or other parties have rights to terminate the transaction based on changes in foreign tax law, illegality or certain other events or circumstances\\. In such a case, we may be required to make a lump sum payment to terminate the relevant transaction\\.\n\nWe have general indemnity clauses in many of our airport and other real estate leases where we as lessee indemnify the lessor (and related parties) against liabilities related to our use of the leased property\\. Generally, these indemnifications cover liabilities resulting from the negligence of the indemnified parties, but not liabilities resulting from the gross negligence or willful misconduct of the indemnified parties\\. In addition, we provide environmental indemnities in many of these leases for contamination related to our use of the leased property\\.\n\nUnder certain contracts with third parties, we indemnify the third\\-party against legal liability arising out of an action by the third\\-party, or certain other parties\\. The terms of these contracts vary and the potential exposure under these indemnities cannot be determined\\. We have liability insurance protecting us for some of the obligations we have undertaken under these indemnities\\.\n\nAmerican is required to make principal and interest payments for certain special facility revenue bonds issued by municipalities primarily to build or improve airport facilities and purchase equipment, which are leased to American\\. The payment of principal and interest of certain special facility revenue bonds is guaranteed by AAG\\. As of December 31, 2017, the remaining lease payments through 2035 guaranteeing the principal and interest on these bonds are $589 million, which are accounted for as operating leases\\.\n\n119"}
{"_id": "Southwest-2019_47.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nReconciliation of Reported Amounts to Non\\-GAAP Financial Measures  (excluding special items) (unaudited) (in millions, except per share amounts and per ASM amounts)\n\n\n\n|                                                                                                                      |                             |                             |             |\n| -------------------------------------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | ----------- |\n|                                                                                                                      | **Year ended December 31,** | **Year ended December 31,** | **Percent** |\n|                                                                                                                      | **2019**                    | **2018**                    | **Change**  |\n| **Fuel and oil expense, unhedged**                                                                                   | $4,299                      | $4,649                      |             |\n| Add: Premium cost of fuel contracts                                                                                  | 95                          | 135                         |             |\n| Deduct: Fuel hedge gains included in Fuel and oil expense, net                                                       | (47)                        | (168)                       |             |\n| **Fuel and oil expense, as reported**                                                                                | $4,347                      | $4,616                      |             |\n| Add: Contracts settling in the current period, but for which the impact has been recognized in a prior period (a)    | \u2014                           | 14                          |             |\n| **Fuel and oil expense, excluding special items (economic)**                                                         | $4,347                      | $4,630                      | (6\\.1)%     |\n| **Total operating expenses, as reported**                                                                            | $19,471                     | $18,759                     |             |\n| Add: Contracts settling in the current period, but for which the impact has been recognized in a prior period (a)    | \u2014                           | 14                          |             |\n| Add: Gain on sale of retired Boeing 737\\-300 aircraft                                                                | \u2014                           | 25                          |             |\n| **Total operating expenses, excluding special items**                                                                | $19,471                     | $18,798                     | 3\\.6 %      |\n| **Operating income, as reported**                                                                                    | $2,957                      | $3,206                      |             |\n| Deduct: Contracts settling in the current period, but for which the impact has been recognized in a prior period (a) | \u2014                           | (14)                        |             |\n| Deduct: Gain on sale of retired Boeing 737\\-300 aircraft                                                             | \u2014                           | (25)                        |             |\n| **Operating income, excluding special items**                                                                        | $2,957                      | $3,167                      | (6\\.6)%     |\n| **Net income, as reported**                                                                                          | $2,300                      | $2,465                      |             |\n| Deduct: Contracts settling in the current period, but for which the impact has been recognized in a prior period (a) | \u2014                           | (14)                        |             |\n| Deduct: Gain on sale of retired Boeing 737\\-300 aircraft                                                             | \u2014                           | (25)                        |             |\n| Add: Net income tax impact of special items (b)                                                                      | \u2014                           | 9                           |             |\n| **Net income, excluding special items**                                                                              | $2,300                      | $2,435                      | (5\\.5)%     |\n| **Net income per share, diluted, as reported**                                                                       | $4\\.27                      | $4\\.29                      |             |\n| Deduct: Impact from fuel contracts                                                                                   | \u2014                           | (0\\.02)                     |             |\n| Deduct: Impact of special items                                                                                      | \u2014                           | (0\\.04)                     |             |\n| Add: Net income tax impact of special items (b)                                                                      | \u2014                           | 0\\.01                       |             |\n| **Net income per share, diluted, excluding special items**                                                           | $4\\.27                      | $4\\.24                      | 0\\.7 %      |\n| **Operating expenses per ASM (cents)**                                                                               | 12\\.38\u00a2                     | 11\\.74\u00a2                     |             |\n| Deduct: Fuel and oil expense divided by ASMs                                                                         | (2\\.76)                     | (2\\.89)                     |             |\n| Add: Impact of special items                                                                                         | \u2014                           | 0\\.02                       |             |\n| Deduct: Profitsharing expense divided by ASMs                                                                        | (0\\.43)                     | (0\\.34)                     |             |\n| **Operating expenses per ASM, excluding Fuel and oil expense, special items, and profitsharing (cents)**             | 9\\.19\u00a2                      | 8\\.53\u00a2                      | 7\\.7 %      |\n\n\n\n(a) As a result of prior hedge ineffectiveness\\.\n\n(b) Tax amounts for each individual special item are calculated at the Company's effective rate for the applicable period and totaled in this line item\\.\n\n48"}
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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D\\.C\\. 20549\n\nFORM 10\\-K\n\n\n\n|   |   |   |                                                                                       |                                                                                       |                                                                                       |\n| - | - | - | ------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------- |\n| \u2611 | \u2611 | \u2611 | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT OF 1934 | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT OF 1934 | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT OF 1934 |\n\n\n\nFor the fiscal year ended December 31, 2019\n\n\n\n|    |    |    |                                                                                           |                                                                                           |                                                                                           |  |  |  |\n|:--:|:--:|:--:|:-----------------------------------------------------------------------------------------:|:-----------------------------------------------------------------------------------------:|:-----------------------------------------------------------------------------------------:|:- |:- |:- |\n| Or | Or | Or |                                            Or                                             |                                            Or                                             |                                            Or                                             |  |  |  |\n| \u2610  | \u2610  | \u2610  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT OF 1934 | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT OF 1934 | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT OF 1934 |\n\n\n\nCommission File Number 001\\-5424\n\n![dal\\-20191231\\_g1\\.jpg](http://ir.delta.com/dal-20191231_g1.jpg)\n\nDELTA AIR LINES, INC\\. \n\n(Exact name of registrant as specified in its charter)\n\n\n\n|                                                                |                                                                |                                                                |                                          |                                          |                                          |\n|:--------------------------------------------------------------:|:--------------------------------------------------------------:|:--------------------------------------------------------------:|:----------------------------------------:|:----------------------------------------:|:----------------------------------------:|\n|                            Delaware                            |                            Delaware                            |                            Delaware                            |               58\\-0218548                |               58\\-0218548                |               58\\-0218548                |\n| (State or other jurisdiction of incorporation or organization) | (State or other jurisdiction of incorporation or organization) | (State or other jurisdiction of incorporation or organization) | (I\\.R\\.S\\. Employer Identification No\\.) | (I\\.R\\.S\\. Employer Identification No\\.) | (I\\.R\\.S\\. Employer Identification No\\.) |\n|                     Post Office Box 20706                      |                     Post Office Box 20706                      |                     Post Office Box 20706                      |                                          |                                          |                                          |\n|                        Atlanta, Georgia                        |                        Atlanta, Georgia                        |                        Atlanta, Georgia                        |               30320\\-6001                |               30320\\-6001                |               30320\\-6001                |\n|            (Address of principal executive offices)            |            (Address of principal executive offices)            |            (Address of principal executive offices)            |                (Zip Code)                |                (Zip Code)                |                (Zip Code)                |\n\n\n\nRegistrant's telephone number, including area code: (404) 715\\-2600\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n\n\n|                                            |                                            |                                            |  |  |  |                |                |                |  |  |  |                                           |                                           |                                           |\n|:------------------------------------------:|:------------------------------------------:|:------------------------------------------:|:- |:- |:- |:--------------:|:--------------:|:--------------:|:- |:- |:- |:-----------------------------------------:|:-----------------------------------------:|:-----------------------------------------:|\n|            Title of each class             |            Title of each class             |            Title of each class             |  |  |  | Trading Symbol | Trading Symbol | Trading Symbol |  |  |  | Name of each exchange on which registered | Name of each exchange on which registered | Name of each exchange on which registered |\n| Common Stock, par value $0\\.0001 per share | Common Stock, par value $0\\.0001 per share | Common Stock, par value $0\\.0001 per share |  |  |  |      DAL       |      DAL       |      DAL       |  |  |  |          New York Stock Exchange          |          New York Stock Exchange          |          New York Stock Exchange          |\n\n\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\. Yes \u00fe  No  o \n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act\\. Yes  o No \u00fe \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days\\. Yes \u00fe  No  o \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S\\-T (\u00a7 232\\.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)\\. Yes \u00fe  No  o \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, a smaller reporting company or an emerging growth company\\. See the definitions of \u201clarge accelerated filer,\u201d \u201caccelerated filer,\u201d \u201csmaller reporting company\u201d and \"emerging growth company\" in Rule 12b\\-2 of the Exchange Act\\.\n\n\n\n|                           |                           |                           |                           |                           |                           |                           |                           |                           |   |   |   |                        |                        |                        |   |   |   |                         |                         |                         |   |   |   |\n| -------------------------:| -------------------------:| -------------------------:| -------------------------:| -------------------------:| -------------------------:| -------------------------:| -------------------------:| -------------------------:|:- |:- |:- | ----------------------:| ----------------------:| ----------------------:|:- |:- |:- | -----------------------:| -----------------------:| -----------------------:|:- |:- |:- |\n|   Large accelerated filer |   Large accelerated filer |   Large accelerated filer |                         \u2611 |                         \u2611 |                         \u2611 |        Accelerated filer  |        Accelerated filer  |        Accelerated filer  | \u2610 | \u2610 | \u2610 | Non\\-accelerated filer | Non\\-accelerated filer | Non\\-accelerated filer | \u2610 | \u2610 | \u2610 |\n| Smaller reporting company | Smaller reporting company | Smaller reporting company | Smaller reporting company | Smaller reporting company | Smaller reporting company | Smaller reporting company | Smaller reporting company | Smaller reporting company |   |   |   |                        |                        |                        | \u2610 | \u2610 | \u2610 | Emerging growth company | Emerging growth company | Emerging growth company | \u2610 | \u2610 | \u2610 |\n\n\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.  o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Exchange Act)\\. Yes \u2610 No  \u00fe\n\nThe aggregate market value of the voting and non\\-voting common equity held by non\\-affiliates of the registrant as of June 30, 2019 was approximately $36\\.9 billion\\.\n\nOn January 31, 2020, there were outstanding 640,093,995 shares of the registrant's common stock\\.\n\nThis document is also available on our website at http://ir\\.delta\\.com/\\.\n\nDocuments Incorporated By Reference\n\nPart III of this Form 10\\-K incorporates by reference certain information from the registrant's definitive Proxy Statement for its Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission\\."}
{"_id": "Southwest-2019_50.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nparty lessors\\. The Company recorded the fair value of the aircraft acquired off operating leases, as well as any associated remaining obligations to the balance sheet as debt; and\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 3\\. | An Aircraft grounding charge recorded in third quarter 2017, as a result of the Company grounding its remaining Classic aircraft on September 29, 2017\\. The loss was a result of the remaining net lease payments due and certain lease return requirements that could have to be performed on these leased aircraft prior to their return to the lessors as of the cease\\-use date\\. The Company had not budgeted for the lease return requirements, as they were subject to negotiation with third party lessors\\. |\n\n\n\nBecause management believes special items can distort the trends associated with the Company\u2019s ongoing performance as an airline, the Company believes that evaluation of its financial performance can be enhanced by a supplemental presentation of results that exclude the impact of special items in order to enhance consistency and comparativeness with results in prior periods that do not include such items and as a basis for evaluating operating results in future periods\\. The following measures are often provided, excluding special items, and utilized by the Company\u2019s management, analysts, and investors to enhance comparability of year\\-over\\-year results, as well as to industry trends: Total operating expenses, non\\-GAAP; Operating income, non\\-GAAP; Net income, non\\-GAAP; Net income per share, diluted, non\\-GAAP; Operating expenses per ASM, non\\-GAAP, excluding Fuel and oil expense and profitsharing; Adjusted operating income, non\\-GAAP; and Income tax rate, non\\-GAAP\\. \n\nThe Company has also provided its calculation of return on invested capital, which is a measure of financial performance used by management to evaluate its investment returns on capital\\. Return on invested capital is not a substitute for financial results as reported in accordance with GAAP, and should not be utilized in place of such GAAP results\\. Although return on invested capital is not a measure defined by GAAP, it is calculated by the Company, in part, using non\\-GAAP financial measures\\. Those non\\-GAAP financial measures are utilized for the same reasons as those noted above for Net income, non\\-GAAP and Operating income, non\\-GAAP\\. The comparable GAAP measures include charges or benefits that are deemed \"special items\" that the Company believes make its results difficult to compare to prior periods, anticipated future periods, or industry trends, and the Company\u2019s profitability targets and estimates, both internally and externally, are based on non\\-GAAP results since in the vast majority of cases the \"special items\" cannot be reliably predicted or estimated\\. The Company believes non\\-GAAP return on invested capital is a meaningful measure because it quantifies the Company's effectiveness in generating returns relative to the capital it has invested in its business\\. Although return on invested capital is commonly used as a measure of capital efficiency, definitions of return on invested capital differ; therefore, the Company is providing an explanation of its calculation for non\\-GAAP return on invested capital in the accompanying reconciliation, in order to allow investors to compare and contrast its calculation to the calculations provided by other companies\\.\n\nLiquidity and Capital Resources\n\nNet cash provided by operating activities for  2019  and  2018  was  $4\\.0 billion  and  $4\\.9 billion , respectively\\. Operating cash inflows are primarily derived from providing air transportation to Customers\\. The vast majority of tickets are purchased prior to the day on which travel is provided and, in some cases, several months before the anticipated travel date\\. Operating cash outflows are related to the recurring expenses of airline operations\\. The operating cash flows for  2019  and  2018  were impacted primarily by the Company's results of operations, as adjusted for non\\-cash items as well as changes in the Air traffic liability and Accrued liabilities balances\\. Operating cash flows also can be significantly impacted by the Company\u2019s fuel and interest rate hedge positions and the corresponding cash collateral requirements associated with those positions\\. The Company has the ability to post aircraft in lieu of cash collateral in certain situations\\. See  Note 10  to the Consolidated Financial Statements for further information\\. During  2019 , the Company had net cash inflows of  $25 million  in cash collateral from derivative counterparties\\. During  2018 , the Company had net cash outflows of  $15 million  in cash collateral to derivative counterparties\\. Cash flows associated with entering into new fuel derivatives, which are also classified as Other, net, operating cash flows, were net outflows of  $131 million  in  2019  and  $63 million  in  2018 \\. Net cash provided by operating activities is primarily used to finance capital expenditures, repay debt, fund stock repurchases, pay dividends, and provide working capital\\. \n\nNet cash used in investing activities for  2019  and  2018  was  $303 million  and  $2\\.0 billion , respectively\\. Investing activities in  2019  and  2018  included Capital expenditures, Supplier proceeds, and changes in the balance of the \n\nCompany's short\\-term and noncurrent investments\\. During  2019 , Capital expenditures were  $1\\.0 billion , the majority of which included ongoing technology projects, airport and other facility construction projects, and progress payments related to new aircraft to be delivered to the Company\\. This was below initial expectations for 2019 due to the MAX grounding and resulting delay in Boeing deliveries\\. The Company received  $400 million  of Supplier proceeds, which the Company considers an offset to its annual 2019 aircraft capital expenditures\\. See Note  16  to the Consolidated Financial Statements for further information\\. During  2018 , Capital expenditures were  $1\\.9 billion , the majority of which were payments for new aircraft delivered to the Company\\. During  2019 , the Company's purchases and sales of short\\-term and noncurrent investments resulted in net cash inflows of  $324 million , as compared with net cash outflows of  $67 million  for  2018 \\. Boeing currently has 27 MAX 8 aircraft produced and in storage for the Company\\. Assuming these aircraft and no others are delivered in 2020, the Company currently estimates its annual 2020 capital expenditures to be in the range of $1\\.4 billion to $1\\.5 billion, including progress payments for future deliveries, and considering supplier proceeds to be received in 2020\\. These expected proceeds are included in Accounts and other receivables on the Company's Consolidated Balance Sheet as of December 31, 2019, and the Company considers them to be a reduction to its annual 2020 aircraft capital expenditures\\. \n\nNet cash used in financing activities for  2019  and  2018  was  $3\\.0 billion  and  $2\\.5 billion , respectively\\. During  2019 , the Company repaid  $615 million  in debt and finance lease obligations, compared with  $342 million  during  2018 \\. During 2018, the Company received a reimbursement from the City of Houston for $116 million for the investment and updates made at Houston William P\\. Hobby Airport\\. The Company repurchased  $2\\.0 billion  of its outstanding common stock through authorized share repurchases during both  2019  and  2018 \\. The Company also paid  $372 million  in dividends to Shareholders during  2019 , compared with  $332 million  in  2018 \\. Although the Company currently intends to continue paying dividends on a quarterly basis for the foreseeable future, the Company's Board of Directors may change the timing, amount, and payment of dividends on the basis of results of operations, financial condition, cash requirements, future prospects, and other factors deemed relevant by the Board of Directors\\.\n\nThe Company's  2017  results are included in the Company's Annual Report on Form 10\\-K for the fiscal year ended  December 31, 2018 , under Part II Item 7, Liquidity and Capital Resources\\. \n\nThe Company is a \"well\\-known seasoned issuer\" and has an effective shelf registration statement registering an indeterminate amount of debt and equity securities for future sales\\. The Company currently intends to use the proceeds from any future securities sales off this shelf registration statement for general corporate purposes\\.\n\nThe Company has access to a  $1\\.0 billion  unsecured revolving credit facility expiring in  August 2022 \\. The revolving credit agreement has an accordion feature that would allow the Company, subject to, among other things, the procurement of incremental commitments, to increase the size of the facility to $1\\.5 billion\\. Interest on the facility is based on the Company's credit ratings at the time of borrowing\\. At the Company's current ratings, the interest cost would be LIBOR plus a spread of  100\\.0 basis points \\. The facility contains a financial covenant requiring a minimum coverage ratio of adjusted pre\\-tax income to fixed obligations, as defined\\. As of  December 31, 2019 , the Company was in compliance with this covenant and there were  no  amounts outstanding under the revolving credit facility\\.\n\n51"}
{"_id": "United-2019_82.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nAVH\\.  United concluded that AVH is a VIE and that United holds a variable interest through the AVH Convertible Loan and a call option on BRW's AVH shares\\. However, United is not the primary beneficiary because it does not hold a material number of shares of AVH and does not have the power through the AVH Convertible Loan Agreement or any other agreement to direct the activities that most significantly impact AVH's economic performance\\. See Note 8 of this report for more information regarding the AVH Convertible Loan and Note 9 of this report for more information about the AVH call options\\.\n\nNOTE 13 \\- COMMITMENTS AND CONTINGENCIES \n\nCommitments\\.  As of  December 31, 2019 , United had firm commitments and options to purchase aircraft from The Boeing Company (\"Boeing\"), Airbus S\\.A\\.S\\. (\"Airbus\") and Embraer S\\.A\\. (\"Embraer\") presented in the table below:\n\n\n\n|                   |                                         |                                   |                                   |\n| ----------------- | --------------------------------------- | --------------------------------- | --------------------------------- |\n|                   |                                         | **Scheduled Aircraft Deliveries** | **Scheduled Aircraft Deliveries** |\n| **Aircraft Type** | **Number of Firm  <br>Commitments (a)** | **2020**                          | **After 2020**                    |\n| Airbus A321XLR    | 50                                      | \u2014                                 | 50                                |\n| Airbus A350       | 45                                      | \u2014                                 | 45                                |\n| Boeing 737 MAX    | 171                                     | 44                                | 127                               |\n| Boeing 777\\-300ER | 2                                       | 2                                 | \u2014                                 |\n| Boeing 787        | 16                                      | 15                                | 1                                 |\n| Embraer E175      | 20                                      | 20                                | \u2014                                 |\n\n\n\n(a) United also has options and purchase rights for additional aircraft\\.\n\nThe aircraft listed in the table above are scheduled for delivery  through  2030 \\.  The Company expects to assign the purchase obligation for each of the   20  Embraer E175 aircraft to one of its regional partners at the time of such aircraft's delivery, subject to certain conditions\\.  To the extent the Company and the aircraft manufacturers with which the Company has existing orders for new aircraft agree to modify the contracts governing those orders, the amount and timing of the Company's future capital commitments could change\\.  United also has agreements to purchase   20  used Airbus A319 aircraft with expected delivery dates through  2022  and   19  used Boeing 737\\-700 aircraft with expected delivery dates through  2021 \\.\n\nThe   44  Boeing 737 MAX aircraft in the table above include   16  Boeing B737 MAX aircraft of which the Company planned to take delivery in 2019, and   28  aircraft of which the Company planned to take delivery in 2020; however, following the FAA Order, Boeing suspended deliveries of new Boeing 737 MAX aircraft\\. The extent of the delay to the scheduled deliveries of new 737 MAX aircraft is expected to be impacted by the length of time the FAA Order remains in place, Boeing's production rate and the pace at which Boeing can deliver aircraft following the lifting of the FAA Order, among other factors\\. As a result, the Company is unable to estimate the number of Boeing 737 MAX aircraft of which it will take delivery in 2020\\.\n\nThe table below summarizes United's commitments as of  December 31, 2019 , which include aircraft and related spare engines, aircraft improvements and all non\\-aircraft capital commitments (in billions):\n\n\n\n|            |        |\n| ---------- | ------ |\n| 2020       | $6\\.9  |\n| 2021       | 4\\.3   |\n| 2022       | 2\\.0   |\n| 2023       | 1\\.0   |\n| 2024       | 1\\.2   |\n| After 2024 | 11\\.3  |\n|            | $26\\.7 |\n\n\n\nThe Company secured   $328 million  of EETC financing to finance certain aircraft deliveries in 2020\\. The Company has also secured backstop financing commitments from certain of its aircraft manufacturers for a limited number of its future aircraft deliveries, subject to certain customary conditions\\. Financing may be necessary to satisfy the Company's capital commitments for its firm order aircraft and other related capital expenditures\\.\n\nLegal and Environmental\\.  The Company has certain contingencies resulting from litigation and claims incident to the ordinary course of business\\. As of  December 31, 2019 , management believes, after considering a number of factors, including (but not limited to) the information currently available, the views of legal counsel, the nature of contingencies to which the Company is subject and prior experience, that the ultimate disposition of the litigation and claims will not materially affect the Company's consolidated financial position or results of operations\\. The Company records liabilities for legal and environmental claims \n\n83"}
{"_id": "Delta-2017_56.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Statements of Comprehensive Income \n\n\n\n|                                              |                             |                             |                             |\n| -------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                              | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions)**                            | **2017**                    | **2016**                    | **2015**                    |\n| **Net Income**                               | $3,577                      | $4,373                      | $4,526                      |\n|  Other comprehensive income (loss):          |                             |                             |                             |\n| Net change in derivative contracts           | (27<br><br>)                | (43<br><br>)                | (82<br><br>)                |\n| Net change in pension and other benefits     | (98<br><br>)                | (360<br><br>)               | 163                         |\n| Net change in investments                    | 140                         | 42                          | (45<br><br>)                |\n|  **Total Other Comprehensive Income (Loss)** | 15                          | (361<br><br>)               | 36                          |\n| **Comprehensive Income**                     | $3,592                      | $4,012                      | $4,562                      |\n\n\n\nThe accompanying notes are an integral part of these Consolidated Financial Statements\\.\n\n 52"}
{"_id": "United-2018_92.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|               |                         |\n| ------------- | ----------------------- |\n| **ITEM 9B\\.** | **OTHER INFORMATION\\.** |\n\n\n\nNone\\.\n\n**PART III**\n\n**ITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE\\.**\n\nCertain information required by this item with respect to UAL is incorporated by reference from UAL's definitive proxy statement for its 2019 Annual Meeting of Stockholders under the captions \"Election of Directors,\" \"Corporate Governance\" and \"Beneficial Ownership of Securities\u2014Section 16(a) Beneficial Ownership Reporting Compliance\\.\" Information regarding the executive officers of UAL is presented below\\.\n\nInformation required by this item with respect to United is omitted pursuant to General Instruction I(2)(c) of Form 10\\-K\\.\n\n**EXECUTIVE OFFICERS OF UAL**\n\n**Kate Gebo\\.** Age 50\\. Ms\\. Gebo has served as Executive Vice President Human Resources and Labor Relations of UAL and United since December 2017\\. From November 2016 to November 2017, Ms\\. Gebo served as Senior Vice President, Global Customer Service Delivery and Chief Customer Officer of United\\. From October 2015 to November 2016, Ms\\. Gebo served as Vice President of the Office of the Chief Executive Officer\\. From November 2009 to October 2015, Ms\\. Gebo served as Vice President of Corporate Real Estate of United\\.\n\n**Brett J\\. Hart\\.** Age 49\\. Mr\\. Hart has served as Executive Vice President, Chief Administrative Officer and General Counsel of UAL and United since May 2017\\. From February 2012 to May 2017, he served as Executive Vice President and General Counsel of UAL and United\\. Mr\\. Hart served as acting Chief Executive Officer and principal executive officer of the Company, on an interim basis, from October 2015 to March 2016\\. From December 2010 to February 2012, he served as Senior Vice President, General Counsel and Secretary of UAL, United and Continental Airlines, Inc\\. (\"Continental\")\\. From June 2009 to December 2010, Mr\\. Hart served as Executive Vice President, General Counsel and Corporate Secretary at Sara Lee Corporation, a consumer food and beverage company\\. From March 2005 to May 2009, Mr\\. Hart served as Deputy General Counsel and Chief Global Compliance Officer of Sara Lee Corporation\\.\n\n**Gregory L\\. Hart\\.** Age 53\\. Mr\\. Hart has served as Executive Vice President and Chief Operations Officer of UAL and United since February 2014\\. From December 2013 to February 2014, he served as Senior Vice President Operations of UAL and United\\. From September 2012 to December 2013, Mr\\. Hart served as Senior Vice President Technical Operations of United\\. From October 2010 to September 2012, Mr\\. Hart served as Senior Vice President Network of United and Continental\\. From September 2008 to September 2010, Mr\\. Hart served as Vice President Network Strategy of Continental\\. Mr\\. Hart joined Continental in 1997\\.\n\n**Linda P\\. Jojo\\.** Age 53\\. Ms\\. Jojo has served as Executive Vice President Technology and Chief Digital Officer of UAL and United since May 2017\\. From November 2014 to May 2017, Ms\\. Jojo served as Executive Vice President and Chief Information Officer of UAL and United\\. From July 2011 to October 2014, Ms\\. Jojo served as Executive Vice President and Chief Information Officer of Rogers Communications, Inc\\., a Canadian communications and media company\\. From October 2008 to June 2011, Ms\\. Jojo served as Chief Information Officer of Energy Future Holdings, a Dallas\\-based privately held energy company and electrical utility provider\\. \n\n**Chris Kenny\\.** Age 54\\. Mr\\. Kenny has served as Vice President and Controller of UAL and United since October 2010\\. From September 2003 to September 2010, Mr\\. Kenny served as Vice President and Controller of Continental\\. Mr\\. Kenny joined Continental in 1997\\.\n\n**J\\. Scott Kirby\\.** Age 51\\. Mr\\. Kirby has served as President of UAL and United since August 2016\\. Prior to joining the Company, from December 2013 to August 2016, Mr\\. Kirby served as President of American Airlines Group and American Airlines, Inc\\. Mr\\. Kirby also previously served as President of US Airways from October 2006 to December 2013\\. Mr\\. Kirby held significant other leadership roles at US Airways and at America West prior to the 2005 merger of those carriers, including Executive Vice President\u2014Sales and Marketing (2001 to 2006); Senior Vice President, e\\-business (2000 to 2001); Vice President, Revenue Management (1998 to 2000); Vice President, Planning (1997 to 1998); and Senior Director, Scheduling and Planning (1995 to 1998)\\. Prior to joining America West, Mr\\. Kirby worked for American Airlines Decision Technologies and at the Pentagon\\.\n\n**Gerald Laderman\\.** Age 61**\\.** Mr\\. Laderman has served as Executive Vice President and Chief Financial Officer since August 2018\\. Mr\\. Laderman served as Senior Vice President Finance, Procurement and Treasurer for UAL and United from 2013 to August 2015, and again from August 2016 to May 2018\\. Mr\\. Laderman additionally was acting Chief Financial Officer from \n\n93"}
{"_id": "AmericanAirlines-2018_126.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**17\\. Quarterly Financial Data (Unaudited)**\n\nUnaudited summarized financial data by quarter for 2018 and 2017 (in millions, except share and per share amounts):\n\n\n\n|                                             |                   |                    |                   |                    |\n| ------------------------------------------- | ----------------- | ------------------ | ----------------- | ------------------ |\n|                                             | **First Quarter** | **Second Quarter** | **Third Quarter** | **Fourth Quarter** |\n| **2018**  **^(1)^**                         |                   |                    |                   |                    |\n| Operating revenues                          | $10,401           | $11,643            | $11,559           | $10,938            |\n| Operating expenses                          | 10,005            | 10,639             | 10,874            | 10,367             |\n| Operating income                            | 396               | 1,004              | 685               | 571                |\n| Net income                                  | 159               | 556                | 372               | 325                |\n| Earnings per share:                         |                   |                    |                   |                    |\n| Basic                                       | $0\\.34            | $1\\.20             | $0\\.81            | $0\\.71             |\n| Diluted                                     | $0\\.34            | $1\\.20             | $0\\.81            | $0\\.70             |\n| Shares used for computation (in thousands): |                   |                    |                   |                    |\n| Basic                                       | 472,297           | 463,533            | 460,526           | 460,589            |\n| Diluted                                     | 474,598           | 464,618            | 461,507           | 461,915            |\n| **2017**                                    |                   |                    |                   |                    |\n| Operating revenues                          | $9,820            | $11,227            | $10,965           | $10,611            |\n| Operating expenses                          | 9,083             | 9,628              | 9,709             | 9,973              |\n| Operating income                            | 737               | 1,599              | 1,256             | 638                |\n| Net income (loss)                           | 340               | 864                | 661               | (583)              |\n| Earnings (loss) per share:                  |                   |                    |                   |                    |\n| Basic                                       | $0\\.67            | $1\\.76             | $1\\.36            | $(1\\.22)           |\n| Diluted                                     | $0\\.67            | $1\\.75             | $1\\.36            | $(1\\.22)           |\n| Shares used for computation (in thousands): |                   |                    |                   |                    |\n| Basic                                       | 503,902           | 490,818            | 484,772           | 477,165            |\n| Diluted                                     | 507,797           | 492,965            | 486,625           | 477,165            |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | In the fourth quarter of 2018, we adopted the New Lease Standard as of January 1, 2018\\. In accordance with the New Lease Standard, prior 2018 periods have been recast to reflect the effects of this adoption\\. See Note 1(b) and Note 6 for further discussion of the New Lease Standard\\.  |\n\n\n\nOur fourth quarter 2018 results include $225 million of total net special items that principally included $146 million of fleet restructuring expenses, $81 million of merger integration expenses, $37 million of severance costs associated with reductions of management and support staff team members, $22 million of mark\\-to\\-market net unrealized losses associated with certain equity investments, offset in part by a $37 million net credit resulting from mark\\-to\\-market adjustments on bankruptcy obligations and a $22 million income tax credit as a result of the reversal of the valuation allowance previously recognized in the first quarter of 2018 related to our estimated refund for AMT credits, which is no longer subject to sequestration\\.\n\nOur fourth quarter 2017 results include $1\\.1 billion of total net special items that principally included a $149 million charge for the $1,000 cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of the 2017 Tax Act, $81 million of merger integration expenses, $58 million of fleet restructuring expenses, a $20 million net charge resulting from mark\\-to\\-market adjustments on bankruptcy obligations and an $823 million special non\\-cash charge to reflect the impact of lower corporate income tax rates on our deferred tax asset and liabilities due to the 2017 Tax Act, which reduced the federal corporate income tax rate from 35% to 21%\\.\n\n127"}
{"_id": "AmericanAirlines-2018_191.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.164                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm#ex4_6)                                                                                                                                                                                                                                                                       |\n| 4\\.165                        | [Form of First Amendment to Participation Agreement (First Amendment to Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit D to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm#ex4_6b)                                                                                                                                                                                                                                |\n| 4\\.166                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm#ex4_6a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.167                        | [Form of Pass Through Trust Certificate, Series 2017\\-2B (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex42.htm#ex4_2toc463889_35)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 4\\.168                        | [Revolving Credit Agreement (2017\\-2B), dated as of October 5, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-2B, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex412.htm)                                                                                                                                                                                                                                                                                                                                                               |\n| 4\\.169                        | [Trust Supplement No\\. 2012\\-2C(R), dated as of May 15, 2018, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American Airlines, Inc\\.\u2019s Current Report on Form 8\\-K filed on May 16, 2018 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312518165266/d589456dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.170                        | [Form of Amendment No\\. 2 to Intercreditor Agreement (2012\\-2C(R)) among Wilmington Trust Company, not in its individual capacity but solely as Trustee of the American Airlines, Inc\\. Pass Through Trust 2012\\-2C(R), American Airlines, Inc\\. and Wilmington Trust Company, not in its individual capacity but solely as Subordination Agent and Trustee (incorporated by reference to Exhibit C to Exhibit 4\\.6 to American Airlines, Inc\\.\u2019s Current Report on Form 8\\-K filed on May 16, 2018 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312518165266/d589456dex46.htm)                                                                                                                                                                                                                                                                             |\n| 4\\.171                        | [Note Purchase Agreement, dated as of May 15, 2018, among American Airlines, Inc\\., Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee under the Class C(R) Pass Through Trust Agreement, as Subordination Agent and as Indenture Trustee, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.6 to American Airlines, Inc\\.\u2019s Current Report on Form 8\\-K filed on May 16, 2018 (Commission File No\\. 1\\- 2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312518165266/d589456dex46.htm)                                                                                                                                                                                                                                                         |\n| 4\\.172                        | [Form of Amendment to Participation Agreement (Amendment to Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, not in its individual capacity, but solely as Subordination Agent and as Indenture Trustee, and Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee under each of the Pass Through Trust Agreements) (incorporated by reference to Exhibit A to Exhibit 4\\.6 to American Airlines, Inc\\.\u2019s Current Report on Form 8\\-K filed on May 16, 2018 (Commission File No\\. 1\\- 2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312518165266/d589456dex46.htm)                                                                                                                                                                                                                                            |\n| 4\\.173                        | [Form of Amendment to Trust Indenture and Security Agreement (Amendment to Trust Indenture and Security Agreement between American Airlines, Inc\\., Wilmington Trust Company, not in its individual capacity, but solely as Indenture Trustee, and Wilmington Trust, National Association, as Securities Intermediary) (incorporated by reference to Exhibit B to Exhibit 4\\.6 to American Airlines, Inc\\.\u2019s Current Report on Form 8\\-K filed on May 16, 2018 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312518165266/d589456dex46.htm)                                                                                                                                                                                                                                                                                                                  |\n| 4\\.174                        | [Form of Pass Through Trust Certificate, Series 2012\\-2C(R) (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American Airlines, Inc\\.\u2019s Current Report on Form 8\\-K filed on May 16, 2018 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312518165266/d589456dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 10\\.1                         | [Amended and Restated Credit and Guaranty Agreement, dated as of December 15, 2016, amending the Loan Agreement, dated as of May 23, 2013, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\., as borrower), as the borrower, American Airlines Group Inc\\., as parent and guarantor (as successor in interest to US Airways Group, Inc\\., as parent and guarantor), the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent and collateral agent (as successor in interest to Citicorp North America Inc\\., as administrative agent and collateral agent), and certain other parties thereto\\. (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517051216/d286458dex101.htm) |\n\n\n\n192"}
{"_id": "United-2017_21.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nIn addition to the aircraft presented in the tables above, United owns or leases the following aircraft listed below as of December 31, 2017:\n\n\n\n|   |                                                                          |\n| - | ------------------------------------------------------------------------ |\n| \u2022 | One owned Boeing  767\\-200, which is being subleased to another airline; |\n\n\n\n\n\n|   |                                                                             |\n| - | --------------------------------------------------------------------------- |\n| \u2022 | 12 owned and three leased Boeing 747s, which are permanently grounded; and  |\n\n\n\n\n\n|   |                                                              |\n| - | ------------------------------------------------------------ |\n| \u2022 | 11 owned Embraer ERJ 145s, which are temporarily grounded\\.  |\n\n\n\nFirm Order and Option Aircraft \n\nAs of December 31, 2017, United had firm commitments and options to purchase aircraft from Boeing and Airbus presented in the table below:\n\n\n\n|                                                                            |                                                                            |\n|:--------------------------------------------------------------------------:| --------------------------------------------------------------------------:|\n|                             **Aircraft Type**                              |                                    **Number of Firm  <br>Commitments (a)** |\n|                                 Airbus A350                                |                                                                        45  |\n|                               Boeing 737 MAX                               |                                                                       161  |\n|                             Boeing  777\\-300ER                             |                                                                         4  |\n|                                 Boeing 787                                 |                                                                        18  |\n|  (a) United also has options and purchase rights for additional aircraft\\. |  (a) United also has options and purchase rights for additional aircraft\\. |\n\n\n\nThe aircraft listed in the table above are scheduled for delivery from 2018 through 2027\\. In 2018, United expects to take delivery of 10 Boeing 737 MAX aircraft, seven Boeing 787 aircraft and four Boeing 777\\-300ER aircraft\\. To the extent the Company and the aircraft manufacturers with whom the Company has existing orders for new aircraft agree to modify the contracts governing those orders, the amount and timing of the Company\u2019s future capital commitments could change\\. Additionally, the Company has entered into a contract to purchase three used Boeing 767\\-300ER aircraft from Hawaiian Airlines, Inc\\. with expected delivery dates in the second half of 2018\\. See Notes 10 and 13 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\n**Facilities** \n\nUnited\u2019s principal facilities relate to leases of airport facilities, gates, hangar sites, terminal buildings and other facilities in the municipalities it serves\\. United has major terminal facility leases at SFO, Washington Dulles, Chicago O\u2019Hare, LAX, Denver, Newark, Houston Bush, Cleveland Hopkins International Airport and Guam with expiration dates ranging from 2018 through 2054\\. Substantially all of these facilities are leased on a net\\-rental basis, resulting in the Company\u2019s responsibility for maintenance, insurance and other facility\\-related expenses and services\\.\n\nUnited also maintains administrative offices, catering, cargo, training facilities, maintenance facilities and other facilities to support operations in the cities served\\. United also has multiple leases, which expire from 2018 through 2029, for its principal executive office and operations center in downtown Chicago and administrative offices in downtown Houston\\.\n\n\n\n|               |                          |\n| ------------- | ------------------------ |\n|  **ITEM 3\\.** | **LEGAL PROCEEDINGS\\.**  |\n\n\n\nOn June 30, 2015, UAL received a Civil Investigative Demand (\u201cCID\u201d) from the Antitrust Division of the DOJ seeking documents and information from the Company in connection with a DOJ investigation related to statements and decisions about airline capacity\\. The Company is working with the DOJ and has completed its response to the CID\\. The Company is not able to predict what action, if any, might be taken in the future by the DOJ or other governmental authorities as a result of the investigation\\. Beginning on July 1, 2015, subsequent to the announcement of the CID, UAL and United were named as defendants in multiple class action lawsuits that asserted claims under the Sherman Antitrust Act, which have been consolidated in the United States District Court for the District of Columbia\\. The complaints generally allege collusion among U\\.S\\. airlines on capacity impacting airfares and seek treble damages\\. The Company intends to vigorously defend against the class action lawsuits\\.\n\n22"}
{"_id": "AmericanAirlines-2018_45.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nAdditionally, the table below presents the reconciliation of total operating costs (GAAP measure) to total operating costs excluding special items and fuel (non\\-GAAP measure)\\. Management uses total operating costs excluding special items and fuel to evaluate our current operating performance and for period\\-to\\-period comparisons\\. The price of fuel, over which we have no control, impacts the comparability of period\\-to\\-period financial performance\\. The adjustment to exclude aircraft fuel and special items allows management an additional tool to understand and analyze our non\\-fuel costs and core operating performance\\. Amounts may not recalculate due to rounding\\.\n\n\n\n|                                                                                                                       |                             |                             |                             |\n| --------------------------------------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                                                       | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                                                                       | **2018**                    | **2017**                    | **2016**                    |\n| **Reconciliation of Total Operating Costs per Available Seat**  <br>**Mile (CASM) Excluding Special Items and Fuel:** |                             |                             |                             |\n| **(In millions)**                                                                                                     |                             |                             |                             |\n| Total operating expenses \\- GAAP                                                                                      | $41,885                     | $38,391                     | $35,082                     |\n| Special items  ^(1)^ :                                                                                                |                             |                             |                             |\n| Special items, net                                                                                                    | (787)                       | (712)                       | (709)                       |\n| Regional operating special items, net                                                                                 | (6)                         | (22)                        | (14)                        |\n| Fuel:                                                                                                                 |                             |                             |                             |\n| Aircraft fuel and related taxes \\- mainline                                                                           | (8,053)                     | (6,128)                     | (5,071)                     |\n| Aircraft fuel and related taxes \\- regional                                                                           | (1,843)                     | (1,382)                     | (1,109)                     |\n| Total operating expenses, excluding special items and fuel                                                            | $31,196                     | $30,147                     | $28,179                     |\n| **(In millions)**                                                                                                     |                             |                             |                             |\n| Total Available Seat Miles (ASM)                                                                                      | 282,054                     | 276,493                     | 273,410                     |\n| **(In cents)**                                                                                                        |                             |                             |                             |\n| Total operating CASM                                                                                                  | 14\\.85                      | 13\\.88                      | 12\\.83                      |\n| Special items per ASM  ^(1)^ :                                                                                        |                             |                             |                             |\n| Special items, net                                                                                                    | (0\\.28)                     | (0\\.26)                     | (0\\.26)                     |\n| Regional operating special items, net                                                                                 | \u2014                           | (0\\.01)                     | (0\\.01)                     |\n| Fuel per ASM:                                                                                                         |                             |                             |                             |\n| Aircraft fuel and related taxes \\- mainline                                                                           | (2\\.86)                     | (2\\.22)                     | (1\\.85)                     |\n| Aircraft fuel and related taxes \\- regional                                                                           | (0\\.65)                     | (0\\.50)                     | (0\\.41)                     |\n| Total CASM, excluding special items and fuel                                                                          | 11\\.06                      | 10\\.90                      | 10\\.31                      |\n\n\n\n\n\n|       |                                                                                                                      |\n| ----- | -------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | See Note 2 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for further information on special items\\. |\n\n\n\n46"}
{"_id": "AmericanAirlines-2017_7.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nSouthwest Airlines and JetBlue Airways, and so\\-called ultra\\-low\\-cost carriers, such as Allegiant Air, Frontier Airlines and Spirit Airlines, compete in many of the markets in which we operate and competition from these carriers is increasing\\.\n\nIn addition to price competition, airlines compete for market share by increasing the size of their route system and the number of markets they serve\\. The American Eagle regional carriers increase the number of markets we serve by flying to lower demand markets and providing connections at our hubs\\. Many of our competitors also own or have agreements with regional airlines that provide similar services at their hubs and other locations\\. We also compete on the basis of scheduling (frequency and flight times), availability of nonstop flights, on\\-time performance, type of equipment, cabin configuration, amenities provided to passengers, loyalty programs, the automation of travel agent reservation systems, onboard products, markets served and other services\\. We compete with both major network airlines and low\\-cost carriers throughout our network\\.\n\n***International***\n\nIn addition to our extensive domestic service, we provide international service to Canada, Central and South America, Asia, Europe, Australia and New Zealand\\. In providing international air transportation, we compete with U\\.S\\. airlines, foreign investor\\-owned airlines and foreign state\\-owned or state\\-affiliated airlines\\. Competition is increasing from foreign state\\-owned and state\\-affiliated airlines in the Gulf region, including Emirates, Etihad Airways and Qatar Airways\\. These carriers have large numbers of international widebody aircraft in service and on order and are increasing service to the U\\.S\\. from locations both in and outside the Middle East\\. We believe these carriers benefit from significant government subsidies, which has allowed them to grow quickly, reinvest in their product and expand their global presence\\. Additionally, competition is also increasing from low cost airlines executing international long\\-haul expansion strategies, including, for example, Icelandair, Norwegian Air Shuttle and Wow Air\\. In order to increase our ability to compete for international air transportation service, which is subject to extensive government regulation, U\\.S\\. and foreign carriers have entered into marketing relationships, alliances, cooperation agreements and JBAs to exchange traffic between each other\u2019s flights and route networks\\. See \u201c*Ticket Distribution and Marketing Agreements*\u201d above for further discussion\\.\n\n**Employees and Labor Relations**\n\nThe airline business is labor intensive\\. In 2017, salaries, wages and benefits were our largest expense and represented approximately 35% of our total operating expenses\\. As of December 31, 2017, we had approximately 126,600 active full\\-time equivalent employees, approximately 85% of whom were represented by various labor unions responsible for negotiating the CBAs covering them\\.\n\nLabor relations in the air transportation industry are regulated under the Railway Labor Act (RLA), which vests in the National Mediation Board (NMB) certain functions with respect to disputes between airlines and labor unions relating to union representation and collective bargaining agreements (CBAs)\\. When an RLA CBA becomes amendable, if either party to the agreement wishes to modify its terms, it must notify the other party in the manner prescribed under the RLA and as agreed by the parties\\. Under the RLA, the parties must meet for direct negotiations, and, if no agreement is reached during direct negotiations between the parties, either party may request that the NMB appoint a federal mediator\\. The RLA prescribes no timetable for the direct negotiation and mediation processes, and it is not unusual for those processes to last for many months or even several years\\. If no agreement is reached in mediation, the NMB in its discretion may declare that an impasse exists and proffer binding arbitration to the parties\\. Either party may decline to submit to arbitration, and if arbitration is rejected by either party, a 30\\-day \u201ccooling off\u201d period commences\\. During or after that period, a Presidential Emergency Board (PEB) may be established, which examines the parties\u2019 positions and recommends a solution\\. The PEB process lasts for 30 days and is followed by another 30\\-day \u201ccooling off\u201d period\\. At the end of a \u201ccooling off\u201d period, unless an agreement is reached or action is taken by Congress, the labor organization may exercise \u201cself\\-help,\u201d such as a strike, and the airline may resort to its own \u201cself\\-help,\u201d including the imposition of any or all of its proposed amendments to the CBA and the hiring of new employees to replace any striking workers\\.\n\nNone of the unions representing our employees presently may lawfully engage in concerted refusals to work, such as strikes, slow\\-downs, sick\\-outs or other similar activity, against us\\. Nonetheless, there is a risk that disgruntled employees, either with or without union involvement, could engage in one or more concerted refusals to work that could individually or collectively harm the operation of our airline and impair our financial performance\\.\n\nThe following table shows our domestic airline employee groups that are represented by unions:\n\n8"}
{"_id": "Alaska-2018_61.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**NOTE 1\\. GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n\n***Organization and Basis of Presentation***\n\nThe consolidated financial statements include the accounts of Air Group, or the Company, and its primary subsidiaries, Alaska (including Virgin America) and Horizon\\. Our consolidated financial statements also include McGee Air Services, a ground services subsidiary of Alaska\\. The Company conducts substantially all of its operations through these subsidiaries\\. All significant intercompany balances and transactions have been eliminated\\. These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and their preparation requires the use of management\u2019s estimates\\. Actual results may differ from these estimates\\. \n\nCertain reclassifications have been made to prior year financial statements to conform to classifications used in the current year\\.\n\n***Cash and Cash Equivalents***\n\nCash equivalents consist of highly liquid investments with original maturities of three months or less, such as money market funds, commercial paper and certificates of deposit\\. They are carried at cost, which approximates market value\\. The Company reduces cash balances when funds are disbursed\\. Due to the time delay in funds clearing the banks, the Company normally maintains a negative balance in its cash disbursement accounts, which is reported as a current liability\\. The amount of the negative cash balance was $5 million and $10 million at December 31, 2018 and 2017 respectively, and is included in accounts payable, with the change in the balance during the year included in other financing activities in the consolidated statements of cash flows\\.\n\nThe Company's restricted cash balances are not material and are classified as Other noncurrent assets\\. Restricted cash balances are primarily used to guarantee various letters of credit, self\\-insurance programs or other contractual rights\\. They consist of highly liquid securities with original maturities of three months or less\\. They are carried at cost, which approximates fair value\\.\n\n***Marketable Securities***\n\nInvestments with original maturities of greater than three months and remaining maturities of less than one year are classified as short\\-term investments\\. Investments with maturities beyond one year may be classified as short\\-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations\\. All cash equivalents and short\\-term investments are classified as available\\-for\\-sale and realized gains and losses are recorded using the specific identification method\\. Changes in market value, excluding other\\-than\\-temporary impairments, are reflected in accumulated other comprehensive loss (AOCL)\\.\n\nInvestments are considered to be impaired when a decline in fair value is judged to be other\\-than\\-temporary\\. The Company uses a systematic methodology that considers available quantitative and qualitative evidence in evaluating potential impairment\\. If the cost of an investment exceeds its fair value, management evaluates, among other factors, general market conditions, credit quality of debt instrument issuers, the duration and extent to which the fair value is less than cost, the Company's intent and ability to hold, or plans to sell, the investment\\. Once a decline in fair value is determined to be other\\-than\\-temporary, an impairment charge is recorded to Other\u2014net in the consolidated statements of operations and a new cost basis in the investment is established\\.\n\n***Inventories and Supplies\u2014net***\n\nExpendable aircraft parts, materials and supplies are stated at average cost and are included in Inventories and supplies***\u2014***net\\. An obsolescence allowance for expendable parts is accrued based on estimated lives of the corresponding fleet type and salvage values\\. The allowance for expendable inventories was $39 million and $38 million at December 31, 2018 and 2017, respectively\\. Inventory and supplies***\u2014***net also includes fuel inventory of $24 million and $23 million at December 31, 2018 and 2017, respectively\\. Repairable and rotable aircraft parts inventories are included in flight equipment\\.\n\n 62"}
{"_id": "AmericanAirlines-2018_80.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**AMERICAN AIRLINES GROUP INC\\.**\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS**\n\n**(In millions, except shares and per share amounts)**\n\n\n\n|                                                         |                             |                             |                             |\n| ------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                         | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                         | **2018**                    | **2017**                    | **2016**                    |\n| **Operating revenues:**                                 |                             |                             |                             |\n| Passenger                                               | $40,676                     | $39,131                     | $37,045                     |\n| Cargo                                                   | 1,013                       | 890                         | 785                         |\n| Other                                                   | 2,852                       | 2,601                       | 2,312                       |\n| Total operating revenues                                | 44,541                      | 42,622                      | 40,142                      |\n| **Operating expenses:**                                 |                             |                             |                             |\n| Aircraft fuel and related taxes                         | 8,053                       | 6,128                       | 5,071                       |\n| Salaries, wages and benefits                            | 12,251                      | 11,954                      | 10,967                      |\n| Regional expenses                                       | 7,133                       | 6,546                       | 6,044                       |\n| Maintenance, materials and repairs                      | 2,050                       | 1,959                       | 1,834                       |\n| Other rent and landing fees                             | 1,900                       | 1,806                       | 1,772                       |\n| Aircraft rent                                           | 1,264                       | 1,197                       | 1,203                       |\n| Selling expenses                                        | 1,520                       | 1,477                       | 1,323                       |\n| Depreciation and amortization                           | 1,839                       | 1,702                       | 1,525                       |\n| Special items, net                                      | 787                         | 712                         | 709                         |\n| Other                                                   | 5,088                       | 4,910                       | 4,634                       |\n| Total operating expenses                                | 41,885                      | 38,391                      | 35,082                      |\n| **Operating income**                                    | 2,656                       | 4,231                       | 5,060                       |\n| **Nonoperating income (expense):**                      |                             |                             |                             |\n| Interest income                                         | 118                         | 94                          | 63                          |\n| Interest expense, net                                   | (1,056)                     | (1,053)                     | (991)                       |\n| Other income, net                                       | 166                         | 123                         | 20                          |\n| Total nonoperating expense, net                         | (772)                       | (836)                       | (908)                       |\n| **Income before income taxes**                          | 1,884                       | 3,395                       | 4,152                       |\n| Income tax provision                                    | 472                         | 2,113                       | 1,568                       |\n| **Net income**                                          | $1,412                      | $1,282                      | $2,584                      |\n| **Earnings per common share:**                          |                             |                             |                             |\n| Basic                                                   | $3\\.04                      | $2\\.62                      | $4\\.68                      |\n| Diluted                                                 | $3\\.03                      | $2\\.61                      | $4\\.65                      |\n| **Weighted average shares outstanding (in thousands):** |                             |                             |                             |\n| Basic                                                   | 464,236                     | 489,164                     | 552,308                     |\n| Diluted                                                 | 465,660                     | 491,692                     | 556,099                     |\n| **Cash dividends declared per common share**            | $0\\.40                      | $0\\.40                      | $0\\.40                      |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n81"}
{"_id": "United-2019_70.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nThe Company used the Society of Actuaries' PRI\\-2012 Private Retirement Plans Mortality Tables projected generationally using the Society of Actuaries' MP\\-2019 projection scale, modified to reflect the Social Security Administration Trustee's Report on current projections regarding expected longevity improvements\\.\n\nThe Company selected the  2019  discount rate for substantially all of its plans by using a hypothetical portfolio of high\\-quality bonds at  December 31, 2019 , that would provide the necessary cash flows to match projected benefit payments\\.\n\nWe develop our expected long\\-term rate of return assumption for our defined benefit plans based on historical experience and by evaluating input from the trustee managing the plans' assets\\.   Our expected long\\-term rate of return on plan assets for these plans is based on a target allocation of assets, which is based on our goal of earning the highest rate of return while maintaining risk at acceptable levels\\. The plans strive to have assets sufficiently diversified so that adverse or unexpected results from one security class will not have an unduly detrimental impact on the entire portfolio\\. Plan fiduciaries regularly review our actual asset allocation and the pension plans' investments are periodically rebalanced to our targeted allocation when considered appropriate\\. United's plan assets are allocated within the following guidelines:\n\n\n\n|                          |                       |                                                   |\n| ------------------------ | --------------------- | ------------------------------------------------- |\n|                          |  **Percent of Total** | **Expected Long\\-Term**<br><br>**Rate of Return** |\n| Equity securities        | 30\\-45%               | 10%                                               |\n| Fixed\\-income securities | 35\\-50                | 5                                                 |\n| Alternatives             | 15\\-25                | 7                                                 |\n\n\n\nA 50 basis points decrease in the expected long\\-term rate of return on plan assets would have increased estimated 2019 pension expense by approximately   $20 million \\.\n\nFair Value Information\\.  Accounting standards require us to use valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs\\. These inputs are prioritized as follows:\n\n\n\n|         |                                                                                                                                                                                         |                                                                                                                                                                                         |                                                                                                                                                                                         |                                                                                                                                                                                         |                                                                                                                                                                                         |                                                                                                                                                                                         |                                                                                                                                                                                         |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Level 1 | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    |\n| Level 2 | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         |\n| Level 3 | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities |\n\n\n\nAssets and liabilities measured at fair value are based on the valuation techniques identified in the tables below\\. The valuation techniques are as follows:\n\n(a)  Market approach\\.  Prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities; and\n\n(b)  Income approach\\.  Techniques to convert future amounts to a single current value based on market expectations (including present value techniques, option\\-pricing and excess earnings models)\\.\n\nThe following tables present information about United's pension and other postretirement plan assets at  December 31,  (in millions): \n\n71"}
{"_id": "Southwest-2018_78.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nnet of taxes\\. The adoption and resulting reclassification had no impact on the Company's Net income, earnings per share, or cash flows\\. As a result of the adoption of the New Hedging Standard, however, the Company incurred no gains or losses due to ineffectiveness in Other (gains) losses, net, in the Consolidated Statement of Income, during 2018\\. See Note 10 for further information and for further details on gains or losses recorded due to ineffectiveness during 2017\\.\n\nOn March 10, 2017, the FASB issued the New Retirement Standard\\. The New Retirement Standard requires employers to present the service cost component of the net periodic benefit cost in the same income statement line item as other Employee compensation costs arising from services rendered during the period\\. The other components of net benefit cost, including amortization of prior service cost/credit, and settlement and curtailment effects, are to be included in nonoperating expenses\\. As required by the New Retirement Standard, the Company adopted this guidance retrospectively as of January 1, 2018, using a practical expedient which permitted the Company to use the amounts disclosed in its pension and other postretirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements\\. As such, the Company reclassified $14 million and $12 million of Salaries, wages, and benefits expense to Other (gains) and losses under the New Retirement Standard in the accompanying Consolidated Statement of Income for the years ended December 31, 2017 and 2016, respectively\\. The adoption and resulting reclassification had no impact on the Company's Net income, earnings per share, or cash flows\\.\n\nOn February 25, 2016, the FASB issued ASU No\\. 2016\\-02, Leases (the \"New Lease Standard\")\\. The New Lease Standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted\\. The New Lease Standard requires lessees to recognize a right\\-of\\-use asset and a lease liability on the balance sheet for all leases (with the exception of short\\-term leases) at the lease commencement date and recognize expenses on the income statement in a similar manner to the current guidance in ASC 840, Leases (\"ASC 840\")\\. The lease liability will be measured as the present value of the unpaid lease payments and the right\\-of\\-use asset will be derived from the calculation of the lease liability\\. Lease payments will include fixed and in\\-substance fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties, fees paid by the lessee to the owners of a special\\-purpose entity for restructuring the transaction, and probable amounts the lessee will owe under a residual value guarantee\\. Lease payments will not include variable lease payments other than those that depend on an index or rate, any guarantee by the lessee of the lessor\u2019s debt, or any amount allocated to non\\-lease components\\.\n\nThe Company established a project team to evaluate and implement the New Lease Standard\\. The Company currently believes the most significant impact of the New Lease Standard on its accounting will be the balance sheet impact of its aircraft operating leases, which will significantly increase assets and liabilities\\. As of December 31, 2018, the Company had 51 leased aircraft under operating leases in its active fleet and also had another 73 aircraft under operating leases that are being subleased to another airline\\. The Company also has operating leases related to terminal operations space and other real estate leases\\. Although the real estate leases will also have a substantial impact to the balance sheet, the Company does not expect the leases related to terminal operations space to have a significant impact since variable lease payments, other than those based on an index or rate, are excluded from the measurement of the lease liability\\. The Company also does not expect the adoption of the New Lease Standard to impact any of its existing debt covenants\\.\n\nIn addition, the New Lease Standard eliminates the current build\\-to\\-suit lease accounting guidance and is expected to result in derecognition of build\\-to\\-suit assets and liabilities that remained on the balance sheet after the end of the construction period, including the related deferred taxes\\. See Note 4 for further information on the Company\u2019s build\\-to\\-suit projects\\. However, given the Company's guarantee associated with the bonds issued to fund the Dallas Love Field Modernization Program (the \"LFMP\"), the Company believes that the remaining debt service amounts as of the adoption date would be considered a minimum rental payment under the New Lease Standard, and therefore will be recorded as a lease liability on the balance sheet and will be reduced through future debt service payments made in 2019 and beyond\\. The underlying leases for all of these facilities will be subject to evaluation under the New Lease Standard\\. \n\n79"}
{"_id": "Delta-2017_76.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nThe following tables summarize our minimum rental commitments under capital leases and noncancelable operating leases (including certain aircraft flown by regional carriers) with initial or remaining terms in excess of one year for the years succeeding  December 31, 2017 :\n\nCapital Leases\n\n\n\n|                                                        |              |\n| ------------------------------------------------------ | ------------ |\n| **(in millions)**                                      | **Total**    |\n| 2018                                                   | $116         |\n| 2019                                                   | 92           |\n| 2020                                                   | 65           |\n| 2021                                                   | 41           |\n| 2022                                                   | 24           |\n| Thereafter                                             | 126          |\n| Total minimum lease payments                           | 464          |\n| Less: amount of lease payments representing interest   | (70<br><br>) |\n| Present value of future minimum capital lease payments | 394          |\n| Less: current obligations under capital leases         | (97<br><br>) |\n| Long\\-term capital lease obligations                   | $297         |\n\n\n\nOperating Leases\n\n\n\n|                              |                                    |                                                        |           |\n| ---------------------------- | ---------------------------------- | ------------------------------------------------------ | --------- |\n| **(in millions)**            | **Delta Lease Payments** **^(1)^** | **Contract Carrier Aircraft Lease Payments** **^(2)^** | **Total** |\n| 2018                         | $1,469                             | $266                                                   | $1,735    |\n| 2019                         | 1,322                              | 267                                                    | 1,589     |\n| 2020                         | 1,189                              | 241                                                    | 1,430     |\n| 2021                         | 983                                | 173                                                    | 1,156     |\n| 2022                         | 883                                | 153                                                    | 1,036     |\n| Thereafter                   | 8,819                              | 471                                                    | 9,290     |\n| Total minimum lease payments | $14,665                            | $1,571                                                 | $16,236   |\n\n\n\n\n\n|       |                                                                |\n| ----- | -------------------------------------------------------------- |\n| ^(1)^ | Includes payments accounted for as construction obligations\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                 |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Represents the minimum lease obligations under our contract carrier agreements with Compass Airlines, LLC, ExpressJet Airlines, Inc\\., GoJet Airlines, LLC, Republic Airline, Inc\\. and SkyWest Airlines, Inc\\. |\n\n\n\nNOTE 8 \\. AIRPORT REDEVELOPMENT\n\nNew York\\-JFK Airport\n\nIn 2015, we completed our redevelopment project at New York\\-JFK's Terminal 4 to facilitate convenient connections for our passengers and improve coordination with our SkyTeam alliance partners\\. Terminal 4 is operated by JFK International Air Terminal LLC (\"IAT\"), a private party, under its lease with the Port Authority of New York and New Jersey (\"Port Authority\")\\. In December 2010, we entered into a   33 \\-year agreement with IAT (\"Sublease\") to sublease space in Terminal 4\\. Also, in 2010, the Port Authority issued approximately   $800 million  principal amount of special project bonds to fund the majority of the project\\.\n\nWe managed the project and bore the construction risk, including cost overruns\\. We recorded an asset for project costs (e\\.g\\., design, permitting, labor and other general construction costs), regardless of funding source, and a construction obligation equal to project costs funded by parties other than us\\. Our rental payments reduce the construction obligation and result in the recording of interest expense, calculated using the effective interest method\\. As of December 31, 2017, we have recorded   $691 million  as property and equipment and   $744 million  as the related construction obligation\\.\n\n 72"}
{"_id": "Alaska-2017_66.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n\n\n|                                                                                   |             |          |          |\n| --------------------------------------------------------------------------------- | ----------- | -------- | -------- |\n| **Year Ended December 31**  ***(in millions)***                                   | **2017**    | **2016** | **2015** |\n| **Cash flows from operating activities:**                                         |             |          |          |\n| Net income                                                                        | **$1,034**  | $814     | $848     |\n| Adjustments to reconcile net income to net cash provided by operating activities: |             |          |          |\n| Depreciation and amortization                                                     | **372**     | 363      | 320      |\n| Stock\\-based compensation and other                                               | **55**      | 26       | 25       |\n| Changes in certain assets and liabilities:                                        |             |          |          |\n| Changes in deferred tax provision                                                 | **19**      | 94       | 56       |\n| (Increase) decrease in accounts receivable                                        | **(39)**    | (46)     | 47       |\n| Increase (decrease) in air traffic liability                                      | **88**      | 9        | 38       |\n| Increase (decrease) in deferred revenue                                           | **63**      | 83       | 57       |\n| Changes in pension and other postretirement benefits                              | **17**      | 23       | 36       |\n| Other\u2014net                                                                         | **(19)**    | 20       | 157      |\n| Net cash provided by operating activities                                         | **1,590**   | 1,386    | 1,584    |\n| **Cash flows from investing activities:**                                         |             |          |          |\n| Property and equipment additions:                                                 |             |          |          |\n| Aircraft and aircraft purchase deposits                                           | **(804)**   | (528)    | (681)    |\n| Other flight equipment                                                            | **(96)**    | (53)     | (79)     |\n| Other property and equipment                                                      | **(126)**   | (97)     | (71)     |\n| Total property and equipment additions                                            | **(1,026)** | (678)    | (831)    |\n| Acquisition of Virgin America, net of cash acquired                               | **\u2014**       | (1,951)  | \u2014        |\n| Purchases of marketable securities                                                | **(1,569)** | (960)    | (1,327)  |\n| Sales and maturities of marketable securities                                     | **1,388**   | 962      | 1,175    |\n| Proceeds from disposition of assets and changes in restricted deposits            | **75**      | 5        | 53       |\n| Net cash used in investing activities                                             | **(1,132)** | (2,622)  | (930)    |\n| **Cash flows from financing activities:**                                         |             |          |          |\n| Proceeds from issuance of long\\-term debt, net of issuance costs                  | **\u2014**       | 2,044    | \u2014        |\n| Long\\-term debt payments                                                          | **(397)**   | (249)    | (116)    |\n| Common stock repurchases                                                          | **(75)**    | (193)    | (505)    |\n| Cash dividend paid                                                                | **(148)**   | (136)    | (102)    |\n| Other financing activities                                                        | **28**      | 25       | 35       |\n| **Net cash provided by (used in) financing activities**                           | **(592)**   | 1,491    | (688)    |\n| Net increase (decrease) in cash and cash equivalents                              | **(134)**   | 255      | (34)     |\n| Cash and cash equivalents at beginning of year                                    | **328**     | 73       | 107      |\n| **Cash and cash equivalents at end of year**                                      | **$194**    | $328     | $73      |\n| **Supplemental disclosure:**                                                      |             |          |          |\n| Cash paid during the year for:                                                    |             |          |          |\n| Interest, net of amount capitalized                                               | **$84**     | $24      | $8       |\n| Income taxes, net of refunds received                                             | **177**     | 459      | 349      |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n 67"}
{"_id": "Southwest-2019_67.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nSouthwest Airlines Co\\.\n\nConsolidated Statement of Cash Flows\n\n(in millions)\n\n\n\n|                                                                                         |                             |                             |                             |\n| --------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                         | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                                                                         | **2019**                    | **2018**                    | **2017**                    |\n| **CASH FLOWS FROM OPERATING ACTIVITIES:**                                               |                             |                             |                             |\n| Net income                                                                              | $2,300                      | $2,465                      | $3,357                      |\n| Adjustments to reconcile net income to cash provided by (used in) operating activities: |                             |                             |                             |\n| Depreciation and amortization                                                           | 1,219                       | 1,201                       | 1,218                       |\n| Boeing 737\\-300 aircraft grounding charge                                               | \u2014                           | \u2014                           | 63                          |\n| Unrealized/realized gains on fuel derivative instruments                                | \u2014                           | (14<br><br>)                | (50<br><br>)                |\n| Deferred income taxes                                                                   | (55<br><br>)                | 301                         | (1,066<br><br>)             |\n| Changes in certain assets and liabilities:                                              |                             |                             |                             |\n| Accounts and other receivables                                                          | (94<br><br>)                | 117                         | (102<br><br>)               |\n| Other assets                                                                            | 239                         | (227<br><br>)               | (262<br><br>)               |\n| Accounts payable and accrued liabilities                                                | 298                         | 545                         | 233                         |\n| Air traffic liability                                                                   | 440                         | 506                         | 343                         |\n| Other liabilities                                                                       | (277<br><br>)               | \u2014                           | \u2014                           |\n| Cash collateral received from (provided to) derivative counterparties                   | 25                          | (15<br><br>)                | 316                         |\n| Other, net                                                                              | (108<br><br>)               | 14                          | (121<br><br>)               |\n| Net cash provided by operating activities                                               | 3,987                       | 4,893                       | 3,929                       |\n| **CASH FLOWS FROM INVESTING ACTIVITIES:**                                               |                             |                             |                             |\n| Capital expenditures                                                                    | (1,027<br><br>)             | (1,922<br><br>)             | (2,123<br><br>)             |\n| Supplier proceeds                                                                       | 400                         | \u2014                           | \u2014                           |\n| Assets constructed for others                                                           | \u2014                           | (54<br><br>)                | (126<br><br>)               |\n| Purchases of short\\-term investments                                                    | (2,122<br><br>)             | (2,409<br><br>)             | (2,380<br><br>)             |\n| Proceeds from sales of short\\-term and other investments                                | 2,446                       | 2,342                       | 2,221                       |\n| Other, net                                                                              | \u2014                           | 5                           | \u2014                           |\n| Net cash used in investing activities                                                   | (303<br><br>)               | (2,038<br><br>)             | (2,408<br><br>)             |\n| **CASH FLOWS FROM FINANCING ACTIVITIES:**                                               |                             |                             |                             |\n| Proceeds from issuance of long\\-term debt                                               | \u2014                           | \u2014                           | 600                         |\n| Proceeds from Employee stock plans                                                      | 40                          | 35                          | 29                          |\n| Reimbursement for assets constructed for others                                         | \u2014                           | 170                         | 126                         |\n| Payments of long\\-term debt and finance lease obligations                               | (615<br><br>)               | (342<br><br>)               | (592<br><br>)               |\n| Payments of cash dividends                                                              | (372<br><br>)               | (332<br><br>)               | (274<br><br>)               |\n| Repayment of construction obligation                                                    | \u2014                           | (30<br><br>)                | (10<br><br>)                |\n| Repurchase of common stock                                                              | (2,000<br><br>)             | (2,000<br><br>)             | (1,600<br><br>)             |\n| Other, net                                                                              | (43<br><br>)                | 3                           | 15                          |\n| Net cash used in financing activities                                                   | (2,990<br><br>)             | (2,496<br><br>)             | (1,706<br><br>)             |\n| **NET CHANGE IN CASH AND CASH EQUIVALENTS**                                             | 694                         | 359                         | (185<br><br>)               |\n| **CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD**                                    | 1,854                       | 1,495                       | 1,680                       |\n| **CASH AND CASH EQUIVALENTS AT END OF PERIOD**                                          | $2,548                      | $1,854                      | $1,495                      |\n| **CASH PAYMENTS FOR:**                                                                  |                             |                             |                             |\n| Interest, net of amount capitalized                                                     | $88                         | $107                        | $81                         |\n| Income taxes                                                                            | $779                        | $327                        | $992                        |\n| **SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:**                                    |                             |                             |                             |\n| Flight equipment under finance leases                                                   | $1                          | $32                         | $233                        |\n| Assets constructed for others                                                           | $65                         | $171                        | $197                        |\n| Supplier receivables                                                                    | $428                        | $\u2014                          | $\u2014                          |\n\n\n\nSee accompanying notes\\.\n\n68"}
{"_id": "AmericanAirlines-2018_143.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nfluctuates with seasonal travel patterns\\. The contract duration of passenger tickets is one year\\. Accordingly, any revenue associated with tickets sold for future travel will be recognized within twelve months\\. For 2018, $3\\.1 billion of revenue was recognized in passenger revenue that was included in American\u2019s air traffic liability at December 31, 2017\\.\n\nWith respect to contract receivables, reflected as accounts receivable, net on the accompanying consolidated balance sheet, these primarily include receivables for tickets sold to individual passengers through the use of major credit cards\\. These receivables are short\\-term, mostly settled within seven days after sale\\. Bad debt losses, which have been minimal in the past, have been considered in establishing allowances for doubtful accounts\\.\n\n***(l) Maintenance, Materials and Repairs***\n\nMaintenance and repair costs for owned and leased flight equipment are charged to operating expense as incurred, except costs incurred for maintenance and repair under flight hour maintenance contract agreements, which are accrued based on contractual terms when an obligation exists\\.\n\n***(m) Selling Expenses***\n\nSelling expenses include credit card fees, commissions, computerized reservations systems fees and advertising\\. Advertising costs are expensed as incurred\\. Advertising expense was $128 million, $135 million and $116 million for the years ended December 31, 2018, 2017 and 2016, respectively\\.\n\n***(n) Share\\-based Compensation***\n\nAmerican accounts for its share\\-based compensation expense based on the fair value of the stock award at the time of grant, which is recognized ratably over the vesting period of the stock award\\. Certain awards have performance conditions that must be achieved prior to vesting and are expensed based on the expected achievement at each reporting period\\. The fair value of stock appreciation rights is estimated using a Black\\-Scholes option pricing model\\. The fair value of restricted stock units is based on the market price of the underlying shares of AAG common stock on the date of grant\\. See Note 13 for further discussion of share\\-based compensation\\.\n\n***(o) Foreign Currency Gains and Losses***\n\nForeign currency gains and losses are recorded as part of other income, net within total nonoperating expense, net in American\u2019s consolidated statements of operations\\. Foreign currency losses for 2018 and 2017 were $54 millionand $4 million, respectively, and for 2016, foreign currency gains were $1 million\\.\n\n***(p) Other Operating Expenses***\n\nOther operating expenses includes costs associated with ground and cargo handling, crew travel, aircraft food and catering, passenger accommodation, airport security, international navigation fees and certain general and administrative expenses\\.\n\n144"}
{"_id": "Delta-2017_92.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nNOTE 16 \\. EARNINGS PER SHARE\n\nWe calculate basic earnings per share by dividing the net income by the weighted average number of common shares outstanding, excluding restricted shares\\. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share\\-based awards, including stock options and restricted stock awards\\. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material\\. The following table shows our computation of basic and diluted earnings per share:\n\n\n\n|                                             |                             |                             |                             |\n| ------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                             | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions, except per share data)**    | **2017**                    | **2016**                    | **2015**                    |\n| Net income                                  | $3,577                      | $4,373                      | $4,526                      |\n| Basic weighted average shares outstanding   | 720                         | 751                         | 797                         |\n| Dilutive effect of share\\-based awards      | 3                           | 4                           | 7                           |\n| Diluted weighted average shares outstanding | 723                         | 755                         | 804                         |\n| Basic earnings per share                    | $4\\.97                      | $5\\.82                      | $5\\.68                      |\n| Diluted earnings per share                  | $4\\.95                      | $5\\.79                      | $5\\.63                      |\n\n\n\nNOTE 17 \\. QUARTERLY FINANCIAL DATA (UNAUDITED)\n\nThe following table summarizes our unaudited results of operations on a quarterly basis\\. The quarterly earnings per share amounts for a year will not add to the earnings per share for that year due to the weighting of shares used in calculating per share data\\.\n\n\n\n|                                          |                         |                         |                         |                         |\n| ---------------------------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- |\n|                                          | **Three Months Ended,** | **Three Months Ended,** | **Three Months Ended,** | **Three Months Ended,** |\n| **(in millions, except per share data)** | **March 31**            | **June 30**             | **September 30**        | **December 31**         |\n| **2017**                                 |                         |                         |                         |                         |\n| Operating revenue                        | $9,148                  | $10,791                 | $11,060                 | $10,245                 |\n| Operating income                         | 1,053                   | 2,028                   | 1,839                   | 1,193                   |\n| Net income                               | 603                     | 1,224                   | 1,178                   | 572                     |\n| Basic earnings per share                 | $0\\.83                  | $1\\.68                  | $1\\.64                  | $0\\.81                  |\n| Diluted earnings per share               | $0\\.82                  | $1\\.68                  | $1\\.64                  | $0\\.80                  |\n| **2016**                                 |                         |                         |                         |                         |\n| Operating revenue                        | $9,251                  | $10,447                 | $10,483                 | $9,458                  |\n| Operating income                         | 1,540                   | 2,423                   | 1,969                   | 1,020                   |\n| Net income                               | 946                     | 1,546                   | 1,259                   | 622                     |\n| Basic earnings per share                 | $1\\.22                  | $2\\.04                  | $1\\.70                  | $0\\.85                  |\n| Diluted earnings per share               | $1\\.21                  | $2\\.03                  | $1\\.69                  | $0\\.84                  |\n\n\n\n 88"}
{"_id": "United-2019_53.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUNITED AIRLINES, INC\\. \n\nSTATEMENTS OF CONSOLIDATED STOCKHOLDER'S EQUITY \n\n(In millions)\n\n\n\n|                                              |                                                       |                                                        |                                                                                    |                                          |                 |\n| -------------------------------------------- | ----------------------------------------------------- | ------------------------------------------------------ | ---------------------------------------------------------------------------------- | ---------------------------------------- | --------------- |\n|                                              | **Additional**<br><br>**Capital**<br><br>**Invested** | **Retained Earnings (Accumulated**<br><br>**Deficit)** | **Accumulated**<br><br>**Other**<br><br>**Comprehensive**<br><br>**Income (Loss)** | **Receivable from Related Parties, Net** | **Total**       |\n| Balance at December 31, 2016                 | $3,573                                                | $5,851                                                 | $<br><br>(829<br><br>)                                                             | $<br><br>(75<br><br>)                    | $8,520          |\n| Net income (a)                               | \u2014                                                     | 2,161                                                  | \u2014                                                                                  | \u2014                                        | 2,161           |\n| Other comprehensive loss                     | \u2014                                                     | \u2014                                                      | (200<br><br>)                                                                      | \u2014                                        | (200<br><br>)   |\n| Dividend to UAL                              | (1,844<br><br>)                                       | \u2014                                                      | \u2014                                                                                  | \u2014                                        | (1,844<br><br>) |\n| Stock\\-settled share\\-based compensation     | 56                                                    | \u2014                                                      | \u2014                                                                                  | \u2014                                        | 56              |\n| UAL contribution related to stock plans      | 2                                                     | \u2014                                                      | \u2014                                                                                  | \u2014                                        | 2               |\n| Excess tax benefits from share\\-based awards | \u2014                                                     | 14                                                     | \u2014                                                                                  | \u2014                                        | 14              |\n| Reclassification of stranded tax effects     | \u2014                                                     | 118                                                    | (118<br><br>)                                                                      | \u2014                                        | \u2014               |\n| Other (a)                                    | \u2014                                                     | 57                                                     | \u2014                                                                                  | (15<br><br>)                             | 42              |\n| Balance at December 31, 2017                 | 1,787                                                 | 8,201                                                  | (1,147<br><br>)                                                                    | (90<br><br>)                             | 8,751           |\n| Net income (a)                               | \u2014                                                     | 2,123                                                  | \u2014                                                                                  | \u2014                                        | 2,123           |\n| Other comprehensive loss                     | \u2014                                                     | \u2014                                                      | 338                                                                                | \u2014                                        | 338             |\n| Dividend to UAL                              | (1,249<br><br>)                                       | \u2014                                                      | \u2014                                                                                  | \u2014                                        | (1,249<br><br>) |\n| Stock\\-settled share\\-based compensation     | 60                                                    | \u2014                                                      | \u2014                                                                                  | \u2014                                        | 60              |\n| Other                                        | \u2014                                                     | (5<br><br>)                                            | 6                                                                                  | (20<br><br>)                             | (19<br><br>)    |\n| Balance at December 31, 2018                 | 598                                                   | 10,319                                                 | (803<br><br>)                                                                      | (110<br><br>)                            | 10,004          |\n| Net income                                   | \u2014                                                     | 3,011                                                  | \u2014                                                                                  | \u2014                                        | 3,011           |\n| Other comprehensive loss                     | \u2014                                                     | \u2014                                                      | 85                                                                                 | \u2014                                        | 85              |\n| Dividend to UAL                              | (664<br><br>)                                         | (977<br><br>)                                          | \u2014                                                                                  | \u2014                                        | (1,641<br><br>) |\n| Stock\\-settled share\\-based compensation     | 66                                                    | \u2014                                                      | \u2014                                                                                  | \u2014                                        | 66              |\n| Other                                        | \u2014                                                     | \u2014                                                      | \u2014                                                                                  | (33<br><br>)                             | (33<br><br>)    |\n| Balance at December 31, 2019                 | $\u2014                                                    | $12,353                                                | $<br><br>(718<br><br>)                                                             | $<br><br>(143<br><br>)                   | $11,492         |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2016\\-02,  Leases (Topic 842) \\. See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n54"}
{"_id": "AmericanAirlines-2018_197.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                            |\n| ----------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                            |\n| 32\\.2                         | [Certification pursuant to Rule 13a\\-14(b) and section 906 of the Sarbanes\\-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)\\.](https://americanairlines.gcs-web.com/email-alerts/ex32210k2018.htm) |\n| 101\\.1                        | Interactive data files pursuant to Rule 405 of Regulation S\\-T\\.                                                                                                                                                                                           |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                            |\n| ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\#   | Pursuant to Item 601(b)(2) of Regulation S\\-K promulgated by the Securities and Exchange Commission, certain exhibits and schedules to this agreement have been omitted\\. Such exhibits and schedules are described in the referenced agreement\\. AAG and American hereby agree to furnish to the Securities and Exchange Commission, upon its request, any or all of such omitted exhibits or schedules\\. | Pursuant to Item 601(b)(2) of Regulation S\\-K promulgated by the Securities and Exchange Commission, certain exhibits and schedules to this agreement have been omitted\\. Such exhibits and schedules are described in the referenced agreement\\. AAG and American hereby agree to furnish to the Securities and Exchange Commission, upon its request, any or all of such omitted exhibits or schedules\\. | Pursuant to Item 601(b)(2) of Regulation S\\-K promulgated by the Securities and Exchange Commission, certain exhibits and schedules to this agreement have been omitted\\. Such exhibits and schedules are described in the referenced agreement\\. AAG and American hereby agree to furnish to the Securities and Exchange Commission, upon its request, any or all of such omitted exhibits or schedules\\. | Pursuant to Item 601(b)(2) of Regulation S\\-K promulgated by the Securities and Exchange Commission, certain exhibits and schedules to this agreement have been omitted\\. Such exhibits and schedules are described in the referenced agreement\\. AAG and American hereby agree to furnish to the Securities and Exchange Commission, upon its request, any or all of such omitted exhibits or schedules\\. |\n| \\*   | Confidential treatment has been granted with respect to certain portions of this agreement\\.                                                                                                                                                                                                                                                                                                               | Confidential treatment has been granted with respect to certain portions of this agreement\\.                                                                                                                                                                                                                                                                                                               | Confidential treatment has been granted with respect to certain portions of this agreement\\.                                                                                                                                                                                                                                                                                                               | Confidential treatment has been granted with respect to certain portions of this agreement\\.                                                                                                                                                                                                                                                                                                               |\n| \\*\\* | Confidential treatment has been requested with respect to certain portions of this agreement\\.                                                                                                                                                                                                                                                                                                             | Confidential treatment has been requested with respect to certain portions of this agreement\\.                                                                                                                                                                                                                                                                                                             | Confidential treatment has been requested with respect to certain portions of this agreement\\.                                                                                                                                                                                                                                                                                                             | Confidential treatment has been requested with respect to certain portions of this agreement\\.                                                                                                                                                                                                                                                                                                             |\n| \u2020    | Management contract or compensatory plan or arrangement\\.                                                                                                                                                                                                                                                                                                                                                  | Management contract or compensatory plan or arrangement\\.                                                                                                                                                                                                                                                                                                                                                  | Management contract or compensatory plan or arrangement\\.                                                                                                                                                                                                                                                                                                                                                  | Management contract or compensatory plan or arrangement\\.                                                                                                                                                                                                                                                                                                                                                  |\n\n\n\n198"}
{"_id": "AmericanAirlines-2017_93.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**2\\. Special Items, Net**\n\nSpecial items, net on the consolidated statements of operations consisted of the following (in millions):\n\n\n\n|                                                                   |                             |                             |                             |\n| ----------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                   | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                   | **2017**                    | **2016**                    | **2015**                    |\n| Merger integration expenses  ^(1)^                                | $273                        | $514                        | $826                        |\n| Fleet restructuring expenses  ^(2)^                               | 232                         | 177                         | 210                         |\n| Employee 2017 Tax Act bonus expense  ^(3)^                        | 123                         | \u2014                           | \u2014                           |\n| Labor contract expenses  ^(4)^                                    | 46                          | \u2014                           | \u2014                           |\n| Mark\\-to\\-market adjustments for bankruptcy obligations           | 27                          | 25                          | (53)                        |\n| Other operating charges (credits), net                            | 11                          | (7)                         | 68                          |\n| Mainline operating special items, net                             | 712                         | 709                         | 1,051                       |\n| Regional operating special items, net                             | 22                          | 14                          | 29                          |\n| Operating special items, net                                      | 734                         | 723                         | 1,080                       |\n| Debt refinancing and extinguishment charges                       | 22                          | 49                          | 24                          |\n| Venezuela foreign currency losses                                 | \u2014                           | \u2014                           | 592                         |\n| Other nonoperating charges (credits), net                         | \u2014                           | \u2014                           | (22)                        |\n| Nonoperating special items, net                                   | 22                          | 49                          | 594                         |\n| Impact of the 2017 Tax Act on deferred tax assets and liabilities | (7)                         | \u2014                           | \u2014                           |\n| Release of deferred tax valuation allowance                       | \u2014                           | \u2014                           | (3,040)                     |\n| Other tax charges                                                 | \u2014                           | \u2014                           | 25                          |\n| Income tax special items, net                                     | (7)                         | \u2014                           | (3,015)                     |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Merger integration expenses included costs related to information technology, professional fees, re\\-branding of aircraft and airport facilities and training, and in 2016, also included costs related to alignment of labor union contracts, the launch of re\\-branded uniforms, relocation and severance, and in 2015, also included share\\-based compensation related to awards granted in connection with the Merger that fully vested in December 2015\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Fleet restructuring expenses, driven in part by the Merger, principally included the acceleration of depreciation, impairments, remaining lease payments and lease return costs for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                  |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(3)^ | Employee bonus expense included costs related to the  $1,000  cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of the 2017 Tax Act\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Labor contract expenses primarily included one\\-time charges to adjust the vacation accruals for pilots and flight attendants as a result of the mid\\-contract pay rate adjustments effective in the second quarter of 2017\\. |\n\n\n\n94"}
{"_id": "United-2017_83.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**Multi\\-Employer Plans** \n\nUnited\u2019s participation in the IAM National Pension Plan (\u201cIAM Plan\u201d) for the annual period ended December 31, 2017 is outlined in the table below\\. There have been no significant changes that affect the comparability of 2017 and 2016 contributions\\. The risks of participating in these multi\\-employer plans are different from single\\-employer plans, as United may be subject to additional risks that others do not meet their obligations, which in certain circumstances could revert to United\\. The IAM Plan reported $414 million in employers\u2019 contributions for the year ended December 31, 2016\\. For 2016, the Company\u2019s contributions to the IAM Plan represented more than 5% of total contributions to the IAM Plan\\.\n\n\n\n|                                                    |                                                                                                            |\n| -------------------------------------------------- | ---------------------------------------------------------------------------------------------------------- |\n| Pension Fund                                       | IAM National Pension Fund                                                                                  |\n| EIN/ Pension Plan Number                           | 51\\-6031295 \\- 002                                                                                         |\n| Pension Protection Act Zone Status (2017 and 2016) | Green Zone\\. Plans in the green zone are at least 80 percent funded\\.                                      |\n| FIP/RP Status Pending/Implemented                  | No                                                                                                         |\n| United\u2019s Contributions                             | $50 million, $41 million and $40 million in the years ended December 31, 2017, 2016 and 2015, respectively |\n| Surcharge Imposed                                  | No                                                                                                         |\n| Expiration Date of Collective Bargaining Agreement | N/A                                                                                                        |\n\n\n\nAt the date the Consolidated Financial Statements were issued, Forms 5500 were not available for the plan year ending in 2017\\.\n\n**Profit Sharing** \n\nSubstantially all employees participate in profit sharing based on a percentage of pre\\-tax earnings, excluding special charges, profit sharing expense and share\\-based compensation\\. Profit sharing percentages range from 5% to 20% depending on the work group, and in some cases profit sharing percentages vary above and below certain pre\\-tax margin thresholds\\. Eligible U\\.S\\. co\\-workers in each participating work group receive a profit sharing payout using a formula based on the ratio of each qualified co\\-worker\u2019s annual eligible earnings to the eligible earnings of all qualified co\\-workers in all domestic work groups\\. Eligible non\\-U\\.S\\.co\\-workers receive profit sharing based on the calculation under the U\\.S\\. profit sharing plan for management and administrative employees\\. The Company recorded profit sharing and related payroll tax expense of $349 million, $628 million and $698 million in 2017, 2016 and 2015, respectively\\. Profit sharing expense is recorded as a component of Salaries and related costs in the Company\u2019s statements of consolidated operations\\.\n\n84"}
{"_id": "AmericanAirlines-2019_7.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nIndustry Competition\n\nDomestic\n\nThe markets in which we operate are highly competitive\\. On most of our domestic nonstop routes, we currently face competing service from other domestic airlines, including major network airlines, low\\-cost carriers and ultra\\-low\\-cost carriers such as Alaska Airlines, Allegiant Air, Delta Air Lines, Frontier Airlines, Hawaiian Airlines, JetBlue Airways, Southwest Airlines, Spirit Airlines and United Airlines\\. Competition is even greater between cities that require a connection, where the major airlines compete via their respective hubs\\. In addition, we face competition on some of our connecting routes from airlines operating point\\-to\\-point service on such routes\\. We also compete with all\\-cargo and charter airlines and, particularly on shorter segments, ground and rail transportation\\.\n\nOn all of our routes, pricing decisions are affected, in large part, by the need to meet competition from other airlines\\. Price competition occurs on a market\\-by\\-market basis through price discounts, changes in pricing structures, fare matching, targeted promotions and loyalty program initiatives\\. Airlines typically use discounted fares and other promotions to stimulate traffic during normally slack travel periods, when they begin service to new cities or when they have excess capacity, to generate cash flow, to maximize revenue per available seat mile and to establish, increase or preserve market share\\. Most airlines will quickly match price reductions in a particular market, and we have often elected to match discounted or promotional fares initiated by other air carriers in certain markets in order to compete in those markets\\. In addition, low\\-fare, low\\-cost carriers, such as Southwest Airlines and JetBlue Airways, and so\\-called ultra\\-low\\-cost carriers, such as Allegiant Air, Frontier Airlines and Spirit Airlines, compete in many of the markets in which we operate and competition from these carriers is increasing\\.\n\nIn addition to price competition, airlines compete for market share by increasing the size of their route system and the number of markets they serve\\. The American Eagle regional carriers increase the number of markets we serve by flying to lower demand markets and providing connections at our hubs\\. Many of our competitors also own or have agreements with regional airlines that provide similar services at their hubs and other locations\\. We also compete on the basis of scheduling (frequency and flight times), availability of nonstop flights, on\\-time performance, type of equipment, cabin configuration, amenities provided to passengers, loyalty programs, the automation of travel agent reservation systems, onboard products and other services\\. \n\nInternational\n\nIn addition to our extensive domestic service, we provide international service to Canada, Mexico, the Caribbean, Central and South America, Asia, Europe, Australia and New Zealand, and in 2020, will expand our international service to include Israel as well as Morocco, our first African destination\\. In providing international air transportation, we compete with other U\\.S\\. airlines, foreign investor\\-owned airlines and foreign state\\-owned or state\\-affiliated airlines\\. Competition is increasing from foreign state\\-owned and state\\-affiliated airlines in the Gulf region, including Emirates, Etihad Airways and Qatar Airways \\.  These carriers have large numbers of international widebody aircraft in service and on order and are increasing service to the U\\.S\\. from locations both in and outside the Middle East\\. Service to and from locations outside of the Middle East is provided by some of these carriers under so\\-called \u201cfifth freedom\u201d rights permitted under international treaties which allow service to and from stopover points between an airline\u2019s home country and the ultimate destination\\. Such flights, such as a stopover in Europe on flights to the United States, allow the carrier to sell tickets for travel between the stopover point and the United States in competition with service provided by us\\. We believe these state\\-owned and state\\-affiliated carriers in the Gulf region, including their affiliated carriers, benefit from significant government subsidies, which have allowed them to grow quickly, reinvest in their product and expand their global presence\\. Competition is also increasing from low\\-cost airlines executing international long\\-haul expansion strategies\\.\n\nIn order to increase our ability to compete for international air transportation service, which is subject to extensive government regulation, U\\.S\\. and foreign carriers have entered into bilateral and multilateral marketing relationships, alliances, cooperation agreements and JBAs to exchange traffic among each other\u2019s flights and route networks\\. See \u201c Distribution and Marketing Agreements \u201d above for further discussion\\.\n\n8"}
{"_id": "AmericanAirlines-2018_120.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**12\\. Commitments, Contingencies and Guarantees**\n\n***(a) Aircraft, Engine and Other Purchase Commitments***\n\nUnder all of our aircraft and engine purchase agreements, our total future commitments as of December 31, 2018 are expected to be as follows (approximately, in millions):\n\n\n\n|                                                              |          |          |          |          |          |                         |           |\n| ------------------------------------------------------------ | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                                                              | **2019** | **2020** | **2021** | **2022** | **2023** | **2024 and Thereafter** | **Total** |\n| Payments for aircraft commitments and certain engines  ^(1)^ | $2,906   | $1,683   | $994     | $1,378   | $1,450   | $6,047                  | $14,458   |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                              |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | These amounts are net of purchase deposits currently held by the manufacturers and include all commitments for regional aircraft\\. We have granted a security interest in certain of our purchase deposits with Boeing\\. Our purchase deposits held by all manufacturers totaled  $1\\.3 billion  as of  December 31, 2018 \\. |\n\n\n\nAdditionally, we have purchase commitments related to jet fuel, construction projects and information technology support as follows (approximately): $1\\.9 billion in 2019, $1\\.1 billion in 2020, $1\\.0 billion in 2021, $32 million in 2022 and $7 million in 2023\\.\n\n***(b) Capacity Purchase Agreements with Third\\-Party Regional Carriers***\n\nAmerican has capacity purchase agreements with third\\-party regional carriers\\. The capacity purchase agreements provide that all revenues, including passenger, in\\-flight, ancillary, mail and freight revenues, go to American\\. In return, American agrees to pay predetermined fees to these airlines for operating an agreed\\-upon number of aircraft, without regard to the number of passengers on board\\. In addition, these agreements provide that American either reimburses or pays 100% of certain variable costs, such as airport landing fees, fuel and passenger liability insurance\\. American controls marketing, scheduling, ticketing, pricing and seat inventories\\.\n\nAs of December 31, 2018, American\u2019s capacity purchase agreements with third\\-party regional carriers had expiration dates ranging from 2019 to 2027, with rights of American to extend the respective terms of certain agreements\\. See Part I, Item 2\\. Properties for unaudited information on the aircraft operated by third\\-party regional carriers under such capacity purchase agreements\\.\n\nAs of December 31, 2018, American\u2019s minimum fixed obligations under its capacity purchase agreements with third\\-party regional carriers are as follows (approximately, in millions):\n\n\n\n|                                                                                                         |          |          |          |          |          |                         |           |\n| ------------------------------------------------------------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                                                                                                         | **2019** | **2020** | **2021** | **2022** | **2023** | **2024 and Thereafter** | **Total** |\n| Minimum fixed obligations under capacity purchase agreements with third\\-party regional carriers  ^(1)^ | $1,101   | $930     | $765     | $618     | $487     | $1,043                  | $4,944    |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Represents minimum payments under capacity purchase agreements with third\\-party regional carriers, which are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American\u2019s actual payments could differ materially\\. Excludes payments for the lease of certain aircraft under capacity purchase agreements, which are reflected in the operating lease obligations in Note 6\\.  |\n\n\n\n***(c) Airport Redevelopment***\n\n*Los Angeles International Airport (LAX)*\n\nIn 2018, we executed a lease agreement with Los Angeles World Airports (LAWA), which owns and operates LAX, in connection with a $1\\.6 billion modernization project related to LAX Terminals 4 and 5\\. Construction will occur in a phased approach, which started in October 2018 and is expected to be completed in 2028\\. The modernization project will include a unified departure hall to combine the entranceway of Terminals 4 and 5, reconfigured ticket counter and check\\-in areas with seamless access to security screening areas, 16 security screening lanes with automated technology and upgraded amenities at gate areas\\. The project will also include renovated break rooms, multi\\-use meeting rooms and team gathering spaces throughout the terminals to support our team members at LAX\\.\n\n121"}
{"_id": "Southwest-2019_76.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nIn addition, the New Lease Standard eliminated the previous build\\-to\\-suit lease accounting guidance and resulted in derecognition of build\\-to\\-suit assets and liabilities that remained on the balance sheet after the end of the construction period, including the related deferred taxes\\. However, given the Company's guarantee associated with the bonds issued to fund the Dallas Love Field Modernization Program (the \"LFMP\"), the remaining debt service amount as of the adoption date was considered a minimum rental payment under the New Lease Standard, and therefore was recorded as a lease liability with a corresponding right\\-of\\-use asset on the Consolidated Balance Sheet that will be reduced through debt service payments made in 2019 and beyond\\. See Note  7  for disclosures related to the New Lease Standard, and Note  4  for further information on the Company\u2019s build\\-to\\-suit projects\\.\n\nThe following table provides the Consolidated Balance Sheet impact of applying the New Lease Standard effective as of January 1, 2019\\. The impact to the Company's results of operations and cash flows was not significant: \n\n\n\n|                                                   |                                             |                                             |                                       |\n| ------------------------------------------------- | ------------------------------------------- | ------------------------------------------- | ------------------------------------- |\n|                                                   | **Balance as of January 1, 2019**           | **Balance as of January 1, 2019**           | **Balance as of January 1, 2019**     |\n| **(** **in millions** **)**                       | **Balances removed under prior accounting** | **Balances added under New Lease Standard** | **Net impact of New Lease Standard**  |\n| Prepaid expenses and other current assets         | $1                                          | $\u2014                                          | $<br><br>(1<br><br>)                  |\n| Flight equipment                                  | \u2014                                           | (110<br><br>)                               | (110<br><br>)                         |\n| Assets constructed for others                     | 1,669                                       | \u2014                                           | (1,669<br><br>)                       |\n| Less allowance for depreciation and amortization  | (166<br><br>)                               | (2<br><br>)                                 | 164                                   |\n| Operating lease right\\-of\\-use assets             | \u2014                                           | 1,466                                       | 1,466                                 |\n| Other assets                                      | 121                                         | \u2014                                           | (121<br><br>)                         |\n| Total assets                                      | $1,625                                      | $1,354                                      | $<br><br>(271<br><br>)                |\n| Accounts payable                                  | $8                                          | $\u2014                                          | $<br><br>(8<br><br>)                  |\n| Accrued liabilities                               | 37                                          | \u2014                                           | (37<br><br>)                          |\n| Current operating lease liabilities               | \u2014                                           | 355                                         | 355                                   |\n| Current maturities of long\\-term debt             | \u2014                                           | (14<br><br>)                                | (14<br><br>)                          |\n| Long\\-term debt less current maturities           | \u2014                                           | (96<br><br>)                                | (96<br><br>)                          |\n| Deferred income taxes                             | (17<br><br>)                                | \u2014                                           | 17                                    |\n| Construction obligation                           | 1,602                                       | \u2014                                           | (1,602<br><br>)                       |\n| Noncurrent operating lease liabilities            | \u2014                                           | 1,119                                       | 1,119                                 |\n| Other noncurrent liabilities                      | 60                                          | \u2014                                           | (60<br><br>)                          |\n| Retained earnings                                 | (65<br><br>)                                | (10<br><br>)                                | 55                                    |\n| Total liabilities and stockholders' equity        | $1,625                                      | $1,354                                      | $<br><br>(271<br><br>)                |\n\n\n\n77"}
{"_id": "Southwest-2018_53.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nNet cash provided by operating activities for 2018, 2017, and 2016 was $4\\.9 billion, $3\\.9 billion, and $4\\.3 billion, respectively\\. Operating cash inflows are primarily derived from providing air transportation to Customers\\. The vast majority of tickets are purchased prior to the day on which travel is provided and, in some cases, several months before the anticipated travel date\\. Operating cash outflows are related to the recurring expenses of airline operations\\. The operating cash flows for 2018, 2017, and 2016 were impacted primarily by the Company's results of operations, as adjusted for non\\-cash items as well as changes in the Air traffic liability and Accrued liabilities balances\\. During 2018, the Company's operating cash flows were positively impacted by the reduction in the federal corporate tax rate to 21 percent, from the previous rate of 35 percent\\. Operating cash flows also can be significantly impacted by the Company\u2019s fuel and interest rate hedge positions and the corresponding cash collateral requirements associated with those positions\\. The Company has the ability to post aircraft in lieu of cash collateral in certain situations\\. See Note 10 to the Consolidated Financial Statements for further information\\. During 2018, the Company had net cash outflows of $15 million in cash collateral to derivative counterparties\\. During 2017 and 2016, the Company had net cash inflows of $316 million and $535 million, respectively, in cash collateral from derivative counterparties\\. Cash flows associated with entering into new fuel derivatives, which are also classified as Other, net, operating cash flows, were net outflows of $63 million in 2018, $142 million in 2017, and $165 million in 2016\\. Net cash provided by operating activities is primarily used to finance capital expenditures, repay debt, fund stock repurchases, pay dividends, and provide working capital\\. \n\nNet cash used in investing activities for 2018, 2017, and 2016 was $2\\.0 billion, $2\\.4 billion, and $2\\.3 billion, respectively\\. Investing activities in 2018, 2017, and 2016 included Capital expenditures, primarily related to aircraft and other equipment, technology projects, payments associated with airport construction projects, denoted as Assets constructed for others, and changes in the balance of the Company's short\\-term and noncurrent investments\\. See Note 4 to the Consolidated Financial Statements for further information\\. During 2018, Capital expenditures were $1\\.9 billion, the majority of which were payments for new aircraft delivered to the Company\\. During 2017 and 2016, Capital expenditures were $2\\.1 billion and $2\\.0 billion, respectively\\. During 2018, 2017, and 2016, the Company's purchases and sales of short\\-term and noncurrent investments resulted in net cash outflows of $67 million, $159 million, and $125 million, respectively\\. The Company currently estimates its 2019 capital expenditures will be approximately $1\\.9 billion\\.\n\nNet cash used in financing activities for 2018, 2017, and 2016 was $2\\.5 billion, $1\\.7 billion, and $1\\.9 billion, respectively\\. During 2018, the Company repaid $342 million in debt and capital lease obligations, compared with $592 million and $591 million (including convertible notes) during 2017 and 2016, respectively\\. During 2017, the Company issued, under its shelf registration statement, $300 million 2\\.75% senior unsecured notes due 2022 and $300 million 3\\.45% senior unsecured notes due 2027, compared with the 2016 borrowing of $215 million under a secured term loan agreement and issuance of $300 million3\\.00% senior unsecured notes due 2026 under its shelf registration statement\\. See Note 6 to the Consolidated Financial Statements for further information\\. During 2018, the Company received a reimbursement from the City of Houston for $116 million for the investment and updates made at Houston William P\\. Hobby Airport\\. See Note 4 to the Consolidated Financial Statements for further information regarding the reimbursement\\. The Company repurchased $2\\.0 billion of its outstanding common stock through authorized share repurchases during 2018, compared with repurchases of $1\\.6 billion and $1\\.8 billion during 2017 and 2016, respectively\\. The Company also paid $332 million in dividends to Shareholders during 2018, compared with $274 million in 2017 and $222 million in 2016\\. Although the Company currently intends to continue paying dividends on a quarterly basis for the foreseeable future, the Company's Board of Directors may change the timing, amount, and payment of dividends on the basis of results of operations, financial condition, cash requirements, future prospects, and other factors deemed relevant by the Board of Directors\\.\n\nThe Company is a \"well\\-known seasoned issuer\" and currently has an effective shelf registration statement registering an indeterminate amount of debt and equity securities for future sales\\. The Company currently intends to use the proceeds from any future securities sales off this shelf registration statement for general corporate purposes\\.\n\nThe Company has access to a $1 billion unsecured revolving credit facility expiring in August 2022\\. The revolving credit agreement has an accordion feature that would allow the Company, subject to, among other things, the procurement of incremental commitments, to increase the size of the facility to $1\\.5 billion\\. Interest on the facility is based on the Company's credit ratings at the time of borrowing\\. At the Company's current ratings, the interest cost \n\n54"}
{"_id": "AmericanAirlines-2017_115.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**11\\. Commitments, Contingencies and Guarantees**\n\n***(a) Aircraft and Engine Purchase Commitments***\n\nUnder all of our aircraft and engine purchase agreements, our total future commitments as of December 31, 2017 are expected to be as follows (approximately, in millions):\n\n\n\n|                                                              |          |          |          |          |          |                         |           |\n| ------------------------------------------------------------ | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                                                              | **2018** | **2019** | **2020** | **2021** | **2022** | **2023 and Thereafter** | **Total** |\n| Payments for aircraft commitments and certain engines  ^(1)^ | $1,826   | $2,730   | $2,730   | $2,858   | $2,138   | $1,482                  | $13,764   |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                        |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | These amounts are net of purchase deposits currently held by the manufacturers and include all commitments for regional aircraft\\. American has granted a security interest in its purchase deposits with Boeing\\. Our purchase deposits held by all manufacturers totaled  $1\\.2 billion  as of  December 31, 2017 \\. |\n\n\n\n***(b) Operating Leases and Other***\n\nWe lease certain aircraft, engines and ground equipment, in addition to the majority of our ground facilities and terminal space\\. As of December 31, 2017, we had 421 aircraft under operating leases, with remaining terms ranging from three months to approximately 12 years\\. Airports are utilized for flight operations under lease arrangements with the municipalities or agencies owning or controlling such airports\\. Substantially all leases provide that the lessee must pay taxes, maintenance, insurance and certain other operating expenses applicable to the leased property\\. Some leases also include renewal and purchase options\\.\n\nAs of December 31, 2017, obligations under noncancellable operating leases for future minimum lease payments are as follows (approximately, in millions):\n\n\n\n|                               |          |          |          |          |          |                         |           |\n| ----------------------------- | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                               | **2018** | **2019** | **2020** | **2021** | **2022** | **2023 and Thereafter** | **Total** |\n| Future minimum lease payments | $2,195   | $1,974   | $1,784   | $1,339   | $1,159   | $3,266                  | $11,717   |\n\n\n\nMainline and regional rent expense, excluding landing fees, was $2\\.8 billion in each of 2017, 2016 and 2015\\.\n\nAdditionally, we have purchase commitments related to jet fuel, facility construction projects and information technology support as follows (approximately): $2\\.0 billion in 2018, $1\\.4 billion in 2019, $890 million in 2020 and $950 million in 2021\\.\n\n***(c) Capacity Purchase Agreements with Third\\-Party Regional Carriers***\n\nAmerican has capacity purchase agreements with third\\-party regional carriers\\. The capacity purchase agreements provide that all revenues, including passenger, in\\-flight, ancillary, mail and freight revenues, go to American\\. In return, American agrees to pay predetermined fees to these airlines for operating an agreed\\-upon number of aircraft, without regard to the number of passengers on board\\. In addition, these agreements provide that American reimburses 100% of certain variable costs, such as airport landing fees and passenger liability insurance\\. American controls marketing, scheduling, ticketing, pricing and seat inventories\\.\n\nAs of December 31, 2017, American\u2019s capacity purchase agreements with third\\-party regional carriers had expiration dates ranging from 2018 to 2027, with rights of American to extend the respective terms of certain agreements\\. See Part I, Item 2\\. Properties for unaudited information on the aircraft operated by third\\-party regional carriers under such capacity purchase agreements\\.\n\n116"}
{"_id": "AmericanAirlines-2019_94.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nThe components of our deferred tax assets and liabilities were (in millions):\n\n\n\n|                                                    |                  |                  |\n| -------------------------------------------------- | ---------------- | ---------------- |\n|                                                    | **December 31,** | **December 31,** |\n|                                                    | **2019**         | **2018**         |\n| Deferred tax assets:                               |                  |                  |\n| Operating loss carryforwards                       | $2,103           | $2,343           |\n| Leases                                             | 2,077            | 2,189            |\n| Loyalty program liability                          | 1,755            | 1,770            |\n| Pensions                                           | 1,229            | 1,430            |\n| Postretirement benefits other than pensions        | 145              | 145              |\n| Rent expense                                       | 126              | 136              |\n| Alternative minimum tax (AMT) credit carryforwards | 90               | 175              |\n| Reorganization items                               | 30               | 33               |\n| Other                                              | 613              | 631              |\n| Total deferred tax assets                          | 8,168            | 8,852            |\n| Valuation allowance                                | (34<br><br>)     | (30<br><br>)     |\n| Net deferred tax assets                            | 8,134            | 8,822            |\n| Deferred tax liabilities:                          |                  |                  |\n| Accelerated depreciation and amortization          | (5,196<br><br>)  | (5,280<br><br>)  |\n| Leases                                             | (1,979<br><br>)  | (2,081<br><br>)  |\n| Other                                              | (343<br><br>)    | (326<br><br>)    |\n| Total deferred tax liabilities                     | (7,518<br><br>)  | (7,687<br><br>)  |\n| Net deferred tax asset                             | $616             | $1,135           |\n\n\n\nAt  December 31, 2019 , we had approximately   $9\\.1 billion  of federal NOLs carried over from prior taxable years (NOL Carryforwards) to reduce future federal taxable income, substantially all of which we expect to be available for use in 2020\\. The federal NOL Carryforwards will expire beginning in 2023 if unused\\. We also had approximately   $3\\.0 billion  of NOL Carryforwards to reduce future state taxable income at  December 31, 2019 , which will expire in years 2020 through 2039 if unused\\. Our ability to deduct our NOL Carryforwards and to utilize certain other available tax attributes can be substantially constrained under the general annual limitation rules of Section 382 where an \u201cownership change\u201d has occurred\\. Substantially all of our remaining federal NOL Carryforwards attributable to US Airways Group are subject to limitation under Section 382; however, our ability to utilize such NOL Carryforwards is not anticipated to be effectively constrained as a result of such limitation\\. We elected to be covered by certain special rules for federal income tax purposes that permitted approximately   $9\\.0 billion  (with   $7\\.3 billion  of unlimited NOL still remaining at  December 31, 2019 ) of our federal NOL Carryforwards to be utilized without regard to the annual limitation generally imposed by Section 382\\. Similar limitations may apply for state income tax purposes\\. Our ability to utilize any new NOL Carryforwards arising after the ownership changes is not affected by the annual limitation rules imposed by Section 382 unless another future ownership change occurs\\. Under the Section 382 limitation, cumulative stock ownership changes among material stockholders exceeding 50% during a rolling three\\-year period can potentially limit a company\u2019s future use of NOLs and tax credits\\.\n\nAt  December 31, 2019 , we had an AMT credit carryforward of approximately   $170 million  available for federal income tax purposes, which is presently expected to be fully refundable over the next several years as a result of the repeal of corporate AMT as part of the 2017 Tax Act\\. \n\nIn  2019 , we recorded an income tax provision of   $570 million , with an effective rate of approximately   25% , which was substantially non\\-cash due to utilization of our NOLs as described above\\. Substantially all of our income before income taxes is attributable to the United States\\. \n\nWe file our tax returns as prescribed by the tax laws of the jurisdictions in which we operate\\. Our 2016 through 2018 tax years are still subject to examination by the Internal Revenue Service\\. Various state and foreign jurisdiction tax years remain open to examination and we are under examination, in administrative appeals, or engaged in tax litigation in certain jurisdictions\\. We believe that the effect of any assessments will not be material to our consolidated financial statements\\.\n\n95"}
{"_id": "United-2018_19.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nFirm Order and Option Aircraft\n\nAs of December 31, 2018, United had firm commitments and options to purchase new aircraft from Boeing, Airbus and Embraer as presented in the table below:\n\n\n\n|                                                                           |                                                                           |\n| ------------------------------------------------------------------------- | ------------------------------------------------------------------------- |\n| **Aircraft Type**                                                         | **Number of Firm  <br>Commitments (a)**                                   |\n| Airbus A350                                                               | 45                                                                        |\n| Boeing 737 MAX                                                            | 175                                                                       |\n| Boeing 777\\-300ER                                                         | 4                                                                         |\n| Boeing 787                                                                | 24                                                                        |\n| Embraer E175                                                              | 25                                                                        |\n| (a) United also has options and purchase rights for additional aircraft\\. | (a) United also has options and purchase rights for additional aircraft\\. |\n\n\n\nThe aircraft listed in the table above are scheduled for delivery from 2019 through 2027\\. To the extent the Company and the aircraft manufacturers with whom the Company has existing orders for new aircraft agree to modify the contracts governing those orders, the amount and timing of the Company's future capital commitments could change\\. In 2019, United expects to take delivery of 25 Embraer E175 aircraft, 20 Boeing 737 MAX aircraft, 8 Boeing 787 aircraft and 2 Boeing 777\\-300ER aircraft\\.United also has agreements to purchase 20 used Airbus A319 aircraft with expected delivery dates through 2022\\. See Notes 10 and 13 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\n**Facilities**\n\nUnited's principal facilities relate to leases of airport facilities, gates, hangar sites, terminal buildings and other facilities in the municipalities it serves\\. United has major terminal facility leases at SFO, Washington Dulles, Chicago O'Hare, LAX, Denver, Newark, Houston Bush and Guam with expiration dates ranging from 2019 through 2055\\. Substantially all of these facilities are leased on a net\\-rental basis, resulting in the Company's responsibility for maintenance, insurance and other facility\\-related expenses and services\\.\n\nUnited also maintains administrative offices, catering, cargo, training facilities, maintenance facilities and other facilities to support operations in the cities served\\. In addition, United has multiple leases, which expire from 2019 through 2029, for its principal executive office and operations center in downtown Chicago and administrative offices in downtown Houston\\.\n\n\n\n|              |                         |\n| ------------ | ----------------------- |\n| **ITEM 3\\.** | **LEGAL PROCEEDINGS\\.** |\n\n\n\nOn June 30, 2015, UAL received a Civil Investigative Demand (\"CID\") from the Antitrust Division of the DOJ seeking documents and information from the Company in connection with a DOJ investigation related to statements and decisions about airline capacity\\. The Company is working with the DOJ and has completed its response to the CID\\. The Company is not able to predict what action, if any, might be taken in the future by the DOJ or other governmental authorities as a result of the investigation\\. Beginning on July 1, 2015, subsequent to the announcement of the CID, UAL and United were named as defendants in multiple class action lawsuits that asserted claims under the Sherman Antitrust Act, which have been consolidated in the United States District Court for the District of Columbia\\. The complaints generally allege collusion among U\\.S\\. airlines on capacity impacting airfares and seek treble damages\\. The Company intends to vigorously defend against the class action lawsuits\\.\n\nOn October 13, 2015, United received a CID from the Civil Division of the DOJ\\. The CID requested documents and oral testimony from United in connection with an industry\\-wide DOJ investigation related to delivery scan and other data purportedly required for payment for the carriage of mail under United's International Commercial Air Contracts with the U\\.S\\. Postal Service\\. The Company has been responding to the DOJ's request and cooperating in the investigation since that time\\. On November 8, 2016, the DOJ Criminal Division met with representatives from the Company and advised they are conducting an industry\\-wide investigation into the same matter\\. The Company is also cooperating with the government in this aspect of their investigation and, on December 21, 2016, representatives from the Company met with both the Civil and Criminal Divisions to provide additional information\\. The Company cannot predict what action, if any, might be taken in the future by the DOJ or other governmental authorities as a result of these investigations\\.\n\n20"}
{"_id": "United-2019_102.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nSIGNATURES\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized\\.\n\n\n\n|       |                                                                                    |\n| ----- | ---------------------------------------------------------------------------------- |\n|       | UNITED AIRLINES HOLDINGS, INC\\.<br><br>UNITED AIRLINES, INC\\.<br><br>(Registrants) |\n| By:   | /s/ Gerald Laderman                                                                |\n|       | Gerald Laderman                                                                    |\n|       | Executive Vice President and Chief Financial Officer                               |\n| Date: | February 24, 2020                                                                  |\n\n\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of United Airlines Holdings, Inc\\. and in the capacities and on the date indicated\\.\n\n\n\n|                        |                                                      |\n| ---------------------- | ---------------------------------------------------- |\n| Signature              | Capacity                                             |\n| /s/ Oscar Munoz        | Chief Executive Officer, Director                    |\n| Oscar Munoz            | (Principal Executive Officer)                        |\n| /s/ Gerald Laderman    | Executive Vice President and Chief Financial Officer |\n| Gerald Laderman        | (Principal Financial Officer)                        |\n| /s/ Chris Kenny        | Vice President and Controller                        |\n| Chris Kenny            | (Principal Accounting Officer)                       |\n| /s/ Carolyn Corvi      | Director                                             |\n| Carolyn Corvi          |                                                      |\n| /s/ Jane C\\. Garvey    | Director                                             |\n| Jane C\\. Garvey        |                                                      |\n| /s/ Barney Harford     | Director                                             |\n| Barney Harford         |                                                      |\n| /s/ Michele J\\. Hooper | Director                                             |\n| Michele J\\. Hooper     |                                                      |\n| /s/ Todd M\\. Insler    | Director                                             |\n| Todd M\\. Insler        |                                                      |\n\n\n\n103"}
{"_id": "AmericanAirlines-2019_105.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nThe fair value of our retiree medical and other postretirement benefits plans assets by asset category, were as follows (in millions):\n\n\n\n|                          |                                                                                          |                                                                              |                                                                                |                                                     |\n| ------------------------ | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                          | **Fair Value Measurements as of December 31, 2019**                                      | **Fair Value Measurements as of December 31, 2019**                          | **Fair Value Measurements as of December 31, 2019**                            | **Fair Value Measurements as of December 31, 2019** |\n| **Asset Category**       | **Quoted Prices in**<br><br>**Active Markets for Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Money market fund        | $4                                                                                       | $\u2014                                                                           | $\u2014                                                                             | $4                                                  |\n| Mutual funds \u2013 AAL Class | \u2014                                                                                        | 200                                                                          | \u2014                                                                              | 200                                                 |\n| Total                    | $4                                                                                       | $200                                                                         | $\u2014                                                                             | $204                                                |\n\n\n\n\n\n|                          |                                                                                          |                                                                              |                                                                                |                                                     |\n| ------------------------ | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                          | **Fair Value Measurements as of December 31, 2018**                                      | **Fair Value Measurements as of December 31, 2018**                          | **Fair Value Measurements as of December 31, 2018**                            | **Fair Value Measurements as of December 31, 2018** |\n| **Asset Category**       | **Quoted Prices in**<br><br>**Active Markets for Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Money market fund        | $4                                                                                       | $\u2014                                                                           | $\u2014                                                                             | $4                                                  |\n| Mutual funds \u2013 AAL Class | \u2014                                                                                        | 221                                                                          | \u2014                                                                              | 221                                                 |\n| Total                    | $4                                                                                       | $221                                                                         | $\u2014                                                                             | $225                                                |\n\n\n\nInvestments in the retiree medical and other postretirement benefits plans\u2019 mutual funds are valued by quoted prices on the active market, which is fair value, and represents the net asset value of the shares of such funds as of the close of business at the end of the period\\. The AAL Class mutual funds are offered only to benefit plans of American, therefore, trading is restricted only to American, resulting in a fair value classification of Level 2\\. Investments included approximately   24%  and   30%  of investments in non\\-U\\.S\\. common stocks in  2019  and  2018 , respectively\\. Net asset value is based on the fair market value of the funds\u2019 underlying assets and liabilities at the date of determination\\.\n\nDefined Contribution and Multiemployer Plans\n\nThe costs associated with our defined contribution plans were   $860 million ,   $846 million  and   $820 million  for the years ended  December 31, 2019 ,  2018  and  2017 , respectively\\.\n\nWe participate in the International Association of Machinists & Aerospace Workers (IAM) National Pension Fund, Employer Identification No\\. 51\\-6031295 and Plan No\\. 002 (the IAM Pension Fund)\\. Our contributions to the IAM Pension Fund were   $32 million ,   $31 million  and   $31 million  for the years ended  December 31, 2019 ,  2018  and  2017 , respectively\\. The IAM Pension Fund reported   $467 million  in employers\u2019 contributions for the year ended  December 31, 2018 , which is the most recent year for which such information is available\\. For  2018 , our contributions represented more than   5%  of total contributions to the IAM Pension Fund\\.\n\nOn March 29, 2019, the actuary for the IAM Pension Fund certified that the fund was in endangered status despite reporting a funded status of over   80% \\. Additionally, the IAM Pension Fund\u2019s Board voluntarily elected to enter into critical status on April 17, 2019\\. In connection with the entry into critical status, the IAM Pension Fund adopted a rehabilitation plan on April 17, 2019 (the Rehabilitation Plan)\\. Under the Rehabilitation Plan, we were subject to an immaterial contribution surcharge, which ceased to apply June 14, 2019 upon our adoption of a contribution schedule under the Rehabilitation Plan\\. The contribution schedule we adopted provides for   2\\.5%  annual increases to our contribution rate\\. This contribution schedule will remain in effect through the earlier of December 31, 2031 or the date the IAM Pension Fund emerges from critical status\\. \n\nProfit Sharing Program\n\nWe accrue   5%  of our pre\\-tax income excluding net special items for our profit sharing program\\. For the year ended  December 31, 2019 , we accrued   $213 million  for this program, which will be distributed to employees in the first quarter of  2020 \\.\n\n106"}
{"_id": "Alaska-2018_5.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Low Fares and Great Value*  \\- W e offer the highest guest relevance of any carrier from the West Coast, with a 20% lower cost structure than legacy carriers\\. Competition in our markets is significant, and we know that we must defend our customer base as we grow our network presence by providing guests with an increased choice of schedule times and fares\\. In 2018, we introduced our Saver Fare product, which will offer greater choice for our guests, allowing them to purchase and pay for the ticket type and other amenities they value most\\. This, combined with enhancements to our onboard product, will enable us to continue to deliver significant value to our guests\\.  |\n\n\n\nWe are also focused on providing meaningful utility and routes to our guests\\. From our West Coast hub cities, we lead all other airlines in non\\-stop markets, daily flights and seat share\\. In the past two years, we have significantly expanded our network utility in California, adding 21 new routes and nearly doubling our number of daily flights\\. We also have focused our new routes announced for 2019 in those areas which connect our guests to high demand markets in the lower 48 states and Hawaii, including 18 daily departures from Paine Field\\-Snohomish County Airport in Everett, Washington to eight West Coast markets expected to launch in March 2019\\.\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Generous Mileage Plan*  \\-  Our award winning Mileage Plan ^TM^  is another way we build long\\-term guest relationships and enable Our Advantage\\. We maintain a distance\\-based frequent flier program, which rewards all fliers regardless of the price they paid for their tickets\\. In 2018, we leveraged our greater network utility to significantly grow our Mileage Plan ^TM^  membership and credit card holders, especially in the state of California\\. We also offered promotions like Buy One Get One Free companion fares and new redemption benefits, including using miles for hotel redemptions (with access to over 400,000 hotels worldwide), redeeming miles on Finnair flights and adding Aer Lingus as a new global partner\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *West Coast Vibe*  \\-  In 2018, we tailored many of our amenities to highlight our West Coast roots\\. We relaunched our First Class and Main Cabin food menus featuring fresh and local West Coast items, as well as local craft beers and wines\\. To keep up to speed with the evolving needs and preferences of our West Coast guests, we continue to expand and enhance our on\\-board amenities, including seat\\-back power, free movies, TV content and texting\\. In 2018, we also began installation of next\\-generation satellite\\-based Wi\\-Fi on all of our Mainline aircraft, which will provide our guests with greatly improved on\\-board internet speed and connectivity\\. Finally, we continue to connect with West Coast guests through key sponsorships including Russell Wilson, Kevin Durant, the San Jose Sharks, San Francisco Giants, Seattle Mariners, Portland Timbers and more\\.  |\n\n\n\n*Being One Team*\n\nOur success depends on our more than 23,000 employees living our values every day to deliver superior customer service as a single team\\. We know engaged employees deliver higher productivity, superior execution and better guest experiences, which is why investing in our people is imperative to our future success\\. \n\nIn 2018, we focused on our culture to ensure every employee feels valued, informed and engaged\\. It is a top priority to ensure our employees know where we are, where we are going and how we will get there\\. To this end, we have implemented new and enhanced communication vehicles, including weekly Leader Look Ahead and periodic live\\-streamed webcasts, to provide employees better information and a stronger connection to organizational priorities\\. Additionally, we launched Flight Path \\- a program that brings employees together through leader\\-led sessions to inform, engage and set the course for our business and culture\\. Our efforts were recognized by Forbes Magazine in 2018, who recognized Alaska as one of America's Best Employers for the fourth year in a row\\.\n\nAligning our employees' goals with Air Group's goals has been an important contributor to our strong track record of accomplishments and financial performance\\. The majority of Alaska and Horizon employees participate in our Performance\\-Based Pay (PBP) and Operational Performance Rewards (OPR) programs, which encourage employees to work together to achieve metrics related to the Company's strategy, including safety, profitability, on\\-time performance, low costs, customer loyalty, and customer satisfaction\\. Over the last five years, our incentive programs have paid out on average more than one month's pay for most employees\\. In 2018, we rewarded our employees with $147 million under these incentive programs\\.\n\n 6"}
{"_id": "United-2019_7.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nEmployees\n\nAs of  December 31, 2019 , UAL, including its subsidiaries, had approximately  96,000  employees\\. Approximately  84%  of the Company's employees were represented by various U\\.S\\. labor organizations\\.\n\nCollective bargaining agreements between the Company and its represented employee groups are negotiated under the RLA\\. Such agreements typically do not contain an expiration date and instead specify an amendable date, upon which the agreement is considered \"open for amendment\\.\" \n\nOn February 1, 2019, the collective bargaining agreement with the Air Line Pilots Association (\"ALPA\"), the labor union representing United's pilots, became amendable\\. The Company and ALPA are in negotiations for an amended agreement\\. The Company and UNITE HERE, the labor union representing United's Catering employees, started negotiations for a first collective bargaining agreement in March 2019\\.\n\nThe following table reflects the Company's represented employee groups, the number of employees per represented group, union representation for each employee group, and the amendable date for each employee group's collective bargaining agreement as of  December 31, 2019 : \n\n\n\n|                                                        |                         |                                                                           |                                       |\n| ------------------------------------------------------ | ----------------------- | ------------------------------------------------------------------------- | ------------------------------------- |\n| **Employee** <br><br>**Group**                         | **Number of Employees** | **Union**                                                                 | **Agreement Open for**  **Amendment** |\n| **Flight Attendants**                                  | 24,203                  | Association of Flight Attendants (the \"AFA\")                              | August 2021                           |\n| **Fleet Service**                                      | 13,803                  | International Association of Machinists and Aerospace Workers (the \"IAM\") | December 2021                         |\n| **Passenger Service**                                  | 12,135                  | IAM                                                                       | December 2021                         |\n| **Pilots**                                             | 12,251                  | ALPA                                                                      | January 2019                          |\n| **Technicians**                                        | 9,318                   | International Brotherhood of Teamsters (the \"IBT\")                        | December 2022 (a)                     |\n| **Passenger Service \\- United Ground Express, Inc\\.**  | 4,155                   | IAM                                                                       | March 2025                            |\n| **Catering**                                           | 2,577                   | UNITE HERE                                                                | N/A                                   |\n| **Storekeepers**                                       | 989                     | IAM                                                                       | December 2021                         |\n| **Dispatchers**                                        | 412                     | Professional Airline Flight Control Association                           | December 2021                         |\n| **Fleet Tech Instructors**                             | 130                     | IAM                                                                       | December 2021                         |\n| **Load Planners**                                      | 62                      | IAM                                                                       | December 2021                         |\n| **Security Officers**                                  | 45                      | IAM                                                                       | December 2021                         |\n| **Maintenance Instructors**                            | 40                      | IAM                                                                       | December 2021                         |\n\n\n\n(a) The collective bargaining agreement with the IBT contains provisions that require the Company to align contract terms with other airlines' workgroups under certain conditions\\.\n\nInformation about Our Executive Officers\n\nKate Gebo\\.  Age 51\\. Ms\\. Gebo has served as Executive Vice President Human Resources and Labor Relations of UAL and United since December 2017\\. From November 2016 to November 2017, Ms\\. Gebo served as Senior Vice President, Global Customer Service Delivery and Chief Customer Officer of United\\. From October 2015 to November 2016, Ms\\. Gebo served as Vice President of the Office of the Chief Executive Officer\\. From November 2009 to October 2015, Ms\\. Gebo served as Vice President of Corporate Real Estate of United\\.\n\nBrett J\\. Hart\\.  Age 50\\. Mr\\. Hart has served as Executive Vice President and Chief Administrative Officer of UAL and United since March 2019\\. From May 2017 to March 2019, he served as Executive Vice President, Chief Administrative Officer and General Counsel of UAL and United\\. From February 2012 to May 2017, he served as Executive Vice President and General Counsel of UAL and United\\. Mr\\. Hart served as acting Chief Executive Officer and principal executive officer of the Company, on an interim basis, from October 2015 to March 2016\\. From December 2010 to February 2012, he served as Senior Vice President, General Counsel and Secretary of UAL, United and Continental Airlines, Inc\\. (\"Continental\")\\. From June 2009 to December 2010, Mr\\. Hart served as Executive Vice President, General Counsel and Corporate Secretary at Sara Lee Corporation, a consumer food and beverage company\\. From March 2005 to May 2009, Mr\\. Hart served as Deputy General Counsel and Chief Global Compliance Officer of Sara Lee Corporation\\.\n\nGregory L\\. Hart\\.  Age 54\\. Mr\\. Hart has served as Executive Vice President and Chief Operations Officer of UAL and United since February 2014\\. From December 2013 to February 2014, he served as Senior Vice President Operations of UAL and United\\. From September 2012 to December 2013, Mr\\. Hart served as Senior Vice President Technical Operations of United\\. From October 2010 to September 2012, Mr\\. Hart served as Senior Vice President Network of United and Continental\\. From \n\n8"}
{"_id": "Delta-2018_37.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nAircraft Maintenance Materials and Outside Repairs\\.  Aircraft maintenance materials and outside repairs consist of costs associated with the maintenance of aircraft used in our operations\\. The increase in aircraft maintenance materials and outside repairs expense primarily relates to an increase in maintenance activity in order to enhance service reliability of certain aircraft\\.\n\nAncillary Businesses and Refinery\\.  Ancillary businesses and refinery includes expenses associated with aircraft maintenance and staffing services we provide to third parties, our vacation wholesale operations, our private jet operations and refinery sales to third parties\\. Expenses related to refinery sales to third parties, which are at or near cost, increased  $268 million  compared to the prior year, primarily resulting from higher sales volume\\.\n\nPassenger Service\\.  Passenger service expense includes the costs of onboard food and beverage, cleaning and supplies\\. The increase in passenger service expense predominantly relates to costs associated with enhancements to our onboard product offering and higher traffic\\.\n\nAircraft Rent\\.  The increase in aircraft rent primarily results from new leased aircraft deliveries since 2016, including B\\-737\\-900ER and A321\\-200 aircraft\\.\n\n 35"}
{"_id": "Southwest-2017_21.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nthe airline industry generally, and the risk that higher fares will drive a decrease in demand\\. The Company attempts to manage its risk associated with volatile jet fuel prices by utilizing over\\-the\\-counter fuel derivative instruments to hedge a portion of its future jet fuel purchases\\. However, energy prices can fluctuate significantly in a relatively short amount of time\\. Because the Company uses a variety of different derivative instruments at different price points, the Company is subject to the risk that the fuel derivatives it uses will not provide adequate protection against significant increases in fuel prices and could in fact result in hedging losses, and the Company effectively paying higher than market prices for fuel, thus creating additional volatility in the Company's earnings\\. The Company is also subject to the risk that cash collateral may be required to be posted to fuel hedge counterparties, which could have a significant impact on the Company's financial position and liquidity\\.\n\nIn addition, the Company is subject to the risk that its fuel derivatives will not be effective or that they will no longer qualify for hedge accounting under applicable accounting standards, which can create additional earnings volatility\\. Adjustments in the Company's overall fuel hedging strategy, as well as the ability of the commodities used in fuel hedging to qualify for special hedge accounting, are likely to continue to affect the Company's results of operations\\. In addition, there can be no assurance that the Company will be able to cost\\-effectively hedge against increases in fuel prices\\. Also, see Note 2 to the Consolidated Financial Statements for information on future changes in applicable standards for hedge accounting\\.\n\nThe Company's fuel hedging arrangements and the various potential impacts of hedge accounting on the Company's financial position, cash flows, and results of operations are discussed in more detail under \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" \"Quantitative and Qualitative Disclosures About Market Risk,\" and in Note 1 and Note 10 to the Consolidated Financial Statements\\.\n\nThe Company is also reliant upon the readily available supply and timely delivery of jet fuel to the airports that it serves\\. A disruption in that supply could present significant challenges to the Company's operations and could ultimately cause the cancellation of flights and/or the inability of the Company to provide service to a particular airport\\.\n\n***The Company's low\\-cost structure has historically been one of its primary competitive advantages, and many factors have affected and could continue to affect the Company's ability to control its costs\\.***\n\nThe Company's low\\-cost structure has historically been one of its primary competitive advantages, as it has enabled it to offer low fares, drive traffic volume, grow market share, and protect profits\\. The Company's low\\-cost position has become even more significant with the increased presence of ULCCs and changes to the legacy fare offerings discussed above; however, it has become increasingly difficult for the Company to improve upon its industry cost position\\. For example, labor and fuel costs, as well as other costs such as regulatory compliance costs, can negatively affect the Company's ability to control its costs\\. Furthermore, the Company has limited control over many of these costs\\.\n\nJet fuel and oil constituted approximately 22 percent of the Company's operating expenses during 2017, and the Company's ability to control the cost of fuel is subject to the external factors discussed in the second Risk Factor above\\.\n\nSalaries, wages, and benefits constituted approximately 41 percent of the Company's operating expenses during 2017\\. The Company's ability to control labor costs is limited by the terms of its collective\\-bargaining agreements, and increased labor costs have negatively impacted the Company's low\\-cost competitive position\\. As discussed further under \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" the Company's unionized workforce, which makes up approximately 83 percent of its Employees, has had pay scale increases as a result of contractual rate increases\\. Additionally, the majority of Southwest's unionized Employees, including its Pilots; Flight Attendants; Ramp, Operations, Provisioning, and Freight Agents; Aircraft Appearance Technicians; and Flight Crew Training Instructors, ratified new collective\\-bargaining agreements during 2016, which have put pressure on the Company's low\\-cost structure\\. Furthermore, as indicated above under \"Business \\- Employees,\" other Southwest unionized Employees, including its Mechanics and Material Specialists, are in unions currently in negotiations for labor agreements, which could result in additional pressure on the Company's low\\-cost structure\\.\n\nAs discussed above under \"Business \\- Regulation,\" the airline industry is heavily regulated, and the Company's regulatory compliance costs are subject to potentially significant increases from time to time based on actions by regulatory agencies that are out of the Company's control\\. Additionally, the Company cannot control decisions by other airlines to reduce their capacity\\. When this occurs, airport costs are allocated among a fewer number of total flights, \n\n22"}
{"_id": "Alaska-2018_8.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**AGREEMENTS WITH OTHER AIRLINES**\n\nOur agreements fall into three different categories: Frequent Flyer, Codeshare and Interline agreements\\. Frequent Flyer agreements enable our Mileage Plan^TM^ members to earn mileage credits and make redemptions on one of our 17 domestic and international partner airlines\\. \n\nCodeshare agreements allow one or more marketing carriers to sell seats on a single operating carrier that services passengers under multiple flight numbers\\. The sale of codeshare seats can vary depending on the sale arrangement\\. For example, in a free\\-sale arrangement, the marketing carrier sells the operating carrier's inventory without any restriction; whereas in a block space arrangement, a fixed amount of seats are sold to the marketing carrier by the operating carrier\\. The interchangeability of the flight code between carriers provides a greater selection of flights for customers, along with increased flexibility for mileage accrual and redemption\\. \n\nInterline agreements allow airlines to jointly offer a competitive, single\\-fare itinerary to customers traveling via multiple carriers to a final destination\\. An interline itinerary offered by one airline may not necessarily be offered by the other, and the fares collected from passengers are prorated and distributed to interline partners according to preexisting agreements between the carriers\\. Frequent flyer, codeshare and interline agreements help increase our traffic and revenue by providing more route choices to our guests\\. \n\nAlaska has marketing alliances with a number of airlines that provide frequent flyer and codesharing opportunities\\. Alliances are an important part of our strategy and enhance our revenues by:\n\n\n\n|   |                                                                                                                                                                                 |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | offering our guests more travel destinations and better mileage credit/redemption opportunities, including elite qualifying miles on U\\.S\\. and international airline partners; |\n\n\n\n\n\n|   |                                                                                                                                                                                               |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | giving our Mileage Plan ^TM^  program a competitive advantage because of our partnership with both unaffiliated international carriers and carriers from all three major worldwide alliances; |\n\n\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | giving us access to more connecting traffic from other airlines; and |\n\n\n\n\n\n|   |                                                                                                                                                                                           |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | providing members of our alliance partners\u2019 frequent flyer programs an opportunity to travel on Alaska and our regional partners while earning mileage credit in our partners\u2019 programs\\. |\n\n\n\nMost of our codeshare relationships are free\\-sale codeshares, where the marketing carrier sells seats on the operating carrier\u2019s flights from the operating carrier\u2019s inventory, but takes no inventory risk\\. Our marketing agreements have various termination dates, and one or more may be in the process of renegotiation at any time\\. Our codeshare and interline agreements generated 5%, 6%, and 8% of our total marketed revenues as of December 31, 2018, 2017 and 2016, respectively\\. \n\n 9"}
{"_id": "Southwest-2018_52.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|     |                                                                                                                                                                                                                                                                        |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 2\\. | A noncash impairment charge related to leased slots at Newark Liberty International Airport as a result of the FAA announcement in April 2016 that this airport was being changed to a Level 2 schedule\\-facilitated airport from its previous designation as Level 3; |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 3\\. | Lease termination costs recorded as a result of the Company acquiring 13 of its Boeing 737\\-300 aircraft off operating leases as part of the Company\u2019s strategic effort to remove its Classic aircraft from operations on or before September 29, 2017, in the most economically advantageous manner possible\\. The Company had not budgeted for these early lease termination costs, as they were subject to negotiations being concluded with the third party lessors\\. The Company recorded the fair value of the aircraft acquired off operating leases, as well as any associated remaining obligations to the balance sheet as debt; |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 4\\. | An Aircraft grounding charge recorded in third quarter 2017, as a result of the Company grounding its remaining Boeing 737\\-300 aircraft on September 29, 2017\\. The loss was a result of the remaining net lease payments due and certain lease return requirements that could have to be performed on these leased aircraft prior to their return to the lessors as of the cease\\-use date\\. The Company had not budgeted for the lease return requirements, as they were subject to negotiation with third party lessors; |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                               |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 5\\. | A gain recognized in first quarter 2018, associated with the sale of 39 owned Boeing 737\\-300 aircraft and a number of spare engines to a third party\\. These aircraft were previously retired as part of the Company's exit of its Classic fleet\\. The gain was not anticipated, and the Company associates it with the grounding charge recorded in third quarter 2017; and |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 6\\. | An adjustment to Provision for income taxes related to the Tax Cuts and Jobs Act legislation enacted in December 2017, which resulted in a re\\-measurement of the Company's deferred tax assets and liabilities at the new federal corporate tax rate of 21 percent\\. This adjustment was a non\\-cash item and was treated as a special item\\. |\n\n\n\nBecause management believes each of these items can distort the trends associated with the Company\u2019s ongoing performance as an airline, the Company believes that evaluation of its financial performance can be enhanced by a supplemental presentation of results that exclude the impact of these items in order to enhance consistency and comparativeness with results in prior periods that do not include such items and as a basis for evaluating operating results in future periods\\. The following measures are often provided, excluding special items, and utilized by the Company\u2019s management, analysts, and investors to enhance comparability of year\\-over\\-year results, as well as to industry trends: Total operating expenses, non\\-GAAP; Operating income, non\\-GAAP; Adjusted operating income, non\\-GAAP; Income tax rate, non\\-GAAP; Provision for income taxes, non\\-GAAP; Net income, non\\-GAAP; Net income per share, diluted, non\\-GAAP; and Operating expenses per ASM, non\\-GAAP, excluding profitsharing and Fuel and oil expense\\.\n\nThe Company has also provided its calculation of return on invested capital, which is a measure of financial performance used by management to evaluate its investment returns on capital\\. Return on invested capital is not a substitute for financial results as reported in accordance with GAAP, and should not be utilized in place of such GAAP results\\. Although return on invested capital is not a measure defined by GAAP, it is calculated by the Company, in part, using non\\-GAAP financial measures\\. Those non\\-GAAP financial measures are utilized for the same reasons as those noted above for Net income, non\\-GAAP and Operating income, non\\-GAAP\\. The comparable GAAP measures include charges or benefits that are deemed \"special items\" that the Company believes make its results difficult to compare to prior periods, anticipated future periods, or industry trends, and the Company\u2019s profitability targets and estimates, both internally and externally, are based on non\\-GAAP results since in the vast majority of cases the \"special items\" cannot be reliably predicted or estimated\\. The Company believes non\\-GAAP return on invested capital is a meaningful measure because it quantifies the Company's effectiveness in generating returns relative to the capital it has invested in its business\\. Although return on invested capital is commonly used as a measure of capital efficiency, definitions of return on invested capital differ; therefore, the Company is providing an explanation of its calculation for non\\-GAAP return on invested capital in the accompanying reconciliation in order to allow investors to compare and contrast its calculation to the calculations provided by other companies\\.\n\n**Liquidity and Capital Resources**\n\n53"}
{"_id": "Alaska-2017_78.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**NOTE 5\\. LONG\\-TERM DEBT**\n\nLong\\-term debt obligations (in millions):\n\n\n\n|                                               |            |          |\n| --------------------------------------------- | ---------- | -------- |\n|                                               | **2017**   | **2016** |\n| Fixed\\-rate notes payable due through 2028    | **$959**   | $1,179   |\n| Variable\\-rate notes payable due through 2028 | **1,625**  | 1,803    |\n| Less debt issuance costs                      | **(15)**   | (18)     |\n| **Total debt**                                | **2,569**  | 2,964    |\n| Less current portion                          | **307**    | 319      |\n| **Long\\-term debt, less current portion**     | **$2,262** | $2,645   |\n| Weighted\\-average fixed\\-interest rate        | **4\\.2%**  | 4\\.4%    |\n| Weighted\\-average variable\\-interest rate     | **2\\.8%**  | 2\\.4%    |\n\n\n\nDuring 2017, the Company's total debt decreased$395 million, primarily due to payments of $397 million in 2017, including the prepayment of $74 million of debt\\. Approximately $2\\.2 billion of the loans are secured by a total of 113 aircraft and two spare engines\\. An additional $392 million is secured by Air Group's interest in certain aircraft purchase deposits\\. \n\nThe Company's variable\\-rate debt bears interest at a floating rate per annum equal to a margin plus the three or six\\-month LIBOR in effect at the commencement of each semi\\-annual or three\\-month period, as applicable\\. As of December 31, 2017, none of the Company's borrowings were restricted by financial covenants\\.\n\nLong\\-term debt principal payments for the next five years and thereafter (in millions):\n\n\n\n|                          |           |\n| ------------------------ | --------- |\n|                          | **Total** |\n| 2018                     | $310      |\n| 2019                     | 393       |\n| 2020                     | 449       |\n| 2021                     | 414       |\n| 2022                     | 247       |\n| Thereafter               | 768       |\n| Total principal payments | $2,581    |\n\n\n\n***Bank Line of Credit***\n\nThe Company has three credit facilities with availability totaling $475 million\\. All three facilities have variable interest rates based on LIBOR plus a specified margin\\. One credit facility increased from $100 million to $250 million in June 2017\\. It expires in June 2021 and is secured by aircraft\\. A second credit facility increased from $52 million to $75 million in September 2017\\. It expires in September 2018, has a mechanism for annual renewal, and is secured by aircraft\\. A third credit facility increased from $100 million to $150 million in March 2017\\. It expires in March 2022 and is secured by certain accounts receivable, spare engines, spare parts and ground service equipment\\. The Company has secured letters of credit against the $75 million facility, but has no plans to borrow using either of the two other facilities\\. All three credit facilities have a requirement to maintain a minimum unrestricted cash and marketable securities balance of $500 million\\. The Company was in compliance with this covenant at December 31, 2017\\.\n\n**NOTE 6\\. INCOME TAXES**\n\n***Deferred Income Taxes***\n\nDeferred income taxes reflect the impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and such amounts for tax purposes\\. The Company has a net deferred tax liability, primarily due to differences in depreciation rates for federal income tax purposes and for financial reporting purposes\\.\n\n 79"}
{"_id": "United-2017_5.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nprimarily sold using global distribution systems (\u201cGDS\u201d)\\. United has developed capabilities to sell certain ancillary products through the GDS channel to provide an enhanced buying experience for customers who purchase in that channel\\. To increase the Company\u2019s opportunities to sell its full range of products and services and lower distribution costs, the Company will continue to develop new selling capabilities in third\\-party channels and expand the capabilities of its website and mobile applications\\.\n\n**Industry Conditions** \n\n***Domestic Competition\\.*** The domestic airline industry is highly competitive and dynamic\\. The Company\u2019s competitors consist primarily of other airlines and, to a certain extent, other forms of transportation\\. Currently, any U\\.S\\. carrier deemed fit by the DOT is largely free to operate scheduled passenger service between any two points within the United States\\. Competition can be direct, in the form of another carrier flying the exact non\\-stop route, or indirect, where a carrier serves the same two cities non\\-stop from an alternative airport in that city or via an itinerary requiring a connection at another airport\\. Air carriers\u2019 cost structures are not uniform and there are numerous factors influencing cost structure\\. Carriers with lower costs may offer lower fares to passengers, which could have a potential negative impact on the Company\u2019s revenues\\. Decisions on domestic pricing are based on intense competitive pressure exerted on the Company by other U\\.S\\. airlines\\. In order to remain competitive and maintain passenger traffic levels, we often find it necessary to match competitors\u2019 discounted fares\\. Since we compete in a dynamic marketplace, attempts to generate additional revenue through increased fares oftentimes fail\\.\n\n***International Competition\\.*** Internationally, the Company competes not only with U\\.S\\. airlines, but also with foreign carriers\\. International competition has increased and may continue to increase in the future as a result of airline mergers and acquisitions, joint ventures, alliances, restructurings, liberalization of aviation bilateral agreements and new or increased service by competitors, including government subsidized competitors from certain Middle East countries\\. Competition on international routes is subject to varying degrees of governmental regulation\\. The Company\u2019s ability to compete successfully with non\\-U\\.S\\. carriers on international routes depends in part on its ability to generate traffic to and from the entire United States via its integrated domestic route network and its ability to overcome business and operational challenges across its network worldwide\\. Foreign carriers currently are prohibited by U\\.S\\. law from carrying local passengers between two points in the United States and the Company generally experiences comparable restrictions in foreign countries\\. Separately, \u201cfifth freedom rights\u201d allow the Company to operate between points in two different foreign countries and foreign carriers may also have fifth freedom rights between the U\\.S\\. and another foreign country\\. In the absence of fifth freedom rights, or some other extra\\-bilateral right to conduct operations between two foreign countries, U\\.S\\. carriers are constrained from carrying passengers to points beyond designated international gateway cities\\. To compensate partially for these structural limitations, U\\.S\\. and foreign carriers have entered into alliances, joint ventures and marketing arrangements that enable these carriers to exchange traffic between each other\u2019s flights and route networks\\. See *Alliances,* above, for additional information\\.\n\n***Seasonality\\.*** The air travel business is subject to seasonal fluctuations\\. Historically, demand for air travel is higher in the second and third quarters, driving higher revenues, than in the first and fourth quarters, which are periods of lower travel demand\\.\n\n**Industry Regulation** \n\n***Domestic Regulation*** \n\nAll carriers engaged in air transportation in the United States are subject to regulation by the DOT\\. Absent an exemption, no air carrier may provide air transportation of passengers or property without first being issued a DOT certificate of public convenience and necessity\\. The DOT also grants international route authority, approves international codeshare arrangements and regulates methods of competition\\. The DOT regulates consumer protection and maintains jurisdiction over advertising, denied boarding compensation, tarmac delays, baggage liability and other areas and may add additional expensive regulatory burdens in the future\\. The DOT has\n\n6"}
{"_id": "Southwest-2019_121.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             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----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|        | [Supplemental Agreement No\\. 98 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000029/luv-12312016xex101a.htm) [Supplemental Agreement No\\. 99 (incorporated by reference to Exhibit 10\\.1(b) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000029/luv-12312016xex101b.htm) [Supplemental Agreement No\\. 100 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000078/luv-3312017xex101.htm) [Supplemental Agreement No\\. 101 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000078/luv-3312017xex102.htm) [Supplemental Agreement No\\. 102 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238017000146/luv-6302017xex101.htm) ; [Supplemental Agreement No\\. 103 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex101.htm) ; [Supplemental Letter Agreement No\\. 6\\-1162\\-KLK\\-0059R3 (incorporated by reference to Exhibit 10\\.4 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex104.htm) ; [Supplemental Agreement No\\. 104 (incorporated by reference to Exhibit 10\\.1 to the Company's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2018 (File No\\. 1\\-7259))\\. ](http://www.sec.gov/Archives/edgar/data/92380/000009238018000073/luv-3312018xex101.htm) (1)<br><br>  <br> |\n| 10\\.2  | [Form of Amended and Restated Executive Service Recognition Plan Executive Employment Agreement between the Company and certain Officers of the Company (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312509015591/dex102.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| 10\\.3  | [Letter Agreement between Southwest Airlines Co\\. and Gary C\\. Kelly, effective as of February 1, 2011 (incorporated by reference to Exhibit 99\\.1 to the Company\u2019s Current Report on Form 8\\-K filed February 1, 2011 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312511019263/dex991.htm)  (2)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 10\\.4  | [Southwest Airlines Co\\. Amended and Restated Severance Plan for Directors (as amended and restated effective May 19, 2009) (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2009 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238009000027/ex10_1.htm)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 10\\.5  | [Southwest Airlines Co\\. Outside Director Incentive Plan (as amended and restated effective May 16, 2007) (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2007 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238007000024/ex10_2.htm)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 10\\.6  | [Southwest Airlines Co\\. 2002 SWAPIA Non\\-Qualified Stock Option Plan (incorporated by reference to Exhibit 4\\.1 to the Company\u2019s Registration Statement on Form S\\-8 filed October 30, 2002 (File No\\. 333\\-100862))\\.](http://www.sec.gov/Archives/edgar/data/92380/000095013402013128/d00561exv4w1.txt)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| 10\\.7  | [Southwest Airlines Co\\. Amended and Restated 2007 Equity Incentive Plan (incorporated by reference to Exhibit 99\\.1 to the Company\u2019s Current Report on Form 8\\-K filed May 18, 2015(File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312515191553/d927261dex991.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 10\\.8  | [Southwest Airlines Co\\. 2007 Equity Incentive Plan Form of Notice of Grant and Terms and Conditions for Stock Option Grant (incorporated by reference to Exhibit 10\\.31 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2007 (File No\\. 1\\-7259))\\. ](http://www.sec.gov/Archives/edgar/data/92380/000095013408001572/d53331exv10w31.htm) (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 10\\.9  | [Southwest Airlines Co\\. Excess Benefit Plan (incorporated by reference to Exhibit 10\\.32 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312509015591/dex1032.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| 10\\.10 | [Amendment No\\. 1 to the Southwest Airlines Co\\. Excess Benefit Plan (incorporated by reference to Exhibit 10\\.33 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (File No\\. 1\\-7259))\\. ](http://www.sec.gov/Archives/edgar/data/92380/000119312509015591/dex1033.htm) (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 10\\.11 | [Amendment No\\. 2 to the Southwest Airlines Co\\. Excess Benefit Plan (incorporated by reference to Exhibit 10\\.34 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312509015591/dex1034.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 10\\.12 | [Amended and Restated Southwest Airlines Co\\. 2005 Excess Benefit Plan (as amended and restated, effective as of January 1, 2018) (incorporated by reference to Exhibit 10\\.5 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017ex105.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| 10\\.13 | [Form of Indemnification Agreement between the Company and its Directors (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Current Report on Form 8\\-K filed January 22, 2009 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312509009729/dex101.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n\n\n\n122"}
{"_id": "AmericanAirlines-2018_170.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nAmerican\u2019s salaries, wages and benefits expense for the years ended December 31, 2018, 2017 and 2016 included $88 million, $90 million and $102 million, respectively, of share\\-based compensation costs\\. \n\nDuring 2018, 2017 and 2016, AAG withheld approximately 0\\.8 million, 1\\.1 million and 1\\.4 million shares of AAG common stock, respectively, and paid approximately $37 million, $51 million and $56 million, respectively, in satisfaction of certain tax withholding obligations associated with employee equity awards\\.\n\n***Restricted Stock Unit Awards (RSUs)***\n\nAAG has granted RSUs with service conditions (time vested primarily over three years) and performance conditions\\. The grant\\-date fair value of RSUs is equal to the market price of the underlying shares of AAG common stock on the date of grant\\. For time vested awards, the expense is recognized on a straight\\-line basis over the vesting period for the entire award\\. For awards with performance conditions, the expense is recognized based on the expected achievement at each reporting period\\. Stock\\-settled RSUs are classified as equity awards as the vesting results in the issuance of shares of AAG common stock\\.\n\nStock\\-settled RSU award activity for all plans for the years ended December 31, 2018, 2017 and 2016 is as follows:\n\n\n\n|                                  |                      |                                            |\n| -------------------------------- | -------------------- | ------------------------------------------ |\n|                                  | **Number of Shares** | **Weighted Average Grant Date Fair Value** |\n|                                  | **(In thousands)**   |                                            |\n| Outstanding at December 31, 2015 | 5,607                | $38\\.08                                    |\n| Granted                          | 2,655                | 41\\.34                                     |\n| Vested and released              | (2,754)              | 34\\.83                                     |\n| Forfeited                        | (321)                | 40\\.15                                     |\n| Outstanding at December 31, 2016 | 5,187                | $41\\.48                                    |\n| Granted                          | 2,309                | 48\\.58                                     |\n| Vested and released              | (2,708)              | 39\\.63                                     |\n| Forfeited                        | (464)                | 44\\.48                                     |\n| Outstanding at December 31, 2017 | 4,324                | $46\\.94                                    |\n| Granted                          | 2,194                | 47\\.65                                     |\n| Vested and released              | (1,999)              | 44\\.99                                     |\n| Forfeited                        | (199)                | 45\\.72                                     |\n| Outstanding at December 31, 2018 | 4,320                | $44\\.29                                    |\n\n\n\nAs of December 31, 2018, there was $111 million of unrecognized compensation cost related to stock\\-settled RSUs\\. These costs are expected to be recognized over a weighted average period of one year\\. The total fair value of stock\\-settled RSUs vested during the years ended December 31, 2018, 2017 and 2016 was $91 million, $123 million and $107 million, respectively\\.\n\n**14\\. Valuation and Qualifying Accounts (in millions)**\n\n\n\n|                                               |                                  |                                                           |                |                            |\n| --------------------------------------------- | -------------------------------- | --------------------------------------------------------- | -------------- | -------------------------- |\n|                                               | **Balance at Beginning of Year** | **Additions Charged to Statement of Operations Accounts** | **Deductions** | **Balance at End of Year** |\n| **Allowance for obsolescence of spare parts** |                                  |                                                           |                |                            |\n| Year ended December 31, 2018                  | $717                             | $57                                                       | $(20)          | $754                       |\n| Year ended December 31, 2017                  | 720                              | 18                                                        | (21)           | 717                        |\n| Year ended December 31, 2016                  | 689                              | 28                                                        | 3              | 720                        |\n| **Allowance for uncollectible accounts**      |                                  |                                                           |                |                            |\n| Year ended December 31, 2018                  | $21                              | $39                                                       | $(36)          | $24                        |\n| Year ended December 31, 2017                  | 35                               | 41                                                        | (55)           | 21                         |\n| Year ended December 31, 2016                  | 37                               | 47                                                        | (49)           | 35                         |\n\n\n\n171"}
{"_id": "AmericanAirlines-2018_31.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***A higher than normal number of pilot retirements, more stringent duty time regulations, increased flight hour requirement for commercial airline pilots, reductions in the number of military pilots entering the commercial workforce and other factors have caused a shortage of pilots that could materially adversely affect our business\\.***\n\nWe currently have a higher than normal number of pilots eligible for retirement\\. Large numbers of pilots in the industry are approaching the FAA\u2019s mandatory retirement age of 65\\. Our pilots and other employees are subject to rigorous certification standards, and our pilots and other crew members must adhere to flight time and rest requirements\\. Commencing in 2013, the minimum flight hour requirement to achieve a commercial pilot\u2019s license in the United States (an Air Transport Pilot\u2019s certificate) increased from 250 to 1,500 hours, thereby significantly increasing the time and cost commitment required to become licensed to fly commercial aircraft\\. Additionally, the number of military pilots being trained by the U\\.S\\. armed forces and available as commercial pilots upon their retirement from military service has been decreasing\\. These and other factors have contributed to a shortage of qualified, entry\\-level pilots and increased compensation costs, particularly for our regional subsidiaries and our other regional partners who are being required by market conditions to pay significantly increased wages and large signing bonuses to their pilots in an attempt to achieve desired staffing levels\\. The foregoing factors have also led to increased competition from large, mainline carriers attempting to meet their hiring needs\\. We believe that this industry\\-wide pilot shortage is becoming an increasing problem for airlines in the United States\\. Our regional partners have recently been unable to hire adequate numbers of pilots to meet their needs, resulting in a reduction in the number of flights offered, disruptions, increased costs of operations, financial difficulties and other adverse effects, and these circumstances may become more severe in the future and thereby cause a material adverse effect on our business\\.\n\n***Increases in insurance costs or reductions in insurance coverage may adversely impact our operations and financial results\\.***\n\nThe terrorist attacks of September 11, 2001 led to a significant increase in insurance premiums and a decrease in the insurance coverage available to commercial air carriers\\. Accordingly, our insurance costs increased significantly, and our ability to continue to obtain insurance even at current prices remains uncertain\\. If we are unable to maintain adequate insurance coverage, our business could be materially and adversely affected\\. Additionally, severe disruptions in the domestic and global financial markets could adversely impact the claims paying ability of some insurers\\. Future downgrades in the ratings of enough insurers could adversely impact both the availability of appropriate insurance coverage and its cost\\. Because of competitive pressures in our industry, our ability to pass along additional insurance costs to passengers is limited\\. As a result, further increases in insurance costs or reductions in available insurance coverage could have an adverse impact on our financial results\\.\n\n***We may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity\\.***\n\nFrom time to time, we are a party to or otherwise involved in legal proceedings, claims and government inspections or investigations and other legal matters, both inside and outside the United States, arising in the ordinary course of our business or otherwise\\. We are currently involved in various legal proceedings and claims that have not yet been fully resolved, and additional claims may arise in the future\\. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within our control\\. Litigation is subject to significant uncertainty and may be expensive, time\\-consuming, and disruptive to our operations\\. Although we will vigorously defend ourselves in such legal proceedings, their ultimate resolution and potential financial and other impacts on us are uncertain\\. For these and other reasons, we may choose to settle legal proceedings and claims, regardless of their actual merit\\. If a legal proceeding is resolved against us, it could result in significant compensatory damages, and in certain circumstances punitive or trebled damages, disgorgement of revenue or profits, remedial corporate measures or injunctive relief imposed on us\\. If our existing insurance does not cover the amount or types of damages awarded, or if other resolution or actions taken as a result of the legal proceeding were to restrain our ability to operate or market our services, our consolidated financial position, results of operations or cash flows could be materially adversely affected\\. In addition, legal proceedings, and any adverse resolution thereof, can result in adverse publicity and damage to our reputation, which could adversely impact our business\\. Additional information regarding certain legal matters in which we are involved can be found in Part I, Item 3\\. Legal Proceedings\\.\n\n32"}
{"_id": "United-2018_33.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\nare issued by United and secured by its aircraft\\. The payment obligations under the equipment notes are those of United\\. Proceeds received from the sale of pass\\-through certificates are initially held by a depositary in escrow for the benefit of the certificate holders until United issues equipment notes to the trust, which purchases such notes with a portion of the escrowed funds\\. These escrowed funds are not guaranteed by United and are not reported as debt on United's consolidated balance sheet because the proceeds held by the depositary are not United's assets\\. In February 2019, United completed a $1\\.0 billion EETC offering to finance certain 2018 and 2019 aircraft deliveries\\. See Note 10 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\n***Increased Cost Provisions\\.*** In United's financing transactions that include loans, United typically agrees to reimburse lenders for any reduced returns with respect to the loans due to any change in capital requirements and, in the case of loans in which the interest rate is based on LIBOR, for certain other increased costs that the lenders incur in carrying these loans as a result of any change in law, subject, in most cases, to obligations of the lenders to take certain limited steps to mitigate the requirement for, or the amount of, such increased costs\\. At December 31, 2018, the Company had $3\\.5 billion of floating rate debt and $27 million of fixed rate debt, with remaining terms of up to 12 years, that are subject to these increased cost provisions\\. In several financing transactions involving loans or leases from non\\-U\\.S\\. entities, with remaining terms of up to 12 years and an aggregate balance of $3\\.2 billion, the Company bears the risk of any change in tax laws that would subject loan or lease payments thereunder to non\\-U\\.S\\. entities to withholding taxes, subject to customary exclusions\\.\n\n***Fuel Consortia\\.***United participates in numerous fuel consortia with other air carriers at major airports to reduce the costs of fuel distribution and storage\\. Interline agreements govern the rights and responsibilities of the consortia members and provide for the allocation of the overall costs to operate the consortia based on usage\\. The consortia (and in limited cases, the participating carriers) have entered into long\\-term agreements to lease certain airport fuel storage and distribution facilities that are typically financed through tax\\-exempt bonds, either special facilities lease revenue bonds or general airport revenue bonds, issued by various local municipalities\\. In general, each consortium lease agreement requires the consortium to make lease payments in amounts sufficient to pay the maturing principal and interest payments on the bonds\\. As of December 31, 2018, approximately $1\\.7 billion principal amount of such bonds were secured by significant fuel facility leases in which United participates, as to which United and each of the signatory airlines has provided indirect guarantees of the debt\\. As of December 31, 2018, the Company's contingent exposure was approximately $164 million principal amount of such bonds based on its recent consortia participation\\. The Company's contingent exposure could increase if the participation of other air carriers decreases\\. The guarantees will expire when the tax\\-exempt bonds are paid in full, which ranges from 2022 to 2051\\. The Company did not record a liability at the time these indirect guarantees were made\\.\n\n**Critical Accounting Policies**\n\nCritical accounting policies are defined as those that are affected by significant judgments and uncertainties which potentially could result in materially different accounting under different assumptions and conditions\\. The Company has prepared the financial statements in conformity with accounting principles generally accepted in the United States of America (\"GAAP\"), which requires management to make estimates and assumptions that affect the reported amounts in the financial statements\\. Actual results could differ from those estimates under different assumptions or conditions\\. The Company has identified the following critical accounting policies that impact the preparation of the financial statements\\.\n\n***Frequent Flyer Accounting\\.*** United's MileagePlus loyalty program builds customer loyalty by offering awards, benefits and services to program participants\\. Members in this program earn miles for travel on United, United Express, Star Alliance members and certain other airlines that participate in the program\\. Members can also earn miles by purchasing the goods and services of our network of non\\-airline partners\\. We have contracts to sell miles to these partners with the terms extending from one to eight years\\. These partners include domestic and international credit card issuers, retail merchants, hotels, car rental companies and our participating airline partners\\. Miles can be redeemed for free (other than taxes and government imposed fees), discounted or upgraded air travel and non\\-travel awards\\. Miles expire after 18 months of member account inactivity\\.\n\n*Miles Earned in Conjunction with Travel\\.* When frequent flyers earn miles for flights, the Company recognizes a portion of the ticket sales as revenue when the travel occurs and defers a portion of the ticket sale representing the value of the related miles as a separate performance obligation\\. The Company determines the estimated selling price of travel and miles as if each element is sold on a separate basis\\. The total consideration from each ticket sale is then allocated to each of these elements, individually, on a pro\\-rata basis\\. At the time of travel, the Company records the portion allocated to the miles to Frequent flyer deferred revenue on the Company's consolidated balance sheet and subsequently recognizes it into revenue when miles are redeemed for air travel and non\\-air travel awards\\.\n\nThe Company's estimated selling price of miles is based on an equivalent ticket value less breakage, which incorporates the expected redemption of miles, as the best estimate of selling price for these miles\\. The equivalent ticket value is based on the prior 12 months' weighted average equivalent ticket value of similar fares as those used to settle award redemptions while \n\n34"}
{"_id": "Alaska-2017_8.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|   |                                                                                                                                                                                 |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | offering our guests more travel destinations and better mileage credit/redemption opportunities, including elite qualifying miles on U\\.S\\. and international airline partners; |\n\n\n\n\n\n|   |                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | giving our frequent flyer program a competitive advantage because of our partnership with carriers from all three of the major global alliances; |\n\n\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | giving us access to more connecting traffic from other airlines; and |\n\n\n\n\n\n|   |                                                                                                                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | providing members of our alliance partners\u2019 frequent flyer programs an opportunity to travel on Alaska, Virgin America and our regional partners while earning mileage credit in our partners\u2019 programs\\. |\n\n\n\nMost of our codeshare relationships are free\\-sale codeshares, where the marketing carrier sells seats on the operating carrier\u2019s flights from the operating carrier\u2019s inventory, but takes no inventory risk\\. Our marketing agreements have various termination dates, and one or more may be in the process of renegotiation at any time\\. \n\nThe comprehensive summary of Alaska's alliances with other airlines is as follows:\n\n\n\n|                                            |                                                    |                                                                                   |                                                                                     |\n| ------------------------------------------ | -------------------------------------------------- | --------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------- |\n|                                            |                                                    | **Codeshare**                                                                     | **Codeshare**                                                                       |\n|                                            | **Frequent**<br><br>**Flyer**<br><br>**Agreement** | **Alaska Flight \\# on** <br><br>**Flights Operated by** <br><br>**Other Airline** | **Other Airline Flight \\#** <br><br>**on Flights Operated by**<br><br>**Air Group** |\n| **Major U\\.S\\. or International Airlines** |                                                    |                                                                                   |                                                                                     |\n| American Airlines                          | Yes                                                | Yes                                                                               | Yes                                                                                 |\n| Air France ^(b)^                           | Yes                                                | No                                                                                | Yes                                                                                 |\n| British Airways                            | Yes                                                | No                                                                                | Yes                                                                                 |\n| Cathay Pacific Airways                     | Yes                                                | No                                                                                | Yes                                                                                 |\n| Condor Airlines ^(a)^                      | Yes                                                | No                                                                                | No                                                                                  |\n| Emirates                                   | Yes                                                | No                                                                                | Yes                                                                                 |\n| Finnair                                    | Yes                                                | No                                                                                | No                                                                                  |\n| Icelandair                                 | Yes                                                | No                                                                                | Yes                                                                                 |\n| Hainan Airlines                            | Yes                                                | No                                                                                | No                                                                                  |\n| Japan Airlines                             | Yes                                                | No                                                                                | No                                                                                  |\n| KLM ^(b)^                                  | Yes                                                | No                                                                                | Yes                                                                                 |\n| Korean Air                                 | Yes                                                | No                                                                                | Yes                                                                                 |\n| LATAM                                      | Yes                                                | No                                                                                | Yes                                                                                 |\n| Fiji Airways ^(a)^                         | Yes                                                | No                                                                                | Yes                                                                                 |\n| Qantas                                     | Yes                                                | No                                                                                | Yes                                                                                 |\n| Singapore Airlines                         | Yes                                                | No                                                                                | No                                                                                  |\n| **Regional Airlines**                      |                                                    |                                                                                   |                                                                                     |\n| Ravn Alaska ^(c)^                          | Yes                                                | Yes                                                                               | No                                                                                  |\n| PenAir ^(a)^                               | Yes                                                | Yes                                                                               | No                                                                                  |\n| China Airlines ^(d)^                       | No                                                 | No                                                                                | Yes                                                                                 |\n| China Eastern ^(d)^                        | No                                                 | No                                                                                | Yes                                                                                 |\n| China Southern ^(d)^                       | No                                                 | No                                                                                | Yes                                                                                 |\n| Virgin Australia ^(d)^                     | No                                                 | No                                                                                | Yes                                                                                 |\n\n\n\n\n\n|     |                                                                                                                                                                         |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | These airlines do not have their own frequent flyer program\\. However, Alaska's Mileage Plan ^TM^  members can earn and redeem miles on these airlines' route systems\\. |\n\n\n\n\n\n|     |                                                                                                                                 |\n| --- | ------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | Codeshare agreements with Air France & KLM terminate on March 31, 2018; frequent flyer agreements terminate on April 30, 2018\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (c) | Alaska has temporarily suspended codeshare activity with Ravn (effective July 1, 2017) while Ravn takes steps to address certain operational considerations\\. The Frequent Flyer Agreement with Ravn has remained in place during this time\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                       |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (d) | These codeshare agreements were established with Virgin America on their reservations platform\\. After the conversion to a single Passenger Service System (PSS) in Q2 2018, these agreements will no longer exist\\.  |\n\n\n\n 9"}
{"_id": "Southwest-2017_9.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\ntreating Customers fairly, honestly, and respectfully, with its low fares and no unexpected bag fees, change fees, or hidden fees\\.\n\nSouthwest continues to be the only major U\\.S\\. airline that offers to all ticketed Customers up to two checked bags that fly free (weight and size limits apply)\\. Through both its national and local marketing campaigns, Southwest has continued to aggressively promote this point of differentiation from its competitors with its \"Bags Fly Free\u00ae\" message\\. The Company believes its decision not to charge for first and second checked bags, as reinforced by the Company's related marketing, has driven an increase in the Company's market share and a resulting net increase in revenues\\.\n\nSouthwest is also the only major U\\.S\\. airline that does not charge a fee on any of its fares for a Customer change in flight reservations\\. The Company has continued to incorporate this key point of differentiation in its marketing campaigns\\. The campaigns highlight the importance to Southwest of Customer Service by showing that Southwest understands plans can change and therefore does not charge a change fee\\. While a Customer may pay a difference in airfare, the Customer will not be charged a change fee on top of any difference in airfare\\.\n\nAlso unlike many of its competitors, Southwest does not impose additional fees for items such as seat selection, snacks, curb\\-side check\\-in, and telephone reservations\\. In addition, Southwest allows each ticketed Customer to check one stroller and one car seat free of charge, in addition to the two free checked bags\\.\n\nThe Company also continues to promote all of the many other reasons to fly Southwest such as its low fares, network size, Customer Service, free live television offerings, and its Rapid Rewards frequent flyer program\\.\n\nThe Company's visual expression of its brand \\- Heart \\- is a part of the Company's aircraft livery, airport experience, and logo, and symbolizes the Company's care, trust, and belief in providing exceptional Hospitality, and its Employees' dedication to connecting Customers with what is important in their lives\\. The Company's 737\\-800 and 737 MAX 8 aircraft include a Heart cabin interior, which gives Southwest Customers a look and feel of the future, with bold blue seats and additional seat width and legroom, an adjustable headrest, enhanced back comfort, and extra room for personal belongings\\. In addition, in 2017, the Company launched the final major element of its Heart brand refresh when front\\-line Employees began wearing Employee\\-designed uniforms that highlight the Company's red and blue Heart brand\\.\n\n**Technology Initiatives**\n\nThe Company has committed significant resources to technology improvements in support of its ongoing operations and initiatives\\. In 2017, the Company completed a multi\\-year initiative to completely transition its reservation system to the Amadeus Alt\u00e9a Passenger Service System\\. The new reservation system, which represented the single largest technology project in the Company's history, was designed to improve flight scheduling and inventory management, enable operational enhancements to manage flight disruptions, such as those caused by extreme weather conditions, enable revenue enhancements, further schedule optimization, support additional international growth, and enable other foundational and operational capabilities\\.\n\nThe Company continues to invest significantly in technology resources including, among others, the Company's systems related to (i) aircraft maintenance record keeping, (ii) flight planning and scheduling, (iii) crew scheduling, and (iv) technical operations\\.\n\n**Regulation**\n\nThe airline industry is heavily regulated, especially by the federal government, and there are a significant number of governmental agencies and legislative bodies that have the ability to directly or indirectly affect the Company and/or the airline industry financially and/or operationally\\. Examples of regulations affecting the Company and/or the airline industry, imposed by several of these governmental agencies and legislative bodies, are discussed below\\.\n\n10"}
{"_id": "Southwest-2017_100.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nThe following tables present the Company\u2019s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2017, and December 31, 2016:\n\n\n\n|                                         |                       |                                                                                |                                                               |                                                           |\n| --------------------------------------- | --------------------- | ------------------------------------------------------------------------------ | ------------------------------------------------------------- | --------------------------------------------------------- |\n|                                         |                       | **Fair value measurements at reporting date using:**                           | **Fair value measurements at reporting date using:**          | **Fair value measurements at reporting date using:**      |\n|                                         |                       | **Quoted prices in**<br><br>**active markets**<br><br>**for identical assets** | **Significant**<br><br>**other observable**<br><br>**inputs** | **Significant**<br><br>**unobservable**<br><br>**inputs** |\n| **Description**                         | **December 31, 2017** | **(Level 1)**                                                                  | **(Level 2)**                                                 | **(Level 3)**                                             |\n| **Assets**                              | (in millions)         | (in millions)                                                                  | (in millions)                                                 | (in millions)                                             |\n| Cash equivalents                        |                       |                                                                                |                                                               |                                                           |\n| Cash equivalents (a)                    | $1,133                | $1,133                                                                         | $\u2014                                                            | $\u2014                                                        |\n| Commercial paper                        | 350                   | \u2014                                                                              | 350                                                           | \u2014                                                         |\n| Certificates of deposit                 | 12                    | \u2014                                                                              | 12                                                            | \u2014                                                         |\n| Short\\-term investments:                |                       |                                                                                |                                                               |                                                           |\n| Treasury bills                          | 1,491                 | 1,491                                                                          | \u2014                                                             | \u2014                                                         |\n| Certificates of deposit                 | 287                   | \u2014                                                                              | 287                                                           | \u2014                                                         |\n| Fuel derivatives:                       |                       |                                                                                |                                                               |                                                           |\n| Option contracts (b)                    | 283                   | \u2014                                                                              | \u2014                                                             | 283                                                       |\n| Other available\\-for\\-sale securities   | 107                   | 107                                                                            | \u2014                                                             | \u2014                                                         |\n| **Total assets**                        | $3,663                | $2,731                                                                         | $649                                                          | $283                                                      |\n| **Liabilities**                         |                       |                                                                                |                                                               |                                                           |\n| Fuel derivatives:                       |                       |                                                                                |                                                               |                                                           |\n| Option contracts (b)                    | (35)                  | \u2014                                                                              | \u2014                                                             | (35)                                                      |\n| Interest rate derivatives (see Note 10) | (22)                  | \u2014                                                                              | (22)                                                          | \u2014                                                         |\n| **Total liabilities**                   | $(57)                 | $\u2014                                                                             | $(22)                                                         | $(35)                                                     |\n\n\n\n(a) Cash equivalents are primarily composed of money market investments\\.\n\n(b) In the Consolidated Balance Sheet amounts are presented as a net asset\\. See Note 10\\.\n\n101"}
{"_id": "AmericanAirlines-2019_29.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nIf we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots, we may be unable to operate our existing flight schedule and to expand or change our route network in the future, which may have a material adverse impact on our operations\\.\n\nIn order to operate our existing and proposed flight schedule and, where desirable, add service along new or existing routes, we must be able to maintain and/or obtain adequate gates, check\\-in counters, operations areas, operations control facilities and administrative support space\\. As airports around the world become more congested, it may not be possible for us to ensure that our plans for new service can be implemented in a commercially viable manner, given operating constraints at airports throughout our network, including those imposed by inadequate facilities at desirable airports\\.\n\nIn light of constraints on existing facilities, there is presently a significant amount of capital spending underway at major airports in the United States, including large projects underway at a number of airports where we have significant operations, such as DCA, LAX, LGA and ORD\\. This spending is expected to result in increased costs to airlines and the traveling public that use those facilities as the airports seek to recover their investments through increased rental, landing and other facility costs\\. In some circumstances, such costs could be imposed by the relevant airport authority without our approval\\. Accordingly, our operating costs are expected to increase significantly at many airports at which we operate, including a number of our hubs and gateways, as a result of capital spending projects currently underway and additional projects that we expect to commence over the next several years \\. \n\nIn addition, operations at three major domestic airports, certain smaller domestic airports and many foreign airports we serve are regulated by governmental entities through allocations of slots or similar regulatory mechanisms that limit the rights of carriers to conduct operations at those airports\\. Each slot represents the authorization to land at or take off from the particular airport during a specified time period and may have other operational restrictions as well\\. In the U\\.S\\., the DOT and the FAA currently regulate the allocation of slots or slot exemptions at DCA and two New York City airports: JFK and LGA\\. Our operations at these airports generally require the allocation of slots or similar regulatory authority\\. In addition to slot restrictions, operations at DCA and LGA are also limited based on a so\\-called \u201cperimeter rule\u201d which generally limits the stage length of the flights that can be operated from those airports to 1,250 and 1,500 miles, respectively\\. Similarly, our operations at LHR, international airports in Beijing, Frankfurt, Paris, Tokyo and other airports outside the U\\.S\\. are regulated by local slot authorities pursuant to the IATA Worldwide Scheduling Guidelines and/or applicable local law\\. Termination of slot controls at some or all of the foregoing airports could affect our operational performance and competitive position\\. We currently have sufficient slots or analogous authorizations to operate our existing flights and we have generally, but not always, been able to obtain the rights to expand our operations and to change our schedules\\. However, there is no assurance that we will be able to obtain sufficient slots or analogous authorizations in the future or as to the cost of acquiring such rights because, among other reasons, such allocations are often sought after by other airlines and are subject to changes in governmental policies\\. We cannot provide any assurance that regulatory changes regarding the allocation of slots, the continued enforcement of a perimeter rule or similar regulatory authority will not have a material adverse impact on our operations\\.\n\nOur ability to provide service can also be impaired at airports, such as LAX and ORD where the airport gate and other facilities are currently inadequate to accommodate all of the service that we would like to provide, or airports such as Dallas Love Field Airport where we have no access to gates at all\\.\n\nAny limitation on our ability to acquire or maintain adequate gates, ticketing facilities, operations areas, operations control facilities, slots (where applicable), or office space could have a material adverse effect on our business, results of operations and financial condition\\.\n\nInterruptions or disruptions in service at one of our key facilities could have a material adverse impact on our operations\\.\n\nWe operate principally through our hubs and gateways in Charlotte, Chicago, Dallas/Fort Worth, London Heathrow, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D\\.C\\. Substantially all of our flights either originate at or fly into one of these locations\\. A significant interruption or disruption in service at one of our hubs, gateways or other airports where we have a significant presence, resulting from ATC delays, weather conditions, natural disasters, growth constraints, performance by third\\-party service providers (such as electric utility or telecommunications providers), failure of computer systems, disruptions at airport facilities or other key facilities used by us to manage our operations (such as occurred in the United Kingdom at LGW on December 20, 2018 and LHR on January 8, 2019 due to unauthorized drone activity), labor relations, power supplies, fuel supplies, terrorist activities, or otherwise could result in the cancellation or delay of a significant portion of our flights and, as a result, could have a severe impact on our business, results of operations and financial condition\\. We have limited control, particularly in the short term, over the operation, quality or maintenance of many of the services on which our operations depend and over whether vendors of such services will improve or continue to provide services that are essential to our business\\.\n\n30"}
{"_id": "AmericanAirlines-2018_134.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n**1\\. Basis of Presentation and Summary of Significant Accounting Policies**\n\n***(a) Basis of Presentation***\n\nAmerican Airlines, Inc\\. (American) is a Delaware corporation whose primary business activity is the operation of a major network air carrier\\. American is the principal wholly\\-owned subsidiary of American Airlines Group Inc\\. (AAG), which owns all of American\u2019s outstanding common stock, par value $1\\.00 per share\\. On December 9, 2013, a subsidiary of AMR Corporation (AMR) merged with and into US Airways Group, Inc\\. (US Airways Group), a Delaware corporation, which survived as a wholly\\-owned subsidiary of AAG, and AAG emerged from Chapter 11 (the Merger)\\. Upon closing of the Merger and emergence from Chapter 11, AMR changed its name to American Airlines Group Inc\\. All significant intercompany transactions have been eliminated\\.\n\nThe preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements\\. Actual results could differ from those estimates\\. The most significant areas of judgment relate to passenger revenue recognition, impairment of goodwill, impairment of long\\-lived and intangible assets, the loyalty program, as well as pension and retiree medical and other postretirement benefits\\.\n\n***(b) Recent Accounting Pronouncements***\n\n*Standards Adopted in 2018*\n\nEffective January 1, 2018, American adopted the accounting pronouncements described below\\. \n\n***ASU 2014\\-09: Revenue from Contracts with Customers (Topic 606) (the New Revenue Standard)***\n\nThe New Revenue Standard applies to all companies that enter into contracts with customers to transfer goods or services\\. American adopted the New Revenue Standard using the full retrospective method, which resulted in the recast of prior reporting periods\\.\n\nThe adoption of the New Revenue Standard impacted American\u2019s accounting for outstanding mileage credits earned through travel by AAdvantage loyalty program members\\. There was no change in accounting for sales of mileage credits to co\\-branded credit card or other partners\\. Prior to the adoption of the New Revenue Standard, American used the incremental cost method to account for the portion of its loyalty program liability related to mileage credits earned through travel, which were valued based on the estimated incremental cost of carrying one additional passenger\\. The New Revenue Standard required American to change its policy to the deferred revenue method and apply a relative selling price approach whereby a portion of each passenger ticket sale attributable to mileage credits earned is deferred and recognized in passenger revenue upon future mileage redemption\\. The value of the earned mileage credits is materially greater under the deferred revenue method than the value attributed to these mileage credits under the incremental cost method\\. \n\nThe New Revenue Standard also required certain reclassifications, principally the reclassification of certain ancillary revenues previously classified and reported as other revenue to passenger revenue and as applicable to cargo revenue\\. Additionally, the New Revenue Standard required a gross presentation on the face of American\u2019s consolidated statements of operations for certain revenues and expenses that had previously been presented on a net basis\\.\n\nSee *\u201cImpacts to 2017 Results\u201d* and *\u201cImpacts to 2016 Results\u201d* below for the impact to American\u2019s consolidated statements of operations data for 2017 and 2016, respectively, and American\u2019s consolidated balance sheet as of December 31, 2017 related to the adoption of the New Revenue Standard\\.\n\n***ASU 2017\\-07: Compensation \\- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (the New Retirement Standard)***\n\nThe New Retirement Standard required all components of American\u2019s net periodic benefit cost (income), with the exception of service cost, previously reported within operating expenses as salaries, wages and benefits, to be reclassified and reported within nonoperating income (expense)\\. The New Retirement Standard was applied retrospectively, which resulted in the recast of each prior reporting period presented\\. The adoption of the New Retirement Standard had no impact on pre\\-tax income or net income reported\\. \n\nSee \u201c*Impacts to 2017 Results*\u201d and \u201c*Impacts to 2016 Results*\u201d below for the impact to American\u2019s consolidated statements of operations data for 2017 and 2016, respectively, related to the adoption of the New Retirement Standard\\.\n\n135"}
{"_id": "AmericanAirlines-2018_139.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\ngeneration of future taxable income\\. American considers all available positive and negative evidence and makes certain assumptions in evaluating the realizability of its deferred tax assets\\. Many factors are considered that impact American\u2019s assessment of future profitability, including conditions which are beyond American\u2019s control, such as the health of the economy, the level and volatility of fuel prices and travel demand\\.\n\n***(i) Goodwill***\n\nGoodwill represents the excess of the purchase price over the fair value of the net assets acquired and liabilities assumed\\. Goodwill is not amortized but assessed for impairment annually on October 1^st^ or more frequently if events or circumstances indicate that goodwill may be impaired\\. American has one consolidated reporting unit\\.\n\nGoodwill is assessed for impairment by initially performing a qualitative assessment and, if necessary, then comparing the fair value of the reporting unit to its carrying value, including goodwill\\. If the fair value of the reporting unit is less than the carrying value, a second step is performed to determine the implied fair value of goodwill\\. If the implied fair value of goodwill is lower than its carrying value, an impairment charge equal to the difference is recorded\\. Based upon American\u2019s annual assessment, there was no goodwill impairment in 2018\\. The carrying value of the goodwill on American\u2019s consolidated balance sheets was $4\\.1 billion as of December 31, 2018 and 2017\\.\n\n***(j) Other Intangibles, Net***\n\nIntangible assets consist primarily of domestic airport slots, customer relationships, marketing agreements, international slots and route authorities, airport gate leasehold rights and tradenames\\.\n\n*Finite\\-Lived Intangible Assets*\n\nFinite\\-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable\\.\n\nThe following table provides information relating to American\u2019s amortizable intangible assets as of December 31, 2018 and 2017 (in millions):\n\n\n\n|                               |                  |                  |\n| ----------------------------- | ---------------- | ---------------- |\n|                               | **December 31,** | **December 31,** |\n|                               | **2018**         | **2017**         |\n| Domestic airport slots        | $365             | $365             |\n| Customer relationships        | 300              | 300              |\n| Marketing agreements          | 105              | 105              |\n| Tradenames                    | 35               | 35               |\n| Airport gate leasehold rights | 137              | 137              |\n| Accumulated amortization      | (663)            | (622)            |\n| Total                         | $279             | $320             |\n\n\n\nCertain domestic airport slots and airport gate leasehold rights are amortized on a straight\\-line basis over 25 years\\. The customer relationships and marketing agreements were identified as intangible assets subject to amortization and are amortized on a straight\\-line basis over approximately nine years and 30 years, respectively\\. Tradenames are fully amortized\\.\n\nAmerican recorded amortization expense related to these intangible assets of $41 million, $44 million and $76 million for the years ended December 31, 2018, 2017 and 2016, respectively\\. American expects to record annual amortization expense for these intangible assets as follows (in millions):\n\n\n\n|                     |      |\n| ------------------- | ---- |\n| 2019                | $41  |\n| 2020                | 41   |\n| 2021                | 41   |\n| 2022                | 41   |\n| 2023                | 7    |\n| 2024 and thereafter | 108  |\n| Total               | $279 |\n\n\n\n140"}
{"_id": "AmericanAirlines-2017_2.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**American Airlines Group Inc\\.**\n\n**American Airlines, Inc\\.**\n\n**Form 10\\-K**\n\n**Year Ended December 31, 2017**\n\n**Table of Contents**\n\n\n\n|                                                                                                     |                                                                                                                                                                                                                 |                                                                                                     |\n| --------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------- |\n|                                                                                                     |                                                                                                                                                                                                                 | **Page**                                                                                            |\n| [**PART I**](https://americanairlines.gcs-web.com/email-alerts#sC6438DB3BB6F5766867258A59EF4E47F)   | [**PART I**](https://americanairlines.gcs-web.com/email-alerts#sC6438DB3BB6F5766867258A59EF4E47F)                                                                                                               | [**PART I**](https://americanairlines.gcs-web.com/email-alerts#sC6438DB3BB6F5766867258A59EF4E47F)   |\n| [Item 1\\.](https://americanairlines.gcs-web.com/email-alerts#s22D137DC0B035787B6AE5E9864620657)     | [Business](https://americanairlines.gcs-web.com/email-alerts#s22D137DC0B035787B6AE5E9864620657)                                                                                                                 | <br>[5](https://americanairlines.gcs-web.com/email-alerts#s22D137DC0B035787B6AE5E9864620657)        |\n| [Item 1A\\.](https://americanairlines.gcs-web.com/email-alerts#sD860B8EB41E15371BCE52FF8C03BAE67)    | [Risk Factors](https://americanairlines.gcs-web.com/email-alerts#sD860B8EB41E15371BCE52FF8C03BAE67)                                                                                                             | <br>[15](https://americanairlines.gcs-web.com/email-alerts#sD860B8EB41E15371BCE52FF8C03BAE67)       |\n| [Item 1B\\.](https://americanairlines.gcs-web.com/email-alerts#s1737C3F2B95059FFB9D29BF190199068)    | [Unresolved Staff Comments](https://americanairlines.gcs-web.com/email-alerts#s1737C3F2B95059FFB9D29BF190199068)                                                                                                | <br>[32](https://americanairlines.gcs-web.com/email-alerts#s1737C3F2B95059FFB9D29BF190199068)       |\n| [Item 2\\.](https://americanairlines.gcs-web.com/email-alerts#sDD3474DA60A65342A8230DD399FE68AD)     | [Properties](https://americanairlines.gcs-web.com/email-alerts#sDD3474DA60A65342A8230DD399FE68AD)                                                                                                               | <br>[33](https://americanairlines.gcs-web.com/email-alerts#sDD3474DA60A65342A8230DD399FE68AD)       |\n| [Item 3\\.](https://americanairlines.gcs-web.com/email-alerts#s7639617A7A5259E5B4B710B53953B6D4)     | [Legal Proceedings](https://americanairlines.gcs-web.com/email-alerts#s7639617A7A5259E5B4B710B53953B6D4)                                                                                                        | <br>[36](https://americanairlines.gcs-web.com/email-alerts#s7639617A7A5259E5B4B710B53953B6D4)       |\n| [Item 4\\.](https://americanairlines.gcs-web.com/email-alerts#sC5689EA608AC51648C311B66722B6E4F)     | [Mine Safety Disclosures](https://americanairlines.gcs-web.com/email-alerts#sC5689EA608AC51648C311B66722B6E4F)                                                                                                  | <br>[37](https://americanairlines.gcs-web.com/email-alerts#sC5689EA608AC51648C311B66722B6E4F)       |\n| [**PART II**](https://americanairlines.gcs-web.com/email-alerts#sB109289CD5D55FD4A894E7360DFE3683)  | [**PART II**](https://americanairlines.gcs-web.com/email-alerts#sB109289CD5D55FD4A894E7360DFE3683)                                                                                                              | [**PART II**](https://americanairlines.gcs-web.com/email-alerts#sB109289CD5D55FD4A894E7360DFE3683)  |\n| [Item 5\\.](https://americanairlines.gcs-web.com/email-alerts#s15A7843CE2785D63AE899502CEF0DF09)     | [Market for American Airlines Group\u2019s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities](https://americanairlines.gcs-web.com/email-alerts#s15A7843CE2785D63AE899502CEF0DF09) | <br>[38](https://americanairlines.gcs-web.com/email-alerts#s15A7843CE2785D63AE899502CEF0DF09)       |\n| [Item 6\\.](https://americanairlines.gcs-web.com/email-alerts#s4A13A7BE348E5DB6B73778B69CA2E9FC)     | [Selected Consolidated Financial Data](https://americanairlines.gcs-web.com/email-alerts#s4A13A7BE348E5DB6B73778B69CA2E9FC)                                                                                     | <br>[41](https://americanairlines.gcs-web.com/email-alerts#s4A13A7BE348E5DB6B73778B69CA2E9FC)       |\n| [Item 7\\.](https://americanairlines.gcs-web.com/email-alerts#sE35985CC7ED256E694287EB05E76907E)     | [Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations](https://americanairlines.gcs-web.com/email-alerts#s3A659A65446651C381749707FB9C4963)                                    | <br>[45](https://americanairlines.gcs-web.com/email-alerts#s3A659A65446651C381749707FB9C4963)       |\n| [Item 7A\\.](https://americanairlines.gcs-web.com/email-alerts#sCCD06D1050C65134A4AA20137BE93518)    | [Quantitative and Qualitative Disclosures About Market Risk](https://americanairlines.gcs-web.com/email-alerts#sCCD06D1050C65134A4AA20137BE93518)                                                               | <br>[78](https://americanairlines.gcs-web.com/email-alerts#sCCD06D1050C65134A4AA20137BE93518)       |\n| [Item 8A\\.](https://americanairlines.gcs-web.com/email-alerts#s592150812651520D96FAD74650EC14DE)    | [Consolidated Financial Statements and Supplementary Data of American Airlines Group Inc\\.](https://americanairlines.gcs-web.com/email-alerts#s592150812651520D96FAD74650EC14DE)                                | <br>[80](https://americanairlines.gcs-web.com/email-alerts#s592150812651520D96FAD74650EC14DE)       |\n| [Item 8B\\.](https://americanairlines.gcs-web.com/email-alerts#s57556CCC82905BFEB197E8EEDDF9F0F6)    | [Consolidated Financial Statements and Supplementary Data of American Airlines, Inc\\.](https://americanairlines.gcs-web.com/email-alerts#s57556CCC82905BFEB197E8EEDDF9F0F6)                                     | <br>[125](https://americanairlines.gcs-web.com/email-alerts#s57556CCC82905BFEB197E8EEDDF9F0F6)      |\n| [Item 9\\.](https://americanairlines.gcs-web.com/email-alerts#sA5E40990C2BA5DD1A9ADF8F63F396B0B)     | [Changes In and Disagreements with Accountants on Accounting and Financial Disclosure](https://americanairlines.gcs-web.com/email-alerts#sA5E40990C2BA5DD1A9ADF8F63F396B0B)                                     | <br>[170](https://americanairlines.gcs-web.com/email-alerts#sA5E40990C2BA5DD1A9ADF8F63F396B0B)      |\n| [Item 9A\\.](https://americanairlines.gcs-web.com/email-alerts#s1C3B4BA46F845832BFD44D2413D4935C)    | [Controls and Procedures](https://americanairlines.gcs-web.com/email-alerts#s1C3B4BA46F845832BFD44D2413D4935C)                                                                                                  | <br>[170](https://americanairlines.gcs-web.com/email-alerts#s1C3B4BA46F845832BFD44D2413D4935C)      |\n| [**PART III**](https://americanairlines.gcs-web.com/email-alerts#sE80BFD5C27C5588A84D818CE3824E119) | [**PART III**](https://americanairlines.gcs-web.com/email-alerts#sE80BFD5C27C5588A84D818CE3824E119)                                                                                                             | [**PART III**](https://americanairlines.gcs-web.com/email-alerts#sE80BFD5C27C5588A84D818CE3824E119) |\n| [Item 10\\.](https://americanairlines.gcs-web.com/email-alerts#s898CAAC9D5065DD19DBF646184DC100C)    | [Directors, Executive Officers and Corporate Governance](https://americanairlines.gcs-web.com/email-alerts#s898CAAC9D5065DD19DBF646184DC100C)                                                                   | <br>[174](https://americanairlines.gcs-web.com/email-alerts#s898CAAC9D5065DD19DBF646184DC100C)      |\n| [Item 11\\.](https://americanairlines.gcs-web.com/email-alerts#s6DF5B21DD18453708321F543541045FC)    | [Executive Compensation](https://americanairlines.gcs-web.com/email-alerts#s6DF5B21DD18453708321F543541045FC)                                                                                                   | <br>[174](https://americanairlines.gcs-web.com/email-alerts#s6DF5B21DD18453708321F543541045FC)      |\n| [Item 12\\. ](https://americanairlines.gcs-web.com/email-alerts#sA04D26B82CCE5F56A5B9AFAFE9EF06EB)   | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](https://americanairlines.gcs-web.com/email-alerts#sA04D26B82CCE5F56A5B9AFAFE9EF06EB)                           | <br>[174](https://americanairlines.gcs-web.com/email-alerts#sA04D26B82CCE5F56A5B9AFAFE9EF06EB)      |\n| [Item 13\\.](https://americanairlines.gcs-web.com/email-alerts#sFAA79469CAFC5BD58682EBA9F7BACC0B)    | [Certain Relationships and Related Transactions, and Director Independence](https://americanairlines.gcs-web.com/email-alerts#sFAA79469CAFC5BD58682EBA9F7BACC0B)                                                | <br>[174](https://americanairlines.gcs-web.com/email-alerts#sFAA79469CAFC5BD58682EBA9F7BACC0B)      |\n| [Item 14\\.](https://americanairlines.gcs-web.com/email-alerts#s1933420891D5558C8C28D1447F9F328C)    | [Principal Accountant Fees and Services](https://americanairlines.gcs-web.com/email-alerts#s1933420891D5558C8C28D1447F9F328C)                                                                                   | <br>[174](https://americanairlines.gcs-web.com/email-alerts#s1933420891D5558C8C28D1447F9F328C)      |\n| [**PART IV**](https://americanairlines.gcs-web.com/email-alerts#s8EB99F25A6E457ACAFB323B96CB8A22B)  | [**PART IV**](https://americanairlines.gcs-web.com/email-alerts#s8EB99F25A6E457ACAFB323B96CB8A22B)                                                                                                              | [**PART IV**](https://americanairlines.gcs-web.com/email-alerts#s8EB99F25A6E457ACAFB323B96CB8A22B)  |\n| [Item 15\\.](https://americanairlines.gcs-web.com/email-alerts#s318AB8FA7B885A4F8A2180128EF23F3E)    | [Exhibits and Financial Statement Schedules](https://americanairlines.gcs-web.com/email-alerts#s318AB8FA7B885A4F8A2180128EF23F3E)                                                                               | <br>[175](https://americanairlines.gcs-web.com/email-alerts#s318AB8FA7B885A4F8A2180128EF23F3E)      |\n| [Item 16\\.](https://americanairlines.gcs-web.com/email-alerts#s7F20A34BFA475D0FAC69389DD7EEC674)    | [Form 10\\-K Summary](https://americanairlines.gcs-web.com/email-alerts#s7F20A34BFA475D0FAC69389DD7EEC674)                                                                                                       | <br>[197](https://americanairlines.gcs-web.com/email-alerts#s7F20A34BFA475D0FAC69389DD7EEC674)      |\n| [SIGNATURES](https://americanairlines.gcs-web.com/email-alerts#sCD1AEDE6BFAB5FB2A064734989CCB92B)   | [SIGNATURES](https://americanairlines.gcs-web.com/email-alerts#sCD1AEDE6BFAB5FB2A064734989CCB92B)                                                                                                               | <br>[198](https://americanairlines.gcs-web.com/email-alerts#sCD1AEDE6BFAB5FB2A064734989CCB92B)      |\n\n\n\n3"}
{"_id": "United-2017_70.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nof grant\\. These RSUs are generally equity awards settled in stock for domestic employees and liability awards settled in cash for international employees\\. The cash payments are based on the 20\\-day average closing price of UAL common stock immediately prior to the vesting date\\. The performance\\-based RSUs vest based on the Company\u2019s relative improvement in pre\\-tax margin compared to a group of airline industry peers for the three years ending December 31, 2019\\. If the performance condition is achieved, cash payments will be made after the end of the performance period based on the 20\\-day average closing price of UAL common stock immediately prior to the vesting date and based on the level, if any, of the performance goal achieved\\. The Company accounts for the performance\\-based RSUs as liability awards\\. The stock options have a ten\\-year term and vest pro\\-rata over the third, fourth and fifth anniversaries of the date of grant\\.\n\nThe following table provides information related to UAL\u2019s share\\-based compensation plan cost for the years ended December 31 (in millions):\n\n\n\n|                    |            |            |            |\n|:------------------ | ----------:| ----------:| ----------:|\n|                    |  **2017**  |  **2016**  |  **2015**  |\n| Compensation cost: |            |            |            |\n| RSUs               |       $63  |       $58  |       $52  |\n| Restricted stock   |         8  |        11  |         6  |\n| Stock options      |         2  |         1  |         \u2014  |\n| Total              |       $73  |       $70  |       $58  |\n\n\n\nThe table below summarizes UAL\u2019s unearned compensation and weighted\\-average remaining period to recognize costs for all outstanding share\\-based awards that are probable of being achieved as of December 31, 2017 (in millions, except as noted):\n\n\n\n|                  |                                |                                                                                    |\n|:---------------- | ------------------------------:| ----------------------------------------------------------------------------------:|\n|                  | **Unearned  <br>Compensation** | **Weighted\\-**  <br>**Average**  <br>**Remaining  <br>Period**  <br>**(in years)** |\n| RSUs             |                           $46  |                                                                              1\\.9  |\n| Stock options    |                             4  |                                                                              3\\.9  |\n| Restricted stock |                             3  |                                                                              1\\.2  |\n| Total            |                           $53  |                                                                                    |\n\n\n\nRSUs and Restricted Stock\\. All performance\\-based RSUs, as well as a portion of the outstanding time\\-vested RSUs, will be settled in cash\\. As of December 31, 2017, UAL had recorded a liability of $38 million related to its RSUs\\. UAL paid $50 million, $69 million and $85 million related to its RSUs during 2017, 2016 and 2015, respectively\\.\n\n71"}
{"_id": "Southwest-2017_63.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nwith a points earning multiplier, and points for flights are calculated by multiplying the fare for the flight by the fare class multiplier\\. Likewise, the amount of points required to be redeemed for a flight is based on the fare and fare class purchased\\. Under the program, (i) Members are able to redeem their points for every available seat, every day, on every flight, with no blackout dates; and (ii) points do not expire so long as the Rapid Rewards Member has points\\-earning activity during a 24\\-month time period\\. In addition, Southwest co\\-branded Chase Visa credit card holders are able to redeem their points for items other than travel on Southwest Airlines, such as international flights on other airlines, cruises, hotel stays, rental cars, gift cards, event tickets, and more\\. In addition to earning points for revenue flights and qualifying purchases with Rapid Rewards Partners, Rapid Rewards Members also have the ability to purchase, gift, and transfer points, as well as the ability to donate points to selected charities\\.\n\nThe Company utilizes the incremental cost method of accounting for points earned through flights taken in its frequent flyer program\\. Liabilities are recorded for the estimated incremental cost of providing free travel as points are being earned and companion passes earned\\. The liabilities recorded represent the total number of points expected to be redeemed by Members, regardless of whether the Members may have enough to qualify for a full travel award\\. The incremental cost liabilities are primarily composed of direct Passenger costs such as fuel, food, and other operational costs, but do not include any contribution to fixed overhead costs or profit\\. At December 31, 2017, the incremental cost liabilities were approximately $76 million\\. As previously discussed, the Company will adopt ASU No\\. 2014\\-09, Revenue from Contracts with Customers, as of January 1, 2018\\. See Note 2 to the Consolidated Financial Statements for further information\\. \n\nThe Company also sells frequent flyer points and related services to business partners participating in the frequent flyer program\\. The majority of the points sold to business partners are through the Southwest co\\-branded Chase Visa credit card\\. Prior to third quarter 2015, funds received from the sale of points associated with these agreements were accounted for under the residual method\\. Under the residual method, the Company estimated the percent of the amount received from frequent flyer points sold associated with Southwest\u2019s co\\-branded Chase Visa credit card that related to free travel\\. The estimated amounts associated with free travel were deferred and recognized as Passenger revenue when the ultimate free travel awards were flown\\. During third quarter 2015, the Company executed an amended co\\-branded credit card agreement (\"Agreement\") with Chase Bank USA, N\\.A\\. (\"Chase\"), which materially modified the previously existing agreement between Chase and the Company\\. Consideration received as part of this Agreement is subject to ASU No\\. 2009\\-13, Multiple\\-Deliverable Revenue Arrangements \\- a consensus of the FASB Emerging Issues Task Force\\. The modified Agreement has the following multiple elements: travel points to be awarded; use of the Southwest Airlines\u2019 brand and access to Rapid Reward Member lists; advertising elements; and the Company\u2019s resource team\\. Under ASU No\\. 2009\\-13, these deliverables are accounted for separately and allocation of consideration from the Agreement is determined based on the relative selling price of each deliverable\\. The application of ASU No\\. 2009\\-13 to the Agreement decreases the relative value of the air transportation deliverables that the Company records as deferred revenue (and ultimately Passenger revenues when redeemed awards are flown) and increases the relative value of the marketing\\-related deliverables recorded in Other revenues at the time these marketing\\-related deliverables are provided\\. This is principally due to the previous application of the residual method, which effectively applied the entire discount associated with the agreement to the marketing deliverables\\.\n\nSignificant management judgment was used to estimate the selling price of each of the deliverables\\. The objective was to determine the price at which the Company would transact a sale if the product or service was sold on a stand\\-alone basis\\. The Company determined the best estimate of selling price by considering multiple inputs and methods including, but not limited to, the estimated selling price of comparable travel, discounted cash flows, brand value, published selling prices, number of points awarded, and the number of points redeemed\\. The Company estimated the selling prices and volumes over the term of the Agreement in order to determine the allocation of proceeds to each of the multiple deliverables\\. The Company records passenger revenue related to air transportation and certificates for discounted companion travel when the transportation is delivered\\. A one percent increase or decrease in the Company's estimate of the standalone selling prices, implemented as of January 1, 2017, resulting in an allocation of proceeds to air transportation would have changed the Company's Operating revenues by less than $17 million for 2017\\.\n\nThe Company followed the transition approach of ASU No\\. 2009\\-13, which required that the Company's existing deferred revenue balance, classified within Air traffic liability, be adjusted to reflect the value, on a relative selling \n\n64"}
{"_id": "United-2019_45.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUNITED AIRLINES HOLDINGS, INC\\.\n\nCONSOLIDATED BALANCE SHEETS\n\n(In millions, except shares)\n\n\n\n|                                                                                                                                                                    |                     |                     |\n| ------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------- | ------------------- |\n|                                                                                                                                                                    | **At December 31,** | **At December 31,** |\n| **LIABILITIES AND STOCKHOLDERS' EQUITY**                                                                                                                           | **2019**            | **2018 (a)**        |\n| Current liabilities:                                                                                                                                               |                     |                     |\n| Advance ticket sales                                                                                                                                               | $4,819              | $4,381              |\n| Accounts payable                                                                                                                                                   | 2,703               | 2,363               |\n| Frequent flyer deferred revenue                                                                                                                                    | 2,440               | 2,286               |\n| Accrued salaries and benefits                                                                                                                                      | 2,271               | 2,184               |\n| Current maturities of long\\-term debt                                                                                                                              | 1,407               | 1,230               |\n| Current maturities of finance leases                                                                                                                               | 46                  | 123                 |\n| Current maturities of operating leases                                                                                                                             | 686                 | 719                 |\n| Other                                                                                                                                                              | 566                 | 553                 |\n| Total current liabilities                                                                                                                                          | 14,938              | 13,839              |\n| Long\\-term debt                                                                                                                                                    | 13,145              | 12,215              |\n| Long\\-term obligations under finance leases                                                                                                                        | 220                 | 224                 |\n| Long\\-term obligations under operating leases                                                                                                                      | 4,946               | 5,276               |\n| Other liabilities and deferred credits:                                                                                                                            |                     |                     |\n| Frequent flyer deferred revenue                                                                                                                                    | 2,836               | 2,719               |\n| Postretirement benefit liability                                                                                                                                   | 789                 | 1,295               |\n| Pension liability                                                                                                                                                  | 1,446               | 1,576               |\n| Deferred income taxes                                                                                                                                              | 1,736               | 828                 |\n| Other                                                                                                                                                              | 1,024               | 1,010               |\n| Total other liabilities and deferred credits                                                                                                                       | 7,831               | 7,428               |\n| Commitments and contingencies                                                                                                                                      |   <br>              |   <br>              |\n| Stockholders' equity:                                                                                                                                              |                     |                     |\n| Preferred stock                                                                                                                                                    | \u2014                   | \u2014                   |\n| Common stock at par, $0\\.01 par value; authorized 1,000,000,000 shares; outstanding 251,216,381 and 269,914,769 shares at December 31, 2019 and 2018, respectively | 3                   | 3                   |\n| Additional capital invested                                                                                                                                        | 6,129               | 6,120               |\n| Stock held in treasury, at cost                                                                                                                                    | (3,599<br><br>)     | (1,993<br><br>)     |\n| Retained earnings                                                                                                                                                  | 9,716               | 6,715               |\n| Accumulated other comprehensive loss                                                                                                                               | (718<br><br>)       | (803<br><br>)       |\n| Total stockholders' equity                                                                                                                                         | 11,531              | 10,042              |\n| Total liabilities and stockholders' equity                                                                                                                         | $52,611             | $49,024             |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2016\\-02,  Leases (Topic 842) \\. See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n46"}
{"_id": "United-2017_127.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|            |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| ----------:|:--------------- |:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*^10\\.194 | UAL  <br>United | [Supplemental Agreement No\\. 5 to Purchase Agreement No\\. 03776, dated January 20, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.1 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex101.htm)                                   |\n| \\*^10\\.195 | UAL  <br>United | [Supplemental Agreement No\\. 6 to Purchase Agreement No\\. 03776, dated February 8, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.3 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex103.htm)                                   |\n| \\*^10\\.196 | UAL  <br>United | [Supplemental Agreement No\\. 7 to Purchase Agreement No\\. 03776, dated December 27, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.183 to UAL\u2019s Form  10\\-K for the year ended December 31, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex10183.htm)                              |\n| \\*^10\\.197 | UAL  <br>United | [Supplemental Agreement No\\. 8, including exhibits and side letters, to Purchase Agreement No\\. 03776, dated June 7, 2017, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.3 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex103.htm)  |\n| \\*^10\\.198 | UAL  <br>United | [Supplemental Agreement No\\. 9, including exhibits and side letters, to Purchase Agreement No\\. 03776, dated June 15, 2017, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.4 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex104.htm) |\n| \\*^10\\.199 | UAL  <br>United | [Letter Agreement No\\.    6\\-1162\\-KKT\\-080, dated July 12, 2012, among Boeing, United Continental Holdings, Inc\\., United Air Lines, Inc\\., and Continental Airlines, Inc\\. (filed as Exhibit 10\\.4 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2012, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex104.htm) |\n| \\*^10\\.200 | UAL  <br>United | [Purchase Agreement No\\. 3860, dated September 27, 2012, between Boeing and United Air Lines, Inc\\. (filed as Exhibit 10\\.6 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2012, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex106.htm)                                                                          |\n| \\*^10\\.201 | UAL  <br>United | [Supplemental Agreement No\\. 1 to Purchase Agreement No\\. 3860, dated June 17, 2013 (filed as Exhibit 10\\.6 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex106.htm)                                                                                               |\n| \\*^10\\.202 | UAL  <br>United | [Supplemental Agreement No\\. 2 to Purchase Agreement No\\. 3860, dated December 16, 2013 (filed as Exhibit 10\\.1 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2014, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312514278970/d732259dex101.htm)                                                                                           |\n| \\*^10\\.203 | UAL  <br>United | [Supplemental Agreement No\\. 3 to Purchase Agreement No\\. 3860, dated as of July 22, 2014 (filed as Exhibit 10\\.3 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2014, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312514380216/d787177dex103.htm)                                                                                    |\n| \\*^10\\.204 | UAL  <br>United | [Supplemental Agreement No\\. 4 to Purchase Agreement No\\. 3860, dated as of January 14, 2015 (filed as Exhibit 10\\.6 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2015, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex106.htm)                                                                                     |\n\n\n\n128"}
{"_id": "Delta-2019_59.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Statements of Stockholders' Equity \n\n\n\n|                                                                                                                                                               |                                                                                                                                                               |                                                                                                                                                               |              |              |              |          |                                  |                         |                                                |                                                |                |                |        |        |        |        |        |        |       |       |       |\n|:------------------------------------------------------------------------------------------------------------------------------------------------------------- |:------------------------------------------------------------------------------------------------------------------------------------------------------------- |:------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------:| ------------:| ------------:| --------:| --------------------------------:| -----------------------:| ----------------------------------------------:| ----------------------------------------------:| --------------:| --------------:|:------:|:------:|:------:|:------:|:------:|:------:|:-----:|:-----:|:-----:|\n|                                                                                                                                                               |                                                                                                                                                               |                                                                                                                                                               | Common Stock | Common Stock | Common Stock |          | Additional  <br>Paid\\-In Capital |  Retained  <br>Earnings | Accumulated  <br>Other  <br>Comprehensive Loss | Accumulated  <br>Other  <br>Comprehensive Loss | Treasury Stock | Treasury Stock |        |        |        |        |        |        |\n| (in millions, except per share data)                                                                                                                          | (in millions, except per share data)                                                                                                                          | (in millions, except per share data)                                                                                                                          |       Shares |       Shares |       Amount |          | Additional  <br>Paid\\-In Capital |  Retained  <br>Earnings | Accumulated  <br>Other  <br>Comprehensive Loss | Accumulated  <br>Other  <br>Comprehensive Loss |                |                | Shares | Shares | Shares | Amount | Amount | Amount | Total | Total | Total |\n| Balance at January 1, 2017                                                                                                                                    | Balance at January 1, 2017                                                                                                                                    | Balance at January 1, 2017                                                                                                                                    |          745 |          745 |          $ \u2014 | $ 12,294 |                          $ 6,895 |               $ (7,636) |                                             14 |                                             14 |        $ (274) |       $ 11,279 |\n| Net income                                                                                                                                                    | Net income                                                                                                                                                    | Net income                                                                                                                                                    |           \u2014  |           \u2014  |           \u2014  |       \u2014  |                            3,205 |                      \u2014  |                                             \u2014  |                                             \u2014  |             \u2014  |          3,205 |\n| Dividends declared                                                                                                                                            | Dividends declared                                                                                                                                            | Dividends declared                                                                                                                                            |           \u2014  |           \u2014  |           \u2014  |       \u2014  |                            (731) |                      \u2014  |                                             \u2014  |                                             \u2014  |             \u2014  |          (731) |\n| Other comprehensive income                                                                                                                                    | Other comprehensive income                                                                                                                                    | Other comprehensive income                                                                                                                                    |           \u2014  |           \u2014  |           \u2014  |       \u2014  |                               \u2014  |                      15 |                                             \u2014  |                                             \u2014  |             \u2014  |             15 |\n| Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $48\\.31^(1)^  per share) | Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $48\\.31^(1)^  per share) | Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $48\\.31^(1)^  per share) |            1 |            1 |           \u2014  |      107 |                               \u2014  |                      \u2014  |                                              1 |                                              1 |           (39) |             68 |\n| Stock options exercised                                                                                                                                       | Stock options exercised                                                                                                                                       | Stock options exercised                                                                                                                                       |            2 |            2 |           \u2014  |       28 |                               \u2014  |                      \u2014  |                                             \u2014  |                                             \u2014  |             \u2014  |             28 |\n| Treasury stock, net, contributed to our qualified defined benefit pension plans                                                                               | Treasury stock, net, contributed to our qualified defined benefit pension plans                                                                               | Treasury stock, net, contributed to our qualified defined benefit pension plans                                                                               |           \u2014  |           \u2014  |           \u2014  |      188 |                               \u2014  |                      \u2014  |                                            (8) |                                            (8) |            155 |            343 |\n| Stock purchased and retired                                                                                                                                   | Stock purchased and retired                                                                                                                                   | Stock purchased and retired                                                                                                                                   |         (33) |         (33) |           \u2014  |    (564) |                          (1,113) |                      \u2014  |                                             \u2014  |                                             \u2014  |             \u2014  |        (1,677) |\n| Balance at December 31, 2017                                                                                                                                  | Balance at December 31, 2017                                                                                                                                  | Balance at December 31, 2017                                                                                                                                  |          715 |          715 |            \u2014 |   12,053 |                            8,256 |                 (7,621) |                                              7 |                                              7 |          (158) |         12,530 |\n| Net income                                                                                                                                                    | Net income                                                                                                                                                    | Net income                                                                                                                                                    |           \u2014  |           \u2014  |           \u2014  |       \u2014  |                            3,935 |                      \u2014  |                                             \u2014  |                                             \u2014  |             \u2014  |          3,935 |\n| Change in accounting principle and other                                                                                                                      | Change in accounting principle and other                                                                                                                      | Change in accounting principle and other                                                                                                                      |           \u2014  |           \u2014  |           \u2014  |       \u2014  |                            (154) |                   (106) |                                             \u2014  |                                             \u2014  |             \u2014  |          (260) |\n| Dividends declared                                                                                                                                            | Dividends declared                                                                                                                                            | Dividends declared                                                                                                                                            |           \u2014  |           \u2014  |           \u2014  |       \u2014  |                            (909) |                      \u2014  |                                             \u2014  |                                             \u2014  |             \u2014  |          (909) |\n| Other comprehensive loss                                                                                                                                      | Other comprehensive loss                                                                                                                                      | Other comprehensive loss                                                                                                                                      |           \u2014  |           \u2014  |           \u2014  |       \u2014  |                               \u2014  |                    (98) |                                             \u2014  |                                             \u2014  |             \u2014  |           (98) |\n| Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $54\\.90^(1)^  per share) | Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $54\\.90^(1)^  per share) | Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $54\\.90^(1)^  per share) |            1 |            1 |           \u2014  |       91 |                               \u2014  |                      \u2014  |                                              1 |                                              1 |           (40) |             51 |\n| Stock options exercised                                                                                                                                       | Stock options exercised                                                                                                                                       | Stock options exercised                                                                                                                                       |            1 |            1 |           \u2014  |       13 |                               \u2014  |                      \u2014  |                                             \u2014  |                                             \u2014  |             \u2014  |             13 |\n| Stock purchased and retired                                                                                                                                   | Stock purchased and retired                                                                                                                                   | Stock purchased and retired                                                                                                                                   |         (29) |         (29) |           \u2014  |    (486) |                          (1,089) |                      \u2014  |                                             \u2014  |                                             \u2014  |             \u2014  |        (1,575) |\n| Balance at December 31, 2018                                                                                                                                  | Balance at December 31, 2018                                                                                                                                  | Balance at December 31, 2018                                                                                                                                  |          688 |          688 |            \u2014 |   11,671 |                           10,039 |                 (7,825) |                                              8 |                                              8 |          (198) |         13,687 |\n| Net income                                                                                                                                                    | Net income                                                                                                                                                    | Net income                                                                                                                                                    |           \u2014  |           \u2014  |           \u2014  |       \u2014  |                            4,767 |                      \u2014  |                                             \u2014  |                                             \u2014  |             \u2014  |          4,767 |\n| Dividends declared                                                                                                                                            | Dividends declared                                                                                                                                            | Dividends declared                                                                                                                                            |           \u2014  |           \u2014  |           \u2014  |       \u2014  |                            (981) |                      \u2014  |                                             \u2014  |                                             \u2014  |             \u2014  |          (981) |\n| Other comprehensive loss                                                                                                                                      | Other comprehensive loss                                                                                                                                      | Other comprehensive loss                                                                                                                                      |           \u2014  |           \u2014  |           \u2014  |       \u2014  |                               \u2014  |                   (164) |                                             \u2014  |                                             \u2014  |             \u2014  |          (164) |\n| Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $50\\.20^(1)^  per share) | Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $50\\.20^(1)^  per share) | Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $50\\.20^(1)^  per share) |            2 |            2 |           \u2014  |      114 |                               \u2014  |                      \u2014  |                                              1 |                                              1 |           (38) |             76 |\n| Stock purchased and retired                                                                                                                                   | Stock purchased and retired                                                                                                                                   | Stock purchased and retired                                                                                                                                   |         (38) |         (38) |           \u2014  |    (656) |                          (1,371) |                      \u2014  |                                             \u2014  |                                             \u2014  |             \u2014  |        (2,027) |\n| Balance at December 31, 2019                                                                                                                                  | Balance at December 31, 2019                                                                                                                                  | Balance at December 31, 2019                                                                                                                                  |          652 |          652 |          $ \u2014 | $ 11,129 |                         $ 12,454 |               $ (7,989) |                                              9 |                                              9 |        $ (236) |       $ 15,358 |\n\n\n\n^(1)^ Weighted average price per share\\.\n\nThe accompanying notes are an integral part of these Consolidated Financial Statements\\.\n\n57"}
{"_id": "AmericanAirlines-2018_28.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\ncompetitors since there will be a common global regulatory regime\\. CORSIA is expected to be implemented in phases, with information collection and sharing beginning in 2019, a pilot phase beginning in 2021, and the first phase beginning in 2024\\. Certain details still need to be developed and the impact of CORSIA cannot be fully predicted\\. While we do not anticipate any significant emissions allowance expenditures in 2019, compliance with CORSIA or similar emissions\\-related requirements could significantly increase our operating costs beginning in 2021 and beyond\\. Separately, the EU has established the ETS to regulate GHG emissions in the EU\\. The EU adopted a directive in 2008 under which each EU member state is required to extend the ETS to aviation operations\\. However, the EU ETS has never fully been imposed, in large part due to the effort to adopt CORSIA\\. The EU has extended its stay on the extra\\-territorial application of the EU ETS as applied to international flights to/from the EEA through year\\-end 2023, contingent on successful implementation of CORSIA\\. Thereafter, the EU will assess CORSIA implementation and decide the future status of the EU ETS as applied to international aviation to/from the EEA\\. The potential impact of CORSIA or other emissions\\-related requirements on our costs will ultimately depend on a number of factors, including baseline emissions, the price of emission allowances or offsets that American would need to acquire, the GHG efficiency of the American fleet, and the number of future American flights subject to such emissions\\-related requirements\\. These costs have not been completely defined and could fluctuate\\. \n\nIn 2019, the EPA could finalize a rule implementing aircraft engine GHG emission standards developed initially through ICAO\\. It is anticipated that the EPA rule will closely align with recent ICAO carbon dioxide emission standards\\. The new standards, which were supported by the airline industry and manufacturers, would apply to new type aircraft certified beginning in 2020, and would be phased in for newly manufactured existing aircraft type designs starting in 2023\\.\n\nIn addition, several states have adopted or are considering initiatives to regulate GHG emissions, primarily through the planned development of GHG emissions inventories, regional GHG cap and trade programs or low carbon fuels programs\\. Depending on the scope of such regulation, certain of our facilities and operations, or the operations of our suppliers, may be subject to additional operating and other permit requirements, likely resulting in increased operating costs\\. \n\nIn addition, in December 2015, at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change, over 190 countries, including the United States, reached an agreement (the Paris Agreement) to reduce GHG emissions\\. While the United States has since announced that it will withdraw from the Paris Agreement and there is no express reference to aviation in the Paris Agreement, to the extent countries implement the Paris Agreement or impose other climate change regulations, either with respect to the aviation industry or with respect to related industries such as the aviation fuel industry, it could have an adverse direct or indirect effect on our business\\.\n\nThese regulatory efforts, both internationally and in the U\\.S\\. at the federal and state levels, are still developing, and we cannot yet determine what the final regulatory programs or their impact will be in the U\\.S\\., the EU or in other areas in which we do business\\. However, such climate change\\-related regulatory activity in the future may adversely affect our business and financial results by requiring us to reduce our emissions, purchase allowances or otherwise pay for our emissions\\. Such activity may also impact us indirectly by increasing our operating costs, including fuel costs\\.\n\n***Any damage to our reputation or brand image could adversely affect our business or financial results\\.*** \n\nMaintaining a good reputation globally is critical to our business\\. Our reputation or brand image could be adversely impacted by any failure to maintain high ethical, social and environmental sustainability practices for all of our operations and activities, our impact on the environment, public pressure from investors or policy groups to change our policies, such as movements to institute a \u201cliving wage,\u201d customer perceptions of our advertising campaigns, sponsorship arrangements or marketing programs, customer perceptions of our use of social media, or customer perceptions of statements made by us, our employees and executives, agents or other third parties\\. Damage to our reputation or brand image or loss of customer confidence in our services could adversely affect our business and financial results, as well as require additional resources to rebuild our reputation\\.\n\n29"}
{"_id": "Southwest-2018_97.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nhedge in place for a particular period, that hedge may not produce any hedging gains at settlement and may even produce hedging losses depending on market prices, the types of instruments held, and the strike prices of those instruments\\.\n\nFor 2018, the Company had fuel derivative instruments in place for up to 79 percent of its fuel consumption\\. As of December 31, 2018, the Company also had fuel derivative instruments in place to provide coverage at varying price levels, but up to a maximum of approximately 70 percent of its 2019 estimated fuel consumption, depending on where market prices settle\\. The following table provides information about the Company\u2019s volume of fuel hedging on an economic basis considering current market prices:\n\n\n\n|                      |                               |                                                |\n| -------------------- | ----------------------------- | ---------------------------------------------- |\n|                      | **Maximum fuel hedged as of** |                                                |\n|                      | **December 31, 2018**         | **Derivative underlying commodity type as of** |\n| **Period (by year)** | **(gallons in millions) (a)** | **December 31, 2018**                          |\n| 2019                 | 1,519                         | WTI crude and Brent crude oil                  |\n| 2020                 | 1,207                         | WTI crude and Brent crude oil                  |\n| 2021                 | 466                           | WTI crude and Brent crude oil                  |\n| 2022                 | 88                            | WTI crude oil                                  |\n\n\n\n(a) Due to the types of derivatives utilized by the Company and different price levels of those contracts, these volumes represent the maximum economic hedge in place and may vary significantly as market prices fluctuate\\.\n\nUpon proper qualification, the Company accounts for its fuel derivative instruments as cash flow hedges\\. The Company adopted the New Hedging Standard as of January 1, 2018\\. See Note 2 for further information on this adoption\\. Under the New Hedging Standard, all periodic changes in fair value of the derivatives designated as hedges are recorded in AOCI until the underlying jet fuel is consumed\\. See Note 12\\. Prior to the adoption of the New Hedging Standard, ineffectiveness resulted when the change in the fair value of the derivative instrument exceeded the change in the value of the Company\u2019s expected future cash outlay to purchase and consume jet fuel\\. Prior to 2018, those expected future cash outlays represented forecasted forward jet fuel prices, which were estimated through utilization of a statistical\u2013based regression equation with data from market forward prices of like commodities\\. This equation was then adjusted for certain items, such as transportation costs, that are stated in the Company\u2019s fuel purchasing contracts with its vendors\\. To the extent that the periodic changes in the fair value of the derivatives were ineffective, the ineffective portion was recorded to Other (gains) losses, net, in the Consolidated Statement of Income in the period of the change\\. \n\nThe Company's results are subject to the possibility that the derivatives will no longer qualify for hedge accounting, in which case any change in the fair value of derivative instruments since the last reporting period would be recorded in Other (gains) losses, net, in the Consolidated Statement of Income in the period of the change; however, any amounts previously recorded to AOCI would remain there until such time as the original forecasted transaction occurs, at which time these amounts would be reclassified to Fuel and oil expense\\. Factors that have and may continue to lead to the loss of hedge accounting include: significant fluctuation in energy prices, significant weather events affecting refinery capacity and the production of refined products, and the volatility of the different types of products the Company uses in hedging\\. Increased volatility in these commodity markets for an extended period of time, especially if such volatility were to worsen, could cause the Company to lose hedge accounting altogether for the commodities used in its fuel hedging program, which would create further volatility in the Company\u2019s GAAP financial results\\. However, even though derivatives may not qualify for hedge accounting, the Company continues to hold the instruments as management believes derivative instruments continue to afford the Company the opportunity to stabilize jet fuel costs\\. When the Company has sold derivative positions in order to effectively \"close\" or offset a derivative already held as part of its fuel derivative instrument portfolio, any subsequent changes in fair value of those positions are marked to market through earnings\\. Likewise, any changes in fair value of those positions that were offset by entering into the sold positions and were de\\-designated as hedges are concurrently marked to market through earnings\\. However, any changes in value related to hedges that were deferred as part of AOCI while designated as a hedge would remain until the originally forecasted transaction occurs\\. In a situation where it becomes probable that a fuel hedged forecasted \n\n98"}
{"_id": "AmericanAirlines-2017_87.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nCertain domestic airport slots and airport gate leasehold rights are amortized on a straight\\-line basis over 25 years\\. The customer relationships and marketing agreements were identified as intangible assets subject to amortization and are amortized on a straight\\-line basis over approximately nine years and 30 years, respectively\\. Tradenames are fully amortized\\.\n\nWe recorded amortization expense related to these intangible assets of $44 million, $76 million and $55 million for the years ended December 31, 2017, 2016 and 2015, respectively\\. We expect to record annual amortization expense for these intangible assets as follows (in millions):\n\n\n\n|                     |      |\n| ------------------- | ---- |\n| 2018                | $41  |\n| 2019                | 41   |\n| 2020                | 41   |\n| 2021                | 41   |\n| 2022                | 41   |\n| 2023 and thereafter | 115  |\n| Total               | $320 |\n\n\n\n*Indefinite\\-Lived Intangible Assets*\n\nIndefinite\\-lived intangible assets include certain domestic airport slots at our hubs and international slots and route authorities\\. Indefinite\\-lived intangible assets are not amortized but instead are assessed for impairment annually on October 1^st^ or more frequently if events or circumstances indicate that the asset may be impaired\\. As of December 31, 2017 and 2016, we had $1\\.9 billion and $1\\.8 billion, respectively, of indefinite\\-lived intangible assets on our consolidated balance sheets\\.\n\nIndefinite\\-lived intangible assets are assessed for impairment by initially performing a qualitative assessment to determine whether we believe it is more likely than not that an asset has been impaired\\. If we believe impairment has occurred, we then evaluate for impairment by comparing the estimated fair value of assets to the carrying value\\. An impairment charge is recognized if the asset\u2019s estimated fair value is less than its carrying value\\. Based upon our annual assessment, there was no indefinite\\-lived intangible asset impairment in 2017\\.\n\n***(i) Loyalty Program***\n\nWe currently operate the loyalty program, AAdvantage\\. This program awards mileage credits to passengers who fly on American, any **one**world airline or other partner airlines, or by using the services of other program participants, such as the Citi and Barclaycard US co\\-branded credit cards, hotels and car rental companies\\. Mileage credits can be redeemed for travel on American or other participating partner airlines\\.\n\nThrough December 31, 2017, we used the incremental cost method to account for the portion of our loyalty program liability incurred when AAdvantage members earn mileage credits by flying on American, any **one**world airline or other partner airlines\\. We have an obligation to provide future travel when these mileage credits are redeemed and therefore have recorded a liability for mileage credits outstanding\\.\n\nThe incremental cost liability includes all mileage credits, even mileage credits for members whose account balances have not yet reached the minimum level required to redeem an award\\. Mileage credits are subject to expiration\\. The liability for outstanding mileage credits is valued based on the estimated incremental cost of carrying one additional passenger\\. The estimated incremental cost primarily includes unit costs incurred for fuel, food and insurance as well as fees incurred when travel awards are redeemed on partner airlines\\. In calculating the liability, we estimate how many mileage credits will never be redeemed for travel and exclude those mileage credits from the estimate of the liability\\. Estimates are also made for the number of miles that will be used per award redemption and the number of travel awards that will be redeemed on partner airlines\\. These costs and estimates are based on our historical program experience as well as consideration of enacted program changes, as applicable\\. Changes in the liability resulting from members earning additional mileage credits or changes in estimates are recorded in the consolidated statements of operations as a part of passenger revenue\\.\n\n88"}
{"_id": "AmericanAirlines-2019_82.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nContract Balances\n\nOur significant contract liabilities are comprised of (1) outstanding loyalty program mileage credits that may be redeemed for future travel and other non\\-air travel awards, reported as loyalty program liability on our consolidated balance sheets and (2) ticket sales for transportation that has not yet been provided, reported as air traffic liability on our consolidated balance sheets\\.\n\n\n\n|                           |                   |                   |\n| ------------------------- | ----------------- | ----------------- |\n|                           | **December 31,**  | **December 31,**  |\n|                           | **2019**          | **2018**          |\n|                           | **(in millions)** | **(in millions)** |\n| Loyalty program liability | $8,615            | $8,539            |\n| Air traffic liability     | 4,808             | 4,339             |\n| Total                     | $13,423           | $12,878           |\n\n\n\nThe balance of the loyalty program liability fluctuates based on seasonal patterns, which impact the volume of mileage credits issued through travel or sold to co\\-branded credit card and other partners (deferral of revenue) and mileage credits redeemed (recognition of revenue)\\. Changes in loyalty program liability are as follows (in millions):\n\n\n\n|                                     |                 |\n| ----------------------------------- | --------------- |\n| Balance at December 31, 2018        | $8,539          |\n| Deferral of revenue                 | 3,438           |\n| Recognition of revenue  ^(1)^       | (3,362<br><br>) |\n| Balance at December 31, 2019  ^(2)^ | $8,615          |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Principally relates to revenue recognized from the redemption of mileage credits for both air and non\\-air travel awards\\. Mileage credits are combined in one homogenous pool and are not separately identifiable\\. As such, the revenue is comprised of miles that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as miles that were issued during the period\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(2)^ | Mileage credits can be redeemed at any time and do not expire as long as that AAdvantage member has any type of qualifying activity at least every   18 months \\. As of  December 31, 2019 , our current loyalty program liability was   $3\\.2 billion  and represents our current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long\\-term loyalty program liability expected to be recognized as revenue in periods thereafter\\. |\n\n\n\nThe air traffic liability principally represents tickets sold for future travel on American and partner airlines, as well as estimated future refunds and exchanges of tickets sold for past travel\\. The balance in our air traffic liability also fluctuates with seasonal travel patterns\\. The contract duration of passenger tickets is   one year \\. Accordingly, any revenue associated with tickets sold for future travel will be recognized within 12 months\\. For  2019 ,   $3\\.3 billion  of revenue was recognized in passenger revenue that was included in our air traffic liability at  December 31, 2018 \\.\n\nWith respect to contract receivables, reflected as accounts receivable, net on the accompanying consolidated balance sheets, these primarily include receivables for tickets sold to individual passengers through the use of major credit cards\\. These receivables are short\\-term, mostly settled within   seven days  after sale\\. Bad debt losses, which have been minimal in the past, have been considered in establishing allowances for doubtful accounts\\.\n\n(l) Maintenance, Materials and Repairs\n\nMaintenance and repair costs for owned and leased flight equipment are charged to operating expense as incurred, except costs incurred for maintenance and repair under flight hour maintenance contract agreements, which are accrued based on contractual terms when an obligation exists\\.\n\n(m) Selling Expenses\n\nSelling expenses include credit card fees, commissions, computerized reservations systems fees and advertising\\. Selling expenses associated with passenger revenue are expensed when the transportation or service is provided\\. Advertising costs are expensed as incurred\\. Advertising expense was   $129 million ,   $128 million  and   $135 million  for the years ended  December 31, 2019 ,  2018  and  2017 , respectively\\.\n\n83"}
{"_id": "AmericanAirlines-2017_89.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n*Passenger Taxes and Fees*\n\nVarious taxes and fees assessed on the sale of tickets to end customers are collected by us as an agent and remitted to taxing authorities\\. These taxes and fees have been presented on a net basis in the accompanying consolidated statements of operations and recorded as a liability until remitted to the appropriate taxing authority\\.\n\n*Cargo Revenue*\n\nCargo revenue is recognized when we provide the transportation\\.\n\n*Other Revenue*\n\nOther revenue includes revenue associated with marketing services provided to our business partners as part of our loyalty program, baggage fees, ticketing change fees, airport clubs and inflight services\\. The accounting and recognition for the loyalty program marketing services are discussed in Note 1(i) above\\. Baggage fees, ticketing change fees, airport clubs and inflight service revenues are recognized when we provide the service\\.\n\nEffective January 1, 2018, we are adopting ASU 2014\\-09: Revenue from Contracts with Customers (Topic 606)\\. See Recent Accounting Pronouncements in Note 1(r) below for further discussion\\.\n\n***(k) Maintenance, Materials and Repairs***\n\nMaintenance and repair costs for owned and leased flight equipment are charged to operating expense as incurred, except costs incurred for maintenance and repair under flight hour maintenance contract agreements, which are accrued based on contractual terms when an obligation exists\\.\n\n***(l) Selling Expenses***\n\nSelling expenses include credit card fees, commissions, computerized reservations systems fees and advertising\\. Advertising costs are expensed as incurred\\. Advertising expense was $135 million, $116 million and $110 million for the years ended December 31, 2017, 2016 and 2015, respectively\\.\n\n***(m) Share\\-based Compensation***\n\nWe account for our share\\-based compensation expense based on the fair value of the stock award at the time of grant, which is recognized ratably over the vesting period of the stock award\\. Certain awards have performance conditions that must be achieved prior to vesting and are expensed based on the expected achievement at each reporting period\\. The fair value of stock appreciation rights is estimated using a Black\\-Scholes option pricing model\\. The fair value of restricted stock units is based on the market price of the underlying shares of common stock on the date of grant\\. See Note 14 for further discussion of share\\-based compensation\\.\n\n***(n) Deferred Gains and Credits, Net***\n\nIncluded within deferred gains and credits, net are amounts deferred and amortized into future periods associated with the adjustment of leases to fair value in connection with the application of acquisition accounting, deferred gains on the sale\\-leaseback of aircraft and certain vendor incentives\\. We periodically receive vendor incentives in connection with acquisition of aircraft and engines\\. These credits are deferred until aircraft and engines are delivered and then applied as a reduction to the cost of the related equipment\\.\n\n***(o) Foreign Currency Gains and Losses***\n\nForeign currency gains and losses are recorded as part of other nonoperating expense, net in our consolidated statements of operations\\. Foreign currency losses for 2017 were $4 million\\. Foreign currency gains were $1 million for 2016\\. For 2015, foreign currency losses were $751 million and included a $592 million nonoperating special charge to write off all of the value of Venezuelan bolivars held by us due to continued lack of repatriations and deterioration of economic conditions in Venezuela\\.\n\n***(p) Other Operating Expenses***\n\nOther operating expenses includes costs associated with ground and cargo handling, crew travel, aircraft food and catering, passenger accommodation, airport security, international navigation fees and certain general and administrative expenses\\.\n\n90"}
{"_id": "Delta-2017_80.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nHealthcare Cost Trend Rate\\.  Assumed healthcare cost trend rates have an effect on the amounts reported for the other postretirement benefit plans\\. A   1%  change in the healthcare cost trend rate used in measuring the plan benefit obligation for these plans would have the following effects:\n\n\n\n|                                                                |                 |                      |\n| -------------------------------------------------------------- | --------------- | -------------------- |\n| **(in millions)**                                              | **1% Increase** | **1% (Decrease)**    |\n| Increase (decrease) in total service and interest cost         | $1              | $<br><br>(1<br><br>) |\n| Increase (decrease) in the accumulated plan benefit obligation | 9               | (30<br><br>)         |\n\n\n\nExpected Long\\-Term Rate of Return\\.  Our expected long\\-term rate of return on plan assets is based primarily on plan\\-specific investment studies using historical market return and volatility data\\.  Modest excess return expectations versus some public market indices are incorporated into the return projections based on the actively managed structure of the investment programs and their records of achieving such returns historically\\. We also expect to receive a premium for investing in less liquid private markets\\.  We review our rate of return on plan assets assumptions annually\\.  Our annual investment performance for one particular year does not, by itself, significantly influence our evaluation\\.  The investment strategy for our defined benefit pension plan assets is to earn a long\\-term return that meets or exceeds our annualized return target while taking an acceptable level of risk and maintaining sufficient liquidity to pay current benefits and other cash obligations of the plan\\. This is achieved by investing in a globally diversified mix of public and private equity, fixed income, real assets, hedge funds and other assets and instruments\\.  Our expected long\\-term rate of return on assets for net periodic pension benefit cost for the year ended  December 31, 2017  was   8\\.96% \\.\n\nLife Expectancy \\.  Changes in life expectancy may significantly change our benefit obligations and future expense\\. We use the Society of Actuaries (\"SOA\") published mortality data, other publicly available information and our own perspective of future longevity to develop our best estimate of life expectancy\\. The SOA publishes annual updated mortality tables for U\\.S\\. plans and updated improvement scale\\. Each year we consider updates by the SOA in setting our mortality assumptions for purposes of measuring pension and other postretirement and postemployment benefit obligations\\.\n\nBenefit Payments\n\nBenefit payments in the table below are based on the same assumptions used to measure the related benefit obligations\\. Actual benefit payments may vary significantly from these estimates\\. Benefits earned under our pension plans and certain postemployment benefit plans are expected to be paid from funded benefit plan trusts, while our other postretirement benefits are funded from current assets\\.\n\nThe following table summarizes the benefit payments that are scheduled to be paid in the years ending December 31:\n\n\n\n|                   |                      |                                                      |\n| ----------------- | -------------------- | ---------------------------------------------------- |\n| **(in millions)** | **Pension Benefits** | **Other Postretirement and Postemployment Benefits** |\n| 2018              | $1,170               | $284                                                 |\n| 2019              | 1,177                | 291                                                  |\n| 2020              | 1,201                | 296                                                  |\n| 2021              | 1,220                | 297                                                  |\n| 2022              | 1,238                | 296                                                  |\n| 2023\\-2027        | 6,351                | 1,417                                                |\n\n\n\nPlan Assets\n\nWe have adopted and implemented investment policies for our defined benefit pension plans that incorporate strategic asset allocation mixes intended to best meet the plans' long\\-term obligations, while maintaining an appropriate level of risk and liquidity\\. These asset portfolios employ a diversified mix of investments, which are reviewed periodically\\. Active management strategies are utilized where feasible in an effort to realize investment returns in excess of market indices\\. Derivatives in the plans are primarily used to manage risk and gain asset class exposure while still maintaining liquidity\\. As part of these strategies, the plans are required to hold cash collateral associated with certain derivatives\\. Our investment strategies target a mix of   40 \\-  50%  growth\\-seeking assets,   20 \\-  30%  income\\-generating assets and   25 \\-  30%  risk\\-diversifying assets\\. Risk diversifying assets include hedged mandates implementing long\\-short, market neutral and relative value strategies that invest primarily in publicly\\-traded equity, fixed income, foreign currency and commodity securities and are used to improve the impact of active management on the plans\\. \n\n 76"}
{"_id": "AmericanAirlines-2019_77.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nASU 2016\\-13: Financial Instruments  \u2013  Credit Losses (Topic 326)\n\nThis ASU requires the use of an expected loss model for certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates\\. For trade receivables, loans and held\\-to \\- maturity debt securities, an estimate of lifetime expected credit losses is required\\. For available\\-for\\-sale debt securities, an allowance for credit losses will be required rather than a reduction to the carrying value of the asset\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2019\\. While we have not completed our evaluation of the impact of adoption of this standard, we do not expect it to have a material impact on our consolidated financial statements\\.\n\n(c) Short\\-term Investments\n\nShort\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. Realized gains and losses are recorded in nonoperating expense on our consolidated statements of operations\\. Unrealized gains and losses are recorded in accumulated other comprehensive loss on our consolidated balance sheets\\.\n\n(d) Restricted Cash and Short\\-term Investments\n\nWe have restricted cash and short\\-term investments related primarily to collateral held to support workers\u2019 compensation obligations\\.\n\n(e) Aircraft Fuel, Spare Parts and Supplies, Net\n\nAircraft fuel is recorded on a first\\-in, first\\-out basis\\. Spare parts and supplies are recorded at average costs less an allowance for obsolescence\\. These items are expensed when used\\.\n\n(f) Operating Property and Equipment\n\nOperating property and equipment is recorded at cost and depreciated or amortized to residual values over the asset\u2019s estimated useful life or the lease term, whichever is less, using the straight\\-line method\\. Residual values for aircraft, engines and related rotable parts are generally   5%  to   10%  of original cost\\. Costs of major improvements that enhance the usefulness of the asset are capitalized and depreciated or amortized over the estimated useful life of the asset or the lease term, whichever is less\\. The estimated useful lives for the principal property and equipment classifications are as follows:\n\n\n\n|                                                     |                           |\n| --------------------------------------------------- | ------------------------- |\n| **Principal Property and Equipment Classification** | **Estimated Useful Life** |\n| Aircraft, engines and related rotable parts         | 20 \u2013 30 years             |\n| Buildings and improvements                          | 5 \u2013 30 years              |\n| Furniture, fixtures and other equipment             | 3 \u2013 10 years              |\n| Capitalized software                                | 5 \u2013 10 years              |\n\n\n\nWe assess impairment of operating property and equipment when events and circumstances indicate that the assets may be impaired\\. An asset or group of assets is considered impaired when the undiscounted cash flows estimated to be generated by the assets are less than the carrying amount of the assets and the net book value of the assets exceeds their estimated fair value\\. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets\\. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the cost to sell\\.\n\nTotal depreciation and amortization expense was   $2\\.6 billion ,   $2\\.4 billion  and   $2\\.2 billion  for the years ended  December 31, 2019 ,  2018  and  2017 , respectively\\.\n\n(g) Leases\n\nWe determine if an arrangement is a lease at inception\\. Operating leases are included in operating lease right\\-of\\-use (ROU) assets, current operating lease liabilities and noncurrent operating lease liabilities in our consolidated balance sheet\\. Finance leases are included in property and equipment, current maturities of long\\-term debt and finance leases and long\\-term debt and finance leases, net of current maturities, in our consolidated balance sheets\\. \n\nROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease\\. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term\\. \n\n78"}
{"_id": "Delta-2019_53.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nLoyalty Program \\- Mileage Breakage\n\n\n\n|                                            |                                            |                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          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|\n| *Description of the Matter*                | *Description of the Matter*                | *Description of the Matter*                | At December 31, 2019 the Company\u2019s aggregate current and noncurrent loyalty program deferred revenue balance was $6\\.7 billion\\. For the year ended December 31, 2019, the Company recognized revenue of $2\\.9 billion classified as travel miles redeemed within passenger revenue and revenue of $2\\.0 billion classified as loyalty program revenue within other revenue in the consolidated statement of operations\\. As disclosed in Note 2 to the consolidated financial statements, the Company defers revenue for mileage credits earned and recognizes loyalty travel awards in passenger revenue as the miles are redeemed and services are provided\\. In determining the value of mileage credits earned, the Company applies an estimate of mileage credits earned that are not expected to be redeemed (\u201cbreakage\u201d)\\. The Company recognizes breakage proportionally during the period in which the remaining mileage credits are actually redeemed\\. Under the Company\u2019s loyalty program, mileage credits do not expire\\. Therefore, the Company uses statistical models to estimate breakage based on historical redemption patterns\\. | At December 31, 2019 the Company\u2019s aggregate current and noncurrent loyalty program deferred revenue balance was $6\\.7 billion\\. For the year ended December 31, 2019, the Company recognized revenue of $2\\.9 billion classified as travel miles redeemed within passenger revenue and revenue of $2\\.0 billion classified as loyalty program revenue within other revenue in the consolidated statement of operations\\. As disclosed in Note 2 to the consolidated financial statements, the Company defers revenue for mileage credits earned and recognizes loyalty travel awards in passenger revenue as the miles are redeemed and services are provided\\. In determining the value of mileage credits earned, the Company applies an estimate of mileage credits earned that are not expected to be redeemed (\u201cbreakage\u201d)\\. The Company recognizes breakage proportionally during the period in which the remaining mileage credits are actually redeemed\\. Under the Company\u2019s loyalty program, mileage credits do not expire\\. Therefore, the Company uses statistical models to estimate breakage based on historical redemption patterns\\. | At December 31, 2019 the Company\u2019s aggregate current and noncurrent loyalty program deferred revenue balance was $6\\.7 billion\\. For the year ended December 31, 2019, the Company recognized revenue of $2\\.9 billion classified as travel miles redeemed within passenger revenue and revenue of $2\\.0 billion classified as loyalty program revenue within other revenue in the consolidated statement of operations\\. As disclosed in Note 2 to the consolidated financial statements, the Company defers revenue for mileage credits earned and recognizes loyalty travel awards in passenger revenue as the miles are redeemed and services are provided\\. In determining the value of mileage credits earned, the Company applies an estimate of mileage credits earned that are not expected to be redeemed (\u201cbreakage\u201d)\\. The Company recognizes breakage proportionally during the period in which the remaining mileage credits are actually redeemed\\. Under the Company\u2019s loyalty program, mileage credits do not expire\\. Therefore, the Company uses statistical models to estimate breakage based on historical redemption patterns\\. |\n|                                            |                                            |                                            | Auditing the Company\u2019s accounting for its loyalty program required significant estimation in determining the breakage estimate for mileage credits\\. In particular, there is complexity and subjectivity in estimating breakage based on expectations of future redemption patterns due to the absence of historical expirations as the Company\u2019s mileage credits do not expire\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Auditing the Company\u2019s accounting for its loyalty program required significant estimation in determining the breakage estimate for mileage credits\\. In particular, there is complexity and subjectivity in estimating breakage based on expectations of future redemption patterns due to the absence of historical expirations as the Company\u2019s mileage credits do not expire\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Auditing the Company\u2019s accounting for its loyalty program required significant estimation in determining the breakage estimate for mileage credits\\. In particular, there is complexity and subjectivity in estimating breakage based on expectations of future redemption patterns due to the absence of historical expirations as the Company\u2019s mileage credits do not expire\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| *How We Addressed the Matter in Our Audit* | *How We Addressed the Matter in Our Audit* | *How We Addressed the Matter in Our Audit* | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company\u2019s accounting for its loyalty program, including controls over management\u2019s review of the estimation of the mileage breakage and the completeness and accuracy of the data underlying the breakage estimate\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company\u2019s accounting for its loyalty program, including controls over management\u2019s review of the estimation of the mileage breakage and the completeness and accuracy of the data underlying the breakage estimate\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company\u2019s accounting for its loyalty program, including controls over management\u2019s review of the estimation of the mileage breakage and the completeness and accuracy of the data underlying the breakage estimate\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n|                                            |                                            |                                            | To test the estimate of breakage of mileage credits, our audit procedures included, among others, involving an actuarial specialist to assist in assessing the method used to develop the breakage estimate and independently developing a range of breakage estimates and comparing them to the Company's estimates\\. Additionally, we tested the completeness and accuracy of the underlying mileage data used in the Company\u2019s statistical models and performed sensitivity analyses to evaluate the changes to the Company\u2019s deferred revenue that would result from changes in the breakage estimate\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | To test the estimate of breakage of mileage credits, our audit procedures included, among others, involving an actuarial specialist to assist in assessing the method used to develop the breakage estimate and independently developing a range of breakage estimates and comparing them to the Company's estimates\\. Additionally, we tested the completeness and accuracy of the underlying mileage data used in the Company\u2019s statistical models and performed sensitivity analyses to evaluate the changes to the Company\u2019s deferred revenue that would result from changes in the breakage estimate\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | To test the estimate of breakage of mileage credits, our audit procedures included, among others, involving an actuarial specialist to assist in assessing the method used to develop the breakage estimate and independently developing a range of breakage estimates and comparing them to the Company's estimates\\. Additionally, we tested the completeness and accuracy of the underlying mileage data used in the Company\u2019s statistical models and performed sensitivity analyses to evaluate the changes to the Company\u2019s deferred revenue that would result from changes in the breakage estimate\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n\n\n\nLoyalty Program \\- American Express Contract Brand Value\n\n\n\n|                                            |                                            |                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| *Description of the Matter*                | *Description of the Matter*                | *Description of the Matter*                | At December 31, 2019 the Company\u2019s aggregate current and noncurrent loyalty program deferred revenue balance was $6\\.7 billion\\. For the year ended December 31, 2019, the Company recognized revenue of $2\\.9 billion classified as loyalty travel awards within passenger revenue and revenue of $2\\.0 billion classified as loyalty program revenue within other revenue in the consolidated statement of operations\\. As disclosed in Note 2 to the consolidated financial statements, effective January 1, 2019, the Company amended its co\\-brand agreement with American Express\\. The Company allocates the consideration received from American Express based on its best estimate of the relative selling price of the products and services delivered, including the use of the Company\u2019s brand\\. | At December 31, 2019 the Company\u2019s aggregate current and noncurrent loyalty program deferred revenue balance was $6\\.7 billion\\. For the year ended December 31, 2019, the Company recognized revenue of $2\\.9 billion classified as loyalty travel awards within passenger revenue and revenue of $2\\.0 billion classified as loyalty program revenue within other revenue in the consolidated statement of operations\\. As disclosed in Note 2 to the consolidated financial statements, effective January 1, 2019, the Company amended its co\\-brand agreement with American Express\\. The Company allocates the consideration received from American Express based on its best estimate of the relative selling price of the products and services delivered, including the use of the Company\u2019s brand\\. | At December 31, 2019 the Company\u2019s aggregate current and noncurrent loyalty program deferred revenue balance was $6\\.7 billion\\. For the year ended December 31, 2019, the Company recognized revenue of $2\\.9 billion classified as loyalty travel awards within passenger revenue and revenue of $2\\.0 billion classified as loyalty program revenue within other revenue in the consolidated statement of operations\\. As disclosed in Note 2 to the consolidated financial statements, effective January 1, 2019, the Company amended its co\\-brand agreement with American Express\\. The Company allocates the consideration received from American Express based on its best estimate of the relative selling price of the products and services delivered, including the use of the Company\u2019s brand\\. |\n|                                            |                                            |                                            | Auditing the Company\u2019s accounting for its co\\-brand agreement with American Express was complex and highly judgmental due to the significant estimation required in determining the selling price of the Company\u2019s brand deliverable primarily resulting from the absence of an observable standalone selling price\\. A change in the estimated selling price of the brand deliverable could have a material impact on the deferred revenue balance and the timing of revenue recognition\\.                                                                                                                                                                                                                                                                                                                  | Auditing the Company\u2019s accounting for its co\\-brand agreement with American Express was complex and highly judgmental due to the significant estimation required in determining the selling price of the Company\u2019s brand deliverable primarily resulting from the absence of an observable standalone selling price\\. A change in the estimated selling price of the brand deliverable could have a material impact on the deferred revenue balance and the timing of revenue recognition\\.                                                                                                                                                                                                                                                                                                                  | Auditing the Company\u2019s accounting for its co\\-brand agreement with American Express was complex and highly judgmental due to the significant estimation required in determining the selling price of the Company\u2019s brand deliverable primarily resulting from the absence of an observable standalone selling price\\. A change in the estimated selling price of the brand deliverable could have a material impact on the deferred revenue balance and the timing of revenue recognition\\.                                                                                                                                                                                                                                                                                                                  |\n| *How We Addressed the Matter in Our Audit* | *How We Addressed the Matter in Our Audit* | *How We Addressed the Matter in Our Audit* | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company\u2019s accounting for its co\\-brand agreement with American Express, including controls specific to the estimated selling price of the Company\u2019s brand deliverable and the completeness and accuracy of the data underlying the brand deliverable estimate\\.                                                                                                                                                                                                                                                                                                                                                                                                                               | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company\u2019s accounting for its co\\-brand agreement with American Express, including controls specific to the estimated selling price of the Company\u2019s brand deliverable and the completeness and accuracy of the data underlying the brand deliverable estimate\\.                                                                                                                                                                                                                                                                                                                                                                                                                               | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company\u2019s accounting for its co\\-brand agreement with American Express, including controls specific to the estimated selling price of the Company\u2019s brand deliverable and the completeness and accuracy of the data underlying the brand deliverable estimate\\.                                                                                                                                                                                                                                                                                                                                                                                                                               |\n|                                            |                                            |                                            | To test the estimated selling price of the brand deliverable, our audit procedures included, among others, involving a valuation specialist to assist in testing the method used to develop the selling price of the Company\u2019s brand deliverable, and assessing the reasonableness of the inputs used to develop the estimate, which included corroborating those inputs to publicly available data\\. Additionally, we performed sensitivity analyses to evaluate the changes to the Company\u2019s deferred revenue that would result from changes in the estimated standalone selling price of the Company\u2019s brand deliverable\\.                                                                                                                                                                                | To test the estimated selling price of the brand deliverable, our audit procedures included, among others, involving a valuation specialist to assist in testing the method used to develop the selling price of the Company\u2019s brand deliverable, and assessing the reasonableness of the inputs used to develop the estimate, which included corroborating those inputs to publicly available data\\. Additionally, we performed sensitivity analyses to evaluate the changes to the Company\u2019s deferred revenue that would result from changes in the estimated standalone selling price of the Company\u2019s brand deliverable\\.                                                                                                                                                                                | To test the estimated selling price of the brand deliverable, our audit procedures included, among others, involving a valuation specialist to assist in testing the method used to develop the selling price of the Company\u2019s brand deliverable, and assessing the reasonableness of the inputs used to develop the estimate, which included corroborating those inputs to publicly available data\\. Additionally, we performed sensitivity analyses to evaluate the changes to the Company\u2019s deferred revenue that would result from changes in the estimated standalone selling price of the Company\u2019s brand deliverable\\.                                                                                                                                                                                |\n\n\n\n51"}
{"_id": "AmericanAirlines-2017_61.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Nonoperating Results*\n\n\n\n|                                 |                                              |                                              |                                              |                                                       |\n| ------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                 | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **2017**                                     | **2016**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Interest income                 | $215                                         | $104                                         | $111                                         | nm ^1^                                                |\n| Interest expense, net           | (988)                                        | (906)                                        | (82)                                         | 9\\.1                                                  |\n| Other, net                      | (15)                                         | (59)                                         | 44                                           | (74\\.5)                                               |\n| Total nonoperating expense, net | $(788)                                       | $(861)                                       | $73                                          | (8\\.4)                                                |\n\n\n\n\n\n|        |                  |\n| ------ | ---------------- |\n| ^(1)^  | Not meaningful\\. |\n\n\n\nAmerican\u2019s short\\-term investments in each period consisted of highly liquid investments that provided relatively nominal returns\\. Interest income increased $111 million due to higher interest\\-bearing related party receivables from American\u2019s parent company, AAG, as well as a 50 basis point increase in average yields in 2017 as compared to 2016\\.\n\nInterest expense, net increased $82 million, or 9\\.1%, in 2017 primarily due to higher outstanding debt as a result of aircraft financings associated with American\u2019s fleet renewal program\\.\n\nOther nonoperating expense, net in 2017 and 2016 included $22 million and $49 million, respectively, of net special charges associated with debt refinancings and extinguishments\\.\n\n*Income Taxes*\n\nAmerican is part of the AAG consolidated income tax return\\.\n\nIn 2017 and 2016, American recorded an income tax provision of $1\\.3 billion and $1\\.7 billion, respectively, at an effective rate of approximately 41% and 37%, respectively\\. This tax provision was substantially non\\-cash due to utilization of American\u2019s NOLs\\. Substantially all of American\u2019s income before income taxes is attributable to the United States\\. At December 31, 2017, American had approximately $10\\.6 billion of federal NOLs and $3\\.2 billion of state NOLs, substantially all of which American expects to be available in 2018 to reduce future federal and state taxable income\\.\n\nAs a result of the 2017 Tax Act, American recorded a special, non\\-cash tax provision of $93 million in 2017 to reflect the impact of lower corporate income tax rates on its deferred tax assets and liabilities\\. For 2018, American presently expects to recognize a provision for income taxes at an effective rate of approximately 24% due to the reduction in the corporate tax rate\\.\n\nSee Note 4 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on income taxes\\.\n\n***Results of Operations \u2013*** ***2016*** ***Compared to*** ***2015***\n\nAmerican realized net income of $2\\.8 billion in 2016\\. This compares to $8\\.1 billion of net income in 2015, which included a special $3\\.5 billion non\\-cash tax benefit as American reversed the valuation allowance on its deferred tax assets, which include its federal and state NOLs\\. As a result of the reversal of the valuation allowance, American recorded a $1\\.7 billion provision for income taxes in 2016, which is substantially non\\-cash due to the utilization of NOLs\\. Accordingly, amounts reported in 2016 for income tax provision and net income are not comparable to 2015\\.\n\nAmerican realized pre\\-tax income of $4\\.4 billion and $4\\.7 billion in 2016 and 2015 respectively\\. American\u2019s 2016 pre\\-tax income was impacted by a decline in revenues due to lower yields\\. Salaries, wages and benefits costs were higher in 2016, driven by American\u2019s new labor contracts and the addition of an employee profit sharing program; however, these increases were substantially offset by a year\\-over\\-year decline in fuel costs\\.\n\n62"}
{"_id": "Alaska-2019_29.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n|                                                |                                                |                                                |\n| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- |\n| ITEM 6\\. SELECTED FINANCIAL AND OPERATING DATA | ITEM 6\\. SELECTED FINANCIAL AND OPERATING DATA | ITEM 6\\. SELECTED FINANCIAL AND OPERATING DATA |\n\n\n\nWe have recast our financial information for fiscal years 2017 and 2016 to reflect the impacts of the new revenue recognition accounting standard and retirement benefits accounting standard which both became applicable beginning January 1, 2018\\. Fiscal year 2015 was not recast to reflect the impacts of these standards, and is presented as was previously reported\\. \n\n\n\n|                                                                    |                                                                    |                                                                    |           |  |  |           |  |  |           |  |  |           |  |  |  |           |\n|:------------------------------------------------------------------ |:------------------------------------------------------------------ |:------------------------------------------------------------------ |:---------:|:- |:- |:---------:|:- |:- |:---------:|:- |:- |:---------:|:- |:- |:- |:---------:|\n| *Year Ended December 31 (in millions, except per\\-share amounts):* | *Year Ended December 31 (in millions, except per\\-share amounts):* | *Year Ended December 31 (in millions, except per\\-share amounts):* |   2019    |  |  |   2018    |  |  |   2017    |  |  |   2016    |  |  |  |   2015    |\n| CONSOLIDATED OPERATING RESULTS  *(audited)*                        | CONSOLIDATED OPERATING RESULTS  *(audited)*                        | CONSOLIDATED OPERATING RESULTS  *(audited)*                        |           |  |  |           |  |  |           |  |  |           |  |  |  |           |\n| Operating Revenues                                                 | Operating Revenues                                                 | Operating Revenues                                                 |  $8,781   |  |  |  $8,264   |  |  |  $7,894   |  |  |  $5,925   |  |  |  |  $5,598   |\n| Operating Expenses                                                 | Operating Expenses                                                 | Operating Expenses                                                 |  7,718    |  |  |  7,621    |  |  |  6,686    |  |  |  4,619    |  |  |  |  4,300    |\n| Operating Income                                                   | Operating Income                                                   | Operating Income                                                   |  1,063    |  |  |   643     |  |  |  1,208    |  |  |  1,306    |  |  |  |  1,298    |\n| Non\\-operating income (expense), net of interest capitalized^(a)^  | Non\\-operating income (expense), net of interest capitalized^(a)^  | Non\\-operating income (expense), net of interest capitalized^(a)^  |   (47)    |  |  |   (58)    |  |  |   (49)    |  |  |    10     |  |  |  |    14     |\n| Income before income tax                                           | Income before income tax                                           | Income before income tax                                           |  1,016    |  |  |   585     |  |  |  1,159    |  |  |  1,316    |  |  |  |  1,312    |\n| Net Income                                                         | Net Income                                                         | Net Income                                                         |   $769    |  |  |   $437    |  |  |   $960    |  |  |   $797    |  |  |  |   $848    |\n| Average basic shares outstanding                                   | Average basic shares outstanding                                   | Average basic shares outstanding                                   | 123\\.279  |  |  | 123\\.230  |  |  | 123\\.211  |  |  | 123\\.557  |  |  |  | 128\\.373  |\n| Average diluted shares outstanding                                 | Average diluted shares outstanding                                 | Average diluted shares outstanding                                 | 124\\.289  |  |  | 123\\.975  |  |  | 123\\.854  |  |  | 124\\.389  |  |  |  | 129\\.372  |\n| Basic earnings per share                                           | Basic earnings per share                                           | Basic earnings per share                                           |  $6\\.24   |  |  |  $3\\.55   |  |  |  $7\\.79   |  |  |  $6\\.45   |  |  |  |  $6\\.61   |\n| Diluted earnings per share                                         | Diluted earnings per share                                         | Diluted earnings per share                                         |  $6\\.19   |  |  |  $3\\.52   |  |  |  $7\\.75   |  |  |  $6\\.41   |  |  |  |  $6\\.56   |\n| Cash dividends declared per share                                  | Cash dividends declared per share                                  | Cash dividends declared per share                                  |  $1\\.40   |  |  |  $1\\.28   |  |  |  $1\\.20   |  |  |  $1\\.10   |  |  |  |  $0\\.80   |\n| CONSOLIDATED FINANCIAL POSITION  *(audited)*                       | CONSOLIDATED FINANCIAL POSITION  *(audited)*                       | CONSOLIDATED FINANCIAL POSITION  *(audited)*                       |           |  |  |           |  |  |           |  |  |           |  |  |  |           |\n| *At End of Period (in millions):*                                  | *At End of Period (in millions):*                                  | *At End of Period (in millions):*                                  |           |  |  |           |  |  |           |  |  |           |  |  |  |           |\n| Total assets                                                       | Total assets                                                       | Total assets                                                       | $12,993   |  |  | $10,912   |  |  | $10,746   |  |  |  $9,968   |  |  |  |  $6,530   |\n| Long\\-term debt, including current portion                         | Long\\-term debt, including current portion                         | Long\\-term debt, including current portion                         |  $1,499   |  |  |  $2,103   |  |  |  $2,569   |  |  |  $2,964   |  |  |  |   $683    |\n| Shareholders' equity                                               | Shareholders' equity                                               | Shareholders' equity                                               |  $4,331   |  |  |  $3,751   |  |  |  $3,460   |  |  |  $2,744   |  |  |  |  $2,411   |\n| OPERATING STATISTICS  *(unaudited)*^(d)^                           | OPERATING STATISTICS  *(unaudited)*^(d)^                           | OPERATING STATISTICS  *(unaudited)*^(d)^                           |           |  |  |           |  |  |           |  |  |           |  |  |  |           |\n| Consolidated:^(b)^                                                 | Consolidated:^(b)^                                                 | Consolidated:^(b)^                                                 |           |  |  |           |  |  |           |  |  |           |  |  |  |           |\n| Revenue passengers (000)                                           | Revenue passengers (000)                                           | Revenue passengers (000)                                           |  46,733   |  |  |  45,802   |  |  |  44,005   |  |  |  34,289   |  |  |  |  31,883   |\n| RPMs (000,000) \"traffic\"                                           | RPMs (000,000) \"traffic\"                                           | RPMs (000,000) \"traffic\"                                           |  56,040   |  |  |  54,673   |  |  |  52,338   |  |  |  37,209   |  |  |  |  33,578   |\n| ASMs (000,000) \"capacity\"                                          | ASMs (000,000) \"capacity\"                                          | ASMs (000,000) \"capacity\"                                          |  66,654   |  |  |  65,335   |  |  |  62,072   |  |  |  44,135   |  |  |  |  39,914   |\n| Load factor                                                        | Load factor                                                        | Load factor                                                        |  84\\.1%   |  |  |  83\\.7%   |  |  |  84\\.3%   |  |  |  84\\.3%   |  |  |  |  84\\.1%   |\n| Yield                                                              | Yield                                                              | Yield                                                              | 14\\.45\u00a2   |  |  | 13\\.96\u00a2   |  |  | 13\\.95\u00a2   |  |  | 14\\.49\u00a2   |  |  |  | 14\\.27\u00a2   |\n| RASM                                                               | RASM                                                               | RASM                                                               | 13\\.17\u00a2   |  |  | 12\\.65\u00a2   |  |  | 12\\.72\u00a2   |  |  | 13\\.43\u00a2   |  |  |  | 14\\.03\u00a2   |\n| CASMex^(c)^                                                        | CASMex^(c)^                                                        | CASMex^(c)^                                                        |  8\\.70\u00a2   |  |  |  8\\.50\u00a2   |  |  |  8\\.25\u00a2   |  |  |  8\\.32\u00a2   |  |  |  |  8\\.30\u00a2   |\n| Mainline:                                                          | Mainline:                                                          | Mainline:                                                          |           |  |  |           |  |  |           |  |  |           |  |  |  |           |\n| Revenue passengers (000)                                           | Revenue passengers (000)                                           | Revenue passengers (000)                                           |  35,530   |  |  |  35,603   |  |  |  34,510   |  |  |  24,838   |  |  |  |  22,869   |\n| RPMs (000,000) \"traffic\"                                           | RPMs (000,000) \"traffic\"                                           | RPMs (000,000) \"traffic\"                                           |  50,413   |  |  |  49,781   |  |  |  48,236   |  |  |  33,489   |  |  |  |  30,340   |\n| ASMs (000,000) \"capacity\"                                          | ASMs (000,000) \"capacity\"                                          | ASMs (000,000) \"capacity\"                                          |  59,711   |  |  |  59,187   |  |  |  56,945   |  |  |  39,473   |  |  |  |  35,912   |\n| Load factor                                                        | Load factor                                                        | Load factor                                                        |  84\\.4%   |  |  |  84\\.1%   |  |  |  84\\.7%   |  |  |  84\\.8%   |  |  |  |  84\\.5%   |\n| Yield                                                              | Yield                                                              | Yield                                                              | 13\\.39\u00a2   |  |  | 13\\.01\u00a2   |  |  | 13\\.02\u00a2   |  |  | 13\\.18\u00a2   |  |  |  | 12\\.98\u00a2   |\n| CASMex^(c)^                                                        | CASMex^(c)^                                                        | CASMex^(c)^                                                        |  8\\.00\u00a2   |  |  |  7\\.73\u00a2   |  |  |  7\\.50\u00a2   |  |  |  7\\.39\u00a2   |  |  |  |  7\\.39\u00a2   |\n| Regional ^(b)^ :                                                   | Regional ^(b)^ :                                                   | Regional ^(b)^ :                                                   |           |  |  |           |  |  |           |  |  |           |  |  |  |           |\n| Revenue passengers (000)                                           | Revenue passengers (000)                                           | Revenue passengers (000)                                           |  11,203   |  |  |  10,199   |  |  |  9,495    |  |  |  9,452    |  |  |  |  9,015    |\n| RPMs (000,000) \"traffic\"                                           | RPMs (000,000) \"traffic\"                                           | RPMs (000,000) \"traffic\"                                           |  5,627    |  |  |  4,892    |  |  |  4,101    |  |  |  3,720    |  |  |  |  3,238    |\n| ASMs (000,000) \"capacity\"                                          | ASMs (000,000) \"capacity\"                                          | ASMs (000,000) \"capacity\"                                          |  6,943    |  |  |  6,148    |  |  |  5,127    |  |  |  4,662    |  |  |  |  4,002    |\n| Load factor                                                        | Load factor                                                        | Load factor                                                        |  81\\.0%   |  |  |  79\\.6%   |  |  |  80\\.0%   |  |  |  79\\.8%   |  |  |  |  80\\.9%   |\n| Yield                                                              | Yield                                                              | Yield                                                              | 23\\.90\u00a2   |  |  | 23\\.66\u00a2   |  |  | 24\\.96\u00a2   |  |  | 26\\.26\u00a2   |  |  |  | 26\\.37\u00a2   |\n\n\n\n(a) Capitalized interest was $15 million, $18 million, $17 million, $25 million and $34 million for 2019, 2018, 2017, 2016 and 2015\\.\n\n29"}
{"_id": "Southwest-2018_6.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nEarlyBird Check\\-In provides Customers with automatic check\\-in and an assigned boarding position before general boarding positions become available, thereby improving Customers' seat selection options (priority boarding privileges are already a benefit of being an \"A\\-List\" tier member under the Company's Rapid Rewards Loyalty Program)\\. During 2018, the Company implemented a variable pricing model for EarlyBird Check\\-In based on the length of the flight and the historical popularity of EarlyBird Check\\-In on the route\\.\n\nWhen available, Southwest sells Upgraded Boarding at the airport\\. These are open priority boarding positions in the first 15 positions in its \"A\" boarding group\\. \n\nSouthwest\u2019s Pet Policy provides Customers an opportunity to bring a small cat or dog into the aircraft cabin\\. Southwest also has an unaccompanied minor travel policy to address the administrative costs and the extra care necessary to safely transport these Customers\\.\n\n***Inflight Entertainment Portal and WiFi Service***\n\nSouthwest offers inflight entertainment and connectivity service on WiFi\\-enabled aircraft on the majority of its fleet\\. In 2018, Southwest refreshed its suite of complimentary offerings onboard its inflight entertainment portal to offer Free Movies and Free App Messaging while onboard any WiFi\\-enabled aircraft, and Free Music while onboard a majority of WiFi\\-enabled aircraft\\. The inflight entertainment service allows Customers to enjoy gate\\-to\\-gate entertainment directly on their personal wireless devices\\.\n\nThe free inflight entertainment offerings include approximately 30 free movies\\-on\\-demand per month and free app messaging via iMessage or WhatsApp\\. The Company also continues to offer free access to its live and on\\-demand television product on most of its flights\\. The television product consists of over 15 live channels and up to 75 on\\-demand recorded episodes from popular television series\\.\n\nThe Company\u2019s new collaboration with iHeartRadio brings a free digital music and live streaming radio service to Customers within the onboard entertainment portal on the majority of Southwest domestic flights\\. Customers can listen to hundreds of live radio stations, pick from artist radio channels, listen to selected playlists, and listen to podcasts\\. Customers may also use their iHeartRadio app while onboard, and existing subscribers to the All Access and Plus products have access to their entire music library and saved playlists\\. \n\nCustomers can also purchase satellite internet service while on WiFi\\-enabled aircraft\\. Customers do not have to purchase WiFi to access the free inflight entertainment options including Free Movies, Free App Messaging, Free Television, Free Music, weather, destination guides, a flight tracker, and connecting flights information\\. These onboard offerings are currently available as a limited time offer only on WiFi\\-enabled aircraft, where available\\. \n\n**Rapid Rewards Loyalty Program**\n\nSouthwest's Rapid Rewards loyalty program enables program members (\"Members\") to earn points for every dollar spent on Southwest fares\\. The amount of points earned under the program is based on the fare and fare class purchased, with higher fare products (e\\.g\\., Business Select) earning more points than lower fare products (e\\.g\\., Wanna Get Away)\\. Each fare class is associated with a points earning multiplier, and points for flights are calculated by multiplying the fare for the flight by the fare class multiplier\\. Likewise, the amount of points required to be redeemed for a flight is based on the fare purchased\\. Under the program (i) Members are able to redeem their points for every available seat, every day, on every flight, with no blackout dates; and (ii) points do not expire so long as the Member has points\\-earning activity during the most recent 24 months\\.\n\nUnder the program, Members continue to accumulate points until the time they decide to redeem them\\. As a result, the program provides Members significant flexibility and options for earning and redeeming rewards\\. For example, Members can earn more points (and/or achieve tiered status such as A\\-List and Companion Pass faster) by purchasing higher fare tickets\\. Members also have significant flexibility in redeeming points, such as the opportunity to book in advance to take advantage of a lower fare ticket (including many fare sales) and redeem fewer points or by being able to redeem more points and book at the last minute if seats are still available for sale\\. In addition to redeeming points for Southwest flights, Members are also able to redeem their points for items such as international flights on other airlines, cruises, hotel stays, rental cars, gift cards, event tickets, and more\\. Members can also earn points through qualifying purchases with Rapid Rewards Partners (which include, for example, car rental agencies, hotels, restaurants, and retailers), as well as by using Southwest's co\\-branded Chase^\u00ae^ Visa credit card\\. In addition to earning points for \n\n7"}
{"_id": "AmericanAirlines-2018_123.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nus to pay additional amounts to the applicable lender or other financing party, generally if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law\\.\n\nIn certain transactions, including certain aircraft financing leases and loans, the lessors, lenders and/or other parties have rights to terminate the transaction based on changes in foreign tax law, illegality or certain other events or circumstances\\. In such a case, we may be required to make a lump sum payment to terminate the relevant transaction\\.\n\nWe have general indemnity clauses in many of our airport and other real estate leases where we as lessee indemnify the lessor (and related parties) against liabilities related to our use of the leased property\\. Generally, these indemnifications cover liabilities resulting from the negligence of the indemnified parties, but not liabilities resulting from the gross negligence or willful misconduct of the indemnified parties\\. In addition, we provide environmental indemnities in many of these leases for contamination related to our use of the leased property\\.\n\nUnder certain contracts with third parties, we indemnify the third\\-party against legal liability arising out of an action by the third\\-party, or certain other parties\\. The terms of these contracts vary and the potential exposure under these indemnities cannot be determined\\. We have liability insurance protecting us for some of the obligations we have undertaken under these indemnities\\.\n\nAmerican is required to make principal and interest payments for certain special facility revenue bonds issued by municipalities primarily to build or improve airport facilities and purchase equipment, which are leased to American\\. The payment of principal and interest of certain special facility revenue bonds is guaranteed by AAG\\. As of December 31, 2018, the remaining lease payments through 2035 guaranteeing the principal and interest on these bonds are $588 million and the current carrying amount of the associated operating lease liability in the accompanying consolidated balance sheet is $321 million\\. \n\nAs of December 31, 2018, AAG had issued guarantees covering approximately $769 million principal amount of American\u2019s special facility revenue bonds (and interest thereon) and $8\\.4 billion principal amount of American\u2019s secured debt (and interest thereon), including the Credit Facilities and certain EETC financings\\.\n\n***(g) Credit Card Processing Agreements***\n\nWe have agreements with companies that process customer credit card transactions for the sale of air travel and other services\\. Our agreements allow these credit card processing companies, under certain conditions, to hold an amount of our cash (referred to as a holdback) equal to a portion of advance ticket sales that have been processed by that company, but for which we have not yet provided the air transportation\\. Additional holdback requirements in the event of material adverse changes in our financial condition will reduce our liquidity in the form of unrestricted cash by the amount of the holdbacks\\. These credit card processing companies are not currently entitled to maintain any holdbacks pursuant to these requirements\\.\n\n***(h) Labor Negotiations***\n\nAs of December 31, 2018, we employed approximately 128,900 active full\\-time equivalent employees, of which 26,000 were employed by our regional operations\\. Approximately 84% of employees are covered by collective bargaining agreements (CBAs) with various labor unions and approximately 22% of employees are covered by CBAs that will become amendable within one year\\. Negotiations are continuing for joint collective bargaining agreements (JCBAs) covering our mainline maintenance, fleet service, stock clerks, maintenance control technicians and maintenance training instructors as well as for CBAs covering certain employee groups at our wholly\\-owned regional subsidiaries\\. Additionally, the post\\-Merger JCBAs covering our pilots and flight attendants, while not yet amendable, provide the unions with the right to elect to commence negotiations for new collective bargaining agreements in advance of each JCBA\u2019s amendable date\\. Each of the unions has exercised these rights and negotiations are underway for new agreements as described in Part I, Item 1\\. Business \\- \u201c*Employees and Labor Relations*\u201d\\. There is no assurance that a successful or timely resolution of these labor negotiations will be achieved\\.\n\n124"}
{"_id": "Delta-2019_60.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\n\nNOTE 1\\. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n\nBasis of Presentation\n\nDelta Air Lines, Inc\\., a Delaware corporation, provides scheduled air transportation for passengers and cargo throughout the United States (\"U\\.S\\.\") and around the world\\. Our Consolidated Financial Statements include the accounts of Delta Air Lines, Inc\\. and our wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U\\.S\\. (\"GAAP\")\\. We do not consolidate the financial statements of any company in which we have voting rights of 50% or less\\. We are not the primary beneficiary of, nor do we have a controlling financial interest in, a material variable interest entity\\. Accordingly, we have not consolidated a material variable interest entity\\. \n\nWe have marketing alliances with other airlines to enhance our access to domestic and international markets\\. These arrangements may include codesharing, reciprocal loyalty program benefits, shared or reciprocal access to passenger lounges, joint promotions, common use of airport gates and ticket counters, ticket office co\\-location and other marketing agreements\\. We have received antitrust immunity for certain marketing arrangements, which enables us to offer a more integrated route network and develop common sales, marketing and discount programs for customers\\. Some of our marketing arrangements provide for the sharing of revenues and expenses\\. Revenues and expenses associated with collaborative arrangements are presented on a gross basis in the applicable line items on our Consolidated Statements of Operations (\"income statement\")\\.\n\nWe have reclassified certain prior period amounts to conform to the current period presentation\\. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes\\.\n\nUse of Estimates\n\nWe are required to make estimates and assumptions when preparing our Consolidated Financial Statements in accordance with GAAP\\. These estimates and assumptions affect the amounts reported in our Consolidated Financial Statements and the accompanying notes\\. Actual results could differ materially from those estimates\\.\n\nRecent Accounting Standards\n\nStandards Effective in Future Years\n\nCredit Losses\\.  In 2016, the Financial Accounting Standards Board (\"FASB\") issued Accounting Standards Update (\"ASU\") No\\. 2016\\-13, \"Financial Instruments\\-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments\\.\" Under this ASU an entity is required to utilize an \u201cexpected credit loss model\u201d on certain financial instruments, including trade and financing receivables\\. This model requires consideration of a broader range of reasonable and supportable information and requires an entity to estimate expected credit losses over the lifetime of the asset\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2019\\. We do not expect adoption of this standard to have a material impact on our consolidated financial statements\\. We will adopt the standard effective January 1, 2020\\. \n\nRecently Adopted Standards\n\nComprehensive Income\\.  In February 2018, the FASB issued ASU No\\. 2018\\-02, \"Income Statement\u2014Reporting Comprehensive Income (Topic 220)\\.\" This standard provides an option to reclassify stranded tax effects within accumulated other comprehensive income/(loss) (\"AOCI\") to retained earnings due to the U\\.S\\. federal corporate income tax rate change in the Tax Cuts and Jobs Act of 2017\\. We adopted this standard effective January 1, 2019 with the election not to reclassify $1\\.2 billion of stranded tax effects, primarily related to our pension plans, from AOCI to retained earnings\\.\n\n58"}
{"_id": "Delta-2017_83.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nProfit Sharing Program\n\nOur broad\\-based employee profit sharing program provides that, for each year in which we have an annual pre\\-tax profit, as defined by the terms of the program, we will pay a specified portion of that profit to employees\\. In determining the amount of profit sharing, the program defines profit as pre\\-tax profit adjusted for profit sharing and certain other items\\. For the years ended  December 31, 2017 ,  2016  and  2015 , we recorded expenses of   $1\\.1 billion ,   $1\\.1 billion  and   $1\\.5 billion  under the profit sharing program, respectively\\. \n\nEffective October 1, 2017, we aligned our profit sharing plans under a single formula\\. Under this formula, our profit sharing program pays 10% to all eligible employees for the first $2\\.5 billion of annual profit and 20% of annual profit above $2\\.5 billion\\. Prior to that time, the profit sharing program for pilots used this formula but for 2016 and the first nine months of 2017, the profit sharing program for merit, ground and flight attendant employees paid 10% of annual profit (as defined by the terms of the program) and, if we exceeded our prior\\-year results, the program paid 20% of the year\\-over\\-year increase in profit to eligible employees\\. For years prior to 2016, the profit sharing program for merit, ground and flight attendant employees paid according to the current formula\\. Going forward, all eligible employees will be paid profit sharing under the current formula\\.\n\nNOTE 10 \\. COMMITMENTS AND CONTINGENCIES \n\nAircraft Purchase and Lease Commitments\n\nOur future aircraft purchase commitments totaled approximately   $18\\.3 billion  at  December 31, 2017 : \n\n\n\n|                   |           |\n| ----------------- | --------- |\n| **(in millions)** | **Total** |\n| 2018              | $3,570    |\n| 2019              | 3,370     |\n| 2020              | 3,270     |\n| 2021              | 3,880     |\n| 2022              | 2,450     |\n| Thereafter        | 1,740     |\n| Total             | $18,280   |\n\n\n\nOur future aircraft purchase commitments included the following aircraft at  December 31, 2017 :\n\n\n\n|                   |                          |\n| ----------------- | ------------------------ |\n| **Aircraft Type** | **Purchase Commitments** |\n| A321\\-200         | 93                       |\n| A321\\-200neo      | 100                      |\n| A330\\-900neo      | 25                       |\n| A350\\-900         | 19                       |\n| B\\-737\\-900ER     | 41                       |\n| CS100             | 75                       |\n| Total             | 353                      |\n\n\n\nDuring 2017, we entered into agreements with Airbus to place an expanded A321\\-200 order for   45  firm additional aircraft and to defer   10  of our A350\\-900 aircraft deliveries set for 2019\\-2020 by  two  to  three  years\\. We also entered into an agreement with Airbus to order   100  A321\\-200neo aircraft to start delivery in 2020 with the option to purchase an additional   100  A321\\-200neo aircraft\\.\n\n 79"}
{"_id": "Alaska-2019_64.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nFair Values of Derivative Instruments \n\nFair values of derivative instruments on the consolidated balance sheet (in millions):\n\n\n\n|                                                       |                                                       |                                                       |      |  |  |  |      |\n|:----------------------------------------------------- |:----------------------------------------------------- |:----------------------------------------------------- | ----:|:- |:- |:- | ----:|\n|                                                       |                                                       |                                                       | 2019 |  |  |  | 2018 |\n| Fuel hedge contracts (not designated as hedges)       | Fuel hedge contracts (not designated as hedges)       | Fuel hedge contracts (not designated as hedges)       |      |  |  |  |      |\n| Prepaid expenses and other current assets             | Prepaid expenses and other current assets             | Prepaid expenses and other current assets             |  $ 8 |  |  |  |  $ 2 |\n| Other assets                                          | Other assets                                          | Other assets                                          |    3 |  |  |  |    2 |\n| Interest rate swaps (designated as hedges)            | Interest rate swaps (designated as hedges)            | Interest rate swaps (designated as hedges)            |      |  |  |  |      |\n| Prepaid expenses and other current assets             | Prepaid expenses and other current assets             | Prepaid expenses and other current assets             |    1 |  |  |  |    3 |\n| Other noncurrent assets                               | Other noncurrent assets                               | Other noncurrent assets                               |    2 |  |  |  |    7 |\n| Other accrued liabilities                             | Other accrued liabilities                             | Other accrued liabilities                             |  (5) |  |  |  |  (3) |\n| Other liabilities                                     | Other liabilities                                     | Other liabilities                                     |  (5) |  |  |  |  (4) |\n| Losses in accumulated other comprehensive loss (AOCL) | Losses in accumulated other comprehensive loss (AOCL) | Losses in accumulated other comprehensive loss (AOCL) | (13) |  |  |  |  (1) |\n\n\n\nThe net cash paid for new fuel hedge positions and received from settlements was $19 million, $21 million and $12 million during 2019, 2018, and 2017\\.\n\nPretax effect of derivative instruments on earnings and AOCL (in millions):\n\n\n\n|                                                               |                                                               |                                                               |        |  |  |  |      |  |  |  |       |\n|:------------------------------------------------------------- |:------------------------------------------------------------- |:------------------------------------------------------------- | ------:|:- |:- |:- | ----:|:- |:- |:- | -----:|\n|                                                               |                                                               |                                                               |   2019 |  |  |  | 2018 |  |  |  |  2017 |\n| Fuel hedge contracts (not designated as hedges)               | Fuel hedge contracts (not designated as hedges)               | Fuel hedge contracts (not designated as hedges)               |        |  |  |  |      |  |  |  |       |\n| Gains (losses) recognized in Aircraft fuel                    | Gains (losses) recognized in Aircraft fuel                    | Gains (losses) recognized in Aircraft fuel                    | $ (10) |  |  |  |  $ 1 |  |  |  | $ (6) |\n| Interest rate swaps (designated as hedges)                    | Interest rate swaps (designated as hedges)                    | Interest rate swaps (designated as hedges)                    |        |  |  |  |      |  |  |  |       |\n| Losses recognized in Aircraft rent                            | Losses recognized in Aircraft rent                            | Losses recognized in Aircraft rent                            |    (3) |  |  |  |  (3) |  |  |  |   (5) |\n| Gains (losses) recognized in other comprehensive income (OCI) | Gains (losses) recognized in other comprehensive income (OCI) | Gains (losses) recognized in other comprehensive income (OCI) |   (13) |  |  |  |    \u2014 |  |  |  |     1 |\n\n\n\nThe amounts shown as recognized in aircraft rent for cash flow hedges (interest rate swaps) represent the realized losses transferred out of AOCL to aircraft rent\\. No gains or losses related to interest rate swaps on variable rate debt have been recognized in interest expense during 2019\\. The amounts shown as recognized in OCI are prior to the losses recognized in aircraft rent during the period\\. The Company expects $3 million to be reclassified from OCI to aircraft rent and $4 million to interest income within the next twelve months\\.\n\n64"}
{"_id": "United-2017_95.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\ngeneral, each consortium lease agreement requires the consortium to make lease payments in amounts sufficient to pay the maturing principal and interest payments on the bonds\\. As of December 31, 2017, approximately $1\\.5 billion principal amount of such bonds were secured by significant fuel facility leases in which United participates, as to which United and each of the signatory airlines has provided indirect guarantees of the debt\\. As of December 31, 2017, the Company\u2019s contingent exposure was approximately $244 million principal amount of such bonds based on its recent consortia participation\\. The Company\u2019s contingent exposure could increase if the participation of other air carriers decreases\\. The guarantees will expire when the tax\\-exempt bonds are paid in full, which ranges from 2022 to 2049\\. The Company did not record a liability at the time these indirect guarantees were made\\.\n\n***Regional Capacity Purchase\\.*** As of December 31, 2017, United had 257 call options to purchase regional jet aircraft being operated by certain of its regional carriers with contract dates extending until 2029\\. These call options are exercisable upon wrongful termination or breach of contract, among other conditions\\. None of the call options were exercisable at December 31, 2017\\.\n\n***Credit Card Processing Agreements\\.*** The Company has agreements with financial institutions that process customer credit card transactions for the sale of air travel and other services\\. Under certain of the Company\u2019s credit card processing agreements, the financial institutions in certain circumstances have the right to require that the Company maintain a reserve equal to a portion of advance ticket sales that has been processed by that financial institution, but for which the Company has not yet provided the air transportation\\. Such financial institutions may require additional cash or other collateral reserves to be established or additional withholding of payments related to receivables collected if the Company does not maintain certain minimum levels of unrestricted cash, cash equivalents and short\\-term investments (collectively, \u201cUnrestricted Liquidity\u201d)\\. The Company\u2019s current level of Unrestricted Liquidity is substantially in excess of these minimum levels\\.\n\n***Labor Negotiations\\.*** As of December 31, 2017, United, including its subsidiaries, had approximately 89,800 employees\\. Approximately 80% of United\u2019s employees were represented by various U\\.S\\. labor organizations as of December 31, 2017\\. The agreement with the International Brotherhood of Teamsters (the \u201cIBT\u201d) contains provisions that require the Company to align contract terms with other airlines\u2019 workgroups under certain conditions\\.\n\nUNITE HERE is attempting to organize United\u2019s Catering Operations employees, who are currently unrepresented, and filed an application to do so with the National Mediation Board on January 24, 2018\\.\n\n96"}
{"_id": "Delta-2019_88.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nOther\\.  Primarily includes globally\\-diversified, risk\\-managed commingled funds consisting mainly of equity, fixed income and commodity exposures\\. Investments in these strategies are typically valued monthly by third\\-party administrators or valuation agents with an annual audit performed by an independent third party\\.\n\nOn an annual basis we assess the potential for adjustments to the fair value of all investments\\. Certain of our investments valued using NAV as a practical expedient have a lag in the availability of data\\. This primarily applies to private equity, private equity\\-related strategies and real assets\\. We solicit valuation updates from the investment fund managers and use their information and corroborating data from public markets to determine any needed fair value adjustments\\. \n\nOther\n\nWe also sponsor defined benefit pension plans for eligible employees in certain foreign countries\\. These plans did not have a material impact on our Consolidated Financial Statements in any period presented\\.\n\nProfit Sharing Program\n\nOur broad\\-based employee profit sharing program provides that, for each year in which we have an annual pre\\-tax profit, as defined by the terms of the program, we will pay a specified portion of that profit to employees\\. In determining the amount of profit sharing, the program defines profit as pre\\-tax profit adjusted for profit sharing and certain other items\\. For the years ended December 31, 2019, 2018 and 2017, we recorded expenses of $1\\.6 billion, $1\\.3 billion and $1\\.1 billion under the profit sharing program, respectively\\. \n\nEffective October 1, 2017, we aligned our profit sharing plans under a single formula\\. Under this formula, our profit sharing program pays 10% to all eligible employees for the first $2\\.5 billion of annual profit and 20% of annual profit above $2\\.5 billion\\. Prior to that time, the profit sharing program for pilots used this formula but in the first nine months of 2017, the profit sharing program for merit, ground and flight attendant employees paid 10% of annual profit and, if we exceeded our prior\\-year results, the program paid 20% of the year\\-over\\-year increase in profit to eligible employees\\.\n\nNOTE 11\\. COMMITMENTS AND CONTINGENCIES \n\nAircraft Purchase Commitments\n\nOur future aircraft purchase commitments totaled approximately $13\\.7 billion at December 31, 2019: \n\n\n\n|               |               |               |          |\n|:------------- |:------------- |:------------- | --------:|\n| (in millions) | (in millions) | (in millions) |    Total |\n| 2020          | 2020          | 2020          |  $ 2,980 |\n| 2021          | 2021          | 2021          |    3,740 |\n| 2022          | 2022          | 2022          |    3,390 |\n| 2023          | 2023          | 2023          |    1,640 |\n| 2024          | 2024          | 2024          |      500 |\n| Thereafter    | Thereafter    | Thereafter    |    1,440 |\n| Total         | Total         | Total         | $ 13,690 |\n\n\n\nOur future aircraft purchase commitments included the following aircraft at December 31, 2019:\n\n\n\n|                    |                    |                    |                      |                      |\n|:------------------ |:------------------ |:------------------ | --------------------:| --------------------:|\n| Aircraft Type      | Aircraft Type      | Aircraft Type      | Purchase Commitments | Purchase Commitments |\n| A220\\-100          | A220\\-100          | A220\\-100          |                   17 |                   17 |\n| A220\\-300          | A220\\-300          | A220\\-300          |                   50 |                   50 |\n| A321\\-200          | A321\\-200          | A321\\-200          |                   31 |                   31 |\n| A321\\-200neo       | A321\\-200neo       | A321\\-200neo       |                  100 |                  100 |\n| A330\\-900neo ^(1)^ | A330\\-900neo ^(1)^ | A330\\-900neo ^(1)^ |                   33 |                   33 |\n| A350\\-900          | A350\\-900          | A350\\-900          |                   16 |                   16 |\n| CRJ\\-900           | CRJ\\-900           | CRJ\\-900           |                    6 |                    6 |\n| Total              | Total              | Total              |                  253 |                  253 |\n\n\n\n^(1)^ Includes  two A330\\-900neo lease commitments with one in each of 2020 and 2021\\.\n\n86"}
{"_id": "Southwest-2019_70.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\noperating or cash flow losses associated with the use of the long\\-lived asset\\. If an asset is deemed to be impaired, an impairment loss is recorded for the excess of the asset book value in relation to its estimated fair value\\.\n\nLeases\n\nThe Company determines if an arrangement is a lease at inception\\. Operating leases are included in Operating lease right\\-of\\-use assets, Current operating lease liabilities, and Noncurrent operating lease liabilities in the Consolidated Balance Sheet\\. Finance leases are included in Property and equipment, Current maturities of long\\-term debt, and Long\\-term debt less current maturities in the Consolidated Balance Sheet\\. \n\nRight\\-of\\-use assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease\\. The lease liability is measured as the present value of the unpaid lease payments, and the right\\-of\\-use asset value is derived from the calculation of the lease liability\\. Lease payments include fixed and in\\-substance fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties, fees paid by the lessee to the owners of a special\\-purpose entity for restructuring the transaction, and probable amounts the lessee will owe under a residual value guarantee\\. Lease payments do not include (i) variable lease payments other than those that depend on an index or rate, (ii) any guarantee by the lessee of the lessor\u2019s debt, or (iii) any amount allocated to non\\-lease components, if such election is made upon adoption, per the provisions of the New Lease Standard\\. The Company uses its estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments, since the Company does not know the actual implicit rates in its leases\\. The Company gives consideration to its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating its incremental borrowing rate\\. Lease expense for operating lease payments is recognized on a straight\\-line basis over the lease term\\. The Company combines lease and nonlease components for all asset groups\\. The Company's lease term includes any option to extend the lease when it is reasonably certain to be exercised based on considering all relevant economic factors\\.\n\nAircraft and Engine Maintenance\n\nThe cost of scheduled inspections and repairs and routine maintenance costs for all aircraft and engines are charged to Maintenance materials and repairs expense within the accompanying Consolidated Statement of Income as incurred\\. \n\nThe Company has maintenance agreements related to certain of its aircraft engines with external service providers, including agreements that effectively transfer the risk of performance of such work to the service provider\\. Under the agreements where the risk of performance is deemed transferred to the counterparty, the appropriate expense is recorded commensurate with the period in which the corresponding level of service is provided\\. Generally, expense is recorded on a straight\\-line basis over the term of the agreement based on the Company's best estimate of expected future aircraft utilization\\. For its engine maintenance contracts that do not transfer risk to the service provider, the Company records expense on a time and materials basis when an engine repair event takes place\\. \n\nModifications that significantly enhance the operating performance or extend the useful lives of aircraft or engines are capitalized and amortized over the remaining life of the asset\\.\n\nGoodwill and Intangible Assets\n\nThe Company applies a fair value based impairment test to the carrying value of goodwill and indefinite\\-lived intangible assets annually on October 1st, or more frequently if certain events or circumstances indicate that an impairment loss may have been incurred\\. The Company assesses the value of goodwill and indefinite\\-lived assets under either a qualitative or quantitative approach\\. Under a qualitative approach, the Company considers various market factors, including applicable key assumptions listed below\\. These factors are analyzed to determine if events and circumstances could reasonably have affected the fair value of goodwill and indefinite\\-lived intangible assets\\. If the Company determines that it is more likely than not that an indefinite\\-lived intangible asset is impaired, the quantitative approach \n\n71"}
{"_id": "AmericanAirlines-2019_121.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n1\\. Basis of Presentation and Summary of Significant Accounting Policies\n\n(a) Basis of Presentation\n\nAmerican Airlines, Inc\\. (American) is a Delaware corporation whose primary business activity is the operation of a major network air carrier\\. American is the principal wholly\\-owned subsidiary of American Airlines Group Inc\\. (AAG), which owns all of American\u2019s outstanding common stock, par value   $1\\.00  per share\\. On December 9, 2013, a subsidiary of AMR Corporation (AMR) merged with and into US Airways Group, Inc\\. (US Airways Group), a Delaware corporation, which survived as a wholly\\-owned subsidiary of AAG, and AAG emerged from Chapter 11 (the Merger)\\. Upon closing of the Merger and emergence from Chapter 11, AMR changed its name to American Airlines Group Inc\\. All significant intercompany transactions have been eliminated\\.\n\nThe preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements\\. Actual results could differ from those estimates\\. The most significant areas of judgment relate to passenger revenue recognition, impairment of goodwill, impairment of long\\-lived and intangible assets, the loyalty program, as well as pension and retiree medical and other postretirement benefits\\.\n\n(b) Recent Accounting Pronouncements\n\nASU 2016\\-02: Leases (Topic 842) (the New Lease Standard)\n\nThe New Lease Standard requires lessees to recognize a lease liability and a right\\-of\\-use (ROU) asset on the balance sheet for operating leases\\. Accounting for finance leases is substantially unchanged\\. The New Lease Standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years\\. Early adoption is permitted\\.\n\nIn the fourth quarter of 2018, American elected to early adopt the New Lease Standard as of January 1, 2018 using a modified retrospective transition, with the cumulative\\-effect adjustment to the opening balance of retained earnings as of the effective date (the effective date method)\\. Under the effective date method, financial results reported in periods prior to 2018 are unchanged\\. American also elected the package of practical expedients, which among other things, does not require reassessment of lease classification\\.\n\nThe adoption of the New Lease Standard had a significant impact on American\u2019s consolidated balance sheet due to the recognition of approximately   $10 billion  of lease liabilities with corresponding right\\-of\\-use assets for operating leases\\.\n\nAdditionally, American recognized a   $197 million  cumulative effect adjustment credit, net of tax, to retained earnings\\. The adjustment to retained earnings was driven principally by sale\\-leaseback transactions including the recognition of unamortized deferred aircraft sale\\-leaseback gains\\. Prior to the adoption of the New Lease Standard, gains on sale\\-leaseback transactions were generally deferred and recognized in the income statement over the lease term\\. Under the New Lease Standard, gains on sale\\-leaseback transactions (subject to adjustment for off\\-market terms) are recognized immediately\\.\n\nASU 2018\\-02: Income Statement  \u2013  Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income\n\nThis ASU provides the option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings due to the U\\.S\\. federal corporate income tax rate change as a result of H\\.R\\. 1, the 2017 Tax Cuts and Jobs Act (the 2017 Tax Act)\\. The amount of the reclassification is the difference between the amount initially charged or credited directly to other comprehensive income at the previous U\\.S\\. federal corporate income tax rate that remains in accumulated other comprehensive income and the amount that would have been charged or credited directly to other comprehensive income using the newly enacted U\\.S\\. federal corporate income tax rate, excluding the effect of any valuation allowance previously charged to income from continuing operations\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2018\\. In the first quarter of 2019, American adopted this standard retrospectively as of December 22, 2017, the date the 2017 Tax Act was enacted, which resulted in the recast of prior reporting periods\\. As a result of the adoption, American reclassified   $622 million  of stranded tax effects principally related to its pension plans from accumulated other comprehensive loss to retained earnings\\.\n\n122"}
{"_id": "AmericanAirlines-2018_130.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**AMERICAN AIRLINES, INC\\.**\n\n**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**\n\n**(In millions)**\n\n\n\n|                                                            |                             |                             |                             |\n| ---------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                            | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                            | **2018**                    | **2017**                    | **2016**                    |\n| **Net income**                                             | $1,658                      | $1,285                      | $2,689                      |\n| **Other comprehensive income (loss), net of tax:**         |                             |                             |                             |\n| Pension, retiree medical and other postretirement benefits | (116)                       | (68)                        | (357)                       |\n| Investments                                                | (3)                         | (1)                         | 6                           |\n| **Total other comprehensive loss, net of tax**             | (119)                       | (69)                        | (351)                       |\n| **Total comprehensive income**                             | $1,539                      | $1,216                      | $2,338                      |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n131"}
{"_id": "AmericanAirlines-2017_56.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nThe major components of our total mainline CASM and our mainline CASM excluding special items and fuel for the years ended December 31, 2016 and 2015 are as follows (amounts may not recalculate due to rounding):\n\n\n\n|                                                 |                                           |                                           |                                                       |\n| ----------------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------------------- |\n|                                                 | **Year Ended December 31,**               | **Year Ended December 31,**               | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                                 | **2016**                                  | **2015**                                  | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                                 | **(In cents, except percentage changes)** | **(In cents, except percentage changes)** | **(In cents, except percentage changes)**             |\n| Mainline CASM:                                  |                                           |                                           |                                                       |\n| Aircraft fuel and related taxes                 | 2\\.10                                     | 2\\.60                                     | (19\\.3)                                               |\n| Salaries, wages and benefits                    | 4\\.51                                     | 3\\.98                                     | 13\\.2                                                 |\n| Maintenance, materials and repairs              | 0\\.76                                     | 0\\.79                                     | (3\\.9)                                                |\n| Other rent and landing fees                     | 0\\.73                                     | 0\\.72                                     | 1\\.4                                                  |\n| Aircraft rent                                   | 0\\.50                                     | 0\\.52                                     | (4\\.7)                                                |\n| Selling expenses                                | 0\\.55                                     | 0\\.58                                     | (6\\.0)                                                |\n| Depreciation and amortization                   | 0\\.63                                     | 0\\.57                                     | 10\\.7                                                 |\n| Special items, net                              | 0\\.29                                     | 0\\.44                                     | (33\\.2)                                               |\n| Other                                           | 1\\.87                                     | 1\\.83                                     | 2\\.4                                                  |\n| Total mainline CASM                             | 11\\.94                                    | 12\\.03                                    | (0\\.8)                                                |\n| Special items, net                              | (0\\.29)                                   | (0\\.44)                                   | (33\\.2)                                               |\n| Aircraft fuel and related taxes                 | (2\\.10)                                   | (2\\.60)                                   | (19\\.3)                                               |\n| Mainline CASM, excluding special items and fuel | 9\\.54                                     | 8\\.99                                     | 6\\.1                                                  |\n\n\n\nSignificant changes in the components of mainline CASM are as follows:\n\n\n\n|   |                                                                                                                                                                              |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Aircraft fuel and related taxes per ASM decreased 19\\.3% primarily due to an 18\\.2% decrease in the average price per gallon of fuel to $1\\.41 in 2016 from $1\\.72 in 2015\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                     |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Salaries, wages and benefits per ASM increased 13\\.2% primarily due to increased costs associated with new labor contracts and the addition of an employee profit sharing program\\. |\n\n\n\n\n\n|   |                                                                                                |\n| - | ---------------------------------------------------------------------------------------------- |\n| \u2022 | Selling expenses per ASM decreased 6\\.0% primarily due to lower credit card and booking fees\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Depreciation and amortization per ASM increased 10\\.7% primarily due to depreciation related to aircraft purchased in connection with our fleet renewal program\\. In 2016, we took delivery of 55 new mainline aircraft\\. |\n\n\n\n57"}
{"_id": "Delta-2019_79.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nLease Position\n\nThe table below presents the lease\\-related assets and liabilities recorded on the balance sheet\\.\n\n\n\n|                                        |                                        |                                        |                                               |                                               |                                               |              |              |  |  |  |\n|:-------------------------------------- |:-------------------------------------- |:-------------------------------------- |:---------------------------------------------:|:---------------------------------------------:|:---------------------------------------------:| ------------:| ------------:|:- |:- |:- |\n|                                        |                                        |                                        |                                               |                                               |                                               | December 31, | December 31, |  |  |  |\n| (in millions)                          | (in millions)                          | (in millions)                          |      Classification on the Balance Sheet      |      Classification on the Balance Sheet      |      Classification on the Balance Sheet      |         2019 |         2018 |\n| Assets                                 | Assets                                 | Assets                                 |                                               |                                               |                                               |              |              |\n| Operating lease assets                 | Operating lease assets                 | Operating lease assets                 |     Operating lease right\\-of\\-use assets     |     Operating lease right\\-of\\-use assets     |     Operating lease right\\-of\\-use assets     |      $ 5,627 |      $ 5,994 |\n| Finance lease assets                   | Finance lease assets                   | Finance lease assets                   |          Property and equipment, net          |          Property and equipment, net          |          Property and equipment, net          |        1,062 |          490 |\n| Total lease assets                     | Total lease assets                     | Total lease assets                     |                                               |                                               |                                               |      $ 6,689 |      $ 6,484 |\n| Liabilities                            | Liabilities                            | Liabilities                            |                                               |                                               |                                               |              |              |\n| Current                                | Current                                | Current                                |                                               |                                               |                                               |              |              |\n| Operating                              | Operating                              | Operating                              |    Current maturities of operating leases     |    Current maturities of operating leases     |    Current maturities of operating leases     |        $ 801 |        $ 955 |\n| Finance                                | Finance                                | Finance                                | Current maturities of debt and finance leases | Current maturities of debt and finance leases | Current maturities of debt and finance leases |          233 |          109 |\n| Noncurrent                             | Noncurrent                             | Noncurrent                             |                                               |                                               |                                               |              |              |\n| Operating                              | Operating                              | Operating                              |          Noncurrent operating leases          |          Noncurrent operating leases          |          Noncurrent operating leases          |        5,294 |        5,801 |\n| Finance                                | Finance                                | Finance                                |            Debt and finance leases            |            Debt and finance leases            |            Debt and finance leases            |          821 |          294 |\n| Total lease liabilities                | Total lease liabilities                | Total lease liabilities                |                                               |                                               |                                               |      $ 7,149 |      $ 7,159 |\n| Weighted\\-average remaining lease term | Weighted\\-average remaining lease term | Weighted\\-average remaining lease term |                                               |                                               |                                               |              |              |\n| Operating leases                       | Operating leases                       | Operating leases                       |                                               |                                               |                                               |     12 years |     12 years |\n| Finance leases                         | Finance leases                         | Finance leases                         |                                               |                                               |                                               |      5 years |      7 years |\n| Weighted\\-average discount rate        | Weighted\\-average discount rate        | Weighted\\-average discount rate        |                                               |                                               |                                               |              |              |\n| Operating leases^(1)^                  | Operating leases^(1)^                  | Operating leases^(1)^                  |                                               |                                               |                                               |      3\\.73 % |      3\\.69 % |\n| Finance leases                         | Finance leases                         | Finance leases                         |                                               |                                               |                                               |      3\\.46 % |      5\\.23 % |\n\n\n\n^(1)^ Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2018\\.\n\nLease Costs\n\nThe table below presents certain information related to the lease costs for finance and operating leases\\.\n\n\n\n|                               |                               |                               |                         |                         |  |  |  |\n|:----------------------------- |:----------------------------- |:----------------------------- | -----------------------:| -----------------------:|:- |:- |:- |\n|                               |                               |                               | Year Ended December 31, | Year Ended December 31, |  |  |  |\n| (in millions)                 | (in millions)                 | (in millions)                 |                    2019 |                    2018 |\n| Finance lease cost            | Finance lease cost            | Finance lease cost            |                         |                         |\n| Amortization of leased assets | Amortization of leased assets | Amortization of leased assets |                   $ 110 |                   $ 100 |\n| Interest of lease liabilities | Interest of lease liabilities | Interest of lease liabilities |                      29 |                      22 |\n| Operating lease cost^(1)^     | Operating lease cost^(1)^     | Operating lease cost^(1)^     |                   1,013 |                     994 |\n| Short\\-term lease cost^(1)^   | Short\\-term lease cost^(1)^   | Short\\-term lease cost^(1)^   |                     500 |                     458 |\n| Variable lease cost^(1)^      | Variable lease cost^(1)^      | Variable lease cost^(1)^      |                   1,456 |                   1,427 |\n| Total lease cost              | Total lease cost              | Total lease cost              |                 $ 3,108 |                 $ 3,001 |\n\n\n\n^(1)^ Expenses are classified within aircraft rent, landing fees and other rents and regional carriers expense, excluding fuel on the income statement\\. For the year ended December 31, 2019, $174 million and $64 million of the operating and variable lease costs, respectively, and for the year ended December 31, 2018, $150 million, $18 million and $48 million of the operating, short\\-term and variable lease costs, respectively, are attributable to our regional carriers\\.\n\nIn 2017, operating lease expense, excluding landing fees, was approximately $1\\.6 billion, which includes leases of certain aircraft under capacity purchase agreements\\. Expenses were primarily classified within aircraft rent, landing fees and other rents and regional carriers expense\\.\n\n77"}
{"_id": "Alaska-2018_84.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Aircraft Maintenance and Parts Management***\n\nThrough its acquisition of Virgin America, the Company has a separate maintenance\\-cost\\-per\\-hour contract for management and repair of certain rotable parts to support Airbus airframe and engine maintenance and repair\\. In 2017, Alaska entered into a similar contract for maintenance on its B737\\-800 aircraft engines\\. These agreements require monthly payments based upon utilization, such as flight hours, cycles and age of the aircraft, and, in turn, the agreement transfers certain risks to the third\\-party service provider\\. There are minimum payments under both agreements, which are reflected in the table above\\. Accordingly, payments could differ materially based on actual aircraft utilization\\.\n\n***Capacity Purchase Agreements (CPAs)***\n\nAt December 31, 2018, Alaska had CPAs with three carriers, including the Company's wholly\\-owned subsidiary, Horizon\\. Horizon sells 100% of its capacity under a CPA with Alaska\\. In addition, Alaska has CPAs with SkyWest to fly certain routes in the Lower 48 and Canada and with PenAir to fly certain routes in the state of Alaska\\. Under these agreements, Alaska pays the carriers an amount which is based on a determination of their cost of operating those flights and other factors intended to approximate market rates for those services\\. Future payments (excluding Horizon) are based on minimum levels of flying by the third\\-party carriers, which could differ materially due to variable payments based on actual levels of flying and certain costs associated with operating flights such as fuel\\.\n\n***Aircraft Maintenance Deposits***\n\nCertain Airbus leases include contractually required maintenance deposit payments to the lessor, which collateralize the lessor for future maintenance events should the Company not perform required maintenance\\. Most of the lease agreements provide that maintenance deposits are reimbursable upon completion of the major maintenance event in an amount equal to the lesser of (i) the amount qualified for reimbursement from maintenance deposits held by the lessor associated with the specific major maintenance event or (ii) the qualifying costs related to the specific major maintenance event\\.\n\n***Contingencies***\n\nThe Company is a party to routine litigation matters incidental to its business and with respect to which no material liability is expected\\. Liabilities for litigation related contingencies are recorded when a loss is determined to be probable and estimable\\.\n\nIn 2015, three flight attendants filed a class action lawsuit seeking to represent all California\\-based Virgin America flight attendants for damages based on alleged violations of California and City of San Francisco wage and hour laws\\. The court certified a class of approximately 1,800 flight attendants in November 2016\\. The Company believes the claims in this case are without factual and legal merit\\.\n\nIn July 2018, the Court granted in part Plaintiffs' motion for summary judgment, finding Virgin America, and Alaska Airlines, as a successor\\-in\\-interest to Virgin America, responsible for various damages and penalties sought by the class members\\. On February 4, 2019, the Court entered final judgment against Virgin America and Alaska Airlines in the amount of approximately $78 million\\. It did not award behavioral relief from Alaska Airlines\\. \n\nThe Company will then seek an appellate court ruling that the California laws on which the judgment is based are invalid as applied to national airlines pursuant to the U\\.S\\. Constitution and federal law and for other employment law and improper class certification reasons\\. The Company remains confident that a higher court will respect the federal preemption principles that were enacted to shield inter\\-state common carriers from a patchwork of state and local wage and hour regulations such as those at issue in this case and agree with the Company's other bases for appeal\\. For these reasons, no loss has been accrued\\. \n\n**NOTE 10\\. SHAREHOLDERS' EQUITY**\n\n***Dividends***\n\nDuring 2018, the Board of Directors declared dividends of $1\\.28 per share\\. The Company paid dividends of $158 million, $148 million and $136 million to shareholders of record during 2018, 2017 and 2016\\.\n\nSubsequent to year\\-end, the Board of Directors declared a quarterly cash dividend of $0\\.35 per share to be paid in March 2019 to shareholders of record as of February 19, 2019\\. This is a 9% increase from the most recent quarterly dividend of $0\\.32 per share\\.\n\n 85"}
{"_id": "Southwest-2018_15.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nproduce safer and more efficient flight patterns; and (iii) conserve fuel and reduce carbon emissions\\. Since its first use of RNP in 2011, Southwest has conducted approximately 143,000 RNP approaches, including over 85,000 in 2018\\. Southwest must rely on RNP approaches published by the FAA, and the rate of introduction and utilization of RNP approaches continues to be slower than expected, with fuel efficient RNP approaches currently available at only 50 of Southwest's airports\\. In addition, even at airports with approved RNP approaches, the clearance required from air traffic controllers to perform RNP approaches is often not granted\\. Southwest continues to work with the FAA to develop and seek more use of RNP approaches and to evolve air traffic control rules to support greater utilization of RNP\\.\n\nAs part of its commitment to corporate sustainability, the Company has published the Southwest One Report^TM^ describing the Company's sustainability strategies, which include the foregoing and other efforts to reduce greenhouse gas emissions and address other environmental matters such as energy and water conservation, waste minimization, and recycling\\. Information contained in the Southwest One Report is not incorporated by reference into, and does not constitute a part of, this Form 10\\-K\\.\n\n**Data Privacy and Security Regulation**\n\nThe airline industry has experienced heightened legislative and regulatory focus on data privacy and security in the United States and elsewhere\\. As a result, the Company must comply with a growing and fast\\-evolving set of legal requirements in this area\\. For example, the California Consumer Privacy Act of 2018 requires significant compliance efforts from businesses across the United States to the extent they do business in California and collect personal information from California residents\\. The new law gives consumers much broader access and control over their personal information\\. This regulatory environment is increasingly challenging and may present material obligations and risks to the Company's business, including significantly expanded compliance burdens, costs, and enforcement risks\\.\n\nThe Company expects the federal government to closely examine cyber\\-security and data privacy in 2019\\. This could include the DOT looking at new requirements, guidance, or best practices for the industry, as well as the introduction of new legislation in Congress\\. \n\n**International Regulation**\n\nAll international air service is subject to certain U\\.S\\. federal requirements and approvals, as well as the regulatory requirements of the appropriate authorities of the foreign countries involved\\. The Company has obtained the necessary economic authority from the DOT, as well as approvals required by the FAA and applicable foreign government entities, to conduct operations, under certain circumstances, to points outside of the continental United States currently served by the Company\\. Certain international authorities and approvals held by the Company are subject to periodic renewal requirements\\. The Company requests extensions of such authorities and approvals when and as appropriate\\. To the extent the Company seeks to serve additional foreign destinations in the future, or to renew its authority to serve certain routes, it may be required to obtain necessary authority from the DOT and/or approvals from the FAA, as well as any applicable foreign government entity\\.\n\nCertain international route authorities are governed by bilateral air transportation agreements between the United States and foreign countries\\. Changes in U\\.S\\. or foreign government aviation policies could result in the alteration or termination of such agreements, diminish the value of the Company's existing international authorities, present barriers to renewing existing or securing new authorities, or otherwise affect the Company's international operations\\. In particular, there is still a degree of uncertainty about the future of scheduled commercial flight operations between theUnited States and Cuba as a result of changes in diplomatic relations between the two governments, as well as travel and trade restrictions implemented by the U\\.S\\. government in 2017\\. There are also capacity limitations at certain airports in Mexico and the Caribbean, which could impact future service levels\\. In general, bilateral agreements between the United States and foreign countries the Company currently serves, or may serve in the future, may be subject to renegotiation or reinterpretation from time to time\\. While the U\\.S\\. government has negotiated \"open skies\" agreements with many countries, which allow for unrestricted access between the United States and respective foreign destinations, agreements with other countries may restrict the Company's entry into those destinations and/or its related growth opportunities\\.\n\nThe CBP is the federal agency of the U\\.S\\. Department of Homeland Security charged with facilitating international trade, collecting import duties, and enforcing U\\.S\\. regulations with respect to trade, customs, and immigration\\. As the \n\n16"}
{"_id": "Delta-2019_41.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nNew York\\-LaGuardia Redevelopment\\.  As part of the terminal redevelopment project at LaGuardia Airport, we are partnering with the Port Authority of New York and New Jersey (\"Port Authority\") to replace Terminals C and D with a new state\\-of\\-the\\-art terminal facility consisting of 37 gates across 4 concourses connected to a central headhouse\\. The terminal will feature a new, larger Delta Sky Club, wider concourses, more gate seating and 30 percent more concessions space than the existing terminals\\. The facility will also offer direct access between the parking garage and terminal and improved roadways and drop\\-off/pick\\-up areas\\. The design of the new terminal will integrate sustainable technologies and improvements in energy efficiency\\. Construction will be phased to limit passenger inconvenience and is expected to be completed by 2026\\. \n\nIn connection with the redevelopment, during 2017, we entered into an amended and restated terminal lease with the Port Authority with a term through 2050\\. Pursuant to the lease agreement we will (1) fund (through debt issuance and existing cash) and undertake the design, management and construction of the terminal and certain off\\-premises supporting facilities, (2) receive a Port Authority contribution of $600 million to facilitate construction of the terminal and other supporting infrastructure, (3) be responsible for all operations and maintenance during the term of the lease and (4) have preferential rights to all gates in the terminal subject to Port Authority requirements with respect to accommodation of designated carriers\\. We currently expect our net project cost to be approximately $3\\.3 billion and we bear the risks of project construction, including any potential cost over\\-runs\\. Using funding provided by cash flows from operations and/or financing arrangements, we spent approximately $562 million on this project during 2019 and expect to spend approximately $700 million during 2020\\.\n\nIn the December 2019 quarter, we opened Concourse G, the first of the four new concourses housing seven of the 37 new gates\\. Not only does this deliver the first direct impact to the Delta passenger experience, it also represents the first major phasing milestone\\. This new concourse will allow us to vacate portions of the existing terminals which can then be demolished and made ready for the next phase of construction\\. The next major milestone will be the opening of the headhouse and Concourse E, which is scheduled for 2022\\.\n\nFinancing Activities\n\nDebt and Finance Leases\\.  In February 2019, we entered into a $1 billion term loan issued by two lenders, which was subsequently repaid by the end of the June 2019 quarter\\. We used the net proceeds of the term loan to accelerate planned 2019 repurchases under our share repurchase program\\.\n\nIn the March 2019 quarter, we completed a $500 million offering of Pass Through Certificates, Series 2019\\-1 (\"2019\\-1 EETC\") through a pass through trust\\. The net proceeds of the offering were used for general corporate purposes, including to refinance debt maturing during 2019\\.\n\nIn October 2019 we issued $1\\.5 billion in aggregate principal amount of unsecured notes, consisting of $900 million of 2\\.9% Notes due 2024 and $600 million of 3\\.75% Notes due 2029 (collectively, the \"Notes\")\\. We used the net proceeds from the offering of these Notes to fund a portion of the tender offer to acquire common shares of LATAM in January 2020\\.\n\nDuring 2019, the three major credit rating agencies reaffirmed our investment\\-grade ratings:\n\n\n\n|                   |                   |                   |                |                |                |         |         |         |\n|:----------------- |:----------------- |:----------------- |:--------------:|:--------------:|:--------------:|:-------:|:-------:|:-------:|\n| Rating Agency     | Rating Agency     | Rating Agency     | Current Rating | Current Rating | Current Rating | Outlook | Outlook | Outlook |\n| Fitch             | Fitch             | Fitch             |     BBB\\-      |     BBB\\-      |     BBB\\-      | Stable  | Stable  | Stable  |\n| Moody's           | Moody's           | Moody's           |      Baa3      |      Baa3      |      Baa3      | Stable  | Stable  | Stable  |\n| Standard & Poor's | Standard & Poor's | Standard & Poor's |     BBB\\-      |     BBB\\-      |     BBB\\-      | Stable  | Stable  | Stable  |\n\n\n\nCapital Returns to Shareholders\\.  Since first implementing our quarterly dividend in 2013, we have annually increased the dividend per share and paid $3\\.8 billion in total dividends, including $980 million in 2019\\. Through dividends and share repurchases, we have returned $15\\.3 billion to shareholders since 2013, while reducing outstanding shares by approximately 25% compared to the beginning of 2013\\. During 2019, we repurchased and retired 38 million  shares at a cost of $2\\.0 billion\\.\n\nOn February 6, 2020, the Board of Directors approved and we will pay a quarterly dividend of $0\\.4025 per share to shareholders of record as of February 20, 2020\\.\n\nUndrawn Lines of Credit\n\nWe have $3\\.1 billion available in revolving lines of credit\\. These credit facilities include covenants customary for financing of this type\\. If we are not in compliance with these covenants, we may be required to repay amounts borrowed under the credit facilities or we may not be able to draw on them\\. \n\n39"}
{"_id": "United-2017_105.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nGroup and American Airlines, Inc\\. Mr\\. Kirby also previously served as President of US Airways from October 2006 to December 2013\\. Mr\\. Kirby held significant other leadership roles at US Airways and at America West prior to the 2005 merger of those carriers, including Executive Vice President\u2014Sales and Marketing (2001 to 2006); Senior Vice President, e\\-business (2000 to 2001); Vice President, Revenue Management (1998 to 2000); Vice President, Planning (1997 to 1998); and Senior Director, Scheduling and Planning (1995 to 1998)\\. Prior to joining America West, Mr\\. Kirby worked for American Airlines Decision Technologies and at the Pentagon\\.\n\n**Andrew C\\. Levy\\.** Age 48\\. Mr\\. Levy has served as Executive Vice President and Chief Financial Officer of UAL and United since August 2016\\. From November 2014 to August 2016, he was the Chief Executive Officer and Managing Partner of AML Ventures, LLC, an investment and advisory firm specializing in the airline industry\\. Previously, Mr\\. Levy held leadership roles at Allegiant Travel Company (\u201cAllegiant\u201d) for thirteen years, including as Chief Operating Officer and a Director from September 2013 to October 2014; President from September 2009 to October 2014; Chief Financial Officer from October 2007 to May 2010; and Managing Director, Planning & Treasurer from April 2001 to October 2010\\. Prior to joining Allegiant, Mr\\. Levy worked at Mpower Communications, Inc\\., Savoy Capital and ValuJet Airlines, Inc\\.\n\n**Oscar Munoz\\.** Age 59\\. Mr\\. Munoz has served as Chief Executive Officer of UAL and United since September 2015, and also as President of UAL and United from September 2015 until August 2016\\. From February 2015 to September 2015, Mr\\. Munoz served as President and Chief Operating Officer of CSX Corporation (\u201cCSX\u201d), a railroad and intermodal transportation services company, overseeing operations, sales and marketing, human resources, service design and information technology\\. Prior to his appointment as President and Chief Operating Officer of CSX, Mr\\. Munoz served as Executive Vice President and Chief Operating Officer of CSX from January 2012 to February 2015 and as Executive Vice President and Chief Financial Officer of CSX from 2003 to 2012\\. Mr\\. Munoz has been a member of the UAL Board of Directors since 2010\\.\n\n**Andrew P\\. Nocella\\.** Age 48\\. Mr\\. Nocella has served as Executive Vice President and Chief Commercial Officer of UAL and United since September 2017\\. From February 2017 to September 2017, he served as Executive Vice President and Chief Revenue Officer of UAL and United\\. Prior to joining the Company, from August 2016 to February 2017, Mr\\. Nocella served as Senior Vice President, Alliances and Sales of American Airlines, Inc\\. From December 2013 to August 2016, he served as Senior Vice President and Chief Marketing Officer of American Airlines, Inc\\. From August 2007 to December 2013, he served as Senior Vice President, Marketing and Planning of US Airways\\.\n\nThere are no family relationships among the executive officers or the directors of UAL\\. The executive officers are elected by UAL\u2019s Board of Directors each year and hold office until the next annual meeting of stockholders, until their successors are elected and qualified, or until their earlier death, resignation or removal\\.\n\nThe Company has a code of ethics, the \u201cCode of Ethics and Business Conduct,\u201d for its directors, officers and employees\\. The code serves as a \u201cCode of Ethics\u201d as defined by SEC regulations, and as a \u201cCode of Business Conduct and Ethics\u201d under the listed Company Manual of the NYSE\\. The code is available on the Company\u2019s website at http://ir\\.united\\.com\\. Waivers granted to certain officers from compliance with or future amendments to the code will be disclosed on the Company\u2019s website in accordance with Item 5\\.05 of Form 8\\-K\\.\n\n\n\n|                |                               |\n| -------------- | ----------------------------- |\n|  **ITEM 11\\.** | **EXECUTIVE COMPENSATION\\.**  |\n\n\n\nInformation required by this item with respect to UAL is incorporated by reference from UAL\u2019s definitive proxy statement for its 2018 Annual Meeting of Stockholders\\.\n\nInformation required by this item with respect to United is omitted pursuant to General Instruction I(2)(c) of Form 10\\-K\\.\n\n\n\n|                |                                                                                                       |\n| -------------- | ----------------------------------------------------------------------------------------------------- |\n|  **ITEM 12\\.** | **SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS\\.**  |\n\n\n\nInformation required by this item with respect to UAL is incorporated by reference from UAL\u2019s definitive proxy statement for its 2018 Annual Meeting of Stockholders\\.\n\nInformation required by this item with respect to United is omitted pursuant to General Instruction I(2)(c) of Form 10\\-K\\.\n\n106"}
{"_id": "Alaska-2017_75.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nAs qualifying cash flow hedges, the interest rate swaps are recognized at fair value on the balance sheet, and changes in the fair value are recognized in accumulated other comprehensive income (loss)\\. The effective portion of the derivative represents the change in fair value of the hedge that offsets the change in fair value of the hedged item\\. To the extent the change in fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is recognized in interest expense, if material\\.\n\n***Fair Values of Derivative Instruments*** \n\nFair values of derivative instruments on the consolidated balance sheet (in millions):\n\n\n\n|                                                       |          |          |\n| ----------------------------------------------------- | -------- | -------- |\n|                                                       | **2017** | **2016** |\n| Fuel hedge contracts (not designated as hedges)       |          |          |\n| Prepaid expenses and other current assets             | **$19**  | $17      |\n| Other assets                                          | **3**    | 3        |\n| Interest rate swaps (designated as hedges)            |          |          |\n| Prepaid expenses and other current assets             | **1**    | \u2014        |\n| Other noncurrent assets                               | **8**    | \u2014        |\n| Other accrued liabilities                             | **(3)**  | (5)      |\n| Other liabilities                                     | **(5)**  | \u2014        |\n| Losses in accumulated other comprehensive loss (AOCL) | **(2)**  | (5)      |\n\n\n\nThe net cash paid for new fuel hedge positions and received from settlements was $12 million, $19 million and $17 million during 2017, 2016, and 2015, respectively\\.\n\nPretax effect of derivative instruments on earnings and AOCL (in millions):\n\n\n\n|                                                               |          |          |          |\n| ------------------------------------------------------------- | -------- | -------- | -------- |\n|                                                               | **2017** | **2016** | **2015** |\n| Fuel hedge contracts (not designated as hedges)               |          |          |          |\n| Gains (losses) recognized in Aircraft fuel                    | **$(6)** | $(3)     | $(19)    |\n| Interest rate swaps (designated as hedges)                    |          |          |          |\n| Gains (losses) recognized in Aircraft rent                    | **(5)**  | (6)      | (6)      |\n| Gains (losses) recognized in other comprehensive income (OCI) | **1**    | 8        | (5)      |\n\n\n\nThe amounts shown as recognized in aircraft rent for cash flow hedges (interest rate swaps) represent the realized losses transferred out of AOCL to aircraft rent\\. No gains or losses related to interest rate swaps on variable rate debt have been recognized in interest expense during 2017\\. The amounts shown as recognized in OCI are prior to the losses recognized in aircraft rent during the period\\. The Company expects $3 million to be reclassified from OCI to aircraft rent and $1 million to interest income within the next twelve months\\.\n\n 76"}
{"_id": "Southwest-2018_72.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nand Purchases of short\\-investments for the security purchased, in the accompanying Consolidated Statement of Cash Flows\\. Unrealized gains and losses, net of tax, if any, are recognized in Accumulated other comprehensive income (loss) (\"AOCI\") in the accompanying Consolidated Balance Sheet\\. Realized net gains and losses on specific investments, if any, are reflected in Interest income in the accompanying Consolidated Statement of Income\\. Both unrealized and realized gains and/or losses associated with investments were immaterial for all years presented\\.\n\nNoncurrent investments consist of investments with maturities of greater than twelve months\\. Noncurrent investments are included as a component of Other assets in the Consolidated Balance Sheet\\.\n\n***Accounts and Other Receivables***\n\nAccounts and other receivables are carried at cost\\. They primarily consist of amounts due from credit card companies associated with sales of tickets for future travel, and amounts due from business partners in the Company\u2019s loyalty program\\. The allowance for doubtful accounts was immaterial at December 31, 2018 and 2017\\. In addition, the provision for doubtful accounts and write\\-offs for 2018, 2017, and 2016 were each immaterial\\.\n\n***Inventories***\n\nInventories primarily consist of aircraft fuel, flight equipment expendable parts, materials, and supplies\\. All of these items are carried at average cost, less an allowance for obsolescence\\. These items are generally charged to expense when issued for use\\. The reserve for obsolescence was $2 million and $45 million at December 31, 2018, and 2017, respectively\\. In addition, the Company\u2019s provision for obsolescence and write\\-offs for 2018, 2017, and 2016 were each immaterial\\.\n\n***Property and Equipment***\n\nProperty and equipment is stated at cost\\. Capital expenditures include payments made for aircraft, other flight equipment, purchase deposits related to future aircraft deliveries, airport and other facility construction projects, and ground and other property and equipment\\. Depreciation is provided by the straight\\-line method to estimated residual values over periods of approximately 25 years for flight equipment, 5 to 30 years for ground property and equipment, and 5 to 30 years, or the expected term of the Company's lease if shorter, for Assets constructed for others, once the asset is placed in service\\. Residual values estimated for aircraft are approximately 15 percent, for ground property and equipment generally range from 0 to 10 percent, and for Assets constructed for others range from 17 to 75 percent\\. Property under capital leases and related obligations are initially recorded at an amount equal to the present value of future minimum lease payments computed on the basis of the Company\u2019s incremental borrowing rate or, when known, the interest rate implicit in the lease\\. Amortization of property under capital leases is on a straight\\-line basis over the lease term and is included in Depreciation and amortization expense\\. Leasehold improvements generally are amortized on a straight\\-line basis over the shorter of the estimated useful life of the improvement or the remaining term of the lease\\. Assets constructed for others consists of airport improvement projects in which the Company is considered the accounting owner of the facilities\\. See Note 4 for further information\\.\n\nDuring first quarter 2016, the Company made the decision to further simplify its operations and accelerate the retirement of its less\\-efficient Boeing 737\\-300 (\"Classic\") fleet\\. In September 2017, the Company retired the remaining 61 Classic aircraft as part of this accelerated retirement schedule\\. This change in retirement dates was considered a change in estimate and was accounted for on a prospective basis as of the dates the decisions were finalized\\. Therefore, the Company recorded accelerated depreciation expense over the remainder of the useful lives for each Classic aircraft and related parts\\. See Note 7 for further information regarding the Company's aircraft fleet\\.\n\n73"}
{"_id": "Alaska-2017_43.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nPension expense increased28% compared to the same period in the prior year\\. The increase is due to the change in certain assumptions used at December 31, 2016, particularly discount rates which were lowered by 60 to 72 basis points, resulting in higher expense recognition in 2017\\. \n\nUnder the new retirement benefits accounting standard, 2017 recast wages and benefits will increase approximately $7 million\\. On a recast basis, we expect wages and benefits to grow at a greater rate than projected capacity growth in 2018\\. Alaska and Virgin America pilot wage increases are the primary drivers of this increase\\. The remainder is due to the expected growth in FTEs to support our capacity growth, along with higher wage rates, medical costs and higher pension costs\\. Furthermore, we may reach a new agreement with our mainline flight attendants, which would also result in higher wages\\.\n\n***Variable Incentive Pay***\n\nVariable incentive pay expense increased to $135 million in 2017 from $127 million in 2016\\. On a Combined Comparative basis, variable incentive pay decreased$24 million, or 15%, due to lower achievement against performance\\-based pay metrics as compared to the prior year\\. \n\n***Aircraft Maintenance***\n\nAircraft maintenance costs increased by $121 million, or 45%, compared to 2016\\. On a Combined Comparative basis, aircraft maintenance costs increased$41 million, or 12%\\. Maintenance costs increased primarily due to timing of scheduled maintenance events in 2017, as well as a power\\-by\\-the\\-hour maintenance agreement that began during the fourth quarter of 2017\\. \n\nWe expect aircraft maintenance expense to increase, consistent with capacity growth in 2018\\. We will have an increase in engine maintenance costs primarily due to the full year impact of the power\\-by\\-the\\-hour engine maintenance arrangement on our B737\\-800 aircraft as noted above, as well as general maintenance expenditures increases as we continue to add capacity to our network\\. \n\n***Aircraft Rent***\n\nAircraft rent expense increased$160 million, or 140%, compared to 2016\\. On a Combined Comparative basis, aircraft rent expense decreased$10 million, or 4%, primarily due to the resetting of straight\\-line aircraft rent resulting from purchase price accounting for leases held by Virgin America, partially offset by the addition of four A321neos added to our mainline fleet and eight E175s added to our regional fleet\\. \n\nWe expect aircraft rent to increase in 2018 at a greater rate than our forecasted capacity growth due to additional leased A321neo and E175 aircraft scheduled for delivery in 2018\\.\n\n***Landing Fees and Other Rentals***\n\nLanding fees and other rental expenses increased$140 million, or 44%, compared to 2016\\. On a Combined Comparative basis, landing fees and other rental expenses increased$33 million, or 8%, primarily due to increased flying in 2017, as we increased capacity by 7% on a combined basis, and entered into 44 new markets\\.\n\nWe expect landing fees and other rental expense to grow at a slightly greater rate than capacity in 2018 as we continue to add capacity in our network and enter new markets\\. Additionally, we expect continued rate increases at airports across our network\\.\n\n***Contracted Services***\n\nContracted services increased$67 million, or 27%, when compared to 2016\\. On a Combined Comparative basis, contracted services increased$7 million, or 2%, primarily due to increased flying at stations where we use vendors to assist us\\. Additionally, wage rates for our vendor employees have increased due to higher minimum wage laws in many locations we serve\\. These cost increases were partially offset by insourcing some of the ground services at many airports to McGee Air Services, whose costs are now included in other financial statement line items, particularly wages and benefits\\.\n\nWe expect contracted services to increase in 2018, consistent with our projected capacity growth\\. The increases are primarily due to higher wage rates in locations where we use vendor employees, and ongoing information technology and facilities projects that we use outside contractors to assist with\\. \n\n 44"}
{"_id": "United-2018_104.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|           |                 |                                                                                                                                                                                                                                                                                                                                                                                                  |\n| --------- | --------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n|  ^10\\.120 | UAL  <br>United | [Supplemental Agreement No\\. 8 to Purchase Agreement No\\. 2484, dated June 17, 2013 (filed as Exhibit 10\\.4 to UAL's Form 10\\-Q for the quarter ended June 30, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex104.htm)                                                                  |\n|  ^10\\.121 | UAL  <br>United | [Supplemental Agreement No\\. 9 to Purchase Agreement No\\. 2484, dated June 6, 2014 (filed as Exhibit 10\\.4 to UAL's Form 10\\-Q for the quarter ended June 30, 2014, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312514278970/d732259dex104.htm)                                                                   |\n|  ^10\\.122 | UAL  <br>United | [Supplemental Agreement No\\. 10 to Purchase Agreement No\\. 2484, dated January 14, 2015 (filed as Exhibit 10\\.4 to UAL's Form 10\\-Q for the quarter ended March 31, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex104.htm)                                                             |\n|  ^10\\.123 | UAL  <br>United | [Supplemental Agreement No\\. 11 to Purchase Agreement No\\. 2484, dated April 30, 2015 (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended June 30, 2015, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex103.htm)                                                               |\n|  ^10\\.124 | UAL  <br>United | [Amended and Restated Letter Agreement No\\. 11, dated August 8, 2005, by and among Continental and General Electric Company (filed as Exhibit 10\\.3 to Continental's Form 10\\-Q for the quarter ended September 30, 2005, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968705000138/f3rd10qexhibit103.htm)        |\n|  ^10\\.125 | UAL  <br>United | [Purchase Agreement No\\. PA\\-03784, dated July 12, 2012, between The Boeing Company and United Air Lines, Inc\\. (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended September 30, 2012, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex101.htm)                                 |\n|  ^10\\.126 | UAL  <br>United | [Supplemental Agreement No\\. 01 to Purchase Agreement No\\. PA\\-03784, dated September 27, 2012 (filed as Exhibit 10\\.2 to UAL's Form 10\\-Q for the quarter ended September 30, 2012, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex102.htm)                                                  |\n|  ^10\\.127 | UAL  <br>United | [Supplemental Agreement No\\. 02 to Purchase Agreement Number PA\\-03784, dated March 1, 2013 (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended June 30, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex103.htm)                                                          |\n|  ^10\\.128 | UAL  <br>United | [Supplemental Agreement No\\. 03 to Purchase Agreement Number PA\\-03784, dated June 27, 2013 (filed as Exhibit 10\\.7 to UAL's Form 10\\-Q for the quarter ended June 30, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex107.htm)                                                          |\n|  ^10\\.129 | UAL  <br>United | [Supplemental Agreement No\\. 04 to Purchase Agreement Number PA\\-03784, dated September 11, 2013 (filed as Exhibit 10\\.2 to UAL's Form 10\\-Q for the quarter ended September 30, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513409916/d578285dex102.htm)                                                |\n|  ^10\\.130 | UAL  <br>United | [Supplemental Agreement No\\. 05 to Purchase Agreement Number PA\\-03784, dated March 3, 2014 (filed as Exhibit 10\\.2 to UAL's Form 10\\-Q for the quarter ended June 30, 2014, Commission file number 1\\-6033 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312514278970/d732259dex102.htm)                                                           |\n|  ^10\\.131 | UAL  <br>United | [Supplemental Agreement No\\. 06 to Purchase Agreement Number PA\\-03784, dated June 6, 2014 (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended June 30, 2014, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312514278970/d732259dex103.htm)                                                           |\n|  ^10\\.132 | UAL  <br>United | [Supplemental Agreement No\\. 07 to Purchase Agreement Number PA\\-03784, dated May 26, 2015 (filed as Exhibit 10\\.6 to UAL's Form 10\\-Q for the quarter ended June 30, 2015, Commission file number 1\\-10323 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex106.htm)                                                           |\n|  ^10\\.133 | UAL  <br>United | [Supplemental Agreement No\\. 08 to Purchase Agreement Number PA\\-03784, dated June 12, 2015 (filed as Exhibit 10\\.7 to UAL's Form 10\\-Q for the quarter ended June 30, 2015, Commission file number 1\\-10323 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex107.htm)                                                          |\n|  ^10\\.134 | UAL  <br>United | [Supplemental Agreement No\\. 9 to Purchase Agreement No\\. 03784, dated January 20, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.2 to UAL's Form 10\\-Q for the quarter ended March 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex102.htm)      |\n|  ^10\\.135 | UAL  <br>United | [Supplemental Agreement No\\. 10 to Purchase Agreement No\\. 03784, dated February 8, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.4 to UAL's Form 10\\-Q for the quarter ended March 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex104.htm)     |\n|  ^10\\.136 | UAL  <br>United | [Supplemental Agreement No\\. 11 to Purchase Agreement Number No\\. 03784, dated March 7, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.6 to UAL's Form 10\\-Q for the quarter ended March 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex106.htm) |\n\n\n\n105"}
{"_id": "AmericanAirlines-2017_178.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| ----------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.34                         | [Revolving Credit Agreement (2014\\-1B), dated as of September 16, 2014, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2014\\-1B, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex415.htm)                                                                               |\n| 4\\.35                         | [Indenture, dated as of September 25, 2014, among American Airlines Group Inc\\., the Guarantors (as defined therein) and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on September 26, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514353554/d794803dex41.htm)                                                                                                                                                                                                                                                                 |\n| 4\\.36                         | [First Supplemental Indenture, dated as of December 30, 2015, among American Airlines Group Inc\\., American Airlines, Inc\\. and Wilmington Trust, National Association, as trustee, to the Indenture dated as of September 25, 2014 (incorporated by reference to Exhibit 4\\.2 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex42.htm)                                                                                                                                                                                                          |\n| 4\\.37                         | [Indenture, dated as of March 5, 2015, among American Airlines Group Inc\\., the Guarantors (as defined therein) and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on March 12, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515088934/d891899dex41.htm)                                                                                                                                                                                                                                                                          |\n| 4\\.38                         | [Form of 6\\.125% Senior Notes due 2018 (incorporated by reference to Exhibit A to Exhibit 4\\.2 to US Airways Group\u2019s Current Report on Form 8\\-K filed on May 24, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513235868/d544095dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                |\n| 4\\.39                         | [Form of 5\\.50% Senior Notes due 2019 (incorporated by reference to Exhibit A to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on September 26, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514353554/d794803dex41.htm)                                                                                                                                                                                                                                                                                                                                                                                          |\n| 4\\.40                         | [Form of 4\\.625% Senior Notes due 2020 (incorporated by reference to Exhibit A to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on March 12, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515088934/d891899dex41.htm)                                                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.41                         | [First Supplemental Indenture, dated as of December 30, 2015, among American Airlines Group Inc\\., American Airlines, Inc\\. and Wilmington Trust, National Association, as trustee, to the Indenture dated as of March 5, 2015 (incorporated by reference to Exhibit 4\\.3 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex43.htm)                                                                                                                                                                                                               |\n| 4\\.42                         | [Trust Supplement No\\. 2015\\-1A, dated as of March 16, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex42.htm)                                                                                                                                                                                                                                |\n| 4\\.43                         | [Trust Supplement No\\. 2015\\-1B, dated as of March 16, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex43.htm)                                                                                                                                                                                                                                |\n| 4\\.44                         | [Intercreditor Agreement (2015\\-1), dated as of March 16, 2015, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2015\\-1A and as Trustee of the American Airlines Pass Through Trust 2015\\-1B, Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex44.htm) |\n| 4\\.45                         | [Note Purchase Agreement, dated as of March 16, 2015, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex49.htm)                                                                                          |\n| 4\\.46                         | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit 4\\.10 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex410.htm)                                                                 |\n| 4\\.47                         | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit 4\\.11 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex411.htm)                                                                                                                                                                                                                                                                             |\n| 4\\.48                         | [Form of Pass Through Trust Certificate, Series 2015\\-1A (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex42.htm)                                                                                                                                                                                                                                                                                                                                                                      |\n| 4\\.49                         | [Form of Pass Through Trust Certificate, Series 2015\\-1B (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex43.htm)                                                                                                                                                                                                                                                                                                                                                                      |\n\n\n\n179"}
{"_id": "Delta-2017_27.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nPart II\n\nITEM 5\\. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND  ISSUER PURCHASES OF EQUITY SECURITIES\n\nMarket Information\n\nOur common stock is listed on the New York Stock Exchange (\"NYSE\")\\. The following table sets forth for the periods indicated the highest and lowest sales price for our common stock as reported on the NYSE and dividends declared during these periods\\.\n\n\n\n|                 |                  |                  |                                         |\n| --------------- | ---------------- | ---------------- | --------------------------------------- |\n|                 | **Common Stock** | **Common Stock** | **Cash Dividends Declared (per share)** |\n|                 | **High**         | **Low**          | **Cash Dividends Declared (per share)** |\n| **Fiscal 2017** |                  |                  |                                         |\n| Fourth Quarter  | $56\\.84          | $47\\.90          | $0\\.305                                 |\n| Third Quarter   | $55\\.75          | $44\\.59          | $0\\.305                                 |\n| Second Quarter  | $54\\.53          | $43\\.81          | $0\\.2025                                |\n| First Quarter   | $52\\.00          | $44\\.47          | $0\\.2025                                |\n| **Fiscal 2016** |                  |                  |                                         |\n| Fourth Quarter  | $52\\.76          | $37\\.91          | $0\\.2025                                |\n| Third Quarter   | $41\\.35          | $34\\.08          | $0\\.2025                                |\n| Second Quarter  | $49\\.80          | $32\\.60          | $0\\.135                                 |\n| First Quarter   | $50\\.50          | $40\\.03          | $0\\.135                                 |\n\n\n\nHolders\n\nAs of January 31, 2018, there were approximately 2,560 holders of record of our common stock\\.\n\nDividends\n\nOur Board of Directors initiated a quarterly dividend program in the September 2013 quarter of $0\\.06 per share\\. As reflected above, the Board has increased the quarterly dividend payment several times, most recently to $0\\.305 per share in the September 2017 quarter\\. The Board expects to be able to continue to pay cash dividends for the foreseeable future, subject to applicable limitations under Delaware law\\. Dividend payments will be dependent upon our results of operations, financial condition, cash requirements, future prospects and other factors deemed relevant by the Board of Directors\\. In addition, our ability to pay future dividends is subject to compliance with covenants in several of our credit facilities\\. \n\n 23"}
{"_id": "AmericanAirlines-2017_154.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***Benefit Payments***\n\nThe following benefit payments, which reflect expected future service as appropriate, are expected to be paid (approximately, in millions):\n\n\n\n|                                                   |          |          |          |          |          |                |\n| ------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | -------------- |\n|                                                   | **2018** | **2019** | **2020** | **2021** | **2022** | **2023\\-2027** |\n| Pension benefits                                  | $712     | $750     | $795     | $839     | $879     | $4,951         |\n| Retiree medical and other postretirement benefits | 96       | 92       | 80       | 75       | 70       | 314            |\n\n\n\n***Plan Assets***\n\nThe objectives of American\u2019s investment policies are to: maintain sufficient income and liquidity to pay retirement benefits; produce a long\\-term rate of return that meets or exceeds the assumed rate of return for plan assets; limit the volatility of asset performance and funded status; and diversify assets among asset classes and investment managers\\.\n\nBased on these investment objectives, a long\\-term strategic asset allocation has been established\\. This strategic allocation seeks to balance the potential benefit of improving funded position with the potential risk that the funded position would decline\\. The current strategic target asset allocation is as follows:\n\n\n\n|                                 |                   |\n| ------------------------------- | ----------------- |\n| **Asset Class/Sub\\-Class**      | **Allowed Range** |\n| Equity                          | 65% \\- 90%        |\n| Public:                         |                   |\n| U\\.S\\. Large                    | 20% \\- 50%        |\n| U\\.S\\. Small/Mid                | 0% \\- 10%         |\n| International                   | 17% \\- 27%        |\n| Emerging Markets                | 5% \\- 11%         |\n| Alternative Investments         | 5% \\- 20%         |\n| Fixed Income                    | 15% \\- 40%        |\n| Public:                         |                   |\n| U\\.S\\. Long Duration            | 15% \\- 30%        |\n| High Yield and Emerging Markets | 0% \\- 10%         |\n| Private Income                  | 0% \\- 10%         |\n| Other                           | 0% \\- 5%          |\n| Cash Equivalents                | 0% \\- 5%          |\n\n\n\nPublic equity and emerging market fixed income securities are used to provide diversification and are expected to generate higher returns over the long\\-term than U\\.S\\. long duration bonds\\. Public stocks are managed using a value investment approach in order to participate in the returns generated by stocks in the long\\-term, while reducing year\\-over\\-year volatility\\. U\\.S\\. long duration bonds are used to partially hedge the assets from declines in interest rates\\. Alternative (private) investments are used to provide expected returns in excess of the public markets over the long\\-term\\. Additionally, the pension plan\u2019s master trust engages currency overlay managers in an attempt to increase returns by protecting non\\-U\\.S\\. dollar denominated assets from a rise in the relative value of the U\\.S\\. dollar\\. The pension plan\u2019s master trust also participates in securities lending programs to generate additional income by loaning plan assets to borrowers on a fully collateralized basis\\. These programs are subject to market risk\\.\n\nInvestments in securities traded on recognized securities exchanges are valued at the last reported sales price on the last business day of the year\\. Securities traded in the over\\-the\\-counter market are valued at the last bid price\\. The money market fund is valued at fair value which represents the net asset value of the shares of such fund as of the close of business at the end of the period\\. Investments in limited partnerships are carried at estimated net asset value as determined by and reported by the general partners of the partnerships and represent the proportionate share of the estimated fair value of the underlying assets of the limited partnerships\\. Common/collective trusts are valued at net asset value based on the fair values of the underlying investments of the trusts as determined by the sponsor of the trusts\\. The pension plan\u2019s master trust also invests in a 103\\-12 investment entity (the 103\\-12 Investment Trust) which is designed to invest plan assets of more than one unrelated employer\\. The 103\\-12 Investment Trust is valued \n\n155"}
{"_id": "Delta-2018_20.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nExtended interruptions or disruptions in service at major airports in which we operate could have a material adverse impact on our operations\\.\n\nThe airline industry is heavily dependent on business models that concentrate operations in major airports in the United States and throughout the world\\. An extended interruption or disruption at an airport where we have significant operations could have a material impact on our business, financial condition and results of operations\\.\n\nThe airline industry is subject to extensive government regulation, and new regulations may increase our operating costs\\.\n\nAirlines are subject to extensive regulatory and legal compliance requirements that result in significant costs\\. For instance, the FAA from time to time issues directives and other regulations relating to the maintenance and operation of aircraft that necessitate significant expenditures\\. We expect to continue incurring significant expenses to comply with the FAA's regulations\\. \n\nOther laws, regulations, taxes and airport rates and charges have also been imposed from time to time that significantly increase the cost of airline operations or reduce revenues\\. The industry is heavily taxed\\. Additional taxes and fees, if implemented, could negatively impact our results of operations\\. \n\nAirport slot access is subject to government regulation and changes in slot regulations or allocations could impose a significant cost on the airlines operating in airports subject to such regulations or allocations\\. In addition, the failure of the federal government to upgrade the U\\.S\\. air traffic control system has resulted in delays and disruptions of air traffic during peak travel periods in certain congested markets\\. The failure to improve the air traffic control system could lead to increased delays and inefficiencies in flight operations as demand for U\\.S\\. air travel increases, having a material adverse effect on our operations\\. Failure to update the air traffic control system in a timely manner, and the substantial funding requirements of an updated system that may be imposed on air carriers, may have an adverse impact on our financial condition and results of operations\\. \n\nFuture regulatory action concerning climate change, aircraft emissions and noise emissions could have a significant effect on the airline industry\\. While the specific nature of future actions is hard to predict, new environmental laws or regulations adopted in the U\\.S\\. or other countries could impose significant additional costs on our operations, either through direct costs in our operations or through increases in costs that our suppliers pass along to us\\.\n\nWe and other U\\.S\\. carriers are subject to domestic and foreign laws regarding privacy of passenger and employee data that are not consistent in all countries in which we operate\\. In addition to the heightened level of concern regarding privacy of passenger data in the U\\.S\\., certain European government agencies have recently updated privacy regulations applicable to private industry, including airlines\\. Ongoing compliance with these evolving regulatory regimes is expected to result in additional operating costs and could impact our operations and any future expansion\\. \n\nBecause of the global nature of our business, unfavorable global economic conditions or volatility in currency exchange rates could have a material adverse effect on our business, financial condition and operating results\\. \n\nAs a result of the discretionary nature of air travel, the airline industry has been cyclical and particularly sensitive to changes in economic conditions\\. Because we operate globally, with approximately 30% of our revenues from operations outside of the U\\.S\\., our business is subject to economic conditions throughout the world\\. During periods of unfavorable or volatile economic conditions in the global economy, demand for air travel can be significantly impacted as business and leisure travelers choose not to travel, seek alternative forms of transportation for short trips or conduct business through videoconferencing\\. If unfavorable economic conditions occur, particularly for an extended period, our business, financial condition and results of operations may be adversely affected\\. In addition, significant or volatile changes in exchange rates between the U\\.S\\. dollar and other currencies, and the imposition of exchange controls or other currency restrictions, may have a material adverse effect on our liquidity, financial conditions and results of operations\\.\n\n 18"}
{"_id": "Alaska-2019_48.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the Shareholders and Board of Directors\n\nAlaska Air Group, Inc\\.:\n\nOpinion on the Consolidated Financial Statements\n\nWe have audited the accompanying consolidated balance sheets of Alaska Air Group, Inc\\. and subsidiaries (the Company) as of December 31, 2019 and 2018, the related consolidated statements of operations, comprehensive operations, shareholders\u2019 equity, and cash flows for each of the years in the three\\-year period ended December 31, 2019, and the related notes (collectively, the consolidated financial statements)\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the three\\-year period ended December 31, 2019, in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company\u2019s internal control over financial reporting as of December 31, 2019, based on criteria established in  Internal Control \u2013 Integrated Framework (2013)  issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 12, 2020 expressed an unqualified opinion on the effectiveness of the Company\u2019s internal control over financial reporting\\.\n\nChange in Accounting Principle\n\nAs discussed in Note 6 to the consolidated financial statements, the Company has changed its method of accounting for leases as of January 1, 2019 due to the adoption of Accounting Standards Codification Topic 842 \u2013  Leases \\.\n\nBasis for Opinion\n\nThese consolidated financial statements are the responsibility of the Company\u2019s management\\. Our responsibility is to express an opinion on these consolidated financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\n48"}
{"_id": "United-2017_28.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n***Economic Conditions\\.*** The aviation industry in 2018 is expected to show continued growth in the demand for air travel\\. Passenger numbers are expected to increase\\. Cargo volumes are also expected to grow, with some recovery in yields\\. Passenger revenue in all regions are expected to demonstrate improved performance in 2018\\.\n\n***Capacity\\.*** In 2018, the Company expects its consolidated ASMs to grow between 4% and 6% year\\-over\\-year\\. Most of this growth will be concentrated in our domestic network, especially in our mid\\-continent hubs\\. We believe greater scale and connectivity at our hubs reinforces our relevance and value proposition to our customers\\. Rebanking at our hubs is expected to drive significant additional connection opportunities\\. We will also expand flights in non\\-peak times of the year to more efficiently use our aircraft and facilities with the objective of driving an increase in profitability\\.\n\n***Fuel\\.*** The Company\u2019s average aircraft fuel price per gallon including related taxes was $1\\.74 in 2017 as compared to $1\\.49 in 2016\\. The price of jet fuel has increased since January 2016 and remains volatile\\. Based on projected fuel consumption in 2018, a one dollar change in the price of a barrel of crude oil would change the Company\u2019s annual fuel expense by approximately $96 million\\.\n\n**Results of Operations** \n\nIn this section, we compare results of operations for the year ended December 31, 2017 with results of operations for the year ended December 31, 2016, and results of operations for the year ended December 31, 2016 with results of operations for the year ended December 31, 2015\\.\n\n*2017 compared to 2016* \n\n***Operating Revenue*** \n\nThe table below illustrates the year\\-over\\-year percentage change in the Company\u2019s operating revenues for the years ended December 31 (in millions, except percentage changes):\n\n\n\n|                         |           |           |                              |              |\n|:----------------------- | ---------:| ---------:| ----------------------------:| ------------:|\n|                         |  **2017** |  **2016** | **Increase  <br>(Decrease)** | **% Change** |\n| Passenger\u2014Mainline      |  $26,552  |  $25,414  |                      $1,138  |        4\\.5  |\n| Passenger\u2014Regional      |    5,852  |    6,043  |                        (191) |       (3\\.2) |\n| Total passenger revenue |   32,404  |   31,457  |                         947  |        3\\.0  |\n| Cargo                   |    1,035  |      876  |                         159  |       18\\.2  |\n| Other operating revenue |    4,297  |    4,223  |                          74  |        1\\.8  |\n| Total operating revenue |  $37,736  |  $36,556  |                      $1,180  |        3\\.2  |\n\n\n\n29"}
{"_id": "AmericanAirlines-2017_187.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.164                        | [Form of American Airlines Group Inc\\. Indenture for Debt Securities (incorporated by reference to Exhibit 4\\.1 to AAG\u2019s Registration Statement on Form S\\-3ASR filed on February 22, 2017 (Commission File No\\. 333\\-216167)\\. ](http://www.sec.gov/Archives/edgar/data/4515/000119312517052055/d366751dex41.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| 4\\.165                        | [Form of American Airlines, Inc\\. Indenture for Debt Securities (incorporated by reference to Exhibit 4\\.2 to AAG\u2019s Registration Statement on Form S\\-3ASR filed on February 22, 2017 (Commission File No\\. 333\\-216167)\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517052055/d366751dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.166                        | [Trust Supplement No\\. 2017\\-2AA, dated as of August 14, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex42.htm)                                                                                                                                                                                                                                                                                                         |\n| 4\\.167                        | [Trust Supplement No\\. 2017\\-2A, dated as of August 14, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex43.htm)                                                                                                                                                                                                                                                                                                          |\n| 4\\.168                        | [Intercreditor Agreement (2017\\-2), dated as of August 14, 2017, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2017\\-2AA and as Trustee of the American Airlines Pass Through Trust 2017\\-2A, National Australia Bank Limited, as Class AA Liquidity Provider and Class A Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex44.htm)                                                                                                                           |\n| 4\\.169                        | [Deposit Agreement (Class AA), dated as of August 14, 2017, between Wilmington Trust, National Association, as Escrow Agent, and Natixis S\\.A\\., acting through its New York Branch, as Depositary (incorporated by reference to Exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex45.htm)                                                                                                                                                                                                                                                                                                                    |\n| 4\\.170                        | [Deposit Agreement (Class A), dated as of August 14, 2017, between Wilmington Trust, National Association, as Escrow Agent, and Natixis S\\.A\\., acting through its New York Branch, as Depositary (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex46.htm)                                                                                                                                                                                                                                                                                                                     |\n| 4\\.171                        | [Escrow and Paying Agent Agreement (Class AA), dated as of August 14, 2017, among Wilmington Trust, National Association, as Escrow Agent, Goldman Sachs & Co\\. LLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc\\., for themselves and on behalf of the several Underwriters, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2017\\-2AA, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.7 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex47.htm) |\n| 4\\.172                        | [Escrow and Paying Agent Agreement (Class A), dated as of August 14, 2017, among Wilmington Trust, National Association, as Escrow Agent, Goldman Sachs & Co\\. LLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc\\., for themselves and on behalf of the several Underwriters, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2017\\-2A, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.8 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex48.htm)   |\n| 4\\.173                        | [Note Purchase Agreement, dated as of August 14, 2017, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex49.htm)                                                                                                                                                                    |\n| 4\\.174                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex49.htm)                                                                                                                                 |\n| 4\\.175                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex49.htm)                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.176                        | [Form of Pass Through Trust Certificate, Series 2017\\-2AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 4\\.177                        | [Form of Pass Through Trust Certificate, Series 2017\\-2A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| 4\\.178                        | [Revolving Credit Agreement (2017\\-2AA), dated as of August 14, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-2AA, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex414.htm)                                                                                                                                                                                                                 |\n\n\n\n188"}
{"_id": "Alaska-2019_42.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nNet adjusted debt to earnings before interest, taxes, depreciation, amortization, special items and rent\n\n\n\n|                                         |                                         |                                         |                               |\n|:--------------------------------------- |:--------------------------------------- |:--------------------------------------- | -----------------------------:|\n| *(in millions)*                         | *(in millions)*                         | *(in millions)*                         |             December 31, 2019 |\n| Adjusted debt                           | Adjusted debt                           | Adjusted debt                           |                       $2,972  |\n| Current portion of long\\-term debt      | Current portion of long\\-term debt      | Current portion of long\\-term debt      |                          235  |\n| Total adjusted debt                     | Total adjusted debt                     | Total adjusted debt                     |                        3,207  |\n| Less: Cash and marketable securities    | Less: Cash and marketable securities    | Less: Cash and marketable securities    |                       (1,521) |\n| Net adjusted debt                       | Net adjusted debt                       | Net adjusted debt                       |                       $1,686  |\n| *(in millions)*                         | *(in millions)*                         | *(in millions)*                         | Year\\-ended December 31, 2019 |\n| GAAP Operating Income                   | GAAP Operating Income                   | GAAP Operating Income                   |                       $1,063  |\n| Adjusted for:                           | Adjusted for:                           | Adjusted for:                           |                               |\n| Special items                           | Special items                           | Special items                           |                           44  |\n| Mark\\-to\\-market fuel hedge adjustments | Mark\\-to\\-market fuel hedge adjustments | Mark\\-to\\-market fuel hedge adjustments |                           (6) |\n| Depreciation and amortization           | Depreciation and amortization           | Depreciation and amortization           |                          423  |\n| Aircraft rent                           | Aircraft rent                           | Aircraft rent                           |                          331  |\n| EBITDAR                                 | EBITDAR                                 | EBITDAR                                 |                       $1,855  |\n| Net adjusted debt to EBITDAR            | Net adjusted debt to EBITDAR            | Net adjusted debt to EBITDAR            |                         0\\.9x |\n\n\n\nThe following discussion summarizes the primary drivers of the increase in our cash and marketable securities balance and our expectation of future cash requirements\\.\n\nANALYSIS OF OUR CASH FLOWS\n\nCash Provided by Operating Activities\n\nNet cash provided by operating activities was $1\\.7 billion in 2019 compared to $1\\.2 billion in 2018\\. The increase of $527 million is primarily due to a $332 million increase in our net income and an increase in advance ticket sales on an expected increase in first quarter capacity as compared to the prior year\\. These increases were partially offset by a $65 million voluntary pension contribution\\.\n\nWe typically generate positive cash flows from operations, and expect to use that cash flow to buy aircraft and capital equipment, to make debt payments, and to return capital to shareholders\\.\n\nCash Used in Investing Activities\n\nCash used in investing activities was $791 million during 2019, compared to $631 million in 2018\\. Our capital expenditures were $696 million, or $264 million lower than in 2018, primarily driven by lower cash outlays for deliveries of and advance deposits on aircraft in 2019 as compared to the same period of 2018\\. Our net purchases of marketable securities were $136 million in 2019, compared to net sales of $282 million in 2018\\. The shift to net purchases is primarily driven by stronger operating cash flows as compared to 2018\\. Internally, we analyze and manage our cash and marketable securities balance in the aggregate\\.\n\nCash Used in Financing Activities\n\nCash used in financing activities was $813 million during 2019, compared to cash used in financing activities of $647 million in 2018\\. During the year, we made debt payments of $1\\.1 billion, repurchased $75 million of our common stock and paid cash dividends of $173 million\\. These payments were partially offset by the receipt of funds from new secured debt financing of $450 million in 2019\\. This compares to our activity in 2018, which consisted of net debt payments of $468 million, repurchases of $50 million of our common stock and cash dividend payments of $158 million\\. \n\nWe plan to meet our future capital and operating commitments through our cash and investments on hand, internally generated cash from operations, along with additional debt financing if necessary\\.\n\n42"}
{"_id": "Delta-2018_50.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nSupplemental Information\n\nWe sometimes use information (\"non\\-GAAP financial measures\") that is derived from the Consolidated Financial Statements, but that is not presented in accordance with GAAP\\. Under the U\\.S\\. Securities and Exchange Commission rules, non\\-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results\\. Reconciliations below may not calculate exactly due to rounding\\.\n\nThe following table shows a reconciliation of pre\\-tax income (a GAAP measure) to pre\\-tax income, adjusted (a non\\-GAAP financial measure)\\. We adjust pre\\-tax income for mark\\-to\\-market (\"MTM\") adjustments and settlements on fuel hedge contracts, the MTM adjustments recorded by our equity method investees, Virgin Atlantic and Aerom\u00e9xico, and unrealized gains/losses on our equity investments accounted for at fair value, to determine pre\\-tax income, adjusted\\. \n\nMTM Adjustments and Settlements\\.  MTM adjustments are defined as fair value changes recorded in periods other than the settlement period\\. Such fair value changes are not necessarily indicative of the actual settlement value of the underlying hedge in the contract settlement period\\. Settlements represent cash received or paid on hedge contracts settled during the period\\. \n\nEquity Investment MTM Adjustments\\.  We record our proportionate share of earnings/loss from our equity investments in Virgin Atlantic and Aerom\u00e9xico in non\\-operating expense\\. We adjust for our equity method investees' hedge portfolio MTM adjustments to allow investors to better understand and analyze our core operational performance in the periods shown\\.\n\nUnrealized Gain/Loss on Investments\\.  We record the unrealized gains/losses on our equity investments accounted for at fair value in non\\-operating expense\\. Adjusting for these gains/losses allows investors to better understand and analyze our core operational performance in the periods shown\\.\n\n\n\n|                                     |                             |                             |\n| ----------------------------------- | --------------------------- | --------------------------- |\n|                                     | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions)**                   | **2018**                    | **2017**                    |\n| Pre\\-tax income                     | $5,151                      | $5,500                      |\n| Adjusted for:                       |                             |                             |\n| MTM adjustments and settlements     | (53)                        | (259)                       |\n| Equity investment MTM adjustments   | 29                          | 8                           |\n| Unrealized gain/loss on investments | (14)                        | \u2014                           |\n| Pre\\-tax income, adjusted           | $5,113                      | $5,250                      |\n\n\n\nThe following table shows a reconciliation of TRASM (a GAAP measure) to TRASM, adjusted (a non\\-GAAP financial measure)\\.\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                 |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Third\\-party Refinery Sales\\.*  We adjust TRASM for refinery sales to third parties to determine TRASM, adjusted because these revenues are not related to our airline segment\\. TRASM, adjusted therefore provides a more meaningful comparison of revenue from our airline operations to the rest of the airline industry\\.  |\n\n\n\n\n\n|                             |                             |                             |\n| --------------------------- | --------------------------- | --------------------------- |\n|                             | **Year Ended December 31,** | **Year Ended December 31,** |\n|                             | **2018**                    | **2017**                    |\n| TRASM                       | 16\\.87\u00a2                     | 16\\.18\u00a2                     |\n| Adjusted for:               |                             |                             |\n| Third\\-party refinery sales | (0\\.21)                     | (0\\.20)                     |\n| TRASM, adjusted             | 16\\.66\u00a2                     | 15\\.98\u00a2                     |\n\n\n\n 48"}
{"_id": "Delta-2018_97.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nSegment Reporting\n\nSegment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP\\. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand\\-alone basis\\.\n\n\n\n|                                  |             |               |                              |       |                  |\n| -------------------------------- | ----------- | ------------- | ---------------------------- | ----- | ---------------- |\n| **(in millions)**                | **Airline** | **Refinery**  | **Intersegment Sales/Other** |       | **Consolidated** |\n| **Year Ended December 31, 2018** |             |               |                              |       |                  |\n| Operating revenue:               | $43,890     | $5,458        |                              |       | $44,438          |\n| Sales to airline segment         |             |               | $<br><br>(962<br><br>)       | ^(1)^ |                  |\n| Exchanged products               |             |               | (3,596<br><br>)              | ^(2)^ |                  |\n| Sales of refined products        |             |               | (352<br><br>)                | ^(3)^ |                  |\n| Operating income                 | 5,206       | 58            |                              |       | 5,264            |\n| Interest expense (income), net   | 334         | (23<br><br>)  |                              |       | 311              |\n| Depreciation and amortization    | 2,262       | 67            |                              |       | 2,329            |\n| Total assets, end of period      | 58,561      | 1,705         |                              |       | 60,266           |\n| Capital expenditures             | 5,005       | 163           |                              |       | 5,168            |\n| **Year Ended December 31, 2017** |             |               |                              |       |                  |\n| Operating revenue:               | $40,636     | $5,039        |                              |       | $41,138          |\n| Sales to airline segment         |             |               | $<br><br>(886<br><br>)       | ^(1)^ |                  |\n| Exchanged products               |             |               | (3,240<br><br>)              | ^(2)^ |                  |\n| Sales of refined products        |             |               | (411<br><br>)                | ^(3)^ |                  |\n| Operating income                 | 5,856       | 110           |                              |       | 5,966            |\n| Interest expense (income), net   | 403         | (7<br><br>)   |                              |       | 396              |\n| Depreciation and amortization    | 2,175       | 47            |                              |       | 2,222            |\n| Total assets, end of period      | 51,544      | 2,127         |                              |       | 53,671           |\n| Capital expenditures             | 3,743       | 148           |                              |       | 3,891            |\n| **Year Ended December 31, 2016** |             |               |                              |       |                  |\n| Operating revenue:               | $39,217     | $3,843        |                              |       | $39,450          |\n| Sales to airline segment         |             |               | $<br><br>(695<br><br>)       | ^(1)^ |                  |\n| Exchanged products               |             |               | (2,658<br><br>)              | ^(2)^ |                  |\n| Sales of refined products        |             |               | (257<br><br>)                | ^(3)^ |                  |\n| Operating income (loss) ^(4)^    | 7,121       | (125<br><br>) |                              |       | 6,996            |\n| Interest expense, net            | 386         | 2             |                              |       | 388              |\n| Depreciation and amortization    | 1,846       | 40            |                              |       | 1,886            |\n| Total assets, end of period      | 50,519      | 1,331         |                              |       | 51,850           |\n| Capital expenditures             | 3,270       | 121           |                              |       | 3,391            |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                         |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations\\. We determine market price by reference to the market index for the primary delivery location, which is New York Harbor, for jet fuel from the refinery\\. |\n\n\n\n\n\n|       |                                                                                                                                |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------ |\n| ^(2)^ | Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis\\. |\n\n\n\n\n\n|       |                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------- |\n| ^(3)^ | These sales were at or near cost; accordingly, the margin on these sales is de minimis\\. |\n\n\n\n\n\n|       |                                                                                                                                              |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Includes the impact of pricing arrangements between the airline and refinery segments with respect to the refinery's inventory price risk\\.  |\n\n\n\nGeographic Information\n\nSee  Note 2 , \"Revenue Recognition,\" for information on revenues by geographic region\\.\n\nOur tangible assets consist primarily of flight equipment, which is mobile across geographic markets\\. Accordingly, assets are not allocated to specific geographic regions\\.\n\n 95"}
{"_id": "Southwest-2017_121.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|          |                                                                                                                                           |\n| -------- | ----------------------------------------------------------------------------------------------------------------------------------------- |\n| 21       | [Subsidiaries of the Company\\.](https://www.example.com/luv-12312017xex21.htm)                                                            |\n| 23       | [Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm\\.](https://www.example.com/luv-12312017xex23.htm)            |\n| 31\\.1    | [Rule 13a\\-14(a) Certification of Chief Executive Officer\\.](https://www.example.com/luv-12312017xex311.htm)                              |\n| 31\\.2    | [Rule 13a\\-14(a) Certification of Chief Financial Officer\\.](https://www.example.com/luv-12312017xex312.htm)                              |\n| 32       | [Section 1350 Certification of Chief Executive Officer and Chief Financial Officer\\. ](https://www.example.com/luv-12312017xex32.htm) (3) |\n| 101\\.INS | XBRL Instance Document                                                                                                                    |\n| 101\\.SCH | XBRL Taxonomy Extension Schema Document                                                                                                   |\n| 101\\.CAL | XBRL Taxonomy Extension Calculation Linkbase Document                                                                                     |\n| 101\\.DEF | XBRL Taxonomy Extension Definition Linkbase Document                                                                                      |\n| 101\\.LAB | XBRL Extension Labels Linkbase Document                                                                                                   |\n| 101\\.PRE | XBRL Taxonomy Extension Presentation Linkbase Document                                                                                    |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                  |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (1) | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. |\n\n\n\n\n\n|     |                                                           |\n| --- | --------------------------------------------------------- |\n| (2) | Management contract or compensatory plan or arrangement\\. |\n\n\n\n\n\n|     |                                                                                                                                                                       |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (3) | This exhibit is being furnished rather than filed and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S\\-K\\. |\n\n\n\nA copy of each exhibit may be obtained at a price of 15 cents per page, $10\\.00 minimum order, by writing to: Investor Relations, Southwest Airlines Co\\., P\\.O\\. Box 36611, Dallas, Texas 75235\\-1611\\.\n\n**Item 16\\.** ***10\\-K Summary***\n\nNone\\.\n\n122"}
{"_id": "AmericanAirlines-2019_31.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nparticularly for our regional subsidiaries and our other regional partners who are being required by market conditions to pay significantly increased wages and large signing bonuses to their pilots in an attempt to achieve desired staffing levels\\. The foregoing factors have also led to increased competition from large, mainline carriers attempting to meet their hiring needs\\. We believe that this industry\\-wide pilot shortage is becoming an increasing problem for airlines in the United States\\. Our regional partners have recently been unable to hire adequate numbers of pilots to meet their needs, resulting in a reduction in the number of flights offered, disruptions, increased costs of operations, financial difficulties and other adverse effects, and these circumstances may become more severe in the future and thereby cause a material adverse effect on our business\\.\n\nIncreases in insurance costs or reductions in insurance coverage may adversely impact our operations and financial results\\.\n\nThe terrorist attacks of September 11, 2001 led to a significant increase in insurance premiums and a decrease in the insurance coverage available to commercial air carriers\\. Accordingly, our insurance costs increased significantly, and our ability to continue to obtain insurance even at current prices remains uncertain\\. If we are unable to maintain adequate insurance coverage, our business could be materially and adversely affected\\. Additionally, severe disruptions in the domestic and global financial markets could adversely impact the claims paying ability of some insurers\\. Future downgrades in the ratings of enough insurers could adversely impact both the availability of appropriate insurance coverage and its cost\\. Because of competitive pressures in our industry, our ability to pass along additional insurance costs to passengers is limited\\. As a result, further increases in insurance costs or reductions in available insurance coverage could have an adverse impact on our financial results\\.\n\nThe airline industry is heavily taxed\\.\n\nThe airline industry is subject to extensive government fees and taxation that negatively impact our revenue and profitability\\. The U\\.S\\. airline industry is one of the most heavily taxed of all industries\\. These fees and taxes have grown significantly in the past decade for domestic flights, and various U\\.S\\. fees and taxes also are assessed on international flights\\. For example, as permitted by federal legislation, most major U\\.S\\. airports impose a per\\-passenger facility charge on us\\. In addition, the governments of foreign countries in which we operate impose on U\\.S\\. airlines, including us, various fees and taxes, and these assessments have been increasing in number and amount in recent years\\. Moreover, we are obligated to collect a federal excise tax, commonly referred to as the \u201cticket tax,\u201d on domestic and international air transportation\\. We collect the excise tax, along with certain other U\\.S\\. and foreign taxes and user fees on air transportation (such as passenger security fees), and pass along the collected amounts to the appropriate governmental agencies\\. Although these taxes and fees are not our operating expenses, they represent an additional cost to our customers\\. There are continuing efforts in Congress and in other countries to raise different portions of the various taxes, fees, and charges imposed on airlines and their passengers, including the passenger facility charge, and we may not be able to recover all of these charges from our customers\\. Increases in such taxes, fees and charges could negatively impact our business, results of operations and financial condition\\.\n\nUnder DOT regulations, all governmental taxes and fees must be included in the prices we quote or advertise to our customers\\. Due to the competitive revenue environment, many increases in these fees and taxes have been absorbed by the airline industry rather than being passed on to the customer\\. Further increases in fees and taxes may reduce demand for air travel, and thus our revenues\\.\n\nOur ability to utilize our NOL Carryforwards may be limited\\.\n\nUnder the Internal Revenue Code of 1986, as amended (the Code), a corporation is generally allowed a deduction for net operating losses (NOLs) carried over from prior taxable years (NOL Carryforwards)\\. As of  December 31, 2019 , we had available NOL Carryforwards of approximately  $9\\.1 billion  for regular federal income tax purposes that will expire, if unused, beginning in 2023, and approximately  $3\\.0 billion  for state income tax purposes that will expire, if unused, between 2020 and 2039\\. Our NOL Carryforwards are subject to adjustment on audit by the Internal Revenue Service and the respective state taxing authorities\\.\n\nA corporation\u2019s ability to deduct its federal NOL Carryforwards and to utilize certain other available tax attributes can be substantially constrained under the general annual limitation rules of Section 382 of the Code (Section 382) if it undergoes an \u201cownership change\u201d as defined in Section 382 (generally where cumulative stock ownership changes among material stockholders exceed 50 percent during a rolling three\\-year period)\\. In 2013, we experienced an ownership change in connection with our emergence from bankruptcy and US Airways Group experienced an ownership change in connection with the Merger\\. The general limitation rules for a debtor in a bankruptcy case are liberalized where the ownership change occurs upon emergence from bankruptcy\\. We elected to be covered by certain special rules for federal income tax purposes that permitted approximately  $9\\.0 billion  (with  $7\\.3 billion  of unlimited NOL still remaining at  December 31, 2019 ) of our \n\n32"}
{"_id": "AmericanAirlines-2018_137.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***Impacts to*** ***2016*** ***Results***\n\nThe effects of the adoption of the New Revenue Standard and New Retirement Standard to American\u2019s consolidated statement of operations for the twelve months ended December 31, 2016 were as follows (in millions):\n\n\n\n|                                       |                 |                             |                                         |                                   |                             |               |\n| ------------------------------------- | --------------- | --------------------------- | --------------------------------------- | --------------------------------- | --------------------------- | ------------- |\n|                                       |                 | **New Revenue Standard**    | **New Revenue Standard**                | **New Revenue Standard**          | **New Retirement Standard** |               |\n| **Year Ended  <br>December 31, 2016** | **As Reported** | **Deferred Revenue Method** | **Ancillary Revenue Reclassifications** | **Gross Versus Net Presentation** | **Reclassifications**       | **As Recast** |\n| Operating revenues:                   |                 |                             |                                         |                                   |                             |               |\n|  Passenger                            | $34,579         | $(147)                      | $2,571                                  | $42                               | $\u2014                          | $37,045       |\n|  Cargo                                | 700             | \u2014                           | 36                                      | 49                                | \u2014                           | 785           |\n|  Other                                | 4,884           | \u2014                           | (2,607)                                 | 18                                | \u2014                           | 2,295         |\n|  Total operating revenues             | 40,163          | (147)                       | \u2014                                       | 109                               | \u2014                           | 40,125        |\n|  Total operating expenses             | 34,859          | \u2014                           | \u2014                                       | 109                               | 77                          | 35,045        |\n| Operating income                      | 5,304           | (147)                       | \u2014                                       | \u2014                                 | (77)                        | 5,080         |\n| Total nonoperating expense, net       | (861)           | \u2014                           | \u2014                                       | \u2014                                 | 77                          | (784)         |\n| Income before income taxes            | 4,443           | (147)                       | \u2014                                       | \u2014                                 | \u2014                           | 4,296         |\n| Income tax provision                  | 1,662           | (55)                        | \u2014                                       | \u2014                                 | \u2014                           | 1,607         |\n| Net income                            | $2,781          | $(92)                       | $\u2014                                      | $\u2014                                | $\u2014                          | $2,689        |\n\n\n\n*Standards Effective for 2019 Reporting Periods*\n\n***ASU 2018\\-02: Income Statement \\- Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income***\n\nThis ASU provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings due to the U\\.S\\. federal corporate income tax rate change as a result of the 2017 Tax Act\\. The amount of the reclassification is the difference between the amount initially charged or credited directly to other comprehensive income at the previously enacted U\\.S\\. federal corporate income tax rate that remains in accumulated other comprehensive income and the amount that would have been charged or credited directly to other comprehensive income using the newly enacted U\\.S\\. federal corporate income tax rate, excluding the effect of any valuation allowance previously charged to income from continuing operations\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2018, and early adoption is permitted\\. American will adopt this standard effective January 1, 2019\\. The adoption of the standard may impact tax amounts stranded in accumulated other comprehensive income related to American's pension and retiree medical and other postretirement benefit plans\\.\n\n***(c) Short\\-term Investments***\n\nShort\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. Realized gains and losses are recorded in nonoperating expense on American\u2019s consolidated statements of operations\\. Unrealized gains and losses are recorded in accumulated other comprehensive loss on American\u2019s consolidated balance sheets\\.\n\n***(d) Restricted Cash and Short\\-term Investments***\n\nAmerican has restricted cash and short\\-term investments related primarily to collateral held to support workers\u2019 compensation obligations\\.\n\n***(e) Aircraft Fuel, Spare Parts and Supplies, Net***\n\nAircraft fuel is recorded on a first\\-in, first\\-out basis\\. Spare parts and supplies are recorded at average costs less an allowance for obsolescence\\. These items are expensed when used\\.\n\n***(f) Operating Property and Equipment***\n\nOperating property and equipment is recorded at cost and depreciated or amortized to residual values over the asset\u2019s estimated useful life or the lease term, whichever is less, using the straight\\-line method\\. Residual values for aircraft, engines and related rotable parts are generally 5% to 10% of original cost\\. Costs of major improvements that enhance the usefulness \n\n138"}
{"_id": "Southwest-2018_60.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nin the future\\. This is due to the fact that future price changes in these refined products may not be consistent with historical price changes\\. Increased volatility in these commodity markets for an extended period of time, especially if such volatility were to worsen, could cause the Company to lose hedge accounting altogether for the commodities used in its fuel hedging program, which would create further volatility in the Company\u2019s GAAP financial results\\.\n\nAs discussed in Note 10 to the Consolidated Financial Statements, any changes in fair value of cash flow derivatives designated as hedges are offset within AOCI until the period in which the expected future cash flow impacts earnings\\. Any changes in the fair value of fuel derivatives that do not qualify for hedge accounting are reflected in earnings within Other (gains) losses, net, in the period of the change\\. Because the Company has extensive historical experience in valuing the derivative instruments it holds, and such experience is continually evaluated against its counterparties each period when such instruments expire and are settled for cash, the Company believes it is unlikely that an independent third party would value the Company\u2019s derivative contracts at a significantly different amount than what is reflected in the Company\u2019s financial statements\\. In addition, the Company also has bilateral credit provisions in some of its counterparty agreements, which provide for parties (or the Company) to provide cash collateral when the fair value of fuel derivatives with a single party exceeds certain threshold levels\\. Since this cash collateral is based on the estimated fair value of the Company\u2019s outstanding fuel derivative contracts, this provides further validation to the Company\u2019s estimate of fair values\\.\n\n***Loyalty Accounting***\n\nThe Company utilizes estimates in the recognition of revenues and liabilities associated with its loyalty program\\. These estimates primarily include the liability associated with Rapid Rewards loyalty member (\"Member\") account balances that are expected to be redeemed for travel or other products at a future date\\. Loyalty account balances include points earned through flights taken, points sold to Customers, or points earned through business partners participating in the loyalty program\\.\n\nUnder the Southwest Rapid Rewards loyalty program, Members earn points for every dollar spent\\. The amount of points earned under the program is based on the fare and fare class purchased, with higher fare products (e\\.g\\., Business Select) earning more points than lower fare products (e\\.g\\., Wanna Get Away)\\. Each fare class is associated with a points earning multiplier, and points for flights are calculated by multiplying the fare for the flight by the fare class multiplier\\. Likewise, the amount of points required to be redeemed for a flight can differ based on the fare purchased\\. Under the program, (i) Members are able to redeem their points for every available seat, every day, on every flight, with no blackout dates; and (ii) points do not expire so long as the Member has points\\-earning activity during a 24\\-month time period\\. In addition, Members are able to redeem their points for items other than travel on Southwest Airlines, such as international flights on other airlines, cruises, hotel stays, rental cars, gift cards, event tickets, and more\\. In addition to earning points for revenue flights and qualifying purchases with Rapid Rewards Partners, Members also have the ability to purchase, gift, and transfer points, as well as the ability to donate points to selected charities\\.\n\nThe Company utilizes the deferred revenue method of accounting for points earned through flights taken in its loyalty program\\. The Company also sells points and related services to business partners participating in the loyalty program\\. Liabilities are recorded for the relative standalone selling price of the Rapid Rewards points which are awarded each period\\. The liabilities recorded represent the total number of points expected to be redeemed by Members, regardless of whether the Members may have enough to qualify for a full travel award\\. At December 31, 2018, the loyalty liabilities were approximately $3\\.0 billion, including $2\\.1 billion classified within Air traffic liability and $936 million classified as Air traffic liability \u2013 noncurrent\\.\n\nIn order to determine the value of each loyalty point, certain assumptions must be made at the time of measurement, which include the following:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Allocation of Passenger Revenue*  \\- Revenues from Passengers, related to travel, who also earn Rapid Rewards Points have been allocated between flight (recognized as revenue when transportation is provided) and Rapid Rewards Points (deferred until points are redeemed or spoil) based on each obligation\u2019s relative standalone selling price\\. The Company utilizes historical earning patterns to assist in this allocation\\. |\n\n\n\n61"}
{"_id": "AmericanAirlines-2019_28.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nIf we encounter problems with any of our third\\-party regional operators or third\\-party service providers, our operations could be adversely affected by a resulting decline in revenue or negative public perception about our services\\.\n\nA significant portion of our regional operations are conducted by third\\-party operators on our behalf, substantially all of which are provided for under capacity purchase agreements\\. Due to our reliance on third parties to provide these essential services, we are subject to the risk of disruptions to their operations, which has in the past and may in the future result from many of the same risk factors disclosed in this report, such as the impact of adverse economic conditions, the inability of third parties to hire or retain skilled personnel, including pilots and mechanics, and other risk factors, such as an out\\-of\\-court or bankruptcy restructuring of any of our regional operators\\. Several of these third\\-party regional operators provide significant regional capacity that we would be unable to replace in a short period of time should that operator fail to perform its obligations to us\\. Disruptions to capital markets, shortages of skilled personnel and adverse economic conditions in general have subjected certain of these third\\-party regional operators to significant financial pressures, which have in the past and may in the future lead to bankruptcies among these operators\\. We may also experience disruption to our regional operations if we terminate the capacity purchase agreement with one or more of our current operators and transition the services to another provider\\. Any significant disruption to our regional operations would have a material adverse effect on our business, results of operations and financial condition\\.\n\nIn addition, our reliance upon others to provide essential services on behalf of our operations may result in our relative inability to control the efficiency and timeliness of contract services\\. We have entered into agreements with contractors to provide various facilities and services required for our operations, including distribution and sale of airline seat inventory, reservations, provision of information technology and services, regional operations, aircraft maintenance, ground services and facilities and baggage handling\\. Similar agreements may be entered into in any new markets we decide to serve\\. These agreements are generally subject to termination after notice by the third\\-party service provider\\. We are also at risk should one of these service providers cease operations, and there is no guarantee that we could replace these providers on a timely basis with comparably priced providers, or at all\\. Any material problems with the efficiency and timeliness of contract services, resulting from financial hardships or otherwise, could have a material adverse effect on our business, results of operations and financial condition\\.\n\nWe rely on third\\-party distribution channels and must manage effectively the costs, rights and functionality of these channels\\.\n\nWe rely on third\\-party distribution channels, including those provided by or through global distribution systems (GDSs) (e\\.g\\., Amadeus, Sabre and Travelport), conventional travel agents, travel management companies and online travel agents (OTAs) (e\\.g\\., Expedia, including its booking sites Orbitz and Travelocity, and Booking Holdings, including its booking sites Kayak and Priceline), to distribute a significant portion of our airline tickets, and we expect in the future to continue to rely on these channels\\. We are also dependent upon the ability and willingness of these distribution channels to expand their ability to distribute and collect revenues for ancillary products (e\\.g\\., fees for selective seating)\\. These distribution channels are more expensive and at present have less functionality in respect of ancillary product offerings than those we operate ourselves, such as our website at  www\\.aa\\.com \\. Certain of these distribution channels also effectively restrict the manner in which we distribute our products generally\\. To remain competitive, we will need to manage successfully our distribution costs and rights, increase our distribution flexibility and improve the functionality of our distribution channels, while maintaining an industry\\-competitive cost structure\\. Further, as distribution technology changes we will need to continue to update our technology by acquiring new technology from third parties, building the functionality ourselves, or a combination, which in any event will likely entail significant technological and commercial risk and involve potentially material investments\\. These imperatives may affect our relationships with conventional travel agents ,  travel management companies, GDSs and OTAs, including if consolidation of conventional travel agents, travel management companies, GDSs or OTAs continues, or should any of these parties seek to acquire other technology providers thereby potentially limiting our technology alternatives, such as the proposed acquisition of Farelogix by Sabre\\. Any inability to manage our third\\-party distribution costs, rights and functionality at a competitive level or any material diminishment or disruption in the distribution of our tickets could have a material adverse effect on our business, results of operations and financial condition\\.\n\n29"}
{"_id": "Alaska-2019_58.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n(i) the amount qualified for reimbursement from maintenance deposits held by the lessor associated with the specific major maintenance event or (ii) the qualifying costs related to the specific major maintenance event\\. The Company establishes accounting maintenance deposits based on the anticipated timing and cost of the specific major maintenance events, such that the accounting deposits do not exceed the amount qualified for reimbursement\\. Aircraft maintenance deposits were $143 million and $90 million as of December 31, 2019 and December 31, 2018\\.\n\nLeased Aircraft Return Costs\n\nCash payments associated with returning leased aircraft are accrued when it is probable that a cash payment will be made and that amount is reasonably estimable, usually no sooner than after the last scheduled maintenance event prior to lease return\\. Any accrual is based on the time remaining on the lease, planned aircraft usage and the provisions included in the lease agreement, although the actual amount due to any lessor upon return may not be known with certainty until lease termination\\.\n\nAs leased aircraft are returned, any payments are charged against the established accrual\\. The accrual is part of other current and long\\-term liabilities and was not material as of December 31, 2019 and December 31, 2018\\. The expense is included in Aircraft maintenance in the consolidated statements of operations\\.\n\nAdvertising Expenses\n\nThe Company's advertising expenses include advertising and promotional costs\\. Advertising production costs are expensed as incurred\\. Advertising expense was $72 million, $79 million and $91 million during the years ended December 31, 2019, 2018 and 2017\\.\n\nDerivative Financial Instruments\n\nThe Company's operations are significantly impacted by changes in aircraft fuel prices and interest rates\\. In an effort to manage exposure to these risks, the Company periodically enters into fuel and interest rate derivative instruments\\. These derivative instruments are recognized at fair value on the balance sheet and changes in the fair value are recognized in AOCL or in the consolidated statements of operations, depending on the nature of the instrument\\.\n\nThe Company does not apply hedge accounting to its derivative fuel hedge contracts nor does it hold or issue them for trading purposes\\. For cash flow hedges related to interest rate swaps, the effective portion of the derivative represents the change in fair value of the hedge that offsets the change in fair value of the hedged item\\. To the extent the change in the fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is immediately recognized in interest expense\\.\n\nFair Value Measurements\n\nAccounting standards define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date\\. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value\\. There are three levels of inputs that may be used to measure fair value:\n\nLevel 1  \\- Quoted prices in active markets for identical assets or liabilities\\.\n\nLevel 2  \\- Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities\\.\n\nLevel 3  \\- Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities\\.\n\nThe Company has elected not to use the fair value option provided in the accounting standards for non\\-financial instruments\\. Accordingly, those assets and liabilities are carried at amortized cost\\. For financial instruments, the assets and liabilities are carried at fair value, which is determined based on the market approach or income approach, depending upon the level of inputs used\\.\n\n58"}
{"_id": "United-2017_101.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|               |                                                                                             |\n| ------------- | ------------------------------------------------------------------------------------------- |\n|  **ITEM 9\\.** | **CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE\\.**  |\n\n\n\nNone\\.\n\n\n\n|                |                              |\n| -------------- | ---------------------------- |\n|  **ITEM 9A\\.** | **CONTROLS AND PROCEDURES**  |\n\n\n\n***Evaluation of Disclosure Control and Procedures*** \n\nUAL and United each maintain controls and procedures that are designed to ensure that information required to be disclosed in the reports filed or submitted by UAL and United to the SEC is recorded, processed, summarized and reported, within the time periods specified by the SEC\u2019s rules and forms, and is accumulated and communicated to management including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure\\. The management of UAL and United, including the Chief Executive Officer and Chief Financial Officer, performed an evaluation to conclude with reasonable assurance that UAL\u2019s and United\u2019s disclosure controls and procedures were designed and operating effectively to report the information each company is required to disclose in the reports they file with the SEC on a timely basis\\. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer of UAL and United have concluded that as of December 31, 2017, disclosure controls and procedures were effective\\.\n\n***Changes in Internal Control over Financial Reporting during the Quarter Ended December 31, 2017*** \n\nDuring the three months ended December 31, 2017, there was no change in UAL\u2019s or United\u2019s internal control over financial reporting that materially affected, or is reasonably likely to materially affect, their internal control over financial reporting\\.\n\n102"}
{"_id": "Alaska-2017_24.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Economic uncertainty, or another recession, would likely impact demand for our product and could harm our financial condition and results of operations\\.***\n\nThe airline industry, which is subject to relatively high fixed costs and highly variable and unpredictable demand, is particularly sensitive to changes in economic conditions\\. We are also highly dependent on U\\.S\\. consumer confidence and the health of the U\\.S\\. economy\\. Unfavorable U\\.S\\. economic conditions have historically driven changes in travel patterns and have resulted in reduced spending for both leisure and business travel\\. For some consumers, leisure travel is a discretionary expense, and shorter distance travelers, in particular, have the option to replace air travel with surface travel\\. Businesses are able to forgo air travel by using communication alternatives such as videoconferencing or may be more likely to purchase less expensive tickets to reduce costs, which can result in a decrease in average revenue per seat\\. Unfavorable economic conditions also hamper the ability of airlines to raise fares to counteract increased fuel, labor and other costs\\. Unfavorable or even uncertain economic conditions could negatively affect our financial condition and results of operations\\.\n\n***INFORMATION TECHNOLOGY***\n\n***We rely heavily on automated systems to operate our business, and a failure to invest in new technology or a disruption of our current systems or their operators could harm our business\\.***\n\nWe depend on automated systems to operate our business, including our airline reservation system, our telecommunication systems, our website, our maintenance systems, our check\\-in kiosks, mobile devices, and other systems\\. Substantially all of our tickets are issued to our guests as electronic tickets, and the majority of our customers check in using our website, airport kiosks, or our mobile application\\. We depend on our reservation system to be able to issue, track and accept these electronic tickets\\. In order for our operations to work efficiently, we must continue to invest in new technology to ensure that our website, reservation system and check\\-in systems are able to accommodate a high volume of traffic, maintain information security and deliver important flight information\\. Substantial or repeated website, reservations system or telecommunication systems failures or service disruptions could reduce the attractiveness of our services and cause our guests to do business with another airline\\. In addition, we rely on other automated systems for crew scheduling, flight dispatch and other operational needs\\. We also plan to move our primary data center location\\. Disruptions, failed migration, untimely recovery, or a breach of these systems or the data center could result in the loss of important data, an increase of our expenses, an impact on our operational performance, or a possible temporary cessation of our operations\\.\n\n***If we do not maintain the privacy and security of our information, we could damage our reputation and incur substantial legal and regulatory costs\\.***\n\nWe accept, store and transmit information about our guests, our employees, our business partners, and our business\\. In addition, we frequently rely on third\\-party hosting sites and data processors, including cloud providers\\. Our sensitive information relies on secure transmission over public and private networks\\. A compromise of our systems, the security of our infrastructure or those of other business partners that result in our information being accessed or stolen by unauthorized persons could adversely affect our operations and our reputation\\.\n\n***FINANCIAL CONDITION AND FINANCIAL MARKETS***\n\n***Our business, financial condition and results of operations are substantially exposed to the volatility of jet fuel prices\\. Significant increases in jet fuel costs would harm our business\\.***\n\nFuel costs constitute a significant portion of our total operating expenses\\. Future increases in the price of jet fuel may harm our business, financial condition and results of operations unless we are able to increase fares and fees or add additional ancillary services to attempt to recover increasing fuel costs\\.\n\n***Our indebtedness and other fixed obligations could lead to liquidity constraints that may restrict our activities\\.*** \n\nWe incurred a significant amount of new debt to finance our acquisition of Virgin America\\. We now have, and will continue to have for the foreseeable future, a substantial amount of debt\\. Due to our high fixed costs, including aircraft lease commitments and debt service, a decrease in revenues would result in a disproportionately greater decrease in earnings\\. \n\n 25"}
{"_id": "United-2018_105.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|           |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| --------- | --------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  ^10\\.137 | UAL  <br>United | [Supplemental Agreement No\\. 12 to Purchase Agreement No\\. 03784, dated June 24, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.7 to UAL's Form 10\\-Q for the quarter ended June 30, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516651221/d188420dex107.htm)                                                            |\n|  ^10\\.138 | UAL  <br>United | [Supplemental Agreement No\\. 13 to Purchase Agreement No\\. 03784, dated December 27, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.174 to UAL's Form 10\\-K for the year ended December 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex10174.htm)                                                   |\n|  ^10\\.139 | UAL  <br>United | [Purchase Agreement No\\. PA\\-03776, dated July 12, 2012, between The Boeing Company and United Continental Holdings, Inc\\. (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended September 30, 2012, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex103.htm)                                                                         |\n|  ^10\\.140 | UAL  <br>United | [Supplemental Agreement No\\. 01 to Purchase Agreement No\\. 03776, dated June 17, 2013 (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended June 30, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex105.htm)                                                                                                                   |\n|  ^10\\.141 | UAL  <br>United | [Purchase Agreement Assignment to Purchase Agreement No\\. 03776, dated October 23, 2013, between United Continental Holdings, Inc\\. and United Airlines, Inc\\. (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended September 30, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513409916/d578285dex103.htm)                                     |\n|  ^10\\.142 | UAL  <br>United | [Supplemental Agreement No\\. 02 to Purchase Agreement No\\. 03776, dated January 14, 2015 (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended March 31, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex105.htm)                                                                                                               |\n|  ^10\\.143 | UAL  <br>United | [Supplemental Agreement No\\. 03 to Purchase Agreement No\\. 03776, dated May 26, 2015 (filed as Exhibit 10\\.4 to UAL's Form 10\\-Q for the quarter ended June 30, 2015, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex104.htm)                                                                                                                   |\n|  ^10\\.144 | UAL  <br>United | [Supplemental Agreement No\\. 04 to Purchase Agreement No\\. 03776, dated June 12, 2015 (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended June 30, 2015, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex105.htm)                                                                                                                  |\n|  ^10\\.145 | UAL  <br>United | [Supplemental Agreement No\\. 5 to Purchase Agreement No\\. 03776, dated January 20, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended March 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex101.htm)                                                         |\n|  ^10\\.146 | UAL  <br>United | [Supplemental Agreement No\\. 6 to Purchase Agreement No\\. 03776, dated February 8, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended March 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex103.htm)                                                         |\n|  ^10\\.147 | UAL  <br>United | [Supplemental Agreement No\\. 7 to Purchase Agreement No\\. 03776, dated December 27, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.183 to UAL's Form 10\\-K for the year ended December 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex10183.htm)                                                    |\n|  ^10\\.148 | UAL  <br>United | [Supplemental Agreement No\\. 8, including exhibits and side letters, to Purchase Agreement No\\. 03776, dated June 7, 2017, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended June 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex103.htm)                        |\n|  ^10\\.149 | UAL  <br>United | [Supplemental Agreement No\\. 9, including exhibits and side letters, to Purchase Agreement No\\. 03776, dated June 15, 2017, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.4 to UAL's Form 10\\-Q for the quarter ended June 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex104.htm)                       |\n|  ^10\\.150 | UAL  <br>United | [Supplemental Agreement No\\. 10, including exhibits and side letters, to Purchase Agreement No\\. 03776, dated as of May 15, 2018, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.2 to UAL's Form 10\\-Q for the quarter ended June 30, 2018, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000010051718000012/ual_06301810qex102.htm)            |\n|  ^10\\.151 | UAL  <br>United | [Supplemental Agreement No\\. 11, including exhibits and side letters, to Purchase Agreement No\\. 03776, dated as of September 25, 2018, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended September 30, 2018, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000010051718000028/ual_09301810qex101.htm) |\n\n\n\n106"}
{"_id": "AmericanAirlines-2018_60.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n*Operating Special Items, Net*\n\n\n\n|                                                                    |                             |                             |\n| ------------------------------------------------------------------ | --------------------------- | --------------------------- |\n|                                                                    | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                    | **2018**                    | **2017**                    |\n|                                                                    | **(In millions)**           | **(In millions)**           |\n| Fleet restructuring expenses  ^(1)^                                | $422                        | $232                        |\n| Merger integration expenses  ^(2)^                                 | 268                         | 273                         |\n| Severance expenses  ^(3)^                                          | 58                          | \u2014                           |\n| Litigation settlement  ^(4)^                                       | 45                          | \u2014                           |\n| Intangible asset impairment  ^(5)^                                 | 26                          | \u2014                           |\n| Labor contract expenses                                            | 13                          | 46                          |\n| Mark\\-to\\-market adjustments on bankruptcy obligations, net  ^(6)^ | (76)                        | 27                          |\n| Employee 2017 Tax Act bonus expense  ^(7)^                         | \u2014                           | 123                         |\n| Other operating charges, net                                       | 31                          | 11                          |\n| Total mainline operating special items, net                        | 787                         | 712                         |\n| Regional operating special items, net                              | \u2014                           | 3                           |\n| Total operating special items, net                                 | $787                        | $715                        |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Fleet restructuring expenses principally included accelerated depreciation and rent expense for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Merger integration expenses included costs associated with integration projects, principally American's flight attendant, human resources and payroll, and technical operations systems\\. |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Severance expenses primarily included costs associated with reductions of management and support staff team members\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                      |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(4)^ | Settlement of a private party antitrust lawsuit\\. See Note 10(e) \\- \u201c *Private Party Antitrust Action Related to Passenger Capacity* \u201d to American\u2019s Consolidated Financial Statements in Part II, Item 8B for further discussion\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                  |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(5)^ | Intangible asset impairment includes a non\\-cash charge to write\\-off American\u2019s Brazil route authority as a result of the U\\.S\\.\\-Brazil open skies agreement\\. |\n\n\n\n\n\n|       |                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------- |\n| ^(6)^ | Bankruptcy obligations that will be settled in shares of AAG common stock are marked\\-to\\-market based on AAG\u2019s stock price\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                  |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(7)^ | Employee bonus expense included costs related to the  $1,000  cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of the 2017 Tax Act\\. |\n\n\n\n*Nonoperating Results*\n\n\n\n|                                 |                                              |                                              |                                              |                                                       |\n| ------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                 | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **2018**                                     | **2017**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Interest income                 | $330                                         | $215                                         | $115                                         | 53\\.4                                                 |\n| Interest expense, net           | (1,028)                                      | (988)                                        | (40)                                         | 4\\.1                                                  |\n| Other income, net               | 167                                          | 123                                          | 44                                           | 35\\.3                                                 |\n| Total nonoperating expense, net | $(531)                                       | $(650)                                       | $119                                         | (18\\.2)                                               |\n\n\n\nAmerican\u2019s short\\-term investments in each period consisted of highly liquid investments that provided nominal returns\\. Interest income increased $115 million, or 53\\.4%, due to higher interest\\-bearing related party receivables from American\u2019s parent company, AAG, as well as a 103 basis point increase in average yields in 2018 as compared to 2017\\.\n\nIn 2018, other nonoperating income, net principally included $309 million of non\\-service related pension and other postretirement benefit plan income, which reflects an increase in the expected return on pension plan assets in 2018 as \n\n61"}
{"_id": "AmericanAirlines-2019_170.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 4\\.96                         | [Revolving Credit Agreement (2016\\-2AA), dated as of May 16, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-2AA, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex414.htm)                                                                                                                                                                                                          |\n| 4\\.97                         | [Revolving Credit Agreement (2016\\-2A), dated as of May 16, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-2A, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex415.htm)                                                                                                                                                                                                            |\n| 4\\.98                         | [Trust Supplement No\\. 2016\\-2B, dated as of July 8, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex42.htm)                                                                                                                                                                                                                                                                                      |\n| 4\\.99                         | [Amended and Restated Intercreditor Agreement (2016\\-2), dated as of July 8, 2016, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-2AA, as Trustee of the American Airlines Pass Through Trust 2016\\-2A and as Trustee of the American Airlines Pass Through Trust 2016\\-2B, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex43.htm) |\n| 4\\.100                        | [Amended and Restated Note Purchase Agreement, dated as of July 8, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                                                                           |\n| 4\\.101                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                                                          |\n| 4\\.102                        | [Form of First Amendment to Participation Agreement (First Amendment to Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit D to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                    |\n| 4\\.103                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                                                                                                                                                                                                                                                                      |\n| 4\\.104                        | [Form of First Amendment to Indenture and Security Agreement (First Amendment to Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit E to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                                                                                                                                                                                                                                |\n| 4\\.105                        | [Form of Pass Through Trust Certificate, Series 2016\\-2B (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| 4\\.106                        | [Revolving Credit Agreement (2016\\-2B), dated as of July 8, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-2B, as Borrower, and KfW IPEX Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex412.htm)                                                                                                                                                                                                            |\n| 4\\.107                        | [Trust Supplement No\\. 2016\\-3AA, dated as of October 3, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex42.htm)                                                                                                                                                                                                                                                                                |\n| 4\\.108                        | [Trust Supplement No\\. 2016\\-3A, dated as of October 3, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex43.htm)                                                                                                                                                                                                                                                                                 |\n| 4\\.109                        | [Intercreditor Agreement (2016\\-3), dated as of October 3, 2016, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-3AA and as Trustee of the American Airlines Pass Through Trust 2016\\-3A, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider and Class A Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex44.htm)                                                                                                              |\n\n\n\n171"}
{"_id": "Southwest-2019_105.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n14 \\. INCOME TAXES\n\nDeferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes\\. The components of deferred tax assets and liabilities at  December 31, 2019  and  2018 , are as follows:\n\n\n\n|                                       |          |          |\n| ------------------------------------- | -------- | -------- |\n| **(in millions)**                     | **2019** | **2018** |\n| **DEFERRED TAX LIABILITIES:**         |          |          |\n| Accelerated depreciation              | $3,096   | $3,395   |\n| Operating lease right\\-of\\-use assets | 293      | \u2014        |\n| Other                                 | 93       | 92       |\n| Total deferred tax liabilities        | 3,482    | 3,487    |\n| **DEFERRED TAX ASSETS:**              |          |          |\n| Construction obligation               | 38       | 355      |\n| Accrued employee benefits             | 346      | 329      |\n| Rapid rewards loyalty liability       | 305      | 267      |\n| Operating lease liabilities           | 308      | \u2014        |\n| Other                                 | 121      | 109      |\n| Total deferred tax assets             | 1,118    | 1,060    |\n| Net deferred tax liability            | $2,364   | $2,427   |\n\n\n\nThe provision (benefit) for income taxes is composed of the following:\n\n\n\n|                                          |              |          |                       |\n| ---------------------------------------- | ------------ | -------- | --------------------- |\n| **(in millions)**                        | **2019**     | **2018** | **2017**              |\n| **CURRENT:**                             |              |          |                       |\n| Federal                                  | $610         | $338     | $904                  |\n| State                                    | 102          | 60       | 72                    |\n| Total current                            | 712          | 398      | 976                   |\n| **DEFERRED:**                            |              |          |                       |\n| Federal                                  | (18<br><br>) | 299      | 200                   |\n| State                                    | (6<br><br>)  | 2        | 2                     |\n| Change in federal statutory tax rate (a) | (31<br><br>) | \u2014        | (1,270<br><br>)       |\n| Total deferred                           | (55<br><br>) | 301      | (1,068<br><br>)       |\n|                                          | $657         | $699     | $<br><br>(92<br><br>) |\n\n\n\n(a) The Tax Cuts and Jobs Act was enacted in December 2017, which reduced the U\\.S\\. federal corporate tax rate from the previous rate of   35 percent  to   21 percent \\.\n\nThe effective tax rate on income before income taxes differed from the federal income tax statutory rate for the following reasons:\n\n\n\n|                                            |              |              |                       |\n| ------------------------------------------ | ------------ | ------------ | --------------------- |\n| **(in millions)**                          | **2019**     | **2018**     | **2017**              |\n| Tax at statutory U\\.S\\. tax rates          | $621         | $664         | $1,143                |\n| State income taxes, net of federal benefit | 76           | 49           | 50                    |\n| Change in federal statutory tax rate (a)   | (31<br><br>) | \u2014            | (1,270<br><br>)       |\n| Other, net                                 | (9<br><br>)  | (14<br><br>) | (15<br><br>)          |\n| Total income tax provision (benefit)       | $657         | $699         | $<br><br>(92<br><br>) |\n\n\n\n(a) The Tax Cuts and Jobs Act was enacted in December 2017, which reduced the U\\.S\\. federal corporate tax rate from the previous rate of   35 percent  to   21 percent \\.\n\n106"}
{"_id": "AmericanAirlines-2019_8.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nEmployees and Labor Relations\n\nThe airline business is labor intensive\\. In  2019 , salaries, wages and benefits were our largest expense and represented  34%  of our total operating expenses\\. As of  December 31, 2019 , we had approximately  133,700  active full\\-time equivalent employees, approximately  85%  of whom were represented by various labor unions responsible for negotiating the collective bargaining agreements (CBAs) covering them\\.\n\nLabor relations in the air transportation industry are regulated under the Railway Labor Act (RLA), which vests in the National Mediation Board (NMB) certain functions with respect to disputes between airlines and labor unions relating to union representation and CBAs\\. When an RLA CBA becomes amendable, if either party to the agreement wishes to modify its terms, it must notify the other party in the manner prescribed under the RLA and as agreed by the parties\\. Under the RLA, the parties must meet for direct negotiations, and, if no agreement is reached during direct negotiations between the parties, either party may request that the NMB appoint a federal mediator\\. The RLA prescribes no timetable for the direct negotiation and mediation processes, and it is not unusual for those processes to last for many months or even several years\\. If no agreement is reached in mediation, the NMB in its discretion may declare that an impasse exists and proffer binding arbitration to the parties\\. Either party may decline to submit to arbitration and if arbitration is rejected by either party, a 30\\-day \u201ccooling off\u201d period commences\\. During or after that period, a Presidential Emergency Board (PEB) may be established, which examines the parties\u2019 positions and recommends a solution\\. The PEB process lasts for 30 days and is followed by another 30\\-day \u201ccooling off\u201d period\\. At the end of this \u201ccooling off\u201d period, unless an agreement is reached or action is taken by Congress, the labor organization may exercise \u201cself\\-help,\u201d such as a strike, and the airline may resort to its own \u201cself\\-help,\u201d including the imposition of any or all of its proposed amendments to the CBA and the hiring of new employees to replace any striking workers\\.\n\nNone of the unions representing our employees presently may lawfully engage in concerted slowdowns or refusals to work, such as strikes, sick\\-outs or other similar activity, against us\\. Nonetheless, there is a risk that employees, either with or without union involvement, could engage in one or more concerted refusals to work that could individually or collectively harm the operation of our airline and impair our financial performance\\.\n\nThe following table shows our domestic airline employee groups that are represented by unions:\n\n\n\n|                                                                                                                                          |                                  |                          |                                  |\n| ---------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------- | ------------------------ | -------------------------------- |\n| **Union**                                                                                                                                | **Class or Craft**               | **Employees**  **^(1)^** | **Contract  <br>Amendable Date** |\n| **Mainline:**                                                                                                                            |                                  |                          |                                  |\n| Allied Pilots Association (APA)                                                                                                          | Pilots                           | 13,800                   | 2020                             |\n| Association of Professional Flight Attendants (APFA)                                                                                     | Flight Attendants                | 25,300                   | 2019                             |\n| Airline Customer Service Employee Association \u2013 Communications Workers of America and International Brotherhood of Teamsters (CWA\\-IBT)  | Passenger Service                | 14,050                   | 2020                             |\n| Transport Workers Union and International Association of Machinists & Aerospace Workers (TWU\\-IAM Association)                           | Mechanics and Related            | 12,650                   | 2018                             |\n| TWU\\-IAM Association                                                                                                                     | Fleet Service                    | 17,750                   | 2018                             |\n| TWU\\-IAM Association                                                                                                                     | Stock Clerks                     | 1,850                    | 2018                             |\n| TWU\\-IAM Association                                                                                                                     | Flight Simulator Engineers       | 150                      | 2021                             |\n| TWU\\-IAM Association                                                                                                                     | Maintenance Control Technicians  | 200                      | 2018                             |\n| TWU\\-IAM Association                                                                                                                     | Maintenance Training Instructors | 30                       | 2018                             |\n| Professional Airline Flight Control Association (PAFCA)                                                                                  | Dispatchers                      | 500                      | 2021                             |\n| Transport Workers Union (TWU)                                                                                                            | Flight Crew Training Instructors | 350                      | 2021                             |\n| **Envoy:**                                                                                                                               |                                  |                          |                                  |\n| Air Line Pilots Associations (ALPA)                                                                                                      | Pilots                           | 2,250                    | 2024                             |\n| Association of Flight Attendants\\-CWA (AFA)                                                                                              | Flight Attendants                | 1,650                    | 2020                             |\n| TWU                                                                                                                                      | Ground School Instructors        | 10                       | 2023                             |\n| TWU                                                                                                                                      | Mechanics and Related            | 1,400                    | 2020                             |\n\n\n\n9"}
{"_id": "AmericanAirlines-2018_94.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nThe balance of the loyalty program liability fluctuates based on seasonal patterns, which impact the volume of mileage credits issued through travel or sold to co\\-branded credit card and other partners (deferral of revenue) and mileage credits redeemed (recognition of revenue)\\. Changes in loyalty program liability are as follows (in millions):\n\n\n\n|                                     |         |\n| ----------------------------------- | ------- |\n| Balance at December 31, 2017        | $8,822  |\n| Deferral of revenue                 | 3,083   |\n| Recognition of revenue  ^(1)^       | (3,366) |\n| Balance at December 31, 2018  ^(2)^ | $8,539  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Principally relates to revenue recognized from the redemption of mileage credits for both air and non\\-air travel awards\\. Mileage credits are combined in one homogenous pool and are not separately identifiable\\. As such, the revenue is comprised of miles that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as miles that were issued during the period\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Mileage credits can be redeemed at any time and do not expire as long as that AAdvantage member has any type of qualifying activity at least every  18 months \\. As of  December 31, 2018 , our current loyalty program liability was  $3\\.3 billion  and represents our current estimate of revenue expected to be recognized in the next twelve months based on historical trends, with the balance reflected in long\\-term loyalty program liability expected to be recognized as revenue in periods thereafter\\. |\n\n\n\nThe air traffic liability principally represents tickets sold for future travel on American and partner airlines, as well as estimated future refunds and exchanges of tickets sold for past travel\\. The balance in our air traffic liability also fluctuates with seasonal travel patterns\\. The contract duration of passenger tickets is one year\\. Accordingly, any revenue associated with tickets sold for future travel will be recognized within twelve months\\. For 2018, $3\\.1 billion of revenue was recognized in passenger revenue that was included in our air traffic liability at December 31, 2017\\.\n\nWith respect to contract receivables, reflected as accounts receivable, net on the accompanying consolidated balance sheet, these primarily include receivables for tickets sold to individual passengers through the use of major credit cards\\. These receivables are short\\-term, mostly settled within seven days after sale\\. Bad debt losses, which have been minimal in the past, have been considered in establishing allowances for doubtful accounts\\.\n\n***(l) Maintenance, Materials and Repairs***\n\nMaintenance and repair costs for owned and leased flight equipment are charged to operating expense as incurred, except costs incurred for maintenance and repair under flight hour maintenance contract agreements, which are accrued based on contractual terms when an obligation exists\\.\n\n***(m) Selling Expenses***\n\nSelling expenses include credit card fees, commissions, computerized reservations systems fees and advertising\\. Advertising costs are expensed as incurred\\. Advertising expense was $128 million, $135 million and $116 million for the years ended December 31, 2018, 2017 and 2016, respectively\\.\n\n***(n) Share\\-based Compensation***\n\nWe account for our share\\-based compensation expense based on the fair value of the stock award at the time of grant, which is recognized ratably over the vesting period of the stock award\\. Certain awards have performance conditions that must be achieved prior to vesting and are expensed based on the expected achievement at each reporting period\\. The fair value of stock appreciation rights is estimated using a Black\\-Scholes option pricing model\\. The fair value of restricted stock units is based on the market price of the underlying shares of AAG common stock on the date of grant\\. See Note 15 for further discussion of share\\-based compensation\\.\n\n***(o) Foreign Currency Gains and Losses***\n\nForeign currency gains and losses are recorded as part of other income, net within total nonoperating expense, net in our consolidated statements of operations\\. Foreign currency losses for 2018 and 2017were$55 million and $4 million, respectively, and for 2016, foreign currency gains were $1 million\\.\n\n95"}
{"_id": "Southwest-2018_26.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nrevenues are sensitive to the actions of other carriers with respect to pricing, routes, loyalty programs, scheduling, capacity, customer service, operational reliability, comfort and amenities, cost structure, aircraft fleet, and code\\-sharing and similar activities\\.\n\n***The Company's future results will suffer if it does not effectively manage its expanded international operations and/or Extended Operations (\"ETOPS\")\\.***\n\nThe Company's international flight offerings are subject to U\\.S\\. Customs and Border Protection (\"CBP\") mandated procedures, which can affect the Company's operations, costs, and Customer experience\\. The Company has made, and is continuing to make, significant investments in facilities, equipment, and technologies at certain airports in order to improve the Customer experience and to assist CBP with its inspection and processing duties; however, the Company is not able to predict the impact, if any, that various CBP measures or the lack of CBP resources will have on Company revenues and costs, either in the short\\-term or the long\\-term\\.\n\nInternational flying requires the Company to modify certain processes, as the airport environment is dramatically different in certain international locations with respect to, among other things, common\\-use ticket counters and gate areas, local operating requirements, and cultural preferences\\. In addition, international flying exposes the Company to certain foreign currency risks to the extent the Company chooses to, or is required to, transact in currencies other than the U\\.S\\. dollar\\. To the extent the Company seeks to serve additional foreign destinations in the future, or to renew its authority to serve certain routes, it may be required to obtain necessary authority from the DOT and/or approvals from the FAA, as well as any applicable foreign government entity\\.\n\nThe Company's operations in non\\-U\\.S\\. jurisdictions may subject the Company to the laws of those jurisdictions rather than, or in addition to, U\\.S\\. laws\\. Laws in some jurisdictions differ in significant respects from those in the United States, and these differences can affect the Company's ability to react to changes in its business, and its rights or ability to enforce rights may be different than would be expected under U\\.S\\. laws\\. Furthermore, enforcement of laws in some jurisdictions can be inconsistent and unpredictable, which can affect both the Company's ability to enforce its rights and to undertake activities that it believes are beneficial to its business\\. As a result, the Company's ability to generate revenue and its expenses in non\\-U\\.S\\. jurisdictions may differ from what would be expected if U\\.S\\. laws governed these operations\\. Although the Company has policies and procedures in place that are designed to promote compliance with the laws of the jurisdictions in which it operates, a violation by the Company's Employees, contractors, or agents or other intermediaries could nonetheless occur\\. Any violation (or alleged or perceived violation), even if prohibited by the Company's policies, could have an adverse effect on the Company's reputation and/or its results of operations\\.\n\nIn January 2018, the Company submitted a formal application to the FAA for authorization to conduct ETOPS using Boeing 737\\-800 aircraft, in connection with the Company\u2019s plans to begin service to Hawaii\\. Due to the government shutdown in late 2018 and early 2019, the Company's ETOPS application process was delayed subject to the government reopening and the FAA's related ability to resume normal certification activities\\. If the Company receives FAA authorization and commences ETOPS, the Company will be subject to additional, ongoing, ETOPS\\-specific regulatory and procedural requirements, which could add operational and compliance risks to the Company\u2019s business, including costs associated therewith\\. Further, as discussed above under \"Business \\- Competition,\" the longer stage length of the Company's expected Hawaiian routes, as compared with the Company's average stage length of its other routes, could put pressure on the Company's revenues per available seat mile\\.\n\n***The Company is currently subject to pending litigation, and if judgment were to be rendered against the Company in the litigation, such judgment could adversely affect the Company's operating results\\.***\n\nAs discussed below under \"Legal Proceedings,\" the Company is subject to pending litigation\\.\n\nRegardless of merit, these litigation matters and any potential future claims against the Company may be both time consuming and disruptive to the Company's operations and cause significant expense and diversion of management attention\\. Should the Company fail to prevail in these or other matters, the Company may be faced with significant monetary damages or injunctive relief that could materially adversely affect its business and might materially affect its financial condition and operating results\\.\n\n***The Company\u2019s reputation and brand could be harmed if it were to experience significant negative publicity, including through social media\\.***\n\n27"}
{"_id": "Alaska-2017_26.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nEmployees could also engage in job actions such as slow\\-downs, work\\-to\\-rule campaigns, sick\\-outs or other actions designed to disrupt our normal operations in an attempt to pressure us to acquiesce to wage or other demands during Section 6 negotiations or transition agreement discussions\\. Although the Railway Labor Act makes such \u201cself\\-help\u201d unlawful until the National Mediation Board releases the parties following lengthy mediation attempts, such actions could cause significant harm even if we were ultimately successful in seeking injunctive relief or other remedies\\. \n\n***The inability to attract, retain and train regional pilots could result in guest impact and adversely affect our business and results of operations\\.***\n\nIn recent years, there have been shortages of pilots for hire in the regional market, and there is an anticipated pilot shortage in hiring in the mainline markets in the next two to three years\\. Attrition beyond normal levels, or the inability to attract new pilots, could negatively impact our operating results, and our business prospects could be harmed\\. In addition, the ability to train pilot candidates in a timely manner to support Alaska\u2019s operational needs may continue to be a challenge for Horizon Air\\. Due to the high volume of turnover, partially driven by the hiring needs of mainline carriers, pilot training may face added stress associated with ensuring initial training, recurrent training and upgrades from first officer to captain are accomplished in a manner timely enough to support Alaska\u2019s operational needs\\. Any of these outcomes would possibly result in guest impact and harm to our business, financial condition and results of operations\\. \n\n\n\n|                                         |\n| --------------------------------------- |\n| **ITEM 1B\\. UNRESOLVED STAFF COMMENTS** |\n\n\n\n None\\.\n\n\n\n|                         |\n| ----------------------- |\n| **ITEM 2\\. PROPERTIES** |\n\n\n\n**AIRCRAFT**\n\nThe following table describes the aircraft we operate and their average age at December 31, 2017:\n\n\n\n|                      |           |           |            |           |                                                |\n| -------------------- | --------- | --------- | ---------- | --------- | ---------------------------------------------- |\n| **Aircraft Type**    | **Seats** | **Owned** | **Leased** | **Total** | **Average**<br><br>**Age in**<br><br>**Years** |\n| B737 Freighters      | \u2014         | 3         | \u2014          | 3         | 17\\.5                                          |\n| B737 NextGen         | 124\\-181  | 141       | 10         | 151       | 7\\.5                                           |\n| A319                 | 119       | \u2014         | 10         | 10        | 10\\.2                                          |\n| A320                 | 146\\-149  | 10        | 43         | 53        | 7\\.3                                           |\n| A321neo              | 185       | \u2014         | 4          | 4         | 0\\.4                                           |\n| Total Mainline Fleet |           | 154       | 67         | 221       | 7\\.6                                           |\n| Q400                 | 76        | 35        | 15         | 50        | 11\\.0                                          |\n| E175                 | 76        | 10        | 23         | 33        | 1\\.2                                           |\n| Total Regional Fleet |           | 45        | 38         | 83        | 7\\.1                                           |\n| Total                |           | 199       | 105        | 304       | 7\\.4                                           |\n\n\n\n\u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" discusses future orders and options for additional aircraft\\. \u201cLiquidity and Capital Resources\" provides more information about aircraft that are used to secure long\\-term debt arrangements or collateralize credit facilities\\. \n\nAlaska\u2019s leased B737 aircraft have lease expiration dates between 2018 and 2026\\. Virgin America's leased A319, A320, and A321neo aircraft have expiration dates between 2019 and 2029\\. Horizon\u2019s leased Q400 aircraft have expiration dates between 2018 and 2021\\. The leased E175 aircraft are through our capacity purchase agreement with SkyWest\\. Alaska, Virgin America and Horizon have the option to extend some of the leases for additional periods, or the right to purchase the aircraft at the end of the lease term, usually at the fair\\-market value of the aircraft\\. \n\n 27"}
{"_id": "AmericanAirlines-2018_167.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nin value or entitles American to participate in increases in the value of the aircraft\\. American does not provide residual value guarantees to the bondholders or equity participants in the trusts\\. Some leases have a fair market value or a fixed price purchase option that allows American to purchase the aircraft at or near the end of the lease term\\. However, the option price approximates an estimate of the aircraft\u2019s fair value at the option date\\. Under this feature, American does not participate in any increases in the value of the aircraft\\. American concluded it is not the primary beneficiary under these arrangements\\. Therefore, American accounts for the majority of its EETC leveraged lease financings as operating leases\\. American\u2019s total future payments to the trusts of each of the relevant EETCs under these leveraged lease financings are $352 million as ofDecember 31, 2018, which are reflected in the operating lease obligations in Note 4\\. \n\n*Letters of Credit and Other*\n\nAmerican provides financial assurance, such as letters of credit, surety bonds or restricted cash and investments, primarily to support projected workers\u2019 compensation obligations and airport commitments\\. As of December 31, 2018, American had $460 million of letters of credit and surety bonds securing various obligations\\. The letters of credit and surety bonds that are subject to expiration will expire on various dates through 2022\\.\n\n***(e) Legal Proceedings***\n\n*Chapter 11 Cases*\\. On November 29, 2011, AMR, American, and certain of AMR\u2019s other direct and indirect domestic subsidiaries (the Debtors) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court)\\. On October 21, 2013, the Bankruptcy Court entered an order approving and confirming the Debtors\u2019 fourth amended joint plan of reorganization (as amended, the Plan)\\. On the Effective Date, December 9, 2013, the Debtors consummated their reorganization pursuant to the Plan and completed the Merger\\.\n\nPursuant to rulings of the Bankruptcy Court, the Plan established the Disputed Claims Reserve to hold shares of AAG common stock reserved for issuance to disputed claimholders at the Effective Date that ultimately become holders of allowed claims\\. The shares of AAG common stock issued to the Disputed Claims Reserve were originally issued on December 13, 2013 and have at all times since been included in the number of shares issued and outstanding as reported by AAG from time to time in its quarterly and annual reports, including for purposes of calculating earnings per share\\. As disputed claims are resolved, the claimants will receive distributions of shares from the Disputed Claims Reserve\\. However, American is not required to distribute additional shares above the limits contemplated by the Plan, even if the shares remaining for distribution in the Disputed Claims Reserve are not sufficient to fully pay any additional allowed unsecured claims\\. To the extent that any of the reserved shares remain undistributed upon resolution of all remaining disputed claims, such shares will not be returned to AAG but rather will be distributed to former AMR stockholders and former convertible noteholders treated as stockholders under the Plan\\. On February 12, 2019, in accordance with the approval granted by the Bankruptcy Court on December 6, 2018, an aggregate of approximately 17\\.3 million shares of AAG common stock were distributed from the Disputed Claims Reserve to former AMR shareholders and convertible noteholders\\. After giving effect to this distribution, the Disputed Claims Reserve holds approximately 7\\.2 million shares of AAG common stock\\.\n\n*Private Party Antitrust Action Related to Passenger Capacity\\.* American, along with Delta Air Lines, Inc\\., Southwest Airlines Co\\., United Airlines, Inc\\. and, in the case of litigation filed in Canada, Air Canada, have been named as defendants in approximately 100 putative class action lawsuits alleging unlawful agreements with respect to air passenger capacity\\. The U\\.S\\. lawsuits have been consolidated in the Federal District Court for the District of Columbia (the DC Court)\\. On June 15, 2018, American reached a preliminary settlement agreement with the plaintiffs in the amount of $45 million that, once approved, will resolve all claims in the U\\.S\\. lawsuits\\. That settlement received preliminary approval from the DC Court on June 18, 2018\\. \n\n*Private Party Antitrust Action Related to the Merger*\\. On August 6, 2013, a lawsuit captioned Carolyn Fjord, et al\\., v\\. AMR Corporation, et al\\., was filed in the United States Bankruptcy Court for the Southern District of New York\\. The complaint named as defendants US Airways Group, US Airways, AMR and American, alleged that the effect of the Merger may be to create a monopoly in violation of Section 7 of the Clayton Antitrust Act, and sought injunctive relief and/or divestiture\\. On November 27, 2013, the Bankruptcy Court denied plaintiffs\u2019 motion to preliminarily enjoin the Merger\\. On August 29, 2018, the Court denied in part defendants' motion for summary judgment, and fully denied plaintiffs' cross\\-motion for summary judgment\\. A bench trial is presently scheduled for March 2019\\. American believes this lawsuit is without merit and intends to vigorously defend against the allegations\\.\n\n*DOJ Investigation Related to the United States Postal Service*\\. In April 2015, the Department of Justice (DOJ) informed American of an inquiry regarding American\u2019s 2009 and 2011 contracts with the United States Postal Service for the international transportation of mail by air\\. In October 2015, American received a Civil Investigative Demand from the DOJ seeking certain \n\n168"}
{"_id": "United-2018_86.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nDuring 2018, the Company recorded a one\\-time termination charge of $64 million ($50 million net of tax) related to one of its engine maintenance service agreements\\.\n\nDuring 2018, the Company recorded severance and benefit costs related to a voluntary early\\-out program for its technicians and related employees represented by the IBT of $22 million ($17 million net of taxes)\\. In the first quarter of 2017, approximately 1,000 technicians and related employees elected to voluntarily separate from the Company and receive a severance payment, with a maximum value of $100,000 per participant, based on years of service, with retirement dates through the end of 2018\\. Also during 2018, the Company recorded other management severance of $19 million ($15 million net of taxes)\\.\n\nDuring 2018, the Company recorded gains of $28 million ($22 million net of taxes) for the change in market value of certain of its equity investments\\. Also, the Company recorded losses of $33 million ($26 million net of taxes) for the change in fair value of certain derivative assets related to equity of Avianca Holdings S\\.A\\. For equity investments and derivative assets subject to MTM accounting, the Company records gains and losses as part of Nonoperating income (expense): Miscellaneous, net in its statements of consolidated operations\\. \n\n***2017***\n\nDuring 2017 the Company recorded a $10 million ($6 million net of taxes) impairment charge related to obsolete spare parts inventory and a $15 million ($10 million net of taxes) intangible asset impairment charge related to a maintenance service agreement\\.\n\nDuring 2017, the Company recorded $83 million ($53 million net of taxes) of severance and benefit costs related to the voluntary early\\-out program for its technicians and related employees represented by the IBT as described above\\. Also during 2017, the Company recorded $33 million ($21 million net of taxes) of other management severance\\.\n\n***2016***\n\nIn April 2016, the Federal Aviation Administration (\"FAA\") announced that it will designate Newark Liberty International Airport (\"Newark\") as a Level 2 schedule\\-facilitated airport under the International Air Transport Association Worldwide Slot Guidelines\\. The designation was associated with an updated demand and capacity analysis of Newark by the FAA\\. In 2016, the Company determined that the FAA's action impaired the entire value of its Newark slots because the slots are no longer the mechanism that governs take\\-off and landing rights\\. Accordingly, the Company recorded a $412 million special charge ($264 million net of taxes) to write off the intangible asset\\.\n\nDuring 2016, the Company recorded $37 million ($24 million net of taxes) of severance and benefit costs related to a voluntary early\\-out program for the Company's flight attendants and other severance agreements\\. In 2014, more than 2,500 flight attendants elected to voluntarily separate from the Company for a severance payment, with a maximum value of $100,000 per participant, based on years of service, with retirement dates through the end of 2016\\.\n\nIn 2016, the City of Cleveland agreed to amend the Company's lease, which runs through 2029, associated with certain excess airport terminal space (principally Terminal D) and related facilities at Hopkins International Airport (\"Cleveland\")\\. The Company recorded an accrual for remaining payments under the lease for facilities that the Company no longer uses and will continue to incur costs under the lease without economic benefit to the Company\\. This liability was measured and recorded at its fair value when the Company ceased its right to use such facilities leased to it pursuant to the lease\\. The Company recorded a net charge of $74 million ($47 million net of taxes) related to the amended lease\\.\n\nThe fleet service, passenger service, storekeeper and other employees represented by the International Association of Machinists and Aerospace Workers (the \"IAM\") ratified seven new contracts with the Company which extended the contracts through 2021\\. The technicians and related employees represented by the IBT ratified a six\\-year joint collective bargaining agreement which extended the contract through 2022\\. During 2016, the Company recorded $171 million ($110 million net of taxes) of special charges primarily for payments in conjunction with the IAM and IBT agreements described above\\. \n\nAs part of the ratified contract with the IBT, the Company amended some of its technicians and related employees' postretirement medical plans\\. The amendments triggered curtailment accounting, resulting in the recognition of a one\\-time $60 million gain ($38 million net of taxes) for accelerated recognition of a prior service credit in one of the plans\\. Also, as part of the ratified contract with the Association of Flight Attendants, the Company amended two of its flight attendant postretirement medical plans\\. The amendments triggered curtailment accounting, resulting in the recognition of a one\\-time $47 million gain ($30 million net of taxes) for accelerated recognition of a prior service credit\\.\n\n87"}
{"_id": "AmericanAirlines-2019_111.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n14\\. Operating Segments and Related Disclosures\n\nWe are managed as a single business unit that provides air transportation for passengers and cargo\\. This allows us to benefit from an integrated revenue pricing and route network that includes American and our wholly\\-owned and third\\-party regional carriers that fly under capacity purchase agreements operating as American Eagle\\. The flight equipment of all these carriers is combined to form   one  fleet that is deployed through a single route scheduling system\\. Financial information and annual operational plans and forecasts are prepared and reviewed by the chief operating decision maker at the consolidated level\\. When making operational decisions, the chief operating decision maker evaluates flight profitability data, which considers aircraft type and route economics, but is indifferent to the results of the individual wholly\\-owned regional carriers\\. The objective in making operational decisions is to maximize consolidated financial results, not the individual results of American or American Eagle\\.\n\n See Note 1(k) for our passenger revenue by geographic region\\. Our tangible assets consist primarily of flight equipment, which are mobile across geographic markets and, therefore, have not been allocated\\.\n\n15\\. Share\\-based Compensation\n\nThe 2013 AAG Incentive Award Plan (the 2013 Plan) provides that awards may be in the form of an option, restricted stock award, restricted stock unit award, performance award, dividend equivalent award, deferred stock award, deferred stock unit award, stock payment award or stock appreciation right\\. The 2013 Plan initially authorized the grant of awards for the issuance of up to   40 million  shares\\. Any shares underlying awards granted under the 2013 Plan that are forfeited, terminate or are settled in cash (in whole or in part) without the delivery of shares will again be available for grant\\.\n\nOur salaries, wages and benefits expense for the years ended  December 31, 2019 ,  2018  and  2017  included   $95 million ,   $88 million  and   $90 million , respectively, of share\\-based compensation costs\\. \n\nDuring  2019 ,  2018  and  2017 , we withheld approximately   0\\.8 million ,   0\\.8 million  and   1\\.1 million  shares of AAG common stock, respectively, and paid approximately   $25 million ,   $37 million  and   $51 million , respectively, in satisfaction of certain tax withholding obligations associated with employee equity awards\\.\n\nRestricted Stock Unit Awards (RSUs)\n\nThe majority of our RSUs have service conditions (time vested primarily over   three years )\\. The grant\\-date fair value of these RSUs is equal to the market price of the underlying shares of AAG common stock on the date of grant\\. The expense for these RSUs is recognized on a straight\\-line basis over the vesting period for the entire award\\. RSUs are classified as equity awards as the vesting results in the issuance of shares of AAG common stock\\.\n\nRSU award activity for all plans for the years ended  December 31, 2019 ,  2018  and  2017  is as follows:\n\n\n\n|                                  |                      |                                            |\n| -------------------------------- | -------------------- | ------------------------------------------ |\n|                                  | **Number of Shares** | **Weighted Average Grant Date Fair Value** |\n|                                  | **(In thousands)**   |                                            |\n| Outstanding at December 31, 2016 | 5,187                | $41\\.48                                    |\n| Granted                          | 2,309                | 48\\.58                                     |\n| Vested and released              | (2,708<br><br>)      | 39\\.63                                     |\n| Forfeited                        | (464<br><br>)        | 44\\.48                                     |\n| Outstanding at December 31, 2017 | 4,324                | $46\\.94                                    |\n| Granted                          | 2,194                | 47\\.65                                     |\n| Vested and released              | (1,999<br><br>)      | 44\\.99                                     |\n| Forfeited                        | (199<br><br>)        | 45\\.72                                     |\n| Outstanding at December 31, 2018 | 4,320                | $44\\.29                                    |\n| Granted                          | 3,206                | 34\\.00                                     |\n| Vested and released              | (2,002<br><br>)      | 44\\.90                                     |\n| Forfeited                        | (337<br><br>)        | 42\\.55                                     |\n| Outstanding at December 31, 2019 | 5,187                | $37\\.01                                    |\n\n\n\n112"}
{"_id": "United-2018_66.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\noptions was determined based upon a simplified assumption that the option will be exercised evenly from vesting to expiration due to the Company's lack of relevant historical data related to stock options\\.\n\nAs of December 31, 2018, there were approximately 0\\.4 million outstanding stock option awards, 0\\.2 million of which were exercisable, with weighted\\-average exercise prices of $55\\.62 and $47\\.07, respectively, intrinsic values of $12 million and $6 million, respectively, and weighted\\-average remaining contractual lives (in years) of 5\\.8 and 3\\.8, respectively\\.\n\n**NOTE 6 \\- ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)**\n\nThe tables below present the components of the Company's AOCI, net of tax (in millions): \n\n\n\n|                                                                  |                                                                                      |     |                                |                           |                    |        |                   |\n| ---------------------------------------------------------------- | ------------------------------------------------------------------------------------ | --- | ------------------------------ | ------------------------- | ------------------ | ------ | ----------------- |\n|                                                                  | **Pension and** <br><br>**Other** <br><br>**Postretirement** <br><br>**Liabilities** |     | **Fuel Derivatives Contracts** | **Investments and Other** | **Deferred Taxes** |        | <br><br>**Total** |\n| Balance at December 31, 2015                                     | $(363)                                                                               |     | $(215)                         | $3                        | $(256)             |        | $(831)            |\n| Other comprehensive income (loss) before reclassifications       | (517)                                                                                | (a) | (4)                            | \u2014                         | 187                |        | (334)             |\n| Amounts reclassified from accumulated other comprehensive income | 26                                                                                   |     | 217                            | (2)                       | 95                 |        | 336               |\n| Balance at December 31, 2016                                     | (854)                                                                                |     | (2)                            | 1                         | 26                 |        | (829)             |\n| Other comprehensive income (loss) before reclassifications       | (306)                                                                                | (a) | \u2014                              | (7)                       | 74                 |        | (239)             |\n| Amounts reclassified from accumulated other comprehensive income | 58                                                                                   |     | 2                              | \u2014                         | (21)               |        | 39                |\n| Reclassification of stranded tax effects                         | \u2014                                                                                    |     | \u2014                              | \u2014                         | (118)              | (b)    | (118)             |\n| Balance at December 31, 2017                                     | (1,102)                                                                              |     | \u2014                              | (6)                       | (39)               |        | (1,147)           |\n| Other comprehensive income (loss) before reclassifications       | 377                                                                                  | (a) | \u2014                              | (5)                       | (83)               |        | 289               |\n| Amounts reclassified from accumulated other comprehensive income | 62                                                                                   |     | \u2014                              | \u2014                         | (13)               |        | 49                |\n| Amounts reclassified to retained earnings                        | \u2014                                                                                    |     | \u2014                              | 7                         | (1)                |        | 6                 |\n| Balance at December 31, 2018                                     | $(663)                                                                               |     | $\u2014                             | $(4)                      | $(136)             |   <br> | $(803)            |\n\n\n\n\n\n|                                                                             |                                             |                                             |                                             |                                                                       |\n| --------------------------------------------------------------------------- | ------------------------------------------- | ------------------------------------------- | ------------------------------------------- | --------------------------------------------------------------------- |\n| **Details about AOCI Components**                                           | **Amount Reclassified from AOCI to Income** | **Amount Reclassified from AOCI to Income** | **Amount Reclassified from AOCI to Income** | **Affected Line Item in the Statement Where Net Income is Presented** |\n|                                                                             | **Year Ended December 31,**                 | **Year Ended December 31,**                 | **Year Ended December 31,**                 |                                                                       |\n|                                                                             | **2018**                                    | **2017**                                    | **2016**                                    |                                                                       |\n| Fuel derivative contracts                                                   |                                             |                                             |                                             |                                                                       |\n| Fuel contracts\\-reclassifications of losses into earnings                   | $\u2014                                          | $2                                          | $217                                        | Aircraft fuel                                                         |\n| Pension and Postretirement liabilities and other                            |                                             |                                             |                                             |                                                                       |\n| Amortization of unrecognized (gains) losses and prior service cost (c)      | 62                                          | 58                                          | 26                                          | Miscellaneous, net                                                    |\n| Investments and other                                                       |                                             |                                             |                                             |                                                                       |\n| Available\\-for\\-sale securities \\- reclassifications of gains into earnings | \u2014                                           | \u2014                                           | (2)                                         | Miscellaneous, net                                                    |\n\n\n\n(a) Prior service credits decreased by $3 million, $0 million and increased by $30 million and actuarial losses decreased by approximately $380 million, and increased $306 million and $560 million for 2018, 2017 and 2016, respectively\\.\n\n(b) This amount represents the reclassification from AOCI to RE of the stranded tax effects resulting from the enactment of the Tax Cuts and Jobs Act (the \"Tax Act\")\\.\n\n(c) This AOCI component is included in the computation of net periodic pension and other postretirement costs (see Note 8 of this report for additional information)\\.\n\n**NOTE 7 \\- INCOME TAXES** \n\nThe income tax provision (benefit) differed from amounts computed at the statutory federal income tax rate and consisted of the following significant components, as follows (in millions): \n\n67"}
{"_id": "AmericanAirlines-2017_20.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nOur ability to provide service can also be impaired at airports, such as ORD and LAX, where the airport gate and other facilities are inadequate to accommodate all of the service that we would like to provide, or airports such as Dallas Love Field Airport where we have no access to gates at all\\.\n\nAny limitation on our ability to acquire or maintain adequate gates, ticketing facilities, operations areas, operations control facilities, slots (where applicable), or office space could have a material adverse effect on our business, results of operations and financial condition\\.\n\n***If we encounter problems with any of our third\\-party regional operators or third\\-party service providers, our operations could be adversely affected by a resulting decline in revenue or negative public perception about our services\\.***\n\nA significant portion of our regional operations are conducted by third\\-party operators on our behalf, primarily under capacity purchase agreements\\. Due to our reliance on third parties to provide these essential services, we are subject to the risks of disruptions to their operations, which may result from many of the same risk factors disclosed in this report, such as the impact of adverse economic conditions, the inability of third parties to hire or retain necessary personnel, including in particular pilots, and other risk factors, such as an out\\-of\\-court or bankruptcy restructuring of any of our regional operators\\. Many of these third\\-party regional operators provide significant regional capacity that we would be unable to replace in a short period of time should that operator fail to perform its obligations to us\\. Volatility in fuel prices, disruptions to capital markets and adverse economic conditions in general have subjected certain of these third\\-party regional operators to significant financial pressures, which have in the past and may in the future lead to bankruptcies among these operators\\. We may also experience disruption to our regional operations if we terminate the capacity purchase agreement with one or more of our current operators and transition the services to another provider\\. Any significant disruption to our regional operations would have a material adverse effect on our business, results of operations and financial condition\\.\n\nIn addition, our reliance upon others to provide essential services on behalf of our operations may result in our relative inability to control the efficiency and timeliness of contract services\\. We have entered into agreements with contractors to provide various facilities and services required for our operations, including distribution and sale of airline seat inventory, provision of information technology and services, regional operations, aircraft maintenance, ground services and facilities, reservations and baggage handling\\. Similar agreements may be entered into in any new markets we decide to serve\\. These agreements are generally subject to termination after notice by the third\\-party service provider\\. We are also at risk should one of these service providers cease operations, and there is no guarantee that we could replace these providers on a timely basis with comparably priced providers, or at all\\. Any material problems with the efficiency and timeliness of contract services, resulting from financial hardships or otherwise, could have a material adverse effect on our business, results of operations and financial condition\\.\n\n***The commercial relationships that we have with airlines, including any related equity investment, may not produce the returns or results we expect\\.***\n\nAn important part of our strategy to expand our network has been to expand our commercial relationships with other airlines, such as global alliance, joint business and code share relationships, and, in one recent instance, make a significant equity investment in another airline in connection with initiating such a commercial relationship\\. We may explore similar non\\-controlling investments in, and joint ventures and strategic alliances with, other carriers as part of our global business strategy\\. We face competition in forming these commercial relationships since there are a limited number of potential arrangements and other airlines are looking to enter into similar relationships\\. Any such existing or future investment could involve significant challenges and risks, including that we may not realize a satisfactory return on our investment or that they may not generate the expected revenue synergies\\. These events could have a material adverse effect on our business, results of operations and financial condition\\.\n\n21"}
{"_id": "Southwest-2019_57.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nwhich are observable\\. Based on the Company\u2019s portfolio of option contracts as of  December 31, 2019 , a 10 percent change in implied volatility, holding all other factors constant, would have resulted in a change in the fair value of this portfolio of less than  $12 million \\. \n\nFair values for financial derivative instruments are estimated prior to the time that the financial derivative instruments settle\\. However, once settlement of the financial derivative instruments occurs and the hedged jet fuel is purchased and consumed, all values and prices are known and are recognized in the financial statements\\. Although the Company continues to use a prospective assessment to determine that commodities continue to qualify for hedge accounting in specific locations where the Company hedges, there are no assurances that these commodities will continue to qualify in the future\\. This is due to the fact that future price changes in these refined products may not be consistent with historical price changes\\. Increased volatility in these commodity markets for an extended period of time, especially if such volatility were to worsen, could cause the Company to lose hedge accounting altogether for the commodities used in its fuel hedging program, which would create further volatility in the Company\u2019s GAAP financial results\\.\n\nAs discussed in  Note 10  to the Consolidated Financial Statements, any changes in fair value of cash flow derivatives designated as hedges are offset within AOCI until the period in which the expected future cash flow impacts earnings\\. Any changes in the fair value of fuel derivatives that do not qualify for hedge accounting are reflected in earnings within Other (gains) losses, net, in the period of the change\\. Because the Company has extensive historical experience in valuing the derivative instruments it holds, and such experience is continually evaluated against its counterparties each period when such instruments expire and are settled for cash, the Company believes it is unlikely that an independent third party would value the Company\u2019s derivative contracts at a significantly different amount than what is reflected in the Company\u2019s financial statements\\. In addition, the Company also has bilateral credit provisions in some of its counterparty agreements, which provide for parties (or the Company) to provide cash collateral when the fair value of fuel derivatives with a single party exceeds certain threshold levels\\. Since this cash collateral is based on the estimated fair value of the Company\u2019s outstanding fuel derivative contracts, this provides further validation to the Company\u2019s estimate of fair values\\.\n\nLoyalty Accounting\n\nThe Company utilizes estimates in the recognition of revenues and liabilities associated with its loyalty program\\. These estimates primarily include the liability associated with Rapid Rewards loyalty member (\"Member\") account balances that are expected to be redeemed for travel or other products at a future date\\. Loyalty account balances include points earned through flights taken, points sold to Customers, or points earned through business partners participating in the loyalty program\\.\n\nUnder the Southwest Rapid Rewards loyalty program, Members earn points for every dollar spent on Southwest base fares\\. The amount of points earned under the program is based on the fare and fare class purchased, with higher fare products (e\\.g\\., Business Select) earning more points than lower fare products (e\\.g\\., Wanna Get Away)\\. Each fare class is associated with a points earning multiplier, and points for flights are calculated by multiplying the fare for the flight by the fare class multiplier\\. Likewise, the amount of points required to be redeemed for a flight can differ based on the fare purchased\\. Under the program, (i) Members are able to redeem their points for every available seat, every day, on every flight, with no blackout dates; and (ii) points do not expire\\. In addition, Members are able to redeem their points for items other than travel on Southwest Airlines, such as international flights on other airlines, cruises, hotel stays, rental cars, gift cards, event tickets, and more\\. In addition to earning points for revenue flights and qualifying purchases with Rapid Rewards Partners, Members also have the ability to purchase, gift, and transfer points, as well as the ability to donate points to selected charities\\.\n\nThe Company utilizes the deferred revenue method of accounting for points earned through flights taken in its loyalty program\\. The Company also sells points and related services to business partners participating in the loyalty program\\. Liabilities are recorded for the relative standalone selling price of the Rapid Rewards points which are awarded each period\\. The liabilities recorded represent the total number of points expected to be redeemed by Members, regardless of whether the Members may have enough to qualify for a full travel award\\. At  December 31, 2019 , the loyalty liabilities \n\n58"}
{"_id": "Alaska-2019_20.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nSAFETY, COMPLIANCE AND OPERATIONAL EXCELLENCE\n\nOur reputation and financial results could be harmed in the event of an airline accident or incident\\.\n\nAn accident or incident involving one of our aircraft or an aircraft operated by one of our codeshare partners or CPA carriers could involve loss of life and result in a loss of confidence in our Company by the flying public and/or aviation authorities\\. We could experience significant claims from injured passengers, bystanders and surviving relatives, as well as costs for the repair or replacement of a damaged aircraft and temporary or permanent loss from service\\. We maintain liability insurance in amounts and of the type generally consistent with industry practice, as do our codeshare partners and CPA carriers\\. However, the amount of such coverage may not be adequate to fully cover all claims, and we may be forced to bear substantial economic losses from such an event\\. Substantial claims resulting from an accident in excess of our related insurance coverage would harm our business and financial results\\. Moreover, any aircraft accident or incident, even if it is fully insured and does not involve one of our aircraft, could cause a public perception that our airlines or the aircraft we or our partners fly are less safe or reliable than other transportation alternatives\\. This would harm our business\\.\n\nOur operations are often affected by factors beyond our control, including delays, cancellations and other conditions, which could harm our business, financial condition and results of operations\\.\n\nAs is the case for all airlines, our operations often are affected by delays, cancellations and other conditions caused by factors largely beyond our control\\.\n\nFactors that might impact our operations include:\n\n\u2022 congestion, construction, and/or space constraints at airports, specifically in our hub locations of Seattle, Los Angeles, and San Francisco; \n\n\u2022 air traffic control problems;\n\n\u2022 adverse weather conditions;\n\n\u2022 lack of operational approval (e\\.g\\. new routes, aircraft deliveries, etc\\.); \n\n\u2022 increased security measures or breaches in security;\n\n\u2022 contagious illness and fear of contagion;\n\n\u2022 changes in international treaties concerning air rights;\n\n\u2022 international or domestic conflicts or terrorist activity; and\n\n\u2022 other changes in business conditions\\.\n\nDue to our concentration of flights in the Pacific Northwest and Alaska, we believe a large portion of our operation is more susceptible to adverse weather conditions than other carriers\\. A general reduction in airline passenger traffic as a result of any of the above\\-mentioned factors could harm our business, financial condition and results of operations\\.\n\nChanges in government regulation imposing additional requirements and restrictions on our operations could increase our operating costs and result in service delays and disruptions\\.\n\nAirlines are subject to extensive regulatory and legal requirements, both domestically and internationally, that require substantial compliance costs\\. In the last several years, Congress has passed laws, and the U\\.S\\. DOT, the TSA and the FAA have issued regulations that have required significant expenditures relating to maintenance of aircraft, operation of airlines and broadening of consumer protections\\.\n\nSimilarly, there are a number of legislative and regulatory initiatives and reforms at the federal, state and local levels\\. These initiatives include increasingly stringent laws to protect the environment, minimum wage requirements, mandatory paid sick or family leave, and health care mandates\\. These laws could affect our relationship with our workforce and the vendors that serve our airlines and cause our expenses to increase without an ability to pass through these costs\\. New initiatives with employer\\-funded costs, specifically those impacting Washington State, could disproportionately increase our cost structure as compared \n\n20"}
{"_id": "Southwest-2018_82.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe impacts of applying the New Revenue Standard to the Company\u2019s Consolidated Statement of Cash Flows for the years ended December 31, 2017 and 2016, are as follows (amounts may not recalculate due to rounding):\n\n\n\n|                                           |                                  |                                  |                                  |\n| ----------------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- |\n|                                           | **Year ended December 31, 2017** | **Year ended December 31, 2017** | **Year ended December 31, 2017** |\n| **(in millions)**                         | **As Reported**                  | **New Revenue Standard**         | **As Recast**                    |\n| Net income                                | $3,488                           | $(131)                           | $3,357                           |\n| Deferred income taxes                     | (1,212)                          | 145                              | (1,066)                          |\n| Changes in certain assets and liabilities | 227                              | (14)                             | 212                              |\n| Net cash provided by operating activities | 3,929                            | \u2014                                | 3,929                            |\n\n\n\n\n\n|                                           |                                  |                                  |                                  |\n| ----------------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- |\n|                                           | **Year ended December 31, 2016** | **Year ended December 31, 2016** | **Year ended December 31, 2016** |\n| **(in millions)**                         | **As Reported**                  | **New Revenue Standard**         | **As Recast**                    |\n| Net income                                | $2,244                           | $(60)                            | $2,183                           |\n| Deferred income taxes                     | 455                              | (36)                             | 419                              |\n| Changes in certain assets and liabilities | 182                              | 96                               | 279                              |\n| Net cash provided by operating activities | 4,293                            | \u2014                                | 4,293                            |\n\n\n\n**3****\\. NET INCOME PER SHARE**\n\nThe following table sets forth the computation of basic and diluted net income per share (in millions except per share amounts):\n\n\n\n|                                                                               |                             |                             |                             |\n| ----------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                               | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                                                               | **2018**                    | **2017**                    | **2016**                    |\n|                                                                               |                             | **As Recast**               | **As Recast**               |\n| **NUMERATOR:**                                                                |                             |                             |                             |\n| Net income                                                                    | $2,465                      | $3,357                      | $2,183                      |\n| Incremental income effect of <br><br> interest on 5\\.25% convertible notes    | \u2014                           | \u2014                           | 2                           |\n| Net income after assumed conversion                                           | $2,465                      | $3,357                      | $2,185                      |\n| **DENOMINATOR:**                                                              |                             |                             |                             |\n| Weighted\\-average shares outstanding, basic                                   | 573                         | 601                         | 627                         |\n| Dilutive effect of Employee stock options and <br><br> restricted stock units | 1                           | 2                           | 1                           |\n| Dilutive effect of 5\\.25% convertible notes                                   | \u2014                           | \u2014                           | 5                           |\n| Adjusted weighted\\-average shares outstanding, diluted                        | 574                         | 603                         | 633                         |\n| **NET INCOME PER SHARE:**                                                     |                             |                             |                             |\n| Basic                                                                         | $4\\.30                      | $5\\.58                      | $3\\.48                      |\n| Diluted                                                                       | $4\\.29                      | $5\\.57                      | $3\\.45                      |\n\n\n\n**4****\\. COMMITMENTS AND CONTINGENCIES**\n\n***Commitments***\n\n83"}
{"_id": "AmericanAirlines-2019_173.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| 4\\.140                        | [Note Purchase Agreement, dated as of August 14, 2017, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex49.htm)                                                                          |\n| 4\\.141                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex49.htm)                                       |\n| 4\\.142                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex49.htm)                                                                                                                                                                                                                                                   |\n| 4\\.143                        | [Form of Pass Through Trust Certificate, Series 2017\\-2AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex42.htm)                                                                                                                                                                                                                                                                                                                                                      |\n| 4\\.144                        | [Form of Pass Through Trust Certificate, Series 2017\\-2A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex43.htm)                                                                                                                                                                                                                                                                                                                                                       |\n| 4\\.145                        | [Revolving Credit Agreement (2017\\-2AA), dated as of August 14, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-2AA, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex414.htm)                                                                                                                       |\n| 4\\.146                        | [Revolving Credit Agreement (2017\\-2A), dated as of August 14, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-2A, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex415.htm)                                                                                                                         |\n| 4\\.147                        | [Trust Supplement No\\. 2016\\-3B, dated as of October 4, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex42.htm)                                                                                                                                                                                                                |\n| 4\\.148                        | [Amended and Restated Note Purchase Agreement, dated as of October 4, 2017, amending the Note Purchase Agreement, dated as of October 3, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex44.htm)                                                                                      |\n| 4\\.149                        | [Form of First Amendment to Participation Agreement (First Amendment to Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit A to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex44.htm) |\n| 4\\.150                        | [Form of First Amendment to Indenture and Security Agreement (First Amendment to Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit E to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm#toc463889_35)                                                                                                                                                                                                |\n| 4\\.151                        | [Form of First Amendment to Indenture and Security Agreement (First Amendment to Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit B to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex44.htm)                                                                                                                                                                                                             |\n| 4\\.152                        | [Form of Pass Through Trust Certificate, Series 2016\\-3B (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex42.htm)                                                                                                                                                                                                                                                                                                                                                       |\n| 4\\.153                        | [Revolving Credit Agreement (2016\\-3B), dated as of October 4, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-3B, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider 3B (incorporated by reference to Exhibit 4\\.8 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex48.htm)                                                                                                                                    |\n| 4\\.154                        | [Trust Supplement No\\. 2017\\-2B, dated as of October 5, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex42.htm)                                                                                                                                                                                                                |\n\n\n\n174"}
{"_id": "Alaska-2017_96.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|                                 |\n| ------------------------------- |\n| **ITEM 9B\\. OTHER INFORMATION** |\n\n\n\nNone\n\n**PART III**\n\n\n\n|                                                                      |\n| -------------------------------------------------------------------- |\n| **ITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE** |\n\n\n\nSee \u201cExecutive Officers\u201d under Item 1, \u201cOur Business,\u201d in Part I of this Form 10\\-K for information on the executive officers of Air Group and its subsidiaries\\. Except as provided herein, the remainder of the information required by this item is incorporated herein by reference from the definitive Proxy Statement for Air Group's 2018 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year ended December 31, 2017 (hereinafter referred to as our \u201c2018 Proxy Statement\u201d)\\.\n\n\n\n|                                      |\n| ------------------------------------ |\n| **ITEM 11\\. EXECUTIVE COMPENSATION** |\n\n\n\nThe information required by this item is incorporated herein by reference from our 2018 Proxy Statement\\.\n\n\n\n|                                                                                                               |\n| ------------------------------------------------------------------------------------------------------------- |\n| **ITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS** |\n\n\n\n**Securities Authorized for Issuance Under Equity Compensation Plans**\n\n\n\n|                                                            |                                                                                                 |                                                                                  |                                                                                                                                                 |\n| ---------------------------------------------------------- | ----------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------- |\n|                                                            | **Number of securities to be issued upon exercise of outstanding options, warrants and rights** | **Weighted\\-average exercise price of outstanding options, warrants and rights** | **Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))** |\n| **Plan category**                                          | **(a)**                                                                                         | **(b)**                                                                          | **(c)**                                                                                                                                         |\n| Equity compensation plans approved by security holders     | 1,311,899 ^(1)^                                                                                 | $52\\.34 ^(2)^                                                                    | 10,927,824                                                                                                                                      |\n| Equity compensation plans not approved by security holders | \u2014                                                                                               | Not applicable                                                                   | \u2014                                                                                                                                               |\n| Total                                                      | 1,311,899                                                                                       | $52\\.34                                                                          | 10,927,824                                                                                                                                      |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (1) | Of these shares, 354,475 and 86,992 were subject to options then outstanding under the 2008 Plan and 2016 Plan, respectively, 386,869 were subject to outstanding restricted, performance and deferred stock unit awards granted under the 2008 Plan and 483,553 were subject to outstanding restricted, performance and deferred stock unit awards granted under the 2016 Plan\\. Outstanding performance awards are reflected in the table assuming that the target level of performance will be achieved\\.  |\n\n\n\n\n\n|     |                                                                                                                                            |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------ |\n| (2) | This number does not reflect the 870,432 shares that were subject to outstanding stock unit awards granted under the 2008 and 2016 Plans\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (3) | Of the aggregate number of shares that remained available for future issuance, no shares were available under the 2008 Plan, 5,129,157 shares were available under the 2016 Plan and 5,798,667 shares were available under the ESPP\\. Subject to certain express limits of the 2016 Plan, shares available for award purposes under the 2016 Plan generally may be used for any type of award authorized under that plan including options, stock appreciation rights, and other forms of awards granted or denominated in shares of our common stock including, without limitation, stock bonuses, restricted stock, restricted stock units and performance shares\\. Full\\-value shares issued under the 2016 Plan are counted against the share limit as 1\\.7 shares for every one share issued\\. This table does not give effect to that rule\\. |\n\n\n\nOther information required by this item is set forth under the heading \u201cBeneficial Ownership of Securities\u201d in our 2018 Proxy Statement and is incorporated by reference\\.\n\n 97"}
{"_id": "United-2019_77.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nEETCs\\.  As of December 31, 2019, United had   $9\\.6 billion  principal amount of equipment notes outstanding issued under enhanced equipment trust certificates (\"EETC\") financings included in notes payable in the table of outstanding debt above\\.  Generally, the structure of these EETC financings consists of pass\\-through trusts created by United to issue pass\\-through certificates, which represent fractional undivided interests in the respective pass\\-through trusts and are not obligations of United\\. The proceeds of the issuance of the pass\\-through certificates are used to purchase equipment notes which are issued by United and secured by its aircraft\\. The payment obligations under the equipment notes are those of United\\. Proceeds received from the sale of pass\\-through certificates are initially held by a depositary in escrow for the benefit of the certificate holders until United issues equipment notes to the trust, which purchases such notes with a portion of the escrowed funds\\. These escrowed funds are not guaranteed by United and are not reported as debt on United's consolidated balance sheet because the proceeds held by the depositary are not United's assets\\. \n\nIn February and September 2019, United created new EETC pass\\-through trusts, each of which issued pass\\-through certificates\\. The proceeds of the issuance of the pass\\-through certificates are used to purchase equipment notes issued by United and secured by its aircraft\\. The Company records the debt obligation upon issuance of the equipment notes rather than upon the initial issuance of the pass\\-through certificates\\. Certain details of the pass\\-through trusts with proceeds received from issuance of debt in  2019  are as follows (in millions, except stated interest rate):\n\n\n\n|                        |           |               |                                      |                          |                                                                                                            |                                                                           |                                                                               |\n| ---------------------- | --------- | ------------- | ------------------------------------ | ------------------------ | ---------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------- | ----------------------------------------------------------------------------- |\n| **EETC Issuance Date** | **Class** | **Principal** | **Final expected distribution date** | **Stated interest rate** | **Total proceeds received from issuance of debt during 2019 and recorded as debt as of December 31, 2019** | **Amounts returned to the holders of the Pass\\-Through Certificates (a)** | **Remaining proceeds from issuance of debt to be received in future periods** |\n| September 2019         | AA        | $702          | May 2032                             | 2\\.70%                   | $513                                                                                                       | $\u2014                                                                        | $189                                                                          |\n| September 2019         | A         | 287           | May 2028                             | 2\\.90%                   | 210                                                                                                        | \u2014                                                                         | 77                                                                            |\n| September 2019         | B         | 232           | May 2028                             | 3\\.50%                   | 170                                                                                                        | \u2014                                                                         | 62                                                                            |\n| February 2019          | AA        | 717           | August 2031                          | 4\\.15%                   | 651                                                                                                        | 66                                                                        | \u2014                                                                             |\n| February 2019          | A         | 296           | August 2031                          | 4\\.55%                   | 269                                                                                                        | 27                                                                        | \u2014                                                                             |\n|                        |           | $2,234        |                                      |                          | $1,813                                                                                                     | $93                                                                       | $328                                                                          |\n\n\n\n(a) These proceeds were expected to be used to purchase equipment notes issued by United and secured by   three  Boeing 737 MAX aircraft, which aircraft were scheduled for delivery by Boeing in 2019\\. However, as a result of the Federal Aviation Administration Order prohibiting the operation of Boeing 737 MAX series aircraft by U\\.S\\. certificated operators (the \"FAA Order\"), United did not take delivery of these aircraft\\. These amounts were distributed to the holders of February 2019 Pass Through Certificates together with accrued and unpaid interest thereon but without premium\\. As a result of the FAA Order, the Company did not contemplate using any proceeds from the September 2019 issuance of the EETC pass\\-through trusts to fund any Boeing 737 MAX deliveries\\.\n\nIn  2019 , United borrowed approximately   $105 million  aggregate principal amount from various financial institutions to finance the purchase of several aircraft delivered in  2019 \\. The notes evidencing these borrowings, which are secured by the related aircraft, mature in  2029  and have interest rates comprised of LIBOR plus a specified margin\\.\n\nIn November  2019 , at the request of United, the California Municipal Finance Authority issued its approximately   $295 million  special facility revenue bonds and loaned the proceeds of such bonds to United pursuant to a loan agreement to finance the costs of construction of an aircraft maintenance and ground service equipment complex at Los Angeles International Airport\\. The bonds bear interest at   4%  per annum, payable semiannually, commencing July 15, 2020 through the  July 15, 2029  maturity date\\. As security for United's obligations under the loan agreement, United also entered into a leasehold mortgage which grants to the trustee of the bonds (acting on behalf of the bondholders) a lien on United's interest in the leased premises and any improvements thereon owned by or leased to United\\. As of December 31, 2019, United had recorded approximately   $39 million  related to this debt\\.\n\nUnsecured debt\n\n4\\.875%  Senior Notes due 2025\\.  In May 2019, UAL issued   $350 million  aggregate principal amount of   4\\.875%  Senior Notes due January 15, 2025 (the \"  4\\.875%  Senior Notes due 2025\"), which are fully and unconditionally guaranteed and recorded by United on its balance sheet\\. \n\n78"}
{"_id": "United-2018_37.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nbenefit obligations as of December 31, 2018 was 4\\.30%, as compared to 3\\.63% for December 31, 2017\\. The health care cost trend rate assumed for 2018 was 6\\.25%, declining to 5\\.0% in 2023, as compared to assumed trend rate for 2019 of 6\\.0%, declining to 5\\.0% in 2023\\. A 1% increase in assumed health care trend rates would increase the Company's total service and interest cost for the year ended December 31, 2018 by $9 million; whereas, a 1% decrease in assumed health care trend rates would decrease the Company's total service and interest cost for the year ended December 31, 2018 by $7 million\\. A one percentage point decrease in the weighted average discount rate would increase the Company's postretirement benefit liability by approximately $139 million and increase the estimated 2018 benefits expense by approximately $10 million\\.\n\nActuarial gains or losses are triggered by changes in assumptions or experience that differ from the original assumptions and prior service credits result from a retroactive reduction in benefits due under the plans\\. Under the applicable accounting standards for postretirement welfare benefit plans, actuarial gains and losses and prior service credits are not required to be recognized currently, but instead may be deferred as part of accumulated other comprehensive income and amortized into expense over the average remaining service life of the covered active employees or the average life expectancy of inactive participants\\. At December 31, 2018 and 2017, the Company had unrecognized actuarial gains for postretirement welfare benefit plans of $554 million and $301 million, respectively, recorded in accumulated other comprehensive income\\.\n\n**Forward\\-Looking Information**\n\nCertain statements throughout Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, and elsewhere in this report are forward\\-looking and thus reflect the Company's current expectations and beliefs with respect to certain current and future events and anticipated financial and operating performance\\. Such forward\\-looking statements are and will be subject to many risks and uncertainties relating to the Company's operations and business environment that may cause actual results to differ materially from any future results expressed or implied in such forward\\-looking statements\\. Words such as \"expects,\" \"will,\" \"plans,\" \"anticipates,\" \"indicates,\" \"believes,\" \"estimates,\" \"forecast,\" \"guidance,\" \"outlook,\" \"goals\" and similar expressions are intended to identify forward\\-looking statements\\.\n\nAdditionally, forward\\-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured\\. All forward\\-looking statements in this report are based upon information available to us on the date of this report\\. We undertake no obligation to publicly update or revise any forward\\-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law\\.\n\nOur actual results could differ materially from these forward\\-looking statements due to numerous factors including, without limitation, the following: our ability to execute our strategic operating plan, including our growth, revenue\\-generating and cost\\-control initiatives; general economic conditions (including interest rates, foreign currency exchange rates, investment or credit market conditions, crude oil prices, costs of aircraft fuel and energy refining capacity in relevant markets); risks of doing business globally, including instability and political developments that may impact our operations in certain countries; demand for travel and the impact that global economic and political conditions have on customer travel patterns; our capacity decisions and the capacity decisions of our competitors; competitive pressures on pricing and on demand; changes in aircraft fuel prices; disruptions in our supply of aircraft fuel; our ability to cost\\-effectively hedge against increases in the price of aircraft fuel, if we decide to do so; the effects of any technology failures or cybersecurity breaches; disruptions to services provided by third\\-party service providers; potential reputational or other impact from adverse events involving our aircraft or operations, the aircraft or operations of our regional carriers or our code share partners or the aircraft or operations of another airline; our ability to attract and retain customers; the effects of any terrorist attacks, international hostilities or other security events, or the fear of such events; disruptions to our regional network; the impact of regulatory, investigative and legal proceedings and legal compliance risks; the success of our investments in other airlines, including in other parts of the world; industry consolidation or changes in airline alliances; the ability of other air carriers with whom we have alliances or partnerships to provide the services contemplated by the respective arrangements with such carriers; costs associated with any modification or termination of our aircraft orders; disruptions in the availability of aircraft, parts or support from our suppliers; our ability to maintain satisfactory labor relations and the results of any collective bargaining agreement process with our union groups; any disruptions to operations due to any potential actions by our labor groups; labor costs; an outbreak of a disease that affects travel demand or travel behavior; the impact of any management changes; extended interruptions or disruptions in service at major airports where we operate; U\\.S\\. or foreign governmental legislation, regulation and other actions (including Open Skies agreements, environmental regulations and the United Kingdom's withdrawal from the European Union); the seasonality of the airline industry; weather conditions; the costs and availability of aviation and other insurance; the costs and availability of financing; our ability to maintain adequate liquidity; our ability to comply with the terms of our various financing arrangements; our ability to realize the full value of our intangible assets and long\\-lived assets; and other risks and uncertainties set forth under Part I, Item 1A\\., Risk Factors, of this report, as well as other risks and uncertainties set forth from time to time in the reports we file with the SEC\\.\n\n38"}
{"_id": "Southwest-2017_93.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\neffective, as defined, or that the derivatives will no longer qualify for hedge accounting\\. Ineffectiveness results when the change in the fair value of the derivative instrument exceeds the change in the value of the Company\u2019s expected future cash outlay to purchase and consume jet fuel\\. To the extent that the periodic changes in the fair value of the derivatives are ineffective, the ineffective portion is recorded to Other (gains) losses, net, in the Consolidated Statement of Income in the period of the change\\. Likewise, if a hedge ceases to qualify for hedge accounting, any change in the fair value of derivative instruments since the last reporting period is recorded to Other (gains) losses, net, in the Consolidated Statement of Income in the period of the change; however, any amounts previously recorded to AOCI would remain there until such time as the original forecasted transaction occurs, at which time these amounts would be reclassified to Fuel and oil expense\\. When the Company has sold derivative positions in order to effectively \"close\" or offset a derivative already held as part of its fuel derivative instrument portfolio, any subsequent changes in fair value of those positions are marked to market through earnings\\. Likewise, any changes in fair value of those positions that were offset by entering into the sold positions and were de\\-designated as hedges are concurrently marked to market through earnings\\. However, any changes in value related to hedges that were deferred as part of AOCI while designated as a hedge would remain until the originally forecasted transaction occurs\\. In a situation where it becomes probable that a fuel hedged forecasted transaction will not occur, any gains and/or losses that have been recorded to AOCI would be required to be immediately reclassified into earnings\\. The Company did not have any such situations occur during 2015, 2016, or 2017\\.\n\nIneffectiveness is inherent in hedging jet fuel with derivative positions based in other crude oil related commodities\\. Due to the volatility in markets for crude oil and related products, the Company is unable to predict the amount of ineffectiveness each period, including the loss of hedge accounting, which could be determined on a derivative by derivative basis or in the aggregate for a specific commodity\\. This may result, and has resulted, in increased volatility in the Company\u2019s financial results\\. Factors that have and may continue to lead to ineffectiveness and unrealized gains and losses on derivative contracts include: significant fluctuation in energy prices, the number of derivative positions the Company holds, significant weather events affecting refinery capacity and the production of refined products, and the volatility of the different types of products the Company uses in hedging\\. However, even though derivatives may not qualify for hedge accounting, the Company continues to hold the instruments as management believes derivative instruments continue to afford the Company the opportunity to stabilize jet fuel costs\\.\n\nAccounting pronouncements pertaining to derivative instruments and hedging are complex with stringent requirements, including the documentation of a Company hedging strategy, statistical analysis to qualify a commodity for hedge accounting both on a historical and a prospective basis, and strict contemporaneous documentation that is required at the time each hedge is designated by the Company\\. The Company also examines the effectiveness of each individual hedge and its entire hedging program on a quarterly basis utilizing statistical analysis\\. This analysis involves utilizing regression and other statistical analyses that compare changes in the price of jet fuel to changes in the prices of the commodities used for hedging purposes\\.\n\nAll cash flows associated with purchasing and selling fuel derivatives are classified as Other operating cash flows in the Consolidated Statement of Cash Flows\\. The following table presents the location of all assets and liabilities associated with the Company\u2019s derivative instruments within the Consolidated Balance Sheet:\n\n94"}
{"_id": "AmericanAirlines-2019_2.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAmerican Airlines Group Inc\\.\n\nAmerican Airlines, Inc\\.\n\nForm 10\\-K\n\nYear Ended  December 31, 2019 \n\nTable of Contents  \n\n\n\n|                                                                                                     |                                                                                                                                                                                                                 |                                                                                                     |\n| --------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------- |\n|                                                                                                     |                                                                                                                                                                                                                 | **Page**                                                                                            |\n| [**PART I**](https://americanairlines.gcs-web.com/email-alerts#sF2BC51D3FADC569B988F4928EF3DD1FD)   | [**PART I**](https://americanairlines.gcs-web.com/email-alerts#sF2BC51D3FADC569B988F4928EF3DD1FD)                                                                                                               | [**PART I**](https://americanairlines.gcs-web.com/email-alerts#sF2BC51D3FADC569B988F4928EF3DD1FD)   |\n| [Item 1\\.](https://americanairlines.gcs-web.com/email-alerts#s04705AF29D585C7181427D29195D694B)     | [Business](https://americanairlines.gcs-web.com/email-alerts#s04705AF29D585C7181427D29195D694B)                                                                                                                 | <br>[5](https://americanairlines.gcs-web.com/email-alerts#s04705AF29D585C7181427D29195D694B)        |\n| [Item 1A\\.](https://americanairlines.gcs-web.com/email-alerts#s1FEE4EFC77D2549388EF88355EE9A43A)    | [Risk Factors](https://americanairlines.gcs-web.com/email-alerts#s1FEE4EFC77D2549388EF88355EE9A43A)                                                                                                             | <br>[16](https://americanairlines.gcs-web.com/email-alerts#s1FEE4EFC77D2549388EF88355EE9A43A)       |\n| [Item 1B\\.](https://americanairlines.gcs-web.com/email-alerts#sFAF64EF2AA3450A8B45AA91A3D7A0659)    | [Unresolved Staff Comments](https://americanairlines.gcs-web.com/email-alerts#sFAF64EF2AA3450A8B45AA91A3D7A0659)                                                                                                | <br>[36](https://americanairlines.gcs-web.com/email-alerts#sFAF64EF2AA3450A8B45AA91A3D7A0659)       |\n| [Item 2\\.](https://americanairlines.gcs-web.com/email-alerts#s5EF5EE93647C5832A82AB37183327217)     | [Properties](https://americanairlines.gcs-web.com/email-alerts#s5EF5EE93647C5832A82AB37183327217)                                                                                                               | <br>[37](https://americanairlines.gcs-web.com/email-alerts#s5EF5EE93647C5832A82AB37183327217)       |\n| [Item 3\\.](https://americanairlines.gcs-web.com/email-alerts#s3A7874F6DA0A5139ACEA100E17235AFC)     | [Legal Proceedings](https://americanairlines.gcs-web.com/email-alerts#s3A7874F6DA0A5139ACEA100E17235AFC)                                                                                                        | <br>[40](https://americanairlines.gcs-web.com/email-alerts#s3A7874F6DA0A5139ACEA100E17235AFC)       |\n| [Item 4\\.](https://americanairlines.gcs-web.com/email-alerts#sD8438CD08E51550581AE42001BAB5E91)     | [Mine Safety Disclosures](https://americanairlines.gcs-web.com/email-alerts#sD8438CD08E51550581AE42001BAB5E91)                                                                                                  | <br>[41](https://americanairlines.gcs-web.com/email-alerts#sD8438CD08E51550581AE42001BAB5E91)       |\n| [**PART II**](https://americanairlines.gcs-web.com/email-alerts#sD3C2C8E57FB157FCBCD77F79C9C984A5)  | [**PART II**](https://americanairlines.gcs-web.com/email-alerts#sD3C2C8E57FB157FCBCD77F79C9C984A5)                                                                                                              | [**PART II**](https://americanairlines.gcs-web.com/email-alerts#sD3C2C8E57FB157FCBCD77F79C9C984A5)  |\n| [Item 5\\.](https://americanairlines.gcs-web.com/email-alerts#s1074EC04271C5818AFE5930233E0BA64)     | [Market for American Airlines Group\u2019s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities](https://americanairlines.gcs-web.com/email-alerts#s1074EC04271C5818AFE5930233E0BA64) | <br>[42](https://americanairlines.gcs-web.com/email-alerts#s1074EC04271C5818AFE5930233E0BA64)       |\n| [Item 6\\.](https://americanairlines.gcs-web.com/email-alerts#s39B80C813DB559188D8F93BD9EE47C51)     | [Selected Consolidated Financial Data](https://americanairlines.gcs-web.com/email-alerts#s39B80C813DB559188D8F93BD9EE47C51)                                                                                     | <br>[45](https://americanairlines.gcs-web.com/email-alerts#s39B80C813DB559188D8F93BD9EE47C51)       |\n| [Item 7\\.](https://americanairlines.gcs-web.com/email-alerts#s426950A17C0D54A0B8B4B87184C38E86)     | [Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations](https://americanairlines.gcs-web.com/email-alerts#s745CA04C29AB534E8CE8FDB5D9020D81)                                    | <br>[49](https://americanairlines.gcs-web.com/email-alerts#s745CA04C29AB534E8CE8FDB5D9020D81)       |\n| [Item 7A\\.](https://americanairlines.gcs-web.com/email-alerts#s33D032C199175E1FA9FDD2C149E2F5A6)    | [Quantitative and Qualitative Disclosures About Market Risk](https://americanairlines.gcs-web.com/email-alerts#s33D032C199175E1FA9FDD2C149E2F5A6)                                                               | <br>[68](https://americanairlines.gcs-web.com/email-alerts#s33D032C199175E1FA9FDD2C149E2F5A6)       |\n| [Item 8A\\.](https://americanairlines.gcs-web.com/email-alerts#s23C59E4FAEFF5A4CB8416E1E0B71F114)    | [Consolidated Financial Statements and Supplementary Data of American Airlines Group Inc\\.](https://americanairlines.gcs-web.com/email-alerts#s23C59E4FAEFF5A4CB8416E1E0B71F114)                                | <br>[70](https://americanairlines.gcs-web.com/email-alerts#s23C59E4FAEFF5A4CB8416E1E0B71F114)       |\n| [Item 8B\\.](https://americanairlines.gcs-web.com/email-alerts#s6C697CABDFEA5E68A0D1E1849D0E7C66)    | [Consolidated Financial Statements and Supplementary Data of American Airlines, Inc\\.](https://americanairlines.gcs-web.com/email-alerts#s6C697CABDFEA5E68A0D1E1849D0E7C66)                                     | <br>[115](https://americanairlines.gcs-web.com/email-alerts#s6C697CABDFEA5E68A0D1E1849D0E7C66)      |\n| [Item 9\\.](https://americanairlines.gcs-web.com/email-alerts#sE263CE946ED45DA69166109362534692)     | [Changes In and Disagreements with Accountants on Accounting and Financial Disclosure](https://americanairlines.gcs-web.com/email-alerts#sE263CE946ED45DA69166109362534692)                                     | <br>[158](https://americanairlines.gcs-web.com/email-alerts#sE263CE946ED45DA69166109362534692)      |\n| [Item 9A\\.](https://americanairlines.gcs-web.com/email-alerts#sA6DC360200DD5B63B46D8B23BADEDB4A)    | [Controls and Procedures](https://americanairlines.gcs-web.com/email-alerts#sA6DC360200DD5B63B46D8B23BADEDB4A)                                                                                                  | <br>[158](https://americanairlines.gcs-web.com/email-alerts#sA6DC360200DD5B63B46D8B23BADEDB4A)      |\n| Item 9B\\.                                                                                           | [Other Information](https://americanairlines.gcs-web.com/email-alerts#sb6c9071084ad46a3a1efae41b7271f89)                                                                                                        | <br>[162](https://americanairlines.gcs-web.com/email-alerts#sb6c9071084ad46a3a1efae41b7271f89)      |\n| [**PART III**](https://americanairlines.gcs-web.com/email-alerts#s86F05617732B5B8B937F9B39BF6E4590) | [**PART III**](https://americanairlines.gcs-web.com/email-alerts#s86F05617732B5B8B937F9B39BF6E4590)                                                                                                             | [**PART III**](https://americanairlines.gcs-web.com/email-alerts#s86F05617732B5B8B937F9B39BF6E4590) |\n| [Item 10\\.](https://americanairlines.gcs-web.com/email-alerts#s93C3207459685196875A324CA6CBE183)    | [Directors, Executive Officers and Corporate Governance](https://americanairlines.gcs-web.com/email-alerts#s93C3207459685196875A324CA6CBE183)                                                                   | <br>[162](https://americanairlines.gcs-web.com/email-alerts#s93C3207459685196875A324CA6CBE183)      |\n| [Item 11\\.](https://americanairlines.gcs-web.com/email-alerts#sE051BDA73CA650199FAC1BE9A0A2FF1F)    | [Executive Compensation](https://americanairlines.gcs-web.com/email-alerts#sE051BDA73CA650199FAC1BE9A0A2FF1F)                                                                                                   | <br>[162](https://americanairlines.gcs-web.com/email-alerts#sE051BDA73CA650199FAC1BE9A0A2FF1F)      |\n| [Item 12\\. ](https://americanairlines.gcs-web.com/email-alerts#s0280E0AF7C135F47B2B994B5B3AEEEF6)   | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](https://americanairlines.gcs-web.com/email-alerts#s0280E0AF7C135F47B2B994B5B3AEEEF6)                           | <br>[162](https://americanairlines.gcs-web.com/email-alerts#s0280E0AF7C135F47B2B994B5B3AEEEF6)      |\n| [Item 13\\.](https://americanairlines.gcs-web.com/email-alerts#s8D8E87C197AD5DD0B192478D3F3527EC)    | [Certain Relationships and Related Transactions, and Director Independence](https://americanairlines.gcs-web.com/email-alerts#s8D8E87C197AD5DD0B192478D3F3527EC)                                                | <br>[162](https://americanairlines.gcs-web.com/email-alerts#s8D8E87C197AD5DD0B192478D3F3527EC)      |\n| [Item 14\\.](https://americanairlines.gcs-web.com/email-alerts#sBA8AFCC6E7475AA79923956633D8F877)    | [Principal Accountant Fees and Services](https://americanairlines.gcs-web.com/email-alerts#sBA8AFCC6E7475AA79923956633D8F877)                                                                                   | <br>[162](https://americanairlines.gcs-web.com/email-alerts#sBA8AFCC6E7475AA79923956633D8F877)      |\n| [**PART IV**](https://americanairlines.gcs-web.com/email-alerts#s4297FEF75E255699B828C2A887A259A7)  | [**PART IV**](https://americanairlines.gcs-web.com/email-alerts#s4297FEF75E255699B828C2A887A259A7)                                                                                                              | [**PART IV**](https://americanairlines.gcs-web.com/email-alerts#s4297FEF75E255699B828C2A887A259A7)  |\n| [Item 15\\.](https://americanairlines.gcs-web.com/email-alerts#s94F78660C35D5A599891AF391677B613)    | [Exhibits and Financial Statement Schedules](https://americanairlines.gcs-web.com/email-alerts#s94F78660C35D5A599891AF391677B613)                                                                               | <br>[163](https://americanairlines.gcs-web.com/email-alerts#s94F78660C35D5A599891AF391677B613)      |\n| [Item 16\\.](https://americanairlines.gcs-web.com/email-alerts#s547414BE24F75BD5ABFA5FE0A464C7FB)    | [Form 10\\-K Summary](https://americanairlines.gcs-web.com/email-alerts#s547414BE24F75BD5ABFA5FE0A464C7FB)                                                                                                       | <br>[184](https://americanairlines.gcs-web.com/email-alerts#s547414BE24F75BD5ABFA5FE0A464C7FB)      |\n| [SIGNATURES](https://americanairlines.gcs-web.com/email-alerts#sF9F146D3BABB5316B9931530D78304B2)   | [SIGNATURES](https://americanairlines.gcs-web.com/email-alerts#sF9F146D3BABB5316B9931530D78304B2)                                                                                                               | <br>[185](https://americanairlines.gcs-web.com/email-alerts#sF9F146D3BABB5316B9931530D78304B2)      |\n\n\n\n3"}
{"_id": "Alaska-2018_37.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n*Raw fuel expense* is defined as the price that we generally pay at the airport, or the \u201cinto\\-plane\u201d price, including taxes and fees\\. Raw fuel prices are impacted by world oil prices and refining costs, which can vary by region in the U\\.S\\. *Raw fuel expense* approximates cash paid to suppliers and does not reflect the effect of our fuel hedges\\.\n\nAircraft fuel expense increased$489 million, or 34%, compared to 2017\\. The elements of the change are illustrated in the following table: \n\n\n\n|                                                    |                                      |                                      |                                      |                                      |\n| -------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                    | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                    | **2018**                             | **2018**                             | **2017**                             | **2017**                             |\n| ***(in millions, except for per gallon amounts)*** | **Dollars**                          | **Cost/Gal**                         | **Dollars**                          | **Cost/Gal**                         |\n| Raw or \"into\\-plane\" fuel cost                     | **$1,938**                           | **$2\\.31**                           | $1,437                               | $1\\.80                               |\n| (Gain)/loss on settled hedges                      | **(24)**                             | **(0\\.03)**                          | 17                                   | 0\\.02                                |\n| Consolidated economic fuel expense                 | **$1,914**                           | **$2\\.28**                           | $1,454                               | $1\\.82                               |\n| Mark\\-to\\-market fuel hedge adjustments            | **22**                               | **0\\.03**                            | (7)                                  | \u2014                                    |\n| GAAP fuel expense                                  | **$1,936**                           | **$2\\.31**                           | $1,447                               | $1\\.82                               |\n| Fuel gallons                                       | **839**                              |                                      | 797                                  |                                      |\n\n\n\nRaw fuel expense per gallon increased28% due to higher West Coast jet fuel prices\\. West Coast jet fuel prices are impacted by both the price of crude oil, as well as the refining costs associated with the conversion of crude oil to jet fuel\\. The increase in raw fuel price per gallon during 2018 was driven by a 32% increase in refining margins and a 28% increase in crude oil prices, compared to the prior year\\. Fuel gallons consumed increased by 42 million, or 5%, consistent with the increase in capacity of 5%\\. \n\nWe also evaluate economic fuel expense, which we define as raw fuel expense adjusted for the cash we receive from hedge counterparties for hedges that settle during the period, and for the premium expense that we paid for those contracts\\. A key difference between aircraft fuel expense and economic fuel expense is the timing of gain or loss recognition on our hedge portfolio\\. When we refer to economic fuel expense, we include gains and losses only when they are realized for those contracts that were settled during the period based on their original contract terms\\. We believe this is the best measure of the effect that fuel prices have on our business because it most closely approximates the net cash outflow associated with purchasing fuel for our operations\\. Accordingly, many industry analysts evaluate our results using this measure, and it is the basis for most internal management reporting and incentive pay plans\\.\n\nGains recognized for hedges that settled during the year were $24 million in 2018, compared to losses of $17 million in 2017\\. These amounts represent cash paid for premium expense, offset by any cash received from those hedges at settlement\\. \n\nAs of the date of this filing, we expect our economic fuel price per gallon to decrease approximately 4% in the first quarter of 2019, as compared to the first quarter of 2018 due to decreasing crude oil prices\\. As both oil prices and refining margins are volatile, we are unable to forecast the full\\-year cost with any certainty\\.\n\n***Wages and Benefits***\n\nWages and benefits increased during 2018 by $259 million, or 13%, compared to 2017\\. The primary components of wages and benefits are shown in the following table:\n\n\n\n|                               |                                      |                                      |                                      |\n| ----------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                               | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n| ***(in millions)***           | **2018**                             | **2017**                             | **% Change**                         |\n| Wages                         | $1,658                               | $1,468                               | 12\\.9%                               |\n| Pension\u2014Defined benefit plans | 48                                   | 39                                   | 23\\.1%                               |\n| Defined contribution plans    | 126                                  | 103                                  | 22\\.3%                               |\n| Medical and other benefits    | 245                                  | 216                                  | 13\\.4%                               |\n| Payroll taxes                 | 113                                  | 105                                  | 7\\.6%                                |\n| Total wages and benefits      | $2,190                               | $1,931                               | 13\\.4%                               |\n\n\n\nWages increased$190 million with a 7\\.2% increase in FTEs\\. The increase in FTEs is attributable to the growth in our business and the growth in McGee Air Services, which has brought certain airport ground service positions in\\-house that were \n\n 38"}
{"_id": "United-2018_69.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\naccruals service and an employee's final average compensation\\. Additional benefit accruals are frozen under the plan covering certain pilot employees and management and administrative employees\\. Benefit accruals for certain non\\-pilot employees continue\\. United maintains additional defined benefit pension plans, which cover certain international employees\\.\n\n**Other Postretirement Plans\\.** United maintains postretirement medical programs which provide medical benefits to certain retirees and eligible dependents, as well as life insurance benefits to certain retirees participating in the plan\\. Benefits provided are subject to applicable contributions, co\\-payments, deductibles and other limits as described in the specific plan documentation\\.\n\nActuarial assumption changes are reflected as a component of the net actuarial loss/(gain) during 2018 and 2017\\. The 2018 actuarial gains were mainly related to an increase in the discount rate applied in 2018 compared to 2017\\. These amounts will be amortized over the average remaining service life of the covered active employees or the average life expectancy of inactive participants\\. The impacts on 2018 and 2017 pension and retiree medical expense are presented below\\. \n\nThe following tables set forth the reconciliation of the beginning and ending balances of the benefit obligation and plan assets, the funded status and the amounts recognized in these financial statements for the defined benefit and other postretirement plans (in millions):\n\n\n\n|                                                   |                                  |                                  |\n| ------------------------------------------------- | -------------------------------- | -------------------------------- |\n|                                                   | **Pension Benefits**             | **Pension Benefits**             |\n|                                                   | **Year Ended December 31, 2018** | **Year Ended December 31, 2017** |\n| Accumulated benefit obligation:                   | $4,448                           | $4,739                           |\n| Change in projected benefit obligation:           |                                  |                                  |\n| Projected benefit obligation at beginning of year | $5,852                           | $5,253                           |\n| Service cost                                      | 228                              | 195                              |\n| Interest cost                                     | 217                              | 220                              |\n| Actuarial (gain) loss                             | (601)                            | 525                              |\n| Gross benefits paid and settlements               | (292)                            | (366)                            |\n| Other                                             | (8)                              | 25                               |\n| Projected benefit obligation at end of year       | $5,396                           | $5,852                           |\n| Change in plan assets:                            |                                  |                                  |\n| Fair value of plan assets at beginning of year    | $3,932                           | $3,355                           |\n| Actual (loss) return on plan assets               | (215)                            | 510                              |\n| Employer contributions                            | 413                              | 419                              |\n| Gross benefits paid and settlements               | (292)                            | (366)                            |\n| Other                                             | (11)                             | 14                               |\n| Fair value of plan assets at end of year          | $3,827                           | $3,932                           |\n| Funded status\u2014Net amount recognized               | $(1,569)                         | $(1,920)                         |\n\n\n\n70"}
{"_id": "Alaska-2018_39.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Depreciation and Amortization***\n\nDepreciation and amortization expenses increased by $26 million, or 7%, compared to 2017, primarily due to the addition of eight owned B737\\-900ERs and 16 owned E175s to our fleet since December 31, 2017, as well as the acceleration of depreciation taken on certain of our Q400 aircraft\\. \n\nWe expect depreciation and amortization expense to increase 9% \\- 13% in 2019, primarily due to the full year impact of depreciation of our E175 aircraft delivered in 2018 and additional deliveries in 2019, as well as accelerated depreciation on our Q400 fleet as we begin to retire a portion of this fleet\\.\n\n***Food and Beverage Service***\n\nFood and beverage service expense increased by $16 million, or 8%, compared to 2017, due to the increased number of passengers, premium class offerings and enhancements to our onboard menu offerings to provide higher quality food and beverage products\\. \n\nWe expect food and beverage expenses to remain flat in 2019 compared to 2018, primarily due to our increasing focus on reducing waste and changes to our catering process for our regional business\\. \n\n***Third\\-party Regional Carrier Expense***\n\nThird\\-party regional carrier expense, which represents payments made to SkyWest and PenAir under our CPA agreements, increased$33 million, or 27%, in 2018 compared to 2017\\. The increase is primarily due to the addition of nine E175 aircraft operated by SkyWest in the current year\\. \n\nWe expect third\\-party regional carrier expense to continue to increase in 2019 as we realize the full\\-year impact of the additional E175 aircraft operated by SkyWest\\.\n\n***Special Items \\- Merger\\-Related Costs***\n\nWe recorded $87 million of merger\\-related costs in 2018 associated with our ongoing integration of Virgin America operations, compared to $116 million in 2017\\. Costs incurred in 2018 consisted primarily of severance and retention costs, IT integration costs, and the write\\-off of Virgin America related assets connected with our transition to a single PSS in April 2018\\. We expect to continue to incur merger\\-related costs in 2019\\.\n\n***Special Items \\- Other***\n\nWe recorded other special items of $45 million in 2018\\. These consisted of a one\\-time settlement fee of $20 million for the termination of a former maintenance services agreement which was subsequently replaced by a new agreement that provides more flexibility for the timing and scope of aircraft engine maintenance\\. The remaining $25 million was due to one\\-time bonuses paid to employees as a result of tax reform in early 2018\\. \n\n***Consolidated Nonoperating Income (Expense)***\n\nDuring 2018 we recorded nonoperating expense of $58 million, compared to nonoperating expense of $49 million in 2017\\. The increase is primarily due to certain disposal costs associated with nonoperating CRJ\\-700 aircraft\\. \n\n***ADDITIONAL SEGMENT INFORMATION***\n\nRefer to **Note 13** of the consolidated financial statements for a detailed description of each segment\\. Below is a summary of each segment's profitability\\.\n\n***Mainline***\n\nMainline adjusted pretax profit was $809 million in 2018 compared to $1\\.2 billion in 2017\\. The $435 million decrease in pretax profit was primarily driven by a $306 million increase in Mainline non\\-fuel operating expenses and a $370 million increase in Mainline fuel expense\\. These increases were partially offset by a $231 million increase in Mainline operating revenue\\. \n\n 40"}
{"_id": "Delta-2018_108.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nSIGNATURES\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the  15th day of  February, 2019 \\.\n\n\n\n|                        |                         |\n| ---------------------- | ----------------------- |\n| DELTA AIR LINES, INC\\. | DELTA AIR LINES, INC\\.  |\n| By:                    | /s/ Edward H\\. Bastian  |\n|                        | Edward H\\. Bastian      |\n|                        | Chief Executive Officer |\n\n\n\n 106"}
{"_id": "AmericanAirlines-2018_98.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**5\\. Debt**\n\nLong\\-term debt included in the consolidated balance sheets consisted of (in millions):\n\n\n\n|                                                                                                                                                                 |                  |                  |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                                                                                                 | **December 31,** | **December 31,** |\n|                                                                                                                                                                 | **2018**         | **2017**         |\n| *Secured*                                                                                                                                                       |                  |                  |\n| 2013 Credit Facilities, variable interest rate of 4\\.26%, installments through 2025  ^(a)^                                                                      | $1,825           | $1,825           |\n| 2014 Credit Facilities, variable interest rate of 4\\.39%, installments through 2021  ^(a)^                                                                      | 1,215            | 728              |\n| April 2016 Credit Facilities, variable interest rate of 4\\.52%, installments through 2023  ^(a)^                                                                | 980              | 990              |\n| December 2016 Credit Facilities, variable interest rate of 4\\.46%, installments through 2023  ^(a)^                                                             | 1,225            | 1,238            |\n| Aircraft enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 3\\.00% to 9\\.01%, averaging 4\\.21%, maturing from 2019 to 2029  ^(b)^ | 11,648           | 11,881           |\n| Equipment loans and other notes payable, fixed and variable interest rates ranging from 2\\.34% to 8\\.48%, averaging 4\\.26%, maturing from 2019 to 2030  ^(c)^   | 5,060            | 5,259            |\n| Special facility revenue bonds, fixed interest rates ranging from 5\\.00% to 8\\.00%, maturing from 2019 to 2031                                                  | 798              | 857              |\n| Other secured obligations                                                                                                                                       | \u2014                | 2                |\n|                                                                                                                                                                 | 22,751           | 22,780           |\n| *Unsecured*                                                                                                                                                     |                  |                  |\n| 5\\.50% senior notes, interest only payments until due in 2019  ^(d)^                                                                                            | 750              | 750              |\n| 4\\.625% senior notes, interest only payments until due in 2020  ^(d)^                                                                                           | 500              | 500              |\n| 6\\.125% senior notes                                                                                                                                            | \u2014                | 500              |\n|                                                                                                                                                                 | 1,250            | 1,750            |\n| Total long\\-term debt                                                                                                                                           | 24,001           | 24,530           |\n| Less: Total unamortized debt discount, premium and issuance costs                                                                                               | 222              | 236              |\n| Less: Current maturities                                                                                                                                        | 3,213            | 2,476            |\n| Long\\-term debt, net of current maturities                                                                                                                      | $20,566          | $21,818          |\n\n\n\nThe table below shows the maximum availability under revolving credit facilities, all of which were undrawn, as of December 31, 2018 (in millions):\n\n\n\n|                               |        |\n| ----------------------------- | ------ |\n| 2013 Revolving Facility       | $1,000 |\n| 2014 Revolving Facility       | 1,543  |\n| April 2016 Revolving Facility | 300    |\n| Total                         | $2,843 |\n\n\n\nSecured financings are collateralized by assets, primarily aircraft, engines, simulators, aircraft spare parts, airport gate leasehold rights, route authorities, airport slots and pre\\-delivery payments\\. \n\nAt December 31, 2018, the maturities of long\\-term debt are as follows (in millions):\n\n\n\n|                     |         |\n| ------------------- | ------- |\n| 2019                | $3,258  |\n| 2020                | 2,320   |\n| 2021                | 3,411   |\n| 2022                | 1,346   |\n| 2023                | 3,894   |\n| 2024 and thereafter | 9,772   |\n| Total               | $24,001 |\n\n\n\n99"}
{"_id": "Alaska-2019_71.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nDeferred tax (assets) and liabilities comprise the following (in millions):\n\n\n\n|                                      |                                      |                                      |         |  |  |  |         |\n|:------------------------------------ |:------------------------------------ |:------------------------------------ | -------:| -:| -:| -:| -------:|\n|                                      |                                      |                                      |    2019 |  |  |  |    2018 |\n| Excess of tax over book depreciation | Excess of tax over book depreciation | Excess of tax over book depreciation | $ 1,233 |  |  |  | $ 1,066 |\n| Intangibles \\- net                   | Intangibles \\- net                   | Intangibles \\- net                   |      16 |  |  |  |      15 |\n| Operating lease liabilities          | Operating lease liabilities          | Operating lease liabilities          |     416 |  |  |  |       \u2014 |\n| Other \\- net                         | Other \\- net                         | Other \\- net                         |      58 |  |  |  |      43 |\n| Deferred tax liabilities             | Deferred tax liabilities             | Deferred tax liabilities             |   1,723 |  |  |  |   1,124 |\n| Mileage Plan\u2122                        | Mileage Plan\u2122                        | Mileage Plan\u2122                        |   (337) |  |  |  |   (315) |\n| Inventory obsolescence               | Inventory obsolescence               | Inventory obsolescence               |    (15) |  |  |  |    (15) |\n| Employee benefits                    | Employee benefits                    | Employee benefits                    |   (179) |  |  |  |   (172) |\n| Acquired net operating losses        | Acquired net operating losses        | Acquired net operating losses        |    (13) |  |  |  |    (64) |\n| Operating lease assets               | Operating lease assets               | Operating lease assets               |   (417) |  |  |  |       \u2014 |\n| Other \\- net                         | Other \\- net                         | Other \\- net                         |    (48) |  |  |  |    (48) |\n| Deferred tax assets                  | Deferred tax assets                  | Deferred tax assets                  | (1,009) |  |  |  |   (614) |\n| Valuation allowance                  | Valuation allowance                  | Valuation allowance                  |       1 |  |  |  |       2 |\n| Net deferred tax liabilities         | Net deferred tax liabilities         | Net deferred tax liabilities         |   $ 715 |  |  |  |   $ 512 |\n\n\n\nAt December 31, 2019, the Company had federal NOLs of approximately $45 million that expire beginning in 2032 and continuing through 2036, and state NOLs of approximately $55 million that expire beginning in 2029 and continuing through 2036\\. \n\nVirgin America experienced multiple \u201cownership changes\u201d as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d), the most recent being its acquisition by the Company\\. Section 382 of the Code imposes an annual limitation on the utilization of pre\\-ownership change NOLs\\. Any unused annual limitation may, subject to certain limits, be carried over to later years\\. The combined Company\u2019s ability to use the NOLs will also depend on the amount of taxable income generated in future periods\\.\n\nValuation allowances are provided to reduce the related deferred income tax assets to an amount which will, more likely than not, be realized\\. The valuation allowance was not material at both December 31, 2019 and December 31, 2018\\.\n\nComponents of Income Tax Expense\n\nThe components of income tax expense are as follows (in millions): \n\n\n\n|                                             |                                             |                                             |       |  |  |  |       |  |  |  |       |\n|:------------------------------------------- |:------------------------------------------- |:------------------------------------------- | -----:|:- |:- |:- | -----:|:- |:- |:- | -----:|\n|                                             |                                             |                                             |  2019 |  |  |  |  2018 |  |  |  |  2017 |\n| Current income tax expense (benefit):       | Current income tax expense (benefit):       | Current income tax expense (benefit):       |       |  |  |  |       |  |  |  |       |\n| Federal                                     | Federal                                     | Federal                                     |  $ 26 |  |  |  | $ (5) |  |  |  | $ 127 |\n| State                                       | State                                       | State                                       |    13 |  |  |  |     9 |  |  |  |    35 |\n| Total current income tax expense            | Total current income tax expense            | Total current income tax expense            |    39 |  |  |  |     4 |  |  |  |   162 |\n| Deferred income tax expense (benefit):      | Deferred income tax expense (benefit):      | Deferred income tax expense (benefit):      |       |  |  |  |       |  |  |  |       |\n| Federal                                     | Federal                                     | Federal                                     |   175 |  |  |  |   125 |  |  |  |   (3) |\n| State                                       | State                                       | State                                       |    33 |  |  |  |    19 |  |  |  |    40 |\n| Total deferred income tax expense (benefit) | Total deferred income tax expense (benefit) | Total deferred income tax expense (benefit) |   208 |  |  |  |   144 |  |  |  |    37 |\n| Income tax expense                          | Income tax expense                          | Income tax expense                          | $ 247 |  |  |  | $ 148 |  |  |  | $ 199 |\n\n\n\n71"}
{"_id": "AmericanAirlines-2017_159.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n**8\\. Accumulated Other Comprehensive Income (Loss)**\n\nThe components of accumulated other comprehensive income (loss) (AOCI) are as follows (in millions):\n\n\n\n|                                                            |                                                                                         |                                           |                                                         |       |           |\n| ---------------------------------------------------------- | --------------------------------------------------------------------------------------- | ----------------------------------------- | ------------------------------------------------------- | ----- | --------- |\n|                                                            | **Pension,  <br>Retiree  <br>Medical and  <br>Other  <br>Postretirement  <br>Benefits** | **Unrealized Gain (Loss) on Investments** | **Income  <br>Tax Benefit  <br>(Provision)**  **^(1)^** |       | **Total** |\n| Balance at December 31, 2015                               | $(3,831)                                                                                | $(9)                                      | $(991)                                                  |       | $(4,831)  |\n| Other comprehensive income (loss) before reclassifications | (461)                                                                                   | 9                                         | 166                                                     |       | (286)     |\n| Amounts reclassified from AOCI                             | (102)                                                                                   | \u2014                                         | 37                                                      | ^(2)^ | (65)      |\n| Net current\\-period other comprehensive income (loss)      | (563)                                                                                   | 9                                         | 203                                                     |       | (351)     |\n| Balance at December 31, 2016                               | (4,394)                                                                                 | \u2014                                         | (788)                                                   |       | (5,182)   |\n| Other comprehensive income (loss) before reclassifications | (27)                                                                                    | (1)                                       | 14                                                      |       | (14)      |\n| Amounts reclassified from AOCI                             | (87)                                                                                    | \u2014                                         | 32                                                      | ^(2)^ | (55)      |\n| Net current\\-period other comprehensive income (loss)      | (114)                                                                                   | (1)                                       | 46                                                      |       | (69)      |\n| Balance at December 31, 2017                               | $(4,508)                                                                                | $(1)                                      | $(742)                                                  |       | $(5,251)  |\n\n\n\n\n\n|       |                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income until the obligations are fully extinguished\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                   |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Relates to pension, retiree medical and other postretirement benefits obligations and is recognized within the income tax provision on the consolidated statement of operations\\. |\n\n\n\nReclassifications out of AOCI for the years ended December 31, 2017 and 2016 are as follows (in millions):\n\n\n\n|                                                                             |                                   |                                   |                                                                                           |\n| --------------------------------------------------------------------------- | --------------------------------- | --------------------------------- | ----------------------------------------------------------------------------------------- |\n|                                                                             | **Amount reclassified from AOCI** | **Amount reclassified from AOCI** | **Affected line items on the**<br><br>**consolidated statement of**<br><br>**operations** |\n|                                                                             | **Year Ended December 31,**       | **Year Ended December 31,**       | **Affected line items on the**<br><br>**consolidated statement of**<br><br>**operations** |\n| **AOCI Components**                                                         | **2017**                          | **2016**                          | **Affected line items on the**<br><br>**consolidated statement of**<br><br>**operations** |\n| Amortization of pension, retiree medical and other postretirement benefits: |                                   |                                   |                                                                                           |\n| Prior service benefit                                                       | $(132)                            | $(134)                            | Salaries, wages and benefits                                                              |\n| Actuarial loss                                                              | 77                                | 69                                | Salaries, wages and benefits                                                              |\n| Total reclassifications for the period, net of tax                          | $(55)                             | $(65)                             |                                                                                           |\n\n\n\nAmounts allocated to OCI for income taxes as further described in Note 4 will remain in AOCI until American ceases all related activities, such as termination of the pension plan\\.\n\n160"}
{"_id": "Alaska-2019_80.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nStock Options\n\nStock options to purchase common stock are granted at the fair market value of the stock on the date of grant\\. The stock options granted have terms of up to ten years\\.\n\nThe fair value of each option grant was estimated on the date of grant using the Black\\-Scholes option\\-pricing model with the following weighted\\-average assumptions used for grants: \n\n\n\n|                                                    |                                                    |                                                    |          |  |  |  |          |  |  |  |          |\n|:-------------------------------------------------- |:-------------------------------------------------- |:-------------------------------------------------- | --------:|:- |:- |:- | --------:|:- |:- |:- | --------:|\n|                                                    |                                                    |                                                    |     2019 |  |  |  |     2018 |  |  |  |     2017 |\n| Expected volatility                                | Expected volatility                                | Expected volatility                                |     30 % |  |  |  |     30 % |  |  |  |     51 % |\n| Expected term                                      | Expected term                                      | Expected term                                      |  6 years |  |  |  |  6 years |  |  |  |  6 years |\n| Risk\\-free interest rate                           | Risk\\-free interest rate                           | Risk\\-free interest rate                           |  2\\.41 % |  |  |  |  2\\.61 % |  |  |  |  2\\.04 % |\n| Expected dividend yield                            | Expected dividend yield                            | Expected dividend yield                            |  2\\.09 % |  |  |  |  1\\.94 % |  |  |  |  1\\.10 % |\n| Weighted\\-average grant date fair value per share  | Weighted\\-average grant date fair value per share  | Weighted\\-average grant date fair value per share  | $ 16\\.84 |  |  |  | $ 17\\.18 |  |  |  | $ 41\\.19 |\n| Estimated fair value of options granted (millions) | Estimated fair value of options granted (millions) | Estimated fair value of options granted (millions) |      $ 4 |  |  |  |      $ 1 |  |  |  |      $ 4 |\n\n\n\nThe expected market price volatility and expected term are based on historical results\\. The risk\\-free interest rate is based on the U\\.S\\. Treasury yield curve in effect at the time of the grant\\. The expected dividend yield is based on the estimated weighted average dividend yield over the expected term\\. The expected forfeiture rates are based on historical experience\\.\n\nThe tables below summarize stock option activity for the year ended December 31, 2019:\n\n\n\n|                                               |                                               |                                               |          |          |  |  |  |                                                  |  |  |  |                                                       |                                                       |                                                       |  |  |  |                                                   |\n|:--------------------------------------------- |:--------------------------------------------- |:--------------------------------------------- | --------:| --------:|:- |:- |:- | ------------------------------------------------:|:- |:- |:- | -----------------------------------------------------:| -----------------------------------------------------:| -----------------------------------------------------:|:- |:- |:- | -------------------------------------------------:|\n|                                               |                                               |                                               |   Shares |   Shares |  |  |  | Weighted\\-  <br>Average Exercise Price Per Share |  |  |  | Weighted\\-  <br>Average  <br>Contractual Life (Years) | Weighted\\-  <br>Average  <br>Contractual Life (Years) | Weighted\\-  <br>Average  <br>Contractual Life (Years) |  |  |  | Aggregate Intrinsic  <br>Value  <br>(in millions) |\n| Outstanding, December 31, 2018                | Outstanding, December 31, 2018                | Outstanding, December 31, 2018                |  573,242 |  573,242 |  |  |  |                                         $ 57\\.78 |  |  |  |                                                  6\\.6 |                                                  6\\.6 |                                                  6\\.6 |  |  |  |                                               $ 6 |\n| Granted                                       | Granted                                       | Granted                                       |  252,200 |  252,200 |  |  |  |                                           66\\.52 |  |  |  |                                                       |                                                       |                                                       |  |  |  |                                                   |\n| Exercised                                     | Exercised                                     | Exercised                                     | (21,322) | (21,322) |  |  |  |                                           36\\.14 |  |  |  |                                                       |                                                       |                                                       |  |  |  |                                                   |\n| Canceled                                      | Canceled                                      | Canceled                                      |  (5,366) |  (5,366) |  |  |  |                                           68\\.94 |  |  |  |                                                       |                                                       |                                                       |  |  |  |                                                   |\n| Forfeited or expired                          | Forfeited or expired                          | Forfeited or expired                          |  (4,699) |  (4,699) |  |  |  |                                           70\\.98 |  |  |  |                                                       |                                                       |                                                       |  |  |  |                                                   |\n| Outstanding, December 31, 2019                | Outstanding, December 31, 2019                | Outstanding, December 31, 2019                |  794,055 |  794,055 |  |  |  |                                         $ 60\\.98 |  |  |  |                                                  6\\.5 |                                                  6\\.5 |                                                  6\\.5 |  |  |  |                                               $ 7 |\n| Exercisable, December 31, 2019                | Exercisable, December 31, 2019                | Exercisable, December 31, 2019                |  341,322 |  341,322 |  |  |  |                                         $ 50\\.50 |  |  |  |                                                  4\\.3 |                                                  4\\.3 |                                                  4\\.3 |  |  |  |                                               $ 7 |\n| Vested or expected to vest, December 31, 2019 | Vested or expected to vest, December 31, 2019 | Vested or expected to vest, December 31, 2019 |  793,684 |  793,684 |  |  |  |                                         $ 60\\.98 |  |  |  |                                                  6\\.5 |                                                  6\\.5 |                                                  6\\.5 |  |  |  |                                               $ 7 |\n\n\n\n\n\n|                                               |                                               |                                               |      |  |  |  |      |  |  |  |      |\n|:--------------------------------------------- |:--------------------------------------------- |:--------------------------------------------- | ----:|:- |:- |:- | ----:|:- |:- |:- | ----:|\n|  *(in millions)*                              |  *(in millions)*                              |  *(in millions)*                              | 2019 |  |  |  | 2018 |  |  |  | 2017 |\n| Intrinsic value of option exercises           | Intrinsic value of option exercises           | Intrinsic value of option exercises           |  $ 1 |  |  |  |  $ 1 |  |  |  |  $ 6 |\n| Cash received from stock option exercises     | Cash received from stock option exercises     | Cash received from stock option exercises     |    1 |  |  |  |    1 |  |  |  |    3 |\n| Tax benefit related to stock option exercises | Tax benefit related to stock option exercises | Tax benefit related to stock option exercises |    \u2014 |  |  |  |    \u2014 |  |  |  |    2 |\n| Fair value of options vested                  | Fair value of options vested                  | Fair value of options vested                  |    3 |  |  |  |    2 |  |  |  |    3 |\n\n\n\nStock Awards\n\nRestricted Stock Units (RSUs) are awarded to eligible employees and entitle the grantee to receive shares of common stock at the end of the vesting period\\. The fair value of the RSUs is based on the stock price on the date of grant\\. Generally, RSUs \u201ccliff vest\u201d after three years, or the period from the date of grant to the employee\u2019s retirement eligibility, and expense is recognized accordingly\\. Performance Share Units (PSUs) are awarded to certain executives to receive shares of common stock if specific performance goals and market conditions are achieved\\. There are several tranches of PSUs which vest when performance goals and market conditions are met\\. \n\n80"}
{"_id": "Delta-2018_46.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nWe account for marketing agreements, including American Express, consistent with the accounting method that allocates the consideration received to the individual products and services delivered\\. We allocate the value based on the relative selling prices of those products and services, which generally consist of award travel, baggage fee waivers, lounge access and the use of our brand\\. We determined our best estimate of the selling prices by considering discounted cash flow analyses using multiple inputs and assumptions, including: (1) the expected number of miles awarded and number of miles redeemed, (2) ETV for the award travel obligation, (3) published rates on our website for baggage fees, discounted access to Delta Sky Club lounges and other benefits while traveling on Delta and (4) brand value\\.\n\nWe defer the amount for award travel obligation as part of loyalty program deferred revenue and recognize loyalty travel awards in passenger revenue as the mileage credits are used for travel\\. Revenue allocated to services performed in conjunction with a passenger\u2019s flight, such as baggage fee waivers, is recognized as travel\\-related services in passenger revenue when the related service is performed\\. Revenue allocated to access Delta Sky Club lounges is recognized as miscellaneous in other revenue as access is provided\\. Revenue allocated to the remaining performance obligations, primarily brand value, is recorded as loyalty program in other revenue over time as miles are delivered\\. \n\nGoodwill and Indefinite\\-Lived Intangible Assets\n\nWe apply a fair value\\-based impairment test to the carrying value of goodwill and indefinite\\-lived intangible assets on an annual basis (as of October 1) and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis\\. We assess the value of our goodwill and indefinite\\-lived assets under either a qualitative or quantitative approach\\. Under a qualitative approach, we consider various market factors, including the key assumptions listed below\\. We analyze these factors to determine if events and circumstances have affected the fair value of goodwill and indefinite\\-lived intangible assets\\. If we determine that it is more likely than not that the asset may be impaired, we use the quantitative approach to assess the asset's fair value and the amount of the impairment\\. Under a quantitative approach, we calculate the fair value of the asset using the key assumptions listed below\\.\n\nWhen we evaluate goodwill for impairment using a quantitative approach, we estimate the fair value of the reporting unit by considering both market capitalization and projected discounted future cash flows (an income approach)\\.  When we perform a quantitative impairment assessment of our indefinite\\-lived intangible assets, fair value  is estimated based on (1) recent market transactions, where available, (2) the royalty method for the Delta tradename (which assumes hypothetical royalties generated from using our tradename) or (3) projected discounted future cash flows (an income approach)\\. \n\nKey Assumptions\\.  The key assumptions in our impairment tests include:  (1) forecasted revenues, expenses and cash flows, (2) terminal period revenue growth and cash flows, (3) an estimated weighted average cost of capital, (4) assumed discount rates depending on the asset and (5) a tax rate\\. These assumptions are consistent with those that hypothetical market participants would use\\. Because we are required to make estimates and assumptions when evaluating goodwill and indefinite\\-lived intangible assets for impairment, actual transaction amounts may differ materially from these estimates\\.  In addition, we consider the amount by which the intangible assets' fair values exceeded their respective carrying values in the most recent fair value measurements calculated using a quantitative approach\\.\n\nChanges in certain events and circumstances could result in impairment or a change from indefinite\\-lived to definite\\-lived\\. Factors which could cause impairment include, but are not limited to, (1) negative trends in our market capitalization, (2) reduced profitability resulting from lower passenger mile yields or higher input costs (primarily related to fuel and employees), (3) lower passenger demand as a result of weakened U\\.S\\. and global economies, (4) interruption to our operations due to a prolonged employee strike, terrorist attack or other reasons, (5) changes to the regulatory environment (e\\.g\\., diminished slot access or additional Open Skies agreements), (6) competitive changes by other airlines and (7) strategic changes to our operations leading to diminished utilization of the intangible assets\\. \n\nWe assessed each of the above assumptions in our most recent impairment analyses\\. The combination of our most recently completed annual results and our projected revenues, expenses and cash flows more than offset any negative events and circumstances\\. The stabilized operating environment for U\\.S\\. airlines has also contributed to improved financial results\\.\n\nGoodwill \\.  Our goodwill balance, which is related to the airline segment, was  $9\\.8 billion  at  December 31, 2018 \\. Based upon our qualitative assessment of all relevant factors, including applicable factors noted in \" Key Assumptions \" above, we determined that there was no indication that goodwill was impaired\\. \n\n 44"}
{"_id": "Southwest-2018_59.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nadjustments are accounted for on a prospective basis through depreciation and amortization expense\\. See Note 1 to the Consolidated Financial Statements for further information\\. \n\nThe Company believes it is unlikely that materially different estimates for expected lives, expected residual values, and impairment evaluations would be made or reported based on other reasonable assumptions or conditions suggested by actual historical experience and other data available at the time estimates were made\\.\n\n***Fair Value Measurements and Financial Derivative Instruments***\n\nThe Company utilizes unobservable (Level 3) inputs in determining the fair value of certain assets and liabilities\\. At December 31, 2018, these consisted of its fuel derivative option contracts, which were an asset of $138 million\\. The Company utilizes financial derivative instruments primarily to manage its risk associated with changing jet fuel prices\\. See \"Quantitative and Qualitative Disclosures about Market Risk\" for more information on these risk management activities, Note 10 to the Consolidated Financial Statements for more information on the Company\u2019s fuel hedging program and financial derivative instruments, and Note 11 for more information about fair value measurements\\. Also, see Note 2 to the Consolidated Financial Statements for information about required changes to hedge accounting per the New Hedging Standard\\.\n\nAll derivatives are required to be reflected at fair value and recorded on the Consolidated Balance Sheet\\. At December 31, 2018, the Company was a party to over 200 separate financial derivative instruments related to its fuel hedging program for future periods\\. Changes in the fair values of these instruments can vary dramatically based on changes in the underlying commodity prices\\. For example, during 2018, market \"spot\" prices for Brent crude oil peaked at a high of approximately $86 per barrel and hit a low price of approximately $50 per barrel\\. During 2017, market spot prices ranged from a high of approximately $67 per barrel to a low of approximately $45 per barrel\\. Market price changes can be driven by factors such as supply and demand, inventory levels, weather events, refinery capacity, political agendas, the value of the U\\.S\\. dollar, geopolitical events, and general economic conditions, among other items\\. The financial derivative instruments utilized by the Company primarily are a combination of collars, purchased call options, call spreads, put spreads, and fixed price swap agreements\\.\n\nThe Company enters into financial derivative instruments with third party institutions in \"over\\-the\\-counter\" markets\\. Since the majority of the Company\u2019s financial derivative instruments are not traded on a market exchange, the Company estimates their fair values\\. Depending on the type of instrument, the values are determined by the use of present value methods or standard option value models with assumptions about commodity prices based on those observed in underlying markets\\. \n\nThe Company determines the fair value of fuel derivative option contracts utilizing an option pricing model based on inputs that are either readily available in public markets, can be derived from information available in publicly quoted markets, or are quoted by its counterparties\\. In situations where the Company obtains inputs via quotes from its counterparties, it verifies the reasonableness of these quotes via similar quotes from another counterparty as of each date for which financial statements are prepared\\. The Company has consistently applied these valuation techniques in all periods presented and believes it has obtained the most accurate information available for the types of derivative contracts it holds\\. Due to the fact that certain inputs used in determining the estimated fair value of its option contracts are considered unobservable (primarily implied volatility), the Company has categorized these option contracts as Level 3\\. Although implied volatility is not directly observable, it is derived primarily from changes in market prices, which are observable\\. Based on the Company\u2019s portfolio of option contracts as of December 31, 2018, a 10 percent change in implied volatility, holding all other factors constant, would have resulted in a change in the fair value of this portfolio of less than $12 million\\. \n\nFair values for financial derivative instruments are estimated prior to the time that the financial derivative instruments settle\\. However, once settlement of the financial derivative instruments occurs and the hedged jet fuel is purchased and consumed, all values and prices are known and are recognized in the financial statements\\. Although the Company continues to use a prospective assessment to determine that commodities continue to qualify for hedge accounting in specific locations where the Company hedges, there are no assurances that these commodities will continue to qualify \n\n60"}
{"_id": "Delta-2017_68.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nCash Equivalents and Restricted Cash Equivalents and Investments\\.  Cash equivalents generally consist of money market funds\\. Restricted cash equivalents and investments generally consist of money market funds and time deposits, which primarily support letters of credit that relate to certain projected self\\-insurance obligations and airport commitments\\. The fair value of these investments is based on a market approach using prices and other relevant information generated by market transactions involving identical or comparable assets\\.\n\nShort\\-Term Investments\\.  The fair values of short\\-term investments are based on a market approach using industry standard valuation techniques that incorporate observable inputs such as quoted market prices, interest rates, benchmark curves, credit ratings of the security and other observable information\\. \n\nLong\\-Term Investments\\.  Our long\\-term investments that have historically been measured at fair value primarily consist of equity investments in Grupo Aerom\u00e9xico, the parent company of Aerom\u00e9xico, and the parent company of GOL\\. During 2017, we completed a tender offer for additional shares of Grupo Aerom\u00e9xico\\. With the completion of the tender offer, our investment is accounted for under the equity method and is no longer measured at fair value on a recurring basis\\. As of December 31, 2017, our long\\-term investments include our shares in China Eastern and the parent company of GOL\\. Our investments are valued based on market prices and are classified in other noncurrent assets\\.\n\nHedge Derivatives\\.  A portion of our derivative contracts are negotiated over\\-the\\-counter with counterparties without going through a public exchange\\. Accordingly, our fair value assessments give consideration to the risk of counterparty default (as well as our own credit risk)\\. Such contracts are classified as Level 2 within the fair value hierarchy\\. The remainder of our hedge contracts are comprised of futures contracts, which are traded on a public exchange\\. These contracts are classified within Level 1 of the fair value hierarchy\\.\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Fuel Contracts\\.*  Our fuel hedge portfolio consists of options, swaps and futures\\. The hedge contracts include crude oil and refined products, as these commodities are highly correlated with the price of fuel that we consume\\. Option contracts are valued under an income approach using option pricing models based on data either readily observable in public markets, derived from public markets or provided by counterparties who regularly trade in public markets\\. Volatilities used in these valuations ranged from   10%  to   28%  depending on the maturity dates, underlying commodities and strike prices of the option contracts\\. Swap contracts are valued under an income approach using a discounted cash flow model based on data either readily observable or provided by counterparties who regularly trade in public markets\\. Discount rates used in these valuations vary based on maturity dates utilizing the London interbank offered rate (\"LIBOR\")\\. Futures contracts and options on futures contracts are traded on a public exchange and valued based on quoted market prices\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Foreign Currency Exchange Contracts\\.*  Our foreign currency derivatives consist of Japanese yen and Canadian dollar forward contracts and are valued based on data readily observable in public markets\\. |\n\n\n\nNOTE 3 \\. INVESTMENTS\n\nShort\\-Term Investments\n\nThe estimated fair values of short\\-term investments, which approximate cost at  December 31, 2017 , are shown below by contractual maturity\\. Actual maturities may differ from contractual maturities because issuers of the securities may have the right to retire our investments without prepayment penalties\\.\n\n\n\n|                                          |                                          |                                          |                                      |\n| ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | ------------------------------------ |\n| **(in millions)**                        | **(in millions)**                        | **(in millions)**                        | **Available\\-**<br><br>**For\\-Sale** |\n| Due in one year or less                  | Due in one year or less                  | Due in one year or less                  | $323                                 |\n| Due after one year through three years   | Due after one year through three years   | Due after one year through three years   | 465                                  |\n| Due after three years through five years | Due after three years through five years | Due after three years through five years | 19                                   |\n| Due after five years                     | Due after five years                     | Due after five years                     | 18                                   |\n| Total                                    | Total                                    | Total                                    | $825                                 |\n\n\n\n 64"}
{"_id": "AmericanAirlines-2018_114.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***Benefit Payments***\n\nThe following benefit payments, which reflect expected future service as appropriate, are expected to be paid (approximately, in millions):\n\n\n\n|                                                   |          |          |          |          |          |                |\n| ------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | -------------- |\n|                                                   | **2019** | **2020** | **2021** | **2022** | **2023** | **2024\\-2028** |\n| Pension benefits                                  | $720     | $758     | $797     | $836     | $876     | $4,917         |\n| Retiree medical and other postretirement benefits | 84       | 75       | 71       | 66       | 64       | 280            |\n\n\n\n***Plan Assets***\n\nThe objectives of our investment policies are to: maintain sufficient income and liquidity to pay retirement benefits; produce a long\\-term rate of return that meets or exceeds the assumed rate of return for plan assets; limit the volatility of asset performance and funded status; and diversify assets among asset classes and investment managers\\.\n\nBased on these investment objectives, a long\\-term strategic asset allocation has been established\\. This strategic allocation seeks to balance the potential benefit of improving funded position with the potential risk that the funded position would decline\\. The current strategic target asset allocation is as follows:\n\n\n\n|                                 |                   |\n| ------------------------------- | ----------------- |\n| **Asset Class/Sub\\-Class**      | **Allowed Range** |\n| Equity                          | 60% \\- 85%        |\n| Public:                         |                   |\n| U\\.S\\. Large                    | 20% \\- 50%        |\n| U\\.S\\. Small/Mid                | 0% \\- 10%         |\n| International                   | 17% \\- 27%        |\n| Emerging Markets                | 5% \\- 11%         |\n| Alternative Investments         | 5% \\- 20%         |\n| Fixed Income                    | 15% \\- 40%        |\n| Public:                         |                   |\n| U\\.S\\. Long Duration            | 15% \\- 30%        |\n| High Yield and Emerging Markets | 0% \\- 10%         |\n| Private Income                  | 0% \\- 10%         |\n| Cash Equivalents                | 0% \\- 5%          |\n\n\n\nPublic equity as well as high yield and emerging market fixed income securities are used to provide diversification and are expected to generate higher returns over the long\\-term than U\\.S\\. long duration bonds\\. Public stocks are managed using a value investment approach in order to participate in the returns generated by stocks in the long\\-term, while reducing year\\-over\\-year volatility\\. U\\.S\\. long duration bonds are used to partially hedge the assets from declines in interest rates\\. Alternative (private) investments are used to provide expected returns in excess of the public markets over the long\\-term\\. The pension plan\u2019s master trust also participates in securities lending programs to generate additional income by loaning plan assets to borrowers on a fully collateralized basis\\. These programs are subject to market risk\\.\n\nInvestments in securities traded on recognized securities exchanges are valued at the last reported sales price on the last business day of the year\\. Securities traded in the over\\-the\\-counter market are valued at the last bid price\\. The money market fund is valued at fair value which represents the net asset value of the shares of such fund as of the close of business at the end of the period\\. Investments in limited partnerships are carried at estimated net asset value as determined by and reported by the general partners of the partnerships and represent the proportionate share of the estimated fair value of the underlying assets of the limited partnerships\\. Common/collective trusts are valued at net asset value based on the fair values of the underlying investments of the trusts as determined by the sponsor of the trusts\\. The pension plan\u2019s master trust also invests in a 103\\-12 investment entity (the 103\\-12 Investment Trust) which is designed to invest plan assets of more than one unrelated employer\\. The 103\\-12 Investment Trust is valued at net asset value which is determined by the issuer at the end of each month and is based on the aggregate fair value of trust assets less liabilities, divided by the number of units outstanding\\. No changes in valuation techniques or inputs occurred during the year\\.\n\n115"}
{"_id": "Delta-2019_99.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nThe Board of Directors and Stockholders of \n\nDelta Air Lines, Inc\\.\n\nOpinion on Internal Control over Financial Reporting\n\nWe have audited Delta Air Lines, Inc\\.\u2019s internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria)\\. In our opinion, Delta Air Lines, Inc\\. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on  the COSO criteria \\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2019 and 2018,  and the related consolidated statements of operations, comprehensive income, cash flows and stockholders\u2019 equity for each of the three years in the period ended December 31, 2019, and the related notes and our report dated February 12, 2020 expressed an unqualified opinion thereon\\.\n\nBasis for Opinion\n\nThe Company\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management\u2019s Annual Report on Internal Control Over Financial Reporting\\. Our responsibility is to express an opinion on the Company\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. \n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\nDefinition and Limitation of Internal Control Over Financial Reporting\n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n\n\n|                   |                   |                   |                       |                       |                       |\n| ----------------- | ----------------- | ----------------- | --------------------- | --------------------- | --------------------- |\n| Atlanta, Georgia  | Atlanta, Georgia  | Atlanta, Georgia  | /s/ Ernst & Young LLP | /s/ Ernst & Young LLP | /s/ Ernst & Young LLP |\n| February 12, 2020 | February 12, 2020 | February 12, 2020 |                       |                       |                       |\n\n\n\n97"}
{"_id": "AmericanAirlines-2017_199.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                         |                                |\n| ----------------------- | ------------------------------ |\n| Date: February 21, 2018 | /s/ Susan D\\. Kronick          |\n|                         | Susan D\\. Kronick, Director    |\n| Date: February 21, 2018 | /s/ Martin H\\. Nesbitt         |\n|                         | Martin H\\. Nesbitt, Director   |\n| Date: February 21, 2018 | /s/ Denise M\\. O\u2019Leary         |\n|                         | Denise M\\. O\u2019Leary, Director   |\n| Date: February 21, 2018 | /s/ Ray M\\. Robinson           |\n|                         | Ray M\\. Robinson, Director     |\n| Date: February 21, 2018 | /s/ Richard P\\. Schifter       |\n|                         | Richard P\\. Schifter, Director |\n\n\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of American Airlines, Inc\\. and in the capacities and on the dates noted:\n\n\n\n|                         |                                                      |\n| ----------------------- | ---------------------------------------------------- |\n| Date: February 21, 2018 | /s/ W\\. Douglas Parker                               |\n|                         | W\\. Douglas Parker                                   |\n|                         | Chairman and Chief Executive Officer                 |\n|                         | (Principal Executive Officer)                        |\n| Date: February 21, 2018 | /s/ Derek J\\. Kerr                                   |\n|                         | Derek J\\. Kerr                                       |\n|                         | Executive Vice President and Chief Financial Officer |\n|                         | (Principal Financial and Accounting Officer)         |\n| Date: February 21, 2018 | /s/ Stephen L\\. Johnson                              |\n|                         | Stephen L\\. Johnson, Director                        |\n| Date: February 21, 2018 | /s/ Robert D\\. Isom                                  |\n|                         | Robert D\\. Isom, Director                            |\n\n\n\n200"}
{"_id": "Alaska-2019_1.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nAs of January 31, 2020, shares of common stock outstanding totaled 122,913,010\\. The aggregate market value of the shares of common stock of Alaska Air Group, Inc\\. held by nonaffiliates on June 30, 2019, was approximately $7\\.9 billion (based on the closing price of $63\\.91 per share on the New York Stock Exchange on that date)\\. \n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of Definitive Proxy Statement relating to 2020 Annual Meeting of Shareholders are incorporated by reference in Part III\\.\n\n2"}
{"_id": "Southwest-2019_4.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nremains focused on strengthening its schedule in core markets to provide additional regional and international connectivity, improving its recoverability during irregular operations, and growing its presence in strategic markets that serve as cornerstones for its network such as Baltimore, Denver, and Houston\\. \n\nThe Company ended 2019 with international service to 13 destinations through 25 international gateway cities within the 48 contiguous United States\\. \n\nCost Structure\n\nA key component of the Company's business strategy is its focus on cost discipline and profitably charging competitively low fares\\. Adjusted for stage length, the Company has lower unit costs, on average, than the majority of the largest domestic carriers; however, as discussed below under \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" the Company experienced significant unit cost pressure in 2019 following the MAX groundings\\. \n\nThe Company's low\\-cost strategy includes, among other elements, (i) the use of a single aircraft type, the Boeing 737, (ii) the Company's operationally efficient point\\-to\\-point route structure, and (iii) its highly productive Employees\\. Southwest's use of a single aircraft type allows for simplified scheduling, maintenance, flight operations, and training activities\\. Southwest's point\\-to\\-point route structure includes service to and from many secondary or downtown airports such as Dallas Love Field, Houston Hobby, Chicago Midway, Baltimore\\-Washington International, Burbank, Manchester, Oakland, San Jose, Providence, and Ft\\. Lauderdale\\-Hollywood\\. These conveniently located airports are typically less congested than other airlines' hub airports, which has contributed to Southwest's ability to achieve high asset utilization because aircraft can be scheduled to minimize the amount of time they are on the ground\\. This, in turn, has reduced the number of aircraft and gate facilities that would otherwise be required and allows for high Employee productivity (lower headcount per aircraft)\\.\n\nThe Company's focus on controlling costs also includes a continued commitment to pursuing, implementing, and enhancing initiatives to reduce fuel consumption and improve fuel efficiency\\. Although Fuel and oil expense for 2019 decreased compared with 2018, primarily due to lower market jet fuel prices, it nonetheless remained the Company's second largest operating cost for 2019\\. As evidenced by the table below, energy prices can fluctuate significantly in a relatively short amount of time\\. The table below shows the Company's average cost of jet fuel for each year beginning in 2009 and during each quarter of 2019\\.\n\n\n\n|                     |                                |                                                   |                                                             |\n| ------------------- | ------------------------------ | ------------------------------------------------- | ----------------------------------------------------------- |\n| **Year**            | **Cost**<br><br>**(Millions)** | **Average**<br><br>**Cost Per**<br><br>**Gallon** | **Percentage of** <br><br>**Operating**<br><br>**Expenses** |\n| 2009                | $3,193                         | $2\\.22                                            | 31\\.2%                                                      |\n| 2010                | $3,755                         | $2\\.61                                            | 33\\.4%                                                      |\n| 2011                | $5,751                         | $3\\.25                                            | 38\\.2%                                                      |\n| 2012                | $6,156                         | $3\\.32                                            | 37\\.3%                                                      |\n| 2013                | $5,823                         | $3\\.19                                            | 35\\.3%                                                      |\n| 2014                | $5,355                         | $2\\.97                                            | 32\\.6%                                                      |\n| 2015                | $3,740                         | $1\\.96                                            | 23\\.6%                                                      |\n| 2016                | $3,801                         | $1\\.90                                            | 22\\.7%                                                      |\n| 2017                | $4,076                         | $1\\.99                                            | 23\\.0%                                                      |\n| 2018                | $4,616                         | $2\\.20                                            | 24\\.6%                                                      |\n| 2019                | $4,347                         | $2\\.09                                            | 22\\.3%                                                      |\n| First Quarter 2019  | $1,015                         | $2\\.05                                            | 21\\.9%                                                      |\n| Second Quarter 2019 | $1,136                         | $2\\.13                                            | 23\\.0%                                                      |\n| Third Quarter 2019  | $1,090                         | $2\\.07                                            | 22\\.6%                                                      |\n| Fourth Quarter 2019 | $1,105                         | $2\\.09                                            | 21\\.8%                                                      |\n\n\n\nThe Company focuses on reducing fuel consumption and improving fuel efficiency through fleet modernization and other fuel initiatives\\. For example, the Company previously retired all Boeing 737\\-300 aircraft  from its fleet and introduced service with the MAX 8 aircraft, which is more fuel\\-efficient and releases fewer CO ^2^  emissions than the \n\n5"}
{"_id": "United-2017_35.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n$0\\.5 billion year\\-over\\-year in 2016 as compared to 2015\\. The following were significant working capital items in 2016:\n\n\n\n|   |                                                                                                                              |\n| - | ---------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Frequent flyer and advance purchase of miles decreased $0\\.6 billion due to increased utilization of  pre\\-purchased miles\\. |\n\n\n\n\n\n|   |                                                                                                                                  |\n| - | -------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Other assets, including spare parts, increased by $0\\.3 billion as part of the Company\u2019s efforts to improve fleet reliability\\.  |\n\n\n\n\n\n|   |                                                                               |\n| - | ----------------------------------------------------------------------------- |\n| \u2022 | Accounts payable increased $0\\.2 billion, driven by the timing of payments\\.  |\n\n\n\n***Investing Activities*** \n\n*2017 compared to 2016* \n\nThe Company\u2019s capital expenditures were $4\\.0 billion and $3\\.2 billion in 2017and 2016, respectively\\. The Company\u2019s capital expenditures for both years were primarily attributable to the purchase of new aircraft, aircraft improvements, facility and fleet\\-related costs and the purchase of information technology assets\\.\n\n*2016 compared to 2015* \n\nThe Company\u2019s capital expenditures were $3\\.2 billion and $2\\.7 billion in 2016and 2015, respectively\\. The Company\u2019s capital expenditures for both years were primarily attributable to the purchase of aircraft, facility and fleet\\-related costs and the purchase of information technology assets\\.\n\n***Financing Activities*** \n\nSignificant financing events in 2017 were as follows:\n\nShare Repurchases \n\nThe Company used $1\\.8 billion of cash to purchase approximately 28 million shares of its common stock during 2017, completing its July 2016 repurchase authorization\\. In December 2017, UAL\u2019s Board of Directors authorized a new $3\\.0 billion share repurchase program to acquire UAL\u2019s common stock\\. As of December 31, 2017, the Company had approximately $3\\.0 billion remaining to purchase shares under its share repurchase program\\.\n\nDebt Issuances \n\nDuring 2017, United received and recorded $1\\.8 billion of proceeds as debt related to enhanced equipment trust certificate (\u201cEETC\u201d) offerings created in 2016 and 2017 to finance the purchase of aircraft\\.\n\nIn 2017, UAL issued, and United guaranteed, (i) $400 million aggregate principal amount of unsecured 4\\.25% Senior Notes due October 1, 2022, and (ii) $300 million aggregate principal amount of unsecured 5% Senior Notes due February 1, 2024\\.\n\nIn 2017, United and UAL, as borrower and guarantor, respectively, increased the term loan under the 2017 Credit Agreement by approximately $440 million\\.\n\nDuring 2017, United borrowed approximately $497 million aggregate principal amount from various financial institutions to finance the purchase of several aircraft delivered in 2017\\.\n\nDebt and Capital Lease Principal Payments \n\nDuring the year ended December 31, 2017, the Company made debt and capital lease principal payments of $1\\.0 billion\\.\n\n36"}
{"_id": "AmericanAirlines-2018_65.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***Collateral\\-Related Covenants***\n\nCertain of our debt financing agreements contain loan to value ratio covenants and require us to appraise the related collateral annually\\. Pursuant to such agreements, if the loan to value ratio exceeds a specified threshold, we are required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash collateral), or pay down such financing, in whole or in part\\. As of December 31, 2018, we were in compliance with the collateral coverage tests for our term loans and revolving credit facilities as of the most recent measurement dates\\. For further information regarding our collateral\\-related covenants, see Note 5 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 3 to American\u2019s Consolidated Financial Statements in Part II, Item 8B\\.\n\n***Sources and Uses of Cash***\n\n***AAG***\n\n*2018* *Compared to* *2017*\n\n*Operating Activities*\n\nOur net cash provided by operating activities was $3\\.5 billion and $4\\.7 billion in 2018 and 2017, respectively, a year\\-over\\-year decrease of $1\\.2 billion\\. This decrease in operating cash flows was primarily due to lower profitability in 2018 driven by an increase in fuel costs, which was offset in part by higher revenues\\.\n\n*Investing Activities*\n\nOur net cash used in investing activities was $2\\.0 billion and $3\\.6 billion in 2018 and 2017, respectively\\.\n\nOur principal investing activities in 2018 included expenditures of $3\\.7 billion for property and equipment, including 16 Boeing 737\\-8 MAX aircraft, six Boeing 787 family aircraft and five Embraer E175 aircraft\\. These cash outflows were offset in part by $1\\.4 billion of net proceeds primarily from aircraft sale\\-leaseback transactions and $293 million in net sales of short\\-term investments\\.\n\nOur principal investing activities in 2017 included expenditures of $6\\.0 billion for property and equipment, including 20 Airbus A321 aircraft, 20 Boeing 737\\-800 aircraft, 16 Embraer E175 aircraft, 13 Boeing 787 family aircraft and four Boeing 737\\-8 MAX aircraft\\. We also made a $203 million equity investment in China Southern Airlines\\. These cash outflows were offset in part by $1\\.3 billion in net sales of short\\-term investments, $947 million of net proceeds primarily from aircraft sale\\-leaseback transactions, and a $309 million decrease in restricted short\\-term investments\\.\n\n*Financing Activities*\n\nOur net cash used in financing activities was $1\\.7 billion and $1\\.1 billion in 2018 and 2017, respectively\\.\n\nOur principal financing activities in 2018 included $2\\.9 billion in debt repayments, consisting of $2\\.4 billion in scheduled debt repayments and $513 million in the prepayment of secured loans\\. We also had $837 million in share repurchases and $186 million in dividend payments\\. These cash outflows were offset in part by net proceeds of $2\\.4 billion from the issuance of debt, consisting of $1\\.9 billion in connection with the issuance of equipment notes related to enhanced equipment trust certificates (EETCs) and the financing of certain aircraft and pre\\-delivery purchase deposits, as well as an incremental $500 million on a term loan facility\\.\n\nOur principal financing activities in 2017 included $2\\.3 billion in scheduled debt repayments, $1\\.6 billion in share repurchases and $198 million in dividend payments\\. These cash outflows were offset in part by net proceeds of $3\\.1 billion from the issuance of debt, including the issuance of $2\\.0 billion of EETCs and $1\\.0 billion borrowed in connection with the financing of certain aircraft\\. \n\n*2017* *Compared to* *2016*\n\n*Operating Activities*\n\nOur net cash provided by operating activities was $4\\.7 billion and $6\\.5 billion in 2017 and 2016, respectively, a year\\-over\\-year decrease of $1\\.8 billion\\. This decrease in operating cash flows was primarily due to lower profitability in 2017 driven by higher fuel costs and wage rates, which were offset in part by higher revenues\\.\n\n*Investing Activities*\n\nOur net cash used in investing activities was $3\\.6 billion and $5\\.7 billion in 2017 and 2016, respectively\\.\n\n66"}
{"_id": "Southwest-2017_38.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Item 7**\\. ***Management's Discussion and Analysis of Financial Condition and Results of Operations***\n\n**YEAR IN REVIEW**\n\nFor the 45^th^ consecutive year, the Company was profitable, recording GAAP and non\\-GAAP results for 2017 and 2016 as noted in the following tables\\. See Note Regarding Use of Non\\-GAAP Financial Measures and the Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures for additional detail regarding non\\-GAAP financial measures\\.\n\n\n\n|                                         |                  |                  |                    |\n| --------------------------------------- | ---------------- | ---------------- | ------------------ |\n|                                         | **Year ended**   | **Year ended**   |                    |\n| (in millions, except per share amounts) | **December 31,** | **December 31,** |                    |\n| GAAP                                    | **2017**         | **2016**         | **Percent Change** |\n| Operating income                        | $3,515           | $3,760           | (6\\.5)             |\n| Net income                              | $3,488           | $2,244           | 55\\.4              |\n| Net income per share, diluted           | $5\\.79           | $3\\.55           | 63\\.1              |\n| Non\\-GAAP                               |                  |                  |                    |\n| Operating income                        | $3,455           | $3,957           | (12\\.7)            |\n| Net income                              | $2,107           | $2,370           | (11\\.1)            |\n| Net income per share, diluted           | $3\\.50           | $3\\.75           | (6\\.7)             |\n\n\n\nNet income for the year ended December 31, 2017, was $3\\.5 billion, a 55\\.4 percentincrease year\\-over\\-year, or $5\\.79 per diluted share, and non\\-GAAP Net income was $2\\.1 billion, an 11\\.1 percentdecrease year\\-over\\-year, or $3\\.50 per diluted share\\. The increase in GAAP Net income was primarily driven by a $1\\.4 billion reduction in Provision for income taxes related to the Tax Cuts and Jobs Act legislation enacted in December 2017, which resulted in a re\\-measurement of the Company's deferred tax assets and liabilities at the new federal corporate tax rate of 21 percent\\. This non\\-cash item is excluded from the Company's non\\-GAAP results\\. Operating income for the year ended December 31, 2017 was $3\\.52 billion, a decrease of 6\\.5 percent year\\-over\\-year, and non\\-GAAP Operating income was $3\\.46 billion\\. The decrease in Operating Income was driven by a 7\\.7 percentincrease in Salaries, wages, and benefits expense, primarily due to wage rate increases resulting from amended collective\\-bargaining agreements reached with multiple unionized workgroups, coupled with an 8\\.0 percentincrease in Fuel and oil expense, primarily due to increases in market prices\\. These factors were partially offset by a 2\\.9 percentincrease in Passenger revenues driven by strong demand for low\\-fare air travel and a 3\\.6 percent year\\-over\\-year capacity growth, holding Load factor and Passenger yield constant\\. Prior year results included $356 million of contract ratification bonuses accrued in Salaries, wages, and benefits expense associated with tentative collective\\-bargaining agreements reached with multiple unionized workgroups\\. \n\nFor the twelve months ended December 31, 2017, the Company's earnings performance, combined with its actions to manage invested capital, produced a 25\\.9 percent pre\\-tax non\\-GAAP return on invested capital (\"ROIC\"), compared with the Company's ROIC of 30\\.0 percent for the twelve months ended December 31, 2016\\. The primary cause of the year\\-over\\-year decline in ROIC was the decrease in Operating income for the twelve months ended December 31, 2017, compared with the twelve months ended December 31, 2016\\. See the Company's calculation of ROIC in the accompanying reconciliation tables as well as the Note Regarding Use of Non\\-GAAP Financial Measures\\.\n\nDuring 2017, the Company continued to return value to its Shareholders\\. The Company returned $1\\.9 billion to Shareholders through $274 million in dividend payments and $1\\.6 billion through four separate accelerated share repurchase programs and other open market repurchases\\. During November 2017, the Company launched the Fourth Quarter 2017 ASR Program by advancing $250 million to a financial institution in a privately negotiated transaction\\. The Company received 4\\.1 million shares in total under the Fourth Quarter 2017 ASR Program, which was completed in January 2018\\. The purchase was recorded as a treasury share purchase for purposes of calculating earnings per share\\. \n\n39"}
{"_id": "Alaska-2018_80.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nPlan assets are invested in common commingled trust funds invested in equity and fixed income securities and in certain real estate assets\\. The target and actual asset allocation of the funds in the qualified defined\\-benefit plans, by asset category, are as follows: \n\n\n\n|                               |                             |                             |                             |                     |                     |                     |\n| ----------------------------- | --------------------------- | --------------------------- | --------------------------- | ------------------- | ------------------- | ------------------- |\n|                               | **Salaried Plan** **^(a)^** | **Salaried Plan** **^(a)^** | **Salaried Plan** **^(a)^** | **All other plans** | **All other plans** | **All other plans** |\n|                               | **Target**                  | **2018**                    | **2017**                    | **Target**          | **2018**            | **2017**            |\n| Asset category:               |                             |                             |                             |                     |                     |                     |\n| Domestic equity securities    | **5% \\- 9%**                | **6%**                      | 8%                          | **25% \\- 33%**      | **28%**             | 29%                 |\n| Non\\-U\\.S\\. equity securities | **1% \\- 5%**                | **3%**                      | 3%                          | **10% \\- 16%**      | **12%**             | 12%                 |\n| Fixed income securities       | **86% \\- 94%**              | **91%**                     | 89%                         | **48% \\- 58%**      | **53%**             | 52%                 |\n| Real estate                   | **\u2014%**                      | **\u2014%**                      | \u2014%                          | **2% \\- 8%**        | **7%**              | 6%                  |\n| Cash equivalents              | **\u2014%**                      | **\u2014%**                      | \u2014%                          | **\u2014%**              | **\u2014%**              | 1%                  |\n| Plan assets                   |                             | **100%**                    | 100%                        |                     | **100%**            | 100%                |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                        |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | As our Salaried Plan is frozen and fully funded, our investment strategies differ significantly from that of our other outstanding plans\\. Investments are in lower\\-risk securities, with earnings designed to match cash outflows\\.  |\n\n\n\nThe Company\u2019s investment policy focuses on achieving maximum returns at a reasonable risk for pension assets over a full market cycle\\. The Company determines the strategic allocation between equities, fixed income and real estate based on current funded status and other characteristics of the plans\\. As the funded status improves, the Company increases the fixed income allocation of the portfolio and decreases the equity allocation\\. Actual asset allocations are reviewed regularly and periodically rebalanced as appropriate\\.\n\nPlan assets invested in common commingled trust funds are fair valued using the net asset values of these funds to determine fair value as allowed using the practical expediency method outlined in the accounting standards\\. Fair value estimates for real estate are calculated using the present value of expected future cash flows based on independent appraisals, local market conditions and current and projected operating performance\\. \n\nPlan asset by fund category (in millions):\n\n\n\n|                                         |            |          |                          |\n| --------------------------------------- | ---------- | -------- | ------------------------ |\n|                                         | **2018**   | **2017** | **Fair Value Hierarchy** |\n| **Fund type:**                          |            |          |                          |\n| U\\.S\\. equity market fund               | **$431**   | $515     | 1                        |\n| Non\\-U\\.S\\. equity fund                 | **183**    | 226      | 1                        |\n| Credit bond index fund                  | **1,135**  | 1,232    | 1                        |\n| Plan assets in common commingled trusts | **$1,749** | $1,973   |                          |\n| Real estate                             | **104**    | 97       | (a)                      |\n| Cash equivalents                        | **5**      | 13       | 1                        |\n| Total plan assets                       | **$1,858** | $2,083   |                          |\n\n\n\n\n\n|     |                                                                                                                                                                                     |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | In accordance with Subtopic 820\\-10, certain investments that are measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy\\.  |\n\n\n\n 81"}
{"_id": "Southwest-2019_46.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n2018  Compared with  2017\n\nThe Company's comparison of  2018  results to  2017  results is included in the Company's Annual Report on Form 10\\-K for the fiscal year ended  December 31, 2018 , under Part II Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations\\. \n\n47"}
{"_id": "Southwest-2017_119.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|        | [Supplemental Agreement No\\. 98 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000029/luv-12312016xex101a.htm) [Supplemental Agreement No\\. 99 (incorporated by reference to Exhibit 10\\.1(b) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000029/luv-12312016xex101b.htm) [Supplemental Agreement No\\. 100 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000078/luv-3312017xex101.htm) [Supplemental Agreement No\\. 101 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000078/luv-3312017xex102.htm) [Supplemental Agreement No\\. 102 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238017000146/luv-6302017xex101.htm) ; [Supplemental Agreement No\\. 103 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex101.htm) ; [Supplemental Letter Agreement No\\. 6\\-1162\\-KLK\\-0059R3 (incorporated by reference to Exhibit 10\\.4 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex104.htm) \\. (1)<br><br>  <br> |\n| 10\\.2  | [Form of Amended and Restated Executive Service Recognition Plan Executive Employment Agreement between the Company and certain Officers of the Company (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312509015591/dex102.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 10\\.3  | [Letter Agreement between Southwest Airlines Co\\. and Gary C\\. Kelly, effective as of February 1, 2011 (incorporated by reference to Exhibit 99\\.1 to the Company\u2019s Current Report on Form 8\\-K filed February 1, 2011 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312511019263/dex991.htm)  (2)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| 10\\.4  | [Southwest Airlines Co\\. Amended and Restated Severance Plan for Directors (as amended and restated effective May 19, 2009) (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2009 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238009000027/ex10_1.htm)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| 10\\.5  | [Southwest Airlines Co\\. Outside Director Incentive Plan (as amended and restated effective May 16, 2007) (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2007 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238007000024/ex10_2.htm)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 10\\.6  | [Southwest Airlines Co\\. 2002 SWAPIA Non\\-Qualified Stock Option Plan (incorporated by reference to Exhibit 4\\.1 to the Company\u2019s Registration Statement on Form S\\-8 filed October 30, 2002 (File No\\. 333\\-100862))\\.](http://www.sec.gov/Archives/edgar/data/92380/000095013402013128/d00561exv4w1.txt)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 10\\.7  | [Southwest Airlines Co\\. Amended and Restated 2007 Equity Incentive Plan (incorporated by reference to Exhibit 99\\.1 to the Company\u2019s Current Report on Form 8\\-K filed May 18, 2015(File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312515191553/d927261dex991.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| 10\\.8  | [Southwest Airlines Co\\. 2007 Equity Incentive Plan Form of Notice of Grant and Terms and Conditions for Stock Option Grant (incorporated by reference to Exhibit 10\\.31 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2007 (File No\\. 1\\-7259))\\. ](http://www.sec.gov/Archives/edgar/data/92380/000095013408001572/d53331exv10w31.htm) (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 10\\.9  | [Southwest Airlines Co\\. Excess Benefit Plan (incorporated by reference to Exhibit 10\\.32 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312509015591/dex1032.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 10\\.10 | [Amendment No\\. 1 to the Southwest Airlines Co\\. Excess Benefit Plan (incorporated by reference to Exhibit 10\\.33 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (File No\\. 1\\-7259))\\. ](http://www.sec.gov/Archives/edgar/data/92380/000119312509015591/dex1033.htm) (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| 10\\.11 | [Amendment No\\. 2 to the Southwest Airlines Co\\. Excess Benefit Plan (incorporated by reference to Exhibit 10\\.34 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312509015591/dex1034.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| 10\\.12 | [Amended and Restated Southwest Airlines Co\\. 2005 Excess Benefit Plan (as amended and restated, effective as of January 1, 2018) (incorporated by reference to Exhibit 10\\.5 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017ex105.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| 10\\.13 | [Form of Indemnification Agreement between the Company and its Directors (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Current Report on Form 8\\-K filed January 22, 2009 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312509009729/dex101.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n\n\n\n120"}
{"_id": "Alaska-2018_65.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nCompany will elect the package of practical expedients available under the standard that allows for no reassessment of expired contracts for leases, no reassessment of lease classification for existing leases, and no reassessment of initial direct costs for existing leases\\. \n\nThe most significant impact to the financial statements from the new lease accounting standard is associated with aircraft\\. Although not significant, other leases including certain real estate, equipment, and software will be capitalized\\. The Company has operating leases for airport and terminal space, however these leases are not expected to have a significant impact on the balance sheet since variable lease payments are excluded from the measurement of the lease liability\\. At this time, the Company estimates the adoption of the standard will result in the recognition of lease assets and lease liabilities of approximately $1\\.75 billion to $1\\.85 billion\\. The new standard also eliminates prior build\\-to\\-suit lease accounting guidance\\. As a result, we will derecognize build\\-to\\-suit assets and liabilities that exist on the balance sheet of approximately $150 million each\\. The difference between the net assets and liabilities will be recorded as an adjustment to retained earnings and is not expected to be significant\\. The new standard will not result in more than a nominal impact on the pattern or amount of expense recognized on the statement of operations, statement of cash flows, nor on any existing debt covenants\\. The new standard will require significant new disclosures about our leasing activities\\. \n\nIn August 2017, the FASB issued ASU 2017\\-12, \"Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities\\.\" The ASU expands the activities that qualify for hedge accounting and simplifies the rules for reporting hedging relationships\\. The ASU is effective for the Company beginning January 1, 2019\\. \n\n**NOTE 2\\. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS**\n\n**Revenue Recognition and Retirement Benefits Accounting Standards** \n\nIn May 2014, the FASB issued ASU 2014\\-09*,* \"Revenue from Contracts with Customers (Topic 606)\\.\" The Company adopted the new standard as of January 1, 2018, utilizing a full retrospective transition method\\. Adoption of the new standard resulted in changes to accounting policies for revenue recognition related to frequent flyer activity, certain ancillary revenues such as change fees, air traffic liabilities, and sales and marketing expenses\\. As a result of adoption, the Company also changed certain financial statement line item disclosure captions, which are outlined below\\. \n\nAlthough less significant, in March 2017 the FASB issued ASU 2017\\-07, \"Compensation \\- Retirement Benefits (Topic 715),\" which requires the Company to present the service cost component of net periodic benefit cost as Wages and benefits in the statement of operations\\. The Company adopted the new standard as of January 1, 2018, utilizing a full retrospective transition method\\. Under this new standard, all components of net periodic benefit cost are presented in Nonoperating income (expense), except service cost, which remains in Wages and benefits\\.\n\nCertain line item captions on the balance sheet and statement of operations changed as a result of the newly implemented standards\\. Accordingly, historical financial information presented below as reported has been presented using the new captions\\. The cumulative impact to retained earnings at January 1, 2016 as a result of the new revenue recognition standard was $170 million\\. Below are the impacts of these newly adopted accounting standards to the financial statements\\. \n\n 66"}
{"_id": "United-2019_46.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUNITED AIRLINES HOLDINGS, INC\\. \n\nSTATEMENTS OF CONSOLIDATED CASH FLOWS\n\n(In millions)\n\n\n\n|                                                                                     |                             |                             |                             |\n| ----------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                     | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                                     | **2019**                    | **2018 (a)**                | **2017 (a)**                |\n| Operating Activities:                                                               |                             |                             |                             |\n| Net income                                                                          | $3,009                      | $2,122                      | $2,143                      |\n| Adjustments to reconcile net income to net cash provided by operating activities \\- |                             |                             |                             |\n| Deferred income taxes                                                               | 882                         | 512                         | 957                         |\n| Depreciation and amortization                                                       | 2,288                       | 2,165                       | 2,096                       |\n| Special charges, non\\-cash portion                                                  | 175                         | 416                         | 35                          |\n| Unrealized (gains) losses on investments                                            | (153<br><br>)               | 5                           | \u2014                           |\n| Other operating activities                                                          | 185                         | 161                         | 142                         |\n| Changes in operating assets and liabilities \\-                                      |                             |                             |                             |\n| (Increase) decrease in receivables                                                  | 44                          | 17                          | (73<br><br>)                |\n| (Increase) decrease in other assets                                                 | (252<br><br>)               | 265                         | (432<br><br>)               |\n| Increase in advance ticket sales                                                    | 438                         | 441                         | 145                         |\n| Increase (decrease) in frequent flyer deferred revenue                              | 271                         | 222                         | (107<br><br>)               |\n| Increase in accounts payable                                                        | 324                         | 130                         | 66                          |\n| Decrease in advanced purchase of miles                                              | \u2014                           | \u2014                           | (942<br><br>)               |\n| Decrease in other liabilities                                                       | (302<br><br>)               | (292<br><br>)               | (556<br><br>)               |\n| Net cash provided by operating activities                                           | 6,909                       | 6,164                       | 3,474                       |\n| Investing Activities:                                                               |                             |                             |                             |\n| Capital expenditures                                                                | (4,528<br><br>)             | (4,070<br><br>)             | (3,870<br><br>)             |\n| Purchases of short\\-term and other investments                                      | (2,897<br><br>)             | (2,552<br><br>)             | (3,241<br><br>)             |\n| Proceeds from sale of short\\-term and other investments                             | 2,996                       | 2,616                       | 3,177                       |\n| Loans made to others                                                                | (174<br><br>)               | (466<br><br>)               | (30<br><br>)                |\n| Investment in affiliates                                                            | (36<br><br>)                | (139<br><br>)               | (2<br><br>)                 |\n| Other, net                                                                          | 79                          | 156                         | 163                         |\n| Net cash used in investing activities                                               | (4,560<br><br>)             | (4,455<br><br>)             | (3,803<br><br>)             |\n| Financing Activities:                                                               |                             |                             |                             |\n| Repurchases of common stock                                                         | (1,645<br><br>)             | (1,235<br><br>)             | (1,844<br><br>)             |\n| Proceeds from issuance of long\\-term debt                                           | 1,847                       | 1,594                       | 2,537                       |\n| Payments of long\\-term debt                                                         | (1,240<br><br>)             | (1,727<br><br>)             | (901<br><br>)               |\n| Principal payments under finance leases                                             | (151<br><br>)               | (79<br><br>)                | (84<br><br>)                |\n| Capitalized financing costs                                                         | (61<br><br>)                | (37<br><br>)                | (80<br><br>)                |\n| Other, net                                                                          | (30<br><br>)                | (17<br><br>)                | (11<br><br>)                |\n| Net cash used in financing activities                                               | (1,280<br><br>)             | (1,501<br><br>)             | (383<br><br>)               |\n| Net increase (decrease) in cash, cash equivalents and restricted cash               | 1,069                       | 208                         | (712<br><br>)               |\n| Cash, cash equivalents and restricted cash at beginning of year                     | 1,799                       | 1,591                       | 2,303                       |\n| Cash, cash equivalents and restricted cash at end of year                           | $2,868                      | $1,799                      | $1,591                      |\n| Investing and Financing Activities Not Affecting Cash:                              |                             |                             |                             |\n| Property and equipment acquired through the issuance of debt                        | $493                        | $143                        | $897                        |\n| Right\\-of\\-use assets acquired through operating leases                             | 498                         | 663                         | 319                         |\n| Property and equipment acquired through finance lease                               | 22                          | 17                          | 16                          |\n| Lease modifications and lease conversions                                           | (2<br><br>)                 | 52                          | \u2014                           |\n| Debt associated with termination of a maintenance service agreement                 | \u2014                           | 163                         | \u2014                           |\n| Investment in Republic Airways Holdings Inc\\. received from bankruptcy claims       | \u2014                           | \u2014                           | 92                          |\n| Cash Paid During the Period for:                                                    |                             |                             |                             |\n| Interest                                                                            | $648                        | $651                        | $571                        |\n| Income taxes                                                                        | 29                          | 19                          | 20                          |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2016\\-02,  Leases (Topic 842) \\. See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n47"}
{"_id": "United-2017_130.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|        |            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| ------:|:---------- |:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|        |            | **Section 1350 Certifications**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n|  32\\.1 | UAL        | [Certification of the Chief Executive Officer and Chief Financial Officer of United Continental Holdings, Inc\\. pursuant to 18 U\\.S\\.C\\. 1350 (Section 906 of the Sarbanes\\-Oxley Act of 2002) ](https://www.example.com/d471340dex321.htm)                                                                                                                                                                                                                                                                                                                                        |\n|  32\\.2 | United     | [Certification of the Chief Executive Officer and Chief Financial Officer of United Airlines, Inc\\. pursuant to 18 U\\.S\\.C\\. 1350 (Section 906 of the Sarbanes\\-Oxley Act of 2002) ](https://www.example.com/d471340dex322.htm)                                                                                                                                                                                                                                                                                                                                                    |\n|        |            | **Interactive Data File**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n|    101 | UAL United | The following materials from each of United Continental Holdings, Inc\\.\u2018s and United Airlines, Inc\\.\u2018s Annual Reports on Form  10\\-K for the year ended December 31, 2017, formatted in XBRL (Extensible Business Reporting Language): (i) the Statements of Consolidated Operations, (ii) the Statements of Consolidated Comprehensive Income (Loss), (iii) the Consolidated Balance Sheets, (iv) the Statements of Consolidated Cash Flows, (v) the Statements of Consolidated Stockholders\u2019 Equity (Deficit) and (vi) the Combined Notes to Consolidated Financial Statements\\. |\n\n\n\n\n\n|    |                     |\n| -- | ------------------- |\n| \\* | Previously filed\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                            |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2020 | Indicates management contract or compensatory plan or arrangement\\. Pursuant to Item 601(b)(10), United is permitted to omit certain compensation\\-related exhibits from this report and therefore only UAL is identified as the registrant for purposes of those items\\.  |\n\n\n\n\n\n|   |                                                                                                                                             |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^ | Confidential portion of this exhibit has been omitted and filed separately with the SEC pursuant to a request for confidential treatment\\.  |\n\n\n\n131"}
{"_id": "Alaska-2017_62.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**CONSOLIDATED BALANCE SHEETS** ***(continued)***\n\n\n\n|                                                                                                                                                                                                     |             |          |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------- | -------- |\n| **As of December 31**  ***(in millions except share amounts)***                                                                                                                                     | **2017**    | **2016** |\n| **LIABILITIES AND SHAREHOLDERS' EQUITY**                                                                                                                                                            |             |          |\n| **Current Liabilities**                                                                                                                                                                             |             |          |\n| Accounts payable                                                                                                                                                                                    | **$120**    | $92      |\n| Accrued wages, vacation and payroll taxes                                                                                                                                                           | **418**     | 397      |\n| Air traffic liability                                                                                                                                                                               | **937**     | 849      |\n| Other accrued liabilities                                                                                                                                                                           | **918**     | 878      |\n| Current portion of long\\-term debt                                                                                                                                                                  | **307**     | 319      |\n| **Total Current Liabilities**                                                                                                                                                                       | **2,700**   | 2,535    |\n| **Long\\-Term Debt, Net of Current Portion**                                                                                                                                                         | **2,262**   | 2,645    |\n| **Other Liabilities and Credits**                                                                                                                                                                   |             |          |\n| Deferred income taxes                                                                                                                                                                               | **454**     | 463      |\n| Deferred revenue                                                                                                                                                                                    | **699**     | 640      |\n| Obligation for pension and postretirement medical benefits                                                                                                                                          | **453**     | 331      |\n| Other liabilities                                                                                                                                                                                   | **451**     | 417      |\n| **Total Other Liabilities and Credits**                                                                                                                                                             | **2,057**   | 1,851    |\n| **Commitments and Contingencies (Note 8)**                                                                                                                                                          |   <br>      |   <br>   |\n| **Shareholders' Equity**                                                                                                                                                                            |             |          |\n| Preferred stock, $0\\.01 par value, Authorized: 5,000,000 shares, none issued or outstanding                                                                                                         | **\u2014**       | \u2014        |\n| Common stock, $0\\.01 par value, Authorized: 400,000,000 shares, Issued: 2017 \\- 129,903,498 shares; 2016 \\- 129,189,634 shares, Outstanding: 2017 \\- 123,060,638 shares; 2016 \\- 123,328,051 shares | **1**       | 1        |\n| Capital in excess of par value                                                                                                                                                                      | **164**     | 110      |\n| Treasury stock (common), at cost: 2017 \\- 6,842,860 shares; 2016 \\- 5,861,583 shares                                                                                                                | **(518)**   | (443)    |\n| Accumulated other comprehensive loss                                                                                                                                                                | **(380)**   | (305)    |\n| Retained earnings                                                                                                                                                                                   | **4,454**   | 3,568    |\n|                                                                                                                                                                                                     | **3,721**   | 2,931    |\n| **Total Liabilities and Shareholders' Equity**                                                                                                                                                      | **$10,740** | $9,962   |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n 63"}
{"_id": "Southwest-2017_69.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nAs of December 31, 2017, the Company was in compliance with all credit card processing agreements\\. The inability to enter into credit card processing agreements would have a material adverse effect on the business of the Company\\. The Company believes that it will be able to continue to renew its existing credit card processing agreements or will be able to enter into new credit card processing agreements with other processors in the future\\.\n\n70"}
{"_id": "AmericanAirlines-2018_128.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**ITEM 8B\\. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA OF AMERICAN AIRLINES, INC\\.**\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Stockholder and Board of Directors\n\nAmerican Airlines, Inc\\.:\n\n*Opinion on the Consolidated Financial Statements*\n\nWe have audited the accompanying consolidated balance sheets of American Airlines, Inc\\. and subsidiaries (American) as of December 31, 2018 and 2017, the related consolidated statements of operations, comprehensive income, cash flows, and stockholder\u2019s equity for each of the years in the three\u2011year period ended December 31, 2018, and the related notes (collectively, the consolidated financial statements)\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of American as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the years in the three\u2011year period ended December 31, 2018, in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), American\u2019s internal control over financial reporting as of December 31, 2018, based on criteria established in *Internal Control \\- Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 25, 2019 expressed an unqualified opinion on the effectiveness of American\u2019s internal control over financial reporting\\.\n\n*Change in Accounting Principle* \n\nAs discussed in Note 1 to the consolidated financial statements, American changed its method of accounting for revenue from contracts with customers and leases in 2018 due to the full retrospective adoption of Accounting Standards Update (ASU) 2014\\-09, *Revenue from Contracts with Customers (Topic 606)*, as amended, and the modified retrospective adoption of ASU 2016\\-02, *Leases (Topic 842)*, as amended\\.\n\n*Basis for Opinion*\n\nThese consolidated financial statements are the responsibility of American\u2019s management\\. Our responsibility is to express an opinion on these consolidated financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to American in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\n/s/ KPMG LLP\n\nWe have served as American\u2019s auditor since 2014\\. \n\nDallas, Texas\n\nFebruary 25, 2019\n\n129"}
{"_id": "United-2018_14.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n***Extended interruptions or disruptions in service at major airports where we operate could have a material adverse impact on our operations\\.***\n\nThe airline industry is heavily dependent on business models that concentrate operations in major airports in the United States and throughout the world\\. An extended interruption or disruption at an airport where we have significant operations could have a material impact on our business, financial condition and results of operation\\.\n\nWe operate principally through our domestic hubs in at Newark, Chicago O'Hare, Denver, Houston Bush, LAX, Guam, SFO and Washington Dulles\\. Substantially all of our flights either originate in or fly into one of these locations\\. A significant interruption or disruption in service at one of our hubs or other airports where we have a significant presence resulting from ATC delays, weather conditions, natural disasters, growth constraints, relations with third\\-party service providers, failure of computer systems, disruptions to government agencies or personnel, disruptions at airport facilities or other key facilities used by us to manage our operations, labor relations, power supplies, fuel supplies, terrorist activities, international hostilities or otherwise could result in the cancellation or delay of a significant portion of our flights and, as a result, could have a material impact on our business, operating results and financial condition\\. We have minimal control over the operation, quality or maintenance of these services or whether vendors will improve or continue to provide services that are essential to our business\\.\n\n***The airline industry is subject to extensive government regulation, which imposes significant costs and may adversely impact our business, operating results and financial condition\\.***\n\nAirlines are subject to extensive regulatory and legal oversight\\. Compliance with U\\.S\\. and international regulations imposes significant costs and may have adverse effects on the Company\\. Laws, regulations, taxes and airport rates and charges, both domestically and internationally, have been proposed from time to time that could significantly increase the cost of airline operations or reduce airline revenue\\.\n\nUnited provides air transportation under certificates of public convenience and necessity issued by the DOT\\. If the DOT altered, amended, modified, suspended or revoked these certificates, it could have a material adverse effect on the Company's business\\. The FAA regulates the safety of United's operations\\. United operates pursuant to an air carrier operating certificate issued by the FAA\\. The FAA's regulations include stringent pilot flight and duty time requirements under Part 117 of the Federal Aviation Regulations, as well as minimum qualifications for air carrier first officers\\. These regulations have caused mainline airlines to hire regional pilots, while simultaneously significantly reducing the pool of new pilots from which regional carriers themselves can hire\\. Although this is an industry issue, it directly affects the Company and has required it to reduce regional partner flying, as several regional partners have experienced difficulty flying their schedules due to reduced pilot availability\\. From time to time, the FAA also issues orders, airworthiness directives and other regulations relating to the maintenance and operation of aircraft that require material expenditures or operational restrictions by the Company\\. These FAA orders and directives could include the temporary grounding of an entire aircraft type if the FAA identifies design, manufacturing, maintenance or other issues requiring immediate corrective action\\. These FAA directives or requirements could have a material adverse effect on the Company\\.\n\nIn 2018, the U\\.S\\. Congress approved a five\\-year reauthorization for the FAA, which encompasses significant aviation tax and policy\\-related issues\\. The law includes a range of policy changes related to airline customer service and aviation safety which, depending on how they are implemented, could impact our operations and costs\\. Additionally, the U\\.S\\. Congress may fail to continue to fund the operations of one or more federal government agencies which could negatively impact the Company and the airline industry\\.\n\nThe Company's operations may also be adversely impacted due to the existing antiquated ATC system utilized by the U\\.S\\. government and regulated by the FAA\\. During peak travel periods in certain markets, the current ATC system's inability to handle demand has led to short\\-term capacity constraints imposed by government agencies and resulted in delays and disruptions of air traffic\\. In addition, the current system will not be able to effectively handle projected future air traffic growth\\. The outdated technologies also cause the ATC to be less resilient in the event of a failure, causing flight cancellations and delays\\. Imposition of these ATC constraints on a long\\-term basis may have a material adverse effect on the Company's operations\\. Failure to update the ATC system in a timely manner, and the substantial funding requirements of a modernized ATC system that may be imposed on air carriers may have an adverse impact on the Company's financial condition or operating results\\.\n\nAccess to landing and take\\-off rights, or \"slots,\" at several major U\\.S\\. airports and many foreign airports served by the Company are, or recently have been, subject to government regulation\\. Certain of the Company's major hubs are among the most congested airports in the United States and have been or could be the subject of regulatory action that might limit the number of flights and/or increase costs of operations at certain times or throughout the day\\. The FAA may limit the Company's \n\n15"}
{"_id": "AmericanAirlines-2018_90.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nWe provide a valuation allowance for our deferred tax assets when it is more likely than not that some portion, or all of our deferred tax assets, will not be realized\\. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income\\. We consider all available positive and negative evidence and make certain assumptions in evaluating the realizability of our deferred tax assets\\. Many factors are considered that impact our assessment of future profitability, including conditions which are beyond our control, such as the health of the economy, the level and volatility of fuel prices and travel demand\\.\n\n***(i) Goodwill***\n\nGoodwill represents the excess of the purchase price over the fair value of the net assets acquired and liabilities assumed\\. Goodwill is not amortized but assessed for impairment annually on October 1^st^ or more frequently if events or circumstances indicate that goodwill may be impaired\\. We have one consolidated reporting unit\\.\n\nGoodwill is assessed for impairment by initially performing a qualitative assessment and, if necessary, then comparing the fair value of the reporting unit to its carrying value, including goodwill\\. If the fair value of the reporting unit is less than the carrying value, a second step is performed to determine the implied fair value of goodwill\\. If the implied fair value of goodwill is lower than its carrying value, an impairment charge equal to the difference is recorded\\. Based upon our annual assessment, there was no goodwill impairment in 2018\\. The carrying value of the goodwill on our consolidated balance sheets was $4\\.1 billion as of December 31, 2018 and 2017\\.\n\n***(j) Other Intangibles, Net***\n\nIntangible assets consist primarily of domestic airport slots, customer relationships, marketing agreements, international slots and route authorities, airport gate leasehold rights and tradenames\\.\n\n*Finite\\-Lived Intangible Assets*\n\nFinite\\-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable\\.\n\nThe following table provides information relating to our amortizable intangible assets as of December 31, 2018 and 2017 (in millions):\n\n\n\n|                               |                  |                  |\n| ----------------------------- | ---------------- | ---------------- |\n|                               | **December 31,** | **December 31,** |\n|                               | **2018**         | **2017**         |\n| Domestic airport slots        | $365             | $365             |\n| Customer relationships        | 300              | 300              |\n| Marketing agreements          | 105              | 105              |\n| Tradenames                    | 35               | 35               |\n| Airport gate leasehold rights | 137              | 137              |\n| Accumulated amortization      | (663)            | (622)            |\n| Total                         | $279             | $320             |\n\n\n\nCertain domestic airport slots and airport gate leasehold rights are amortized on a straight\\-line basis over 25 years\\. The customer relationships and marketing agreements were identified as intangible assets subject to amortization and are amortized on a straight\\-line basis over approximately nine years and 30 years, respectively\\. Tradenames are fully amortized\\.\n\nWe recorded amortization expense related to these intangible assets of $41 million, $44 million and $76 million for the years ended December 31, 2018, 2017 and 2016, respectively\\. We expect to record annual amortization expense for these intangible assets as follows (in millions):\n\n91"}
{"_id": "United-2018_55.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nsettle award redemptions while taking into consideration such factors as redemption pattern, cabin class, loyalty status and geographic region\\. The estimated selling price of miles is adjusted by breakage that considers a number of factors, including redemption patterns of various customer groups\\. The Company reviews its breakage estimates annually based upon the latest available information regarding redemption and expiration patterns\\. The Company's estimate of the expected expiration of miles requires significant management judgment\\. Current and future changes to expiration assumptions or to the expiration policy, or to program rules and program redemption opportunities, may result in material changes to the deferred revenue balance as well as recognized revenues from the program\\. For the portion of the outstanding miles that we estimate will not be redeemed, we recognize the associated value proportionally as the remaining miles are redeemed\\.\n\n*Co\\-Brand Agreement*\\. United has a significant contract (the \"Co\\-Brand Agreement\") to sell MileagePlus miles to its co\\-branded credit card partner Chase Bank USA, N\\.A\\. (\"Chase\")\\. Chase awards miles to MileagePlus members based on their credit card activity\\. United identified the following significant separately identifiable performance obligations in the Co\\-Brand Agreement:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | MileagePlus miles awarded \u2013 United has a performance obligation to provide MileagePlus cardholders with miles to be used for air travel and non\\-travel award redemptions\\. The Company records Passenger revenue related to the travel awards when the transportation is provided and records Other revenue related to the non\\-travel awards when the goods or services are delivered\\. The Company records the cost associated with non\\-travel awards in Other operating revenue\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                     |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Marketing \u2013 United has a performance obligation to provide Chase access to its customer list and the use of its brand\\. Marketing revenue is recorded to Other operating revenue as miles are delivered to Chase\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Advertising \u2013 United has a performance obligation to provide advertising in support of the MileagePlus card in various customer contact points such as United's website, email promotions, direct mail campaigns, airport advertising and in\\-flight advertising\\. Advertising revenue is recorded to Other operating revenue as miles are delivered to Chase\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Other travel\\-related benefits \u2013 United's performance obligations are comprised of various items such as waived bag fees, seat upgrades and lounge passes\\. Lounge passes are recorded to Other operating revenue as customers use the lounge passes\\. Bag fees and seat upgrades are recorded to Passenger revenue at the time of the associated travel\\.  |\n\n\n\nWe account for all the payments received (including monthly and one\\-time payments) under the Co\\-Brand Agreement by allocating them to the separately identifiable performance obligations\\. The fair value of the separately identifiable performance obligations is determined using management's estimated selling price of each component\\. The objective of using the estimated selling price based methodology is to determine the price at which we would transact a sale if the product or service were sold on a stand\\-alone basis\\. Accordingly, we determine our best estimate of selling price by considering multiple inputs and methods including, but not limited to, discounted cash flows, brand value, volume discounts, published selling prices, number of miles awarded and number of miles redeemed\\. The Company estimated the selling prices and volumes over the term of the Co\\-Brand Agreement in order to determine the allocation of proceeds to each of the components to be delivered\\. We also evaluate volumes on an annual basis, which may result in a change in the allocation of the estimated consideration from the Co\\-Brand Agreement on a prospective basis\\.\n\n*Frequent flyer deferred revenue\\.*Miles in MileagePlus members' accounts are combined into one homogeneous pool and are thus not separately identifiable, for award redemption purposes, between miles earned in the current period and those in their beginning balance\\. Of the miles expected to be redeemed, the Company expects the majority of these miles to be redeemed within two years\\. The table below presents a roll forward of Frequent flyer deferred revenue (in millions):\n\n\n\n|                                                            |                                           |                                           |\n| ---------------------------------------------------------- | ----------------------------------------- | ----------------------------------------- |\n|                                                            | **Twelve Months Ended  <br>December 31,** | **Twelve Months Ended  <br>December 31,** |\n|                                                            | **2018**                                  | **2017**                                  |\n| Total Frequent flyer deferred revenue \\- beginning balance | $4,783                                    | $4,889                                    |\n| Total miles awarded                                        | 2,451                                     | 2,077                                     |\n| Travel miles redeemed (Passenger revenue)                  | (2,068)                                   | (2,004)                                   |\n| Non\\-travel miles redeemed (Other operating revenue)       | (161)                                     | (179)                                     |\n| Total Frequent flyer deferred revenue \\- ending balance    | $5,005                                    | $4,783                                    |\n\n\n\n56"}
{"_id": "Alaska-2017_72.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nreplace most existing revenue recognition guidance in U\\.S\\. GAAP\\. In March 2016, the FASB issued ASU 2016\\-08, \"Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations\" to clarify the guidance on determining whether the Company is considered the principal or the agent in a revenue transaction where a third party is providing goods or services to a customer\\. Entities are permitted to use either a full retrospective or cumulative effect transition method, and are required to adopt all parts of the new revenue standard using the same transition method\\. The new standard became effective for the Company on January 1, 2018\\. \n\nUnder the new standard, the Company estimates a net increase to Mileage Plan\u2122 deferred revenues of approximately $345 million to $365 million as of the beginning of the retroactive reporting period (January 1, 2016) at the time of adoption\\. Additionally, the Company estimates the change in ticket breakage methodology will not have a significant impact on the statements of operations, but will decrease air traffic liability by approximately $70 million to $80 million at adoption of the standard\\. The overall impact to equity as of the beginning of the retroactive reporting period, including these, as well as other less material changes, is expected to be between $165 million and $175 million\\.\n\nIn January 2016, the FASB issued ASU No\\. 2016\\-01, \"Financial Instruments\u2014Overall (Subtopic 825\\-10)\\.\" This standard makes several changes, including the elimination of the available\\-for\\-sale classification of equity investments, and requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income\\. It is effective for the Company beginning January 1, 2018\\. The Company does not expect the adoption of ASU 2016\\-01 to have a material impact on its consolidated financial statements\\.\n\nIn February 2016, the FASB issued ASU 2016\\-02, \"Leases\" (Topic 842), which requires lessees to recognize assets and liabilities for leases currently classified as operating leases\\. Under the new standard a lessee will recognize a liability on the balance sheet representing the lease payments owed, and a right\\-of\\-use\\-asset representing its right to use the underlying asset for the lease term\\. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities\\. At this time, the Company believes the most significant impact to the financial statements will relate to the recording of a right of use asset associated with leased aircraft\\. Other leases, including airports and real estate, equipment, software and other miscellaneous leases continue to be assessed for impact as it relates to the ASU\\. The new standard is effective for the Company on January 1, 2019\\. The Company will not early adopt the standard\\.\n\nIn March 2016, the FASB issued ASU 2016\\-09, \"Compensation\u2014Stock Compensation\" (Topic 718), which simplifies several aspects of accounting for employee share\\-based payment awards, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows\\. The ASU was adopted prospectively as of January 1, 2017\\. Prior periods have not been adjusted\\. The adoption of the standard did not have a material impact on the Company's statements of operations or financial position\\. \n\nIn January 2017, the FASB issued ASU 2017\\-04, \"Intangibles\u2014Goodwill and Other\" (Topic 350), which eliminates step 2 from the goodwill impairment test\\. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit\u2019s goodwill with the carrying amount of that goodwill\\. The ASU is effective for the Company beginning January 1, 2019\\. Early adoption of the standard is permitted\\. In 2017, the Company performed an impairment test for goodwill arising from its acquisition of Virgin America and adopted the standard effective January 1, 2017\\. \n\nIn March 2017, the FASB issued ASU 2017\\-07, \"Compensation\u2014Retirement Benefits\" (Topic 715), which will require the Company to present the service cost component of net periodic benefit cost as Wages and benefits in the statements of operations\\. All other components of net periodic benefit cost will be required to be presented in Nonoperating income (expense) in the statements of operations\\. These components will not be eligible for capitalization\\. The ASU is effective for the Company beginning January 1, 2018\\. Changes to the statements of operations under the ASU are applicable retrospectively\\. The adoption of this standard will have no impact on Income before income tax or Net income for the periods subject to retrospective reclassification\\. See Note 7 for the current components of the Company's net periodic benefit costs\\.\n\nIn August 2017, the FASB issued ASU 2017\\-12, \"Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities\\.\" The ASU expands the activities that qualify for hedge accounting and simplifies the rules for reporting hedging relationships\\. The ASU is effective for the Company beginning January 1, 2019\\. The Company will not early adopt the standard\\. \n\n 73"}
{"_id": "Southwest-2018_71.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Southwest Airlines Co\\.**\n\n**Notes to Consolidated Financial Statements**\n\n**1****\\. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n\n***Basis of Presentation***\n\nSouthwest Airlines Co\\. (the \"Company\") operates Southwest Airlines, a major domestic airline\\. The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, which include AirTran Holdings, LLC, the successor to AirTran Holdings, Inc\\. (\"AirTran Holdings\"), the former parent company of AirTran Airways, Inc\\. (\"AirTran Airways\")\\. The accompanying Consolidated Financial Statements include the results of operations and cash flows for all periods presented and all significant inter\\-entity balances and transactions have been eliminated\\. The preparation of financial statements in conformity with generally accepted accounting principles in the United States (\"GAAP\") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes\\. Actual results could differ from these estimates\\.\n\nEffective as of January 1, 2018, the Company adopted Accounting Standards Update (\"ASU\") No\\. 2014\\-09, Revenue from Contracts with Customers (the \"New Revenue Standard\"), ASU No\\. 2017\\-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (the \"New Retirement Standard\"), and ASU No\\. 2017\\-12, Targeted Improvements to Accounting for Hedging Activities (the \"New Hedging Standard\")\\. All amounts and disclosures set forth in this Form 10\\-K reflect the adoption of these ASUs\\. See Note 2 for further information\\. \n\nThe Company reclassified $198 million and $229 million from Aircraft rentals to Other operating expenses in the Consolidated Statement of Income for the years ended December 31, 2017 and 2016, respectively, to be comparative with the current period's presentation\\. Aircraft rentals expense included in Other operating expenses for the year ended December 31, 2018, was $161 million\\. This reclassification had no impact on Operating income, Net income, the Consolidated Balance Sheet, or the Consolidated Statement of Cash Flows\\.\n\n***Cash and Cash Equivalents***\n\nCash in excess of that necessary for operating requirements is invested in short\\-term, highly liquid, income\\-producing investments\\. Investments with original maturities of three months or less when purchased are classified as cash and cash equivalents, which primarily consist of certificates of deposit, money market funds, and investment grade commercial paper issued by major corporations and financial institutions\\. Cash and cash equivalents are stated at cost, which approximates fair value\\.\n\nAs of December 31, 2018, no cash collateral deposits were provided by or held by the Company from its fuel hedge counterparties, and no cash collateral deposits were held by or provided by the Company to its interest rate hedge counterparties\\. As of December 31, 2017, $15 million in cash collateral deposits were held by the Company from its fuel hedge counterparties, and no cash collateral deposits were held by or provided by the Company to its interest rate hedge counterparties\\. Cash collateral amounts provided or held associated with fuel and interest rate derivative instruments are not restricted in any way and earn interest income at an agreed upon rate that approximates the rates earned on short\\-term securities issued by the U\\.S\\. Government\\. Depending on the fair value of the Company\u2019s fuel and interest rate derivative instruments, the amounts of collateral deposits held or provided at any point in time can fluctuate significantly\\. See Note 10 for further information on these collateral deposits and fuel derivative instruments\\.\n\n***Short\\-term and Noncurrent Investments***\n\nShort\\-term investments consist of investments with original maturities of greater than three months but less than twelve months when purchased\\. These are primarily short\\-term securities issued by the U\\.S\\. Government and certificates of deposit issued by domestic banks\\. All of these investments are classified as available\\-for\\-sale securities and are stated at fair value, which approximates cost\\. For all short\\-term investments, at each reset period or upon reinvestment, the Company accounts for the transaction as Proceeds from sales of short\\-term investments for the security relinquished, \n\n72"}
{"_id": "Southwest-2019_13.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nnor has it experienced any such liability in the past that has had a material adverse effect on its operations, costs, or profitability\\.\n\nFurther regulatory developments pertaining to the control of engine exhaust emissions from ground support equipment could increase operating costs in the airline industry\\. The Company does not believe, however, that pending  environmental regulatory developments in this area will have a material effect on the Company's capital expenditures or otherwise adversely affect its operations, operating costs, or competitive position in a material way\\.\n\nThe federal government, as well as several state and local governments, the governments of other countries, and the United Nations\u2019 International Civil Aviation Organization (\"ICAO\") have implemented legislative and regulatory proposals and voluntary measures to address climate change by reducing green\\-house gas emissions\\. At the federal level, in July 2016, the Environmental Protection Agency (the \"EPA\") issued a final endangerment finding for greenhouse gas emissions from certain types of aircraft engines, which the agency determined contribute to pollution that causes climate change and endangers public health and the environment\\. Following this endangerment finding, per the federal Clean Air Act, the EPA is required to promulgate new regulations for controlling greenhouse gas emissions from aircraft, including potential new carbon\\-efficiency standards on aircraft and engine manufacturers\\.\n\nThe EPA's endangerment finding preceded adoption by the ICAO Assembly of a new \"global market\\-based measure\" framework in an effort to control carbon dioxide emissions from international aviation\\. The focal point of this framework is a carbon offsetting system on aircraft operators designed to cap the growth of emissions related to international aviation emissions\\. ICAO's Carbon Offsetting and Reduction Scheme for International Aviation (\"CORSIA\") program is a global market\\-based measure intended to cap carbon emissions from international civil aviation at their 2020 levels, enabling carbon\\-neutral growth for the international aviation sector from 2020\\.  The U\\.S\\. federal government has opted to participate in the voluntary phases of the CORSIA program from 2021\\-2026\\. As part of the CORSIA program, the Company is currently monitoring its international emissions for reporting purposes\\. Data collected from the monitoring phase will form the baseline and be used in the calculations to determine subsequent carbon offsetting requirements under the CORSIA program\\. Regardless of the method of regulation or application of CORSIA, further policy changes with regard to climate change are possible, which could significantly increase operating costs in the airline industry and, as a result, adversely affect operations\\.\n\nIn addition to climate change, aircraft noise continues to be an environmental focus, especially as the FAA implements new flight procedures as part of its NextGen airspace modernization program discussed above\\. The Airport Noise and Capacity Act of 1990 gives airport operators the right, under certain circumstances, to implement local noise abatement programs, provided they do not unreasonably interfere with interstate or foreign commerce or the national air transportation system\\. Some airports have established airport restrictions to limit noise, including restrictions on aircraft types to be used and limits on the number of hourly or daily operations or the time of operations\\. These types of restrictions can cause curtailments in service or increases in operating costs and can limit the ability of air carriers to expand operations at the affected airports\\.\n\nAt the federal level, the FAA has committed to inform and involve the public, engage with communities, and give meaningful consideration to community concerns and views when developing new flight procedures, and there is a possibility that Congress may enact legislation in 2020 to address local noise concerns at one or more commercial airports in the United States\\. In addition, the Reauthorization Act requires the FAA to consider community noise concerns when proposing a new navigation departure procedure or amending an existing navigation procedure that would direct aircraft over noise sensitive areas\\. This requirement could delay or otherwise impede the implementation or use of more efficient flight paths\\. \n\nThe Company remains steadfast in its desire to pursue, implement, and enhance initiatives that will reduce fuel consumption, which reduces carbon emissions, and improve fuel efficiency\\. During 2019, the Company continued its efforts at more efficient flight planning and flight operation\\. In addition, over the years, the Company has undertaken a number of other fuel conservation and carbon emission reduction initiatives such as the following:\n\n\n\n|   |                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | introduced the MAX aircraft into the Company's fleet, which is more fuel\\-efficient and releases fewer CO ^2^  emissions than the Company's other aircraft; |\n\n\n\n\n\n|   |                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | installation of blended winglets, which reduce drag and increase fuel efficiency, on all aircraft in the Company's fleet; |\n\n\n\n14"}
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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D\\.C\\. 20549\n\nFORM   10\\-K \n\n\n\n|   |                                                                                               |\n| - | --------------------------------------------------------------------------------------------- |\n| \u00fe | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES**  **EXCHANGE ACT OF 1934** |\n\n\n\nFor the fiscal year ended    December 31, 2017 \n\n\n\n|        |                                                                                                   |\n| ------ | ------------------------------------------------------------------------------------------------- |\n| **Or** | **Or**                                                                                            |\n| o      | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES**  **EXCHANGE ACT OF 1934** |\n\n\n\nCommission File Number 001\\-5424\n\n![deltacra01a01a01a02a30\\.jpg](http://ir.delta.com/deltacra01a01a01a02a30.jpg)\n\nDELTA AIR LINES, INC\\. \n\n(Exact name of registrant as specified in its charter)\n\n\n\n|                                                                         |                                                                         |\n| ----------------------------------------------------------------------- | ----------------------------------------------------------------------- |\n| **Delaware**                                                            | **58\\-0218548**                                                         |\n| (State or other jurisdiction of incorporation or organization)          | (I\\.R\\.S\\. Employer Identification No\\.)                                |\n| **Post Office Box 20706**                                               |                                                                         |\n| **Atlanta, Georgia**                                                    | **30320\\-6001**                                                         |\n| (Address of principal executive offices)                                | (Zip Code)                                                              |\n| **Registrant's telephone number, including area code: (404) 715\\-2600** | **Registrant's telephone number, including area code: (404) 715\\-2600** |\n\n\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n\n\n|                                            |                                               |\n| ------------------------------------------ | --------------------------------------------- |\n| **Title of each class**                    | **Name of each exchange on which registered** |\n| Common Stock, par value $0\\.0001 per share | New York Stock Exchange                       |\n\n\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\. Yes  \u00fe  No  o \n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act\\. Yes  o  No  \u00fe \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days\\. Yes  \u00fe  No  o \n\nIndicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S\\-T (\u00a7 232\\.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)\\. Yes  \u00fe  No  o \n\nIndicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K\\.  o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, a smaller reporting company or an emerging growth company\\. See the definitions of \u201clarge accelerated filer,\u201d \u201caccelerated filer,\u201d \u201csmaller reporting company\u201d and \"emerging growth company\" in Rule 12b\\-2 of the Exchange Act\\. (Check one):\n\n\n\n|                           |                           |                           |   |                         |   |                                               |\n| ------------------------- | ------------------------- | ------------------------- | - | ----------------------- | - | --------------------------------------------- |\n| Large accelerated filer   | \u00fe                         | Accelerated filer         | o | Non\\-accelerated filer  | o | (Do not check if a smaller reporting company) |\n| Smaller reporting company | Smaller reporting company | Smaller reporting company | o | Emerging growth company | o |                                               |\n\n\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.  o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Exchange Act)\\. Yes  o  No  \u00fe\n\nThe aggregate market value of the voting and non\\-voting common equity held by non\\-affiliates of the registrant as of June 30, 2017 was approximately   $38\\.9 billion \\.\n\nOn January 31, 2018, there were outstanding   706,913,358  shares of the registrant's common stock\\.\n\nThis document is also available on our website at http://ir\\.delta\\.com/\\.\n\nDocuments Incorporated By Reference\n\nPart III of this Form 10\\-K incorporates by reference certain information from the registrant's definitive Proxy Statement for its Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission\\."}
{"_id": "AmericanAirlines-2019_87.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n(a) 2013, 2014, April 2016 and December 2016 Credit Facilities\n\n2013 Credit Facilities\n\nIn November 2019, American and AAG entered into the Sixth Amendment to Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement dated as of May 21, 2015 (as previously amended, the 2013 Credit Agreement; the revolving credit facility established thereunder, the 2013 Revolving Facility; the term loan facility established thereunder, the 2013 Term Loan Facility; and the 2013 Revolving Facility together with the 2013 Term Loan Facility, the 2013 Credit Facilities), which reduced the total aggregate commitments under the 2013 Revolving Facility to   $750 million  from   $1\\.0 billion \\. In addition, certain lenders party to the 2013 Credit Agreement extended the maturity date of their commitments under the 2013 Revolving Facility to October 2024 from October 2023\\.\n\n2014 Credit Facilities\n\nIn November 2019, American and AAG entered into the Seventh Amendment to Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement dated as of April 20, 2015 (as previously amended, the 2014 Credit Agreement; the revolving credit facility established thereunder, the 2014 Revolving Facility; the term loan facility established thereunder, the 2014 Term Loan Facility; and the 2014 Revolving Facility together with the 2014 Term Loan Facility, the 2014 Credit Facilities), which increased the total aggregate commitments under the 2014 Revolving Facility to   $1\\.6 billion  from   $1\\.5 billion \\. In addition, certain lenders party to the 2014 Credit Agreement extended the maturity date of their commitments under the 2014 Revolving Facility to October 2024 from October 2023\\.\n\nApril 2016 Credit Facilities\n\nIn November 2019, American and AAG entered into the Fifth Amendment to Credit and Guaranty Agreement, amending the Credit and Guaranty Agreement dated as of April 29, 2016 (as previously amended, April 2016 Credit Agreement; the revolving credit facility established thereunder, the April 2016 Revolving Facility; the term loan facility established thereunder, the 2016 Term Loan Facility; and the April 2016 Revolving Facility together with the 2016 Term Loan Facility, the April 2016 Credit Facilities), which increased the total aggregate commitments under the April 2016 Revolving Facility to   $450 million  from   $300 million \\. In addition, certain lenders party to the April 2016 Credit Agreement extended the maturity date of their commitments under the April 2016 Revolving Facility to October 2024 from October 2023\\.\n\nDecember 2016 Credit Facilities\n\nIn December 2016, American and AAG entered into the Amended and Restated Credit and Guaranty Agreement, dated as of December 15, 2016 (as amended, the December 2016 Credit Agreement; the term loan facility established thereunder, the December 2016 Term Loan Facility; and together with the revolving credit facility that may be established thereunder in the future, the December 2016 Credit Facilities)\\.\n\nCertain 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, 2019 :\n\n\n\n|                                                                                          |                                |                                  |                            |                                       |                                  |                                             |                                     |\n| ---------------------------------------------------------------------------------------- | ------------------------------ | -------------------------------- | -------------------------- | ------------------------------------- | -------------------------------- | ------------------------------------------- | ----------------------------------- |\n|                                                                                          | **2013 Credit Facilities**     | **2013 Credit Facilities**       | **2014 Credit Facilities** | **2014 Credit Facilities**            | **April 2016 Credit Facilities** | **April 2016 Credit Facilities**            | **December 2016 Credit Facilities** |\n|                                                                                          | **2013 Replacement Term Loan** | **2013  <br>Revolving Facility** | **2014 Term Loan**         | **2014  <br>Revolving  <br>Facility** | **April 2016 Term Loan**         | **April 2016  <br>Revolving  <br>Facility** | **December 2016 Term Loan**         |\n| Aggregate principal issued<br><br> or credit facility availability<br><br> (in millions) | $1,919                         | $750                             | $1,250                     | $1,643                                | $1,000                           | $450                                        | $1,250                              |\n| Principal outstanding or<br><br> drawn (in millions)                                     | $1,807                         | $\u2014                               | $1,202                     | $\u2014                                    | $970                             | $\u2014                                          | $1,213                              |\n| Maturity date                                                                            | June 2025                      | October 2024                     | October 2021               | October 2024                          | April 2023                       | October 2024                                | December 2023                       |\n| LIBOR margin                                                                             | 1\\.75%                         | 2\\.00%                           | 2\\.00%                     | 2\\.00%                                | 2\\.00%                           | 2\\.00%                                      | 2\\.00%                              |\n\n\n\nThe term loans under each of the Credit Facilities are repayable in annual installments in an amount equal to   1\\.00%  of the aggregate principal amount issued, with any unpaid balance due on the respective maturity dates\\. Voluntary prepayments may be made by American at any time\\.\n\n88"}
{"_id": "Alaska-2018_93.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\nTo the Stockholders and Board of Directors\n\nAlaska Air Group, Inc\\.:\n\n*Opinion on Internal Control Over Financial Reporting* \n\nWe have audited Alaska Air Group, Inc\\. and subsidiaries\u2019 (the Company) internal control over financial reporting as of December 31, 2018, based on criteria established in *Internal Control \\- Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission\\. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018, based on criteria established in *Internal Control \\- Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission\\. \n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2018 and 2017, the related consolidated statements of operations, comprehensive operations, shareholders\u2019 equity, and cash flows for each of the years in the three\\-year period ended December 31, 2018, and the related notes (collectively, the consolidated financial statements), and our report dated February 15, 2019 expressed an unqualified opinion on those consolidated financial statements\\.\n\n*Basis for Opinion* \n\nThe Company\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management\u2019s Report on Internal Control Over Financial Reporting\\. Our responsibility is to express an opinion on the Company\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk\\. Our audit also included performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\n*Definition and Limitations of Internal Control Over Financial Reporting* \n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n/s/ KPMG LLP\n\nSeattle, Washington\n\nFebruary 15, 2019\n\n 94"}
{"_id": "AmericanAirlines-2019_86.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n5\\. Debt\n\nLong\\-term debt included on our consolidated balance sheets consisted of (in millions):\n\n\n\n|                                                                                                                                                               |                  |                  |\n| ------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                                                                                               | **December 31,** | **December 31,** |\n|                                                                                                                                                               | **2019**         | **2018**         |\n| *Secured*                                                                                                                                                     |                  |                  |\n| 2013 Credit Facilities, variable interest rate of 3\\.54%, installments through 2025  ^(a)^                                                                    | $1,807           | $1,825           |\n| 2014 Credit Facilities, variable interest rate of 3\\.72%, installments through 2021  ^(a)^                                                                    | 1,202            | 1,215            |\n| April 2016 Credit Facilities, variable interest rate of 3\\.80%, installments through 2023  ^(a)^                                                              | 970              | 980              |\n| December 2016 Credit Facilities, variable interest rate of 3\\.74%, installments through 2023  ^(a)^                                                           | 1,213            | 1,225            |\n| Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 3\\.00% to 8\\.39%, averaging 4\\.05%, maturing from 2020 to 2032  ^(b)^        | 11,933           | 11,648           |\n| Equipment loans and other notes payable, fixed and variable interest rates ranging from 2\\.99% to 7\\.31%, averaging 3\\.45%, maturing from 2020 to 2031  ^(c)^ | 4,727            | 5,060            |\n| Special facility revenue bonds, fixed interest rates ranging from 5\\.00% to 8\\.00%, maturing from 2020 to 2031                                                | 754              | 798              |\n|                                                                                                                                                               | 22,606           | 22,751           |\n| *Unsecured*                                                                                                                                                   |                  |                  |\n| 4\\.625% senior notes, interest only payments until due in March 2020  ^(d)^                                                                                   | 500              | 500              |\n| 5\\.000% senior notes, interest only payments until due in June 2022  ^(d)^                                                                                    | 750              | \u2014                |\n| 5\\.50% senior notes                                                                                                                                           | \u2014                | 750              |\n|                                                                                                                                                               | 1,250            | 1,250            |\n| Total long\\-term debt                                                                                                                                         | 23,856           | 24,001           |\n| Less: Total unamortized debt discount, premium and issuance costs                                                                                             | 211              | 222              |\n| Less: Current maturities                                                                                                                                      | 2,749            | 3,213            |\n| Long\\-term debt, net of current maturities                                                                                                                    | $20,896          | $20,566          |\n\n\n\nThe table below shows the maximum availability under revolving credit facilities, all of which were undrawn, as of  December 31, 2019  (in millions):\n\n\n\n|                                      |        |\n| ------------------------------------ | ------ |\n| 2013 Revolving Facility              | $750   |\n| 2014 Revolving Facility              | 1,643  |\n| April 2016 Revolving Facility        | 450    |\n| Other Short\\-term Revolving Facility | 400    |\n| Total                                | $3,243 |\n\n\n\nSecured financings are collateralized by assets, primarily aircraft, engines, simulators, aircraft spare parts, airport gate leasehold rights, route authorities, airport slots and certain pre\\-delivery payments\\. \n\nAt  December 31, 2019 , the maturities of long\\-term debt are as follows (in millions):\n\n\n\n|                     |         |\n| ------------------- | ------- |\n| 2020                | $2,798  |\n| 2021                | 3,510   |\n| 2022                | 2,303   |\n| 2023                | 4,074   |\n| 2024                | 1,523   |\n| 2025 and thereafter | 9,648   |\n| Total               | $23,856 |\n\n\n\n87"}
{"_id": "Alaska-2017_53.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Future Fuel Hedge Positions***\n\nAll of our future oil positions are call options, which are designed to effectively cap the cost of the crude oil component of our jet fuel purchases\\. With call options, we are hedged against volatile crude oil price increases; and, during a period of decline in crude oil prices, we only forfeit cash previously paid for hedge premiums\\. Our crude oil positions are as follows:\n\n\n\n|                     |                                                 |                                                  |                                     |\n| ------------------- | ----------------------------------------------- | ------------------------------------------------ | ----------------------------------- |\n|                     | **Approximate % of Expected Fuel Requirements** | **Weighted\\-Average Crude Oil Price per Barrel** | **Average Premium Cost per Barrel** |\n| First Quarter 2018  | 50%                                             | $62                                              | $2                                  |\n| Second Quarter 2018 | 50%                                             | $63                                              | $1                                  |\n| Third Quarter 2018  | 40%                                             | $62                                              | $2                                  |\n| Fourth Quarter 2018 | 30%                                             | $62                                              | $2                                  |\n|  **Full Year 2018** | **42%**                                         | **$62**                                          | **$2**                              |\n| First Quarter 2019  | 20%                                             | $64                                              | $1                                  |\n| Second Quarter 2019 | 10%                                             | $65                                              | $2                                  |\n|  **Full Year 2019** | **7%**                                          | **$65**                                          | **$2**                              |\n\n\n\n***Contractual Obligations***\n\nThe following table provides a summary of our obligations as of December 31, 2017\\. For agreements with variable terms, amounts included reflect our minimum obligations\\.\n\n\n\n|                                           |          |          |          |          |          |            |           |\n| ----------------------------------------- | -------- | -------- | -------- | -------- | -------- | ---------- | --------- |\n| *(in millions)*                           | **2018** | **2019** | **2020** | **2021** | **2022** | **Beyond** | **Total** |\n| Current and long\\-term debt obligations   | $310     | $393     | $449     | $414     | $247     | $768       | $2,581    |\n| Operating lease commitments ^(a)^         | 431      | 423      | 391      | 338      | 296      | 1,163      | 3,042     |\n| Aircraft maintenance deposits ^(b)^       | 61       | 65       | 68       | 64       | 52       | 39         | 349       |\n| Aircraft purchase commitments  ^(c)^      | 955      | 816      | 377      | 268      | 193      | 145        | 2,754     |\n| Interest obligations ^(d)^                | 89       | 81       | 64       | 47       | 35       | 69         | 385       |\n| Aircraft maintenance and parts management | 98       | 102      | 105      | 121      | 76       | 80         | 582       |\n| Other obligations                         | 136      | 158      | 166      | 172      | 180      | 1,099      | 1,911     |\n| Total                                     | $2,080   | $2,038   | $1,620   | $1,424   | $1,079   | $3,363     | $11,604   |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                    |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(a)^ | Operating lease commitments generally include aircraft operating leases, airport property and hangar leases, office space, and other equipment leases\\. Included here are E175 aircraft operated by SkyWest under a capacity purchase agreement\\.  |\n\n\n\n\n\n|       |                                                                                                                                   |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------- |\n| ^(b)^ | Aircraft maintenance deposits relate to leased Airbus aircraft, and the power\\-by\\-the\\-hour agreement for the B737\\-800 fleet\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                      |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(c)^ | Represents non\\-cancelable contractual payment commitments for aircraft and engines\\. We intend to reduce the capital investment from these levels, specifically in 2018, 2019 and 2020, which may require deferral of certain aircraft deliveries\\. |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(d)^ | For variable\\-rate debt, future obligations are shown above using interest rates forecast as of  December 31, 2017 \\. |\n\n\n\n***Defined Benefit Pensions***\n\nThe table above excludes contributions to our various pension plans, for which there are no minimum required contributions given the funded status of the plans\\. The unfunded liability for our qualified defined\\-benefit pension plans was $304 million at December 31, 2017, compared to a $197 million unfunded position at December 31, 2016\\. This results in an 87% funded status on a projected benefit obligation basis compared to 90% funded as of December 31, 2016\\. We contributed approximately $15 million in 2017 to the plans\\.\n\n***Credit Card Agreements***\n\nWe have agreements with a number of credit card companies to process the sale of tickets and other services\\. Under these agreements, there are material adverse change clauses that, if triggered, could result in the credit card companies holding back a reserve from our credit card receivables\\. Under one such agreement, we could be required to maintain a reserve if our credit rating is downgraded to or below a rating specified by the agreement or our cash and marketable securities balance fell below $500 million\\. Under another such agreement, we could be required to maintain a reserve if our cash and marketable securities balance fell below $500 million\\. We are not currently required to maintain any reserve under these agreements, but if we were, our financial position and liquidity could be materially harmed\\.\n\n 54"}
{"_id": "Delta-2017_34.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nOperating Expense\n\n\n\n|                                                    |                             |                             |                                    |                                      |\n| -------------------------------------------------- | --------------------------- | --------------------------- | ---------------------------------- | ------------------------------------ |\n|                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Increase**<br><br>**(Decrease)** | **% Increase**<br><br>**(Decrease)** |\n| **(in millions)**                                  | **2017**                    | **2016**                    | **Increase**<br><br>**(Decrease)** | **% Increase**<br><br>**(Decrease)** |\n| Salaries and related costs                         | $10,436                     | $10,034                     | $402                               | 4\\.0 %                               |\n| Aircraft fuel and related taxes                    | 5,733                       | 5,133                       | 600                                | 11\\.7 %                              |\n| Regional carriers expense                          | 4,503                       | 4,311                       | 192                                | 4\\.5 %                               |\n| Depreciation and amortization                      | 2,235                       | 1,902                       | 333                                | 17\\.5 %                              |\n| Contracted services                                | 2,184                       | 1,991                       | 193                                | 9\\.7 %                               |\n| Aircraft maintenance materials and outside repairs | 1,992                       | 1,823                       | 169                                | 9\\.3 %                               |\n| Passenger commissions and other selling expenses   | 1,787                       | 1,710                       | 77                                 | 4\\.5 %                               |\n| Landing fees and other rents                       | 1,528                       | 1,490                       | 38                                 | 2\\.6 %                               |\n| Passenger service                                  | 1,067                       | 907                         | 160                                | 17\\.6 %                              |\n| Profit sharing                                     | 1,065                       | 1,115                       | (50)                               | (4\\.5)%                              |\n| Aircraft rent                                      | 351                         | 285                         | 66                                 | 23\\.2 %                              |\n| Other                                              | 2,249                       | 1,986                       | 263                                | 13\\.2 %                              |\n| Total operating expense                            | $35,130                     | $32,687                     | $2,443                             | 7\\.5 %                               |\n\n\n\nSalaries and Related Costs\\.  The increase in salaries and related costs is primarily  due to increases for eligible merit, ground and flight attendant employees implemented in the June 2017 quarter\\. \n\nAircraft Fuel and Related Taxes\\.  Including our regional carriers, fuel expense increased  $771 million  compared to the prior year due to a 22\\.3% increase in the market price per gallon of fuel, partially offset by reduced fuel hedge losses compared to the prior year and profits generated within our refinery segment\\.  The table below presents fuel expense, including our regional carriers:\n\n\n\n|                                                                           |                             |                             |              |                |\n| ------------------------------------------------------------------------- | --------------------------- | --------------------------- | ------------ | -------------- |\n|                                                                           | **Year Ended December 31,** | **Year Ended December 31,** | **Increase** | **% Increase** |\n| **(in millions)**                                                         | **2017**                    | **2016**                    | **Increase** | **% Increase** |\n| Aircraft fuel and related taxes ^(1)^                                     | $5,733                      | $5,133                      | $600         |                |\n| Aircraft fuel and related taxes included within regional carriers expense | 1,023                       | 852                         | 171          |                |\n| Total fuel expense                                                        | $6,756                      | $5,985                      | $771         | 12\\.9%         |\n\n\n\n\n\n|       |                                                                                                 |\n| ----- | ----------------------------------------------------------------------------------------------- |\n| ^(1)^ | Includes the impact of fuel hedging and refinery results described further in the table below\\. |\n\n\n\nThe table below shows the impact of hedging and the refinery on fuel expense and average price per gallon, adjusted (non\\-GAAP financial measures):\n\n\n\n|                                           |                             |                             |                                    |                              |                              |                              |\n| ----------------------------------------- | --------------------------- | --------------------------- | ---------------------------------- | ---------------------------- | ---------------------------- | ---------------------------- |\n|                                           |                             |                             |                                    | **Average Price Per Gallon** | **Average Price Per Gallon** | **Average Price Per Gallon** |\n|                                           | **Year Ended December 31,** | **Year Ended December 31,** | **Increase**<br><br>**(Decrease)** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Increase (Decrease)**      |\n| **(in millions, except per gallon data)** | **2017**                    | **2016**                    | **Increase**<br><br>**(Decrease)** | **2017**                     | **2016**                     | **Increase (Decrease)**      |\n| Fuel purchase cost ^(1)^                  | $6,833                      | $5,579                      | $1,254                             | $1\\.70                       | $1\\.39                       | $0\\.31                       |\n| Airline segment fuel hedge losses ^(2)^   | 33                          | 281                         | (248)                              | 0\\.01                        | 0\\.07                        | (0\\.06)                      |\n| Refinery segment impact ^(2)^             | (110)                       | 125                         | (235)                              | (0\\.03)                      | 0\\.03                        | (0\\.06)                      |\n| Total fuel expense                        | $6,756                      | $5,985                      | $771                               | $1\\.68                       | $1\\.49                       | $0\\.19                       |\n| MTM adjustments and settlements ^(3)^     | 259                         | 450                         | (191)                              | 0\\.06                        | 0\\.11                        | (0\\.05)                      |\n| Total fuel expense, adjusted              | $7,015                      | $6,435                      | $580                               | $1\\.74                       | $1\\.60                       | $0\\.14                       |\n\n\n\n\n\n|       |                                                                                                    |\n| ----- | -------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Market price for jet fuel at airport locations, including related taxes and transportation costs\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                              |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Includes the impact of pricing arrangements between the airline and refinery segments with respect to the refinery's inventory price risk\\. For additional information regarding the refinery segment impact, see \"Refinery Segment\" below\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | MTM adjustments and settlements include the effects of the derivative transactions discussed in  Note 4  of the Notes to the Consolidated Financial Statements\\. For additional information and the reason for adjusting fuel expense, see \"Supplemental Information\" below\\. |\n\n\n\n 30"}
{"_id": "AmericanAirlines-2019_132.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nThe 2013 Revolving Facility, 2014 Revolving Facility and April 2016 Revolving Facility provide that American may from time to time borrow, repay and reborrow loans thereunder\\. The 2013 Revolving Facility and 2014 Revolving Facility have the ability to issue letters of credit thereunder in an aggregate amount outstanding at any time up to   $100 million  and   $200 million , respectively\\. The 2013 Revolving Facility, 2014 Revolving Facility and April 2016 Revolving Facility are each subject to an undrawn annual fee of   0\\.63% \\. As of  December 31, 2019 , there were no borrowings or letters of credit outstanding under the 2013 Revolving Facility, 2014 Revolving Facility or April 2016 Revolving Facility\\. The December 2016 Credit Facilities provide for a revolving credit facility that may be established thereunder in the future\\.\n\nSubject to certain limitations and exceptions, the Credit Facilities are secured by collateral, including certain spare parts, slots, route authorities, simulators and leasehold rights\\. American has the ability to make future modifications to the collateral pledged, subject to certain restrictions\\. American\u2019s obligations under the Credit Facilities are guaranteed by AAG\\. American is required to maintain a certain minimum ratio of appraised value of the collateral to the outstanding loans as further described below in  \u201cCollateral\\-Related Covenants\\.\u201d\n\nThe Credit Facilities contain events of default customary for similar financings, including cross default to other material indebtedness\\. Upon the occurrence of an event of default, the outstanding obligations may be accelerated and become due and payable immediately\\. In addition, if a \u201cchange of control\u201d occurs, American will (absent an amendment or waiver) be required to repay at par the loans outstanding under the Credit Facilities and terminate the 2013 Revolving Facility, 2014 Revolving Facility and April 2016 Revolving Facility and any revolving credit facility established under the December 2016 Credit Facilities\\. The Credit Facilities also include covenants that, among other things, require AAG to maintain a minimum aggregate liquidity (as defined in the Credit Facilities) of not less than   $2\\.0 billion  and limit the ability of AAG and its restricted subsidiaries to pay dividends and make certain other payments, make certain investments, incur additional indebtedness, incur liens on the collateral, dispose of the collateral, enter into certain affiliate transactions and engage in certain business activities, in each case subject to certain exceptions\\.\n\nIn December 2019, due to uncertainty surrounding the timing of the Boeing 737 MAX aircraft return to service, American entered into an additional short\\-term revolving line of credit to provide us with incremental borrowing capacity of up to   $400 million \\. We have no present intention to borrow any amounts under this facility, which matures in September 2020 with an optional extension to December 2020\\.\n\n(b) EETCs\n\n2019\\-1 Aircraft EETCs \n\nIn August 2019, American created three pass\\-through trusts which issued approximately   $1\\.1 billion  aggregate face amount of Series 2019\\-1 Class AA, Class A and Class B EETCs (the 2019\\-1 Aircraft EETCs) in connection with the financing of   35  aircraft previously delivered or to be delivered to American through September 2020 (the 2019\\-1 Aircraft)\\. As of  December 31, 2019 , approximately   $804 million  of the proceeds had been used to purchase equipment notes issued by American in connection with financing   28  aircraft under the 2019\\-1 Aircraft EETCs, of which   $608 million  was used to repay existing indebtedness\\. Interest and principal payments on equipment notes issued in connection with the 2019\\-1 Aircraft EETCs are payable semi\\-annually in February and August of each year, with interest payments scheduled to begin in February 2020 and with principal payments scheduled to begin (i) in the case of equipment notes with respect to any 2019\\-1 Aircraft owned by American at the time of issuance of the 2019\\-1 Aircraft EETCs, in February 2020 and (ii) in the case of equipment notes with respect to the Embraer E175 aircraft and the Airbus A321neo aircraft scheduled to be delivered after the issuance of the 2019\\-1 Aircraft EETCs, in August 2020 and August 2021, respectively\\. The remaining proceeds of approximately   $293 million  as of  December 31, 2019  were being held in escrow with a depositary for the benefit of the holders of the 2019\\-1 Aircraft EETCs until such time as American issues additional equipment notes with respect to the remaining 2019\\-1 Aircraft to the pass\\-through trusts, which will purchase such additional equipment notes with the escrowed funds\\. These escrowed funds are not guaranteed by American and are not reported as debt on its condensed consolidated balance sheet because the proceeds held by the depositary for the benefit of the holders of the 2019\\-1 Aircraft EETCs are not American\u2019s assets\\.\n\n133"}
{"_id": "AmericanAirlines-2019_39.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nGround Properties\n\nAt each airport where we conduct flight operations, we have agreements, generally with a governmental unit or authority, for the use of passenger, operations and baggage handling space as well as runways and taxiways\\. These agreements, particularly in the U\\.S\\., often contain provisions for periodic adjustments to rates and charges applicable under such agreements\\. These rates and charges also vary with our level of operations and the operations of the airport\\. Additionally, at our hub locations and in certain other cities we serve, we lease administrative offices, catering, cargo, training, maintenance and other facilities\\.\n\nWe lease or have built on leased property our headquarters and training facilities in Fort Worth, Texas, our principal overhaul and maintenance base in Tulsa, Oklahoma, our regional reservation offices, and administrative offices throughout the U\\.S\\. and abroad\\. Construction was completed in 2019 on our new headquarters on the corporate campus in Fort Worth, Texas\\.\n\nITEM 3\\. LEGAL PROCEEDINGS\n\nChapter 11 Cases \\. On November 29, 2011, AMR, American, and certain of AMR\u2019s other direct and indirect domestic subsidiaries (the Debtors) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court)\\. On October 21, 2013, the Bankruptcy Court entered an order approving and confirming the Debtors\u2019 fourth amended joint plan of reorganization (as amended, the Plan)\\. On the Effective Date, December 9, 2013, the Debtors consummated their reorganization pursuant to the Plan and completed the Merger\\.\n\nPursuant to rulings of the Bankruptcy Court, the Plan established the Disputed Claims Reserve to hold shares of AAG common stock reserved for issuance to disputed claimholders at the Effective Date that ultimately become holders of allowed claims\\. The shares of AAG common stock issued to the Disputed Claims Reserve were originally issued on December 13, 2013 and have at all times since been included in the number of shares issued and outstanding as reported from time to time in our quarterly and annual reports, including for purposes of calculating earnings per common share\\. As disputed claims are resolved, the claimants receive distributions of shares from the Disputed Claims Reserve\\. However, we are not required to distribute additional shares above the limits contemplated by the Plan, even if the shares remaining for distribution in the Disputed Claims Reserve are not sufficient to fully pay any additional allowed unsecured claims\\. To the extent that any of the reserved shares remain undistributed upon resolution of all remaining disputed claims, such shares will not be returned to us but rather will be distributed to former AMR stockholders and former convertible noteholders treated as stockholders under the Plan\\. As of  December 31, 2019 , the Disputed Claims Reserve held approximately  7 million  shares of AAG common stock\\.\n\nPrivate Party Antitrust Action Related to Passenger Capacity\\.  We, along with Delta Air Lines, Inc\\., Southwest Airlines Co\\., United Airlines, Inc\\. and, in the case of litigation filed in Canada, Air Canada, were named as defendants in approximately  100  putative class action lawsuits alleging unlawful agreements with respect to air passenger capacity\\. The U\\.S\\. lawsuits were consolidated in the Federal District Court for the District of Columbia (the DC Court)\\. On June 15, 2018, we reached a settlement agreement with the plaintiffs in the amount of $45 million to resolve all class claims in the U\\.S\\. lawsuits\\. That settlement was approved by the DC Court on May 13, 2019\\. Three parties who objected to the settlement have appealed that decision to the United States Court of Appeals for the District of Columbia\\. We believe these appeals are without merit and intend to vigorously defend against them\\. \n\nPrivate Party Antitrust Action Related to the Merger \\. On August 6, 2013, a lawsuit captioned Carolyn Fjord, et al\\., v\\. AMR Corporation, et al\\., was filed in the Bankruptcy Court\\. The complaint named as defendants US Airways Group, US Airways, AMR and American, alleged that the effect of the Merger may be to create a monopoly in violation of Section 7 of the Clayton Antitrust Act, and sought injunctive relief and/or divestiture\\. On November 27, 2013, the Bankruptcy Court denied plaintiffs\u2019 motion to preliminarily enjoin the Merger\\. On August 29, 2018, the Bankruptcy Court denied in part defendants' motion for summary judgment, and fully denied plaintiffs' cross\\-motion for summary judgment\\. The parties' evidentiary cases were presented before the Bankruptcy Court in a bench trial in March 2019\\. The parties submitted proposed findings of fact and conclusions of law and made closing arguments in April 2019, and we are awaiting the Bankruptcy Court's decision\\. We believe this lawsuit is without merit and intend to vigorously defend against the allegations\\.\n\nPension Benefits Action\\.  On December 11, 2018, a lawsuit captioned Torres, et al\\. v\\. American Airlines, Inc\\., The Employee Benefits Committee and John/Jane Does 1\\-5, was filed in the United States District Court for the Northern District of Texas\\. The plaintiffs in this lawsuit purport to represent a class consisting of all participants in and beneficiaries under any of the four American defined benefit pension plans who elected to receive an optional form of benefit other than a lump sum distribution of a participant\u2019s vested benefit\\. Under the Employee Retirement Income Security Act (ERISA), participants \n\n40"}
{"_id": "AmericanAirlines-2019_174.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| 4\\.155                        | [Amended and Restated Intercreditor Agreement (2017\\-2), dated as of October 5, 2017, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2017\\-2AA, as Trustee of the American Airlines Pass Through Trust 2017\\-2A and as Trustee of the American Airlines Pass Through Trust 2017\\-2B, National Australia Bank Limited, as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex43.htm) |\n| 4\\.156                        | [Amended and Restated Note Purchase Agreement, dated as of October 5, 2017, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm)                                                                                                                                       |\n| 4\\.157                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm#ex4_6)                                                                                                                   |\n| 4\\.158                        | [Form of First Amendment to Participation Agreement (First Amendment to Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit D to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm#ex4_6b)                                                                            |\n| 4\\.159                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm#ex4_6a)                                                                                                                                                                                                                                                                                                                              |\n| 4\\.160                        | [Form of Pass Through Trust Certificate, Series 2017\\-2B (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex42.htm#ex4_2toc463889_35)                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 4\\.161                        | [Revolving Credit Agreement (2017\\-2B), dated as of October 5, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-2B, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex412.htm)                                                                                                                                                                                                           |\n| 4\\.162                        | [Trust Supplement No\\. 2012\\-2C(R), dated as of May 15, 2018, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on May 16, 2018 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312518165266/d589456dex42.htm)                                                                                                                                                                                                                                                                                                     |\n| 4\\.163                        | [Form of Amendment No\\. 2 to Intercreditor Agreement (2012\\-2C(R)) among Wilmington Trust Company, not in its individual capacity but solely as Trustee of the American Airlines, Inc\\. Pass Through Trust 2012\\-2C(R), American Airlines, Inc\\. and Wilmington Trust Company, not in its individual capacity but solely as Subordination Agent and Trustee (incorporated by reference to Exhibit C to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on May 16, 2018 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312518165266/d589456dex46.htm)                                                                                                                                         |\n| 4\\.164                        | [Note Purchase Agreement, dated as of May 15, 2018, among American Airlines, Inc\\., Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee under the Class C(R) Pass Through Trust Agreement, as Subordination Agent and as Indenture Trustee, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on May 16, 2018 (Commission File No\\. 1\\- 2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312518165266/d589456dex46.htm)                                                                                                                     |\n| 4\\.165                        | [Form of Amendment to Participation Agreement (Amendment to Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, not in its individual capacity, but solely as Subordination Agent and as Indenture Trustee, and Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee under each of the Pass Through Trust Agreements) (incorporated by reference to Exhibit A to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on May 16, 2018 (Commission File No\\. 1\\- 2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312518165266/d589456dex46.htm)                                                                                                        |\n| 4\\.166                        | [Form of Amendment to Trust Indenture and Security Agreement (Amendment to Trust Indenture and Security Agreement between American Airlines, Inc\\., Wilmington Trust Company, not in its individual capacity, but solely as Indenture Trustee, and Wilmington Trust, National Association, as Securities Intermediary) (incorporated by reference to Exhibit B to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on May 16, 2018 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312518165266/d589456dex46.htm)                                                                                                                                                                              |\n| 4\\.167                        | [Form of Pass Through Trust Certificate, Series 2012\\-2C(R) (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on May 16, 2018 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312518165266/d589456dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n\n\n\n175"}
{"_id": "Southwest-2018_126.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|        |                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.14 | [Southwest Airlines Co\\. Amended and Restated 2007 Equity Incentive Plan Form of Notice of Grant and Terms and Conditions for Restricted Stock Unit grants (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238014000117/luv-6302014xex103.htm)  (2) |\n\n\n\n\n\n|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                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-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.15     | [$1,000,000,000 Revolving Credit Facility Agreement among the Company, the Banks party thereto, Barclays Bank PLC, as Syndication Agent, Bank of America, N\\.A\\., BNP Paribas, Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc\\., U\\.S\\. Bank National Association, and Wells Fargo Bank, N\\.A\\., as Documentation Agents, JPMorgan Chase Bank, N\\.A\\. and Citibank, N\\.A\\., as Co\\-Administrative Agents, and JPMorgan Chase Bank, N\\.A\\., as Paying Agent, dated as of August 3, 2016 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Current Report on Form 8\\-K filed August 9, 2016 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312516676282/d223237dex101.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 10\\.16     | [Purchase Agreement No\\. 3729 and Aircraft General Terms Agreement, dated December 13, 2011, between The Boeing Company and the Company (incorporated by reference to Exhibit 10\\.28 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2011 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000119312512049647/d293991dex1028.htm) [Supplemental Agreement No\\. 1 (incorporated by reference to Exhibits 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000097/sa-1topa3729_redacted.htm) [Supplemental Agreement No\\. 2 (incorporated by reference to Exhibit 10\\.4 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000097/sa-2topa3792_redacted.htm) [Supplemental Agreement No\\. 3 (incorporated by reference to Exhibit 10\\.27(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000010/luv-12312013xex1027a.htm) [Supplemental Agreement No\\. 4 (incorporated by reference to Exhibit 10\\.18(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (File No\\. 1\\-7259)); ](http://www.sec.gov/Archives/edgar/data/92380/000009238016000175/luv-12312015xex1018a.htm)[Supplemental Agreement No\\. 5 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238016000252/luv-6302016xex102.htm) ; [Supplemental Agreement No\\. 6 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex102.htm) [Supplemental Agreement No\\. 7 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex103.htm) ; [Supplemental Letter Agreement No\\. 6\\-1162\\-KLK\\-0059R3 (incorporated by reference to Exhibit 10\\.4 to the Company's Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex104.htm) ; [Supplemental Agreement No\\. 8 (incorporated by reference to Exhibit 10\\.16(a) to the Company's Annual Report on Form 10\\-K for the year ended December 31, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238018000031/luv-12312017xex101.htm) ; [Supplemental Agreement No\\. 9 (incorporated by reference to Exhibit 10\\.2 to the Company's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2018 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238018000073/luv-3312018xex102.htm) [Supplemental Agreement No\\. 10 (incorporated by reference to Exhibit 10\\.3 to the Company's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2018 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238018000073/luv-3312018xex103.htm)  (1) |\n| 10\\.16 (a) | [Supplemental Letter Agreement No\\. 03729\\-LA\\-1808800, dated December 10, 2018, between The Boeing Company and the Company\\.](https://www.example.com/luv-12312018xex1016a.htm)  (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 10\\.17     | [Southwest Airlines Co\\. Senior Executive Short Term Incentive Plan (incorporated by reference to Exhibit 99\\.1 to the Company\u2019s Current Report on Form 8\\-K filed January 30, 2013 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312513030183/d476691dex991.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| 10\\.18     | [Southwest Airlines Co\\. Deferred Compensation Plan for Senior Leadership and Non\\-Employee Members of the Southwest Airlines Co\\. Board of Directors (as amended and restated, effective as of January 1, 2018) (incorporated by reference to Exhibit 10\\.6 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017ex106.htm)  (2)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 10\\.19     | [Southwest Airlines Co\\. Amended and Restated 2007 Equity Incentive Plan Form of Notice of Grant and Terms and Conditions for Performance\\-Based Restricted Stock Unit grants (incorporated by reference to Exhibit 10\\.4 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (File No\\. 1\\-7259))\\. ](http://www.sec.gov/Archives/edgar/data/92380/000009238014000117/luv-6302014xex104.htm) (2)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n\n\n\n127"}
{"_id": "Alaska-2017_2.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nYou should not place undue reliance on our forward\\-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control\\.\n\nOur forward\\-looking statements are based on the information currently available to us and speak only as of the date on which this report was filed with the SEC\\. We expressly disclaim any obligation to issue any updates or revisions to our forward\\-looking statements, even if subsequent events cause our expectations to change regarding the matters discussed in those statements\\. Over time, our actual results, performance or achievements will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward\\-looking statements, and such differences might be significant and materially adverse to our shareholders\\. For a discussion of these and other risk factors in this Form 10\\-K, see \u201cItem 1A: Risk Factors\\.\u201d Please consider our forward\\-looking statements in light of those risks as you read this report\\.\n\n 3"}
{"_id": "Delta-2018_15.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nOur fuel hedge contracts may contain margin funding requirements, which require us to post margin to counterparties or cause counterparties to post margin to us as market prices in the underlying hedged items change\\. If fuel prices decrease significantly from the levels existing at the time we enter into fuel hedge contracts, we may be required to post a significant amount of margin, which could have a material impact on the level of our unrestricted cash and cash equivalents and short\\-term investments\\. \n\nOur significant investments in airlines in other parts of the world and the commercial relationships that we have with those carriers may not produce the returns or results we expect\\.\n\nAn important part of our strategy to expand our global network has been to make significant investments in airlines in other parts of the world and expand our commercial relationships with these carriers\\. We expect to continue exploring ways to expand our relationships with other carriers as part of our global business strategy\\. These investments and relationships involve significant challenges and risks, including that we may not realize a satisfactory return on our investment, that they may distract management from our operations or that they may not generate the expected revenue synergies\\. These events could have a material adverse effect on our operating results or financial condition\\.\n\nIn addition, we are dependent on these other carriers for significant aspects of our network in the regions in which they operate\\. While we work closely with these carriers, we do not have control over their operations or business methods\\. To the extent that the operations of any of these carriers are disrupted over an extended period of time or their actions subject us to the consequences of failure to comply with laws and regulations or adversely affect our operations, our results of operations may be adversely affected\\. We also may be subject to consequences from any improper behavior of joint venture partners, including for failure to comply with anti\\-corruption laws such as the United States Foreign Corrupt Practices Act\\.\n\nWe are at risk of losses and adverse publicity stemming from a serious accident involving our aircraft or aircraft of our airline partners\\.\n\nAn aircraft crash or other serious accident could expose us to significant liability\\. Although we believe that our insurance coverage is appropriate, we may be forced to bear substantial losses from an accident in the event that the coverage was not sufficient\\. \n\nIn addition, any accident involving an aircraft that we operate or an aircraft that is operated by an airline that is one of our regional carriers or codeshare, alliance or joint venture partners could create a negative public perception about safety, which could harm our reputation, resulting in air travelers being reluctant to fly on our aircraft and therefore harm our business\\.\n\nBreaches or lapses in the security of our technology systems and the data we store could compromise passenger or employee information and expose us to liability, possibly having a material adverse effect on our business\\.\n\nAs a regular part of our ordinary business operations, we collect and store sensitive data, including personal information of our passengers and employees and information of our business partners\\. The secure operation of the networks and systems on which this type of information is stored, processed and maintained is critical to our business operations and strategy\\. \n\nOur information systems and those of our service providers are subject to an increasing threat of continually evolving cybersecurity risks\\. Unauthorized parties may attempt to gain access to our systems or information or those of our service providers, including through fraud or other means of deception\\. Hardware or software we develop, acquire or use in connection with our systems may contain defects that could unexpectedly compromise information security\\. We were notified in 2018 that a third\\-party vendor of chat services for Delta and other companies determined it had been involved in a cyber incident for a short period in 2017\\. We have incurred remedial, legal and other costs in connection with this incident but the costs are not material to our financial position or results of operations\\.\n\nThe methods used to obtain unauthorized access, disable or degrade service or sabotage systems are constantly evolving and may be difficult to anticipate or to detect for long periods of time\\. As a result of these types of risks and regular attacks on our systems, we regularly review and update procedures and processes to prevent and protect against unauthorized access to our systems and information and inadvertent misuse of data\\. In addition to continuously risk assessing and reviewing our procedures, processes and technologies, we also continue to monitor, review and update the process and control requirements we expect our third parties and vendors to leverage and implement for the protection of Delta information that is in their care\\. However, the constantly changing nature of the threats means that we may not be able to prevent all data security breaches or misuse of data\\. \n\n 13"}
{"_id": "Alaska-2017_9.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nThe following is the financial impact of our marketing alliances:\n\n\n\n|                                 |          |                    |          |          |          |\n| ------------------------------- | -------- | ------------------ | -------- | -------- | -------- |\n|                                 | **2017** | **2016** **^(a)^** | **2015** | **2014** | **2013** |\n| **Air Group Marketed Revenues** | **94%**  | 92%                | 90%      | 91%      | 90%      |\n| **Codeshare Agreements:**       |          |                    |          |          |          |\n| American Airlines               | **1%**   | 3%                 | 4%       | 3%       | 2%       |\n| Delta Air Lines                 | **1%**   | 1%                 | 2%       | 2%       | 4%       |\n| Others                          | **1%**   | 1%                 | 1%       | 1%       | 1%       |\n| **Interline Agreements:**       |          |                    |          |          |          |\n| Domestic Interline              | **1%**   | 2%                 | 2%       | 2%       | 2%       |\n| International Interline         | **2%**   | 1%                 | 1%       | 1%       | 1%       |\n| **Total Operating Revenue**     | **100%** | 100%               | 100%     | 100%     | 100%     |\n\n\n\n\n\n|     |                                                                                                      |\n| --- | ---------------------------------------------------------------------------------------------------- |\n| (a) | Includes information for Virgin America for the period December 14, 2016 through December 31, 2016\\. |\n\n\n\n**OTHER REVENUE**\n\nOther revenue consists of freight and mail, certain frequent flyer and ancillary revenue\\. While some of our product features are included in our base pricing, we have unbundled certain ancillary features that our guests separately value\\. Major ancillary revenue products include checked bag fees, change fees and lounge memberships\\. We also promote and sell products in\\-flight to enhance the guest experience, including our Tom Douglas signature meals, snacks, alcoholic beverages, in\\-flight entertainment and Wi\\-Fi\\. Total other revenue, excluding frequent flyer program revenue, represents about 7% of our total revenues\\.\n\n**GENERAL**\n\nThe airline industry is highly competitive and subject to various uncertainties, including economic conditions, volatile fuel prices, industry instability, new competition, a largely unionized work force, the need to finance large capital expenditures and the related availability of capital, government regulation\u2014including taxes and fees, and potential aircraft incidents\\. Airlines have high fixed costs, primarily for wages, aircraft fuel, aircraft ownership and facilities rents\\. Because expenses of a flight do not vary significantly based on the number of passengers carried, a relatively small change in the number of passengers or in pricing has a disproportionate effect on an airline\u2019s operating and financial results\\. In other words, a minor shortfall in expected revenue levels could cause a disproportionately negative impact on our operating and financial results\\. Passenger demand and ticket prices are, in large measure, influenced by the general state of the economy, current global economic and political events, and total available airline seat capacity\\.\n\nIn 2017, the airline industry's profits declined when compared to the record setting year of 2016, primarily due to rising fuel prices, higher labor costs, and increased competitive fare actions reducing ticket prices\\. Despite some of these headwinds, the industry continued to report strong profits in 2017\\. In the current strong industry environment, airlines are making significant investments in airports, in more fuel\\-efficient planes and in new services to differentiate their customer service offering\\. Thus, the level of competition is expected to continue to increase\\. \n\n**FUEL**\n\nOur business and financial results are highly affected by the price and the availability of aircraft fuel\\. The cost of aircraft fuel is volatile and outside of our control, and it can have a significant and immediate impact on our operating results\\. Over the past five years, aircraft fuel expense ranged from 18% to 34% of operating expenses\\. Fuel prices are impacted by changes in both the price of crude oil and refining margins and can vary by region in the U\\.S\\.\n\nThe prices we have paid for crude oil on an average annual basis for the past five years have ranged from a low of $43 per barrel in 2016 to a high of $98 in 2013\\. For us, a $1 per barrel change in the price of oil equates to approximately $19 million of fuel cost annually\\. Said another way, a one\\-cent change in our fuel price per gallon will impact our expected annual fuel cost by approximately $8 million per year\\.\n\nRefining margins, which represent the price of refining crude oil into aircraft fuel, are a smaller portion of the overall price of jet fuel but also contributed to the price volatility in recent years\\. Average annual West Coast refining margin prices have fluctuated between $13 per barrel and $36 per barrel in the last five years, and averaged $18 per barrel in 2017\\.\n\n 10"}
{"_id": "Southwest-2019_83.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|                                                                                                   |                           |\n| ------------------------------------------------------------------------------------------------- | ------------------------- |\n|                                                                                                   | **Air traffic liability** |\n| Balance at December 31, 2017                                                                      | $4,565                    |\n|  Current period sales (passenger travel, ancillary services, flight loyalty, and partner loyalty) | 21,026                    |\n|  Revenue from amounts included in contract liability opening balances                             | (3,479<br><br>)           |\n|  Revenue from current period sales                                                                | (17,042<br><br>)          |\n| Balance at December 31, 2018                                                                      | $5,070                    |\n\n\n\nAll performance obligations related to freight services sold are completed within twelve months or less; therefore, the Company has elected to not disclose the amount of the remaining transaction price and its expected timing of recognition for freight shipments\\.\n\nOther revenues primarily consist of marketing royalties associated with the Company\u2019s co\\-branded Chase ^\u00ae^  Visa credit card, but also include commissions and advertising associated with Southwest\\.com ^\u00ae^ \\. All amounts classified as Other revenues are paid monthly, coinciding with the Company fulfilling its deliverables; therefore, the Company has elected to not disclose the amount of the remaining transaction price and its expected timing of recognition for such services provided\\. \n\nThe Company recognized revenue related to the marketing, advertising, and other travel\\-related benefits of the revenue associated with various loyalty partner agreements including, but not limited to, the Agreement with Chase, within Other operating revenues\\. For the  years ended December 31, 2019, 2018, and 2017  the Company recognized   $1\\.3 billion ,   $1\\.1 billion , and   $1\\.0 billion , respectively\\.\n\nThe Company is also required to collect certain taxes and fees from Customers on behalf of government agencies and remit these back to the applicable governmental entity on a periodic basis\\. These taxes and fees include foreign and U\\.S\\. federal transportation taxes, federal security charges, and airport passenger facility charges\\. These items are collected from Customers at the time they purchase their tickets, are excluded from the contract transaction price, and are therefore not included in Passenger revenue\\. The Company records a liability upon collection from the Customer and relieves the liability when payments are remitted to the applicable governmental agency\\. \n\n6 \\. LONG\\-TERM DEBT\n\n\n\n|                                                         |                       |                       |\n| ------------------------------------------------------- | --------------------- | --------------------- |\n| **(in millions)**                                       | **December 31, 2019** | **December 31, 2018** |\n| 2\\.75% Notes due November 2019<br><br>  <br>            | $\u2014                    | $300                  |\n| Term Loan Agreement payable through May 2019 \\- 6\\.315% | \u2014                     | 23                    |\n| Term Loan Agreement payable through July 2019 \\- 4\\.84% | \u2014                     | 10                    |\n| 2\\.65% Notes due 2020                                   | 500                   | 492                   |\n| Term Loan Agreement payable through 2020 \\- 5\\.223%     | 134                   | 187                   |\n| 737 Aircraft Notes payable through 2020                 | 20                    | 67                    |\n| 2\\.75% Notes due 2022                                   | 300                   | 300                   |\n| Pass Through Certificates due 2022 \\- 6\\.24%            | 197                   | 250                   |\n| Term Loan Agreement payable through 2026 \\- 3\\.03%      | 178                   | 197                   |\n| 3\\.00% Notes due 2026                                   | 300                   | 300                   |\n| 3\\.45% Notes due 2027                                   | 300                   | 300                   |\n| 7\\.375% Debentures due 2027                             | 122                   | 125                   |\n| Finance leases                                          | 627                   | 845                   |\n|                                                         | $2,678                | $3,396                |\n| Less current maturities                                 | 819                   | 606                   |\n| Less debt discount and issuance costs                   | 13                    | 19                    |\n|                                                         | $1,846                | $2,771                |\n\n\n\n84"}
{"_id": "Southwest-2018_14.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nrestrictions can cause curtailments in service or increases in operating costs and can limit the ability of air carriers to expand operations at the affected airports\\.\n\nAt the federal level, the FAA has committed to inform and involve the public, engage with communities, and give meaningful consideration to community concerns and views when developing new flight procedures, and there is a possibility that Congress may enact legislation in 2019 to address local noise concerns at one or more commercial airports in the United States\\. In addition, the Reauthorization Act requires the FAA to consider community noise concerns when proposing a new navigation departure procedure or amending an existing navigation procedure that would direct aircraft over noise sensitive areas\\. This requirement could delay or otherwise impede the implementation or use of more efficient flight paths\\. In 2017, the FAA published a final rule adopting the ICAO noise standard for new type design large aircraft submitted for certification after December 31, 2017; however, this standard does not affect the Company's in\\-service fleet, nor does it require that manufacturers who produce existing aircraft types, such as the Boeing 737, meet the standard with respect to these types of aircraft\\.\n\nThe Company remains steadfast in its desire to pursue, implement, and enhance initiatives that will reduce fuel consumption and improve fuel efficiency\\. During 2018, the Company continued its efforts at more efficient flight planning and flight operation, while also benefitting from the continued addition of Boeing 737 MAX 8 aircraft to the Company's fleet\\. In addition, over the years, the Company has undertaken a number of other fuel conservation and carbon emission reduction initiatives such as the following:\n\n\n\n|   |                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | installation of blended winglets, which reduce drag and increase fuel efficiency, on all aircraft in the Company's fleet; |\n\n\n\n\n\n|   |                                                                                   |\n| - | --------------------------------------------------------------------------------- |\n| \u2022 | upgrading of the Company's 737\\-800 fleet with designed, split scimitar winglets; |\n\n\n\n\n\n|   |                         |\n| - | ----------------------- |\n| \u2022 | periodic engine washes; |\n\n\n\n\n\n|   |                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | use of electric ground power for aircraft air and power at the gate and for ground support equipment at select locations; |\n\n\n\n\n\n|   |                                                                                           |\n| - | ----------------------------------------------------------------------------------------- |\n| \u2022 | deployment of auto\\-throttle and vertical navigation to maintain optimum cruising speeds; |\n\n\n\n\n\n|   |                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------- |\n| \u2022 | implementation of engine start procedures to support the Company's single engine taxi procedures; |\n\n\n\n\n\n|   |                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | adjustment of the timing of auxiliary power unit starts on originating flights to reduce auxiliary power unit usage; |\n\n\n\n\n\n|   |                                                                                      |\n| - | ------------------------------------------------------------------------------------ |\n| \u2022 | implementation of fuel planning initiatives to safely reduce loading of excess fuel; |\n\n\n\n\n\n|   |                                                        |\n| - | ------------------------------------------------------ |\n| \u2022 | aircraft cabin interior retrofitting to reduce weight; |\n\n\n\n\n\n|   |                                                                                                |\n| - | ---------------------------------------------------------------------------------------------- |\n| \u2022 | reduction of aircraft engine idle speed while on the ground, which also increases engine life; |\n\n\n\n\n\n|   |                                                   |\n| - | ------------------------------------------------- |\n| \u2022 | galley refreshes with dry goods weight reduction; |\n\n\n\n\n\n|   |                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Company\\-optimized routes (flying the best wind routes to take advantage of tailwinds or to minimize headwinds); |\n\n\n\n\n\n|   |                                                                                                                                                                                     |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | improvements in flight planning algorithms to better match the Company's aircraft flight management system and thereby enabling the Company to fly at the most efficient altitudes; |\n\n\n\n\n\n|   |                                                                                                        |\n| - | ------------------------------------------------------------------------------------------------------ |\n| \u2022 | substitution of Pilot and Flight Attendant flight bags with lighter Electronic Flight Bag tablets; and |\n\n\n\n\n\n|   |                                                                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | implementation of Real Time Descent Winds (automatic uplinking of up\\-to\\-date wind data to the aircraft, allowing crews to time the descent to minimize thrust inputs)\\. |\n\n\n\nThe Company has also participated in Required Navigation Performance (\"RNP\") operations as part of the FAA's Performance Based Navigation program, which is intended to modernize the U\\.S\\. air traffic control system by addressing limitations on air transportation capacity and making more efficient use of airspace\\. RNP combines the capabilities of advanced aircraft avionics, Global Positioning System (\"GPS\") satellite navigation (instead of less precise ground\\-based navigation), and new flight procedures to (i) enable aircraft to carry navigation capabilities, rather than relying on airports; (ii) improve operational capabilities by opening up many new and more direct airport approach paths to \n\n15"}
{"_id": "Southwest-2017_90.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nThe sublease terms for the 76 B717s on operating lease and the two B717s on capital lease coincide with the Company's remaining lease terms for these aircraft from the original lessor, which range from approximately two to seven years\\. The leasing of the ten B717s that are owned by the Company is subject to certain conditions, and the lease terms are for up to six years, after which Delta will have the option to purchase the aircraft at the then\\-prevailing market value\\. The ten owned B717s are accounted for as sales type leases, the two B717s classified by the Company as capital leases are accounted for as direct financing leases, and the remaining 76 subleases are accounted for as operating leases with Delta\\. There are no contingent payments and no significant residual value conditions associated with the transaction\\. \n\nDuring 2017, the Company retired its remaining 87 Classic aircraft, which included 61 Classic aircraft grounded in September 2017 as part of an accelerated retirement schedule\\. The Company recorded a charge of $63 million related to the leased portion of the Classic fleet, representing the remaining net lease payments due and certain lease return requirements that could have to be performed on these leased aircraft prior to their return to the lessors, as of the cease\\-use date\\.\n\n**8****\\. COMMON STOCK**\n\nThe Company has one class of capital stock, its common stock\\. Holders of shares of common stock are entitled to receive dividends when and if declared by the Board of Directors and are entitled to one vote per share on all matters submitted to a vote of the Shareholders\\. At December 31, 2017, the Company had 60 million shares of common stock reserved for issuance pursuant to Employee equity plans (of which 30 million shares had not been granted) through various share\\-based compensation arrangements\\. See Note 9 to the Consolidated Financial Statements for information regarding the Company's equity plans\\.\n\n**9****\\. STOCK PLANS**\n\n***Share\\-based Compensation*** \n\nThe Company accounts for share\\-based compensation utilizing fair value, which is determined on the date of grant for all instruments\\. The Consolidated Statement of Income for the years ended December 31, 2017, 2016, and 2015, reflects share\\-based compensation expense of $37 million, $33 million, and $29 million, respectively\\. The total tax benefit recognized in earnings from share\\-based compensation arrangements for the years ended December 31, 2017, 2016, and 2015, was not material\\. As of December 31, 2017, there was $35 million of total unrecognized compensation cost related to share\\-based compensation arrangements, which is expected to be recognized over a weighted\\-average period of 1\\.8 years\\. The Company expects substantially all unvested awards to vest\\.\n\n***Restricted Stock Units and Stock Grants***\n\nUnder the Company\u2019s Amended and Restated 2007 Equity Incentive Plan (\"2007 Equity Plan\"), it granted restricted stock units (\"RSUs\") and performance\\-based restricted stock units (\"PBRSUs\") to certain Employees during 2015, 2016, and 2017\\. Outstanding RSUs vest over three years, subject generally to the individual\u2019s continued employment or service\\. The PBRSUs granted in January 2015, January 2016, and February 2017 are subject to the Company\u2019s performance with respect to a three\\-year simple average of Return on Invested Capital, before taxes and excluding special items (\"ROIC\"), for the defined performance period and the individual\u2019s continued employment or service\\. The number of PBRSUs vesting on the vesting date will be interpolated based on the Company's ROIC performance and ranges from zero PBRSUs to 200 percent of granted PBRSUs\\. Forfeiture rates are estimated at the time of grant based on historical actuals for similar grants, and are trued\\-up to actuals over the vesting period\\. The Company recognizes all expense on a straight\\-line basis over the vesting period, with any changes in expense due to the number of PBRSUs expected to vest being modified on a prospective basis\\. \n\nAggregated information regarding the Company\u2019s RSUs and PBRSUs is summarized below:\n\n91"}
{"_id": "Alaska-2019_57.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nProperty, Equipment and Depreciation\n\nProperty and equipment are recorded at cost and depreciated using the straight\\-line method over their estimated useful lives less an estimated salvage value, which are as follows:\n\n\n\n|                                                 |                                                 |                                                 |                                                               |                                                               |                                                               |                         |                         |\n|:----------------------------------------------- |:----------------------------------------------- |:----------------------------------------------- |:-------------------------------------------------------------:|:-------------------------------------------------------------:|:-------------------------------------------------------------:|:-----------------------:|:-----------------------:|\n|                                                 |                                                 |                                                 |                     Estimated Useful Life                     |                     Estimated Useful Life                     |                     Estimated Useful Life                     | Estimated Salvage Value | Estimated Salvage Value |\n| Aircraft and other flight equipment:            | Aircraft and other flight equipment:            | Aircraft and other flight equipment:            |                                                               |                                                               |                                                               |                         |                         |\n| Boeing 737, Airbus A319/A320, and E175 aircraft | Boeing 737, Airbus A319/A320, and E175 aircraft | Boeing 737, Airbus A319/A320, and E175 aircraft |                         20\\-25 years                          |                         20\\-25 years                          |                         20\\-25 years                          |          10%            |          10%            |\n| Bombardier Q400 aircraft                        | Bombardier Q400 aircraft                        | Bombardier Q400 aircraft                        |                           15 years                            |                           15 years                            |                           15 years                            |           5%            |           5%            |\n| Buildings                                       | Buildings                                       | Buildings                                       |                        25 \\- 40 years                         |                        25 \\- 40 years                         |                        25 \\- 40 years                         |          10%            |          10%            |\n| Minor building and land improvements            | Minor building and land improvements            | Minor building and land improvements            |                           10 years                            |                           10 years                            |                           10 years                            |           \u2014%            |           \u2014%            |\n| Capitalized leases and leasehold improvements   | Capitalized leases and leasehold improvements   | Capitalized leases and leasehold improvements   | Generally shorter of lease term or  <br>estimated useful life | Generally shorter of lease term or  <br>estimated useful life | Generally shorter of lease term or  <br>estimated useful life |           \u2014%            |           \u2014%            |\n| Computer hardware and software                  | Computer hardware and software                  | Computer hardware and software                  |                          3\\-10 years                          |                          3\\-10 years                          |                          3\\-10 years                          |           \u2014%            |           \u2014%            |\n| Other furniture and equipment                   | Other furniture and equipment                   | Other furniture and equipment                   |                          5\\-10 years                          |                          5\\-10 years                          |                          5\\-10 years                          |           \u2014%            |           \u2014%            |\n\n\n\nNear the end of an asset's estimated useful life, management updates the salvage value estimates based on current market conditions and expected use of the asset\\. Repairable and rotable aircraft parts are included in Aircraft and other flight equipment, and are depreciated over the associated fleet life\\.\n\nCapitalized interest, based on the Company\u2019s weighted\\-average borrowing rate, is added to the cost of the related asset, and is depreciated over the estimated useful life of the asset\\.\n\nMaintenance and repairs, other than engine maintenance on B737\\-800 engines, are expensed when incurred\\. Major modifications that extend the life or improve the usefulness of aircraft are capitalized and depreciated over their estimated period of use\\. Maintenance on B737\\-800 engines is covered under a power\\-by\\-the\\-hour agreement with a third party, whereby the Company pays a determinable amount, and transfers risk, to a third party\\. The Company expenses the contract amounts based on engine usage\\.\n\nThe Company evaluates long\\-lived assets to be held and used for impairment whenever events or changes in circumstances indicate that the total carrying amount of an asset or asset group may not be recoverable\\. The Company groups assets for purposes of such reviews at the lowest level at which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities, which is generally the fleet level\\. An impairment loss is considered when estimated future undiscounted cash flows expected to result from the use of the asset or asset group and its eventual disposition are less than its carrying amount\\. If the asset or asset group is not considered recoverable, a write\\-down equal to the excess of the carrying amount over the fair value will be recorded\\. \n\nGoodwill \n\nGoodwill represents the excess of purchase price over the fair value of the related net assets acquired in the Company's acquisition of Virgin America and is not amortized\\. The total balance of goodwill is associated with the Mainline reporting unit\\. The Company reviews goodwill for impairment annually in Q4, or more frequently if events or circumstances indicate than an impairment may exist\\. If fair value of the reporting unit does not exceed the carrying amount, an impairment charge may be recorded\\. In 2019, the fair value of the reporting unit with goodwill substantially exceeded its carrying value\\.\n\nIntangible Assets \n\nIntangible assets recorded in conjunction with the acquisition of Virgin America consist primarily of indefinite\\-lived airport slots, finite\\-lived airport gates and finite\\-lived customer relationships\\. Finite\\-lived intangibles are amortized over their estimated useful lives\\. Indefinite\\-lived intangibles are not amortized, but are tested at least annually for impairment using a similar methodology to property, equipment and goodwill, as described above\\.\n\nAircraft Maintenance Deposits\n\nCertain Airbus leases include contractually required maintenance deposit payments to the lessor, which collateralize the lessor for future maintenance events should the Company not perform required maintenance\\. Most of the lease agreements provide that maintenance deposits are reimbursable upon completion of the major maintenance event in an amount equal to the lesser of \n\n57"}
{"_id": "Alaska-2018_10.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**FUEL**\n\nOur business and financial results are highly affected by the price and the availability of aircraft fuel\\. The cost of aircraft fuel is volatile and outside of our control, and it can have a significant and immediate impact on our operating results\\. Over the past five years, aircraft fuel expense ranged from 18% to 32% of operating expenses\\. Fuel prices are impacted by changes in both the price of crude oil and refining costs and can vary by region in the U\\.S\\.\n\nThe price of crude oil on an average annual basis for the past five years have ranged from a low of $43 per barrel in 2016 to a high of $93 in 2014\\. For us, a $1 per barrel change in the price of oil equates to approximately $20 million of fuel cost annually\\. Said another way, a one\\-cent change in our fuel price per gallon will impact our expected annual fuel cost by approximately $8 million per year\\.\n\nRefining margins, which represent the price of refining crude oil into aircraft fuel, are a smaller portion of the overall price of jet fuel, but have also contributed to the price volatility in recent years\\. Over the last five years, average annual West Coast refining margin prices have fluctuated between $13 per barrel to a high of $24 per barrel in 2018\\.\n\nGenerally, West Coast jet fuel prices are somewhat higher and more volatile than prices in the Gulf Coast or on the East Coast\\. Our average raw fuel cost per gallon increased28% in 2018, after increasing21% in 2017 and decreasing19% in 2016\\.\n\nThe percentages of our aircraft fuel expense by crude oil and refining margins, as well as the percentage of our aircraft fuel expense of operating expenses, are as follows:\n\n\n\n|                       |          |          |                    |          |          |\n| --------------------- | -------- | -------- | ------------------ | -------- | -------- |\n|                       | **2018** | **2017** | **2016** **^(a)^** | **2015** | **2014** |\n| Crude oil             | 68%      | 66%      | 69%                | 62%      | 72%      |\n| Refining margins      | 25%      | 23%      | 20%                | 26%      | 18%      |\n| Other ^(b)^           | 7%       | 11%      | 11%                | 12%      | 10%      |\n| Total                 | 100%     | 100%     | 100%               | 100%     | 100%     |\n| Aircraft fuel expense | 25%      | 22%      | 18%                | 22%      | 32%      |\n\n\n\n\n\n|     |                                                                                                      |\n| --- | ---------------------------------------------------------------------------------------------------- |\n| (a) | Includes information for Virgin America for the period December 14, 2016 through December 31, 2016\\. |\n\n\n\n\n\n|     |                                                                                                                                                     |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | Other includes gains and losses on settled fuel hedges, unrealized mark\\-to\\-market fuel hedge gains or losses, taxes and other into\\-plane costs\\. |\n\n\n\nWe use crude oil call options as hedges to decrease our exposure to the volatility of jet fuel prices\\. Call options effectively cap our pricing for crude oil, limiting our exposure to increasing fuel prices for about half of our planned fuel consumption\\. With call options, we are hedged against spikes in crude oil prices, and during a period of decline in crude oil prices, we only forfeit cash previously paid for hedge premiums\\. We begin hedging approximately 18 months in advance of consumption\\.\n\nWe believe that operating fuel\\-efficient aircraft is the best hedge against high fuel prices\\. Air Group's fuel\\-efficiency rate expressed in available seat miles flown per gallon (ASMs/g) improved from 76\\.9 ASMs/g in 2014 to 77\\.9 ASMs/g in 2018\\. Maintaining a young, fuel\\-efficient fleet has not only reduced our fuel consumption rate, but also the amount of greenhouse gases and other pollutants that our aircraft emit\\.\n\n**COMPETITION**\n\nCompetition in the airline industry is intense and unpredictable\\. Our competitors consist primarily of other airlines and, to a lesser extent, other forms of transportation\\. Competition can be direct, in the form of another carrier flying the exact non\\-stop route, or indirect, where a carrier serves the same two cities non\\-stop from an alternative airport in that city or via an itinerary requiring a connection at another airport\\. We compete with other domestic airlines and a limited number of international airlines on nearly all of our scheduled routes\\. Our largest competitor is Delta Airlines Inc\\. (Delta), who has significantly increased its capacity in Seattle over the past several years\\. Approximately 77% of our capacity to and from Seattle competes with Delta\\. As we have grown in California and have expanded our transcontinental route offerings, United Airlines and Southwest Airlines have also become large competitors and have increased their capacity in markets we serve\\. Our California and transcontinental routes have a higher concentration of competitors when compared to our historical route structure, which was predominately concentrated in the Pacific Northwest\\. Based on schedules filed with the U\\.S\\. Department of Transportation, we expect the amount of competitive capacity overlap with all carriers to increase by more than 4% in the first quarter of 2019, weighted based on our network\\. \n\n 11"}
{"_id": "United-2018_109.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|                          |          |\n| ------------------------ | -------- |\n| /s/ Walter Isaacson      | Director |\n| Walter Isaacson          |          |\n| /s/ James A\\.C\\. Kennedy | Director |\n| James A\\.C\\. Kennedy     |          |\n|                          | Director |\n| William R\\. Nuti         |          |\n| /s/ Sito Pantoja         | Director |\n| Sito Pantoja             |          |\n| /s/ Edward M\\. Philip    | Director |\n| Edward M\\. Philip        |          |\n| /s/ Edward L\\. Shapiro   | Director |\n| Edward L\\. Shapiro       |          |\n| /s/ David J\\. Vitale     | Director |\n| David J\\. Vitale         |          |\n| /s/ James M\\. Whitehurst | Director |\n| James M\\. Whitehurst     |          |\n\n\n\n\n\n|       |                   |\n| ----- | ----------------- |\n| Date: | February 28, 2019 |\n\n\n\n110"}
{"_id": "United-2018_49.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**UNITED AIRLINES, INC\\.** \n\n**CONSOLIDATED BALANCE SHEETS**\n\n**(In millions, except shares)**\n\n\n\n|                                                                                             |                     |                     |\n| ------------------------------------------------------------------------------------------- | ------------------- | ------------------- |\n|                                                                                             | **At December 31,** | **At December 31,** |\n| **ASSETS**                                                                                  | **2018**            | **2017 (a)**        |\n| Current assets:                                                                             |                     |                     |\n| Cash and cash equivalents                                                                   | $1,688              | $1,476              |\n| Short\\-term investments                                                                     | 2,256               | 2,316               |\n| Receivables, less allowance for doubtful accounts (2018\u2014$8; 2017\u2014$7)                        | 1,346               | 1,340               |\n| Aircraft fuel, spare parts and supplies, less obsolescence allowance (2018\u2014$412; 2017\u2014$354) | 985                 | 924                 |\n| Prepaid expenses and other                                                                  | 913                 | 1,071               |\n| Total current assets                                                                        | 7,188               | 7,127               |\n| Operating property and equipment:                                                           |                     |                     |\n| Owned\u2014                                                                                      |                     |                     |\n| Flight equipment                                                                            | 31,607              | 28,692              |\n| Other property and equipment                                                                | 7,919               | 6,946               |\n| Total owned property and equipment                                                          | 39,526              | 35,638              |\n| Less\u2014Accumulated depreciation and amortization                                              | (12,760)            | (11,159)            |\n| Total owned property and equipment, net                                                     | 26,766              | 24,479              |\n| Purchase deposits for flight equipment                                                      | 1,177               | 1,344               |\n| Capital leases\u2014                                                                             |                     |                     |\n| Flight equipment                                                                            | 1,029               | 1,151               |\n| Other property and equipment                                                                | 11                  | 11                  |\n| Total capital leases                                                                        | 1,040               | 1,162               |\n| Less\u2014Accumulated amortization                                                               | (654)               | (777)               |\n| Total capital leases, net                                                                   | 386                 | 385                 |\n| Total operating property and equipment, net                                                 | 28,329              | 26,208              |\n| Other assets:                                                                               |                     |                     |\n| Goodwill                                                                                    | 4,523               | 4,523               |\n| Intangibles, less accumulated amortization (2018\u2014$1,380; 2017\u2014$1,313)                       | 3,159               | 3,539               |\n| Restricted cash                                                                             | 105                 | 91                  |\n| Notes receivable, net                                                                       | 516                 | 46                  |\n| Investments in affiliates and other, net                                                    | 966                 | 806                 |\n| Total other assets                                                                          | 9,269               | 9,005               |\n| Total assets                                                                                | $44,786             | $42,340             |\n\n\n\n(continued on next page)\n\n50"}
{"_id": "Alaska-2019_77.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n\u2022 The  Operational Performance Rewards Program  entitles the majority of Alaska and Horizon employees to quarterly payouts of up to $450 per person if certain monthly operational and customer service objectives are met\\.\n\nNOTE 9\\. COMMITMENTS AND CONTINGENCIES\n\nFuture minimum payments for commitments as of December 31, 2019 (in millions):\n\n\n\n|            |            |            |  |  |  |                           |  |  |  |                                   |  |  |  |                               |\n|:---------- |:---------- |:---------- |:- |:- |:- | -------------------------:|:- |:- |:- | ---------------------------------:|:- |:- |:- | -----------------------------:|\n|            |            |            |  |  |  | Aircraft Commitments^(a)^ |  |  |  | Capacity Purchase Agreements^(b)^ |  |  |  | Aircraft Maintenance Deposits |\n| 2020       | 2020       | 2020       |  |  |  |                     $ 531 |  |  |  |                             $ 145 |  |  |  |                          $ 73 |\n| 2021       | 2021       | 2021       |  |  |  |                       487 |  |  |  |                               166 |  |  |  |                            62 |\n| 2022       | 2022       | 2022       |  |  |  |                       347 |  |  |  |                               174 |  |  |  |                            51 |\n| 2023       | 2023       | 2023       |  |  |  |                       206 |  |  |  |                               179 |  |  |  |                            26 |\n| 2024       | 2024       | 2024       |  |  |  |                        31 |  |  |  |                               184 |  |  |  |                             6 |\n| Thereafter | Thereafter | Thereafter |  |  |  |                        26 |  |  |  |                               880 |  |  |  |                             2 |\n| Total      | Total      | Total      |  |  |  |                   $ 1,628 |  |  |  |                           $ 1,728 |  |  |  |                         $ 220 |\n\n\n\n(a) Includes non\\-cancelable contractual commitments for aircraft and engines, buyer furnished equipment, and aircraft maintenance and parts management\\.\n\n(b) Includes all non\\-aircraft lease costs associated with capacity purchase agreements\\.\n\nAircraft Commitments\n\nAircraft purchase commitments include non\\-cancelable contractual commitments for aircrafts and engines\\. As of December 31, 2019, Alaska had commitments to purchase 32 Boeing 737 MAX9 aircraft with deliveries in 2020 through 2023\\. Future minimum contractual payments for these aircraft have been updated to reflect the most current anticipated delivery timing for 737 MAX aircraft, which has been delayed as a result of the grounding order mandated by the FAA on March 13, 2019, and is subject to change\\. Horizon also has commitments to purchase three E175 aircraft with deliveries in 2023 and has cancelable purchase commitments for 30 Airbus A320neo aircraft with deliveries from 2023 through 2025\\. In addition, Alaska has options to purchase 37 737 MAX aircraft and Horizon has options to purchase 30 E175 aircraft\\. Alaska has an option to increase capacity flown by Skywest with eight additional E175 aircraft with deliveries in 2022\\. The cancelable purchase commitments and option payments are not reflected in the table above\\.\n\nAircraft Maintenance and Parts Management\n\nThrough its acquisition of Virgin America, the Company has a separate maintenance\\-cost\\-per\\-hour contract for management and repair of certain rotable parts to support Airbus airframe and engine maintenance and repair\\. In 2017, Alaska entered into a similar contract for maintenance on its B737\\-800 aircraft engines\\. These agreements require monthly payments based upon utilization, such as flight hours, cycles and age of the aircraft, and, in turn, the agreement transfers certain risks to the third\\-party service provider\\. There are minimum payments under both agreements, which are reflected in the table above\\. Accordingly, payments could differ materially based on actual aircraft utilization\\.\n\nAircraft Maintenance Deposits\n\nCertain Airbus leases include contractually required maintenance deposit payments to the lessor, which collateralize the lessor for future maintenance events should the Company not perform required maintenance\\. Most of the lease agreements provide that maintenance deposits are reimbursable upon completion of the major maintenance event in an amount equal to the lesser of (i) the amount qualified for reimbursement from maintenance deposits held by the lessor associated with the specific major maintenance event or (ii) the qualifying costs related to the specific major maintenance event\\.\n\nContingencies\n\nThe Company is a party to routine litigation matters incidental to its business and with respect to which no material liability is expected\\. Liabilities for litigation related contingencies are recorded when a loss is determined to be probable and estimable\\.\n\nIn 2015, three flight attendants filed a class action lawsuit seeking to represent all Virgin America flight attendants for damages based on alleged violations of California and City of San Francisco wage and hour laws\\. The court certified a class of \n\n77"}
{"_id": "Alaska-2018_56.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**CONSOLIDATED BALANCE SHEETS** ***(continued)***\n\n\n\n|                                                                                                                                                                                                     |             |          |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------- | -------- |\n| **As of December 31**  ***(in millions except share amounts)***                                                                                                                                     | **2018**    | **2017** |\n| **LIABILITIES AND SHAREHOLDERS' EQUITY**                                                                                                                                                            |             |          |\n| **Current Liabilities**                                                                                                                                                                             |             |          |\n| Accounts payable                                                                                                                                                                                    | **$132**    | $120     |\n| Accrued wages, vacation and payroll taxes                                                                                                                                                           | **415**     | 418      |\n| Air traffic liability                                                                                                                                                                               | **788**     | 806      |\n| Other accrued liabilities                                                                                                                                                                           | **416**     | 400      |\n| Deferred revenue                                                                                                                                                                                    | **705**     | 635      |\n| Current portion of long\\-term debt                                                                                                                                                                  | **486**     | 307      |\n| **Total Current Liabilities**                                                                                                                                                                       | **2,942**   | 2,686    |\n| **Long\\-Term Debt, Net of Current Portion**                                                                                                                                                         | **1,617**   | 2,262    |\n| **Other Liabilities and Credits**                                                                                                                                                                   |             |          |\n| Deferred income taxes                                                                                                                                                                               | **512**     | 370      |\n| Deferred revenue                                                                                                                                                                                    | **1,169**   | 1,090    |\n| Obligation for pension and postretirement medical benefits                                                                                                                                          | **503**     | 453      |\n| Other liabilities                                                                                                                                                                                   | **418**     | 425      |\n| **Total Other Liabilities and Credits**                                                                                                                                                             | **2,602**   | 2,338    |\n| **Commitments and Contingencies (Note 9)**                                                                                                                                                          |   <br>      |   <br>   |\n| **Shareholders' Equity**                                                                                                                                                                            |             |          |\n| Preferred stock, $0\\.01 par value, Authorized: 5,000,000 shares, none issued or outstanding                                                                                                         | **\u2014**       | \u2014        |\n| Common stock, $0\\.01 par value, Authorized: 400,000,000 shares, Issued: 2018 \\- 130,813,476 shares; 2017 \\- 129,903,498 shares, Outstanding: 2018 \\- 123,194,430 shares; 2017 \\- 123,060,638 shares | **1**       | 1        |\n| Capital in excess of par value                                                                                                                                                                      | **232**     | 164      |\n| Treasury stock (common), at cost: 2018 \\- 7,619,046 shares; 2017 \\- 6,842,860 shares                                                                                                                | **(568)**   | (518)    |\n| Accumulated other comprehensive loss                                                                                                                                                                | **(448)**   | (380)    |\n| Retained earnings                                                                                                                                                                                   | **4,534**   | 4,193    |\n|                                                                                                                                                                                                     | **3,751**   | 3,460    |\n| **Total Liabilities and Shareholders' Equity**                                                                                                                                                      | **$10,912** | $10,746  |\n\n\n\nCertain historical information has been adjusted to reflect the adoption of new accounting standards\\. See accompanying notes to consolidated financial statements\\.\n\n 57"}
{"_id": "United-2017_94.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nconditions\\. Financing may be necessary to satisfy the Company\u2019s capital commitments for its firm order aircraft and other related capital expenditures\\.\n\n***Legal and Environmental\\.*** The Company has certain contingencies resulting from litigation and claims incident to the ordinary course of business\\. As of December 31, 2017, management believes, after considering a number of factors, including (but not limited to) the information currently available, the views of legal counsel, the nature of contingencies to which the Company is subject and prior experience, that the ultimate disposition of the litigation and claims will not materially affect the Company\u2019s consolidated financial position or results of operations\\. The Company records liabilities for legal and environmental claims when a loss is probable and reasonably estimable\\. These amounts are recorded based on the Company\u2019s assessments of the likelihood of their eventual disposition\\.\n\n***Guarantees and Indemnifications\\.*** In the normal course of business, the Company enters into numerous real estate leasing and aircraft financing arrangements that have various guarantees included in the contracts\\. These guarantees are primarily in the form of indemnities under which the Company typically indemnifies the lessors and any tax/financing parties against tort liabilities that arise out of the use, occupancy, operation or maintenance of the leased premises or financed aircraft\\. Currently, the Company believes that any future payments required under these guarantees or indemnities would be immaterial, as most tort liabilities and related indemnities are covered by insurance (subject to deductibles)\\. Additionally, certain leased premises such as fueling stations or storage facilities include indemnities of such parties for any environmental liability that may arise out of or relate to the use of the leased premises\\.\n\nAs of December 31, 2017, United is the guarantor of approximately $1\\.8 billion in aggregate principal amount of tax\\-exempt special facilities revenue bonds and interest thereon\\. These bonds, issued by various airport municipalities, are payable solely from rentals paid under long\\-term agreements with the respective governing bodies\\. The leasing arrangements associated with $1\\.4 billion of these obligations are accounted for as operating leases with the associated expense recorded on a straight\\-line basis resulting in ratable accrual of the lease obligation over the expected lease term\\. These tax\\-exempt special facilities revenue bonds are included in our lease commitments disclosed in Note 11 of this report\\. The leasing arrangements associated with approximately $441 million of these obligations are accounted for as capital leases\\. All of these bonds are due between 2019 and 2038\\.\n\n***Increased Cost Provisions\\.*** In United\u2019s financing transactions that include loans, United typically agrees to reimburse lenders for any reduced returns with respect to the loans due to any change in capital requirements and, in the case of loans in which the interest rate is based on LIBOR, for certain other increased costs that the lenders incur in carrying these loans as a result of any change in law, subject, in most cases, to obligations of the lenders to take certain limited steps to mitigate the requirement for, or the amount of, such increased costs\\. At December 31, 2017, the Company had $3\\.4 billion of floating rate debt and $60 million of fixed rate debt, with remaining terms of up to 11 years, that are subject to these increased cost provisions\\. In several financing transactions involving loans or leases from non\\-U\\.S\\. entities, with remaining terms of up to 11 years and an aggregate balance of $3\\.3 billion, the Company bears the risk of any change in tax laws that would subject loan or lease payments thereunder to non\\-U\\.S\\. entities to withholding taxes, subject to customary exclusions\\.\n\nAs of December 31, 2017, United is the guarantor of $157 million of aircraft mortgage debt issued by one of United\u2019s regional carriers\\. The aircraft mortgage debt is subject to similar increased cost provisions as described above for the Company\u2019s debt, and the Company would potentially be responsible for those costs under the guarantees\\.\n\n***Fuel Consortia\\.*** United participates in numerous fuel consortia with other air carriers at major airports to reduce the costs of fuel distribution and storage\\. Interline agreements govern the rights and responsibilities of the consortia members and provide for the allocation of the overall costs to operate the consortia based on usage\\. The consortia (and in limited cases, the participating carriers) have entered into long\\-term agreements to lease certain airport fuel storage and distribution facilities that are typically financed through tax\\-exempt bonds (either special facilities lease revenue bonds or general airport revenue bonds), issued by various local municipalities\\. In\n\n95"}
{"_id": "United-2018_47.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**UNITED AIRLINES, INC\\.** \n\n**STATEMENTS OF CONSOLIDATED OPERATIONS**\n\n**(In millions)**\n\n\n\n|                                                    |                             |                             |                             |\n| -------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                    | **2018**                    | **2017 (a)**                | **2016 (a)**                |\n| Operating revenue:                                 |                             |                             |                             |\n| Passenger revenue                                  | $37,706                     | $34,460                     | $33,429                     |\n| Cargo                                              | 1,237                       | 1,114                       | 934                         |\n| Other operating revenue                            | 2,360                       | 2,210                       | 2,195                       |\n| Total operating revenue                            | 41,303                      | 37,784                      | 36,558                      |\n| Operating expense:                                 |                             |                             |                             |\n| Salaries and related costs                         | 11,458                      | 10,941                      | 10,176                      |\n| Aircraft fuel                                      | 9,307                       | 6,913                       | 5,813                       |\n| Regional capacity purchase                         | 2,601                       | 2,232                       | 2,197                       |\n| Landing fees and other rent                        | 2,359                       | 2,240                       | 2,165                       |\n| Depreciation and amortization                      | 2,240                       | 2,149                       | 1,977                       |\n| Aircraft maintenance materials and outside repairs | 1,767                       | 1,856                       | 1,749                       |\n| Distribution expenses                              | 1,558                       | 1,435                       | 1,395                       |\n| Aircraft rent                                      | 433                         | 621                         | 680                         |\n| Special charges                                    | 487                         | 176                         | 745                         |\n| Other operating expenses                           | 5,799                       | 5,548                       | 5,315                       |\n| Total operating expense                            | 38,009                      | 34,111                      | 32,212                      |\n| Operating income                                   | 3,294                       | 3,673                       | 4,346                       |\n| Nonoperating income (expense):                     |                             |                             |                             |\n| Interest expense                                   | (729)                       | (671)                       | (674)                       |\n| Interest capitalized                               | 70                          | 84                          | 72                          |\n| Interest income                                    | 101                         | 57                          | 42                          |\n| Miscellaneous, net                                 | (76)                        | (101)                       | (11)                        |\n| Total nonoperating expense, net                    | (634)                       | (631)                       | (571)                       |\n| Income before income taxes                         | 2,660                       | 3,042                       | 3,775                       |\n| Income tax expense                                 | 529                         | 879                         | 1,541                       |\n| Net income                                         | $2,131                      | $2,163                      | $2,234                      |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)* andAccounting Standards Update No\\. 2017\\-07, *Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n48"}
{"_id": "Delta-2018_8.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nAncillary Businesses\n\nWe have several other businesses arising from our airline operations\\. In  2018 , the total revenue from these businesses was approximately $1 billion\\.\n\n\n\n|   |                                                                                                                                                                                                                                                            |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | In addition to providing maintenance and engineering support for our fleet of over 1,000 aircraft, our aircraft maintenance, repair and overhaul (\"MRO\") operation, known as Delta TechOps, serves aviation and airline customers from around the world\\.  |\n\n\n\n\n\n|   |                                                                                                          |\n| - | -------------------------------------------------------------------------------------------------------- |\n| \u2022 | Our vacation wholesale business, Delta Vacations, provides vacation packages to third\\-party consumers\\. |\n\n\n\n\n\n|   |                                                                                                                                                                     |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Our private jet operations, Delta Private Jets, provides aircraft charters, aircraft management and programs allowing members to purchase flight time by the hour\\. |\n\n\n\nIn December 2018, we sold DAL Global Services, LLC (\u201cDGS\u201d), which provides aviation\\-related, ground support equipment maintenance and professional security services, to a new subsidiary of Argenbright Holdings, LLC\\. We received a non\\-controlling 49% equity stake in the new company and $40 million cash\\. The new company will continue to service our customers and third parties, and is expected to continue operating at the same airport locations it currently serves\\. \n\nCompetition\n\nThe airline industry is highly competitive, marked by significant competition with respect to routes, fares, schedules (both timing and frequency), services, products, customer service and loyalty programs\\. The industry has evolved through mergers and new entry, both domestically and internationally, and changes in international alliances\\. Consolidation in the airline industry, the rise of subsidized government sponsored international carriers, changes in international alliances and the creation of immunized joint ventures have altered, and will continue to alter, the competitive landscape in the industry, resulting in the formation of airlines and alliances with significant financial resources, more extensive global networks and more competitive cost structures\\.\n\nDomestic\n\nOur domestic operations are subject to competition from traditional network carriers, including American Airlines and United Airlines, national point\\-to\\-point carriers, including Alaska Airlines, JetBlue Airways and Southwest Airlines, and other discount or ultra low\\-cost carriers, including Spirit Airlines and Allegiant Air, some of which may have lower costs than we do and provide service at low fares to destinations served by us\\. Point\\-to\\-point, discount and ultra low\\-cost carriers place significant competitive pressure on network carriers in the domestic market\\. In particular, we face significant competition at our domestic hub and key airports either directly at those airports or at the hubs of other airlines that are located in close proximity to our hubs and key airports\\. We also face competition in smaller to medium\\-sized markets from regional jet operations of other carriers\\. \n\nInternational\n\nOur international operations are subject to competition from both foreign and domestic carriers\\. Competition from government\\-owned and subsidized carriers in the Gulf region, including Emirates, Etihad Airways and Qatar Airways, is significant\\. These carriers have large numbers of international widebody aircraft on order and have increased service to the U\\.S\\. These carriers' government subsidies have allowed them to grow quickly, reinvest in their product and expand their global presence at the expense of U\\.S\\. airlines\\.\n\nThrough alliance and other marketing and codesharing agreements with foreign carriers, U\\.S\\. carriers have increased their ability to sell international transportation, such as services to and beyond traditional European and Asian gateway cities\\. Similarly, foreign carriers have obtained increased access to interior U\\.S\\. passenger traffic beyond traditional U\\.S\\. gateway cities through these relationships\\. In particular, alliances formed by domestic and foreign carriers, including SkyTeam, the Star Alliance (among United Airlines, Lufthansa German Airlines, Air Canada and others) and the oneworld alliance (among American Airlines, British Airways, Qantas and others) have enhanced competition in international markets\\.\n\n 6"}
{"_id": "Delta-2017_31.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nITEM 7\\. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS  OF OPERATIONS\n\nFinancial Highlights \\-  2017  Compared to  2016 \n\nOur pre\\-tax income for  2017  was  $5\\.7 billion , representing a  $935 million  decrease compared to the prior year primarily due to higher fuel costs, salaries and related costs and depreciation expense, which were partially offset by increased operating revenue\\. Pre\\-tax income, adjusted for special items (a non\\-GAAP financial measure) was  $5\\.5 billion ,  a decrease  of  $621 million , or  10\\.2% \\. Special items were primarily related to fuel hedge MTM adjustments and settlements of  $259 million  in 2017 compared to  $450 million  in 2016\\.\n\nRevenue\\.  Compared to 2016, our operating revenue  increased  $1\\.6 billion , or  4\\.0% , on  1\\.0%  higher  capacity combined with robust demand and strong revenue momentum, closing 2017 with three consecutive quarters of year\\-over\\-year passenger unit revenue growth\\. Passenger revenue per available seat mile (\"PRASM\")  increased  2\\.1%  led by (1) strong domestic leisure yields, (2) expanded distribution of Branded Fares, (3) an improving business fare environment, (4) strength in the Atlantic region leveraged through U\\.S\\. point\\-of\\-sale traffic gains, along with business cabin traffic and yield growth, and (5) strong performance in the Caribbean, Central America, Brazil and Mexico leisure markets\\. Other revenue increased  9\\.7%  partially resulting from growth in our co\\-brand credit card partnership with American Express\\.\n\nOperating Expense\\.  Total operating expense  increased  $2\\.4 billion  and our consolidated operating cost per available seat mile (\"CASM\")  increased  6\\.4%  compared to 2016 to  13\\.81 cents , primarily due to higher fuel costs, salaries and related costs and depreciation expense\\.  Including our regional carriers, fuel expense increased  $771 million  compared to the prior year due to a 22\\.3% increase in the market price per gallon of fuel, partially offset by reduced fuel hedge losses compared to the prior year and profits generated within our refinery segment\\.  Salaries and related costs were higher  due to increases for eligible merit, ground and flight attendant employees implemented in the June 2017 quarter\\.  The increase in depreciation expense primarily results from new aircraft deliveries, including B\\-737\\-900ER, A321\\-200, A330\\-300 and A350\\-900 aircraft, fleet modifications and accelerated depreciation due to the planned retirement of our MD\\-88 fleet and two B\\-767\\-300ER aircraft\\.\n\nNon\\-fuel unit costs (\"CASM\\-Ex, including profit sharing\" a non\\-GAAP financial measure) increased  4\\.3%  to  10\\.57 cents  due to the pay rate increases and depreciation expense discussed above, which were partially offset by productivity gains from our fleet, technology and supply chain initiatives\\.\n\nThe non\\-GAAP financial measures for pre\\-tax income, adjusted for special items, and CASM\\-Ex, including profit sharing, both used above, are defined and reconciled in \"Supplemental Information\" below\\. \n\n 27"}
{"_id": "Delta-2019_70.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\n\u2022 Interest Rate Contracts\\.  Our interest rate derivatives are swap contracts, which are valued based on data readily observable in public markets\\.\n\n\u2022 Foreign Currency Exchange Contracts\\.  Our foreign currency derivatives consist of forward contracts and are valued based on data readily observable in public markets\\.\n\nNOTE 4\\. INVESTMENTS\n\nLong\\-Term Investments\n\nWe have developed strategic relationships with a number of airlines and airline services companies through equity investments and other forms of cooperation and support\\. Our equity investments reinforce our commitment to these relationships and provide us with the ability to participate in strategic decision\\-making, often through representation on the boards of directors of the investee\\.\n\nDuring the years ended December 31, 2019 and 2018, we recorded net gains on our equity investments of $119 million and $38 million, respectively, which were recorded in gain/(loss) on investments in our income statement within non\\-operating expense\\. These net gains were primarily driven by changes in stock prices and foreign currency fluctuations as well as the sale of certain investments, as described below\\. During 2017, before we adopted the new financial instruments accounting standard in 2018, we recorded unrealized gains and losses on available\\-for\\-sale investments in AOCI\\.\n\nFair Value Investments\n\nOur investments accounted for at fair value are summarized in the following table:\n\n\n\n|                              |                              |                              |                    |                    |                    |                    |  |  |                   |                   |                |                |                |  |  |  |\n|:---------------------------- |:---------------------------- |:---------------------------- | ------------------:| ------------------:| ------------------:| ------------------:| -:| -:| -----------------:| -----------------:|:--------------:|:--------------:|:--------------:|:- |:- |:- |\n|                              |                              |                              | Ownership Interest | Ownership Interest | Ownership Interest | Ownership Interest |  |  |                   |    Carrying Value | Carrying Value | Carrying Value | Carrying Value |  |  |  |\n| (in millions)                | (in millions)                | (in millions)                |  December 31, 2019 |  December 31, 2019 |  December 31, 2018 |  December 31, 2018 |  |  | December 31, 2019 | December 31, 2018 |\n| Air France\\-KLM              | Air France\\-KLM              | Air France\\-KLM              |                9 % |                9 % |                9 % |                9 % |  |  |             $ 418 |             $ 408 |\n| China Eastern                | China Eastern                | China Eastern                |                3 % |                3 % |                3 % |                3 % |  |  |               258 |               259 |\n| Hanjin\\-KAL                  | Hanjin\\-KAL                  | Hanjin\\-KAL                  |               10 % |               10 % |                \u2014 % |                \u2014 % |  |  |               205 |                 \u2014 |\n| GOL                          | GOL                          | GOL                          |                \u2014 % |                \u2014 % |                9 % |                9 % |  |  |                 \u2014 |               213 |\n| Other investments            | Other investments            | Other investments            |                    |                    |                    |                    |  |  |               218 |               210 |\n| Total fair value investments | Total fair value investments | Total fair value investments |                    |                    |                    |                    |  |  |           $ 1,099 |           $ 1,090 |\n\n\n\nDuring 2019, we acquired 10% of the outstanding shares of Hanjin\\-KAL, the largest shareholder of Korean Air\\.\n\nIn the December 2019 quarter we sold our 9% ownership stake of GOL Linhas A\u00e9reas Inteligentes, the parent company of VRG Linhas A\u00e9reas (operating as GOL), for $278 million\\. The gain on sale of our investment in GOL is recorded in gain/(loss) on investments within non\\-operating expense in our income statement\\.\n\nAdditionally, GOL has a $300 million  five\\-year term loan facility with third parties maturing in 2020, which we have guaranteed\\. Our guaranty is secured by GOL's ownership interest in Smiles, GOL's publicly\\-traded loyalty program\\. Because GOL remains in compliance with the terms of its loan facility, we have not recorded a liability on our balance sheet as of December 31, 2019\\. \n\n68"}
{"_id": "Southwest-2017_48.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nOther operating expenses for 2016 increased by $272 million, or 12\\.1 percent, compared with 2015\\. On a per ASM basis, Other operating expenses for 2016 increased 6\\.9 percent, compared with 2015\\. On both a dollar and per ASM basis, approximately 30 percent of the increases were due to higher contract programming and consulting expenses associated with large technology projects and approximately 15 percent of the increases were due to increased personnel expenses\\. Other operating expenses for 2016 also increased as the result of a $37 million litigation settlement received during 2015 which reduced 2015 Other operating expenses, a $22 million lease termination expense as a result of the Company acquiring five of its Boeing 737\\-300 aircraft off operating leases, and a $21 million increase due to an impairment charge related to leased slots at Newark Liberty International Airport\\. The remainder of the increases were due to revenue related costs driven by the 5\\.5 percent increase in Revenue Passengers Carried\\.\n\n**Other** \n\nOther expenses (income) include interest expense, capitalized interest, interest income, and other gains and losses\\.\n\nInterest expense for 2016 increased by $1 million, or 0\\.8 percent, compared with 2015, primarily due to the timing of debt issuances and payoffs in 2015 and 2016\\.\n\nCapitalized interest for 2016 increased by $16 million, or 51\\.6 percent, compared with 2015, primarily due to an increase in average progress payment balances for scheduled future aircraft deliveries\\.\n\nInterest income for 2016 increased by $15 million, or 166\\.7 percent, compared with 2015, primarily due to higher interest rates coupled with a greater amount of interest earned on cash collateral held by counterparties\\. See Note 10 to the Consolidated Financial Statements for further information on the Company's derivatives\\.\n\nOther (gains) losses, net, primarily includes amounts recorded as a result of the Company's hedging activities\\. See Note 10 to the Consolidated Financial Statements for further information on the Company's hedging activities\\. The following table displays the components of Other (gains) losses, net, for the years ended December 31, 2016, and 2015:\n\n\n\n|                                                                        |                             |                             |\n| ---------------------------------------------------------------------- | --------------------------- | --------------------------- |\n|                                                                        | **Year ended December 31,** | **Year ended December 31,** |\n| (in millions)                                                          | **2016**                    | **2015**                    |\n| Mark\\-to\\-market impact from fuel contracts settling in future periods | $9                          | $373                        |\n| Ineffectiveness from fuel hedges settling in future periods            | (11)                        | (9)                         |\n| Realized ineffectiveness and mark\\-to\\-market (gains) or losses        | 5                           | 72                          |\n| Premium cost of fuel contracts                                         | 153                         | 124                         |\n| Other                                                                  | 6                           | (4)                         |\n|                                                                        | $162                        | $556                        |\n\n\n\n**Income Taxes**\n\nThe Company's effective tax rate was 36\\.8 percent for 2016, compared with 37\\.3 percent for 2015\\. \n\n49"}
{"_id": "Alaska-2017_22.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***We are expected to incur substantial expenses related to the integration of Virgin America\\.***\n\nWe are expected to continue to incur substantial integration and transition expenses in connection with the acquisition of Virgin America, including the necessary costs associated with integrating the operations of Alaska and Virgin America\\. There are a large number of processes, policies, procedures, operations, technologies and systems that must be integrated, including ticketing/distribution, maintenance and flight operations\\. While we have assumed that a certain level of expenses will be incurred, there are many factors beyond our control that could affect the total amount or the timing of the integration expenses\\. Moreover, many of the expenses that will be incurred are, by their nature, difficult to estimate accurately\\. These expenses could, particularly in the near term, exceed the financial benefits we expect to achieve from the acquisition, including the elimination of duplicative expenses and the realization of economies of scale and cost savings\\. These integration expenses likely will continue to result in us taking charges against earnings in future periods, and the amount and timing of such charges are uncertain at present\\.\n\n***The application of the acquisition method of accounting resulted in us recording a significant amount of goodwill, which could result in significant future impairment charges and negatively affect our financial results\\.***\n\nIn accordance with applicable acquisition accounting rules, we recorded goodwill on our consolidated balance sheet to the extent the Virgin America acquisition purchase price exceeded the net fair value of Virgin America\u2019s tangible and identifiable intangible assets and liabilities as of the acquisition date\\. Goodwill is not amortized, but is tested for impairment at least annually\\. We could record impairment charges in our results of operations as a result of, among other items, extreme fuel price volatility, a significant decline in the fair value of certain tangible or intangible assets, unfavorable trends in forecasted results of operations and cash flows, uncertain economic environment and other uncertainties\\. We can provide no assurance that a significant impairment charge will not occur in one or more future periods\\. Any such charges may materially negatively affect our financial results\\.\n\n***We obtain our rights to use the Virgin brand under agreements with certain entities affiliated with the Virgin Group, and we would lose those rights if these agreements are terminated or not renewed\\.*** \n\nVirgin America is a party to license agreements with certain entities affiliated with the Virgin Group pursuant to which we obtain rights to use the Virgin brand\\. The licensor may terminate the agreements upon the occurrence of a number of specified events including if Virgin America commits a material breach of its obligations under the agreements that is uncured for more than 10 business days or if it materially damages the Virgin brand\\. If we lose our rights to use the Virgin brand, our current plan to discontinue use of the Virgin America trademarks gradually would need to be accelerated, which could have an adverse impact on our financial condition\\.\n\n***The Virgin brand is not under our control, and negative publicity related to the Virgin brand name could materially adversely affect our business\\.*** \n\nVirgin America licenses rights to the Virgin brand from certain entities affiliated with the Virgin Group on a non\\-exclusive basis\\. The Virgin brand is also licensed to and used by a number of other companies, including two airlines, Virgin Atlantic Airways and Virgin Australia Airlines, operating in other geographies\\. We rely on the general goodwill of consumers and our employees towards the Virgin brand\\. Consequently, any adverse publicity in relation to the Virgin brand name, its principals, particularly Sir Richard Branson who is closely associated with the brand, or another Virgin\\-branded company over which we have no control or influence could have a material adverse effect on our business\\. \n\n***STRATEGY***\n\n***The airline industry is highly competitive and susceptible to price discounting and changes in capacity, which could have a material adverse effect on our business\\. If we cannot successfully compete in the marketplace, our business, financial condition, and operating results will be materially adversely affected\\.***\n\nThe U\\.S\\. airline industry is characterized by substantial price competition\\. In recent years, the market share held by low\\-cost carriers and ultra low\\-cost carriers has increased significantly and is expected to continue to increase\\. Airlines also compete for market share by increasing or decreasing their capacity, route systems, and the number of markets served\\. Several of our competitors have increased their capacity in markets we serve, particularly in our key West Coast markets\\. The resulting increased competition in both domestic and international markets may have a material adverse effect on our results of operations, financial condition, or liquidity\\. \n\n 23"}
{"_id": "United-2018_46.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**UNITED CONTINENTAL HOLDINGS, INC\\.** \n\n**STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY**\n\n**(In millions)**\n\n\n\n|                                                               |                             |                             |                                            |                    |                                             |                                                              |           |\n| ------------------------------------------------------------- | --------------------------- | --------------------------- | ------------------------------------------ | ------------------ | ------------------------------------------- | ------------------------------------------------------------ | --------- |\n|                                                               | **Common**<br><br>**Stock** | **Common**<br><br>**Stock** | **Additional**<br><br>**Capital Invested** | **Treasury Stock** | **Retained Earnings (Accumulated Deficit)** | **Accumulated**<br><br>**Other Comprehensive Income (Loss)** | **Total** |\n|                                                               | **Shares**                  | **Amount**                  | **Additional**<br><br>**Capital Invested** | **Treasury Stock** | **Retained Earnings (Accumulated Deficit)** | **Accumulated**<br><br>**Other Comprehensive Income (Loss)** | **Total** |\n| Balance at December 31, 2015                                  | 364\\.6                      | $4                          | $7,946                                     | $(1,610)           | $3,457                                      | $(831)                                                       | $8,966    |\n| Net income (a)                                                | \u2014                           | \u2014                           | \u2014                                          | \u2014                  | 2,234                                       | \u2014                                                            | 2,234     |\n| Other comprehensive income                                    | \u2014                           | \u2014                           | \u2014                                          | \u2014                  | \u2014                                           | 2                                                            | 2         |\n| Stock\\-settled share\\-based compensation                      | \u2014                           | \u2014                           | 32                                         | \u2014                  | \u2014                                           | \u2014                                                            | 32        |\n| Proceeds from exercise of stock options                       | 0\\.3                        | \u2014                           | 6                                          | \u2014                  | \u2014                                           | \u2014                                                            | 6         |\n| Repurchases of common stock                                   | (50\\.3)                     | \u2014                           | \u2014                                          | (2,607)            | \u2014                                           | \u2014                                                            | (2,607)   |\n| Treasury stock retired                                        | \u2014                           | (1)                         | (1,415)                                    | 3,709              | (2,293)                                     | \u2014                                                            | \u2014         |\n| Other (a)                                                     | \u2014                           | \u2014                           | \u2014                                          | (3)                | (56)                                        | \u2014                                                            | (59)      |\n| Balance at December 31, 2016                                  | 314\\.6                      | 3                           | 6,569                                      | (511)              | 3,342                                       | (829)                                                        | 8,574     |\n| Net income (a)                                                | \u2014                           | \u2014                           | \u2014                                          | \u2014                  | 2,144                                       | \u2014                                                            | 2,144     |\n| Other comprehensive loss                                      | \u2014                           | \u2014                           | \u2014                                          | \u2014                  | \u2014                                           | (200)                                                        | (200)     |\n| Stock\\-settled share\\-based compensation                      | \u2014                           | \u2014                           | 56                                         | \u2014                  | \u2014                                           | \u2014                                                            | 56        |\n| Proceeds from exercise of stock options                       | \u2014                           | \u2014                           | 2                                          | \u2014                  | \u2014                                           | \u2014                                                            | 2         |\n| Repurchases of common stock                                   | (27\\.8)                     | \u2014                           | \u2014                                          | (1,844)            | \u2014                                           | \u2014                                                            | (1,844)   |\n| Treasury stock retired                                        | \u2014                           | \u2014                           | (508)                                      | 1,576              | (1,068)                                     | \u2014                                                            | \u2014         |\n| Net treasury stock issued for share\\-based awards             | 0\\.2                        | \u2014                           | (21)                                       | 10                 | (1)                                         | \u2014                                                            | (12)      |\n| Excess tax benefits from share\\-based awards                  | \u2014                           | \u2014                           | \u2014                                          | \u2014                  | 14                                          | \u2014                                                            | 14        |\n| Reclassification of stranded tax effects                      | \u2014                           | \u2014                           | \u2014                                          | \u2014                  | 118                                         | (118)                                                        | \u2014         |\n| Balance at December 31, 2017                                  | 287\\.0                      | 3                           | 6,098                                      | (769)              | 4,549                                       | (1,147)                                                      | 8,734     |\n|  Net income                                                   | \u2014                           | \u2014                           | \u2014                                          | \u2014                  | 2,129                                       | \u2014                                                            | 2,129     |\n| Other comprehensive loss                                      | \u2014                           | \u2014                           | \u2014                                          | \u2014                  | \u2014                                           | 338                                                          | 338       |\n| Stock\\-settled share\\-based compensation                      | \u2014                           | \u2014                           | 60                                         | \u2014                  | \u2014                                           | \u2014                                                            | 60        |\n| Repurchases of common stock                                   | (17\\.5)                     | \u2014                           | \u2014                                          | (1,250)            | \u2014                                           | \u2014                                                            | (1,250)   |\n| Net treasury stock issued for share\\-based awards             | 0\\.4                        | \u2014                           | (38)                                       | 26                 | (4)                                         | \u2014                                                            | (16)      |\n| Adoption of accounting standard related to equity investments | \u2014                           | \u2014                           | \u2014                                          | \u2014                  | (6)                                         | 6                                                            | \u2014         |\n| Balance at December 31, 2018                                  | 269\\.9                      | $3                          | $6,120                                     | $(1,993)           | $6,668                                      | $(803)                                                       | $9,995    |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n47"}
{"_id": "Southwest-2019_44.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n(a) The Company\u2019s hedge position can vary significantly at different price levels, including prices at which the Company considers \"catastrophic\" coverage\\. The percentages provided are not indicative of the Company's hedge coverage at every price, but represent the highest level of coverage at a single price\\. See Note  10  to the Consolidated Financial Statements for further information\\.\n\nAs a result of applying hedge accounting in prior periods, the Company has amounts in Accumulated other comprehensive income (loss) (\"AOCI\") that will be recognized in earnings in future periods when the underlying fuel derivative contracts settle\\. The following table displays the Company's estimated fair value of remaining fuel derivative contracts (not considering the impact of the cash collateral provided to or received from counterparties \\- see  Note 10  to the Consolidated Financial Statements for further information), as well as the amount of deferred gains/losses in AOCI at  December 31, 2019 , and the expected future periods in which these items are expected to settle and/or be recognized in earnings (in millions):\n\n\n\n|             |                                                                                        |                                                                                               |\n| ----------- | -------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------- |\n| **Year**    | **Fair value of fuel**<br><br>**derivative contracts**<br><br>**at December 31, 2019** | **Amount of losses deferred**<br><br>**in AOCI at December 31,**<br><br>**2019 (net of tax)** |\n| 2020        | $48                                                                                    | $(36)                                                                                         |\n| 2021        | 33                                                                                     | (43)                                                                                          |\n| 2022        | 27                                                                                     | (17)                                                                                          |\n| Beyond 2022 | 2                                                                                      | \u2014                                                                                             |\n| Total       | $110                                                                                   | $(96)                                                                                         |\n\n\n\n Assuming no changes to the Company's current fuel derivative portfolio, but including all previous hedge activity for fuel derivatives that have not yet settled, and considering only the expected net cash receipts related to hedges that will settle, the Company is providing the below sensitivity table for  first quarter 2020  and full year  2020  jet fuel prices at different crude oil assumptions as of  January 17, 2020 , and for expected premium costs associated with settling contracts each period, respectively\\.\n\n\n\n|                                                         |                                                                                             |                                                                                             |                                                                                             |                                                                                             |\n| ------------------------------------------------------- | ------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- |\n|                                                         | **Estimated economic fuel price per gallon, including taxes and fuel hedging premiums (e)** | **Estimated economic fuel price per gallon, including taxes and fuel hedging premiums (e)** | **Estimated economic fuel price per gallon, including taxes and fuel hedging premiums (e)** | **Estimated economic fuel price per gallon, including taxes and fuel hedging premiums (e)** |\n| **Average Brent Crude Oil**<br><br>**price per barrel** | **First Quarter 2020 (c)**                                                                  | **First Quarter 2020 (c)**                                                                  | **Full Year 2020 (d)**                                                                      | **Full Year 2020 (d)**                                                                      |\n| $55                                                     | $1\\.85 \\- $1\\.95                                                                            | $1\\.85 \\- $1\\.95                                                                            | $1\\.80 \\- $1\\.90                                                                            | $1\\.80 \\- $1\\.90                                                                            |\n| $60                                                     | $1\\.95 \\- $2\\.05                                                                            | $1\\.95 \\- $2\\.05                                                                            | $1\\.95 \\- $2\\.05                                                                            | $1\\.95 \\- $2\\.05                                                                            |\n| **Current Market (a)**                                  | **$2\\.05 \\- $2\\.15**                                                                        | **$2\\.05 \\- $2\\.15**                                                                        | **$2\\.00 \\- $2\\.10**                                                                        | **$2\\.00 \\- $2\\.10**                                                                        |\n| $70                                                     | $2\\.15 \\- $2\\.25                                                                            | $2\\.15 \\- $2\\.25                                                                            | $2\\.20 \\- $2\\.30                                                                            | $2\\.20 \\- $2\\.30                                                                            |\n| $80                                                     | $2\\.25 \\- $2\\.35                                                                            | $2\\.25 \\- $2\\.35                                                                            | $2\\.35 \\- $2\\.45                                                                            | $2\\.35 \\- $2\\.45                                                                            |\n| $90                                                     | $2\\.35 \\- $2\\.45                                                                            | $2\\.35 \\- $2\\.45                                                                            | $2\\.50 \\- $2\\.60                                                                            | $2\\.50 \\- $2\\.60                                                                            |\n| Estimated fuel hedging premium expense per gallon (b)   | $0\\.05                                                                                      | $0\\.05                                                                                      | $0\\.04                                                                                      | $0\\.04                                                                                      |\n\n\n\n(a) Brent crude oil average market prices as of  January 17, 2020 , were approximately  $64  and  $62  per barrel for  first quarter 2020  and full year  2020 , respectively\\.\n\n(b)  Fuel hedging premium expense per gallon is included in the Company's estimated economic fuel price per gallon estimates above\\. \n\n(c) Based on the Company's existing fuel derivative contracts and market prices as of  January 17, 2020 ,  first quarter 2020  GAAP and economic fuel costs are estimated to be in the $2\\.05 to $2\\.15 per gallon range, including fuel hedging premium expense of approximately  $24 million , or  $\\.05  per gallon, and an estimated  $\\.01  per gallon in favorable cash settlements from fuel derivative contracts\\. See Note Regarding Use of Non\\-GAAP Financial Measures for additional information\\. \n\n(d) Based on the Company's existing fuel derivative contracts and market prices as of  January 17, 2020 , annual  2020  GAAP and economic fuel costs are estimated to be in the $2\\.00 to $2\\.10 per gallon range, including fuel hedging premium expense of approximately  $97  million, or  $\\.04  per gallon, and no cash settlements from fuel derivative contracts, on a per gallon basis\\. See Note Regarding Use of Non\\-GAAP Financial Measures for additional information\\. \n\n45"}
{"_id": "AmericanAirlines-2019_9.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                                                                   |                                  |                          |                                  |\n| ----------------------------------------------------------------- | -------------------------------- | ------------------------ | -------------------------------- |\n| **Union**                                                         | **Class or Craft**               | **Employees**  **^(1)^** | **Contract  <br>Amendable Date** |\n| TWU                                                               | Stock Clerks                     | 150                      | 2020                             |\n| TWU                                                               | Fleet Service Clerks             | 4,050                    | 2019                             |\n| TWU                                                               | Dispatchers                      | 70                       | 2025                             |\n| Communications Workers of America (CWA)                           | Passenger Service                | 6,300                    | 2026                             |\n| **Piedmont:**                                                     |                                  |                          |                                  |\n| ALPA                                                              | Pilots                           | 550                      | 2024                             |\n| AFA                                                               | Flight Attendants                | 350                      | 2019                             |\n| International Brotherhood of Teamsters (IBT)                      | Mechanics                        | 450                      | 2021                             |\n| IBT                                                               | Stock Clerks                     | 60                       | 2021                             |\n| CWA                                                               | Fleet and Passenger Service      | 6,550                    | 2023                             |\n| IBT                                                               | Dispatchers                      | 30                       | 2019                             |\n| ALPA                                                              | Flight Crew Training Instructors | 40                       | 2024                             |\n| **PSA:**                                                          |                                  |                          |                                  |\n| ALPA                                                              | Pilots                           | 1,950                    | 2023                             |\n| AFA                                                               | Flight Attendants                | 1,450                    | 2023                             |\n| International Association of Machinists & Aerospace Workers (IAM) | Mechanics                        | 700                      | 2022                             |\n| TWU                                                               | Dispatchers                      | 60                       | 2022                             |\n\n\n\n\n\n|       |                                                                                |\n| ----- | ------------------------------------------------------------------------------ |\n| ^(1)^ | Approximate number of active employees represented as of  December 31, 2019 \\. |\n\n\n\nJoint collective bargaining agreements (JCBAs) have been reached with post\\-Merger employee groups, except for contracts with the TWU\\-IAM Association which represents the mechanics and related, fleet service, stock clerks, maintenance control technicians and maintenance training instructors whose contracts became amendable in the third quarter of 2018\\. Agreements in principle were reached with the TWU\\-IAM Association on January 30, 2020 for JCBAs covering all of these workgroups\\. Those agreements are subject to membership ratification vote\\. Additionally, the post\\-Merger JCBAs covering our pilots and flight attendants became amendable in January 2020 and December 2019, respectively\\. Negotiations continue for new agreements\\.\n\nAmong our wholly\\-owned regional subsidiaries, the Envoy fleet service clerks, Piedmont flight attendants and Piedmont dispatchers have agreements that are now amendable and are engaged in traditional RLA negotiations\\. Envoy is also in negotiations with the union representing its flight attendants, whose contract becomes amendable in 2020\\.\n\nFor more discussion, see Part I, Item 1A\\. Risk Factors \u2013 \u201c Union disputes, employee strikes and other labor\\-related disruptions, or our inability to otherwise maintain labor costs at competitive levels may adversely affect our operations and financial performance \\.\u201d\n\nAircraft Fuel\n\nOur operations and financial results are significantly affected by the availability and price of aircraft fuel, which in  2019  was our second largest expense\\. Based on our  2020  forecasted mainline and regional fuel consumption, we estimate that a one cent per gallon increase in the price of aircraft fuel would increase our  2020  annual fuel expense by  $47 million \\.\n\nThe following table shows annual aircraft fuel consumption and costs, including taxes, for our mainline and regional operations for  2019  and  2018  (gallons and aircraft fuel expense in millions)\\.\n\n\n\n|          |             |                                         |                                      |                                                    |\n| -------- | ----------- | --------------------------------------- | ------------------------------------ | -------------------------------------------------- |\n| **Year** | **Gallons** | **Average Price**<br><br>**per Gallon** | **Aircraft Fuel**<br><br>**Expense** | **Percent of Total**<br><br>**Operating Expenses** |\n| 2019     | 4,537       | $2\\.07                                  | $9,395                               | 22\\.0%                                             |\n| 2018     | 4,447       |  2\\.23                                  |  9,896                               | 23\\.6%                                             |\n\n\n\n10"}
{"_id": "Southwest-2018_1.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**TABLE OF CONTENTS**\n\n\n\n|                                                                         |                                                                                                                                                                            |                                                                                |\n| ----------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------ |\n|                                                                         | **PART I**                                                                                                                                                                 |                                                                                |\n| Item 1\\.                                                                | [Business](https://www.example.com#sC5F96C2468025E74AB4681A7D20948E4)                                                                                                      | <br>[3](https://www.example.com#sC5F96C2468025E74AB4681A7D20948E4)             |\n| Item 1A\\.                                                               | [Risk Factors](https://www.example.com#s5344C52FD2DC54B2B32FDF7E5E3D6723)                                                                                                  | <br>[21](https://www.example.com#s5344C52FD2DC54B2B32FDF7E5E3D6723)            |\n| Item 1B\\.                                                               | [Unresolved Staff Comments](https://www.example.com#sC84CD27107B050B698B147A9C37246A2)                                                                                     | <br>[28](https://www.example.com#sC84CD27107B050B698B147A9C37246A2)            |\n| Item 2\\.                                                                | [Properties](https://www.example.com#s317CA29BDA3C5B048977CC1DE771D505)                                                                                                    | <br>[29](https://www.example.com#s317CA29BDA3C5B048977CC1DE771D505)            |\n| Item 3\\.                                                                | [Legal Proceedings](https://www.example.com#sDEC1C2A28E435DCC9CE1A2C33B478F51)                                                                                             | <br>[30](https://www.example.com#sDEC1C2A28E435DCC9CE1A2C33B478F51)            |\n| Item 4\\.                                                                | [Mine Safety Disclosures](https://www.example.com#s649B4E9206C85BCF8B9DFD131CF1C36B)                                                                                       | <br>[31](https://www.example.com#s649B4E9206C85BCF8B9DFD131CF1C36B)            |\n|                                                                         | **PART II**                                                                                                                                                                |                                                                                |\n| Item 5\\.                                                                | [Market for Registrant\u2019s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](https://www.example.com#s21FCCC45C117557DB3416E9BDD8E8FB2) | <br>[34](https://www.example.com#s21FCCC45C117557DB3416E9BDD8E8FB2)            |\n| Item 6\\.                                                                | [Selected Financial Data](https://www.example.com#s2DB33F0C533E57B5AACB790AAE6CB99A)                                                                                       | <br>[37](https://www.example.com#s2DB33F0C533E57B5AACB790AAE6CB99A)            |\n| Item 7\\.                                                                | [Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations](https://www.example.com#s46F28C8C2E7A59BB88CBE46DB857D870)                         | <br>[39](https://www.example.com#s46F28C8C2E7A59BB88CBE46DB857D870)            |\n|                                                                         | [Liquidity and Capital Resources](https://www.example.com#s597952F7C1D852E1A54020C263F45163)                                                                               | <br>[53](https://www.example.com#s597952F7C1D852E1A54020C263F45163)            |\n|                                                                         | [Off\\-Balance Sheet Arrangements, Contractual Obligations, and Contingent Liabilities and Commitments](https://www.example.com#sFE636152E166577CA26393AE066115B1)          | <br>[55](https://www.example.com#sFE636152E166577CA26393AE066115B1)            |\n|                                                                         | [Critical Accounting Policies and Estimates](https://www.example.com#sDD884E9767575B57991007E3E7D2B5F9)                                                                    | <br>[58](https://www.example.com#sDD884E9767575B57991007E3E7D2B5F9)            |\n| Item 7A\\.                                                               | [Quantitative and Qualitative Disclosures About Market Risk](https://www.example.com#s0AEDD58057D35C3E85A4500561F333C9)                                                    | <br>[62](https://www.example.com#s0AEDD58057D35C3E85A4500561F333C9)            |\n| Item 8\\.                                                                | [Financial Statements and Supplementary Data](https://www.example.com#s54E2DDEF0C685B428B3215B8EC9D8C33)                                                                   | <br>[67](https://www.example.com#s54E2DDEF0C685B428B3215B8EC9D8C33)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Balance Sheet](https://www.example.com#s33B13B8384B75C7384C1C7F26AF5ECE9)                                                            | <br>[67](https://www.example.com#s33B13B8384B75C7384C1C7F26AF5ECE9)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Statement of Income](https://www.example.com#sB30730CA82D65531B7511E7219A40686)                                                      | <br>[68](https://www.example.com#sB30730CA82D65531B7511E7219A40686)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Statement of Comprehensive Income](https://www.example.com#sCECB26A4C6195C8A9E62E912314842ED)                                        | <br>[69](https://www.example.com#sCECB26A4C6195C8A9E62E912314842ED)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Statement of Stockholders\u2019 Equity](https://www.example.com#s81C95B7A4F8F5D23B24834AB00E2364F)                                        | <br>[70](https://www.example.com#s81C95B7A4F8F5D23B24834AB00E2364F)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Statement of Cash Flows](https://www.example.com#s2171592FCE48538DAE131A2994B8ED42)                                                  | <br>[71](https://www.example.com#s2171592FCE48538DAE131A2994B8ED42)            |\n|                                                                         | [Notes to Consolidated Financial Statements](https://www.example.com#s20874495F97B5009A542A999E2776F58)                                                                    | <br>[72](https://www.example.com#s20874495F97B5009A542A999E2776F58)            |\n| Item 9\\.                                                                | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](https://www.example.com#s25422A4A1D655AA0BA5E7941ED9F08CE)                          | <br>[119](https://www.example.com#s25422A4A1D655AA0BA5E7941ED9F08CE)           |\n| Item 9A\\.                                                               | [Controls and Procedures](https://www.example.com#sEBEA4EE99E7953C8A862AD6A34208724)                                                                                       | <br>[119](https://www.example.com#sEBEA4EE99E7953C8A862AD6A34208724)           |\n| Item 9B\\.                                                               | [Other Information](https://www.example.com#sE2BA0BA4B8E352FCA8A1D15F3F4D458C)                                                                                             | <br>[120](https://www.example.com#sE2BA0BA4B8E352FCA8A1D15F3F4D458C)           |\n|                                                                         | **PART III**                                                                                                                                                               |                                                                                |\n| Item 10\\.                                                               | [Directors, Executive Officers, and Corporate Governance](https://www.example.com#s3E92A4C731D454F7884BD8AAE6D0BC1A)                                                       | <br>[121](https://www.example.com#s3E92A4C731D454F7884BD8AAE6D0BC1A)           |\n| Item 11\\.                                                               | [Executive Compensation](https://www.example.com#s81B546ECEB885F0EBEF80627AEA85D1B)                                                                                        | <br>[121](https://www.example.com#s81B546ECEB885F0EBEF80627AEA85D1B)           |\n| Item 12\\.                                                               | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](https://www.example.com#sA9EA5FDDF0D35C8D848F7D4510E33935)                | <br>[121](https://www.example.com#sA9EA5FDDF0D35C8D848F7D4510E33935)           |\n| Item 13\\.                                                               | [Certain Relationships and Related Transactions, and Director Independence](https://www.example.com#s9AD40753E70A57AEB75B3FE1183616B3)                                     | <br>[122](https://www.example.com#s9AD40753E70A57AEB75B3FE1183616B3)           |\n| Item 14\\.                                                               | [Principal Accounting Fees and Services](https://www.example.com#s972182E576BF50C99ECD2CF4004CB5B9)                                                                        | <br>[122](https://www.example.com#s972182E576BF50C99ECD2CF4004CB5B9)           |\n|                                                                         | **PART IV**                                                                                                                                                                |                                                                                |\n| Item 15\\.                                                               | [Exhibits and Financial Statement Schedules](https://www.example.com#sBE2F49BC55F859D491FA8E97E22996A8)                                                                    | <br>[123](https://www.example.com#sBE2F49BC55F859D491FA8E97E22996A8)           |\n| Item 16\\.                                                               | [Form 10\\-K Summary](https://www.example.com#s8F58B16784EB54C58EF8AA1721B6953D)                                                                                            | [128](https://www.example.com#s8F58B16784EB54C58EF8AA1721B6953D)<br><br>  <br> |\n| [Signatures](https://www.example.com#sDCD3099FDB58573A857F2419DD24BF88) | [Signatures](https://www.example.com#sDCD3099FDB58573A857F2419DD24BF88)                                                                                                    | <br>[129](https://www.example.com#sDCD3099FDB58573A857F2419DD24BF88)           |\n\n\n\n2"}
{"_id": "Delta-2019_80.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nOther Information\n\nThe table below presents supplemental cash flow information related to leases\\.\n\n\n\n|                                                                        |                                                                        |                                                                        |                         |                         |  |  |  |\n|:---------------------------------------------------------------------- |:---------------------------------------------------------------------- |:---------------------------------------------------------------------- | -----------------------:| -----------------------:|:- |:- |:- |\n|                                                                        |                                                                        |                                                                        | Year Ended December 31, | Year Ended December 31, |  |  |  |\n| (in millions)                                                          | (in millions)                                                          | (in millions)                                                          |                    2019 |                    2018 |\n| Cash paid for amounts included in the measurement of lease liabilities | Cash paid for amounts included in the measurement of lease liabilities | Cash paid for amounts included in the measurement of lease liabilities |                         |                         |\n| Operating cash flows for operating leases                              | Operating cash flows for operating leases                              | Operating cash flows for operating leases                              |                 $ 1,166 |                 $ 1,271 |\n| Operating cash flows for finance leases                                | Operating cash flows for finance leases                                | Operating cash flows for finance leases                                |                      27 |                      22 |\n| Financing cash flows for finance leases                                | Financing cash flows for finance leases                                | Financing cash flows for finance leases                                |                     192 |                     108 |\n\n\n\nUndiscounted Cash Flows\n\nThe table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet\\.\n\n\n\n|                                                      |                                                      |                                                      |                  |                |\n|:---------------------------------------------------- |:---------------------------------------------------- |:---------------------------------------------------- | ----------------:| --------------:|\n| (in millions)                                        | (in millions)                                        | (in millions)                                        | Operating Leases | Finance Leases |\n| 2020                                                 | 2020                                                 | 2020                                                 |          $ 1,003 |          $ 264 |\n| 2021                                                 | 2021                                                 | 2021                                                 |              836 |            239 |\n| 2022                                                 | 2022                                                 | 2022                                                 |              729 |            174 |\n| 2023                                                 | 2023                                                 | 2023                                                 |              698 |            124 |\n| 2024                                                 | 2024                                                 | 2024                                                 |              628 |            180 |\n| Thereafter                                           | Thereafter                                           | Thereafter                                           |            3,821 |            179 |\n| Total minimum lease payments                         | Total minimum lease payments                         | Total minimum lease payments                         |            7,715 |          1,160 |\n| Less: amount of lease payments representing interest | Less: amount of lease payments representing interest | Less: amount of lease payments representing interest |          (1,620) |          (106) |\n| Present value of future minimum lease payments       | Present value of future minimum lease payments       | Present value of future minimum lease payments       |            6,095 |          1,054 |\n| Less: current obligations under leases               | Less: current obligations under leases               | Less: current obligations under leases               |            (801) |          (233) |\n| Long\\-term lease obligations                         | Long\\-term lease obligations                         | Long\\-term lease obligations                         |          $ 5,294 |          $ 821 |\n\n\n\nAs of December 31, 2019, we had additional leases that had not yet commenced of $888 million\\. These leases will commence in 2020 to 2024 with lease terms of 5 to 12 years\\.\n\n78"}
{"_id": "Southwest-2017_33.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**PART II**\n\n**Item 5\\.*****Market for Registrant\u2019s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities***\n\nThe Company\u2019s common stock is listed on the New York Stock Exchange (\"NYSE\") and is traded under the symbol \"LUV\\.\" The following table shows the high and low prices per share of the Company\u2019s common stock, as reported on the NYSE Composite Tape, and the cash dividends per share declared on the Company\u2019s common stock\\.\n\n\n\n|             |               |           |          |\n| ----------- | ------------- | --------- | -------- |\n| **Period**  | **Dividend**  | **High**  | **Low**  |\n| **2017**    |               |           |          |\n| 1st Quarter | $0\\.10000     | $59\\.68   | $48\\.75  |\n| 2nd Quarter | 0\\.12500      | 62\\.74    | 52\\.89   |\n| 3rd Quarter | 0\\.12500      | 64\\.39    | 49\\.76   |\n| 4th Quarter | 0\\.12500      | 66\\.99    | 52\\.78   |\n| **2016**    |               |           |          |\n| 1st Quarter | $0\\.07500     | $45\\.39   | $33\\.96  |\n| 2nd Quarter | 0\\.10000      | 48\\.00    | 36\\.48   |\n| 3rd Quarter | 0\\.10000      | 45\\.00    | 35\\.42   |\n| 4th Quarter | 0\\.10000      | 51\\.31    | 36\\.91   |\n\n\n\nThe Company currently intends to continue declaring dividends on a quarterly basis for the foreseeable future; however, the Company\u2019s Board of Directors may elect to alter the timing, amount, and payment of dividends on the basis of operational results, financial condition, cash requirements, future prospects, and other factors deemed relevant by the Board\\. As of February 5, 2018, there were approximately 12,531 holders of record of the Company\u2019s common stock\\.\n\n34"}
{"_id": "AmericanAirlines-2019_42.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n![chart\\-1c872d9df3e2591c88d\\.jpg](https://americanairlines.gcs-web.com/email-alerts/chart-1c872d9df3e2591c88d.jpg)\n\n\n\n|                                     |                |                |                |                |                |                |\n| ----------------------------------- | -------------- | -------------- | -------------- | -------------- | -------------- | -------------- |\n|                                     | **12/31/2014** | **12/31/2015** | **12/31/2016** | **12/31/2017** | **12/31/2018** | **12/31/2019** |\n| American Airlines Group Inc\\. (AAL) | $100           | $80            | $89            | $100           | $62            | $56            |\n| NYSE ARCA Airline Index (XAL)       | 100            | 83             | 106            | 112            | 87             | 106            |\n| S&P 500 Index (GSPC)                | 100            | 99             | 109            | 130            | 122            | 157            |\n\n\n\nPurchases of Equity Securities by the Issuer and Affiliated Purchasers\n\nIn April 2018, we announced that our Board of Directors authorized a  $2\\.0 billion  share repurchase program that will expire on December 31, 2020\\. Since July 2014, our Board of Directors has approved  seven  share repurchase programs aggregating  $13\\.0 billion  of authority\\. \n\nIn  2019 , we repurchased  33\\.8 million  shares of AAG common stock for  $1\\.1 billion  at a weighted average cost per share of  $32\\.09 \\. In  2018 , we repurchased  16\\.6 million  shares of AAG common stock for  $800 million  at a weighted average cost per share of  $48\\.15 \\.  Since the inception of our share repurchase programs in July 2014 through December 31, 2019, we have repurchased  312\\.7 million  shares of AAG common stock for  $12\\.4 billion  at a weighted average cost per share of  $39\\.76 \\.\n\nThe following table displays information with respect to our purchases of shares of AAG common stock during the three months ended  December 31, 2019 \\.\n\n\n\n|               |                                                 |                                             |                                                                                                                      |                                                                                                                                   |\n| ------------- | ----------------------------------------------- | ------------------------------------------- | -------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------- |\n| **Period**    | **Total number of**<br><br>**shares purchased** | **Average price**<br><br>**paid per share** | **Total number of shares**<br><br>**purchased as part of** <br><br>**publicly announced**<br><br>**plan or program** | **Maximum dollar value of shares**<br><br>**that may be purchased under**<br><br>**the plan or program**<br><br>**(in millions)** |\n| October 2019  | 710,556                                         | $30\\.65                                     | 710,556                                                                                                              | $828                                                                                                                              |\n| November 2019 | 4,181,541                                       | $29\\.42                                     | 4,181,541                                                                                                            | $705                                                                                                                              |\n| December 2019 | 4,975,466                                       | $28\\.12                                     | 4,975,466                                                                                                            | $565                                                                                                                              |\n\n\n\nShare repurchases under our repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions\\. Any such repurchases that may be made from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to repurchase any specific number of shares and our repurchase of AAG common stock may be limited, suspended or discontinued at any time at our discretion and without prior notice\\.\n\n43"}
{"_id": "AmericanAirlines-2017_192.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 10\\.37                        | [Supplemental Agreement No\\. 1, dated as of April 15, 2013, to Purchase Agreement No\\. 03735 between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.1 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000067/d567093dex101.htm) \\*                                                                                                                                                                                                                                                                                                  |\n| 10\\.38                        | [Supplemental Agreement No\\. 2, dated as of March 6, 2015, to Purchase Agreement No\\. 03735 between American Airlines, Inc\\. and The Boeing Company, dated as of February 1, 2013\\. Relating to Boeing Model 737 MAX Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515145178/d900175dex101.htm) \\*                                                                                                                                        |\n| 10\\.39                        | [Supplemental Agreement No\\. 3, dated as of May 22, 2015, to Purchase Agreement No\\. 03735 between American Airlines, Inc\\. and The Boeing Company, dated as of February 1, 2013\\. Relating to Boeing Model 737 MAX Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex103.htm) \\*                                                                                                                                          |\n| 10\\.40                        | [Letter Agreement, dated as of January 14, 2016, to Purchase Agreement No\\. 03735 between American Airlines, Inc\\. and The Boeing Company, dated as of February 1, 2013\\. Relating to Boeing Model 737 MAX Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516551225/d164093dex102.htm) \\*                                                                                                                                                  |\n| 10\\.41                        | [Supplemental Agreement No\\. 4, dated as of June 6, 2016, to Purchase Agreement No\\. 03735 dated as of February 1, 2016, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516654354/d204187dex103.htm) \\*                                                                                                                                                                                                                                                                      |\n| 10\\.42                        | [Supplemental Agreement No\\. 5, dated as of August 8, 2016, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516742263/d247546dex102.htm) \\*                                                                                                                                                                                                                                                               |\n| 10\\.43                        | [Supplemental Agreement No\\. 6, dated as of November 15, 2016, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.33 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517051216/d286458dex1033.htm) \\*                                                                                                                                                                                                                                                                 |\n| 10\\.44                        | [Supplemental Agreement No\\. 7, dated as of March 2, 2017, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex101.htm) \\*                                                                                                                                                                                                                                                                    |\n| 10\\.45                        | [Supplemental Agreement No\\. 8, dated as of December 7, 2017, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, between American Airlines, Inc\\. and The Boeing Company\\.](https://americanairlines.gcs-web.com/email-alerts/ex104510k2017.htm) \\*\\*                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 10\\.46                        | [Amended and Restated Airbus A350 XWB Purchase Agreement, dated as of October 2, 2007, among AVSA, S\\.A\\.R\\.L\\. and American Airlines, Inc\\. (as successor in interest to US Airways, Inc \\.), AWA and American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc \\.) (incorporated by reference to Exhibit 10\\.19 to US Airways Group\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2007 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095015308000353/p75006exv10w19.htm) \\*                                                                                                                                            |\n| 10\\.47                        | [Amendment No\\. 1, dated as of October 20, 2008, to the Amended and Restated Airbus A350 XWB Purchase Agreement, dated as of October 2, 2007, between American Airlines, Inc\\. (as successor in interest to US Airways, Inc \\.) and Airbus S\\.A\\.S\\., including Amended and Restated Letter Agreement No\\. 3, Amended and Restated Letter Agreement No\\. 5, and Amended and Restated Letter Agreement No\\. 9 to the Purchase Agreement (incorporated by reference to Exhibit 10\\.23 to US Airways Group\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095013409003177/p14077exv10w23.htm) \\* |\n| 10\\.48                        | [Amendment No\\. 2, dated as of January 16, 2009, to the Amended and Restated Airbus A350 XWB Purchase Agreement, dated as of October 2, 2007, among AVSA, S\\.A\\.R\\.L\\. and American Airlines, Inc, (as successor in interest to US Airways, Inc\\.), AWA and American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc \\.) (incorporated by reference to Exhibit 10\\.3 to US Airways Group\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2009 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000136231009005707/c84102exv10w3.htm) \\*                                                                                      |\n| 10\\.49                        | [Amendment No\\. 3, dated as of July 23, 2009, to the Amended and Restated Airbus A350 XWB Purchase Agreement dated as of October 2, 2007 between Airbus S\\.A\\.S\\. and American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.) (incorporated by reference to Exhibit 10\\.3 to US Airways Group\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2009 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012309052134/c91298exv10w3.htm) \\*                                                                                                                                                                                    |\n| 10\\.50                        | [Amendment No\\. 4, dated as of November 20, 2009, to the Amended and Restated Airbus A350 XWB Purchase Agreement dated as of October 2, 2007 between Airbus S\\.A\\.S\\. and American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.) (incorporated by reference to Exhibit 10\\.96 to US Airways Group\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2009 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012310013709/p16852exv10w96.htm) \\*                                                                                                                                                                                     |\n\n\n\n193"}
{"_id": "Southwest-2018_123.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      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|\n| [Supplemental Agreement No\\. 11 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2000](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/sa111810redacted.txt) , including [Letter Agreement 6\\-1162\\-RLL\\-932R1](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll932r1redlined.txt)  and [Table of Contents](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/tableofcontents11.txt)  (File No\\. 1\\-7259)); [Supplemental Agreement No\\. 12 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2000](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/sa121810redacted.txt) , including [Purchase Agreement Amendments](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/pasa12redacted.txt)  (File No\\. 1\\-7259)); [Supplemental Agreement No\\. 13 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2000](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/sa13redacted.txt) , including [Purchase Agreement Amendments](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/pasa13.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-932R2](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll932r2.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-933R9](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll933r9redacted.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-934R1](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll934r2redlined.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-941R1](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll941r2redlined.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-054](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj054busmatters.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-055](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj055strucmatters.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-056](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj056noiseemission.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-057](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj057productdev.txt) , [Letter Agreement No\\. 6\\-1162\\-KJJ\\-058](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj058submatters.txt) , and [Price Adjustment](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/exhibitd1.txt)  (File No\\. 1\\-7259)); [Supplemental Agreement No\\. 14 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2000](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/sa141810redacted.txt) , including [Purchase Agreement Amendments](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/pa1810sa14redacted.txt) , [Letter Agreement No\\. 6\\-1162\\-RLL\\-934R2](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/rll934r3redlined.txt) , and [Letter Agreement No\\. 6\\-1162\\-KJJ\\-150](http://www.sec.gov/Archives/edgar/data/92380/000009238000500006/kjj150fccmode.txt)  (File No\\. 1\\-7259)); [Supplemental Agreements Nos\\. 15, 16, 17, 18, and 19 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2001 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013401508530/d91871ex10-1.txt) ; [Supplemental Agreements Nos\\. 20, 21, 22, 23, and 24 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2002 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238002000019/ex10_3.txt) ; [Supplemental Agreements Nos\\. 25, 26, 27, 28, and 29 (incorporated by reference to Exhibit 10\\.8 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2003 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238003000013/ex10_8.txt) ; [Supplemental Agreements Nos\\. 30, 31, 32, and 33 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2003 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013404000842/d11818exv10w1.txt) ;[ Supplemental Agreements Nos\\. 34, 35, 36, 37, and 38 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2004 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238004000016/ex10-3.txt) ; [Supplemental Agreements Nos\\. 39 and 40 (incorporated by reference to Exhibit 10\\.6 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2004 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238004000028/ex10-6.txt) ; [Supplemental Agreement No\\. 41 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2004 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013405002093/d21965exv10w1.htm) ; [Supplemental Agreements Nos\\. 42, 43, and 44 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2005 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238005000006/ex10-1.txt) ; [Supplemental Agreement No\\. 45 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2005 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238005000012/ex10-1.txt) ; [Supplemental Agreements Nos\\. 46 and 47 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2006 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013406007697/d35241exv10w1.htm) ; [Supplemental Agreement No\\. 48 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2006 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238006000009/exhibit_10-1.htm) ; [Supplemental Agreements Nos\\. 49 and 50 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2006 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238006000020/ex10-1.htm) ; [Supplemental Agreement No\\. 51 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2006 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013407001724/d42975exv10w1.htm) ; [Supplemental Agreement No\\. 52 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238007000014/ex10-1.htm) ; [Supplemental Agreement No\\. 53 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238007000024/ex10_1.htm) ; [Supplemental Agreement No\\. 54 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238007000034/ex10_1.htm) ;[ Supplemental Agreement No\\. 55 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238007000034/ex10_2.htm) ; [Supplemental Agreement No\\. 56 (incorporated by reference to Exhibit 10\\.1 to Southwest\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2007 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013408001572/d53331exv10w1.htm) ; [Supplemental Agreement No\\. 57 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2008 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238008000009/ex10_1.htm) ; [Supplemental Agreement No\\. 58 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2008 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238008000009/ex10_2.htm) ; [Supplemental Agreement No\\. 59 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2008 (File No\\. 1\\-7259)); ](http://www.sec.gov/Archives/edgar/data/92380/000009238008000009/ex10_3.htm)[Supplemental Agreement No\\. 60 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2008 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238008000014/ex10_1.htm) ; [Supplemental Agreement No\\. 61 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2008 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238008000018/ex10_1.htm) ; [Supplemental Agreement No\\. 62 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2009 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238009000016/ex10_1.htm) ; [Supplemental Agreement No\\. 63 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2009 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238009000016/ex10_2.htm) ; [Supplemental Agreement No\\. 64 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238010000032/ex10_1.htm) ;<br><br>  <br><br>  <br> |\n\n\n\n124"}
{"_id": "AmericanAirlines-2017_168.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n**15\\. Transactions with Related Parties**\n\nThe following represents the net receivables (payables) to related parties (in millions):\n\n\n\n|                                         |                  |                  |\n| --------------------------------------- | ---------------- | ---------------- |\n|                                         | **December 31,** | **December 31,** |\n|                                         | **2017**         | **2016**         |\n| AAG  ^(1)^                              | $10,968          | $8,981           |\n| AAG\u2019s wholly\\-owned subsidiaries  ^(2)^ | (2,146)          | (2,171)          |\n| Total                                   | $8,822           | $6,810           |\n\n\n\n\n\n|       |                                                                                                                                                                             |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The increase in American\u2019s net related party receivable from AAG is primarily due to American providing the cash funding for AAG\u2019s share repurchase and dividend programs\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                 |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | The net payable to AAG\u2019s wholly\\-owned subsidiaries consists primarily of amounts due under regional capacity purchase agreements with AAG\u2019s wholly\\-owned regional airlines operating under the brand name of American Eagle\\. |\n\n\n\nPursuant to a capacity purchase agreement between American and AAG\u2019s wholly\\-owned regional airlines operating as American Eagle, American purchases all of the capacity from these carriers and recognizes passenger revenue from flights operated by American Eagle\\. In 2017, 2016 and 2015, American recognized expense of approximately $1\\.7 billion, $1\\.5 billion and $1\\.2 billion, respectively, related to wholly\\-owned regional airline capacity purchase agreements\\.\n\n169"}
{"_id": "United-2018_12.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\ncould be required to indemnify and advance expenses to them in connection with their involvement in certain actions, suits, investigations and other proceedings\\. There can be no assurance that any of these payments will not be material\\.\n\n***Our significant investments in other airlines, including in other parts of the world, and the commercial relationships that we have with those carriers may not produce the returns or results we expect\\.***\n\nAn important part of our strategy to expand our global network includes making significant investments in airlines in other parts of the world and expanding our commercial relationships with these carriers\\. For example, in November 2018, United entered into a revenue\\-sharing joint business agreement with Avianca, Copa and several of their respective affiliates, subject to regulatory approval\\. Concurrently with this transaction, United advanced a loan of $456 million to affiliates of Synergy Aerospace Corporation (\"Synergy\"), the majority shareholder of Avianca Holdings S\\.A\\. (\"AVH\"), the parent company of Avianca, and entered into certain other related agreements, including a put arrangement with Avianca's significant minority shareholder, Kingsland Holdings Limited (\"Kingsland\")\\. The loan is secured by a pledge of Synergy's equity and Synergy's shares of AVH stock, and the loan and other agreements contain several provisions whereby the Company may acquire AVH stock\\. We also have an equity investment in Azul\\. See Note 9 to the financial statements included in Part II, Item 8 of this report for additional information regarding our investments in Avianca and Azul\\.\n\nWe also have investments in several domestic regional airlines\\. In January 2019, we completed the acquisition of a 49\\.9% interest in ManaAir LLC, which, as of immediately following the closing of that investment, owns 100% of the equity interests in ExpressJet Airlines, Inc\\., a domestic regional airline\\. We also have minority equity interests in CommutAir and Republic Airways Holdings, Inc\\. See Note 9 to the financial statements included in Part II, Item 8 of this report for additional information regarding our investments in regional airlines\\.\n\nWe expect to continue exploring similar non\\-controlling investments in, and entering into JBAs, commercial agreements, loan transactions and strategic alliances with, other carriers as part of our regional and global business strategy\\. These transactions and relationships involve significant challenges and risks\\. We are dependent on these other carriers for significant aspects of our network in the regions in which they operate\\. While we work closely with these carriers, each is a separately certificated commercial air carrier and we do not have control over their operations, strategy, management or business methods\\. These airlines also are subject to a number of the same risks as our business, which are described in this Item 1A\\., Risk Factors, including competitive pressures on pricing, demand and capacity; changes in aircraft fuel pricing; and the impact of global and local political and economic conditions on operations and customer travel patterns, among others\\. \n\nAs a result of these and other factors, we may not realize a satisfactory return on our investment, and we may not receive repayment of any invested or loaned funds\\. Further, these investments may not generate the revenue or operational synergies we expect, and they may distract management focus from our operations or other strategic options\\. Finally, our reliance on these other carriers in the regions in which they operate may negatively impact our regional and global operations and results if those carriers are impacted by general business risks or perform below our expectations or needs\\. Any one or more of these events could have a material adverse effect on our operating results or financial condition\\.\n\nWe may also be subject to consequences from any improper behavior of JBA partners, including for failure to comply with anti\\-corruption laws such as the U\\.S\\. Foreign Corrupt Practices Act\\. Furthermore, our relationships with these carriers may be subject to the laws and regulations of non\\-U\\.S\\. jurisdictions in which these carriers are located or conduct business\\. Any political or regulatory change in these jurisdictions that negatively impact or prohibit our arrangements with these carriers could have an adverse effect on our operating results or financial condition\\. To the extent that the operations of any of these carriers are disrupted over an extended period of time or their actions subject us to the consequences of failure to comply with laws and regulations, our operating results may be adversely affected\\.\n\n***The airline industry may undergo further change with respect to alliances and JBAs or due to consolidations, any of which could have a material adverse effect on the Company\\.***\n\nThe Company faces and may continue to face strong competition from other carriers due to the modification of alliances and formation of new JBAs\\. Carriers may improve their competitive positions through airline alliances, slot swaps and/or JBAs\\. Certain types of airline JBAs further competition by allowing multiple airlines to coordinate routes, pool revenues and costs, and enjoy other mutual benefits, achieving many of the benefits of consolidation\\. Open Skies agreements, including the longstanding agreements between the United States and each of the EU, Canada, Japan, Korea, New Zealand, Australia, Colombia and Panama, as well as the more recent agreements between the United States and each of Mexico and Brazil, may also give rise to better integration opportunities among international carriers\\. Movement of airlines between current global airline alliances could reduce joint network coverage for members of such alliances while also creating opportunities for JBAs and bilateral alliances that did not exist before such realignment\\. Further airline and airline alliance consolidations or reorganizations could occur in the future\\. The Company routinely engages in analyses and discussions regarding its own strategic position, including current and potential alliances, asset acquisitions and divestitures and may have future discussions \n\n13"}
{"_id": "United-2019_91.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUnited Airlines Holdings, Inc\\. Management Report on Internal Control Over Financial Reporting \n\nFebruary 24, 2020 \n\nTo the Stockholders of United Airlines Holdings, Inc\\. \n\nChicago, Illinois \n\nThe management of United Airlines Holdings, Inc\\. (\"UAL\") is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a\\-15(f)\\. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. Because of its inherent limitations, our internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\nUnder the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the design and operating effectiveness of our internal control over financial reporting as of December 31, 2019\\. In making this assessment, management used the framework set forth in Internal Control\u2014Integrated Framework (2013 Framework)  issued by the Committee of the Sponsoring Organizations of the Treadway Commission\\. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our internal control over financial reporting was effective as of December 31, 2019\\.\n\nOur independent registered public accounting firm, Ernst & Young LLP, who audited UAL's consolidated financial statements included in this Form 10\\-K, has issued a report on UAL's internal control over financial reporting, which is included herein\\.\n\nUnited Airlines, Inc\\. Management Report on Internal Control Over Financial Reporting \n\nFebruary 24, 2020\n\nTo the Stockholder of United Airlines, Inc\\. \n\nChicago, Illinois \n\nThe management of United Airlines, Inc\\. (\"United\") is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a\\-15(f)\\. United's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. Because of its inherent limitations, United's internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\nUnder the supervision and with the participation of management, including United's Chief Executive Officer and Chief Financial Officer, United conducted an evaluation of the design and operating effectiveness of its internal control over financial reporting as of December 31, 2019\\. In making this assessment, management used the framework set forth in Internal Control\u2014Integrated Framework (2013 Framework) issued by the Committee of the Sponsoring Organizations of the Treadway Commission\\. Based on this evaluation, United's Chief Executive Officer and Chief Financial Officer concluded that its internal control over financial reporting was effective as of December 31, 2019\\.\n\nThis annual report does not include an attestation report of United's registered public accounting firm regarding internal control over financial reporting\\. Management's report was not subject to attestation by United's registered public accounting firm pursuant to the rules of the Securities and Exchange Commission that permit United to provide only management's report in this annual report\\.\n\n92"}
{"_id": "Alaska-2017_61.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**CONSOLIDATED BALANCE SHEETS**\n\n\n\n|                                                               |             |          |\n| ------------------------------------------------------------- | ----------- | -------- |\n| **As of December 31**  ***(in millions)***                    | **2017**    | **2016** |\n| **ASSETS**                                                    |             |          |\n| **Current Assets**                                            |             |          |\n| Cash and cash equivalents                                     | **$194**    | $328     |\n| Marketable securities                                         | **1,427**   | 1,252    |\n| Total cash and marketable securities                          | **1,621**   | 1,580    |\n| Receivables\u2014less allowance for doubtful accounts of $1 and $1 | **341**     | 302      |\n| Inventories and supplies\u2014net                                  | **57**      | 47       |\n| Prepaid expenses and other current assets                     | **127**     | 121      |\n| **Total Current Assets**                                      | **2,146**   | 2,050    |\n| **Property and Equipment**                                    |             |          |\n| Aircraft and other flight equipment                           | **7,559**   | 6,947    |\n| Other property and equipment                                  | **1,222**   | 1,103    |\n| Deposits for future flight equipment                          | **494**     | 545      |\n|                                                               | **9,275**   | 8,595    |\n| Less accumulated depreciation and amortization                | **2,991**   | 2,929    |\n| **Total Property and Equipment\u2014Net**                          | **6,284**   | 5,666    |\n| **Other Assets**                                              |             |          |\n| Goodwill                                                      | **1,943**   | 1,934    |\n| Intangible assets\u2014net                                         | **133**     | 143      |\n| Other noncurrent assets                                       | **234**     | 169      |\n| **Total Other Assets**                                        | **2,310**   | 2,246    |\n| **Total Assets**                                              | **$10,740** | $9,962   |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n 62"}
{"_id": "Southwest-2017_57.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nThe following table aggregates the Company\u2019s material expected contractual obligations and commitments as of December 31, 2017:\n\n\n\n|                                          |                                         |                                         |                                         |                                         |                                         |\n| ---------------------------------------- | --------------------------------------- | --------------------------------------- | --------------------------------------- | --------------------------------------- | --------------------------------------- |\n|                                          | **Obligations by period (in millions)** | **Obligations by period (in millions)** | **Obligations by period (in millions)** | **Obligations by period (in millions)** | **Obligations by period (in millions)** |\n| **Contractual obligations**              | **2018**                                | **2019 \\- 2020**                        | **2021 \\- 2022**                        | **Thereafter**                          | **Total**                               |\n| Long\\-term debt (a)                      | $256                                    | $1,239                                  | $481                                    | $818                                    | $2,794                                  |\n| Interest commitments \\- fixed (b)        | 77                                      | 116                                     | 83                                      | 121                                     | 397                                     |\n| Interest commitments \\- floating (c)     | 31                                      | 56                                      | 10                                      | 12                                      | 109                                     |\n| Facility construction commitments (d)    | 65                                      | 130                                     | 130                                     | 232                                     | 557                                     |\n| Facility operating lease commitments     | 34                                      | 64                                      | 45                                      | 89                                      | 232                                     |\n| Aircraft operating lease commitments (e) | 223                                     | 355                                     | 137                                     | 80                                      | 795                                     |\n| Aircraft capital lease commitments (f)   | 107                                     | 211                                     | 196                                     | 416                                     | 930                                     |\n| Aircraft purchase commitments (g)        | 874                                     | 1,717                                   | 2,174                                   | 5,191                                   | 9,956                                   |\n| Other commitments                        | 171                                     | 229                                     | 84                                      | 322                                     | 806                                     |\n| Total contractual obligations            | $1,838                                  | $4,117                                  | $3,340                                  | $7,281                                  | $16,576                                 |\n\n\n\n\n\n|     |                                                                                   |\n| --- | --------------------------------------------------------------------------------- |\n| (a) | Includes principal only\\. See Note  6  to the Consolidated Financial Statements\\. |\n\n\n\n\n\n|     |                                                                          |\n| --- | ------------------------------------------------------------------------ |\n| (b) | Related to fixed\\-rate debt (either at issuance or through swaps) only\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                               |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (c) | Interest obligations associated with floating\\-rate debt (either at issuance or through swaps) is estimated utilizing forward interest rate curves as of  December 31, 2017 , and can be subject to significant fluctuation\\. |\n\n\n\n\n\n|     |                                                                                                                                                                   |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (d) | Includes some lease payments that are considered variable which have a related construction obligation\\. See Note  4  to the Consolidated Financial Statements\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                          |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (e) | Includes the impact of the B717 lease/sublease transaction entered into in  2012 \\. Also includes 15 remaining Classic aircraft on operating leases, which net remaining lease payments were included in the $63 million grounding charge recorded during 2017\\. See Note  7  to the Consolidated Financial Statements\\. |\n\n\n\n\n\n|     |                                                     |\n| --- | --------------------------------------------------- |\n| (f) | Includes principal and interest on capital leases\\. |\n\n\n\n\n\n|     |                           |\n| --- | ------------------------- |\n| (g) | Firm orders from Boeing\\. |\n\n\n\n**Airport Projects**\n\nThe Company has commitments associated with various airport improvement projects that will impact its future liquidity needs in differing ways\\. These projects include the construction of new facilities and the rebuilding or modernization of existing facilities and are discussed in more detail in Note 4 to the Consolidated Financial Statements\\.\n\n**Dallas Love Field**\n\nFor the rebuilding of the facilities at Dallas Love Field, the Company guaranteed principal, premium, and interest on $456 million in bonds issued by the Love Field Airport Modernization Corporation (\"LFAMC\") that were utilized to fund the majority of the project\\. The amount of bonds outstanding as of December 31, 2017, was $424 million\\. Repayment of the bonds is through the \"Facilities Payments\" described below\\. Reimbursement of the Company for its payment of Facilities Payments is made through recurring ground rents, fees, and other revenues collected at the airport\\. \n\nPrior to the issuance of the bonds by the LFAMC, the Company entered into two separate funding agreements: (i) a \"Facilities Agreement\" pursuant to which the Company is obligated to make debt service payments on the principal and interest amounts associated with the bonds (\"Facilities Payments\"), less other sources of funds the City of Dallas may apply to the repayment of the bonds (including but not limited to passenger facility charges collected from passengers originating from the airport); and (ii) a \"Revenue Credit Agreement\" pursuant to which the City of Dallas reimburses the Company for the Facilities Payments made by the Company\\.\n\nA majority of the monies transferred from the City of Dallas to the Company under the Revenue Credit Agreement originate from a reimbursement account created in the \"Use and Lease Agreement\" between the City of Dallas and the Company\\. The Use and Lease Agreement is a 20\\-year agreement providing for, among other things, the Company\u2019s lease of space at the Airport from the City of Dallas\\. The remainder of such monies transferred from the City of Dallas \n\n58"}
{"_id": "AmericanAirlines-2019_172.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| 4\\.124                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex412.htm)                                                                                                                                                                                                               |\n| 4\\.125                        | [Form of Pass Through Trust Certificate, Series 2017\\-1AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex42.htm)                                                                                                                                                                                                                                                                                                                    |\n| 4\\.126                        | [Form of Pass Through Trust Certificate, Series 2017\\-1A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex43.htm)                                                                                                                                                                                                                                                                                                                     |\n| 4\\.127                        | [Form of Pass Through Trust Certificate, Series 2017\\-1B (incorporated by reference to Exhibit A to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex44.htm)                                                                                                                                                                                                                                                                                                                     |\n| 4\\.128                        | [Revolving Credit Agreement (2017\\-1AA), dated as of January 13, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1AA, as Borrower, and Citibank N\\.A\\., as Liquidity Provider (incorporated by reference to Exhibit 4\\.18 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex418.htm)                                                                                                    |\n| 4\\.129                        | [Revolving Credit Agreement (2017\\-1A), dated as of January 13, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1A, as Borrower, and Citibank N\\.A\\., as Liquidity Provider (incorporated by reference to Exhibit 4\\.19 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex419.htm)                                                                                                      |\n| 4\\.130                        | [Revolving Credit Agreement (2017\\-1B), dated as of January 13, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1B, as Borrower, and Citibank N\\.A\\., as Liquidity Provider (incorporated by reference to Exhibit 4\\.20 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex420.htm)                                                                                                      |\n| 4\\.131                        | [Acknowledgment and Agreement (2017\\-1), dated as of March 31, 2017, by and among American Airlines Inc\\., Citibank, N\\.A\\., as initial Liquidity Provider, National Australia Bank Limited, as Replacement Liquidity Provider, and Wilmington Trust Company, as Subordination Agent and trustee (incorporated by reference to Exhibit 4\\.20 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex420.htm)                                                                                |\n| 4\\.132                        | [Revolving Credit Agreement (2017\\-1AA), dated as of March 31, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1AA, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.21 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex421.htm)                                                                              |\n| 4\\.133                        | [Revolving Credit Agreement (2017\\-1A), dated as of March 31, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1A, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.22 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex422.htm)                                                                                |\n| 4\\.134                        | [Revolving Credit Agreement (2017\\-1B), dated as of March 31, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1B, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.23 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex423.htm)                                                                                |\n| 4\\.135                        | [Form of American Airlines Group Inc\\. Indenture for Debt Securities (incorporated by reference to Exhibit 4\\.1 to AAG\u2019s Registration Statement on Form S\\-3ASR filed on February 22, 2017 (Commission File No\\. 333\\-216167)\\. ](http://www.sec.gov/Archives/edgar/data/4515/000119312517052055/d366751dex41.htm)                                                                                                                                                                                                                                                                                                            |\n| 4\\.136                        | [Form of American Airlines, Inc\\. Indenture for Debt Securities (incorporated by reference to Exhibit 4\\.2 to AAG\u2019s Registration Statement on Form S\\-3ASR filed on February 22, 2017 (Commission File No\\. 333\\-216167)\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517052055/d366751dex42.htm)                                                                                                                                                                                                                                                                                                                  |\n| 4\\.137                        | [Trust Supplement No\\. 2017\\-2AA, dated as of August 14, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex42.htm)                                                                                                                                                                               |\n| 4\\.138                        | [Trust Supplement No\\. 2017\\-2A, dated as of August 14, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex43.htm)                                                                                                                                                                                |\n| 4\\.139                        | [Intercreditor Agreement (2017\\-2), dated as of August 14, 2017, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2017\\-2AA and as Trustee of the American Airlines Pass Through Trust 2017\\-2A, National Australia Bank Limited, as Class AA Liquidity Provider and Class A Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex44.htm) |\n\n\n\n173"}
{"_id": "Southwest-2017_29.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Item 3\\.** ***Legal Proceedings*** \n\nA complaint alleging violations of federal antitrust laws and seeking certification as a class action was filed against Delta Air Lines, Inc\\. and AirTran Holdings, Inc\\. and its subsidiary AirTran Airways, Inc\\. (collectively with AirTran Holdings, Inc\\., \"AirTran\") in the United States District Court for the Northern District of Georgia in Atlanta on May 22, 2009\\. The complaint alleged, among other things, that AirTran attempted to monopolize air travel in violation of Section 2 of the Sherman Act, and conspired with Delta in imposing $15\\-per\\-bag fees for the first item of checked luggage in violation of Section 1 of the Sherman Act\\. The initial complaint sought treble damages on behalf of a putative class of persons or entities in the United States who directly paid Delta and/or AirTran such fees on domestic flights beginning December 5, 2008\\. After the filing of the May 2009 complaint, various other nearly identical complaints also seeking certification as class actions were filed in federal district courts in Atlanta, Georgia; Orlando, Florida; and Las Vegas, Nevada\\. All of the cases were consolidated before a single federal district court judge in Atlanta\\. A Consolidated Amended Complaint was filed in the consolidated action on February 1, 2010, which broadened the allegations to add claims that Delta and AirTran conspired to reduce capacity on competitive routes and to raise prices in violation of Section 1 of the Sherman Act\\. In addition to treble damages for the amount of first baggage fees paid to AirTran and to Delta, the Consolidated Amended Complaint sought injunctive relief against a broad range of alleged anticompetitive activities, as well as attorneys' fees\\. On August 2, 2010, the Court dismissed plaintiffs' claims that AirTran and Delta had violated Section 2 of the Sherman Act; the Court let stand the claims of a conspiracy with respect to the imposition of a first bag fee and the airlines' capacity and pricing decisions\\. On June 30, 2010, the plaintiffs filed a motion to certify a class, which AirTran and Delta opposed\\. On June 18, 2012, the parties filed a Stipulation and Order that plaintiffs abandoned their claim that AirTran and Delta conspired to reduce capacity\\. On August 31, 2012, AirTran and Delta moved for summary judgment on all of plaintiffs' remaining claims\\. On July 12, 2016, the Court granted plaintiffs' motion to certify a class of all persons who paid first bag fees to AirTran or Delta from December 8, 2008 to November 1, 2014 (the date on which AirTran stopped charging first bag fees)\\. Defendants have appealed that decision\\. On March 29, 2017, the Court granted defendants\u2019 motion for summary judgment and dismissed all claims against AirTran\\. On April 13, 2017, the plaintiffs filed a notice of appeal from the district court's judgment, and on April 24, 2017, AirTran filed a conditional notice of cross\\-appeal to appeal the Court's order certifying a class\\. The appeals of the class certification and summary judgment orders have been consolidated\\. The Court has scheduled oral argument for the appeals on March 7, 2018\\. AirTran denies all allegations of wrongdoing, including those in the Consolidated Amended Complaint, and intends to defend vigorously any and all such allegations\\.\n\nAlso, on June 30, 2015, the U\\.S\\. Department of Justice (\"DOJ\") issued a Civil Investigative Demand (\"CID\") to the Company\\. The CID seeks information and documents about the Company\u2019s capacity from January 2010 to the date of the CID including public statements and communications with third parties about capacity\\. In June 2015, the Company also received a letter from the Connecticut Attorney General requesting information about capacity; and on August 21, 2015, the Attorney General of the State of Ohio issued an investigative demand seeking information and documents about the Company\u2019s capacity from December 2013 to the date of the CID\\. The Company is cooperating fully with the DOJ CID and these two state inquiries\\.\n\nFurther, on July 1, 2015, a complaint was filed in the United States District Court for the Southern District of New York on behalf of putative classes of consumers alleging collusion among the Company, American Airlines, Delta Air Lines, and United Airlines to limit capacity and maintain higher fares in violation of Section 1 of the Sherman Act\\. Since then, a number of similar class action complaints were filed in the United States District Courts for the Central District of California, the Northern District of California, the District of Columbia, the Middle District of Florida, the Southern District of Florida, the Northern District of Georgia, the Northern District of Illinois, the Southern District of Indiana, the Eastern District of Louisiana, the District of Minnesota, the District of New Jersey, the Eastern District of New York, the Southern District of New York, the Middle District of North Carolina, the District of Oklahoma, the Eastern District of Pennsylvania, the Northern District of Texas, the District of Vermont, and the Eastern District of Wisconsin\\. On October 13, 2015, the Judicial Panel on Multi\\-District Litigation centralized the cases to the United States District Court in the District of Columbia\\. On March 25, 2016, the plaintiffs filed a Consolidated Amended Complaint in the consolidated cases alleging that the defendants conspired to restrict capacity from 2009 to present\\. The plaintiffs seek to bring their claims on behalf of a class of persons who purchased tickets for domestic airline travel on the defendants' airlines from July 1, 2011 to present\\. They seek treble damages, injunctive relief, and attorneys' fees and expenses\\. On May 11, 2016, the defendants moved to dismiss the Consolidated Amended Complaint, and on October 28, 2016, the Court denied this motion\\. On December 20, 2017, the Company reached an agreement to settle \n\n30"}
{"_id": "United-2017_133.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|                                                 |           |\n| ----------------------------------------------- | --------- |\n| Signature                                       | Capacity  |\n|  /s/ James A\\.C\\. Kennedy  James A\\.C\\. Kennedy | Director  |\n|  /s/ Robert A\\. Milton  Robert A\\. Milton       | Director  |\n|  /s/ William R\\. Nuti  William R\\. Nuti         | Director  |\n|  /s/ Sito Pantoja  Sito Pantoja                 | Director  |\n|  /s/ Edward M\\. Philip  Edward M\\. Philip       | Director  |\n|  /s/ Edward L\\. Shapiro  Edward L\\. Shapiro     | Director  |\n|  /s/ Laurence E\\. Simmons  Laurence E\\. Simmons | Director  |\n|  /s/ David J\\. Vitale  David J\\. Vitale         | Director  |\n|  /s/ James M\\. Whitehurst  James M\\. Whitehurst | Director  |\n\n\n\nDate: February 22, 2018\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of United Airlines, Inc\\. and in the capacities and on the date indicated\\.\n\n\n\n|                                         |                                                                                              |\n| --------------------------------------- | -------------------------------------------------------------------------------------------- |\n| Signature                               | Capacity                                                                                     |\n|  /s/ Oscar Munoz  Oscar Munoz           | Chief Executive Officer, Director (Principal Executive Officer)                              |\n|  /s/ Andrew C\\. Levy  Andrew C\\. Levy   | Executive Vice President and Chief Financial Officer, Director (Principal Financial Officer) |\n|  /s/ Chris Kenny  Chris Kenny           | Vice President and Controller (Principal Accounting Officer)                                 |\n|  /s/ Gregory L\\. Hart  Gregory L\\. Hart | Director                                                                                     |\n|  /s/ J\\. Scott Kirby  J\\. Scott Kirby   | Director                                                                                     |\n\n\n\nDate: February 22, 2018\n\n134"}
{"_id": "Southwest-2018_44.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nassociated with the grounding of the Company's remaining Classic aircraft\\. These charges included a $63 million aircraft grounding charge related to the leased portion of the Classic fleet and $33 million of lease termination expenses associated with eight Classic aircraft that were acquired during 2017 prior to their grounding\\. During first quarter 2018, the Company also recognized $25 million of gains from the sale of 39 owned Classic aircraft and a number of spare engines to a third party which reduced Other operating expenses\\. The charges related to the grounding of the Classic fleet, as well as the gain on sale of grounded aircraft, were considered special items and thus excluded from the Company's non\\-GAAP results\\. See Note Regarding Use of Non\\-GAAP Financial Measures and the Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures for additional detail regarding non\\-GAAP financial measures\\. Excluding these items, approximately 50 percent of the year\\-over\\-year dollar increase was due to technology\\-related expenses associated with various projects, 30 percent due to revenue related costs as a result of the 3\\.6 percent increase in Revenue Passengers carried, and the remainder was due to higher property taxes assessed in 2018\\. The Company currently expects Other operating expenses per ASM for first quarter 2019 to increase, compared with first quarter 2018\\.\n\n**Other** \n\nOther expenses (income) include interest expense, capitalized interest, interest income, and other gains and losses\\.  \n  \nInterest expense for 2018increased by $17 million, or 14\\.9 percent, compared with 2017, primarily due to the issuance of two debt facilities in November 2017, including $300 million of 2\\.75% senior unsecured notes and $300 million of 3\\.45% senior unsecured notes\\. \n\nCapitalized interest for 2018decreased by $11 million, or 22\\.4 percent, compared with 2017, primarily due to timing of aircraft deliveries and progress payments associated with future orders\\.\n\nInterest income for 2018increased by $34 million, or 97\\.1 percent, compared with 2017, primarily due to higher interest rates\\.\n\nOther (gains) losses, net, primarily includes amounts recorded as a result of the Company's hedging activities\\. With the adoption of the New Hedging Standard, the elimination of the requirement to separately measure and record ineffectiveness for all future cash flow hedges in a hedging relationship, as well as a change in classification of premium expense associated with option contracts from Other (gains) losses, net, in the Consolidated Statement of Income, to Fuel and oil expense, has significantly reduced amounts reflected for hedging activities in Other (gains) losses, net\\. With the adoption of the New Retirement Standard, the Company is required to include all components of its net periodic benefit cost (income), with the exception of service cost, in Other (gains) losses, net, versus previously having been classified and reported as operating expenses in Salaries, wages, and benefits\\. For 2018, this periodic benefit cost was $12 million\\. See Note 2 to the Consolidated Financial Statements for further information on both new standards\\. Also, see Note 10 to the Consolidated Financial Statements for further information on the Company's hedging activities\\. The following table displays the components of Other (gains) losses, net, for the years ended December 31, 2018, and 2017:\n\n\n\n|                                                                        |                             |                             |                             |\n| ---------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                        | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n| (in millions)                                                          | **2018**                    | **2017**                    |                             |\n|                                                                        |                             | **As Recast**               |                             |\n| Mark\\-to\\-market impact from fuel contracts settling in future periods | $\u2014                          | $69                         |                             |\n| Ineffectiveness from fuel hedges settling in future periods (a)        | \u2014                           | 31                          |                             |\n| Realized ineffectiveness and mark\\-to\\-market (gains) or losses (a)    | \u2014                           | 6                           |                             |\n| Other                                                                  | 18                          | 6                           | (b)                         |\n|                                                                        | $18                         | $112                        |                             |\n\n\n\n(a) With the adoption of the New Hedging Standard, the separate measurement and recording of ineffectiveness has been eliminated for all cash flow hedges in a hedging relationship effective January 1, 2018\\. See Note 2 to the Consolidated Financial Statements for further information\\.\n\n45"}
{"_id": "United-2019_49.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUNITED AIRLINES, INC\\. \n\nSTATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)\n\n(In millions)\n\n\n\n|                                                     |                             |                             |                             |\n| --------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                     | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                     | **2019**                    | **2018 (a)**                | **2017 (a)**                |\n| Net income                                          | $3,011                      | $2,123                      | $2,161                      |\n| Other comprehensive income (loss), net of tax:      |                             |                             |                             |\n| Employee benefit plans                              | 80                          | 342                         | (195<br><br>)               |\n| Investments and other                               | 5                           | (4<br><br>)                 | (5<br><br>)                 |\n| Total other comprehensive income (loss), net of tax | 85                          | 338                         | (200<br><br>)               |\n| Total comprehensive income, net                     | $3,096                      | $2,461                      | $1,961                      |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2016\\-02,  Leases (Topic 842) \\. See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n50"}
{"_id": "United-2017_67.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nIn 2016, the FASB amended the FASB Accounting Standards Codification and created a new Topic 842, *Leases* (\u201cTopic 842\u201d)\\. The guidance requires lessees to recognize a right\\-of\\-use asset and a lease liability for all leases (with the exception of short\\-term leases) at the commencement date and recognize expenses on their income statements similar to the current Topic 840, *Leases*\\. It is effective for fiscal years and interim periods beginning after December 15, 2018, and early adoption is permitted\\. Lessees and lessors are required to adopt Topic 842 using a modified retrospective approach for all leases existing at or commencing after the date of initial application with an option to use certain practical expedients\\. We have not completed our evaluation of the impact of the new standard, but believe that it will have a significant impact on our consolidated balance sheets\\. The new standard is not expected to have a material impact on the Company\u2019s results of operations or cash flows\\. The primary effect of adopting the new standard will be to record assets and obligations for its operating leases\\.\n\nIn 2016, the FASB issued Accounting Standards Update No\\. 2016\\-01,*Financial Instruments\u2014Overall* (Subtopic 825\\-10) (\u201cASU 2016\\-01\u201d)\\. This standard makes several changes, including the elimination of the available\\-for\\-sale classification of equity investments, and requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income\\. It is effective for interim and annual periods beginning after December 15, 2017\\. Based on its portfolio of investments as of December 31, 2017, the Company does not expect the adoption of ASU 2016\\-01 to have a material impact on its consolidated financial statements\\.\n\nIn 2017, the FASB issued Accounting Standards Update No\\. 2017\\-07,*Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost* (\u201cASU 2017\\-07\u201d)\\. The update requires employers to present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period\\. The other components of net benefit cost, including interest cost, expected return on plan assets, amortization of prior service cost/credit and actuarial gain/loss, and settlement and curtailment effects, are to be presented outside of any subtotal of operating income\\. Employers will have to disclose the line(s) used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement*\\.* ASU 2017\\-07 is effective for fiscal years and interim periods beginning after December 15, 2017, and early adoption is permitted\\. The Company does not expect the adoption of ASU 2017\\-07 to have a material impact on its consolidated financial statements\\. Early adoption of ASU 2017\\-07 would have impacted the statement of consolidated operations as shown in the table below:\n\n**Statements of Consolidated Operations for the Years Ended December 31,** \n\n\n\n|                                |                 |                 |                |                |                                                                 |                                                                 |\n|:------------------------------ | ---------------:| ---------------:| --------------:| --------------:| ---------------------------------------------------------------:| ---------------------------------------------------------------:|\n|                                | **As Reported** | **As Reported** | **Adjustment** | **Adjustment** | **As Adjusted for**  <br>**Adoption of**  <br>**ASU  2017\\-07** | **As Adjusted for**  <br>**Adoption of**  <br>**ASU  2017\\-07** |\n|                                |        **2017** |        **2016** |       **2017** |       **2016** |                                                        **2017** |                                                        **2016** |\n| Operating expense:             |                 |                 |                |                |                                                                 |                                                                 |\n| Salaries and related costs     |        $11,045  |        $10,275  |         $(104) |           $(99 |                                                        $10,941  |                                                        $10,176  |\n| Special charges                |            176  |            638  |             \u2014  |            107 |                                                            176  |                                                            745  |\n| Nonoperating income (expense): |                 |                 |                |                |                                                                 |                                                                 |\n| Miscellaneous, net             |              3  |            (19) |          (104) |              8 |                                                           (101) |                                                            (11) |\n\n\n\nIn February 2018, the FASB issued Accounting Standards Update No\\. 2018\\-02, *Income Statement\u2014Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income* (\u201cASU 2018\\-02\u201d)\\. This standard focuses on a targeted improvement to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act (the \u201cTax Act\u201d) enacted on December 22, 2017 from accumulated other comprehensive income (\u201cAOCI\u201d) to retained earnings (\u201cRE\u201d)\\. The amount of the reclassification would be the difference between the amount initially charged\n\n68"}
{"_id": "United-2018_82.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\npotentially be significant to the VIE\\. Therefore, the Company must identify which activities most significantly impact the VIE's economic performance and determine whether it, or another party, has the power to direct those activities\\.\n\n***Aircraft Leases***\\. We are the lessee in a number of operating leases covering the majority of our leased aircraft\\. The lessors are trusts established specifically to purchase, finance and lease aircraft to us\\. These leasing entities meet the criteria for VIEs\\. We are generally not the primary beneficiary of the leasing entities if the lease terms are consistent with market terms at the inception of the lease and do not include a residual value guarantee, fixed\\-price purchase option or similar feature that obligates us to absorb decreases in value or entitles us to participate in increases in the value of the aircraft\\. This is the case for many of our operating leases; however, leases of 23 mainline jet aircraft contain a fixed\\-price purchase option that allow United to purchase the aircraft at predetermined prices on specified dates during the lease term\\. Additionally, leases covering 90 leased regional jet aircraft contain an option to purchase the aircraft at the end of the lease term at prices that, depending on market conditions, could be below fair value\\. United has not consolidated the related trusts because, even taking into consideration these purchase options, United is still not the primary beneficiary\\. United's maximum exposure under these leases is the remaining lease payments, which are reflected in future lease commitments in Note 11 of this report\\.\n\n***EETCs\\.*** United evaluated whether the pass\\-through trusts formed for its EETC financings, treated as either debt or aircraft operating leases, are VIEs required to be consolidated by United under applicable accounting guidance, and determined that the pass\\-through trusts are VIEs\\. Based on United's analysis as described below, United determined that it does not have a variable interest in the pass\\-through trusts\\.\n\nThe primary risk of the pass\\-through trusts is credit risk (i\\.e\\. the risk that United, the issuer of the equipment notes, may be unable to make its principal and interest payments)\\. The primary purpose of the pass\\-through trust structure is to enhance the credit worthiness of United's debt obligation through certain bankruptcy protection provisions, a liquidity facility (in certain of the EETC structures) and improved loan\\-to\\-value ratios for more senior debt classes\\. These credit enhancements lower United's total borrowing cost\\. Pass\\-through trusts are established to receive principal and interest payments on the equipment notes purchased by the pass\\-through trusts from United and remit these proceeds to the pass\\-through trusts' certificate holders\\.\n\nUnited does not invest in or obtain a financial interest in the pass\\-through trusts\\. Rather, United has an obligation to make interest and principal payments on its equipment notes held by the pass\\-through trusts\\. United did not intend to have any voting or non\\-voting equity interest in the pass\\-through trusts or to absorb variability from the pass\\-through trusts\\. Based on this analysis, the Company determined that it is not required to consolidate the pass\\-through trusts\\.\n\n***Synergy affiliates***\\. \n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | BRW Aviation LLC (\"BRW\"): Synergy's wholly\\-owned affiliate, BRW, is a special purpose entity created to be the borrower of the Synergy Term Loan\\. BRW is also the owner of the collateral that secures the Synergy Term Loan, including Synergy's shares of AVH\\. BRW is a VIE and United holds variable interests in BRW including the Synergy Term Loan\\. However, United is not the primary beneficiary of BRW because it does not hold BRW equity and does not have management rights at BRW and therefore does not have the power to direct the activities that most significantly impact BRW's economic performance\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                              |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | AVH: United concluded that AVH is a VIE and that United holds a variable interest through its call option on Synergy's AVH shares\\. However, United is not the primary beneficiary because it does not hold a material number of shares of AVH and does not have the power through any other agreements to direct the activities that most significantly impact AVH's economic performance\\. |\n\n\n\n**NOTE 13 \\- COMMITMENTS AND CONTINGENCIES** \n\n***Commitments\\.*** As of December 31, 2018, United had firm commitments and options to purchase aircraft from The Boeing Company (\"Boeing\"), Airbus S\\.A\\.S\\. (\"Airbus\") and Embraer S\\.A\\. (\"Embraer\") presented in the table below:\n\n\n\n|                                                                           |                                                                           |\n| ------------------------------------------------------------------------- | ------------------------------------------------------------------------- |\n| **Aircraft Type**                                                         | **Number of Firm  <br>Commitments (a)**                                   |\n| Airbus A350                                                               | 45                                                                        |\n| Boeing 737 MAX                                                            | 175                                                                       |\n| Boeing 777\\-300ER                                                         | 4                                                                         |\n| Boeing 787                                                                | 24                                                                        |\n| Embraer E175                                                              | 25                                                                        |\n| (a) United also has options and purchase rights for additional aircraft\\. | (a) United also has options and purchase rights for additional aircraft\\. |\n\n\n\n83"}
{"_id": "Alaska-2019_90.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n|                           |                           |                           |  |  |  |                                                                                                 |                                                                                                 |                                                                                                 |  |  |  |\n| ------------------------- | ------------------------- | ------------------------- | - | - | - | ----------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------- | - | - | - |\n| /s/ BRADLEY D\\. TILDEN    | /s/ BRADLEY D\\. TILDEN    | /s/ BRADLEY D\\. TILDEN    |  |  |  | Chairman and Chief Executive Officer  <br>(Principal Executive Officer)                         | Chairman and Chief Executive Officer  <br>(Principal Executive Officer)                         | Chairman and Chief Executive Officer  <br>(Principal Executive Officer)                         |\n| Bradley D\\. Tilden        | Bradley D\\. Tilden        | Bradley D\\. Tilden        |  |  |  | Chairman and Chief Executive Officer  <br>(Principal Executive Officer)                         | Chairman and Chief Executive Officer  <br>(Principal Executive Officer)                         | Chairman and Chief Executive Officer  <br>(Principal Executive Officer)                         |  |  |  |\n| /s/ BRANDON S\\. PEDERSEN  | /s/ BRANDON S\\. PEDERSEN  | /s/ BRANDON S\\. PEDERSEN  |  |  |  | Executive Vice President/Finance and Chief Financial Officer  <br>(Principal Financial Officer) | Executive Vice President/Finance and Chief Financial Officer  <br>(Principal Financial Officer) | Executive Vice President/Finance and Chief Financial Officer  <br>(Principal Financial Officer) |\n| Brandon S\\. Pedersen      | Brandon S\\. Pedersen      | Brandon S\\. Pedersen      |  |  |  | Executive Vice President/Finance and Chief Financial Officer  <br>(Principal Financial Officer) | Executive Vice President/Finance and Chief Financial Officer  <br>(Principal Financial Officer) | Executive Vice President/Finance and Chief Financial Officer  <br>(Principal Financial Officer) |  |  |  |\n| /s/ CHRISTOPHER M\\. BERRY | /s/ CHRISTOPHER M\\. BERRY | /s/ CHRISTOPHER M\\. BERRY |  |  |  | Vice President Finance and Controller  <br>(Principal Accounting Officer)                       | Vice President Finance and Controller  <br>(Principal Accounting Officer)                       | Vice President Finance and Controller  <br>(Principal Accounting Officer)                       |\n| Christopher M\\. Berry     | Christopher M\\. Berry     | Christopher M\\. Berry     |  |  |  | Vice President Finance and Controller  <br>(Principal Accounting Officer)                       | Vice President Finance and Controller  <br>(Principal Accounting Officer)                       | Vice President Finance and Controller  <br>(Principal Accounting Officer)                       |  |  |  |\n| /s/ PATRICIA M\\. BEDIENT  | /s/ PATRICIA M\\. BEDIENT  | /s/ PATRICIA M\\. BEDIENT  |  |  |  | Director                                                                                        | Director                                                                                        | Director                                                                                        |\n| Patricia M\\. Bedient      | Patricia M\\. Bedient      | Patricia M\\. Bedient      |  |  |  |                                                                                                 |                                                                                                 |                                                                                                 |\n| /s/ JAMES A\\. BEER        | /s/ JAMES A\\. BEER        | /s/ JAMES A\\. BEER        |  |  |  | Director                                                                                        | Director                                                                                        | Director                                                                                        |\n| James A\\. Beer            | James A\\. Beer            | James A\\. Beer            |  |  |  |                                                                                                 |                                                                                                 |                                                                                                 |\n| /s/ MARION C\\. BLAKEY     | /s/ MARION C\\. BLAKEY     | /s/ MARION C\\. BLAKEY     |  |  |  | Director                                                                                        | Director                                                                                        | Director                                                                                        |\n| Marion C\\. Blakey         | Marion C\\. Blakey         | Marion C\\. Blakey         |  |  |  |                                                                                                 |                                                                                                 |                                                                                                 |\n| /s/ PHYLLIS J\\. CAMPBELL  | /s/ PHYLLIS J\\. CAMPBELL  | /s/ PHYLLIS J\\. CAMPBELL  |  |  |  | Director                                                                                        | Director                                                                                        | Director                                                                                        |\n| Phyllis J\\. Campbell      | Phyllis J\\. Campbell      | Phyllis J\\. Campbell      |  |  |  |                                                                                                 |                                                                                                 |                                                                                                 |\n| /s/ RAYMOND L\\. CONNER    | /s/ RAYMOND L\\. CONNER    | /s/ RAYMOND L\\. CONNER    |  |  |  | Director                                                                                        | Director                                                                                        | Director                                                                                        |\n| Raymond L\\. Conner        | Raymond L\\. Conner        | Raymond L\\. Conner        |  |  |  |                                                                                                 |                                                                                                 |                                                                                                 |\n| /s/ DHIREN R\\. FONSECA    | /s/ DHIREN R\\. FONSECA    | /s/ DHIREN R\\. FONSECA    |  |  |  | Director                                                                                        | Director                                                                                        | Director                                                                                        |\n| Dhiren R\\. Fonseca        | Dhiren R\\. Fonseca        | Dhiren R\\. Fonseca        |  |  |  |                                                                                                 |                                                                                                 |                                                                                                 |\n| /s/ KATHLEEN T\\. HOGAN    | /s/ KATHLEEN T\\. HOGAN    | /s/ KATHLEEN T\\. HOGAN    |  |  |  | Director                                                                                        | Director                                                                                        | Director                                                                                        |\n| Kathleen T\\. Hogan        | Kathleen T\\. Hogan        | Kathleen T\\. Hogan        |  |  |  |                                                                                                 |                                                                                                 |                                                                                                 |\n| /s/ SUSAN J\\. LI          | /s/ SUSAN J\\. LI          | /s/ SUSAN J\\. LI          |  |  |  | Director                                                                                        | Director                                                                                        | Director                                                                                        |\n| Susan J\\. Li              | Susan J\\. Li              | Susan J\\. Li              |  |  |  |                                                                                                 |                                                                                                 |                                                                                                 |\n| /s/ HELVI K\\. SANDVIK     | /s/ HELVI K\\. SANDVIK     | /s/ HELVI K\\. SANDVIK     |  |  |  | Director                                                                                        | Director                                                                                        | Director                                                                                        |\n| Helvi K\\. Sandvik         | Helvi K\\. Sandvik         | Helvi K\\. Sandvik         |  |  |  |                                                                                                 |                                                                                                 |                                                                                                 |\n| /s/ J\\. KENNETH THOMPSON  | /s/ J\\. KENNETH THOMPSON  | /s/ J\\. KENNETH THOMPSON  |  |  |  | Director                                                                                        | Director                                                                                        | Director                                                                                        |\n| J\\. Kenneth Thompson      | J\\. Kenneth Thompson      | J\\. Kenneth Thompson      |  |  |  |                                                                                                 |                                                                                                 |                                                                                                 |\n| /s/ ERIC K\\. YEAMAN       | /s/ ERIC K\\. YEAMAN       | /s/ ERIC K\\. YEAMAN       |  |  |  | Director                                                                                        | Director                                                                                        | Director                                                                                        |\n| Eric K\\. Yeaman           | Eric K\\. Yeaman           | Eric K\\. Yeaman           |  |  |  |                                                                                                 |                                                                                                 |                                                                                                 |\n\n\n\n90"}
{"_id": "AmericanAirlines-2018_188.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| 4\\.119                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (included in Exhibit B to Exhibit 4\\.9) (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex49.htm)                                                            |\n| 4\\.120                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (included in Exhibit C to Exhibit 4\\.9) (incorporated by reference to Exhibit C to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex49.htm)                                                                                                                                                                                                                                                           |\n| 4\\.121                        | [Form of Pass Through Trust Certificate, Series 2016\\-3AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                      |\n| 4\\.122                        | [Form of Pass Through Trust Certificate, Series 2016\\-3A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 4\\.123                        | [Revolving Credit Agreement (2016\\-3AA), dated as of October 3, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-3AA, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex414.htm)                                                                                                                                                                                   |\n| 4\\.124                        | [Revolving Credit Agreement (2016\\-3A), dated as of October 3, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-3A, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex415.htm)                                                                                                                                                                                     |\n| 4\\.125                        | [Trust Supplement No\\. 2017\\-1AA, dated as of January 13, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex42.htm)                                                                                                                                                                                                                                                            |\n| 4\\.126                        | [Trust Supplement No\\. 2017\\-1A, dated as of January 13, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014, (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex43.htm)                                                                                                                                                                                                                                                            |\n| 4\\.127                        | [Trust Supplement No\\. 2017\\-1B, dated as of January 13, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex44.htm)                                                                                                                                                                                                                                                             |\n| 4\\.128                        | [Intercreditor Agreement (2017\\-1), dated as of January 13, 2017, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2017\\-1AA, as Trustee of the American Airlines Pass Through Trust 2017\\-1A and as Trustee of the American Airlines Pass Through Trust 2017\\-1B, Citibank N\\.A\\., as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex45.htm) |\n| 4\\.129                        | [Note Purchase Agreement, dated as of January 13, 2017, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex412.htm)                                                                                                                     |\n| 4\\.130                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex412.htm)                                                                                   |\n| 4\\.131                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex412.htm)                                                                                                                                                                                                                                                                                               |\n| 4\\.132                        | [Form of Pass Through Trust Certificate, Series 2017\\-1AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                    |\n| 4\\.133                        | [Form of Pass Through Trust Certificate, Series 2017\\-1A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.134                        | [Form of Pass Through Trust Certificate, Series 2017\\-1B (incorporated by reference to Exhibit A to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex44.htm)                                                                                                                                                                                                                                                                                                                                                                                                     |\n\n\n\n189"}
{"_id": "Alaska-2018_66.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nConsolidated balance sheets as of December 31, 2017 (in millions):\n\n\n\n|                                            |                       |                                        |                       |\n| ------------------------------------------ | --------------------- | -------------------------------------- | --------------------- |\n|                                            | **December 31, 2017** | **December 31, 2017**                  | **December 31, 2017** |\n|                                            | **As Reported**       | **Adjustments \\- Revenue Recognition** | **As Adjusted**       |\n| **Current Assets:**                        |                       |                                        |                       |\n|  Prepaid expenses and other current assets | $127                  | $6                                     | $133                  |\n| **Current Liabilities:**                   |                       |                                        |                       |\n|  Air traffic liability ^(a)^               | 937                   | (131)                                  | 806                   |\n|  Deferred revenue ^(b)^                    | 518                   | 117                                    | 635                   |\n| **Other liabilities and credits:**         |                       |                                        |                       |\n|  Deferred income taxes                     | 454                   | (84)                                   | 370                   |\n|  Deferred revenue ^(b)^                    | 699                   | 391                                    | 1,090                 |\n|  Other liabilities                         | 451                   | (26)                                   | 425                   |\n| **Shareholders' Equity:**                  |                       |                                        |                       |\n|  Retained earnings                         | 4,454                 | (261)                                  | 4,193                 |\n\n\n\n\n\n|     |                                                                                                                                                             |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | Application of Topic 606 resulted in a decrease to our Air Traffic Liability as the standard requires earlier recognition of revenue for advance breakage\\. |\n\n\n\n\n\n|     |                                                                                                                                                                               |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | Application of Topic 606 resulted in an increase to our Deferred Revenues as we are required to value flown miles at a relative fair value rather than at incremental cost\\.  |\n\n\n\n 67"}
{"_id": "Alaska-2018_72.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Mileage Plan******^TM^*** ***liabilities***\n\nThe total deferred revenue liability included on the consolidated balance sheets represents the remaining transaction price that has been allocated to Mileage Plan^TM^ performance obligations not yet satisfied by the Company\\. In general, the current amounts will be recognized as revenue within 12 months and the long\\-term amounts will be recognized as revenue over a period of approximately three to four years\\. This period of time represents the average time that members have historically taken to earn and redeem miles\\.\n\nThe Company records a receivable for amounts due from the affinity card partner and from other partners as mileage credits are sold until the payments are collected\\. The Company had $119 million of such receivables as of December 31, 2018 and $101 million as of December 31, 2017\\.\n\nMileage credits are combined into one homogeneous pool and are not specifically identifiable\\. As such, loyalty revenues disclosed earlier in this Note are comprised of miles that were part of the deferred revenue and liabilities balances at the beginning of the period and miles that were issued during the period\\. The table below presents a roll forward of the total frequent flyer liability (in millions):\n\n\n\n|                                                                        |                                      |                                      |\n| ---------------------------------------------------------------------- | ------------------------------------ | ------------------------------------ |\n|                                                                        | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                                        | **2018**                             | **2017**                             |\n| **Total Deferred Revenue balance at January 1**                        | **$1,725**                           | $1,534                               |\n| Travel miles and companion certificate redemption \\- Passenger revenue | **(619)**                            | (541)                                |\n| Miles redeemed on partner airlines \\- Other revenue                    | **(90)**                             | (73)                                 |\n| Increase in liability for mileage credits issued                       | **858**                              | 805                                  |\n| **Total Deferred Revenue balance at December 31**                      | **$1,874**                           | $1,725                               |\n\n\n\n**Selling Costs**\n\nCertain costs such as credit card fees, travel agency and other commissions paid, as well as Global Distribution Systems (GDS) booking fees are incurred when the Company sells passenger tickets and ancillary services in advance of the travel date\\. The Company defers such costs and recognizes them as expenses when the travel occurs\\. Prepaid expense recorded on the consolidated balance sheets for such costs was $23 million and $24 million as of December 31, 2018 and December 31, 2017\\. The Company recorded related expense on the consolidated statement of operations of $217 million, $238 million and $173 million for the twelve months ended December 31, 2018, 2017 and 2016\\.\n\n**NOTE 4\\. DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT**\n\n***Fuel Hedge Contracts*** \n\nThe Company\u2019s operations are inherently dependent upon the price and availability of aircraft fuel\\. To manage economic risks associated with fluctuations in aircraft fuel prices, the Company periodically enters into call options for crude oil\\.\n\nAs of December 31, 2018, the Company had outstanding fuel hedge contracts covering 421 million gallons of crude oil that will be settled from January 2019 to June 2020\\. \n\n***Interest Rate Swap Agreements***\n\nThe Company is exposed to market risk from adverse changes in variable interest rates on long\\-term debt and certain aircraft lease agreements\\. To manage this risk, the Company periodically enters into interest rate swap agreements\\. As of December 31, 2018, the Company has outstanding interest rate swap agreements with a third party designed to hedge the volatility of the underlying variable interest rates on lease agreements for six B737\\-800 aircraft, as well as four interest rate swap agreements with third parties designed to hedge the volatility of the underlying variable interest rates on $382 million of debt\\. All of the interest rate swap agreements stipulate that the Company pay a fixed interest rate and receive a floating interest rate over the term of the underlying contracts\\. The interest rate swap agreements expire from February 2020 through March 2021 to coincide with the lease termination dates, and October 2022 through September 2026 to coincide with the debt maturity dates\\. All significant terms of the swap agreements match the terms of the underlying hedged items and have been designated as qualifying hedging instruments, which are accounted for as cash flow hedges\\. \n\n 73"}
{"_id": "Southwest-2017_53.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 3\\. | E xpenses associated with the Company\u2019s acquisition and integration of AirTran\\. Such expenses were primarily incurred during the acquisition and integration period of the two companies from 2011 through 2015 as a result of the Company\u2019s acquisition of AirTran, which closed on May 2, 2011\\. The exclusion of these expenses provides investors with a more applicable basis with which to compare results in future periods now that the integration process has been completed; |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 4\\. | A gain resulting from a litigation settlement received in January 2015\\. This cash settlement meaningfully lowered Other operating expenses during the applicable period and the Company does not expect a similar impact on its cost structure in the future; |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                        |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 5\\. | A noncash impairment charge related to leased slots at Newark Liberty International Airport as a result of the FAA announcement in April 2016 that this airport was being changed to a Level 2 schedule\\-facilitated airport from its previous designation as Level 3; |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 6\\. | Lease termination costs recorded as a result of the Company acquiring 13 of its Boeing 737\\-300 aircraft off operating leases as part of the Company\u2019s strategic effort to remove its Classic aircraft from operations on or before September 29, 2017, in the most economically advantageous manner possible\\. The Company had not budgeted for these early lease termination costs, as they were subject to negotiations being concluded with the third party lessors\\. The Company recorded the fair value of the aircraft acquired off operating leases, as well as any associated remaining obligations to the balance sheet as debt; |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 7\\. | An Aircraft grounding charge recorded in third quarter 2017, as a result of the Company grounding its remaining Boeing 737\\-300 aircraft on September 29, 2017\\. The loss was a result of the remaining net lease payments due and certain lease return requirements that could have to be performed on these leased aircraft prior to their return to the lessors as of the cease\\-use date\\. The Company had not budgeted for the lease return requirements, as they are subject to negotiation with third party lessors; and |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                    |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 8\\. | An adjustment to Provision for income taxes related to the Tax Cuts and Jobs Act legislation enacted in December 2017, which resulted in a re\\-measurement of the Company's deferred tax assets and liabilities at the new federal corporate tax rate of 21 percent\\. This adjustment is a non\\-cash item and is being treated as a special item\\. |\n\n\n\nBecause management believes each of these items can distort the trends associated with the Company\u2019s ongoing performance as an airline, the Company believes that evaluation of its financial performance can be enhanced by a supplemental presentation of results that exclude the impact of these items in order to enhance consistency and comparativeness with results in prior periods that do not include such items and as a basis for evaluating operating results in future periods\\. The following measures are often provided, excluding special items, and utilized by the Company\u2019s management, analysts, and investors to enhance comparability of year\\-over\\-year results, as well as to industry trends: Total operating expenses, non\\-GAAP; Operating income, non\\-GAAP; Provision for income taxes, non\\-GAAP; Net income, non\\-GAAP; Net income per share, diluted, non\\-GAAP; and Operating expenses per ASM, non\\-GAAP, excluding Fuel and oil and special items\\.\n\nThe Company has also provided its calculation of return on invested capital, which is a measure of financial performance used by management to evaluate its investment returns on capital\\. Return on invested capital is not a substitute for financial results as reported in accordance with GAAP, and should not be utilized in place of such GAAP results\\. Although return on invested capital is not a measure defined by GAAP, it is calculated by the Company, in part, using non\\-GAAP financial measures\\. Those non\\-GAAP financial measures are utilized for the same reasons as those noted above for Net income, non\\-GAAP and Operating income, non\\-GAAP \\- the comparable GAAP measures include charges or benefits that are deemed \"special items\" that the Company believes make its results difficult to compare to prior periods, anticipated future periods, or industry trends, and the Company\u2019s profitability targets and estimates, both internally and externally, are based on non\\-GAAP results since in the vast majority of cases the \"special items\" cannot be reliably predicted or estimated\\. The Company believes non\\-GAAP return on invested capital is a meaningful measure because it quantifies the Company's effectiveness in generating returns relative to the capital it has invested in its business\\. Although return on invested capital is commonly used as a measure of capital efficiency, definitions of return on invested capital differ; therefore, the Company is providing an explanation of its calculation for non\\-GAAP return on invested capital in the accompanying reconciliation, in order to allow investors to compare and contrast its calculation to those provided by other companies\\.\n\n54"}
{"_id": "Delta-2017_59.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\n\nNOTE 1 \\. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n\nBasis of Presentation\n\nDelta Air Lines, Inc\\., a Delaware corporation, provides scheduled air transportation for passengers and cargo throughout the United States (\"U\\.S\\.\") and around the world\\. Our Consolidated Financial Statements include the accounts of Delta Air Lines, Inc\\. and our wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U\\.S\\. (\"GAAP\")\\. We do not consolidate the financial statements of any company in which we have an ownership interest of   50%  or less\\. We are not the primary beneficiary of, nor do we have a controlling financial interest in, any variable interest entity\\. Accordingly, we have not consolidated any variable interest entity\\. \n\nWe have marketing alliances with other airlines to enhance our access to domestic and international markets\\. These arrangements may include codesharing, reciprocal frequent flyer program benefits, shared or reciprocal access to passenger lounges, joint promotions, common use of airport gates and ticket counters, ticket office co\\-location and other marketing agreements\\. We have received antitrust immunity for certain marketing arrangements, which enables us to offer a more integrated route network and develop common sales, marketing and discount programs for customers\\. Some of our marketing arrangements provide for the sharing of revenues and expenses\\. Revenues and expenses associated with collaborative arrangements are presented on a gross basis in the applicable line items on our Consolidated Statements of Operations\\.\n\nWe reclassified certain prior period amounts to conform to the current period presentation\\. Unless otherwise noted, all amounts disclosed are stated before consideration of income taxes\\. \n\nUse of Estimates\n\nWe are required to make estimates and assumptions when preparing our Consolidated Financial Statements in accordance with GAAP\\. These estimates and assumptions affect the amounts reported in our Consolidated Financial Statements and the accompanying notes\\. Actual results could differ materially from those estimates\\.\n\nRecent Accounting Standards\n\nRevenue from Contracts with Customers\\.  In 2014, the FASB issued ASU No\\. 2014\\-09, \"Revenue from Contracts with Customers (Topic 606)\\.\" Under this ASU and subsequently issued amendments, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received\\. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption\\. We will adopt the standard effective January 1, 2018 using the full retrospective approach\\.\n\nWhile the adoption of the new standard will not have a significant effect on earnings, the classification of certain revenues that are currently classified in other revenue will be reclassified to passenger revenue\\. These include baggage fees, administrative charges and other travel\\-related fees, all of which will be deemed part of the single performance obligation of providing passenger transportation\\. These revenues, which are approximately   $2 billion  annually, will be reclassified from the current presentation in other revenue to passenger revenue after adoption\\. \n\nIn addition, the adoption of the new standard increases the rate used to account for frequent flyer miles\\. We currently analyze our standalone sales of mileage credits to other airlines and customers to establish the accounting value for frequent flyer miles\\. Considering the guidance in the new standard, we will change our valuation of a mileage credit to an analysis of the award redemption value\\. The new valuation considers the value a passenger receives by redeeming miles rather than paying cash for an award ticket\\. This change increases our frequent flyer liability by approximately   $2 billion \\. The mileage deferral and redemption rates are approximately the same; therefore, assuming stable volume, there would not be a significant change in revenue recognized from the program for a given period\\. \n\nThe adoption of the new standard will also reduce our air traffic liability by approximately   $500 million \\. This change primarily results from estimating the tickets that will expire unused and recognizing revenue at the scheduled flight date rather than when the unused tickets expire\\.\n\nLeases\\.  In 2016, the FASB issued ASU No\\. 2016\\-02, \"Leases (Topic 842)\\.\" This standard will require all leases with durations greater than twelve months to be recognized on the balance sheet and is effective for interim and annual reporting periods beginning after December 15, 2018\\.  \n\n 55"}
{"_id": "Southwest-2017_34.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Stock Performance Graph**\n\n*The following Performance Graph and related information shall not be deemed \"soliciting material\" or \"filed\" with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934\\.*\n\nThe following graph compares the cumulative total shareholder return on the Company\u2019s common stock over the five\\-year period ended December 31, 2017, with the cumulative total return during such period of the Standard and Poor\u2019s 500 Stock Index and the NYSE ARCA Airline Index\\. The comparison assumes $100 was invested on December 31, 2012, in the Company\u2019s common stock and in each of the foregoing indices and assumes reinvestment of dividends\\. The stock performance shown on the graph below represents historical stock performance and is not necessarily indicative of future stock price performance\\.\n\n**COMPARISON OF FIVE YEAR CUMULATIVE TOTAL RETURN AMONG SOUTHWEST AIRLINES CO\\., S&P 500 INDEX, AND NYSE ARCA AIRLINE INDEX** \n\n![chart\\.jpg](https://www.example.com/chart.jpg)\n\n\n\n|                             |                |                |                |                |                |                |\n| --------------------------- | -------------- | -------------- | -------------- | -------------- | -------------- | -------------- |\n|                             | **12/31/2012** | **12/31/2013** | **12/31/2014** | **12/31/2015** | **12/31/2016** | **12/31/2017** |\n| **Southwest Airlines Co\\.** | $100           | $185           | $418           | $428           | $500           | $661           |\n| **S&P 500**                 | $100           | $132           | $150           | $152           | $170           | $206           |\n| **NYSE ARCA Airline**       | $100           | $158           | $237           | $201           | $258           | $274           |\n\n\n\n35"}
{"_id": "Delta-2019_65.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nSubsequent Event\n\nStarting in February 2020, we temporarily suspended flights between the U\\.S\\. and China as the result of an outbreak of a novel coronavirus originating in Wuhan, Hubei Province, China\\. We have suspended flights between the U\\.S\\. and China through April 30, will continue to monitor the situation closely and may make additional adjustments\\. Given the uncertainty about the situation, we currently cannot estimate the impact to our financial statements\\. Flights to and from China have historically represented less than 2% of our revenue\\. We are currently exploring options for the redeployment of aircraft to other routes within our diverse global network\\.\n\nNOTE 2\\.  REVENUE RECOGNITION\n\nPassenger Revenue\n\nPassenger revenue is primarily composed of passenger ticket sales, loyalty travel awards and travel\\-related services performed in conjunction with a passenger\u2019s flight\\.\n\n\n\n|                          |                          |                          |                         |                         |                         |  |  |  |  |  |  |\n|:------------------------ |:------------------------ |:------------------------ | -----------------------:| -----------------------:| -----------------------:|:- |:- |:- |:- |:- |:- |\n|                          |                          |                          | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |  |  |  |\n| (in millions)            | (in millions)            | (in millions)            |                    2019 |                    2018 |                    2017 |\n| Ticket                   | Ticket                   | Ticket                   |                $ 36,908 |                $ 34,950 |                $ 32,467 |\n| Loyalty travel awards    | Loyalty travel awards    | Loyalty travel awards    |                   2,900 |                   2,651 |                   2,403 |\n| Travel\\-related services | Travel\\-related services | Travel\\-related services |                   2,469 |                   2,154 |                   2,077 |\n| Total passenger revenue  | Total passenger revenue  | Total passenger revenue  |                $ 42,277 |                $ 39,755 |                $ 36,947 |\n\n\n\nTicket\n\nPassenger Tickets\\.  We defer sales of passenger tickets to be flown by us or that we sell on behalf of other airlines in air traffic liability\\. Passenger revenue is recognized when we provide transportation or when ticket breakage occurs\\. For tickets that we sell on behalf of other airlines, we reduce the air traffic liability when consideration is remitted to those airlines\\. We periodically evaluate the estimated air traffic liability and record any adjustments in our income statement\\. These adjustments relate primarily to refunds, exchanges, ticket breakage, transactions with other airlines and other items for which final settlement occurs in periods subsequent to the sale of the related tickets at amounts other than the original sales price\\. \n\nApproximately $3\\.8 billion, $3\\.5 billion and $3\\.5 billion of the prior year air traffic liability related to passenger ticket sales (which excludes those tickets sold on behalf of other airlines) was recognized in passenger revenue during the years ended December 31, 2019, 2018 and 2017, respectively\\.\n\nTicket Breakage\\.  We estimate the value of tickets that will expire unused and recognize revenue at the scheduled flight date\\.\n\nRegional Carriers \\. Our regional carriers include both third\\-party regional carriers with which we have contract carrier agreements (\"contract carriers\") and Endeavor Air, Inc\\., our wholly owned subsidiary\\. Our contract carrier agreements are primarily structured as capacity purchase agreements where we purchase all or a portion of the contract carrier's capacity and are responsible for selling the seat inventory we purchase\\. We record revenue related to our capacity purchase agreements in passenger revenue and the related expenses in regional carriers expense, excluding fuel\\. \n\nLoyalty Travel Awards\n\nLoyalty travel awards revenue is related to the redemption of miles for travel\\. We recognize loyalty travel awards revenue in passenger revenue as miles are redeemed and transportation is provided\\. See below for discussion of our loyalty program accounting policies\\.\n\nTravel\\-Related Services\n\nTravel\\-related services are primarily composed of services  performed in conjunction with a passenger\u2019s flight, including administrative fees (such as ticket change fees), baggage fees and on\\-board sales\\. We recognize revenue for these services when the related transportation service is provided\\. \n\n63"}
{"_id": "AmericanAirlines-2017_106.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\namendment of $1\\.9 billion, which is included as a component of prior service benefit in OCI and will be amortized over the future service life of the active plan participants for whom the benefit was eliminated, or approximately eight years\\. As of December 31, 2017, $631 million of prior service benefit remains to be amortized\\.\n\n***Benefit Obligations, Fair Value of Plan Assets and Funded Status***\n\nThe following tables provide a reconciliation of the changes in the pension and retiree medical and other postretirement benefits obligations, fair value of plan assets and a statement of funded status as of December 31, 2017 and 2016:\n\n\n\n|                                           |                      |                      |                                                                   |                                                                   |\n| ----------------------------------------- | -------------------- | -------------------- | ----------------------------------------------------------------- | ----------------------------------------------------------------- |\n|                                           | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** |\n|                                           | **2017**             | **2016**             | **2017**                                                          | **2016**                                                          |\n|                                           | **(In millions)**    | **(In millions)**    | **(In millions)**                                                 | **(In millions)**                                                 |\n| Benefit obligation at beginning of period | $17,238              | $16,395              | $991                                                              | $1,131                                                            |\n| Service cost                              | 2                    | 2                    | 4                                                                 | 3                                                                 |\n| Interest cost                             | 721                  | 749                  | 39                                                                | 47                                                                |\n| Actuarial (gain) loss  ^(1) (2)^          | 1,016                | 729                  | 49                                                                | (105)                                                             |\n| Plan amendments                           | \u2014                    | \u2014                    | \u2014                                                                 | 7                                                                 |\n| Settlements                               | (4)                  | (2)                  | \u2014                                                                 | \u2014                                                                 |\n| Benefit payments                          | (726)                | (635)                | (80)                                                              | (92)                                                              |\n| Other                                     | 28                   | \u2014                    | 8                                                                 | \u2014                                                                 |\n| Benefit obligation at end of period       | $18,275              | $17,238              | $1,011                                                            | $991                                                              |\n\n\n\n\n\n|                                                  |          |          |        |        |\n| ------------------------------------------------ | -------- | -------- | ------ | ------ |\n| Fair value of plan assets at beginning of period | $10,017  | $9,707   | $266   | $253   |\n| Actual return on plan assets                     | 1,797    | 915      | 37     | 22     |\n| Employer contributions  ^(3)^                    | 286      | 32       | 72     | 83     |\n| Settlements                                      | (4)      | (2)      | \u2014      | \u2014      |\n| Benefit payments                                 | (726)    | (635)    | (80)   | (92)   |\n| Other                                            | 25       | \u2014        | \u2014      | \u2014      |\n| Fair value of plan assets at end of period       | $11,395  | $10,017  | $295   | $266   |\n| Funded status at end of period                   | $(6,880) | $(7,221) | $(716) | $(725) |\n\n\n\n\n\n|       |                                                                                                                                                                             |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The  December 31, 2017  and  2016  pension actuarial loss primarily relates to weighted average discount rate assumption changes and changes to our mortality assumptions\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | The  December 31, 2017  retiree medical and other postretirement benefits actuarial (gain) loss primarily relates to plan experience adjustments, weighted average discount rate assumption changes and changes to our mortality assumptions and as of  December 31, 2016 , also includes medical trend and cost assumption changes\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                               |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | During  2017 , we contributed  $286 million  to our defined benefit pension plans, including supplemental contributions of  $261 million  in addition to a  $25 million  minimum required cash contribution\\. |\n\n\n\n107"}
{"_id": "AmericanAirlines-2018_151.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nSupplemental cash flow and other information related to leases was as follows (in millions):\n\n\n\n|                                                                         |                                       |\n| ----------------------------------------------------------------------- | ------------------------------------- |\n|                                                                         | **Year Ended  <br>December 31, 2018** |\n| Cash paid for amounts included in the measurement of lease liabilities: |                                       |\n| Operating cash flows from operating leases                              | $1,914                                |\n| Operating cash flows from finance leases                                | 48                                    |\n| Financing cash flows from finance leases                                | 78                                    |\n| ROU assets obtained in exchange for lease liabilities:                  |                                       |\n| Operating leases                                                        | 1,258                                 |\n| Gain on sale leaseback transactions, net                                | 59                                    |\n\n\n\nMaturities of lease liabilities were as follows (in millions):\n\n\n\n|                              |                       |                       |\n| ---------------------------- | --------------------- | --------------------- |\n|                              | **December 31, 2018** | **December 31, 2018** |\n|                              | **Operating Leases**  | **Finance Leases**    |\n| 2019                         | $1,894                | $124                  |\n| 2020                         | 1,824                 | 120                   |\n| 2021                         | 1,625                 | 118                   |\n| 2022                         | 1,428                 | 122                   |\n| 2023                         | 1,250                 | 105                   |\n| 2024 and thereafter          | 3,611                 | 282                   |\n| Total lease payments         | 11,632                | 871                   |\n| Less: Imputed interest       | (2,136)               | (177)                 |\n| Total lease obligations      | 9,496                 | 694                   |\n| Less: Current obligations    | (1,639)               | (81)                  |\n| Long\\-term lease obligations | $7,857                | $613                  |\n\n\n\nAs of December 31, 2018, American has additional operating lease commitments that have not yet commenced of approximately $1\\.9 billion for 22 787\\-8 aircraft to be delivered in 2020 and 2021 with lease terms of 10 years\\.\n\n152"}
{"_id": "AmericanAirlines-2018_46.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**Selected Consolidated Financial Data of American**\n\nThe selected consolidated financial data presented below under the captions \u201cConsolidated Statements of Operations data\u201d and \u201cConsolidated Balance Sheet data\u201d for the years ended December 31, 2018, 2017, 2016, 2015 and 2014 are derived from American\u2019s audited consolidated financial statements\\. On December 30, 2015, US Airways merged with and into American, with American as the surviving corporation\\. For financial reporting purposes, this transaction constituted a transfer of assets between entities under common control and is reflected in American\u2019s consolidated financial statements as though the transaction had occurred on December 9, 2013, when a subsidiary of AMR merged with and into US Airways Group, which represents the earliest date that American and US Airways were under common control\\.\n\n\n\n|                                                                     |                             |                             |                             |                             |                             |\n| ------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                     | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                     | **2018**                    | **2017**                    | **2016**                    | **2015**                    | **2014**                    |\n|                                                                     | **(In millions)**           | **(In millions)**           | **(In millions)**           | **(In millions)**           | **(In millions)**           |\n| **Consolidated Statements of Operations data:**                     |                             |                             |                             |                             |                             |\n| Total operating revenues                                            | $44,530                     | $42,610                     | $40,125                     | $40,938                     | $42,676                     |\n| Total operating expenses                                            | 41,807                      | 38,405                      | 35,045                      | 34,749                      | 38,410                      |\n| Operating income                                                    | 2,723                       | 4,205                       | 5,080                       | 6,189                       | 4,266                       |\n| Net income                                                          | 1,658                       | 1,285                       | 2,689                       | 8,120                       | 2,948                       |\n| **Consolidated Balance Sheet data** <br><br>**(at end of period):** |                             |                             |                             |                             |                             |\n| Total assets                                                        | $70,878                     | $61,401                     | $60,428                     | $50,439                     | $42,787                     |\n| Debt and finance leases                                             | 23,197                      | 23,294                      | 22,577                      | 18,826                      | 16,482                      |\n| Pension and postretirement obligations  ^(1)^                       | 6,893                       | 7,550                       | 7,904                       | 7,526                       | 7,649                       |\n| Operating lease liabilities                                         | 9,496                       | \u2014                           | \u2014                           | \u2014                           | \u2014                           |\n| Stockholder\u2019s equity                                                | 11,770                      | 9,888                       | 8,578                       | 9,698                       | 1,406                       |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Substantially all defined benefit pension plans were frozen effective November 1, 2012\\. See Note 8 to American's Consolidated Financial Statements in Part II, Item 8B for further information on pension and postretirement benefits\\. |\n\n\n\n47"}
{"_id": "Alaska-2018_17.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**INSURANCE**\n\nWe carry insurance of types customary in the airline industry and in amounts deemed adequate to protect our interests and property and to comply both with federal regulations and certain credit and lease agreements\\. The insurance policies principally provide coverage for Airline Hull, Spares and Comprehensive Legal Liability, War and Allied Perils, and Workers\u2019 Compensation\\. In addition, we currently carry a Cyber Insurance policy in the event of security breaches from malicious parties\\. \n\nWe believe that our emphasis on safety and our state\\-of\\-the\\-art flight deck safety technology help to control the cost of our insurance\\.\n\n**WHERE YOU CAN FIND MORE INFORMATION**\n\nOur filings with the Securities and Exchange Commission, including our annual report on Form 10\\-K, quarterly reports on Form 10\\-Q, current reports on Form 8\\-K and amendments to those reports are available on our website at *www\\.alaskaair\\.com,* free of charge, as soon as reasonably practicable after the electronic filing of these reports with the Securities and Exchange Commission\\. The information contained on our website is not a part of this annual report on Form 10\\-K\\.\n\n**GLOSSARY OF TERMS**\n\n**Aircraft Utilization** \\- block hours per day; this represents the average number of hours per day our aircraft are in transit\n\n**Aircraft Stage Length** \\- represents the average miles flown per aircraft departure\n\n**ASMs** \\- available seat miles, or \u201ccapacity\u201d; represents total seats available across the fleet multiplied by the number of miles flown\n\n**CASM** \\- operating costs per ASM, or \"unit cost\"; represents all operating expenses including fuel and special items\n\n**CASMex** \\- operating costs excluding fuel and special items per ASM; this metric is used to help track progress toward reduction of non\\-fuel operating costs since fuel is largely out of our control\n\n**Debt\\-to\\-capitalization ratio** \\- represents adjusted debt (long\\-term debt plus the present value of future operating lease payments) divided by total equity plus adjusted debt\n\n**Diluted Earnings per Share** \\- represents earnings per share (EPS) using fully diluted shares outstanding\n\n**Diluted Shares** \\- represents the total number of shares that would be outstanding if all possible sources of conversion, such as stock options, were exercised\n\n**Economic Fuel** \\- best estimate of the cash cost of fuel, net of the impact of our fuel\\-hedging program\n\n**Free Cash Flow \\-** total operating cash flow generated less cash paid for capital expenditures\n\n**Load Factor** \\- RPMs as a percentage of ASMs; represents the number of available seats that were filled with paying passengers\n\n**Mainline** \\- represents flying Boeing 737, Airbus 320 family and Airbus 321neo jets and all associated revenues and costs\n\n**Productivity** \\- number of revenue passengers per full\\-time equivalent employee\n\n**RASM** \\- operating revenue per ASMs, or \"unit revenue\"; operating revenue includes all passenger revenue, freight & mail, Mileage Plan\u2122 and other ancillary revenue; represents the average total revenue for flying one seat one mile\n\n**Regional** \\- represents capacity purchased by Alaska from Horizon, SkyWest and PenAir\\. In this segment, Regional records actual on\\-board passenger revenue, less costs such as fuel, distribution costs, and payments made to Horizon, SkyWest and \n\n 18"}
{"_id": "Delta-2018_75.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nHedge Position as of  December 31, 2018\n\n\n\n|                                             |                            |                                           |                         |                                |                             |                               |                                  |                            |\n| ------------------------------------------- | -------------------------- | ----------------------------------------- | ----------------------- | ------------------------------ | --------------------------- | ----------------------------- | -------------------------------- | -------------------------- |\n| **(in millions)**                           | **Volume**                 |                                           | **Final Maturity Date** | **Prepaid Expenses and Other** | **Other Noncurrent Assets** | **Other Accrued Liabilities** | **Other Noncurrent Liabilities** | **Hedge Derivatives, net** |\n| ***Designated as hedges***                  |                            |                                           |                         |                                |                             |                               |                                  |                            |\n| Interest rate contracts (fair value hedges) | 1,893                      | U\\.S\\. dollars                            | April 2028              | $\u2014                             | $8                          | $<br><br>(7<br><br>)          | $\u2014                               | $1                         |\n| Foreign currency exchange contracts         | 6,934                      | Japanese yen                              | November 2019           | 1                              | \u2014                           | \u2014                             | \u2014                                | 1                          |\n| ***Not designated as hedges***              |                            |                                           |                         |                                |                             |                               |                                  |                            |\n| Foreign currency exchange contract          | 397                        | Euros                                     | December 2020           | 13                             | \u2014                           | \u2014                             | (17<br><br>)                     | (4<br><br>)                |\n| Fuel hedge contracts                        | 219                        | gallons \\- crude oil and refined products | December 2019           | 30                             | \u2014                           | (15<br><br>)                  | \u2014                                | 15                         |\n| Total derivative contracts                  | Total derivative contracts |                                           |                         | $44                            | $8                          | $<br><br>(22<br><br>)         | $<br><br>(17<br><br>)            | $13                        |\n\n\n\nHedge Position as of  December 31, 2017 \n\n\n\n|                                     |                                |                                           |                         |                                |                             |                               |                                  |                            |\n| ----------------------------------- | ------------------------------ | ----------------------------------------- | ----------------------- | ------------------------------ | --------------------------- | ----------------------------- | -------------------------------- | -------------------------- |\n| **(in millions)**                   | **Volume**                     |                                           | **Final Maturity Date** | **Prepaid Expenses and Other** | **Other Noncurrent Assets** | **Other Accrued Liabilities** | **Other Noncurrent Liabilities** | **Hedge Derivatives, net** |\n| ***Designated as hedges***          | ***Designated as hedges***     |                                           |                         |                                |                             |                               |                                  |                            |\n| Foreign currency exchange contracts | 23,512                         | Japanese yen                              | November 2019           | $1                             | $1                          | $<br><br>(13<br><br>)         | $<br><br>(6<br><br>)             | $<br><br>(17<br><br>)      |\n| Foreign currency exchange contracts | 490                            | Canadian dollars                          | May 2020                | $1                             | $1                          | $<br><br>(13<br><br>)         | $<br><br>(6<br><br>)             | $<br><br>(17<br><br>)      |\n| ***Not designated as hedges***      | ***Not designated as hedges*** |                                           |                         |                                |                             |                               |                                  |                            |\n| Fuel hedge contracts                | 249                            | gallons \\- crude oil and refined products | May 2019                | 638                            | 8                           | (694<br><br>)                 | (18<br><br>)                     | (66<br><br>)               |\n| Total derivative contracts          | Total derivative contracts     |                                           |                         | $639                           | $9                          | $<br><br>(707<br><br>)        | $<br><br>(24<br><br>)            | $<br><br>(83<br><br>)      |\n\n\n\nOffsetting Assets and Liabilities\n\nWe have master netting arrangements with our counterparties giving us the right to offset hedge assets and liabilities\\. However, we have elected not to offset the fair value positions recorded on our balance sheets\\. The following table shows the net fair value of our counterparty positions had we elected to offset\\.\n\n\n\n|                          |                                |                             |                               |                                  |                            |\n| ------------------------ | ------------------------------ | --------------------------- | ----------------------------- | -------------------------------- | -------------------------- |\n| **(in millions)**        | **Prepaid Expenses and Other** | **Other Noncurrent Assets** | **Other Accrued Liabilities** | **Other Noncurrent Liabilities** | **Hedge Derivatives, Net** |\n| **December 31, 2018**    |                                |                             |                               |                                  |                            |\n| Net derivative contracts | $35                            | $\u2014                          | $<br><br>(13<br><br>)         | $<br><br>(9<br><br>)             | $13                        |\n| **December 31, 2017**    |                                |                             |                               |                                  |                            |\n| Net derivative contracts | $\u2014                             | $1                          | $<br><br>(68<br><br>)         | $<br><br>(16<br><br>)            | $<br><br>(83<br><br>)      |\n\n\n\n 73"}
{"_id": "United-2017_48.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**UNITED CONTINENTAL HOLDINGS, INC\\.** \n\n**STATEMENTS OF CONSOLIDATED OPERATIONS** \n\n**(In millions, except per share amounts)** \n\n\n\n|                                                    |                             |                             |                             |\n|:-------------------------------------------------- | ---------------------------:| ---------------------------:| ---------------------------:|\n|                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                    |                   **2017**  |                   **2016**  |                   **2015**  |\n| Operating revenue:                                 |                             |                             |                             |\n| Passenger\u2014Mainline                                 |                    $26,552  |                    $25,414  |                    $26,333  |\n| Passenger\u2014Regional                                 |                      5,852  |                      6,043  |                      6,452  |\n| Total passenger revenue                            |                     32,404  |                     31,457  |                     32,785  |\n| Cargo                                              |                      1,035  |                        876  |                        937  |\n| Other operating revenue                            |                      4,297  |                      4,223  |                      4,142  |\n| Total operating revenue                            |                     37,736  |                     36,556  |                     37,864  |\n| Operating expense:                                 |                             |                             |                             |\n| Salaries and related costs                         |                     11,045  |                     10,275  |                      9,713  |\n| Aircraft fuel                                      |                      6,913  |                      5,813  |                      7,522  |\n| Landing fees and other rent                        |                      2,240  |                      2,165  |                      2,203  |\n| Regional capacity purchase                         |                      2,232  |                      2,197  |                      2,290  |\n| Depreciation and amortization                      |                      2,149  |                      1,977  |                      1,819  |\n| Aircraft maintenance materials and outside repairs |                      1,856  |                      1,749  |                      1,651  |\n| Distribution expenses                              |                      1,349  |                      1,303  |                      1,342  |\n| Aircraft rent                                      |                        621  |                        680  |                        754  |\n| Special charges (Note 14)                          |                        176  |                        638  |                        326  |\n| Other operating expenses                           |                      5,657  |                      5,421  |                      5,078  |\n| Total operating expenses                           |                     34,238  |                     32,218  |                     32,698  |\n| Operating income                                   |                      3,498  |                      4,338  |                      5,166  |\n| Nonoperating income (expense):                     |                             |                             |                             |\n| Interest expense                                   |                       (643) |                       (614) |                       (669) |\n| Interest capitalized                               |                         84  |                         72  |                         49  |\n| Interest income                                    |                         57  |                         42  |                         25  |\n| Miscellaneous, net (Note 14)                       |                          3  |                        (19) |                       (352) |\n| Total nonoperating expense, net                    |                       (499) |                       (519) |                       (947) |\n| Income before income taxes                         |                      2,999  |                      3,819  |                      4,219  |\n| Income tax expense (benefit) (Note 14)             |                        868  |                      1,556  |                     (3,121) |\n| Net income                                         |                     $2,131  |                     $2,263  |                     $7,340  |\n| Earnings per share, basic                          |                     $7\\.04  |                     $6\\.86  |                    $19\\.52  |\n| Earnings per share, diluted                        |                     $7\\.02  |                     $6\\.85  |                    $19\\.47  |\n\n\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n49"}
{"_id": "AmericanAirlines-2019_155.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nAs of  December 31, 2019 , there was   $108 million  of unrecognized compensation cost related to RSUs\\. These costs are expected to be recognized over a weighted average period of   one year \\. The total fair value of RSUs vested during the years ended  December 31, 2019 ,  2018  and  2017  was   $68 million ,   $91 million  and   $123 million , respectively\\.\n\n14\\. Valuation and Qualifying Accounts (in millions)\n\n\n\n|                                               |                                  |                                                           |                        |                                       |\n| --------------------------------------------- | -------------------------------- | --------------------------------------------------------- | ---------------------- | ------------------------------------- |\n|                                               | **Balance at Beginning of Year** | **Additions Charged to Statement of Operations Accounts** | **Deductions**         | **Balance at**<br><br>**End of Year** |\n| **Allowance for obsolescence of spare parts** |                                  |                                                           |                        |                                       |\n| Year ended December 31, 2019                  | $754                             | $79                                                       | $<br><br>(104<br><br>) | $729                                  |\n| Year ended December 31, 2018                  | 717                              | 57                                                        | (20<br><br>)           | 754                                   |\n| Year ended December 31, 2017                  | 720                              | 18                                                        | (21<br><br>)           | 717                                   |\n| **Allowance for uncollectible accounts**      |                                  |                                                           |                        |                                       |\n| Year ended December 31, 2019                  | $24                              | $17                                                       | $<br><br>(16<br><br>)  | $25                                   |\n| Year ended December 31, 2018                  | 21                               | 39                                                        | (36<br><br>)           | 24                                    |\n| Year ended December 31, 2017                  | 35                               | 41                                                        | (55<br><br>)           | 21                                    |\n\n\n\n15\\.  Quarterly Financial Data (Unaudited)\n\nUnaudited summarized financial data by quarter for  2019  and  2018  (in millions):\n\n\n\n|                    |                   |                    |                   |                    |\n| ------------------ | ----------------- | ------------------ | ----------------- | ------------------ |\n|                    | **First Quarter** | **Second Quarter** | **Third Quarter** | **Fourth Quarter** |\n| **2019**           |                   |                    |                   |                    |\n| Operating revenues | $10,581           | $11,958            | $11,910           | $11,312            |\n| Operating expenses | 10,236            | 10,831             | 11,082            | 10,565             |\n| Operating income   | 345               | 1,127              | 828               | 747                |\n| Net income         | 230               | 714                | 508               | 520                |\n| **2018**           |                   |                    |                   |                    |\n| Operating revenues | $10,398           | $11,640            | $11,556           | $10,936            |\n| Operating expenses | 9,986             | 10,626             | 10,850            | 10,344             |\n| Operating income   | 412               | 1,014              | 706               | 592                |\n| Net income         | 209               | 609                | 433               | 407                |\n\n\n\nAmerican\u2019s fourth quarter  2019  results include   $108 million  of total pre\\-tax net special items that principally included   $85 million  of merger integration expenses and   $39 million  of fleet restructuring expenses, offset in part by   $42 million  of mark\\-to\\-market net unrealized gains associated with certain equity and other investments\\.\n\nAmerican\u2019s fourth quarter  2018  results include   $190 million  of total pre\\-tax net special items that principally included   $94 million  of fleet restructuring expenses,   $81 million  of merger integration expenses,   $37 million  of severance costs associated with reductions of management and support staff team members,   $22 million  of mark\\-to\\-market net unrealized losses associated with certain equity investments, offset in part by a   $37 million  net credit resulting from mark\\-to\\-market adjustments on bankruptcy obligations\\.\n\n156"}
{"_id": "Southwest-2019_8.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nreservations, hotel reservations, and travel activities\\. In addition, the digital platforms provide self\\-service tools for reservation management and Customer support\\.\n\nDuring 2019, to improve customer support, Southwest also added live chat functionality to the Southwest apps to enable Customers to connect directly with Customer Support and Services representatives\\. Southwest\\.com was also updated with a digital feedback tool to enhance Customer self\\-service options, including the ability to provide feedback on their experience\\. \n\nDuring 2019, to improve the booking process, Southwest added PayPal ^\u00ae^  to its mobile website and apps\\. Payment choices were also improved by adding Apple Pay ^\u00ae^  to the Southwest iOS and iPadOS apps as well as to the Inflight WiFi purchase page\\. Southwest also enhanced Southwest\\.com and Southwest's mobile website and apps to make it easier for Customers to manage unused travel funds after a cancellation or change\\. \n\nFor the year ended December 31, 2019, approximately 80 percent of the Company\u2019s Passenger revenues originated from its website (including revenues from SWABIZ)\\.\n\nMarketing\n\nDuring 2019, Southwest continued to market and benefit from its competitive points of differentiation\\. The Company's Trans fare ncy ^SM^  campaign, for example, emphasized Southwest's approach to  treating Customers fairly, honestly, and respectfully, by offering low fares and no unexpected bag fees, change fees, or hidden fees\\.\n\nSouthwest, unlike its competitors, does not charge a fee on any fare for a change in flight reservation\\. While a difference in airfare may apply, the Customer will not be charged a change fee on top of that fare difference\\. Southwest also does not impose additional fees for items such as seat selection, snacks, curb\\-side check\\-in, and telephone reservations, commonly found on other carriers\\.\n\nSouthwest also continues to be the only major U\\.S\\. airline that offers to all ticketed Customers up to two checked bags that fly free (subject to weight and size limits)\\. In addition, each ticketed Customer may check one stroller and one car seat free of charge\\. Southwest has continued to promote this unique benefit with its \"Bags Fly Free ^\u00ae^ \" message\\. \n\nThe Company also continues to promote all of the many other reasons to fly Southwest in its marketing, such as its hospitality, low fares, network, Customer Service, free inflight entertainment, and its Rapid Rewards loyalty program\\.\n\nTechnology Initiatives\n\nThe Company has committed significant resources to technology improvements in support of its ongoing operations and initiatives\\. The Company continues to focus on the prioritization and execution of its technology investments and is in the process of continually executing an evolving multi\\-year plan for technology, with the goal of developing a stronger, adaptable, and more efficient and reliable technology foundation to support the Company\u2019s strategic priorities\\. The Company continues to invest significantly in technology resources including, among others, the Company's systems related to (i) aircraft maintenance record keeping, (ii) flight planning and scheduling, (iii) crew scheduling, and (iv) technology infrastructure\\.\n\nRegulation\n\nThe airline industry is heavily regulated, especially by the federal government, and there are a significant number of governmental agencies and legislative bodies that have the ability to directly or indirectly affect the Company and/or the airline industry financially and/or operationally\\. Examples of regulations affecting the Company and/or the airline industry, imposed by several of these governmental agencies and legislative bodies, are discussed below\\.\n\nEconomic and Operational Regulation\n\nConsumer Protection Regulation by the U\\.S\\. Department of Transportation\n\nThe DOT regulates economic operating authority for air carriers and consumer protection for airline passengers\\. The FAA, an agency within the DOT, regulates aviation safety\\. The DOT and the FAA may impose civil penalties on air carriers for violating their regulations\\.\n\nTo provide passenger transportation in the United States, a domestic airline is required to hold both a Certificate of Public Convenience & Necessity from the DOT and an Air Carrier Operating Certificate from the FAA\\. A Certificate \n\n9"}
{"_id": "Delta-2017_17.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nBecause we acquire a large amount of our jet fuel from Monroe, the disruption or interruption of production at the refinery could have an impact on our ability to acquire jet fuel needed for our operations\\. Disruptions or interruptions of production at the refinery could result from various sources including a major accident or mechanical failure, interruption of supply or delivery of crude oil, work stoppages relating to organized labor issues, or damage from severe weather or other natural or man\\-made disasters, including acts of terrorism\\. If the refinery were to experience an interruption in operations, disruptions in fuel supplies could have negative effects on our results of operations and financial condition\\. In addition, the financial benefits from the operation of the refinery could be materially adversely affected (to the extent not recoverable through insurance) because of lost production and repair costs\\.\n\nIf Monroe's cost of producing non\\-jet fuel products exceeds the value it receives for those products, the financial benefits we expect to achieve through the ownership of the refinery and our consolidated results of operations could be materially adversely affected\\.\n\nOur significant investments in airlines in other parts of the world and the commercial relationships that we have with those carriers may not produce the returns or results we expect\\.\n\nAn important part of our strategy to expand our global network has been to make significant investments in airlines in other parts of the world and expand our commercial relationships with these carriers\\. We expect to continue exploring ways to expand our relationships with other carriers as part of our global business strategy\\. These investments and relationships involve significant challenges and risks, including that we may not realize a satisfactory return on our investment, that they may distract management from our operations or that they may not generate the expected revenue synergies\\. These events could have a material adverse effect on our operating results or financial condition\\.\n\nIn addition, we are dependent on these other carriers for significant aspects of our network in the regions in which they operate\\. While we work closely with these carriers, we do not have control over their operations or business methods\\. To the extent that the operations of any of these carriers are disrupted over an extended period of time or their actions subject us to the consequences of failure to comply with laws and regulations, our results of operations may be adversely affected\\. We also may be subject to consequences from any improper behavior of joint venture partners, including for failure to comply with anti\\-corruption laws such as the United States Foreign Corrupt Practices Act\\.\n\nWe are at risk of losses and adverse publicity stemming from a serious accident involving our aircraft or aircraft of our airline partners\\.\n\nAn aircraft crash or other serious accident could expose us to significant liability\\. Although we believe that our insurance coverage is appropriate, we may be forced to bear substantial losses from an accident in the event that the coverage was not sufficient\\. \n\nIn addition, any accident involving an aircraft that we operate or an aircraft that is operated by an airline that is one of our regional carriers or codeshare, alliance or joint venture partners could create a negative public perception about safety, which could harm our reputation, resulting in air travelers being reluctant to fly on our aircraft and therefore harm our business\\.\n\nBreaches or lapses in the security of our technology systems and the data we store could compromise passenger or employee information and expose us to liability, possibly having a material adverse effect on our business\\.\n\nAs a regular part of our ordinary business operations, we collect and store sensitive data, including personal information of our passengers and employees and information of our business partners\\. The secure operation of the networks and systems on which this type of information is stored, processed and maintained is critical to our business operations and strategy\\. \n\n 13"}
{"_id": "Alaska-2019_72.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nIncome Tax Rate Reconciliation\n\nIncome tax expense reconciles to the amount computed by applying the 2019 U\\.S\\. federal rate of 21% to income before income tax and for deferred taxes as follows (in millions):\n\n\n\n|                          |                          |                          |         |  |  |  |         |  |  |  |         |\n|:------------------------ |:------------------------ |:------------------------ | -------:|:- |:- |:- | -------:|:- |:- |:- | -------:|\n|                          |                          |                          |    2019 |  |  |  |    2018 |  |  |  |    2017 |\n| Income before income tax | Income before income tax | Income before income tax | $ 1,016 |  |  |  |   $ 585 |  |  |  | $ 1,159 |\n| Expected tax expense     | Expected tax expense     | Expected tax expense     |     213 |  |  |  |     123 |  |  |  |     406 |\n| Nondeductible expenses   | Nondeductible expenses   | Nondeductible expenses   |       9 |  |  |  |       9 |  |  |  |       5 |\n| State income taxes       | State income taxes       | State income taxes       |      36 |  |  |  |      21 |  |  |  |      28 |\n| State income sourcing    | State income sourcing    | State income sourcing    |       1 |  |  |  |       \u2014 |  |  |  |       9 |\n| Tax law changes          | Tax law changes          | Tax law changes          |     (9) |  |  |  |     (7) |  |  |  |   (237) |\n| Other \\- net             | Other \\- net             | Other \\- net             |     (3) |  |  |  |       2 |  |  |  |    (12) |\n| Actual tax expense       | Actual tax expense       | Actual tax expense       |   $ 247 |  |  |  |   $ 148 |  |  |  |   $ 199 |\n| Effective tax rate       | Effective tax rate       | Effective tax rate       | 24\\.3 % |  |  |  | 25\\.3 % |  |  |  | 17\\.2 % |\n\n\n\nAs a result of the ASC 606 full retrospective adoption, 2017 tax expense increased by $26 million\\. \n\nAs a result of tax changes signed into law during 2017, with final regulations issued in 2019, the Company recorded a deferred tax benefit of $9 million in the current year\\. \n\nIn 2017, adjustments were made to the Company's position on income sourcing in various states due to updated guidance from state taxing authorities\\. The impact of this guidance is reflected as an increase in income tax expense of approximately $9 million for the year ended December 31, 2017\\.\n\nUncertain Tax Positions\n\nThe Company has identified its federal tax return and its state tax returns in Alaska, Oregon and California as \u201cmajor\u201d tax jurisdictions\\. A summary of the Company's jurisdictions and the periods that are subject to examination are as follows:\n\n\n\n|              |              |              |              |              |              |\n|:------------ |:------------ |:------------ |:------------:|:------------:|:------------:|\n| Jurisdiction | Jurisdiction | Jurisdiction |    Period    |    Period    |    Period    |\n| Federal      | Federal      | Federal      | 2007 to 2018 | 2007 to 2018 | 2007 to 2018 |\n| Alaska       | Alaska       | Alaska       | 2015 to 2018 | 2015 to 2018 | 2015 to 2018 |\n| California   | California   | California   | 2007 to 2018 | 2007 to 2018 | 2007 to 2018 |\n| Oregon       | Oregon       | Oregon       | 2003 to 2018 | 2003 to 2018 | 2003 to 2018 |\n\n\n\nCertain tax years are open to the extent of net operating loss carryforwards\\. \n\nChanges in the liability for gross unrecognized tax benefits during 2019, 2018 and 2017 are as follows (in millions):\n\n\n\n|                                                 |                                                 |                                                 |      |  |  |  |      |  |  |  |      |\n|:----------------------------------------------- |:----------------------------------------------- |:----------------------------------------------- | ----:|:- |:- |:- | ----:|:- |:- |:- | ----:|\n|                                                 |                                                 |                                                 | 2019 |  |  |  | 2018 |  |  |  | 2017 |\n| Balance at January 1,                           | Balance at January 1,                           | Balance at January 1,                           | $ 40 |  |  |  | $ 43 |  |  |  | $ 40 |\n| Additions related to prior years                | Additions related to prior years                | Additions related to prior years                |    \u2014 |  |  |  |    1 |  |  |  |   16 |\n| Releases related to prior years                 | Releases related to prior years                 | Releases related to prior years                 |  (1) |  |  |  |  (4) |  |  |  |  (2) |\n| Additions related to current year activity      | Additions related to current year activity      | Additions related to current year activity      |    2 |  |  |  |    2 |  |  |  |    2 |\n| Releases due to settlements                     | Releases due to settlements                     | Releases due to settlements                     |    \u2014 |  |  |  |  (1) |  |  |  | (11) |\n| Releases due to lapse of statute of limitations | Releases due to lapse of statute of limitations | Releases due to lapse of statute of limitations |  (1) |  |  |  |  (1) |  |  |  |  (2) |\n| Balance at December 31,                         | Balance at December 31,                         | Balance at December 31,                         | $ 40 |  |  |  | $ 40 |  |  |  | $ 43 |\n\n\n\nAs of December 31, 2019, the Company had $40 million of accrued tax contingencies, of which $34 million, if fully recognized, would decrease the effective tax rate\\. As of December 31, 2019, 2018 and 2017, the Company has accrued interest and penalties, net of federal income tax benefit, of $7 million, $6 million, and $5 million\\. In 2019, 2018, and 2017, the \n\n72"}
{"_id": "Alaska-2017_46.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**2016** **COMPARED WITH** **2015**\n\nOur consolidated net income for 2016 was $814 million, or $6\\.54 per diluted share, compared to net income of $848 million, or $6\\.56 per diluted share, in 2015\\. Our financial results include results of Virgin America for the period from December 14, 2016 through December 31, 2016 and the impact of purchase accounting as of December 14, 2016\\. Refer to the \"Critical Accounting Estimates\" section for further information regarding purchase accounting\\.\n\nExcluding the impact of mark\\-to\\-market fuel hedge adjustments and special items, our adjusted consolidated net income for 2016 was $911 million, or $7\\.32 per diluted share, compared to an adjusted consolidated net income of $842 million, or $6\\.51 per share, in 2015\\. The following tables reconcile our adjusted net income and earnings per diluted share (EPS) during the full year 2016 and 2015 to amounts as reported in accordance with GAAP\\.\n\n\n\n|                                                     |                                      |                                      |                                      |                                      |\n| --------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                     | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                     | **2016**                             | **2016**                             | **2015**                             | **2015**                             |\n| ***(in millions, except per\\-share amounts)***      | **Dollars**                          | **Diluted EPS**                      | **Dollars**                          | **Diluted EPS**                      |\n| Reported GAAP net income and diluted EPS            | **$814**                             | **$6\\.54**                           | $848                                 | $6\\.56                               |\n| Mark\\-to\\-market fuel hedge (benefit) expense       | **(13)**                             | **(0\\.11)**                          | \u2014                                    | \u2014                                    |\n| Special items\u2014merger\\-related costs and other ^(a)^ | **117**                              | **0\\.94**                            | 32                                   | 0\\.25                                |\n| Income tax effect of special items ^(b)^            | **(24)**                             | **(0\\.19)**                          | (12)                                 | (0\\.10)                              |\n| Special income tax (benefit) expense ^(c)^          | **17**                               | **0\\.14**                            | (26)                                 | (0\\.20)                              |\n| Non\\-GAAP adjusted net income and diluted EPS       | **$911**                             | **$7\\.32**                           | $842                                 | $6\\.51                               |\n\n\n\n\n\n|     |                                                                                                 |\n| --- | ----------------------------------------------------------------------------------------------- |\n| (a) | Refer to Note 10 to the consolidated financial statement for the description of special items\\. |\n\n\n\n\n\n|     |                                                                                                                                    |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | Certain merger\\-related costs are non\\-deductible for tax purposes, resulting in a smaller income tax effect for adjusting items\\. |\n\n\n\n\n\n|     |                                                                                                                           |\n| --- | ------------------------------------------------------------------------------------------------------------------------- |\n| (c) | Special tax benefit represents the discrete impacts of adjustments to our position on income sourcing in various states\\. |\n\n\n\nCASM is summarized below:\n\n\n\n|                                                     |                                      |                                      |                                      |\n| --------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                     | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                     | **2016**                             | **2015**                             | **% Change**                         |\n| **Consolidated:**                                   |                                      |                                      |                                      |\n| Total operating expenses per ASM (CASM)             | **10\\.38\u00a2**                          | 10\\.77\u00a2                              | (3\\.6)%                              |\n| Less the following components:                      |                                      |                                      |                                      |\n| Aircraft fuel, including hedging gains and losses   | **1\\.88**                            | 2\\.39                                | (21\\.3)%                             |\n| Special items\u2014merger\\-related costs and other ^(a)^ | **0\\.27**                            | 0\\.08                                | 237\\.5 %                             |\n| CASM, excluding fuel and special items              | **8\\.23\u00a2**                           | 8\\.30\u00a2                               | (0\\.8)%                              |\n| **Mainline:**                                       |                                      |                                      |                                      |\n| Total operating expenses per ASM (CASM)             | **9\\.39\u00a2**                           | 9\\.77\u00a2                               | (3\\.9)%                              |\n| Less the following components:                      |                                      |                                      |                                      |\n| Aircraft fuel, including hedging gains and losses   | **1\\.79**                            | 2\\.29                                | (21\\.8)%                             |\n| Special items\u2014merger\\-related costs and other ^(a)^ | **0\\.30**                            | 0\\.09                                | 233\\.3 %                             |\n| CASM, excluding fuel and special items              | **7\\.30\u00a2**                           | 7\\.39\u00a2                               | (1\\.2)%                              |\n\n\n\n\n\n|     |                                                                                                 |\n| --- | ----------------------------------------------------------------------------------------------- |\n| (a) | Refer to Note 11 to the consolidated financial statement for the description of special items\\. |\n\n\n\n 47"}
{"_id": "Southwest-2019_29.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nAs of  December 31, 2019 , the Company had firm deliveries and options for Boeing 737 MAX 7 and 737 MAX 8 aircraft as follows:\n\n\n\n|      |                            |                            |                        |                        |                       |     |           |     |\n| ---- | -------------------------- | -------------------------- | ---------------------- | ---------------------- | --------------------- | --- | --------- | --- |\n|      | **The Boeing Company**     | **The Boeing Company**     | **The Boeing Company** | **The Boeing Company** |                       |     |           |     |\n|      | **MAX 7  <br>Firm Orders** | **MAX 8  <br>Firm Orders** |                        | **MAX 8 Options**      | **Additional MAX 8s** |     | **Total** |     |\n| 2020 | 7                          | 55                         |                        | \u2014                      | 16                    |     | 78        | (a) |\n| 2021 | \u2014                          | 45                         |                        | \u2014                      | \u2014                     |     | 45        | (b) |\n| 2022 | \u2014                          | 27                         |                        | 14                     | \u2014                     |     | 41        |     |\n| 2023 | 12                         | 22                         |                        | 23                     | \u2014                     |     | 57        |     |\n| 2024 | 11                         | 30                         |                        | 23                     | \u2014                     |     | 64        |     |\n| 2025 | \u2014                          | 40                         |                        | 36                     | \u2014                     |     | 76        |     |\n| 2026 | \u2014                          | \u2014                          |                        | 19                     | \u2014                     |     | 19        |     |\n|      | 30                         | 219                        | (c)                    | 115                    | 16                    | (d) | 380       |     |\n\n\n\n(a) 2020 Contractual Detail \n\n\n\n|                             |                            |                            |                       |           |\n| --------------------------- | -------------------------- | -------------------------- | --------------------- | --------- |\n|                             | **The Boeing Company**     | **The Boeing Company**     |                       |           |\n|                             | **MAX 7  <br>Firm Orders** | **MAX 8  <br>Firm Orders** | **Additional MAX 8s** | **Total** |\n| 2019 Contractual Deliveries | 7                          | 20                         | 13                    | 40        |\n| 2020 Contractual Deliveries | \u2014                          | 35                         | 3                     | 38        |\n| 2020 Contractual Total      | 7                          | 55                         | 16                    | 78        |\n\n\n\n2020 total contractual deliveries include 40 contractual aircraft that the Company expected to be delivered in 2019, but were not received due to the MAX groundings\\. \n\n(b) Includes one contractual aircraft delivery that shifted from 2019 to 2021\\.\n\n(c) The Company has flexibility to substitute 737 MAX 7 in lieu of 737 MAX 8 firm orders, upon written advance notification as stated in the contract\\.\n\n(d) To be acquired in leases from various third parties\\.\n\nGround Facilities and Services\n\nSouthwest either leases or pays a usage fee for terminal passenger service facilities at each of the airports it serves, to which various leasehold improvements have been made\\. The Company leases the land and/or structures on a long\\-term basis for its aircraft maintenance centers (located at Dallas Love Field, Houston Hobby, Phoenix Sky Harbor, Chicago Midway, Hartsfield\\-Jackson Atlanta International Airport, and Orlando International Airport) and its main corporate headquarters building, also located near Dallas Love Field\\. The Company also leases a warehouse and engine repair facility in Atlanta\\. In 2018, the Company announced its intent to build a new aircraft maintenance facility, expected to be completed in 2022, at Baltimore\\-Washington International Airport\\. In 2019, the Company announced its intent to build a new aircraft maintenance facility, scheduled to be completed by the end of 2020, at Denver International Airport\\.\n\nThe Company has commitments associated with various airport improvement projects, including ongoing construction at Los Angeles International Airport\\. These projects include the construction of new facilities and the rebuilding or modernization of existing facilities\\. Additional information regarding these projects is provided below under \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" and in Note 4 to the Consolidated Financial Statements\\.\n\n30"}
{"_id": "Southwest-2017_16.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nUnited States and Cuba as a result of changes in diplomatic relations between the two governments, as well as travel and trade restrictions implemented by the U\\.S\\. government in 2017\\. There are also capacity limitations at certain airports in Mexico and the Caribbean, which could impact future service levels\\. In general, bilateral agreements between the United States and foreign countries the Company currently serves, or may serve in the future, may be subject to renegotiation or reinterpretation from time to time\\. While the U\\.S\\. government has negotiated \"open skies\" agreements with many countries, which allow for unrestricted access between the United States and respective foreign destinations, agreements with other countries may restrict the Company's entry and/or growth opportunities\\.\n\nThe CBP is the federal agency of the U\\.S\\. Department of Homeland Security charged with facilitating international trade, collecting import duties, and enforcing U\\.S\\. regulations with respect to trade, customs, and immigration\\. As the Company expands its international flight offerings, CBP and its requirements and resources will also become increasingly important considerations to the Company\\. For instance, with the exception of flights from a small number of foreign \"preclearance\" locations, arriving international flights may only land at CBP\\-designated airports, and CBP officers must be present and in sufficient quantities at those airports to effectively process and inspect arriving international passengers and cargo\\. Thus, CBP personnel and CBP\\-mandated procedures can affect the Company's operations, costs, and Customer experience\\. The Company has made and expects to continue to make significant investments in facilities, equipment, and technologies at certain airports in order to improve the Customer experience and to assist CBP with its inspection and processing duties; however, the Company is not able to predict the impact, if any, that various CBP measures or the lack of CBP resources will have on Company revenues and costs, either in the short\\-term or the long\\-term\\.\n\n**Insurance**\n\nThe Company carries insurance of types customary in the airline industry and in amounts the Company deems adequate to protect the Company and its property and to comply both with federal regulations and certain of the Company's credit and lease agreements\\. The policies principally provide coverage for public and passenger liability, property damage, cargo and baggage liability, loss or damage to aircraft, engines, and spare parts, and workers\u2019 compensation\\. In addition, the Company carries a cyber\\-security insurance policy with regards to data protection and business interruption associated with both security breaches from malicious parties and from certain system failures\\.\n\nAlthough the Company has been able to purchase aviation, property, liability, and professional insurance via the commercial insurance marketplace, available commercial insurance could be more expensive in the future and/or have material differences in coverage than insurance that has historically been provided and may not be adequate to protect the Company's risk of loss from future events, including acts of terrorism\\. Further, available cyber\\-security insurance with regards to data protection and business interruption could be more expensive in the future and/or have material differences in coverage than insurance that has historically been provided and may not be adequate to protect the Company's risk of loss\\.\n\n**Competition**\n\nCompetition within the airline industry is intense and highly unpredictable, and Southwest currently competes with other airlines on virtually all of its scheduled routes\\. As a result of moderately improved economic conditions and an increased focus by airlines on costs, the airline industry has become increasingly competitive in recent years with a healthier financial condition and improved profitability\\.\n\nKey competitive factors within the airline industry include (i) pricing and cost structure; (ii) routes, frequent flyer programs, and schedules; and (iii) customer service, operational reliability, and amenities\\. Southwest also competes for customers with other forms of transportation, as well as alternatives to travel\\. In recent years, the majority of domestic airline service has been provided by Southwest and the other largest major U\\.S\\. airlines, including American Airlines, Delta Air Lines, and United Airlines\\. The DOT defines major U\\.S\\. airlines as those airlines with annual revenues of at least $1 billion; there are currently 14 passenger airlines offering scheduled service, including Southwest, that meet this standard\\.\n\n**Pricing and Cost Structure**\n\nPricing is a significant competitive factor in the airline industry, and the availability of fare information on the Internet allows travelers to easily compare fares and identify competitor promotions and discounts\\. During 2017, the Company experienced additional competitive challenges associated with industry changes from both a fare level and product \n\n17"}
{"_id": "United-2017_6.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nlaunched investigations or claimed rulemaking authority to regulate commercial agreements among carriers or between carriers and third parties in a wide variety of contexts\\.\n\nAirlines are also regulated by the Federal Aviation Administration (the \u201cFAA\u201d), an agency within the DOT, primarily in the areas of flight safety, air carrier operations and aircraft maintenance and airworthiness\\. The FAA issues air carrier operating certificates and aircraft airworthiness certificates, prescribes maintenance procedures, oversees airport operations, and regulates pilot and other employee training\\. From time to time, the FAA issues directives that require air carriers to inspect or modify aircraft and other equipment, potentially causing the Company to incur substantial, unplanned expenses\\. The airline industry is also subject to numerous other federal laws and regulations\\. The U\\.S\\. Department of Homeland Security (\u201cDHS\u201d) has jurisdiction over virtually every aspect of civil aviation security\\. The Antitrust Division of the U\\.S\\. Department of Justice (\u201cDOJ\u201d) has jurisdiction over certain airline competition matters\\. The U\\.S\\. Postal Service has authority over certain aspects of the transportation of mail by airlines\\. Labor relations in the airline industry are generally governed by the Railway Labor Act (\u201cRLA\u201d), a federal statute\\. The Company is also subject to investigation inquiries by the DOT, FAA, DOJ, DHS, the U\\.S\\. Food and Drug Administration (\u201cFDA\u201d), the U\\.S\\. Department of Agriculture (\u201cUSDA\u201d) and other U\\.S\\. and international regulatory bodies\\.\n\n*Airport Access\\.* Access to landing and take\\-off rights, or \u201cslots,\u201d at several major U\\.S\\. airports served by the Company are, or recently have been, subject to government regulation\\. Federally\\-mandated domestic slot restrictions that limit operations and regulate capacity currently apply at three airports: Reagan National Airport in Washington, D\\.C\\. (\u201cReagan National\u201d), John F\\. Kennedy International Airport and LaGuardia Airport in the New York City metropolitan region (\u201cLaGuardia\u201d)\\. Of these three airports, United currently operates at two: Reagan National and LaGuardia\\. Additional restrictions on takeoff and landing slots at these and other airports may be implemented in the future and could affect the Company\u2019s rights of ownership and transfer as well as its operations\\.\n\n*Legislation*\\. The airline industry is subject to legislative activity that may have an impact on operations and costs\\. In 2018, the U\\.S\\. Congress will continue to consider legislation to reauthorize the FAA, which encompasses all significant aviation tax and policy\\-related issues\\. As with previous reauthorization legislation, the U\\.S\\. Congress may consider a range of policy changes that could impact operations and costs\\. Finally, aviation security continues to be the subject of legislative and regulatory action, requiring changes to the Company\u2019s security processes, potentially increasing the cost of its security procedures and affecting its operations\\.\n\n*Catering Operations*\\. The Company owns and operates catering kitchens at airports in Denver, Cleveland, Newark, Houston, and Honolulu, which prepare ready\\-to\\-eat food for United flights, as well as other domestic and international airlines\\. In addition, the Cleveland flight kitchen produces a small volume of food products for retail sale\\. These operations are subject to regulation by the FDA and the USDA, as well as other regulatory agencies\\. The FDA recently began implementing the Federal Food Safety Modernization Act which requires all food manufacturers to implement more stringent preventive controls\\. As a result, airline catering operations have recently become the focus of enhanced scrutiny by the FDA with inspections and greater enforcement\\.\n\n***International Regulation*** \n\nInternational air transportation is subject to extensive government regulation\\. In connection with the Company\u2019s international services, the Company is regulated by both the U\\.S\\. government and the governments of the foreign countries the Company serves\\. In addition, the availability of international routes to U\\.S\\. carriers is regulated by aviation agreements between the U\\.S\\. and foreign governments, and in some cases, fares and schedules require the approval of the DOT and/or the relevant foreign governments\\.\n\n*Legislation\\.* Foreign countries are increasingly enacting passenger protection laws, rules and regulations that meet or exceed U\\.S\\. requirements\\. In cases where this activity exceeds U\\.S\\. requirements, additional burden and liability may be placed on the Company\\. Certain countries have regulations requiring passenger compensation and/or enforcement penalties from the Company in addition to changes in operating procedures due to canceled and delayed flights\\.\n\n7"}
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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D\\.C\\. 20549\n\nFORM   10\\-K \n\n\n\n|   |                                                                                               |\n| - | --------------------------------------------------------------------------------------------- |\n| \u00fe | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES**  **EXCHANGE ACT OF 1934** |\n\n\n\nFor the fiscal year ended    December 31, 2018 \n\n\n\n|        |                                                                                                   |\n| ------ | ------------------------------------------------------------------------------------------------- |\n| **Or** | **Or**                                                                                            |\n| o      | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES**  **EXCHANGE ACT OF 1934** |\n\n\n\nCommission File Number 001\\-5424\n\n![deltacra01a01a01a02a58\\.jpg](http://ir.delta.com/deltacra01a01a01a02a58.jpg)\n\nDELTA AIR LINES, INC\\. \n\n(Exact name of registrant as specified in its charter)\n\n\n\n|                                                                         |                                                                         |\n| ----------------------------------------------------------------------- | ----------------------------------------------------------------------- |\n| **Delaware**                                                            | **58\\-0218548**                                                         |\n| (State or other jurisdiction of incorporation or organization)          | (I\\.R\\.S\\. Employer Identification No\\.)                                |\n| **Post Office Box 20706**                                               |                                                                         |\n| **Atlanta, Georgia**                                                    | **30320\\-6001**                                                         |\n| (Address of principal executive offices)                                | (Zip Code)                                                              |\n| **Registrant's telephone number, including area code: (404) 715\\-2600** | **Registrant's telephone number, including area code: (404) 715\\-2600** |\n\n\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n\n\n|                                            |                                               |\n| ------------------------------------------ | --------------------------------------------- |\n| **Title of each class**                    | **Name of each exchange on which registered** |\n| Common Stock, par value $0\\.0001 per share | New York Stock Exchange                       |\n\n\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\. Yes  \u00fe  No  o \n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act\\. Yes  o  No  \u00fe \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days\\. Yes  \u00fe  No  o \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S\\-T (\u00a7 232\\.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)\\. Yes  \u00fe  No  o \n\nIndicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K\\.  \u00fe\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, a smaller reporting company or an emerging growth company\\. See the definitions of \u201clarge accelerated filer,\u201d \u201caccelerated filer,\u201d \u201csmaller reporting company\u201d and \"emerging growth company\" in Rule 12b\\-2 of the Exchange Act\\.\n\n\n\n|                           |                           |                           |   |                         |   |\n| ------------------------- | ------------------------- | ------------------------- | - | ----------------------- | - |\n| Large accelerated filer   | \u00fe                         | Accelerated filer         | o | Non\\-accelerated filer  | o |\n| Smaller reporting company | Smaller reporting company | Smaller reporting company | o | Emerging growth company | o |\n\n\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.  o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Exchange Act)\\. Yes  o  No  \u00fe\n\nThe aggregate market value of the voting and non\\-voting common equity held by non\\-affiliates of the registrant as of June 30, 2018 was approximately   $34\\.2 billion \\.\n\nOn January 31, 2019, there were outstanding   678,950,098  shares of the registrant's common stock\\.\n\nThis document is also available on our website at http://ir\\.delta\\.com/\\.\n\nDocuments Incorporated By Reference\n\nPart III of this Form 10\\-K incorporates by reference certain information from the registrant's definitive Proxy Statement for its Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission\\."}
{"_id": "Southwest-2018_10.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nadequate food and potable drinking water no later than two hours after the aircraft leaves the gate (in the case of departure) or touches down (in the case of arrival) if the aircraft remains on the tarmac, unless the pilot\\-in\\-command determines that safety or security considerations preclude such service; and (iii) an assurance of operable lavatories, as well as adequate medical attention, if needed\\. Air carriers are required to publish their contingency plans on their websites\\.\n\nThe Passenger Protection Rules also subject airlines to potential DOT enforcement action for unfair and deceptive practices in the event of chronically delayed domestic flights (i\\.e\\., domestic flights that operate at least ten times a month and arrive more than 30 minutes late more than 50 percent of the time during that month)\\. In addition, airlines are required to (i) display ontime performance on their websites; (ii) adopt customer service plans, publish those plans on their website, and audit their own compliance with their plans; (iii) designate an employee to monitor the performance of their flights; (iv) provide information to passengers on how to file complaints; and (v) respond in a timely and substantive fashion to consumer complaints\\.\n\nThe Passenger Protection Rules also require airlines to (i) pay up to four times the passenger's one\\-way fare to their final destination that day in compensation to each passenger denied boarding involuntarily from an oversold flight; (ii) refund any checked bag fee for permanently lost luggage; (iii) prominently disclose all potential fees for optional ancillary services on their websites; and (iv) refund passenger fees paid for ancillary services if a flight cancels or oversells and a passenger is unable to take advantage of such services\\. The FAA Reauthorization Act of 2018, described below, directs the DOT to revise regulations to clarify there is no maximum level of compensation for involuntary denied boarding as a result of an oversold flight\\. \n\nThe Passenger Protection Rules also require that (i) advertised fares include all government\\-mandated taxes and fees; (ii) passengers be allowed to either hold a reservation for up to 24 hours without making a payment or cancel a paid reservation without penalty for 24 hours after the reservation is made, as long as the reservation is made at least seven days in advance of travel; (iii) fares may not increase after purchase; (iv) baggage fees must be disclosed to thepassenger at the time of booking; (v) the same baggage allowances and fees must apply throughout a passenger\u2019s trip; (vi) baggage fees must be disclosed on e\\-ticket confirmations; and (vii) passengers must be promptly notified in the event of delays of more than 30 minutes or if there is a cancellation or diversion of their flight\\.\n\nThe DOT has expressed its intent to aggressively investigate alleged violations of its consumer protection rules\\. Airlines that violate any DOT regulation are subject to potential fines of up to $33,333 per occurrence\\.\n\nThe Company is also monitoring other potential rulemakings that could impact its business\\. The DOT is preparing a proposed rule for the purpose of improving accessibility of lavatories on single\\-aisle aircraft and of in\\-flight entertainment\\. The proposed rule may require both short\\-term and long\\-term measures be taken to fully address the challenges persons with mobility impairments face when traveling on single\\-aisle aircraft, including the eventual requirement that accessible lavatories be available for individuals who use wheelchairs\\. The future proposed rule is also expected to address the improvement of accessibility of in\\-flight entertainment by requiring certain movies and shows displayed on such aircraft to be captioned to provide access to deaf and hard of hearing passengers\\. In addition, audio described entertainment would be available to enable people who are blind to listen to the visual narration of movies and shows\\.\n\nThe DOT is also contemplating a proposed rule to consider, among other things, (i) whether carriers should be required to supply in\\-flight medical oxygen for a fee to passengers who require it to access air transportation; and (ii) whether to broaden the scope of passengers with disabilities who must be afforded seats with extra leg room, and whether carriers should be required to provide seating accommodations with extra leg room in all classes of service\\. \n\nThe FAA Reauthorization Act of 2018 was passed by Congress on October 3, 2018, and signed into law on October 5, 2018 (the \"Reauthorization Act\")\\. The Reauthorization Act includes various provisions requiring additional potential DOT rulemaking\\. For example:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | the DOT has been directed to begin a rulemaking to re\\-define permissible \"service animals\" on commercial aircraft, including considering whether to adopt the same definition of \"service animal\" contained in the Department of Justice rules implementing the Americans with Disabilities Act, in order to reduce the likelihood of passengers falsely claiming that their pets are service animals; |\n\n\n\n11"}
{"_id": "Southwest-2018_85.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n***Contingencies***\n\nThe Company is from time to time subject to various legal proceedings and claims arising in the ordinary course of business, including, but not limited to, examinations by the Internal Revenue Service (\"IRS\")\\. The Company's management does not expect that the outcome of any of its currently ongoing legal proceedings or the outcome of any adjustments presented by the IRS, individually or collectively, will have a material adverse effect on the Company's financial condition, results of operations, or cash flow\\.\n\n**5****\\. REVENUE**\n\n**Passenger Revenues**\n\nThe Company\u2019s contracts with its Customers primarily consist of its tickets sold, which are initially deferred as Air traffic liability\\. Passenger revenue associated with tickets is recognized when the performance obligation to the Customer is satisfied, which is primarily when travel is provided\\. \n\nRevenue is categorized by revenue source as the Company believes it best depicts the nature, amount, timing, and uncertainty of revenue and cash flow\\. The following table provides the components of Passenger revenue recognized for the years ended December 31, 2018, 2017, and 2016: \n\n\n\n|                                         |                             |                             |                             |\n| --------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                         | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n| **(in millions)**                       | **2018**                    | **2017**                    | **2016**                    |\n|                                         |                             | **As Recast**               | **As Recast**               |\n| Passenger non\\-loyalty                  | $17,506                     | $16,934                     | $16,534                     |\n| Passenger loyalty \\- air transportation | 2,307                       | 2,263                       | 1,997                       |\n| Passenger ancillary sold separately     | 642                         | 566                         | 537                         |\n|  **Total passenger revenues**           | $20,455                     | $19,763                     | $19,068                     |\n\n\n\nPassenger non\\-loyalty includes all revenues recognized from Passengers related to flights paid for primarily with cash or credit card\\. All Customers purchasing a ticket on Southwest Airlines are generally able to check up to two bags at no extra charge (with certain exceptions as stated in the Company's published Contract of Carriage), and the Company also does not charge a fee for a Customer to make a change to their flight after initial purchase, although fare differences may apply\\. Passenger loyalty \\- air transportation primarily consists of the revenue recognized associated with award flights taken by loyalty program members upon redemption of loyalty points\\. Passenger ancillary sold separately includes any revenue recognized associated with ancillary fees charged separately, such as in\\-flight purchases, EarlyBird Check\\-In^\u00ae^, and Upgraded Boarding\\.\n\nAir traffic liability primarily represents tickets sold for future travel dates, funds that are past flight date and remain unused, but are expected to be used in the future, and the Company\u2019s liability for loyalty benefits that are expected to be redeemed in the future\\. The majority of the Company\u2019s tickets sold are nonrefundable\\. Southwest has a No Show policy that applies to fares that are not canceled or changed by a Customer at least ten minutes prior to a flight's scheduled departure\\. Refundable tickets that are sold but not flown on the travel date and canceled in accordance with the No Show policy can also be reused for another flight, up to a year from the date of sale\\. A small percentage of tickets (or partial tickets) expire unused\\. The Company estimates the amount of tickets that expire unused and recognizes such amounts in Passenger revenue once the scheduled flight date has lapsed in proportion to the pattern of flights taken by the Customer\\. Based on the Company's revenue recognition policy, revenue is recorded at the flight date for a Customer who does not change his/her itinerary and loses his/her funds as the Company has then fulfilled its performance obligation\\. Amounts collected from passengers for ancillary services are also recognized when the service is provided, which is typically the flight date\\.\n\n86"}
{"_id": "Delta-2018_18.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nIn particular, under the Energy Independence and Security Act of 2007, the EPA has adopted RFS that mandate the blending of renewable fuels into Transportation Fuels\\. RINs are assigned to renewable fuels produced or imported into the U\\.S\\. that are blended into Transportation Fuels to demonstrate compliance with this obligation\\. A refinery may meet its obligation under RFS by blending the necessary volumes of renewable fuels with Transportation Fuels or by purchasing RINs in the open market or through a combination of blending and purchasing RINs\\.\n\nBecause Monroe blends only a small amount of renewable fuels, it must purchase the majority of its RINs requirement in the secondary market or obtain a waiver from the EPA\\. As a result, Monroe is exposed to the market price of RINs\\. Market prices for RINs have been volatile, marked by periods of sharp increases and decreases\\. We cannot predict the future prices of RINs\\. Purchasing RINs at elevated prices could have a material impact on our results of operations and cash flows\\.\n\nExisting laws or regulations could change, and the minimum volumes of renewable fuels that must be blended with refined petroleum products may increase\\. Increases in the volume of renewable fuels that must be blended into Monroe's products could limit the refinery's production if sufficient numbers of RINs are not available for purchase or relief from this requirement is not obtained, which could have an adverse effect on our consolidated financial results\\.\n\nIf we lose senior management and other key employees and they are not replaced by individuals with comparable skills, our operating results could be adversely affected\\.\n\nWe are dependent on the experience and industry knowledge of our officers and other key employees to design and execute our business plans\\. If we experience a substantial turnover in our leadership and other key employees, and these persons are not replaced by individuals with comparable skills, our performance could be materially adversely impacted\\. Furthermore, we may be unable to attract and retain additional qualified executives as needed in the future\\.\n\nOur reputation and brand could be damaged if we are exposed to significant adverse publicity through social media\\.\n\nWe operate in a highly visible, public environment with significant exposure to social media\\. Adverse publicity, whether justified or not, can rapidly spread through social or digital media\\. In particular, passengers can use social media to provide feedback about their interaction with us in a manner that can be quickly and broadly disseminated\\. To the extent we are unable to respond timely and appropriately to adverse publicity, our brand and reputation may be damaged\\. Significant damage to our overall reputation and brand image could have a negative impact on our financial results\\. \n\n 16"}
{"_id": "AmericanAirlines-2019_116.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAMERICAN AIRLINES, INC\\.\n\nCONSOLIDATED STATEMENTS OF OPERATIONS\n\n(In millions)\n\n\n\n|                                    |                             |                             |                             |\n| ---------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                    | **2019**                    | **2018**                    | **2017**                    |\n| **Operating revenues:**            |                             |                             |                             |\n| Passenger                          | $42,010                     | $40,676                     | $39,131                     |\n| Cargo                              | 863                         | 1,013                       | 890                         |\n| Other                              | 2,888                       | 2,841                       | 2,589                       |\n| Total operating revenues           | 45,761                      | 44,530                      | 42,610                      |\n| **Operating expenses:**            |                             |                             |                             |\n| Aircraft fuel and related taxes    | 7,526                       | 8,053                       | 6,128                       |\n| Salaries, wages and benefits       | 12,600                      | 12,240                      | 11,942                      |\n| Regional expenses                  | 7,518                       | 7,064                       | 6,572                       |\n| Maintenance, materials and repairs | 2,380                       | 2,050                       | 1,959                       |\n| Other rent and landing fees        | 2,055                       | 1,900                       | 1,806                       |\n| Aircraft rent                      | 1,326                       | 1,264                       | 1,197                       |\n| Selling expenses                   | 1,602                       | 1,520                       | 1,477                       |\n| Depreciation and amortization      | 1,982                       | 1,839                       | 1,702                       |\n| Special items, net                 | 635                         | 787                         | 712                         |\n| Other                              | 5,090                       | 5,090                       | 4,910                       |\n| Total operating expenses           | 42,714                      | 41,807                      | 38,405                      |\n| **Operating income**               | 3,047                       | 2,723                       | 4,205                       |\n| **Nonoperating income (expense):** |                             |                             |                             |\n| Interest income                    | 515                         | 330                         | 215                         |\n| Interest expense, net              | (1,109<br><br>)             | (1,028<br><br>)             | (988<br><br>)               |\n| Other income, net                  | 152                         | 167                         | 123                         |\n| Total nonoperating expense, net    | (442<br><br>)               | (531<br><br>)               | (650<br><br>)               |\n| **Income before income taxes**     | 2,605                       | 2,192                       | 3,555                       |\n| Income tax provision               | 633                         | 534                         | 2,270                       |\n| **Net income**                     | $1,972                      | $1,658                      | $1,285                      |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n117"}
{"_id": "United-2017_60.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**UNITED CONTINENTAL HOLDINGS, INC\\.** \n\n**UNITED AIRLINES, INC\\.** \n\n **COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** \n\n**Overview** \n\nUnited Continental Holdings, Inc\\. (together with its consolidated subsidiaries, \u201cUAL\u201d or the \u201cCompany\u201d) is a holding company and its principal, wholly\\-owned subsidiary is United Airlines, Inc\\. (together with its consolidated subsidiaries, \u201cUnited\u201d)\\. As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted\\. United\u2019s operating revenues and operating expenses comprise nearly 100% of UAL\u2019s revenues and operating expenses\\. In addition, United comprises approximately the entire balance of UAL\u2019s assets, liabilities and operating cash flows\\. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures and any significant differences between the operations and results of UAL and United are separately disclosed and explained\\. We sometimes use the words \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d and the \u201cCompany\u201d in this report for disclosures that relate to all of UAL and United\\.\n\n**NOTE 1 \\- SIGNIFICANT ACCOUNTING POLICIES** \n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                    |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (a)  | **Use of Estimates\u2014**The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (\u201cGAAP\u201d) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes\\. Actual results could differ from those estimates\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b)  | **Revenue Recognition\u2014**The Company records passenger ticket sales and tickets sold by other airlines for use on United as passenger revenue when the transportation is provided or upon estimated breakage\\. The value of unused passenger tickets is included in current liabilities as Advance ticket sales\\. Tickets sold by other airlines are recorded at the estimated values to be billed to the other airlines\\. Differences between amounts billed and the actual amounts may be rejected and rebilled or written off if the amount recorded was different from the original estimate\\. When necessary, the Company records a reserve against its interline billings and payables if historical experience indicates that these amounts are different\\.  Non\\-refundable tickets generally expire on the date of the intended flight, unless the date is extended by notification from the customer on or before the intended flight date\\. Basic Economy tickets cannot be extended and refunds are not allowed except for ticket cancellations that are within 24 hours of purchase and one week or more prior to the original scheduled departure flight\\. |\n\n\n\nFees charged in association with changes or extensions to non\\-refundable tickets are recorded as other revenue at the time the fee is incurred\\. The fare on the changed ticket, including any additional collection of fare, is deferred and recognized in accordance with our transportation revenue recognition policy at the time the transportation is provided\\. Change fees related to non\\-refundable tickets are considered a separate transaction from the air transportation because they represent a charge for the Company\u2019s additional service to modify a previous sale\\. Therefore, the pricing of the change fee and the initial customer order are separately determined and represent distinct earnings processes\\.\n\nThe Company records an estimate of breakage revenue on the flight date for tickets that will expire unused\\. These estimates are based on the evaluation of actual historical results and forecasted trends\\. Refundable tickets expire after one year from the date of issuance\\.\n\nThe Company recognizes cargo and other revenue as service is provided\\.\n\nUnder our capacity purchase agreements (\u201cCPAs\u201d) with regional carriers, we purchase all of the capacity related to aircraft covered by the contracts and are responsible for selling all of the related seat inventory\\. We record the passenger revenue and related expenses as separate operating revenue and expense in the consolidated statement of operations\\.\n\n61"}
{"_id": "Southwest-2017_111.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**QUARTERLY FINANCIAL DATA**\n\n**(unaudited)**\n\n\n\n|                                            |                        |                        |                        |                        |     |\n| ------------------------------------------ | ---------------------- | ---------------------- | ---------------------- | ---------------------- | --- |\n|                                            | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |     |\n| **(in millions except per share amounts)** | **March 31**           | **June 30**            | **Sept\\. 30**          | **Dec\\. 31**           |     |\n| **2017**                                   |                        |                        |                        |                        |     |\n| Operating revenues                         | $4,883                 | $5,744                 | $5,271                 | $5,274                 |     |\n| Operating income                           | 658                    | 1,250                  | 834                    | 773                    |     |\n| Income before income taxes                 | 553                    | 1,170                  | 791                    | 737                    |     |\n| Net income                                 | 351                    | 746                    | 503                    | 1,888                  | (a) |\n| Net income per share, basic                | 0\\.57                  | 1\\.24                  | 0\\.84                  | 3\\.19                  | (a) |\n| Net income per share, diluted              | 0\\.57                  | 1\\.23                  | 0\\.84                  | 3\\.18                  | (a) |\n|                                            | **March 31**           | **June 30**            | **Sept\\. 30**          | **Dec\\. 31**           |     |\n| **2016**                                   |                        |                        |                        |                        |     |\n| Operating revenues                         | $4,826                 | $5,384                 | $5,139                 | $5,076                 |     |\n| Operating income                           | 944                    | 1,276                  | 695                    | 846                    |     |\n| Income before income taxes                 | 816                    | 1,304                  | 618                    | 809                    |     |\n| Net income                                 | 513                    | 820                    | 388                    | 522                    |     |\n| Net income per share, basic                | 0\\.80                  | 1\\.30                  | 0\\.63                  | 0\\.85                  |     |\n| Net income per share, diluted              | 0\\.79                  | 1\\.28                  | 0\\.62                  | 0\\.84                  |     |\n\n\n\n(a) Includes a $1\\.4 billion reduction in Provision for income taxes related to the Tax Cuts and Jobs Act legislation enacted in December 2017, which resulted in a re\\-measurement of the Company's deferred tax assets and liabilities at the new federal corporate tax rate of 21 percent\\. See Note 14 to the Consolidated Financial Statements for further information\\.\n\n112"}
{"_id": "Southwest-2019_7.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nrevenue flights and qualifying purchases with Rapid Rewards Partners, Members also have the ability to purchase, gift, and transfer points, as well as the ability to donate points to selected charities\\.\n\nSouthwest's Rapid Rewards loyalty program features tier and Companion Pass programs for the most active Members, including \"A\\-List\" and \"A\\-List Preferred\" status\\. Both A\\-List and A\\-List Preferred Members enjoy benefits such as \"Fly By ^\u00ae^ \" priority check\\-in and security lane access, where available, as well as dedicated phone lines, standby priority, and an earnings bonus on eligible revenue flights (25 percent for A\\-List and 100 percent for A\\-List Preferred)\\.  In addition, A\\-List Preferred Members enjoy free inflight satellite internet service on WiFi\\-enabled aircraft\\. Members who attain A\\-List or A\\-List Preferred status receive priority boarding privileges for an entire year\\. When these Customers purchase travel at least 36 hours prior to flight time, they receive the best boarding pass number available (generally, an \"A\" boarding pass)\\. During the day of travel, if an A\\-List or A\\-List Preferred Member's plans change, they have free same\\-day standby privileges, which allow them to fly on earlier flights between the same city pairs if space is available\\. Beginning January 1, 2021, A\\-List and A\\-List Preferred Members will have the same standby privileges free of airline charges, but will be required to pay any additional government taxes and fees associated with changes in their itinerary\\. Members who fly 100 qualifying one\\-way flights or earn 125,000 qualifying points in a calendar year automatically receive a Companion Pass, which provides for unlimited travel for the designated Companion free of airline charges (does not include taxes and fees from $5\\.60 one\\-way)\\. The Companion Pass is valid for the remainder of the calendar year in which status was earned and for the following full calendar year to any destination available on Southwest for a designated Companion of the qualifying Member\\. The Member and designated Companion must travel together on the same flight\\.\n\nSouthwest's Rapid Rewards loyalty program has been designed to drive more revenue by (i) bringing in new Customers, including new Members, as well as new holders of Southwest's co\\-branded Chase Visa credit card; (ii) increasing business from existing Customers; and (iii) strengthening the Company's Rapid Rewards hotel, rental car, credit card, and other partnerships\\.\n\nFor 2019, Customers of Southwest redeemed approximately 10\\.7 million flight awards, accounting for approximately 14\\.1 percent of revenue passenger miles flown\\. For 2018, Customers of Southwest redeemed approximately 10\\.4 million flight awards, accounting for approximately 13\\.8 percent of revenue passenger miles flown\\. For 2017, Customers of Southwest redeemed approximately 9\\.6 million flight awards, accounting for approximately 13\\.8 percent of revenue passenger miles flown\\. The Company's accounting policies with respect to its loyalty programs are discussed in more detail in Note 1 to the Consolidated Financial Statements\\.\n\nSouthwest Business ^\u00ae^  Initiatives\n\nDuring 2019, the Company increased its focus on growing the Company's corporate travel business with the goal of making it easier for corporate travel Customers and travel management companies to do business with Southwest\\.\n\nIn third quarter 2019, the Company entered into an agreement with Amadeus IT Group, S\\.A\\. (\"Amadeus\"), and expanded its agreement with Travelport, LP and Travelport International Operations Limited (collectively, \"Travelport\"), to enable corporate travel Customers and travel management companies to book Southwest products on the Amadeus and Travelport global distribution system (\"GDS\") platforms\\. The Company's expansion into the Travelport and Amadeus GDS channels is intended to facilitate corporate travel managers' ability to book, change, cancel, and modify Southwest reservations\\. The Company expects the new capabilities to be ready for bookings in 2020\\. The Company also has an agreement with Airlines Reporting Corporation to implement industry\\-standard processes to handle the settlement of tickets booked through Travelport and Amadeus channels\\.\n\nIn 2019, Southwest Business also continued to invest in and enhance its online booking tool SWABIZ ^\u00ae^ \\. SWABIZ is designed for business Customers who prefer a self\\-service and low\\-cost solution for booking their air travel on Southwest\\. The site also offers car and hotel booking functions\\. \n\nDigital Customer Platforms including Southwest\\.com\n\nThe Company offers a broad suite of digital platforms to support Customers' needs prior to and during the course of their travel, including Southwest\\.com ^\u00ae^ , mobile\\.southwest\\.com, an iOS ^TM^  app, an iPadOS ^TM^  app, and an Android app\\. These digital platforms help Customers to learn, shop, book, and manage their Southwest air travel and also facilitate the purchase of the Company\u2019s ancillary products, including EarlyBird, Business Select, vacation packages, rental car \n\n8"}
{"_id": "Southwest-2019_89.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nlease payments due and certain lease return requirements that could have to be performed on these leased aircraft prior to their return to the lessors, as of the cease\\-use date\\. As of December 31, 2018, the remaining amounts associated with the cease\\-use liability had been paid in full\\.\n\n8 \\. COMMON STOCK\n\nThe Company has one class of capital stock, its common stock\\. Holders of shares of common stock are entitled to receive dividends when and if declared by the Board of Directors and are entitled to one vote per share on all matters submitted to a vote of the Shareholders\\. At  December 31, 2019 , the Company had   60 million  shares of common stock reserved for issuance pursuant to Employee equity plans (of which   27 million  shares had not been granted) through various share\\-based compensation arrangements\\. See Note  9  to the Consolidated Financial Statements for information regarding the Company's equity plans\\.\n\n9 \\. STOCK PLANS\n\nShare\\-based Compensation \n\nThe Company accounts for share\\-based compensation utilizing fair value, which is determined on the date of grant for all instruments\\. The Consolidated Statement of Income for the years ended  December 31, 2019 ,  2018 , and  2017 , reflects share\\-based compensation expense of   $55 million ,   $46 million , and   $37 million , respectively\\. The total tax benefit recognized in earnings from share\\-based compensation arrangements for the years ended  December 31, 2019 ,  2018 , and  2017 , was  not material \\. As of  December 31, 2019 , there was   $64 million  of total unrecognized compensation cost related to share\\-based compensation arrangements, which is expected to be recognized over a weighted\\-average period of   1\\.8  years\\. The Company expects substantially all unvested awards to vest\\.\n\nRestricted Stock Units and Stock Grants\n\nUnder the Company\u2019s Amended and Restated 2007 Equity Incentive Plan (\"2007 Equity Plan\"), which has been approved by Shareholders, the Company granted restricted stock units (\"RSUs\") and performance\\-based restricted stock units (\"PBRSUs\") to certain Employees during  2019 ,  2018 , and  2017 \\. Outstanding RSUs vest over   three years , subject generally to the individual\u2019s continued employment or service\\. The PBRSUs granted in February 2017 are subject to the Company\u2019s performance with respect to a three\\-year simple average of Return on Invested Capital, before taxes and excluding special items, for the defined performance period and are also subject generally to the individual\u2019s continued employment or service\\. The PBRSUs granted in January 2018 and January 2019 are subject to the Company\u2019s performance with respect to a three\\-year simple average of Return on Invested Capital, after taxes and excluding special items, for the defined performance period and are also subject generally to the individual\u2019s continued employment or service\\. The number of PBRSUs vesting on the vesting date will be interpolated based on the Company's Return on Invested Capital performance and ranges from   zero  PBRSUs to   200  percent of granted PBRSUs\\. Forfeiture rates are estimated at the time of grant based on historical actuals for similar grants, and are trued\\-up to actuals over the vesting period\\. The Company recognizes all expense on a straight\\-line basis over the vesting period, with any changes in expense due to the number of PBRSUs expected to vest being modified on a prospective basis\\. \n\n90"}
{"_id": "United-2019_97.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| -------- | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  \u202010\\.23 | UAL | [Form of Performance\\-Based Restricted Stock Unit Award Notice pursuant to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (Relative Pre\\-tax Margin awards) (for performance periods beginning on or after January 1, 2015) (filed as Exhibit 10\\.2 to UAL's Form 10\\-Q for the quarter ended March 31, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex102.htm) |\n|  \u202010\\.24 | UAL | [United Air Lines, Inc\\. Management Cash Direct & Cash Match Program (amended and restated effective January 1, 2016) (filed as Exhibit 10\\.28 to UAL's Form 10\\-K for the year ended December 31, 2018 Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000010051719000009/ual_12311810kex1028.htm)                                                                                                                                          |\n|  \u202010\\.25 | UAL | [United Continental Holdings, Inc\\. Executive Severance Plan (effective October 1, 2014) (filed as Exhibit 10\\.1 to UAL's Form 8\\-K filed June 20, 2014, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312514243977/d743918dex101.htm)                                                                                                                                                                                               |\n|  \u202010\\.26 | UAL | [United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan (filed as Exhibit 10\\.1 to UAL's Form 8\\-K filed on May 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517187534/d378920dex101.htm)                                                                                                                                                                                                                 |\n|  \u202010\\.27 | UAL | [Form of Restricted Stock Unit Award Notice pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan (filed as Exhibit 10\\.6 to UAL's Form 10\\-Q for the quarter ended June 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex106.htm)                                                                                                                                       |\n|  \u202010\\.28 | UAL | [Form of Stock Option Award Notice pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan (filed as Exhibit 10\\.7 to UAL's Form 10\\-Q for the quarter ended June 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex107.htm)                                                                                                                                                |\n|  \u202010\\.29 | UAL | [United Continental Holdings, Inc\\. Performance\\-Based RSU Program (adopted pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan) (filed as Exhibit 10\\.8 to UAL's Form 10\\-Q for the quarter ended June 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex108.htm)                                                                                                      |\n| \u202010\\.30  | UAL | [First Amendment to the United Continental Holdings, Inc\\. Performance\\-Based RSU Program (adopted pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan) (filed as Exhibit 10\\.34 to UAL's Form 10\\-K for the year ended December 31, 2018, Commission file number 1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000010051719000009/ual_12311810kex1034.htm)                                                                      |\n|  \u202010\\.31 | UAL | [Form of Performance\\-Based RSU Award Notice pursuant to the United Continental Holdings, Inc\\. Performance\\-Based RSU Program (Relative Pre\\-tax Margin awards) (stock settled form of award) (filed as Exhibit 10\\.35 to UAL's Form 10\\-K for the year ended December 31, 2018, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000010051719000009/ual_12311810kex1035.htm)                                                                |\n|  \u202010\\.32 | UAL | [Form of Performance\\-Based RSU Award Notice pursuant to the United Continental Holdings, Inc\\. Performance\\-Based RSU Program (Relative Pre\\-tax Margin awards) (filed as Exhibit 10\\.9 to UAL's Form 10\\-Q for the quarter ended June 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex109.htm)                                                                                                      |\n| \u202010\\.33  | UAL | [United Continental Holdings, Inc\\. Annual Incentive Program (cash settled form of award) (adopted pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan) (filed as Exhibit 10\\.63 to UAL's Form 10\\-K for the year ended December 31, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312518054235/d471340dex1063.htm)                                                                            |\n|  \u202010\\.34 | UAL | [Form of Annual Incentive Program Award Notice pursuant to the United Continental Holdings, Inc\\. Annual Incentive Program (adopted pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan) (filed as Exhibit 10\\.64 to UAL's Form 10\\-K for the year ended December 31, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312518054235/d471340dex1064.htm)                                           |\n|  \u202010\\.35 | UAL | [Form of Performance\\-Based RSU Award Notice pursuant to the United Continental Holdings, Inc\\. Performance\\-Based RSU Program (for performance periods beginning on or after January 1, 2020)](https://www.example.com/ual12311910kex1035.htm)                                                                                                                                                                                                                                                                   |\n|  \u202010\\.36 | UAL | [Description of Compensation and Benefits for United Airlines Holdings, Inc\\. Non\\-Employee Directors](https://www.example.com/ual12311910kex1036.htm)                                                                                                                                                                                                                                                                                                                                                            |\n|  \u202010\\.37 | UAL | [United Continental Holdings, Inc\\. 2006 Director Equity Incentive Plan (as amended and restated, effective February 20, 2014, filed as Annex A to UAL's Definitive Proxy Statement filed April 25, 2014, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000104746914004198/a2219797zdef14a.htm#lc42701_annex_a)                                                                                                                            |\n| \u202010\\.38  | UAL | [First Amendment to the United Continental Holdings, Inc\\. 2006 Director Equity Incentive Plan (as amended and restated on February 20, 2014) (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended March 31, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517127429/d334701dex103.htm)                                                                                                                        |\n\n\n\n98"}
{"_id": "Delta-2018_79.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nFuture Maturities\n\nThe following table summarizes scheduled maturities of our debt for the years succeeding  December 31, 2018 :\n\n\n\n|                             |                |                                                                                    |        |\n| --------------------------- | -------------- | ---------------------------------------------------------------------------------- | ------ |\n|   <br><br>**(in millions)** | **Total Debt** | **Amortization of**<br><br>**Debt (Discount) Premium and Debt Issuance Cost, net** |        |\n| 2019                        | $1,441         | $<br><br>(22<br><br>)                                                              |        |\n| 2020                        | 2,048          | 2                                                                                  |        |\n| 2021                        | 1,019          | 7                                                                                  |        |\n| 2022                        | 1,676          | 11                                                                                 |        |\n| 2023                        | 929            | 9                                                                                  |        |\n| Thereafter                  | 2,195          | 53                                                                                 |        |\n| Total                       | $9,308         | $60                                                                                | $9,368 |\n\n\n\nFair Value of Debt\n\nMarket risk associated with our fixed\\- and variable\\-rate long\\-term debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates\\. The fair value of debt, shown below, is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral\\. Long\\-term debt is primarily classified as Level 2 within the fair value hierarchy\\.\n\n\n\n|                                                            |                  |                  |\n| ---------------------------------------------------------- | ---------------- | ---------------- |\n|                                                            | **December 31,** | **December 31,** |\n| **(in millions)**                                          | **2018**         | **2017**         |\n| Total debt at par value                                    | $9,308           | $8,539           |\n| Unamortized premium (discount) and debt issuance cost, net | 60               | (99<br><br>)     |\n| Net carrying amount                                        | $9,368           | $8,440           |\n| Fair value                                                 | $9,400           | $8,700           |\n\n\n\nNOTE 8 \\. LEASES\n\nDuring the December 2018 quarter, we adopted ASU No\\. 2016\\-02, \u201cLeases (Topic 842),\u201d which requires leases with durations greater than twelve months to be recognized on the balance sheet\\. We adopted the standard using the modified retrospective approach with an effective date as of the beginning of our fiscal year, January 1, 2018\\. Prior year financial statements were not recast under the new standard and, therefore, those amounts are not presented below\\. We have recast previously reported 2018 interim periods under the new lease standard as shown in  Note 18 , \"Quarterly Financial Data\\.\" We elected the package of transition provisions available for expired or existing contracts, which allowed us to carryforward our historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs\\. \n\nWe lease property and equipment under finance and operating leases\\. For leases with terms greater than 12 months, we record the related asset and obligation at the present value of lease payments over the term\\. Many of our leases include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when appropriate\\. We do not separate lease and nonlease components of contracts, except for regional aircraft and information technology (\"IT\") assets as discussed below\\.\n\nWhen available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate\\. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement\\. \n\nSome of our aircraft lease agreements include provisions for residual value guarantees\\. These provisions primarily relate to our regional aircraft and the amounts are not significant\\. We do not have other forms of variable interests with the lessor of our leased assets, other than at New York\\-JFK, as discussed in  Note 9 , \"Airport Redevelopment,\" in which we are not the primary beneficiary\\. As a result, we have not consolidated any of our lessors\\.\n\n 77"}
{"_id": "Alaska-2018_68.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nConsolidated statements of cash flows for the twelve months ended December 31, 2017 and December 31, 2016 (in millions):\n\n\n\n|                                                                                   |                                  |                                                  |                                  |                                  |                                        |                                  |\n| --------------------------------------------------------------------------------- | -------------------------------- | ------------------------------------------------ | -------------------------------- | -------------------------------- | -------------------------------------- | -------------------------------- |\n|                                                                                   | **Year Ended December 31, 2017** | **Year Ended December 31, 2017**                 | **Year Ended December 31, 2017** | **Year Ended December 31, 2016** | **Year Ended December 31, 2016**       | **Year Ended December 31, 2016** |\n|                                                                                   | **As Reported**                  | **Adjustments \\- Revenue Recognition** **^(a)^** | **As Adjusted**                  | **As Reported**                  | **Adjustments \\- Revenue Recognition** | **As Adjusted**                  |\n| **Cash flows from operating activities:**                                         |                                  |                                                  |                                  |                                  |                                        |                                  |\n| Net income                                                                        | $1,034                           | $(74)                                            | $960                             | $814                             | $(17)                                  | $797                             |\n| Adjustments to reconcile net income to net cash provided by operating activities: |                                  |                                                  |                                  |   <br>                           |   <br>                                 |                                  |\n| Depreciation and amortization                                                     | 372                              | \u2014                                                | 372                              | 363                              | \u2014                                      | 363                              |\n| Stock\\-based compensation and other                                               | 55                               | \u2014                                                | 55                               | 26                               | \u2014                                      | 26                               |\n| Changes in certain assets and liabilities:                                        |                                  |                                                  |                                  |   <br>                           |   <br>                                 |   <br>                           |\n| Changes in deferred tax provision                                                 | 19                               | 26                                               | 45                               | 94                               | (12)                                   | 82                               |\n| Increase in accounts receivable                                                   | (39)                             | \u2014                                                | (39)                             | (46)                             | \u2014                                      | (46)                             |\n| Increase in air traffic liability                                                 | 88                               | (43)                                             | 45                               | 9                                | (6)                                    | 3                                |\n| Increase in deferred revenue                                                      | 63                               | 128                                              | 191                              | 83                               | 70                                     | 153                              |\n| Changes in pension and other postretirement benefits                              | 17                               | \u2014                                                | 17                               | 23                               | \u2014                                      | 23                               |\n| Other\u2014net                                                                         | (19)                             | (37)                                             | (56)                             | 20                               | (35)                                   | (15)                             |\n| **Net cash provided by operating activities**                                     | 1,590                            | \u2014                                                | 1,590                            | 1,386                            | \u2014                                      | 1,386                            |\n| **Net cash used in investing activities**                                         | (1,132)                          | 3                                                | (1,129)                          | (2,622)                          | \u2014                                      | (2,622)                          |\n| **Net cash provided by (used in) financing activities**                           | (592)                            | \u2014                                                | (592)                            | 1,491                            | \u2014                                      | 1,491                            |\n| Net increase (decrease) in cash, cash equivalents and restricted cash             | (134)                            | 3                                                | (131)                            | 255                              | \u2014                                      | 255                              |\n| Cash, cash equivalents and restricted cash at beginning of year                   | 328                              | \u2014                                                | 328                              | 73                               | \u2014                                      | 73                               |\n| **Cash, cash equivalents and restricted cash at end of the period**               | $194                             | $3                                               | $197                             | $328                             | $\u2014                                     | $328                             |\n\n\n\n\n\n|     |                                                                                                                                                                            |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | Also includes approximately  $3 million  in adjustments for the adoption of ASU 2016\\-18, which are reflected in the Other \\- net line item, as discussed further below\\.  |\n\n\n\n**Other Standards Adopted**\n\nIn November 2016, the FASB issued ASU 2016\\-18, \"Statement of Cash Flows\u2014Restricted Cash (Topic 230)\" related to the presentation of restricted cash on the statement of cash flows, and within the accompanying footnotes\\. The Company adopted the standard effective January 1, 2018\\.\n\nIn February 2018, the FASB issued ASU 2018\\-02, \"Income Statement\u2014Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income\\.\" The standard allows a reclassification from accumulated other comprehensive income (AOCI) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act\\. The amount of the reclassification is the difference between the amount initially recorded directly to other comprehensive income at the previously enacted U\\.S\\. federal corporate income tax rate that remains in AOCI and the amount that would have been recorded directly to other comprehensive income using the newly enacted U\\.S\\. federal income tax rate\\. The standard is effective for interim and annual reporting periods beginning after December 15, 2018, and early adoption is permitted\\. The Company elected to early adopt the standard effective January 1, 2018\\. As a result, retained earnings increased approximately $62 million in 2018 due to the reclassification of tax effects in AOCI recorded in prior periods at previously enacted tax rates\\.\n\n 69"}
{"_id": "Southwest-2019_52.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\npurchase contracts in the Consolidated Balance Sheet until the aircraft is delivered, at which time deposits previously made are deducted from the final purchase price of the aircraft and are reclassified as Flight equipment\\. See Part I, Item 2 for a complete table of the Company\u2019s contractual firm deliveries and options for Boeing 737 MAX 7 and 737 MAX 8 aircraft, Note  4  to the Consolidated Financial Statements for the financial commitments related to these firm deliveries, and Note  16  to the Consolidated Financial Statements for further information about the MAX groundings\\. Because of the MAX groundings, Boeing is not currently delivering new MAX aircraft and, therefore, not meeting its contractual delivery schedule\\. As a result,  27  firm orders for purchased MAX aircraft originally scheduled for delivery in 2019 have shifted into 2020 commitments and one firm order originally scheduled for delivery in 2019 has shifted to 2021\\. In addition, commitments for 13 MAX leases from third parties have shifted into 2020\\. The FAA will ultimately determine the timing of the MAX return to service, and the Company therefore offers no assurances that current estimations and timelines are correct\\.\n\nThe leasing of aircraft (including the sale and leaseback of aircraft) provides flexibility to the Company as a source of financing\\. Although the Company is responsible for all maintenance, insurance, and expense associated with operating leased aircraft, and retains the risk of loss for these aircraft, it has generally not made guarantees to the lessors regarding the residual value (or market value) of the aircraft at the end of the lease terms\\. Assets and obligations under operating leases are included in the Company\u2019s Consolidated Balance Sheet\\. See Note  2  and Note  7  to the Consolidated Financial Statements for further information\\. Disclosure of the expected contractual obligations associated with the Company\u2019s leased aircraft is included below\\.\n\nAs of  December 31, 2019 , the Company had  189  leased aircraft, including  67  Boeing 717\\-200 aircraft (\"B717s\") subleased to Delta\\. Of these leased aircraft,  117  are under operating leases, including  65  B717s subleased to Delta\\. See Note  7  to the Consolidated Financial Statements for further information on this transaction\\.\n\nThe Company is required to provide standby letters of credit to support certain obligations that arise in the ordinary course of business and may choose to provide letters of credit in place of posting cash collateral related to its fuel hedging positions\\. Although the letters of credit are off\\-balance sheet, the majority of the obligations to which they relate are reflected as liabilities in the Consolidated Balance Sheet\\. Outstanding letters of credit totaled  $148 million  at  December 31, 2019 \\.\n\n53"}
{"_id": "Southwest-2019_11.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nthe appropriate U\\.S\\. Attorney, has the power to bring proceedings for the imposition and collection of civil penalties for violation of the FAA regulations\\.\n\nThe FAA requires airlines to obtain and maintain an Air Carrier Operating Certificate, as well as other certificates, approvals, and authorities\\. These certificates, approvals, and authorities are subject to suspension or revocation for cause\\.\n\nThe FAA has rules in effect with respect to flight, duty, and rest regulations\\. Among other things, the rules (i) require a ten hour minimum rest period prior to a pilot\u2019s flight duty period; (ii) mandate that a pilot must have an opportunity for eight hours of uninterrupted sleep within the rest period; and (iii) impose pilot \"flight time\" and \"duty time\" limitations based upon report times, the number of scheduled flight segments, and other operational factors\\. The FAA has established flight attendant duty period limitations and rest requirements based on the length of a flight attendant\u2019s scheduled duty period, number of flight attendants assigned to a flight, and other operational factors\\. The Reauthorization Act contains a provision requiring a modification to the FAA's rules to increase the required flight attendant rest period between duty periods\\. The FAA is soliciting input from the airline industry and other interested parties to obtain more information about current operations with flight attendants and the potential benefits and costs to inform the rulemaking\\. Flight, duty, and rest regulations affect the Company\u2019s staffing flexibility, which could impact the Company\u2019s operational performance, costs, and Customer Experience\\.\n\nThe Reauthorization Act also contains provisions directing the FAA to issue new regulations to establish minimum dimensions for seat size that are necessary for the safety of passengers\\. Further, the Reauthorization Act expands human trafficking training requirements beyond flight attendants to include several public\\-facing Employee work groups, as well as requires air carriers to implement a plan and develop training with protocols for preventing and responding to verbal or physical assault committed against customer service agents\\.\n\nIn addition to its role as safety regulator, the FAA operates the nation\u2019s air traffic control system and has continued its lengthy and ongoing effort to implement a multi\\-faceted, air traffic control modernization program called \"NextGen\\.\" As part of the NextGen initiative, in 2010 the FAA published rules requiring most commercial aircraft operating in the national airspace system to be equipped with Automatic Dependent Surveillance \\- Broadcast (\"ADS\\-B\") technology by January 1, 2020\\. ADS\\-B technology is intended to enhance safety and efficiency by moving from ground\\-based radar and navigational aids to precise tracking using satellite signals\\. In addition to environmental and efficiency benefits, ADS\\-B technology is expected to give pilots and air traffic controllers new tools to reduce the risk of runway incursions and aircraft collisions\\. The Company intends to comply with all applicable ADS\\-B requirements\\. \n\nThe Air Traffic Organization (\"ATO\") is the operational arm of the FAA\\. The ATO is responsible for providing safe and efficient air navigation services to all of the United States and large portions of the Atlantic and Pacific Oceans and the Gulf of Mexico\\. The Company is subject to any operational changes imposed by the FAA/ATO as they relate to the NextGen program, as well as the day\\-to\\-day management of the air traffic control system\\. The Reauthorization Act directs the FAA to (i) undertake a comprehensive review and prepare a full report on NextGen implementation and (ii) annually report on NextGen progress and return on investment\\.\n\nThe Company is subject to various other federal, state, and local laws and regulations relating to occupational safety and health, including Occupational Safety and Health Administration and Food and Drug Administration regulations\\.\n\nSecurity Regulation\n\nPursuant to the Aviation and Transportation Security Act (\"ATSA\"), the TSA, a federal agency of the U\\.S\\. Department of Homeland Security, is responsible for certain civil aviation security matters\\. ATSA and subsequent TSA regulations and procedures implementing ATSA address, among other things, (i) flight deck security; (ii) the use of federal air marshals onboard flights; (iii) airport and aircraft access security; (iv) airline crew security training; (v) security screening of passengers, baggage, cargo, mail, employees, and vendors; (vi) training and qualifications of security screening personnel; (vii) provision of passenger data to CBP; and (viii) background checks\\.\n\nUnder ATSA, substantially all security officers at airports are federal employees, and significant other elements of airline and airport security are overseen and performed by federal employees, including federal security managers, federal law enforcement officers, and federal air marshals\\. TSA personnel and TSA\\-mandated security procedures can affect the Company's operations, costs, and Customer experience\\. For example, as part of its security measures, the TSA regulates the types of liquid items that can be carried onboard aircraft\\. In addition, as part of its Secure Flight \n\n12"}
{"_id": "Southwest-2018_22.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nairlines to reduce their capacity\\. When this occurs, certain fixed airport costs are allocated among a fewer number of total flights,which can result in increased landing fees and other costs for the Company\\. The Company is also reliant upon third party vendors and service providers, in particular with respect to its fleet and technology initiatives and performance, and the Company's low\\-cost advantage is also dependent in part on its ability to obtain and maintain commercially reasonable terms with those parties\\.\n\nAs discussed above under \"Business \\- Insurance,\" the Company carries insurance of types customary in the airline industry\\. Although the Company has been able to purchase aviation, property, liability, and professional insurance via the commercial insurance marketplace, available commercial insurance could be more expensive in the future and/or have material differences in coverage than insurance that has historically been provided and may not be adequate to protect against the Company's risk of loss from future events, including acts of terrorism\\. Further, available cyber\\-security insurance with regards to data protection and business interruption could be more expensive in the future and/or have material differences in coverage than insurance that has historically been provided and may not be adequate to protect the Company's risk of loss\\. With respect to any insurance claims, policy coverages and claims are subject to acceptance by the many insurers involved and may require arbitration and/or mediation to effectively settle the claims over prolonged periods of time\\. In addition, an accident or other incident involving Southwest aircraft could result in costs in excess of its related insurance coverage, which costs could be substantial\\. Any aircraft accident or other incident, even if fully insured, could also have a material adverse effect on the public's perception of the Company, which could harm its reputation and business\\.\n\nThe Company cannot guarantee it will be able to maintain or improve upon its current level of low\\-cost advantage over many of its airline competitors\\. ULCCs, which have increased capacity in the Company's markets, have surpassed the Company's cost advantage\\. When competitors grow their fleets and expand their networks, they are potentially able to better control costs per available seat mile\\. In addition, like Southwest, some competitors have added a significant number of new and different aircraft to their fleets, which could potentially decrease their operating costs through better fuel efficiencies and lower maintenance costs\\.\n\n***The Company is increasingly dependent on technology to operate its business and continues to implement substantial changes to its information systems; any failure, disruption, breach, or delay in implementation of the Company's information systems could materially adversely affect its operations\\.***\n\nThe Company is increasingly dependent on the use of complex technology and systems to run its ongoing operations and support its strategic objectives\\.\n\nImplementation and integration of complex systems and technology presents significant challenges in terms of costs, human resources, and development of effective internal controls\\. Implementation and integration require a balancing between the introduction of new capabilities and the managing of existing systems, and present the risk of operational or security inadequacy or interruption, which could materially affect the Company's ability to effectively operate its business and/or could negatively impact the Company's results of operations\\. The Company is also reliant upon the performance of its third party vendors for timely and effective completion of many of its technology initiatives and for maintaining adequate information security measures\\.\n\nIn the ordinary course of business, the Company's systems will continue to require modification and refinements to address growth and changing business requirements\\. In addition, the Company's systems may require modification to enable the Company to comply with changing regulatory requirements\\. Modifications and refinements to the Company's systems have been and are expected to continue to be expensive to implement and can divert management\u2019s attention from other matters\\. In addition, the Company's operations could be adversely affected, or it could face imposition of regulatory penalties, if it were unable to timely or effectively modify its systems as necessary or appropriately balance the introduction of new capabilities with the management of existing systems\\.\n\nThe Company has experienced system interruptions and delays that make its websites and operational systems unavailable or slow to respond, which can prevent the Company from efficiently processing Customer transactions or providing services, and these could occur again in the future\\. These system interruptions and delays can reduce the Company's operating revenues and the attractiveness of its services, as well as increase the Company's costs\\. The Company's computer and communications systems and functions could be damaged or interrupted by catastrophic events such as fires, floods, earthquakes, tornadoes and hurricanes, power loss, computer and telecommunications failures, acts of war or terrorism, computer viruses, security breaches, and similar events or disruptions\\. Any of these \n\n23"}
{"_id": "Alaska-2019_81.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nThe following table summarizes information about outstanding stock awards:\n\n\n\n|                                |                                |                                |                      |                      |  |  |  |                                         |  |  |  |                                                            |                                                            |                                                            |  |  |  |                                                        |\n|:------------------------------ |:------------------------------ |:------------------------------ | --------------------:| --------------------:|:- |:- |:- | ---------------------------------------:|:- |:- |:- | ----------------------------------------------------------:| ----------------------------------------------------------:| ----------------------------------------------------------:|:- |:- |:- | ------------------------------------------------------:|\n|                                |                                |                                | Number  <br>of Units | Number  <br>of Units |  |  |  | Weighted\\-Average Grant Date Fair Value |  |  |  | Weighted\\-  <br>Average  <br>Contractual  <br>Life (Years) | Weighted\\-  <br>Average  <br>Contractual  <br>Life (Years) | Weighted\\-  <br>Average  <br>Contractual  <br>Life (Years) |  |  |  | Aggregate  <br>Intrinsic  <br>Value (in  <br>millions) |\n| Non\\-vested, December 31, 2018 | Non\\-vested, December 31, 2018 | Non\\-vested, December 31, 2018 |              511,813 |              511,813 |  |  |  |                                $ 78\\.75 |  |  |  |                                                       1\\.5 |                                                       1\\.5 |                                                       1\\.5 |  |  |  |                                                   $ 31 |\n| Granted                        | Granted                        | Granted                        |              402,816 |              402,816 |  |  |  |                                  66\\.35 |  |  |  |                                                            |                                                            |                                                            |  |  |  |                                                        |\n| Vested                         | Vested                         | Vested                         |            (270,802) |            (270,802) |  |  |  |                                  74\\.61 |  |  |  |                                                            |                                                            |                                                            |  |  |  |                                                        |\n| Forfeited                      | Forfeited                      | Forfeited                      |            (102,214) |            (102,214) |  |  |  |                                  75\\.21 |  |  |  |                                                            |                                                            |                                                            |  |  |  |                                                        |\n| Non\\-vested, December 31, 2019 | Non\\-vested, December 31, 2019 | Non\\-vested, December 31, 2019 |              541,613 |              541,613 |  |  |  |                                $ 71\\.82 |  |  |  |                                                       1\\.4 |                                                       1\\.4 |                                                       1\\.4 |  |  |  |                                                   $ 37 |\n\n\n\nDeferred Stock Awards\n\nDeferred Stock Units (DSUs) are awarded to members of the Board of Directors as part of their retainers\\. The underlying common shares are issued upon retirement from the Board, but require no future service period\\. As a result, the entire intrinsic value of the awards is expensed on the date of grant\\. \n\nEmployee Stock Purchase Plan\n\nThe ESPP allows employees to purchase common stock at 85% of the stock price on the first day of the offering period or the specified purchase date, whichever is lower\\. Employees may contribute up to 10% of their base earnings during the offering period to purchase stock\\. Employees purchased 784,786, 632,145 and 406,628 shares in 2019, 2018 and 2017 under the ESPP\\.\n\nNOTE 13\\. OPERATING SEGMENT INFORMATION\n\nAlaska Air Group has two operating airlines\u2014Alaska and Horizon\\. Each is a regulated airline by the U\\.S\\. Department of Transportation\u2019s Federal Aviation Administration\\. Alaska has CPAs for regional capacity with Horizon, as well as with third\\-party carriers SkyWest and PenAir, under which Alaska receives all passenger revenues\\. \n\nUnder U\\.S\\. General Accepted Accounting Principles, operating segments are defined as components of a business for which there is discrete financial information that is regularly assessed by the Chief Operating Decision Maker (CODM) in making resource allocation decisions\\. Financial performance for the operating airlines and CPAs is managed and reviewed by the Company's CODM as part of three reportable operating segments:\n\n\u2022 Mainline  \\- includes scheduled air transportation on Alaska's Boeing or Airbus jet aircraft for passengers and cargo throughout the U\\.S\\., and in parts of Canada, Mexico, and Costa Rica\\. \n\n\u2022 Regional  \\- includes Horizon's and other third\\-party carriers\u2019 scheduled air transportation for passengers across a shorter distance network within the U\\.S\\. under CPAs\\. This segment includes the actual revenues and expenses associated with regional flying, as well as an allocation of corporate overhead incurred by Air Group on behalf of the regional operations\\. \n\n\u2022 Horizon  \\- includes the capacity sold to Alaska under CPA\\. Expenses include those typically borne by regional airlines such as crew costs, ownership costs and maintenance costs\\. \n\nThe CODM makes resource allocation decisions for these reporting segments based on flight profitability data, aircraft type, route economics and other financial information\\. \n\nThe \"Consolidating and Other\" column reflects parent company activity, McGee Air Services, consolidating entries and other immaterial business units of the company\\. The \u201cAir Group Adjusted\u201d column represents a non\\-GAAP measure that is used by the Company CODM to evaluate performance and allocate resources\\. Adjustments are further explained below in reconciling to consolidated GAAP results\\.\n\n81"}
{"_id": "United-2017_65.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (p) | **Retirement of Leased Aircraft\u2014**The Company accrues for estimated lease costs over the remaining term of the lease at the present value of future minimum lease payments, net of estimated sublease rentals (if any), in the period that aircraft are permanently removed from service\\. When reasonably estimable and probable, the Company estimates maintenance lease return condition obligations for items such as minimum aircraft and engine conditions specified in leases and accrues these amounts over the lease term while the aircraft are operating, and any remaining unrecognized estimated obligations are accrued in the period that an aircraft is removed from service\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (q)  | **Uncertain Income Tax Positions\u2014**The Company has recorded reserves for income taxes and associated interest that may become payable in future years\\. Although management believes that its positions taken on income tax matters are reasonable, the Company nevertheless has established tax and interest reserves in recognition that various taxing authorities may challenge certain of the positions taken by the Company, potentially resulting in additional liabilities for taxes and interest\\. The Company\u2019s uncertain tax position reserves are reviewed periodically and are adjusted as events occur that affect its estimates, such as the availability of new information, the lapsing of applicable statutes of limitation, the conclusion of tax audits, the measurement of additional estimated liability, the identification of new tax matters, the release of administrative tax guidance affecting its estimates of tax liabilities, or the rendering of relevant court decisions\\. The Company records penalties and interest relating to uncertain tax positions as part of income tax expense in its consolidated statements of operations\\. The Company has not recorded any material expense or liabilities related to interest or penalties in its consolidated financial statements\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (r) | **Labor Costs\u2014**The Company records expenses associated with amendable labor agreements when the amounts are probable and estimable\\. These include costs associated with lump sum cash payments that would be made in conjunction with the ratification of labor agreements\\. To the extent these upfront costs are in lieu of future pay increases, they would be capitalized and amortized over the term of the labor agreements\\. If not, these amounts would be expensed\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (s)  | **Third\\-Party Business\u2014**The Company has third\\-party business revenue that includes fuel sales, catering, ground handling, maintenance services and frequent flyer award  non\\-air redemptions\\. Third\\-party business revenue is recorded in Other operating revenue\\. The Company also incurs third\\-party business expenses, such as maintenance, ground handling and catering services for third parties, fuel sales and  non\\-air mileage redemptions\\. The third\\-party business expenses are recorded in Other operating expenses\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (t)  | **Recently Issued Accounting Standards\u2014** In 2014,the Financial Accounting Standards Board (\u201cFASB\u201d) amended the FASB Accounting Standards Codification and created a new Topic 606, *Revenue from Contracts with Customers* (\u201cTopic 606\u201d)*\\.* This amendment prescribes that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services\\. The amendment supersedes the revenue recognition requirements in Topic 605, *Revenue Recognition*, and most industry\\-specific guidance throughout the Industry Topics of the Accounting Standards Codification\\. The Company used the full\\-retrospective approach in adopting this standard on January 1, 2018\\. The standard impacts the classification of certain revenue streams and affects the timing of revenue and expense recognition for others\\. For the Company, the most significant impact of this standard is the reclassification of certain ancillary fees from other operating revenue into passenger revenue on the statement of consolidated operations\\. These ancillary fees are directly related to passenger travel, such as ticket change fees and baggage fees, and will no longer be considered distinct performance obligations separate from the passenger travel component\\. In addition, the ticket change fees, which were previously recognized when received, will be recognized when transportation is provided\\. While the classification of certain transactions within operating revenue and between operating revenue and operating expenses will change, the adoption of the standard will not have a material impact on our earnings\\. Further, adoption of the standard will have no impact on cash provided by or used in  |\n\n\n\n66"}
{"_id": "Alaska-2017_82.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\npassenger service employees, and mechanics and related craft employees\\. The Company uses a December 31 measurement date for these plans\\.\n\n***Weighted average assumptions used to determine benefit obligations:***\n\nThe rates below vary by plan and related work group\\.\n\n\n\n|                                |                      |                  |\n| ------------------------------ | -------------------- | ---------------- |\n|                                | **2017**             | **2016**         |\n| Discount rates                 | **3\\.69% to 3\\.78%** | 4\\.29% to 4\\.50% |\n| Rate of compensation increases | **2\\.11% to 3\\.00%** | 2\\.12% to 2\\.59% |\n\n\n\n***Weighted average assumptions used to determine net periodic benefit cost:***\n\nThe rates below vary by plan and related work group\\.\n\n\n\n|                                |                      |                  |                  |\n| ------------------------------ | -------------------- | ---------------- | ---------------- |\n|                                | **2017**             | **2016**         | **2015**         |\n| Discount rates                 | **4\\.29% to 4\\.50%** | 4\\.55% to 4\\.69% | 4\\.20%           |\n| Expected return on plan assets | **5\\.50% to 6\\.00%** | 6\\.00% to 6\\.50% | 6\\.50%           |\n| Rate of compensation increases | **2\\.12% to 2\\.59%** | 2\\.06% to 2\\.65% | 2\\.85% to 3\\.91% |\n\n\n\nThe discount rates are determined using current interest rates earned on high\\-quality, long\\-term bonds with maturities that correspond with the estimated cash distributions from the pension plans\\. At December 31, 2017, the Company selected discount rates for each of the plans using a pool of higher\\-yielding bonds estimated to be more reflective of settlement rates, as management has taken steps to ultimately terminate or settle plans that are frozen and move toward freezing benefits in active plans in the future\\. In determining the expected return on plan assets, the Company assesses the current level of expected returns on risk\\-free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class\\. The expected return for each asset class is then weighted based on the target asset allocation to develop the expected long\\-term rate of return on assets assumption for the portfolio\\.\n\nPlan assets are invested in common commingled trust funds invested in equity and fixed income securities and in certain real estate assets\\. The target and actual asset allocation of the funds in the qualified defined\\-benefit plans, by asset category, are as follows: \n\n\n\n|                               |                |          |          |\n| ----------------------------- | -------------- | -------- | -------- |\n|                               | **Target**     | **2017** | **2016** |\n| Asset category:               |                |          |          |\n| Domestic equity securities    | **5% \\- 33%**  | **25%**  | 30%      |\n| Non\\-U\\.S\\. equity securities | **1% \\- 16%**  | **11%**  | 12%      |\n| Fixed income securities       | **48% \\- 95%** | **59%**  | 53%      |\n| Real estate                   | **2% \\- 8%**   | **4%**   | 5%       |\n| Cash equivalents              | **0%**         | **1%**   | \u2014%       |\n| Plan assets                   |                | **100%** | 100%     |\n\n\n\nThe Company\u2019s investment policy focuses on achieving maximum returns at a reasonable risk for pension assets over a full market cycle\\. The Company determines the strategic allocation between equities, fixed income and real estate based on current funded status and other characteristics of the plans\\. As the funded status improves, the Company increases the fixed income allocation of the portfolio and decreases the equity allocation\\. Actual asset allocations are reviewed regularly and periodically rebalanced as appropriate\\.\n\nPlan assets invested in common commingled trust funds are fair valued using the net asset values of these funds to determine fair value as allowed using the practical expediency method outlined in the accounting standards\\. Fair value estimates for real estate are calculated using the present value of expected future cash flows based on independent appraisals, local market conditions and current and projected operating performance\\. \n\n 83"}
{"_id": "AmericanAirlines-2019_20.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nengaged in an unlawful work action which adversely affected our operation\\. Additionally, some of our unions have brought and may continue to bring grievances to binding arbitration, including those related to wages\\. If successful, there is a risk these arbitral avenues could result in material additional costs that we did not anticipate\\. See also Part I, Item 1\\. Business \u2013 \u201c Employees and Labor Relations \\.\u201d\n\nAs of  December 31, 2019 , approximately  85%  of our employees were represented for collective bargaining purposes by labor unions\\. Currently, we believe our labor costs are competitive relative to the other large network carriers\\. However, we cannot provide assurance that labor costs going forward will remain competitive because we are in negotiations for several important new labor agreements now and other agreements are scheduled to become amendable, competitors may significantly reduce their labor costs or we may agree to higher\\-cost provisions unilaterally or in connection with our current or future labor negotiations\\.\n\nWe have significant pension and other postretirement benefit funding obligations, which may adversely affect our liquidity, results of operations and financial condition\\.\n\nOur pension funding obligations are significant\\. The amount of these obligations will depend on the performance of investments held in trust by the pension plans, interest rates for determining liabilities and actuarial experience\\. The minimum funding obligation applicable to our pension plans was subject to favorable temporary funding rules that expired at the end of 2017 and, as a result, our minimum pension funding obligations increased materially beginning in 2019\\. In addition, we have significant obligations for retiree medical and other postretirement benefits\\. Additionally, we participate in the International Association of Machinists & Aerospace Workers (IAM) National Pension Fund (the IAM Pension Fund)\\. The funding status of the IAM Pension Fund is subject to the risk that other employers may not meet their obligations, which under certain circumstances could cause our obligations to increase\\. Furthermore, if we were to withdraw from the IAM Pension Fund, if the IAM Pension fund were to terminate, or if the IAM Pension Fund were to undergo a mass withdrawal, we could be subject to liability as imposed by law\\. \n\nAny damage to our reputation or brand image could adversely affect our business or financial results\\. \n\nMaintaining a good reputation globally is critical to our business\\. Our reputation or brand image could be adversely impacted by, among other things, any failure to maintain high ethical, social and environmental sustainability practices for all of our operations and activities, our impact on the environment, public pressure from investors or policy groups to change our policies, such as movements to institute a \u201cliving wage,\u201d customer perceptions of our advertising campaigns, sponsorship arrangements or marketing programs, customer perceptions of our use of social media, or customer perceptions of statements made by us, our employees and executives, agents or other third parties\\. Damage to our reputation or brand image or loss of customer confidence in our services could adversely affect our business and financial results, as well as require additional resources to rebuild our reputation\\.\n\nWe are at risk of losses and adverse publicity stemming from any public incident involving our company, our people or our brand, including any accident or other public incident involving our personnel or aircraft, or the personnel or aircraft of our regional, codeshare or joint business operators\\.\n\nIn a modern world where news can be captured and travel rapidly, we are at risk of adverse publicity stemming from any public incident involving our company, our people or our brand\\. Such an incident could involve the actual or alleged behavior of any of our more than  133,000  employees\\. Further, if our personnel, one of our aircraft, a type of aircraft in our fleet, or personnel of, or an aircraft that is operated under our brand by, one of our regional operators or an airline with which we have a marketing alliance, joint business or codeshare relationship, were to be involved in a public incident, accident, catastrophe or regulatory enforcement action, we could be exposed to significant reputational harm and potential legal liability\\. The insurance we carry may be inapplicable or inadequate to cover any such incident, accident, catastrophe or action\\. In the event that our insurance is inapplicable or inadequate, we may be forced to bear substantial losses from an incident or accident\\. In addition, any such incident, accident, catastrophe or action involving our personnel, one of our aircraft (or personnel and aircraft of our regional operators and our codeshare partners), or a type of aircraft fleet could create an adverse public perception, which could harm our reputation, result in air travelers being reluctant to fly on our aircraft or those of our regional operators or codeshare partners, and adversely impact our business, results of operations and financial condition\\.\n\n21"}
{"_id": "Southwest-2019_113.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nQUARTERLY FINANCIAL DATA\n\n(unaudited)\n\n\n\n|                                            |                        |                        |                        |                        |     |\n| ------------------------------------------ | ---------------------- | ---------------------- | ---------------------- | ---------------------- | --- |\n|                                            | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |     |\n| **(in millions except per share amounts)** | **March 31**           | **June 30**            | **Sept\\. 30**          | **Dec\\. 31**           |     |\n| **2019**                                   |                        |                        |                        |                        |     |\n| Operating revenues                         | $5,149                 | $5,909                 | $5,639                 | $5,729                 |     |\n| Operating income                           | 505                    | 968                    | 819                    | 665                    |     |\n| Income before income taxes                 | 504                    | 968                    | 819                    | 666                    |     |\n| Net income                                 | 387                    | 741                    | 659                    | 514                    | (a) |\n| Net income per share, basic                | 0\\.70                  | 1\\.37                  | 1\\.24                  | 0\\.98                  | (a) |\n| Net income per share, diluted              | 0\\.70                  | 1\\.37                  | 1\\.23                  | 0\\.98                  | (a) |\n|                                            | **March 31**           | **June 30**            | **Sept\\. 30**          | **Dec\\. 31**           |     |\n| **2018**                                   |                        |                        |                        |                        |     |\n| Operating revenues                         | $4,944                 | $5,742                 | $5,575                 | $5,704                 |     |\n| Operating income                           | 616                    | 972                    | 798                    | 820                    |     |\n| Income before income taxes                 | 602                    | 960                    | 786                    | 817                    |     |\n| Net income                                 | 463                    | 733                    | 615                    | 654                    |     |\n| Net income per share, basic                | 0\\.79                  | 1\\.27                  | 1\\.08                  | 1\\.17                  |     |\n| Net income per share, diluted              | 0\\.79                  | 1\\.27                  | 1\\.08                  | 1\\.17                  |     |\n\n\n\n(a) In addition to the ongoing impact of the Boeing 737 MAX aircraft (\"MAX\") grounding that impacted all four quarters of 2019, fourth quarter 2019 also included the impact of the pre\\-tax   $124 million  discretionary, special profitsharing award accrual authorized by the Company's Board of Directors during fourth quarter 2019 for compensation received from Boeing related to the Company's estimated 2019 financial damages related to the grounding of the Boeing 737 MAX\\. See Note  16  to the Consolidated Financial Statements for further information on the MAX groundings\\. The impact of this accrual resulted in a decrease to Net income of approximately   $97 million  and reduced Basic and Diluted net income per share by approximately   $\\.18  for the fourth quarter 2019\\.\n\n114"}
{"_id": "Alaska-2018_15.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nAirlines Chief Financial Officer in February 2000, Executive Vice President/Finance and Chief Financial Officer of both companies in January 2002 and Executive Vice President/Finance and Planning of Alaska Airlines in April 2007\\. Mr\\. Tilden was named President of Alaska Airlines in December 2008 and, in May 2012, he was elected President and CEO of Alaska Air Group and Alaska Airlines and CEO of Horizon Air\\. He leads Air Group\u2019s Management Executive Committee and was elected to the Air Group Board in 2010 and became Chairman of the Board in January 2014\\.\n\n*Mr\\. Pedersen* joined Alaska Airlines in 2003 as Staff Vice President/Finance and Controller of Alaska Air Group and Alaska Airlines and was elected Vice President/Finance and Controller for both entities in 2006\\. He was elected Chief Financial Officer of Alaska Air Group and Alaska Airlines in June 2010 and Executive Vice President/Finance and Chief Financial Officer of both entities in 2014\\. Effective February 2019, he was elected Treasurer of Alaska Air Group and Alaska Airlines\\. He was Chief Financial Officer of Virgin America Inc\\. from December 2016 to July 2018, when Virgin America was merged into Alaska\\. He is a member of Air Group's Management Executive Committee\\.\n\n*Mr\\. Levine* was elected Vice President Legal and General Counsel of Alaska Air Group and Alaska Airlines in January 2016 and is a member of Air Group\u2019s Management Executive Committee\\. He was elected Corporate Secretary of Alaska Air Group and Alaska Airlines in August 2017\\. Mr\\. Levine joined Alaska Airlines in February 2006 as a Senior Attorney\\. He also served as Associate General Counsel and Managing Director Commercial Law and General Litigation from July 2009 to February 2011 and, subsequently, as Deputy General Counsel and Managing Director of Legal at Alaska Airlines from February 2011 to January 2016\\. He was appointed Assistant Corporate Secretary of Horizon Air in August 2017 and was Assistant Corporate Secretary of Virgin America from November 2017 to July 2018, when Virgin America was merged into Alaska\\. \n\n*Mr\\. Minicucci* joined Alaska Airlines in 2004 as Staff Vice President of Maintenance and Engineering and was promoted to Vice President of Seattle Operations in June 2008\\. He was elected Executive Vice President/Operations and Chief Operating Officer of Alaska Airlines in December 2008\\. In May 2016, he was named President of Alaska Airlines\\. He was Chief Executive Officer of Virgin America Inc\\. from December 2016 to July 2018, when Virgin America was merged into Alaska\\. He is a member of Air Group\u2019s Management Executive Committee\\.\n\n*Mr\\. Beck* was elected President and CEO of Horizon Air effective January 15, 2018 and is a member of Air Group\u2019s Management Executive Committee\\. Mr\\. Beck previously served as Vice President, Flight Operations at Alaska Airlines, Inc\\. until retiring in June 2015\\. Following that date, he provided consulting services to Alaska Airlines, Inc\\. in connection with the integration to a single operating certificate with Virgin America Inc\\.\n\n*Mr\\. Harrison* joined Alaska Airlines in 2003 as the Managing Director of Internal Audit and was elected Vice President of Planning and Revenue Management in 2008\\. He was elected Senior Vice President of Planning and Revenue Management in 2014\\. He was elected Executive Vice President and Chief Revenue Officer in February 2015 and named Executive Vice President and Chief Commercial Officer in August 2015\\. He is a member of Air Group's Management Executive Committee\\.\n\n*Mr\\. Tackett* was elected Executive Vice President of Planning and Strategy in September 2018 and is a member of Air Group\u2019s Management Executive Committee\\. Mr\\. Tackett previously served as Senior Vice President of Revenue and E\\-commerce from August 2017 to September 2018 and has served a number of capacities since joining Alaska Airlines in 2000, including Managing Director Financial Planning and Analysis, (2008\\-2010), Vice President Labor Relations (2010\\-2015) and Vice President Revenue Management in 2016\\.\n\n*Ms\\. Schneider* was elected Vice President of People at Alaska Airlines in August 2017 and became a member of Air Group\u2019s Management Executive Committee at that time\\. Ms\\. Schneider was previously Vice President of Inflight Services at Alaska (2011\\-2017), later also taking responsibility for Call Centers at Alaska (February 2017)\\. She began her career at Alaska as Manager of Financial Accounting in 1989\\. Since that time, she has held a number of positions, including Senior Vice President of People and Customer Services at Horizon Air Industries (2009\\-2011)\\.\n\n*Ms\\. Birkett\\-Rakow* was elected Vice President of External Relations at Alaska Airlines in September 2017 and became a member of Air Group\u2019s Management Executive Committee at that time\\. \n\n**REGULATION**\n\n**GENERAL**\n\nThe airline industry is highly regulated, most notably by the federal government\\. The Department of Transportation (DOT), the the Transportation Security Administration (TSA) and the FAA exercise significant regulatory authority over air carriers\\.\n\n 16"}
{"_id": "Delta-2017_5.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nUnless otherwise indicated, the terms \"Delta,\" \"we,\" \"us,\" and \"our\" refer to Delta Air Lines, Inc\\. and its subsidiaries\\. \n\nFORWARD\\-LOOKING STATEMENTS\n\nStatements in this Form 10\\-K, including in the letter to shareholders included in the front of this Form 10\\-K, (or otherwise made by us or on our behalf) that are not historical facts, including statements about our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be \"forward\\-looking statements\" as defined in the Private Securities Litigation Reform Act of 1995\\. Forward\\-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations\\. Known material risk factors applicable to Delta are described in \"Risk Factors Relating to Delta\" and \"Risk Factors Relating to the Airline Industry\" in \"Item 1A\\. Risk Factors\" of this Form 10\\-K, other than risks that could apply to any issuer or offering\\. All forward\\-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward\\-looking statements to reflect events or circumstances that may arise after the date of this report\\.\n\n 1"}
{"_id": "AmericanAirlines-2017_55.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Mainline Operating Expenses*\n\n\n\n|                                    |                                              |                                              |                                              |                                                       |\n| ---------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                    | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                    | **2016**                                     | **2015**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                    | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Aircraft fuel and related taxes    | $5,071                                       | $6,226                                       | $(1,155)                                     | (18\\.5)                                               |\n| Salaries, wages and benefits       | 10,890                                       | 9,524                                        | 1,366                                        | 14\\.4                                                 |\n| Maintenance, materials and repairs | 1,834                                        | 1,889                                        | (55)                                         | (2\\.9)                                                |\n| Other rent and landing fees        | 1,772                                        | 1,731                                        | 41                                           | 2\\.4                                                  |\n| Aircraft rent                      | 1,203                                        | 1,250                                        | (47)                                         | (3\\.8)                                                |\n| Selling expenses                   | 1,323                                        | 1,394                                        | (71)                                         | (5\\.0)                                                |\n| Depreciation and amortization      | 1,525                                        | 1,364                                        | 161                                          | 11\\.8                                                 |\n| Special items, net                 | 709                                          | 1,051                                        | (342)                                        | (32\\.6)                                               |\n| Other                              | 4,525                                        | 4,374                                        | 151                                          | 3\\.4                                                  |\n| Total mainline operating expenses  | $28,852                                      | $28,803                                      | $49                                          | 0\\.2                                                  |\n\n\n\nMainline operating expenses increased $49 million, or 0\\.2%, in 2016 from 2015\\. The increase in operating expenses was primarily driven by higher wage rates resulting from new labor contracts and the addition of an employee profit sharing program; however, these costs were substantially offset by a year\\-over\\-year decline in fuel costs\\. See detailed explanations below relating to changes in mainline CASM\\.\n\n*Mainline CASM*\n\nWe sometimes use financial measures that are derived from the consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate our current operating performance to allow for period\\-to\\-period comparisons\\. We believe these non\\-GAAP financial measures may also provide useful information to investors and others\\. These non\\-GAAP measures may not be comparable to similarly titled non\\-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP\\. We are providing a reconciliation of reported non\\-GAAP financial measures to their comparable financial measures on a GAAP basis\\.\n\nThe table below presents the reconciliation of mainline operating expenses (GAAP measure) to mainline operating costs excluding special items and fuel (non\\-GAAP measure)\\. Management uses mainline operating costs excluding special items and fuel to evaluate our current operating performance and for period\\-to\\-period comparisons\\. The price of fuel, over which we have no control, impacts the comparability of period\\-to\\-period financial performance\\. The adjustment to exclude aircraft fuel and special items allows management an additional tool to better understand and analyze our non\\-fuel costs and core operating performance\\.\n\n56"}
{"_id": "Alaska-2019_83.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n|                                       |                                       |                                       |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:------------------------------------- |:------------------------------------- |:------------------------------------- | ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:----------------------------:|:----------------------------:|:----------------------------:| ----------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                       |                                       |                                       | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 | Year Ended December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|                                       |                                       |                                       |                     Mainline |                              |                              |                              |                     Regional |                              |                              |                              |                      Horizon |                              |                              |                              |   Consolidating & Other^(a)^ |                              |                              |                              |      Air Group Adjusted^(b)^ |                              |                              |                              |           Special Items^(c)^ |                              |                              |                              |                 Consolidated |\n| Operating Revenues                    | Operating Revenues                    | Operating Revenues                    |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |\n| Passenger revenues                    | Passenger revenues                    | Passenger revenues                    |                        6,278 |                              |                              |                              |                        1,023 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                        7,301 |                              |                              |                              |                            \u2014 |                              |                              |                              |                        7,301 |\n| CPA revenues                          | CPA revenues                          | CPA revenues                          |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          426 |                              |                              |                              |                        (426) |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |\n| Mileage Plan other revenue            | Mileage Plan other revenue            | Mileage Plan other revenue            |                          387 |                              |                              |                              |                           31 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          418 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          418 |\n| Cargo and other                       | Cargo and other                       | Cargo and other                       |                          167 |                              |                              |                              |                            4 |                              |                              |                              |                            4 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          175 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          175 |\n| Total Operating Revenues              | Total Operating Revenues              | Total Operating Revenues              |                        6,832 |                              |                              |                              |                        1,058 |                              |                              |                              |                          430 |                              |                              |                              |                        (426) |                              |                              |                              |                        7,894 |                              |                              |                              |                            \u2014 |                              |                              |                              |                        7,894 |\n| Operating Expenses                    | Operating Expenses                    | Operating Expenses                    |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |\n| Non\\-fuel operating expenses          | Non\\-fuel operating expenses          | Non\\-fuel operating expenses          |                        4,271 |                              |                              |                              |                          852 |                              |                              |                              |                          427 |                              |                              |                              |                        (427) |                              |                              |                              |                        5,123 |                              |                              |                              |                          116 |                              |                              |                              |                        5,239 |\n| Fuel expense                          | Fuel expense                          | Fuel expense                          |                        1,282 |                              |                              |                              |                          172 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                        1,454 |                              |                              |                              |                          (7) |                              |                              |                              |                        1,447 |\n| Total Operating Expenses              | Total Operating Expenses              | Total Operating Expenses              |                        5,553 |                              |                              |                              |                        1,024 |                              |                              |                              |                          427 |                              |                              |                              |                        (427) |                              |                              |                              |                        6,577 |                              |                              |                              |                          109 |                              |                              |                              |                        6,686 |\n| Non\\-operating Income (Expense)       | Non\\-operating Income (Expense)       | Non\\-operating Income (Expense)       |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |                              |\n| Interest income                       | Interest income                       | Interest income                       |                           39 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                          (5) |                              |                              |                              |                           34 |                              |                              |                              |                            \u2014 |                              |                              |                              |                           34 |\n| Interest expense                      | Interest expense                      | Interest expense                      |                         (92) |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (13) |                              |                              |                              |                            2 |                              |                              |                              |                        (103) |                              |                              |                              |                            \u2014 |                              |                              |                              |                        (103) |\n| Interest capitalized                  | Interest capitalized                  | Interest capitalized                  |                           15 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            2 |                              |                              |                              |                            \u2014 |                              |                              |                              |                           17 |                              |                              |                              |                            \u2014 |                              |                              |                              |                           17 |\n| Other                                 | Other                                 | Other                                 |                            3 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            3 |                              |                              |                              |                            \u2014 |                              |                              |                              |                            3 |\n| Total Non\\-operating Income (Expense) | Total Non\\-operating Income (Expense) | Total Non\\-operating Income (Expense) |                         (35) |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (11) |                              |                              |                              |                          (3) |                              |                              |                              |                         (49) |                              |                              |                              |                            \u2014 |                              |                              |                              |                         (49) |\n| Income (Loss) Before Income Tax       | Income (Loss) Before Income Tax       | Income (Loss) Before Income Tax       |                      $ 1,244 |                              |                              |                              |                         $ 34 |                              |                              |                              |                        $ (8) |                              |                              |                              |                        $ (2) |                              |                              |                              |                      $ 1,268 |                              |                              |                              |                      $ (109) |                              |                              |                              |                      $ 1,159 |\n\n\n\n(a) Includes consolidating entries, Parent Company, McGee Air Services, and other immaterial business units\\. \n\n(b) The Air Group Adjusted column represents the financial information that is reviewed by management to assess performance of operations and determine capital allocations and excludes certain income and charges\\.\n\n(c) Includes merger\\-related costs, mark\\-to\\-market fuel\\-hedge accounting adjustments, and other special items\\.\n\n\n\n|                                |                                |                                |          |  |  |  |          |  |  |  |         |\n|:------------------------------ |:------------------------------ |:------------------------------ | --------:|:- |:- |:- | --------:|:- |:- |:- | -------:|\n|                                |                                |                                |     2019 |  |  |  |     2018 |  |  |  |    2017 |\n| Depreciation and amortization: | Depreciation and amortization: | Depreciation and amortization: |          |  |  |  |          |  |  |  |         |\n| Mainline                       | Mainline                       | Mainline                       |    $ 337 |  |  |  |    $ 316 |  |  |  |   $ 308 |\n| Horizon                        | Horizon                        | Horizon                        |       86 |  |  |  |       82 |  |  |  |      64 |\n| Consolidated                   | Consolidated                   | Consolidated                   |    $ 423 |  |  |  |    $ 398 |  |  |  |   $ 372 |\n| Capital expenditures:          | Capital expenditures:          | Capital expenditures:          |          |  |  |  |          |  |  |  |         |\n| Mainline                       | Mainline                       | Mainline                       |    $ 605 |  |  |  |    $ 571 |  |  |  |   $ 734 |\n| Horizon                        | Horizon                        | Horizon                        |       91 |  |  |  |      389 |  |  |  |     292 |\n| Consolidated                   | Consolidated                   | Consolidated                   |    $ 696 |  |  |  |    $ 960 |  |  |  | $ 1,026 |\n| Total assets at end of period: | Total assets at end of period: | Total assets at end of period: |          |  |  |  |          |  |  |  |         |\n| Mainline                       | Mainline                       | Mainline                       | $ 19,207 |  |  |  | $ 16,853 |  |  |  |         |\n| Horizon                        | Horizon                        | Horizon                        |    1,266 |  |  |  |    1,229 |  |  |  |         |\n| Consolidating & Other          | Consolidating & Other          | Consolidating & Other          |  (7,480) |  |  |  |  (7,170) |  |  |  |         |\n| Consolidated                   | Consolidated                   | Consolidated                   | $ 12,993 |  |  |  | $ 10,912 |  |  |  |         |\n\n\n\n\n\n|                                                                                               |                                                                                               |                                                                                               |\n| --------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------- |\n| ITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE | ITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE | ITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |\n\n\n\nNone\\.\n\n83"}
{"_id": "AmericanAirlines-2018_33.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|   |                                                                           |\n| - | ------------------------------------------------------------------------- |\n| \u2022 | changes in financial estimates or recommendations by securities analysts; |\n\n\n\n\n\n|   |                                                                         |\n| - | ----------------------------------------------------------------------- |\n| \u2022 | changes in our level of outstanding indebtedness and other obligations; |\n\n\n\n\n\n|   |                               |\n| - | ----------------------------- |\n| \u2022 | changes in our credit rating; |\n\n\n\n\n\n|   |                                                  |\n| - | ------------------------------------------------ |\n| \u2022 | material announcements by us or our competitors; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                    |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | expectations regarding our capital deployment program, including any existing or potential future share repurchase programs and any future dividend payments that may be declared by our Board of Directors, or any determination to cease repurchasing stock or paying dividends; |\n\n\n\n\n\n|   |                                                                     |\n| - | ------------------------------------------------------------------- |\n| \u2022 | new regulatory pronouncements and changes in regulatory guidelines; |\n\n\n\n\n\n|   |                                                     |\n| - | --------------------------------------------------- |\n| \u2022 | general and industry\\-specific economic conditions; |\n\n\n\n\n\n|   |                               |\n| - | ----------------------------- |\n| \u2022 | changes in our key personnel; |\n\n\n\n\n\n|   |                                                                                                                                                        |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | distributions of shares of AAG common stock pursuant to the Plan, including distributions from the Disputed Claims Reserve established under the Plan; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | public sales of a substantial number of shares of AAG common stock or issuances of AAG common stock upon the exercise or conversion of restricted stock unit awards, stock appreciation rights, or other securities that may be issued from time to time; |\n\n\n\n\n\n|   |                                                                                                |\n| - | ---------------------------------------------------------------------------------------------- |\n| \u2022 | increases or decreases in reported holdings by insiders or other significant stockholders; and |\n\n\n\n\n\n|   |                                  |\n| - | -------------------------------- |\n| \u2022 | fluctuations in trading volume\\. |\n\n\n\n***We cannot guarantee that we will continue to repurchase our common stock or pay dividends on our common stock or that our capital deployment program will enhance long\\-term stockholder value\\. Our capital deployment program could increase the volatility of the price of our common stock and diminish our cash reserves\\.***\n\nSince July 2014, as part of our capital deployment program, our Board of Directors has approved seven share repurchase programs aggregating $13\\.0 billion of authority\\. As of December 31, 2018, there was $1\\.7 billion remaining authority to repurchase shares under our share repurchase programs\\. Share repurchases under our repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions\\. These share repurchase programs do not obligate us to acquire any specific number of shares or to repurchase any specific number of shares for any fixed period, and may be suspended at any time at our discretion and without prior notice\\. The timing and amount of repurchases, if any, will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. Our repurchase of AAG common stock may be limited, suspended or discontinued at any time at our discretion and without prior notice\\.\n\nOur Board of Directors commenced declaring quarterly cash dividends in July 2014 as part of our capital deployment program\\. However, any future dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to continue a dividend for any fixed period, and the payment of dividends may be suspended or discontinued at any time at our discretion and without prior notice\\. We will continue to retain future earnings to develop our business, as opportunities arise, and evaluate on a quarterly basis the amount and timing of future dividends based on our operating results, financial condition, capital requirements and general business conditions\\. The amount and timing of any future dividends may vary, and the payment of any dividend does not assure that we will pay dividends in the future\\.\n\nIn addition, any future repurchases of AAG common stock or payment of dividends, or any determination to cease repurchasing stock or paying dividends, could affect our stock price and increase its volatility\\. The existence of a share repurchase program and any future dividends could cause our stock price to be higher than it would otherwise be and could potentially reduce the market liquidity for our stock\\. Additionally, any future repurchases of AAG common stock or payment of dividends will diminish our cash reserves, which may impact our ability to finance future growth and to pursue possible future strategic opportunities and acquisitions\\. Further, our repurchase of AAG common stock may fluctuate such that our cash flow may be insufficient to fully cover our share repurchases\\. Although our share repurchase programs are intended to enhance long\\-term stockholder value, there is no assurance that it will do so because the market price of our common stock may decline below the levels at which we repurchased shares of stock and short\\-term stock price fluctuations could reduce the program\u2019s effectiveness\\.\n\n34"}
{"_id": "United-2017_91.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nacquisition accounting adjustments related to the Company\u2019s merger transaction in 2010, lease valuation adjustments for operating leases were initially recorded in the consolidated balance sheet, representing the net present value of the differences between contractual lease rates and the fair market lease rates for similar leased assets at the time\\. An asset (liability) results when the contractual lease rates are more (less) favorable than market lease terms at the valuation date\\. The lease valuation adjustment is amortized on a straight\\-line basis as an increase (decrease) to rent expense over the individual applicable remaining lease terms, resulting in recognition of rent expense as if United had entered into the leases at market rates\\. The related remaining lease terms, primarily related to aircraft which make up the majority of the fair value lease adjustment balance, are one to seven years for United\\. The lease valuation adjustments are classified within other noncurrent liabilities and the net accretion amounts are $79 million, $82 million and $107 million for the years ended December 31, 2017, 2016 and 2015, respectively\\.\n\n**Regional CPAs** \n\nUnited has contractual relationships with various regional carriers to provide regional aircraft service branded as United Express\\. Under these CPAs, the Company pays the regional carriers contractually agreed fees (carrier costs) for operating these flights plus a variable reimbursement (incentive payment for operational performance) based on agreed performance metrics, subject to annual inflation adjustments\\. The fees for carrier costs are based on specific rates for various operating expenses of the regional carriers, such as crew expenses, maintenance and aircraft ownership, some of which are multiplied by specific operating statistics (e\\.g\\., block hours, departures), while others are fixed monthly amounts\\. Under these CPAs, the Company is responsible for all fuel costs incurred, as well as landing fees and other costs, which are either passed through by the regional carrier to the Company without any markup or directly incurred by the Company\\. United\u2019s CPAs are for 518 regional aircraft as of December 31, 2017, and the CPAs have terms expiring through 2029\\. Aircraft operated under CPAs include aircraft leased directly from the regional carriers and those owned by United or leased from third\\-party lessors and operated by the regional carriers\\. See Part I, Item 2, Properties, of this report for additional information\\.\n\nIn 2017, United entered into a five\\-year CPA with Air Wisconsin Airlines for regional service under the United Express brand to operate up to 65 CRJ200 aircraft\\. In addition, United extended the term of its existing CPA with ExpressJet Airlines to operate up to approximately 125 aircraft through December 31, 2022\\. In January 2018, United removed all Bombardier Q200 turboprop aircraft and Embraer ERJ 135 aircraft from service\\.\n\nUnited holds a minority equity interest in two of its regional carriers, Champlain Enterprises, Inc\\. and Republic Airways Holdings, Inc\\. The contracts with these related parties are executed in the ordinary course of business\\. United recorded approximately $538 million, $486 million and $366 million in expenses related to its capacity purchase agreements with these regional carriers for the years ended December 31, 2017, 2016 and 2015, respectively\\. There were approximately $24 million and $32 million in accounts payable due to these companies as of December 31, 2017 and December 31, 2016, respectively\\. There were no material accounts receivable due from these companies as of December 31, 2017 and December 31, 2016\\.\n\nOur future commitments under our CPAs are dependent on numerous variables, and are, therefore, difficult to predict\\. The most important of these variables is the number of scheduled block hours\\. Although we are not required to purchase a minimum number of block hours under certain of our CPAs, we have set forth below estimates of our future payments under the CPAs based on our assumptions\\. United\u2019s estimates of its future payments under all of the CPAs do not include the portion of the underlying obligation for any aircraft leased to a regional carrier or deemed to be leased from other regional carriers and facility rent that are disclosed as part of aircraft and nonaircraft operating leases\\. For purposes of calculating these estimates, we have assumed (1) the number of block hours flown is based on our anticipated level of flight activity or at any contractual minimum utilization levels if applicable, whichever is higher, (2) that we will reduce the fleet as rapidly as contractually allowed under each CPA, (3) that aircraft utilization, stage length and load factors will remain constant, (4) that each carrier\u2019s operational performance will remain at historic levels and (5) an annual projected inflation rate\\. These amounts exclude variable pass\\-through costs such as fuel and landing fees, among others\\. Based on these\n\n92"}
{"_id": "Southwest-2017_67.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nThe Company also has agreements with each of its counterparties associated with its outstanding interest rate swap agreements in which cash collateral may be required based on the fair value of outstanding derivative instruments, as well as the Company\u2019s and its counterparty\u2019s credit ratings\\. As of December 31, 2017, no cash collateral deposits were provided by or held by the Company based on its outstanding interest rate swap agreements\\.\n\nDue to the significance of the Company\u2019s fuel hedging program and the emphasis that the Company places on utilizing fuel derivatives to reduce its fuel price risk, the Company has created a system of governance and management oversight and has put in place a number of internal controls designed so that procedures are properly followed and accountability is present at the appropriate levels\\. For example, the Company has put in place controls designed to: (i) create and maintain a comprehensive risk management policy; (ii) provide for proper authorization by the appropriate levels of management; (iii) provide for proper segregation of duties; (iv) maintain an appropriate level of knowledge regarding the execution of and the accounting for derivative instruments; and (v) have key performance indicators in place in order to adequately measure the performance of its hedging activities\\. The Company believes the governance structure that it has in place is adequate given the size and sophistication of its hedging program\\.\n\n***Financial Market Risk***\n\nThe vast majority of the Company\u2019s tangible assets are aircraft, which are long\\-lived\\. The Company\u2019s strategy is to maintain a conservative balance sheet and grow capacity steadily and profitably under the right conditions\\. While the Company uses financial leverage, it strives to maintain a strong balance sheet and has a \"BBB\\+\" rating with Fitch, a \"BBB\\+\" rating with Standard & Poor\u2019s, and an \"A3\" credit rating with Moody\u2019s as of December 31, 2017, all of which are considered \"investment grade\\.\" The Company\u2019s French Credit Agreements due 2018 do not give rise to significant fair value risk but do give rise to interest rate risk because this borrowing was originally issued as floating\\-rate debt\\. In addition, as disclosed in Note 10 to the Consolidated Financial Statements, the Company has converted certain of its long\\-term debt to floating rate debt by entering into an interest rate swap agreement\\. Although there is interest rate risk associated with these floating rate borrowings, the risk of the French Credit Agreements due 2018 is somewhat mitigated by the fact that the Company may prepay this debt under certain conditions\\. See Note 6 to the Consolidated Financial Statements for more information on the material terms of the Company\u2019s short\\-term and long\\-term debt\\.\n\nAs of December 31, 2017, excluding the notes or debentures that have been converted to a floating rate, the Company\u2019s fixed\\-rate senior unsecured notes outstanding included its $300 million2\\.75% senior unsecured notes due 2022, its $300 million3\\.00% senior unsecured notes due 2026, its $100 million7\\.375% senior unsecured notes due 2027, and its $300 million3\\.45% senior unsecured notes due 2027\\. The $100 million7\\.375% senior unsecured notes due 2027 had at one point been converted to a floating rate, but the Company subsequently terminated the fixed\\-to\\-floating interest rate swap agreements related to it\\. The effect of this termination was that the interest associated with this debt prospectively reverted back to its original fixed rate\\. As a result of the gain realized on this transaction, which is being amortized over the remaining term of the corresponding notes, and based on projected interest rates at the date of termination, the Company does not believe its future interest expense, based on projected future interest rates at the date of termination, associated with these notes will significantly differ from the expense it would have recorded had the notes remained at floating rates\\. The following table displays the characteristics of the Company\u2019s secured fixed rate debt as of December 31, 2017:\n\n\n\n|                     |                                                            |                                       |                                 |                                       |\n| ------------------- | ---------------------------------------------------------- | ------------------------------------- | ------------------------------- | ------------------------------------- |\n|                     | **Principal**<br><br>**amount**<br><br> **(in millions)**  | **Effective**<br><br> **fixed rate**  | **Final**<br><br> **maturity**  | **Underlying collateral**             |\n| Term Loan Agreement | $66                                                        | 6\\.315%                               | 5/6/2019                        | 14 specified Boeing 737\\-700 aircraft |\n| Term Loan Agreement | 19                                                         | 4\\.84%                                | 7/1/2019                        | 4 specified Boeing 737\\-700 aircraft  |\n| Term Loan Agreement | 237                                                        | 5\\.223%                               | 5/9/2020                        | 21 specified Boeing 737\\-700 aircraft |\n\n\n\nThe carrying value of the Company\u2019s floating rate debt totaled $1\\.0 billion, and this debt had a weighted\\-average maturity of 3\\.04 years at floating rates averaging 2\\.42 percent for the year ended December 31, 2017\\. In total, the Company\u2019s fixed\\-rate debt and floating rate debt represented 13 percent and 5 percent, respectively, of consolidated noncurrent assets at December 31, 2017\\.\n\n68"}
{"_id": "Southwest-2019_100.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|                                         |                       |                                                                                |                                                               |                                                           |\n| --------------------------------------- | --------------------- | ------------------------------------------------------------------------------ | ------------------------------------------------------------- | --------------------------------------------------------- |\n|                                         |                       | **Fair value measurements at reporting date using:**                           | **Fair value measurements at reporting date using:**          | **Fair value measurements at reporting date using:**      |\n|                                         |                       | **Quoted prices in**<br><br>**active markets**<br><br>**for identical assets** | **Significant**<br><br>**other observable**<br><br>**inputs** | **Significant**<br><br>**unobservable**<br><br>**inputs** |\n| **Description**                         | **December 31, 2018** | **(Level 1)**                                                                  | **(Level 2)**                                                 | **(Level 3)**                                             |\n| **Assets**                              | (in millions)         | (in millions)                                                                  | (in millions)                                                 | (in millions)                                             |\n| Cash equivalents                        |                       |                                                                                |                                                               |                                                           |\n| Cash equivalents (a)                    | $1,392                | $1,392                                                                         | $\u2014                                                            | $\u2014                                                        |\n| Commercial paper                        | 454                   | \u2014                                                                              | 454                                                           | \u2014                                                         |\n| Certificates of deposit                 | 8                     | \u2014                                                                              | 8                                                             | \u2014                                                         |\n| Short\\-term investments:                |                       |                                                                                |                                                               |                                                           |\n| Treasury bills                          | 1,582                 | 1,582                                                                          | \u2014                                                             | \u2014                                                         |\n| Certificates of deposit                 | 228                   | \u2014                                                                              | 228                                                           | \u2014                                                         |\n| Time deposits                           | 25                    | \u2014                                                                              | 25                                                            | \u2014                                                         |\n| Fuel derivatives:                       |                       |                                                                                |                                                               |                                                           |\n| Option contracts (b)                    | 138                   | \u2014                                                                              | \u2014                                                             | 138                                                       |\n| Other available\\-for\\-sale securities   | 127                   | 127                                                                            | \u2014                                                             | \u2014                                                         |\n| **Total assets**                        | $3,954                | $3,101                                                                         | $715                                                          | $138                                                      |\n| **Liabilities**                         |                       |                                                                                |                                                               |                                                           |\n| Interest rate derivatives (see Note 10) | $<br><br>(14<br><br>) | $\u2014                                                                             | $<br><br>(14<br><br>)                                         | $\u2014                                                        |\n\n\n\n(a) Cash equivalents are primarily composed of money market investments\\.\n\n(b) In the Consolidated Balance Sheet amounts are presented as a net asset\\. See  Note 10 \\.\n\nThe Company had no transfers of assets or liabilities between any of the above levels during the years ended  December 31, 2019  or  2018 \\. The Company did not have any assets or liabilities measured at fair value on a nonrecurring basis as of  December 31, 2019  or  2018 \\. The following tables present the Company\u2019s activity for items measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for  2019  and  2018 :\n\n\n\n|                                                                              |                                                                             |                                                                             |\n| ---------------------------------------------------------------------------- | --------------------------------------------------------------------------- | --------------------------------------------------------------------------- |\n| **Fair value measurements using significant unobservable inputs (Level 3)**  | **Fair value measurements using significant unobservable inputs (Level 3)** | **Fair value measurements using significant unobservable inputs (Level 3)** |\n| (in millions)                                                                | **Fuel derivatives**                                                        |                                                                             |\n| Balance at December 31, 2018                                                 | $138                                                                        |                                                                             |\n| Total losses (realized or unrealized) included in other comprehensive income | (112<br><br>)                                                               |                                                                             |\n| Purchases                                                                    | 133                                                                         | (a)                                                                         |\n| Sales                                                                        | (2<br><br>)                                                                 | (a)                                                                         |\n| Settlements                                                                  | (47<br><br>)                                                                |                                                                             |\n| Balance at December 31, 2019                                                 | $110                                                                        |                                                                             |\n\n\n\n(a) The purchase and sale of fuel derivatives are recorded gross based on the structure of the derivative instrument and \n\n whether a contract with multiple derivatives was purchased as a single instrument or separate instruments\\.\n\n101"}
{"_id": "United-2017_63.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nThe following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statements of consolidated cash flows:\n\n\n\n|                                                                                                    |                     |                     |                     |                     |                     |                     |\n|:-------------------------------------------------------------------------------------------------- | -------------------:| -------------------:| -------------------:| -------------------:| -------------------:| -------------------:|\n|                                                                                                    |             **UAL** |             **UAL** |             **UAL** |          **United** |          **United** |          **United** |\n|                                                                                                    | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |\n|                                                                                                    |            **2017** |            **2016** |            **2015** |            **2017** |            **2016** |            **2015** |\n| Current assets:                                                                                    |                     |                     |                     |                     |                     |                     |\n| Cash and cash equivalents                                                                          |              $1,482 |              $2,179 |              $3,006 |              $1,476 |              $2,173 |              $3,000 |\n| Restricted cash included in Prepaid expenses and other                                             |                  18 |                   \u2014 |                   2 |                  18 |                   \u2014 |                   2 |\n| Other assets:                                                                                      |                     |                     |                     |                     |                     |                     |\n| Restricted cash                                                                                    |                  91 |                 124 |                 204 |                  91 |                 124 |                 204 |\n| Total cash, cash equivalents and restricted cash shown in the statement of consolidated cash flows |              $1,591 |              $2,303 |              $3,212 |              $1,585 |              $2,297 |              $3,206 |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (e) | **Short\\-term Investments\u2014**Short\\-term investments are classified as   available\\-for\\-sale and are stated at fair value\\. Realized gains and losses on sales of investments are reflected in nonoperating income (expense) in the consolidated statements of operations\\. Unrealized gains and losses on   available\\-for\\-sale securities are reflected as a component of accumulated other comprehensive income (loss)\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                       |\n| ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (f)  | **Aircraft Fuel, Spare Parts and Supplies\u2014**The Company accounts for aircraft fuel, spare parts and supplies at average cost and provides an obsolescence allowance for aircraft spare parts with an assumed residual value of 10% of original cost\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (g)  | **Property and Equipment\u2014**The Company records additions to owned operating property and equipment at cost when acquired\\. Property under capital leases and the related obligation for future lease payments are recorded at an amount equal to the initial present value of those lease payments\\. Modifications that enhance the operating performance or extend the useful lives of airframes or engines are capitalized as property and equipment\\. It is the Company\u2019s policy to record compensation from delays in delivery of aircraft as a reduction of the cost of the related aircraft\\. |\n\n\n\nDepreciation and amortization of owned depreciable assets is based on the straight\\-line method over the assets\u2019 estimated useful lives\\. Leasehold improvements are amortized over the remaining term of the lease, including estimated facility renewal options when renewal is reasonably assured at key airports, or the estimated useful life of the related asset, whichever is less\\. Properties under capital leases are amortized on the straight\\-line method over the life of the lease or, in the case of certain aircraft, over their estimated useful lives, whichever is shorter\\. Amortization of capital lease assets is included in depreciation and amortization expense\\. The estimated useful lives of property and equipment are as follows:\n\n\n\n|                                    |                                       |\n|:---------------------------------- | -------------------------------------:|\n|                                    | **Estimated Useful Life (in years)**  |\n| Aircraft and related rotable parts |                             25 to 30  |\n| Buildings                          |                             25 to 45  |\n| Other property and equipment       |                              3 to 15  |\n| Computer software                  |                              5 to 15  |\n| Building improvements              |                              1 to 40  |\n\n\n\nAs of December 31, 2017 and 2016, the Company had a carrying value of computer software of $345 million and $356 million, respectively\\. For the years ended December 31, 2017, 2016 and 2015, the Company\u2019s depreciation expense related to computer software was $117 million, $108 million and\n\n64"}
{"_id": "United-2017_114.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|           |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| ---------:|:--- |:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*\u202010\\.38 | UAL | [Form of Annual Incentive Program Award Notice pursuant to the United Continental Holdings, Inc\\. Annual Incentive Program (for fiscal years beginning on or after January 1, 2013) (filed as Exhibit 10\\.47 to UAL\u2019s Form  10\\-K for the year ended December 31, 2012, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513074391/d436512dex1047.htm)                                      |\n| \\*\u202010\\.39 | UAL | [Form of Long\\-Term Relative Performance Award Notice pursuant to the United Continental Holdings, Inc\\. Long\\-Term Relative Performance Program (for use with respect to performance periods beginning January 1, 2014) (filed as Exhibit 10\\.45 to UAL\u2019s Form  10\\-K for the year ended December 31, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312514060695/d624298dex1045.htm) |\n| \\*\u202010\\.40 | UAL | [Description of Compensation and Benefits for United Continental Holdings, Inc\\.  Non\\-Employee Directors (filed as Exhibit 10\\.30 to UAL\u2019s Form  10\\-K for the year ended December 31, 2014, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515056493/d820060dex1030.htm)                                                                                                                |\n| \\*\u202010\\.41 | UAL | [United Continental Holdings, Inc\\. 2006 Director Equity Incentive Plan (as amended and restated, effective February 20, 2014, filed as Annex A to UAL\u2019s Definitive Proxy Statement filed April 25, 2014, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000104746914004198/a2219797zdef14a.htm#lc42701_annex_a)                                                                                   |\n| \\*\u202010\\.42 | UAL | [Form of Share Unit Award Notice pursuant to the United Continental Holdings, Inc\\. 2006 Director Equity Incentive Plan (for awards granted on or after June 2011) (filed as Exhibit 10\\.9 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2014, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312514278970/d732259dex109.htm)                                                          |\n| \\*\u202010\\.43 | UAL | [Continental Airlines, Inc\\. 1998 Stock Incentive Plan (filed as Exhibit 4\\.3 to Continental\u2019s Form  S\\-8 Registration Statement (No\\.  333\\-57297), Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000319687-98-000006.txt)                                                                                                                                                                     |\n| \\*\u202010\\.44 | UAL | [Amendment No\\. 1 to 1998 Incentive Plan, 1997 Incentive Plan and 1994 Incentive Plan (filed as Exhibit 10\\.2 to Continental\u2019s Quarterly Report on Form  10\\-Q for the quarter ended June 30, 2001, Commission file no\\.  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968701500015/exhibit102.htm)                                                                                                               |\n| \\*\u202010\\.45 | UAL | [Amendment to 1998 Incentive Plan, 1997 Incentive Plan and 1994 Incentive Plan (filed as Exhibit 10\\.5 to Continental\u2019s Quarterly Report on Form  10\\-Q for the quarter ended March 31, 2004, Commission file no\\.  1\\-10323 and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968704000025/fexhibit105.htm)                                                                                                                     |\n| \\*\u202010\\.46 | UAL | [Form of Outside Director Stock Option Grant pursuant to the Continental Airlines, Inc\\. 1998 Incentive Plan (filed as Exhibit 10\\.12(c) to Continental\u2019s Form  10\\-K for the year ended December 31, 2006, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968707000009/f200610kexh1012c.htm)                                                                                               |\n| \\*\u202010\\.47 | UAL | [Continental Airlines, Inc\\. Incentive Plan 2000, as amended and restated (filed as Exhibit 10\\.1 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 2002, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968702000012/exhibit101.htm)                                                                                                                                            |\n| \\*\u202010\\.48 | UAL | [Amendment to Incentive Plan 2000, dated as of March 12, 2004 (filed as Exhibit 10\\.6 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 2004, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968704000025/fexhibit106.htm)                                                                                                                                                       |\n| \\*\u202010\\.49 | UAL | [Second Amendment to Incentive Plan 2000, dated as of June 6, 2006 (filed as Exhibit 10\\.1 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2006, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968706000062/fexhibit101.htm)                                                                                                                                                   |\n\n\n\n115"}
{"_id": "United-2017_27.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|               |                                                                                              |\n| ------------- | -------------------------------------------------------------------------------------------- |\n|  **ITEM 7\\.** | **MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\\.**  |\n\n\n\n**Overview** \n\nUnited Continental Holdings, Inc\\. (together with its consolidated subsidiaries, \u201cUAL\u201d or the \u201cCompany\u201d) is a holding company and its principal, wholly\\-owned subsidiary is United Airlines, Inc\\. (together with its consolidated subsidiaries, \u201cUnited\u201d)\\. As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted\\. United\u2019s operating revenues and operating expenses comprise nearly 100% of UAL\u2019s revenues and operating expenses\\. In addition, United comprises approximately the entire balance of UAL\u2019s assets, liabilities and operating cash flows\\. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures and any significant differences between the operations and results of UAL and United are separately disclosed and explained\\. We sometimes use the words \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d and the \u201cCompany\u201d in this report for disclosures that relate to all of UAL and United\\.\n\n**2017 Financial Highlights** \n\n\n\n|   |                                                                            |\n| - | -------------------------------------------------------------------------- |\n| \u2022 | 2017 net income was $2\\.1 billion, or $7\\.02 diluted earnings per share\\.  |\n\n\n\n\n\n|   |                                                                         |\n| - | ----------------------------------------------------------------------- |\n| \u2022 | United\u2019s consolidated PRASM decreased 0\\.4% in 2017 compared to 2016\\.  |\n\n\n\n\n\n|   |                                                                                          |\n| - | ---------------------------------------------------------------------------------------- |\n| \u2022 | Aircraft fuel cost increased 18\\.9% year\\-over\\-year due mainly to higher fuel prices\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | In 2017, UAL repurchased approximately 28 million shares of UAL common stock for $1\\.8 billion, completing the $2\\.0 billion share repurchase program authorized by UAL\u2019s Board of Directors in July 2016\\. In December 2017, UAL\u2019s Board of Directors authorized a new $3\\.0 billion share repurchase program to acquire UAL\u2019s common stock\\. As of December 31, 2017, the Company had approximately $3\\.0 billion remaining to purchase shares under its share repurchase program\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | UAL ended the year with $5\\.8 billion in unrestricted liquidity, which consisted of unrestricted cash, cash equivalents, short\\-term investments and available capacity under the revolving credit facility\\.  |\n\n\n\n**2017 Operational Highlights** \n\n\n\n|   |                                                                                                                                                                                                               |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Consolidated RPMs for 2017 increased 2\\.8% as compared to 2016, and consolidated ASMs increased 3\\.5% from the prior year, resulting in a consolidated load factor of 82\\.4% in 2017 versus 82\\.9% in 2016\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                   |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | For 2017 and 2016, the Company recorded a DOT  on\\-time arrival rate of 81\\.9% and 81\\.3%, respectively, and a system completion factor of 99\\.0% for each year\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                       |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | During 2017, the Company took delivery of three new Boeing  787\\-9s, four new Boeing  737\\-800s, 12 new Boeing  777\\-300ERs, 24 new Embraer E175s, two used Airbus A320s and six used Airbus A319s and retired 20 Boeing  747\\-400s\\. |\n\n\n\n**Outlook** \n\nSet forth below is a discussion of the principal matters that we believe could impact our financial and operating performance and cause our results of operations in future periods to differ materially from our historical operating results and/or from our anticipated results of operations described in the forward\\-looking statements in this report\\. See Part I, Item 1A\\., Risk Factors, of this report and the factors described under \u201cForward\\-Looking Information\u201d below for additional discussion of these and other factors that could affect us\\.\n\nIn 2017, the Company had its best operational performance in its post\\-merger history\\. Operational reliability, service and experience underpin the Company\u2019s long\\-term strategy\\. Our priorities for 2018 are continued top\\-tier operational reliability while strengthening our domestic network through growth, driving efficiency and productivity and continued investment in our employees, product and technology\\.\n\n28"}
{"_id": "United-2017_100.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nUAL\u2019s quarterly financial data is subject to seasonal fluctuations and historically its second and third quarter financial results, which reflect higher travel demand, are better than its first and fourth quarter financial results\\. UAL\u2019s quarterly results were impacted by the following significant items (in millions):\n\n\n\n|                                                                                                  |                   |                   |                   |                   |\n|:------------------------------------------------------------------------------------------------ | -----------------:| -----------------:| -----------------:| -----------------:|\n|                                                                                                  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |\n|                                                                                                  |     **March 31**  |      **June 30**  |  **September 30** |   **December 31** |\n| **2017**                                                                                         |                   |                   |                   |                   |\n| Operating:                                                                                       |                   |                   |                   |                   |\n| Severance and benefit costs                                                                      |              $37  |              $41  |              $23  |              $15  |\n| Impairment of assets                                                                             |                \u2014  |                \u2014  |               15  |               10  |\n| (Gains) losses on sale of assets and other special charges                                       |               14  |                3  |               12  |                6  |\n| Total operating special charges                                                                  |               51  |               44  |               50  |               31  |\n| Income taxes:                                                                                    |                   |                   |                   |                   |\n| Income tax benefit related to special charges                                                    |              (18) |              (16) |              (18) |              (11) |\n| Income tax adjustments (Note 7)                                                                  |                \u2014  |                \u2014  |                \u2014  |             (192) |\n| Total operating special charges, net of income taxes and income tax adjustments                  |             $ 33  |             $ 28  |              $32  |            $(172) |\n| **2016**                                                                                         |                   |                   |                   |                   |\n| Operating:                                                                                       |                   |                   |                   |                   |\n| Labor agreement costs and related items                                                          |             $100  |              $10  |              $14  |             $(60) |\n| Cleveland airport lease restructuring                                                            |               74  |                \u2014  |                \u2014  |                \u2014  |\n| Severance and benefit costs                                                                      |                8  |                6  |               13  |               10  |\n| Impairment of assets                                                                             |                \u2014  |              412  |                \u2014  |                \u2014  |\n| (Gains) losses on sale of assets and other special charges                                       |                8  |                6  |               18  |               19  |\n| Total operating special charges                                                                  |              190  |              434  |               45  |              (31) |\n| Nonoperating and income taxes:                                                                   |                   |                   |                   |                   |\n| Losses (gain) on extinguishment of debt and other                                                |                8  |               (9) |                \u2014  |                \u2014  |\n| Income tax expense (benefit) related to special charges                                          |              (72) |             (153) |              (16) |               12  |\n| Income tax adjustments (Note 6)                                                                  |                \u2014  |                \u2014  |                \u2014  |              180  |\n| Total operating and nonoperating special charges, net of income taxes and income tax adjustments |             $126  |             $272  |              $29  |             $161  |\n\n\n\nSee Note 14 of this report for additional information of these items\\.\n\n101"}
{"_id": "Delta-2017_63.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nWe review flight equipment and other long\\-lived assets used in operations for impairment losses when events and circumstances indicate the assets may be impaired\\. Factors which could be indicators of impairment include, but are not limited to, (1) a decision to permanently remove flight equipment or other long\\-lived assets from operations, (2) significant changes in the estimated useful life, (3) significant changes in projected cash flows, (4) permanent and significant declines in fleet fair values and (5) changes to the regulatory environment\\. For long\\-lived assets held for sale, we discontinue depreciation and record impairment losses when the carrying amount of these assets is greater than the fair value less the cost to sell\\. \n\nTo determine whether impairments exist for aircraft used in operations, we group assets at the fleet\\-type level (the lowest level for which there are identifiable cash flows) and then estimate future cash flows based on projections of capacity, passenger mile yield, fuel costs, labor costs and other relevant factors\\. If an impairment occurs, the impairment loss recognized is the amount by which the fleet's carrying amount exceeds its estimated fair value\\. We estimate aircraft fair values using published sources, appraisals and bids received from third parties, as available\\. \n\nGoodwill and Other Intangible Assets\n\nOur goodwill and identifiable intangible assets relate to the airline segment\\.  We apply a fair value\\-based impairment test to the carrying value of goodwill and indefinite\\-lived intangible assets on an annual basis (as of October 1) and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis\\. We assess the value of our goodwill and indefinite\\-lived assets under either a qualitative or quantitative approach\\. Under a qualitative approach, we consider various market factors, including the key assumptions listed below\\. We analyze these factors to determine if events and circumstances have affected the fair value of goodwill and indefinite\\-lived intangible assets\\. If we determine that it is more likely than not that the asset may be impaired, we use the quantitative approach to assess the asset's fair value and the amount of the impairment\\. Under a quantitative approach, we calculate the fair value of the asset using the key assumptions listed below\\.\n\nWe value goodwill and indefinite\\-lived intangible assets primarily using market capitalization and income approach valuation techniques\\. These measurements include the following key assumptions:  (1) forecasted revenues, expenses and cash flows, (2) terminal period revenue growth and cash flows, (3) an estimated weighted average cost of capital, (4) assumed discount rates depending on the asset and (5) a tax rate\\. These assumptions are consistent with those hypothetical market participants would use\\. Since we are required to make estimates and assumptions when evaluating goodwill and indefinite\\-lived intangible assets for impairment, actual transaction amounts may differ materially from these estimates\\. \n\nChanges in certain events and circumstances could result in impairment or a change from indefinite\\-lived to definite\\-lived\\. Factors which could cause impairment include, but are not limited to, (1) negative trends in our market capitalization, (2) reduced profitability resulting from lower passenger mile yields or higher input costs (primarily related to fuel and employees), (3) lower passenger demand as a result of weakened U\\.S\\. and global economies, (4) interruption to our operations due to a prolonged employee strike, terrorist attack or other reasons, (5) changes to the regulatory environment (e\\.g\\., diminished slot restrictions or additional Open Skies agreements), (6) competitive changes by other airlines and (7) strategic changes to our operations leading to diminished utilization of the intangible assets\\.\n\nGoodwill\\.  When we evaluate goodwill for impairment using a quantitative approach, we estimate the fair value of the reporting unit by considering both market capitalization and projected discounted future cash flows (an income approach)\\.  If the reporting unit's fair value exceeds its carrying value, no further testing is required\\. If, however, the reporting unit's carrying value exceeds its fair value, we then determine the amount of the impairment charge, if any\\. We recognize an impairment charge if the carrying value of the reporting unit's goodwill exceeds its estimated fair value\\. \n\n 59"}
{"_id": "United-2017_121.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|            |                 |                                                                                                                                                                                                                                                                                                                                                                                 |\n| ----------:|:--------------- |:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*^10\\.122 | UAL  <br>United | [Supplemental Agreement No\\. 29, including side letters, to Purchase Agreement No\\. 1951, dated August 19, 2003 (filed as Exhibit 10\\.2 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 2003, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968703000071/exhibit102.htm)       |\n| \\*^10\\.123 | UAL  <br>United | [Supplemental Agreement No\\. 30 to Purchase Agreement No\\. 1951, dated November 4, 2003 (filed as Exhibit 10\\.23(ae) to Continental\u2019s Form  10\\-K for the year ended December 31, 2003, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968704000008/exhibit1023ae.htm)                           |\n| \\*^10\\.124 | UAL  <br>United | [Supplemental Agreement No\\. 31 to Purchase Agreement No\\. 1951, dated August 20, 2004 (filed as Exhibit 10\\.4 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 2004, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968704000085/fexhibit104.htm)                               |\n| \\*^10\\.125 | UAL  <br>United | [Supplemental Agreement No\\. 32, including side letters, to Purchase Agreement No\\. 1951, dated December 29, 2004 (filed as Exhibit 10\\.21(ag) to Continental\u2019s Form  10\\-K for the year ended December 31, 2004, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968705000036/exhibit1021ag.htm) |\n| \\*^10\\.126 | UAL  <br>United | [Supplemental Agreement No\\. 33, including side letters, to Purchase Agreement No\\. 1951, dated December 29, 2004 (filed as Exhibit 10\\.21(ah) to Continental\u2019s Form  10\\-K for the year ended December 31, 2004, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968705000036/exhibit1021ah.htm) |\n| \\*^10\\.127 | UAL  <br>United | [Supplemental Agreement No\\. 34 to Purchase Agreement No\\. 1951, dated June 22, 2005 (filed as Exhibit 10\\.3 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2005, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968705000095/fexhibit103.htm)                                      |\n| \\*^10\\.128 | UAL  <br>United | [Supplemental Agreement No\\. 35 to Purchase Agreement No\\. 1951, dated June 30, 2005 (filed as Exhibit 10\\.4 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2005, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968705000095/fexhibit104.htm)                                      |\n| \\*^10\\.129 | UAL  <br>United | [Supplemental Agreement No\\. 36 to Purchase Agreement No\\. 1951, dated July 28, 2005 (filed as Exhibit 10\\.1 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 2005, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968705000138/f3rd10qexhibit101.htm)                           |\n| \\*^10\\.130 | UAL  <br>United | [Supplemental Agreement No\\. 37 to Purchase Agreement No\\. 1951, dated March 30, 2006 (filed as Exhibit 10\\.2 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 2006, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968706000025/fexhibit102.htm)                                    |\n| \\*^10\\.131 | UAL  <br>United | [Supplemental Agreement No\\. 38 to Purchase Agreement No\\. 1951, dated June 6, 2006 (filed as Exhibit 10\\.3 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2006, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968706000062/fexhibit103.htm)                                       |\n| \\*^10\\.132 | UAL  <br>United | [Supplemental Agreement No\\. 39 to Purchase Agreement No\\. 1951, dated August 3, 2006 (filed as Exhibit 10\\.4 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 2006, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968706000073/fexhibit104.htm)                                |\n| \\*^10\\.133 | UAL  <br>United | [Supplemental Agreement No\\. 40 to Purchase Agreement No\\. 1951, dated December 5, 2006 (filed as Exhibit 10\\.23(ao) to Continental\u2019s Form  10\\-K for the year ended December 31, 2006, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968707000009/f200610kexh1023ao.htm)                       |\n\n\n\n122"}
{"_id": "Alaska-2017_89.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Stock Options***\n\nStock options to purchase common stock are granted at the fair market value of the stock on the date of grant\\. The stock options granted have terms of up to ten years\\.\n\nThe fair value of each option grant was estimated on the date of grant using the Black\\-Scholes option\\-pricing model with the following weighted\\-average assumptions used for grants: \n\n\n\n|                                                    |             |          |          |\n| -------------------------------------------------- | ----------- | -------- | -------- |\n|                                                    | **2017**    | **2016** | **2015** |\n| Expected volatility                                | **51%**     | 51%      | 53%      |\n| Expected term                                      | **6 years** | 6 years  | 6 years  |\n| Risk\\-free interest rate                           | **2\\.04%**  | 1\\.23%   | 1\\.67%   |\n| Expected dividend yield                            | **1\\.10%**  | 1\\.50%   | 1\\.25%   |\n| Weighted\\-average grant date fair value per share  | **$41\\.19** | $27\\.14  | $28\\.71  |\n| Estimated fair value of options granted (millions) | **$4**      | $2       | $3       |\n\n\n\nThe expected market price volatility and expected term are based on historical results\\. The risk\\-free interest rate is based on the U\\.S\\. Treasury yield curve in effect at the time of the grant\\. The expected dividend yield is based on the estimated weighted average dividend yield over the expected term\\. The expected forfeiture rates are based on historical experience\\.\n\nThe tables below summarize stock option activity for the year ended December 31, 2017:\n\n\n\n|                                               |             |                                                            |                                                                       |                                                                    |\n| --------------------------------------------- | ----------- | ---------------------------------------------------------- | --------------------------------------------------------------------- | ------------------------------------------------------------------ |\n|                                               | **Shares**  | **Weighted\\-**<br><br>**Average Exercise Price Per Share** | **Weighted\\-**<br><br>**Average**<br><br>**Contractual Life (Years)** | **Aggregate Intrinsic**<br><br>**Value** <br><br>**(in millions)** |\n| Outstanding, December 31, 2016                | 453,674     | $40\\.02                                                    | 6\\.2                                                                  | $22                                                                |\n| Granted                                       | 88,580      | 94\\.67                                                     |                                                                       |                                                                    |\n| Exercised                                     | (91,013)    | 31\\.31                                                     |                                                                       |                                                                    |\n| Canceled                                      | \u2014           | \u2014                                                          |                                                                       |                                                                    |\n| Forfeited or expired                          | (9,774)     | 60\\.33                                                     |                                                                       |                                                                    |\n| Outstanding, December 31, 2017                | 441,467     | $52\\.34                                                    | 6\\.0                                                                  | $11                                                                |\n| Exercisable, December 31, 2017                | **229,233** | **$32\\.08**                                                | **4\\.9**                                                              | **$9**                                                             |\n| Vested or expected to vest, December 31, 2017 | **441,467** | **$52\\.34**                                                | **6\\.0**                                                              | **$11**                                                            |\n\n\n\n\n\n|                                               |          |          |          |\n| --------------------------------------------- | -------- | -------- | -------- |\n|  ***(in millions)***                          | **2017** | **2016** | **2015** |\n| Intrinsic value of option exercises           | **$6**   | $9       | $14      |\n| Cash received from stock option exercises     | **3**    | 3        | 4        |\n| Tax benefit related to stock option exercises | **2**    | 3        | 5        |\n| Fair value of options vested                  | **3**    | 3        | 3        |\n\n\n\n***Stock Awards***\n\nRestricted Stock Units (RSUs) are awarded to eligible employees and entitle the grantee to receive shares of common stock at the end of the vest period\\. The fair value of the RSUs is based on the stock price on the date of grant\\. Generally, RSUs \u201ccliff vest\u201d after three years, or the period from the date of grant to the employee\u2019s retirement eligibility, and expense is recognized accordingly\\. Performance Share Units (PSUs) are awarded to certain executives to receive shares of common stock if specific performance goals and market conditions are achieved\\. There are several tranches of PSUs which vest when performance goals and market conditions are met\\. \n\n 90"}
{"_id": "Delta-2018_76.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nDesignated Hedge Gains (Losses)\n\nGains (losses) related to our designated hedge contracts during the years ended December 31,  2018 ,  2017  and  2016  are as follows:\n\n\n\n|                                     |                                                          |                                                          |                                                          |                                                                       |                                                                       |                                                                       |\n| ----------------------------------- | -------------------------------------------------------- | -------------------------------------------------------- | -------------------------------------------------------- | --------------------------------------------------------------------- | --------------------------------------------------------------------- | --------------------------------------------------------------------- |\n|                                     | **Effective Portion Reclassified from AOCI to Earnings** | **Effective Portion Reclassified from AOCI to Earnings** | **Effective Portion Reclassified from AOCI to Earnings** | **Effective Portion Recognized in Other Comprehensive (Loss) Income** | **Effective Portion Recognized in Other Comprehensive (Loss) Income** | **Effective Portion Recognized in Other Comprehensive (Loss) Income** |\n| **(in millions)**                   | **2018**                                                 | **2017**                                                 | **2016**                                                 | **2018**                                                              | **2017**                                                              | **2016**                                                              |\n| Foreign currency exchange contracts | $<br><br>(3<br><br>)                                     | $10                                                      | $37                                                      | $1                                                                    | $<br><br>(43<br><br>)                                                 | $<br><br>(68<br><br>)                                                 |\n\n\n\nCredit Risk\n\nTo manage credit risk associated with our fuel price, interest rate and foreign currency hedging programs, we evaluate counterparties based on several criteria including their credit ratings and limit our exposure to any one counterparty\\.\n\nOur hedge contracts contain margin funding requirements\\.  The margin funding requirements may cause us to post margin to counterparties or may cause counterparties to post margin to us as market prices in the underlying hedged items change\\.  Due to the fair value position of our hedge contracts, we held margin of   $9 million  as of  December 31, 2018  and posted margin of   $43 million  as of  December 31, 2017 \\.\n\nOur accounts receivable are generated largely from the sale of passenger airline tickets and cargo transportation services, the majority of which are processed through major credit card companies\\. We also have receivables from the sale of mileage credits under our loyalty program to participating airlines and non\\-airline businesses such as credit card companies, hotels and car rental agencies\\. The credit risk associated with our receivables is minimal\\.\n\nSelf\\-Insurance Risk\n\nWe self\\-insure a portion of our losses from claims related to workers' compensation, environmental issues, property damage, medical insurance for employees and general liability\\. Losses are accrued based on an estimate of the aggregate liability for claims incurred, using independent actuarial reviews based on standard industry practices and our historical experience\\.\n\nNOTE 6 \\. INTANGIBLE ASSETS\n\nIndefinite\\-Lived Intangible Assets\n\n\n\n|                                |                                    |                                    |\n| ------------------------------ | ---------------------------------- | ---------------------------------- |\n|                                | **Carrying Value at December 31,** | **Carrying Value at December 31,** |\n| **(in millions)**              | **2018**                           | **2017**                           |\n| International routes and slots | $2,583                             | $2,583                             |\n| Delta tradename                | 850                                | 850                                |\n| SkyTeam\\-related assets        | 661                                | 661                                |\n| Domestic slots                 | 622                                | 622                                |\n| Total                          | $4,716                             | $4,716                             |\n\n\n\nInternational Routes and Slots\\.  Our international routes and slots primarily relate to Pacific route authorities and slots at capacity\\-constrained airports in Asia, and slots at London\\-Heathrow airport\\. \n\nDomestic Slots\\.  Our domestic slots relate to our slots at New York\\-LaGuardia and Washington\\-Reagan National airports\\. \n\n 74"}
{"_id": "AmericanAirlines-2018_48.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n*AAG\u2019s* *2018* *Results*\n\nThe selected financial data presented below is derived from AAG\u2019s audited consolidated financial statements included in Part II, Item 8A of this report and should be read in conjunction with those financial statements and the related notes thereto\\.\n\nWe adopted three new accounting standards as of January 1, 2018: the New Lease Standard, the New Revenue Standard and the New Retirement Standard\\. The 2017 and 2016 financial information presented within Item 7\\. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations has been recast to reflect the impact of the adoption of the New Revenue Standard and the New Retirement Standard\\. The New Lease Standard did not require the recast of prior periods\\. See Note 1(b) to AAG\u2019s and American\u2019s Consolidated Financial Statements in Part II, Items 8A and 8B, respectively, for further information on the impacts of these new accounting standards\\.\n\n\n\n|                                                       |                                              |                                              |                                              |                                                       |\n| ----------------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                                       | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                                       | **2018**                                     | **2017**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                                       | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Passenger revenue                                     | $40,676                                      | $39,131                                      | $1,545                                       | 3\\.9                                                  |\n| Cargo revenue                                         | 1,013                                        | 890                                          | 123                                          | 13\\.8                                                 |\n| Other operating revenue                               | 2,852                                        | 2,601                                        | 251                                          | 9\\.7                                                  |\n| Total operating revenues                              | 44,541                                       | 42,622                                       | 1,919                                        | 4\\.5                                                  |\n| Mainline and regional aircraft fuel and related taxes | 9,896                                        | 7,510                                        | 2,386                                        | 31\\.8                                                 |\n| Salaries, wages and benefits                          | 12,251                                       | 11,954                                       | 297                                          | 2\\.5                                                  |\n| Total operating expenses                              | 41,885                                       | 38,391                                       | 3,494                                        | 9\\.1                                                  |\n| Operating income                                      | 2,656                                        | 4,231                                        | (1,575)                                      | (37\\.2)                                               |\n| Pre\\-tax income                                       | 1,884                                        | 3,395                                        | (1,511)                                      | (44\\.5)                                               |\n| Income tax provision                                  | 472                                          | 2,113                                        | (1,641)                                      | (77\\.7)                                               |\n| Net income                                            | 1,412                                        | 1,282                                        | 130                                          | 10\\.2                                                 |\n| Pre\\-tax income \u2013 GAAP                                | $1,884                                       | $3,395                                       | $(1,511)                                     | (44\\.5)                                               |\n| Adjusted for: Pre\\-tax special items, net  ^(1)^      | 906                                          | 756                                          | 150                                          | 19\\.8                                                 |\n| Pre\\-tax income excluding special items               | $2,790                                       | $4,151                                       | $(1,361)                                     | (32\\.8)                                               |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                            |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | See Part II, Item 6\\. Selected Consolidated Financial Data \u2013  *\u201c* *Reconciliation of GAAP to Non\\-GAAP Financial Measures* *\u201d*  and Note 2 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for details on the components of special items\\. |\n\n\n\n***Pre\\-Tax Income and Net Income***\n\nPre\\-tax income and net income were $1\\.9 billion and $1\\.4 billion in 2018, respectively\\. This compares to 2017 pre\\-tax income and net income of $3\\.4 billion and $1\\.3 billion, respectively\\. Excluding the effects of pre\\-tax net special items, pre\\-tax income was $2\\.8 billion and $4\\.2 billion in 2018 and 2017, respectively\\. The year\\-over\\-year declines in our pre\\-tax income on both a GAAP basis and excluding pre\\-tax net special items were principally driven by a 29\\.0% increase in the average price per gallon of fuel\\. This increase was offset in part by higher revenues driven by strong demand\\.\n\n***Revenue***\n\nIn 2018, we reported total operating revenues of $44\\.5 billion, an increase of $1\\.9 billion, or 4\\.5%, as compared to 2017\\. Passenger revenues were $40\\.7 billion, an increase of $1\\.5 billion, or 3\\.9%, as compared to 2017\\. The increase in passenger revenues was due to a 2\\.1% increase in revenue passenger miles (RPMs) and a 1\\.8% increase in yields driven by strong demand\\. Domestic yields increased 0\\.9% and international yields rose 4\\.2%, led by a 5\\.3% increase in yield in the Atlantic market\\.\n\nIn 2018, cargo revenue was $1\\.0 billion, an increase of $123 million, or 13\\.8%, as compared to 2017, primarily driven by increases in domestic and international freight yields and international freight volume\\. Other revenue, driven by higher loyalty revenue, increased $251 million, or 9\\.7%, in 2018 as compared to 2017\\.\n\n49"}
{"_id": "Southwest-2019_118.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nPART IV\n\nItem 15\\.  Exhibits and Financial Statement Schedules\n\n(a) 1\\.  Financial Statements:\n\nThe financial statements included in Item 8\\. Financial Statements and Supplementary Data above are filed as part of this annual report\\.\n\n2\\.  Financial Statement Schedules:\n\nThere are no financial statement schedules filed as part of this annual report, since the required information is included in the Consolidated Financial Statements, including the notes thereto, or the circumstances requiring inclusion of such schedules are not present\\.\n\n3\\. Exhibits:\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 3\\.1  | [Restated Certificate of Formation of the Company, effective May 18, 2012 (incorporated by reference to Exhibit 3\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2012 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238012000089/ex3_1.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 3\\.2  | [Second Amended and Restated Bylaws of the Company, effective November 17, 2016 (incorporated by reference to Exhibit 3\\.1 to the Company\u2019s Current Report on Form 8\\-K filed November 21, 2016 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312516773178/d282581dex31.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.1  | [Specimen certificate representing common stock of the Company (incorporated by reference to Exhibit 4\\.2 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1994 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/0000930661-95-000050.txt)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| 4\\.2  | [Indenture dated as of February 14, 2005, between the Company and The Bank of New York Trust Company, N\\.A\\., Trustee (incorporated by reference to Exhibit 4\\.2 to the Company\u2019s Current Report on Form 8\\-K filed February 14, 2005 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000129993305000651/exhibit3.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 4\\.3  | [Indenture dated as of September 17, 2004, between the Company and Wells Fargo Bank, N\\.A\\., Trustee (incorporated by reference to Exhibit 4\\.1 to the Company\u2019s Registration Statement on Form S\\-3 filed October 30, 2002 (File No\\. 333\\-100861))\\.](http://www.sec.gov/Archives/edgar/data/92380/000095013402013127/d00530exv4w1.txt)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.4  | [Indenture dated as of February 25, 1997, between the Company and U\\.S\\. Trust Company of Texas, N\\.A\\. (incorporated by reference to Exhibit 4\\.12 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1996 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/0000950134-97-002019.txt)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 4\\.5  | [Description of Common Stock\\.](https://www.example.com/luv-12312019xex45.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n|       | The Company is not filing any other instruments evidencing any indebtedness because the total amount of securities authorized under any single such instrument does not exceed 10 percent of its total consolidated assets\\. Copies of such instruments will be furnished to the Securities and Exchange Commission upon request\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 10\\.1 | Purchase Agreement No\\. 1810, dated January 19, 1994, between The Boeing Company and the Company (incorporated by reference to Exhibit 10\\.4 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1993 (File No\\. 1\\-7259)); [Supplemental Agreement No\\. 1 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1996 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/0000092380-97-000010.txt) ; [Supplemental Agreements Nos\\. 2, 3, and 4 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1997 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/0000950134-98-002150.txt) ; [Supplemental Agreements Nos\\. 5, 6, and 7 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1998 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/0000950134-99-002046.txt) ; [Supplemental Agreements Nos\\. 8, 9, and 10 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1999 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013400002530/0000950134-00-002530.txt) ;<br><br>  <br> |\n\n\n\n119"}
{"_id": "United-2017_76.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nlikely than not that it will realize its deferred income tax assets\\. In making this determination, the Company considers all available positive and negative evidence and makes certain assumptions\\. The Company considers, among other things, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, the Company\u2019s historical financial results and tax planning strategies\\. In evaluating the likelihood of utilizing the Company\u2019s net deferred income tax assets, the significant factors that the Company considers include (1) the Company\u2019s recent history and forecasted profitability; (2) growth in the U\\.S\\. and global economies; and (3) the future impact of taxable temporary differences\\. In 2015, the Company concluded that its deferred income tax assets were more likely than not to be realized and released almost all of its valuation allowance in 2015, resulting in a $3\\.1 billion benefit in its provision for income taxes\\.\n\nThe Company has a valuation allowance of $63 million for certain state and local NOLs and credit carryforwards\\. The Company expects these NOLs and credits will expire unused due to limited carryforward periods\\. The ability to utilize these state NOLs and credits will be evaluated on a quarterly basis to determine if there are any significant events or any prudent and feasible tax planning strategies that would affect the Company\u2019s ability to realize these deferred tax assets\\.\n\nThe Company\u2019s unrecognized tax benefits related to uncertain tax positions were $21 million, $74 million and $24 million at December 31, 2017, 2016 and 2015, respectively\\. Included in the ending balance at December 31, 2017 is $21 million that would affect the Company\u2019s effective tax rate if recognized\\. The changes in unrecognized tax benefits relating to settlements with taxing authorities, unrecognized tax benefits as a result of tax positions taken during a prior period and unrecognized tax benefits relating from a lapse of the statute of limitations were immaterial during 2017, 2016 and 2015\\. The Company does not expect significant increases or decreases in their unrecognized tax benefits within the next 12 months\\.\n\nThere are no material amounts included in the balance at December 31, 2017 for tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility\\.\n\nThe Company\u2019s federal income tax returns for tax years after 2001 remain subject to examination by the Internal Revenue Service (\u201cIRS\u201d) and state taxing jurisdictions\\. Currently, there are no ongoing examinations of the Company\u2019s prior year tax returns being conducted by the IRS\\.\n\n**NOTE 8 \\- PENSION AND OTHER POSTRETIREMENT PLANS** \n\nThe following summarizes the significant pension and other postretirement plans of United:\n\nPension Plans \n\nUnited maintains two primary defined benefit pension plans, one covering certain pilot employees and another covering certain U\\.S\\. non\\-pilot employees\\. Each of these plans provide benefits based on a combination of years of benefit accruals service and an employee\u2019s final average compensation\\. Additional benefit accruals are frozen under the plan covering certain pilot employees and management and administrative employees\\. Benefit accruals for certain non\\-pilot employees continue\\. United maintains additional defined benefit pension plans, which cover certain international employees\\.\n\nOther Postretirement Plans \n\nUnited maintains postretirement medical programs which provide medical benefits to certain retirees and eligible dependents, as well as life insurance benefits to certain retirees participating in the plan\\. Benefits provided are subject to applicable contributions, co\\-payments, deductibles and other limits as described in the specific plan documentation\\.\n\nActuarial assumption changes are reflected as a component of the net actuarial gains/(losses) during 2017 and 2016\\. These amounts will be amortized over the average remaining service life of the covered active employees or the average life expectancy of inactive participants and will impact 2017 and 2016 pension and retiree medical expense as described below\\.\n\n77"}
{"_id": "United-2019_15.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\npreferred shares, which maybe be deposited with the depositary for AVH's American Depositary Receipts (\"ADRs\"), the class of AVH securities that trades on the New York Stock Exchange (the \"NYSE\"), in exchange for 64\\.5 million ADRs) (such shares and equity, collectively, the \"BRW Loan Collateral\")\\. BRW is currently in default under the BRW Term Loan Agreement\\. In order to protect the value of its collateral, on May 24, 2019, United began to exercise certain remedies available to it under the terms of the BRW Term Loan Agreement and related documents\\. In connection with the delivery by United of a notice of default to BRW, Kingsland Holdings Limited (\"Kingsland\"), AVH's largest minority shareholder, was granted, in accordance with the agreements related to the BRW Term Loan Agreement, authority to manage BRW, which remains the majority shareholder of AVH\\. After a hearing on September 26, 2019, a New York state court granted Kingsland summary judgment authorizing it to foreclose on the BRW Loan Collateral under the BRW Term Loan Agreement\\. Kingsland is continuing with the foreclosure process, which is expected to result in a judicially supervised sale of the BRW Loan Collateral\\. The New York state court also granted Kingsland's motion for a preliminary injunction that, among other things, enjoins BRW Holding from interfering with Kingsland's ability to exercise voting and other rights in certain equity interests in BRW\\. These rulings are intermediate steps in the judicial foreclosure process in New York and are subject to appeal\\. The repayment of the BRW Term Loan is dependent on this judicial foreclosure process and there is no assurance that a judicial foreclosure sale will be completed, or, if completed, will result in the full satisfaction of all of the obligations under the BRW Term Loan\\. Our ability to enforce a deficiency judgment against BRW in the event that the proceeds from the sale of the BRW Loan Collateral in the judicial foreclosure are insufficient to repay the full amount of the BRW Term Loan may be limited\\. Any of these circumstances may lead to a loss or delay in the repayment of the BRW Term Loan\\. Further, the amount we receive from the foreclosure sale of the BRW Loan Collateral may be inadequate to fully pay the amounts owed to us by BRW and our costs incurred to foreclose, repossess and sell the property\\. \n\nIn November 2019, United entered into a senior secured convertible term loan agreement (the \"AVH Convertible Loan Agreement\") with, among others, AVH, as borrower, for the provision by the lenders thereunder (including United) to AVH of convertible term loans for general corporate purposes\\. In December 2019, United provided such a convertible term loan to AVH under the Convertible Loan Agreement in the aggregate amount of $150 million (the \"AVH Convertible Loan\")\\.\n\nSee Note 8 to the financial statements included in Part II, Item 8 of this report for additional information regarding our investments in AVH and its affiliates\\.\n\nThese transactions and relationships involve significant challenges and risks, particularly given AVH's recent debt restructuring and the judicial foreclosure process to which the repayment of the BRW Term Loan is subject\\. While AVH has successfully carried out its debt restructuring plan to date, there is no guarantee that such debt restructuring plan will improve AVH's long\\-term financial condition, United's exposure to which has increased with the completion of the AVH Convertible Loan\\. While we work closely with Avianca in connection with the JBA, and have supported AVH by providing capital in the form of the AVH Convertible Loan, Avianca is a separately certificated commercial air carrier, and we do not have control over its or AVH's operations, strategy, management or business methods\\. Avianca is also subject to a number of the same risks as our business, which are described in this Part I, Item 1A, Risk Factors, including competitive pressures on pricing, demand and capacity, changes in aircraft fuel pricing, and the impact of global and local political and economic conditions on operations and customer travel patterns, among others, as well as to its own distinct financial and operational risks\\. \n\nIn addition, the value of the BRW Loan Collateral and the collateral securing the AVH Convertible Loan is subject to market and other conditions\\. Changes in the aviation market may adversely affect the value of the BRW Loan Collateral and the collateral securing the AVH Convertible Loan and thereby lower the value to be derived from a foreclosure or other exercise of remedies with respect to the BRW Term Loan Agreement or the AVH Convertible Loan\\. As a result of these and other factors, including delays in foreclosure proceedings, we may not receive full repayment of our BRW Term Loan or our AVH Convertible Loan, and we may be unable to realize the full value of the BRW Loan Collateral or the collateral securing the AVH Convertible Loan\\. As a consequence, we may not realize a satisfactory return on our invested or loaned funds with respect to AVH and its affiliates\\. \n\nFurther, these investments may not generate the revenue or operational synergies we expect, and they may distract management focus from our operations or other strategic options\\. Finally, our reliance on Avianca in the region in which it operates may negatively impact our global operations and results if AVH does not successfully recover from its debt restructuring or is otherwise impacted by general business risks or performs below our expectations or needs\\. Any one or more of these events could have a material adverse effect on our operating results or financial condition\\.\n\nThe airline industry may undergo further change with respect to alliances and JBAs or due to consolidations, any of which could have a material adverse effect on the Company\\.\n\nThe Company faces, and may continue to face, strong competition from other carriers due to the modification of alliances and formation of new JBAs\\. Carriers may improve their competitive positions through airline alliances, slot swaps and/or JBAs\\. Certain types of airline JBAs further competition by allowing multiple airlines to coordinate routes, pool revenues and costs, \n\n16"}
{"_id": "Delta-2017_2.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\nOur Customer Loyalty and Brand  \\- During 2017, we achieved record customer satisfaction levels, with higher net promoter scores in every region and a 2\\-point improvement overall, including an all\\-time high in November 2017\\. We will continue to build on this success, with more than $12 billion of airport facility projects planned in the next decade\\. We are offering more customer choice through Branded Fares, including First Class upsell, Comfort\\+, Preferred Seats and Basic Economy, which combined generated nearly $2 billion of revenue in 2017\\. We are also growing our relationship with American Express \\- our co\\-brand partnership contributed $3 billion in 2017, which we expect to grow to $4 billion by 2021\\. \n\nOur Investment Grade Balance Sheet  \\- Since 2009, we have reduced the principal amount of our debt by more than $9 billion, which has lowered our annual interest expense by approximately $900 million and resulted in an investment grade credit rating from all three agencies\\. In addition, our pension funded status is at its highest level since the merger\\. Our long\\-term goal is to generate $8 \\- $9 billion in operating cash flow and $4 \\- $5 billion of free cash flow annually, which will be used to further pay down debt and continue to return cash to shareholders\\. In 2017, we returned $2\\.4 billion to shareholders through dividends and share repurchases and announced our fourth 50% dividend increase in as many years\\. Since 2013, we have returned nearly $10 billion to shareholders and have reduced our outstanding shares by 18%\\. \n\nWe are approaching the 10\\-year anniversary of the Delta\\-Northwest merger, and the transformation of our company and the airline industry over that decade has been unprecedented\\. We are financially stronger, consistently delivering and investing in a high\\-quality experience for our customers, and sharing our success with our people\\. We love our \u201cKeep Climbing\u201d tagline because it reminds us not only of the hard work it has taken to achieve our current success, but also that our greatest days are ahead of us\\. \n\n![edsignature\\.jpg](http://ir.delta.com/edsignature.jpg)\n\nEdward H\\. Bastian\n\nChief Executive Officer\n\nFebruary 23, 2018"}
{"_id": "United-2018_4.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n***Aircraft Fuel\\.*** The table below summarizes UAL's aircraft fuel consumption and expense during the last three years\\. \n\n\n\n|          |                                               |                                            |                              |                                           |                                          |\n| -------- | --------------------------------------------- | ------------------------------------------ | ---------------------------- | ----------------------------------------- | ---------------------------------------- |\n| **Year** | **Gallons Consumed**<br><br>**(in millions)** | **Fuel Expense** <br><br>**(in millions)** | **Average Price Per Gallon** | **Percentage of Total Operating Expense** | **Available Seat Miles per Fuel Gallon** |\n| **2018** | 4,137                                         | $9,307                                     | $2\\.25                       | 24%                                       | 67                                       |\n| **2017** | 3,978                                         | $6,913                                     | $1\\.74                       | 20%                                       | 66                                       |\n| **2016** | 3,904                                         | $5,813                                     | $1\\.49                       | 18%                                       | 65                                       |\n\n\n\nOur operational and financial results can be significantly impacted by changes in the price and availability of aircraft fuel\\. To provide adequate supplies of fuel, the Company routinely enters into purchase contracts that are customarily indexed to market prices for aircraft fuel, and the Company generally has some ability to cover short\\-term fuel supply and infrastructure disruptions at certain major demand locations\\. The price of aircraft fuel has fluctuated substantially in the past several years\\. The Company's current strategy is to not enter into transactions to hedge its fuel consumption, although the Company regularly reviews its strategy based on market conditions and other factors\\.\n\n***Third\\-Party Business\\.*** United generates third\\-party business revenue that includes frequent flyer award non\\-air redemptions, maintenance services, catering and ground handling\\. Third\\-party business revenue is recorded in Other operating revenue\\. Expenses associated with third\\-party business, except non\\-air redemptions, are recorded in Other operating expenses\\. Non\\-air redemptions expenses are recorded to Other operating revenue\\. \n\n***Distribution Channels\\.*** The Company's airline seat inventory and fares are distributed through the Company's direct channels, traditional travel agencies and on\\-line travel agencies\\. The use of the Company's direct sales website, www\\.united\\.com, the Company's mobile applications and alternative distribution systems provides the Company with an opportunity to de\\-commoditize its services, better present its content, make more targeted offerings, better retain its customers, enhance its brand and lower its ticket distribution costs\\. Agency sales are primarily sold using global distribution systems (\"GDS\")\\. United has developed and expects to continue to develop capabilities to sell certain ancillary products through the GDS channel to provide an enhanced buying experience for customers who purchase in that channel\\. \n\n**Industry Conditions**\n\n***Domestic Competition\\.*** The domestic airline industry is highly competitive and dynamic\\. The Company's competitors consist primarily of other airlines and, to a certain extent, other forms of transportation\\. Currently, any U\\.S\\. carrier deemed fit by the U\\.S\\. Department of Transportation (the \"DOT\") is largely free to operate scheduled passenger service between any two points within the United States\\. Competition can be direct, in the form of another carrier flying the exact non\\-stop route, or indirect, where a carrier serves the same two cities non\\-stop from an alternative airport in that city or via an itinerary requiring a connection at another airport\\. Air carriers' cost structures are not uniform and there are numerous factors influencing cost structure\\. Carriers with lower costs may offer lower fares to passengers, which could have a potential negative impact on the Company's revenues\\. Decisions on domestic pricing are based on intense competitive pressure exerted on the Company by other U\\.S\\. airlines\\. In order to remain competitive and maintain passenger traffic levels, we often find it necessary to match competitors' discounted fares\\. Since we compete in a dynamic marketplace, attempts to generate additional revenue through increased fares oftentimes fail\\. \n\n***International Competition\\.*** Internationally, the Company competes not only with U\\.S\\. airlines, but also with foreign carriers\\. International competition has increased and may continue to increase in the future as a result of airline mergers and acquisitions, JBAs, alliances, restructurings, liberalization of aviation bilateral agreements and new or increased service by competitors, including government subsidized competitors from certain Middle East countries\\. Competition on international routes is subject to varying degrees of governmental regulation\\. The Company's ability to compete successfully with non\\-U\\.S\\. carriers on international routes depends in part on its ability to generate traffic to and from the entire United States via its integrated domestic route network and its ability to overcome business and operational challenges across its network worldwide\\. Foreign carriers currently are prohibited by U\\.S\\. law from carrying local passengers between two points in the United States and the Company generally experiences comparable restrictions in foreign countries\\. Separately, \"fifth freedom rights\" allow the Company to operate between points in two different foreign countries and foreign carriers may also have fifth freedom rights between the U\\.S\\. and another foreign country\\. In the absence of fifth freedom rights, or some other extra\\-bilateral right to conduct operations between two foreign countries, U\\.S\\. carriers are constrained from carrying passengers to points beyond designated international gateway cities\\. To compensate partially for these structural limitations, U\\.S\\. and foreign carriers have entered into alliances, immunized JBAs and marketing arrangements that enable these carriers to exchange traffic between each other's flights and route networks\\. See *Alliances,* above, for additional information\\.\n\n5"}
{"_id": "AmericanAirlines-2017_40.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**ITEM 6\\. SELECTED CONSOLIDATED FINANCIAL DATA**\n\n**Selected Consolidated Financial Data of AAG**\n\nThe selected consolidated financial data presented below under the captions \u201cConsolidated Statements of Operations data\u201d and \u201cConsolidated Balance Sheet data\u201d for the years ended December 31, 2017, 2016, 2015, 2014 and 2013 are derived from AAG\u2019s audited consolidated financial statements\\. On December 9, 2013, a subsidiary of AMR merged with and into US Airways Group, which survived as a wholly\\-owned subsidiary of AAG\\. Therefore, AAG\u2019s consolidated financial data provided in the tables below includes the results of US Airways Group beginning on December 9, 2013, the effective date of the Merger\\. In addition, AAG emerged from bankruptcy on December 9, 2013\\. Accordingly, AAG\u2019s consolidated financial information for periods prior to December 9, 2013 is not directly comparable to consolidated financial information for periods subsequent to December 9, 2013\\.\n\n\n\n|                                                                     |                                                    |                                                    |                                                    |                                                    |                                                    |\n| ------------------------------------------------------------------- | -------------------------------------------------- | -------------------------------------------------- | -------------------------------------------------- | -------------------------------------------------- | -------------------------------------------------- |\n|                                                                     | **Year Ended December 31,**                        | **Year Ended December 31,**                        | **Year Ended December 31,**                        | **Year Ended December 31,**                        | **Year Ended December 31,**                        |\n|                                                                     | **2017**                                           | **2016**                                           | **2015**                                           | **2014**                                           | **2013**                                           |\n|                                                                     | **(In millions, except share and per share data)** | **(In millions, except share and per share data)** | **(In millions, except share and per share data)** | **(In millions, except share and per share data)** | **(In millions, except share and per share data)** |\n| **Consolidated Statements of Operations data:**                     |                                                    |                                                    |                                                    |                                                    |                                                    |\n| Total operating revenues                                            | $42,207                                            | $40,180                                            | $40,990                                            | $42,650                                            | $26,743                                            |\n| Total operating expenses                                            | 38,149                                             | 34,896                                             | 34,786                                             | 38,401                                             | 25,344                                             |\n| Operating income                                                    | 4,058                                              | 5,284                                              | 6,204                                              | 4,249                                              | 1,399                                              |\n| Bankruptcy reorganization items, net                                | \u2014                                                  | \u2014                                                  | \u2014                                                  | \u2014                                                  | (2,655)                                            |\n| Net income (loss)                                                   | 1,919                                              | 2,676                                              | 7,610                                              | 2,882                                              | (1,834)                                            |\n| Earnings (loss) per common share:  ^(1)^                            |                                                    |                                                    |                                                    |                                                    |                                                    |\n| Basic                                                               | $3\\.92                                             | $4\\.85                                             | $11\\.39                                            | $4\\.02                                             | $(6\\.54)                                           |\n| Diluted                                                             | 3\\.90                                              | 4\\.81                                              | 11\\.07                                             | 3\\.93                                              | (6\\.54)                                            |\n| Shares used for computation (in thousands):  ^(1)^                  |                                                    |                                                    |                                                    |                                                    |                                                    |\n| Basic                                                               | 489,164                                            | 552,308                                            | 668,393                                            | 717,456                                            | 280,213                                            |\n| Diluted                                                             | 491,692                                            | 556,099                                            | 687,355                                            | 734,016                                            | 280,213                                            |\n| Cash dividends declared per common share                            | $0\\.40                                             | $0\\.40                                             | $0\\.40                                             | $0\\.20                                             | $\u2014                                                 |\n| **Consolidated Balance Sheet data** <br><br>**(at end of period):** |                                                    |                                                    |                                                    |                                                    |                                                    |\n| Total assets                                                        | $51,396                                            | $51,274                                            | $48,415                                            | $43,225                                            | $41,741                                            |\n| Long\\-term debt and capital leases, net of current maturities       | 22,511                                             | 22,489                                             | 18,330                                             | 16,043                                             | 15,212                                             |\n| Pension and postretirement benefits  ^(2)^                          | 7,497                                              | 7,842                                              | 7,450                                              | 7,562                                              | 5,828                                              |\n| Stockholders\u2019 equity (deficit)                                      | 3,926                                              | 3,785                                              | 5,635                                              | 2,021                                              | (2,731)                                            |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Former holders of AMR common stock as of December 9, 2013, the effective date of the plan of reorganization, may in the future receive additional distributions of AAG common stock dependent upon the ultimate distribution of shares of AAG common stock to holders of disputed claims\\. Thus, the shares and related earnings per share calculations prior to December 9, 2013 may change in the future to reflect these distributions\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                     |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Substantially all defined benefit pension plans were frozen effective November 1, 2012\\. See Note 9 to AAG\u2019s consolidated financial statements in Part II, Item 8A for further information on pension and postretirement benefits\\. |\n\n\n\n41"}
{"_id": "AmericanAirlines-2019_180.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ----------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 10\\.50                        | [Supplemental Agreement No\\. 1, dated as of April 15, 2013, to Purchase Agreement No\\. 03735 between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.1 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000067/d567093dex101.htm) \\*                                                                                                                                                           |\n| 10\\.51                        | [Supplemental Agreement No\\. 2, dated as of March 6, 2015, to Purchase Agreement No\\. 03735 between American Airlines, Inc\\. and The Boeing Company, dated as of February 1, 2013\\. Relating to Boeing Model 737 MAX Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515145178/d900175dex101.htm) \\* |\n| 10\\.52                        | [Supplemental Agreement No\\. 3, dated as of May 22, 2015, to Purchase Agreement No\\. 03735 between American Airlines, Inc\\. and The Boeing Company, dated as of February 1, 2013\\. Relating to Boeing Model 737 MAX Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex103.htm) \\*   |\n| 10\\.53                        | [Letter Agreement, dated as of January 14, 2016, to Purchase Agreement No\\. 03735 between American Airlines, Inc\\. and The Boeing Company, dated as of February 1, 2013\\. Relating to Boeing Model 737 MAX Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516551225/d164093dex102.htm) \\*           |\n| 10\\.54                        | [Supplemental Agreement No\\. 4, dated as of June 6, 2016, to Purchase Agreement No\\. 03735 dated as of February 1, 2016, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516654354/d204187dex103.htm) \\*                                                                                                                               |\n| 10\\.55                        | [Supplemental Agreement No\\. 5, dated as of August 8, 2016, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516742263/d247546dex102.htm) \\*                                                                                                                        |\n| 10\\.56                        | [Supplemental Agreement No\\. 6, dated as of November 15, 2016, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.33 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517051216/d286458dex1033.htm) \\*                                                                                                                          |\n| 10\\.57                        | [Supplemental Agreement No\\. 7, dated as of March 2, 2017, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex101.htm) \\*                                                                                                                             |\n| 10\\.58                        | [Supplemental Agreement No\\. 8, dated as of December 7, 2017, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.45 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000009/ex104510k2017.htm) \\*                                                                                                                            |\n| 10\\.59                        | [Supplemental Agreement No\\. 9, dated as of April 6, 2018, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, by and between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000027/ex10210qq218.htm) \\*                                                                                                                        |\n| 10\\.60                        | [Supplemental Agreement No\\. 10, dated as of March 26, 2019, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, by and between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2019 (Commission File No\\. 1\\-8400))\\.\\*\\*](http://www.sec.gov/Archives/edgar/data/4515/000000620119000023/ex10110q2019.htm)                                                                                                                    |\n| 10\\.61                        | [Consent Agreement, dated as of October 5, 2015, between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), American Airlines, Inc\\. and Airbus S\\.A\\.S\\. (incorporated by reference to Exhibit 10\\.98 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516474605/d78287dex1098.htm) \\*                                                                                                                                |\n| 10\\.62                        | [Supplemental Executive Retirement Program for Officers of American Airlines, Inc\\., as amended and restated as of January 1, 2005 (incorporated by reference to Exhibit 10\\.127 to AMR\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620109000009/ex10127.htm) \u2020                                                                                                                                                                                    |\n| 10\\.63                        | [Trust Agreement Under Supplemental Retirement Program for Officers of American Airlines, Inc\\., as amended and restated as of June 1, 2007 (incorporated by reference to Exhibit 10\\.128 to AMR\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620109000009/ex10128.htm) \u2020                                                                                                                                                                           |\n| 10\\.64                        | [Trust Agreement Under Supplemental Executive Retirement Program for Officers of American Airlines, Inc\\. Participating in the Super Saver Plus Plan, as amended and restated as of June 1, 2007 (incorporated by reference to Exhibit 10\\.129 to AMR\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620109000009/ex10129.htm) \u2020                                                                                                                      |\n| 10\\.65                        | [American Airlines Group Inc\\. 2013 Incentive Award Plan (incorporated by reference to Exhibit 4\\.1 of AAG\u2019s Form S\\-8 Registration Statement, filed on December 4, 2013 (Registration No\\. 333\\-192660))\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312513462268/d639480dex41.htm) \u2020                                                                                                                                                                                                                                                                |\n\n\n\n181"}
{"_id": "Delta-2017_96.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES\n\nInformation required by this item is set forth under the heading \"Proposal 3 \\- Ratification of the Appointment of Independent Auditors\" in our Proxy Statement and is incorporated by reference\\.\n\nPART IV\n\nITEM 15\\. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES\n\n(a) (1)\\. The following is an index of the financial statements required by this item that are included in this Form 10\\-K:\n\nReport of Independent Registered Public Accounting Firm \n\nConsolidated Balance Sheets\u2014 December 31, 2017  and  2016 \n\nConsolidated Statements of Operations for the years ended  December 31, 2017 ,  2016  and  2015 \n\nConsolidated Statements of Comprehensive Income for the years ended  December 31, 2017 ,  2016  and  2015\n\nConsolidated Statements of Cash Flows for the years ended  December 31, 2017 ,  2016  and  2015 \n\nConsolidated Statements of Stockholders' Equity for the years ended  December 31, 2017 ,  2016  and  2015 \n\nNotes to the Consolidated Financial Statements \n\n(2)\\. The schedule required by this item is included in Notes  11  and  15  to the Consolidated Financial Statements\\. All other financial statement schedules are not required or are inapplicable and therefore have been omitted\\.\n\n(3)\\. Exhibit List\\.\n\nThe exhibits required by this item are listed below\\. The management contracts and compensatory plans or arrangements required to be filed as an exhibit to this Form 10\\-K are listed as Exhibits 10\\.11 through 10\\.23\\.\n\nNote to Exhibits : Any representations and warranties of a party set forth in any agreement (including all exhibits and schedules thereto) filed with this Annual Report on Form 10\\-K have been made solely for the benefit of the other party to the agreement\\. Some of those representations and warranties were made only as of the date of the agreement or such other date as specified in the agreement, may be subject to a contractual standard of materiality different from what may be viewed as material to stockholders, or may have been used for the purpose of allocating risk between the parties rather than establishing matters as facts\\. Such agreements are included with this filing only to provide investors with information regarding the terms of the agreements, and not to provide investors with any other factual or disclosure information regarding the registrant or its business\\.\n\n\n\n|         |                                                                                                                                                                                                                                       |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 3\\.1(a) | [Delta's Amended and Restated Certificate of Incorporation (Filed as Exhibit 3\\.1 to Delta's Current Report on Form 8\\-K as filed on April 30, 2007)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000118811207001266/ex3-1.htm)  |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                    |\n| -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 3\\.1 (b) | [Amendment to Amended and Restated Certificate of Incorporation (Filed as Exhibit 3\\.1 to Delta's Current Report on Form 8\\-K as filed on June 27, 2014)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000101968714002579/delta_8k-ex0301.htm) |\n\n\n\n\n\n|      |                                                                                                                                                                                                        |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 3\\.2 | [Delta's Bylaws (Filed as Exhibit 3\\.1 to Delta's Current Report on Form 8\\-K as filed on October 31, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000168316816000419/delta_8k-ex0301.htm)  |\n\n\n\n 92"}
{"_id": "United-2019_4.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nAircraft Fuel\\.  The table below summarizes UAL's aircraft fuel consumption and expense during the last three years\\. \n\n\n\n|          |                                               |                                            |                              |                                           |\n| -------- | --------------------------------------------- | ------------------------------------------ | ---------------------------- | ----------------------------------------- |\n| **Year** | **Gallons Consumed**<br><br>**(in millions)** | **Fuel Expense** <br><br>**(in millions)** | **Average Price Per Gallon** | **Percentage of Total Operating Expense** |\n| **2019** | 4,292                                         | $8,953                                     | $2\\.09                       | 23%                                       |\n| **2018** | 4,137                                         | $9,307                                     | $2\\.25                       | 24%                                       |\n| **2017** | 3,978                                         | $6,913                                     | $1\\.74                       | 20%                                       |\n\n\n\nOur operational and financial results can be significantly impacted by changes in the price and availability of aircraft fuel\\. To provide adequate supplies of fuel, the Company routinely enters into purchase contracts that are customarily indexed to market prices for aircraft fuel, and the Company generally has some ability to cover short\\-term fuel supply and infrastructure disruptions at certain major demand locations\\. The price of aircraft fuel has fluctuated substantially in the past several years\\. The Company's current strategy is to not enter into transactions to hedge its fuel consumption, although the Company regularly reviews its strategy based on market conditions and other factors\\.\n\nThird\\-Party Business\\.  United generates third\\-party business revenue that includes maintenance services, catering, frequent flyer award non\\-travel redemptions and ground handling\\. Third\\-party business revenue is recorded in Other operating revenue\\. Expenses associated with third\\-party business, except non\\-travel redemptions, are recorded in Other operating expenses\\. Non\\-travel redemptions expenses are recorded to Other operating revenue\\. \n\nDistribution Channels\\.  The Company's airline seat inventory and fares are distributed through the Company's direct channels, traditional travel agencies and on\\-line travel agencies\\. The use of the Company's direct sales website, www\\.united\\.com, the Company's mobile applications and alternative distribution systems provides the Company with an opportunity to de\\-commoditize its services, better present its content, make more targeted offerings, better retain its customers, enhance its brand and lower its ticket distribution costs\\. Agency sales are primarily sold using global distribution systems (\"GDS\")\\. United has developed and expects to continue to develop capabilities to sell certain ancillary products through the GDS channel to provide an enhanced buying experience for customers who purchase in that channel\\. \n\nIndustry Conditions\n\nDomestic Competition\\.  The domestic airline industry is highly competitive and dynamic\\. The Company's competitors consist primarily of other airlines and, to a certain extent, other forms of transportation\\. Currently, any U\\.S\\. carrier deemed fit by the U\\.S\\. Department of Transportation (the \"DOT\") is largely free to operate scheduled passenger service between any two points within the United States\\. Competition can be direct, in the form of another carrier flying the exact non\\-stop route, or indirect, where a carrier serves the same two cities non\\-stop from an alternative airport in that city or via an itinerary requiring a connection at another airport\\. Air carriers' cost structures are not uniform and are influenced by numerous factors\\. Carriers with lower costs may offer lower fares to passengers, which could have a potential negative impact on the Company's revenues\\. Domestic pricing decisions are impacted by intense competitive pressure exerted on the Company by other U\\.S\\. airlines\\. In order to remain competitive and maintain passenger traffic levels, we often find it necessary to match competitors' discounted fares\\. Since we compete in a dynamic marketplace, attempts to generate additional revenue through increased fares often fail\\. \n\nInternational Competition\\.  Internationally, the Company competes not only with U\\.S\\. airlines, but also with foreign carriers\\. International competition has increased and may continue to increase in the future as a result of airline mergers and acquisitions, JBAs, alliances, restructurings, liberalization of aviation bilateral agreements and new or increased service by competitors, including government subsidized competitors from certain Middle East countries\\. Competition on international routes is subject to varying degrees of governmental regulation\\. The Company's ability to compete successfully with non\\-U\\.S\\. carriers on international routes depends in part on its ability to generate traffic to and from the entire United States via its integrated domestic route network and its ability to overcome business and operational challenges across its network worldwide\\. Foreign carriers currently are prohibited by U\\.S\\. law from carrying local passengers between two points in the United States and the Company generally experiences comparable restrictions in foreign countries\\. Separately, \"fifth freedom rights\" allow the Company to operate between points in two different foreign countries and foreign carriers may also have fifth freedom rights between the U\\.S\\. and another foreign country\\. In the absence of fifth freedom rights, or some other extra\\-bilateral right to conduct operations between two foreign countries, U\\.S\\. carriers are constrained from carrying passengers to points beyond designated international gateway cities\\. To compensate partially for these structural limitations, U\\.S\\. and foreign carriers have entered into alliances, immunized JBAs and marketing arrangements that enable these carriers to exchange traffic between each other's flights and route networks\\. See  Alliances,  above, for additional information\\.\n\n5"}
{"_id": "AmericanAirlines-2017_113.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nThe fair value of our retiree medical and other postretirement benefits plans assets at December 31, 2017 by asset category, were as follows (in millions):\n\n\n\n|                          |                                                                                                                |                                                                              |                                                                                |                                                     |\n| ------------------------ | -------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                          | **Fair Value Measurements as of December 31, 2017**                                                            | **Fair Value Measurements as of December 31, 2017**                          | **Fair Value Measurements as of December 31, 2017**                            | **Fair Value Measurements as of December 31, 2017** |\n| **Asset Category**       | **Quoted Prices in**<br><br>**Active Markets**<br><br>**for Identical**<br><br>**Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Money market fund        | $5                                                                                                             | $\u2014                                                                           | $\u2014                                                                             | $5                                                  |\n| Mutual funds \u2013 AAL Class | \u2014                                                                                                              | 290                                                                          | \u2014                                                                              | 290                                                 |\n| Total                    | $5                                                                                                             | $290                                                                         | $\u2014                                                                             | $295                                                |\n\n\n\nThe fair value of our retiree medical and other postretirement benefits plans assets at December 31, 2016 by asset category, were as follows (in millions):\n\n\n\n|                                    |                                                                                                                |                                                                              |                                                                                |                                                     |\n| ---------------------------------- | -------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                                    | **Fair Value Measurements as of December 31, 2016**                                                            | **Fair Value Measurements as of December 31, 2016**                          | **Fair Value Measurements as of December 31, 2016**                            | **Fair Value Measurements as of December 31, 2016** |\n| **Asset Category**                 | **Quoted Prices in**<br><br>**Active Markets**<br><br>**for Identical**<br><br>**Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Money market fund                  | $5                                                                                                             | $\u2014                                                                           | $\u2014                                                                             | $5                                                  |\n| Mutual funds \u2013 Institutional Class | 261                                                                                                            | \u2014                                                                            | \u2014                                                                              | 261                                                 |\n| Total                              | $266                                                                                                           | $\u2014                                                                           | $\u2014                                                                             | $266                                                |\n\n\n\nInvestments in the retiree medical and other postretirement benefits plans\u2019 mutual funds are valued by quoted prices on the active market, which is fair value and represents the net asset value of the shares of such funds as of the close of business at the end of the period\\. At December 31, 2017, these funds were invested in an AAL Class mutual fund, in which trading is restricted only to American, resulting in a fair value classification of Level 2\\. At December 31, 2016, these investments were part of an Institutional Class of mutual funds and were actively traded on the open market resulting in a fair value classification of Level 1\\. Investments include approximately 30% and 27% of investments in non\\-U\\.S\\. common stocks in 2017 and 2016, respectively\\. Net asset value is based on the fair market value of the funds\u2019 underlying assets and liabilities at the date of determination\\.\n\n***Profit Sharing Program***\n\nWe accrue 5% of our pre\\-tax income excluding special items for our profit sharing program\\. For the year ended December 31, 2017, we accrued $241 million for this program, which will be distributed to employees in the first quarter of 2018\\.\n\n114"}
{"_id": "Alaska-2017_69.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Deferred Revenue***\n\nDeferred revenue results primarily from the sale of Mileage Plan\u2122 miles to third\\-parties\\. It also includes Virgin America's Elevate\u00ae flown points outstanding at the acquisition date that were recorded at their estimated fair value as part of purchase price accounting\\. Recognition of this deferred revenue occurs when award transportation is provided or over the term of the applicable agreement\\.\n\n***Operating Leases***\n\nThe Company leases aircraft, airport and terminal facilities, office space and other equipment under operating leases\\. Airport and terminal facility leases are variable based on volumes and expensed as incurred\\. Some of these lease agreements contain rent escalation clauses or rent holidays\\. For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight\\-line basis over the terms of the leases in the consolidated statements of operations\\.\n\n***Leased Aircraft Return Costs***\n\nCash payments associated with returning leased aircraft are accrued when it is probable that a cash payment will be made and that amount is reasonably estimable, usually no sooner than after the last scheduled maintenance event prior to lease return\\. Any accrual is based on the time remaining on the lease, planned aircraft usage and the provisions included in the lease agreement, although the actual amount due to any lessor upon return may not be known with certainty until lease termination\\.\n\nAs leased aircraft are returned, any payments are charged against the established accrual\\. The accrual is part of other current and long\\-term liabilities and was not material as of December 31, 2017 and December 31, 2016\\. The expense is included in Aircraft maintenance in the consolidated statements of operations\\.\n\n***Revenue Recognition***\n\nPassenger revenue is recognized when the passenger travels\\. Tickets sold but not yet used are reported as air traffic liability until travel or date of expiration\\. Air traffic liability includes approximately $106 million and $62 million related to credits for future travel, as of December 31, 2017 and December 31, 2016, respectively\\. These credits are recognized into revenue either when the passenger travels or at the date of expiration, which is twelve months from issuance\\. Commissions to travel agents and related fees are expensed when the related revenue is recognized\\. Passenger traffic commissions and related fees not yet recognized are recorded as a prepaid expense\\. Taxes collected from passengers, including transportation excise taxes, airport and security fees and other fees, are recorded on a net basis within passenger revenue in the consolidated statements of operations\\. Due to complex pricing structures, refund and exchange policies, and interline agreements with other airlines, certain amounts are recognized as revenue using estimates regarding both the timing of the revenue recognition and the amount of revenue to be recognized\\. These estimates are based on the Company\u2019s historical data\\.\n\nFreight and mail revenues are recognized when the related services are provided\\.\n\nOther\u2014net revenues are primarily related to the Mileage Plan\u2122 program\\. They are recognized as described in the \u201cMileage Plan\u201d paragraph below\\. Other\u2014net also includes certain ancillary or non\\-ticket revenues, such as checked\\-bag fees, reservations fees, ticket change fees, on\\-board food and beverage sales, and, to a much lesser extent, commissions from car and hotel vendors and sales of travel insurance\\. These items are recognized as revenue when the related services are provided\\. Airport lounge memberships are recognized as revenue over the membership period\\.\n\n***Frequent Flyer Programs***\n\nAlaska operates the Mileage Plan\u2122 frequent flyer program, and Virgin America operated the Elevate frequent flyer program for the duration of 2017\\. Both programs provide travel awards to members based on accumulated mileage or points\\. For miles earned by flying on the Company's airlines, and through airline partners, the estimated cost of providing award travel is recognized as a selling expense and accrued as a liability, as miles are earned and accumulated\\.\n\nAlaska and Virgin America also sell services, including miles or points for transportation, to non\\-airline partners, such as hotels, car rental agencies and major banks that offer Alaska's affinity credit card\\. The Company defers revenue related to air transportation and certificates for discounted companion travel until the transportation is delivered\\. The deferred proceeds are recognized as passenger revenue for awards redeemed and flown on the Company's airlines and as Other\u2014net revenue for \n\n 70"}
{"_id": "United-2019_105.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nSchedule II\n\nValuation and Qualifying Accounts\n\nFor the Years Ended  December 31, 2019 ,  2018  and  2017  \n\n\n\n|                                                  |                                                          |                                                                              |                |           |                                                    |\n| ------------------------------------------------ | -------------------------------------------------------- | ---------------------------------------------------------------------------- | -------------- | --------- | -------------------------------------------------- |\n| **(In millions)**<br><br><br>**Description**     | **Balance at**<br><br>**Beginning of**<br><br>**Period** | **Additions**<br><br>**Charged to**<br><br>**Costs and**<br><br>**Expenses** | **Deductions** | **Other** | **Balance at**<br><br>**End of**<br><br>**Period** |\n| **Allowance for doubtful accounts:**             |                                                          |                                                                              |                |           |                                                    |\n| 2019                                             | $8                                                       | $17                                                                          | $16            | $\u2014        | $9                                                 |\n| 2018                                             | 7                                                        | 17                                                                           | 16             | \u2014         | 8                                                  |\n| 2017                                             | 10                                                       | 20                                                                           | 23             | \u2014         | 7                                                  |\n| **Obsolescence allowance\u2014spare parts:**          |                                                          |                                                                              |                |           |                                                    |\n| 2019                                             | $412                                                     | $76                                                                          | $63            | $\u2014        | $425                                               |\n| 2018                                             | 354                                                      | 73                                                                           | 15             | \u2014         | 412                                                |\n| 2017                                             | 295                                                      | 75                                                                           | 17             | 1         | 354                                                |\n| **Valuation allowance for deferred tax assets:** |                                                          |                                                                              |                |           |                                                    |\n| 2019                                             | $59                                                      | $\u2014                                                                           | $1             | $\u2014        | $58                                                |\n| 2018                                             | 63                                                       | 2                                                                            | 6              | \u2014         | 59                                                 |\n| 2017                                             | 68                                                       | 11                                                                           | 27             | 11        | 63                                                 |\n\n\n\n106"}
{"_id": "AmericanAirlines-2018_75.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***ASU 2016\\-02: Leases (Topic 842) (the New Lease Standard)***\n\nThe New Lease Standard requires lessees to recognize a lease liability and a right\\-of\\-use (ROU) asset on the balance sheet for operating leases\\. Accounting for finance leases is substantially unchanged\\. The New Lease Standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years\\. Early adoption is permitted\\.\n\nIn the fourth quarter of 2018, we elected to early adopt the New Lease Standard as of January 1, 2018 using a modified retrospective transition, with the cumulative\\-effect adjustment to the opening balance of retained earnings as of the effective date (the effective date method)\\. Under the effective date method, financial results reported in periods prior to 2018 are unchanged\\. We also elected the package of practical expedients, which among other things, does not require reassessment of lease classification\\.\n\nThe adoption of the New Lease Standard had a significant impact on our consolidated balance sheet due to the recognition of approximately$10 billion of lease liabilities with corresponding right\\-of\\-use assets for operating leases\\.\n\nAdditionally, we recognized a $197 million cumulative effect adjustment credit, net of tax, to retained earnings\\. The adjustment to retained earnings was driven principally by sale\\-leaseback transactions including the recognition of unamortized deferred aircraft sale\\-leaseback gains\\. Prior to the adoption of the New Lease Standard, gains on sale\\-leaseback transactions were generally deferred and recognized in the income statement over the lease term\\. Under the New Lease Standard, gains on sale\\-leaseback transactions (subject to adjustment for off\\-market terms) are recognized immediately\\. \n\nFinally, our 2018 pre\\-tax income decreased by $16 million as a result of adoption of the New Lease Standard\\. \n\n***ASU 2016\\-01: Financial Instruments \\- Overall (Subtopic 825\\-10)***\n\nThis ASU made several modifications to Subtopic 825\\-10, including the elimination of the available\\-for\\-sale classification of equity investments, and it required equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income\\. This standard was adopted prospectively as of January 1, 2018 and resulted in a$60 million cumulative effect adjustment credit to retained earnings, net of tax, related to our investment in China Southern Airlines, which was previously accounted for under the cost method\\. \n\n***ASU 2016\\-18: Statement of Cash Flows (Topic 230): Restricted Cash***\n\nThis ASU required that the change in the total cash balance, cash at the beginning of the period and cash at the end of the period on the statement of cash flows include restricted cash, and also required companies that report cash and restricted cash separately on the balance sheet to reconcile those amounts to the statement of cash flows\\. This standard was applied retrospectively, which resulted in the recast of prior reporting periods in the statement of cash flows\\. For the years endedDecember 31, 2018, 2017 and 2016, $11 million, $103 million and $113 million, respectively, of restricted cash is included in the total cash and restricted cash balance at the end of the period\\. A reconciliation of cash and restricted cash reported on our consolidated statements of cash flows to the amounts reported on our consolidated balance sheets is provided in a table below the Consolidated Statements of Cash Flows in Part II, Item 8A \\- AAG\u2019s Consolidated Financial Statements\\.\n\n76"}
{"_id": "AmericanAirlines-2018_142.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nThe transportation component represents the estimated selling price of future travel awards and is determined using the same equivalent ticket value approach described above\\. The portion of each mileage credit sold attributable to transportation is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided\\.\n\nFor the portion of American\u2019s outstanding mileage credits that it estimates will not be redeemed, American recognizes the associated value proportionally as the remaining mileage credits are redeemed\\. American\u2019s estimates are based on analysis of historical redemptions\\.\n\n**Cargo Revenue**\n\nCargo revenue is recognized when American provides the transportation\\.\n\n**Other Revenue**\n\nOther revenue includes revenue associated with American\u2019s loyalty program, which is comprised principally of the marketing component of mileage sales to co\\-branded credit card and other partners and other marketing related payments\\. For the years ended December 31, 2018, 2017 and 2016, loyalty revenue included in other revenue was $2\\.4 billion, $2\\.1 billion and $1\\.9 billion, respectively\\. The accounting and recognition for the loyalty program marketing services are discussed above in \u201c*Loyalty Revenue*\\.\u201d The remaining amounts included within other revenue relate to airport clubs, advertising and vacation\\-related services\\.\n\n*Contract Balances*\n\nAmerican\u2019s significant contract liabilities are comprised of (1) outstanding loyalty program mileage credits that may be redeemed for future travel and other non\\-air travel awards, reported as loyalty program liability on American\u2019s consolidated balance sheet and (2) ticket sales for transportation that has not yet been provided, reported as air traffic liability on American\u2019s consolidated balance sheet\\.\n\n\n\n|                           |                       |                       |\n| ------------------------- | --------------------- | --------------------- |\n|                           | **December 31, 2018** | **December 31, 2017** |\n|                           | **(in millions)**     | **(in millions)**     |\n| Loyalty program liability | $8,539                | $8,822                |\n| Air traffic liability     | 4,339                 | 4,042                 |\n| Total                     | $12,878               | $12,864               |\n\n\n\nThe balance of the loyalty program liability fluctuates based on seasonal patterns, which impact the volume of mileage credits issued through travel or sold to co\\-branded credit card and other partners (deferral of revenue) and mileage credits redeemed (recognition of revenue)\\. Changes in loyalty program liability are as follows (in millions):\n\n\n\n|                                     |         |\n| ----------------------------------- | ------- |\n| Balance at December 31, 2017        | $8,822  |\n| Deferral of revenue                 | 3,083   |\n| Recognition of revenue  ^(1)^       | (3,366) |\n| Balance at December 31, 2018  ^(2)^ | $8,539  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Principally relates to revenue recognized from the redemption of mileage credits for both air and non\\-air travel awards\\. Mileage credits are combined in one homogenous pool and are not separately identifiable\\. As such, the revenue is comprised of miles that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as miles that were issued during the period\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Mileage credits can be redeemed at any time and do not expire as long as that AAdvantage member has any type of qualifying activity at least every  18 months \\. As of  December 31, 2018 , American\u2019s current loyalty program liability was  $3\\.3 billion  and represents American\u2019s current estimate of revenue expected to be recognized in the next twelve months based on historical trends, with the balance reflected in long\\-term loyalty program liability expected to be recognized as revenue in periods thereafter\\. |\n\n\n\nThe air traffic liability principally represents tickets sold for future travel on American and partner airlines, as well as estimated future refunds and exchanges of tickets sold for past travel\\. The balance in American\u2019s air traffic liability also \n\n143"}
{"_id": "Alaska-2018_40.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nNon\\-fuel operating expense increased due to higher wages related to new contract wage rates for pilots and flight attendants, and higher other operating expense categories as described above\\. Higher raw fuel prices and an increase in gallons consumed drove the increase in Mainline fuel expense\\. Mainline revenue increased primarily due to increased revenue passengers on lower average fares\\. \n\n***Regional***\n\nOur Regional operations incurred a pretax loss of $100 million in 2018 compared to a pretax profit of $34 million in 2017\\. The pretax loss was primarily attributable to $172 million higher non\\-fuel operating expense and $90 million increase in fuel costs, partially offset by a $139 million increase in operating revenues\\. The increase in non\\-fuel operating expenses is primarily due to higher ownership costs associated with nine E175 aircraft operated by SkyWest that were added to the regional fleet over the past year, as well as higher CPA rates on a 20% increase in capacity\\. \n\n***Horizon***\n\nHorizon achieved a pretax profit of $27 million in 2018 compared to pretax loss of $8 million in 2017\\. The change was primarily driven by a significantly improved operation in 2018 as compared to 2017, a $17 million decrease in aircraft maintenance expense due to a lower volume of scheduled maintenance events as compared to the prior period, and a 11% increase growth in capacity attributable to 16 E175 aircraft added to Horizon's fleet over the past year\\. \n\n 41"}
{"_id": "Southwest-2018_45.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n(b) Includes $14 million reclassified from Salaries, wages, and benefits to Other (gains) losses, net, as a result of the New Retirement Standard\\. See Note 2 to the Consolidated Financial Statements for further information\\.\n\n**Income Taxes**\n\nThe Company's effective tax rate was 22\\.1 percent for 2018, compared with a 2\\.8 percent benefit for 2017\\. The increase in rate was driven by a prior year $1\\.3 billion reduction in Provision for income taxes related to the Tax Cuts and Jobs Act legislation enacted in December 2017, which resulted in a re\\-measurement of the Company's deferred tax assets and liabilities at the new federal corporate tax rate of 21 percent\\. The Company's 2018 effective tax rate of 22\\.1 percent was lower than its previously forecasted rate of approximately 23 percent, primarily due to additional tax credits realized during fourth quarter 2018\\. The Company currently projects a full year 2019 effective tax rate to be approximately 23\\.5 percent based on currently forecasted financial results\\.\n\n***2017 Compared with 2016*** \n\n**Operating Revenues**\n\nPassenger revenues for 2017 increased by $695 million, or 3\\.6 percent, compared with 2016\\. The increase was primarily attributable to a 3\\.6 percent increase in capacity, as strong demand enabled the Company to fill the majority of the additional seats offered\\. This increase was partially offset by approximately $100 million in reduced revenues as a result of the hurricanes and earthquakes during third quarter 2017\\. On a unit basis, Passenger revenues was relatively flat\\. Load factor remained solid at 83\\.9 percent\\.\n\nFreight revenues for 2017 increased by $2 million, or 1\\.2 percent, compared with 2016, primarily due to increased demand\\. \n\nOther revenues for 2017 increased by $160 million, or 15\\.2 percent, compared with 2016, primarily due to an increase in revenues associated with cardholder spend on the Company's co\\-branded Chase\u00ae Visa credit card\\.\n\n**Operating Expenses**\n\nOperating expenses for 2017 increased by $972 million, or 5\\.8 percent, compared with 2016, while capacity increased 3\\.6 percent over the same period\\. Historically, except for changes in the price of fuel, changes in Operating expenses for airlines have been largely driven by changes in capacity, or ASMs\\. The following table presents the Company's Operating expenses per ASM for 2017 and 2016, followed by explanations of these changes on a per ASM basis and dollar basis:\n\n\n\n|                                    |                             |                             |             |             |\n| ---------------------------------- | --------------------------- | --------------------------- | ----------- | ----------- |\n|                                    | **Year ended December 31,** | **Year ended December 31,** |             |             |\n|                                    | **2017**                    | **2016**                    | **Per ASM** | **Percent** |\n| (in cents, except for percentages) | **As Recast**               | **As Recast**               | **change**  | **change**  |\n| Salaries, wages, and benefits      | 4\\.74\u00a2                      | 4\\.57\u00a2                      | 0\\.17\u00a2      | 3\\.7 %      |\n| Fuel and oil                       | 2\\.65                       | 2\\.56                       | 0\\.09       | 3\\.5        |\n| Maintenance materials and repairs  | 0\\.65                       | 0\\.70                       | (0\\.05)     | (7\\.1)      |\n| Landing fees and airport rentals   | 0\\.84                       | 0\\.82                       | 0\\.02       | 2\\.4        |\n| Depreciation and amortization      | 0\\.79                       | 0\\.82                       | (0\\.03)     | (3\\.7)      |\n| Other operating expenses           | 1\\.86                       | 1\\.82                       | 0\\.04       | 2\\.2        |\n| Total                              | 11\\.53\u00a2                     | 11\\.29\u00a2                     | 0\\.24\u00a2      | 2\\.1 %      |\n\n\n\nOperating expenses per ASM for 2017 increased 2\\.1 percent, compared with 2016, primarily due to wage rate increases, increases in market jet fuel prices, and charges associated with the grounding of the Company's remaining Classic aircraft\\. Operating expenses in 2016 included $356 million of accrued ratification bonuses, associated with collective\\-\n\n46"}
{"_id": "Alaska-2017_13.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nAs part of the integration, we have been working to bring represented Alaska Airlines and Virgin America work groups under single collective bargaining agreements\\. The process for combining workgroups begins with the union filing a petition with the National Mediation Board (NMB), at which point the NMB performs a review to assess a \u2018single carrier determination\u2019 for the airlines\\. Following this single carrier determination, the NMB makes a representation determination depending on size of the pre\\-merger bargaining units and will either extend the certification if one is significantly larger than the other or require a vote\\. Once representation is determined, the NMB certifies the union as the bargaining representative for the work group\\. The parties must also work together to achieve agreed upon single collective bargaining agreements\\. Integration also requires the pre\\-merger work groups to agree upon and finalize integrated seniority lists\\. As of December 31, 2017 we have labor integration agreements with pilots and clerical, office, and passenger services employees, meaning all agreements are completed to define how and when we will combine the Alaska and Virgin America groups into one\\. The remaining work groups are still in process of completing similar such agreements\\. The time frame to reach single CBA and full transition to work rules for each group will vary\\. \n\nAt December 31, 2017, labor unions represented 84% of Alaska\u2019s, 84% of Virgin America's, 44% of Horizon\u2019s, and 90% of McGee Air Services' employees\\. \n\nOur relations with U\\.S\\. labor organizations are governed by the Railway Labor Act (RLA)\\. Under the RLA, collective bargaining agreements do not expire but instead become amendable as of a stated date\\. If either party wishes to modify the terms of any such agreement, it must notify the other party in the manner prescribed by the RLA and/or described in the agreement\\. After receipt of such notice, the parties must meet for direct negotiations, and if no agreement is reached, either party may request the NMB to initiate a process including mediation, arbitration, and a potential \u201ccooling off\u201d period that must be followed before either party may engage in self\\-help\\.\n\n 14"}
{"_id": "Southwest-2017_105.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n***Postretirement Benefit Plans***\n\nThe Company provides postretirement benefits to qualified retirees in the form of medical and dental coverage\\. Employees must meet minimum levels of service and age requirements as set forth by the Company, or as specified in collective\\-bargaining agreements with specific workgroups\\. Employees meeting these requirements, as defined, may use accrued unused sick time to pay for medical and dental premiums from the age of retirement until age 65\\.\n\nThe following table shows the change in the accumulated postretirement benefit obligation (APBO) for the years ended December 31, 2017 and 2016:\n\n\n\n|                             |          |          |\n| --------------------------- | -------- | -------- |\n| **(in millions)**           | **2017** | **2016** |\n| APBO at beginning of period | $256     | $201     |\n| Service cost                | 18       | 13       |\n| Interest cost               | 11       | 9        |\n| Benefits paid               | (8)      | (6)      |\n| Actuarial (gain)/loss       | (2)      | 38       |\n|  Plan amendments            | \u2014        | 1        |\n| APBO at end of period       | $275     | $256     |\n\n\n\nAll plans are unfunded, and benefits are paid as they become due\\. Estimated future benefit payments expected to be paid are $8 million in 2018, $10 million in 2019, $11 million in 2020, $12 million in 2021, $14 million in 2022, and $101 million for the next five years thereafter\\.\n\nThe funded status (the difference between the fair value of plan assets and the projected benefit obligations) of the Company\u2019s consolidated benefit plans are recognized in the Consolidated Balance Sheet, with a corresponding adjustment to AOCI\\. The following table reconciles the funded status of the plans to the accrued postretirement benefit cost recognized in Other non\\-current liabilities on the Company\u2019s Consolidated Balance Sheet at December 31, 2017 and 2016\\.\n\n\n\n|                                               |          |          |\n| --------------------------------------------- | -------- | -------- |\n| **(in millions)**                             | **2017** | **2016** |\n| Funded status                                 | $(275)   | $(256)   |\n| Unrecognized net actuarial loss               | 5        | 7        |\n| Unrecognized prior service cost               | 4        | 7        |\n| Accumulated other comprehensive loss          | (9)      | (14)     |\n| Cost recognized on Consolidated Balance Sheet | $(275)   | $(256)   |\n\n\n\nThe consolidated periodic postretirement benefit cost for the years ended December 31, 2017, 2016, and 2015, included the following:\n\n\n\n|                                          |          |          |          |\n| ---------------------------------------- | -------- | -------- | -------- |\n| **(in millions)**                        | **2017** | **2016** | **2015** |\n| Service cost                             | $18      | $13      | $11      |\n| Interest cost                            | 11       | 9        | 7        |\n| Amortization of prior service cost       | 3        | 3        | 3        |\n| Recognized actuarial gain                | \u2014        | \u2014        | (3)      |\n| Net periodic postretirement benefit cost | $32      | $25      | $18      |\n\n\n\nUnrecognized prior service cost is expensed using a straight\\-line amortization of the cost over the average future service of Employees expected to receive benefits under the plans\\. Actuarial gains are amortized utilizing the minimum amortization method\\. The following actuarial assumptions were used to account for the Company\u2019s postretirement benefit plans at December 31,2017, 2016, and 2015:\n\n106"}
{"_id": "United-2018_93.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nAugust 2015 to August 2016 and from May 2018 to August 2018\\. Mr\\. Laderman served as Senior Vice President Finance and Treasurer for the Company from 2010 to 2013\\. From 2001 to 2010, Mr\\. Laderman served as Senior Vice President of Finance and Treasurer for Continental\\. Mr\\. Laderman joined Continental in 1988 as senior director legal affairs, finance and aircraft programs\\.\n\n**Oscar Munoz\\.** Age 60\\. Mr\\. Munoz has served as Chief Executive Officer of UAL and United since September 2015, and also as President of UAL and United from September 2015 until August 2016\\. From February 2015 to September 2015, Mr\\. Munoz served as President and Chief Operating Officer of CSX Corporation (\"CSX\"), a railroad and intermodal transportation services company, overseeing operations, sales and marketing, human resources, service design and information technology\\. Prior to his appointment as President and Chief Operating Officer of CSX, Mr\\. Munoz served as Executive Vice President and Chief Operating Officer of CSX from January 2012 to February 2015 and as Executive Vice President and Chief Financial Officer of CSX from 2003 to 2012\\. Mr\\. Munoz has been a member of the UAL Board of Directors since 2010\\.\n\n**Andrew Nocella\\.** Age 49\\. Mr\\. Nocella has served as Executive Vice President and Chief Commercial Officer of UAL and United since September 2017\\. From February 2017 to September 2017, he served as Executive Vice President and Chief Revenue Officer of UAL and United\\. Prior to joining the Company, from August 2016 to February 2017, Mr\\. Nocella served as Senior Vice President, Alliances and Sales of American Airlines, Inc\\. From December 2013 to August 2016, he served as Senior Vice President and Chief Marketing Officer of American Airlines, Inc\\. From August 2007 to December 2013, he served as Senior Vice President, Marketing and Planning of US Airways\\.\n\nThere are no family relationships among the executive officers or the directors of UAL\\. The executive officers are elected by UAL's Board of Directors each year and hold office until the next annual meeting of stockholders, until their successors are elected and qualified, or until their earlier death, resignation or removal\\.\n\nThe Company has a code of ethics, the \"Code of Ethics and Business Conduct,\" for its directors, officers and employees\\. The code serves as a \"Code of Ethics\" as defined by SEC regulations, and as a \"Code of Conduct\" under Nasdaq Listing Rule 5610\\. The code is available on the Company's investor relations website at ir\\.united\\.com\\. Waivers granted to certain officers from compliance with or future amendments to the code will be disclosed on the Company's investor relations website in accordance with Item 5\\.05 of Form 8\\-K\\.\n\n\n\n|               |                              |\n| ------------- | ---------------------------- |\n| **ITEM 11\\.** | **EXECUTIVE COMPENSATION\\.** |\n\n\n\nInformation required by this item with respect to UAL is incorporated by reference from UAL's definitive proxy statement for its 2019 Annual Meeting of Stockholders under the captions \"Executive Compensation,\" \"2018 Director Compensation\" and \"Corporate Governance\u2014Compensation Committee Interlocks and Insider Participation\\.\"\n\nInformation required by this item with respect to United is omitted pursuant to General Instruction I(2)(c) of Form 10\\-K\\.\n\n\n\n|               |                                                                                                      |\n| ------------- | ---------------------------------------------------------------------------------------------------- |\n| **ITEM 12\\.** | **SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS\\.** |\n\n\n\nInformation required by this item with respect to UAL is incorporated by reference from UAL's definitive proxy statement for its 2019 Annual Meeting of Stockholders under the caption \"Beneficial Ownership of Securities\\.\"\n\nInformation required by this item with respect to United is omitted pursuant to General Instruction I(2)(c) of Form 10\\-K\\.\n\n\n\n|                |                                                                                 |\n| -------------- | ------------------------------------------------------------------------------- |\n| **ITEM 13\\.**  | **CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE\\.** |\n\n\n\nInformation required by this item with respect to UAL is incorporated by reference from UAL's definitive proxy statement for its 2019 Annual Meeting of Stockholders under the captions \"Corporate Governance\u2014Certain Relationships and Related Transactions,\" \"Corporate Governance\u2014Committees of the Board\" and \"Corporate Governance\u2014Director Independence\\.\"\n\nInformation required by this item with respect to United is omitted pursuant to General Instruction I(2)(c) of Form 10\\-K\\.\n\n\n\n|               |                                               |\n| ------------- | --------------------------------------------- |\n| **ITEM 14\\.** | **PRINCIPAL ACCOUNTANT FEES AND SERVICES\\.**  |\n\n\n\nThe Audit Committee of the UAL Board of Directors has adopted a policy on pre\\-approval of services of the Company's independent registered public accounting firm\\. As a wholly\\-owned subsidiary of UAL, United's audit services are determined by UAL\\. The policy provides that the Audit Committee shall pre\\-approve all audit and non\\-audit services to be provided to UAL and its subsidiaries and affiliates by its independent auditors\\. The process by which this is carried out is as follows:\n\n94"}
{"_id": "Delta-2019_72.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nIn an effort to manage our exposure to the risk associated with our variable rate debt, we periodically enter into interest rate swaps\\. We designate interest rate contracts used to convert the interest rate exposure on a portion of our debt portfolio from a floating rate to a fixed rate as cash flow hedges, while those contracts converting our interest rate exposure from a fixed rate to a floating rate are designated as fair value hedges\\. \n\nWe also have exposure to market risk from adverse changes in interest rates associated with our cash and cash equivalents and benefit plan obligations\\. Market risk associated with our cash and cash equivalents relates to the potential decline in interest income from a decrease in interest rates\\. Pension, postretirement, postemployment and worker's compensation obligation risk relates to the potential increase in our future obligations and expenses from a decrease in interest rates used to discount these obligations\\.\n\nForeign Currency Exchange Rate Risk\n\nWe are subject to foreign currency exchange rate risk because we have revenue, expense and equity investments denominated in foreign currencies\\. To manage exchange rate risk, we execute both our international revenue and expense transactions in the same foreign currency to the extent practicable\\. From time to time, we may also enter into foreign currency option and forward contracts\\. \n\nIn November 2019, we entered into a three and a half\\-year U\\.S\\. dollar\\-South Korean won (\"KRW\") cross currency swap with a notional value of 177 billion KRW\\. This swap is intended to mitigate foreign currency volatility resulting from our KRW\\-denominated investment in Hanjin\\-KAL\\. During the year ended December 31, 2019, we recorded an unrealized loss on this swap of $3 million, which is reflected in gain/(loss) on investments, net within non\\-operating expense\\.\n\nIn January 2018, we entered into a  three\\-year U\\.S\\. dollar\\-Euro cross currency swap with a notional value of \u20ac375 million\\. This swap was intended to mitigate foreign currency volatility resulting from our Euro\\-denominated investment in Air France\\-KLM\\. In response to favorable changes in interest rates and the U\\.S\\. dollar\\-Euro exchange rate, we settled the cross currency swap in August 2018\\. Upon settlement, we recognized gains of $18 million in miscellaneous in our income statement within non\\-operating expense\\. Subsequently, we entered into a new U\\.S\\. dollar\\-Euro cross currency swap with a notional value of \u20ac397 million and a maturity date in December 2020\\. During the years ended December 31, 2019 and 2018, we recorded an unrealized gain of $13 million and an unrealized loss of $4 million, respectively, on this swap which is reflected in gain/(loss) on investments, net within non\\-operating expense\\.\n\nHedge Position as of December 31, 2019\n\n\n\n|                                             |                                             |                                             |                             |                             |                                            |                                            |                     |                     |                     |                            |                         |                           |                              |                        |      |\n|:------------------------------------------- |:------------------------------------------- |:------------------------------------------- | ---------------------------:| ---------------------------:|:------------------------------------------ |:------------------------------------------ |:-------------------:|:-------------------:|:-------------------:| --------------------------:| -----------------------:| -------------------------:| ----------------------------:| ----------------------:| ----:|\n| (in millions)                               | (in millions)                               | (in millions)                               |                      Volume |                      Volume |                                            |                                            | Final Maturity Date | Final Maturity Date | Final Maturity Date | Prepaid Expenses and Other | Other Noncurrent Assets | Other Accrued Liabilities | Other Noncurrent Liabilities | Hedge Derivatives, net |\n| *Designated as hedges*                      | *Designated as hedges*                      | *Designated as hedges*                      |                             |                             |                                            |                                            |                     |                     |                     |                            |                         |                           |                              |                        |\n| Interest rate contracts (fair value hedges) | Interest rate contracts (fair value hedges) | Interest rate contracts (fair value hedges) |                       1,872 |                       1,872 | U\\.S\\. dollars                             | U\\.S\\. dollars                             |     April 2028      |     April 2028      |     April 2028      |                       $ 12 |                    $ 53 |                     $ (4) |                          $ \u2014 |                   $ 61 |\n| *Not designated as hedges*                  | *Not designated as hedges*                  | *Not designated as hedges*                  |                             |                             |                                            |                                            |                     |                     |                     |                            |                         |                           |                              |                        |\n| Foreign currency exchange contract          | Foreign currency exchange contract          | Foreign currency exchange contract          |                         397 |                         397 | Euros                                      | Euros                                      |    December 2020    |    December 2020    |    December 2020    |                          9 |                       \u2014 |                         \u2014 |                            \u2014 |                      9 |\n| Foreign currency exchange contract          | Foreign currency exchange contract          | Foreign currency exchange contract          |                     177,045 |                     177,045 | South Korean won                           | South Korean won                           |     April 2023      |     April 2023      |     April 2023      |                          1 |                       \u2014 |                         \u2014 |                          (4) |                    (3) |\n| Fuel hedge contracts                        | Fuel hedge contracts                        | Fuel hedge contracts                        |                         243 |                         243 | gallons \\- crude oil and refined products  | gallons \\- crude oil and refined products  |      July 2020      |      July 2020      |      July 2020      |                         16 |                       \u2014 |                      (15) |                            \u2014 |                      1 |\n| Total derivative contracts                  | Total derivative contracts                  | Total derivative contracts                  | Total derivative contracts  | Total derivative contracts  |                                            |                                            |                     |                     |                     |                            |                    $ 38 |                      $ 53 |                       $ (19) |                  $ (4) | $ 68 |\n\n\n\n70"}
{"_id": "United-2017_9.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|                |                     |\n| -------------- | ------------------- |\n|  **ITEM 1A\\.** | **RISK FACTORS\\.**  |\n\n\n\n*The following risk factors should be read carefully when evaluating the Company\u2019s business and the forward\\-looking statements contained in this report and other statements the Company or its representatives make from time to time\\. Any of the following risks could materially and adversely affect the Company\u2019s business, operating results, financial condition and the actual outcome of matters as to which forward\\-looking statements are made in this report\\.* \n\n***Global economic, political and industry conditions constantly change and unfavorable conditions may have a material adverse effect on the Company\u2019s business and results of operations\\.*** \n\nThe Company\u2019s business and results of operations are significantly impacted by global economic and industry conditions\\. The airline industry is highly cyclical, and the level of demand for air travel is correlated to the strength of the U\\.S\\. and global economies\\. The Company is a global business with operations outside of the United States from which it derives significant operating revenues\\. The Company\u2019s international operations are a vital part of its worldwide airline network\\. Volatile economic, political and market conditions in these international regions may have a negative impact on the Company\u2019s operating results and its ability to achieve its business objectives\\.\n\nRobust demand for the Company\u2019s air transportation services depends largely on favorable economic conditions, including the strength of the domestic and foreign economies, low unemployment levels, strong consumer confidence levels and the availability of consumer and business credit\\. Air transportation is often a discretionary purchase that leisure travelers may limit or eliminate during difficult economic times\\. In addition, during periods of unfavorable economic conditions, business travelers usually reduce the volume of their travel, either due to cost\\-saving initiatives or as a result of decreased business activity requiring travel\\. During such periods, the Company\u2019s business and results of operations may be adversely affected due to significant declines in industry passenger demand, particularly with respect to the Company\u2019s business and premium cabin travelers, and a reduction in fare levels\\.\n\nStagnant or weakening global economic conditions either in the United States or in other geographic regions, and any future volatility in U\\.S\\. and global financial and credit markets may have a material adverse effect on the Company\u2019s revenues, results of operations and liquidity\\. If such economic conditions were to disrupt capital markets in the future, the Company may be unable to obtain financing on acceptable terms (or at all) to refinance certain maturing debt and to satisfy future capital commitments\\.\n\nIn June 2016, United Kingdom (\u201cUK\u201d) voters voted for the UK to exit the EU\\. The UK parliament voted in favor of allowing the government to commence negotiations to determine the future terms of the UK\u2019s relationship with the EU, including the terms of trade between the UK and the EU and other nations\\. A process of negotiation is now taking place to determine the future terms of the UK\u2019s relationship with the EU\\. Depending on the outcome of these negotiations, we could face new challenges in our operations, such as instability in global financial and foreign exchange markets, including volatility in the value of the British pound and European euro, additional travel restrictions on passengers traveling between the UK and other EU countries and legal uncertainty and potentially divergent national laws and regulations\\. These adverse effects in European market conditions could negatively impact the Company\u2019s business, results of operations and financial condition\\.\n\nIn addition, significant or volatile changes in exchange rates between the U\\.S\\. dollar and other currencies may have a material adverse impact upon the Company\u2019s liquidity, revenues, costs and operating results\\.\n\n***The airline industry is highly competitive and susceptible to price discounting and changes in capacity, which could have a material adverse effect on the Company\\.*** \n\nThe U\\.S\\. airline industry is characterized by substantial price competition including from low\\-cost carriers\\. The significant market presence of low\\-cost carriers, which engage in substantial price discounting, may diminish our ability to achieve sustained profitability on domestic and international routes\\.\n\n10"}
{"_id": "Delta-2017_32.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nResults of Operations \\-  2017  Compared to  2016 \n\nOperating Revenue\n\n\n\n|                   |                             |                             |              |                |\n| ----------------- | --------------------------- | --------------------------- | ------------ | -------------- |\n|                   | **Year Ended December 31,** | **Year Ended December 31,** | **Increase** | **% Increase** |\n| **(in millions)** | **2017**                    | **2016**                    | **Increase** | **% Increase** |\n| Passenger         | $34,819                     | $33,777                     | 1,042        | 3\\.1%          |\n| Cargo             | 729                         | 668                         | 61           | 9\\.1%          |\n| Other             | 5,696                       | 5,194                       | 502          | 9\\.7%          |\n| Total             | $41,244                     | $39,639                     | $1,605       | 4\\.0%          |\n\n\n\nPassenger Revenue\n\n\n\n|                   |                                  |                                                                      |                                                                      |                                                                      |                                                                      |                                                                      |                                                                      |                                                                      |\n| ----------------- | -------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- |\n|                   |                                  | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2016** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2016** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2016** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2016** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2016** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2016** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2016** |\n| **(in millions)** | **Year Ended December 31, 2017** | **Passenger Revenue**                                                | **RPMs**  **(Traffic)**                                              | **ASMs (Capacity)**                                                  | **Passenger Mile Yield**                                             | **PRASM**                                                            | **Load Factor**                                                      | **Load Factor**                                                      |\n| Mainline          | $18,878                          | 5\\.3 %                                                               | 4\\.1 %                                                               | 3\\.6 %                                                               | 1\\.1 %                                                               | 1\\.7 %                                                               | 0\\.4                                                                 | pts                                                                  |\n| Regional carriers | 5,714                            | 0\\.8 %                                                               | (2\\.5)%                                                              | (2\\.6)%                                                              | 3\\.4 %                                                               | 3\\.4 %                                                               | \u2014                                                                    | pts                                                                  |\n| Domestic          | 24,592                           | 4\\.2 %                                                               | 3\\.0 %                                                               | 2\\.5 %                                                               | 1\\.1 %                                                               | 1\\.7 %                                                               | 0\\.4                                                                 | pts                                                                  |\n| Atlantic          | 5,292                            | 2\\.1 %                                                               | 4\\.8 %                                                               | 0\\.3 %                                                               | (2\\.6)%                                                              | 1\\.7 %                                                               | 3\\.6                                                                 | pts                                                                  |\n| Pacific           | 2,366                            | (9\\.6)%                                                              | (9\\.0)%                                                              | (7\\.7)%                                                              | (0\\.7)%                                                              | (2\\.0)%                                                              | (1\\.2)                                                               | pts                                                                  |\n| Latin America     | 2,569                            | 8\\.3 %                                                               | 4\\.2 %                                                               | 2\\.0 %                                                               | 4\\.0 %                                                               | 6\\.2 %                                                               | 1\\.8                                                                 | pts                                                                  |\n| Total             | $34,819                          | 3\\.1 %                                                               | 2\\.2 %                                                               | 1\\.0 %                                                               | 0\\.9 %                                                               | 2\\.1 %                                                               | 1\\.0                                                                 | pt                                                                   |\n\n\n\nPassenger revenue  increased  $1\\.0 billion  over the prior year\\. PRASM  increased  2\\.1%  and passenger mile yield  increased  0\\.9%  on  1\\.0%  higher  capacity\\. Load factor was  1\\.0 point  higher  than the prior year at  85\\.6% \\. \n\nUnit revenues of the domestic region  increased  1\\.7% , resulting from our commercial initiatives, including differentiated products for our customers, known as Branded Fares, and an improving revenue environment\\. We continue to differentiate our product offerings and enable customer choice through segmentation, including offering Basic Economy throughout our domestic network\\. Our domestic operations closed 2017 with three consecutive quarters of year\\-over\\-year unit revenue growth, with robust demand for both business and leisure\\. We continue to see improvements in business markets with 81 of the top 100 business markets producing positive yields during the December 2017 quarter, up from 50% from earlier in the year\\.\n\nPassenger revenues related to our international regions  increased  0\\.5%  year\\-over\\-year primarily due to strength in the Atlantic and Latin America regions, partially offset by revenue declines in the Pacific\\. During 2017, we continued to roll out the expansion of our Branded Fares product throughout the international regions\\.\n\nThe Atlantic region closed 2017 with three consecutive quarters of year\\-over\\-year unit revenue growth on strong business class bookings\\. We continue to leverage our alliance partners' hub positions in Europe's leading business markets of London, Amsterdam and Paris to increase the volume of U\\.S\\. point\\-of\\-sale traffic\\. The U\\.K\\. was particularly robust, with unit revenue growth throughout 2017, including double\\-digit growth in the second half of 2017\\. During the year, we expanded our Basic Economy product to mitigate the impact of ultra\\-low cost carrier capacity increases\\.\n\nUnit revenue declines in the Pacific primarily resulted from industry capacity growth in the region\\. We continued to optimize the Pacific region with a  7\\.7%  reduction in capacity during 2017, focused on refining the network to generate incremental value from our Chinese and Korean alliances and differentiating our product offerings, including expanding Basic Economy and selling Comfort\\+ as a separate fare product\\. During 2017, we reached an agreement to create a trans\\-Pacific joint venture with Korean Air, offering an enhanced and expanded network, industry\\-leading products and service, and a seamless customer experience between the U\\.S\\. and Asia\\. We also retired our last B\\-747\\-400 and introduced our new A350\\-900 with Delta One suites and the Delta Premium Select cabin on routes from Detroit to Tokyo\\-Narita and Seoul\\-Incheon, which are driving improvements in both profitability and customer feedback\\. These efforts are beginning to show results as the Pacific returned to positive PRASM growth during the December 2017 quarter for the first time in more than four years\\.\n\n 28"}
{"_id": "Southwest-2018_55.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nis delivered, at which time deposits previously made are deducted from the final purchase price of the aircraft and are reclassified as Flight equipment\\. See Part I, Item 2 for a complete table of the Company\u2019s firm deliveries and options for Boeing 737 MAX 7 and 737 MAX 8 aircraft, and Note 4 to the Consolidated Financial Statements for the financial commitments related to these firm deliveries\\.\n\nThe leasing of aircraft (including the sale and leaseback of aircraft) provides flexibility to the Company as a source of financing\\. Although the Company is responsible for all maintenance, insurance, and expense associated with operating leased aircraft, and retains the risk of loss for these aircraft, it has generally not made guarantees to the lessors regarding the residual value (or market value) of the aircraft at the end of the lease terms\\. As of December 31, 2018, the Company had 198 leased aircraft, including 75 B717s subleased to Delta\\. Of these leased aircraft, 124 are under operating leases, including 73 B717s subleased to Delta\\. See Note 7 to the Consolidated Financial Statements for further information on this transaction\\. Assets and obligations under operating leases are not included in the Company\u2019s Consolidated Balance Sheet\\. Disclosure of the contractual obligations associated with the Company\u2019s leased aircraft is included below\\.\n\nThe Company is required to provide standby letters of credit to support certain obligations that arise in the ordinary course of business and may choose to provide letters of credit in place of posting cash collateral related to its fuel hedging positions\\. Although the letters of credit are off\\-balance sheet, the majority of the obligations to which they relate are reflected as liabilities in the Consolidated Balance Sheet\\. Outstanding letters of credit totaled $170 million at December 31, 2018\\.\n\nThe following table aggregates the Company\u2019s material expected contractual obligations and commitments as of December 31, 2018:\n\n\n\n|                                          |                                         |                                         |                                         |                                         |                                         |\n| ---------------------------------------- | --------------------------------------- | --------------------------------------- | --------------------------------------- | --------------------------------------- | --------------------------------------- |\n|                                          | **Obligations by period (in millions)** | **Obligations by period (in millions)** | **Obligations by period (in millions)** | **Obligations by period (in millions)** | **Obligations by period (in millions)** |\n| **Contractual obligations**              | **2019**                                | **2020 \\- 2021**                        | **2022 \\- 2023**                        | **Thereafter**                          | **Total**                               |\n| Long\\-term debt (a)                      | $506                                    | $821                                    | $414                                    | $797                                    | $2,538                                  |\n| Interest commitments \\- fixed (b)        | 64                                      | 95                                      | 66                                      | 94                                      | 319                                     |\n| Interest commitments \\- floating (c)     | 37                                      | 30                                      | 9                                       | 8                                       | 84                                      |\n| Facility construction commitments (d)    | 70                                      | 141                                     | 135                                     | 168                                     | 514                                     |\n| Facility operating lease commitments     | 36                                      | 65                                      | 31                                      | 42                                      | 174                                     |\n| Aircraft operating lease commitments (e) | 220                                     | 417                                     | 263                                     | 431                                     | 1,331                                   |\n| Aircraft capital lease commitments (f)   | 111                                     | 214                                     | 197                                     | 335                                     | 857                                     |\n| Aircraft purchase commitments (g)        | 924                                     | 3,042                                   | 2,798                                   | 3,444                                   | 10,208                                  |\n| Other commitments                        | 144                                     | 188                                     | 115                                     | 325                                     | 772                                     |\n| Total contractual obligations            | $2,112                                  | $5,013                                  | $4,028                                  | $5,644                                  | $16,797                                 |\n\n\n\n\n\n|     |                                                                                   |\n| --- | --------------------------------------------------------------------------------- |\n| (a) | Includes principal only\\. See Note  6  to the Consolidated Financial Statements\\. |\n\n\n\n\n\n|     |                                                                          |\n| --- | ------------------------------------------------------------------------ |\n| (b) | Related to fixed\\-rate debt (either at issuance or through swaps) only\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                               |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (c) | Interest obligations associated with floating\\-rate debt (either at issuance or through swaps) is estimated utilizing forward interest rate curves as of  December 31, 2018 , and can be subject to significant fluctuation\\. |\n\n\n\n\n\n|     |                                                                                                                                                                   |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (d) | Includes some lease payments that are considered variable which have a related construction obligation\\. See Note  4  to the Consolidated Financial Statements\\.  |\n\n\n\n\n\n|     |                                                                                                                                             |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------- |\n| (e) | Includes the impact of the B717 lease/sublease transaction entered into in  2012 \\. See Note  7  to the Consolidated Financial Statements\\. |\n\n\n\n\n\n|     |                                                     |\n| --- | --------------------------------------------------- |\n| (f) | Includes principal and interest on capital leases\\. |\n\n\n\n\n\n|     |                           |\n| --- | ------------------------- |\n| (g) | Firm orders from Boeing\\. |\n\n\n\n**Airport Projects**\n\nThe Company has commitments associated with various airport improvement projects that will impact its future liquidity needs in differing ways\\. These projects include the construction of new facilities and the rebuilding or modernization of existing facilities and are discussed in more detail in Note 4 to the Consolidated Financial Statements\\.\n\n56"}
{"_id": "AmericanAirlines-2017_155.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nat net asset value which is determined by the issuer at the end of each month and is based on the aggregate fair value of trust assets less liabilities, divided by the number of units outstanding\\. No changes in valuation techniques or inputs occurred during the year\\.\n\n***Benefit Plan Assets Measured at Fair Value on a Recurring Basis***\n\nThe fair value of American\u2019s pension plan assets at December 31, 2017 and 2016, by asset category, are as follows (in millions):\n\n\n\n|                                                                                              |                                                                                                       |                                                                              |                                                                                |                                                     |\n| -------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                                                                                              | **Fair Value Measurements as of December 31, 2017**                                                   | **Fair Value Measurements as of December 31, 2017**                          | **Fair Value Measurements as of December 31, 2017**                            | **Fair Value Measurements as of December 31, 2017** |\n| **Asset Category**                                                                           | **Quoted Prices in** <br><br>**Active Markets** <br><br>**for Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Cash and cash equivalents                                                                    | $28                                                                                                   | $\u2014                                                                           | $\u2014                                                                             | $28                                                 |\n| Equity securities:                                                                           |                                                                                                       |                                                                              |                                                                                |                                                     |\n| International markets  ^(a) (b)^                                                             | 3,837                                                                                                 | \u2014                                                                            | \u2014                                                                              | 3,837                                               |\n| Large\\-cap companies  ^(b)^                                                                  | 2,451                                                                                                 | \u2014                                                                            | \u2014                                                                              | 2,451                                               |\n| Mid\\-cap companies  ^(b)^                                                                    | 744                                                                                                   | \u2014                                                                            | \u2014                                                                              | 744                                                 |\n| Small\\-cap companies  ^(b)^                                                                  | 125                                                                                                   | \u2014                                                                            | \u2014                                                                              | 125                                                 |\n| Fixed income:                                                                                |                                                                                                       |                                                                              |                                                                                |                                                     |\n| Corporate bonds  ^(c)^                                                                       | \u2014                                                                                                     | 2,344                                                                        | \u2014                                                                              | 2,344                                               |\n| Government securities  ^(d)^                                                                 | \u2014                                                                                                     | 238                                                                          | \u2014                                                                              | 238                                                 |\n| U\\.S\\. municipal securities                                                                  | \u2014                                                                                                     | 39                                                                           | \u2014                                                                              | 39                                                  |\n| Alternative instruments:                                                                     |                                                                                                       |                                                                              |                                                                                |                                                     |\n| Private equity partnerships  ^(e)^                                                           | \u2014                                                                                                     | \u2014                                                                            | 14                                                                             | 14                                                  |\n| Private equity partnerships measured at net asset value  ^(e) (g)^                           | \u2014                                                                                                     | \u2014                                                                            | \u2014                                                                              | 879                                                 |\n| Common/collective trusts  ^(f)^                                                              | \u2014                                                                                                     | 315                                                                          | \u2014                                                                              | 315                                                 |\n| Common/collective trusts and 103\\-12 Investment Trust measured at net asset value  ^(f) (g)^ | \u2014                                                                                                     | \u2014                                                                            | \u2014                                                                              | 283                                                 |\n| Insurance group annuity contracts                                                            | \u2014                                                                                                     | \u2014                                                                            | 2                                                                              | 2                                                   |\n| Dividend and interest receivable                                                             | 44                                                                                                    | \u2014                                                                            | \u2014                                                                              | 44                                                  |\n| Due to/from brokers for sale of securities \u2013 net                                             | 3                                                                                                     | \u2014                                                                            | \u2014                                                                              | 3                                                   |\n| Other liabilities \u2013 net                                                                      | (6)                                                                                                   | \u2014                                                                            | \u2014                                                                              | (6)                                                 |\n| Total                                                                                        | $7,226                                                                                                | $2,936                                                                       | $16                                                                            | $11,340                                             |\n\n\n\n\n\n|      |                                                                                                                                                                                                                  |\n| ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^a)^ | Holdings are diversified as follows:  17%  United Kingdom,  11%  Japan,  9%  France,  6%  Switzerland,  16%  emerging markets and the remaining  41%  with no concentration greater than 5% in any one country\\. |\n\n\n\n\n\n|      |                                                                              |\n| ---- | ---------------------------------------------------------------------------- |\n| ^b)^ | There are no significant concentrations of holdings by company or industry\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                               |\n| ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^c)^ | Includes approximately  76%  investments in corporate debt with a S&P rating lower than A and  24%  investments in corporate debt with a S&P rating A or higher\\. Holdings include  85%  U\\.S\\. companies,  12%  international companies and  3%  emerging market companies\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                   |\n| ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^d)^ | Includes approximately  27%  investments in U\\.S\\. domestic government securities,  43%  in emerging market government securities and  30%  in international government securities\\. There are no significant foreign currency risks within this classification\\. |\n\n\n\n156"}
{"_id": "United-2019_81.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nNOTE 12 \\- VARIABLE INTEREST ENTITIES (\"VIE\")\n\nVariable interests are contractual, ownership or other monetary interests in an entity that change with fluctuations in the fair value of the entity's net assets exclusive of variable interests\\. A VIE can arise from items such as lease agreements, loan arrangements, guarantees or service contracts\\. An entity is a VIE if (a) the entity lacks sufficient equity or (b) the entity's equity holders lack power or the obligation and right as equity holders to absorb the entity's expected losses or to receive its expected residual returns\\. \n\nIf an entity is determined to be a VIE, the entity must be consolidated by the primary beneficiary\\. The primary beneficiary is the holder of the variable interests that has the power to direct the activities of a VIE that (i) most significantly impact the VIE's economic performance and (ii) has the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE\\. Therefore, the Company must identify which activities most significantly impact the VIE's economic performance and determine whether it, or another party, has the power to direct those activities\\.\n\nAircraft Leases \\. We are the lessee in a number of operating leases covering the majority of our leased aircraft\\. The lessors are trusts established specifically to purchase, finance and lease aircraft to us\\. These leasing entities meet the criteria for VIEs\\. We are generally not the primary beneficiary of the leasing entities if the lease terms are consistent with market terms at the inception of the lease and do not include a residual value guarantee, fixed\\-price purchase option or similar feature that obligates us to absorb decreases in value or entitles us to participate in increases in the value of the aircraft\\. This is the case for many of our operating leases; however, leases of   six  mainline jet aircraft contain a fixed\\-price purchase option that allow United to purchase the aircraft at predetermined prices on specified dates during the lease term\\. Additionally, leases covering   60  leased regional jet aircraft contain an option to purchase the aircraft at the end of the lease term at prices that, depending on market conditions, could be below fair value\\. United has not consolidated the related trusts because, even taking into consideration these purchase options, United is still not the primary beneficiary\\. United's maximum exposure under these leases is the remaining lease payments, which are reflected in future lease commitments in Note 11 of this report\\.\n\nAirport Leases \\. United is the lessee of real property under long\\-term operating leases at a number of airports where we are also the guarantor of approximately   $1\\.9 billion  of tax\\-exempt special facilities revenue bonds and interest thereon as of December 31, 2019\\. These leases are typically with municipalities or other governmental entities, which are excluded from the consolidation requirements concerning a VIE\\. To the extent United's leases and related guarantees are with a separate legal entity other than a governmental entity, United is not the primary beneficiary because the lease terms are consistent with market terms at the inception of the lease and the lease does not include a residual value guarantee, fixed\\-price purchase option, or similar feature\\. See Note 13 of this report for more information regarding United's guarantee of the tax\\-exempt special facilities revenue bonds\\.\n\nEETCs\\.  United evaluated whether the pass\\-through trusts formed for its EETC financings, treated as either debt or aircraft operating leases, are VIEs required to be consolidated by United under applicable accounting guidance, and determined that the pass\\-through trusts are VIEs\\. Based on United's analysis as described below, United determined that it does not have a variable interest in the pass\\-through trusts\\.\n\nThe primary risk of the pass\\-through trusts is credit risk (i\\.e\\. the risk that United, the issuer of the equipment notes, may be unable to make its principal and interest payments)\\. The primary purpose of the pass\\-through trust structure is to enhance the credit worthiness of United's debt obligation through certain bankruptcy protection provisions, a liquidity facility (in certain of the EETC structures) and improved loan\\-to\\-value ratios for more senior debt classes\\. These credit enhancements lower United's total borrowing cost\\. Pass\\-through trusts are established to receive principal and interest payments on the equipment notes purchased by the pass\\-through trusts from United and remit these proceeds to the pass\\-through trusts' certificate holders\\.\n\nUnited does not invest in or obtain a financial interest in the pass\\-through trusts\\. Rather, United has an obligation to make interest and principal payments on its equipment notes held by the pass\\-through trusts\\. United does not intend to have any voting or non\\-voting equity interest in the pass\\-through trusts or to absorb variability from the pass\\-through trusts\\. Based on this analysis, the Company determined that it is not required to consolidate the pass\\-through trusts\\.\n\nBRW\\.  Synergy's wholly\\-owned affiliate, BRW, is a special purpose entity created to be the borrower of the BRW Term Loan\\. BRW is also the owner of the collateral that secures the BRW Term Loan\\. BRW is a VIE and United holds variable interests in BRW including the BRW Term Loan\\. However, United is not the primary beneficiary of BRW because it does not hold BRW equity and does not have management rights at BRW and therefore does not have the power to direct the activities that most significantly impact BRW's economic performance\\. In connection with the delivery by United of a notice of default to BRW, Kingsland was granted, in accordance with the agreements related to the BRW Term Loan Agreement, authority to manage BRW\\.\n\n82"}
{"_id": "United-2018_100.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|          |                 |                                                                                                                                                                                                                                                                                                                                                                               |\n| -------- | --------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^10\\.50  | UAL  <br>United | [Supplemental Agreement No\\. 6, including exhibits and side letters, to Purchase Agreement No\\. 1951, dated July 30, 1998 (filed as Exhibit 10\\.1 to Continental's Form 10\\-Q for the quarter ended September 30, 1998, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/0000319687-98-000014.txt)       |\n| ^10\\.51  | UAL  <br>United | [Supplemental Agreement No\\. 7, including side letters, to Purchase Agreement No\\. 1951, dated November 12, 1998 (filed as Exhibit 10\\.24(g) to Continental's Form 10\\-K for the year ended December 31, 1998, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/0000319687-99-000003.txt)                |\n|  ^10\\.52 | UAL  <br>United | [Supplemental Agreement No\\. 8, including side letters, to Purchase Agreement No\\. 1951, dated December 7, 1998 (filed as Exhibit 10\\.24(h) to Continental's Form 10\\-K for the year ended December 31, 1998, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/0000319687-99-000003.txt)                 |\n|  ^10\\.53 | UAL  <br>United | [Letter Agreement No\\. 6\\-1162\\-GOC\\-131R1 to Purchase Agreement No\\. 1951, dated March 26, 1998 (filed as Exhibit 10\\.1 to Continental's Form 10\\-Q for the quarter ended March 31, 1998, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/0000319687-98-000004.txt)                                    |\n|  ^10\\.54 | UAL  <br>United | [Supplemental Agreement No\\. 9, including side letters, to Purchase Agreement No\\. 1951, dated February 18, 1999 (filed as Exhibit 10\\.4 to Continental's Form 10\\-Q for the quarter ended March 31, 1999, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/0000319687-99-000006.txt)                    |\n|  ^10\\.55 | UAL  <br>United | [Supplemental Agreement No\\. 10, including side letters, to Purchase Agreement No\\. 1951, dated March 19, 1999 (filed as Exhibit 10\\.4(a) to Continental's Form 10\\-Q for the quarter ended March 31, 1999, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/0000319687-99-000006.txt)                   |\n|  ^10\\.56 | UAL  <br>United | [Supplemental Agreement No\\. 11, including side letters, to Purchase Agreement No\\. 1951, dated March 14, 1999 (filed as Exhibit 10\\.7 to Continental's Form 10\\-Q for the quarter ended June 30, 1999, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968799000010/0000319687-99-000010.txt)    |\n|  ^10\\.57 | UAL  <br>United | [Supplemental Agreement No\\. 12, including side letters, to Purchase Agreement No\\. 1951, dated July 2, 1999 (filed as Exhibit 10\\.8 to Continental's Form 10\\-Q for the quarter ended September 30, 1999, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968799000012/0000319687-99-000012.txt) |\n|  ^10\\.58 | UAL  <br>United | [Supplemental Agreement No\\. 13 to Purchase Agreement No\\. 1951, dated October 13, 1999 (filed as Exhibit 10\\.25(n) to Continental's Form 10\\-K for the year ended December 31, 1999, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968700000007/0000319687-00-000007.txt)                      |\n|  ^10\\.59 | UAL  <br>United | [Supplemental Agreement No\\. 14 to Purchase Agreement No\\. 1951, dated December 13, 1999 (filed as Exhibit 10\\.25(o) to Continental's Form 10\\-K for the year ended December 31, 1999, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968700000007/0000319687-00-000007.txt)                     |\n|  ^10\\.60 | UAL  <br>United | [Supplemental Agreement No\\. 15, including side letters, to Purchase Agreement No\\. 1951, dated January 13, 2000 (filed as Exhibit 10\\.1 to Continental's Form 10\\-Q for the quarter ended March 31, 2000, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968700000010/0000319687-00-000010.txt) |\n|  ^10\\.61 | UAL  <br>United | [Supplemental Agreement No\\. 16, including side letters, to Purchase Agreement No\\. 1951, dated March 17, 2000 (filed as Exhibit 10\\.2 to Continental's Form 10\\-Q for the quarter ended March 31, 2000, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968700000010/0000319687-00-000010.txt)   |\n|  ^10\\.62 | UAL  <br>United | [Supplemental Agreement No\\. 17, including side letters, to Purchase Agreement No\\. 1951, dated May 16, 2000 (filed as Exhibit 10\\.2 to Continental's Form 10\\-Q for the quarter ended June 30, 2000, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968700000022/0000319687-00-000022-0003.htm) |\n|  ^10\\.63 | UAL  <br>United | [Supplemental Agreement No\\. 18, including side letters, to Purchase Agreement No\\. 1951, dated September 11, 2000 (filed as Exhibit 10\\.6 to Continental's Form 10\\-Q for the quarter ended September 30, 2000, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968700500009/exhibit-106.htm)    |\n|  ^10\\.64 | UAL  <br>United | [Supplemental Agreement No\\. 19, including side letters, to Purchase Agreement No\\. 1951, dated October 31, 2000 (filed as Exhibit 10\\.20(t) to Continental's Form 10\\-K for the year ended December 31, 2000, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968701500005/exhibit1020t.htm)     |\n|  ^10\\.65 | UAL  <br>United | [Supplemental Agreement No\\. 20, including side letters, to Purchase Agreement No\\. 1951, dated December 21, 2000 (filed as Exhibit 10\\.20(u) to Continental's Form 10\\-K for the year ended December 31, 2000, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968701500005/exhibit1020u.htm)    |\n|  ^10\\.66 | UAL  <br>United | [Supplemental Agreement No\\. 21, including side letters, to Purchase Agreement No\\. 1951, dated March 30, 2001 (filed as Exhibit 10\\.1 to Continental's Form 10\\-Q for the quarter ended March 31, 2001, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968701500009/exhibit101.htm)             |\n\n\n\n101"}
{"_id": "United-2017_7.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n*Airport Access\\.* Historically, access to foreign markets has been tightly controlled through bilateral agreements between the U\\.S\\. and each foreign country involved\\. These agreements regulate the markets served, the number of carriers allowed to serve each market and the frequency of carriers\u2019 flights\\. Since the early 1990s, the U\\.S\\. has pursued a policy of \u201cOpen Skies\u201d (meaning all U\\.S\\.\\-flag carriers have access to the destination), under which the U\\.S\\. government has negotiated a number of bilateral agreements allowing unrestricted access between U\\.S\\. and foreign markets\\. Currently, there are more than 100 Open Skies agreements in effect\\. However, even with Open Skies, many of the airports that the Company serves in Europe, Asia and Latin America maintain slot controls\\. A large number of these slot controls exist due to congestion, environmental and noise protection and reduced capacity due to runway and air traffic control (\u201cATC\u201d) construction work, among other reasons\\. London Heathrow International Airport, Frankfurt Rhein\\-Main Airport, Shanghai Pudong International Airport, Beijing Capital International Airport, Sao Paulo Guarulhos International Airport and Tokyo Haneda International Airport are among the most restrictive foreign airports due to slot and capacity limitations\\.\n\nThe Company\u2019s ability to serve some foreign markets and expand into certain others is limited by the absence of aviation agreements between the U\\.S\\. government and the relevant foreign governments\\. Shifts in U\\.S\\. or foreign government aviation policies may lead to the alteration or termination of air service agreements\\. Depending on the nature of any such change, the value of the Company\u2019s international route authorities and slot rights may be materially enhanced or diminished\\. Similarly, foreign governments control their airspace and can restrict our ability to overfly their territory, enhancing or diminishing the value of the Company\u2019s existing international route authorities and slot rights\\.\n\n***Environmental Regulation*** \n\nThe airline industry is subject to increasingly stringent federal, state, local and international environmental requirements, including those regulating emissions to air, water discharges, safe drinking water and the use and management of hazardous substances and wastes\\.\n\n*Climate Change*\\. There is an increasing global regulatory focus on greenhouse gas (\u201cGHG\u201d) emissions and their potential impacts relating to climate change\\. Initiatives to regulate GHG emissions from aviation had previously been adopted by the European Union (\u201cEU\u201d) in 2009, but applicability to flights arriving or departing from airports outside the EU have been postponed several times\\. In December 2017, the European Parliament voted to extend exemptions for extra\\-EU flights until December 2023 in order to align the extension date with the completion of the pilot phase of the International Civil Aviation Organization\u2019s (\u201cICAO\u201d) Carbon Offsetting and Reduction Scheme for International Aviation (\u201cCORSIA\u201d)\\. CORSIA, which was adopted in October 2016, is intended to create a single global market\\-based measure to achieve carbon\\-neutral growth for international aviation after 2020, which will be achieved through airline purchases of carbon offset credits\\. Certain CORSIA program details remain to be developed and could potentially be affected by political developments in participating countries or the results of the pilot phase of the program, and thus the impact of CORSIA cannot be fully predicted\\. However, CORSIA is expected to increase operating costs for airlines that operate internationally\\. In 2016, ICAO also adopted a carbon dioxide (\u201cCO2\u201d) emission standard for aircraft\\. The U\\.S\\. Environmental Protection Agency has commenced the procedural steps necessary to adopt its own standard, in consultation with the ICAO\\. While the precise timing and final form of these various programs and requirements continue to evolve, the Company is taking various actions that are expected to help to reduce its CO2 emissions over time such as fleet renewal, aircraft retrofits and the commercialization of aviation alternative fuels\\.\n\n*Other Regulations*\\. Our operations are subject to a variety of other environmental laws and regulations both in the United States and internationally\\. These include noise\\-related restrictions on aircraft types and operating times and state and local air quality initiatives which have, or could in the future, result in curtailments in services, increased operating costs, limits on expansion, or further emission reduction requirements\\. Certain airports and/or governments, both domestically and internationally, either have or are seeking to establish environmental fees and other requirements applicable to carbon emissions, local air quality pollutants and/or noise\\. The implementation of state plans to achieve national standards for ozone is expected to result in restrictions on mobile sources such as cars, trucks and airport ground support equipment in some locations\\.\n\n8"}
{"_id": "AmericanAirlines-2019_184.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nSIGNATURES\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized\\.\n\n\n\n|                         |                                   |                                      |\n| ----------------------- | --------------------------------- | ------------------------------------ |\n|                         | **American Airlines Group Inc\\.** | **American Airlines Group Inc\\.**    |\n| Date: February 19, 2020 | By:                               | /s/ W\\. Douglas Parker               |\n|                         |                                   | W\\. Douglas Parker                   |\n|                         |                                   | Chairman and Chief Executive Officer |\n|                         |                                   | (Principal Executive Officer)        |\n\n\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized\\.\n\n\n\n|                         |                              |                                      |\n| ----------------------- | ---------------------------- | ------------------------------------ |\n|                         | **American Airlines, Inc\\.** | **American Airlines, Inc\\.**         |\n| Date: February 19, 2020 | By:                          | /s/ W\\. Douglas Parker               |\n|                         |                              | W\\. Douglas Parker                   |\n|                         |                              | Chairman and Chief Executive Officer |\n|                         |                              | (Principal Executive Officer)        |\n\n\n\n185"}
{"_id": "Southwest-2017_72.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Southwest Airlines Co\\.**\n\n**Consolidated Statement of Comprehensive Income**\n\n(in millions)\n\n\n\n|                                                                                                                 |                             |                             |                             |\n| --------------------------------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                                                 | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                                                                                                 | **2017**                    | **2016**                    | **2015**                    |\n| **NET INCOME**                                                                                                  | $3,488                      | $2,244                      | $2,181                      |\n| Unrealized gain (loss) on fuel derivative instruments, net of <br><br> deferred taxes of $185, $432, and ($181) | 317                         | 735                         | (308)                       |\n| Unrealized gain on interest rate derivative instruments, net of<br><br> deferred taxes of $4, $5, and $6        | 7                           | 7                           | 9                           |\n| Unrealized gain (loss) on defined benefit plan items, net of deferred<br><br> taxes of $2, ($13), and ($7)      | 3                           | (23)                        | (12)                        |\n| Other, net of deferred taxes of $5, $5, and $\\-                                                                 | 8                           | 9                           | (2)                         |\n| **OTHER COMPREHENSIVE INCOME (LOSS)**                                                                           | $335                        | $728                        | $(313)                      |\n| **COMPREHENSIVE INCOME**                                                                                        | $3,823                      | $2,972                      | $1,868                      |\n\n\n\nSee accompanying notes\\.\n\n**Southwest Airlines Co\\.**\n\n**Consolidated Statement of Stockholders' Equity**\n\n(in millions, except per share amounts)\n\n\n\n|                                                                        |                                                  |                                                          |                                                  |                                                                                    |                                                  |                                                  |\n| ---------------------------------------------------------------------- | ------------------------------------------------ | -------------------------------------------------------- | ------------------------------------------------ | ---------------------------------------------------------------------------------- | ------------------------------------------------ | ------------------------------------------------ |\n|                                                                        | **Year ended December 31, 2017, 2016, and 2015** | **Year ended December 31, 2017, 2016, and 2015**         | **Year ended December 31, 2017, 2016, and 2015** | **Year ended December 31, 2017, 2016, and 2015**                                   | **Year ended December 31, 2017, 2016, and 2015** | **Year ended December 31, 2017, 2016, and 2015** |\n|                                                                        | **Common**<br><br>**Stock**                      | **Capital in**<br><br>**excess of**<br><br>**par value** | **Retained**<br><br>**earnings**                 | **Accumulated**<br><br>**other**<br><br>**comprehensive**<br><br>**income (loss)** | **Treasury**<br><br>**stock**                    | **Total**                                        |\n| Balance at December 31, 2014                                           | $808                                             | $1,315                                                   | $7,416                                           | $(738)                                                                             | (2,026)                                          | $6,775                                           |\n| Repurchase of common stock                                             | \u2014                                                | \u2014                                                        | \u2014                                                | \u2014                                                                                  | (1,180)                                          | (1,180)                                          |\n| Issuance of common and treasury stock pursuant to Employee stock plans | \u2014                                                | 6                                                        | \u2014                                                | \u2014                                                                                  | 24                                               | 30                                               |\n| Net tax benefit (expense) of options exercised                         | \u2014                                                | 24                                                       | \u2014                                                | \u2014                                                                                  | \u2014                                                | 24                                               |\n| Share\\-based compensation                                              | \u2014                                                | 29                                                       | \u2014                                                | \u2014                                                                                  | \u2014                                                | 29                                               |\n| Cash dividends, $\\.2850 per share                                      | \u2014                                                | \u2014                                                        | (188)                                            | \u2014                                                                                  | \u2014                                                | (188)                                            |\n| Comprehensive income                                                   | \u2014                                                | \u2014                                                        | 2,181                                            | (313)                                                                              | \u2014                                                | 1,868                                            |\n| Balance at December 31, 2015                                           | $808                                             | $1,374                                                   | $9,409                                           | $(1,051)                                                                           | $(3,182)                                         | $7,358                                           |\n| Repurchase of common stock                                             | \u2014                                                | \u2014                                                        | \u2014                                                | \u2014                                                                                  | (1,750)                                          | (1,750)                                          |\n| Issuance of common and treasury stock pursuant to Employee stock plans | \u2014                                                | 8                                                        | \u2014                                                | \u2014                                                                                  | 12                                               | 20                                               |\n| Conversion of 5\\.25% senior notes to common stock<br><br>  <br>        | \u2014                                                | (5)                                                      | \u2014                                                | \u2014                                                                                  | 48                                               | 43                                               |\n| Share\\-based compensation                                              | \u2014                                                | 33                                                       | \u2014                                                | \u2014                                                                                  | \u2014                                                | 33                                               |\n| Cash dividends, $\\.3750 per share                                      | \u2014                                                | \u2014                                                        | (235)                                            | \u2014                                                                                  | \u2014                                                | (235)                                            |\n| Comprehensive income                                                   | \u2014                                                | \u2014                                                        | 2,244                                            | 728                                                                                | \u2014                                                | 2,972                                            |\n| Balance at December 31, 2016                                           | $808                                             | $1,410                                                   | $11,418                                          | $(323)                                                                             | $(4,872)                                         | $8,441                                           |\n| Repurchase of common stock                                             | \u2014                                                | \u2014                                                        | \u2014                                                | \u2014                                                                                  | (1,600)                                          | (1,600)                                          |\n| Issuance of common and treasury stock pursuant to Employee stock plans | \u2014                                                | 4                                                        | \u2014                                                | \u2014                                                                                  | 10                                               | 14                                               |\n| Share\\-based compensation                                              | \u2014                                                | 37                                                       | \u2014                                                | \u2014                                                                                  | \u2014                                                | 37                                               |\n| Cash dividends, $\\.4750 per share                                      | \u2014                                                | \u2014                                                        | (285)                                            | \u2014                                                                                  | \u2014                                                | (285)                                            |\n| Comprehensive income                                                   | \u2014                                                | \u2014                                                        | 3,488                                            | 335                                                                                | \u2014                                                | 3,823                                            |\n| Balance at December 31, 2017                                           | $808                                             | $1,451                                                   | $14,621                                          | $12                                                                                | $(6,462)                                         | $10,430                                          |\n\n\n\nSee accompanying notes\\.\n\n73"}
{"_id": "Delta-2017_19.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nEmployee strikes and other labor\\-related disruptions may adversely affect our  operations\\.\n\nOur business is labor intensive, utilizing large numbers of pilots, flight attendants, aircraft maintenance technicians, ground support personnel and other personnel\\. As of  December 31, 2017 , approximately  19%  of our workforce, primarily pilots, was unionized\\. Relations between air carriers and labor unions in the United States are governed by the Railway Labor Act, which provides that a collective bargaining agreement between an airline and a labor union does not expire, but instead becomes amendable as of a stated date\\. The Railway Labor Act generally prohibits strikes or other types of self help actions both before and after a collective bargaining agreement becomes amendable, unless and until the collective bargaining processes required by the Railway Labor Act have been exhausted\\. Monroe's relations with unions representing its employees are governed by the NLRA, which generally allows self help after a collective bargaining agreement expires\\.\n\nIf we or our subsidiaries are unable to reach agreement with any of our unionized work groups on future negotiations regarding the terms of their collective bargaining agreements or if additional segments of our workforce become unionized, we may be subject to work interruptions or stoppages, subject to the requirements of the Railway Labor Act or the NLRA, as the case may be\\. Strikes or labor disputes with our unionized employees may adversely affect our ability to conduct business\\. Likewise, if third\\-party regional carriers with whom we have contract carrier agreements are unable to reach agreement with their unionized work groups in current or future negotiations regarding the terms of their collective bargaining agreements, those carriers may be subject to work interruptions or stoppages, subject to the requirements of the Railway Labor Act, which could have a negative impact on our operations\\.\n\nOur results can fluctuate due to the effects of weather, natural disasters and seasonality\\. \n\nOur results of operations are impacted by severe weather, natural disasters and seasonality\\. Severe weather conditions and natural disasters (or other environmental events) can significantly disrupt service and create air traffic control problems\\. These events decrease revenue and can also increase costs\\. In addition, increases in the frequency, severity or duration of thunderstorms, hurricanes, typhoons or other severe weather events, including from changes in the global climate, could result in increases in delays and cancellations, turbulence\\-related injuries and fuel consumption to avoid such weather, any of which could result in loss of revenue and higher costs\\. In addition, demand for air travel is typically higher in the June and September quarters, particularly in international markets, because there is more vacation travel during these periods than during the remainder of the year\\. The seasonal shifting of demand causes our financial results to vary on a seasonal basis\\. Because of fluctuations in our results from weather, natural disasters and seasonality, operating results for a historical period are not necessarily indicative of operating results for a future period and operating results for an interim period are not necessarily indicative of operating results for an entire year\\. \n\nAn extended disruption in services provided by third parties, including third\\-party regional  carriers, could have a material adverse effect on our results of operations\\.\n\nWe utilize the services of third parties in a number of areas in support of our operations that are integral to our business, including third\\-party carriers in the Delta Connection program\\. While we have agreements with these providers that define expected service performance, we do not have direct control over their operations\\. In particular, some third\\-party regional carriers are facing a shortage of qualified pilots due to government mandated increases in flight experience required for pilots working for airlines\\. If this shortage becomes more widespread, third\\-party regional carriers may not be able to comply with their obligations to us\\. To the extent that a significant disruption in services occurs because third party providers, including regional carriers, are unable to perform their obligations over an extended period of time, our revenue may be reduced or our expenses may be increased resulting in a material adverse effect on our results of operations\\.\n\n 15"}
{"_id": "Delta-2019_54.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nEmployee Benefit Plans\n\n\n\n|                                            |                                            |                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| *Description of the Matter*                | *Description of the Matter*                | *Description of the Matter*                | At December 31, 2019 the fair value of the Company\u2019s benefit plan investments totaled $16\\.3 billion, of which $9\\.9 billion do not have a readily determinable fair value and are measured at net asset value per share (\u201cNAV assets\u201d) as a practical expedient\\. Management determines the fair value of NAV assets by applying the methodologies described in Note 10 to the consolidated financial statements\\. The Company\u2019s expected long\\-term rate of return on assets for net periodic benefit for the year ended December 31, 2019 was 8\\.97%\\. The expected return on plan assets provided net periodic benefit of $1\\.2 billion for the year ended December 31, 2019\\. As disclosed in Note 10 to the consolidated financial statements, the expected long\\-term rate of return on plan assets is reviewed annually and is based primarily on plan\\-specific investment studies using historical market return and volatility data\\.                          | At December 31, 2019 the fair value of the Company\u2019s benefit plan investments totaled $16\\.3 billion, of which $9\\.9 billion do not have a readily determinable fair value and are measured at net asset value per share (\u201cNAV assets\u201d) as a practical expedient\\. Management determines the fair value of NAV assets by applying the methodologies described in Note 10 to the consolidated financial statements\\. The Company\u2019s expected long\\-term rate of return on assets for net periodic benefit for the year ended December 31, 2019 was 8\\.97%\\. The expected return on plan assets provided net periodic benefit of $1\\.2 billion for the year ended December 31, 2019\\. As disclosed in Note 10 to the consolidated financial statements, the expected long\\-term rate of return on plan assets is reviewed annually and is based primarily on plan\\-specific investment studies using historical market return and volatility data\\.                          | At December 31, 2019 the fair value of the Company\u2019s benefit plan investments totaled $16\\.3 billion, of which $9\\.9 billion do not have a readily determinable fair value and are measured at net asset value per share (\u201cNAV assets\u201d) as a practical expedient\\. Management determines the fair value of NAV assets by applying the methodologies described in Note 10 to the consolidated financial statements\\. The Company\u2019s expected long\\-term rate of return on assets for net periodic benefit for the year ended December 31, 2019 was 8\\.97%\\. The expected return on plan assets provided net periodic benefit of $1\\.2 billion for the year ended December 31, 2019\\. As disclosed in Note 10 to the consolidated financial statements, the expected long\\-term rate of return on plan assets is reviewed annually and is based primarily on plan\\-specific investment studies using historical market return and volatility data\\.                          |\n|                                            |                                            |                                            | Auditing the fair value of the Company\u2019s NAV assets required significant judgment in estimating the fair value of the NAV assets, primarily resulting from the lag in the availability of data provided by the investment fund managers and the use of corroborating data from public markets to estimate fair value\\. Auditing the expected long\\-term rate of return on plan assets required significant judgment due to the subjective nature of certain assumptions\\. In particular, the Company incorporated excess return expectations compared to historical market return and volatility data based on the Company\u2019s investment strategy\\. Net periodic benefit is sensitive to the expected long\\-term rate of return on plan assets, which is affected by expectations about future market and economic conditions\\.                                                                                                                                            | Auditing the fair value of the Company\u2019s NAV assets required significant judgment in estimating the fair value of the NAV assets, primarily resulting from the lag in the availability of data provided by the investment fund managers and the use of corroborating data from public markets to estimate fair value\\. Auditing the expected long\\-term rate of return on plan assets required significant judgment due to the subjective nature of certain assumptions\\. In particular, the Company incorporated excess return expectations compared to historical market return and volatility data based on the Company\u2019s investment strategy\\. Net periodic benefit is sensitive to the expected long\\-term rate of return on plan assets, which is affected by expectations about future market and economic conditions\\.                                                                                                                                            | Auditing the fair value of the Company\u2019s NAV assets required significant judgment in estimating the fair value of the NAV assets, primarily resulting from the lag in the availability of data provided by the investment fund managers and the use of corroborating data from public markets to estimate fair value\\. Auditing the expected long\\-term rate of return on plan assets required significant judgment due to the subjective nature of certain assumptions\\. In particular, the Company incorporated excess return expectations compared to historical market return and volatility data based on the Company\u2019s investment strategy\\. Net periodic benefit is sensitive to the expected long\\-term rate of return on plan assets, which is affected by expectations about future market and economic conditions\\.                                                                                                                                            |\n| *How We Addressed the Matter in Our Audit* | *How We Addressed the Matter in Our Audit* | *How We Addressed the Matter in Our Audit* | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company\u2019s accounting for its employee benefit plans, including controls over management\u2019s assessment of the significant inputs and estimates included in the fair value measurements of NAV assets and management\u2019s review of the significant assumptions and the inputs used in estimating the expected long\\-term rate of return on plan assets\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company\u2019s accounting for its employee benefit plans, including controls over management\u2019s assessment of the significant inputs and estimates included in the fair value measurements of NAV assets and management\u2019s review of the significant assumptions and the inputs used in estimating the expected long\\-term rate of return on plan assets\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company\u2019s accounting for its employee benefit plans, including controls over management\u2019s assessment of the significant inputs and estimates included in the fair value measurements of NAV assets and management\u2019s review of the significant assumptions and the inputs used in estimating the expected long\\-term rate of return on plan assets\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n|                                            |                                            |                                            | To test the fair value of plan assets measured at NAV, our audit procedures included, among others, evaluating the valuation methodologies used by the Company and comparing significant inputs and underlying data used in the Company's valuations to information available from third\\-party sources and market data\\. Additionally, we performed sensitivity analyses to evaluate the changes to the Company\u2019s net periodic benefit that would result from changes in the fair value measurement, and compared the Company\u2019s asset performance results to applicable third\\-party benchmarks and assessed management\u2019s historical accuracy of estimating fair value by performing retrospective review procedures comparing the Company\u2019s estimates of fair value as of the prior year to the final fair value NAV in the investment\u2019s audited financial statements made available during the current year\\.                                                          | To test the fair value of plan assets measured at NAV, our audit procedures included, among others, evaluating the valuation methodologies used by the Company and comparing significant inputs and underlying data used in the Company's valuations to information available from third\\-party sources and market data\\. Additionally, we performed sensitivity analyses to evaluate the changes to the Company\u2019s net periodic benefit that would result from changes in the fair value measurement, and compared the Company\u2019s asset performance results to applicable third\\-party benchmarks and assessed management\u2019s historical accuracy of estimating fair value by performing retrospective review procedures comparing the Company\u2019s estimates of fair value as of the prior year to the final fair value NAV in the investment\u2019s audited financial statements made available during the current year\\.                                                          | To test the fair value of plan assets measured at NAV, our audit procedures included, among others, evaluating the valuation methodologies used by the Company and comparing significant inputs and underlying data used in the Company's valuations to information available from third\\-party sources and market data\\. Additionally, we performed sensitivity analyses to evaluate the changes to the Company\u2019s net periodic benefit that would result from changes in the fair value measurement, and compared the Company\u2019s asset performance results to applicable third\\-party benchmarks and assessed management\u2019s historical accuracy of estimating fair value by performing retrospective review procedures comparing the Company\u2019s estimates of fair value as of the prior year to the final fair value NAV in the investment\u2019s audited financial statements made available during the current year\\.                                                          |\n|                                            |                                            |                                            | To test the expected long\\-term rate of return on plan assets, our audit procedures included, among others, evaluating the methodology used, testing the significant assumptions used in the determination of the expected return and testing the underlying data used by the Company\\. We involved an actuarial specialist to assist in evaluating the appropriateness of the Company\u2019s estimate, including independently calculating a range of expected long\\-term rates of return based on the Company\u2019s current investment portfolio and strategy, and assessed whether management\u2019s assumption was consistent with a range of returns for a portfolio of comparative investments\\. Additionally, we tested the completeness and accuracy of the data used by management and performing sensitivity analyses to evaluate the changes to the Company\u2019s net periodic benefit that would result from changes in the expected long\\-term rate of return on plan assets\\. | To test the expected long\\-term rate of return on plan assets, our audit procedures included, among others, evaluating the methodology used, testing the significant assumptions used in the determination of the expected return and testing the underlying data used by the Company\\. We involved an actuarial specialist to assist in evaluating the appropriateness of the Company\u2019s estimate, including independently calculating a range of expected long\\-term rates of return based on the Company\u2019s current investment portfolio and strategy, and assessed whether management\u2019s assumption was consistent with a range of returns for a portfolio of comparative investments\\. Additionally, we tested the completeness and accuracy of the data used by management and performing sensitivity analyses to evaluate the changes to the Company\u2019s net periodic benefit that would result from changes in the expected long\\-term rate of return on plan assets\\. | To test the expected long\\-term rate of return on plan assets, our audit procedures included, among others, evaluating the methodology used, testing the significant assumptions used in the determination of the expected return and testing the underlying data used by the Company\\. We involved an actuarial specialist to assist in evaluating the appropriateness of the Company\u2019s estimate, including independently calculating a range of expected long\\-term rates of return based on the Company\u2019s current investment portfolio and strategy, and assessed whether management\u2019s assumption was consistent with a range of returns for a portfolio of comparative investments\\. Additionally, we tested the completeness and accuracy of the data used by management and performing sensitivity analyses to evaluate the changes to the Company\u2019s net periodic benefit that would result from changes in the expected long\\-term rate of return on plan assets\\. |\n\n\n\n\n\n|                                                      |                                                      |                                                      |                       |                       |                       |\n| ---------------------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- | --------------------- | --------------------- | --------------------- |\n|                                                      |                                                      |                                                      | /s/ Ernst & Young LLP | /s/ Ernst & Young LLP | /s/ Ernst & Young LLP |\n| We have served as the Company's auditor since 2006\\. | We have served as the Company's auditor since 2006\\. | We have served as the Company's auditor since 2006\\. |                       |                       |                       |\n| Atlanta, Georgia                                     | Atlanta, Georgia                                     | Atlanta, Georgia                                     |                       |                       |                       |\n| February 12, 2020                                    | February 12, 2020                                    | February 12, 2020                                    |                       |                       |                       |\n\n\n\n52"}
{"_id": "United-2018_29.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\nDecember 31, 2018, our current liabilities exceeded our current assets by approximately $6\\.0 billion\\. However, approximately $6\\.7 billion of our current liabilities are related to our advance ticket sales and frequent flyer deferred revenue, both of which largely represent revenue to be recognized for travel in the near future and not cash outlays\\. The deficit in working capital does not have an adverse impact to our cash flows, liquidity or operations\\. \n\nFor 2019, the Company expects approximately $4\\.7 billion of gross capital expenditures\\. See Note 13 to the financial statements included in Part II, Item 8 of this report for additional information on commitments\\.\n\nAs of December 31, 2018, a substantial portion of the Company's assets, principally aircraft, route authorities and airport slots, was pledged under various loan and other agreements\\. Collateral pledged under these loans continues to be sufficient to satisfy the loan covenants\\. We must sustain our profitability and/or access the capital markets to meet our significant long\\-term debt and capital lease obligations and future commitments for capital expenditures, including the acquisition of aircraft and related spare engines\\. See Note 10 to the financial statements included in Part II, Item 8 of this report for additional information on assets provided as collateral by the Company\\.\n\nThe following is a discussion of the Company's sources and uses of cash from 2016 through 2018\\.\n\n***Operating Activities***\n\n*2018* *Compared to* *2017*\n\nCash flow provided by operations for the year ended December 31, 2018 was $6\\.2 billion compared to $3\\.4 billion in the same period in 2017\\. The following were significant working capital items in 2018:\n\n\n\n|   |                                                                                                                                                                                                                                                                                          |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *MileagePlus sales\\.*  In 2018, we received $1\\.3 billion more for MileagePlus miles sales to our partners as compared to  *2017* , mainly due to our domestic co\\-branded credit card partner fully utilizing the $0\\.9 billion remaining balance in its pre\\-purchased miles in 2017\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                     |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Advance ticket sales and deferred revenue\\.*  Our 2018 traffic growth and yield improvements contributed to a $0\\.7 billion increase in advance ticket sales and frequent flyer deferred revenue\\. |\n\n\n\n*2017 Compared to 2016* \n\nCash flow provided by operations for the year ended December 31, 2017 was $3\\.4 billion compared to $5\\.5 billion in the same period in 2016, the decrease resulting from lower operating income and reduced cash flows from certain changes in working capital items\\. Excluding the non\\-cash impairment of the Newark slots, operating income for 2017 was approximately $1\\.2 billion lower than 2016\\. Working capital changes reduced cash flow from operations by an additional $1\\.2 billion year\\-over\\-year in 2017 as compared to 2016\\. The following were significant working capital items in 2017:\n\n\n\n|   |                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------- |\n| \u2022 | $0\\.9 billion decrease in advanced purchase of miles due to increased utilization of pre\\-purchased miles\\. |\n\n\n\n\n\n|   |                                                                   |\n| - | ----------------------------------------------------------------- |\n| \u2022 | $0\\.4 billion increase in prepayments for maintenance contracts\\. |\n\n\n\n***Investing Activities***\n\n*2018* *Compared to* *2017*\n\nThe Company's capital expenditures were $4\\.2 billion and $4\\.0 billion in 2018and 2017, respectively\\. The Company's capital expenditures for both years were primarily attributable to the purchase of aircraft, aircraft improvements, facility and fleet\\-related costs and the purchase of information technology assets\\.\n\nOn November 29, 2018, United, as lender, entered into a Term Loan Agreement (the \"Synergy Loan Agreement\") with affiliates of Synergy Aerospace Corporation (\"Synergy\"), as borrower and guarantor, respectively, and on November 30, 2018, pursuant to the Synergy Loan Agreement, United provided a secured $456 million term loan to Synergy\\. Synergy is the majority shareholder of Avianca Holdings S\\.A\\. (\"AVH\"), the parent company of Avianca\\. The loan was made in conjunction with a revenue\\-sharing joint business agreement among United, Avianca and Copa Airlines as described in Part 1, Item 1 of this report\\. For additional information regarding the Synergy Loan Agreement and related agreements, see Notes 9 and 13 to the financial statements included in Part II, Item 8 of this report\\. \n\nIn April 2018, through a wholly\\-owned subsidiary, the Company invested $138 million in Azul Linhas A\u00e9reas Brasileiras S\\.A\\. (\"Azul\") thus increasing its preferred equity stake in Azul to approximately 8% (representing approximately 2% of the total capital stock of Azul)\\.\n\n30"}
{"_id": "AmericanAirlines-2017_35.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**ITEM 3\\. LEGAL PROCEEDINGS**\n\n*Chapter 11 Cases\\.* On November 29, 2011, AMR, American, and certain of AMR\u2019s other direct and indirect domestic subsidiaries (the Debtors) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court)\\. On October 21, 2013, the Bankruptcy Court entered an order approving and confirming the Debtors\u2019 fourth amended joint plan of reorganization (as amended, the Plan)\\. On the Effective Date, December 9, 2013, the Debtors consummated their reorganization pursuant to the Plan and completed the Merger\\.\n\nPursuant to rulings of the Bankruptcy Court, the Plan established the Disputed Claims Reserve to hold shares of AAG common stock reserved for issuance to disputed claimholders at the Effective Date that ultimately become holders of allowed claims\\. As of December 31, 2017, there were approximately 24\\.5 million shares of AAG common stock remaining in the Disputed Claims Reserve\\. As disputed claims are resolved, the claimants will receive distributions of shares from the Disputed Claims Reserve on the same basis as if such distributions had been made on or about the Effective Date\\. However, we are not required to distribute additional shares above the limits contemplated by the Plan, even if the shares remaining for distribution are not sufficient to fully pay any additional allowed unsecured claims\\. To the extent that any of the reserved shares remain undistributed upon resolution of all remaining disputed claims, such shares will not be returned to us but rather will be distributed to former AMR stockholders\\.\n\nThere is also pending in the Bankruptcy Court an adversary proceeding relating to an action brought by American to seek a determination that certain non\\-pension, postemployment benefits are not vested benefits and thus may be modified or terminated without liability to American\\. On April 18, 2014, the Bankruptcy Court granted American\u2019s motion for summary judgment with respect to certain non\\-union employees, concluding that their benefits were not vested and could be terminated\\. The summary judgment motion was denied with respect to all other retirees\\. The Bankruptcy Court has not yet scheduled a trial on the merits concerning whether those retirees\u2019 benefits are vested, and American cannot predict whether it will receive relief from obligations to provide benefits to any of those retirees\\. Our financial statements presently reflect these retirement programs without giving effect to any modification or termination of benefits that may ultimately be implemented based upon the outcome of this proceeding\\.\n\n*DOJ Antitrust Civil Investigative Demand\\.* In June 2015, we received a Civil Investigative Demand (CID) from the DOJ as part of an investigation into whether there have been illegal agreements or coordination of air passenger capacity\\. The CID seeks documents and other information from us, and other airlines have announced that they have received similar requests\\. We are cooperating fully with the DOJ investigation\\. \n\n*Private Party Antitrust Action*\\. Subsequent to announcement of the delivery of CIDs by the DOJ, we, along with Delta Air Lines, Inc\\., Southwest Airlines Co\\., United Airlines, Inc\\. and, in the case of litigation filed in Canada, Air Canada, have been named as defendants in approximately 100 putative class action lawsuits alleging unlawful agreements with respect to air passenger capacity, although Southwest has entered into a settlement with the plaintiffs that is pending approval by the court\\. The U\\.S\\. lawsuits have been consolidated in the Federal District Court for the District of Columbia\\. On October 28, 2016, the Court denied a motion by the airline defendants to dismiss all claims in the class actions\\. These lawsuits are in their relatively early stages and we intend to defend these matters vigorously\\.\n\n*Private Party Antitrust Action Related to the Merger*\\. On July 2, 2013, a lawsuit captioned Carolyn Fjord, et al\\., v\\. US Airways Group, Inc\\., et al\\., was filed in the United States District Court for the Northern District of California\\. The complaint named as defendants US Airways Group and US Airways, alleged that the effect of the Merger may be to create a monopoly in violation of Section 7 of the Clayton Antitrust Act, and sought injunctive relief and/or divestiture\\. On August 6, 2013, the plaintiffs re\\-filed their complaint in the Bankruptcy Court, adding AMR and American as defendants\\. On November 27, 2013, the Bankruptcy Court denied plaintiffs\u2019 motion to preliminarily enjoin the Merger\\. On May 12, 2017, defendants filed a motion for summary judgment\\. On June 23, 2017, plaintiffs filed an opposition to defendants\u2019 motion and cross\\-motion for summary judgment\\. Briefing of the parties\u2019 respective motions concluded on September 1, 2017; a hearing date has not yet been set\\. We believe this lawsuit is without merit and intend to vigorously defend against the allegations\\.\n\n*DOJ Investigation Related to the United States Postal Service*\\. In April 2015, the DOJ informed us of an inquiry regarding American\u2019s 2009 and 2011 contracts with the United States Postal Service for the international transportation of mail by air\\. In October 2015, we received a CID from the DOJ seeking certain information relating to these contracts and the DOJ has also sought information concerning certain of the airlines that transport mail on a codeshare basis\\. The DOJ has indicated it is investigating potential violations of the False Claims Act or other statutes\\. We are cooperating fully with the DOJ with regard to its investigation\\.\n\n36"}
{"_id": "AmericanAirlines-2019_145.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nBenefit Plan Assets Measured at Fair Value on a Recurring Basis\n\nThe fair value of American\u2019s pension plan assets at  December 31, 2019  and  2018 , by asset category, were as follows (in millions):\n\n\n\n|                                                                                               |                                                                                                       |                                                                              |                                                                                |                                                     |\n| --------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                                                                                               | **Fair Value Measurements as of December 31, 2019**                                                   | **Fair Value Measurements as of December 31, 2019**                          | **Fair Value Measurements as of December 31, 2019**                            | **Fair Value Measurements as of December 31, 2019** |\n| **Asset Category**                                                                            | **Quoted Prices in** <br><br>**Active Markets** <br><br>**for Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Cash and cash equivalents                                                                     | $20                                                                                                   | $\u2014                                                                           | $\u2014                                                                             | $20                                                 |\n| Equity securities:                                                                            |                                                                                                       |                                                                              |                                                                                |                                                     |\n| International markets  ^(a), (b)^                                                             | 2,769                                                                                                 | \u2014                                                                            | \u2014                                                                              | 2,769                                               |\n| Large\\-cap companies  ^(b)^                                                                   | 2,312                                                                                                 | \u2014                                                                            | \u2014                                                                              | 2,312                                               |\n| Mid\\-cap companies  ^(b)^                                                                     | 543                                                                                                   | \u2014                                                                            | \u2014                                                                              | 543                                                 |\n| Small\\-cap companies  ^(b)^                                                                   | 97                                                                                                    | \u2014                                                                            | \u2014                                                                              | 97                                                  |\n| Fixed income:                                                                                 |                                                                                                       |                                                                              |                                                                                |                                                     |\n| Corporate debt  ^(c)^                                                                         | \u2014                                                                                                     | 2,804                                                                        | \u2014                                                                              | 2,804                                               |\n| Government securities  ^(d)^                                                                  | \u2014                                                                                                     | 923                                                                          | \u2014                                                                              | 923                                                 |\n| U\\.S\\. municipal securities                                                                   | \u2014                                                                                                     | 51                                                                           | \u2014                                                                              | 51                                                  |\n| Mortgage backed securities                                                                    | \u2014                                                                                                     | 4                                                                            | \u2014                                                                              | 4                                                   |\n| Alternative instruments:                                                                      |                                                                                                       |                                                                              |                                                                                |                                                     |\n| Private market partnerships  ^(e)^                                                            | \u2014                                                                                                     | \u2014                                                                            | 10                                                                             | 10                                                  |\n| Private market partnerships measured at net asset value  ^(e), (f)^                           | \u2014                                                                                                     | \u2014                                                                            | \u2014                                                                              | 1,464                                               |\n| Common/collective trusts  ^(g)^                                                               | \u2014                                                                                                     | 358                                                                          | \u2014                                                                              | 358                                                 |\n| Common/collective trusts and 103\\-12 Investment Trust measured at net asset value  ^(f), (g)^ | \u2014                                                                                                     | \u2014                                                                            | \u2014                                                                              | 1,423                                               |\n| Insurance group annuity contracts                                                             | \u2014                                                                                                     | \u2014                                                                            | 2                                                                              | 2                                                   |\n| Dividend and interest receivable                                                              | 53                                                                                                    | \u2014                                                                            | \u2014                                                                              | 53                                                  |\n| Due to/from brokers for sale of securities \u2013 net                                              | (4<br><br>)                                                                                           | \u2014                                                                            | \u2014                                                                              | (4<br><br>)                                         |\n| Total                                                                                         | $5,790                                                                                                | $4,140                                                                       | $12                                                                            | $12,829                                             |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(a)^ | Holdings are diversified as follows:   14%  United Kingdom,   8%  Switzerland,   8%  Ireland,   7%  Japan,   7%  France,   6%  South Korea,   6%  Canada,   18%  emerging markets and the remaining   26%  with no concentration greater than 5% in any one country\\. |\n\n\n\n\n\n|       |                                                                              |\n| ----- | ---------------------------------------------------------------------------- |\n| ^(b)^ | There are no significant concentrations of holdings by company or industry\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(c)^ | Includes approximately   76%  investments in corporate debt with a S&P rating lower than A and   24%  investments in corporate debt with a S&P rating A or higher\\. Holdings include   86%  U\\.S\\. companies,   11%  international companies and   3%  emerging market companies\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                     |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(d)^ | Includes approximately   79%  investments in U\\.S\\. domestic government securities,   13%  in emerging market government securities and   8%  in international government securities\\. There are no significant foreign currency risks within this classification\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(e)^ | Includes limited partnerships that invest primarily in domestic private equity and private income opportunities\\. The pension plan\u2019s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated\\. It is estimated that the underlying assets of these funds will be gradually liquidated over the next  one  to   ten years \\. Additionally, the pension plan\u2019s master trust has future funding commitments of approximately   $1\\.4 billion  over the next   ten years \\.  |\n\n\n\n146"}
{"_id": "AmericanAirlines-2019_176.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.182                        | [Form of Pass Through Trust Certificate, Series 2019\\-1A (Aircraft EETC) (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.183                        | [Form of Pass Through Trust Certificate, Series 2019\\-1B (Aircraft EETC) (incorporated by reference to Exhibit A to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex44.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.184                        | [Revolving Credit Agreement (2019\\-1AA), dated as of August 15, 2019, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2019\\-1AA (Aircraft EETC), as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.18 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex418.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.185                        | [Revolving Credit Agreement (2019\\-1A), dated as of August 15, 2019, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2019\\-1A (Aircraft EETC), as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.19 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex419.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| 4\\.186                        | [Revolving Credit Agreement (2019\\-1B), dated as of August 15, 2019, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2019\\-1B (Aircraft EETC), as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.20 to American\u2019s Current Report on Form 8\\-K filed on August 15, 2019 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519222562/d774498dex420.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| 10\\.1                         | [Amended and Restated Credit and Guaranty Agreement, dated as of December 15, 2016, amending the Loan Agreement, dated as of May 23, 2013, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\., as borrower), as the borrower, American Airlines Group Inc\\., as parent and guarantor (as successor in interest to US Airways Group, Inc\\., as parent and guarantor), the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent and collateral agent (as successor in interest to Citicorp North America Inc\\., as administrative agent and collateral agent), and certain other parties thereto\\. (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517051216/d286458dex101.htm)                                                                                                                 |\n| 10\\.2                         | [First Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of November 14, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of December 15, 2016, amending the Loan Agreement, dated as of May 23, 2013, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\., as borrower), as the borrower, American Airlines Group Inc\\., as parent and guarantor (as successor in interest to US Airways Group, Inc\\., as parent and guarantor), the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent and collateral agent (as successor in interest to Citicorp North America Inc\\., as administrative agent and collateral agent), and certain other parties thereto (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000009/ex10210k2017.htm) |\n| 10\\.3                         | [First Amendment and Restatement Agreement, dated as of April 20, 2015, in relation to the Credit and Guaranty Agreement, dated as of October 10, 2014 (as amended), among American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.), American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), the Revolving Lenders (as defined therein) party thereto, the 2015 Term Loan Lenders (as defined therein) party thereto and Citibank N\\.A\\., as administrative agent and collateral agent (incorporated by reference to Exhibit 10\\.4 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex104.htm)                                                                                                                                                                                                                                    |\n| 10\\.4                         | [First Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of October 26, 2015, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.), the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.6 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516474605/d78287dex106.htm)                                                                                                                                                                                                                                                                          |\n| 10\\.5                         | [Second Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of September 22, 2016, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516742263/d247546dex101.htm)                                                                                                                                                                                                                                                                                                                                                                     |\n| 10\\.6                         | [Third Amendment to the Amended and Restated Credit and Guaranty Agreement, dated as of June 14, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517239325/d416225dex102.htm)                                                                                                                                                                                                                                                                                                                                                                            |\n| 10\\.7                         | [Fourth Amendment to the Amended and Restated Credit and Guaranty Agreement, dated as of August 21, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.7 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000016/ex10110qq118.htm) \\*                                                                                                                                                                                                                                                                                                                                                                         |\n\n\n\n177"}
{"_id": "Alaska-2017_40.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\ndriven by a decrease in ticket yields on relatively flat load factors\\. Lower ticket yields (pricing) were impacted, in large part, by our new market growth and by competitor pricing actions felt more acutely in our California markets\\. \n\n***Passenger Revenue***\u2014***Regional***\n\nRegional passenger revenue increased by $52 million, or 6%, compared to 2016 due to a 10%increase in capacity, partially offset by a 4%decrease in PRASM compared to 2016\\. The increase in capacity is due to an increase in departures from new E175 deliveries, an increase in average aircraft stage length and the annualization of new routes introduced over the past twelve months\\. The decrease in Regional PRASM was primarily driven by the significant growth in our regional business and competitive pricing actions\\. \n\n***Other***\u2014***Net***\n\nOther\u2014net revenue increased$184 million, or 23%, from 2016, primarily due to increases in frequent flyer program revenue\\. Frequent flyer program revenue increased $53 million or 12%, due to an increase in miles sold to our affinity card partner in the the current year\\. On a Combined Comparative basis, Other\u2014net revenue increased$34 million, or 4%\\. \n\nUnder the new revenue recognition standard, our 2017 recast revenues will decrease by approximately $41 million\\. We expect competitive pressures on unit revenues to continue into 2018\\. However, given our projected capacity growth, we expect total revenue will increase in 2018 as we expect to grow our capacity approximately 7\\.5%\\. \n\n***OPERATING EXPENSES***\n\nTotal operating expenses increased$2\\.1 billion, or 46%, compared to 2016\\. On a Combined Comparative basis, total operating expenses increased$749 million, or 13% primarily as a result of higher wages and benefits and higher fuel costs, among other increases\\. We believe it is useful to summarize operating expenses as follows, which is consistent with the way expenses are reported internally and evaluated by management:\n\n\n\n|                                     |                                      |                                      |                                          |                                      |                |                |\n| ----------------------------------- | ------------------------------------ | ------------------------------------ | ---------------------------------------- | ------------------------------------ | -------------- | -------------- |\n|                                     | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,**     | **Twelve Months Ended December 31,** | **Change**     | **Change**     |\n| ***(in millions)***                 | **2017**                             | **2016 as Reported**                 | **2016 Pre\\-acquisition Virgin America** | **2016 Combined**                    | **$ Combined** | **% Combined** |\n| Fuel expense                        | **$1,447**                           | $831                                 | $293                                     | $1,124                               | $323           | 28\\.7 %        |\n| Non\\-fuel expenses                  | **5,108**                            | 3,634                                | 1,028                                    | 4,662                                | 446            | 9\\.6 %         |\n| Special items\u2014merger\\-related costs | **118**                              | 117                                  | 21                                       | 138                                  | (20)           | (14\\.5)%       |\n| Total Operating Expenses            | **$6,673**                           | $4,582                               | $1,342                                   | $5,924                               | $749           | 12\\.6 %        |\n\n\n\nSignificant operating expense variances from 2016 are more fully described below\\.\n\n***Aircraft Fuel***\n\nAircraft fuel expense includes both *raw fuel expense* (as defined below) and the effect of mark\\-to\\-market adjustments to our fuel hedge portfolio included in our consolidated statement of operations as the value of that portfolio increases and decreases\\. Aircraft fuel expense can be volatile, even between quarters, because it includes these gains or losses in the value of the underlying instrument as crude oil prices and refining margins increase or decrease\\. \n\n*Raw fuel expense* is defined as the price that we generally pay at the airport, or the \u201cinto\\-plane\u201d price, including taxes and fees\\. Raw fuel prices are impacted by world oil prices and refining costs, which can vary by region in the U\\.S\\. *Raw fuel expense* approximates cash paid to suppliers and does not reflect the effect of our fuel hedges\\.\n\n 41"}
{"_id": "Alaska-2017_31.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|                                                                        |              |          |          |          |          |\n| ---------------------------------------------------------------------- | ------------ | -------- | -------- | -------- | -------- |\n| ***Year Ended December 31 (in millions, except per\\-share amounts):*** | **2017**     | **2016** | **2015** | **2014** | **2013** |\n| **CONSOLIDATED OPERATING RESULTS**  *(audited)*                        |              |          |          |          |          |\n| Operating Revenues                                                     | **$7,933**   | $5,931   | $5,598   | $5,368   | $5,156   |\n| Operating Expenses                                                     | **6,673**    | 4,582    | 4,300    | 4,406    | 4,318    |\n| Operating Income                                                       | **1,260**    | 1,349    | 1,298    | 962      | 838      |\n| Nonoperating income (expense), net of interest capitalized ^(a)^       | **(53)**     | (4)      | 14       | 13       | (22)     |\n| Income before income tax                                               | **1,207**    | 1,345    | 1,312    | 975      | 816      |\n| Net Income                                                             | **$1,034**   | $814     | $848     | $605     | $508     |\n| Average basic shares outstanding                                       | **123\\.211** | 123\\.557 | 128\\.373 | 135\\.445 | 139\\.910 |\n| Average diluted shares outstanding                                     | **123\\.854** | 124\\.389 | 129\\.372 | 136\\.801 | 141\\.878 |\n| Basic earnings per share                                               | **$8\\.39**   | $6\\.59   | $6\\.61   | $4\\.47   | $3\\.63   |\n| Diluted earnings per share                                             | **$8\\.35**   | $6\\.54   | $6\\.56   | $4\\.42   | $3\\.58   |\n| Cash dividends declared per share                                      | **$1\\.20**   | $1\\.10   | $0\\.80   | $0\\.50   | 0\\.20    |\n| **CONSOLIDATED FINANCIAL POSITION**  *(audited)*                       |              |          |          |          |          |\n| *At End of Period (in millions):*                                      |              |          |          |          |          |\n| Total assets                                                           | **$10,740**  | $9,962   | $6,530   | $6,059   | $5,719   |\n| Long\\-term debt, including current portion                             | **$2,569**   | $2,964   | $683     | $798     | $865     |\n| Shareholders' equity                                                   | **$3,721**   | $2,931   | $2,411   | $2,127   | $2,029   |\n| **OPERATING STATISTICS**  *(unaudited)* ^(d)^                          |              |          |          |          |          |\n| **Consolidated:** **^(b)^**                                            |              |          |          |          |          |\n| Revenue passengers (000)                                               | **44,034**   | 34,289   | 31,883   | 29,287   | 27,414   |\n| RPMs (000,000) \"traffic\"                                               | **52,338**   | 37,209   | 33,578   | 30,718   | 28,833   |\n| ASMs (000,000) \"capacity\"                                              | **62,072**   | 44,135   | 39,914   | 36,078   | 33,672   |\n| Load factor                                                            | **84\\.3%**   | 84\\.3%   | 84\\.1%   | 85\\.1%   | 85\\.6%   |\n| Yield                                                                  | **13\\.03\u00a2**  | 13\\.45\u00a2  | 14\\.27\u00a2  | 14\\.91\u00a2  | 14\\.80\u00a2  |\n| PRASM                                                                  | **10\\.98\u00a2**  | 11\\.34\u00a2  | 12\\.01\u00a2  | 12\\.69\u00a2  | 12\\.67\u00a2  |\n| RASM                                                                   | **12\\.78\u00a2**  | 13\\.44\u00a2  | 14\\.03\u00a2  | 14\\.88\u00a2  | 14\\.74\u00a2  |\n| CASMex ^(c)^                                                           | **8\\.23\u00a2**   | 8\\.23\u00a2   | 8\\.30\u00a2   | 8\\.36\u00a2   | 8\\.47\u00a2   |\n| **Mainline:**                                                          |              |          |          |          |          |\n| Revenue passengers (000)                                               | **34,539**   | 24,838   | 22,869   | 20,972   | 19,737   |\n| RPMs (000,000) \"traffic\"                                               | **48,238**   | 33,489   | 30,340   | 27,778   | 26,172   |\n| ASMs (000,000) \"capacity\"                                              | **56,945**   | 39,473   | 35,912   | 32,430   | 30,411   |\n| Load factor                                                            | **84\\.7%**   | 84\\.8%   | 84\\.5%   | 85\\.7%   | 86\\.1%   |\n| Yield                                                                  | **12\\.14\u00a2**  | 12\\.24\u00a2  | 12\\.98\u00a2  | 13\\.58\u00a2  | 13\\.33\u00a2  |\n| PRASM                                                                  | **10\\.29\u00a2**  | 10\\.38\u00a2  | 10\\.97\u00a2  | 11\\.64\u00a2  | 11\\.48\u00a2  |\n| CASMex ^(c)^                                                           | **7\\.47\u00a2**   | 7\\.30\u00a2   | 7\\.39\u00a2   | 7\\.45\u00a2   | 7\\.54\u00a2   |\n| **Regional**  **^(b)^** **:**                                          |              |          |          |          |          |\n| Revenue passengers (000)                                               | **9,495**    | 9,452    | 9,015    | 8,306    | 7,677    |\n| RPMs (000,000) \"traffic\"                                               | **4,101**    | 3,720    | 3,238    | 2,940    | 2,661    |\n| ASMs (000,000) \"capacity\"                                              | **5,127**    | 4,662    | 4,002    | 3,648    | 3,261    |\n| Load factor                                                            | **80\\.0%**   | 79\\.8%   | 80\\.9%   | 80\\.6%   | 81\\.6%   |\n| Yield                                                                  | **23\\.41\u00a2**  | 24\\.42\u00a2  | 26\\.37\u00a2  | 27\\.40\u00a2  | 29\\.20\u00a2  |\n| PRASM                                                                  | **18\\.72\u00a2**  | 19\\.49\u00a2  | 21\\.34\u00a2  | 22\\.08\u00a2  | 23\\.83\u00a2  |\n\n\n\n\n\n|     |                                                                                                                                                       |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | Capitalized interest was  $17 million ,  $25 million ,  $34 million ,  $20 million  and  $21 million  for  2017 ,  2016 ,  2015 ,  2014  and  2013 \\. |\n\n\n\n\n\n|     |                                                                                      |\n| --- | ------------------------------------------------------------------------------------ |\n| (b) | Includes flights under Capacity Purchase Agreements operated by SkyWest and PenAir\\. |\n\n\n\n\n\n|     |                                                                                                                                                  |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (c) | See reconciliation to the most directly related Generally Accepted Accounting Principles (GAAP) measure in the \"Results of Operations\" section\\. |\n\n\n\n\n\n|     |                                                                    |\n| --- | ------------------------------------------------------------------ |\n| (d) | See \"Glossary of Terms\" for definitions of the abbreviated terms\\. |\n\n\n\n 32"}
{"_id": "Southwest-2019_51.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nThe Company entered into the following share repurchases during  2019 , which were each recorded as a treasury share purchase for purposes of calculating earnings per share\\. See Part II, Item 5 for further information on the Company's share repurchase authorizations\\.\n\n\n\n|                                                                        |                     |     |               |\n| ---------------------------------------------------------------------- | ------------------- | --- | ------------- |\n| **Share repurchases (in millions)**                                    | **Shares received** |     | **Cash paid** |\n| First Quarter 2019 Accelerated Share Repurchase Program<br><br>  <br>  | 9\\.38               |     | $500          |\n| Second Quarter 2019 Accelerated Share Repurchase Program<br><br>  <br> | 7\\.82               |     | 400           |\n| Third Quarter 2019 Accelerated Share Repurchase Program<br><br>  <br>  | 9\\.49               |     | 500           |\n| Fourth Quarter 2019 Accelerated Share Repurchase Program               | 9\\.11               | (a) | 550           |\n| Open Market Share Repurchases                                          | 0\\.95               |     | 50            |\n| Total                                                                  | 36\\.75              |     | $2,000        |\n\n\n\n(a) Final settlement of the Fourth Quarter 2019 ASR Program is scheduled to occur in February 2020\\. The specific number of shares that the Company ultimately will repurchase under the Fourth Quarter 2019 ASR Program will be determined based generally on a discount to the volume\\-weighted average price per share of the Company's common stock during a calculation period to be completed no later than February 13, 2020\\.\n\nOn February 14, 2019, Fitch upgraded the Company's investment grade credit ratings to \"A\\-\" from \"BBB\\+\\.\" The upgrade of the Company's investment grade rating was based on the Company's low fundamental level of credit risk as demonstrated by its track record of generating positive free cash flow, its solid financial flexibility, strong balance sheet, and commitment to conservative financial policies\\. The Company maintained its investment grade credit ratings of \"A3\" with Moody's and \"BBB\\+\" with Standard & Poor's\\. \n\nThe Company routinely carries a working capital deficit, in which its current liabilities exceed its current assets\\. This is common within the airline industry and is primarily due to the nature of the Air traffic liability account, which is related to advance ticket sales, unused funds available to Customers, and loyalty deferred revenue, which are performance obligations for future Customer flights, do not require future settlement in cash, and are mostly nonrefundable\\. See Note  5  to the Consolidated Financial Statements for further information\\. The Company believes that its current liquidity position, including unrestricted cash and short\\-term investments of  $4\\.1 billion  as of  December 31, 2019 , anticipated future internally generated funds from operations, and its fully available, unsecured revolving credit facility of $1\\.0 billion that expires in  August 2022 , will enable it to meet its future known obligations in the ordinary course of business\\. However, if a liquidity need were to arise, the Company believes it has access to financing arrangements because of its investment grade credit ratings, large value of unencumbered assets, and modest leverage, which should enable it to meet its ongoing capital, operating, and other liquidity requirements\\. The Company will continue to consider various borrowing or leasing options to maximize liquidity and supplement cash requirements, as necessary\\.\n\nThe Company has a large net deferred tax liability on its Consolidated Balance Sheet\\. The deferral of income taxes has resulted in a significant benefit to the Company and its liquidity position\\. Since the Company purchases the majority of the aircraft it acquires, it has been able to utilize accelerated depreciation methods (including bonus depreciation) available under the Internal Revenue Code of 1986, as amended, in  2019  and in previous years, which has enabled the Company to defer the cash tax payments associated with these depreciable assets to future years\\. Based on the Company\u2019s scheduled future aircraft deliveries from Boeing and existing tax laws in effect, the Company will continue to defer a portion of cash income taxes to future years\\. The Company has paid in the past, and will continue to pay in the future, significant cash taxes to the various taxing jurisdictions where it operates\\. The Company expects to be able to continue to meet such obligations utilizing cash and investments on hand, as well as cash generated from its ongoing operations\\.\n\nOff\\-Balance Sheet Arrangements, Contractual Obligations, and Contingent Liabilities and Commitments\n\nThe Company has contractual obligations and commitments primarily with regard to future purchases of aircraft, payment of debt, and lease arrangements\\. For aircraft commitments with Boeing, the Company is required to make cash deposits toward the purchase of aircraft in advance\\. These deposits are classified as Deposits on flight equipment \n\n52"}
{"_id": "AmericanAirlines-2017_161.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nAs of December 31, 2017, American\u2019s minimum fixed obligations under its capacity purchase agreements with third\\-party regional carriers are as follows (approximately, in millions):\n\n\n\n|                                                                                                         |          |          |          |          |          |                         |           |\n| ------------------------------------------------------------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                                                                                                         | **2018** | **2019** | **2020** | **2021** | **2022** | **2023 and Thereafter** | **Total** |\n| Minimum fixed obligations under capacity purchase agreements with third\\-party regional carriers  ^(1)^ | $1,457   | $1,311   | $1,063   | $866     | $699     | $2,073                  | $7,469    |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Represents minimum payments under capacity purchase agreements with third\\-party regional carriers\\. These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American\u2019s actual payments could differ materially\\. These obligations also include the portion of American\u2019s future obligations representing the lease of aircraft for accounting purposes in the amount of approximately  $377 million  in  2018 ,  $355 million  in  2019 ,  $320 million  in  2020 ,  $282 million  in  2021 ,  $239 million  in  2022  and  $699 million  in  2023 and thereafter \\. |\n\n\n\n***(d) Off\\-Balance Sheet Arrangements***\n\n*Aircraft*\n\nAmerican currently operates 387 owned aircraft and 113 leased aircraft which were financed with EETCs issued by pass\\-through trusts\\. These trusts are off\\-balance sheet entities, the primary purpose of which is to finance the acquisition of flight equipment\\. Rather than finance each aircraft separately when such aircraft is purchased, delivered or refinanced, these trusts allow American to raise the financing for a number of aircraft at one time and, if applicable, place such funds in escrow pending a future purchase, delivery or refinancing of the relevant aircraft\\. The trusts were also structured to provide for certain credit enhancements, such as liquidity facilities to cover certain interest payments, that reduce the risks to the purchasers of the trust certificates and, as a result, reduce the cost of aircraft financing to American\\.\n\nEach trust covers a set number of aircraft scheduled to be delivered or refinanced upon the issuance of the EETC or within a specific period of time thereafter\\. At the time of each covered aircraft financing, the relevant trust used the proceeds of the issuance of the EETC (which may have been available at the time of issuance thereof or held in escrow until financing of the applicable aircraft following its delivery) to purchase equipment notes relating to the financed aircraft\\. The equipment notes are issued, at American\u2019s election, in connection with a mortgage financing of the aircraft or, in certain cases, by a separate owner trust in connection with a leveraged lease financing of the aircraft\\. In the case of a leveraged lease financing, the owner trust then leases the aircraft to American\\. In both cases, the equipment notes are secured by a security interest in the aircraft\\. The pass\\-through trust certificates are not direct obligations of, nor are they guaranteed by, AAG or American\\. However, in the case of mortgage financings, the equipment notes issued to the trusts are direct obligations of American and, in certain instances, have been guaranteed by AAG\\. As of December 31, 2017, $11\\.9 billion associated with these mortgage financings is reflected as debt in the accompanying consolidated balance sheet\\.\n\nWith respect to leveraged leases, American evaluated whether the leases had characteristics of a variable interest entity\\. American concluded the leasing entities met the criteria for variable interest entities\\. American generally is not the primary beneficiary of the leasing entities if the lease terms are consistent with market terms at the inception of the lease and do not include a residual value guarantee, fixed\\-price purchase option or similar feature that obligates American to absorb decreases in value or entitles American to participate in increases in the value of the aircraft\\. American does not provide residual value guarantees to the bondholders or equity participants in the trusts\\. Some leases have a fair market value or a fixed price purchase option that allows American to purchase the aircraft at or near the end of the lease term\\. However, the option price approximates an estimate of the aircraft\u2019s fair value at the option date\\. Under this feature, American does not participate in any increases in the value of the aircraft\\. American concluded it is not the primary beneficiary under these arrangements\\. Therefore, American accounts for the majority of its EETC leveraged lease financings as operating leases\\. American\u2019s total future obligations to the trusts of each of the relevant EETCs under these leveraged lease financings are $572 million as of December 31, 2017, which are included in the future minimum lease payments table above\\.\n\n162"}
{"_id": "United-2017_41.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\ninactivity\\. The Company\u2019s estimate of the expected expiration of miles requires significant management judgment\\. Current and future changes to expiration assumptions or to the expiration policy, or to program rules and program redemption opportunities, may result in material changes to the deferred revenue balance as well as recognized revenues from the programs\\.\n\nThe following table summarizes information related to the Company\u2019s Frequent flyer deferred revenue liability:\n\n\n\n|                                                                                                             |         |\n|:----------------------------------------------------------------------------------------------------------- | -------:|\n| Frequent flyer deferred revenue at December 31, 2017 (in millions)                                          | $4,741  |\n| Percentage of miles earned expected to expire                                                               |     18% |\n| Impact of 1% change in outstanding miles or weighted average ticket value on deferred revenue (in millions) |    $53  |\n\n\n\n***Long\\-Lived Assets\\.*** The net book value of operating property and equipment for the Company was $26 billion and $23 billion at December 31, 2017 and 2016, respectively\\. The assets\u2019 recorded value is impacted by a number of accounting policy elections, including the estimation of useful lives and residual values and, when necessary, the recognition of asset impairment charges\\.\n\nThe Company records assets acquired, including aircraft, at acquisition cost\\. Depreciable life is determined through economic analysis, such as reviewing existing fleet plans, obtaining appraisals and comparing estimated lives to other airlines that operate similar fleets\\. The Company has generally estimated the lives of those aircraft to be between 25 and 30 years\\. Residual values are estimated based on historical experience with regard to the sale of both aircraft and spare parts and are established in conjunction with the estimated useful lives of the related fleets\\. Residual values are based on when the aircraft are acquired and typically reflect asset values that have not reached the end of their physical life\\. Both depreciable lives and residual values are revised periodically as facts and circumstances arise to recognize changes in the Company\u2019s fleet plan and other relevant information\\. A one\\-year increase in the average depreciable life of the Company\u2019s flight equipment would reduce annual depreciation expense on flight equipment by approximately $76 million\\.\n\nThe Company evaluates the carrying value of long\\-lived assets and intangible assets subject to amortization whenever events or changes in circumstances indicate that an impairment may exist\\. For purposes of this testing, the Company has generally identified the aircraft fleet type as the lowest level of identifiable cash flows for purposes of testing aircraft for impairment\\. An impairment charge is recognized when the asset\u2019s carrying value exceeds its net undiscounted future cash flows and its fair market value\\. The amount of the charge is the difference between the asset\u2019s carrying value and fair market value\\.\n\nSee Note 14 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\n***Indefinite\\-lived intangible assets\\.*** The Company has indefinite\\-lived intangible assets, including goodwill\\. Goodwill and indefinite\\-lived intangible assets are not amortized but are reviewed for impairment on an annual basis as of October 1, or on an interim basis whenever a triggering event occurs\\. An impairment occurs when the fair value of an intangible asset is less than its carrying value\\. In 2017, the Hong Kong routes had a fair value cushion that was less than 10% of its carrying value\\. The value of the routes was negatively impacted by the slowdown of the Hong Kong market coupled with industry oversupply\\. As a result, this intangible asset is susceptible to impairment risk from adverse changes in this particular market\\. While management has implemented strategies to address the shifts in supply and demand dynamics, further adverse changes could reduce the underlying cash flows used to estimate fair value and could trigger impairment charges of the Hong Kong routes\\.\n\nSee Note 2 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\n***Defined Benefit Plan Accounting\\.*** We sponsor defined benefit pension plans for eligible employees and retirees\\. The most critical assumptions impacting our defined benefit pension plan obligations and expenses are the weighted average discount rate and the expected long\\-term rate of return on the plan assets\\.\n\nUnited\u2019s pension plans\u2019 under\\-funded status was $1\\.9 billion at December 31, 2017\\. Funding requirements for tax\\-qualified defined benefit pension plans are determined by government regulations\\. In 2018, we anticipate\n\n42"}
{"_id": "Southwest-2019_62.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nThe Company is also subject to a financial covenant included in its revolving credit facility, and is subject to credit rating triggers related to its credit card transaction processing agreements, the pricing related to any funds drawn under its revolving credit facility, and some of its hedging counterparty agreements\\. Certain covenants include the maintenance of minimum credit ratings and/or triggers that are based on changes in these ratings\\. The Company\u2019s revolving credit facility contains a financial covenant requiring a minimum coverage ratio of adjusted pre\\-tax income to fixed obligations, as defined\\. As of  December 31, 2019 , the Company was in compliance with this covenant and there were  no  amounts outstanding under the revolving credit facility\\. However, if conditions change and the Company fails to meet the minimum standards set forth in the revolving credit facility, there could be a reduction in the availability of cash under the facility, or an increase in the costs to keep the facility intact as written\\. The Company\u2019s hedging counterparty agreements contain ratings triggers in which cash collateral could be required to be posted with the counterparty if the Company\u2019s credit rating were to fall below investment grade by two of the three major rating agencies, and if the Company were in a net liability position with the counterparty\\. See  Note 10  to the Consolidated Financial Statements for further information\\.\n\nThe Company currently has agreements with organizations that process credit card transactions arising from purchases of air travel tickets by its Customers utilizing American Express, Discover, and MasterCard/VISA\\. Credit card processors have financial risk associated with tickets purchased for travel because the processor generally forwards the cash related to the purchase to the Company soon after the purchase is completed, but the air travel generally occurs after that time; therefore, the processor will have liability if the Company does not ultimately provide the air travel\\. Under these processing agreements, and based on specified conditions, increasing amounts of cash reserves could be required to be posted with the counterparty\\. There was no cash reserved for this purpose as of December 31, 2019\\. \n\nA majority of the Company\u2019s sales transactions are processed by Chase Paymentech\\. Should chargebacks processed by Chase Paymentech reach a certain level, proceeds from advance ticket sales could be held back and used to establish a reserve account to cover such chargebacks and any other disputed charges that might occur\\. Additionally, cash reserves are required to be established if the Company\u2019s credit rating falls to specified levels below investment grade\\. Cash reserve requirements are based on the Company\u2019s public debt rating and a corresponding percentage of the Company\u2019s Air traffic liability\\.\n\nAs of  December 31, 2019 , the Company was in compliance with all credit card processing agreements\\. The inability to enter into credit card processing agreements would have a material adverse effect on the business of the Company\\. The Company believes that it will be able to continue to renew its existing credit card processing agreements or will be able to enter into new credit card processing agreements with other processors in the future\\.\n\n63"}
{"_id": "Southwest-2017_116.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**PART IV**\n\n**Item 15\\.** ***Exhibits and Financial Statement Schedules***\n\n(a) 1\\. *Financial Statements:*\n\nThe financial statements included in Item 8\\. Financial Statements and Supplementary Data above are filed as part of this annual report\\.\n\n2\\. *Financial Statement Schedules:*\n\nThere are no financial statement schedules filed as part of this annual report, since the required information is included in the Consolidated Financial Statements, including the notes thereto, or the circumstances requiring inclusion of such schedules are not present\\.\n\n3\\. Exhibits:\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 3\\.1  | [Restated Certificate of Formation of the Company, effective May 18, 2012 (incorporated by reference to Exhibit 3\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2012 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238012000089/ex3_1.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 3\\.2  | [Second Amended and Restated Bylaws of the Company, effective November 17, 2016 (incorporated by reference to Exhibit 3\\.1 to the Company\u2019s Current Report on Form 8\\-K filed November 21, 2016 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312516773178/d282581dex31.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.1  | [Specimen certificate representing common stock of the Company (incorporated by reference to Exhibit 4\\.2 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1994 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/0000930661-95-000050.txt)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| 4\\.2  | [Indenture dated as of February 14, 2005, between the Company and The Bank of New York Trust Company, N\\.A\\., Trustee (incorporated by reference to Exhibit 4\\.2 to the Company\u2019s Current Report on Form 8\\-K filed February 14, 2005 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000129993305000651/exhibit3.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 4\\.3  | [Indenture dated as of September 17, 2004, between the Company and Wells Fargo Bank, N\\.A\\., Trustee (incorporated by reference to Exhibit 4\\.1 to the Company\u2019s Registration Statement on Form S\\-3 filed October 30, 2002 (File No\\. 333\\-100861))\\.](http://www.sec.gov/Archives/edgar/data/92380/000095013402013127/d00530exv4w1.txt)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.4  | [Indenture dated as of February 25, 1997, between the Company and U\\.S\\. Trust Company of Texas, N\\.A\\. (incorporated by reference to Exhibit 4\\.12 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1996 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/0000950134-97-002019.txt)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n|       | The Company is not filing any other instruments evidencing any indebtedness because the total amount of securities authorized under any single such instrument does not exceed 10 percent of its total consolidated assets\\. Copies of such instruments will be furnished to the Securities and Exchange Commission upon request\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 10\\.1 | Purchase Agreement No\\. 1810, dated January 19, 1994, between The Boeing Company and the Company (incorporated by reference to Exhibit 10\\.4 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1993 (File No\\. 1\\-7259)); [Supplemental Agreement No\\. 1 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1996 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/0000092380-97-000010.txt) ; [Supplemental Agreements Nos\\. 2, 3, and 4 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1997 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/0000950134-98-002150.txt) ; [Supplemental Agreements Nos\\. 5, 6, and 7 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1998 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/0000950134-99-002046.txt) ; [Supplemental Agreements Nos\\. 8, 9, and 10 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1999 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013400002530/0000950134-00-002530.txt) ;<br><br>  <br> |\n\n\n\n117"}
{"_id": "Alaska-2019_59.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nAssets and liabilities recognized or disclosed at fair value on a nonrecurring basis include items such as property, plant and equipment, goodwill, intangible assets and certain other assets and liabilities\\. The Company determines the fair value of these items using Level 3 inputs, as described in Note 4\\.\n\nIncome Taxes\n\nThe Company uses the asset and liability approach for accounting for and reporting income taxes\\. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, and their respective tax bases and for operating loss and tax credit carryforwards\\. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled\\. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date\\. A valuation allowance would be established, if necessary, for the amount of any tax benefits that, based on available evidence, are not expected to be realized\\. As of December 31, 2019, there is a partial valuation allowance against net deferred tax assets\\. The Company accounts for unrecognized tax benefits in accordance with the applicable accounting standards\\.\n\nThe Company has substantial federal and state net operating losses (NOLs) for income tax purposes as a result of the acquisition of Virgin America\\. The Company's ability to utilize Virgin America's NOLs is limited by previous \u201cownership changes,\u201d as defined in Section 382 of the Internal Revenue Code and similar state provisions, and could be further limited if there is another ownership change\\. In general terms, an ownership change can occur whenever there is a collective shift in the ownership of a company by more than 50% by one or more \u201c5% stockholders\u201d within a three\\-year period\\. The occurrence of such a change generally limits the amount of NOL carryforwards a company could utilize in a given year to the aggregate fair market value of the company's common stock immediately prior to the ownership change, multiplied by the long\\-term tax\\-exempt interest rate in effect for the month of the ownership change\\. The acquisition constituted an ownership change and the potential for further limitations following the acquisition\\. See Note 7 to the consolidated financial statements for more discussion of the calculation\\.\n\nStock\\-Based Compensation\n\nAccounting standards require companies to recognize as expense the fair value of stock options and other equity\\-based compensation issued to employees as of the grant date\\. These standards apply to all stock awards that the Company grants to employees as well as the Company\u2019s Employee Stock Purchase Plan (ESPP), which features a look\\-back provision and allows employees to purchase stock at a 15% discount\\. All stock\\-based compensation expense is recorded in wages and benefits in the consolidated statements of operations\\.\n\nEarnings Per Share (EPS)\n\nDiluted EPS is calculated by dividing net income by the average common shares outstanding plus additional common shares that would have been outstanding assuming the exercise of in\\-the\\-money stock options and restricted stock units, using the treasury\\-stock method\\. In 2019, 2018, and 2017, anti\\-dilutive stock options excluded from the calculation of EPS were not material\\.\n\nRecently Adopted Accounting Pronouncements\n\nIn February 2016, the FASB issued ASU 2016\\-02, \"Leases (Topic 842),\" which requires lessees to recognize assets and liabilities for leases currently classified as operating leases\\. In July 2018, the FASB issued ASU 2018\\-11, \"Targeted Improvements \\- Leases (Topic 842)\" which amended Topic 842 to provide companies an alternative transition method which would not require adjusting comparative period financial information\\. The Company elected this transition method upon adoption on January 1, 2019\\. As a result, the Company recorded a cumulative\\-effect adjustment to the opening balance of retained earnings upon transition\\. This adjustment is discussed further in Note 6\\.\n\nNOTE 2\\. REVENUE\n\nTicket revenue is recorded as Passenger revenue, and represents the primary source of the Company's revenue\\. Also included in Passenger revenue are passenger ancillary revenues such as bag fees, on\\-board food and beverage, ticket change fees, and certain revenue from the frequent flyer program\\. Mileage Plan other revenue includes brand and marketing revenue from our co\\-branded credit card and other partners and certain interline frequent flyer revenue, net of commissions\\. Cargo and other revenue includes freight and mail revenue, and to a lesser extent, other ancillary revenue products such as lounge membership and certain commissions\\.\n\n59"}
{"_id": "Delta-2018_17.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nIf we or our subsidiaries are unable to reach agreement with any of our unionized work groups on future negotiations regarding the terms of their collective bargaining agreements or if additional segments of our workforce become unionized, we may be subject to work interruptions or stoppages, subject to the requirements of the Railway Labor Act or the NLRA, as the case may be\\. Strikes or labor disputes with our unionized employees may adversely affect our ability to conduct business\\. Likewise, if third\\-party regional carriers with whom we have contract carrier agreements are unable to reach agreement with their unionized work groups in current or future negotiations regarding the terms of their collective bargaining agreements, those carriers may be subject to work interruptions or stoppages, subject to the requirements of the Railway Labor Act, which could have a negative impact on our operations\\.\n\nOur results can fluctuate due to the effects of weather, natural disasters and seasonality\\. \n\nOur results of operations are impacted by severe weather, natural disasters and seasonality\\. Severe weather conditions and natural disasters (or other environmental events) can significantly disrupt service and create air traffic control problems\\. These events decrease revenue and can also increase costs\\. In addition, increases in the frequency, severity or duration of thunderstorms, hurricanes, typhoons or other severe weather events, including from changes in the global climate, could result in increases in delays and cancellations, turbulence\\-related injuries and fuel consumption to avoid such weather, any of which could result in loss of revenue and higher costs\\. In addition, demand for air travel is typically higher in the June and September quarters, particularly in our international markets, because there is more vacation travel during these periods than during the remainder of the year\\. The seasonal shifting of demand causes our financial results to vary on a seasonal basis\\. Because of fluctuations in our results from weather, natural disasters and seasonality, operating results for a historical period are not necessarily indicative of operating results for a future period and operating results for an interim period are not necessarily indicative of operating results for an entire year\\. \n\nAn extended disruption in services provided by third parties, including third\\-party regional  carriers, could have a material adverse effect on our results of operations\\.\n\nWe utilize the services of third parties in a number of areas in support of our operations that are integral to our business, including third\\-party carriers in the Delta Connection program and ground operations at some airports\\. While we have agreements with these providers that define expected service performance, we do not have direct control over their operations\\. In particular, some third\\-party regional carriers are facing a shortage of qualified pilots due to government mandated increases in flight experience required for pilots working for airlines\\. If this shortage becomes more widespread, third\\-party regional carriers may not be able to comply with their obligations to us\\. To the extent that a significant disruption in services occurs because third party providers are unable to perform their obligations over an extended period of time, our revenue may be reduced or our expenses may be increased, resulting in a material adverse effect on our results of operations\\.\n\nThe failure or inability of insurance to cover a significant liability related to an environmental or other incident associated with the operation of the Monroe refinery could have a material adverse effect on our consolidated financial results\\.\n\nMonroe's refining operations are subject to various hazards unique to refinery operations, including explosions, fires, toxic emissions and natural catastrophes\\. Monroe could incur substantial losses, including cleanup costs, fines and other sanctions and third\\-party claims, and its operations could be interrupted, as a result of such an incident\\. Monroe's insurance coverage does not cover all potential losses, costs or liabilities, and Monroe could suffer losses for uninsurable or uninsured risks or in amounts greater than its insurance coverage\\. In addition, Monroe's ability to obtain and maintain adequate insurance may be affected by conditions in the insurance market over which it has no control\\. If Monroe were to incur a significant liability for which it is not fully insured or for which insurance companies do not or are unable to provide coverage, this could have a material adverse effect on our consolidated financial results of operations or consolidated financial position\\. \n\nThe operation of the refinery by Monroe is subject to significant environmental regulation\\. Failure to comply with environmental regulations or the enactment of additional regulation could have a negative impact on our consolidated financial results\\. \n\nMonroe's operations are subject to extensive environmental, health and safety laws and regulations, including those relating to the discharge of materials into the environment, waste management, pollution prevention measures and greenhouse gas emissions\\. Monroe could incur fines and other sanctions, cleanup costs and third\\-party claims as a result of violations of or liabilities under environmental, health and safety requirements, which if significant, could have a material adverse effect on our financial results\\. In addition, the enactment of new environmental laws and regulations, including any laws or regulations relating to greenhouse gas emissions, could significantly increase the level of expenditures required for Monroe or restrict its operations\\. \n\n 15"}
{"_id": "Southwest-2017_65.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nof capital; (iv) an assumed discount rate depending on the asset; (v) a tax rate; and (vi) market prices for comparable assets\\. The Company believes these assumptions are consistent with those a hypothetical market participant would use given circumstances that were present at the time the estimates were made\\. However, actual results and amounts may be significantly different from the Company\u2019s estimates\\.\n\nAs part of this evaluation, the Company assesses whether changes in (i) macroeconomic conditions; (ii) industry and market conditions; (iii) cost factors; (iv) overall financial performance; and (v) Company\\-specific events, have occurred which would impact the use and/or fair value of these assets since the Company's quantitative analysis in 2013\\. In 2017 and 2016, the Company performed a qualitative assessment of goodwill and determined that there was no indication that goodwill was impaired\\. The qualitative assessments included analyses and weighting of all relevant factors noted above\\. The Company performed a quantitative assessment of all indefinite\\-lived intangible assets in 2015 and a qualitative assessment in 2016 and 2017 and determined that there was no impairment in any of these years as a result of the assessments\\. The Company did record a $21 million noncash impairment charge related to leased slots at Newark Liberty International Airport (not indefinite\\-lived assets) as a result of the FAA announcement in April 2016 that this airport was being changed to a Level 2 schedule\\-facilitated airport from its previous designation as Level 3\\. Southwest does not believe this FAA decision is indicative of a similar decision being made at its other slot\\-controlled airports\\.\n\nFuture impairment of Goodwill and indefinite\\-lived intangible assets may result from changes in assumptions, estimates, or circumstances, some of which are beyond the Company\u2019s control\\. Factors which could result in an impairment of Goodwill, holding other assumptions constant, could include, but are not limited to: (i) a significant reduction in passenger demand as a result of domestic or global economic conditions; (ii) significantly higher prices for jet fuel; (iii) lower fares or passenger yields as a result of increased competition or lower demand; (iv) a significant increase in future capital expenditure commitments; and (v) significant disruptions to the Company\u2019s operations as a result of both internal and external events such as terrorist activities, actual or threatened war, labor actions by Employees, or further industry regulation\\. Factors which could result in an impairment of owned domestic slots, holding other assumptions constant, could include, but are not limited to: (i) a change in competition in the slotted airport; (ii) a change in governmental regulations in the slotted airport; (iii) significantly higher prices for jet fuel; and (iv) increased competition at a nearby airport\\.\n\n**Item 7A\\.** ***Quantitative and Qualitative Disclosures About Market Risk***\n\nThe Company has interest rate risk in its floating\\-rate debt obligations and interest rate swaps, commodity price risk in jet fuel required to operate its aircraft fleet, and market risk in the derivatives used to manage its fuel hedging program and in the form of fixed\\-rate debt instruments\\. As of December 31, 2017, the Company operated a total of 122 aircraft under operating and capital lease\\. However, except for a small number of aircraft that have lease payments that fluctuate based in part on changes in market interest rates, the remainder of the leases are not considered market sensitive financial instruments and, therefore, are not included in the interest rate sensitivity analysis below\\. The Company also has 78 aircraft under operating and capital lease that have been subleased to another carrier\\. In addition, the Company has 15 remaining Classic aircraft under operating leases which were grounded in September 2017\\. Further information about these leases is disclosed in Note 7 to the Consolidated Financial Statements\\. The Company does not purchase or hold any derivative financial instruments for trading purposes\\. See Note 10 to the Consolidated Financial Statements for information on the Company\u2019s accounting for its hedging program and for further details on the Company\u2019s financial derivative instruments\\.\n\n***Hedging***\n\nThe Company purchases jet fuel at prevailing market prices, but seeks to manage market risk through execution of a documented hedging strategy\\. The Company utilizes financial derivative instruments, on both a short\\-term and a long\\-term basis, as a form of insurance against the potential for significant increases in fuel prices\\. The Company believes there can be significant risk in not hedging against the possibility of such fuel price increases, especially in energy \n\n66"}
{"_id": "Southwest-2018_5.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nTo illustrate the results of the Company's efforts to reduce fuel consumption and improve fuel efficiency, the table below sets forth the Company's available seat miles produced per fuel gallon consumed over the last five years:\n\n\n\n|                                               |                             |                             |                             |                             |                             |\n| --------------------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                               | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                               | **2018**                    | **2017**                    | **2016**                    | **2015**                    | **2014**                    |\n| Available seat miles per fuel gallon consumed | 76\\.3                       | 75\\.2                       | 74\\.4                       | 73\\.9                       | 72\\.8                       |\n\n\n\nThe Company also enters into fuel derivative contracts to manage its risk associated with significant increases in fuel prices\\. The Company's fuel hedging activities, as well as the risks associated with high and/or volatile fuel prices, are discussed in more detail below under \"Risk Factors,\" \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" and Note 10 to the Consolidated Financial Statements\\.\n\nSalaries, wages, and benefits expense constituted approximately 41 percent of the Company's operating expenses during 2018 and was the Company's largest operating cost\\. The Company's ability to control labor costs is limited by the terms of its collective\\-bargaining agreements, and increased labor costs have negatively impacted the Company's low\\-cost competitive position\\. The Company's labor costs, and risks associated therewith, are discussed in more detail below under \"Risk Factors\" and \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\\.\"\n\n**Fare Structure** \n\n***General*** \n\nSouthwest offers a relatively simple fare structure that features competitive fares and product benefits, including unrestricted fares, as well as lower fares available on a restricted basis\\. Southwest fare products include three major categories: \"Wanna Get Away^\u00ae^,\" \"Anytime,\" and \"Business Select^\u00ae^,\" with the goal of making it easier for Customers to choose the fare they prefer\\. All fare products include the privilege of two free checked bags (weight and size limits apply) and complimentary soft drinks and snacks, as well as free movies\\-on\\-demand and live and on\\-demand television where available on WiFi\\-enabled aircraft\\. In addition, regardless of the fare product, Southwest does not charge fees for changes to flight reservations although fare differences may apply\\.\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | \"Wanna Get Away\" fares are generally the lowest fares and are typically subject to advance purchase requirements\\. They are nonrefundable, but, subject to Southwest's No Show Policy, funds may be applied to future travel on Southwest\\. Wanna Get Away fares earn six Rapid Rewards ^\u00ae^  points, under Southwest's Rapid Rewards loyalty program, for each dollar spent on the base fare\\. The Company's loyalty program is discussed below under \"Rapid Rewards Loyalty Program\\.\" |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                               |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | \"Anytime\" fares are, subject to Southwest's No Show Policy, refundable if canceled, or funds may be applied towards future travel on Southwest\\. If this fare is purchased with nonrefundable funds, then the flight will be nonrefundable if canceled\\. Anytime fares earn 10 Rapid Rewards points for each dollar spent on the base fare\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | \"Business Select\" fares are, subject to Southwest's No Show Policy, refundable if canceled, or funds may be applied towards future travel on Southwest\\. If this fare is purchased with nonrefundable funds, then the flight will be nonrefundable if canceled\\. Business Select fares also include additional perks such as priority boarding with a boarding position in the first 15 boarding positions within boarding group \"A,\" 12 Rapid Rewards points per dollar spent on the base fare \\- the highest loyalty point multiplier of all Southwest fare products, \"Fly By ^\u00ae^ \" priority security and/or ticket counter access in participating airports, and one complimentary premium beverage coupon for the day of travel (Customers must be of legal drinking age to drink alcoholic beverages)\\. |\n\n\n\nSouthwest's No Show Policy applies if a Customer does not change or cancel a flight segment at least ten minutes prior to scheduled departure and the Customer does not travel on the scheduled flight\\. In such event, subject to certain exceptions, all segments associated with the reservation will be canceled, and (i) with respect to a \"Wanna Get Away\" fare, unused funds will be forfeited; and (ii) with respect to an \"Anytime\" or \"Business Select\" fare, unused funds will be held as travel credit for future travel by the Customer on Southwest\\.\n\n***Ancillary Services***\n\nThe Company offers ancillary services such as Southwest's EarlyBird Check\\-In^\u00ae^, Upgraded Boarding, and transportation of pets and unaccompanied minors, in accordance with Southwest's respective policies\\. \n\n6"}
{"_id": "Delta-2018_109.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on the  15th day of  February, 2019  by the following persons on behalf of the registrant and in the capacities indicated\\.\n\n\n\n|                            |                                                                                           |\n| -------------------------- | ----------------------------------------------------------------------------------------- |\n| **Signature**              | **Title**                                                                                 |\n| /s/ Edward H\\. Bastian     | Chief Executive Officer and Director<br><br>(Principal Executive Officer)                 |\n| Edward H\\. Bastian         | Chief Executive Officer and Director<br><br>(Principal Executive Officer)                 |\n| /s/ Paul A\\. Jacobson      | Executive Vice President and Chief Financial Officer<br><br>(Principal Financial Officer) |\n| Paul A\\. Jacobson          | Executive Vice President and Chief Financial Officer<br><br>(Principal Financial Officer) |\n| /s/ Craig M\\. Meynard      | Vice President and Chief Accounting Officer (Principal Accounting Officer)                |\n| Craig M\\. Meynard          | Vice President and Chief Accounting Officer (Principal Accounting Officer)                |\n| /s/ Francis S\\. Blake      | Chairman of the Board                                                                     |\n| Francis S\\. Blake          | Chairman of the Board                                                                     |\n| /s/ Daniel A\\. Carp        | Director                                                                                  |\n| Daniel A\\. Carp            | Director                                                                                  |\n| /s/ Ashton B\\. Carter      | Director                                                                                  |\n| Ashton B\\. Carter          | Director                                                                                  |\n| /s/ David G\\. DeWalt       | Director                                                                                  |\n| David G\\. DeWalt           | Director                                                                                  |\n| /s/ William H\\. Easter III | Director                                                                                  |\n| William H\\. Easter III     | Director                                                                                  |\n| /s/ Michael P\\. Huerta     | Director                                                                                  |\n| Michael P\\. Huerta         | Director                                                                                  |\n| /s/ Jeanne P\\. Jackson     | Director                                                                                  |\n| Jeanne P\\. Jackson         | Director                                                                                  |\n| /s/ George N\\. Mattson     | Director                                                                                  |\n| George N\\. Mattson         | Director                                                                                  |\n| /s/ Douglas R\\. Ralph      | Director                                                                                  |\n| Douglas R\\. Ralph          | Director                                                                                  |\n| /s/ Sergio A\\.L\\. Rial     | Director                                                                                  |\n| Sergio A\\.L\\. Rial         | Director                                                                                  |\n| /s/ Kathy N\\. Waller       | Director                                                                                  |\n| Kathy N\\. Waller           | Director                                                                                  |\n\n\n\n 107"}
{"_id": "Southwest-2017_5.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nApproximately $595 million, approximately $383 million, and approximately $287 million of the Company's operating revenues in 2017, 2016, and 2015, respectively, were attributable to foreign operations\\. The remainder of the Company's operating revenues, approximately $20\\.6 billion, approximately $20\\.0 billion, and approximately $19\\.5 billion in 2017, 2016, and 2015, respectively, were attributable to domestic operations\\. The Company's assets are not allocated to a geographic area because the Company's tangible assets primarily consist of flight equipment, the majority of which are interchangeable and are deployed systemwide, with no individual aircraft dedicated to any specific route or region\\.\n\n**Cost Structure** \n\nA key component of the Company's business strategy is its focus on cost discipline and profitably charging competitively low fares\\. Adjusted for stage length, the Company has lower unit costs, on average, than the majority of major domestic carriers\\. The Company's strategy includes the use of a single aircraft type, the Boeing 737, the Company's operationally efficient point\\-to\\-point route structure, and its highly productive Employees\\. Southwest's use of a single aircraft type allows for simplified scheduling, maintenance, flight operations, and training activities\\. Southwest's point\\-to\\-point route structure includes service to and from many secondary or downtown airports such as Dallas Love Field, Houston Hobby, Chicago Midway, Baltimore\\-Washington International, Burbank, Manchester, Oakland, San Jose, Providence, and Ft\\. Lauderdale\\-Hollywood\\. These conveniently located airports are typically less congested than other airlines' hub airports, which has contributed to Southwest's ability to achieve high asset utilization because aircraft can be scheduled to minimize the amount of time they are on the ground\\. This, in turn, has reduced the number of aircraft and gate facilities that would otherwise be required and allows for high Employee productivity (lower headcount per aircraft)\\.\n\nThe Company's focus on controlling costs also includes a continued commitment to pursuing, implementing, and enhancing initiatives to reduce fuel consumption and improve fuel efficiency\\. Fuel and oil expense remained the Company's second largest operating cost in 2017\\. Although 2017 fuel prices were moderately higher than 2016 fuel prices, as evidenced by the table below, energy prices can fluctuate significantly in a relatively short amount of time\\. The table below shows the Company's average cost of jet fuel for each year beginning in 2003 and during each quarter of 2017\\.\n\n\n\n|                     |                                |                                                   |                                                             |\n| ------------------- | ------------------------------ | ------------------------------------------------- | ----------------------------------------------------------- |\n| **Year**            | **Cost**<br><br>**(Millions)** | **Average**<br><br>**Cost Per**<br><br>**Gallon** | **Percentage of** <br><br>**Operating**<br><br>**Expenses** |\n| 2003                | $920                           | $0\\.80                                            | 16\\.5%                                                      |\n| 2004                | $1,106                         | $0\\.92                                            | 18\\.1%                                                      |\n| 2005                | $1,470                         | $1\\.13                                            | 21\\.4%                                                      |\n| 2006                | $2,284                         | $1\\.64                                            | 28\\.0%                                                      |\n| 2007                | $2,690                         | $1\\.80                                            | 29\\.7%                                                      |\n| 2008                | $3,713                         | $2\\.44                                            | 35\\.1%                                                      |\n| 2009                | $3,044                         | $2\\.12                                            | 30\\.2%                                                      |\n| 2010                | $3,620                         | $2\\.51                                            | 32\\.6%                                                      |\n| 2011                | $5,644                         | $3\\.19                                            | 37\\.7%                                                      |\n| 2012                | $6,120                         | $3\\.30                                            | 37\\.2%                                                      |\n| 2013                | $5,763                         | $3\\.16                                            | 35\\.1%                                                      |\n| 2014                | $5,293                         | $2\\.93                                            | 32\\.3%                                                      |\n| 2015                | $3,616                         | $1\\.90                                            | 23\\.0%                                                      |\n| 2016                | $3,647                         | $1\\.82                                            | 21\\.9%                                                      |\n| 2017                | $3,940                         | $1\\.92                                            | 22\\.3%                                                      |\n| First Quarter 2017  | $922                           | $1\\.89                                            | 21\\.8%                                                      |\n| Second Quarter 2017 | $990                           | $1\\.84                                            | 22\\.0%                                                      |\n| Third Quarter 2017  | $1,003                         | $1\\.92                                            | 22\\.6%                                                      |\n| Fourth Quarter 2017 | $1,025                         | $2\\.04                                            | 22\\.8%                                                      |\n\n\n\nThe Company focuses on reducing fuel consumption and improving fuel efficiency through fleet modernization and other fuel initiatives\\. For example, during 2017, the Company continued to replace its older aircraft with newer aircraft that are less maintenance intensive and more fuel efficient\\. The Company retired all remaining Boeing 737\\-300 aircraft \n\n6"}
{"_id": "Southwest-2018_47.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nOther operating expenses for 2017 increased by $144 million, or 5\\.3 percent, compared with 2016\\. On a per ASM basis, Other operating expenses for 2017 increased 2\\.2 percent, compared with 2016\\. These increases were both impacted by charges associated with the retirement of the Company's remaining Classic aircraft\\. These charges included a $63 million aircraft grounding charge related to the leased portion of the Classic fleet, representing the remaining net lease payments due and certain lease return requirements that could have to be performed on these leased aircraft prior to their return to the lessors, as of the cease\\-use date\\. The Classic fleet charges in 2017 also included $33 million in lease termination expenses associated with Classic aircraft being acquired off their operating leases, compared with $22 million related to the acquisition of aircraft coming off operating leases in 2016\\. These charges related to the grounding or cease\\-use of the Classic fleet were considered special items and thus excluded from the Company's non\\-GAAP results\\. See Note Regarding Use of Non\\-GAAP Financial Measures and the Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures for additional detail regarding non\\-GAAP financial measures\\. The remainder of the increase on a dollar basis was primarily due to increased personnel expenses due to higher travel expenses for Flight Crews and higher hotel rates, as well as new Heart\\-themed uniforms for the Company's operations personnel\\. \n\n**Other** \n\nOther expenses (income) include interest expense, capitalized interest, interest income, and other gains and losses\\.  \n  \nInterest expense for 2017 decreased by $8 million, or 6\\.6 percent, compared with 2016, primarily due to the timing of debt activity\\. The Company had three debt facilities mature during or since 2016 with higher interest expense than the four debt facilities issued during or since 2016\\. The three debt facilities that matured during or since 2016 included the Company's remaining 5\\.25% convertible senior notes in October 2016, $300 million of 5\\.75% senior unsecured notes in December 2016, and $300 million of 5\\.125% senior unsecured notes in March 2017\\. The four debt facilities issued during or since 2016 included a $215 million floating rate term loan in October 2016, $300 million of 3\\.00% senior unsecured notes in November 2016, $300 million of 2\\.75% senior unsecured notes in November 2017, and $300 million of 3\\.45% senior unsecured notes in November 2017\\.\n\nCapitalized interest for 2017 increased by $2 million, or 4\\.3 percent, compared with 2016, primarily due to interest on facility construction projects\\.\n\nInterest income for 2017 increased by $11 million, or 45\\.8 percent, compared with 2016, primarily due to higher interest rates\\.\n\nOther (gains) losses, net, primarily includes amounts recorded as a result of the Company's hedging activities\\. With the adoption of the New Hedging Standard, the elimination of the requirement to separately measure and record ineffectiveness for all future cash flow hedges in a hedging relationship, as well as a change in classification of premium expense associated with option contracts from Other (gains) losses, net, in the Consolidated Statement of Income, to Fuel and oil expense, has significantly reduced amounts reflected for hedging activities in Other (gains) losses, net\\. With the adoption of the New Retirement Standard, the Company is required to include all components of its net periodic benefit cost (income), with the exception of service cost, in Other (gains) losses, net, versus previously having classified and reported such items as operating expenses in Salaries, wages, and benefits\\. See Note 2 to the Consolidated Financial Statements for further information on both new standards\\. See Note 10 to the Consolidated Financial Statements for further information on the Company's hedging activities\\. The following table displays the components of Other (gains) losses, net, for the years ended December 31, 2017, and 2016:\n\n48"}
{"_id": "Southwest-2017_11.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\npassenger at the time of booking; (v) the same baggage allowances and fees must apply throughout a passenger\u2019s trip; (vi) baggage fees must be disclosed on e\\-ticket confirmations; and (vii) passengers must be promptly notified in the event of delays of more than 30 minutes or if there is a cancellation or diversion of their flight\\.\n\nIn November 2016, the DOT finalized an additional \"Passenger Protection Rule\\.\" The new rule is intended to enhance the performance quality information collected by the DOT and made available to the public\\. The DOT removed the assumption that every passenger checks a bag, and now calculates mishandled bags per overall checked bags, rather than per enplaned passengers\\. The new rule also expands the pool of air carriers that must report performance data to the DOT's Bureau of Transportation Statistics by requiring reporting air carriers to include data for their domestic scheduled flights operated by their code\\-share partners\\.\n\nThe DOT has expressed its intent to aggressively investigate alleged violations of its consumer protection rules\\. Airlines that violate any DOT regulation are subject to potential fines of up to $32,140 per occurrence\\.\n\nThe Company is also monitoring other potential rulemakings that could impact its business\\. The DOT is preparing a proposed rule for the purpose of improving accessibility of lavatories on single\\-aisle aircraft and of in\\-flight entertainment\\. The proposed rule may require both short\\-term and long\\-term measures be taken to fully address the challenges persons with mobility impairments face when traveling on single\\-aisle aircraft, including the eventual requirement that accessible lavatories be available for individuals who use wheelchairs\\. The future proposed rule is also expected to address the improvement of accessibility of in\\-flight entertainment by requiring certain movies and shows displayed on such aircraft to be captioned to provide access to deaf and hard of hearing passengers\\. In addition, audio described entertainment would be available to enable people who are blind to listen to the visual narration of movies and shows\\.\n\nThe DOT is also preparing a proposed rule to consider, among other things, (i) whether carriers should be required to supply in\\-flight medical oxygen for a fee to passengers who require it to access air transportation; and (ii) whether to broaden the scope of passengers with disabilities who must be afforded seats with extra leg room, and whether carriers should be required to provide seating accommodations with extra leg room in all classes of service\\. Additionally, the DOT is preparing a proposed rule that would address the definition of a service animal to reduce the likelihood of passengers falsely claiming that their pets are service animals\\. \n\n***Aviation Taxes and Fees***\n\nThe statutory authority for the federal government to collect most types of aviation taxes, which are used, in part, to finance programs administered by the FAA, must be periodically reauthorized by the U\\.S\\. Congress\\. In 2012, Congress adopted the FAA Modernization and Reform Act of 2012, which extended most commercial aviation taxes through September 30, 2015\\. In September 2015, in July 2016, and again in September 2017, Congress extended the expiration date, which is currently March 31, 2018\\. Congress is expected to try to enact a new FAA reauthorization bill in 2018, which may make substantive changes with respect to aviation taxes (including, possibly, an increase in airport\\-assessed Passenger Facility Charges (\"PFCs\")) and/or FAA offices and programs that are financed through aviation tax revenue\\. Congress must either adopt a new FAA reauthorization bill or pass a \"status quo\" extension by March 31, 2018; otherwise, a lapse in the statutory authority could affect the airlines' and passengers' respective tax burdens, as well as impact the FAA's ability to fund airport grants and regulate the airline industry\\.\n\nIn addition to FAA\\-related taxes, there are additional federal taxes related to the U\\.S\\. Department of Homeland Security\\. These taxes do not need to be reauthorized periodically\\. Congress has set the Transportation Security Fee paid by passengers at $5\\.60 per one\\-way passenger trip\\. In addition, inbound international passengers are subject to immigration and customs fees that are indexed to inflation\\. These fees are used to support the operations of U\\.S\\. Customs and Border Protection (\"CBP\")\\. Finally, the U\\.S\\. Department of Agriculture's Animal and Plant Health Inspection Service imposes a per\\-passenger agriculture inspection fee of $5\\.00 and a per\\-commercial aircraft fee of $225\\.00\\.\n\nIn 2018, the Company expects to benefit from the comprehensive U\\.S\\. tax reform legislation enacted by Congress in late 2017, which includes, among other items, a reduced federal corporate tax rate\\. At the same time, the legislation eliminates certain tax deductions and preferences\\. These changes not only impact the Company directly, but could impact the U\\.S\\. economy as a whole, including consumer demand\\.\n\nFinally, the annual congressional budget process is another legislative vehicle in which new aviation taxes or regulations may be imposed\\. Congress is expected to approve an \"omnibus\" or comprehensive appropriations package for federal \n\n12"}
{"_id": "Alaska-2017_101.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|           |                                                                                                                                                                                                                         |\n| --------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 23\\.1\u2020    | [Consent of Independent Registered Public Accounting Firm (KPMG LLP)](https://www.example.com/alk10-k123117ex231.htm)                                                                                                   |\n| 31\\.1\u2020    | [Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/alk10-k123117ex311.htm)                                                                   |\n| 31\\.2\u2020    | [Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/alk10-k123117ex312.htm)                                                                   |\n| 32\\.1\u2020    | [Certification of Chief Executive Officer Pursuant to 18 U\\.S\\.C\\. Section 1350, as adopted pursuant to Section 906 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/alk10-k123117ex321.htm)                 |\n| 32\\.2\u2020    | [Certification of Chief Financial Officer Pursuant to 18 U\\.S\\.C\\. Section 1350, as adopted pursuant to Section 906 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/alk10-k123117ex322.htm)                 |\n| 101\\.INS\u2020 | XBRL Instance Document                                                                                                                                                                                                  |\n| 101\\.SCH\u2020 | XBRL Taxonomy Extension Schema Document                                                                                                                                                                                 |\n| 101\\.CAL\u2020 | XBRL Taxonomy Extension Calculation Linkbase Document                                                                                                                                                                   |\n| 101\\.DEF\u2020 | XBRL Taxonomy Extension Definition Linkbase Document                                                                                                                                                                    |\n| 101\\.LAB\u2020 | XBRL Taxonomy Extension Label Linkbase Document                                                                                                                                                                         |\n| 101\\.PRE\u2020 | XBRL Taxonomy Extension Presentation Linkbase Document                                                                                                                                                                  |\n| \u2020         | Filed herewith                                                                                                                                                                                                          |\n| \\*        | Indicates management contract or compensatory plan or arrangement\\.                                                                                                                                                     |\n| \\#        | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. |\n| ^         | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  |\n\n\n\n 102"}
{"_id": "AmericanAirlines-2019_157.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE\n\nNone\\.\n\nITEM 9A\\. CONTROLS AND PROCEDURES\n\nManagement\u2019s Evaluation of Disclosure Controls and Procedures\n\nThe term \u201cdisclosure controls and procedures\u201d is defined in Rules 13a\\-15(e) and 15d\\-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)\\. This term refers to the controls and procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC\u2019s rules and forms, and is accumulated and communicated to management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), as appropriate to allow timely decisions regarding required disclosure\\. An evaluation of the effectiveness of AAG\u2019s and American\u2019s disclosure controls and procedures as of  December 31, 2019  was performed under the supervision and with the participation of AAG\u2019s and American\u2019s management, including AAG\u2019s and American\u2019s CEO and CFO\\. Based on that evaluation, AAG\u2019s and American\u2019s management, including AAG\u2019s and American\u2019s CEO and CFO, concluded that AAG\u2019s and American\u2019s disclosure controls and procedures were effective as of  December 31, 2019  at the reasonable assurance level\\.\n\nChanges in Internal Control over Financial Reporting\n\nOn December 9, 2013, AAG acquired US Airways Group and its subsidiaries\\. We are still in the process of integrating certain processes, technology and operations for the post\\-Merger combined company, and we will continue to evaluate the impact of any related changes to our internal control over financial reporting\\. For the three months ended  December 31, 2019 , there have been no changes in AAG\u2019s or American\u2019s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, AAG\u2019s and American\u2019s internal control over financial reporting\\.\n\nLimitation on the Effectiveness of Controls\n\nWe believe that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected\\. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives, and, as noted above, the CEO and CFO of AAG and American believe that our disclosure controls and procedures were effective at the reasonable assurance level as of  December 31, 2019 \\.\n\nManagement\u2019s Annual Report on Internal Control over Financial Reporting\n\nManagement of AAG and American is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a\\-15(f) and 15d\\-15(f) under the Exchange Act\\. AAG\u2019s and American\u2019s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP\\. AAG\u2019s and American\u2019s internal control over financial reporting includes policies and procedures that:\n\n\n\n|   |                                                                                                                                                                                   |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of AAG or American, respectively; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of AAG or American are being made only in accordance with authorizations of management and directors of AAG or American, respectively; and |\n\n\n\n\n\n|   |                                                                                                                                                                                                                     |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of AAG\u2019s or American\u2019s assets that could have a material effect on the financial statements\\. |\n\n\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\nManagement assessed the effectiveness of AAG\u2019s and American\u2019s internal control over financial reporting as of  December 31, 2019 \\. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in its Internal Control \u2013 Integrated Framework (2013 Framework)\\.\n\n158"}
{"_id": "AmericanAirlines-2017_163.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\ndefendants\u2019 motion and cross\\-motion for summary judgment\\. Briefing of the parties\u2019 respective motions concluded on September 1, 2017; a hearing date has not yet been set\\. American believes this lawsuit is without merit and intends to vigorously defend against the allegations\\.\n\n*DOJ Investigation Related to the United States Postal Service*\\. In April 2015, the DOJ informed American of an inquiry regarding American\u2019s 2009 and 2011 contracts with the United States Postal Service for the international transportation of mail by air\\. In October 2015, American received a CID from the DOJ seeking certain information relating to these contracts and the DOJ has also sought information concerning certain of the airlines that transport mail on a codeshare basis\\. The DOJ has indicated it is investigating potential violations of the False Claims Act or other statutes\\. American is cooperating fully with the DOJ with regard to its investigation\\.\n\n*General*\\. In addition to the specifically identified legal proceedings, American and its subsidiaries are also engaged in other legal proceedings from time to time\\. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within American\u2019s control\\. Therefore, although American will vigorously defend itself in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on American are uncertain but could be material\\. See Part I, Item 1A\\. Risk Factors \u2013*\u201cWe may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity\u201d* for unaudited additional discussion\\.\n\n***(f) Guarantees and Indemnifications***\n\nAmerican is a party to many routine contracts in which it provides general indemnities in the normal course of business to third parties for various risks\\. American is not able to estimate the potential amount of any liability resulting from the indemnities\\. These indemnities are discussed in the following paragraphs\\.\n\nIn its aircraft financing agreements, American generally indemnifies the financing parties, trustees acting on their behalf and other relevant parties against liabilities (including certain taxes) resulting from the financing, manufacture, design, ownership, operation and maintenance of the aircraft regardless of whether these liabilities (or taxes) relate to the negligence of the indemnified parties\\.\n\nAmerican\u2019s loan agreements and other LIBOR\\-based financing transactions (including certain leveraged aircraft leases) generally obligate American to reimburse the applicable lender for incremental costs due to a change in law that imposes (i) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (ii) any tax, duty or other charge with respect to the loan (except standard income tax) or (iii) capital adequacy requirements\\. In addition, American\u2019s loan agreements and other financing arrangements typically contain a withholding tax provision that requires American to pay additional amounts to the applicable lender or other financing party, generally if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law\\.\n\nIn certain transactions, including certain aircraft financing leases and loans, the lessors, lenders and/or other parties have rights to terminate the transaction based on changes in foreign tax law, illegality or certain other events or circumstances\\. In such a case, American may be required to make a lump sum payment to terminate the relevant transaction\\.\n\nAmerican has general indemnity clauses in many of its airport and other real estate leases where American as lessee indemnifies the lessor (and related parties) against liabilities related to American\u2019s use of the leased property\\. Generally, these indemnifications cover liabilities resulting from the negligence of the indemnified parties, but not liabilities resulting from the gross negligence or willful misconduct of the indemnified parties\\. In addition, American provides environmental indemnities in many of these leases for contamination related to American\u2019s use of the leased property\\.\n\nUnder certain contracts with third parties, American indemnifies the third\\-party against legal liability arising out of an action by the third\\-party, or certain other parties\\. The terms of these contracts vary and the potential exposure under these indemnities cannot be determined\\. American has liability insurance protecting American for some of the obligations it has undertaken under these indemnities\\.\n\nAmerican is required to make principal and interest payments for certain special facility revenue bonds issued by municipalities primarily to build or improve airport facilities and purchase equipment, which are leased to American\\. The payment of principal and interest of certain special facility revenue bonds is guaranteed by American\\. As of \n\n164"}
{"_id": "AmericanAirlines-2019_36.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nITEM 2\\. PROPERTIES\n\nFlight Equipment and Fleet Renewal\n\nAs of  December 31, 2019 , American operated a mainline fleet of  942  aircraft\\. In  2019 , we continued our extensive fleet renewal program, which has provided us with the youngest fleet of the major U\\.S\\. network carriers\\. During  2019 , American took delivery of  24  mainline aircraft and retired  38  mainline aircraft\\. We are supported by our wholly\\-owned and third\\-party regional carriers that fly under capacity purchase agreements operating as American Eagle\\. As of  December 31, 2019 , American Eagle operated  605  regional aircraft\\. During  2019 , we increased our regional fleet by a net of  ten  aircraft, including the addition of  46  regional aircraft and retirement of  36  regional aircraft\\. \n\nMainline\n\nAs of  December 31, 2019 , American\u2019s mainline fleet consisted of the following aircraft:\n\n\n\n|                          |                                         |                                               |           |            |           |\n| ------------------------ | --------------------------------------- | --------------------------------------------- | --------- | ---------- | --------- |\n|                          | **Average Seating**<br><br>**Capacity** | **Average**<br><br>**Age**<br><br>**(Years)** | **Owned** | **Leased** | **Total** |\n| Airbus A319              | 128                                     | 15\\.7                                         | 21        | 111        | 132       |\n| Airbus A320              | 150                                     | 18\\.7                                         | 10        | 38         | 48        |\n| Airbus A321              | 179                                     | 7\\.4                                          | 165       | 53         | 218       |\n| Airbus A321neo           | 196                                     | 0\\.4                                          | 2         | 10         | 12        |\n| Airbus A330\\-200         | 247                                     | 8\\.0                                          | 15        | \u2014          | 15        |\n| Airbus A330\\-300         | 291                                     | 19\\.4                                         | 4         | 5          | 9         |\n| Boeing 737\\-800          | 163                                     | 10\\.1                                         | 132       | 172        | 304       |\n| Boeing 737\\-8 MAX  ^(1)^ | 172                                     | 1\\.4                                          | 9         | 15         | 24        |\n| Boeing 757\\-200          | 180                                     | 20\\.1                                         | 31        | 3          | 34        |\n| Boeing 767\\-300ER        | 209                                     | 19\\.9                                         | 17        | \u2014          | 17        |\n| Boeing 777\\-200ER        | 273                                     | 19\\.0                                         | 44        | 3          | 47        |\n| Boeing 777\\-300ER        | 304                                     | 5\\.8                                          | 18        | 2          | 20        |\n| Boeing 787\\-8            | 234                                     | 4\\.1                                          | 20        | \u2014          | 20        |\n| Boeing 787\\-9            | 285                                     | 2\\.2                                          | 17        | 5          | 22        |\n| Embraer 190              | 99                                      | 12\\.1                                         | 20        | \u2014          | 20        |\n| Total                    |                                         | 11\\.0                                         | 525       | 417        | 942       |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                              |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | On March 13, 2019, a directive from the FAA grounded all U\\.S\\.\\-registered Boeing 737 MAX aircraft\\. We have removed all Boeing 737 MAX flying from our flight schedule through August 17, 2020 and will continue to assess this timeline\\. |\n\n\n\n37"}
{"_id": "AmericanAirlines-2017_11.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***DOT Passenger Protection Rules***\n\nThe DOT regulates airline interactions with passengers through the ticketing process, at the airport and on board the aircraft\\. Among other things, these regulations govern how our fares are displayed online, required customer disclosures, access by disabled passengers, handling of long onboard flight delays and reporting of mishandled bags\\. In addition, the DOT is likely to issue a regulation in 2018 that would require air carriers to refund checked bag fees in the event of certain delays in delivery\\.\n\n***International***\n\nInternational air transportation is subject to extensive government regulation, including aviation agreements between the U\\.S\\. and other countries or governmental authorities, such as the European Union (EU)\\. Moreover, alliances with international carriers may be subject to the jurisdiction and regulations of various foreign agencies\\. The U\\.S\\. government has negotiated \u201copen skies\u201d agreements with over 120 countries, which allow unrestricted route authority access between the U\\.S\\. and the foreign markets\\. While the U\\.S\\. has worked to increase the number of countries with which open skies agreements are in effect, a number of markets important to us, including China, do not have open skies agreements\\.\n\nIn addition, foreign countries impose passenger protection rules, which are analogous to, and often meet or exceed the requirements of, the DOT passenger protection rules discussed above\\. In cases where these foreign requirements exceed the DOT rules, we may bear additional burdens and liabilities\\. Further, various foreign airport authorities impose noise restrictions at their local airports\\.\n\n***Security***\n\nSince shortly after the events of September 11, 2001, substantially all aspects of civil aviation security in the U\\.S\\. or affecting U\\.S\\. carriers have been controlled or regulated by the federal government through the Transportation Security Administration (TSA)\\. Requirements include flight deck security; carriage of federal air marshals at no charge; enhanced security screening of passengers, baggage, cargo, mail, employees and vendors; fingerprint\\-based background checks of all employees and vendor employees with access to secure areas of airports; and the provision of certain passenger data to the federal government and other international border security authorities, for security and immigration controls\\. Funding for the TSA is provided by a combination of air carrier fees, passenger fees and taxpayer funds\\. Customs and Border Protection, which, like the TSA, is part of the Department of Homeland Security, also promulgates requirements, performs services and collects fees that impact our provision of services\\. Additionally, we have at times found it necessary or desirable to make significant expenditures to comply with security\\-related requirements while seeking to reduce their impact on our customers, such as expenditures for automated security screening lines at airports\\.\n\n***Environmental Matters***\n\n*Environmental Regulation*\n\nThe airline industry is subject to various laws and government regulations concerning environmental matters in the U\\.S\\. and other countries\\. U\\.S\\. federal laws that have a particular impact on our operations include the Airport Noise and Capacity Act of 1990, the Clean Air Act, the Resource Conservation and Recovery Act, the Clean Water Act, the Safe Drinking Water Act and the Comprehensive Environmental Response, Compensation and Liability Act (Superfund Act)\\. The U\\.S\\. Environmental Protection Agency (EPA) and other federal agencies have been authorized to promulgate regulations that have an impact on our operations\\. In addition to these federal activities, various states have been delegated certain authorities under the aforementioned federal statutes\\. Many state and local governments have adopted environmental laws and regulations which are similar to or stricter than federal requirements\\.\n\nRevised underground storage tank regulations issued by the EPA in 2015 have affected certain airport fuel hydrant systems, with modifications of such systems needed in order to comply with applicable portions of the revised regulations\\. In addition, related to the EPA and state regulations pertaining to stormwater management, several U\\.S\\. airport authorities are actively engaged in efforts to limit discharges of deicing fluid into the environment, often by requiring airlines to participate in the building or reconfiguring of airport deicing facilities\\.\n\nThe environmental laws to which we are subject include those related to responsibility for potential soil and groundwater contamination\\. We are conducting investigation and remediation activities to address soil and groundwater conditions at several sites, including airports and maintenance bases\\. We anticipate that the ongoing costs of such activities will not have a material impact on our operations\\. In addition, we have been named as a potentially responsible party (PRP) at certain Superfund sites\\. Our alleged volumetric contributions at such sites are relatively small in comparison to total contributions of all PRPs; we anticipate that any future payments of costs at such sites will not have a material impact on our operations\\.\n\n12"}
{"_id": "Southwest-2019_10.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n\"gather updated information on the costs and benefits of requiring airlines to make lavatories on new single\\-aisle aircraft large enough, equivalent to that currently found on twin\\-aisle aircraft, to permit a passenger with a disability (with the help of an assistant, if necessary) to approach, enter, and maneuver within the aircraft lavatory as necessary to use all lavatory facilities and leave by means of the aircraft's on\\-board wheelchair\\.\" Requirements to expand the size of lavatories could impose substantial costs on the Company, either in the short\\-term or the long\\-term\\. Whether the DOT will actually adopt a new rule requiring larger lavatories, and the timing and application of any new rule, are unknown at this time\\. \n\nIn January 2020, the DOT proposed new regulations that would allow airlines to recognize emotional support animals as pets rather than service animals\\. Under the proposed rule, airlines would still be required to accept trained service dogs\\. If adopted by the DOT, the rule would likely simplify the Company\u2019s procedures for accepting animals in the cabin\\. \n\nThe Reauthorization Act includes numerous provisions related to the DOT's rules and authority\\. For example:\n\n\n\n|   |                                                                                                                                                                                               |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | the DOT has been given the authority to impose triple the maximum fines for damages to passengers' wheelchairs or other mobility aids, as well as for injury to passengers with disabilities; |\n\n\n\n\n\n|   |                                                                                                                                                                                    |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | the DOT has been directed to implement a rulemaking to require air carriers to promptly provide a refund for any ancillary fee paid for services a passenger does not receive; and |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                      |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | the Reauthorization Act makes it an unfair and deceptive practice to involuntarily deplane a revenue passenger onboard an aircraft if that passenger is traveling on a confirmed reservation and is checked\\-in for the relevant flight prior to the applicable check\\-in deadline\\. |\n\n\n\nAviation Taxes and Fees\n\nThe statutory authority for the federal government to collect most types of aviation taxes, which are used, in part, to finance programs administered by the FAA, must be periodically reauthorized by the U\\.S\\. Congress\\. The Reauthorization Act extends most commercial aviation taxes through September 30, 2023\\.\n\nIn addition to FAA\\-related taxes, there are additional federal taxes related to the U\\.S\\. Department of Homeland Security\\. These taxes do not need to be reauthorized periodically\\. Congress has set the Transportation Security Fee paid by passengers at $5\\.60 per one\\-way passenger trip originating in the U\\.S\\. In addition, international passengers arriving in the U\\.S\\. are subject to U\\.S\\. immigration and customs fees that are indexed to inflation\\. These fees are used to support the operations of U\\.S\\. Customs and Border Protection (\"CBP\")\\. Finally, the U\\.S\\. Department of Agriculture's Animal and Plant Health Inspection Service imposes an agriculture inspection fee on international passengers arriving in the U\\.S\\.\n\nIn 2020, Congress is expected to consider legislation related to federal spending on public infrastructure, including at airports\\. This legislation could result in an increase in the maximum Passenger Facility Charge, which is assessed by airports and collected by airlines, currently capped at $4\\.50 per enplanement (with a maximum of two Passenger Facility Charges on a one\\-way trip)\\. Conversely, this legislation could also result in an infusion of federal investment in public infrastructure that may benefit all modes of transportation\\.\n\nFinally, the annual congressional budget process is another legislative vehicle by which new aviation taxes or regulations may be imposed\\. The annual appropriations bill funds the federal government \\- including the DOT, the FAA, the Transportation Security Administration (the \"TSA\"), and CBP\\. Passage of the fiscal year 2021 appropriations bill will be considered throughout 2020 and could result in an increase in one or more of the taxes and fees discussed above, as well as new mandates on the DOT to begin or complete rulemakings related to airline consumer protection\\.\n\nOperational, Safety, and Health Regulation\n\nThe FAA has the authority to regulate safety aspects of civil aviation operations\\. Specifically, the Company and certain of its third\\-party service providers are subject to the jurisdiction of the FAA with respect to aircraft maintenance and operations, including equipment, ground facilities, dispatch, communications, training, and other matters affecting air safety\\. The FAA, from time to time, issues orders or directives relating to the maintenance and operation of aircraft that require significant expenditures or operational restrictions\\. The FAA, acting through its own powers or through \n\n11"}
{"_id": "Southwest-2018_112.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|                                 |          |               |\n| ------------------------------- | -------- | ------------- |\n|                                 | **2018** | **2017**      |\n| **(in millions)**               |          | **As Recast** |\n| **DEFERRED TAX LIABILITIES:**   |          |               |\n| Accelerated depreciation        | $3,395   | $3,123        |\n| Other                           | 92       | 83            |\n| Total deferred tax liabilities  | 3,487    | 3,206         |\n| **DEFERRED TAX ASSETS:**        |          |               |\n| Construction obligation         | 355      | 318           |\n| Accrued employee benefits       | 329      | 301           |\n| Rapid rewards loyalty liability | 267      | 338           |\n| Other                           | 109      | 130           |\n| Total deferred tax assets       | 1,060    | 1,087         |\n| Net deferred tax liability      | $2,427   | $2,119        |\n\n\n\nThe provision (benefit) for income taxes is composed of the following:\n\n\n\n|                                      |          |               |               |\n| ------------------------------------ | -------- | ------------- | ------------- |\n|                                      | **2018** | **2017**      | **2016**      |\n| **(in millions)**                    |          | **As Recast** | **As Recast** |\n| **CURRENT:**                         |          |               |               |\n| Federal                              | $338     | $904          | $778          |\n| State                                | 60       | 72            | 69            |\n| Total current                        | 398      | 976           | 847           |\n| **DEFERRED:**                        |          |               |               |\n| Federal                              | 299      | 200           | 393           |\n| State                                | 2        | 2             | 27            |\n| Change in federal statutory tax rate | \u2014        | (1,270)       | \u2014             |\n| Total deferred                       | 301      | (1,068)       | 420           |\n|                                      | $699     | $(92)         | $1,267        |\n\n\n\nThe effective tax rate on income before income taxes differed from the federal income tax statutory rate for the following reasons:\n\n\n\n|                                            |          |               |               |\n| ------------------------------------------ | -------- | ------------- | ------------- |\n|                                            | **2018** | **2017**      | **2016**      |\n| **(in millions)**                          |          | **As Recast** | **As Recast** |\n| Tax at statutory U\\.S\\. tax rates          | $664     | $1,143        | $1,208        |\n| State income taxes, net of federal benefit | 49       | 50            | 62            |\n| Change in federal statutory tax rate       | \u2014        | (1,270)       | \u2014             |\n| Other, net                                 | (14)     | (15)          | (3)           |\n| Total income tax provision (benefit)       | $699     | $(92)         | $1,267        |\n\n\n\nThe only period subject to examination for the Company\u2019s federal tax return is the 2018tax year\\. The Company is also subject to various examinations from state and local income tax jurisdictions in the ordinary course of business\\. These examinations are not expected to have a material effect on the financial results of the Company\\. \n\n113"}
{"_id": "Delta-2018_29.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nITEM 7\\. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS  OF OPERATIONS\n\nYear in Review\n\nOur pre\\-tax income for  2018  was  $5\\.2 billion , representing a  $349 million  decrease  compared to the prior year, primarily resulting from higher fuel expense and salaries and related costs, offset by increased operating revenue\\. Pre\\-tax income, adjusted (a non\\-GAAP financial measure) was  $5\\.1 billion ,  a decrease  of  $137 million  compared to the prior year\\. The adjustments to pre\\-tax income were primarily related to  $53 million  of fuel hedge mark\\-to\\-market (\"MTM\") adjustments and settlements in the current year compared to  $259 million  in the prior year\\.\n\nDelta had a solid year in 2018 as the company maintained focus on its long\\-term strategy while also addressing the short\\-term challenges from higher fuel prices\\. Our culture and solid foundation enabled the company to successfully offset the majority of the $2\\.3 billion increase in fuel during 2018\\. Our strategic priorities for the year were (1) leveraging our strong brand to drive revenue growth, (2) improving our cost performance, (3) continuing to build our global franchise and (4) investing for the future\\.\n\nStrong Brand Drives Revenue Growth\n\nCompared to  2017 , our operating revenue  increased  $3\\.3 billion , or  8\\.0% , with strong demand for our premium products and growth in revenues from non\\-ticket sources\\. Total revenue per available seat mile (\"TRASM\") and TRASM, adjusted (a non\\-GAAP financial measure)  increased  4\\.3%  compared to the prior year, led by (1) unit revenue growth in each of our four geographic regions, (2) broad\\-based strength in both leisure and corporate demand and (3) double\\-digit growth in premium products and non\\-ticket revenues\\.\n\nImproving Our Cost Performance\n\nOperating Expense\\.  Operating expense  increased  $4\\.0 billion , or  11\\.4% , primarily due to $2\\.3 billion higher fuel expense and higher wages and profit sharing for employees\\. The increase in fuel expense primarily resulted from a  31%  increase  in the market price per gallon of fuel and our  3\\.6%  capacity growth compared to 2017, which was partially offset by improved fuel efficiency driven by our investment in new aircraft\\. Salaries and profit sharing were higher due to pay rate increases for eligible employees implemented during 2017 and 2018, along with an adjustment to our profit sharing plan in 2018\\.\n\nOur operating cost per available seat mile (\"CASM\") increased  7\\.5%  to  14\\.87 cents  compared to 2017, primarily due to higher fuel expense and salaries and related costs\\. Non\\-fuel unit costs (\"CASM\\-Ex, a non\\-GAAP financial measure) increased  1\\.4%  to  10\\.31 cents  due to the pay rate increases discussed above\\.\n\nNon\\-Operating Expense\\.  Total non\\-operating expense was  $113 million  during 2018 compared to  $466 million  in 2017, primarily due to an increase in the pension benefit compared to the prior year, gains from investment\\-related transactions and lower interest expense\\.\n\nExpanding Our Global Network\n\nIn 2018, international revenues grew  6\\.7%  on a  0\\.9%  increase in capacity\\. We made significant progress in expanding our global reach, implementing a transpacific joint venture with Korean Air Lines, entering into a joint venture agreement with WestJet with respect to trans\\-border routes between the U\\.S\\. and Canada and reaching an agreement with Air France\\-KLM and Virgin Atlantic to combine our separate transatlantic joint ventures into a single three\\-party transatlantic joint venture\\. The WestJet and three\\-party transatlantic joint venture agreements remain subject to receipt of required regulatory approvals\\.\n\nInvesting for the Future\n\nOur  $7\\.0 billion  cash flows from operations funded  $5\\.2 billion  in capital expenditures for the business\\. As part of our multi\\-year refleeting initiative, we took delivery of 68 new aircraft, including A321\\-200s, B\\-737\\-900ERs, A350\\-900s, A220\\-100s and CRJ\\-900s\\. These deliveries allowed for the retirement of older, less efficient aircraft\\. \n\nThe non\\-GAAP financial measures pre\\-tax income, adjusted, TRASM, adjusted, and CASM\\-Ex, used above, are defined and reconciled in \"Supplemental Information\" below\\. \n\n 27"}
{"_id": "Delta-2019_94.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nStock Options\\.  Stock options are granted with an exercise price equal to the closing price of Delta common stock on the grant date and generally have a 10\\-year term\\. We determine the fair value of stock options at the grant date using an option pricing model\\. As of December 31, 2019, there were 3\\.9 million outstanding stock option awards with a weighted average exercise price of $49\\.57 of which  1\\.4 million were exercisable\\. \n\nPerformance Awards\\.  Performance awards are long\\-term incentive opportunities, which are payable in common stock or cash, and are generally contingent upon our achieving certain financial goals\\.\n\nOther\\.  During 2019 and 2018, we recognized $1 million and $7 million, respectively, of excess tax benefits in our income tax provision\\.\n\nNOTE 14\\. ACCUMULATED OTHER COMPREHENSIVE LOSS\n\nThe following table shows the components of accumulated other comprehensive loss:\n\n\n\n|                                                                     |                                                                     |                                                                     |                                             |                                |                                        |           |\n|:------------------------------------------------------------------- |:------------------------------------------------------------------- |:------------------------------------------------------------------- | -------------------------------------------:| ------------------------------:| --------------------------------------:| ---------:|\n| (in millions)                                                       | (in millions)                                                       | (in millions)                                                       | Pension and Other Benefits Liabilities^(2)^ | Derivative Contracts and Other | Available\\-for\\-Sale Investment s^(3)^ |     Total |\n| Balance at January 1, 2017 (net of tax effect of $1,458)            | Balance at January 1, 2017 (net of tax effect of $1,458)            | Balance at January 1, 2017 (net of tax effect of $1,458)            |                                   $ (7,714) |                          $ 114 |                                 $ (36) | $ (7,636) |\n| Changes in value (net of tax effect of $32)                         | Changes in value (net of tax effect of $32)                         | Changes in value (net of tax effect of $32)                         |                                       (264) |                           (23) |                                    150 |     (137) |\n| Reclassifications into earnings (net of tax effect of $90)^(1)^     | Reclassifications into earnings (net of tax effect of $90)^(1)^     | Reclassifications into earnings (net of tax effect of $90)^(1)^     |                                         166 |                            (6) |                                    (8) |       152 |\n| Balance at December 31, 2017 (net of tax effect of $1,400)          | Balance at December 31, 2017 (net of tax effect of $1,400)          | Balance at December 31, 2017 (net of tax effect of $1,400)          |                                     (7,812) |                             85 |                                    106 |   (7,621) |\n| Changes in value (net of tax effect of $88)                         | Changes in value (net of tax effect of $88)                         | Changes in value (net of tax effect of $88)                         |                                       (294) |                              7 |                                      \u2014 |     (287) |\n| Reclassifications into retained earnings (net of tax effect of $61) | Reclassifications into retained earnings (net of tax effect of $61) | Reclassifications into retained earnings (net of tax effect of $61) |                                           \u2014 |                              \u2014 |                                  (106) |     (106) |\n| Reclassifications into earnings (net of tax effect of $57)^(1)^     | Reclassifications into earnings (net of tax effect of $57)^(1)^     | Reclassifications into earnings (net of tax effect of $57)^(1)^     |                                         181 |                              8 |                                      \u2014 |       189 |\n| Balance at December 31, 2018 (net of tax effect $1,492)             | Balance at December 31, 2018 (net of tax effect $1,492)             | Balance at December 31, 2018 (net of tax effect $1,492)             |                                     (7,925) |                            100 |                                      \u2014 |   (7,825) |\n| Changes in value (net of tax effect of $133)                        | Changes in value (net of tax effect of $133)                        | Changes in value (net of tax effect of $133)                        |                                       (422) |                              7 |                                      \u2014 |     (415) |\n| Reclassifications into earnings (net of tax effect of $76)^(1)^     | Reclassifications into earnings (net of tax effect of $76)^(1)^     | Reclassifications into earnings (net of tax effect of $76)^(1)^     |                                         252 |                            (1) |                                      \u2014 |       251 |\n| Balance at December 31, 2019 (net of tax effect of $1,549)          | Balance at December 31, 2019 (net of tax effect of $1,549)          | Balance at December 31, 2019 (net of tax effect of $1,549)          |                                   $ (8,095) |                          $ 106 |                                    $ \u2014 | $ (7,989) |\n\n\n\n^(1)^ Amounts reclassified from AOCI for pension and other benefits liabilities and for derivative contracts designated as foreign currency cash flow hedges are recorded in miscellaneous, net in non\\-operating expense and in passenger revenue, respectively, in the income statement\\.\n\n^(2)^ Includes $672 million of deferred income tax expense primarily related to pension and other benefit obligations that will not be recognized in net income until these obligations are fully extinguished\\. We consider all income sources, including other comprehensive income, in determining the amount of tax benefit allocated to continuing operations\\.\n\n^(3)^ The 2017 reclassification into earnings for available\\-for\\-sale investments relates to our investment in Grupo Aerom\u00e9xico and the related conversion to accounting under the equity method\\. The reclassification of the unrealized gain was recorded to non\\-operating expense in our income statement\\. The 2018 reclassification into retained earnings relates to our investments in GOL, China Eastern and other previously designated available\\-for\\-sale investments, and the related conversion to accounting for changes in fair value of these investments from AOCI to the income statement\\.\n\n92"}
{"_id": "Southwest-2019_24.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nintrusion, tampering, and theft\\. Although the Company maintains systems to prevent or defend against these risks, these systems require ongoing monitoring and updating as technologies change, and security could be compromised, personal or confidential information could be misappropriated, or system disruptions could occur\\. In the ordinary course of its business, the Company also provides certain confidential, proprietary, and personal information to third parties\\. While the Company seeks to obtain assurances that these third parties will protect this information, there is a risk the security of data held by third parties could be breached\\. A compromise of the Company's security systems could adversely affect the Company's reputation and disrupt its operations and could also result in litigation against the Company or the imposition of penalties\\. In addition, it could be costly to remediate\\. Although the Company has not experienced cyber incidents that are individually, or in the aggregate, material, the Company has experienced cyber\\-attacks in the past, which have thus far been mitigated by preventative, detective, and responsive measures put in place by the Company\\.\n\nIn addition, in response to these types of threats, there has been heightened legislative and regulatory focus on data privacy and security in the United States and elsewhere\\. As a result, the Company must monitor a growing and fast\\-evolving set of legal requirements in this area\\. This regulatory environment is increasingly challenging and may present material obligations and risks to the Company's business, including significantly expanded compliance burdens, costs, and enforcement risks\\.\n\nThe Company has a dedicated cyber\\-security team and program that focuses on current and emerging data security matters\\. The Company continues to assess and invest in the growing needs of the cyber\\-security team through the allocation of skilled personnel, ongoing training, and support of the adoption and implementation of technologies coupled with cyber\\-security risk management frameworks\\.\n\nThe Company carries a cyber\\-security insurance policy with regards to data protection and business interruption associated with both security breaches from malicious parties and from certain system failures\\. However, available cyber\\-security insurance with regards to data protection and business interruption could be more expensive in the future and/or have material differences in coverage than insurance that has historically been provided and may not be adequate to protect the Company's risk of loss\\.\n\nThe Company's results of operations could be adversely impacted if it is unable to effectively execute its strategic plans\\.\n\nThe Company is reliant on the success of its revenue strategies and other strategic plans and initiatives to grow and to help offset increasing costs\\. The timely and effective execution of the Company's strategic plans could be negatively affected by (i) the Company's ability to timely and effectively implement, transition, and maintain related information technology systems and infrastructure; (ii) the Company's ability to effectively balance its investment of incremental operating expenses and capital expenditures related to its strategies against the need to effectively control costs; and (iii) as discussed further above, the Company's dependence on third parties with respect to the execution of its strategic plans\\.\n\nThe airline industry has faced on\\-going security concerns and related cost burdens; further threatened or actual terrorist attacks, or other hostilities, even if not made directly on the airline industry, could significantly harm the airline industry and the Company's operations\\.\n\nTerrorist attacks or other crimes and hostilities, actual and threatened, have from time to time materially adversely affected the demand for air travel and also have resulted in increased safety and security costs for the Company and the airline industry generally\\. Safety and security measures create delays and inconveniences and can, in particular, reduce the Company's competitiveness against surface transportation for short\\-haul routes\\. Additional terrorist attacks or other hostilities, even if not made directly on the airline industry, or the fear of such attacks or other hostilities (including elevated national threat warnings, government travel warnings to certain destinations, travel restrictions, or selective cancellation or redirection of flights due to terror threats) would likely have a further significant negative impact on the Company and the airline industry\\.\n\nThe Company is subject to extensive FAA regulation, which may materially and adversely affect the Company\u2019s business plans, strategies, and results of  operations\\.\n\nThe FAA promulgates and enforces regulations affecting the airline industry, and exercises extensive regulatory oversight of the Company\u2019s operations\\. The FAA from time to time also issues orders or directives relating to the \n\n25"}
{"_id": "Southwest-2017_96.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n(a) The net amounts of derivative assets and liabilities are reconciled to the individual line item amounts presented in the Consolidated Balance Sheet in Note 5\\.\n\nThe following tables present the impact of derivative instruments and their location within the Consolidated Statement of Income for the year endedDecember 31, 2017 and 2016:\n\n\n\n|                                                    |                                                                       |                                                                       |                                                                       |                                                    |                                                                           |                                                                           |                                                                           |                                                    |                                                                              |                                                                              |\n| -------------------------------------------------- | --------------------------------------------------------------------- | --------------------------------------------------------------------- | --------------------------------------------------------------------- | -------------------------------------------------- | ------------------------------------------------------------------------- | ------------------------------------------------------------------------- | ------------------------------------------------------------------------- | -------------------------------------------------- | ---------------------------------------------------------------------------- | ---------------------------------------------------------------------------- |\n| **Derivatives in cash flow hedging relationships** | **Derivatives in cash flow hedging relationships**                    | **Derivatives in cash flow hedging relationships**                    | **Derivatives in cash flow hedging relationships**                    | **Derivatives in cash flow hedging relationships** | **Derivatives in cash flow hedging relationships**                        | **Derivatives in cash flow hedging relationships**                        | **Derivatives in cash flow hedging relationships**                        | **Derivatives in cash flow hedging relationships** | **Derivatives in cash flow hedging relationships**                           | **Derivatives in cash flow hedging relationships**                           |\n|                                                    | **(Gain) loss recognized in AOCI on derivatives (effective portion)** | **(Gain) loss recognized in AOCI on derivatives (effective portion)** | **(Gain) loss recognized in AOCI on derivatives (effective portion)** |                                                    | **(Gain) loss reclassified from AOCI into income (effective portion)(a)** | **(Gain) loss reclassified from AOCI into income (effective portion)(a)** | **(Gain) loss reclassified from AOCI into income (effective portion)(a)** |                                                    | **(Gain) loss recognized in income on derivatives (ineffective portion)(b)** | **(Gain) loss recognized in income on derivatives (ineffective portion)(b)** |\n|                                                    | **Year ended**                                                        | **Year ended**                                                        | **Year ended**                                                        |                                                    | **Year ended**                                                            | **Year ended**                                                            | **Year ended**                                                            |                                                    | **Year ended**                                                               | **Year ended**                                                               |\n|                                                    | **December 31,**                                                      | **December 31,**                                                      | **December 31,**                                                      |                                                    | **December 31,**                                                          | **December 31,**                                                          | **December 31,**                                                          |                                                    | **December 31,**                                                             | **December 31,**                                                             |\n| **(in millions)**                                  | **2017**                                                              |                                                                       | **2016**                                                              |                                                    | **2017**                                                                  |                                                                           | **2016**                                                                  |                                                    | **2017**                                                                     | **2016**                                                                     |\n| Fuel derivative contracts                          | $32                                                                   | \\*                                                                    | $(122)                                                                | \\*                                                 | $349                                                                      | \\*                                                                        | $613                                                                      | \\*                                                 | $31                                                                          | $(11)                                                                        |\n| Interest rate derivatives                          | \u2014                                                                     | \\*                                                                    | 2                                                                     | \\*                                                 | 7                                                                         | \\*                                                                        | 9                                                                         | \\*                                                 | 1                                                                            | (3)                                                                          |\n| Total                                              | $32                                                                   |                                                                       | $(120)                                                                |                                                    | $356                                                                      |                                                                           | $622                                                                      |                                                    | $32                                                                          | $(14)                                                                        |\n\n\n\n\\*Net of tax\n\n(a) Amounts related to fuel derivative contracts and interest rate derivatives are included in Fuel and oil and Interest expense, respectively\\.\n\n(b) Amounts are included in Other (gains) losses, net\\.\n\n\n\n|                                                        |                                                        |                                                        |                                                        |\n| ------------------------------------------------------ | ------------------------------------------------------ | ------------------------------------------------------ | ------------------------------------------------------ |\n| **Derivatives not in cash flow hedging relationships** | **Derivatives not in cash flow hedging relationships** | **Derivatives not in cash flow hedging relationships** | **Derivatives not in cash flow hedging relationships** |\n|                                                        | **(Gain) loss**                                        | **(Gain) loss**                                        |                                                        |\n|                                                        | **recognized in income on**                            | **recognized in income on**                            |                                                        |\n|                                                        | **derivatives**                                        | **derivatives**                                        |                                                        |\n|                                                        | **Year ended**                                         | **Year ended**                                         | **Location of (gain) loss**                            |\n|                                                        | **December 31,**                                       | **December 31,**                                       | **recognized in income**                               |\n| **(in millions)**                                      | **2017**                                               | **2016**                                               | **on derivatives**                                     |\n| Fuel derivative contracts                              | $75                                                    | $14                                                    | Other (gains) losses, net                              |\n| Interest rate derivatives                              | (4)                                                    | (2)                                                    | Interest Expense                                       |\n| Total                                                  | $71                                                    | $12                                                    |                                                        |\n\n\n\nThe Company also recorded expense associated with premiums paid for fuel derivative contracts that settled/expired during 2017, 2016, and 2015 of $135 million, $153 million, and $124 million, respectively\\. These amounts are excluded from the Company\u2019s measurement of effectiveness for related hedges and are included as a component of Other (gains) losses, net, in the Consolidated Statement of Income\\.\n\nThe fair values of the derivative instruments, depending on the type of instrument, were determined by the use of present value methods or option value models with assumptions about commodity prices based on those observed in underlying markets or provided by third parties\\. Included in the Company\u2019s cumulative net unrealized gains from fuel hedges as of December 31, 2017, recorded in AOCI, were approximately $11 million in unrealized losses, net of taxes, which are expected to be realized in earnings during the twelve months subsequent to December 31, 2017\\. \n\n***Interest Rate Swaps***\n\nThe Company is party to certain interest rate swap agreements that are accounted for as either fair value hedges or cash flow hedges, as defined in the applicable accounting guidance for derivative instruments and hedging\\. Several of the Company's interest rate swap agreements qualify for the \"shortcut\" method of accounting for hedges, which dictates \n\n97"}
{"_id": "Southwest-2019_115.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nItem 9B\\.  Other Information\n\nNone\\. \n\n116"}
{"_id": "United-2018_32.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n(a) Long\\-term debt presented in the Company's financial statements is net of $191 million of debt discount, premiums and debt issuance costs which are being amortized over the debt terms\\. Contractual payments do not include the debt discount, premiums and debt issuance costs\\.\n\n(b) Includes interest portion of capital lease obligations of $124 million in 2019, $104 million in 2020, $80 million in 2021, $63 million in 2022, $57 million in 2023 and $410 million thereafter\\. Interest payments on variable interest rate debt were calculated using London interbank offered rates (\"LIBOR\") applicable at December 31, 2018\\.\n\n(c) Represents our estimates of future minimum noncancelable commitments under our CPAs and does not include the portion of the underlying obligations for aircraft and facility rent that is disclosed as part of aircraft and nonaircraft operating leases\\. Amounts also exclude a portion of United's capital lease obligation recorded for certain of its CPAs\\. See Note 11 to the financial statements included in Part II, Item 8 of this report for the significant assumptions used to estimate the payments\\.\n\n(d) Amounts represent postretirement benefit payments, net of subsidy receipts, through 2028\\. Benefit payments approximate plan contributions as plans are substantially unfunded\\. \n\n(e) Represents an estimate of the minimum funding requirements as determined by government regulations for United's U\\.S\\. pension plans\\. Amounts are subject to change based on numerous assumptions, including the performance of assets in the plans and bond rates\\. See *Critical Accounting Policies*, below, for a discussion of our current year assumptions regarding United's pension plans\\.\n\n(f) Represents contractual commitments for firm order aircraft, spare engines and other capital purchase commitments\\. See Note 13 to the financial statements included in Part II, Item 8 of this report for a discussion of our purchase commitments\\.\n\n***Off\\-Balance Sheet Arrangements\\.***An off\\-balance sheet arrangement is any transaction, agreement or other contractual arrangement involving an unconsolidated entity under which a company has (1) made guarantees, (2) a retained or a contingent interest in transferred assets, (3) an obligation under derivative instruments classified as equity, or (4) any obligation arising out of a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support, or that engages in leasing, hedging or research and development arrangements\\. The Company's primary off\\-balance sheet arrangements include operating leases, which are summarized in the contractual obligations table under *Contractual Obligations,* above,and certain municipal bond obligations, as discussed below\\. \n\nAs of December 31, 2018, United had cash collateralized $73 million of letters of credit, which generally have evergreen clauses and are expected to be renewed on an annual basis\\. As of December 31, 2018, United also had $418 million of surety bonds securing various obligations with expiration dates through2022\\.\n\nAs of December 31, 2018, United is the guarantor of approximately $1\\.9 billion in aggregate principal amount of tax\\-exempt special facilities revenue bonds and interest thereon\\. These bonds, issued by various airport municipalities, are payable solely from rentals paid under long\\-term agreements with the respective governing bodies\\. The leasing arrangements associated with a majority of these obligations are accounted for as operating leases\\. The leasing arrangements associated with a portion of these obligations are accounted for as capital leases\\. The annual lease payments for those obligations are included in the contractual obligations table under *Contractual Obligations,* above\\. \n\nIn connection with funding the Synergy Loan Agreement, the Company entered into an agreement with AVH's significant minority shareholder, Kingsland Holdings Limited (\"Kingsland\"), pursuant to which, in return for Kingsland's pledge of its 144\\.8 million shares of AVH common stock (equivalent to 18\\.1 million American Depositary Receipts (\"ADRs\")) and its consent to Synergy's pledge of its AVH common stock to United under the Synergy Loan Agreement, United (1) granted to Kingsland the right to put its shares of AVH common stock to United at market price on the fifth anniversary of the Synergy Loan Agreement, and (2) guaranteed Synergy's obligation to pay Kingsland (which amount, if paid by United, will increase United's secured loan to Synergy by such amount) if the market price of AVH common stock on the fifth anniversary is less than $12 per ADR on the NYSE, for an aggregate maximum possible combined put payment and guarantee amount on the fifth anniversary of $217\\.2 million\\. Accordingly, the Company recorded a liability of $31 million for the fair value of its guarantee to loan additional funds to Synergy if required\\. Any additional loans to Synergy would be collateralized by Synergy's shares of AVH stock and other collateral\\.\n\nAs of December 31, 2018, United is the guarantor of $145 million of aircraft mortgage debt issued by one of United's regional carriers\\. The aircraft mortgage debt is subject to increased cost provisions and the Company would potentially be responsible for those costs under the guarantees\\. The increased cost provisions in the $145 million of aircraft mortgage debt are similar to those in certain of the Company's debt agreements\\. See discussion under *Increased Cost Provisions,*below, for additional information on increased cost provisions related to the Company's debt\\.\n\n***EETCs\\.*** As of December 31, 2018, United had $8\\.8 billion principal amount of equipment notes outstanding issued under EETC financings\\. Generally, the structure of these EETC financings consists of pass\\-through trusts created by United to issue pass\\-through certificates, which represent fractional undivided interests in the respective pass\\-through trusts and are not obligations of United\\. The proceeds of the issuance of the pass\\-through certificates are used to purchase equipment notes which \n\n33"}
{"_id": "AmericanAirlines-2019_167.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.53                         | [Assumption Agreement, dated as of December 30, 2015, by American Airlines, Inc\\. for the benefit of Wilmington Trust Company, as pass through trustee, subordination agent, and paying agent, and Wilmington Trust, National Association, as escrow agent, in each case, under the Note Purchase Agreement, dated as of April 24, 2013, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), Wilmington Trust Company, Wilmington Trust, National Association and Wilmington Trust Company (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex102.htm) |\n| 4\\.54                         | [Form of Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee, Subordination Agent and Pass Through Trustee (incorporated by reference to Exhibit 4\\.13 to US Airways Group\u2019s Current Report on Form 8\\-K filed on April 25, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513171448/d526546dex413.htm)                                                                                                                                                                                                                                                                              |\n| 4\\.55                         | [Form of Trust Indenture and Security Agreement among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, Wilmington Trust, National Association, as Securities Intermediary, and Wilmington Trust Company, as Indenture Trustee (incorporated by reference to Exhibit 4\\.14 to US Airways Group\u2019s Current Report on Form 8\\-K filed on April 25, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513171448/d526546dex414.htm)                                                                                                                                                                                                                                           |\n| 4\\.56                         | [Form of Amendment No\\. 1 to Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee, Subordination Agent and Pass Through Trustee (Exhibit A to Note Purchase Agreement) (incorporated by reference to Exhibit 4\\.8 to US Airways Group\u2019s Current Report on Form 8\\-K filed on June 6, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513250235/d548366dex48.htm)                                                                                                                                                                                                                       |\n| 4\\.57                         | [Form of Amendment No\\. 1 to Trust Indenture and Security Agreement among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, Wilmington Trust, National Association, as Securities Intermediary, and Wilmington Trust Company, as Indenture Trustee (Exhibit B to Note Purchase Agreement) (incorporated by reference to Exhibit 4\\.9 to US Airways Group\u2019s Current Report on Form 8\\-K filed on June 6, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513250235/d548366dex49.htm)                                                                                                                                                                                    |\n| 4\\.58                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2013\\-1 Pass Through Certificates (incorporated by reference to Exhibit 10\\.5 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex105.htm)                                                                                                                                                                                                                            |\n| 4\\.59                         | [Form of Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee, Subordination Agent and Pass Through Trustee (Schedule I to Amendment No\\. 1 to Note Purchase Agreement (2012\\-2)) (incorporated by reference to Exhibit 4\\.10 to US Airways Group\u2019s Current Report on Form 8\\-K filed on June 6, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513250235/d548366dex410.htm)                                                                                                                                                                                                          |\n| 4\\.60                         | [Form of Trust Indenture and Security Agreement among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, Wilmington Trust, National Association, as Securities Intermediary, and Wilmington Trust Company, as Indenture Trustee (Schedule II to Amendment No\\. 1 to Note Purchase Agreement (2012\\-2)) (incorporated by reference to Exhibit 4\\.11 to US Airways Group\u2019s Current Report on Form 8\\-K filed on June 6, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513250235/d548366dex411.htm)                                                                                                                                                                      |\n| 4\\.61                         | [Form of Participation Agreement (Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee and Subordination Agent) (incorporated by reference to Exhibit 4\\.14 to US Airways Group\u2019s Current Report on Form 8\\-K filed on December 23, 2010 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012310116213/p18414exv4w14.htm)                                                                                                                                                                                                                                                                       |\n| 4\\.62                         | [Form of Indenture (Trust Indenture and Security Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee) (incorporated by reference to Exhibit 4\\.15 to US Airways Group\u2019s Current Report on Form 8\\-K filed on December 23, 2010 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012310116213/p18414exv4w15.htm)                                                                                                                                                                                                                                                                                              |\n| 4\\.63                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2010\\-1 Pass Through Certificates (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex101.htm)                                                                                                                                                                                                                            |\n| 4\\.64                         | [Form of Participation Agreement (Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee and Subordination Agent) (incorporated by reference to Exhibit 4\\.18 to US Airways Group\u2019s Current Report on Form 8\\-K filed on July 1, 2011 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063424/p18939exv4w18.htm)                                                                                                                                                                                                                                                                           |\n| 4\\.65                         | [Form of Indenture (Trust Indenture and Security Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee) (incorporated by reference to Exhibit 4\\.19 to US Airways Group\u2019s Current Report on Form 8\\-K filed on July 1, 2011 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063424/p18939exv4w19.htm)                                                                                                                                                                                                                                                                                                  |\n| 4\\.66                         | [Guarantee, dated as of June 28, 2011, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) (incorporated by reference to Exhibit 4\\.23 to US Airways Group\u2019s Current Report on Form 8\\-K filed on July 1, 2011 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063424/p18939exv4w23.htm)                                                                                                                                                                                                                                                                                                                                                                             |\n\n\n\n168"}
{"_id": "AmericanAirlines-2017_146.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nThe components of American\u2019s deferred tax assets and liabilities were (in millions):\n\n\n\n|                                                    |                  |                  |\n| -------------------------------------------------- | ---------------- | ---------------- |\n|                                                    | **December 31,** | **December 31,** |\n|                                                    | **2017**         | **2016**         |\n| Deferred tax assets:                               |                  |                  |\n| Operating loss carryforwards                       | $2,409           | $4,087           |\n| Pensions                                           | 1,549            | 2,595            |\n| Loyalty program liability                          | 420              | 485              |\n| Alternative minimum tax (AMT) credit carryforwards | 457              | 456              |\n| Postretirement benefits other than pensions        | 170              | 291              |\n| Rent expense                                       | 160              | 256              |\n| Gains from lease transactions                      | 107              | 213              |\n| Reorganization items                               | 35               | 53               |\n| Other                                              | 638              | 911              |\n| Total deferred tax assets                          | 5,945            | 9,347            |\n| Valuation allowance                                | (25)             | (13)             |\n| Net deferred tax assets                            | 5,920            | 9,334            |\n| Deferred tax liabilities:                          |                  |                  |\n| Accelerated depreciation and amortization          | (4,999)          | (7,101)          |\n| Other                                              | (274)            | (335)            |\n| Total deferred tax liabilities                     | (5,273)          | (7,436)          |\n| Net deferred tax asset                             | $647             | $1,898           |\n\n\n\nAt December 31, 2017, American had approximately $10\\.6 billion of federal NOLs carried over from prior taxable years (NOL Carryforwards) to reduce future federal taxable income, substantially all of which American expects to be available for use in 2018\\. American is a member of AAG\u2019s consolidated federal and certain state income tax returns\\. The amount of federal NOL Carryforwards available in those returns is $10\\.0 billion, substantially all of which is expected to be available for use in 2018\\. The federal NOL Carryforwards will expire beginning in 2022 if unused\\. American also had approximately $3\\.2 billion of NOL Carryforwards to reduce future state taxable income at December 31, 2017, which will expire in years 2018 through 2037 if unused\\. American\u2019s ability to deduct its NOL Carryforwards and to utilize certain other available tax attributes can be substantially constrained under the general annual limitation rules of Section 382 where an \u201cownership change\u201d has occurred\\. Substantially all of American\u2019s remaining federal NOL Carryforwards attributable to US Airways Group are subject to limitation under Section 382; however, American\u2019s ability to utilize such NOL Carryforwards is not anticipated to be effectively constrained as a result of such limitation\\. American elected to be covered by certain special rules for federal income tax purposes that permitted approximately $9\\.5 billion (with $8\\.6 billion of unlimited NOL still remaining at December 31, 2017) of its federal NOL Carryforwards to be utilized without regard to the annual limitation generally imposed by Section 382\\. Similar limitations may apply for state income tax purposes\\. American\u2019s ability to utilize any new NOL Carryforwards arising after the ownership changes is not affected by the annual limitation rules imposed by Section 382 unless another future ownership change occurs\\. Under the Section 382 limitation, cumulative stock ownership changes among material stockholders exceeding 50% during a rolling three\\-year period can potentially limit a company\u2019s future use of NOLs and tax credits\\. See Part I, Item 1A\\. Risk Factors \u2013 *\u201cOur ability to utilize our NOL Carryforwards may be limited\u201d* for unaudited additional discussion of this risk\\.\n\nAt December 31, 2017, American had an AMT credit carryforward of approximately $452 million available for federal income tax purposes, which is now expected to be refunded in 2019 and 2020 as a result of the repeal of corporate AMT\\.\n\nIn 2017, American recorded an income tax provision of $1\\.3 billion, with an effective rate of approximately 41%, which was substantially non\\-cash as American utilized the NOLs described above\\. Substantially all of American\u2019s income before income taxes is attributable to the United States\\.\n\n147"}
{"_id": "AmericanAirlines-2018_56.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nThe major components of our total CASM and our total CASM excluding special items and fuel for the years ended December 31, 2017 and 2016 are as follows (amounts may not recalculate due to rounding):\n\n\n\n|                                              |                                           |                                           |                                                       |\n| -------------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------------------- |\n|                                              | **Year Ended December 31,**               | **Year Ended December 31,**               | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                              | **2017**                                  | **2016**                                  | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                              | **(In cents, except percentage changes)** | **(In cents, except percentage changes)** | **(In cents, except percentage changes)**             |\n| Total CASM:                                  |                                           |                                           |                                                       |\n| Aircraft fuel and related taxes              | 2\\.22                                     | 1\\.85                                     | 19\\.5                                                 |\n| Salaries, wages and benefits                 | 4\\.32                                     | 4\\.01                                     | 7\\.8                                                  |\n| Maintenance, materials and repairs           | 0\\.71                                     | 0\\.67                                     | 5\\.6                                                  |\n| Other rent and landing fees                  | 0\\.65                                     | 0\\.65                                     | 0\\.8                                                  |\n| Aircraft rent                                | 0\\.43                                     | 0\\.44                                     | (1\\.6)                                                |\n| Selling expenses                             | 0\\.53                                     | 0\\.48                                     | 10\\.3                                                 |\n| Depreciation and amortization                | 0\\.62                                     | 0\\.56                                     | 10\\.4                                                 |\n| Special items, net                           | 0\\.26                                     | 0\\.26                                     | 0\\.6                                                  |\n| Other                                        | 1\\.78                                     | 1\\.69                                     | 4\\.8                                                  |\n| Regional expenses:                           |                                           |                                           |                                                       |\n| Aircraft fuel and related taxes              | 0\\.50                                     | 0\\.41                                     | 23\\.2                                                 |\n| Other                                        | 1\\.87                                     | 1\\.80                                     | 3\\.5                                                  |\n| Total CASM                                   | 13\\.88                                    | 12\\.83                                    | 8\\.2                                                  |\n| Special items, net:                          |                                           |                                           |                                                       |\n| Special items, net                           | (0\\.26)                                   | (0\\.26)                                   | (0\\.6)                                                |\n| Regional operating special items, net        | (0\\.01)                                   | (0\\.01)                                   | 48\\.4                                                 |\n| Aircraft fuel and related taxes              |                                           |                                           |                                                       |\n| Aircraft fuel and related taxes \\- mainline  | (2\\.22)                                   | (1\\.85)                                   | 19\\.5                                                 |\n| Aircraft fuel and related taxes \\- regional  | (0\\.50)                                   | (0\\.41)                                   | 23\\.2                                                 |\n| Total CASM, excluding special items and fuel | 10\\.90                                    | 10\\.31                                    | 5\\.8                                                  |\n\n\n\nSignificant changes in the components of total CASM are as follows:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Aircraft fuel and related taxes per ASM  increase d  19\\.5 % primarily due to a  21\\.4%  increase  in the average price per gallon of fuel to  $1\\.71  in  2017  from  $1\\.41  in  2016 , offset in part by a  0\\.5%  decrease  in gallons of fuel consumed\\. The  decrease  in fuel consumption was primarily driven by the operation of more fuel efficient aircraft during  2017  in connection with our fleet renewal program\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                     |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Salaries, wages and benefits per ASM  increase d  7\\.8 % primarily due to mid\\-contract pay rate increases for pilots and flight attendants effective in the second quarter of 2017, as well as rate increases for maintenance and fleet service work groups, which became effective in the third quarter of 2016\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Maintenance, materials and repairs per ASM  increase d  5\\.6 % as compared to  2016  primarily due to a contract change that accelerated the timing of certain maintenance expenses incurred\\. Certain flight equipment was transitioned to a new flight hour based contract (referred to as power by the hour) where expense is incurred and recognized based on actual hours flown\\. Previously, this flight equipment was covered by a time and materials based contract where expense is incurred and recognized as maintenance is performed\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                         |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Selling expenses per ASM  increase d  10\\.3 % primarily due to higher commissions driven by the overall increase in revenues as well as an increase in flown premium tickets, which are subject to higher commissions\\. |\n\n\n\n\n\n|   |                                                                                                                                                                    |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Depreciation and amortization per ASM  increase d  10\\.4 % primarily due to our fleet renewal program, as we took delivery of 57 owned mainline aircraft in 2017\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Regional aircraft fuel and related taxes per ASM  increase d  23\\.2 % primarily due to a  21\\.2%  increase  in the average price per gallon of fuel to  $1\\.79  in  2017  from  $1\\.48  in  2016  as well as a  2\\.8%  increase  in gallons of fuel consumed\\. |\n\n\n\n57"}
{"_id": "United-2019_69.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nThe following information relates to all pension plans with an accumulated benefit obligation and a projected benefit obligation in excess of plan assets at December 31 (in millions): \n\n\n\n|                                |          |          |\n| ------------------------------ | -------- | -------- |\n|                                | **2019** | **2018** |\n| Projected benefit obligation   | $6,161   | $5,196   |\n| Accumulated benefit obligation | 5,137    | 4,286    |\n| Fair value of plan assets      | 4,714    | 3,614    |\n\n\n\nNet periodic benefit cost for the years ended December 31 included the following components (in millions):\n\n\n\n|                                                    |                      |                                   |                      |                                   |                      |                                   |\n| -------------------------------------------------- | -------------------- | --------------------------------- | -------------------- | --------------------------------- | -------------------- | --------------------------------- |\n|                                                    | **2019**             | **2019**                          | **2018**             | **2018**                          | **2017**             | **2017**                          |\n|                                                    | **Pension Benefits** | **Other Postretirement Benefits** | **Pension Benefits** | **Other Postretirement Benefits** | **Pension Benefits** | **Other Postretirement Benefits** |\n| Service cost                                       | $184                 | $10                               | $228                 | $12                               | $195                 | $13                               |\n| Interest cost                                      | 226                  | 47                                | 217                  | 61                                | 220                  | 66                                |\n| Expected return on plan assets                     | (291<br><br>)        | (1<br><br>)                       | (292<br><br>)        | (2<br><br>)                       | (243<br><br>)        | (2<br><br>)                       |\n| Amortization of unrecognized actuarial (gain) loss | 118                  | (52<br><br>)                      | 130                  | (32<br><br>)                      | 128                  | (33<br><br>)                      |\n| Amortization of prior service credits              | \u2014                    | (73<br><br>)                      | \u2014                    | (37<br><br>)                      | \u2014                    | (37<br><br>)                      |\n| Other                                              | 5                    | \u2014                                 | 1                    | \u2014                                 | 5                    | \u2014                                 |\n| Net periodic benefit cost (credit)                 | $242                 | $<br><br>(69<br><br>)             | $284                 | $2                                | $305                 | $7                                |\n\n\n\nService cost is recorded in Salaries and related costs on the statement of consolidated operations\\. All other components of net periodic benefit costs are recorded in Miscellaneous, net on the statement of consolidated operations\\. \n\nThe assumptions used for the benefit plans were as follows:  \n\n\n\n|                                                       |                      |                      |\n| ----------------------------------------------------- | -------------------- | -------------------- |\n|                                                       | **Pension Benefits** | **Pension Benefits** |\n| **Assumptions used to determine benefit obligations** | **2019**             | **2018**             |\n| Discount rate                                         | 3\\.52%               | 4\\.20%               |\n| Rate of compensation increase                         | 3\\.89%               | 3\\.89%               |\n| **Assumptions used to determine net expense**         |                      |                      |\n| Discount rate                                         | 4\\.21%               | 3\\.65%               |\n| Expected return on plan assets                        | 7\\.40%               | 7\\.31%               |\n| Rate of compensation increase                         | 3\\.89%               | 3\\.89%               |\n\n\n\nA 50 basis points decrease in the weighted average discount rate would have increased the Company's  December 31, 2019  pension benefit liability by approximately   $0\\.7 billion  and increased the estimated  2019  pension benefit expense by approximately   $69 million \\.\n\n\n\n|                                                                                       |                                   |                                   |\n| ------------------------------------------------------------------------------------- | --------------------------------- | --------------------------------- |\n|                                                                                       | **Other Postretirement Benefits** | **Other Postretirement Benefits** |\n| **Assumptions used to determine benefit obligations**                                 | **2019**                          | **2018**                          |\n| Discount rate                                                                         | 3\\.35%                            | 4\\.30%                            |\n| **Assumptions used to determine net expense**                                         |                                   |                                   |\n| Discount rate                                                                         | 4\\.30%                            | 3\\.63%                            |\n| Expected return on plan assets                                                        | 3\\.00%                            | 3\\.00%                            |\n| Health care cost trend rate assumed for next year                                     | 6\\.00%                            | 6\\.00%                            |\n| Rate to which the cost trend rate is assumed to decline (ultimate trend rate in 2033) | 5\\.00%                            | 5\\.00%                            |\n\n\n\nA 50 basis points decrease in the weighted average discount rate would have increased the Company's  December 31, 2019  postretirement benefit liability by approximately   $42 million  and increased the estimated  2019  benefits expense by approximately   $4 million \\. \n\n70"}
{"_id": "AmericanAirlines-2017_50.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Mainline Operating Expenses*\n\n\n\n|                                    |                                              |                                              |                                              |                                              |\n| ---------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- |\n|                                    | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase  <br>(Decrease)**                 | **Percent  <br>Increase  <br>(Decrease)**    |\n|                                    | **2017**                                     | **2016**                                     | **Increase  <br>(Decrease)**                 | **Percent  <br>Increase  <br>(Decrease)**    |\n|                                    | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** |\n| Aircraft fuel and related taxes    | $6,128                                       | $5,071                                       | $1,057                                       | 20\\.8                                        |\n| Salaries, wages and benefits       | 11,816                                       | 10,890                                       | 926                                          | 8\\.5                                         |\n| Maintenance, materials and repairs | 1,959                                        | 1,834                                        | 125                                          | 6\\.8                                         |\n| Other rent and landing fees        | 1,806                                        | 1,772                                        | 34                                           | 1\\.9                                         |\n| Aircraft rent                      | 1,197                                        | 1,203                                        | (6)                                          | (0\\.4)                                       |\n| Selling expenses                   | 1,477                                        | 1,323                                        | 154                                          | 11\\.6                                        |\n| Depreciation and amortization      | 1,702                                        | 1,525                                        | 177                                          | 11\\.6                                        |\n| Special items, net                 | 712                                          | 709                                          | 3                                            | 0\\.5                                         |\n| Other                              | 4,806                                        | 4,525                                        | 281                                          | 6\\.2                                         |\n| Total mainline operating expenses  | $31,603                                      | $28,852                                      | $2,751                                       | 9\\.5                                         |\n\n\n\nMainline operating expenses increased $2\\.8 billion, or 9\\.5%, in 2017 from 2016\\. The increase in operating expenses was primarily driven by higher fuel costs and wage rates\\. See detailed explanations below relating to changes in mainline CASM\\.\n\n*Mainline CASM*\n\nWe sometimes use financial measures that are derived from the consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate our current operating performance to allow for period\\-to\\-period comparisons\\. We believe these non\\-GAAP financial measures may also provide useful information to investors and others\\. These non\\-GAAP measures may not be comparable to similarly titled non\\-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP\\. We are providing a reconciliation of reported non\\-GAAP financial measures to their comparable financial measures on a GAAP basis\\.\n\nThe table below presents the reconciliation of mainline operating expenses (GAAP measure) to mainline operating costs excluding special items and fuel (non\\-GAAP measure)\\. Management uses mainline operating costs excluding special items and fuel to evaluate our current operating performance and for period\\-to\\-period comparisons\\. The price of fuel, over which we have no control, impacts the comparability of period\\-to\\-period financial performance\\. The adjustment to exclude aircraft fuel and special items allows management an additional tool to better understand and analyze our non\\-fuel costs and core operating performance\\.\n\n51"}
{"_id": "AmericanAirlines-2018_152.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n*Disclosures related to periods prior to adoption of the New Lease Standard*\n\nOperating lease rent expense, excluding landing fees, was approximately $3\\.2 billion and $3\\.1 billion in 2017 and 2016, respectively, which includes the lease of certain aircraft under capacity purchase agreements\\. As of December 31, 2017, future minimum lease payment obligations under noncancellable operating leases, including payments for the lease of certain aircraft under capacity purchase agreements, as well as payments under capital lease obligations were as follows (in millions):\n\n\n\n|                              |                       |                       |\n| ---------------------------- | --------------------- | --------------------- |\n|                              | **December 31, 2017** | **December 31, 2017** |\n|                              | **Operating Leases**  | **Capital Leases**    |\n| 2018                         | $2,555                | $126                  |\n| 2019                         | 2,321                 | 123                   |\n| 2020                         | 2,096                 | 120                   |\n| 2021                         | 1,613                 | 118                   |\n| 2022                         | 1,394                 | 122                   |\n| 2023 and thereafter          | 3,952                 | 387                   |\n| Total lease payments         | $13,931               | 996                   |\n| Less: Imputed interest       |                       | (225)                 |\n| Total lease obligations      |                       | 771                   |\n| Less: Current obligations    |                       | (78)                  |\n| Long\\-term lease obligations |                       | $693                  |\n\n\n\n**5\\. Income Taxes**\n\nThe significant components of the income tax provision were (in millions):\n\n\n\n|                                |                             |                             |                             |\n| ------------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                                | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                | **2018**                    | **2017**                    | **2016**                    |\n| Current income tax provision:  |                             |                             |                             |\n| State and Local                | $3                          | $14                         | $1                          |\n| Foreign                        | 28                          | 10                          | 9                           |\n| Current income tax provision   | 31                          | 24                          | 10                          |\n| Deferred income tax provision: |                             |                             |                             |\n| Federal                        | 453                         | 2,176                       | 1,507                       |\n| State and Local                | 50                          | 70                          | 90                          |\n| Deferred income tax provision  | 503                         | 2,246                       | 1,597                       |\n| Total income tax provision     | $534                        | $2,270                      | $1,607                      |\n\n\n\n153"}
{"_id": "Southwest-2017_113.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Item 9B\\.** ***Other Information***\n\nNone\\. \n\n114"}
{"_id": "AmericanAirlines-2019_11.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nEach slot represents the authorization to land at or take off from the particular airport during a specified time period\\. In addition to slot restrictions, operations at LGA and DCA are also limited based on a so\\-called \u201cperimeter rule\u201d which generally limits the stage length of the flights that can be operated from those airports to 1,500 and 1,250 miles, respectively\\.\n\nOur ability to provide service can also be impaired at airports, such as ORD and LAX where the airport gate and other facilities are currently inadequate to accommodate all of the service that we would like to provide, or airports such as Dallas Love Field Airport where we have no access to gates at all\\.\n\nExisting law also permits domestic local airport authorities to implement procedures and impose restrictions designed to abate noise, provided such procedures and restrictions do not unreasonably interfere with interstate or foreign commerce or the national transportation system\\. In some instances, these restrictions have caused curtailments in service or increases in operating costs\\.\n\nAirline Fares, Taxes and User Fees\n\nAirlines are permitted to establish their own domestic fares without governmental regulation\\. The DOT maintains authority over certain international fares, rates and charges, but only applies this authority on a limited basis\\. In addition, international fares and rates are sometimes subject to the jurisdiction of the governments of the foreign countries which we serve\\.\n\nAirlines are obligated to collect a federal excise tax, commonly referred to as the \u201cticket tax,\u201d on domestic and international air transportation, and to collect other taxes and charge other fees, such as foreign taxes, security fees and passenger facility charges\\. Although these taxes and fees are not our operating expenses, they represent an additional cost to our customers\\. These taxes and fees are subject to increase from time to time\\.\n\nDOT Passenger Protection Rules\n\nThe DOT regulates airline interactions with passengers through the ticketing process, at the airport and on board the aircraft\\. Among other things, these regulations govern how our fares are displayed online, required customer disclosures, access by disabled passengers, handling of long onboard flight delays and reporting of mishandled bags\\. In 2020, the DOT is expected to implement a number of new regulations that will impact us, including disability rules for accessible lavatories and refunds for checked bag fees in the event of certain delays in delivery\\.\n\nInternational\n\nInternational air transportation is subject to extensive government regulation, including aviation agreements between the U\\.S\\. and other countries or governmental authorities, such as the EU\\. Moreover, our alliances with international carriers may be subject to the jurisdiction and regulations of various foreign agencies\\. The U\\.S\\. government has negotiated \u201copen skies\u201d agreements with many countries, which allow unrestricted route authority access between the U\\.S\\. and the foreign markets\\. While the U\\.S\\. has worked to increase the number of countries with which open skies agreements are in effect, a number of markets important to us, including China, do not have open skies agreements\\.\n\nIn addition, foreign countries impose passenger protection rules, which are analogous to, and often meet or exceed the requirements of, the DOT passenger protection rules discussed above\\. In cases where these foreign requirements exceed the DOT rules, we may bear additional burdens and liabilities\\. Further, various foreign airport authorities impose noise restrictions at their local airports\\.\n\nSecurity\n\nSince shortly after the events of September 11, 2001, substantially all aspects of civil aviation security in the U\\.S\\. or affecting U\\.S\\. carriers have been controlled or regulated by the federal government through the Transportation Security Administration (TSA)\\. Requirements include flight deck security; carriage of federal air marshals at no charge; enhanced security screening of passengers, baggage, cargo, mail, employees and vendors; fingerprint\\-based background checks of all employees and vendor employees with access to secure areas of airports; and the provision of certain passenger data to the federal government and other international border security authorities, for security and immigration controls\\. Funding for the TSA is provided by a combination of air carrier fees, passenger fees and taxpayer funds\\. Customs and Border Protection, which, like the TSA, is part of the Department of Homeland Security (DHS), also promulgates requirements, performs services and collects fees that impact our provision of services\\. Additionally, we have at times found it necessary or desirable to make significant expenditures to comply with security\\-related requirements while seeking to reduce their impact on our customers, such as expenditures for automated security screening lines at airports\\. Our international service further requires us to comply with the civil aviation security regimes imposed at the foreign airports we serve\\. \n\n12"}
{"_id": "AmericanAirlines-2018_36.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***Regional***\n\nAs of December 31, 2018, the fleet of our wholly\\-owned and third\\-party regional carriers operating as American Eagle consisted of the following aircraft:\n\n\n\n|                    |                                         |           |            |                                                                           |           |                                           |                                                                  |\n| ------------------ | --------------------------------------- | --------- | ---------- | ------------------------------------------------------------------------- | --------- | ----------------------------------------- | ---------------------------------------------------------------- |\n|                    | **Average Seating**<br><br>**Capacity** | **Owned** | **Leased** | **Owned or Leased**<br><br>**by Third Party**<br><br>**Regional Carrier** | **Total** | **Operating Regional**<br><br>**Carrier** | **Number of**<br><br>**Aircraft**<br><br>**Operated**  **^(1)^** |\n| Bombardier CRJ 200 | 50                                      | 12        | 23         | \u2014                                                                         | 35        | PSA                                       | 35                                                               |\n| Bombardier CRJ 700 | 68                                      | 54        | 7          | 58                                                                        | 119       | SkyWest                                   | 50                                                               |\n|                    |                                         |           |            |                                                                           |           | PSA                                       | 46                                                               |\n|                    |                                         |           |            |                                                                           |           | Envoy                                     | 15                                                               |\n|                    |                                         |           |            |                                                                           |           | ExpressJet  ^(2)^                         | 8                                                                |\n|                    |                                         |           |            |                                                                           |           | Total                                     | 119                                                              |\n| Bombardier CRJ 900 | 78                                      | 54        | \u2014          | 64                                                                        | 118       | Mesa                                      | 64                                                               |\n|                    |                                         |           |            |                                                                           |           | PSA                                       | 54                                                               |\n|                    |                                         |           |            |                                                                           |           | Total                                     | 118                                                              |\n| Embraer E175       | 76                                      | 69        | \u2014          | 85                                                                        | 154       | Republic                                  | 85                                                               |\n|                    |                                         |           |            |                                                                           |           | Envoy                                     | 49                                                               |\n|                    |                                         |           |            |                                                                           |           | Compass                                   | 20                                                               |\n|                    |                                         |           |            |                                                                           |           | Total                                     | 154                                                              |\n| Embraer ERJ 140    | 44                                      | 51        | \u2014          | \u2014                                                                         | 51        | Envoy                                     | 51                                                               |\n| Embraer ERJ 145    | 50                                      | 118       | \u2014          | \u2014                                                                         | 118       | Envoy                                     | 62                                                               |\n|                    |                                         |           |            |                                                                           |           | Piedmont                                  | 56                                                               |\n|                    |                                         |           |            |                                                                           |           | Total                                     | 118                                                              |\n| Total              |                                         | 358       | 30         | 207                                                                       | 595       |                                           | 595                                                              |\n\n\n\n\n\n|       |                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Excluded from the total operating aircraft count above are  eight  owned Embraer ERJ 140s that are being held in temporary storage\\.  |\n\n\n\n\n\n|       |                                                                                                                                |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------ |\n| ^(2)^ | ExpressJet operated regional jet aircraft for us in 2018; however, this capacity purchase arrangement ended in January 2019\\.  |\n\n\n\nSee Note 12 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 10 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on our capacity purchase agreements with third\\-party regional carriers\\.\n\n37"}
{"_id": "Southwest-2017_71.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Southwest Airlines Co\\.**\n\n**Consolidated Statement of Income**\n\n(in millions, except per share amounts)\n\n\n\n|                                              |                             |                             |                             |\n| -------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                              | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                              | **2017**                    | **2016**                    | **2015**                    |\n| **OPERATING REVENUES:**                      |                             |                             |                             |\n| Passenger                                    | $19,141                     | $18,594                     | $18,299                     |\n| Freight                                      | 173                         | 171                         | 179                         |\n| Special revenue adjustment                   | \u2014                           | \u2014                           | 172                         |\n| Other                                        | 1,857                       | 1,660                       | 1,170                       |\n| Total operating revenues                     | 21,171                      | 20,425                      | 19,820                      |\n| **OPERATING EXPENSES:**                      |                             |                             |                             |\n| Salaries, wages, and benefits                | 7,319                       | 6,798                       | 6,383                       |\n| Fuel and oil                                 | 3,940                       | 3,647                       | 3,616                       |\n| Maintenance materials and repairs            | 1,001                       | 1,045                       | 1,005                       |\n| Aircraft rentals                             | 198                         | 229                         | 238                         |\n| Landing fees and other rentals               | 1,292                       | 1,211                       | 1,166                       |\n| Depreciation and amortization                | 1,218                       | 1,221                       | 1,015                       |\n| Acquisition and integration                  | \u2014                           | \u2014                           | 39                          |\n| Other operating expenses                     | 2,688                       | 2,514                       | 2,242                       |\n| Total operating expenses                     | 17,656                      | 16,665                      | 15,704                      |\n| **OPERATING INCOME**                         | 3,515                       | 3,760                       | 4,116                       |\n| **OTHER EXPENSES (INCOME):**                 |                             |                             |                             |\n| Interest expense                             | 114                         | 122                         | 121                         |\n| Capitalized interest                         | (49)                        | (47)                        | (31)                        |\n| Interest income                              | (35)                        | (24)                        | (9)                         |\n| Other (gains) losses, net                    | 234                         | 162                         | 556                         |\n| Total other expenses (income)                | 264                         | 213                         | 637                         |\n| **INCOME BEFORE INCOME TAXES**               | 3,251                       | 3,547                       | 3,479                       |\n| **PROVISION FOR INCOME TAXES**               | (237)                       | 1,303                       | 1,298                       |\n| **NET INCOME**                               | $3,488                      | $2,244                      | $2,181                      |\n| **NET INCOME PER SHARE, BASIC**              | $5\\.80                      | $3\\.58                      | $3\\.30                      |\n| **NET INCOME PER SHARE, DILUTED**            | $5\\.79                      | $3\\.55                      | $3\\.27                      |\n| **Cash dividends declared per common share** | $\\.4750                     | $\\.3750                     | $\\.2850                     |\n\n\n\nSee accompanying notes\\.\n\n72"}
{"_id": "Southwest-2018_7.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nrevenue flights and qualifying purchases with Rapid Rewards Partners, Members also have the ability to purchase, gift, and transfer points, as well as the ability to donate points to selected charities\\.\n\nSouthwest's Rapid Rewards loyalty program features tier and Companion Pass programs for the most active Members, including \"A\\-List\" and \"A\\-List Preferred\" status\\. Both A\\-List and A\\-List Preferred Members enjoy benefits such as \"Fly By^\u00ae^\" priority check\\-in and security lane access, where available, as well as dedicated phone lines, standby priority, and an earnings bonus on eligible revenue flights (25 percent for A\\-List and 100 percent for A\\-List Preferred)\\.In addition, A\\-List Preferred Members enjoy free inflight WiFi on equipped flights\\. Members who attain A\\-List or A\\-List Preferred status receive priority boarding privileges for an entire year\\. When these Customers purchase travel at least 36 hours prior to flight time, they receive the best boarding pass number available (generally, an \"A\" boarding pass)\\. During the day of travel, if an A\\-List or A\\-List Preferred Member's plans change, they have free same\\-day standby privileges, which allow them to fly on earlier flights between the same city pairs if space is available\\. Members who fly 100 qualifying one\\-way flights or earn 110,000 qualifying points in a calendar year automatically receive a Companion Pass, which provides for unlimited travel for the designated companion free of airline charges (does not include taxes and fees from $5\\.60 one\\-way)\\. The Companion Pass is valid for the remainder of the calendar year in which status was earned and for the following full calendar year to any destination available on Southwest for a designated companion of the qualifying Member\\. The Member and designated companion must travel together on the same flight\\.\n\nSouthwest's Rapid Rewards loyalty program has been designed to drive more revenue by (i) bringing in new Customers, including new Members, as well as new holders of Southwest's co\\-branded Chase Visa credit card; (ii) increasing business from existing Customers; and (iii) strengthening the Company's Rapid Rewards hotel, rental car, credit card, and retail partnerships\\.\n\nFor the Company's 2018 consolidated results, Customers of Southwest redeemed approximately 10\\.4 million flight awards, accounting for approximately 13\\.8 percent of revenue passenger miles flown\\. For the Company's 2017 consolidated results, Customers of Southwest redeemed approximately 9\\.6 million flight awards, accounting for approximately 13\\.8 percent of revenue passenger miles flown\\. For the Company's 2016 consolidated results, Customers of Southwest redeemed approximately 8\\.3 million flight awards, accounting for approximately 12\\.7 percent of revenue passenger miles flown\\. The Company's accounting policies with respect to its loyalty programs are discussed in more detail in Note 1 to the Consolidated Financial Statements\\.\n\n**Digital Customer Platforms including Southwest\\.com**\n\nThe Company offers a broad suite of digital platforms to support Customers' needs across their travel journey including Southwest\\.com^\u00ae^, mobile\\.southwest\\.com, an iOS app, and an Android app\\. The digital platforms comprise the primary storefront for the Company and are designed to allow Customers to quickly learn, shop, book, and manage their Southwest air travel\\. The platforms also showcase and support booking for the Company\u2019s ancillary products including EarlyBird, Business Select upgrades, vacation packages, rental car reservations, hotel reservations, ridesharing, and travel activities, as well as provide self\\-service tools for frequently asked questions and contacting Southwest for support\\. The Company also offers Swabiz\\.com, a website tailored for business Customers, which offers businesses shared company credit cards, company activity reporting, and centralized traveler management\\. These digital tools are designed to help make the Customer's experience personal, intuitive, and efficient while supporting the Company's unique and low\\-cost focused distribution strategy\\. \n\nThe platforms are powered by advanced marketing tools with algorithmic learning features for detailed insight generation, testing, monitoring, and targeting capabilities\\. In addition, Southwest\\.com and Swabiz\\.com are available in a translated Spanish version, which provides Customers who prefer to transact in Spanish the same level of Customer Service provided by the English versions of the websites\\. Both websites meet Web Content Accessibility Guidelines in order to provide an optimal experience for Customers with accessibility needs\\.\n\nThe Company continues to invest in and improve these digital assets, with sustained investment in 2018\\. Southwest\\.com\u2019s Air Booking, Air Manage, Low Fare Calendar, and Early Bird Booking experiences were updated with a modern and tablet\\-friendly experience along with a brand new architecture to increase speed to market and shopping workflow effectiveness\\. A new site search tool was added to help Customers find the right content, as well as better highlight Customer\\-generated content from the Southwest Community and social media\\. Rapid Rewards Enrollment forms were updated with a modern look and feel to ease the enrollment process\\. Swabiz\\.com received \n\n8"}
{"_id": "United-2018_76.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| ------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Description**                                                                      | **Fair Value Methodology**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| Cash and cash equivalents                                                            | The carrying amounts approximate fair value because of the short\\-term maturity of these assets\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| Short\\-term investments, <br><br>Equity securities, EETC and <br><br>Restricted cash | Fair value is based on (a) the trading prices of the investment or similar instruments, (b) an income approach, which uses valuation techniques to convert future amounts into a single present amount based on current market expectations about those future amounts when observable trading prices are not available, or (c) broker quotes obtained by third\\-party valuation services\\.                                                                                                                                                                                                                                                                                                                                                                                       |\n| Other investments measured at NAV                                                    | In accordance with the relevant accounting standards, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy\\. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position\\. The investments measured using NAV are shares of mutual funds that invest in fixed\\-income instruments including bonds, debt securities, and other similar instruments issued by various U\\.S\\. and non\\-U\\.S\\. public\\- or private\\-sector entities\\. The Company can redeem its shares at any time at NAV subject to a three\\-day settlement period\\.  |\n| Long\\-term debt                                                                      | Fair values were based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities or assets\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| Synergy Term Loan and AVH Derivative Assets                                          | Fair values are calculated using a Monte Carlo simulation approach\\. Unobservable inputs include expected volatility, expected dividend yield and control and acquisition premiums\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n\n\n\n**Investments in Regional Carriers**\\. United holds investments in several regional carriers that fly for the Company as United Express under CPAs\\. The combined carrying value of the investments was approximately $144 million as of the date of this report\\. United accounts for each investment using the equity method\\. Each investment and United's ownership stake is listed below\\.\n\n\n\n|   |                                                                                                                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Republic Airways Holdings Inc\\. (\"Republic\")\\. United holds a  19%  minority interest in Republic which the Company received in 2017 in consideration for its unsecured claim in Republic's bankruptcy case\\. Republic does business as Republic Airways\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                            |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | ManaAir, LLC (\"ManaAir\")\\. In a series of transactions completed in January 2019, United obtained a  49\\.9%  minority ownership stake in ManaAir, LLC (\"ManaAir\") and ManaAir purchased  100%  of the equity of ExpressJet Airlines, Inc\\. |\n\n\n\n\n\n|   |                                                                                                                                               |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Champlain Enterprises LLC (\"Champlain\")\\. United owns a  40%  minority ownership stake in Champlain\\. Champlain does business as CommutAir\\.  |\n\n\n\n**Other Investments\\.** United owns approximately 9% of the preferred shares of Fulcrum BioEnergy, Inc\\. (\"Fulcrum\"), a company that is developing a process for transforming municipal solid waste into transportation fuels, including jet fuel and diesel\\. United records its investment in Fulcrum at cost less impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer\\. As of December 31, 2018, the carrying value of United's investment was $48 million\\.\n\n77"}
{"_id": "United-2019_62.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nNOTE 2 \\- COMMON STOCKHOLDERS' EQUITY AND PREFERRED SECURITIES \n\nIn  2019 , UAL repurchased approximately   19\\.2 million  shares of UAL common stock for   $1\\.6 billion \\. In December 2017, UAL's Board of Directors authorized a   $3\\.0 billion  share repurchase program to acquire UAL's common stock\\. In July 2019, UAL's Board of Directors authorized a new   $3\\.0 billion  share repurchase program to acquire UAL's common stock\\. As of  December 31, 2019 , the Company had approximately   $3\\.1 billion  remaining to purchase shares under its share repurchase programs\\. UAL may repurchase shares through the open market, privately negotiated transactions, block trades or accelerated share repurchase transactions from time to time in accordance with applicable securities laws\\. UAL may repurchase shares of UAL common stock subject to prevailing market conditions, and may discontinue such repurchases at any time\\. See Part II, Item 5\\. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, of this report for additional information\\.\n\nAt  December 31, 2019 , approximately   8 million  shares of UAL's common stock were reserved for future issuance related to the issuance of equity\\-based awards under the Company's incentive compensation plans\\. \n\nAs of  December 31, 2019 , UAL had   two  shares of junior preferred stock (par value   $0\\.01  per share) outstanding\\. In addition, UAL is authorized to issue   250 million  shares of preferred stock (without par value) under UAL's amended and restated certificate of incorporation\\.\n\nNOTE 3 \\- EARNINGS PER SHARE\n\nThe computations of UAL's basic and diluted earnings per share are set forth below for the years ended December 31 (in millions, except per share amounts):\n\n\n\n|                                              |          |              |              |\n| -------------------------------------------- | -------- | ------------ | ------------ |\n|                                              | **2019** | **2018 (a)** | **2017 (a)** |\n| Earnings available to common stockholders    | $3,009   | $2,122       | $2,143       |\n| Basic weighted\\-average shares outstanding   | 258\\.8   | 275\\.5       | 302\\.7       |\n| Effect of employee stock awards              | 1\\.1     | 1\\.2         | 0\\.9         |\n| Diluted weighted\\-average shares outstanding | 259\\.9   | 276\\.7       | 303\\.6       |\n| Earnings per share, basic                    | $11\\.63  | $7\\.70       | $7\\.08       |\n| Earnings per share, diluted                  | $11\\.58  | $7\\.67       | $7\\.06       |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2016\\-02,  Leases (Topic 842) \\. See Note 1 of this report for additional information on the adjustments\\.\n\nThe number of antidilutive securities excluded from the computation of diluted earnings per share amounts was not material\\.\n\nNOTE 4 \\- SHARE\\-BASED COMPENSATION PLANS\n\nUAL maintains share\\-based compensation plans for our management employees and our non\\-employee directors\\. These plans provide for grants of non\\-qualified stock options, incentive stock options (within the meaning of Section 422 of the Internal Revenue Code of 1986), stock appreciation rights, restricted shares, RSUs, performance compensation awards, performance units, cash incentive awards, other equity\\-based and equity\\-related awards, and dividends and dividend equivalents\\.\n\nAll awards are recorded as either equity or a liability in the Company's consolidated balance sheets\\. The share\\-based compensation expense is recorded in salaries and related costs\\.\n\nDuring  2019 , UAL granted share\\-based compensation awards pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan\\. These share\\-based compensation awards included approximately   1\\.2 million  RSUs consisting of   0\\.9 million  time\\-vested RSUs and   0\\.3 million  performance\\-based RSUs and approximately   307,000  stock options\\. The time\\-vested RSUs vest pro\\-rata, a majority of which vest on February 28th of each year, over a  three \\-year period from the date of grant\\. The amount of performance\\-based RSUs that vest will be based on the Company's relative improvement in pre\\-tax margin compared to a group of airline industry peers for the   three years  ending December 31,  2021 \\. The RSUs are generally equity awards settled in stock for domestic employees and liability awards settled in cash for international employees\\. The cash payments are based on the  20 \\-day average closing price of UAL common stock immediately prior to the vesting date\\. The stock options have a  ten \\-year term and vest annually over   six years , at variable rates, beginning on the third anniversary of UAL's 2020 Annual Meeting of Stockholders\\.\n\n63"}
{"_id": "AmericanAirlines-2018_136.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***Impacts to*** ***2017*** ***Results***\n\nThe effects of the adoption of the New Revenue Standard and New Retirement Standard to American\u2019s consolidated statement of operations for the twelve months ended December 31, 2017 were as follows (in millions):\n\n\n\n|                                       |                 |                             |                                         |                                   |                             |               |\n| ------------------------------------- | --------------- | --------------------------- | --------------------------------------- | --------------------------------- | --------------------------- | ------------- |\n|                                       |                 | **New Revenue Standard**    | **New Revenue Standard**                | **New Revenue Standard**          | **New Retirement Standard** |               |\n| **Year Ended  <br>December 31, 2017** | **As Reported** | **Deferred Revenue Method** | **Ancillary Revenue Reclassifications** | **Gross Versus Net Presentation** | **Reclassifications**       | **As Recast** |\n| Operating revenues:                   |                 |                             |                                         |                                   |                             |               |\n|  Passenger                            | $36,133         | $311                        | $2,648                                  | $39                               | $\u2014                          | $39,131       |\n|  Cargo                                | 800             | \u2014                           | 42                                      | 48                                | \u2014                           | 890           |\n|  Other                                | 5,262           | \u2014                           | (2,690)                                 | 17                                | \u2014                           | 2,589         |\n|  Total operating revenues             | 42,195          | 311                         | \u2014                                       | 104                               | \u2014                           | 42,610        |\n|  Total operating expenses             | 38,163          | \u2014                           | \u2014                                       | 104                               | 138                         | 38,405        |\n| Operating income                      | 4,032           | 311                         | \u2014                                       | \u2014                                 | (138)                       | 4,205         |\n| Total nonoperating expense, net       | (788)           | \u2014                           | \u2014                                       | \u2014                                 | 138                         | (650)         |\n| Income before income taxes            | 3,244           | 311                         | \u2014                                       | \u2014                                 | \u2014                           | 3,555         |\n| Income tax provision  ^(1)^           | 1,322           | 948                         | \u2014                                       | \u2014                                 | \u2014                           | 2,270         |\n| Net income                            | $1,922          | $(637)                      | $\u2014                                      | $\u2014                                | $\u2014                          | $1,285        |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                          |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The adjustment to the  2017  income tax provision includes a  $924 million  special charge to reduce American\u2019s deferred tax asset associated with loyalty program liabilities as a result of H\\.R\\. 1, the 2017 Tax Cuts and Jobs Act (the 2017 Tax Act), enacted in December 2017 that reduced the federal corporate income tax rate from 35% to 21%\\. |\n\n\n\nThe effects of the adoption of the New Revenue Standard to American\u2019s December 31, 2017 consolidated balance sheet were as follows (in millions):\n\n\n\n|                                      |                 |                          |               |\n| ------------------------------------ | --------------- | ------------------------ | ------------- |\n|                                      | **As Reported** | **New Revenue Standard** | **As Recast** |\n| Deferred tax asset                   | $682            | $1,389                   | $2,071        |\n| Air traffic liability                | 3,978           | 64                       | 4,042         |\n| Current loyalty program liability    | 2,791           | 330                      | 3,121         |\n| Noncurrent loyalty program liability | \u2014               | 5,701                    | 5,701         |\n| Total stockholders\u2019 equity (deficit) | 14,594          | (4,706)                  | 9,888         |\n\n\n\n137"}
{"_id": "Southwest-2017_94.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|                                                |                                            |                       |                       |                           |                           |\n| ---------------------------------------------- | ------------------------------------------ | --------------------- | --------------------- | ------------------------- | ------------------------- |\n|                                                |                                            | **Asset derivatives** | **Asset derivatives** | **Liability derivatives** | **Liability derivatives** |\n|                                                | **Balance Sheet**                          | **Fair value at**     | **Fair value at**     | **Fair value at**         | **Fair value at**         |\n| **(in millions)**                              | **location**                               | **12/31/2017**        | **12/31/2016**        | **12/31/2017**            | **12/31/2016**            |\n| **Derivatives designated as hedges\\***         |                                            |                       |                       |                           |                           |\n| Fuel derivative contracts (gross)              | Prepaid expenses and other current assets  | $112                  | $7                    | $\u2014                        | $44                       |\n| Fuel derivative contracts (gross)              | Other assets                               | 136                   | 126                   | \u2014                         | \u2014                         |\n| Fuel derivative contracts (gross)              | Accrued liabilities                        | \u2014                     | 4                     | \u2014                         | 412                       |\n| Interest rate derivative contracts             | Other noncurrent liabilities               | \u2014                     | \u2014                     | 20                        | 35                        |\n| **Total derivatives designated as hedges**     | **Total derivatives designated as hedges** | $248                  | $137                  | $20                       | $491                      |\n| **Derivatives not designated as hedges\\***     |                                            |                       |                       |                           |                           |\n| Fuel derivative contracts (gross)              | Prepaid expenses and other current assets  | $35                   | $54                   | $35                       | $\u2014                        |\n| Fuel derivative contracts (gross)              | Other assets                               | \u2014                     | 52                    | \u2014                         | 52                        |\n| Fuel derivative contracts (gross)              | Accrued liabilities                        | \u2014                     | 201                   | \u2014                         | 262                       |\n| Interest rate derivative contracts             | Accrued liabilities                        | \u2014                     | \u2014                     | 1                         | \u2014                         |\n| Interest rate derivative contracts             | Other noncurrent liabilities<br><br>  <br> | \u2014                     | \u2014                     | 1                         | \u2014                         |\n| **Total derivatives not designated as hedges** |                                            | $35                   | $307                  | $37                       | $314                      |\n| **Total derivatives**                          |                                            | $283                  | $444                  | $57                       | $805                      |\n\n\n\n\\* Represents the position of each trade before consideration of offsetting positions with each counterparty and does not include the impact of cash collateral deposits provided to or received from counterparties\\. See discussion of credit risk and collateral following in this Note\\.\n\nIn addition, the Company also had the following amounts associated with fuel derivative instruments and hedging activities in its Consolidated Balance Sheet:\n\n\n\n|                                                                                                  |                                                          |                  |                  |\n| ------------------------------------------------------------------------------------------------ | -------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                                  | **Balance Sheet**                                        | **December 31,** | **December 31,** |\n| **(in millions)**                                                                                | **location**                                             | **2017**         | **2016**         |\n| Cash collateral deposits held from counterparties for fuel contracts \\- current<br><br>  <br>    | Offset against Prepaid expenses and other current assets | $15              | $4               |\n| Cash collateral deposits held from counterparties for fuel contracts \\- noncurrent<br><br>  <br> | Offset against Other assets                              | \u2014                | 6                |\n| Cash collateral deposits provided to counterparties for fuel <br><br> contracts \\- current       | Offset against Accrued liabilities                       | \u2014                | 311              |\n| Due to third parties for fuel contracts                                                          | Accounts payable                                         | 29               | 75               |\n\n\n\nAll of the Company's fuel derivative instruments and interest rate swaps are subject to agreements that follow the netting guidance in the applicable accounting standards for derivatives and hedging\\. The types of derivative instruments the Company has determined are subject to netting requirements in the accompanying Consolidated Balance Sheet are those in which the Company pays or receives cash for transactions with the same counterparty and in the same currency via one net payment or receipt\\. For cash collateral held by the Company or provided to counterparties, the Company nets such amounts against the fair value of the Company's derivative portfolio by each counterparty\\. The Company has elected to utilize netting for both its fuel derivative instruments and interest rate swap agreements and also classifies such amounts as either current or noncurrent, based on the net fair value position with each of the Company's counterparties in the Consolidated Balance Sheet\\. \n\n95"}
{"_id": "Delta-2018_57.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Statements of Comprehensive Income \n\n\n\n|                                              |                             |                             |                             |\n| -------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                              | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions)**                            | **2018**                    | **2017**                    | **2016**                    |\n| **Net Income**                               | $3,935                      | $3,205                      | $4,195                      |\n|  Other comprehensive (loss) income:          |                             |                             |                             |\n| Net change in derivative contracts           | 15                          | (29<br><br>)                | (37<br><br>)                |\n| Net change in pension and other benefits     | (113<br><br>)               | (98<br><br>)                | (360<br><br>)               |\n| Net change in investments                    | \u2014                           | 142                         | 36                          |\n|  **Total Other Comprehensive (Loss) Income** | (98<br><br>)                | 15                          | (361<br><br>)               |\n| **Comprehensive Income**                     | $3,837                      | $3,220                      | $3,834                      |\n\n\n\nThe accompanying notes are an integral part of these Consolidated Financial Statements\\.\n\n 55"}
{"_id": "Southwest-2019_19.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nDISCLOSURE REGARDING FORWARD\\-LOOKING INFORMATION \n\nThis Form 10\\-K contains \"forward\\-looking statements\" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934\\. Forward\\-looking statements are based on, and include statements about, the Company\u2019s estimates, expectations, beliefs, intentions, and strategies for the future, and the assumptions underlying these forward\\-looking statements\\. Specific forward\\-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as \"anticipates,\" \"believes,\" \"estimates,\" \"expects,\" \"intends,\" \"may,\" \"will,\" \"would,\" \"could,\" \"plans,\" \"goal,\" and similar expressions\\. Although management believes these forward\\-looking statements are reasonable as and when made, forward\\-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict\\. Therefore, actual results may differ materially from what is expressed in or indicated by the Company's forward\\-looking statements or from historical experience or the Company's present expectations\\. Known material risk factors that could cause these differences are set forth below under \"Risk Factors\\.\" Additional risks or uncertainties (i) that are not currently known to the Company, (ii) that the Company currently deems to be immaterial, or (iii) that could apply to any company, could also materially adversely affect the Company's business, financial condition, or future results\\.\n\nCaution should be taken not to place undue reliance on the Company's forward\\-looking statements, which represent the Company's views only as of the date this Form 10\\-K is filed\\. The Company undertakes no obligation to update publicly or revise any forward\\-looking statement, whether as a result of new information, future events, or otherwise\\.\n\nItem 1A\\.   Risk Factors \n\nThe Company is currently dependent on Boeing as the sole manufacturer of the Company's aircraft\\. Further prolonged grounding by the FAA of the Boeing 737 MAX aircraft could materially and adversely affect the Company\u2019s business plans, strategies, and results of  operations\\.\n\nThe Boeing 737 MAX aircraft are crucial to the Company\u2019s growth plans and fleet modernization initiatives\\. On March 13, 2019, the FAA issued an emergency order for all U\\.S\\. airlines to ground the MAX aircraft, including the 34 MAX aircraft in the Company\u2019s fleet\\. The MAX aircraft remains grounded and, based on continued uncertainty around the timing of the MAX return to service, the Company has removed the MAX from its flight schedule through June 6, 2020, and will likely further extend MAX\\-related flight schedule adjustments\\. Further, MAX deliveries have remained suspended following the MAX groundings, and Boeing is not currently manufacturing new MAX aircraft\\. The Company does not know whether, on what conditions, or when the MAX groundings will end\\. Regulatory approval of MAX return to service is subject to Boeing's ongoing work with the FAA, who will determine the timing of MAX return to service\\. \n\nThe MAX groundings adversely affected operating results for the year ended December 31, 2019, and could have a material, adverse effect on the Company's operating results in future periods\\. A continued prolonged extension or permanent grounding of the MAX aircraft would require additional flight schedule adjustments and result in further delays in aircraft deliveries, as well as lower operating revenues, operating income, and net income due to a variety of factors, including, among others, (i) lost revenue due to flight cancellations and disruptions as a result of a smaller operating aircraft fleet, (ii) the lack of ability to make corresponding reductions in expenses because of the fixed nature of many expenses, and (iii) possible negative effects on Customer confidence and airline choice\\. \n\nBoeing no longer manufactures versions of the 737 other than the 737 MAX family of aircraft\\. If the 737 MAX aircraft were to remain unavailable for the Company\u2019s flight operations, the Company\u2019s growth would be restricted unless and until it could procure and operate other types of aircraft from Boeing or another manufacturer, seller, or lessor, and the Company\u2019s operations would be materially adversely affected\\. In particular, if the Company\u2019s growth were to be dependent upon the introduction of a new aircraft make and model to the Company\u2019s fleet, the Company would need to, among other things, (i) develop and implement new maintenance, operating, and training programs, (ii) secure extensive regulatory approvals, and (iii) implement new technologies\\. The requirements associated with operating a new aircraft make and model could take an extended period of time to fulfill and would likely impose substantial costs on the Company\\. A shift away from a single fleet type could also add complexity to the Company\u2019s operations, present operational and compliance risks, and materially increase the Company's costs\\. Any of these events would have a \n\n20"}
{"_id": "United-2017_52.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**UNITED CONTINENTAL HOLDINGS, INC\\.** \n\n**STATEMENTS OF CONSOLIDATED CASH FLOWS** \n\n**(In millions)** \n\n\n\n|                                                                                                          |                             |                             |                             |\n|:-------------------------------------------------------------------------------------------------------- | ---------------------------:| ---------------------------:| ---------------------------:|\n|                                                                                                          | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                                                          |                   **2017**  |                   **2016**  |                   **2015**  |\n|  Operating Activities:                                                                                   |                             |                             |                             |\n| Net income                                                                                               |                     $2,131  |                     $2,263  |                     $7,340  |\n| Adjustments to reconcile net income to net cash provided by operating activities \\-                      |                             |                             |                             |\n| Deferred income taxes                                                                                    |                        945  |                      1,648  |                     (3,177) |\n| Depreciation and amortization                                                                            |                      2,149  |                      1,977  |                      1,819  |\n| Special charges,  non\\-cash portion                                                                      |                         35  |                        391  |                        247  |\n| Other operating activities                                                                               |                        142  |                        109  |                        115  |\n| Changes in operating assets and liabilities \\-                                                           |                             |                             |                             |\n| Decrease in fuel hedge collateral                                                                        |                          \u2014  |                         26  |                        551  |\n| Decrease in fuel derivatives                                                                             |                          \u2014  |                        (20) |                       (305) |\n| Decrease in other liabilities                                                                            |                       (478) |                       (446) |                       (180) |\n| Decrease in advanced purchase of miles                                                                   |                       (865) |                       (249) |                       (224) |\n| Increase (decrease) in frequent flyer deferred revenue                                                   |                       (142) |                        (60) |                          6  |\n| Increase in other assets                                                                                 |                       (533) |                       (298) |                       (160) |\n| Increase (decrease) in accounts payable                                                                  |                         66  |                        239  |                        (77) |\n| Increase (decrease) in advance ticket sales                                                              |                        146  |                        (22) |                         52  |\n| Increase in receivables                                                                                  |                       (183) |                        (16) |                        (15) |\n|  Net cash provided by operating activities                                                               |                      3,413  |                      5,542  |                      5,992  |\n|  Investing Activities:                                                                                   |                             |                             |                             |\n| Capital expenditures                                                                                     |                     (3,998) |                     (3,223) |                     (2,747) |\n| Purchases of short\\-term and other investments                                                           |                     (3,241) |                     (2,768) |                     (2,517) |\n| Proceeds from sale of short\\-term and other investments                                                  |                      3,177  |                      2,712  |                      2,707  |\n| Proceeds from sale of property and equipment                                                             |                         12  |                         28  |                         86  |\n| Other, net                                                                                               |                        120  |                         13  |                       (136) |\n|  Net cash used in investing activities                                                                   |                     (3,930) |                     (3,238) |                     (2,607) |\n|  Financing Activities:                                                                                   |                             |                             |                             |\n| Proceeds from issuance of long\\-term debt and airport construction financing                             |                      2,765  |                        808  |                      1,073  |\n| Repurchases of common stock                                                                              |                     (1,844) |                     (2,614) |                     (1,233) |\n| Payments of long\\-term debt                                                                              |                       (901) |                     (1,215) |                     (2,178) |\n| Principal payments under capital leases                                                                  |                       (124) |                       (136) |                       (123) |\n| Capitalized financing costs                                                                              |                        (80) |                        (64) |                        (37) |\n| Proceeds from the exercise of stock options                                                              |                          2  |                          6  |                         16  |\n| Other, net                                                                                               |                        (13) |                          2  |                        (13) |\n|  Net cash used in financing activities                                                                   |                       (195) |                     (3,213) |                     (2,495) |\n|  Net increase (decrease) in cash, cash equivalents and restricted cash                                   |                       (712) |                       (909) |                        890  |\n|  Cash, cash equivalents and restricted cash at beginning of year                                         |                      2,303  |                      3,212  |                      2,322  |\n|  Cash, cash equivalents and restricted cash at end of year                                               |                     $1,591  |                     $2,303  |                     $3,212  |\n| Investing and Financing Activities Not Affecting Cash:                                                   |                             |                             |                             |\n| Property and equipment acquired through the issuance of debt and capital leases                          |                       $935  |                       $386  |                       $866  |\n| Equity interest in Republic Airways Holdings, Inc\\. received in consideration for  <br>bankruptcy claims |                         92  |                          \u2014  |                          \u2014  |\n| Airport construction financing                                                                           |                         42  |                         91  |                         17  |\n| Operating lease conversions to capital lease                                                             |                          \u2014  |                         12  |                        285  |\n| Exchange of convertible notes for common stock                                                           |                          \u2014  |                          \u2014  |                        202  |\n| Cash Paid During the Period for:                                                                         |                             |                             |                             |\n| Interest                                                                                                 |                       $571  |                       $584  |                       $660  |\n| Income taxes                                                                                             |                         20  |                         14  |                         15  |\n\n\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n53"}
{"_id": "United-2018_74.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\ninformation is not available as Form 5500 is not final for the plan year\\. \n\n\n\n|                                                    |                                                                                                            |\n| -------------------------------------------------- | ---------------------------------------------------------------------------------------------------------- |\n| Pension Fund                                       | IAM National Pension Fund                                                                                  |\n| EIN/ Pension Plan Number                           | 51\\-6031295 \\- 002                                                                                         |\n| Pension Protection Act Zone Status (2018 and 2017) | Green Zone\\. Plans in the green zone are at least 80 percent funded\\.                                      |\n| FIP/RP Status Pending/Implemented                  | No                                                                                                         |\n| United's Contributions                             | $52 million, $50 million and $41 million in the years ended December 31, 2018, 2017 and 2016, respectively |\n| Surcharge Imposed                                  | No                                                                                                         |\n| Expiration Date of Collective Bargaining Agreement | N/A                                                                                                        |\n\n\n\n**Profit Sharing** \n\nSubstantially all employees participate in profit sharing based on a percentage of pre\\-tax earnings, excluding special charges, profit sharing expense and share\\-based compensation\\. Profit sharing percentages range from 5% to 20% depending on the work group, and in some cases profit sharing percentages vary above and below certain pre\\-tax margin thresholds\\. Eligible U\\.S\\. co\\-workers in each participating work group receive a profit sharing payout using a formula based on the ratio of each qualified co\\-worker's annual eligible earnings to the eligible earnings of all qualified co\\-workers in all domestic work groups\\. Eligible non\\-U\\.S\\. co\\-workers receive profit sharing based on the calculation under the U\\.S\\. profit sharing plan for management and administrative employees\\. The Company recorded profit sharing and related payroll tax expense of $334 million, $349 million and $628 million in 2018, 2017 and 2016, respectively\\. Profit sharing expense is recorded as a component of Salaries and related costs in the Company's statements of consolidated operations\\.\n\n**NOTE 9 \\- INVESTMENTS AND FAIR VALUE MEASUREMENTS** \n\n***Fair Value Information\\.*** Accounting standards require us to use valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs\\. These inputs are described in Note 8 of this report\\. The table below presents disclosures about the fair value of financial assets and liabilities measured at fair value on a recurring basis in the Company's financial statements as of December 31 (in millions):\n\n\n\n|                                                                              |           |             |             |             |           |             |             |             |\n| ---------------------------------------------------------------------------- | --------- | ----------- | ----------- | ----------- | --------- | ----------- | ----------- | ----------- |\n|                                                                              | **2018**  | **2018**    | **2018**    | **2018**    | **2017**  | **2017**    | **2017**    | **2017**    |\n|                                                                              | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** |\n| Cash and cash equivalents                                                    | $1,694    | $1,694      | $\u2014          | $\u2014          | $1,482    | $1,482      | $\u2014          | $\u2014          |\n| Short\\-term investments:                                                     |           |             |             |             |           |             |             |             |\n| Corporate debt                                                               | 1,023     | \u2014           | 1,023       | \u2014           | 958       | \u2014           | 958         | \u2014           |\n| Asset\\-backed securities                                                     | 746       | \u2014           | 746         | \u2014           | 753       | \u2014           | 753         | **\u2014**       |\n| U\\.S\\. government and agency notes                                           | 108       | \u2014           | 108         | \u2014           | 113       | \u2014           | 113         | \u2014           |\n| Certificates of deposit placed through an account registry service (\"CDARS\") | 75        | \u2014           | 75          | \u2014           | 120       | \u2014           | 120         | \u2014           |\n| Other fixed\\-income securities                                               | 116       | \u2014           | 116         | \u2014           | 188       | \u2014           | 188         | \u2014           |\n| Other investments measured at NAV                                            | 188       | \u2014           | \u2014           | \u2014           | 184       | \u2014           | \u2014           | \u2014           |\n| Restricted cash                                                              | 105       | 105         | \u2014           | \u2014           | 109       | 109         | \u2014           | \u2014           |\n| Long\\-term investments:                                                      |   <br>    |             |             |             |           |             |             |             |\n| Equity securities                                                            | 249       | 249         | \u2014           | \u2014           | 99        | 99          | \u2014           | \u2014           |\n| Enhanced equipment trust certificates (\"EETC\")                               | 18        | \u2014           | \u2014           | 18          | 22        | \u2014           | \u2014           | 22          |\n| Avianca Holdings S\\.A\\. (\"AVH\") Derivative Assets                            | 11        | \u2014           | \u2014           | 11          | \u2014         | \u2014           | \u2014           | \u2014           |\n\n\n\n**Available\\-for\\-sale investment maturities** \\- The short\\-term investments shown in the table above are classified as available\\-for\\-sale, with the exception of investments measured at NAV\\. As of December 31, 2018, asset\\-backed securities have remaining maturities of less than one year to approximately 16 years, corporate debt securities have remaining maturities of less than one year to approximately three years and CDARS have maturities of less than one year\\. U\\.S\\. government and other securities have maturities of less than one year to approximately two years\\. The EETC securities mature in 2019\\.\n\n**Restricted cash** \\- Restricted cash primarily includes cash collateral for letters of credit and collateral associated with obligations for facility leases and other insurance\\-related obligations\\.\n\n**Equity securities** \\- Equity securities represent United's investment in Azul\\. In 2018, the Company invested $138 million in Azul thus increasing its preferred equity stake in Azul to approximately 8% (representing approximately 2% of the total capital \n\n75"}
{"_id": "United-2019_88.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nNOTE 16 \\- SUBSEQUENT EVENTS\n\nIn  December 2019 , a novel strain of coronavirus (\"COVID\\-19\") was reported in Wuhan, China\\. The World Health Organization has declared COVID\\-19 to constitute a \"Public Health Emergency of International Concern\\.\" On  January 30, 2020 , the U\\.S\\. Department of State issued a Level 4 \"do not travel\" advisory for China\\. The U\\.S\\. government has also implemented enhanced screenings, quarantine requirements and travel restrictions in connection with the COVID\\-19 outbreak\\. The Company has suspended its flights between the United States and each of Beijing, Chengdu, Shanghai and Hong Kong through  April 24, 2020 \\. These routes represented approximately   5%  of the Company's 2020 planned capacity and the Company's other trans\\-Pacific routes represented an additional   10%  of the Company's 2020 planned capacity\\. As of the date of this report, the Company is experiencing an approximately   100%  decline in near\\-term demand to China and an approximately   75%  decline in near\\-term demand on the rest of the Company's trans\\-Pacific routes\\. The extent of the impact of the COVID\\-19 on the Company's operational and financial performance will depend on future developments, including the duration and spread of the outbreak and related travel advisories and restrictions and the impact of the COVID\\-19 on overall demand for air travel, all of which are highly uncertain and cannot be predicted\\. If traffic on the Company's trans\\-Pacific routes were to remain at these levels for an extended period, and/or routes in other parts of the Company's network begin to see significant declines in demand, our results of operations for full year 2020 may be materially adversely affected\\.\n\nIn  February 2020 , the Company announced that they had entered into a Third Amended and Restated Co\\-Branded Card Marketing Services Agreement (as amended from time to time, the \"Agreement\") with Chase\\. The Agreement, which replaces the Co\\-Brand Agreement, also extends the term into  2029  and modifies certain other terms\\. We will continue to account for the considerations received under the Agreement to the separately identifiable performance obligations using the estimated selling price allocation methodology explained in Note 1(d)\\. In connection with the Agreement the Company, entered into an Amended and Restated Co\\-Branded Card Strategic Alliance Agreement with Visa U\\.S\\.A\\. Inc\\.\n\n89"}
{"_id": "United-2017_93.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nThe primary risk of the pass\\-through trusts is credit risk (i\\.e\\. the risk that United, the issuer of the equipment notes, may be unable to make its principal and interest payments)\\. The primary purpose of the pass\\-through trust structure is to enhance the credit worthiness of United\u2019s debt obligation through certain bankruptcy protection provisions, a liquidity facility (in certain of the EETC structures) and improved loan\\-to\\-value ratios for more senior debt classes\\. These credit enhancements lower United\u2019s total borrowing cost\\. Pass\\-through trusts are established to receive principal and interest payments on the equipment notes purchased by the pass\\-through trusts from United and remit these proceeds to the pass\\-through trusts\u2019 certificate holders\\.\n\nUnited does not invest in or obtain a financial interest in the pass\\-through trusts\\. Rather, United has an obligation to make interest and principal payments on its equipment notes held by the pass\\-through trusts\\. United did not intend to have any voting or non\\-voting equity interest in the pass\\-through trusts or to absorb variability from the pass\\-through trusts\\. Based on this analysis, the Company determined that it is not required to consolidate the pass\\-through trusts\\.\n\n**NOTE 13 \\- COMMITMENTS AND CONTINGENCIES** \n\n***Commitments\\.*** As of December 31, 2017, United had firm commitments and options to purchase aircraft from The Boeing Company (\u201cBoeing\u201d) and Airbus presented in the table below:\n\n\n\n|                                                                           |                                                                           |\n|:-------------------------------------------------------------------------:| -------------------------------------------------------------------------:|\n|                             **Aircraft Type**                             |                                  **Number of Firm  <br>Commitments (a)**  |\n|                                Airbus A350                                |                                                                       45  |\n|                              Boeing 737 MAX                               |                                                                      161  |\n|                            Boeing  777\\-300ER                             |                                                                        4  |\n|                                Boeing 787                                 |                                                                       18  |\n| (a) United also has options and purchase rights for additional aircraft\\. | (a) United also has options and purchase rights for additional aircraft\\. |\n\n\n\nThe aircraft listed in the table above are scheduled for delivery from 2018 through 2027\\. In 2018, United expects to take delivery of 10 Boeing 737 MAX aircraft, seven Boeing 787 aircraft and four Boeing 777\\-300ER aircraft\\. To the extent the Company and the aircraft manufacturers with whom the Company has existing orders for new aircraft agree to modify the contracts governing those orders, the amount and timing of the Company\u2019s future capital commitments could change\\. Additionally, the Company has entered into a contract to purchase three used Boeing 767\\-300ER aircraft from Hawaiian Airlines, Inc\\. with expected delivery dates in the second half of 2018\\.\n\nThe table below summarizes United\u2019s commitments as of December 31, 2017, which primarily relate to the acquisition of aircraft and related spare engines, aircraft improvements and include other capital purchase commitments for the years ended December 31 (in billions)\\. Any new firm aircraft orders, including through the exercise of purchase options and purchase rights, will increase the total future capital commitments of the Company\\.\n\n\n\n|            |          |\n|:---------- | --------:|\n| 2018       |  $ 3\\.2  |\n| 2019       |    2\\.9  |\n| 2020       |    2\\.1  |\n| 2021       |    2\\.4  |\n| 2022       |    1\\.8  |\n| After 2022 |    9\\.8  |\n|            |  $22\\.2  |\n\n\n\nIn February 2018, the Company secured $935 million of EETC financing to finance certain aircraft deliveries in 2017 and the first half of 2018\\. The Company has also secured backstop financing commitments from certain of its aircraft manufacturers for a limited number of its future aircraft deliveries, subject to certain customary\n\n94"}
{"_id": "United-2019_89.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|              |                                                                                            |\n| ------------ | ------------------------------------------------------------------------------------------ |\n| **ITEM 9\\.** | **CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE\\.** |\n\n\n\nNone\\.\n\n\n\n|               |                             |\n| ------------- | --------------------------- |\n| **ITEM 9A\\.** | **CONTROLS AND PROCEDURES** |\n\n\n\nEvaluation of Disclosure Control and Procedures\n\nUAL and United each maintain controls and procedures that are designed to ensure that information required to be disclosed in the reports filed or submitted by UAL and United to the SEC is recorded, processed, summarized and reported, within the time periods specified by the SEC's rules and forms, and is accumulated and communicated to management including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure\\. The management of UAL and United, including the Chief Executive Officer and Chief Financial Officer, performed an evaluation to conclude with reasonable assurance that UAL's and United's disclosure controls and procedures were designed and operating effectively to report the information each company is required to disclose in the reports they file with the SEC on a timely basis\\. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer of UAL and United have concluded that as of  December 31, 2019 , disclosure controls and procedures were effective\\. \n\nChanges in Internal Control over Financial Reporting during the Quarter Ended  December 31, 2019 \n\nDuring the three months ended  December 31, 2019 , there was no change in UAL's or United's internal control over financial reporting that materially affected, or is reasonably likely to materially affect, their internal control over financial reporting\\. \n\n90"}
{"_id": "AmericanAirlines-2018_196.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| 10\\.57                        | [Trust Agreement Under Supplemental Executive Retirement Program for Officers of American Airlines, Inc\\. Participating in the Super Saver Plus Plan, as amended and restated as of June 1, 2007 (incorporated by reference to Exhibit 10\\.129 to AMR\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620109000009/ex10129.htm) \u2020         |\n| 10\\.58                        | [American Airlines Group Inc\\. 2013 Incentive Award Plan (incorporated by reference to Exhibit 4\\.1 of AAG\u2019s Form S\\-8 Registration Statement, filed on December 4, 2013)\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312513462268/d639480dex41.htm) \u2020                                                                                                                                                                                   |\n| 10\\.59                        | [First Amendment to the American Airlines Group Inc\\. 2013 Incentive Award Plan (incorporated by reference to Exhibit 10\\.64 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000009/ex106410k2017.htm) \u2020                                                                                                                     |\n| 10\\.60                        | [Form of American Airlines Group Inc\\. 2013 Incentive Award Plan Restricted Stock Unit (Cash\\-Settled) Award Grant Notice and Award Agreement (incorporated by reference to Exhibit 10\\.125 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex10125.htm) \u2020                                                    |\n| 10\\.61                        | [Form of American Airlines Group Inc\\. 2013 Incentive Award Plan Restricted Stock Unit (Stock\\-Settled) Award Grant Notice and Award Agreement (incorporated by reference to Exhibit 10\\.127 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex10127.htm) \u2020                                                   |\n| 10\\.62                        | [Form of American Airlines Group Inc\\. 2013 Incentive Award Plan Restricted Stock Unit (Stock\\-Settled) Award Grant Notice and Award Agreement for Director Grants (incorporated by reference to Exhibit 10\\.129 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex10129.htm) \u2020                               |\n| 10\\.63                        | [Form of Indemnification Agreement (incorporated by reference to Exhibit 10\\.9 to AAG\u2019s Current Report on Form 8\\-K filed on December 9, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513466973/d640718dex109.htm) \u2020                                                                                                                                                                              |\n| 10\\.64                        | [US Airways Group, Inc\\. 2011 Incentive Award Plan (incorporated by reference to Exhibit 4\\.1 to US Airways Group\u2019s Registration Statement on Form S\\-8 filed on July 1, 2011 (Registration No\\. 333\\-175323))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063744/p18922exv4w1.htm) \u2020                                                                                                                                            |\n| 10\\.65                        | [Form of Stock Appreciation Right (Cash\\-Settled) Award Grant Notice and Stock Appreciation Right (Cash\\-Settled) Award Agreement under the US Airways Group, Inc\\. 2011 Incentive Award Plan (incorporated by reference to Exhibit 4\\.3 to US Airways Group\u2019s Registration Statement on Form S\\-8 filed on July 1, 2011 (Registration No\\. 333\\-175323))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063744/p18922exv4w3.htm) \u2020 |\n| 10\\.66                        | [Form of Stock Appreciation Right (Stock\\-Settled) Award Grant Notice and Stock Appreciation Right Award Agreement under the US Airways Group, Inc\\. 2011 Incentive Award Plan (incorporated by reference to Exhibit 4\\.4 to US Airways Group\u2019s Registration Statement on Form S\\-8 filed on July 1, 2011 (Registration No\\. 333\\-175323))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063744/p18922exv4w4.htm) \u2020                |\n| 10\\.67                        | [2014 Short\\-Term Incentive Program Under 2013 Incentive Award Plan (incorporated by reference to Exhibit 10\\.8 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex108.htm) \u2020                                                                                                                                |\n| 10\\.68                        | [Form of Letter Agreement for Directors Travel Program (incorporated by reference to Exhibit 10\\.106 to US Airways Group\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2007 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095015308000353/p75006exv10w106.htm) \u2020                                                                                                                            |\n| 10\\.69                        | [Amended and Restated Employment Agreement, dated as of November 28, 2007, among US Airways Group, US Airways, Inc\\. and W\\. Douglas Parker (incorporated by reference to Exhibit 10\\.1 to US Airways Group\u2019s Current Report on Form 8\\-K filed on November 29, 2007 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095015307002500/p74691exv10w1.htm) \u2020                                                     |\n| 10\\.70                        | [Form of Letter Agreement, dated April 25, 2017, by and between American Airlines Group Inc\\. and each of Robert D\\. Isom, Jr\\., Elise Eberwein, Stephen L\\. Johnson and Derek J\\. Kerr (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on May 1, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517150428/d369665dex101.htm) \u2020                              |\n| 10\\.71                        | [Letter Agreement, dated as of April 28, 2016, between American Airlines Group Inc\\. and W\\. Douglas Parker (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on April 29, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516566426/d189148dex101.htm) \u2020                                                                                                       |\n| 14\\.1                         | [Code of Ethics (incorporated by reference to Exhibit 14\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on December 9, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513466973/d640718dex141.htm)                                                                                                                                                                                                   |\n| 21\\.1                         | [Significant subsidiaries of AAG and American as of December 31, 2018\\.](https://americanairlines.gcs-web.com/email-alerts/ex21110k2018.htm)                                                                                                                                                                                                                                                                                                      |\n| 23\\.1                         | [Consent of Independent Registered Public Accounting Firm \u2013 KPMG LLP\\.](https://americanairlines.gcs-web.com/email-alerts/ex23110k2018.htm)                                                                                                                                                                                                                                                                                                       |\n| 24\\.1                         | [Powers of Attorney (included in signature page of this Annual Report on Form 10\\-K)\\.](https://americanairlines.gcs-web.com/email-alerts#s4A6DFCB156835EF5ABE737E47F0215FE)                                                                                                                                                                                                                                                                      |\n| 31\\.1                         | [Certification of AAG Chief Executive Officer pursuant to Rule 13a\\-14(a)\\.](https://americanairlines.gcs-web.com/email-alerts/ex31110k2018.htm)                                                                                                                                                                                                                                                                                                  |\n| 31\\.2                         | [Certification of AAG Chief Financial Officer pursuant to Rule 13a\\-14(a)\\.](https://americanairlines.gcs-web.com/email-alerts/ex31210k2018.htm)                                                                                                                                                                                                                                                                                                  |\n| 31\\.3                         | [Certification of American Chief Executive Officer pursuant to Rule 13a\\-14(a)\\.](https://americanairlines.gcs-web.com/email-alerts/ex31310k2018.htm)                                                                                                                                                                                                                                                                                             |\n| 31\\.4                         | [Certification of American Chief Financial Officer pursuant to Rule 13a\\-14(a)\\.](https://americanairlines.gcs-web.com/email-alerts/ex31410k2018.htm)                                                                                                                                                                                                                                                                                             |\n| 32\\.1                         | [Certification pursuant to Rule 13a\\-14(b) and section 906 of the Sarbanes\\-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)\\.](https://americanairlines.gcs-web.com/email-alerts/ex32110k2018.htm)                                                                                                                                                                                        |\n\n\n\n197"}
{"_id": "AmericanAirlines-2017_148.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***(b) Interest Rate Risk***\n\nAmerican has exposure to market risk associated with changes in interest rates related primarily to its variable rate debt obligations\\. Interest rates on $9\\.6 billion principal amount of long\\-term debt as of December 31, 2017 are subject to adjustment to reflect changes in floating interest rates\\. The weighted average effective interest rate on American\u2019s variable rate debt was 3\\.4% at December 31, 2017\\. American does not currently have an interest rate hedge program\\.\n\n***(c) Foreign Currency Risk***\n\nAmerican is exposed to the effect of foreign exchange rate fluctuations on the U\\.S\\. dollar value of foreign currency\\-denominated operating revenues and expenses\\. American\u2019s largest exposure comes from the British pound, Euro, Canadian dollar and various Latin American currencies, primarily the Brazilian real\\. American does not currently have a foreign currency hedge program\\. See Part I, Item 1A\\. Risk Factors \u2013 *\u201cWe operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control\u201d* for unaudited additional discussion of this risk\\.\n\n**6\\. Fair Value Measurements and Other Investments**\n\n***Assets Measured at Fair Value on a Recurring Basis***\n\nFair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i\\.e\\. an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability\\. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy\\. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market\\. Each fair value measurement is reported in one of three levels:\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | Level 1 \u2013 Observable inputs such as quoted prices in active markets; |\n\n\n\n\n\n|   |                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Level 2 \u2013 Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |\n\n\n\n\n\n|   |                                                                                                                                               |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Level 3 \u2013 Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions\\. |\n\n\n\nWhen available, American uses quoted market prices to determine the fair value of its financial assets\\. If quoted market prices are not available, American measures fair value using valuation techniques that use, when possible, current market\\-based or independently\\-sourced market parameters, such as interest rates and currency rates\\.\n\nAmerican utilizes the market approach to measure fair value for its financial assets\\. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets\\. American\u2019s short\\-term investments classified as Level 2 primarily utilize broker quotes in a non\\-active market for valuation of these securities\\. No changes in valuation techniques or inputs occurred during the year ended December 31, 2017\\.\n\n149"}
{"_id": "AmericanAirlines-2019_152.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\ntreated as stockholders under the Plan\\. As of  December 31, 2019 , the Disputed Claims Reserve held approximately   7 million  shares of AAG common stock\\.\n\nPrivate Party Antitrust Action Related to Passenger Capacity\\.  American, along with Delta Air Lines, Inc\\., Southwest Airlines Co\\., United Airlines, Inc\\. and, in the case of litigation filed in Canada, Air Canada, were named as defendants in approximately   100  putative class action lawsuits alleging unlawful agreements with respect to air passenger capacity\\. The U\\.S\\. lawsuits were consolidated in the Federal District Court for the District of Columbia (the DC Court)\\. On June 15, 2018, American reached a settlement agreement with the plaintiffs in the amount of   $45 million  to resolve all class claims in the U\\.S\\. lawsuits\\. That settlement was approved by the DC Court on May 13, 2019\\. Three parties who objected to the settlement have appealed that decision to the United States Court of Appeals for the District of Columbia\\. American believes these appeals are without merit and intends to vigorously defend against them\\. \n\nPrivate Party Antitrust Action Related to the Merger \\. On August 6, 2013, a lawsuit captioned Carolyn Fjord, et al\\., v\\. AMR Corporation, et al\\., was filed in the Bankruptcy Court\\. The complaint named as defendants US Airways Group, US Airways, AMR and American, alleged that the effect of the Merger may be to create a monopoly in violation of Section 7 of the Clayton Antitrust Act, and sought injunctive relief and/or divestiture\\. On November 27, 2013, the Bankruptcy Court denied plaintiffs\u2019 motion to preliminarily enjoin the Merger\\. On August 29, 2018, the Bankruptcy Court denied in part defendants' motion for summary judgment, and fully denied plaintiffs' cross\\-motion for summary judgment\\. The parties' evidentiary cases were presented before the Bankruptcy Court in a bench trial in March 2019\\. The parties submitted proposed findings of fact and conclusions of law and made closing arguments in April 2019, and they are awaiting the Bankruptcy Court's decision\\. American believes this lawsuit is without merit and intends to vigorously defend against the allegations\\.\n\nPension Benefits Action\\.  On December 11, 2018, a lawsuit captioned Torres, et al\\. v\\. American Airlines, Inc\\., The Employee Benefits Committee and John/Jane Does 1\\-5, was filed in the United States District Court for the Northern District of Texas\\. The plaintiffs in this lawsuit purport to represent a class consisting of all participants in and beneficiaries under any of the four American defined benefit pension plans who elected to receive an optional form of benefit other than a lump sum distribution of a participant\u2019s vested benefit\\. Under ERISA, participants covered by defined benefit plans accrue retirement benefits in the form of a single life annuity payable upon retirement on a monthly basis until the employee\u2019s death, and may elect certain alternative forms of benefit payments\\. Plaintiffs contend that the mortality tables used by American for purposes of calculations related to these alternative forms of benefits are outdated and that more recent mortality tables would have provided more generous benefits and should have been used to make those calculations\\. The court has denied American\u2019s motion to dismiss the complaint\\. American believes this lawsuit is without merit and intend to vigorously defend against the allegations\\.\n\nGeneral \\. In addition to the specifically identified legal proceedings, American and its subsidiaries are also engaged in other legal proceedings from time to time\\. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within American\u2019s control\\. Therefore, although American will vigorously defend itself in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on American are uncertain but could be material\\.\n\n(f) Guarantees and Indemnifications\n\nAmerican is a party to many routine contracts in which it provides general indemnities in the normal course of business to third parties for various risks\\. American is not able to estimate the potential amount of any liability resulting from the indemnities\\. These indemnities are discussed in the following paragraphs\\.\n\nIn its aircraft financing agreements, American generally indemnifies the financing parties, trustees acting on their behalf and other relevant parties against liabilities (including certain taxes) resulting from the financing, manufacture, design, ownership, operation and maintenance of the aircraft regardless of whether these liabilities (including certain taxes) relate to the negligence of the indemnified parties\\.\n\nAmerican\u2019s loan agreements and other LIBOR\\-based financing transactions (including certain leveraged aircraft leases) generally obligate American to reimburse the applicable lender for incremental costs due to a change in law that imposes (i) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (ii) any tax, duty or other charge with respect to the loan (except standard income tax) or (iii) capital adequacy requirements\\. In addition, American\u2019s loan agreements and other financing arrangements typically contain a withholding tax provision that requires American to pay additional amounts to the applicable lender or other financing party, generally if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law\\.\n\n153"}
{"_id": "United-2017_113.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|           |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| ---------:|:--- |:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*\u202010\\.29 | UAL | [Fourth Amendment to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Exhibit 10\\.22 to UAL\u2019s Form  10\\-K for the year ended December 31, 2015, Commission file number  1\\-6033 and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516468479/d13806dex1022.htm)                                                                       |\n| \\*\u202010\\.30 | UAL | [Form of Performance\\-Based Restricted Stock Unit Award Notice pursuant to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (ROIC awards) (filed as Exhibit 10\\.23 to UAL\u2019s Form  10\\-K for the year ended December 31, 2015, Commission file number  1\\-6033 and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516468479/d13806dex1023.htm)                                                                                                 |\n| \\*\u202010\\.31 | UAL | [Form of Performance\\-Based Restricted Stock Unit Award Notice pursuant to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (Relative  Pre\\-tax Margin awards) (for performance periods beginning on or after January 1, 2015) (filed as Exhibit 10\\.2 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2015, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex102.htm)            |\n| \\*\u202010\\.32 | UAL | [United Continental Holdings, Inc\\. Incentive Plan 2010, as amended and restated February 17, 2011 (previously named the Continental Airlines, Inc\\. Incentive Plan 2010) (filed as Annex B to UAL\u2019s Definitive Proxy Statement filed April 26, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000104746913004972/a2214585zdef14a.htm#le45701_annex_b)                                                                                             |\n| \\*\u202010\\.33 | UAL | [First Amendment to the United Continental Holdings, Inc\\. Incentive Plan 2010, as amended and restated February 17, 2011 (filed as Annex B to UAL\u2019s 2013 Definitive Proxy Statement filed on April 26, 2013, Commission file number  1\\-6033, incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000104746913004972/a2214585zdef14a.htm#le45701_annex_b)                                                                                                                                         |\n| \\*\u202010\\.34 | UAL | [United Continental Holdings, Inc\\. Annual Incentive Program (adopted pursuant to the United Continental Holdings, Inc\\. Incentive Plan 2010) (as amended and restated February 21, 2013) (filed as Exhibit 10\\.43 to UAL\u2019s Form  10\\-K for the year ended December 31, 2012, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513074391/d436512dex1043.htm)                                                                                      |\n| \\*\u202010\\.35 | UAL | [United Continental Holdings, Inc\\. Long\\-Term Relative Performance Program (adopted pursuant to the United Continental Holdings, Inc\\. Incentive Plan 2010) (filed as Exhibit 10\\.43 to UAL\u2019s Form  10\\-K for the year ended December 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312511042335/dex1043.htm)                                                                                                                          |\n| \\*\u202010\\.36 | UAL | [First Amendment to the United Continental Holdings, Inc\\. Long\\-Term Relative Performance Program (adopted pursuant to the United Continental Holdings, Inc\\. Incentive Plan 2010) (effective with respect to performance periods beginning on or after January 1, 2012) (filed as Exhibit 10\\.49 to UAL\u2019s Form  10\\-K for the year ended December 31, 2011, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312512073010/d260625dex1049.htm)      |\n| \\*\u202010\\.37 | UAL | [Second Amendment to the United Continental Holdings, Inc\\. Long\\-Term Relative Performance Program (adopted pursuant to the United Continental Holdings, Inc\\. Incentive Plan 2010) (effective with respect to performance periods beginning on or after January 1, 2014) (filed as Exhibit 10\\.40\\.2 to UAL\u2019s Form  10\\-K for the year ended December 31, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312514060695/d624298dex10402.htm) |\n\n\n\n114"}
{"_id": "Alaska-2019_6.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nnon\\-stop markets, daily flights and seat share\\. In 2019, we began departures from Paine Field\\-Snohomish County Airport in Everett, Washington to ten West Coast markets\\. We also optimized our current network, and reallocated flying to expand offerings between the Pacific Northwest and California, increasing network utility and providing more non\\-stop service on the West Coast\\. \n\n\u2022 Revenue Generation \\-   In 2018, we introduced our Saver Fare product, which offers greater choice for our guests, allowing them to purchase and pay for the ticket type and other amenities they value most\\. In 2019, our Saver Fare product provided meaningful revenue growth, and is expected to continue to provide incremental revenue into 2020\\. This, combined with synergies from the merger, which are expected to hit their full run rate in 2021, and capacity growth, will enable us to continue to grow our annual revenues\\. Innovation will also be key to growth in our revenues\\. We will focus our efforts on merchandising and demand generation, including through a variety of unique marketing strategies aimed at increasing revenues in typically off\\-peak periods\\. \n\nBusiness Model:\n\nSafety is the foundation of everything we do and remains our top priority\\. We have an unwavering commitment to run a safe operation, and we will not compromise this commitment in the pursuit of other initiatives\\. Alaska and Horizon were the first U\\.S\\. major airlines to receive FAA validation and acceptance of their Safety Management Systems (SMS) in 2016\\. In 2018, we used SMS to safely and consistently guide our integration with the legacy Virgin America operation\\. Report It\\!, our mobile safety reporting application, makes it easier for employees to file safety reports\\. In 2018, 100% of our Alaska and Horizon aircraft technicians completed the requirements for the FAA's \"Diamond Certificate of Excellence\" award, marking the 17th consecutive year Alaska has received the award, and the 17th time in the last 19 years Horizon has received this award\\. In early 2020, we were again included as one of only two U\\.S\\. airlines on the AirlineRatings\\.com list of the world's Top 20 safest airlines\\. We believe that maintaining safe operations, through adherence to well\\-defined processes and ensuring every Air Group employee is aware of their individual contribution to our operation, is critical to ensuring on\\-time performance\\. The rigor we apply to running a safe operation has resulted in Alaska consistently being one of the top airlines in North America for on\\-time performance; and Horizon was recognized once again as the leader in on\\-time performance in 2019 among regional airlines\\.\n\nUltimately, our success will be driven by our business model being flexible and innovative as we drive towards our pretax margin goals of 13% to 15%, and our growth goals of 4% to 6% over the business cycle\\. We know that in order to provide low fares in our growing network while generating strong returns for our shareholders, it is imperative for us to maintain a competitive cost structure\\. In 2019, our unit costs, excluding fuel and special items, increased 2\\.3% on a consolidated basis\\. Although our unit costs are expected to rise again in 2020, primarily due to general wage inflation, higher engine maintenance on both our Airbus and B737\\-800 fleets, and increased lease return costs associated with our Airbus fleet, we will continue our focus on lowering overhead, improving productivity, and managing vendor costs\\. We are also actively managing fuel costs by flying larger, more fuel\\-efficient aircraft, which has increased our fuel efficiency as measured by available seat miles flown per gallon by 1\\.6% over the last five years\\. We have a long track record of effective cost control, and we remain keenly committed to protecting our unit cost advantage relative to competitors\\.\n\nAIR GROUP\n\nOur airlines operate different aircraft and missions\\. Alaska operates a fleet of narrowbody passenger jets on primarily longer\\-haul capacity\\. Alaska contracts primarily with Horizon and SkyWest Airlines, Inc\\. (SkyWest) for shorter\\-haul capacity, such that Alaska receives all passenger revenue from those flights\\. Horizon operates Embraer 175 (E175) regional jet aircraft and Bombardier Q400 turboprop aircraft and sells all of its capacity to Alaska pursuant to a CPA\\. The majority of our revenues are generated by transporting passengers\\. The percentage of revenues by category is as follows:\n\n\n\n|                            |                            |                            |       |       |  |  |  |       |       |  |  |  |       |       |  |  |  |           |           |  |  |  |       |       |\n|:-------------------------- |:-------------------------- |:-------------------------- | -----:| -----:|:- |:- |:- | -----:| -----:|:- |:- |:- | -----:| -----:|:- |:- |:- | ---------:| ---------:|:- |:- |:- | -----:| -----:|\n|                            |                            |                            |  2019 |  2019 |  |  |  |  2018 |  2018 |  |  |  |  2017 |  2017 |  |  |  | 2016^(a)^ | 2016^(a)^ |  |  |  |  2015 |  2015 |\n| Passenger revenue          | Passenger revenue          | Passenger revenue          |  92 % |  92 % |  |  |  |  93 % |  93 % |  |  |  |  93 % |  93 % |  |  |  |      91 % |      91 % |  |  |  |  85 % |  85 % |\n| Mileage Plan other revenue | Mileage Plan other revenue | Mileage Plan other revenue |   5 % |   5 % |  |  |  |   5 % |   5 % |  |  |  |   5 % |   5 % |  |  |  |       6 % |       6 % |  |  |  |   (b) |   (b) |\n| Cargo and other            | Cargo and other            | Cargo and other            |   3 % |   3 % |  |  |  |   2 % |   2 % |  |  |  |   2 % |   2 % |  |  |  |       3 % |       3 % |  |  |  |   (b) |   (b) |\n| Other revenue              | Other revenue              | Other revenue              |   (b) |   (b) |  |  |  |   (b) |   (b) |  |  |  |   (b) |   (b) |  |  |  |       (b) |       (b) |  |  |  |  13 % |  13 % |\n| Freight and Mail revenue   | Freight and Mail revenue   | Freight and Mail revenue   |   (b) |   (b) |  |  |  |   (b) |   (b) |  |  |  |   (b) |   (b) |  |  |  |       (b) |       (b) |  |  |  |   2 % |   2 % |\n| Total                      | Total                      | Total                      | 100 % | 100 % |  |  |  | 100 % | 100 % |  |  |  | 100 % | 100 % |  |  |  |     100 % |     100 % |  |  |  | 100 % | 100 % |\n\n\n\n(a) Includes information for Virgin America for the period December 14, 2016 through December 31, 2016\\.\n\n(b) As a result of the new revenue recognition standards, certain financial statement line items were modified to address new requirements\\. We did not apply this change to fiscal year 2015, and have left the captioning above as it was presented in that fiscal year\\. \n\n6"}
{"_id": "AmericanAirlines-2017_147.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nAmerican is part of the AAG consolidated income tax return\\. American files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates\\. American\u2019s 2014 through 2016 tax years are still subject to examination by the Internal Revenue Service\\. Various state and foreign jurisdiction tax years remain open to examination and American is under examination, in administrative appeals, or engaged in tax litigation in certain jurisdictions\\. American believes that the effect of any assessments will not be material to its consolidated financial statements\\.\n\nThe amount of, and changes to, American\u2019s uncertain tax positions were not material in any of the years presented\\. American accrues interest and penalties related to unrecognized tax benefits in interest expense and operating expense, respectively\\.\n\nThe 2017 Tax Act was enacted on December 22, 2017\\. The 2017 Tax Act is the most comprehensive tax change in more than 30 years\\. As of December 31, 2017, American has not completed its evaluation of the 2017 Tax Act; however, to the extent possible, American has made a reasonable estimate of its effects, including the impact of lower corporate income tax rates (21% vs\\. 35%) on its deferred tax assets and liabilities and the one\\-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred\\. For the year ended December 31, 2017, American recognized a special income tax expense of $93 million to reflect these impacts of the 2017 Tax Act\\.\n\nThe 2017 Tax Act is unclear in many respects and could be subject to potential amendments and technical corrections, as well as interpretations and implementation regulations by the Treasury and Internal Revenue Service\\. In addition, it is unclear how these U\\.S\\. federal income tax changes will affect state and local taxation, which often uses federal taxable income as a starting point for computing state and local tax liabilities\\. Accordingly, American has not yet been able to make a reasonable estimate of the impact of certain items and continues to account for those items based on the tax laws in effect prior to the 2017 Tax Act\\.\n\nAs further interpretations, clarifications and amendments to the 2017 Tax Act are made, American\u2019s future financial statements could be materially impacted\\.\n\n**5\\. Risk Management**\n\nAmerican\u2019s economic prospects are heavily dependent upon two variables it cannot control: the health of the economy and the price of fuel\\.\n\nDue to the discretionary nature of business and leisure travel spending and the highly competitive nature of the airline industry, American\u2019s revenues are heavily influenced by the condition of the U\\.S\\. economy and economies in other regions of the world\\. Unfavorable conditions in these broader economies have resulted, and may result in the future, in decreased passenger demand for air travel, changes in booking practices and related reactions by American\u2019s competitors, all of which in turn have had, and may have in the future, a negative effect on American\u2019s business\\. In addition, during challenging economic times, actions by its competitors to increase their revenues can have an adverse impact on American\u2019s revenues\\.\n\nAmerican\u2019s operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in American\u2019s business\\. Jet fuel market prices have fluctuated substantially over the past several years and prices continue to be highly volatile\\. Because of the amount of fuel needed to operate American\u2019s business, even a relatively small increase or decrease in the price of fuel can have a material effect on American\u2019s operating results and liquidity\\.\n\nThese additional factors could impact American\u2019s results of operations, financial performance and liquidity:\n\n***(a) Credit Risk***\n\nMost of American\u2019s receivables relate to tickets sold to individual passengers through the use of major credit cards or to tickets sold by other airlines and used by passengers on American\\. These receivables are short\\-term, mostly settled within seven days after sale\\. Bad debt losses, which have been minimal in the past, have been considered in establishing allowances for doubtful accounts\\. American does not believe it is subject to any significant concentration of credit risk\\.\n\n148"}
{"_id": "United-2019_59.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (l) | **Labor Costs\u2014** The Company records expenses associated with new or amendable labor agreements when the amounts are probable and estimable\\. These include costs associated with lump sum cash payments that would be made in conjunction with the ratification of labor agreements\\. To the extent these upfront costs are in lieu of future pay increases, they would be capitalized and amortized over the term of the labor agreements\\. If not, these amounts would be expensed\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (m) | **Share\\-Based Compensation\u2014** The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award\\. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the award, usually the vesting period\\. Obligations for cash\\-settled restricted stock units (\"RSUs\") are remeasured at fair value throughout the requisite service period at the close of the reporting period based upon UAL's stock price\\. In addition to the service requirement, certain RSUs have performance metrics that must be achieved prior to vesting\\. These awards are accrued based on the expected level of achievement at each reporting period\\. An adjustment is recorded each reporting period to adjust compensation expense based on the then current level of expected performance achievement for the performance\\-based awards\\. See Note 4 of this report for additional information on UAL's share\\-based compensation plans\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (n) | **Maintenance and Repairs\u2014** The cost of maintenance and repairs, including the cost of minor replacements, is charged to expense as incurred, except for costs incurred under our power\\-by\\-the\\-hour (\"PBTH\") engine maintenance agreements\\. PBTH contracts transfer certain risk to third\\-party service providers and fix the amount we pay per flight hour or per cycle to the service provider in exchange for maintenance and repairs under a predefined maintenance program\\. Under PBTH agreements, the Company recognizes expense at a level rate per engine hour, unless the level of service effort and the related payments during the period are substantially consistent, in which case the Company recognizes expense based on the amounts paid\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                          |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (o) | **Advertising\u2014** Advertising costs, which are included in Other operating expenses, are expensed as incurred\\. Advertising expenses were   $212 million ,   $211 million  and   $217 million  for the years ended December 31,  2019 ,  2018  and  2017 , respectively\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (p)  | **Third\\-Party Business\u2014** The Company has third\\-party business revenue that includes fuel sales, catering, ground handling, maintenance services and frequent flyer award non\\-travel redemptions\\. Third\\-party business revenue is recorded in Other operating revenue\\. The Company also incurs third\\-party business expenses, such as maintenance, ground handling and catering services for third parties, fuel sales and non\\-travel mileage redemptions\\. The third\\-party business expenses are recorded in Other operating expenses, except for non\\-travel mileage redemption\\. Non\\-travel mileage redemption expenses are recorded to Other operating revenue\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (q) | **Uncertain Income Tax Positions\u2014** The Company has recorded reserves for income taxes and associated interest that may become payable in future years\\. Although management believes that its positions taken on income tax matters are reasonable, the Company nevertheless has established tax and interest reserves in recognition that various taxing authorities may challenge certain of the positions taken by the Company, potentially resulting in additional liabilities for taxes and interest\\. The Company's uncertain tax position reserves are reviewed periodically and are adjusted as events occur that affect its estimates, such as the availability of new information, the lapsing of applicable statutes of limitation, the conclusion of tax audits, the measurement of additional estimated liability, the identification of new tax matters, the release of administrative tax guidance affecting its estimates of tax liabilities, or the rendering of relevant court decisions\\. The Company records penalties and interest relating to uncertain tax positions as part of income tax expense in its consolidated statements of operations\\. See Note 6 of this report for additional information on UAL's uncertain tax positions\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (r)  | **Recently Issued Accounting Standards\u2014** The Company adopted Financial Accounting Standards Board (\"FASB\") Accounting Standards Codification Topic 842,  *Leases*  (the \"New Lease Standard\"), effective January 1, 2019\\. The Company used the modified retrospective approach for all leases existing at or commencing after January 1, 2017 and elected the package of transition practical expedients for expired or existing contracts, which does not require reassessment of: (1) whether any of our contracts are or contain leases, (2) lease classification and (3) initial direct costs\\. The New Lease Standard prescribes that an entity should recognize a right\\-of\\-use asset and a lease liability for all leases at the commencement date of each lease and recognize expenses on their income statements similar to the prior FASB Accounting Standards Codification Topic 840,  *Leases*  (\"Topic 840\")\\. |\n\n\n\nThe adoption of the New Lease Standard had the same impact on the financial statements of United as it had on the financial statements of UAL\\. The table below presents the impact of the adoption of the New Lease Standard on select accounts and captions of UAL's statement of consolidated operations for the year ended December 31 (in millions, except per share amounts):\n\n60"}
{"_id": "AmericanAirlines-2017_67.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***American***\n\n*2017* *Compared to* *2016*\n\n*Operating Activities*\n\nAmerican\u2019s net cash provided by operating activities was $2\\.9 billion and $1\\.8 billion in 2017 and 2016, respectively, a year\\-over\\-year increase of $1\\.1 billion\\. AAG has the ability to move funds freely between its subsidiaries to support its cash requirements\\. The increase in operating cash flows from 2017 to 2016 was primarily due to a decrease in intercompany cash transfers from American to AAG\\. This increase in operating cash flows was offset in part by lower profitability in 2017 driven by higher fuel costs and wage rates, which were offset in part by higher revenues\\.\n\n*Investing Activities*\n\nAmerican\u2019s net cash used in investing activities was $3\\.6 billion and $5\\.6 billion in 2017 and 2016, respectively\\.\n\nAmerican\u2019s principal investing activities in 2017 included expenditures of $5\\.9 billion for property and equipment, including 20 Airbus A321 aircraft, 20 Boeing 737\\-800 aircraft, 16 Embraer E175 aircraft, 13 Boeing 787 Family aircraft and four Boeing 737\\-8 MAX aircraft\\. American also made a $203 million equity investment in China Southern Airlines\\. These cash outflows were offset in part by $1\\.3 billion in net sales of short\\-term investments, $922 million of net proceeds from the sale of property and equipment, primarily representing cash proceeds from aircraft sale\\-leaseback transactions, and a $319 million decrease in restricted cash and short\\-term investments\\.\n\nAmerican\u2019s principal investing activities in 2016 included expenditures of $5\\.7 billion for property and equipment, including 25 Airbus A321 aircraft, 24 Embraer E175 aircraft, 20 Boeing 737\\-800 aircraft, 18 Bombardier CRJ 900 aircraft, eight Boeing 787 aircraft and two Boeing 777 aircraft\\.\n\n*Financing Activities*\n\nAmerican\u2019s net cash provided by financing activities was $668 million and $3\\.8 billion in 2017 and 2016, respectively\\.\n\nAmerican\u2019s principal financing activities in 2017 included net proceeds of $3\\.1 billion from the issuance of debt, including the issuance of $2\\.0 billion of EETCs and $1\\.0 billion borrowed in connection with the financing of certain aircraft\\. These cash inflows were offset in part by $2\\.3 billion in debt repayments\\.\n\nAmerican\u2019s principal financing activities in 2016 included net proceeds of $7\\.7 billion from the issuance of debt, including the issuance of $2\\.8 billion of EETCs, $2\\.3 billion provided under the April 2016 and December 2016 Term Loan Facilities and $1\\.8 billion borrowed in connection with the financing of certain aircraft\\. These cash inflows were offset in part by $3\\.8 billion in debt repayments, including the repayment of $588 million and $970 million in remaining principal of the 2013 Citicorp Credit Facility Tranche B\\-2 and Tranche B\\-1 term loans, respectively\\.\n\n*2016* *Compared to* *2015*\n\n*Operating Activities*\n\nAmerican\u2019s net cash provided by operating activities was $1\\.8 billion and $2\\.6 billion in 2016 and 2015, respectively, a year\\-over\\-year decrease of $837 million\\. AAG has the ability to move funds freely between its subsidiaries to support its cash requirements\\. The decline in American\u2019s operating cash flows from 2016 to 2015 was primarily due to intercompany transfers of cash from American to AAG in order to fund higher share repurchases in 2016\\. Additionally, in 2015, American\u2019s operating cash flows included the proceeds from the $500 million issuance of AAG\u2019s 4\\.625% senior notes, which also contributed to the year\\-over\\-year decline in operating cash flows\\. These declines were offset in part by certain payments received related to American\u2019s co\\-branded credit card agreements that became effective in the third quarter of 2016\\.\n\n*Investing Activities*\n\nAmerican\u2019s net cash used in investing activities was $5\\.6 billion in each of 2016 and 2015\\.\n\nAmerican\u2019s principal investing activities in 2016 included expenditures of $5\\.7 billion for property and equipment, including 25 Airbus A321 aircraft, 24 Embraer E175 aircraft, 20 Boeing 737\\-800 aircraft, 18 Bombardier CRJ 900 aircraft, eight Boeing 787 aircraft and two Boeing 777 aircraft\\.\n\nAmerican\u2019s principal investing activities in 2015 included expenditures of $6\\.1 billion for property and equipment, including 38 Airbus A320 family aircraft, 24 Embraer E175 aircraft, 20 Bombardier CRJ 900 aircraft, 17 Boeing 737\\-800 aircraft, 13 \n\n68"}
{"_id": "Southwest-2018_33.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**PART II**\n\n**Item 5\\.*****Market for Registrant\u2019s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities***\n\nThe Company\u2019s common stock is listed on the New York Stock Exchange (\"NYSE\") and is traded under the symbol \"LUV\\.\" The Company currently intends to continue declaring dividends on a quarterly basis for the foreseeable future; however, the Company\u2019s Board of Directors may elect to alter the timing, amount, and payment of dividends on the basis of operational results, financial condition, cash requirements, future prospects, and other factors deemed relevant by the Board\\. As of February 1, 2019, there were approximately 12,267 holders of record of the Company\u2019s common stock\\.\n\n34"}
{"_id": "United-2017_112.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|           |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| ---------:|:--- |:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*\u202010\\.19 | UAL | [United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Annex A to UAL Corporation\u2019s 2013 Definitive Proxy Statement filed on April 26, 2013, Commission file number  1\\-6033, and incorporated herein by reference) (now named the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) ](http://www.sec.gov/Archives/edgar/data/100517/000104746913004972/a2214585zdef14a.htm#la45701_annex_a)                                                                                                           |\n| \\*\u202010\\.20 | UAL | [First Amendment to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (changing the name to United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Annex A to UAL\u2019s Definitive Proxy Statement filed on April 26, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000104746913004972/a2214585zdef14a.htm#la45701_annex_a)                                                                                              |\n| \\*\u202010\\.21 | UAL | [Second Amendment to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Exhibit 10\\.19 to UAL\u2019s Form  10\\-K for the year ended December 31, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex1019.htm)                                                                                                                                                                                                    |\n| \\*\u202010\\.22 | UAL | [Form of Stock Option Award Notice pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Exhibit 10\\.5 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2008, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000104746908008342/a2186941zex-10_5.htm)                                                                                                                                                                          |\n| \\*\u202010\\.23 | UAL | [Form of Restricted Stock Unit Award Notice pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (stock settled) (filed as Exhibit 10\\.21 to UAL\u2019s Form  10\\-K for the year ended December 31, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex1021.htm)                                                                                                                                                 |\n| \\*\u202010\\.24 | UAL | [Form of Restricted Share Award Notice pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (awards during and after 2014) (filed as Exhibit 10\\.27 to UAL\u2019s Form  10\\-K for the year ended December 31, 2013, Commission file number  1\\-6033, and incorporated by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312514060695/d624298dex1027.htm)                                                                                                                                              |\n| \\*\u202010\\.25 | UAL | [United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Exhibit 10\\.31 to UAL\u2019s Form  10\\-K for the year ended December 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312511042335/dex1031.htm)                                                                                                                     |\n| \\*\u202010\\.26 | UAL | [First Amendment to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (effective with respect to performance periods beginning on or after January 1, 2012) (filed as Exhibit 10\\.33 to UAL\u2019s Form  10\\-K for the year ended December 31, 2011, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312512073010/d260625dex1033.htm) |\n| \\*\u202010\\.27 | UAL | [Second Amendment to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Exhibit 10\\.29 to UAL\u2019s Form  10\\-K for the year ended December 31, 2012, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513074391/d436512dex1029.htm)                                                                                      |\n| \\*\u202010\\.28 | UAL | [Third Amendment to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Exhibit 10\\.1 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2015, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex101.htm)                                                                                         |\n\n\n\n113"}
{"_id": "Southwest-2017_62.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nforward jet fuel prices, depending on specific geographic locations in which the Company hedges\\. The Company then adjusts for certain items, such as transportation costs, that are stated in fuel purchasing contracts with its vendors, in order to estimate the actual price paid for jet fuel associated with each hedge\\. This methodology for estimating expected future cash flows (i\\.e\\., jet fuel prices) has been consistently applied during 2017, 2016, and 2015, and has not changed for either assessing or measuring hedge ineffectiveness during these periods\\.\n\nThe Company believes it is unlikely that materially different estimates for the fair value of financial derivative instruments and forward jet fuel prices would be made or reported based on other reasonable assumptions or conditions suggested by actual historical experience and other data available at the time estimates were made\\.\n\n***Fair Value Measurements***\n\nThe Company utilizes unobservable (Level 3) inputs in determining the fair value of certain assets and liabilities\\. At December 31, 2017, these consisted of a portion of its fuel derivative option contracts, which were a net asset of $248 million\\.\n\nThe Company determines the fair value of fuel derivative option contracts utilizing an option pricing model based on inputs that are either readily available in public markets, can be derived from information available in publicly quoted markets, or are quoted by its counterparties\\. In situations where the Company obtains inputs via quotes from its counterparties, it verifies the reasonableness of these quotes via similar quotes from another counterparty as of each date for which financial statements are prepared\\. The Company has consistently applied these valuation techniques in all periods presented and believes it has obtained the most accurate information available for the types of derivative contracts it holds\\. Due to the fact that certain inputs used in determining estimated fair value of its option contracts are considered unobservable (primarily implied volatility), the Company has categorized these option contracts as Level 3\\. Although implied volatility is not directly observable, it is derived primarily from changes in market prices, which are observable\\. Based on the Company\u2019s portfolio of option contracts as of December 31, 2017, a 10 percent change in implied volatility, holding all other factors constant, would have resulted in a change in the fair value of this portfolio of less than $35 million\\. \n\nAs discussed in Note 10 to the Consolidated Financial Statements, any changes in fair value of cash flow hedges that are considered to be effective, as defined, are offset within AOCI until the period in which the expected future cash flow impacts earnings\\. Any changes in the fair value of fuel derivatives that are ineffective, as defined, or that do not qualify for hedge accounting, are reflected in earnings within Other (gains) losses, net, in the period of the change\\. Because the Company has extensive historical experience in valuing the derivative instruments it holds, and such experience is continually evaluated against its counterparties each period when such instruments expire and are settled for cash, the Company believes it is unlikely that an independent third party would value the Company\u2019s derivative contracts at a significantly different amount than what is reflected in the Company\u2019s financial statements\\. In addition, the Company also has bilateral credit provisions in some of its counterparty agreements, which provide for parties (or the Company) to provide cash collateral when the fair value of fuel derivatives with a single party exceeds certain threshold levels\\. Since this cash collateral is based on the estimated fair value of the Company\u2019s outstanding fuel derivative contracts, this provides further validation to the Company\u2019s estimate of fair values\\.\n\n***Frequent Flyer Accounting***\n\nThe Company utilizes estimates in the recognition of liabilities associated with its frequent flyer program\\. These estimates primarily include the liability associated with Rapid Rewards frequent flyer member (\"Member\") account balances that are expected to be redeemed for travel or other products at a future date\\. Frequent flyer account balances include points earned through flights taken, points sold to Customers, or points earned through business partners participating in the frequent flyer program\\.\n\nUnder the Southwest Rapid Rewards frequent flyer program, Members earn points for every dollar spent\\. The amount of points earned under the program is based on the fare and fare class purchased, with higher fare products (e\\.g\\., Business Select) earning more points than lower fare products (e\\.g\\., Wanna Get Away)\\. Each fare class is associated \n\n63"}
{"_id": "AmericanAirlines-2019_103.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(f)^ | Includes limited partnerships that invest primarily in domestic private equity and private income opportunities\\. The pension plan\u2019s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated\\. It is estimated that the underlying assets of these funds will be gradually liquidated over the next  one  to   ten years \\. Additionally, the pension plan\u2019s master trust has future funding commitments of approximately   $1\\.4 billion  over the next   ten years \\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                            |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(g)^ | Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy\\. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(h)^ | Investment includes   36%  in a common/collective trust investing in securities of larger companies within the U\\.S\\.,   29%  in a common/collective trust investing in securities of smaller companies located outside the U\\.S\\.,   16%  in a collective interest trust investing primarily in short\\-term securities,   15%  in an emerging market 103\\-12 Investment Trust with investments in emerging country equity securities and   4%  in Canadian segregated balanced value, income growth and diversified pooled funds\\. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred\\. |\n\n\n\n\n\n|                                                                                               |                                                                                                                |                                                                              |                                                                                |                                                     |\n| --------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                                                                                               | **Fair Value Measurements as of December 31, 2018**                                                            | **Fair Value Measurements as of December 31, 2018**                          | **Fair Value Measurements as of December 31, 2018**                            | **Fair Value Measurements as of December 31, 2018** |\n| **Asset Category**                                                                            | **Quoted Prices in**<br><br>**Active Markets**<br><br>**for Identical**<br><br>**Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Cash and cash equivalents                                                                     | $23                                                                                                            | $\u2014                                                                           | $\u2014                                                                             | $23                                                 |\n| Equity securities:                                                                            |                                                                                                                |                                                                              |                                                                                |                                                     |\n| International markets  ^(a), (b)^                                                             | 3,181                                                                                                          | \u2014                                                                            | \u2014                                                                              | 3,181                                               |\n| Large\\-cap companies  ^(b)^                                                                   | 2,021                                                                                                          | \u2014                                                                            | \u2014                                                                              | 2,021                                               |\n| Mid\\-cap companies  ^(b)^                                                                     | 583                                                                                                            | \u2014                                                                            | \u2014                                                                              | 583                                                 |\n| Small\\-cap companies  ^(b)^                                                                   | 122                                                                                                            | \u2014                                                                            | \u2014                                                                              | 122                                                 |\n| Mutual funds  ^(c)^                                                                           | 52                                                                                                             | \u2014                                                                            | \u2014                                                                              | 52                                                  |\n| Fixed income:                                                                                 |                                                                                                                |                                                                              |                                                                                |                                                     |\n| Corporate debt  ^(d)^                                                                         | \u2014                                                                                                              | 2,116                                                                        | \u2014                                                                              | 2,116                                               |\n| Government securities  ^(e)^                                                                  | \u2014                                                                                                              | 228                                                                          | \u2014                                                                              | 228                                                 |\n| U\\.S\\. municipal securities                                                                   | \u2014                                                                                                              | 40                                                                           | \u2014                                                                              | 40                                                  |\n| Alternative instruments:                                                                      |                                                                                                                |                                                                              |                                                                                |                                                     |\n| Private market partnerships  ^(f)^                                                            | \u2014                                                                                                              | \u2014                                                                            | 7                                                                              | 7                                                   |\n| Private market partnerships measured at net asset value  ^(f), (g)^                           | \u2014                                                                                                              | \u2014                                                                            | \u2014                                                                              | 1,188                                               |\n| Common/collective trusts  ^(h)^                                                               | \u2014                                                                                                              | 218                                                                          | \u2014                                                                              | 218                                                 |\n| Common/collective trusts and 103\\-12 Investment Trust measured at net asset value  ^(g), (h)^ | \u2014                                                                                                              | \u2014                                                                            | \u2014                                                                              | 227                                                 |\n| Insurance group annuity contracts                                                             | \u2014                                                                                                              | \u2014                                                                            | 2                                                                              | 2                                                   |\n| Dividend and interest receivable                                                              | 47                                                                                                             | \u2014                                                                            | \u2014                                                                              | 47                                                  |\n| Due to/from brokers for sale of securities \u2013 net                                              | 5                                                                                                              | \u2014                                                                            | \u2014                                                                              | 5                                                   |\n| Other liabilities \u2013 net                                                                       | (7<br><br>)                                                                                                    | \u2014                                                                            | \u2014                                                                              | (7<br><br>)                                         |\n| Total                                                                                         | $6,027                                                                                                         | $2,602                                                                       | $9                                                                             | $10,053                                             |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(a)^ | Holdings are diversified as follows:   17%  United Kingdom,   10%  Japan,   8%  France,   7%  Switzerland,   6%  Ireland,   17%  emerging markets and the remaining   35%  with no concentration greater than 5% in any one country\\. |\n\n\n\n\n\n|       |                                                                              |\n| ----- | ---------------------------------------------------------------------------- |\n| ^(b)^ | There are no significant concentrations of holdings by company or industry\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                             |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(c)^ | Investment includes mutual funds invested   37%  in equity securities of large\\-cap, mid\\-cap and small\\-cap U\\.S\\. companies,   38%  in U\\.S\\. treasuries and corporate bonds and   25%  in equity securities of international companies\\. |\n\n\n\n104"}
{"_id": "AmericanAirlines-2019_68.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nGenerally, fluctuations in foreign currencies, including devaluations, cannot be predicted by us and can significantly affect the value of our assets located outside the United States\\. These conditions, as well as any further delays, devaluations or imposition of more stringent repatriation restrictions, may materially adversely affect our business, results of operations and financial condition\\. See Part I, Item 1A\\. Risk Factors \u2013  \u201cWe operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control\u201d  for additional discussion of this and other currency risks\\.\n\nInterest\n\nOur earnings and cash flow are affected by changes in interest rates due to the impact those changes have on our interest expense from variable\\-rate debt instruments and our interest income from short\\-term, interest bearing investments\\.\n\nOur largest exposure with respect to variable\\-rate debt comes from changes in LIBOR\\. We had variable\\-rate debt instruments representing approximately  40%  of our total long\\-term debt at  December 31, 2019 \\. We currently do not have an interest rate hedge program to hedge our exposure to floating interest rates on our variable\\-rate debt obligations\\. If annual interest rates increase 100 basis points, based on our  December 31, 2019  variable\\-rate debt and short\\-term investments balances, annual interest expense on variable\\-rate debt would increase by approximately  $95 million  and annual interest income on short\\-term investments would increase by approximately  $40 million \\. Additionally, the fair value of fixed\\-rate debt would have decreased by approximately  $600 million  for AAG and  $580 million  for American\\.\n\nOn July 27, 2017, the U\\.K\\. Financial Conduct Authority (the authority that regulates LIBOR) announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021\\. It is unclear whether new methods of calculating LIBOR will be established such that it continues to exist after 2021\\. Similarly, it is not possible to predict whether LIBOR will continue to be viewed as an acceptable market benchmark, what rate or rates may become acceptable alternatives to LIBOR, or what effect these changes in views or alternatives may have on financial markets for LIBOR\\-linked financial instruments\\. While the U\\.S\\. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, is considering replacing U\\.S\\. dollar LIBOR with a newly created index, calculated based on repurchase agreements backed by treasury securities, we cannot currently predict whether this index will gain widespread acceptance as a replacement for LIBOR\\. It is not possible to predict the effect of these changes, other reforms or the establishment of alternative reference rates in the United Kingdom, the United States or elsewhere\\.\n\nWe may in the future pursue amendments to our LIBOR\\-based debt transactions to provide for a transaction mechanism or other reference rate in anticipation of LIBOR\u2019s discontinuation, but we may not be able to reach agreement with our lenders on any such amendments\\. As of  December 31, 2019 , we had  $9\\.6 billion  of borrowings based on LIBOR\\. The replacement of LIBOR with a comparable or successor rate could cause the amount of interest payable on our long\\-term debt to be different or higher than expected\\.\n\n69"}
{"_id": "United-2019_60.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|                               |                 |                 |                                    |                                    |                 |                 |\n| ----------------------------- | --------------- | --------------- | ---------------------------------- | ---------------------------------- | --------------- | --------------- |\n|                               | **As Reported** | **As Reported** | **New Lease Standard Adjustments** | **New Lease Standard Adjustments** | **As Adjusted** | **As Adjusted** |\n|                               | **2018**        | **2017**        | **2018**                           | **2017**                           | **2018**        | **2017**        |\n| Regional capacity purchase    | $2,601          | $2,232          | $48                                | $36                                | $2,649          | $2,268          |\n| Landing fees and other rent   | 2,359           | 2,240           | 90                                 | 70                                 | 2,449           | 2,310           |\n| Depreciation and amortization | 2,240           | 2,149           | (75<br><br>)                       | (53<br><br>)                       | 2,165           | 2,096           |\n| Interest expense              | (729<br><br>)   | (671<br><br>)   | 59                                 | 45                                 | (670<br><br>)   | (626<br><br>)   |\n| Interest capitalized          | 70              | 84              | (5<br><br>)                        | (10<br><br>)                       | 65              | 74              |\n| Income tax expense            | 529             | 896             | (3<br><br>)                        | (16<br><br>)                       | 526             | 880             |\n| Net income                    | 2,129           | 2,144           | (7<br><br>)                        | (1<br><br>)                        | 2,122           | 2,143           |\n| Earnings per share, basic     | 7\\.73           | 7\\.08           | (0\\.03<br><br>)                    | \u2014                                  | 7\\.70           | 7\\.08           |\n| Earnings per share, diluted   | 7\\.70           | 7\\.06           | (0\\.03<br><br>)                    | \u2014                                  | 7\\.67           | 7\\.06           |\n\n\n\nThe expense for leases under the New Lease Standard will continue to be classified in their historical income statement captions (primarily in Aircraft rent, Landing fees and other rent and Regional capacity purchase in our statements of consolidated operations)\\. The adoption of the New Lease Standard resulted in the recharacterization of certain leases from capital leases under Topic 840 to operating leases under the New Lease Standard\\. This change resulted in less depreciation and amortization and interest expense associated with capital leases offset by higher lease expense associated with operating leases\\. The recharacterization is associated with leases of certain airport facilities that were derecognized as part of the build\\-to\\-suit transition guidance under the New Lease Standard\\. The reduction in capitalized interest is also associated with the same airport facilities leases\\.\n\nThe table below presents the impact of the adoption of the New Lease Standard on UAL's balance sheet accounts and captions (in millions):\n\n\n\n|                                                                         |                       |                                    |                       |\n| ----------------------------------------------------------------------- | --------------------- | ---------------------------------- | --------------------- |\n|                                                                         | **December 31, 2018** | **December 31, 2018**              | **December 31, 2018** |\n|                                                                         | **As Reported**       | **New Lease Standard Adjustments** | **As Adjusted**       |\n| Receivables, less allowance for doubtful accounts                       | $1,346                | $80                                | $1,426                |\n| Prepaid expenses and other                                              | 913                   | (180<br><br>)                      | 733                   |\n| Flight equipment, owned and finance leases (a)                          | 32,636                | (37<br><br>)                       | 32,599                |\n| Other property and equipment, owned and finance leases (a)              | 7,930                 | (1,041<br><br>)                    | 6,889                 |\n| Accumulated depreciation and amortization, owned and finance leases (a) | (13,414<br><br>)      | 148                                | (13,266<br><br>)      |\n| Operating lease right\\-of\\-use assets                                   | \u2014                     | 5,262                              | 5,262                 |\n| Current maturities of finance leases (a)                                | 149                   | (26<br><br>)                       | 123                   |\n| Current maturities of operating leases                                  | \u2014                     | 719                                | 719                   |\n| Other current liabilities                                               | 619                   | (66<br><br>)                       | 553                   |\n| Long\\-term obligations under finance leases (a)                         | 1,134                 | (910<br><br>)                      | 224                   |\n| Long\\-term obligations under operating leases                           | \u2014                     | 5,276                              | 5,276                 |\n| Deferred income taxes                                                   | 814                   | 14                                 | 828                   |\n| Other long\\-term liabilities                                            | 1,832                 | (822<br><br>)                      | 1,010                 |\n| Retained earnings                                                       | 6,668                 | 47                                 | 6,715                 |\n\n\n\n(a) Finance leases, under the New Lease Standard, are the equivalent of capital leases under Topic 840\\.\n\nThe table below presents the impact of the adoption of the New Lease Standard on select line items of UAL's statement of consolidated cash flows for the year ended December 31 (in millions):\n\n61"}
{"_id": "Southwest-2017_44.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nmarkets or the impact to its financial statements in future periods\\. Accordingly, the Company believes a reconciliation of non\\-GAAP financial measures to the equivalent GAAP financial measures for projected results is not meaningful or available without unreasonable effort\\.\n\nASU No\\. 2017\\-12, Targeted Improvements to Accounting for Hedging Activities, is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted in any interim or annual period\\. The Company plans to adopt the standard as of January 1, 2018\\. See Note 2 to the Consolidated Financial Statements for further information\\.\n\nMaintenance materials and repairs expense for 2017decreased by $44 million, or 4\\.2 percent, compared with 2016\\. On a per ASM basis, Maintenance materials and repairs expense for 2017decreased 7\\.1 percent, compared with 2016\\. On both a dollar and per ASM basis, the majority of the decreases were attributable to a decrease in airframe maintenance expenses primarily as a result of the retirement of the Company's Classic fleet, partially offset by increases in Boeing 737\\-700 engine maintenance due to increased utilization\\. The Company currently expects Maintenance materials and repairs expense per ASM for first quarter 2018 to increase, compared with first quarter 2017\\.\n\nAircraft rentals expense for 2017decreased by $31 million, or 13\\.5 percent, compared with 2016\\. On a per ASM basis, Aircraft rentals expense decreased 13\\.3 percent, compared with 2016\\. On both a dollar and per ASM basis, the majority of the decreases were due to 737\\-300 lease returns and the purchase of ten 737\\-300 aircraft, that were previously on operating leases, since 2016\\. See the accompanying Note Regarding Use of Non\\-GAAP Financial Measures for further information\\. The Company currently expects Aircraft rentals expense per ASM for first quarter 2018 to decrease, compared with first quarter 2017\\.\n\nLanding fees and other rentals expense for 2017increased by $81 million, or 6\\.7 percent, compared with 2016\\. On a per ASM basis, Landing fees and other rentals expense for 2017increased 2\\.4 percent, compared with 2016\\. On a dollar basis, approximately 50 percent of the increase was due to an increase in Landing fees as a result of the 2\\.8 percentincrease in Trips flown and a change in fleet mix to larger capacity aircraft\\. Approximately 25 percent of the increase on a dollar basis was an increase in space rentals related to rate escalations and capital projects at many airports across the Company's network\\. The remaining increase was due to growth in international markets which gives rise to additional fees\\. The increase per ASM was primarily due to rate escalations at many airports across the Company's network\\. The Company currently expects Landing fees and other rentals expense per ASM for first quarter 2018 to increase, compared with first quarter 2017\\.\n\nDepreciation and amortization expense for 2017decreased by $3 million, or 0\\.2 percent, compared with 2016\\. On a per ASM basis, Depreciation and amortization expense decreased 3\\.7 percent, compared with 2016\\. On both a dollar and per ASM basis, the majority of the decreases were associated with a net decrease in depreciation expense related to the Company's flight equipment, as the decrease from the retirement of the Company's Classic fleet exceeded the additional depreciation from the addition of new 737 MAX 8 aircraft, new 737\\-800 aircraft, and pre\\-owned 737\\-700 aircraft on capital leases\\. These decreases were partially offset by the deployment of new technology assets\\. The Company currently expects Depreciation and amortization expense per ASM for first quarter 2018 to decrease, compared with first quarter 2017\\.\n\nOther operating expenses for 2017increased by $174 million, or 6\\.9 percent, compared with 2016\\. On a per ASM basis, Other operating expenses for 2017increased 2\\.9 percent, compared with 2016\\. These increases were both impacted by charges associated with the retirement of the Company's remaining Classic aircraft\\. These charges included a $63 million aircraft grounding charge related to the leased portion of the Classic fleet, representing the remaining net lease payments due and certain lease return requirements that could have to be performed on these leased aircraft prior to their return to the lessors, as of the cease\\-use date\\. The Classic fleet charges in 2017 also included $33 million in lease termination expenses associated with Classic aircraft being acquired off their operating leases, compared with $22 million related to the acquisition of aircraft coming off operating leases in 2016\\. These charges related to the grounding or cease\\-use of the Classic fleet were considered special items and thus excluded from the Company's non\\-GAAP results\\. See Note Regarding Use of Non\\-GAAP Financial Measures and the Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures for additional detail regarding non\\-GAAP financial measures\\. The remainder of \n\n45"}
{"_id": "Southwest-2018_95.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nhistorical actuals for similar grants, and are trued\\-up to actuals over the vesting period\\. The Company recognizes all expense on a straight\\-line basis over the vesting period, with any changes in expense due to the number of PBRSUs expected to vest being modified on a prospective basis\\. \n\nAggregated information regarding the Company\u2019s RSUs and PBRSUs is summarized below:\n\n\n\n|                                         |                                |                                |                                                                |\n| --------------------------------------- | ------------------------------ | ------------------------------ | -------------------------------------------------------------- |\n|                                         | **All Restricted Stock Units** | **All Restricted Stock Units** | **All Restricted Stock Units**                                 |\n|                                         | **Units (000)**                |                                | **Wtd\\. Average**<br><br>**Fair Value**<br><br>**(per share)** |\n| Outstanding December 31, 2015           | 1,485                          |                                | $30\\.17                                                        |\n| Granted                                 | 675                            | (a)                            | 37\\.29                                                         |\n| Vested                                  | (665)                          |                                | 23\\.29                                                         |\n| Surrendered                             | (56)                           |                                | 36\\.29                                                         |\n| Outstanding December 31, 2016           | 1,439                          |                                | 36\\.52                                                         |\n| Granted                                 | 717                            | (b)                            | 52\\.73                                                         |\n| Vested                                  | (806)                          |                                | 30\\.23                                                         |\n| Surrendered                             | (56)                           |                                | 43\\.86                                                         |\n| Outstanding December 31, 2017, Unvested | 1,294                          |                                | 45\\.32                                                         |\n| Granted                                 | 782                            | (c)                            | 60\\.80                                                         |\n| Vested                                  | (670)                          |                                | 45\\.11                                                         |\n| Surrendered                             | (64)                           |                                | 47\\.05                                                         |\n| Outstanding December 31, 2018, Unvested | 1,342                          |                                | 52\\.56                                                         |\n\n\n\n(a) Includes 247 thousand PBRSUs\n\n(b) Includes 235 thousand PBRSUs\n\n(c) Includes 308 thousand PBRSUs\n\nIn addition, the Company granted approximately 28 thousand shares of unrestricted stock at a weighted average grant price of $53\\.01 in 2018, approximately 26 thousand shares at a weighted average grant price of $57\\.04 in 2017, and approximately 27 thousand shares at a weighted average grant price of $42\\.90 in 2016, to members of its Board of Directors\\. \n\nA remaining balance of up to 21 million shares of the Company\u2019s common stock may be issued pursuant to grants under the 2007 Equity Plan\\. \n\n***Employee Stock Purchase Plan***\n\nUnder the Amended and Restated 1991 Employee Stock Purchase Plan (\"ESPP\"), which has been approved by Shareholders, the Company is authorized to issue up to a remaining balance of 8 million shares of the Company\u2019s common stock to Employees of the Company\\. These shares may be issued at a price equal to 90 percent of the market value at the end of each monthly purchase period\\. Common stock purchases are paid for through periodic payroll deductions\\.\n\n96"}
{"_id": "Alaska-2019_25.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nOur maintenance costs will increase as our fleet ages, and we will periodically incur substantial maintenance costs due to the timing of maintenance events of our aircraft\\.\n\nAs of December 31, 2019, the average age of our NextGen aircraft (B737\\-700, \\-800, \\-900, \\-900ERs) was approximately 8\\.9 years, the average age of our A319, A320, and A321neo aircraft was approximately 8\\.6 years, the average age of our owned E175 aircraft was approximately 1\\.6 years, and the average age of our Q400 aircraft was approximately 11\\.7 years\\. Currently, our newer aircraft require less maintenance than they will in the future\\. Any significant increase in maintenance expenses could have a material adverse effect on our results of operations\\. In addition, expenses for aircraft coming off lease could result in unplanned maintenance expense as we are required to return the leased planes in a contractually specified condition\\.\n\nThe application of the acquisition method of accounting resulted in us recording a significant amount of goodwill, which could result in significant future impairment charges and negatively affect our financial results\\.\n\nIn accordance with acquisition accounting rules, we recorded goodwill on our consolidated balance sheet to the extent the Virgin America acquisition purchase price exceeded the net fair value of Virgin America\u2019s tangible and identifiable intangible assets and liabilities as of the acquisition date\\. Goodwill is not amortized, but is tested for impairment at least annually\\. We could record impairment charges in our results of operations as a result of, among other items, extreme fuel price volatility, a significant decline in the fair value of certain tangible or intangible assets, unfavorable trends in forecasted results of operations and cash flows, uncertain economic environment and other uncertainties\\. We can provide no assurance that a significant impairment charge will not occur in one or more future periods\\. Any such charges may materially negatively affect our financial results\\.\n\nBRAND AND REPUTATION\n\nAs we evolve our brand to appeal to a changing demographic and grow into new markets, we will engage in strategic initiatives that may not be favorably received by all of our guests\\.\n\nWe continue to focus on strategic initiatives designed to increase our brand appeal to a diverse and evolving demographic of airline travelers\\. These efforts could include significant enhancements to our in\\-airport and on\\-board environments, increasing our direct customer relationships through improvements to our purchasing portals (digital and mobile) and optimization of our customer loyalty programs\\. In pursuit of these efforts we may negatively affect our reputation with some of our existing customer base\\. \n\nThe Company's brand and reputation could be harmed if it is exposed to significant negative publicity distributed through social media\\. \n\nWe operate in a highly visible industry that has significant exposure to social media\\. Negative publicity, including as a result of misconduct by our guests or employees, can spread rapidly through social media\\. Should the Company not respond in a timely and appropriate manner to address negative publicity, the Company's brand and reputation may be significantly harmed\\. Such harm could have a negative impact on our financial results\\. \n\nLABOR RELATIONS AND LABOR STRATEGY\n\nA significant increase in labor costs, unsuccessful attempts to strengthen our relationships with union employees or loss of key personnel could adversely affect our business and results of operations\\. \n\nLabor costs remain a significant component of our total expenses\\. In addition to costs associated with represented employee groups, labors costs could also increase for non\\-unionized employees and via vendor agreements as we work to compete for highly skilled and qualified employees against the major U\\.S\\. airlines and other businesses in a thriving job market\\. Although ample efforts have been dedicated to right\\-sizing our management structure following the merger with Virgin America, these increased labor costs may adversely affect our financial performance\\. \n\nShould employees engage in job actions, such as slow\\-downs, sick\\-outs, or other actions designed to disrupt normal operations and pressure the employer to acquiesce to bargaining demands during Section 6 negotiations, although unlawful until after lengthy mediation attempts, the operation could be significantly impacted\\. Although we have a long track record of fostering good communications, negotiating approaches and developing other strategies to enhance workforce engagement in our long\\-term vision, unsuccessful attempts to strengthen relationships with union employees or loss of key personnel could divert management\u2019s attention from other projects and issues, which could adversely affect our business and results of operations\\. \n\n25"}
{"_id": "United-2019_86.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nbetween the United States and Brazil\\. Accordingly, the Company recorded a   $105 million  special charge to write off the entire value of the intangible asset associated with its Brazil routes\\. Also during 2018, the Company recorded   $66 million  of fair value adjustments related to aircraft purchased off lease, write\\-offs of unexercised aircraft purchase options and other impairments related to certain fleet types and international slots no longer in use\\.\n\nDuring 2018, the Company recorded   $22 million  of severance and benefit costs related to the voluntary early\\-out program for its technicians and related employees represented by the IBT as described above\\. Also during 2018, the Company recorded other management severance of   $19 million \\.\n\nDuring 2018, the Company recorded a one\\-time termination charge of   $64 million  related to one of its engine maintenance service agreements\\.\n\nDuring 2018, the Company recorded gains of   $28 million  for the change in market value of certain of its equity investments, primarily Azul\\. Also, the Company recorded losses of   $33 million  for the change in fair value of the AVH Derivative Assets\\. \n\n2017\n\nDuring 2017, the Company recorded a   $10 million  impairment charge related to obsolete spare parts inventory and a   $15 million  intangible asset impairment charge related to a maintenance service agreement\\.\n\nDuring 2017, the Company recorded   $83 million  of severance and benefit costs related to the voluntary early\\-out program for its technicians and related employees represented by the IBT as described above\\. Also during 2017, the Company recorded   $33 million  of other management severance\\.\n\nDuring 2017, the Company recorded charges of   $12 million  for weather\\-related damages,   $11 million  for losses on the sale of assets, and   $12 million  of other charges\\.\n\nNOTE 15 \\- SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)\n\n\n\n|                                             |                   |                   |                   |                   |\n| ------------------------------------------- | ----------------- | ----------------- | ----------------- | ----------------- |\n|                                             | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |\n| **(In millions, except per share amounts)** | **March 31**      | **June 30**       | **September 30**  | **December 31**   |\n| **2019**                                    |                   |                   |                   |                   |\n| Operating revenue                           | $9,589            | $11,402           | $11,380           | $10,888           |\n| Income from operations                      | 495               | 1,472             | 1,473             | 861               |\n| Net income                                  | 292               | 1,052             | 1,024             | 641               |\n| Basic earnings per share                    | 1\\.09             | 4\\.03             | 4\\.01             | 2\\.54             |\n| Diluted earnings per share                  | 1\\.09             | 4\\.02             | 3\\.99             | 2\\.53             |\n| **2018**                                    |                   |                   |                   |                   |\n| Operating revenue                           | $9,032            | $10,777           | $11,003           | $10,491           |\n| Income from operations (a)                  | 262               | 1,145             | 1,187             | 635               |\n| Net income (a)                              | 145               | 683               | 833               | 461               |\n| Basic earnings per share (a)                | 0\\.51             | 2\\.48             | 3\\.06             | 1\\.70             |\n| Diluted earnings per share (a)              | 0\\.51             | 2\\.48             | 3\\.05             | 1\\.69             |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2016\\-02,  Leases (Topic 842) \\. See Note 1 of this report for additional information on the adjustments\\.\n\n87"}
{"_id": "AmericanAirlines-2019_17.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|   |                                                     |\n| - | --------------------------------------------------- |\n| \u2022 | actual or potential disruptions to the ATC systems; |\n\n\n\n\n\n|   |                                                                     |\n| - | ------------------------------------------------------------------- |\n| \u2022 | increases in costs of safety, security, and environmental measures; |\n\n\n\n\n\n|   |                                                        |\n| - | ------------------------------------------------------ |\n| \u2022 | outbreaks of diseases that affect travel behavior; and |\n\n\n\n\n\n|   |                                                                                                                                                                                  |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | weather and natural disasters, including increases in frequency, severity or duration of such disasters, and related costs caused by more severe weather due to climate change\\. |\n\n\n\nIn particular, an outbreak of a contagious disease such as the Ebola virus, Middle East Respiratory Syndrome, Severe Acute Respiratory Syndrome, H1N1 influenza virus, avian flu, Zika virus, coronavirus or any other similar illness, if it were to become associated with air travel or persist for an extended period, could materially affect the airline industry and us by reducing revenues and adversely impacting our operations and passengers\u2019 travel behavior\\. For example, the coronavirus outbreak that originated in or around Wuhan, China in January 2020 has resulted in the widespread suspension of commercial air service to the region, including by American, as well as the imposition by the U\\.S\\. and other governments of significant restrictions on inbound travel from this region\\. Our suspension of service, which remains in place as of the date of this report, and the potential for a period of significantly reduced demand for travel has and will likely continue to result in significant lost revenue\\. As a result of these or other conditions beyond our control, our results of operations could be volatile and subject to rapid and unexpected change\\. In addition, due to generally weaker demand for air travel during the winter, our revenues in the first and fourth quarters of the year could be weaker than revenues in the second and third quarters of the year\\.\n\nOur business is very dependent on the price and availability of aircraft fuel\\. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on our operating results and liquidity \\.\n\nOur operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in our business\\. Market prices for aircraft fuel have fluctuated substantially over the past several years and prices continue to be highly volatile\\.\n\nBecause of the amount of fuel needed to operate our business, even a relatively small increase or decrease in the price of fuel can have a material effect on our operating results and liquidity\\. Due to the competitive nature of the airline industry and unpredictability of the market for air travel, we can offer no assurance that we may be able to increase our fares, impose fuel surcharges or otherwise increase revenues or decrease other operating costs sufficiently to offset fuel price increases\\. Similarly, we cannot predict actions that may be taken by our competitors in response to changes in fuel prices\\.\n\nAlthough we are currently able to obtain adequate supplies of aircraft fuel, we cannot predict the future availability, price volatility or cost of aircraft fuel\\. Natural disasters (including hurricanes or similar events in the U\\.S\\. Southeast and on the Gulf Coast where a significant portion of domestic refining capacity is located), political disruptions or wars involving oil\\-producing countries, economic sanctions imposed against oil\\-producing countries or specific industry participants, changes in fuel\\-related governmental policy, the strength of the U\\.S\\. dollar against foreign currencies, changes in the cost to transport or store petroleum products, changes in access to petroleum product pipelines and terminals, speculation in the energy futures markets, changes in aircraft fuel production capacity, environmental concerns and other unpredictable events may result in fuel supply shortages, distribution challenges, additional fuel price volatility and cost increases in the future\\. For instance, effective January 1, 2020, rules adopted by the International Maritime Organization restrict the sulfur content allowable in marine fuels from 3\\.5% to 0\\.5%, which is expected to cause increased demand by maritime shipping companies for low\\-sulfur fuel and potentially lead to increased costs of aircraft fuel\\. Any of these factors or events could cause a disruption in or increased demands on oil production, refinery operations, pipeline capacity or terminal access and possibly result in significant increases in the price of aircraft fuel and diminished availability of aircraft fuel supply\\.\n\nOur aviation fuel purchase contracts generally do not provide meaningful price protection against increases in fuel costs\\. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review this policy from time to time based on market conditions and other factors\\. Accordingly, as of  December 31, 2019 , we did not have any fuel hedging contracts outstanding to hedge our fuel consumption\\. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices\\. See also the discussion in Part II, Item 7A\\. Quantitative and Qualitative Disclosures About Market Risk \u2013  \u201cAircraft Fuel\\.\u201d\n\n18"}
{"_id": "Southwest-2019_78.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n4 \\. COMMITMENTS AND CONTINGENCIES\n\nCommitments\n\nThe Company has contractual obligations and commitments primarily with regard to future purchases of aircraft, repayment of debt (see Note  6 ), and lease arrangements (see Note  7 )\\. During the  year ended  December 31, 2019 , the Company leased   three  new 737 MAX 8 aircraft\\. The Company has firm orders in place with Boeing for   219  737 MAX 8 aircraft and   30  737 MAX 7 aircraft, as well as options for   115  737 MAX 8 aircraft as of  December 31, 2019 \\. All   34  of the Company's Boeing 737 MAX 8 aircraft have remained grounded since March 13, 2019, upon the FAA emergency order for all U\\.S\\. airlines to ground all MAX aircraft\\. See Note  16  to the Consolidated Financial Statements for further information\\. In addition, MAX deliveries were suspended as of March 13, 2019, and the timeline of future deliveries is uncertain\\. The FAA will ultimately determine the timing of MAX return to service, and the Company therefore offers no assurances that current estimations and timelines are correct\\. Based on the Company's current contractual obligations and shifting 40 MAX aircraft originally scheduled for delivery in 2019 into 2020 and one into 2021, the Company's capital commitments associated with these contractual firm orders and additional aircraft are as follows:   $2\\.1 billion  in  2020 ,   $1\\.7 billion  in  2021 ,   $1\\.2 billion  in  2022 ,   $1\\.6 billion  in  2023 ,   $1\\.9 billion  in 2024, and   $1\\.5 billion  thereafter\\.\n\nThe Company adopted the provisions of the New Lease Standard effective January 1, 2019, using the modified retrospective adoption method\\. The New Lease Standard eliminated the previous build\\-to\\-suit lease accounting guidance and resulted in the derecognition of build\\-to\\-suit assets and liabilities that remained on the balance sheet after the end of the construction period\\. See Note 2 for further information\\. Descriptions of the Company's recently completed and current build\\-to\\-suit projects follows\\.\n\nFort Lauderdale\\-Hollywood International Airport\n\nIn  December 2013 , the Company entered into an agreement with Broward County, Florida, which owns and operates Fort Lauderdale\\-Hollywood International Airport (\"FLL\"), to oversee and manage the design and construction of the airport's Terminal 1 Modernization Project\\. In addition to significant improvements to the existing Terminal 1, the project included the design and construction of a new five\\-gate Concourse A with an international processing facility\\. Funding for the project came directly from Broward County aviation sources, but flowed through the Company in its capacity as manager of the project\\. Construction of Concourse A was completed during second quarter 2017, and construction on Terminal 1 was substantially complete and operational as of the end of third quarter 2018\\. As construction was completed prior to adoption of the New Lease Standard, the Company derecognized the FLL related Assets constructed for others (\"ACFO\") and Construction obligation within the Consolidated Balance Sheet as of January 1, 2019\\.\n\nLos Angeles International Airport\n\nIn March 2013, the Company executed a lease agreement (the \"T1 Lease\") with Los Angeles World Airports (\"LAWA\"), which owns and operates Los Angeles International Airport (\"LAX\")\\. Under the T1 Lease, which was amended in June 2014 and September 2017, the Company oversaw and managed the design, development, financing, construction, and commissioning of the airport's Terminal 1 Modernization Project\\. Construction on the Terminal 1 Modernization Project began during 2014 and was substantially complete and operational during fourth quarter 2018\\. As construction was completed prior to adoption of the New Lease Standard, the Company derecognized the LAX T1 Lease related ACFO and Construction obligation within the Consolidated Balance Sheet as of January 1, 2019\\. \n\nIn October 2017, the Company executed a separate lease agreement with LAWA (the \"T1\\.5 Lease\")\\. Under the T1\\.5 Lease, the Company is overseeing and managing the design, development, financing, construction, and commissioning of a passenger processing facility between Terminal 1 and 2 (the \"Terminal 1\\.5 Project\")\\. The Terminal 1\\.5 Project is expected to include ticketing, baggage claim, passenger screening, and a bus gate at a cost not to exceed   $479 million  for site improvements and non\\-proprietary improvements\\. Construction on the Terminal 1\\.5 Project began during third quarter 2017 and is estimated to be completed during 2020\\. The Company has determined that due to its role in the project, it is considered the owner of the Terminal 1\\.5 Project for accounting purposes under the New Lease Standard\\. \n\n79"}
{"_id": "Alaska-2018_98.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**EXHIBIT INDEX**\n\nCertain of the following exhibits have been filed with the Securities and Exchange Commission and are incorporated by reference from the documents below\\. Certain others are filed with this Form 10\\-K\\. The exhibits are numbered in accordance with Item 601 of Regulation S\\-K\\. \n\n\n\n|                               |                                                                                                                                                                                                                                |          |                                     |                               |                            |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------- | ----------------------------------- | ----------------------------- | -------------------------- |\n| **Exhibit**<br><br>**Number** | **Exhibit**<br><br>**Description**                                                                                                                                                                                             | **Form** | **Date of**<br><br>**First Filing** | **Exhibit**<br><br>**Number** | **File**<br><br>**Number** |\n| 3\\.1                          | [Amended and Restated Certificate of Incorporation of Registrant](http://www.sec.gov/Archives/edgar/data/766421/000076642117000049/alk10-q22017ex31.htm)                                                                       | 10\\-Q    | August 3, 2017                      | 3\\.1                          |                            |\n| 10\\.1\\#                       | [Aircraft General Terms Agreement, dated June 15, 2005, between the Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000095012405004737/v11316exv10w1.txt)                             | 10\\-Q    | August 5, 2005                      | 10\\.1                         |                            |\n| 10\\.2\\#                       | [Purchase Agreement No\\. 2497, dated June 15, 2005, between the Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000095012405004737/v11316exv10w2.txt)                                 | 10\\-Q    | August 5, 2005                      | 10\\.2                         |                            |\n| 10\\.3\\#                       | [Supplemental Agreement No\\. 23 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642111000065/exhibit101.htm)                        | 10\\-Q/A  | August 2, 2011                      | 10\\.1                         |                            |\n| 10\\.4\\#                       | [Supplemental Agreement No\\. 29 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642113000010/alk10-k123112ex107.htm)                | 10\\-K    | February 14, 2013                   | 10\\.1                         |                            |\n| 10\\.5\\#                       | [Purchase Agreement No\\. 3866 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642113000010/alk10-k123112ex108.htm)                                                  | 10\\-K    | February 14, 2013                   | 10\\.2                         |                            |\n| 10\\.6\\#                       | [Supplemental Agreement No\\. 39 to Purchase Agreement No\\. 2497 between The Boeing Company and Alaska Airlines, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642115000024/boeingsupplemental.htm)                | 10\\-Q    | May 7, 2015                         | 10\\.1                         |                            |\n| 10\\.7\\#                       | [Purchase Agreement, dated April 11, 2016, between Embraer S\\.A\\. and Horizon Air Industries, Inc\\.](http://www.sec.gov/Archives/edgar/data/766421/000076642116000077/exhibit101embraerpurchasea.htm)                          | 10\\-Q    | May 9, 2016                         | 10\\.1                         |                            |\n| 10\\.8^                        | [A320 Aircraft Purchase Agreement, dated as of December 29, 2010, between Airbus S\\.A\\.S\\. and Virgin America Inc\\.](http://www.sec.gov/Archives/edgar/data/1614436/000119312514365735/d761206dex1015.htm)                     | S\\-1/A^  | October 7, 2014                     | 10\\.15                        |                            |\n| 10\\.9\\*                       | [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Form of Nonqualified Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex103.htm)                                    | 10\\-Q    | August 4, 2011                      | 10\\.3                         |                            |\n| 10\\.10\\*                      | [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Form of Performance Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex104.htm)                                 | 10\\-Q    | August 4, 2011                      | 10\\.4                         |                            |\n| 10\\.11\\*                      | [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Form of Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex105.htm)                                             | 10\\-Q    | August 4, 2011                      | 10\\.5                         |                            |\n| 10\\.12\\*                      | [Alaska Air Group, Inc\\. 2008 Performance Incentive Plan, Amended for Stock\\-Split](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1010.htm)                                                  | 10\\-K    | February 11, 2016                   | 10\\.10                        |                            |\n| 10\\.13\\*                      | [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan](http://www.sec.gov/Archives/edgar/data/766421/000076642116000081/ex101.htm)                                                                                          | 8\\-K     | May 18, 2016                        | 10\\.1                         |                            |\n| 10\\.14\\*                      | [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Nonqualified Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex101formofnonqualifiedsto.htm)                        | 10\\-Q    | August 2, 2016                      | 10\\.1                         |                            |\n| 10\\.15\\*                      | [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Incentive Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex102formofincentivestocko.htm)                           | 10\\-Q    | August 2, 2016                      | 10\\.2                         |                            |\n| 10\\.16\\*                      | [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Performance Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex103forofperformancestock.htm)                     | 10\\-Q    | August 2, 2016                      | 10\\.3                         |                            |\n| 10\\.17\\*                      | [Alaska Air Group, Inc\\. 2016 Performance Incentive Plan, Form of Stock Unit Award Agreement](http://www.sec.gov/Archives/edgar/data/766421/000076642116000096/ex104formofstockunitawarda.htm)                                 | 10\\-Q    | August 2, 2016                      | 10\\.4                         |                            |\n| 10\\.18\\*                      | [Alaska Air Group, Inc\\. 2010 Employee Stock Purchase Plan, as Amended for the Offering Period Commencing March 1, 2017](http://www.sec.gov/Archives/edgar/data/766421/000076642117000016/alk10-k123116ex1018.htm)             | 10\\-K    | February 28, 2017                   | 10\\.18                        |                            |\n| 10\\.19\\*                      | [Alaska Air Group, Inc\\. Stock Deferral Plan for Non\\-Employee Directors](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1012.htm)                                                            | 10\\-K    | February 11, 2016                   | 10\\.12                        |                            |\n| 10\\.20\\*                      | [Alaska Air Group, Inc\\. Nonqualified Deferred Compensation Plan, as amended](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex101.htm)                                                             | 10\\-Q    | August 4, 2011                      | 10\\.1                         |                            |\n| 10\\.21\\*                      | [1995 Elected Officers Supplementary Retirement Plan, as amended](http://www.sec.gov/Archives/edgar/data/766421/000076642111000069/alkq22011ex102.htm)                                                                         | 10\\-Q    | August 4, 2011                      | 10\\.2                         |                            |\n| 10\\.22\\*                      | [Form of Alaska Air Group, Inc\\. Change of Control Agreement for named executive officers, as amended and restated October 16, 2014](http://www.sec.gov/Archives/edgar/data/766421/000076642116000065/alk10-k123115ex1015.htm) | 10\\-K    | February 11, 2016                   | 10\\.15                        |                            |\n| 10\\.23\\*                      | [Alaska Air Group Operational Performance Rewards Plan Description, adopted January 3, 2005; Amended January 17, 2018](http://www.sec.gov/Archives/edgar/data/766421/000076642118000015/oprplanamended011718.htm)              | 10\\-K    | February 15, 2017                   | 10\\.25                        |                            |\n| 10\\.24\\*                      | [Alaska Air Group Performance Based Pay Plan, Amended and Restated January 17, 2018](http://www.sec.gov/Archives/edgar/data/766421/000076642118000015/pbpamendedandrestated011.htm)                                            | 10\\-K    | February 15, 2017                   | 10\\.26                        |                            |\n| 10\\.25\\*\u2020                     | [Alaska Air Group Operational Performance Rewards Plan Description, adopted January 3, 2005; Amended December 28, 2018](https://www.example.com/oprplanamended122818.htm)                                                      |          |                                     |                               |                            |\n| 10\\.26\\*\u2020                     | [Alaska Air Group Performance Based Pay Plan, Amended and Restated January 16, 2019](https://www.example.com/pbpplanamendedandrestate.htm)                                                                                     |          |                                     |                               |                            |\n| 21\u2020                           | [Subsidiaries of Registrant](https://www.example.com/alk10-k123118ex21.htm)                                                                                                                                                    |          |                                     |                               |                            |\n| 23\\.1\u2020                        | [Consent of Independent Registered Public Accounting Firm (KPMG LLP)](https://www.example.com/alk10-k123118ex231.htm)                                                                                                          |          |                                     |                               |                            |\n\n\n\n 99"}
{"_id": "Alaska-2018_25.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**AIRCRAFT**\n\nThe following table describes the aircraft we operate and their average age at December 31, 2018:\n\n\n\n|                      |           |           |            |           |                                                |\n| -------------------- | --------- | --------- | ---------- | --------- | ---------------------------------------------- |\n| **Aircraft Type**    | **Seats** | **Owned** | **Leased** | **Total** | **Average**<br><br>**Age in**<br><br>**Years** |\n| B737 Freighters      | \u2014         | 3         | \u2014          | 3         | 17\\.9                                          |\n| B737 NextGen         | 124\\-178  | 149       | 10         | 159       | 8\\.1                                           |\n| A319/A320            | 119\\-149  | 10        | 53         | 63        | 8\\.8                                           |\n| A321neo              | 185       | \u2014         | 8          | 8         | 1\\.1                                           |\n| Total Mainline Fleet |           | 162       | 71         | 233       | 8\\.2                                           |\n| Q400                 | 76        | 30        | 9          | 39        | 11\\.2                                          |\n| E175                 | 76        | 26        | 32         | 58        | 1\\.4                                           |\n| Total Regional Fleet |           | 56        | 41         | 97        | 5\\.3                                           |\n| Total                |           | 218       | 112        | 330       | 7\\.3                                           |\n\n\n\n\u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" discusses future orders and options for additional aircraft\\. \u201cLiquidity and Capital Resources\" provides more information about aircraft that are used to secure long\\-term debt arrangements or collateralize credit facilities\\. \n\nAlaska\u2019s leased B737 aircraft have lease expiration dates between 2020 and 2026\\. Alaska\u2019s leased A319, A320, and A321neo aircraft have expiration dates between 2019 and 2030\\. Horizon\u2019s leased Q400 aircraft have expiration dates between 2019 and 2021\\. The leased E175 aircraft are through our capacity purchase agreement with SkyWest\\. Alaska and Horizon have the option to extend some of the leases for additional periods, or the right to purchase the aircraft at the end of the lease term, usually at the fair\\-market value of the aircraft\\. \n\n**GROUND FACILITIES AND SERVICES**\n\nIn various cities in the state of Alaska, we own terminal buildings and two multi\\-bay hangars\\. We also own several buildings located at or near Seattle\\-Tacoma International Airport (Sea\\-Tac)\\. These include a multi\\-bay hangar and shops complex (used primarily for line maintenance), a flight operations and training center, an air cargo facility, an information technology office and data center, and various other commercial office buildings\\. Additionally, in 2018 we began developing a property near our existing headquarters facility for additional office space\\. \n\nAt the majority of the airports we serve, we lease ticket counters, gates, cargo and baggage space, ground equipment, office space and other support areas\\. Airport leases contain provisions for periodic adjustments of lease rates\\. We are typically responsible for maintenance, insurance and other facility\\-related expenses and services under these agreements\\. We also lease operations, training, administrative, and data center facilities in Burlingame, CA; Portland, OR; Quincy, WA; and Spokane, WA as well as line maintenance stations in Boise, ID; San Jose, CA; Redmond, OR; Seattle, WA; Kent, WA; and Spokane, WA\\. Further, we lease call center facilities in Phoenix, AZ, Boise, ID, and Kent, WA\\. \n\nBeginning in 2019, under the new lease accounting standard (Topic 842) leased aircraft, certain leased space on airport property, and the majority of our operations, training, administrative, and data center facility leases will be recognized on the balance sheet as a liability representing the lease payments owed, and a right\\-of\\-use asset representing our right to use the underlying asset\\. \n\n\n\n|                                |\n| ------------------------------ |\n| **ITEM 3\\. LEGAL PROCEEDINGS** |\n\n\n\nWe are a party to routine litigation matters incidental to our business\\. Management believes the ultimate disposition of these matters is not likely to materially affect our financial position or results of operations\\. This forward\\-looking statement is based on management\u2019s current understanding of the relevant law and facts, and it is subject to various contingencies, including the potential costs and risks associated with litigation and the actions of judges and juries\\.\n\nIn 2015, three flight attendants filed a class action lawsuit seeking to represent all California\\-based Virgin America flight attendants for damages based on alleged violations of California and City of San Francisco wage and hour laws\\. The court \n\n 26"}
{"_id": "United-2019_101.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|     |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| --- | ----------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|     |                   | **Interactive Data File**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| 101 | UAL<br><br>United | The following financial statements from the combined Annual Report of UAL and United on Form 10\\-K for the year ended December, 2019, formatted in Inline XBRL: (i) the Statements of Consolidated Operations, (ii) the Statements of Consolidated Comprehensive Income (Loss), (iii) the Consolidated Balance Sheets, (iv) the Statements of Consolidated Cash Flows, (v) the Statements of Consolidated Stockholders' Equity (Deficit) and (vi) the Combined Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags\\. |\n| 104 | UAL<br><br>United | Cover Page Interactive Data File \\- the cover page XBRL tags are embedded within the Inline XBRL document                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2020 | Indicates management contract or compensatory plan or arrangement\\. Pursuant to Item 601(b)(10), United is permitted to omit certain compensation\\-related exhibits from this report and therefore only UAL is identified as the registrant for purposes of those items\\. |\n\n\n\n\n\n|   |                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------- |\n| ^ | Portions of the referenced exhibit have been omitted pursuant to Item 601(b) of Regulation S\\-K\\. |\n\n\n\n102"}
{"_id": "United-2018_42.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**UNITED CONTINENTAL HOLDINGS, INC\\.**\n\n**STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)**\n\n**(In millions)**\n\n\n\n|                                                           |                             |                             |                             |\n| --------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                           | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                           | **2018**                    | **2017 (a)**                | **2016 (a)**                |\n| Net income                                                | $2,129                      | $2,144                      | $2,234                      |\n| Other comprehensive income (loss), net change related to: |                             |                             |                             |\n| Employee benefit plans, net of taxes                      | 342                         | (195)                       | (313)                       |\n| Fuel derivative financial instruments, net of taxes       | \u2014                           | 1                           | 316                         |\n| Investments and other, net of taxes                       | (4)                         | (6)                         | (1)                         |\n| Total other comprehensive income (loss), net              | 338                         | (200)                       | 2                           |\n| Total comprehensive income, net                           | $2,467                      | $1,944                      | $2,236                      |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n43"}
{"_id": "Alaska-2019_78.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\napproximately 1,800 flight attendants in November 2016\\. The Company believes the claims in this case are without factual and legal merit\\.\n\nIn July 2018, the Court granted in part Plaintiffs' motion for summary judgment, finding Virgin America, and Alaska Airlines, as a successor\\-in\\-interest to Virgin America, responsible for various damages and penalties sought by the class members\\. On February 4, 2019, the Court entered final judgment against Virgin America and Alaska Airlines in the amount of approximately $78 million\\. It did not award injunctive relief against Alaska Airlines\\.\n\nThe Company is seeking an appellate court ruling that the California laws on which the judgment is based are invalid as applied to national airlines pursuant to the U\\.S\\. Constitution and federal law and for other employment law and improper class certification reasons\\. The Company remains confident that a higher court will respect the federal preemption principles that were enacted to shield inter\\-state common carriers from a patchwork of state and local wage and hour regulations such as those at issue in this case and agree with the Company's other bases for appeal\\. For these reasons, no loss has been accrued\\. \n\nThe Company is involved in other litigation around the application of state and local employment laws, like many air carriers\\. Our defenses are similar to those identified above, including that the state and local laws are preempted by federal law and are unconstitutional because they impede interstate commerce\\. None of these additional disputes are material\\.\n\nNOTE 10\\. SHAREHOLDERS' EQUITY\n\nDividends\n\nDuring 2019, the Board of Directors declared dividends of $1\\.40 per share\\. The Company paid dividends of $173 million, $158 million and $148 million to shareholders of record during 2019, 2018 and 2017\\.\n\nSubsequent to year\\-end, the Board of Directors declared a quarterly cash dividend of $0\\.375 per share to be paid in March 2020 to shareholders of record as of February 18, 2020\\. This is a 7% increase from the most recent quarterly dividend of $0\\.35 per share\\.\n\nCommon Stock Repurchase\n\nIn August 2015, the Board of Directors authorized a $1 billion share repurchase program\\. As of December 31, 2019, the Company has repurchased 7\\.1 million shares for $513 million under this program\\. \n\nAt December 31, 2019, the Company held 8,811,866 shares in treasury\\. Management does not anticipate retiring common shares held in treasury for the foreseeable future\\.\n\nShare repurchase activity (in millions, except shares):\n\n\n\n|                                       |                                       |           |           |      |      |      |        |  |  |  |         |         |  |  |  |        |      |      |      |         |         |  |  |  |        |  |  |  |      |      |      |      |      |      |      |      |      |  |  |  |  |  |  |\n|:------------------------------------- |:------------------------------------- | ---------:| ---------:|:----:|:----:|:----:| ------:|:- |:- |:- | -------:| -------:|:- |:- |:- | ------:|:----:|:----:|:----:| -------:| -------:|:- |:- |:- | ------:|:- |:- |:- |:----:|:----:|:----:|:----:|:----:|:----:|:----:|:----:|:----:|:- |:- |:- |:- |:- |:- |\n|                                       |                                       |      2019 |      2019 | 2019 | 2019 | 2019 |   2019 |  |  |  |         |         |  |  |  |   2018 | 2018 | 2018 | 2018 |    2018 |    2018 |  |  |  |        |  |  |  | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 |  |  |  |  |  |  |\n|                                       |                                       |    Shares |    Shares |      |      |      | Amount |  |  |  |  Shares |  Shares |  |  |  | Amount |      |      |      |  Shares |  Shares |  |  |  | Amount |\n| 2015 Repurchase Program \u2013 $1 billion  | 2015 Repurchase Program \u2013 $1 billion  | 1,192,820 | 1,192,820 |      |      |      |   $ 75 |  |  |  | 776,186 | 776,186 |  |  |  |   $ 50 |      |      |      | 981,277 | 981,277 |  |  |  |   $ 75 |\n\n\n\nAccumulated Other Comprehensive Loss (AOCL)\n\nAOCL consisted of the following (in millions, net of tax): \n\n\n\n|                                      |                                      |                                      |         |  |  |  |         |\n|:------------------------------------ |:------------------------------------ |:------------------------------------ | -------:|:- |:- |:- | -------:|\n|                                      |                                      |                                      |    2019 |  |  |  |    2018 |\n| Related to marketable securities     | Related to marketable securities     | Related to marketable securities     |     $ 9 |  |  |  |  $ (11) |\n| Related to employee benefit plans    | Related to employee benefit plans    | Related to employee benefit plans    |   (469) |  |  |  |   (440) |\n| Related to interest rate derivatives | Related to interest rate derivatives | Related to interest rate derivatives |     (5) |  |  |  |       3 |\n|                                      |                                      |                                      | $ (465) |  |  |  | $ (448) |\n\n\n\n78"}
{"_id": "Southwest-2018_25.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|   |                                         |\n| - | --------------------------------------- |\n| \u2022 | increases in airport rates and charges; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                          |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | limitations on airport gate capacity or use of other airport facilities such as the 2016 and 2017 reallocation of slots at John Wayne Airport in Orange County, California, which caused the Company to reduce service at that airport;  |\n\n\n\n\n\n|   |                                    |\n| - | ---------------------------------- |\n| \u2022 | limitations on route authorities;  |\n\n\n\n\n\n|   |                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------- |\n| \u2022 | actions and decisions that create difficulties in obtaining access at slot\\-controlled airports;  |\n\n\n\n\n\n|   |                                                                                               |\n| - | --------------------------------------------------------------------------------------------- |\n| \u2022 | actions and decisions that create difficulties in obtaining operating permits and approvals;  |\n\n\n\n\n\n|   |                                       |\n| - | ------------------------------------- |\n| \u2022 | changes to environmental regulations; |\n\n\n\n\n\n|   |                                 |\n| - | ------------------------------- |\n| \u2022 | new or increased taxes or fees; |\n\n\n\n\n\n|   |                                                                                                                            |\n| - | -------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes to laws that affect the services that can be offered by airlines in particular markets and at particular airports; |\n\n\n\n\n\n|   |                                        |\n| - | -------------------------------------- |\n| \u2022 | restrictions on competitive practices; |\n\n\n\n\n\n|   |                                                                                                            |\n| - | ---------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in laws that increase costs for safety, security, compliance, or other Customer Service standards; |\n\n\n\n\n\n|   |                                                                                                                                         |\n| - | --------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in laws that may limit the Company's ability to enter into fuel derivative contracts to hedge against increases in fuel prices; |\n\n\n\n\n\n|   |                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in laws that may limit or regulate the Company's ability to promote the Company\u2019s business or fares; and |\n\n\n\n\n\n|   |                                                                       |\n| - | --------------------------------------------------------------------- |\n| \u2022 | the adoption of more restrictive locally\\-imposed noise regulations\\. |\n\n\n\n***The airline industry is affected by many conditions that are beyond its control, which can impact the Company's business strategies and results of operations\\.***\n\nIn addition to the unpredictable economic conditions and fuel costs discussed above, the Company, like the airline industry in general, is affected by conditions that are largely unforeseeable and outside of its control, including, among others:\n\n\n\n|   |                                                                                                                                                                |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | adverse weather and natural disasters such as the weather\\-related disruptions in third quarter 2018, which resulted in approximately 2,200 canceled flights;  |\n\n\n\n\n\n|   |                                                                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | changes in consumer preferences, perceptions, spending patterns, or demographic trends (including, without limitation, changes in travel patterns due to government shutdowns or sequestration); |\n\n\n\n\n\n|   |                                                                                                                                                                                         |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | actual or potential disruptions in the air traffic control system (including, for example, as a result of inadequate FAA staffing levels due to government shutdowns or sequestration); |\n\n\n\n\n\n|   |                                                                                                                                                                                           |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | actual or perceived delays at various airports resulting from government shutdowns (including, for example, longer wait\\-times at TSA checkpoints due to inadequate TSA staffing levels); |\n\n\n\n\n\n|   |                                                                                                                 |\n| - | --------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in the competitive environment due to industry consolidation, industry bankruptcies, and other factors; |\n\n\n\n\n\n|   |                                                                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | delays in deliveries of new aircraft (including, without limitation, due to the closure of the FAA's aircraft registry during government shutdowns); |\n\n\n\n\n\n|   |                           |\n| - | ------------------------- |\n| \u2022 | outbreaks of disease; and |\n\n\n\n\n\n|   |                                                                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | actual or threatened war, terrorist attacks, government travel warnings to certain destinations, travel restrictions, and political instability\\. |\n\n\n\n***The airline industry is intensely competitive\\.***\n\nAs discussed in more detail above under \"Business \\- Competition,\" the airline industry is intensely competitive\\. The Company's primary competitors include other major domestic airlines, as well as regional and new entrant airlines, surface transportation, and alternatives to transportation such as videoconferencing and the Internet\\. The Company's \n\n26"}
{"_id": "United-2017_124.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|            |                 |                                                                                                                                                                                                                                                                                                                                                                                          |\n| ----------:|:--------------- |:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*^10\\.158 | UAL  <br>United | [Aircraft General Terms Agreement, dated October 10, 1997, by and among Continental and Boeing (filed as Exhibit 10\\.15 to Continental\u2019s Form  10\\-K for the year ended December 31, 1997, Commission File Number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000319687-98-000003.txt)                                             |\n| \\*^10\\.159 | UAL  <br>United | [Letter Agreement    6\\-1162\\-CHL\\-048, dated February 8, 2002, by and among Continental and Boeing (filed as Exhibit 10\\.44 to Continental\u2019s Form  10\\-K for the year ended December 31, 2001, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968702000006/exhibit1044.htm)                              |\n| \\*^10\\.160 | UAL  <br>United | [Purchase Agreement No\\. 2484, including exhibits and side letters, dated December 29, 2004, by and among Continental and Boeing (filed as Exhibit 10\\.27 to Continental\u2019s Form  10\\-K for the year ended December 31, 2004, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968705000036/exhibit1027.htm) |\n| \\*^10\\.161 | UAL  <br>United | [Supplemental Agreement No\\. 1 to Purchase Agreement No\\. 2484, dated June 30, 2005 (filed as Exhibit 10\\.5 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2005, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968705000095/fexhibit105.htm)                                                |\n| \\*^10\\.162 | UAL  <br>United | [Supplemental Agreement No\\. 2, including exhibits and side letters, to Purchase Agreement No\\. 2484, dated January 20, 2006 (filed as Exhibit 10\\.27(b) to Continental\u2019s Form  10\\-K for the year ended December 31, 2005, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968706000013/fexh1027b.htm)    |\n| \\*^10\\.163 | UAL  <br>United | [Supplemental Agreement No\\. 3 to Purchase Agreement No\\. 2484, dated May 3, 2006 (filed as Exhibit 10\\.4 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2006, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968706000062/fexhibit104.htm)                                                  |\n| \\*^10\\.164 | UAL  <br>United | [Supplemental Agreement No\\. 4 to Purchase Agreement No\\. 2484, dated July 14, 2006 (filed as Exhibit 10\\.5 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 2006, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968706000073/fexhibit105.htm)                                           |\n| \\*^10\\.165 | UAL  <br>United | [Supplemental Agreement No\\. 5 to Purchase Agreement No\\. 2484, dated March 12, 2007 (filed as Exhibit 10\\.1 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 2007, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968707000018/fexhibit101.htm)                                              |\n| \\*^10\\.166 | UAL  <br>United | [Supplemental Agreement No\\. 6 to Purchase Agreement No\\. 2484, dated October 22, 2008 (filed as Exhibit 10\\.25(f) to Continental\u2019s Form  10\\-K for the year ended December 31, 2008, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968709000008/f123108form10kexh1025f.htm)                             |\n| \\*^10\\.167 | UAL  <br>United | [Supplemental Agreement No\\. 7 to Purchase Agreement No\\. 2484, dated November 7, 2012 (filed as Exhibit 10\\.179 to UAL\u2019s Form  10\\-K for the year ended December 31, 2012, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513074391/d436512dex10179.htm)                                               |\n| \\*^10\\.168 | UAL  <br>United | [Supplemental Agreement No\\. 8 to Purchase Agreement No\\. 2484, dated June 17, 2013 (filed as Exhibit 10\\.4 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex104.htm)                                                       |\n| \\*^10\\.169 | UAL  <br>United | [Supplemental Agreement No\\. 9 to Purchase Agreement No\\. 2484, dated June 6, 2014 (filed as Exhibit 10\\.4 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2014, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312514278970/d732259dex104.htm)                                                        |\n\n\n\n125"}
{"_id": "Southwest-2018_54.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nwould be LIBOR plus a spread of 100\\.0 basis points\\. The facility contains a financial covenant requiring a minimum coverage ratio of adjusted pre\\-tax income to fixed obligations, as defined\\. As of December 31, 2018, the Company was in compliance with this covenant and there were no amounts outstanding under the revolving credit facility\\.\n\nThe Company entered into the following accelerated share repurchases during 2018, which were each recorded as a treasury share purchase for purposes of calculating earnings per share\\. See Part II, Item 5 for further information on the Company's share repurchase authorizations\\.\n\n\n\n|                                                                        |                     |               |\n| ---------------------------------------------------------------------- | ------------------- | ------------- |\n| **Share repurchases (in millions)**                                    | **Shares received** | **Cash paid** |\n| First Quarter 2018 Accelerated Share Repurchase Program<br><br>  <br>  | 8\\.73               | $500          |\n| Second Quarter 2018 Accelerated Share Repurchase Program<br><br>  <br> | 9\\.69               | 500           |\n| Third Quarter 2018 Accelerated Share Repurchase Program<br><br>  <br>  | 8\\.20               | 500           |\n| Fourth Quarter 2018 Accelerated Share Repurchase Program               | 9\\.84               | 500           |\n| Total                                                                  | 36\\.46              | $2,000        |\n\n\n\nThe Company maintained its investment grade credit ratings of \"A3\" with Moody's, \"BBB\\+\" with Standard & Poor's, and \"BBB\\+\" with Fitch\\. \n\nThe Company routinely carries a working capital deficit, in which its current liabilities exceed its current assets\\. This is common within the airline industry and is primarily due to the nature of the Air traffic liability account, which is related to advance ticket sales, unused funds available to Customers, and loyalty deferred revenue, which are performance obligations for future Customer flights, do not require future settlement in cash, and are mostly nonrefundable\\. See Note 5 to the Consolidated Financial Statements for further information\\. The Company believes that its current liquidity position, including unrestricted cash and short\\-term investments of $3\\.7 billion as of December 31, 2018, anticipated future internally generated funds from operations, and its fully available, unsecured revolving credit facility of $1\\.0 billion that expires in August 2022, will enable it to meet its future known obligations in the ordinary course of business\\. However, if a liquidity need were to arise, the Company believes it has access to financing arrangements because of its investment grade credit ratings, large value of unencumbered assets, and modest leverage, which should enable it to meet its ongoing capital, operating, and other liquidity requirements\\. The Company will continue to consider various borrowing or leasing options to maximize liquidity and supplement cash requirements, as necessary\\.\n\nThe Company has a large net deferred tax liability on its Consolidated Balance Sheet\\. The deferral of income taxes has resulted in a significant benefit to the Company and its liquidity position\\. Since the Company purchases the majority of the aircraft it acquires, it has been able to utilize accelerated depreciation methods (including bonus depreciation) available under the Internal Revenue Code of 1986, as amended, in 2018 and in previous years, which has enabled the Company to defer the cash tax payments associated with these depreciable assets to future years\\. Based on the Company\u2019s scheduled future aircraft deliveries from Boeing and existing tax laws in effect, the Company will continue to defer a portion of cash income taxes to future years\\. The Company has paid in the past, and will continue to pay in the future, significant cash taxes to the various taxing jurisdictions where it operates\\. The Company expects to be able to continue to meet such obligations utilizing cash and investments on hand, as well as cash generated from its ongoing operations\\.\n\n**Off\\-Balance Sheet Arrangements, Contractual Obligations, and Contingent Liabilities and Commitments**\n\nThe Company has contractual obligations and commitments primarily with regard to future purchases of aircraft, payment of debt, and lease arrangements\\. In 2018, the Company exercised 40 737 MAX 8 options, which added 10 additional firm orders in each year 2019 through 2022\\. Additionally, four 737 MAX 8 firm orders were shifted from 2019 into fourth quarter 2018, and commitments for three pre\\-owned 737\\-700 aircraft previously scheduled for delivery in 2018 were replaced with commitments for three 737 MAX 8 aircraft to be delivered in 2019\\. For aircraft commitments with Boeing, the Company is required to make cash deposits toward the purchase of aircraft in advance\\. These deposits are classified as Deposits on flight equipment purchase contracts in the Consolidated Balance Sheet until the aircraft \n\n55"}
{"_id": "AmericanAirlines-2019_65.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nMileage credits sold to co\\-branded credit cards and other partners \n\nWe sell mileage credits to participating airline partners and non\\-airline business partners, including our co\\-branded credit card partners, under contracts with terms extending generally for  one to seven  years\\. Consideration received from the sale of mileage credits is variable and payment terms typically are within  30 days  subsequent to the month of mileage sale\\. Sales of mileage credits to non\\-airline business partners are comprised of  two  components, transportation and marketing\\. We allocate the consideration received from these sales of mileage credits based on the relative selling price of each product or service delivered\\.\n\nOur most significant partner agreements are our co\\-branded credit card agreements with Citi and Barclaycard US that we entered into in 2016\\. We identified the following revenue elements in these co\\-branded credit card agreements: the transportation component; and the use of intellectual property, including the American brand and access to loyalty program member lists, which is the predominant element in the agreements, as well as advertising (collectively, the marketing component)\\. Accordingly, we recognize the marketing component in other revenue in the period of the mileage sale following the sales\\-based royalty method\\.\n\nThe transportation component represents the estimated selling price of future travel awards and is determined using the same equivalent ticket value approach described above\\. The portion of each mileage credit sold attributable to transportation is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided\\.\n\nFor the portion of our outstanding mileage credits that we estimate will not be redeemed, we recognize the associated value proportionally as the remaining mileage credits are redeemed\\. Our estimates are based on analysis of historical redemptions\\. For the year ended  December 31, 2019 , a hypothetical  10%  increase in our estimate of miles not expected to be redeemed would have increased revenues by approximately  $95 million \\.\n\nCargo Revenue\n\nCargo revenue is recognized when we provide the transportation\\.\n\nOther Revenue\n\nOther revenue includes revenue associated with our loyalty program, which is comprised principally of the marketing component of mileage sales to co\\-branded credit card and other partners and other marketing related payments\\. The accounting and recognition for the loyalty program marketing services are discussed above in \u201c Loyalty Revenue \\.\u201d The remaining amounts included within other revenue relate to airport clubs, advertising and vacation\\-related services\\.\n\nLong\\-lived Assets\n\nLong\\-lived assets consist of flight equipment, as well as other fixed assets and definite\\-lived intangible assets such as certain domestic airport slots, customer relationships, marketing agreements, tradenames and airport gate leasehold rights\\. In addition to the original cost, the recorded value of our fixed assets is impacted by a number of estimates made, including estimated useful lives, salvage values and our determination as to whether aircraft are temporarily or permanently grounded\\. Definite\\-lived intangible assets are originally recorded at their acquired fair values and are subsequently amortized over their estimated useful lives\\. See Note 1 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 1 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for further information\\.\n\nWe assess impairment of long\\-lived assets used in operations when events and circumstances indicate that the assets may be impaired\\. An asset or group of assets is considered impaired when the undiscounted cash flows estimated to be generated by the assets are less than the carrying amount of the assets and the net book value of the assets exceeds their estimated fair value\\. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets\\. Estimates of fair value represent management\u2019s best estimate based on appraisals, industry trends and reference to market rates and transactions\\.\n\nThe majority of American\u2019s aircraft fleet types are depreciated over 25\\-30 years\\. It is possible that the ultimate lives of our aircraft will be significantly different than the current estimate due to unforeseen events in the future that impact our fleet plan\\. \n\n66"}
{"_id": "United-2017_79.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nNet periodic benefit cost for the years ended December 31 included the following components (in millions):\n\n\n\n|                                                    |                           |                                             |                           |                                             |                           |                                             |\n|:-------------------------------------------------- | -------------------------:| -------------------------------------------:| -------------------------:| -------------------------------------------:| -------------------------:| -------------------------------------------:|\n|                                                    |                  **2017** |                                    **2017** |                  **2016** |                                    **2016** |                  **2015** |                                    **2015** |\n|                                                    | **Pension  <br>Benefits** | **Other  <br>Postretirement  <br>Benefits** | **Pension  <br>Benefits** | **Other  <br>Postretirement  <br>Benefits** | **Pension  <br>Benefits** | **Other  <br>Postretirement  <br>Benefits** |\n| Service cost                                       |                     $195  |                                        $13  |                     $112  |                                        $19  |                     $124  |                                        $21  |\n| Interest cost                                      |                      220  |                                         66  |                      200  |                                         86  |                      200  |                                         82  |\n| Expected return on plan assets                     |                     (243) |                                         (2) |                     (216) |                                         (2) |                     (194) |                                         (2) |\n| Curtailment gain                                   |                        \u2014  |                                          \u2014  |                        \u2014  |                                       (107) |                        \u2014  |                                          \u2014  |\n| Amortization of unrecognized actuarial (gain) loss |                      128  |                                        (33) |                       76  |                                        (19) |                       85  |                                        (22) |\n| Amortization of prior service credits              |                        \u2014  |                                        (37) |                        \u2014  |                                        (31) |                        \u2014  |                                        (32) |\n| Other                                              |                        5  |                                          \u2014  |                        5  |                                          \u2014  |                        4  |                                          \u2014  |\n| Net periodic benefit cost (credit)                 |                     $305  |                                         $7  |                     $177  |                                       $(54) |                     $219  |                                        $47  |\n\n\n\nSee Note 14 of this report for additional information related to the curtailment gain recorded in 2016\\.\n\nThe estimated amounts that will be amortized in 2018 out of accumulated other comprehensive income (loss) into net periodic benefit cost are as follows (in millions):\n\n\n\n|                             |                               |                                             |\n|:--------------------------- | -----------------------------:| -------------------------------------------:|\n|                             | **Pension**  <br>**Benefits** | **Other  <br>Postretirement  <br>Benefits** |\n| Actuarial (gain) loss       |                          $132 |                                       $(32) |\n| Prior service (credit) cost |                            \u2014  |                                        (37) |\n\n\n\nThe assumptions used for the benefit plans were as follows:\n\n\n\n|                                                       |                        |                        |\n|:----------------------------------------------------- | ----------------------:| ----------------------:|\n|                                                       |  **Pension Benefits**  |  **Pension Benefits**  |\n| **Assumptions used to determine benefit obligations** |              **2017**  |              **2016**  |\n| Discount rate                                         |                 3\\.65% |                 4\\.18% |\n| Rate of compensation increase                         |                 3\\.89% |                 3\\.54% |\n| **Assumptions used to determine net expense**         |                        |                        |\n| Discount rate                                         |                 4\\.19% |                 4\\.58% |\n| Expected return on plan assets                        |                 7\\.02% |                 7\\.04% |\n| Rate of compensation increase                         |                 3\\.54% |                 3\\.53% |\n\n\n\n80"}
{"_id": "Southwest-2019_3.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nDuring recent years, the airline industry has continued to be impacted by the significant growth of \"Ultra\\-Low Cost Carriers\" (\"ULCCs\")\\. ULCCs provide \"unbundled\" service offerings, which enable them to appeal to price\\-sensitive travelers through promotion to consumers of an extremely low relative base fare for a seat, while separately charging for related services and products\\. In response, most major U\\.S\\. airlines offer expanded cabin segmentation fare products, such as a \"basic economy\" product\\. The basic economy product provides for a lower  base fare to compete with a ULCC base fare, but may include significant additional restrictions on amenities such as seat assignments (including restrictions on group and family seating), order of boarding, checked baggage and use of overhead bin space, flight changes and refunds, and eligibility for upgrades\\. Also in response to competitive ULCC pricing, some carriers no longer have fare floors for certain routes, leading to a lower fare offering across the industry\\. Further, to better derive revenue from customers, some carriers offer a \"premium economy\" fare that targets consumers willing to pay a premium for certain amenities that were previously included in the carriers' base fare (e\\.g\\., more favorable seating locations in the main cabin)\\.\n\nCompany Operations\n\nRoute Structure\n\nSouthwest principally provides point\\-to\\-point service, rather than the \"hub\\-and\\-spoke\" service provided by most major U\\.S\\. airlines\\. The hub\\-and\\-spoke system concentrates most of an airline's operations at a limited number of central hub cities and serves most other destinations in the system by providing one\\-stop or connecting service through a hub\\. By not concentrating operations through one or more central transfer points, Southwest's point\\-to\\-point route structure has allowed for more direct nonstop routing than hub\\-and\\-spoke service\\. The Company continues to focus on adding depth to schedule offerings in certain key cities, which is expected to benefit operational efficiency and give Customers additional options to reach their final destination\\. Approximately 77 percent of the Company's Customers flew nonstop during 2019, and, as of December 31, 2019, Southwest served 720 nonstop city pairs\\. For 2019, the Company\u2019s average aircraft trip stage length was 748 miles, with an average duration of approximately 2\\.0 hours, as compared with an average aircraft trip stage length of 757 miles and an average duration of approximately 2\\.0 hours in 2018\\.\n\nSouthwest\u2019s point\\-to\\-point service has also enabled it to provide its markets with frequent, conveniently timed flights and low fares\\. For example, Southwest currently offers 21 weekday roundtrips between Dallas Love Field and Houston Hobby, 13 weekday roundtrips between Burbank and Oakland, 16 weekday roundtrips between San Diego and San Jose, eight weekday roundtrips between Denver and Chicago Midway, and 10 weekday roundtrips between Los Angeles International and Las Vegas\\. Southwest complements its high\\-frequency short\\-haul routes with long\\-haul nonstop service including flights between California and Hawaii and between markets such as Los Angeles and Nashville, Las Vegas and Orlando, San Diego and Baltimore, Houston and New York LaGuardia, and Oakland and Baltimore\\. \n\nThe Company continually works to optimize its route network and schedule through the addition of frequencies in its core markets and the addition of new markets and itineraries, while also pruning less profitable flights from its schedule\\. The Company's network and schedule optimization efforts have been particularly beneficial in addressing the impact of the MAX groundings\\.\n\nThe Company continued its focus on California in 2019, and continues to invest significant resources to solidify its leadership position in California, including the planned addition of new destination options and flights for California Customers\\. For example, as Hawaii is an attractive leisure destination for the Company's California Customers, the Company began service to Hawaii in first quarter 2019 with inaugural service from Oakland to Honolulu on the Island of Oahu\\. In second quarter 2019, the Company began service from Oakland to Kahului on the Island of Maui, and service from San Jose to Honolulu and Kahului\\. Interisland service also began during second quarter 2019, with service between Honolulu and Kahului, and between Honolulu and Kona on the Island of Hawaii\\. During fourth quarter 2019, the Company began service at Lihue Airport on the Island of Kauai; and added Sacramento as an additional California gateway city\\. Additionally, in January 2020, the Company began service at Hilo International Airport on the Island of Hawaii\\. The Company is also scheduled to begin service from San Diego to Kahului on April 14, 2020, and from San Diego to Honolulu on April 20, 2020\\. By April 20, 2020, the Company is scheduled to offer 28 daily departures between California and Hawaii, and 38 daily departures among the Hawaiian Islands\\. The Company is currently scheduled to offer over 800 departures from California on peak flying days in the summer of 2020 and, based on the most recent data available from the DOT, for the year ended September 30, 2019, Southwest already carried more California travelers to, from, and within California than any other airline\\. In addition to California and Hawaii, the Company \n\n4"}
{"_id": "AmericanAirlines-2018_108.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nThe amount of, and changes to, our uncertain tax positions were not material in any of the years presented\\. We accrue interest and penalties related to unrecognized tax benefits in interest expense and operating expense, respectively\\.\n\nThe 2017 Tax Act was enacted on December 22, 2017\\. The 2017 Tax Act is the most comprehensive tax change in more than 30 years\\. We have completed our evaluation of the 2017 Tax Act and we have reflected the impact of its effects, including the impact of lower corporate income tax rates (21% vs\\. 35%) on our deferred tax assets and liabilities and the one\\-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred\\. For the year ended December 31, 2017, we recognized a special income tax provision of $823 million to reflect these impacts of the 2017 Tax Act\\.\n\n**8\\. Risk Management**\n\nOur economic prospects are heavily dependent upon two variables we cannot control: the health of the economy and the price of fuel\\.\n\nDue to the discretionary nature of business and leisure travel spending and the highly competitive nature of the airline industry, our revenues are heavily influenced by the condition of the U\\.S\\. economy and economies in other regions of the world\\. Unfavorable conditions in these broader economies have resulted, and may result in the future, in decreased passenger demand for air travel, changes in booking practices and related reactions by our competitors, all of which in turn have had, and may have in the future, a negative effect on our business\\. In addition, during challenging economic times, actions by our competitors to increase their revenues can have an adverse impact on our revenues\\.\n\nOur operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in our business\\. Market prices for jet fuel have fluctuated substantially over the past several years and prices continue to be highly volatile\\. Because of the amount of fuel needed to operate our business, even a relatively small increase or decrease in the price of fuel can have a material effect on our operating results and liquidity\\.\n\nThese additional factors could impact our results of operations, financial performance and liquidity:\n\n***(a) Credit Risk***\n\nMost of our receivables relate to tickets sold to individual passengers through the use of major credit cards or to tickets sold by other airlines and used by passengers on American\\. These receivables are short\\-term, mostly settled within seven days after sale\\. Bad debt losses, which have been minimal in the past, have been considered in establishing allowances for doubtful accounts\\. We do not believe we are subject to any significant concentration of credit risk\\.\n\n***(b) Interest Rate Risk***\n\nWe have exposure to market risk associated with changes in interest rates related primarily to our variable rate debt obligations\\. Interest rates on $9\\.9 billion principal amount of long\\-term debt as of December 31, 2018 are subject to adjustment to reflect changes in floating interest rates\\. The weighted average effective interest rate on our variable rate debt was 4\\.3% at December 31, 2018\\. We do not currently have an interest rate hedge program\\.\n\n***(c) Foreign Currency Risk***\n\nWe are exposed to the effect of foreign exchange rate fluctuations on the U\\.S\\. dollar value of foreign currency\\-denominated operating revenues and expenses\\. Our largest exposure comes from the British pound, Euro, Canadian dollar and various Latin American currencies, primarily the Brazilian real\\. We do not currently have a foreign currency hedge program\\. See Part I, Item 1A\\. Risk Factors \u2013 *\u201cWe operate a global business with international operations that are subject to economic and political**instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control\u201d* for unaudited additional discussion of this risk\\.\n\n**9\\. Fair Value Measurements and Other Investments**\n\n***Assets Measured at Fair Value on a Recurring Basis***\n\nFair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i\\.e\\. an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability\\. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy\\. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market\\. Each fair value measurement is reported in one of three levels:\n\n109"}
{"_id": "Southwest-2018_100.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|                                          |                                           |                                             |                                               |                                                               |                                          |                                             |                                               |                                                               |     |\n| ---------------------------------------- | ----------------------------------------- | ------------------------------------------- | --------------------------------------------- | ------------------------------------------------------------- | ---------------------------------------- | ------------------------------------------- | --------------------------------------------- | ------------------------------------------------------------- | --- |\n| **Offsetting of derivative liabilities** | **Offsetting of derivative liabilities**  | **Offsetting of derivative liabilities**    | **Offsetting of derivative liabilities**      | **Offsetting of derivative liabilities**                      | **Offsetting of derivative liabilities** | **Offsetting of derivative liabilities**    | **Offsetting of derivative liabilities**      | **Offsetting of derivative liabilities**                      |     |\n| (in millions)                            | (in millions)                             | (in millions)                               | (in millions)                                 | (in millions)                                                 | (in millions)                            | (in millions)                               | (in millions)                                 | (in millions)                                                 |     |\n|                                          |                                           | (i)                                         | (ii)                                          | (iii) = (i) \\+ (ii)                                           |                                          | (i)                                         | (ii)                                          | (iii) = (i) \\+ (ii)                                           |     |\n|                                          |                                           | **December 31, 2018**                       | **December 31, 2018**                         | **December 31, 2018**                                         |                                          | **December 31, 2017**                       | **December 31, 2017**                         | **December 31, 2017**                                         |     |\n| **Description**                          | **Balance Sheet location**                | **Gross amounts of recognized liabilities** | **Gross amounts offset in the Balance Sheet** | **Net amounts of liabilities presented in the Balance Sheet** |                                          | **Gross amounts of recognized liabilities** | **Gross amounts offset in the Balance Sheet** | **Net amounts of liabilities presented in the Balance Sheet** |     |\n| Fuel derivative contracts                | Prepaid expenses and other current assets | $\u2014                                          | $\u2014                                            | $\u2014                                                            |                                          | $50                                         | $(50)                                         | $\u2014                                                            |     |\n| Interest rate derivative contracts       | Accrued liabilities                       | $2                                          | $\u2014                                            | $2                                                            |                                          | $1                                          | $\u2014                                            | $1                                                            |     |\n| Interest rate derivative contracts       | Other noncurrent liabilities              | $12                                         | $\u2014                                            | $12                                                           | (a)                                      | $21                                         | $\u2014                                            | $21                                                           | (a) |\n\n\n\n(a) The net amounts of derivative assets and liabilities are reconciled to the individual line item amounts presented in the Consolidated Balance Sheet in Note 15\\.\n\n101"}
{"_id": "Southwest-2017_75.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nAccounts and other receivables are carried at cost\\. They primarily consist of amounts due from credit card companies associated with sales of tickets for future travel, and amounts due from business partners in the Company\u2019s frequent flyer program\\. The allowance for doubtful accounts was immaterial at December 31, 2017 and 2016\\. In addition, the provision for doubtful accounts and write\\-offs for 2017, 2016, and 2015 were each immaterial\\.\n\n***Inventories***\n\nInventories primarily consist of aircraft fuel, flight equipment expendable parts, materials, and supplies\\. All of these items are carried at average cost, less an allowance for obsolescence\\. These items are generally charged to expense when issued for use\\. The reserve for obsolescence was $45 million and $57 million at December 31, 2017, and 2016, respectively\\. In addition, the Company\u2019s provision for obsolescence and write\\-offs for 2017, 2016, and 2015 were each immaterial\\.\n\n***Property and Equipment***\n\nProperty and equipment is stated at cost\\. Capital expenditures includes payments made for aircraft, other flight equipment, purchase deposits related to future aircraft deliveries, airport and other facility construction projects, and ground and other property and equipment\\. Depreciation is provided by the straight\\-line method to estimated residual values over periods of approximately 25 years for flight equipment, 5 to 30 years for ground property and equipment, and 10 to 30 years, or the expected term of the Company's lease if shorter, for Assets constructed for others, once the asset is placed in service\\. Residual values estimated for aircraft are approximately 15 percent, for ground property and equipment generally range from 0 to 10 percent, and for Assets constructed for others range from 17 to 75 percent\\. Property under capital leases and related obligations are initially recorded at an amount equal to the present value of future minimum lease payments computed on the basis of the Company\u2019s incremental borrowing rate or, when known, the interest rate implicit in the lease\\. Amortization of property under capital leases is on a straight\\-line basis over the lease term and is included in Depreciation and amortization expense\\. Leasehold improvements generally are amortized on a straight\\-line basis over the shorter of the estimated useful life of the improvement or the remaining term of the lease\\. Assets constructed for others primarily consists of airport improvement projects in which the Company is considered the accounting owner of the facilities\\. See Note 4 for further information\\.\n\nDuring first quarter 2016, the Company made the decision to further simplify its operations and accelerate the retirement of its less\\-efficient Boeing 737\\-300 (\"Classic\") fleet\\. In September 2017, the Company retired the remaining 61 Classic aircraft as part of this accelerated retirement schedule\\. This change in retirement dates was considered a change in estimate and was accounted for on a prospective basis as of the dates the decisions were finalized\\. Therefore, the Company recorded accelerated depreciation expense over the remainder of the useful lives for each Classic aircraft and related parts\\. See Note 7 for further information regarding the Company's aircraft fleet\\.\n\nThe impacts on expense and earnings from the accelerated depreciation were as follows:\n\n\n\n|                                             |                                  |                                  |\n| ------------------------------------------- | -------------------------------- | -------------------------------- |\n| **(in millions, except per share amounts)** | **Year ended December 31, 2017** | **Year ended December 31, 2016** |\n| Depreciation and amortization expense       | $21                              | $123                             |\n| Net income \\*                               | $(19)                            | $(66)                            |\n| Net income per basic share                  | $(0\\.03)                         | $(0\\.11)                         |\n| Net income per diluted share                | $(0\\.03)                         | $(0\\.10)                         |\n\n\n\n\\* net of profitsharing benefit\n\nThe Company evaluates its long\\-lived assets used in operations for impairment when events and circumstances indicate that the undiscounted cash flows to be generated by that asset are less than the carrying amounts of the asset and may not be recoverable\\. Factors that would indicate potential impairment include, but are not limited to, significant decreases in the market value of the long\\-lived asset(s), a significant change in the long\\-lived asset\u2019s physical condition, and \n\n76"}
{"_id": "United-2018_13.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nwith other airlines regarding strategic activities\\. If other airlines participate in such activities, those airlines may significantly improve their cost structures or revenue generation capabilities, thereby potentially making them stronger competitors of the Company and potentially impairing the Company's ability to realize expected benefits from its own strategic relationships\\.\n\n***Orders for new aircraft typically must be placed years in advance of scheduled deliveries, and changes in the Company's network strategy over time may make aircraft on order less economic for the Company, result in costs related to modification or termination of aircraft orders or cause the Company to enter into orders for new aircraft on less favorable terms\\.***\n\nThe Company's orders for new aircraft are typically made years in advance of actual delivery of such aircraft, and the financial commitment required for purchases of new aircraft is substantial\\. At December 31, 2018, the Company had firm commitments to purchase 273 new aircraft from The Boeing Company (\"Boeing\"), Airbus S\\.A\\.S (\"Airbus\") and Embraer S\\.A\\. (\"Embraer\"), as well as related agreements with engine manufacturers, maintenance providers and others\\. As of December 31, 2018, the Company's commitments relating to the acquisition of aircraft and related spare engines, aircraft improvements and other related obligations aggregated to a total of $24\\.7 billion\\.\n\nSubsequent to the Company placing an order for new aircraft, the Company's network strategy may change\\. As a result, the Company's preference for a particular aircraft that it has ordered, often years in advance, may be decreased or eliminated\\. If the Company were to modify or terminate any of its existing aircraft order commitments, it may be responsible for material liabilities to its counterparties arising from any such change\\. Additionally, the Company may have a need for additional aircraft that are not available under its existing orders\\. In such cases, the Company may seek to acquire aircraft from other sources, such as through lease arrangements, which may result in higher costs or less favorable terms, or through the purchase or lease of used aircraft\\. The Company may not be able to acquire such aircraft when needed on favorable terms or at all\\.\n\n***A majority of the Company's aircraft and certain parts are sourced from single suppliers; therefore, the Company would be materially and adversely affected if it were unable to obtain additional equipment or support from any of these suppliers\\.***\n\nThe Company currently sources the majority of its aircraft and many related aircraft parts from Boeing\\. In addition, our aircraft suppliers are dependent on other suppliers for certain other aircraft parts\\. Therefore, if the Company was unable to acquire additional aircraft from Boeing, or if Boeing was unable or unwilling to make timely deliveries of aircraft or to provide adequate support for its products, the Company's operations could be materially and adversely affected\\. The Company is also dependent on a limited number of suppliers for aircraft engines and certain other aircraft parts and could therefore also be materially and adversely affected in the event of the unavailability of these engines and other parts\\. \n\n***Union disputes, employee strikes or slowdowns, and other labor\\-related disruptions could adversely affect the Company's operations and could result in increased costs that impair its financial performance\\.***\n\nUnited is a highly unionized company\\. As of December 31, 2018, the Company and its subsidiaries had approximately 92,000 active employees, of whom approximately 83% were represented by various U\\.S\\. labor organizations\\.\n\nThere is a risk that unions or individual employees might pursue judicial or arbitral claims arising out of changes implemented as a result of the Company entering into collective bargaining agreements with its represented employee groups\\. There is also a possibility that employees or unions could engage in job actions such as slowdowns, work\\-to\\-rule campaigns, sick\\-outs or other actions designed to disrupt the Company's normal operations, in an attempt to pressure the Company in collective bargaining negotiations\\. Although the RLA makes such actions unlawful until the parties have been lawfully released to self\\-help, and the Company can seek injunctive relief against premature self\\-help, such actions can cause significant harm even if ultimately enjoined\\. In addition, collective bargaining agreements with the Company's represented employee groups increase the Company's labor costs, which increase could be material for any applicable reporting period\\.\n\n***An outbreak of a disease or similar public health threat could have a material adverse impact on the Company's business, operating results and financial condition\\.***\n\nAn outbreak of a disease or similar public health threat that affects travel demand, travel behavior, or travel restrictions could have a material adverse impact on the Company's business, financial condition and operating results\\.\n\n***If we experience changes in, or are unable to retain, our senior management team or other key employees, our operating results could be adversely affected\\.***\n\nMuch of our future success depends on the continued availability of skilled personnel with industry experience and knowledge, including our senior management team and other key employees\\. If we are unable to attract and retain talented, highly qualified senior management and other key employees, or if we are unable to effectively provide for the succession of senior management, our business may be adversely affected\\. \n\n14"}
{"_id": "Southwest-2018_65.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe Company currently has agreements with organizations that process credit card transactions arising from purchases of air travel tickets by its Customers utilizing American Express, Discover, and MasterCard/VISA\\. Credit card processors have financial risk associated with tickets purchased for travel because the processor generally forwards the cash related to the purchase to the Company soon after the purchase is completed, but the air travel generally occurs after that time; therefore, the processor will have liability if the Company does not ultimately provide the air travel\\. Under these processing agreements, and based on specified conditions, increasing amounts of cash reserves could be required to be posted with the counterparty\\.\n\nA majority of the Company\u2019s sales transactions are processed by Chase Paymentech\\. Should chargebacks processed by Chase Paymentech reach a certain level, proceeds from advance ticket sales could be held back and used to establish a reserve account to cover such chargebacks and any other disputed charges that might occur\\. Additionally, cash reserves are required to be established if the Company\u2019s credit rating falls to specified levels below investment grade\\. Cash reserve requirements are based on the Company\u2019s public debt rating and a corresponding percentage of the Company\u2019s Air traffic liability\\.\n\nAs of December 31, 2018, the Company was in compliance with all credit card processing agreements\\. The inability to enter into credit card processing agreements would have a material adverse effect on the business of the Company\\. The Company believes that it will be able to continue to renew its existing credit card processing agreements or will be able to enter into new credit card processing agreements with other processors in the future\\.\n\n66"}
{"_id": "United-2019_58.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nare as follows:\n\n\n\n|                                                   |                                      |\n| ------------------------------------------------- | ------------------------------------ |\n|                                                   | **Estimated Useful Life (in years)** |\n| Aircraft, spare engines and related rotable parts | 25 to 30                             |\n| Aircraft seats                                    | 10 to 15                             |\n| Buildings                                         | 25 to 45                             |\n| Other property and equipment                      | 3 to 15                              |\n| Computer software                                 | 5 to 15                              |\n| Building improvements                             | 1 to 40                              |\n\n\n\nAs of December 31,  2019  and  2018 , the Company had a carrying value of computer software of   $422 million  and   $359 million , respectively\\. For the years ended December 31,  2019 ,  2018  and  2017 , the Company's depreciation expense related to computer software was   $135 million ,   $122 million  and   $117 million , respectively\\. Aircraft and aircraft spare parts were assumed to have residual values of approximately  10%  of original cost, and other categories of property and equipment were assumed to have no residual value\\.\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (j) | **Long\\-Lived Asset Impairments\u2014** The Company evaluates the carrying value of long\\-lived assets subject to amortization whenever events or changes in circumstances indicate that an impairment may exist\\. For purposes of this testing, the Company has generally identified the aircraft fleet type as the lowest level of identifiable cash flows\\. An impairment charge is recognized when the asset's carrying value exceeds its net undiscounted future cash flows and its fair market value\\. The amount of the charge is the difference between the asset's carrying value and fair market value\\. See Note 14 of this report for additional information related to impairments\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (k) | **Intangibles\u2014** The Company has finite\\-lived and indefinite\\-lived intangible assets, including goodwill\\. Finite\\-lived intangible assets are amortized over their estimated useful lives\\. Goodwill and indefinite\\-lived intangible assets are not amortized but are reviewed for impairment on an annual basis as of October 1, or more frequently if events or circumstances indicate that the asset may be impaired\\. See Note 14 of this report for additional information related to impairments\\. |\n\n\n\nThe following table presents information about the Company's goodwill and other intangible assets at December 31 (in millions):\n\n\n\n|                                     |                                                  |                                         |                                                  |                                         |\n| ----------------------------------- | ------------------------------------------------ | --------------------------------------- | ------------------------------------------------ | --------------------------------------- |\n|                                     | **2019**                                         | **2019**                                | **2018**                                         | **2018**                                |\n|                                     | **Gross** <br><br>**Carrying**<br><br>**Amount** | **Accumulated**<br><br>**Amortization** | **Gross** <br><br>**Carrying**<br><br>**Amount** | **Accumulated**<br><br>**Amortization** |\n| Goodwill                            | $4,523                                           |                                         | $4,523                                           |                                         |\n| Indefinite\\-lived intangible assets |                                                  |                                         |                                                  |                                         |\n| Route authorities                   | $1,150                                           |                                         | $1,240                                           |                                         |\n| Airport slots                       | 546                                              |                                         | 546                                              |                                         |\n| Tradenames and logos                | 593                                              |                                         | 593                                              |                                         |\n| Alliances                           | 404                                              |                                         | 404                                              |                                         |\n| Total                               | $2,693                                           |                                         | $2,783                                           |                                         |\n| Finite\\-lived intangible assets     |                                                  |                                         |                                                  |                                         |\n| Frequent flyer database             | $1,177                                           | $931                                    | $1,177                                           | $884                                    |\n| Hubs                                | 145                                              | 104                                     | 145                                              | 97                                      |\n| Contracts                           | 120                                              | 111                                     | 120                                              | 106                                     |\n| Other                               | 314                                              | 294                                     | 314                                              | 293                                     |\n| Total                               | $1,756                                           | $1,440                                  | $1,756                                           | $1,380                                  |\n\n\n\nAmortization expense in  2019 ,  2018  and  2017  was   $60 million ,   $67 million  and   $79 million , respectively\\. Projected amortization expense in  2020 ,  2021 ,  2022 ,  2023  and  2024  is   $55 million ,   $50 million ,   $40 million ,   $37 million  and   $32 million , respectively\\.\n\n59"}
{"_id": "AmericanAirlines-2017_73.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nThe services under the marketing component are provided periodically, but no less than monthly\\. Accordingly, the marketing component is considered earned and recognized in other revenues in the period of the mileage sale\\. For the years ended December 31, 2017, 2016 and 2015, the marketing component of mileage sales and other marketing related payments included in other revenues was approximately $2\\.2 billion, $1\\.9 billion and $1\\.7 billion, respectively\\.\n\nEffective January 1, 2018, we are adopting ASU 2014\\-09: Revenue from Contracts with Customers (Topic 606)\\. See Recent Accounting Pronouncements below for further discussion\\.\n\n***Long\\-lived Assets***\n\nLong\\-lived assets consist of flight equipment, as well as other fixed assets and finite\\-lived intangible assets such as certain domestic airport slots, customer relationships, marketing agreements, tradenames and airport gate leasehold rights\\. In addition to the original cost, the recorded value of our fixed assets is impacted by a number of estimates made, including estimated useful lives, salvage values and our determination as to whether aircraft are temporarily or permanently grounded\\. Finite\\-lived intangible assets are originally recorded at their acquired fair values and are subsequently amortized over their estimated useful lives\\. See Note 1 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 1 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for further information\\.\n\nWe assess impairment on long\\-lived assets used in operations when events and circumstances indicate that the assets may be impaired\\. An asset or group of assets is considered impaired when the undiscounted cash flows estimated to be generated by the assets are less than the carrying amount of the assets and the net book value of the assets exceeds their estimated fair value\\. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets\\. Estimates of fair value represent management\u2019s best estimate based on appraisals, industry trends and reference to market rates and transactions\\.\n\nThe majority of American\u2019s fleet types are depreciated over 25\\-30 years\\. It is possible that the ultimate lives of our aircraft will be significantly different than the current estimate due to unforeseen events in the future that impact our fleet plan, including positive or negative developments in the areas described above\\. For example, operating the aircraft for a longer period will result in higher maintenance, fuel and other operating costs than if we replaced the aircraft\\.\n\n***Goodwill and Indefinite\\-lived Assets***\n\nGoodwill represents the excess of the purchase price over the fair value of the net assets acquired and liabilities assumed\\. Goodwill is not amortized but assessed for impairment annually on October 1^st^ or more frequently if events or circumstances indicate that goodwill may be impaired\\. We have one consolidated reporting unit\\.\n\nIndefinite\\-lived intangible assets other than goodwill include certain domestic airport slots at our hubs and international slots and route authorities\\. Indefinite\\-lived intangible assets are not amortized but instead are assessed for impairment annually on October 1^st^ or more frequently if events or circumstances indicate that the asset may be impaired\\.\n\nGoodwill and indefinite\\-lived intangible assets are assessed for impairment by initially performing a qualitative assessment\\. Under the qualitative approach, we analyze the following factors, among others, to determine if events and circumstances have affected the fair value of goodwill and indefinite\\-lived intangible assets: (1) negative trends in our market capitalization, (2) an increase in fuel prices, (3) declining per mile passenger yields, (4) lower passenger demand as a result of a weakened U\\.S\\. and global economy and (5) changes to the regulatory environment\\.\n\nBased upon our annual assessment, there were no impairments of our goodwill and indefinite\\-lived assets in 2017\\.\n\n74"}
{"_id": "Southwest-2017_74.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Southwest Airlines Co\\.**\n\n**Notes to Consolidated Financial Statements**\n\n**1****\\. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n\n***Basis of Presentation***\n\nSouthwest Airlines Co\\. (the \"Company\") operates Southwest Airlines, a major domestic airline\\. The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, which include AirTran Holdings, LLC, the successor to AirTran Holdings, Inc\\. (\"AirTran Holdings\"), the former parent company of AirTran Airways, Inc\\. (\"AirTran Airways\")\\. The accompanying Consolidated Financial Statements include the results of operations and cash flows for all periods presented and all significant inter\\-entity balances and transactions have been eliminated\\. The preparation of financial statements in conformity with generally accepted accounting principles in the United States (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes\\. Actual results could differ from these estimates\\.\n\n***Cash and Cash Equivalents***\n\nCash in excess of that necessary for operating requirements is invested in short\\-term, highly liquid, income\\-producing investments\\. Investments with original maturities of three months or less when purchased are classified as cash and cash equivalents, which primarily consist of certificates of deposit, money market funds, and investment grade commercial paper issued by major corporations and financial institutions\\. Cash and cash equivalents are stated at cost, which approximates fair value\\.\n\nAs of December 31, 2017, $15 million in cash collateral deposits were held by the Company from its fuel hedge counterparties and no cash collateral deposits were held by or provided by the Company to its interest rate hedge counterparties\\. As of December 31, 2016, $301 million in cash collateral deposits were provided by the Company to its fuel hedge counterparties and no cash collateral deposits were held by or provided by the Company to its interest rate hedge counterparties\\. Cash collateral amounts provided or held associated with fuel and interest rate derivative instruments are not restricted in any way and earn interest income at an agreed upon rate that approximates the rates earned on short\\-term securities issued by the U\\.S\\. Government\\. Depending on the fair value of the Company\u2019s fuel and interest rate derivative instruments, the amounts of collateral deposits held or provided at any point in time can fluctuate significantly\\. See Note 10 for further information on these collateral deposits and fuel derivative instruments\\.\n\n***Short\\-term and Noncurrent Investments***\n\nShort\\-term investments consist of investments with original maturities of greater than three months but less than twelve months when purchased\\. These are primarily short\\-term securities issued by the U\\.S\\. Government and certificates of deposit issued by domestic banks\\. All of these investments are classified as available\\-for\\-sale securities and are stated at fair value, which approximates cost\\. For all short\\-term investments, at each reset period or upon reinvestment, the Company accounts for the transaction as Proceeds from sales of short\\-term investments for the security relinquished, and Purchases of short\\-investments for the security purchased, in the accompanying Consolidated Statement of Cash Flows\\. Unrealized gains and losses, net of tax, if any, are recognized in Accumulated other comprehensive income (loss) (\"AOCI\") in the accompanying Consolidated Balance Sheet\\. Realized net gains and losses on specific investments, if any, are reflected in Interest income in the accompanying Consolidated Statement of Income\\. Both unrealized and realized gains and/or losses associated with investments were immaterial for all years presented\\.\n\nNoncurrent investments consist of investments with maturities of greater than twelve months\\. Noncurrent investments are included as a component of Other assets in the Consolidated Balance Sheet\\.\n\n***Accounts and Other Receivables***\n\n75"}
{"_id": "AmericanAirlines-2018_76.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***Impacts to*** ***2017*** ***Results***\n\nThe effects of the adoption of the New Revenue Standard and New Retirement Standard to our consolidated statement of operations for the twelve months ended December 31, 2017 were as follows (in millions):\n\n\n\n|                                       |                 |                             |                                         |                                   |                             |               |\n| ------------------------------------- | --------------- | --------------------------- | --------------------------------------- | --------------------------------- | --------------------------- | ------------- |\n|                                       |                 | **New Revenue Standard**    | **New Revenue Standard**                | **New Revenue Standard**          | **New Retirement Standard** |               |\n| **Year Ended  <br>December 31, 2017** | **As Reported** | **Deferred Revenue Method** | **Ancillary Revenue Reclassifications** | **Gross Versus Net Presentation** | **Reclassifications**       | **As Recast** |\n| Operating revenues:                   |                 |                             |                                         |                                   |                             |               |\n|  Passenger                            | $36,133         | $311                        | $2,648                                  | $39                               | $\u2014                          | $39,131       |\n|  Cargo                                | 800             | \u2014                           | 42                                      | 48                                | \u2014                           | 890           |\n|  Other                                | 5,274           | \u2014                           | (2,690)                                 | 17                                | \u2014                           | 2,601         |\n|  Total operating revenues             | 42,207          | 311                         | \u2014                                       | 104                               | \u2014                           | 42,622        |\n|  Total operating expenses             | 38,149          | \u2014                           | \u2014                                       | 104                               | 138                         | 38,391        |\n| Operating income                      | 4,058           | 311                         | \u2014                                       | \u2014                                 | (138)                       | 4,231         |\n| Total nonoperating expense, net       | (974)           | \u2014                           | \u2014                                       | \u2014                                 | 138                         | (836)         |\n| Income before income taxes            | 3,084           | 311                         | \u2014                                       | \u2014                                 | \u2014                           | 3,395         |\n| Income tax provision  ^(1)^           | 1,165           | 948                         | \u2014                                       | \u2014                                 | \u2014                           | 2,113         |\n| Net income                            | $1,919          | $(637)                      | $\u2014                                      | $\u2014                                | $\u2014                          | $1,282        |\n| Diluted earnings per common share     | $3\\.90          |                             |                                         |                                   |                             | $2\\.61        |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                        |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | The adjustment to the  2017  income tax provision includes an  $823 million  special charge to reduce our deferred tax asset associated with loyalty program liabilities as a result of the 2017 Tax Act enacted in December 2017 that reduced the federal corporate income tax rate from 35% to 21%\\. |\n\n\n\nThe effects of the adoption of the New Revenue Standard to our December 31, 2017 consolidated balance sheet were as follows (in millions):\n\n\n\n|                                      |                 |                          |               |\n| ------------------------------------ | --------------- | ------------------------ | ------------- |\n|                                      | **As Reported** | **New Revenue Standard** | **As Recast** |\n| Deferred tax asset                   | $427            | $1,389                   | $1,816        |\n| Air traffic liability                | 3,978           | 64                       | 4,042         |\n| Current loyalty program liability    | 2,791           | 330                      | 3,121         |\n| Noncurrent loyalty program liability | \u2014               | 5,701                    | 5,701         |\n| Total stockholders\u2019 equity (deficit) | 3,926           | (4,706)                  | (780)         |\n\n\n\n77"}
{"_id": "Delta-2018_6.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nSkyTeam \\. In addition to our marketing alliance agreements with individual foreign airlines, we are a member of the SkyTeam global airline alliance\\. The other members of SkyTeam are Aeroflot, Aerol\u00edneas Argentinas, Aerom\u00e9xico, Air Europa, Air France, Alitalia, China Airlines, China Eastern, China Southern, CSA Czech Airlines, Garuda Indonesia, Kenya Airways, KLM, Korean Air, Middle East Airlines, Saudi Arabian Airlines, Tarom, Vietnam Airlines and Xiamen Airlines\\. Through alliance arrangements with other SkyTeam carriers, Delta is able to link its network with the route networks of the other member airlines, providing opportunities to increase connecting traffic while offering enhanced customer service through reciprocal codesharing and loyalty program participation, airport lounge access and cargo operations\\.\n\nRegional Carriers\n\nWe have air service agreements with domestic regional air carriers that feed traffic to our route system by serving passengers primarily in small and medium\\-sized cities\\. These arrangements enable us to better match capacity with demand in these markets\\. Approximately  15%  of our passenger revenue in  2018  was related to flying by these regional air carriers\\.\n\nThrough our regional carrier program, Delta Connection, we have contractual arrangements with regional carriers to operate aircraft using our \"DL\" designator code\\. We have contractual arrangements with:\n\n\n\n|   |                                                                                                                                 |\n| - | ------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Compass Airlines, LLC (\"Compass\") and GoJet Airlines, LLC, both subsidiaries of Trans States Holdings, Inc\\. (\"Trans States\");  |\n\n\n\n\n\n|   |                                                          |\n| - | -------------------------------------------------------- |\n| \u2022 | Endeavor Air, Inc\\., a wholly owned subsidiary of ours;  |\n\n\n\n\n\n|   |                                                                                              |\n| - | -------------------------------------------------------------------------------------------- |\n| \u2022 | Republic Airline, Inc\\. (\"Republic\"), a subsidiary of Republic Airways Holdings, Inc\\.; and  |\n\n\n\n\n\n|   |                                                         |\n| - | ------------------------------------------------------- |\n| \u2022 | SkyWest Airlines, Inc\\., a subsidiary of SkyWest, Inc\\. |\n\n\n\nOur contractual agreements with regional carriers primarily are capacity purchase arrangements, under which we control the scheduling, pricing, reservations, ticketing and seat inventories for the regional carriers' flights operating under our \"DL\" designator code\\. We are entitled to all ticket, cargo, mail, in\\-flight and ancillary revenues associated with these flights\\. We pay those airlines an amount, as defined in the applicable agreement, which is based on a determination of their cost of operating those flights and other factors intended to approximate market rates for those services\\. These capacity purchase agreements are long\\-term agreements, usually with initial terms of at least 10 years, which grant us the option to extend the initial term\\. Certain of these agreements provide us the right to terminate the entire agreement, or in some cases remove some of the aircraft from the scope of the agreement, for convenience at certain future dates\\.\n\nSkyWest Airlines operates some flights for us under a revenue proration agreement\\. This proration agreement establishes a fixed dollar or percentage division of revenues for tickets sold to passengers traveling on connecting flight itineraries\\.\n\nLoyalty Program\n\nOur SkyMiles ^\u00ae^  loyalty program is designed to retain and increase traveler loyalty by offering incentives to customers to increase travel on Delta\\. The loyalty program allows program members to earn mileage credit for travel awards by flying on Delta, its regional carriers and other participating airlines\\. Mileage credit may also be earned by using certain services offered by program participants, such as credit card companies, hotels and car rental agencies\\. In addition, individuals may purchase mileage credits\\. Miles do not expire, but are subject to the program rules\\. We reserve the right to terminate the program with six months advance notice, and to change the program's terms and conditions at any time without notice\\.\n\nLoyalty program mileage credits can be redeemed for air travel (including upgrades) on Delta and participating airlines, for membership in our Delta Sky Clubs ^\u00ae^  and for other awards\\. We offer last\\-seat availability for travel awards on our own flights (including most Delta Connection flights)\\. Mileage credits are subject to certain transfer restrictions and travel awards on partner airlines are subject to capacity\\-controlled seating\\. In  2018 , 8\\.2% of revenue miles flown on Delta were from award travel, as program members redeemed miles in the loyalty program for 17\\.2 million award redemptions\\.\n\n 4"}
{"_id": "Alaska-2019_5.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nagreement bringing our last work group under a single collective bargaining agreement\\. We also finished painting the remainder of the Airbus fleet in the Alaska livery, and completed interior cabin renovations on 60% of the Airbus fleet\\. \n\nWith the integration largely behind us, we have shifted our focus towards our vision and strategy for the next five years\\. This strategy has three major pillars:\n\nPeople:\n\nOur success depends on our more than 24,000 employees living our values every day to deliver award\\-winning customer service as one team\\. We know engaged employees deliver higher productivity, superior execution and better guest experiences, which is why investing in our people is imperative to our future success\\. \n\nIn 2019, we completed Flight Path \\- a program that brought all Alaska and Horizon employees together through leader\\-led sessions to inform, engage and set the course for our business and culture\\. Aside from one\\-time programs, we continue to communicate with employees through a variety of vehicles, including weekly Leader Look Ahead and periodic live\\-streamed webcasts, to provide employees better information and a stronger connection to organizational priorities\\. Our efforts were recognized by Forbes Magazine, who named Alaska as one of the World's Best Employers for the fifth year in a row for 2019, and as one of America's Best Employers for Diversity in 2020\\. \n\nAligning our employees' goals with Air Group's goals has been an important contributor to our strong track record of accomplishments and financial performance\\. The majority of Alaska and Horizon employees participate in our Performance\\-Based Pay (PBP) and Operational Performance Rewards (OPR) programs, which encourage employees to work together to achieve metrics related to the Company's strategy \\- including safety, profitability, on\\-time performance, low costs, customer loyalty and customer satisfaction\\. Over the last ten years, our incentive programs have paid out on average more than one month's pay for most employees\\. In 2019, our employees earned more than $150 million under these incentive programs\\.\n\nGrowth:\n\nDriving growth will require our focus in a variety of areas, including a powerful brand, optimized network and strong revenue generation\\. \n\n\u2022 Powerful brand \\-  P roviding genuine and caring service to our guests is key to our success and loyalty to the Alaska brand\\. This service is demonstrated daily by our employees who are empowered to make the best choices for our guests\\.  As proof, in 2019, Alaska ranked first in the J\\.D\\. Power and Associates annual survey of customer satisfaction among traditional network carriers for the 12th year in a row\\. Alaska was also recognized for excellent service by Cond\u00e9 Nast Traveler and Travel \\+ Leisure magazine for the second consecutive year, continuing an achievement earned by Virgin America for the preceding ten years\\. \n\nOur award winning Mileage Plan^TM^  is another way we build long\\-term guest relationships and grow our brand\\. We maintain the only distance\\-based frequent flier program in the United States, which rewards all fliers regardless of the price they paid for their tickets\\. In 2019, we increased our sign\\-up promotion for new cardholders to 40,000 miles, providing immediate utility of the program\\. We also offered promotions like Buy One Get One Free companion fares and continued popular redemption benefits, including using miles for hotel redemptions (with access to over 400,000 hotels worldwide), and adding EL AL Airlines as a new global partner\\.\n\nOver the past two years, we initiated a refresh of many of our amenities with the aim of highlighting our West Coast roots\\. From updated on\\-board offerings, including fresh and local food, to local craft beers and wines, as well as updating our in\\-air Wi\\-Fi to meet the evolving needs of our guests, we will continue to innovate and evolve to provide our guests with the best experience\\. Work towards updated guest\\-facing amenities continued in 2019, with our flagship lounge opening in the North Satellite at Sea\\-Tac Airport, as well as the announcement of a new lounge at San Francisco International Airport, which is expected to open in the second half of 2020\\. We also strive to connect with West Coast guests through key sponsorships including Russell Wilson, the San Jose Sharks, San Francisco Giants, Seattle Mariners, Portland Timbers, Seattle's new NHL team, and more\\. \n\n\u2022 Optimized Network  \\- The acquisition of Virgin America positioned us as the fifth largest airline in the U\\.S\\., with an unparalleled ability to serve West Coast travelers\\. We offer the highest guest relevance of any carrier from the West Coast\\. Competition in our markets is significant, and we know that we must defend our customer base as we grow our network presence by providing guests with an increased choice of schedule times and fares\\. We are intensely focused on providing the most utility and routes to our guests\\. From our West Coast hub cities, we lead all other airlines in \n\n5"}
{"_id": "Delta-2019_21.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nExtended interruptions or disruptions in service at major airports in which we operate or the extended grounding of a type of aircraft or engine we operate could have a material adverse effect on our operations\\.\n\nThe airline industry is heavily dependent on business models that concentrate operations in major airports in the United States and throughout the world\\. An extended interruption or disruption at an airport where we have significant operations could have a material adverse effect on our business, financial condition and results of operations\\. \n\nSimilarly, the airline industry is heavily dependent on a limited number of aircraft and engine manufacturers whose products are subject to extensive regulatory requirements\\. The long\\-term grounding of an aircraft or engine type that we operate could have a significant impact on our operations if we are not able to substitute or replace the affected aircraft or engine type and could, in any event, have a material adverse effect on our financial condition and results of operations\\.\n\nThe airline industry is subject to extensive government regulation, and new regulations may increase our operating costs\\.\n\nAirlines are subject to extensive regulatory and legal compliance requirements that result in significant costs\\. For instance, the FAA from time to time issues directives and other regulations relating to the maintenance and operation of aircraft that necessitate significant expenditures\\. We expect to continue incurring significant expenses to comply with the FAA's regulations\\. \n\nOther laws, regulations, taxes and airport rates and charges have also been imposed from time to time that significantly increase the cost of airline operations or reduce revenues\\. The industry is heavily taxed\\. Additional taxes and fees, if implemented, could negatively impact our results of operations\\. \n\nAirport slot access is subject to government regulation and changes in slot regulations or allocations could impose a significant cost on the airlines operating in airports subject to such regulations or allocations\\. In addition, the failure of the federal government to upgrade the U\\.S\\. air traffic control system has resulted in delays and disruptions of air traffic during peak travel periods in certain congested markets\\. The failure to improve the air traffic control system could lead to increased delays and inefficiencies in flight operations as demand for U\\.S\\. air travel increases, having a material adverse effect on our operations\\. Failure to update the air traffic control system in a timely manner, and the substantial funding requirements of an updated system that may be imposed on air carriers, may have an adverse impact on our financial condition and results of operations\\. \n\nAs an international carrier, we are subject to a wide variety of U\\.S\\. and foreign laws that affect trade, including tariff and trade policies, export requirements, taxes, monetary policies and other restrictions and charges\\. On October 2, 2019, an arbitration tribunal of the World Trade Organization ruled in a long\\-standing dispute that the United States could impose $7\\.5 billion in retaliatory tariffs in response to European Union subsidies to Airbus\\. Effective October 18, 2019, the U\\.S\\. Trade Representative imposed tariffs on certain products imported from the European Union, including an ad valorem duty of 10% on commercial aircraft originating in France and Germany\\. Some of the Airbus aircraft that we have on order would be subject to these tariffs if imported as new aircraft\\. We are pursuing strategies to minimize the impact of these tariffs on our aircraft deliveries but if we are unsuccessful or if the tariffs are increased, these tariffs could substantially increase the cost to us of the affected aircraft, which in turn could have a material adverse effect on our financial results\\. \n\nIn addition, some of our operations are in high\\-risk legal compliance environments\\. Failure to comply with trade sanctions, the U\\.S\\. Foreign Corrupt Practices Act and other applicable laws or regulations could result in litigation, assessment of damages, imposition of penalties or other consequences, any or all of which could harm our reputation and have an adverse effect on our financial results\\.\n\nWe and other U\\.S\\. carriers are subject to U\\.S\\. and foreign laws regarding privacy of passenger and employee data that are not consistent in all countries in which we operate\\. In addition to the heightened level of concern regarding privacy of passenger data in the U\\.S\\., certain European government agencies have recently updated privacy regulations applicable to private industry, including airlines\\. Ongoing compliance with these evolving regulatory regimes is expected to result in additional operating costs and could have a material adverse effect on our operations and any future expansion\\. \n\n19"}
{"_id": "Alaska-2019_24.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nFailure to appropriately comply with information security rules and regulations or safeguard our employee or guest data could result in damage to our reputation and cause us to incur substantial legal and regulatory cost\\.\n\nWe accept, store and transmit information about our guests, our employees, our business partners, and our business\\. Many international and U\\.S\\. jurisdictions have established or are in the process of establishing their own data security and privacy regulatory framework with which we, our business partners, and our corporate customers must comply\\. There are also various bills pending at the U\\.S\\. state and federal levels that could impose additional privacy and data security obligations\\. This uncertain and increasingly complex regulatory environment may result in significant expenses associated with increased investment in technology and the development of new operational processes, particularly as we continue to collect and retain large amounts of personal information\\. If our online activities or our other customer\\-facing technology systems do not function as designed, we may experience a loss of customer confidence, decreased sales, or be exposed to fraud, any of which could materially and adversely affect our reputation and operations\\. In addition, we frequently rely on third\\-party hosting sites and data processors, including cloud providers\\. To the extent that either we or third parties with whom we share information are found to be out of compliance with applicable laws and regulations, we could be subject to additional litigation, regulatory risks and reputational harm\\.\n\nCyber security threats have and will continue to impact our business\\. Failure to appropriately mitigate these risks could negatively impact our operations, reputation and financial condition\\.\n\nOur sensitive information is securely transmitted over public and private networks\\. Our systems are subject to increasing and evolving cyber security risks\\. Unauthorized parties have attempted and continue to attempt to gain access to our systems and information, including through fraudulent misrepresentation and other means of deception\\. Methods used by unauthorized parties are continually evolving and may be difficult to identify\\. Because of these ever\\-evolving risks and regular attacks, we continue to review policies and educate our people on various methods utilized in attempts to gain unauthorized access to bolster awareness and encourage cautionary practices\\. However, the nature of these attacks means that proper policies and education may not be enough to prevent all unauthorized access\\. A compromise of our systems, the security of our infrastructure or those of other business partners that result in our information being accessed or stolen by unauthorized persons could adversely affect our operations and our reputation\\.\n\nFINANCIAL CONDITION AND FINANCIAL MARKETS\n\nOur business, financial condition and results of operations are substantially exposed to the volatility of jet fuel prices\\. Significant increases in jet fuel costs would harm our business\\.\n\nFuel costs constitute a significant portion of our total operating expenses\\. Future increases in the price of jet fuel may harm our business, financial condition and results of operations unless we are able to increase fares and fees or add additional ancillary services to attempt to recover increasing fuel costs\\.\n\nOur indebtedness and other fixed obligations could lead to liquidity constraints that may restrict our activities\\. \n\nWe carry, and will continue to carry for the foreseeable future, a substantial amount of debt related to aircraft lease and financing commitments\\. Although we aim to keep our leverage low, due to our high fixed costs, including such aircraft lease commitments and debt service, a decrease in revenues would result in a disproportionately greater decrease in earnings\\. \n\nOur outstanding long\\-term debt and other fixed obligations could have important consequences\\. For example, they could limit our ability to obtain additional financing to fund our future capital expenditures, working capital or other purposes; require us to dedicate a material portion of our operating cash flow to fund lease payments and interest payments on indebtedness, thereby reducing funds available for other purposes; or limit our ability to withstand competitive pressures and reduce our flexibility in responding to changing business and economic conditions\\.\n\nAlthough we have historically been able to generate sufficient cash flow from our operations to pay our debt and other fixed obligations when they become due, we cannot ensure we will be able to do so in the future\\. If we fail to do so, our business could be harmed\\. \n\n24"}
{"_id": "Alaska-2019_23.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nWe rely on partner airlines for codeshare and frequent flyer marketing arrangements\\.\n\nOur airlines are parties to marketing agreements with a number of domestic and international air carriers, or \u201cpartners\\.\" These agreements provide that certain flight segments operated by us are held out as partner \u201ccodeshare\u201d flights and that certain partner flights are held out for sale as Alaska codeshare flights\\. In addition, the agreements generally provide that members of Alaska\u2019s Mileage Plan\u2122 program can earn credit on or redeem credit for partner flights and vice versa\\. We receive revenue from flights sold under codeshare and from interline arrangements\\. In addition, we believe that the frequent flyer arrangements are an important part of our frequent flyer program\\. The loss of a significant partner through bankruptcy, consolidation, or otherwise, could have a negative effect on our revenues or the attractiveness of our Mileage Plan\u2122 program, which we believe is a source of competitive advantage\\.\n\nWe routinely engage in analysis and discussions regarding our own strategic position, including alliances, codeshare arrangements, interline arrangements, and frequent flyer program enhancements, and will continue to have future discussions with other airlines regarding similar activities\\. If other airlines participate in consolidation or reorganization, those airlines may significantly improve their cost structures or revenue generation capabilities, thereby potentially making them stronger competitors of ours and potentially impairing our ability to realize expected benefits from our own strategic relationships\\.\n\nEconomic uncertainty, or another recession, would likely impact demand for our product and could harm our financial condition and results of operations\\.\n\nThe airline industry, which is subject to relatively high fixed costs and highly variable and unpredictable demand, is particularly sensitive to changes in economic conditions\\. We are also highly dependent on U\\.S\\. consumer confidence and the health of the U\\.S\\. economy\\. Unfavorable U\\.S\\. economic conditions have historically driven changes in travel patterns and have resulted in reduced spending for both leisure and business travel\\. For some consumers, leisure travel is a discretionary expense, and shorter distance travelers, in particular, have the option to replace air travel with surface travel\\. Businesses are able to forgo air travel by using communication alternatives such as videoconferencing or may be more likely to purchase less expensive tickets to reduce costs, which can result in a decrease in average revenue per seat\\. Unfavorable economic conditions also hamper the ability of airlines to raise fares to counteract increased fuel, labor and other costs\\. Unfavorable or even uncertain economic conditions could negatively affect our financial condition and results of operations\\.\n\nINFORMATION TECHNOLOGY\n\nWe rely heavily on automated systems to operate our business, and a failure to invest in new technology or a disruption of our current systems or their operators could harm our business\\.\n\nWe depend on automated systems to operate our business, including our airline reservation system, our telecommunication systems, our website, our maintenance systems, our check\\-in kiosks, mobile devices, and other systems\\. Substantially all of our tickets are issued to our guests as electronic tickets, and the majority of our guests check\\-in using our website, airport kiosks, or our mobile application\\. We depend on our reservation system to be able to issue, track and accept these electronic tickets\\. In order for our operations to work efficiently, we must continue to invest in new technology to ensure that our website, reservation system and check\\-in systems are able to accommodate a high volume of traffic, maintain information security and deliver important flight information\\. Substantial or repeated website, reservations system or telecommunication systems failures or service disruptions could reduce the attractiveness of our services and cause our guests to do business with another airline\\. In addition, we rely on other automated systems for crew scheduling, flight dispatch and other operational needs\\. We are in the final stages of moving our primary data facility\\. Disruptions, failed migration, untimely recovery, or a breach of these systems or the data center could result in the loss of important data, an increase of our expenses, an impact on our operational performance, or a possible temporary cessation of our operations\\.\n\n23"}
{"_id": "United-2017_99.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\ngeographic regions as the overwhelming majority of the Company\u2019s revenue producing assets (primarily U\\.S\\. registered aircraft) can be deployed in any of its geographic regions\\.\n\n**NOTE 16 \\- SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)** \n\n\n\n|                                             |                   |                   |                    |                   |\n|:------------------------------------------- | -----------------:| -----------------:| ------------------:| -----------------:|\n| **UAL**                                     | **Quarter Ended** | **Quarter Ended** |  **Quarter Ended** | **Quarter Ended** |\n| **(In millions, except per share amounts)** |     **March 31**  |      **June 30**  |  **September 30**  |  **December 31**  |\n| **2017**                                    |                   |                   |                    |                   |\n| Operating revenue                           |           $ 8,420 |         $ 10,000  |            $9,878  |           $9,438  |\n| Income from operations                      |              278  |            1,399  |             1,092  |              729  |\n| Net income                                  |               96  |              818  |               637  |              580  |\n| Basic earnings per share                    |            0\\.31  |            2\\.67  |             2\\.12  |            1\\.99  |\n| Diluted earnings per share                  |            0\\.31  |            2\\.66  |             2\\.12  |            1\\.99  |\n| **2016**                                    |                   |                   |                    |                   |\n| Operating revenue                           |           $8,195  |           $9,396  |            $9,913  |           $9,052  |\n| Income from operations                      |              649  |            1,060  |             1,624  |            1,005  |\n| Net income                                  |              313  |              588  |               965  |              397  |\n| Basic earnings per share                    |            0\\.88  |            1\\.78  |             3\\.02  |            1\\.26  |\n| Diluted earnings per share                  |            0\\.88  |            1\\.78  |             3\\.01  |            1\\.26  |\n\n\n\n100"}
{"_id": "United-2017_131.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|                |                            |\n| -------------- | -------------------------- |\n|  **ITEM 16\\.** | **FORM  10\\-K SUMMARY\\.**  |\n\n\n\nNone\\.\n\n132"}
{"_id": "United-2019_87.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUAL's quarterly financial data is subject to seasonal fluctuations and historically its second and third quarter financial results, which reflect higher travel demand, are better than its first and fourth quarter financial results\\. UAL's quarterly results were impacted by the following significant items (in millions):\n\n\n\n|                                                                                            |                      |                   |                      |                   |\n| ------------------------------------------------------------------------------------------ | -------------------- | ----------------- | -------------------- | ----------------- |\n|                                                                                            | **Quarter Ended**    | **Quarter Ended** | **Quarter Ended**    | **Quarter Ended** |\n|                                                                                            | **March 31**         | **June 30**       | **September 30**     | **December 31**   |\n| **2019**                                                                                   |                      |                   |                      |                   |\n| Impairment of assets                                                                       | 8                    | 61                | \u2014                    | 102               |\n| Severance and benefit costs                                                                | 6                    | 6                 | 2                    | 2                 |\n| (Gains) losses on sale of assets and other special charges                                 | 4                    | 4                 | 25                   | 26                |\n| Total operating special charges                                                            | 18                   | 71                | 27                   | 130               |\n| Nonoperating unrealized (gains) losses on investments                                      | (17<br><br>)         | (34<br><br>)      | (21<br><br>)         | (81<br><br>)      |\n| Total special charges and unrealized (gains) losses on investments                         | 1                    | 37                | 6                    | 49                |\n| Income tax benefit related to special charges and unrealized (gains) losses on investments | \u2014                    | (8<br><br>)       | (2<br><br>)          | (11<br><br>)      |\n| Total special charges and unrealized (gains) losses on investments, net of income tax      | 1                    | 29                | 4                    | 38                |\n| **2018**                                                                                   |                      |                   |                      |                   |\n| Impairment of assets                                                                       | $23                  | $111              | $11                  | $232              |\n| Termination of an engine maintenance service agreement                                     | \u2014                    | \u2014                 | \u2014                    | 64                |\n| Severance and benefit costs                                                                | 14                   | 11                | 9                    | 7                 |\n| (Gains) losses on sale of assets and other special charges                                 | 3                    | 7                 | (3<br><br>)          | (2<br><br>)       |\n| Total operating special charges                                                            | 40                   | 129               | 17                   | 301               |\n| Nonoperating unrealized (gains) losses on investments                                      | (45<br><br>)         | 135               | (29<br><br>)         | (56<br><br>)      |\n| Total special charges and unrealized (gains) losses on investments                         | (5<br><br>)          | 264               | (12<br><br>)         | 245               |\n| Income tax benefit related to special charges and unrealized (gains) losses on investments | 1                    | (59<br><br>)      | 3                    | (55<br><br>)      |\n| Income tax adjustments                                                                     | \u2014                    | \u2014                 | \u2014                    | (5<br><br>)       |\n| Total special charges and unrealized (gains) losses on investments, net of income tax      | $<br><br>(4<br><br>) | $205              | $<br><br>(9<br><br>) | $185              |\n\n\n\nSee Note 14 of this report for additional information related to these items\\.\n\n88"}
{"_id": "United-2018_11.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nadverse effects of any future terrorist attacks, international hostilities or other security events\\. Any such events could have a material adverse impact on the Company's financial condition, liquidity and operating results\\.\n\n***Increasing privacy and data security obligations or a significant data breach may adversely affect the Company's business\\.*** \n\nThe Company is subject to increasing legislative, regulatory and customer focus on privacy issues and data security\\. Also, a number of the Company's commercial partners, including credit card companies, have imposed data security standards that the Company must meet\\. These standards continue to evolve\\. The Company will continue its efforts to meet its privacy and data security obligations; however, it is possible that certain new obligations may be difficult to meet and could increase the Company's costs\\. \n\nAdditionally, the Company must manage evolving cybersecurity risks\\. Our network systems and storage applications, and those systems and storage and other business applications maintained by our third\\-party providers, may be subject to attempts to gain unauthorized access, breach, malfeasance or other system disruptions\\. In some cases, it is difficult to anticipate or to detect immediately such incidents and the damage caused thereby\\. While we continually work to safeguard our internal network systems and validate the security of our third\\-party providers, including through information security policies and employee awareness and training, there is no assurance that such actions will be sufficient to prevent cyber\\-attacks or security breaches\\. The loss, disclosure, misappropriation of or access to customers', employees' or business partners' information or the Company's failure to meet its obligations could result in legal claims or proceedings, penalties and remediation costs\\. A significant data breach or the Company's failure to meet its obligations may adversely affect the Company's reputation, business, operating results and financial condition\\.\n\n***Disruptions to our regional network and United Express flights provided by third\\-party regional carriers could adversely affect our business, operating results and financial condition\\.***\n\nThe Company has contractual relationships with various regional carriers to provide regional aircraft service branded as United Express\\. These regional operations are an extension of the Company's mainline network and complement the Company's operations by carrying traffic that connects to mainline service and allows flights to smaller cities that cannot be provided economically with mainline aircraft\\. The Company's business and operations are dependent on its regional flight network, with regional capacity accounting for approximately 11% of the Company's total capacity for the year ended December 31, 2018\\.\n\nAlthough the Company has agreements with its regional carriers that include contractually agreed performance metrics, each regional carrier is a separately certificated commercial air carrier and the Company does not control the operations of these carriers\\. A number of factors may impact the Company's regional network, including weather\\-related effects and seasonality\\. In addition, the decrease in qualified pilots driven by changes to federal regulations has adversely impacted and could continue to affect the Company's regional flying\\. For example, the FAA's expansion of minimum pilot qualification standards, including a requirement that a pilot have at least 1,500 total flight hours, as well as the FAA's revised pilot flight and duty time requirements under Part 117 of the Federal Aviation Regulations, have contributed to a smaller supply of pilots available to regional carriers\\. The decrease in qualified pilots resulting from the regulations as well as factors including a decreased student pilot population and a shrinking U\\.S\\. military from which to hire qualified pilots, could adversely impact the Company's operations and financial condition, and could also require the Company to reduce regional carrier flying\\. \n\nIf a significant disruption occurs to the Company's regional network or flights or if one or more of the regional carriers with which the Company has relationships is unable to perform their obligations over an extended period of time, there could be a material adverse effect on the Company's business, financial condition and operating results\\.\n\n***Current or future litigation and regulatory actions, or failure to comply with the terms of any settlement, order or arrangement relating to these actions, could have a material adverse impact on the Company\\.*** \n\nFrom time to time, we are subject to litigation and other legal and regulatory proceedings relating to our business or investigations or other actions by governmental agencies, including as described in Part I, Item 3, Legal Proceedings, of this report\\. No assurances can be given that the results of these or new matters will be favorable to us\\. An adverse resolution of lawsuits, arbitrations, investigations or other proceedings or actions could have a material adverse effect on our financial condition and operating results, including as a result of non\\-monetary remedies, and could also result in adverse publicity\\. Defending ourselves in these matters may be time\\-consuming, expensive and disruptive to normal business operations and may result in significant expense and a diversion of management's time and attention from the operation of our business, which could impede our ability to achieve our business objectives\\. Additionally, any amount that we may be required to pay to satisfy a judgment, settlement, fine or penalty may not be covered by insurance\\. If we fail to comply with the terms contained in any settlement, order or agreement with a governmental authority relating to these matters, we could be subject to criminal or civil penalties, which could have a material adverse impact on the Company\\. Under our charter and certain indemnification agreements that we have entered into (and may in the future enter into) with our officers, directors and certain third parties, we \n\n12"}
{"_id": "Alaska-2019_14.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nAlaska\u2019s union contracts at December 31, 2019 were as follows: \n\n\n\n|                                                                     |                                                                     |  |  |  |                                        |                                        |                                        |  |  |  |                     |                     |  |  |  |                      |                      |                      |\n|:------------------------------------------------------------------- |:------------------------------------------------------------------- |:- |:- |:- |:-------------------------------------- |:-------------------------------------- |:-------------------------------------- |:- |:- |:- | -------------------:| -------------------:|:- |:- |:- |:--------------------:|:--------------------:|:--------------------:|\n| Union                                                               | Union                                                               |  |  |  | Employee Group                         | Employee Group                         | Employee Group                         |  |  |  | Number of Employees | Number of Employees |  |  |  |   Contract Status    |   Contract Status    |   Contract Status    |\n| Air Line Pilots Association, International (ALPA)^(a)^              | Air Line Pilots Association, International (ALPA)^(a)^              |  |  |  | Pilots                                 | Pilots                                 | Pilots                                 |  |  |  |              3,048  |              3,048  |  |  |  | Amendable 3/31/2020  | Amendable 3/31/2020  | Amendable 3/31/2020  |\n| Association of Flight Attendants (AFA)                              | Association of Flight Attendants (AFA)                              |  |  |  | Flight attendants                      | Flight attendants                      | Flight attendants                      |  |  |  |              6,043  |              6,043  |  |  |  | Amendable 12/17/2021 | Amendable 12/17/2021 | Amendable 12/17/2021 |\n| International Association of Machinists and Aerospace Workers (IAM) | International Association of Machinists and Aerospace Workers (IAM) |  |  |  | Ramp service and stock clerks          | Ramp service and stock clerks          | Ramp service and stock clerks          |  |  |  |                723  |                723  |  |  |  | Amendable 9/27/2024  | Amendable 9/27/2024  | Amendable 9/27/2024  |\n| IAM                                                                 | IAM                                                                 |  |  |  | Clerical, office and passenger service | Clerical, office and passenger service | Clerical, office and passenger service |  |  |  |              4,443  |              4,443  |  |  |  | Amendable 9/27/2024  | Amendable 9/27/2024  | Amendable 9/27/2024  |\n| Aircraft Mechanics Fraternal Association (AMFA)                     | Aircraft Mechanics Fraternal Association (AMFA)                     |  |  |  | Mechanics, inspectors and cleaners     | Mechanics, inspectors and cleaners     | Mechanics, inspectors and cleaners     |  |  |  |                946  |                946  |  |  |  | Amendable 10/17/2023 | Amendable 10/17/2023 | Amendable 10/17/2023 |\n| Mexico Workers Association of Air Transport^(b)^                    | Mexico Workers Association of Air Transport^(b)^                    |  |  |  | Mexico airport personnel               | Mexico airport personnel               | Mexico airport personnel               |  |  |  |                 92  |                 92  |  |  |  | Amendable 9/29/2019  | Amendable 9/29/2019  | Amendable 9/29/2019  |\n| Transport Workers Union of America (TWU)                            | Transport Workers Union of America (TWU)                            |  |  |  | Dispatchers                            | Dispatchers                            | Dispatchers                            |  |  |  |                 82  |                 82  |  |  |  | Amendable 3/24/2021  | Amendable 3/24/2021  | Amendable 3/24/2021  |\n\n\n\n(a) Negotiations with ALPA for an updated collective bargaining agreement are ongoing as of the date of this filing\\.\n\n(b) As a result of amendments to Mexican labor laws, the Company has up to four years to make changes to the existing labor agreements\\. During that time, the existing contracts remain in place\\.\n\nHorizon\u2019s union contracts at December 31, 2019 were as follows:\n\n\n\n|                                              |                                              |                                              |  |  |  |                                                              |                                                              |                                                              |  |  |  |                     |                     |  |  |  |                      |                      |                      |\n|:-------------------------------------------- |:-------------------------------------------- |:-------------------------------------------- |:- |:- |:- |:------------------------------------------------------------ |:------------------------------------------------------------ |:------------------------------------------------------------ |:- |:- |:- | -------------------:| -------------------:|:- |:- |:- |:--------------------:|:--------------------:|:--------------------:|\n| Union                                        | Union                                        | Union                                        |  |  |  | Employee Group                                               | Employee Group                                               | Employee Group                                               |  |  |  | Number of Employees | Number of Employees |  |  |  |   Contract Status    |   Contract Status    |   Contract Status    |\n| International Brotherhood of Teamsters (IBT) | International Brotherhood of Teamsters (IBT) | International Brotherhood of Teamsters (IBT) |  |  |  | Pilots                                                       | Pilots                                                       | Pilots                                                       |  |  |  |                824  |                824  |  |  |  | Amendable 12/31/2024 | Amendable 12/31/2024 | Amendable 12/31/2024 |\n| AFA^(a)^                                     | AFA^(a)^                                     | AFA^(a)^                                     |  |  |  | Flight attendants                                            | Flight attendants                                            | Flight attendants                                            |  |  |  |                685  |                685  |  |  |  | Amendable 7/18/2019  | Amendable 7/18/2019  | Amendable 7/18/2019  |\n| AMFA                                         | AMFA                                         | AMFA                                         |  |  |  | Mechanics and related classifications                        | Mechanics and related classifications                        | Mechanics and related classifications                        |  |  |  |                261  |                261  |  |  |  | Amendable 12/15/2020 | Amendable 12/15/2020 | Amendable 12/15/2020 |\n| Unifor                                       | Unifor                                       | Unifor                                       |  |  |  | Station personnel in  <br>Vancouver and Victoria, BC, Canada | Station personnel in  <br>Vancouver and Victoria, BC, Canada | Station personnel in  <br>Vancouver and Victoria, BC, Canada |  |  |  |                 40  |                 40  |  |  |  |  Expires 2/13/2022   |  Expires 2/13/2022   |  Expires 2/13/2022   |\n| TWU                                          | TWU                                          | TWU                                          |  |  |  | Dispatchers                                                  | Dispatchers                                                  | Dispatchers                                                  |  |  |  |                 24  |                 24  |  |  |  | Amendable 8/26/2018  | Amendable 8/26/2018  | Amendable 8/26/2018  |\n\n\n\n(a) Negotiations with AFA for an updated collective bargaining agreement are ongoing as of the date of this filing\\.\n\nMcGee Air Services union contract at December 31, 2019 was as follows:\n\n\n\n|       |       |       |  |  |  |                        |                        |                        |  |  |  |                     |                     |  |  |  |                     |                     |                     |\n|:----- |:----- |:----- |:- |:- |:- |:---------------------- |:---------------------- |:---------------------- |:- |:- |:- | -------------------:| -------------------:|:- |:- |:- |:-------------------:|:-------------------:|:-------------------:|\n| Union | Union | Union |  |  |  | Employee Group         | Employee Group         | Employee Group         |  |  |  | Number of Employees | Number of Employees |  |  |  |   Contract Status   |   Contract Status   |   Contract Status   |\n| IAM   | IAM   | IAM   |  |  |  | Fleet and ramp service | Fleet and ramp service | Fleet and ramp service |  |  |  |              1,664  |              1,664  |  |  |  | Amendable 7/19/2023 | Amendable 7/19/2023 | Amendable 7/19/2023 |\n\n\n\n14"}
{"_id": "AmericanAirlines-2019_159.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nReport of Independent Registered Public Accounting Firm\n\nTo the Stockholders and Board of Directors\n\nAmerican Airlines Group Inc\\.:\n\nOpinion on Internal Control Over Financial Reporting \n\nWe have audited American Airlines Group Inc\\. and subsidiaries\u2019 (the Company) internal control over financial reporting as of  December 31, 2019 , based on criteria established in  Internal Control  \u2013  Integrated Framework (2013)  issued by the Committee of Sponsoring Organizations of the Treadway Commission\\. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of  December 31, 2019 , based on criteria established in  Internal Control  \u2013  Integrated Framework (2013)  issued by the Committee of Sponsoring Organizations of the Treadway Commission\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of  December 31, 2019  and  2018 , the related consolidated statements of operations, comprehensive income, cash flows, and stockholders\u2019 equity (deficit) for each of the years in the three\\-year period ended  December 31, 2019 , and the related notes (collectively, the consolidated financial statements), and our report dated  February 19, 2020  expressed an unqualified opinion on those consolidated financial statements\\.\n\nBasis for Opinion\n\nThe Company\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management\u2019s Annual Report on Internal Control over Financial Reporting\\. Our responsibility is to express an opinion on the Company\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk\\. Our audit also included performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\nDefinition and Limitations of Internal Control Over Financial Reporting\n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n/s/ KPMG LLP\n\nDallas, Texas\n\nFebruary 19, 2020\n\n160"}
{"_id": "Alaska-2017_0.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n10\\-K 1 alk10\\-k123117\\.htm 10\\-K \n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, DC 20549**\n\n**FORM 10\\-K**\n\n\n\n|   |                                                                                          |\n| - | ---------------------------------------------------------------------------------------- |\n| x | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\nFor the fiscal year ended December 31, 2017\n\nOR\n\n\n\n|   |                                                                                              |\n| - | -------------------------------------------------------------------------------------------- |\n| \u00a8 | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\nFor the transition period from to \n\n**Commission File Number 1\\-8957**\n\n**ALASKA AIR GROUP, INC\\.**\n\n\n\n|                          |                                          |\n| ------------------------ | ---------------------------------------- |\n| **Delaware**             | **91\\-1292054**                          |\n| (State of Incorporation) | (I\\.R\\.S\\. Employer Identification No\\.) |\n\n\n\n\n\n|                                                              |\n| ------------------------------------------------------------ |\n| **19300 International Boulevard, Seattle, Washington 98188** |\n| **Telephone: (206) 392\\-5040**                               |\n\n\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n\n\n|                                    |                             |\n| ---------------------------------- | --------------------------- |\n| **Common Stock, $0\\.01 Par Value** | **New York Stock Exchange** |\n\n\n\n Securities registered pursuant to Section 12(g) of the Act:\n\n**None**\n\nIndicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\. Yesx No \u00a8\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act\\. Yes \u00a8 No x\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\. Yesx No \u00a8\n\nIndicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S\\-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)\\. Yes x No \u00a8\n\nIndicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K is not contained herein, and will not be contained, to the best of registrant\u2019s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K\\. x\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer or a smaller reporting company\\. See definitions of \u201clarge accelerated filer\u201d, \"accelerated filer\" and \"smaller reporting company\" in Rule 12b\\-2 of the Exchange Act: \n\nLarge accelerated filerx Accelerated filer \u00a8 Non\\-accelerated filer \u00a8 Smaller reporting company \u00a8\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Exchange Act\\.): Yes \u00a8 No x\n\nAs of January 31, 2018, shares of common stock outstanding totaled 122,996,587\\. The aggregate market value of the shares of common stock of Alaska Air Group, Inc\\. held by nonaffiliates on June 30, 2017, was approximately $11\\.1 billion (based on the closing price of $89\\.76 per share on the New York Stock Exchange on that date)\\. \n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\nPortions of Definitive Proxy Statement relating to 2018 Annual Meeting of Shareholders are incorporated by reference in Part III\\."}
{"_id": "Southwest-2019_42.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nCompanion Pass promotion in first quarter 2019 for new Cardholders\\. The Company currently expects Other revenues in  first quarter 2020  to increase, compared with  first quarter 2019 \\. \n\nOperating unit revenues for  2019  increase d by  3\\.7 percent , compared with  2018 \\. Currently, passenger booking and revenue trends remain healthy, and the Company expects  first quarter 2020  RASM to increase in the range of 3\\.5 to 5\\.5 percent, compared with  first quarter 2019 \\. The Company's outlook for  first quarter 2020  year\\-over\\-year RASM includes an estimated 1\\.5 point benefit\u2014approximately one point due to the negative impact to passenger bookings from the U\\.S\\. government shutdown during first quarter 2019 and approximately one\\-half point related to unscheduled maintenance disruptions and related flight cancellations during first quarter 2019\\. Additionally, first quarter 2020 year\\-over\\-year RASM is expected to benefit by approximately two points due to the removal of MAX flights from the Company's schedule, which will result in lower first quarter 2020 capacity\\.\n\nOperating Expenses\n\nOperating expenses for  2019   increase d by  $712 million , or  3\\.8 percent , compared with  2018 , while capacity decreased  1\\.6 percent  over the same period\\. Historically, except for changes in the price of fuel, changes in Operating expenses for airlines have been largely driven by changes in capacity, or ASMs\\. However, the Company's Operating expenses are largely fixed once flight schedules are published and the Company experienced lower than expected ASMs during 2019 due to the MAX groundings\\. Flight cancellations are expected to drive unit cost pressure for the duration of the MAX groundings\\. The following table presents the Company's Operating expenses per ASM for  2019  and  2018 , followed by explanations of these changes on a per ASM basis and dollar basis:\n\n\n\n|                                    |                             |                             |             |             |\n| ---------------------------------- | --------------------------- | --------------------------- | ----------- | ----------- |\n|                                    | **Year ended December 31,** | **Year ended December 31,** | **Per ASM** | **Percent** |\n| (in cents, except for percentages) | **2019**                    | **2018**                    | **change**  | **change**  |\n| Salaries, wages, and benefits      | 5\\.27\u00a2                      | 4\\.79\u00a2                      | 0\\.48\u00a2      | 10\\.0 %     |\n| Fuel and oil                       | 2\\.76                       | 2\\.89                       | (0\\.13)     | (4\\.5)      |\n| Maintenance materials and repairs  | 0\\.78                       | 0\\.69                       | 0\\.09       | 13\\.0       |\n| Landing fees and airport rentals   | 0\\.87                       | 0\\.83                       | 0\\.04       | 4\\.8        |\n| Depreciation and amortization      | 0\\.78                       | 0\\.75                       | 0\\.03       | 4\\.0        |\n| Other operating expenses           | 1\\.92                       | 1\\.79                       | 0\\.13       | 7\\.3        |\n| Total                              | 12\\.38\u00a2                     | 11\\.74\u00a2                     | 0\\.64\u00a2      | 5\\.5 %      |\n\n\n\nOperating expenses per ASM for  2019  increase d by  5\\.5 percent , compared with  2018 , primarily as a result of higher Salaries, wages, and benefits expense\\. See below for further information\\. Operating expenses per ASM for  2019 , excluding Fuel and oil expense and special items (a non\\-GAAP financial measure),  increase d  8\\.5 percent  year\\-over\\-year, also primarily as a result of higher Salaries, wages, and benefits expense\\. See  Note Regarding Use of Non\\-GAAP Financial Measures  and the  Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures  for additional detail regarding non\\-GAAP financial measures\\. Based on current trends, the Company expects its  first quarter 2020  unit costs, excluding Fuel and oil expense and profitsharing expense, to increase in the range of 6\\.0 to 8\\.0 percent, year\\-over\\-year\\. This outlook includes an estimated seven point year\\-over\\-year unit cost headwind in first quarter 2020 driven by lower  first quarter 2020  capacity as a result of the ongoing MAX groundings, which includes the impact of unabsorbed overhead that will be utilized upon the MAX return to service\\. It also includes one to two points of inflation primarily due to higher salaries, wages, and benefits; maintenance expense; and operating expenses related to investments in technology and facilities\\. This inflation will be substantially offset in first quarter 2020 due to the non\\-recurring first quarter 2019 costs associated with the Company's ratified labor agreement with its Mechanics and costs associated with unscheduled maintenance disruptions and related flight cancellations\\.\n\nSalaries, wages, and benefits expense for  2019  increase d by $ 644 million , or  8\\.4 percent , compared with  2018 \\. On a per ASM basis, Salaries, wages, and benefits expense for  2019  increased  10\\.0 percent , compared with  2018 \\. On both a dollar and per ASM basis, the majority of the increases were the result of higher salaries expense, driven by annual wage rate increases as well as increased headcount\\. In addition, the Company's Board of Directors authorized a \n\n43"}
{"_id": "Alaska-2017_70.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nawards redeemed and flown on other airlines (less the cost paid to the other airlines based on contractual agreements)\\. The elements that represent use of the Alaska and Virgin America brands and access to frequent flyer member lists and advertising are recognized as commission income in the period that those elements are sold and included in Other\u2014net revenue in the consolidated statements of operations\\.\n\nFrequent flyer program deferred revenue and liabilities included in the consolidated balance sheets (in millions):\n\n\n\n|                                    |            |          |\n| ---------------------------------- | ---------- | -------- |\n|                                    | **2017**   | **2016** |\n| **Current Liabilities:**           |            |          |\n| Other accrued liabilities          | **$519**   | $484     |\n| **Other Liabilities and Credits:** |            |          |\n| Deferred revenue                   | **699**    | 638      |\n| Other liabilities                  | **26**     | 21       |\n| Total                              | **$1,244** | $1,143   |\n\n\n\nThe amounts recorded in other accrued liabilities relate primarily to deferred revenue expected to be realized within one year, which includes Mileage Plan\u2122 awards that have been issued but not yet flown for $47 million and $43 million at December 31, 2017 and 2016\\.\n\nFrequent flyer program revenue included in the consolidated statements of operations (in millions):\n\n\n\n|                                       |          |          |          |\n| ------------------------------------- | -------- | -------- | -------- |\n|                                       | **2017** | **2016** | **2015** |\n| Passenger revenues                    | **$380** | $293     | $267     |\n| Other ***\u2014*** net revenues            | **482**  | 429      | 329      |\n| Total frequent flyer program revenues | **$862** | $722     | $596     |\n\n\n\nOther***\u2014***net revenue includes commission revenues of $396 million, $329 million, and $280 million in 2017, 2016, and 2015\\.\n\n***Selling Expenses***\n\nSelling expenses include credit card fees, global distribution systems charges, the estimated cost of frequent flyer travel awards earned through air travel, advertising, promotional costs, commissions and incentives\\. Advertising production costs are expensed as incurred\\. Advertising expense was $91 million, $61 million, and $55 million during the years ended December 31, 2017, 2016, and 2015\\.\n\n***Derivative Financial Instruments***\n\nThe Company's operations are significantly impacted by changes in aircraft fuel prices and interest rates\\. In an effort to manage exposure to these risks, the Company periodically enters into fuel and interest rate derivative instruments\\. These derivative instruments are recognized at fair value on the balance sheet and changes in the fair value are recognized in AOCL or in the consolidated statements of operations, depending on the nature of the instrument\\.\n\nThe Company does not apply hedge accounting to its derivative fuel hedge contracts nor does it hold or issue them for trading purposes\\. For cash flow hedges related to interest rate swaps, the effective portion of the derivative represents the change in fair value of the hedge that offsets the change in fair value of the hedged item\\. To the extent the change in the fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is immediately recognized in interest expense\\.\n\n***Fair Value Measurements***\n\nAccounting standards define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date\\. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value\\. There are three levels of inputs that may be used to measure fair value:\n\n*Level 1* \\- Quoted prices in active markets for identical assets or liabilities\\.\n\n 71"}
{"_id": "United-2018_84.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nLoan Agreement, and (2) guaranteed Synergy's obligation to pay Kingsland (which amount, if paid by United, will increase United's secured loan to Synergy by such amount) if the market price of AVH common stock on the fifth anniversary is less than $12 per ADR on the NYSE, for an aggregate maximum possible combined put payment and guarantee amount on the fifth anniversary of $217\\.2 million\\. Accordingly, the Company recorded a liability of $31 million for the fair value of its guarantee to loan additional funds to Synergy if required\\. Any additional loans to Synergy would be collateralized by Synergy's shares of AVH stock and other collateral\\.\n\n***Increased Cost Provisions\\.*** In United's financing transactions that include loans, United typically agrees to reimburse lenders for any reduced returns with respect to the loans due to any change in capital requirements and, in the case of loans in which the interest rate is based on LIBOR, for certain other increased costs that the lenders incur in carrying these loans as a result of any change in law, subject, in most cases, to obligations of the lenders to take certain limited steps to mitigate the requirement for, or the amount of, such increased costs\\. At December 31, 2018, the Company had $3\\.5 billion of floating rate debt and $27 million of fixed rate debt, with remaining terms of up to 12 years, that are subject to these increased cost provisions\\. In several financing transactions involving loans or leases from non\\-U\\.S\\. entities, with remaining terms of up to 12 years and an aggregate balance of $3\\.2 billion, the Company bears the risk of any change in tax laws that would subject loan or lease payments thereunder to non\\-U\\.S\\. entities to withholding taxes, subject to customary exclusions\\.\n\nAs of December 31, 2018, United is the guarantor of $145 million of aircraft mortgage debt issued by one of United's regional carriers\\. The aircraft mortgage debt is subject to similar increased cost provisions as described above for the Company's debt, and the Company would potentially be responsible for those costs under the guarantees\\.\n\n***Fuel Consortia\\.*** United participates in numerous fuel consortia with other air carriers at major airports to reduce the costs of fuel distribution and storage\\. Interline agreements govern the rights and responsibilities of the consortia members and provide for the allocation of the overall costs to operate the consortia based on usage\\. The consortia (and in limited cases, the participating carriers) have entered into long\\-term agreements to lease certain airport fuel storage and distribution facilities that are typically financed through tax\\-exempt bonds, either special facilities lease revenue bonds or general airport revenue bonds, issued by various local municipalities\\. In general, each consortium lease agreement requires the consortium to make lease payments in amounts sufficient to pay the maturing principal and interest payments on the bonds\\. As of December 31, 2018, approximately $1\\.7 billion principal amount of such bonds were secured by significant fuel facility leases in which United participates, as to which United and each of the signatory airlines has provided indirect guarantees of the debt\\. As of December 31, 2018, the Company's contingent exposure was approximately $164 million principal amount of such bonds based on its recent consortia participation\\. The Company's contingent exposure could increase if the participation of other air carriers decreases\\. The guarantees will expire when the tax\\-exempt bonds are paid in full, which ranges from 2022 to 2051\\. The Company did not record a liability at the time these indirect guarantees were made\\.\n\n***Regional Capacity Purchase\\.*** As of December 31, 2018, United had 292 call options to purchase regional jet aircraft being operated by certain of its regional carriers with contract dates extending until 2029\\. These call options are exercisable upon wrongful termination or breach of contract, among other conditions\\. None of the call options were exercisable at December 31, 2018\\.\n\n***Credit Card Processing Agreements\\.*** The Company has agreements with financial institutions that process customer credit card transactions for the sale of air travel and other services\\. Under certain of the Company's credit card processing agreements, the financial institutions in certain circumstances have the right to require that the Company maintain a reserve equal to a portion of advance ticket sales that has been processed by that financial institution, but for which the Company has not yet provided the air transportation\\. Such financial institutions may require additional cash or other collateral reserves to be established or additional withholding of payments related to receivables collected if the Company does not maintain certain minimum levels of unrestricted cash, cash equivalents and short\\-term investments (collectively, \"Unrestricted Liquidity\")\\. The Company's current level of Unrestricted Liquidity is substantially in excess of these minimum levels\\.\n\n***Labor Negotiations\\.*** As of December 31, 2018, United, including its subsidiaries, had approximately 92,000 employees\\. Approximately 83% of United's employees were represented by various U\\.S\\. labor organizations as of December 31, 2018\\.The agreement with the International Brotherhood of Teamsters (the \"IBT\") contains provisions that require the Company to align contract terms with other airlines' workgroups under certain conditions\\.\n\nOn October 23, 2018, United's Catering Operations employees voted to unionize under the Railway Labor Act\\. In an election overseen by the National Mediation Board, UNITE HERE received the majority of the votes and was officially certified to represent United's frontline Catering Operations employees\\. The Company expects contract negotiations to begin in 2019\\.\n\n85"}
{"_id": "AmericanAirlines-2018_52.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nThe table below presents the reconciliation of total operating expenses (GAAP measure) to total operating costs excluding special items and fuel (non\\-GAAP measure)\\. Management uses total operating costs excluding special items and fuel to evaluate our current operating performance and for period\\-to\\-period comparisons\\. The price of fuel, over which we have no control, impacts the comparability of period\\-to\\-period financial performance\\. The adjustment to exclude aircraft fuel and special items allows management an additional tool to understand and analyze our non\\-fuel costs and core operating performance\\.\n\nThe major components of our total CASM and our total CASM excluding special items and fuel for the years ended December 31, 2018 and 2017 are as follows (amounts may not recalculate due to rounding):\n\n\n\n|                                              |                                           |                                           |                                                       |\n| -------------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------------------- |\n|                                              | **Year Ended December 31,**               | **Year Ended December 31,**               | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                              | **2018**                                  | **2017**                                  | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                              | **(In cents, except percentage changes)** | **(In cents, except percentage changes)** | **(In cents, except percentage changes)**             |\n| Total CASM:                                  |                                           |                                           |                                                       |\n| Aircraft fuel and related taxes              | 2\\.86                                     | 2\\.22                                     | 28\\.8                                                 |\n| Salaries, wages and benefits                 | 4\\.34                                     | 4\\.32                                     | 0\\.5                                                  |\n| Maintenance, materials and repairs           | 0\\.73                                     | 0\\.71                                     | 2\\.6                                                  |\n| Other rent and landing fees                  | 0\\.67                                     | 0\\.65                                     | 3\\.1                                                  |\n| Aircraft rent                                | 0\\.45                                     | 0\\.43                                     | 3\\.5                                                  |\n| Selling expenses                             | 0\\.54                                     | 0\\.53                                     | 0\\.9                                                  |\n| Depreciation and amortization                | 0\\.65                                     | 0\\.62                                     | 5\\.9                                                  |\n| Special items, net                           | 0\\.28                                     | 0\\.26                                     | 8\\.3                                                  |\n| Other                                        | 1\\.80                                     | 1\\.78                                     | 1\\.6                                                  |\n| Regional expenses:                           |                                           |                                           |                                                       |\n| Aircraft fuel and related taxes              | 0\\.65                                     | 0\\.50                                     | 30\\.7                                                 |\n| Other                                        | 1\\.88                                     | 1\\.87                                     | 0\\.4                                                  |\n| Total CASM                                   | 14\\.85                                    | 13\\.88                                    | 6\\.9                                                  |\n| Special items, net:                          |   <br>                                    |   <br>                                    |   <br>                                                |\n| Special items, net                           | (0\\.28)                                   | (0\\.26)                                   | 8\\.3                                                  |\n| Regional operating special items, net        | \u2014                                         | (0\\.01)                                   | nm  ^(1)^                                             |\n| Aircraft fuel and related taxes              |   <br>                                    |   <br>                                    |   <br>                                                |\n| Aircraft fuel and related taxes \\- mainline  | (2\\.86)                                   | (2\\.22)                                   | 28\\.8                                                 |\n| Aircraft fuel and related taxes \\- regional  | (0\\.65)                                   | (0\\.50)                                   | 30\\.7                                                 |\n| Total CASM, excluding special items and fuel | 11\\.06                                    | 10\\.90                                    | 1\\.4                                                  |\n\n\n\n^(1)^ Not meaningful\\.\n\nSignificant changes in the components of total CASM are as follows:\n\n\n\n|   |                                                                                                                                                                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Aircraft fuel and related taxes per ASM  increase d  28\\.8%  primarily due to a  29\\.1 %  increase  in the average price per gallon of fuel to  $2\\.21  in  2018  from  $1\\.71  in  2017 , as well as a  1\\.8 % increase in gallons of fuel consumed\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Depreciation and amortization per ASM  increase d  5\\.9%  due in part to our fleet renewal program, as we took delivery of eight owned mainline aircraft in  2018 \\. The continued rollout of Premium Economy and harmonization of seating configurations across our fleet as well as information technology and software development projects associated with our merger integration also drove higher depreciation and amortization expense\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Regional aircraft fuel and related taxes per ASM  increase d  30\\.7%  primarily due to a  28\\.3 %  increase  in the average price per gallon of fuel to  $2\\.30  in  2018  from  $1\\.79  in  2017  as well as a  4\\.0 %  increase  in gallons of fuel consumed\\. |\n\n\n\n53"}
{"_id": "United-2019_16.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nand enjoy other mutual benefits, achieving many of the benefits of consolidation\\. Open Skies agreements, including the longstanding agreements between the United States and each of the EU, Canada, Japan, Korea, New Zealand, Australia, Colombia and Panama, as well as the more recent agreements between the United States and each of Mexico and Brazil, may also give rise to better integration opportunities among international carriers\\. Movement of airlines between current global airline alliances could reduce joint network coverage for members of such alliances while also creating opportunities for JBAs and bilateral alliances that did not exist before such realignment\\. Further airline and airline alliance consolidations or reorganizations could occur in the future\\. The Company routinely engages in analyses and discussions regarding its own strategic position, including current and potential alliances, asset acquisitions and divestitures and may have future discussions with other airlines regarding strategic activities\\. If other airlines participate in such activities, those airlines may significantly improve their cost structures or revenue generation capabilities, thereby potentially making them stronger competitors of the Company and potentially impairing the Company's ability to realize expected benefits from its own strategic relationships\\.\n\nOrders for new aircraft typically must be placed years in advance of scheduled deliveries, and changes in the Company's network strategy over time or other factors outside of the Company's control may make aircraft on order less economic for the Company, result in costs related to modification or termination of aircraft orders or cause the Company to enter into orders for new aircraft on less favorable terms\\.\n\nThe Company's orders for new aircraft are typically made years in advance of actual delivery of such aircraft, and the financial commitment required for purchases of new aircraft is substantial\\. At  December 31, 2019 , the Company had firm commitments to purchase  304  new aircraft from The Boeing Company (\"Boeing\"), Airbus S\\.A\\.S (\"Airbus\") and Embraer S\\.A\\. (\"Embraer\"), as well as related agreements with engine manufacturers, maintenance providers and others\\. As of  December 31, 2019 , the Company's commitments relating to the acquisition of aircraft and related spare engines, aircraft improvements and other related obligations aggregated to a total of  $26\\.7 billion \\.\n\nSubsequent to the Company placing an order for new aircraft, the Company's network strategy may change\\. As a result, the Company's preference for a particular aircraft that it has ordered, often years in advance, may be decreased or eliminated\\. If the Company were to modify or terminate any of its existing aircraft order commitments, it may be responsible for material liabilities to its counterparties arising from any such modification\\. Additionally, the Company may have a need for additional aircraft that are not available under its existing orders\\. In such cases, the Company may seek to acquire aircraft from other sources, such as through lease arrangements, which may result in higher costs or less favorable terms, or through the purchase or lease of used aircraft\\. The Company may not be able to acquire such aircraft when needed on favorable terms or at all\\.\n\nThe imposition of new tariffs, or any increase in existing tariffs, on the importation of commercial aircraft that the Company orders may result in higher costs\\. For example, in October 2019, the United States imposed tariffs on certain imports from the EU, including a customs duty at an ad valorem rate of 10% on new commercial aircraft, which rate, in February 2020, was increased to 15%\\. These tariffs apply to certain new Airbus aircraft that we have on order\\. While the scope and rate of these tariffs are subject to change, if and to the extent these tariffs are imposed on us, they could increase the effective cost of, among other things, new Airbus aircraft\\.\n\nA majority of the Company's aircraft and certain parts are sourced from single suppliers; therefore, the Company would be materially and adversely affected if it were unable to obtain timely deliveries, additional equipment or support from any of these suppliers\\.\n\nThe Company currently sources the majority of its aircraft and many related aircraft parts from Boeing\\. In addition, our aircraft suppliers are dependent on other suppliers for certain other aircraft parts\\. Therefore, if the Company is unable to acquire additional aircraft from Boeing, or if Boeing fails to make timely deliveries of aircraft or to provide adequate support for its products, the Company's operations could be materially and adversely affected\\. The Company is also dependent on a limited number of suppliers for aircraft engines and certain other aircraft parts and could, therefore, also be materially and adversely affected in the event of the unavailability of these engines and other parts\\. \n\nUnion disputes, employee strikes or slowdowns, and other labor\\-related disruptions could adversely affect the Company's operations and could result in increased costs that impair its financial performance\\.\n\nUnited is a highly unionized company\\. As of  December 31, 2019 , the Company and its subsidiaries had approximately  96,000  active employees, of whom approximately  84%  were represented by various U\\.S\\. labor organizations\\. See Part I, Item 1\\. Business\u2014Employees, of this report for additional information on our represented employee groups and collective bargaining agreements\\.\n\nThere is a risk that unions or individual employees might pursue judicial or arbitral claims arising out of changes implemented as a result of the Company entering into collective bargaining agreements with its represented employee groups\\. There is also a possibility that employees or unions could engage in job actions such as slowdowns, work\\-to\\-rule campaigns, sick\\-outs or other \n\n17"}
{"_id": "AmericanAirlines-2018_44.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Severance expenses primarily included costs associated with reductions of management and support staff team members\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(5)^ | Settlement of a private party antitrust lawsuit\\. See Part I, Item 3\\. Legal Proceedings \\- \u201c *Private Party Antitrust Action Related to Passenger Capacity\u201d*  for further discussion\\.  |\n\n\n\n\n\n|       |                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(6)^ | Intangible asset impairment includes a non\\-cash charge to write\\-off our Brazil route authority as a result of the U\\.S\\.\\-Brazil open skies agreement\\. |\n\n\n\n\n\n|       |                                                                                                                              |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------- |\n| ^(7)^ | Bankruptcy obligations that will be settled in shares of our common stock are marked\\-to\\-market based on our stock price\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                             |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(8)^ | Employee bonus expense included costs related to the  $1,000  cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of H\\.R\\. 1, the 2017 Tax Cuts and Jobs Act (the 2017 Tax Act)\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(9)^ | Mark\\-to\\-market adjustments on equity investments relate to net unrealized losses primarily associated with our equity investments in China Southern Airlines and Mesa Air Group, Inc\\. |\n\n\n\n\n\n|        |                                                                                                                    |\n| ------ | ------------------------------------------------------------------------------------------------------------------ |\n| ^(10)^ | Income tax special items for 2018 included an  $18 million  charge related to an international income tax matter\\. |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                                                         |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(11)^ | Impact of the 2017 Tax Act includes an  $823 million  non\\-cash charge to income tax expense to reflect the impact of lower corporate income tax rates on our deferred tax asset and liabilities resulting from the 2017 Tax Act, which reduced the federal corporate income tax rate from 35% to 21%\\. |\n\n\n\n45"}
{"_id": "Delta-2018_48.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nThe impact of a 0\\.50% change in these assumptions is shown in the table below:\n\n\n\n|                                                                 |                                                |                                                |                                                                                    |                                                                                    |\n| --------------------------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------- |\n| **Change in Assumption**                                        |  **Effect on 2019**<br><br>**Pension Expense** |  **Effect on 2019**<br><br>**Pension Expense** | **Effect on Accrued**<br><br>**Pension Liability at**<br><br>**December 31, 2018** | **Effect on Accrued**<br><br>**Pension Liability at**<br><br>**December 31, 2018** |\n| 0\\.50% decrease in weighted average discount rate               | $(5                                            | ) million                                      | $1\\.2                                                                              |  billion                                                                           |\n| 0\\.50% increase in weighted average discount rate               | $3                                             |  million                                       | $(1\\.1                                                                             | ) billion                                                                          |\n| 0\\.50% decrease in expected long\\-term rate of return on assets | $65                                            |  million                                       | $\u2014                                                                                 |   <br>                                                                             |\n| 0\\.50% increase in expected long\\-term rate of return on assets | $(65                                           | ) million                                      | $\u2014                                                                                 |   <br>                                                                             |\n\n\n\nLife Expectancy \\.  Changes in life expectancy may significantly change our benefit obligations and future expense\\. We use the Society of Actuaries (\"SOA\") published mortality data, other publicly available information and our own perspective of future longevity to develop our best estimate of life expectancy\\. The SOA publishes updated mortality tables for U\\.S\\. plans and updated improvement scales\\. Each year we consider updates by the SOA in setting our mortality assumptions for purposes of measuring pension and other postretirement and postemployment benefit obligations\\.\n\nFunding\\.  Our funding obligations for qualified defined benefit plans are governed by the Employee Retirement Income Security Act\\.  The Pension Protection Act of 2006 allows commercial airlines to elect alternative funding rules (\"Alternative Funding Rules\") for defined benefit plans that are frozen\\. We elected the Alternative Funding Rules under which the unfunded liability for a frozen defined benefit plan may be amortized over a fixed 17\\-year period and is calculated using an  8\\.85%  discount rate\\.\n\nWhile the Pension Protection Act makes our funding obligations for these plans more predictable, factors outside our control continue to have an impact on the funding requirements\\. Estimates of future funding requirements are based on various assumptions and can vary materially from actual funding requirements\\. Assumptions include, among other things, the actual and projected market performance of assets, statutory requirements and demographic data for participants\\. For additional information, see  Note 10  of the Notes to the Consolidated Financial Statements\\.\n\nInvestments Valued at Net Asset Value (\"NAV\") Per Share\\.  On an annual basis we assess the potential for adjustments to the fair value of all investments\\.  Certain of our investments valued using NAV as a practical expedient have a lag in the availability of data\\. This primarily applies to private equity, private equity\\-related strategies and real assets\\. We solicit valuation updates from the investment fund managers and use their information and corroborating data from public markets to determine any needed fair value adjustments\\. \n\nRecent Accounting Standards\n\nStandards Effective in Future Years\n\nComprehensive Income \\. In February 2018, the Financial Accounting Standards Board (\"FASB\") issued Accounting Standards Update (\"ASU\") No\\. 2018\\-02, \"Income Statement\u2014Reporting Comprehensive Income (Topic 220)\\.\" This standard provides an option to reclassify stranded tax effects within  accumulated other comprehensive income/(loss) (\"AOCI\")  to retained earnings due to the U\\.S\\. federal corporate income tax rate change in the Tax Cuts and Jobs Act of 2017\\. The adoption of the standard may impact tax amounts stranded in AOCI related to our pension plans\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2018\\. \n\nRecently Adopted Standards\n\nLeases\\.  In 2016, the FASB issued ASU No\\. 2016\\-02, \"Leases (Topic 842)\\.\" This ASU and subsequently issued amendments require leases with durations greater than 12 months to be recognized on the balance sheet\\.  The standard is effective for interim and annual reporting periods beginning after December 15, 2018, and early adoption is permitted\\. \n\n 46"}
{"_id": "Southwest-2018_2.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**PART I**\n\n\n\n|               |                 |\n| ------------- | --------------- |\n|  **Item 1\\.** | ***Business***  |\n\n\n\n**Company Overview** \n\nSouthwest Airlines Co\\. (the \"Company\" or \"Southwest\") operates Southwest Airlines, a major passenger airline that provides scheduled air transportation in the United States and near\\-international markets\\. Southwest commenced service on June 18, 1971, with three Boeing 737 aircraft serving three Texas cities: Dallas, Houston, and San Antonio\\. At December 31, 2018, Southwest operated a total of 750 Boeing 737 aircraft and served 99 destinations in 40 states, the District of Columbia, the Commonwealth of Puerto Rico, and ten near\\-international countries: Mexico, Jamaica, The Bahamas, Aruba, Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos\\.\n\nThe Company is continuing its efforts towards its planned inaugural service to Hawaii in 2019, subject to requisite governmental approvals, including approval from the Federal Aviation Administration (the \"FAA\") for Extended Operations (\"ETOPS\"), a regulatory requirement to operate between the U\\.S\\. mainland and the Hawaiian Islands\\. The Company has announced its intent to serve Honolulu International Airport, Lihue Airport, Kona International Airport at Keahole, and Kahului Airport from four initial California cities: Oakland, San Diego, San Jose, and Sacramento\\. In June 2018, the Company ceased service at Bishop International Airport in Flint, Michigan\\. The Company has further announced its decision to cease service at Benito Ju\u00e1rez Mexico City International Airport, with the last day of service scheduled on March 30, 2019\\. \n\nBased on the most recent data available from the U\\.S\\. Department of Transportation (the \"DOT\"), as of June 30, 2018, Southwest was the largest domestic air carrier in the United States, as measured by the number of domestic originating passengers boarded\\.\n\n**Industry**\n\nThe airline industry has historically been an extremely volatile industry subject to numerous challenges\\. Among other things, it has been cyclical, energy intensive, labor intensive, capital intensive, technology intensive, highly regulated, heavily taxed, and extremely competitive\\. The airline industry has also been particularly susceptible to detrimental events such as economic recessions, acts of terrorism, poor weather, and natural disasters\\.\n\nThe U\\.S\\. airline industry continued to benefit from modest economic growth during 2018, despite a very competitive domestic fare environment\\. The airline industry also experienced a less stable fuel environment in 2018, as compared with recent years, with year\\-over\\-year fuel prices significantly higher throughout most of 2018, before easing in fourth quarter 2018\\. In recent years, the U\\.S\\. airline industry, including Southwest, has increased available seat miles (also referred to as \"capacity,\" an available seat mile is one seat, empty or full, flown one mile and is a measure of space available to carry passengers in a given period), and has also increased the number of seats per trip through slimline seat retrofits and the use of new and larger aircraft\\. Despite recent fuel price volatility, strategic capacity increases are expected to continue in 2019\\.\n\nIn 2018, the airline industry continued to be impacted by the significant growth of \"Ultra\\-Low Cost Carriers\" (\"ULCCs\")\\. ULCCs provide \"unbundled\" service offerings, which enable them to appeal to price\\-sensitive travelers through promotion to consumers of an extremely low relative base fare for a seat, while separately charging for related services and products\\. In response, certain major U\\.S\\. airlines have introduced and have continued to expand new cabin segmentation fare products, such as a \"basic economy\" product\\. The basic economy product provides for a lowerbase fare to compete with a ULCC base fare, but may include significant additional restrictions on amenities such as seat assignments (including restrictions on group and family seating), order of boarding, checked baggage and use of overhead bin space, flight changes and refunds, and eligibility for upgrades\\. Also in response to competitive ULCC pricing, some carriers removed their fare floors for certain routes, leading to a lower fare offering across the industry\\. Further, to better derive revenue from customers, some carriers offer a \"premium economy\" fare that targets consumers willing to pay extra for additional amenities such as more favorable seating options in segmented aircraft\\.\n\n**Company Operations** \n\n3"}
{"_id": "Southwest-2017_115.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Equity Compensation Plan Information**\n\n\n\n|                                                            |                                                                                                                                                                                   |     |                                                                                                                                              |     |                                                                                                                                                                                                                       |     |\n| ---------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --- | -------------------------------------------------------------------------------------------------------------------------------------------- | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --- |\n| **Plan Category**                                          | **Number of Securities**<br><br>**to be Issued Upon**<br><br>**Exercise of**<br><br>**Outstanding**<br><br>**Options,**<br><br>**Warrants, and**<br><br>**Rights**<br><br>**(a)** |     | **Weighted\\-Average**<br><br>**Exercise Price of**<br><br>**Outstanding Options,**<br><br>**Warrants, and**<br><br>**Rights**<br><br>**(b)** |     | **Number of Securities Remaining Available for**<br><br>**Future Issuance Under**<br><br>**Equity Compensation**<br><br>**Plans (Excluding**<br><br>**Securities Reflected**<br><br>**in Column (a))**<br><br>**(c)** |     |\n| Equity Compensation Plans Approved by Security Holders     | 1,406,539                                                                                                                                                                         | (1) | $9\\.43                                                                                                                                       | (2) | 30,454,580                                                                                                                                                                                                            | (3) |\n| Equity Compensation Plans not Approved by Security Holders | 2,100                                                                                                                                                                             |     | $9\\.43                                                                                                                                       |     | \u2014                                                                                                                                                                                                                     |     |\n| Total                                                      | 1,408,639                                                                                                                                                                         |     | $9\\.43                                                                                                                                       | (2) | 30,454,580                                                                                                                                                                                                            |     |\n\n\n\n\n\n|     |                                                                                                                                                                                           |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (1) | Includes  112,285  shares of common stock issuable upon exercise of outstanding stock options and  1,294,254  restricted share units settleable in shares of the Company\u2019s common stock\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                            |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (2) | The weighted\\-average exercise price does not take into account the restricted share units discussed in footnote (1) above because the restricted share units do not have an exercise price upon vesting\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (3)  | Of these shares, (i)  8,830,202  shares remained available for issuance under the Company\u2019s tax\\-qualified employee stock purchase plan; and (ii)  21,624,378  shares remained available for issuance under the Company\u2019s 2007 Equity Incentive Plan in connection with the exercise of stock options and stock appreciation rights, the settlement of awards of restricted stock, restricted stock units, and phantom shares, and the grant of unrestricted shares of common stock; however, no more than  1,211,599  shares remain available for grant in connection with awards of unrestricted shares of common stock, stock\\-settled phantom shares, and awards to non\\-Employee members of the Board\\. These shares are in addition to the shares reserved for issuance pursuant to outstanding awards included in column (a)\\. |\n\n\n\nSee Note 9 to the Consolidated Financial Statements for information regarding the material features of the above plans\\. Each of the above plans provides that the number of shares with respect to which options may be granted, the number of shares of common stock subject to an outstanding option, and the number of restricted share units granted shall be proportionately adjusted in the event of a subdivision or consolidation of shares or the payment of a stock dividend on common stock, and the purchase price per share of outstanding options shall be proportionately revised\\.\n\n**Item 13\\.** ***Certain Relationships and Related Transactions, and Director Independence***\n\nThe information required by this Item 13 will be set forth under the heading \u201cCertain Relationships and Related Transactions, and Director Independence\u201d in the Proxy Statement for the Company\u2019s 2018 Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\n**Item 14\\.** ***Principal Accounting Fees and Services***\n\nThe information required by this Item 14 will be set forth under the heading \u201cRelationship with Independent Auditors\u201d in the Proxy Statement for the Company\u2019s 2018 Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\n116"}
{"_id": "Alaska-2017_5.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n*Defend and grow our customer base*\n\nCompetition in our markets is fierce and we know we must defend our customer base as we grow our network presence, by providing our guests with an increased choice of schedule times and fares, and allowing us to effectively compete for new guests\\. We will continue to introduce guests to our award\\-winning service, Mileage Plan\u2122 program, and Visa signature credit card as we grow our network\\. We work hard to ensure our guests have a great experience on our airlines and provide an exceptional product at a low fare\\.\n\n*Win with low costs and low fares*\n\nWe believe that our low\\-fare model gives us a competitive advantage by providing value to, and building trust with our guests\\. We also know that, in order to provide low fares in our growing network, while returning value to our shareholders, it is imperative for us to maintain a competitive cost structure\\. In 2017, our unit costs, excluding fuel and special items, remained flat year over year on a consolidated basis\\. We understand the importance of low costs to the business model and the success of the company and we have a long track record of reducing unit costs\\. Although our unit costs are expected to rise in 2018 primarily due to pilot wages and maintenance costs, we continue to focus on productivity, cost management, low overhead and leveraging capacity growth\\. We also manage increasing fuel costs by flying larger, more fuel\\-efficient aircraft, which have increased our fuel efficiency as measured by available seat miles flown per gallon by 3\\.5% over the last five years\\. As we continue to integrate Virgin America into our operations, we are committed to achieving our stated cost and revenue synergy goals\\. It is critical that we achieve these goals in order to continue our cost reduction efforts\\. \n\nDuring fiscal 2017, we added 44 new markets to the combined network\\. For 2018, we plan to grow our system\\-wide capacity approximately 7\\.5% as compared to 2017\\. Approximately 70% of growth in 2018 is attributable to existing routes and locations, with the rest attributable to our plans to fly 13 daily departures from Paine Field\\-Snohomish County Airport in Everett, Washington to eight West Coast markets starting in fall 2018\\.\n\n**AIR GROUP**\n\nAlaska Air Group is a Delaware corporation incorporated in 1985 and the holding company of Alaska, Virgin America, Horizon, McGee Air Services, a wholly\\-owned subsidiary of Alaska, and other business units\\. Alaska, Virgin America and Horizon operate as airlines however, the business plans, competition and economic risks differ substantially for Horizon in comparison to Alaska and Virgin America\\. McGee Air Services operates as an aviation services provider, focused on providing ground and ramp handling services to airlines\\. Alaska Airlines is an Alaska corporation that was organized in 1932 and incorporated in 1937\\. Virgin America is a Delaware corporation that was incorporated in 2004 and acquired by Air Group on December 14, 2016\\. Horizon is a Washington corporation that began service and was incorporated in 1981\\. It was acquired by Air Group in 1986\\. McGee Air Services is a Delaware corporation that was incorporated in 2016\\. Alaska and Virgin America operate fleets of narrowbody passenger jets\\. Together, the operations of Alaska and Virgin America are referred to as \"mainline\" operations\\. Alaska also contracts with Horizon, SkyWest Airlines, Inc\\. (SkyWest) and Peninsula Airways, Inc\\. (PenAir) for regional capacity such that Alaska receives all passenger revenue from those flights\\. Horizon began operating E175 regional jet aircraft in 2017 in addition to its fleet of turboprop aircraft and sells all of its capacity to Alaska pursuant to a capacity purchase agreement (CPA)\\. The majority of our revenues are generated by transporting passengers\\. The percentage of revenues by category is as follows:\n\n\n\n|                            |          |                    |          |          |          |\n| -------------------------- | -------- | ------------------ | -------- | -------- | -------- |\n|                            | **2017** | **2016** **^(a)^** | **2015** | **2014** | **2013** |\n| Mainline passenger revenue | 74%      | 69%                | 70%      | 70%      | 70%      |\n| Regional passenger revenue | 12%      | 15%                | 15%      | 15%      | 16%      |\n| Other revenue              | 13%      | 14%                | 13%      | 13%      | 12%      |\n| Freight and Mail revenue   | 1%       | 2%                 | 2%       | 2%       | 2%       |\n| Total                      | 100%     | 100%               | 100%     | 100%     | 100%     |\n\n\n\n\n\n|     |                                                                                                      |\n| --- | ---------------------------------------------------------------------------------------------------- |\n| (a) | Includes information for Virgin America for the period December 14, 2016 through December 31, 2016\\. |\n\n\n\nWe attempt to deploy aircraft into the network in ways that best optimize our revenues and profitability and reduce our seasonality\\.\n\n 6"}
{"_id": "Alaska-2017_59.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**SELECTED QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (unaudited)**\n\n\n\n|                                   |                   |                   |                    |                    |                   |                   |                    |                    |\n| --------------------------------- | ----------------- | ----------------- | ------------------ | ------------------ | ----------------- | ----------------- | ------------------ | ------------------ |\n|                                   | **First Quarter** | **First Quarter** | **Second Quarter** | **Second Quarter** | **Third Quarter** | **Third Quarter** | **Fourth Quarter** | **Fourth Quarter** |\n| *(in millions, except per share)* | **2017**          | **2016**          | **2017**           | **2016**           | **2017**          | **2016**          | **2017**           | **2016**           |\n| Operating revenues                | **$1,749**        | $1,347            | **$2,102**         | $1,494             | **$2,120**        | $1,566            | **$1,962**         | $1,524             |\n| Operating income                  | **166**           | 290               | **493**            | 418                | **439**           | 400               | **162**            | 241                |\n| Net income                        | **99**            | 184               | **296**            | 260                | **266**           | 256               | **373**            | 114                |\n| Basic earnings per share ^(a)^    | **0\\.80**         | 1\\.47             | **2\\.40**          | 2\\.11              | **2\\.15**         | 2\\.08             | **3\\.03**          | 0\\.92              |\n| Diluted earnings per share ^(a)^  | **0\\.79**         | 1\\.46             | **2\\.38**          | 2\\.10              | **2\\.14**         | 2\\.07             | **3\\.02**          | 0\\.92              |\n\n\n\n\n\n|       |                                                                                                             |\n| ----- | ----------------------------------------------------------------------------------------------------------- |\n| ^(a)^ | For earnings per share, the sum of the quarters may not equal the total for the full year due to rounding\\. |\n\n\n\n 60"}
{"_id": "United-2019_66.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nAdditionally, the Company did not satisfy the minimum taxable income requirement to benefit from the 50% GILTI deduction provided by the Tax Act\\. \n\nTemporary differences and carryforwards that give rise to deferred tax assets and liabilities at  December 31, 2019  and  2018  were as follows (in millions): \n\n\n\n|                                                                   |                          |                          |                          |                          |\n| ----------------------------------------------------------------- | ------------------------ | ------------------------ | ------------------------ | ------------------------ |\n|                                                                   | **UAL**                  | **UAL**                  | **United**               | **United**               |\n|                                                                   | **2019**                 | **2018**                 | **2019**                 | **2018**                 |\n| Deferred income tax asset (liability):                            |                          |                          |                          |                          |\n| Federal and state net operating loss (\"NOL\") carryforwards        | $695                     | $398                     | $668                     | $371                     |\n| Deferred revenue                                                  | 1,287                    | 1,232                    | 1,287                    | 1,232                    |\n| Employee benefits, including pension, postretirement and medical  | 715                      | 885                      | 715                      | 885                      |\n| Operating lease liabilities                                       | 1,256                    | 1,338                    | 1,256                    | 1,338                    |\n| Other                                                             | 165                      | 229                      | 165                      | 229                      |\n| Less: Valuation allowance                                         | (58<br><br>)             | (59<br><br>)             | (58<br><br>)             | (59<br><br>)             |\n| Total deferred tax assets                                         | $4,060                   | $4,023                   | $4,033                   | $3,996                   |\n| Depreciation                                                      | $<br><br>(4,011<br><br>) | $<br><br>(2,929<br><br>) | $<br><br>(4,011<br><br>) | $<br><br>(2,929<br><br>) |\n| Operating lease right\\-of\\-use asset                              | (1,061<br><br>)          | (1,173<br><br>)          | (1,061<br><br>)          | (1,173<br><br>)          |\n| Intangibles                                                       | (724<br><br>)            | (749<br><br>)            | (724<br><br>)            | (749<br><br>)            |\n| Total deferred tax liabilities                                    | $<br><br>(5,796<br><br>) | $<br><br>(4,851<br><br>) | $<br><br>(5,796<br><br>) | $<br><br>(4,851<br><br>) |\n| Net deferred tax liability                                        | $<br><br>(1,736<br><br>) | $<br><br>(828<br><br>)   | $<br><br>(1,763<br><br>) | $<br><br>(855<br><br>)   |\n\n\n\nUnited and its domestic consolidated subsidiaries file a consolidated federal income tax return with UAL\\. Under an intercompany tax allocation policy, United and its subsidiaries compute, record and pay UAL for their own tax liability as if they were separate companies filing separate returns\\. In determining their own tax liabilities, United and each of its subsidiaries take into account all tax credits or benefits generated and utilized as separate companies and they are each compensated for the aforementioned tax benefits only if they would be able to use those benefits on a separate company basis\\.\n\nThe Company's federal and state NOL carryforwards relate to prior years' NOLs, which may be used to reduce tax liabilities in future years\\. These tax benefits are mostly attributable to federal pre\\-tax NOL carryforwards of   $3\\.0 billion  for UAL\\. If not utilized these federal pre\\-tax NOLs will expire as follows (in billions):   $0\\.7 billion  in 2030,   $0\\.5 billion  in 2033, and   $0\\.5 billion  in 2034\\. The remaining   $1\\.3 billion  of NOLs has no expiration date\\. In addition, for UAL the majority of tax benefits of the state NOLs of   $100 million  expire over a  five  to  twenty  year period\\. We have recorded a   $45 million  valuation allowance against these state NOLs\\.\n\nThe Company's unrecognized tax benefits related to uncertain tax positions were   $53 million ,   $39 million  and   $21 million  at December 31,  2019 ,  2018  and  2017 , respectively\\. Included in the ending balance at  December 31, 2019  is   $53 million  that would affect the Company's effective tax rate if recognized\\. The changes in unrecognized tax benefits relating to settlements with taxing authorities, unrecognized tax benefits as a result of tax positions taken during a prior period and unrecognized tax benefits relating from a lapse of the statute of limitations were immaterial during  2019 ,  2018  and  2017 \\. The Company does not expect significant increases or decreases in their unrecognized tax benefits within the next  12 months \\. There are no material amounts included in the balance at  December 31, 2019  for tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility\\.\n\nThe Company's federal income tax returns for tax years after 2002 remain subject to examination by the Internal Revenue Service (the \"IRS\") and state taxing jurisdictions\\. We are currently under audit by the IRS for the 2016 and 2017 tax years\\.\n\n67"}
{"_id": "AmericanAirlines-2018_163.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(e)^ | Includes limited partnerships that invest primarily in U\\.S\\. ( 94% ) and European ( 6% ) buyout opportunities of a range of privately held companies\\. The pension plan\u2019s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated\\. It is estimated that the underlying assets of these funds will be gradually liquidated over the next  one  to  ten years \\. Additionally, the pension plan\u2019s master trust has future funding commitments of approximately  $903 million  over the next  ten years \\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(f)^ | Investment includes  42%  in a collective interest trust investing primarily in short\\-term securities,  40%  in an emerging market 103\\-12 Investment Trust with investments in emerging country equity securities,  10%  in Canadian segregated balanced value, income growth and diversified pooled funds and  8%  in a common/collective trust investing in securities of smaller companies located outside the U\\.S\\., including developing markets\\. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                            |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(g)^ | Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy\\. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements\\. |\n\n\n\nChanges in fair value measurements of Level 3 investments during the year ended December 31, 2018, were as follows (in millions):\n\n\n\n|                                                     |                                 |                                                  |\n| --------------------------------------------------- | ------------------------------- | ------------------------------------------------ |\n|                                                     | **Private Market Partnerships** | **Insurance Group**<br><br>**Annuity Contracts** |\n| Beginning balance at December 31, 2017              | $14                             | $2                                               |\n| Actual loss on plan assets:                         |                                 |                                                  |\n| Relating to assets still held at the reporting date | (2)                             | \u2014                                                |\n| Purchases                                           | 1                               | \u2014                                                |\n| Sales                                               | (6)                             | \u2014                                                |\n| Ending balance at December 31, 2018                 | $7                              | $2                                               |\n\n\n\nChanges in fair value measurements of Level 3 investments during the year ended December 31, 2017, were as follows (in millions):\n\n\n\n|                                                     |                                            |                                                  |\n| --------------------------------------------------- | ------------------------------------------ | ------------------------------------------------ |\n|                                                     | **Private Market**<br><br>**Partnerships** | **Insurance Group**<br><br>**Annuity Contracts** |\n| Beginning balance at December 31, 2016              | $21                                        | $2                                               |\n| Actual loss on plan assets:                         |                                            |                                                  |\n| Relating to assets still held at the reporting date | (4)                                        | \u2014                                                |\n| Purchases                                           | 1                                          | \u2014                                                |\n| Sales                                               | (1)                                        | \u2014                                                |\n| Transfers out                                       | (3)                                        | \u2014                                                |\n| Ending balance at December 31, 2017                 | $14                                        | $2                                               |\n\n\n\nThe fair value of American\u2019s retiree medical and other postretirement benefits plans assets at December 31, 2018 by asset category, were as follows (in millions):\n\n\n\n|                          |                                                                                                     |                                                                              |                                                                                |                                                     |\n| ------------------------ | --------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                          | **Fair Value Measurements as of December 31, 2018**                                                 | **Fair Value Measurements as of December 31, 2018**                          | **Fair Value Measurements as of December 31, 2018**                            | **Fair Value Measurements as of December 31, 2018** |\n| **Asset Category**       | **Quoted Prices in**<br><br>**Active Markets for**<br><br>**Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Money market fund        | $4                                                                                                  | $\u2014                                                                           | $\u2014                                                                             | $4                                                  |\n| Mutual funds \u2013 AAL Class | \u2014                                                                                                   | 221                                                                          | \u2014                                                                              | 221                                                 |\n| Total                    | $4                                                                                                  | $221                                                                         | $\u2014                                                                             | $225                                                |\n\n\n\n164"}
{"_id": "AmericanAirlines-2018_62.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n*Operating Expenses*\n\n\n\n|                                    |                                              |                                              |                                              |                                                       |\n| ---------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                    | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                    | **2017**                                     | **2016**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                    | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Aircraft fuel and related taxes    | $6,128                                       | $5,071                                       | $1,057                                       | 20\\.8                                                 |\n| Salaries, wages and benefits       | 11,942                                       | 10,958                                       | 984                                          | 9\\.0                                                  |\n| Maintenance, materials and repairs | 1,959                                        | 1,834                                        | 125                                          | 6\\.8                                                  |\n| Other rent and landing fees        | 1,806                                        | 1,772                                        | 34                                           | 1\\.9                                                  |\n| Aircraft rent                      | 1,197                                        | 1,203                                        | (6)                                          | (0\\.4)                                                |\n| Selling expenses                   | 1,477                                        | 1,323                                        | 154                                          | 11\\.6                                                 |\n| Depreciation and amortization      | 1,702                                        | 1,525                                        | 177                                          | 11\\.6                                                 |\n| Special items, net                 | 712                                          | 709                                          | 3                                            | 0\\.5                                                  |\n| Other                              | 4,910                                        | 4,641                                        | 269                                          | 5\\.8                                                  |\n| Regional expenses:                 |                                              |                                              |                                              |                                                       |\n| Aircraft fuel and related taxes    | 1,382                                        | 1,109                                        | 273                                          | 24\\.6                                                 |\n| Other                              | 5,190                                        | 4,900                                        | 290                                          | 5\\.9                                                  |\n| Total operating expenses           | $38,405                                      | $35,045                                      | $3,360                                       | 9\\.6                                                  |\n\n\n\nTotal operating expenses increased $3\\.4 billion, or 9\\.6%, in 2017 from 2016\\. The increase in operating expenses was primarily driven by an increase in fuel costs and higher wage rates\\.\n\nSignificant changes in the components of American\u2019s total operating expenses are as follows:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Aircraft fuel and related taxes  increase d  20\\.8 % primarily due to a  21\\.4 %  increase  in the average price per gallon of fuel to  $1\\.71  in  2017  from  $1\\.41  in  2016 , offset in part by a  0\\.5 %  decrease  in gallons of fuel consumed\\. The  decrease  in fuel consumption was primarily driven by the operation of more fuel efficient aircraft during  2017  in connection with American\u2019s fleet renewal program\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Salaries, wages and benefits  increase d  9\\.0 % primarily due to mid\\-contract pay rate increases for pilots and flight attendants effective in the second quarter of 2017, as well as rate increases for maintenance and fleet service work groups, which became effective in the third quarter of 2016\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Maintenance, materials and repairs  increase d  6\\.8 % as compared to  2016  primarily due to a contract change that accelerated the timing of certain maintenance expenses incurred\\. Certain flight equipment was transitioned to a new flight hour based contract (referred to as power by the hour) where expense is incurred and recognized based on actual hours flown\\. Previously, this flight equipment was covered by a time and materials based contract where expense is incurred and recognized as maintenance is performed\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                 |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Selling expenses  increase d  11\\.6 % primarily due to higher commissions driven by the overall increase in revenues as well as an increase in flown premium tickets, which are subject to higher commissions\\. |\n\n\n\n\n\n|   |                                                                                                                                                                         |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Depreciation and amortization  increase d  11\\.6 % primarily due to American\u2019s fleet renewal program, as American took delivery of 57 owned mainline aircraft in 2017\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Regional aircraft fuel and related taxes  increase d  24\\.6 % primarily due to a  21\\.2 %  increase  in the average price per gallon of fuel to  $1\\.79  in  2017  from  $1\\.48  in  2016  as well as a  2\\.8 %  increase  in gallons of fuel consumed\\.  |\n\n\n\n63"}
{"_id": "AmericanAirlines-2019_130.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n\n\n|        |                                                                                                                                                                                                                                                                                                                   |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(10)^ | Impact of the 2017 Tax Act includes a   $924 million  non\\-cash charge to income tax expense to reflect the impact of lower corporate income tax rates on the Company\u2019s deferred tax asset and liabilities resulting from the 2017 Tax Act, which reduced the federal corporate income tax rate from 35% to 21%\\. |\n\n\n\n3\\. Debt\n\nLong\\-term debt included on American\u2019s consolidated balance sheets consisted of (in millions):\n\n\n\n|                                                                                                                                                               |                  |                  |\n| ------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                                                                                               | **December 31,** | **December 31,** |\n|                                                                                                                                                               | **2019**         | **2018**         |\n| *Secured*                                                                                                                                                     |                  |                  |\n| 2013 Credit Facilities, variable interest rate of 3\\.54%, installments through 2025  ^(a)^                                                                    | $1,807           | $1,825           |\n| 2014 Credit Facilities, variable interest rate of 3\\.72%, installments through 2021  ^(a)^                                                                    | 1,202            | 1,215            |\n| April 2016 Credit Facilities, variable interest rate of 3\\.80%, installments through 2023  ^(a)^                                                              | 970              | 980              |\n| December 2016 Credit Facilities, variable interest rate of 3\\.74%, installments through 2023  ^(a)^                                                           | 1,213            | 1,225            |\n| Enhanced equipment trust certificates (EETCs), fixed interest rates ranging from 3\\.00% to 8\\.39%, averaging 4\\.05%, maturing from 2020 to 2032  ^(b)^        | 11,933           | 11,648           |\n| Equipment loans and other notes payable, fixed and variable interest rates ranging from 2\\.99% to 7\\.31%, averaging 3\\.45%, maturing from 2020 to 2031  ^(c)^ | 4,727            | 5,060            |\n| Special facility revenue bonds, fixed interest rates of 5\\.00%, maturing from 2020 to 2031                                                                    | 725              | 769              |\n| Total long\\-term debt                                                                                                                                         | 22,577           | 22,722           |\n| Less: Total unamortized debt discount, premium and issuance costs                                                                                             | 205              | 219              |\n| Less: Current maturities                                                                                                                                      | 2,246            | 2,466            |\n| Long\\-term debt, net of current maturities                                                                                                                    | $20,126          | $20,037          |\n\n\n\nThe table below shows the maximum availability under revolving credit facilities, all of which were undrawn, as of  December 31, 2019  (in millions):\n\n\n\n|                                      |        |\n| ------------------------------------ | ------ |\n| 2013 Revolving Facility              | $750   |\n| 2014 Revolving Facility              | 1,643  |\n| April 2016 Revolving Facility        | 450    |\n| Other Short\\-term Revolving Facility | 400    |\n| Total                                | $3,243 |\n\n\n\nSecured financings are collateralized by assets, primarily aircraft, engines, simulators, aircraft spare parts, airport gate leasehold rights, route authorities, airport slots and certain pre\\-delivery payments\\. \n\nAt  December 31, 2019 , the maturities of long\\-term debt are as follows (in millions):\n\n\n\n|                     |         |\n| ------------------- | ------- |\n| 2020                | $2,293  |\n| 2021                | 3,508   |\n| 2022                | 1,551   |\n| 2023                | 4,072   |\n| 2024                | 1,521   |\n| 2025 and thereafter | 9,632   |\n| Total               | $22,577 |\n\n\n\n131"}
{"_id": "AmericanAirlines-2018_178.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**PART IV**\n\n**ITEM 15\\. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**\n\n**Consolidated Financial Statements**\n\nThe following consolidated financial statements of American Airlines Group Inc\\. and Independent Auditors\u2019 Report are filed as part of this report:\n\n\n\n|                                                                                                                                                                                             |                                                                                               |\n| ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------- |\n|                                                                                                                                                                                             | **Page**                                                                                      |\n| [Report of Independent Registered Public Accounting Firm](https://americanairlines.gcs-web.com/email-alerts#s4A12AD5A7ED453199168B69D5EF41E40)                                              | <br>[80](https://americanairlines.gcs-web.com/email-alerts#s4A12AD5A7ED453199168B69D5EF41E40) |\n| [Consolidated Statements of Operations for the Years Ended December 31, 2018, 2017 and 2016](https://americanairlines.gcs-web.com/email-alerts#sF1101FD277715FB8BEB52A7E6B1A2D6D)           | <br>[81](https://americanairlines.gcs-web.com/email-alerts#sF1101FD277715FB8BEB52A7E6B1A2D6D) |\n| [Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2018, 2017 and 2016](https://americanairlines.gcs-web.com/email-alerts#sB653FA5C9E14592FA201ABF67E058CFA) | <br>[82](https://americanairlines.gcs-web.com/email-alerts#sB653FA5C9E14592FA201ABF67E058CFA) |\n| [Consolidated Balance Sheets at December 31, 2018 and 2017](https://americanairlines.gcs-web.com/email-alerts#s3CD2E9B8FED05DDEB9EA969B682B3726)                                            | <br>[83](https://americanairlines.gcs-web.com/email-alerts#s3CD2E9B8FED05DDEB9EA969B682B3726) |\n| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2018, 2017 and 2016](https://americanairlines.gcs-web.com/email-alerts#s8F24FE00DB6E59E28D5B33E0947CB011)           | <br>[84](https://americanairlines.gcs-web.com/email-alerts#s8F24FE00DB6E59E28D5B33E0947CB011) |\n| [Consolidated Statements of Stockholders\u2019 Equity for the Years Ended December 31, 2018, 2017 and 2016](https://americanairlines.gcs-web.com/email-alerts#sCAEDC359CB025B798F4DDAFD0F0668F6) | <br>[85](https://americanairlines.gcs-web.com/email-alerts#sCAEDC359CB025B798F4DDAFD0F0668F6) |\n| [Notes to Consolidated Financial Statements](https://americanairlines.gcs-web.com/email-alerts#s3C56451EA1E9515DA14F40E67592802A)                                                           | <br>[86](https://americanairlines.gcs-web.com/email-alerts#s3C56451EA1E9515DA14F40E67592802A) |\n\n\n\nThe following consolidated financial statements of American Airlines, Inc\\. and Independent Auditors\u2019 Report are filed as part of this report:\n\n\n\n|                                                                                                                                                                                             |                                                                                                |\n| ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- |\n|                                                                                                                                                                                             | **Page**                                                                                       |\n| [Report of Independent Registered Public Accounting Firm](https://americanairlines.gcs-web.com/email-alerts#s4829AFE0B57E5A4AA7B530E80D350BF7)                                              | <br>[129](https://americanairlines.gcs-web.com/email-alerts#s4829AFE0B57E5A4AA7B530E80D350BF7) |\n| [Consolidated Statements of Operations for the Years Ended December 31, 2018, 2017 and 2016](https://americanairlines.gcs-web.com/email-alerts#sB7B00638CB47596CA0E91BA408E3DB9F)           | <br>[130](https://americanairlines.gcs-web.com/email-alerts#sB7B00638CB47596CA0E91BA408E3DB9F) |\n| [Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2018, 2017 and 2016](https://americanairlines.gcs-web.com/email-alerts#s8422279F19C55C0797B0C66493078206) | <br>[131](https://americanairlines.gcs-web.com/email-alerts#s8422279F19C55C0797B0C66493078206) |\n| [Consolidated Balance Sheets at December 31, 2018 and 2017](https://americanairlines.gcs-web.com/email-alerts#sFB81686247A45595993539551E71E8C3)                                            | <br>[132](https://americanairlines.gcs-web.com/email-alerts#sFB81686247A45595993539551E71E8C3) |\n| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2018, 2017 and 2016](https://americanairlines.gcs-web.com/email-alerts#s0D96E83EC53A59BF88C695AFA7AF83E7)           | <br>[133](https://americanairlines.gcs-web.com/email-alerts#s0D96E83EC53A59BF88C695AFA7AF83E7) |\n| [Consolidated Statements of Stockholder\u2019s Equity for the Years Ended December 31, 2018, 2017 and 2016](https://americanairlines.gcs-web.com/email-alerts#sBC3ADD7F0C1555B59175103E61B26B07) | <br>[134](https://americanairlines.gcs-web.com/email-alerts#sBC3ADD7F0C1555B59175103E61B26B07) |\n| [Notes to Consolidated Financial Statements](https://americanairlines.gcs-web.com/email-alerts#s673A519A70CB5C2CA6F1E67C6269ED0A)                                                           | <br>[135](https://americanairlines.gcs-web.com/email-alerts#s673A519A70CB5C2CA6F1E67C6269ED0A) |\n\n\n\nSchedules not included have been omitted because they are not applicable or because the required information is included in the Consolidated Financial Statements or notes thereto\\.\n\n179"}
{"_id": "AmericanAirlines-2018_127.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**18\\. Subsequent Event**\n\n*Dividend Declaration*\n\nIn January 2019, we announced that our Board of Directors declared a $0\\.10 per share cash dividend for stockholders of record on February 6, 2019, and payable on February 20, 2019\\. Any future dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to continue a dividend for any fixed period, and the payment of dividends may be suspended or discontinued at any time at our discretion and without prior notice\\.\n\n128"}
{"_id": "AmericanAirlines-2018_41.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nIn addition, to reduce the risk of a potential adverse effect on our ability to use our NOL Carryforwards and certain other tax attributes for federal income tax purposes, our Certificate of Incorporation contains certain restrictions on the acquisition and disposition of our common stock by substantial stockholders (generally holders of more than 4\\.75%)\\.\n\nSee Part I, Item 1A\\. Risk Factors \u2013 *\u201cAAG\u2019s Certificate of Incorporation and Bylaws include provisions that limit voting and acquisition and disposition of our equity interests\\.\u201d* Also see AAG\u2019s Certification of Incorporation and Bylaws, which are filed as Exhibits 3\\.1, 3\\.2 and 3\\.3 hereto, for the full text of the foregoing restrictions\\.\n\n42"}
{"_id": "Delta-2019_74.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nDesignated Hedge Gains (Losses)\n\nGains (losses) related to our designated hedge contracts during the years ended December 31, 2019, 2018 and 2017 are as follows:\n\n\n\n|                                           |                                           |                                           |                                                |                                                |                                                |  |  |  |      |      |                                                             |                                                             |                                                             |                                                             |                                                             |                                                             |                                                             |  |  |  |  |  |  |\n|:----------------------------------------- |:----------------------------------------- |:----------------------------------------- | ----------------------------------------------:| ----------------------------------------------:| ----------------------------------------------:|:- |:- |:- | ----:| ----:| -----------------------------------------------------------:|:-----------------------------------------------------------:|:-----------------------------------------------------------:|:-----------------------------------------------------------:|:-----------------------------------------------------------:|:-----------------------------------------------------------:|:-----------------------------------------------------------:|:- |:- |:- |:- |:- |:- |\n|                                           |                                           |                                           | Gain (Loss) Reclassified from AOCI to Earnings | Gain (Loss) Reclassified from AOCI to Earnings | Gain (Loss) Reclassified from AOCI to Earnings |  |  |  |      |      | Gain (Loss) Recognized in Other Comprehensive Income (Loss) | Gain (Loss) Recognized in Other Comprehensive Income (Loss) | Gain (Loss) Recognized in Other Comprehensive Income (Loss) | Gain (Loss) Recognized in Other Comprehensive Income (Loss) | Gain (Loss) Recognized in Other Comprehensive Income (Loss) | Gain (Loss) Recognized in Other Comprehensive Income (Loss) | Gain (Loss) Recognized in Other Comprehensive Income (Loss) |  |  |  |  |  |  |\n| (in millions)                             | (in millions)                             | (in millions)                             |                                           2019 |                                           2018 |                                           2017 |  |  |  | 2019 | 2018 |                                                        2017 |\n| Foreign currency exchange contracts ^(1)^ | Foreign currency exchange contracts ^(1)^ | Foreign currency exchange contracts ^(1)^ |                                            $ 1 |                                          $ (3) |                                           $ 10 |  |  |  |  $ \u2014 |  $ 1 |                                                      $ (43) |\n\n\n\n^(1)^ Earnings on our designated foreign currency exchange contracts are recorded in passenger revenue in the income statement\\. These hedge contracts settled during the year ended December 31, 2019\\.\n\nNot Designated Hedge Gains (Losses)\n\nGains (losses) related to our foreign currency exchange and fuel contracts are as follows:\n\n\n\n|                                     |                                     |                                     |  |  |  |                                              |                                              |                                              |  |  |  |                                  |                                  |                                  |  |  |  |  |  |  |\n|:----------------------------------- |:----------------------------------- |:----------------------------------- |:- |:- |:- |:--------------------------------------------:|:--------------------------------------------:|:--------------------------------------------:|:- |:- |:- | --------------------------------:| --------------------------------:| --------------------------------:|:- |:- |:- |:- |:- |:- |\n|                                     |                                     |                                     |  |  |  | Location of Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income |  |  |  | Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income |  |  |  |  |  |  |\n|                                     |                                     |                                     |  |  |  |                                              |                                              |                                              |  |  |  |          Year Ended December 31, |          Year Ended December 31, |          Year Ended December 31, |  |  |  |  |  |  |\n| (in millions)                       | (in millions)                       | (in millions)                       |  |  |  |                                              |                                              |                                              |  |  |  |                             2019 |                             2018 |                             2017 |\n| Foreign currency exchange contracts | Foreign currency exchange contracts | Foreign currency exchange contracts |  |  |  |       Gain/(loss) on investments, net        |       Gain/(loss) on investments, net        |       Gain/(loss) on investments, net        |  |  |  |                             $ 10 |                            $ (4) |                              $ \u2014 |\n| Fuel hedge contracts                | Fuel hedge contracts                | Fuel hedge contracts                |  |  |  |       Aircraft fuel and related taxes        |       Aircraft fuel and related taxes        |       Aircraft fuel and related taxes        |  |  |  |                             (41) |                               52 |                             (81) |\n| Total                               | Total                               | Total                               |  |  |  |                                              |                                              |                                              |  |  |  |                           $ (31) |                             $ 48 |                           $ (81) |\n\n\n\nCredit Risk\n\nTo manage credit risk associated with our fuel price, interest rate and foreign currency hedging programs, we evaluate counterparties based on several criteria including their credit ratings and limit our exposure to any one counterparty\\.\n\nOur hedge contracts often contain margin funding requirements\\. The margin funding requirements may cause us to post margin to counterparties or may cause counterparties to post margin to us as market prices in the underlying hedged items change\\. Due to the fair value position of our hedge contracts, we posted margin of $34 million as of December 31, 2019 and held margin of $9 million as of December 31, 2018\\.\n\nOur accounts receivable are generated largely from the sale of passenger airline tickets and cargo transportation services, the majority of which are processed through major credit card companies\\. We also have receivables from the sale of miles under our loyalty program to participating airlines and non\\-airline businesses such as credit card companies, hotels, car rental agencies and ridesharing companies\\. The credit risk associated with our receivables is minimal\\.\n\nSelf\\-Insurance Risk\n\nWe self\\-insure a portion of our losses from claims related to workers' compensation, environmental issues, property damage, medical insurance for employees and general liability\\. Losses are accrued based on an estimate of the aggregate liability for claims incurred, using independent actuarial reviews based on standard industry practices and our historical experience\\.\n\n72"}
{"_id": "AmericanAirlines-2018_85.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**1\\. Basis of Presentation and Summary of Significant Accounting Policies**\n\n***(a) Basis of Presentation***\n\nAmerican Airlines Group Inc\\. (we, us, our and similar terms, or AAG), a Delaware corporation, is a holding company whose primary business activity is the operation of a major network air carrier, providing scheduled air transportation for passengers and cargo through its mainline operating subsidiary, American Airlines, Inc\\. (American) and its wholly\\-owned regional airline subsidiaries, Envoy Aviation Group Inc\\. (Envoy), PSA Airlines, Inc\\. (PSA) and Piedmont Airlines, Inc\\. (Piedmont) that operate under the brand American Eagle\\. On December 9, 2013, a subsidiary of AMR Corporation (AMR) merged with and into US Airways Group, Inc\\. (US Airways Group), a Delaware corporation, which survived as a wholly\\-owned subsidiary of AAG, and AAG emerged from Chapter 11 (the Merger)\\. Upon closing of the Merger and emergence from Chapter 11, AMR changed its name to American Airlines Group Inc\\. All significant intercompany transactions have been eliminated\\.\n\nThe preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements\\. Actual results could differ from those estimates\\. The most significant areas of judgment relate to passenger revenue recognition, impairment of goodwill, impairment of long\\-lived and intangible assets, the loyalty program, as well as pension and retiree medical and other postretirement benefits\\.\n\n***(b) Recent Accounting Pronouncements***\n\n*Standards Adopted in 2018*\n\nEffective January 1, 2018, we adopted the accounting pronouncements described below\\. \n\n***ASU 2014\\-09: Revenue from Contracts with Customers (Topic 606) (the New Revenue Standard)***\n\nThe New Revenue Standard applies to all companies that enter into contracts with customers to transfer goods or services\\. We adopted the New Revenue Standard using the full retrospective method, which resulted in the recast of prior reporting periods\\.\n\nThe adoption of the New Revenue Standard impacted our accounting for outstanding mileage credits earned through travel by AAdvantage loyalty program members\\. There was no change in accounting for sales of mileage credits to co\\-branded credit card or other partners\\. Prior to the adoption of the New Revenue Standard, we used the incremental cost method to account for the portion of our loyalty program liability related to mileage credits earned through travel, which were valued based on the estimated incremental cost of carrying one additional passenger\\. The New Revenue Standard required us to change our policy to the deferred revenue method and apply a relative selling price approach whereby a portion of each passenger ticket sale attributable to mileage credits earned is deferred and recognized in passenger revenue upon future mileage redemption\\. The value of the earned mileage credits is materially greater under the deferred revenue method than the value attributed to these mileage credits under the incremental cost method\\.\n\nThe New Revenue Standard also required certain reclassifications, principally the reclassification of certain ancillary revenues previously classified and reported as other revenue to passenger revenue and as applicable to cargo revenue\\. Additionally, the New Revenue Standard required a gross presentation on the face of our consolidated statements of operations for certain revenues and expenses that had previously been presented on a net basis\\.\n\nSee *\u201cImpacts to 2017 Results\u201d* and *\u201cImpacts to 2016 Results\u201d* below for the impact to our consolidated statements of operations data for 2017 and 2016, respectively, and our consolidated balance sheet as of December 31, 2017 related to the adoption of the New Revenue Standard\\.\n\n***ASU 2017\\-07: Compensation \\- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (the New Retirement Standard)***\n\nThe New Retirement Standard required all components of our net periodic benefit cost (income), with the exception of service cost, previously reported within operating expenses as salaries, wages and benefits, to be reclassified and reported within nonoperating income (expense)\\. The New Retirement Standard was applied retrospectively, which resulted in the recast of each prior reporting period presented\\. The adoption of the New Retirement Standard had no impact on pre\\-tax income or net income reported\\.\n\n86"}
{"_id": "Delta-2019_93.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nIncome Tax Allocation\n\nWe consider all income sources, including other comprehensive income, in determining the amount of tax benefit allocated to continuing operations (\"Income Tax Allocation\")\\. The 2017 tax reform reduced the statutory tax rate in the U\\.S\\. from 35% to 21%\\. GAAP requires that the tax expense related to tax law changes be recognized in current earnings, even when a portion of the related deferred tax asset originated through amounts recognized in AOCI\\. As a result, $672 million of income tax expense remains in AOCI, primarily related to pension obligations, and will not be recognized in net income until the pension obligations are fully extinguished\\.\n\nOther\n\nThe amount of, and changes to, our uncertain tax positions were not material in any of the years presented\\. We are currently under audit by the IRS for the 2019, 2018 and 2017 tax years\\.\n\nNOTE 13\\. EQUITY AND EQUITY COMPENSATION\n\nEquity\n\nWe are authorized to issue 2\\.0 billion shares of capital stock, of which up to 1\\.5 billion may be shares of common stock, par value $0\\.0001 per share, and up to 500 million may be shares of preferred stock\\.\n\nPreferred Stock\\.  We may issue preferred stock in one or more series\\. The Board of Directors is authorized (1) to fix the descriptions, powers (including voting powers), preferences, rights, qualifications, limitations and restrictions with respect to any series of preferred stock and (2) to specify the number of shares of any series of preferred stock\\. We have not issued any preferred stock\\.\n\nTreasury Stock\\.  We generally withhold shares of Delta common stock to cover employees' portion of required tax withholdings when employee equity awards are issued or vest\\. These shares are valued at cost, which equals the market price of the common stock on the date of issuance or vesting\\. The weighted average cost per share held in treasury was $26\\.37 and $24\\.14 as of December 31, 2019 and 2018, respectively\\.\n\nEquity Compensation\n\nOur broad\\-based equity and cash compensation plan provides for grants of restricted stock, stock options, performance awards, including cash incentive awards and other equity\\-based awards (the \"Plan\")\\. Shares of common stock issued under the Plan may be made available from authorized, but unissued, common stock or common stock we acquire\\. If any shares of our common stock are covered by an award that expires, is canceled, forfeited or otherwise terminates without delivery of shares (including shares surrendered or withheld for payment of taxes related to an award), such shares will again be available for issuance under the Plan except for (i) any shares tendered in payment of an option, (ii) shares withheld to satisfy any tax withholding obligation with respect to the exercise of an option or stock appreciation right (\"SAR\") or (iii) shares covered by a stock\\-settled SAR or other awards that were not issued upon the settlement of the award\\. The Plan authorizes the issuance of up to 163 million shares of common stock\\. As of December 31, 2019, there were  25 million shares available for future grants\\.\n\n We make long\\-term incentive awards annually to eligible employees under the Plan\\. Generally, awards vest over time, subject to the employee's continued employment\\. Equity compensation expense, including awards payable in common stock or cash, is recognized in salaries and related costs over the employee's requisite service period (generally, the vesting period of the award) and totaled $161 million, $159 million and $169 million for the years ended December 31, 2019, 2018 and 2017, respectively\\. We record expense on a straight\\-line basis for awards with installment vesting\\. As of December 31, 2019, unrecognized costs related to unvested shares and stock options totaled $94 million\\. We expect substantially all unvested awards to vest and recognize forfeitures as they occur\\.\n\nRestricted Stock \\. Restricted stock is common stock that may not be sold or otherwise transferred for a period of time and is subject to forfeiture in certain circumstances\\. The fair value of restricted stock awards is based on the closing price of the common stock on the grant date\\. As of December 31, 2019, there were 2\\.6 million unvested restricted stock awards\\. \n\n91"}
{"_id": "Alaska-2018_42.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n|                             |                                      |                                      |                                      |                                      |                                      |\n| --------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                             | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                             | **Air Group**                        | **Air Group**                        | **Virgin America**                   | **Combined**                         | **Combined**                         |\n|                             | **2017**  **^(b)^**                  | **2016** **^(b)^**                   | **2016** **^(c)^**                   | **2016** **^(a)^**                   | **Change**                           |\n| **Consolidated:**           |                                      |                                      |                                      |                                      |                                      |\n| Revenue passengers (in 000) | **44,005**                           | 34,289                               | 7,658                                | 41,947                               | 4\\.9%                                |\n| RPMs (in 000,000)           | **52,338**                           | 37,209                               | 11,545                               | 48,754                               | 7\\.4%                                |\n| ASMs (in 000,000)           | **62,072**                           | 44,135                               | 13,818                               | 57,953                               | 7\\.1%                                |\n| Load Factor                 | **84\\.3%**                           | 84\\.3%                               | (a)                                  | 84\\.1%                               | 0\\.2 pts                             |\n| RASM ^(b)^                  | **12\\.72\u00a2**                          | 13\\.43\u00a2                              | (a)                                  | 12\\.92\u00a2                              | (1\\.5)%                              |\n| CASMex ^(b)^                | **8\\.25\u00a2**                           | 8\\.32\u00a2                               | (a)                                  | 8\\.11\u00a2                               | 1\\.7%                                |\n| FTEs                        | **20,183**                           | 14,760                               | 2,618                                | 17,378                               | 16\\.1%                               |\n| **Mainline:**               |                                      |                                      |                                      |                                      |                                      |\n| RPMs (in 000,000)           | **48,236**                           | 33,489                               | 11,545                               | 45,034                               | 7\\.1%                                |\n| ASMs (in 000,000)           | **56,945**                           | 39,473                               | 13,818                               | 53,291                               | 6\\.9%                                |\n| Load Factor                 | **84\\.7%**                           | 84\\.8%                               | (a)                                  | 84\\.5%                               | 0\\.2 pts                             |\n| RASM ^(b)^                  | **12\\.00\u00a2**                          | 15\\.01\u00a2                              | (a)                                  | 14\\.05\u00a2                              | (15\\.0)%                             |\n\n\n\n(a)2016 Combined operating statistics have been recalculated using the combined results\\.\n\n\n\n|     |                                                                                              |\n| --- | -------------------------------------------------------------------------------------------- |\n| (b) | Certain information has been adjusted to reflect the adoption of new accounting standards\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                   |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (c) | Column represents Virgin America 2016 financial results prior to the December 13, 2016 acquisition\\. Information has  *not*  been adjusted to reflect new accounting standards\\.  |\n\n\n\n***OPERATING REVENUES***\n\nTotal operating revenues increased$2\\.0 billion, or 33%, during 2017 compared to the same period in 2016\\. On a Combined Comparative basis, total operating revenues increased $405 million or 5%\\. The changes, including the reconciliation of the impact of Virgin America on the comparative results, are summarized in the following table:\n\n\n\n|                            |                                      |                                      |                                      |                                      |              |              |\n| -------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------ | ------------ |\n|                            | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Change**   | **Change**   |\n|                            | **Air Group**                        | **Air Group**                        | **Virgin America**                   | **Combined**                         | **Combined** | **Combined** |\n| ***(in millions)***        | **2017**  **^(b)^**                  | **2016** **^(b)^**                   | **2016** **^(c)^**                   | **2016** **^(a)^**                   | **$**        | **%**        |\n| Passenger revenue          | **$7,301**                           | $5,392                               | $1,414                               | $6,806                               | $495         | 7\\.3 %       |\n| Mileage Plan other revenue | **418**                              | 370                                  | \u2014                                    | 370                                  | 48           | 13\\.0 %      |\n| Cargo and other            | **175**                              | 163                                  | 150                                  | 313                                  | (138)        | (44\\.1)%     |\n| Total operating revenues   | **$7,894**                           | $5,925                               | $1,564                               | $7,489                               | $405         | 5\\.4 %       |\n\n\n\n^(a), (b), (c)^ See footnotes on the Combined Comparative Operating Statistics table above\\. \n\n***Passenger Revenue***\n\nOn a consolidated basis, passenger revenue for 2017increased by $1\\.9 billion, or 35% on a 41% increase in capacity driven by the acquisition of Virgin America, offset by a 3\\.7% decline in yield\\. On a Combined Comparative basis, Passenger revenue increased by $495 million or 7%, due to a 7% increase in capacity\\. The increase in capacity was driven by our continued network expansion and growth in the number of operating aircraft\\. In 2017, we launched 44 new markets to activate our new, larger network\\. Lower ticket yields (pricing) were impacted, in large part, by our new market growth and by competitor pricing actions felt more acutely in our California markets\\. \n\n***Mileage Plan other revenue***\n\nMileage Plan other revenue increased by $48 million, or 13%, compared to 2016, primarily due to increases in miles sold to our affinity card partner during the year and Mileage Plan\u2122 revenue earned from partner airlines\\. \n\n 43"}
{"_id": "AmericanAirlines-2019_59.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nShare Repurchase Programs\n\nIn April 2018, we announced that our Board of Directors authorized a  $2\\.0 billion  share repurchase program that will expire on December 31, 2020\\. Since July 2014, our Board of Directors has approved  seven  share repurchase programs aggregating  $13\\.0 billion  of authority\\. As of  December 31, 2019 , there was  $565 million  of remaining authority to repurchase shares under our current $2\\.0 billion share repurchase program\\.  Share repurchases under our repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions\\. Any such repurchases that may be made from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to repurchase any specific number of shares and our repurchase of AAG common stock may be limited, suspended or discontinued at any time at our discretion and without prior notice\\.\n\nIn  2019 , we repurchased  33\\.8 million  shares of AAG common stock for  $1\\.1 billion  at a weighted average cost per share of  $32\\.09 \\.  Since the inception of our share repurchase programs in July 2014 through December 31, 2019, we have repurchased  312\\.7 million  shares of AAG common stock for  $12\\.4 billion  at a weighted average cost per share of  $39\\.76 \\.\n\nCash Dividends\n\nOur Board of Directors declared the following cash dividends during  2019 :\n\n\n\n|                |               |                                      |                   |                                  |\n| -------------- | ------------- | ------------------------------------ | ----------------- | -------------------------------- |\n| **Period**     | **Per share** | **For stockholders of record as of** | **Payable on**    | **Total** <br><br>**(millions)** |\n| First Quarter  | $0\\.10        | February 6, 2019                     | February 20, 2019 | $46                              |\n| Second Quarter | 0\\.10         | May 8, 2019                          | May 22, 2019      | 44                               |\n| Third Quarter  | 0\\.10         | August 7, 2019                       | August 21, 2019   | 44                               |\n| Fourth Quarter | 0\\.10         | November 6, 2019                     | November 20, 2019 | 44                               |\n| Total          | $0\\.40        |                                      |                   | $178                             |\n\n\n\nIn  January 2020 , we announced that our Board of Directors declared a  $0\\.10  per share cash dividend for stockholders of record on  February 5, 2020 , and payable on  February 19, 2020 \\.\n\nAny future dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to continue a dividend for any fixed period, and the payment of dividends may be suspended or discontinued at any time at our discretion and without prior notice\\.\n\nCollateral\\-Related Covenants\n\nCertain of our debt financing agreements (including our term loans, revolving credit facilities and spare engine EETCs) contain loan to value ratio covenants and require us to appraise the related collateral annually\\. Pursuant to such agreements, if the loan to value ratio exceeds a specified threshold or the value of the appraised collateral fails to meet a specified threshold, as the case may be, we are required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash or investment securities), or pay down such financing, in whole or in part\\. As of  December 31, 2019 , we were in compliance with the foregoing collateral coverage tests as of the most recent applicable measurement dates\\. For further information regarding our collateral\\-related covenants, see Note 5 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 3 to American\u2019s Consolidated Financial Statements in Part II, Item 8B\\.\n\nSources and Uses of Cash\n\nFor a comparison of the  2018  and  2017  reporting periods, see Part II, Item 7\\. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 \u201c Sources and Uses of Cash\u201d  of our 2018 Form 10\\-K\\.\n\nAAG\n\n2019  Compared to  2018 \n\nOperating Activities\n\nOur net cash provided by operating activities was  $3\\.8 billion  and  $3\\.5 billion  in  2019  and  2018 , respectively, a year\\-over\\-year  increase  of  $282 million \\. This  increase  in operating cash flows was primarily due to higher profitability in  2019  as well as working capital increases principally in our air traffic liability and loyalty program deferred revenue\\. These increases were offset in part by higher contributions to our defined benefit pension plans in  2019  as compared to  2018 \\.\n\n60"}
{"_id": "United-2018_68.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nthe Tax Act and to adjust those amounts during a measurement period not to extend more than one year from the date of enactment\\. Based on our current interpretation of the Tax Act and published Treasury and Internal Revenue Service (\"IRS\") guidance as of December 31, 2018, the Company's accounting for the impacts of the Tax Act is complete and the Company has not recorded any material adjustments to the provisional amounts under SAB 118\\. In 2018, we recorded an income tax benefit for the one\\-time transition tax of $4 million and have completed the re\\-measurement of our net deferred tax balances\\. The Tax Act included a Global Intangible Low\\-Taxed Income (\"GILTI\") provision which introduced a new tax on foreign income in excess of a deemed return on tangible business property of foreign subsidiaries\\. The GILTI provisions of the Tax Act became effective for the Company during 2018 and we elected to account for it in the period incurred (the \"period cost method\")\\.\n\nTemporary differences and carryforwards that give rise to deferred tax assets and liabilities at December 31, 2018 and 2017 were as follows (in millions): \n\n\n\n|                                                                   |          |          |            |            |\n| ----------------------------------------------------------------- | -------- | -------- | ---------- | ---------- |\n|                                                                   | **UAL**  | **UAL**  | **United** | **United** |\n|                                                                   | **2018** | **2017** | **2018**   | **2017**   |\n| Deferred income tax asset (liability):                            |          |          |            |            |\n| Federal and state net operating loss (\"NOL\") carryforwards        | $398     | $601     | $372       | $574       |\n| Deferred revenue                                                  | 1,232    | 1,090    | 1,232      | 1,090      |\n| Employee benefits, including pension, postretirement and medical  | 885      | 1,051    | 885        | 1,051      |\n| Other                                                             | 408      | 351      | 406        | 351        |\n| Less: Valuation allowance                                         | (59)     | (63)     | (59)       | (63)       |\n| Total deferred tax assets                                         | $2,864   | $3,030   | $2,836     | $3,003     |\n| Depreciation                                                      | $(2,929) | $(2,431) | $(2,929)   | $(2,431)   |\n| Intangibles                                                       | (749)    | (803)    | (749)      | (803)      |\n| Total deferred tax liabilities                                    | $(3,678) | $(3,234) | $(3,678)   | $(3,234)   |\n| Net deferred tax liability                                        | $(814)   | $(204)   | $(842)     | $(231)     |\n\n\n\nUnited and its domestic consolidated subsidiaries file a consolidated federal income tax return with UAL\\. Under an intercompany tax allocation policy, United and its subsidiaries compute, record and pay UAL for their own tax liability as if they were separate companies filing separate returns\\. In determining their own tax liabilities, United and each of its subsidiaries take into account all tax credits or benefits generated and utilized as separate companies and they are each compensated for the aforementioned tax benefits only if they would be able to use those benefits on a separate company basis\\.\n\nThe Company's federal and state NOL carryforwards relate to prior years' NOLs, which may be used to reduce tax liabilities in future years\\. These tax benefits are mostly attributable to federal pre\\-tax NOL carryforwards of $1\\.6 billion for UAL\\. If not utilized these federal pre\\-tax NOLs will expire as follows (in billions): $0\\.6 in 2030, $1\\.0 thereafter\\. In addition, for UAL the majority of tax benefits of the state NOLs of $83 million will expire over a five to twenty year period\\. We have recorded a $48 million valuation allowance against these state NOLs\\.\n\nThe Company's unrecognized tax benefits related to uncertain tax positions were $39 million, $21 million and $74 million at December 31, 2018, 2017 and 2016, respectively\\. Included in the ending balance at December 31, 2018 is $39 million that would affect the Company's effective tax rate if recognized\\. The changes in unrecognized tax benefits relating to settlements with taxing authorities, unrecognized tax benefits as a result of tax positions taken during a prior period and unrecognized tax benefits relating from a lapse of the statute of limitations were immaterial during 2018, 2017 and 2016\\. The Company does not expect significant increases or decreases in their unrecognized tax benefits within the next 12 months\\. There are no material amounts included in the balance at December 31, 2018 for tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility\\.\n\nThe Company's federal income tax returns for tax years after 2002 remain subject to examination by the IRS and state taxing jurisdictions\\. Currently, there are no ongoing examinations of the Company's prior year tax returns being conducted by the IRS\\.\n\n**NOTE 8 \\- PENSION AND OTHER POSTRETIREMENT PLANS**\n\nThe following summarizes the significant pension and other postretirement plans of United:\n\n**Pension Plans\\.** United maintains two primary defined benefit pension plans, one covering certain pilot employees and another covering certain U\\.S\\. non\\-pilot employees\\. Each of these plans provide benefits based on a combination of years of benefit \n\n69"}
{"_id": "Alaska-2019_33.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nOutlook\n\nWith the acquisition of Virgin America largely behind us, in 2020 we will shift our focus to executing on our new five\\-year strategy\\. Integral to this long\\-term plan will be achieving 13% to 15% pretax margins and 4% to 6% annual capacity growth over the business cycle\\. Our revenue initiatives, including our Saver Fare product, provided meaningful revenue improvements in 2019, and are expected to continue to provide incremental revenue in 2020\\. Benefits from the synergies of the merger also provided positive impacts to our 2019 pretax margin, with the full run\\-rate expected by 2021\\. Through cross\\-fleeting, we were able to optimize the use of our fleet by moving larger\\-gauge, lower unit cost aircraft into markets with high demand\\. \n\nIn 2020, we anticipate the continuation of these initiatives and synergies will provide an incremental $125 million of revenue\\. We also expect additional revenue from initiatives we will be launching throughout 2020\\. In addition, we will continue our work on notable guest experience enhancement projects which are already underway\\. By the end of the year, we expect our entire mainline fleet will be equipped with high\\-speed satellite Wi\\-Fi, and that the majority of the interiors of our Airbus fleet will be retrofitted to align with the Boeing fleet, allowing for lower unit\\-costs and incremental premium revenue on Airbus aircraft\\. Work will also continue with the Port of Seattle to open a state\\-of\\-the\\-art 20\\-gate North Satellite Concourse at Sea\\-Tac Airport to be completed in 2021\\. These improvements, combined with our ongoing rotation of fresh, on\\-board menu offerings, refreshed aircraft interiors, and optimization of our network, will continue to provide our guests with more options at a significant value\\. \n\nWe expect to grow our combined network capacity in 2020 by approximately 3% to 4%, compared to 2% growth in 2019\\. Current schedules indicate competitive capacity will increase by roughly one point in the first quarter of 2020\\. Our capacity guidance is highly dependent on the return to service of the Boeing 737 MAX aircraft\\. Our current delivery schedule indicates that ten 737 MAX aircraft will be delivered in 2020, three of which were delayed from 2019, plus seven originally contracted for delivery in 2020\\. Should the grounding of the aircraft further delay those ten deliveries beyond our current expectations, our capacity growth could be negatively impacted\\.\n\nGiven another year of slower growth and increased cost pressure from higher wages, airport costs and maintenance costs, we expect unit costs to increase approximately 2% in 2020\\. This expectation excludes the impacts of any new labor agreements that might be reached during the year\\. In order to reach our long\\-term margin goals of 13% to 15%, we will mitigate cost pressures through a continued focus on higher productivity and lower overhead\\. We believe that our product, our operation, our engaged employees, our award\\-winning service, and our competitive Mileage Plan\u2122, combined with our strong balance sheet and focus on low costs, give us the ability to compete successfully in the markets we serve and generate meaningful profit margins\\.\n\nRESULTS  OF OPERATIONS\n\nADJUSTED (NON\\-GAAP) RESULTS AND  PER\\-SHARE AMOUNTS\n\nWe believe disclosure of earnings excluding the impact of merger\\-related costs, mark\\-to\\-market gains or losses or other individual special revenues or expenses is useful information to investors because:\n\n\u2022 By excluding fuel expense and certain special items (including merger\\-related and other costs) from our unit metrics, we believe that we have better visibility into the results of operations and our non\\-fuel cost initiatives\\. Our industry is highly competitive and is characterized by high fixed costs, so even a small reduction in non\\-fuel operating costs can lead to a significant improvement in operating results\\. In addition, we believe that all domestic carriers are similarly impacted by changes in jet fuel costs over the long run, so it is important for management (and investors) to understand the impact of (and trends in) company\\-specific cost drivers, such as labor rates and productivity, airport costs, maintenance costs, etc\\., which are more controllable by management\\.\n\n\u2022 Cost per ASM (CASM) excluding fuel and certain special items, such as merger\\-related costs, is one of the most important measures used by management and by the Air Group Board of Directors in assessing quarterly and annual cost performance\\.\n\n\u2022 Adjusted income before income tax and CASM excluding fuel (and other items as specified in our plan documents) are important metrics for the employee incentive plan, which covers the majority of Air Group employees\\.\n\n33"}
{"_id": "Southwest-2019_40.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nfor our Customers booking their summer travel\\. See Note 16 to the Consolidated Financial Statements for further information\\.\n\nFor the twelve months ended  December 31, 2019 , the Company's earnings performance, combined with its actions to manage invested capital, produced a  22\\.9 percent  pre\\-tax non\\-GAAP return on invested capital (\"ROIC\"), or  17\\.8  percent on an after\\-tax basis, compared with the Company's pre\\-tax ROIC of  23\\.6 percent , or  18\\.4  percent on an after\\-tax basis, for the twelve months ended  December 31, 2018 \\. As a result of not paying for its scheduled MAX aircraft deliveries following the grounding in March 2019, the Company's cash balance at  December 31, 2019 , was higher than projected\\. However, the Company has not factored any amounts for excess cash into its invested capital and ROIC calculations for any of the periods presented\\. The primary cause of the year\\-over\\-year decline in pre\\-tax ROIC was the  decrease  in Operating income for the twelve months ended  December 31, 2019 , compared with the twelve months ended  December 31, 2018 \\. See the Company's calculation of ROIC in the accompanying reconciliation tables as well as the  Note Regarding Use of Non\\-GAAP Financial Measures \\.\n\nDuring  2019 , the Company continued to return value to its Shareholders\\. The Company returned  $2\\.4 billion  to Shareholders through  $372 million  in dividend payments and  $2\\.0 billion  through  four  separate accelerated share repurchase programs and other open market share repurchases\\. During November 2019, the Company launched the Fourth Quarter 2019 ASR Program by advancing  $550 million  to a financial institution in a privately negotiated transaction\\. The Company subsequently received  7\\.3 million  shares of common stock in December 2019, representing an estimated 75 percent of the shares to be purchased by the Company under the Fourth Quarter 2019 ASR Program, and subsequently received an additional  1\\.8 million  shares in January 2020 in further partial settlement of the Fourth Quarter 2019 ASR Program\\. The specific number of shares that the Company ultimately will repurchase under the Fourth Quarter 2019 ASR Program will be determined based generally on a discount to the volume\\-weighted average price per share of the Company's common stock during a calculation period to be completed no later than February 13, 2020\\. The Company also entered into an additional open market share repurchase plan for the purchase of up to an additional  $50 million  of its shares of common stock depending on market prices\\. These purchases will be recorded as treasury share repurchases for purposes of calculating earnings per share\\. See \"Liquidity and Capital Resources\" below for further information on the Company's 2019 share repurchases\\. The Company has  $1\\.35 billion  remaining under its May 2019  $2\\.0 billion  share repurchase authorization\\. See Part II, Item 5 for further information on the Company's share repurchase authorizations\\.\n\nCompany Overview\n\nAs of  December 31, 2019 , the Company served  101  destinations across  40  states and ten near\\-international countries and currently operates over  4,000  departures a day\\. The Company began service to Hawaii in March 2019 from Oakland to Honolulu, and from San Jose, California in May 2019\\. On November 10, 2019, the Company began service between Sacramento and Honolulu, as well as interisland service between Honolulu and Lihue\\. The Company currently operates 18 flights daily between Hawaii and the mainland, and 34 interisland flights daily amongst the Hawaiian Islands\\. By April 20, 2020, the Company is scheduled to offer 28 daily departures between California and Hawaii, and 38 daily departures among the Hawaiian Islands\\. The Company began service from Oakland and San Jose to both Lihue and Kona, and new interisland service between Honolulu and Hilo, and Kona and Kahului, in January 2020\\. The Company also is scheduled to begin service from San Diego to Kahului on Maui on April 14, 2020, and from San Diego to Honolulu on April 20, 2020\\. In 2019, the Company also announced plans to begin service from Houston Hobby to Cozumel, Mexico in March 2020, subject to government approvals\\. The Company ceased services at Benito Ju\u00e1rez Mexico City International Airport on March 30, 2019\\. Also in 2019, the Company decided to close its operations at Newark Liberty International Airport and consolidate its New York City presence at New York LaGuardia Airport\\.\n\nDuring  2019 , the Company took delivery of  three  new MAX aircraft from third parties\\. These deliveries occurred prior to the March 13, 2019, FAA emergency order issued for all U\\.S\\. airlines to ground all MAX aircraft\\. All  34  of the Company's MAX aircraft have remained grounded since March 13, 2019\\. Upon a rescission of the FAA order to ground the MAX, the Company currently estimates it will take at least a couple of months to comply with applicable FAA directives, including all necessary Pilot training\\. Based on continued uncertainty around the timing of MAX return to service, the Company has proactively removed the MAX from its flight schedule through June 6, 2020 and will likely \n\n41"}
{"_id": "AmericanAirlines-2017_96.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nAt December 31, 2017, the maturities of long\\-term debt and capital lease obligations are as follows (in millions):\n\n\n\n|                     |         |\n| ------------------- | ------- |\n| 2018                | $2,598  |\n| 2019                | 2,868   |\n| 2020                | 4,069   |\n| 2021                | 2,856   |\n| 2022                | 1,288   |\n| 2023 and thereafter | 11,622  |\n| Total               | $25,301 |\n\n\n\n***(a) 2013, 2014, April 2016 and December 2016 Credit Facilities***\n\n*2013 Credit Facilities*\n\nIn March 2017, American and AAG entered into the Second Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement dated as of May 21, 2015 (which amended and restated the Credit and Guaranty Agreement dated as of June 27, 2013), as previously amended by the First Amendment to Amended and Restated Credit and Guaranty Agreement dated as of October 26, 2015, pursuant to which AAG refinanced the $1\\.8 billion term loan facility due June 2020 established thereunder (the 2013 Term Loan Facility and, together with the $1\\.4 billion revolving credit facility established under such agreement (the 2013 Revolving Facility), the 2013 Credit Facilities) to reduce the LIBOR margin from 2\\.50% to 2\\.00% and the base rate margin from 1\\.50% to 1\\.00%\\. \n\nIn August 2017, American and AAG entered into the Third Amendment to the Amended and Restated Credit and Guaranty Agreement pursuant to which the maturity date of the 2013 Revolving Facility was extended to October 2022, the LIBOR margin thereon was reduced from 3\\.00% to 2\\.25%, and the maximum principal amount of such facility was reduced to $1\\.2 billion\\.\n\n*2014 Credit Facilities*\n\nIn June 2017, American and AAG entered into the Third Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement dated as of April 20, 2015 (which amended and restated the Credit and Guaranty Agreement dated as of October 10, 2014), as previously amended by the First Amendment to Amended and Restated Credit and Guaranty Agreement dated as of October 26, 2015 and the Second Amendment to Amended and Restated Credit and Guaranty Agreement dated as of September 22, 2016, pursuant to which AAG refinanced the $735 million term loan facility due October 2021 established thereunder (the 2014 Term Loan Facility and, together with the $1\\.025 billion revolving credit facility established under such agreement (the 2014 Revolving Facility), the 2014 Credit Facilities) to reduce the LIBOR margin from 2\\.50% to 2\\.00% and the base rate margin from 1\\.50% to 1\\.00%\\. \n\nIn August 2017, American and AAG entered into the Fourth Amendment to the Amended and Restated Credit and Guaranty Agreement pursuant to which the maturity date of the 2014 Revolving Facility was extended to October 2022, the LIBOR margin thereon was reduced from 3\\.00% to 2\\.25%, and the maximum principal amount of such facility was reduced to $1\\.0 billion\\.\n\n*April 2016 Credit Facilities*\n\nIn August 2017, American and AAG entered into the Second Amendment to the Credit and Guaranty Agreement, amending the Credit and Guaranty Agreement dated as of April 29, 2016 (the April 2016 Credit Facilities), as previously amended by the First Amendment to the Credit and Guaranty Agreement, dated as of October 31, 2016, pursuant to which a new $300 million revolving credit facility (the April 2016 Revolving Facility) was established with a maturity date of October 2022 and a LIBOR margin of 2\\.25%\\.\n\nIn November 2017, American and AAG entered into the Third Amendment to the Credit and Guaranty Agreement, amending the April 2016 Credit Facilities, pursuant to which AAG refinanced the $990 million term loan facility due April 2023 established thereunder (the April 2016 Term Loan Facility), to reduce the LIBOR margin from 2\\.50% to 2\\.00% and the base rate margin from 1\\.50% to 1\\.00%\\.\n\n97"}
{"_id": "Southwest-2017_122.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nSIGNATURES \n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized\\.\n\n\n\n|                  |                         |                                                      |\n| ---------------- | ----------------------- | ---------------------------------------------------- |\n|                  | SOUTHWEST AIRLINES CO\\. | SOUTHWEST AIRLINES CO\\.                              |\n| February 7, 2018 | By                      | /s/ Tammy Romo                                       |\n|                  |                         | Tammy Romo                                           |\n|                  |                         | *Executive Vice President & Chief Financial Officer* |\n|                  |                         | *(On behalf of the Registrant and in*                |\n|                  |                         | *her capacity as Principal Financial*                |\n|                  |                         | *and Accounting Officer)*                            |\n\n\n\n123"}
{"_id": "Delta-2018_90.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nDuring 2018, we entered into the following purchase agreements, which are included in the table above:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | In June 2018, we signed an agreement with Bombardier Commercial Aircraft to purchase   20  CRJ\\-900 aircraft\\. These aircraft will be operated by SkyWest Airlines, Inc\\., and will replace older dual\\-class aircraft that they own or lease\\. The new aircraft will be delivered through 2020\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                    |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | In November 2018, we expanded our purchase commitment for A330\\-900neo aircraft from   25  to   35  and deferred the delivery of the final   ten  A350\\-900 purchase commitments\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                            |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | In December 2018, we increased our A220 purchase commitment by   15  to a total of   90  aircraft, composed of   40  A220\\-100s and   50  A220\\-300s\\. The first   four  A220\\-100 deliveries were received during the December 2018 quarter and deliveries will continue through 2020\\. The A220\\-300 deliveries will begin during 2020\\. |\n\n\n\nContract Carrier Agreements\n\nWe have contract carrier agreements with regional carriers expiring from  2019  to  2029 \\.\n\nCapacity Purchase Agreements \\. Most of our contract carriers operate for us under capacity purchase agreements\\. Under these agreements, the contract carriers operate some or all of their aircraft using our flight designator codes, and we control the scheduling, pricing, reservations, ticketing and seat inventories of those aircraft and retain the revenues associated with those flights\\. We pay those airlines an amount, as defined in the applicable agreement, which is based on a determination of their cost of operating those flights and other factors intended to approximate market rates for those services\\.\n\nThe following table shows our minimum fixed obligations under our existing capacity purchase agreements with third\\-party regional carriers\\. The obligations set forth in the table contemplate minimum levels of flying by the contract carriers under the respective agreements and also reflect assumptions regarding certain costs associated with the minimum levels of flying such as the cost of fuel, labor, maintenance, insurance, catering, property tax and landing fees\\. Accordingly, our actual payments under these agreements could differ materially from the minimum fixed obligations set forth in the table below\\.\n\n\n\n|                   |                      |\n| ----------------- | -------------------- |\n| **(in millions)** | **Amount** **^(1)^** |\n| 2019              | $1,505               |\n| 2020              | 1,344                |\n| 2021              | 951                  |\n| 2022              | 872                  |\n| 2023              | 769                  |\n| Thereafter        | 2,862                |\n| Total             | $8,303               |\n\n\n\n\n\n|       |                                                                                                                                            |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | These amounts exclude contract carrier payments accounted for as operating leases of aircraft, which are described in  Note 8 , \"Leases\\.\" |\n\n\n\nRevenue Proration Agreement \\. As of  December 31, 2018 , a portion of our contract carrier agreement with SkyWest Airlines, Inc\\. is structured as a revenue proration agreement\\. This revenue proration agreement establishes a fixed dollar or percentage division of revenues for tickets sold to passengers traveling on connecting flight itineraries\\.\n\nLegal Contingencies\n\nWe are involved in various legal proceedings related to employment practices, environmental issues, antitrust matters and other matters concerning our business\\. We record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount of loss can be reasonably estimated\\. Although the outcome of the legal proceedings in which we are involved cannot be predicted with certainty, we believe that the resolution of current matters will not have a material adverse effect on our Consolidated Financial Statements\\.\n\n 88"}
{"_id": "Alaska-2018_71.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nother revenue in the period that those elements are sold\\. The Company records passenger revenue related to the air transportation and certificates for discounted companion travel when the transportation is delivered\\. \n\nIn contracts with non\\-bank partners, the Company has identified two performance obligations in most cases \\- travel and brand\\. Revenue is recognized using the residual method, where the travel performance obligation is deferred until transportation is provided in the amount of the estimated standalone selling price of the ticket, less breakage\\. The residual amount, if any, is recognized as commission revenue when the brand element is sold\\. Mileage credit sales recorded under the residual approach are immaterial to the overall program\\.\n\n***Interline loyalty***\n\nAlaska has interline arrangements with certain airlines whereby its members may earn and redeem Mileage Plan\u2122 credits on those airlines, and members of a partner airline\u2019s loyalty program may earn and redeem frequent flyer program credits on flights operated by Alaska and its regional partners\\. When a Mileage Plan\u2122 member earns credits on a partner airline, the partner airline remits a contractually\\-agreed upon fee to the Company which is deferred until credits are redeemed\\. When a Mileage Plan\u2122 member redeems credits on a partner airline, the Company pays a contractually agreed upon fee to the other airline, which offsets the revenue recognized associated with the award travel\\. When a member of a partner airline redeems frequent flyer credits on Alaska, the partner airline remits a contractually\\-agreed upon amount to the Company, recognized as Passenger revenue upon travel\\. If the partner airline\u2019s member earns frequent flyer program credits on an Alaska flight, the Company remits a contractually\\-agreed upon fee to the partner airline and records a commission expense\\.\n\nMileage Plan\u2122 revenue included in the consolidated statements of operations (in millions):\n\n\n\n|                                  |                                      |                                      |                                      |\n| -------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                  | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                  | **2018**                             | **2017**                             | **2016**                             |\n| Passenger revenue                | **$619**                             | $541                                 | $443                                 |\n| Mileage Plan ^TM^  other revenue | **434**                              | 418                                  | 370                                  |\n| **Total Mileage Plan\u2122 revenue**  | **$1,053**                           | $959                                 | $813                                 |\n\n\n\nMileage Plan\u2122 other revenue is primarily brand and marketing revenue from our affinity card products\\.\n\n**Cargo and Other**\n\nThe Company provides freight and mail services (cargo)\\. The majority of cargo services are provided to commercial businesses and the United States Postal Service\\. The Company satisfies cargo service performance obligations and recognizes revenue when the shipment arrives at its final destination, or is transferred to a third\\-party carrier for delivery\\.\n\nThe Company also earns other revenue for lounge memberships, hotel and car commissions, and certain other immaterial items not intrinsically tied to providing air travel to passengers\\. Revenue is recognized when these services are rendered and recorded as Cargo and other revenue\\. The transaction price for Cargo and other revenue is the price paid by the customer\\.\n\nCargo and other revenue included in the consolidated statements of operations (in millions):\n\n\n\n|                                   |                                      |                                      |                                      |\n| --------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                   | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                   | **2018**                             | **2017**                             | **2016**                             |\n| Cargo revenue                     | **$128**                             | $115                                 | $108                                 |\n| Other revenue                     | **70**                               | 60                                   | 55                                   |\n| **Total Cargo and other revenue** | **$198**                             | $175                                 | $163                                 |\n\n\n\n**Air Traffic Liability and Deferred Revenue**\n\n***Passenger ticket and ancillary services liabilities***\n\nAir traffic liability included on the consolidated balance sheets represents the remaining obligation associated with passenger tickets and ancillary services\\. The air traffic liability balance fluctuates with seasonal travel patterns\\. The Company recognized Passenger revenue of $583 million and $551 million from the 2017 and 2016 year\\-end air traffic liability balance for both the twelve months ended December 31, 2018 and 2017, respectively\\.\n\n 72"}
{"_id": "AmericanAirlines-2017_165.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\noperating decision maker at the consolidated level\\. When making operational decisions, the chief operating decision maker evaluates flight profitability data, which considers aircraft type and route economics, but is indifferent to the results of the individual regional carriers\\. The objective in making operational decisions is to maximize consolidated financial results, not the individual results of American or American Eagle\\.\n\nAmerican\u2019s operating revenues by geographic region as defined by the U\\.S\\. Department of Transportation (DOT) are summarized below (in millions):\n\n\n\n|                          |                             |                             |                             |\n| ------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                          | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                          | **2017**                    | **2016**                    | **2015**                    |\n| DOT Domestic             | $29,600                     | $28,603                     | $28,709                     |\n| DOT Latin America        | 5,422                       | 4,995                       | 5,539                       |\n| DOT Atlantic             | 5,059                       | 4,769                       | 5,146                       |\n| DOT Pacific              | 2,114                       | 1,796                       | 1,544                       |\n| Total operating revenues | $42,195                     | $40,163                     | $40,938                     |\n\n\n\nAmerican attributes operating revenues by geographic region based upon the origin and destination of each flight segment\\. American\u2019s tangible assets consist primarily of flight equipment, which are mobile across geographic markets and, therefore, have not been allocated\\.\n\n**12\\. Share\\-based Compensation**\n\nThe 2013 AAG Incentive Award Plan (the 2013 Plan) provides that awards may be in the form of an option, restricted stock award, restricted stock unit award, performance award, dividend equivalent award, deferred stock award, deferred stock unit award, stock payment award or stock appreciation right\\. The 2013 Plan initially authorized the grant of awards for the issuance of up to 40 million shares\\. Any shares underlying awards granted under the 2013 Plan, or any pre\\-existing US Airways Group plan, that are forfeited, terminate or are settled in cash (in whole or in part) without the delivery of shares will again be available for grant\\.\n\nAmerican\u2019s salaries, wages and benefits expense for the years ended December 31, 2017, 2016 and 2015 included $90 million, $102 million and $274 million, respectively, of share\\-based compensation costs\\. Of the 2015 amount, $198 million was related to awards granted to certain employees in connection with the Merger and recorded in special items, net on the accompanying consolidated statements of operations\\.\n\nDuring 2017, 2016 and 2015, AAG withheld approximately 1\\.1 million, 1\\.4 million and 7\\.0 million shares of AAG common stock, respectively, and paid approximately $51 million, $56 million and $306 million, respectively, in satisfaction of certain tax withholding obligations associated with employee equity awards\\.\n\n***(a) Restricted Stock Unit Awards (RSUs)***\n\nAAG has granted RSUs with service conditions (time vested primarily over three years) and performance conditions\\. The grant\\-date fair value of RSUs is equal to the market price of the underlying shares of common stock on the date of grant\\. For time vested awards, the expense is recognized on a straight\\-line basis over the vesting period for the entire award\\. For awards with performance conditions, the expense is recognized based on the expected achievement at each reporting period\\. Stock\\-settled RSUs are classified as equity awards as the vesting results in the issuance of shares of AAG common stock\\.\n\n166"}
{"_id": "AmericanAirlines-2017_24.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***We may be adversely affected by conflicts overseas or terrorist attacks; the travel industry continues to face ongoing security concerns\\.***\n\nActs of terrorism or fear of such attacks, including elevated national threat warnings, wars or other military conflicts, may depress air travel, particularly on international routes, and cause declines in revenues and increases in costs\\. The attacks of September 11, 2001 and continuing terrorist threats, attacks and attempted attacks materially impacted and continue to impact air travel\\. Increased security procedures introduced at airports since the attacks of September 11, 2001 and any other such measures that may be introduced in the future generate higher operating costs for airlines\\. The Aviation and Transportation Security Act mandated improved flight deck security, deployment of federal air marshals on board flights, improved airport perimeter access security, airline crew security training, enhanced security screening of passengers, baggage, cargo, mail, employees and vendors, enhanced training and qualifications of security screening personnel, additional provision of passenger data to the U\\.S\\. Customs and Border Protection Agency and enhanced background checks\\. A concurrent increase in airport security charges and procedures, such as restrictions on carry\\-on baggage, has also had and may continue to have a disproportionate impact on short\\-haul travel, which constitutes a significant portion of our flying and revenue\\. Implementation of and compliance with increasingly\\-complex security and customs requirements will continue to result in increased costs for us and our passengers, and have caused and likely will continue to cause periodic service disruptions and delays\\. We have at times found it necessary or desirable to make significant expenditures to comply with security\\-related requirements while seeking to reduce their impact on our customers, such as expenditures for automated security screening lines at airports\\. As a result of competitive pressure, and the need to improve security screening throughput to support the pace of our operations, it is unlikely that we will be able to capture all security\\-related costs through increased fares\\. In addition, we cannot forecast what new security requirements may be imposed in the future, or their impact on our business\\.\n\n***We operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control\\.***\n\nWe operate a global business with significant operations outside of the U\\.S\\. Our current international activities and prospects have been and in the future could be adversely affected by reversals or delays in the opening of foreign markets, increased competition in international markets, the performance of our alliance, joint business and codeshare partners in a given market, exchange controls or other restrictions on repatriation of funds, currency and political risks (including changes in exchange rates and currency devaluations), environmental regulation, increases in taxes and fees and changes in international government regulation of our operations, including the inability to obtain or retain needed route authorities and/or slots\\. In particular, fluctuations in foreign currencies, including devaluations, exchange controls and other restrictions on the repatriation of funds, have significantly affected and may continue to significantly affect our operating performance, liquidity and the value of any cash held outside the U\\.S\\. in local currency\\.\n\nGenerally, fluctuations in foreign currencies, including devaluations, cannot be predicted by us and can significantly affect the value of our assets located outside the United States\\. These conditions, as well as any further delays, devaluations or imposition of more stringent repatriation restrictions, may materially adversely affect our business, results of operations and financial condition\\.\n\nThe United Kingdom held a referendum in June 2016 regarding its membership in the EU in which a majority of the United Kingdom electorate voted in favor of the British government taking the necessary action for the United Kingdom to leave the EU, commonly referred to as Brexit\\. In March 2017, the United Kingdom served notice of its decision to withdraw to the EU, formally initiating the withdrawal process\\. Serving this notice began the two\\-year period for the United Kingdom to negotiate the terms for its withdrawal from the EU\\. At this time, it is not certain what steps will need to be taken to facilitate the United Kingdom\u2019s exit from the EU\\. The implications of the United Kingdom withdrawing from the EU are similarly unclear at present because it is unclear what relationship the United Kingdom will have with the EU after withdrawal\\. We face risks associated with the uncertainty following the referendum and the consequences that may flow from the decision to exit the EU, notably given the extent of our passenger and cargo traffic and that of our joint business partners that flows through LHR in the United Kingdom\\. Among other things, Brexit will likely require a transition arrangement or new air services agreement involving the U\\.S\\. and United Kingdom, and the United Kingdom and EU, to permit our current air services (including those involving our joint business and code share partners) to continue as we currently conduct them\\. Moreover, the exit of the United Kingdom from the EU could adversely affect European or worldwide economic or market conditions and could contribute to further instability in global financial markets\\. In addition, the exit of the United Kingdom from the EU has created uncertainty as to the future trade relationship between the EU and the United Kingdom, including as to air traffic services\\. The exit of the United Kingdom could also lead to legal and regulatory uncertainty and potentially divergent treaties, laws and regulations as the United Kingdom determines which EU treaties, laws and regulations to replace or replicate, including those governing \n\n25"}
{"_id": "Alaska-2018_29.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n|     |                                                                                                                                                  |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (c) | See reconciliation to the most directly related Generally Accepted Accounting Principles (GAAP) measure in the \"Results of Operations\" section\\. |\n\n\n\n\n\n|     |                                                                    |\n| --- | ------------------------------------------------------------------ |\n| (d) | See \"Glossary of Terms\" for definitions of the abbreviated terms\\. |\n\n\n\n 30"}
{"_id": "United-2019_44.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUNITED AIRLINES HOLDINGS, INC\\.\n\nCONSOLIDATED BALANCE SHEETS\n\n(In millions, except shares)\n\n\n\n|                                                                                             |                     |                     |\n| ------------------------------------------------------------------------------------------- | ------------------- | ------------------- |\n|                                                                                             | **At December 31,** | **At December 31,** |\n| **ASSETS**                                                                                  | **2019**            | **2018 (a)**        |\n| Current assets:                                                                             |                     |                     |\n| Cash and cash equivalents                                                                   | $2,762              | $1,694              |\n| Short\\-term investments                                                                     | 2,182               | 2,256               |\n| Receivables, less allowance for doubtful accounts (2019\u2014$9; 2018\u2014$8)                        | 1,364               | 1,426               |\n| Aircraft fuel, spare parts and supplies, less obsolescence allowance (2019\u2014$425; 2018\u2014$412) | 1,072               | 985                 |\n| Prepaid expenses and other                                                                  | 814                 | 733                 |\n| Total current assets                                                                        | 8,194               | 7,094               |\n| Operating property and equipment:                                                           |                     |                     |\n| Flight equipment                                                                            | 35,421              | 32,599              |\n| Other property and equipment                                                                | 7,926               | 6,889               |\n| Purchase deposits for flight equipment                                                      | 1,360               | 1,177               |\n| Total operating property and equipment                                                      | 44,707              | 40,665              |\n| Less\u2014Accumulated depreciation and amortization                                              | (14,537<br><br>)    | (13,266<br><br>)    |\n| Total operating property and equipment, net                                                 | 30,170              | 27,399              |\n| Operating lease right\\-of\\-use assets                                                       | 4,758               | 5,262               |\n| Other assets:                                                                               |                     |                     |\n| Goodwill                                                                                    | 4,523               | 4,523               |\n| Intangibles, less accumulated amortization (2019\u2014$1,440; 2018\u2014$1,380)                       | 3,009               | 3,159               |\n| Restricted cash                                                                             | 106                 | 105                 |\n| Notes receivable, net                                                                       | 671                 | 516                 |\n| Investments in affiliates and other, net                                                    | 1,180               | 966                 |\n| Total other assets                                                                          | 9,489               | 9,269               |\n| Total assets                                                                                | $52,611             | $49,024             |\n\n\n\n(continued on next page)\n\n45"}
{"_id": "United-2018_23.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|              |                                                                                             |\n| ------------ | ------------------------------------------------------------------------------------------- |\n| **ITEM 7\\.** | **MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\\.** |\n\n\n\n**Overview**\n\nUnited Continental Holdings, Inc\\. (together with its consolidated subsidiaries, \"UAL\" or the \"Company\") is a holding company and its principal, wholly\\-owned subsidiary is United Airlines, Inc\\. (together with its consolidated subsidiaries, \"United\")\\. As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted\\. United's operating revenues and operating expenses comprise nearly 100% of UAL's revenues and operating expenses\\. In addition, United comprises approximately the entire balance of UAL's assets, liabilities and operating cash flows\\. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures and any significant differences between the operations and results of UAL and United are separately disclosed and explained\\. We sometimes use the words \"we,\" \"our,\" \"us,\" and the \"Company\" in this report for disclosures that relate to all of UAL and United\\.\n\n**2018** **Financial Highlights**\n\n\n\n|   |                                                                                                                                                                 |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | 2018  net income was  $2\\.1 billion , or  $7\\.70  diluted earnings per share, as compared to  $2\\.1 billion , or  $7\\.06  diluted earnings per share, in 2017\\. |\n\n\n\n\n\n|   |                                                                                                                                                    |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Revenue for 2018 increased $3\\.5 billion over 2017 due to a  4\\.9%  growth in ASMs and a PRASM increase of  4\\.3%  in  2018  compared to  2017 \\.  |\n\n\n\n\n\n|   |                                                                                                 |\n| - | ----------------------------------------------------------------------------------------------- |\n| \u2022 | Aircraft fuel cost for  2018  increased  34\\.6%  over  2017  mainly due to higher fuel prices\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | In  2018 , UAL repurchased approximately 17\\.5 million shares of its common stock for $1\\.2 billion\\. As of  December 31, 2018 , the Company had approximately  $1\\.8 billion  remaining to purchase shares under its share repurchase program\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                              |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | UAL ended  2018  with  $6\\.0 billion  in unrestricted liquidity, which consisted of unrestricted cash, cash equivalents, short\\-term investments and available capacity under the revolving credit facility of its Amended and Restated Credit and Guaranty Agreement (as amended, the \"Credit Agreement\")\\. |\n\n\n\n**2018** **Operational Highlights**\n\n\n\n|   |                                                                                                                                                                                   |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | RPMs for  2018  increased  6\\.4%  as compared to  2017 , and ASMs increased  4\\.9%  from the prior year, resulting in a load factor of  83\\.6%  in  2018  versus 82\\.4% in 2017\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                 |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | For  2018  and  2017 , the Company recorded U\\.S\\. Department of Transportation on\\-time arrival rates of 79\\.8% and 81\\.9%, respectively, and mainline completion factors of 99\\.2% and 99\\.0%, respectively\\. |\n\n\n\n**Outlook** \n\nSet forth below is a discussion of matters that we believe could impact our financial and operating performance and cause our results of operations in future periods to differ materially from our historical operating results and/or from our anticipated results of operations described in the forward\\-looking statements in this report\\. See Part I, Item 1A\\., Risk Factors, of this report and the factors described under \"Forward\\-Looking Information\" below for additional discussion of these and other factors that could affect us\\.\n\n***Growth Strategy\\.*** In 2018, the Company completed the first year of its multi\\-year growth strategy, increasing ASMs 4\\.9% compared to 2017\\. Our priorities for 2019 are delivering top\\-tier operational reliability and customer service while continuing to execute on our growth plan by strengthening our domestic network through strategic and efficient growth and investing in our people and product\\. \n\n***Fuel\\.*** The Company's average aircraft fuel price per gallon including related taxes was $2\\.25 in 2018 as compared to $1\\.74 in 2017\\. Based on the Company's projected fuel consumption in 2019, a one\\-dollar change in the price of a barrel of crude oil would change the Company's projected fuel expense by approximately $104 million\\.\n\n24"}
{"_id": "AmericanAirlines-2017_74.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***Pensions and Retiree Medical and Other Postretirement Benefits***\n\nWe recognize the funded status (i\\.e\\., the difference between the fair value of plan assets and the projected benefit obligations) of our pension and retiree medical and other postretirement benefits plans in the consolidated balance sheets with a corresponding adjustment to accumulated other comprehensive income (loss)\\.\n\nOur pension and retiree medical and other postretirement benefits costs and liabilities are calculated using various actuarial assumptions and methodologies\\. We use certain assumptions including, but not limited to, the selection of the: (1) discount rate; (2) expected return on plan assets; (3) expected health care cost trend rate and (4) the estimated age of pilot retirement (as discussed below)\\. These assumptions as of December 31 were:\n\n\n\n|                                                                                         |          |          |\n| --------------------------------------------------------------------------------------- | -------- | -------- |\n|                                                                                         | **2017** | **2016** |\n| Pension weighted average discount rate  ^(1)^                                           | 3\\.80%   | 4\\.30%   |\n| Retiree medical and other postretirement benefits weighted average discount rate  ^(1)^ | 3\\.60%   | 4\\.10%   |\n| Expected rate of return on plan assets  ^(2)^                                           | 8\\.00%   | 8\\.00%   |\n| Weighted average health care cost trend rate assumed for next year  ^(3)^ :             |          |          |\n| Initial                                                                                 | 4\\.19%   | 4\\.25%   |\n| Ultimate (2025)                                                                         | 3\\.76%   | 3\\.77%   |\n| Pilot Retirement Age                                                                    | 62       | 62       |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | When establishing our discount rate to measure our obligations, we match high quality corporate bonds available in the marketplace whose cash flows approximate our projected benefit disbursements\\. Lowering the discount rate by 50 basis points as of December 31, 2017 would increase our pension and retiree medical and other postretirement benefits obligations by approximately $1\\.3 billion and $46 million, respectively, and increase both estimated 2018 pension expense and estimated 2018 retiree medical and other postretirement benefits expense by less than $1 million\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | The expected rate of return on plan assets is based upon an evaluation of our historical trends and experience, taking into account current and expected market conditions and our target asset allocation of 30% U\\.S\\. stocks, 22% developed international stocks, 20% long duration corporate and U\\.S\\. government/agency bonds, 20% alternative (private) investments and 8% emerging market stocks\\. The expected rate of return on plan assets component of our net periodic benefit cost is calculated based on the fair value of plan assets and our target asset allocation\\. Lowering the expected long\\-term rate of return on plan assets by 50 basis points as of December 31, 2017 would increase estimated 2018 pension expense and retiree medical and other postretirement benefits expense by approximately $57 million and $1 million, respectively\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                          |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | The assumed health care cost trend rate is based upon an evaluation of our historical trends and experience, taking into account current and expected market conditions\\. Increasing the assumed health care cost trend rate by 100 basis points would increase estimated 2018 retiree medical and other postretirement benefits expense by $5 million\\. |\n\n\n\nDuring 2017, we reviewed and revised certain economic and demographic assumptions including the pension and retiree medical and other postretirement benefits discount rates and health care cost and trend rates\\. The net effect of changing these assumptions for the pension plans resulted in an increase of $1\\.2 billion in the projected benefit obligation at December 31, 2017\\. The net effect of changing these assumptions for retiree medical and other postretirement benefits plans resulted in an increase of $45 million in the projected benefit obligation at December 31, 2017\\. We also revised our mortality assumptions to incorporate the new mortality improvement scale issued by the Society of Actuaries\\. This resulted in a decrease in the projected benefit obligations of our pension and retiree medical and other postretirement benefits plans of $114 million and $8 million, respectively\\.\n\nSee Note 9 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 7 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information regarding our employee benefit plans\\.\n\n75"}
{"_id": "AmericanAirlines-2017_60.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Operating Special Items, Net*\n\n\n\n|                                                         |                             |                             |\n| ------------------------------------------------------- | --------------------------- | --------------------------- |\n|                                                         | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                         | **2017**                    | **2016**                    |\n|                                                         | **(In millions)**           | **(In millions)**           |\n| Merger integration expenses  ^(1)^                      | $273                        | $514                        |\n| Fleet restructuring expenses  ^(2)^                     | 232                         | 177                         |\n| Employee 2017 Tax Act bonus expense  ^(3)^              | 123                         | \u2014                           |\n| Labor contract expenses  ^(4)^                          | 46                          | \u2014                           |\n| Mark\\-to\\-market adjustments for bankruptcy obligations | 27                          | 25                          |\n| Other operating charges (credits), net                  | 11                          | (7)                         |\n| Total mainline operating special items, net             | 712                         | 709                         |\n| Regional operating special items, net                   | 3                           | 13                          |\n| Total operating special items, net                      | $715                        | $722                        |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                          |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | Merger integration expenses included costs related to information technology, professional fees, re\\-branding of aircraft and airport facilities and training, and in 2016, also included costs related to alignment of labor union contracts and the launch of re\\-branded uniforms, both of which drove the $241 million year\\-over\\-year decrease in these expenses\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                 |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Fleet restructuring expenses, driven in part by the Merger, principally included the acceleration of depreciation and impairments for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Employee bonus expense included costs related to the $1,000 cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of the 2017 Tax Act\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Labor contract expenses primarily included one\\-time charges to adjust the vacation accruals for pilots and flight attendants as a result of the mid\\-contract pay rate adjustments effective in the second quarter of 2017\\. |\n\n\n\n*Regional Operating Expenses*\n\n\n\n|                                   |                                              |                                              |                                              |                                              |\n| --------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- |\n|                                   | **Year Ended  <br>December 31,**             | **Year Ended  <br>December 31,**             | **Increase  <br>(Decrease)**                 | **Percent  <br>Increase  <br>(Decrease)**    |\n|                                   | **2017**                                     | **2016**                                     | **Increase  <br>(Decrease)**                 | **Percent  <br>Increase  <br>(Decrease)**    |\n|                                   | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** |\n| Aircraft fuel and related taxes   | $1,382                                       | $1,109                                       | $273                                         | 24\\.6                                        |\n| Other                             | 5,190                                        | 4,900                                        | 290                                          | 5\\.9                                         |\n| Total regional operating expenses | $6,572                                       | $6,009                                       | $563                                         | 9\\.4                                         |\n\n\n\nRegional operating expenses increased $563 million, or 9\\.4%, in 2017 from 2016\\. The year\\-over\\-year increase was due in part to a $273 million, or 24\\.6%, increase in fuel costs\\. The average price per gallon of fuel increased 21\\.2% to $1\\.79 in 2017 from $1\\.48 in 2016, on a 2\\.8% increase in consumption\\. Additionally, other regional operating expenses increased $290 million, or 5\\.9%, primarily driven by increased capacity\\. See Note 1(q) to American\u2019s Consolidated Financial Statements in Part II, Item 8B for further information on regional expenses\\.\n\n61"}
{"_id": "Alaska-2018_54.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n55"}
{"_id": "Southwest-2019_106.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nThe only periods subject to examination for the Company\u2019s federal tax return are the 2018 and  2019  tax years\\. The Company is also subject to various examinations from state and local income tax jurisdictions in the ordinary course of business\\. These examinations are not expected to have a material effect on the financial results of the Company\\.\n\n107"}
{"_id": "AmericanAirlines-2017_12.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Aircraft Emissions and Climate Change Requirements*\n\nMany aspects of our operations are subject to increasingly stringent environmental regulations and concerns about climate change and greenhouse gas (GHG) emissions\\. For example, the EU has established the Emissions Trading Scheme (ETS) to regulate GHG emissions in the EU\\. The EU adopted a directive in 2008 under which each EU member state is required to extend the ETS to aviation operations\\. However, the EU ETS has never fully been imposed, in large part due to the global effort to moderate international aviation emissions solely through the International Civil Aviation Organization (ICAO)\\. The U\\.S\\. enacted legislation in November 2012 intended to encourage an international solution through ICAO, but which also authorizes the U\\.S\\. Secretary of Transportation to prohibit U\\.S\\. airlines from participating in the ETS\\.\n\nIn October 2016, ICAO passed a resolution adopting the ICAO Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), which is a global, market\\-based emissions offset program to encourage carbon\\-neutral growth beyond 2020\\. The CORSIA applies to international aviation, and does not directly impact domestic U\\.S\\. flights\\. The CORSIA was supported by the board of Airlines for America (the principal U\\.S\\. airline trade association), the International Air Transport Association (IATA) (the principal international airline trade association), and by American and many other U\\.S\\. and foreign airlines\\. The CORSIA will increase operating costs for American and most other airlines, including other U\\.S\\. airlines that operate internationally, but the implementation of a global program, as compared to regional emission reduction schemes, should ensure that resulting increases in operating costs will be more predictable and more evenly applied to American and its competitors since there will be a common global regulatory regime\\. The CORSIA is expected to be implemented in phases, beginning in 2021\\. Certain details still need to be developed and the impact of the CORSIA cannot be fully predicted\\. The EU has extended its stay on the extra\\-territorial application of the EU ETS as applied to international flights to/from the European Economic Area (EAA) through year\\-end 2023, contingent on successful implementation of the ICAO CORSIA\\. Thereafter, the EU will assess the ICAO CORSIA implementation and decide the future status of the EU ETS as applied to international aviation to/from the EAA\\.\n\nIn 2018, the EPA is expected to finalize a rule implementing aircraft engine GHG emission standards\\. It is anticipated that the EPA rule will closely align with recent ICAO carbon dioxide emission standards\\. The new standards, which were supported by the airline industry and manufacturers, would apply to new type aircraft certified beginning in 2020, and would be phased in for newly manufactured existing aircraft type designs starting in 2023\\.\n\nIn addition, several states, have adopted or are considering initiatives to regulate emissions of GHGs, primarily through the planned development of GHG emissions inventories and/or regional GHG cap and trade programs\\.\n\nWe have taken a number of actions that mitigate our GHG emissions and conserve fuel such as:\n\n\n\n|   |                                                                                     |\n| - | ----------------------------------------------------------------------------------- |\n| \u2022 | Retiring older aircraft and replacing them with new, more fuel\\-efficient aircraft; |\n\n\n\n\n\n|   |                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Reducing fuel consumption through our Fuel Smart Program, which is an employee\\-led effort to safely reduce fuel consumption; |\n\n\n\n\n\n|   |                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Working with the FAA and vendors to facilitate efficient airspace procedures, which also reduces aircraft emissions; |\n\n\n\n\n\n|   |                                                                |\n| - | -------------------------------------------------------------- |\n| \u2022 | Replacing existing cargo containers with lightweight versions; |\n\n\n\n\n\n|   |                                                                                                                                                                            |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Replacing older, inefficient ground support equipment with new, more fuel\\-efficient ground support equipment, including alternative\\-fuel and electric powered equipment; |\n\n\n\n\n\n|   |                                                           |\n| - | --------------------------------------------------------- |\n| \u2022 | Purchasing renewable energy to reduce indirect emissions; |\n\n\n\n\n\n|   |                                                                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Seeking certification of certain buildings to the U\\.S\\. Green Building Council\u2019s Leadership in Energy and Environmental Design (LEED) standard; and |\n\n\n\n\n\n|   |                                                                                                                                           |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Entering into partnerships with certain companies to further explore potential production pathways for sustainable alternative jet fuel\\. |\n\n\n\nFor further information, see our annual Corporate Responsibility Report, available on our website at *www\\.aa\\.com*\\. None of the information or contents of our website is incorporated into this Annual Report on Form 10\\-K\\.\n\n13"}
{"_id": "Delta-2017_43.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nContractual Obligations\n\nThe following table summarizes our contractual obligations at  December 31, 2017  that we expect will be paid in cash\\. The table does not include amounts that are contingent on events or other factors that are uncertain or unknown at this time, including legal contingencies, uncertain tax positions and amounts payable under collective bargaining arrangements, among others\\. In addition, the table does not include expected significant cash payments representing obligations that arise in the ordinary course of business that do not include contractual commitments\\.\n\nThe amounts presented are based on various estimates, including estimates regarding the timing of payments, prevailing interest rates, volumes purchased, the occurrence of certain events and other factors\\. Accordingly, the actual results may vary materially from the amounts presented in the table\\.\n\n\n\n|                                             |                                               |                                               |                                               |                                               |                                               |                                               |                                               |\n| ------------------------------------------- | --------------------------------------------- | --------------------------------------------- | --------------------------------------------- | --------------------------------------------- | --------------------------------------------- | --------------------------------------------- | --------------------------------------------- |\n|                                             | **Contractual Obligations by Year** **^(1)^** | **Contractual Obligations by Year** **^(1)^** | **Contractual Obligations by Year** **^(1)^** | **Contractual Obligations by Year** **^(1)^** | **Contractual Obligations by Year** **^(1)^** | **Contractual Obligations by Year** **^(1)^** | **Contractual Obligations by Year** **^(1)^** |\n| **(in millions)**                           | **2018**                                      | **2019**                                      | **2020**                                      | **2021**                                      | **2022**                                      | **Thereafter**                                | **Total**                                     |\n| Long\\-term debt (see Note 6)                |                                               |                                               |                                               |                                               |                                               |                                               |                                               |\n| Principal amount                            | $2,183                                        | $1,359                                        | $1,983                                        | $345                                          | $2,009                                        | $660                                          | $8,539                                        |\n| Interest payments                           | 349                                           | 247                                           | 171                                           | 131                                           | 82                                            | 120                                           | 1,100                                         |\n| Capital lease obligations (see Note 7)      |                                               |                                               |                                               |                                               |                                               |                                               |                                               |\n| Principal amount                            | 97                                            | 78                                            | 56                                            | 34                                            | 19                                            | 110                                           | 394                                           |\n| Interest payments                           | 19                                            | 14                                            | 9                                             | 7                                             | 5                                             | 16                                            | 70                                            |\n| Operating lease payments (see Note 7)       | 1,735                                         | 1,589                                         | 1,430                                         | 1,156                                         | 1,036                                         | 9,290                                         | 16,236                                        |\n| Aircraft purchase commitments (see Note 10) | 3,570                                         | 3,370                                         | 3,270                                         | 3,880                                         | 2,450                                         | 1,740                                         | 18,280                                        |\n| Contract carrier obligations (see Note 10)  | 1,772                                         | 1,603                                         | 1,320                                         | 793                                           | 723                                           | 1,975                                         | 8,186                                         |\n| Employee benefit obligations (see Note 9)   | 149                                           | 144                                           | 130                                           | 120                                           | 113                                           | 5,916                                         | 6,572                                         |\n| Other obligations                           | 770                                           | 364                                           | 314                                           | 241                                           | 411                                           | 459                                           | 2,559                                         |\n| Total                                       | $10,644                                       | $8,768                                        | $8,683                                        | $6,707                                        | $6,848                                        | $20,286                                       | $61,936                                       |\n\n\n\n\n\n|       |                                                                                                                    |\n| ----- | ------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | For additional information, see the Notes to the Consolidated Financial Statements referenced in the table above\\. |\n\n\n\nLong\\-Term Debt, Principal Amount\\.  Represents scheduled principal payments on long\\-term debt\\. \n\nLong\\-Term Debt, Interest Payments\\.  Represents estimated interest payments under our long\\-term debt based on the interest rates specified in the applicable debt agreements\\. Interest payments on variable interest rate debt were calculated using London interbank offered rates (\"LIBOR\") at  December 31, 2017 \\. \n\nOperating Lease Payments\\.  Represents our minimum rental commitments under noncancelable operating leases (including certain aircraft flown by regional carriers)\\. \n\nAircraft Purchase Commitments\\.  Represents our commitments to purchase  100  A321\\-200neo,  93  A321\\-200,  75  CS100,  41  B\\-737\\-900ER,  25  A330\\-900neo and  19  A350\\-900 aircraft\\.\n\nContract Carrier Obligations\\.  Represents our estimated minimum fixed obligations under capacity purchase agreements with third\\-party regional carriers\\. The reported amounts are based on (1) the required minimum levels of flying by our contract carriers under the applicable agreements and (2) assumptions regarding the costs associated with such minimum levels of flying\\. \n\nEmployee Benefit Obligations\\.  Represents primarily (1) our estimated minimum required funding for our qualified defined benefit pension plans based on actuarially determined estimates and (2) projected future benefit payments from our unfunded postretirement and postemployment plans\\. For additional information about our defined benefit pension plan obligations, see \"Critical Accounting Policies and Estimates\\.\"\n\nOther Obligations\\.  Represents estimated purchase obligations under which we are required to make minimum payments for goods and services, including, but not limited to, insurance, marketing, maintenance, technology, sponsorships and other third\\-party services and products\\. \n\n 39"}
{"_id": "United-2018_22.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|                                                                         |                             |                             |                             |                             |                             |\n| ----------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                         | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                         | **2018**                    | **2017 (a)**                | **2016 (a)**                | **2015**                    | **2014**                    |\n| **Consolidated (b)**                                                    |                             |                             |                             |                             |                             |\n| Passengers (thousands) (c)                                              | 158,330                     | 148,067                     | 143,177                     | 140,369                     | 138,029                     |\n| Revenue passenger miles (\"RPMs\") (millions) (d)                         | 230,155                     | 216,261                     | 210,309                     | 208,611                     | 205,559                     |\n| Available seat miles (\"ASMs\") (millions) (e)                            | 275,262                     | 262,386                     | 253,590                     | 250,003                     | 246,021                     |\n| Cargo revenue ton miles (millions) (f)                                  | 3,425                       | 3,316                       | 2,805                       | 2,614                       | 2,487                       |\n| Passenger load factor (g)                                               | 83\\.6%                      | 82\\.4%                      | 82\\.9%                      | 83\\.4%                      | 83\\.6%                      |\n| Passenger revenue per available seat mile (\"PRASM\") (cents)             | 13\\.70                      | 13\\.13                      | 13\\.18                      | 13\\.11                      | 13\\.72                      |\n| Total revenue per available seat mile (\"TRASM\") (cents)                 | 15\\.00                      | 14\\.40                      | 14\\.42                      | 15\\.15                      | 15\\.81                      |\n| Average yield per revenue passenger mile (\"Yield\") (cents) (h)          | 16\\.38                      | 15\\.93                      | 15\\.90                      | 15\\.72                      | 16\\.42                      |\n| Cost per available seat mile (\"CASM\") (cents)                           | 13\\.81                      | 13\\.00                      | 12\\.70                      | 13\\.08                      | 14\\.85                      |\n| Average price per gallon of fuel, including fuel taxes                  | $2\\.25                      | $1\\.74                      | $1\\.49                      | $1\\.94                      | $2\\.99                      |\n| Fuel gallons consumed (millions)                                        | 4,137                       | 3,978                       | 3,904                       | 3,886                       | 3,905                       |\n| Average stage length (miles) (i)                                        | 1,446                       | 1,460                       | 1,473                       | 1,487                       | 1,480                       |\n| Average daily utilization of each mainline aircraft (hours:minutes) (j) |  10:45                      |  10:27                      | 10:06                       | 10:24                       | 10:26                       |\n\n\n\n(a) PRASM, TRASM, Yield, and CASM are adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)* andAccounting Standards Update No\\. 2017\\-07, *Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\n(b) Includes data from our regional carriers operating under CPAs\\.\n\n(c) The number of revenue passengers measured by each flight segment flown\\.\n\n(d) The number of scheduled miles flown by revenue passengers\\.\n\n(e) The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown\\.\n\n(f) The number of cargo revenue tons transported multiplied by the number of miles flown\\.\n\n(g) RPM divided by ASM\\.\n\n(h) The average passenger revenue received for each revenue passenger mile flown\\.\n\n(i) Average stage length equals the average distance a flight travels weighted for size of aircraft\\.\n\n(j) The average number of hours per day that an aircraft flown in revenue service is operated (from gate departure to gate arrival)\\.\n\n23"}
{"_id": "AmericanAirlines-2019_120.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAMERICAN AIRLINES, INC\\.\n\nCONSOLIDATED STATEMENTS OF STOCKHOLDER\u2019S EQUITY\n\n(In millions)\n\n\n\n|                                                                                                                         |                             |                                                       |                                                                           |                                                       |               |\n| ----------------------------------------------------------------------------------------------------------------------- | --------------------------- | ----------------------------------------------------- | ------------------------------------------------------------------------- | ----------------------------------------------------- | ------------- |\n|                                                                                                                         | **Common**<br><br>**Stock** | **Additional**<br><br>**Paid\\-in**<br><br>**Capital** | **Accumulated**<br><br>**Other**<br><br>**Comprehensive**<br><br>**Loss** | **Retained**<br><br>**Earnings**<br><br>**(Deficit)** | **Total**     |\n| **Balance at December 31, 2016**                                                                                        | $\u2014                          | $16,624                                               | $<br><br>(5,182<br><br>)                                                  | $<br><br>(2,862<br><br>)                              | $8,580        |\n| Net income                                                                                                              | \u2014                           | \u2014                                                     | \u2014                                                                         | 1,285                                                 | 1,285         |\n| Other comprehensive loss, net                                                                                           | \u2014                           | \u2014                                                     | (69<br><br>)                                                              | \u2014                                                     | (69<br><br>)  |\n| Share\\-based compensation expense                                                                                       | \u2014                           | 90                                                    | \u2014                                                                         | \u2014                                                     | 90            |\n| Intercompany equity transfer                                                                                            | \u2014                           | 2                                                     | \u2014                                                                         | \u2014                                                     | 2             |\n| Impact of adoption of Accounting Standards Update (ASU)<br><br>2018\\-02 related to comprehensive income (See Note 1(b)) | \u2014                           | \u2014                                                     | (622<br><br>)                                                             | 622                                                   | \u2014             |\n| **Balance at December 31, 2017**                                                                                        | \u2014                           | 16,716                                                | (5,873<br><br>)                                                           | (955<br><br>)                                         | 9,888         |\n| Net income                                                                                                              | \u2014                           | \u2014                                                     | \u2014                                                                         | 1,658                                                 | 1,658         |\n| Other comprehensive loss, net                                                                                           | \u2014                           | \u2014                                                     | (119<br><br>)                                                             | \u2014                                                     | (119<br><br>) |\n| Share\\-based compensation expense                                                                                       | \u2014                           | 86                                                    | \u2014                                                                         | \u2014                                                     | 86            |\n| Impact of adoption of ASU 2016\\-01 related to financial<br><br>instruments                                              | \u2014                           | \u2014                                                     | \u2014                                                                         | 60                                                    | 60            |\n| Impact of adoption of ASU 2016\\-02 related to leases                                                                    | \u2014                           | \u2014                                                     | \u2014                                                                         | 197                                                   | 197           |\n| **Balance at December 31, 2018**                                                                                        | \u2014                           | 16,802                                                | (5,992<br><br>)                                                           | 960                                                   | 11,770        |\n| Net income                                                                                                              | \u2014                           | \u2014                                                     | \u2014                                                                         | 1,972                                                 | 1,972         |\n| Other comprehensive loss, net                                                                                           | \u2014                           | \u2014                                                     | (431<br><br>)                                                             | \u2014                                                     | (431<br><br>) |\n| Share\\-based compensation expense                                                                                       | \u2014                           | 94                                                    | \u2014                                                                         | \u2014                                                     | 94            |\n| Intercompany equity transfer                                                                                            | \u2014                           | 7                                                     | \u2014                                                                         | 10                                                    | 17            |\n| **Balance at December 31, 2019**                                                                                        | $\u2014                          | $16,903                                               | $<br><br>(6,423<br><br>)                                                  | $2,942                                                | $13,422       |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n121"}
{"_id": "Southwest-2017_6.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nfrom its fleet in September 2017 and began scheduled service with its first Boeing 737 MAX 8 aircraft in October 2017\\. The Boeing 737 MAX 8 is expected to significantly reduce fuel use and CO2 emissions, as compared with the Company's other aircraft\\. The Company ended 2017 with 13 Boeing 737 MAX 8 aircraft in its fleet\\. The Company's fleet composition and delivery schedules are discussed in more detail below under \"Properties \\- Aircraft\\.\" The Company has also undertaken a number of other fuel conservation initiatives which are discussed in detail under \"Regulation \\- Environmental Regulation\\.\"\n\nTo illustrate the results of the Company's efforts to reduce fuel consumption and improve fuel efficiency, the table below sets forth the Company's available seat miles produced per fuel gallon consumed over the last five years:\n\n\n\n|                                               |                             |                             |                             |                             |                             |\n| --------------------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                               | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                               | **2017**                    | **2016**                    | **2015**                    | **2014**                    | **2013**                    |\n| Available seat miles per fuel gallon consumed | 75\\.2                       | 74\\.4                       | 73\\.9                       | 72\\.8                       | 71\\.7                       |\n\n\n\nThe Company also enters into fuel derivative contracts to manage its risk associated with significant increases in fuel prices\\. The Company's fuel hedging activities, as well as the risks associated with high and/or volatile fuel prices, are discussed in more detail below under \"Risk Factors,\" \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" and Note 10 to the Consolidated Financial Statements\\.\n\nSalaries, wages, and benefits expense constituted approximately 41 percent of the Company's operating expenses during 2017 and was the Company's largest operating cost\\. The Company's ability to control labor costs is limited by the terms of its collective\\-bargaining agreements, and increased labor costs have negatively impacted the Company's low\\-cost competitive position\\. The Company's labor costs, and risks associated therewith, are discussed in more detail below under \"Risk Factors\" and \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\\.\"\n\n**Fare Structure** \n\n***General*** \n\nSouthwest offers a relatively simple fare structure that features competitive fares and product benefits, including unrestricted fares as well as lower fares available on a restricted basis\\. Southwest fare products include three major categories: \"Wanna Get Away\u00ae,\" \"Anytime,\" and \"Business Select\u00ae,\" with the goal of making it easier for Customers to choose the fare they prefer\\. All fare products include the privilege of two free checked bags (weight and size limits apply), complimentary soft drinks and snacks, as well as free live and on\\-demand television where available\\. In addition, regardless of the fare product, Southwest does not charge fees for changes to flight reservations although fare differences may apply\\. \n\n\n\n|   |                                                                                                                                                                                                                                              |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | \"Wanna Get Away\" fares are generally the lowest fares and are typically subject to advance purchase requirements\\. They are nonrefundable, but, subject to Southwest's No Show Policy, funds may be applied to future travel on Southwest\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Anytime\" fares are, subject to Southwest's No Show Policy, refundable if canceled, or funds may be applied towards future travel on Southwest\\. A change or modification to a flight reservation will result in the fare becoming nonrefundable\\. In addition, if this fare is purchased with nonrefundable funds, then the flight would be nonrefundable if canceled\\. Anytime fares also include a higher frequent flyer point multiplier under Southwest's Rapid Rewards\u00ae frequent flyer program compared with \"Wanna Get Away\" fares\\. The Company's frequent flyer program is discussed below under \"Rapid Rewards Frequent Flyer Program\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | \"Business Select\" fares are, subject to Southwest's No Show Policy, refundable if canceled, or funds may be applied towards future travel on Southwest\\. A change or modification to a flight reservation will result in the fare becoming nonrefundable\\. In addition, if this fare is purchased with nonrefundable funds, then the flight would be nonrefundable if canceled\\. Upgrading to \"Business Select\" from another fare type will result in the fare becoming nonrefundable\\. Business Select fares also include additional perks such as priority boarding with a boarding position in the first 15 boarding positions within boarding group \"A,\" the highest frequent flyer point multiplier of all Southwest fare products, \"Fly By\u00ae\" priority security and/or ticket counter access in participating airports, and one complimentary adult beverage coupon for the day of travel (for Customers of legal drinking age)\\.  |\n\n\n\n7"}
{"_id": "United-2019_29.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\ngallon for the years ended December 31 (in millions, except percentage changes and per gallon data): \n\n\n\n|                                  |          |          |                         |\n| -------------------------------- | -------- | -------- | ----------------------- |\n|                                  | **2019** | **2018** | **%**<br><br>**Change** |\n| Fuel expense                     | $8,953   | $9,307   | (3\\.8)                  |\n| Total fuel consumption (gallons) | 4,292    | 4,137    | 3\\.7                    |\n| Average price per gallon         | $2\\.09   | $2\\.25   | (7\\.1)                  |\n\n\n\nRegional capacity purchase costs increased  $200 million , or  7\\.6% , in  2019  as compared to  2018 , primarily due to a rate increase under various capacity purchase agreements with regional carriers and a 4\\.1% increase in regional flying\\. \n\nDepreciation and amortization increased  $123 million , or  5\\.7% , in  2019  as compared to  2018 , primarily due to the additions of new and used aircraft and new capital projects related both to infrastructure and information technology\\. \n\nAircraft rent decreased  $145 million , or  33\\.5% , in  2019  as compared to  2018 , primarily due to the purchase of leased aircraft and the conversion of certain operating leases to finance leases\\.\n\nThe table below presents special charges incurred by the Company during the years ended December 31 (in millions):\n\n\n\n|                                                            |          |          |\n| ---------------------------------------------------------- | -------- | -------- |\n|                                                            | **2019** | **2018** |\n| Impairment of assets                                       | $171     | $377     |\n| Severance and benefit costs                                | 16       | 41       |\n| Termination of an engine maintenance service agreement     | \u2014        | 64       |\n| (Gains) losses on sale of assets and other special charges | 59       | 5        |\n| Total special charges                                      | $246     | $487     |\n\n\n\nSee Note 14 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\nOther operating expenses increased  $474 million , or  8\\.2% , in  2019  as compared to  2018 , primarily due to increased purchased services related to airport operations weather\\-related costs, technology initiatives, catering costs, facility projects and crew\\-related expenses\\.\n\nNonoperating Income (Expense)\\.  The following table illustrates the year\\-over\\-year dollar and percentage changes in the Company's nonoperating income (expense) for the years ended December 31 (in millions, except percentage changes):\n\n\n\n|                                               |          |          |                         |              |\n| --------------------------------------------- | -------- | -------- | ----------------------- | ------------ |\n|                                               | **2019** | **2018** | **Increase (Decrease)** | **% Change** |\n| Interest expense                              | $(731)   | $(670)   | $61                     | 9\\.1         |\n| Interest capitalized                          | 85       | 65       | 20                      | 30\\.8        |\n| Interest income                               | 133      | 101      | 32                      | 31\\.7        |\n| Unrealized gains (losses) on investments, net | 153      | (5)      | 158                     | NM           |\n| Miscellaneous, net                            | (27)     | (72)     | (45)                    | (62\\.5)      |\n| Total nonoperating expense, net               | $(387)   | $(581)   | $(194)                  | (33\\.4)      |\n\n\n\nInterest expense increased  $61 million , or  9\\.1% , in  2019  as compared to  2018 , primarily due to the conversion of certain operating leases to finance leases and debt issued for the acquisition of new aircraft\\.\n\nInterest income increased  $32 million , or  31\\.7% , in  2019  as compared to  2018 , primarily due to higher levels of cash balances throughout the year\\. \n\nUnrealized gains (losses) on investments, net increased  $158 million  in  2019  as compared to  2018 , primarily due to the change in market value of certain of its equity investments and derivative assets\\. See Notes 9 and 14 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\nMiscellaneous, net decreased  $45 million , or  62\\.5% , in  2019  as compared to  2018 , primarily due to more favorable foreign exchange rates and the remeasurement of postretirement plans due to a plan change\\.\n\nIncome Taxes\\.  See Note 6 to the financial statements included in Part II, Item 8 of this report for information related to income taxes\\.\n\n30"}
{"_id": "Delta-2019_98.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND  FINANCIAL DISCLOSURE\n\nNone\\. \n\nITEM 9A\\. CONTROLS AND PROCEDURES \n\nDisclosure Controls and Procedures\n\nOur management, including our Chief Executive Officer and Chief Financial Officer, performed an evaluation of our disclosure controls and procedures, which have been designed to permit us to record, process, summarize and report, within time periods specified by the SEC's rules and forms, information required to be disclosed\\. Our management, including our Chief Executive Officer and Chief Financial Officer, concluded that the controls and procedures were effective as of December 31, 2019 to ensure that material information was accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure\\.\n\nChanges in Internal Control\n\nDuring the three months ended December 31, 2019, we did not make any changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting\\.\n\nManagement's Annual Report on Internal Control Over Financial Reporting \n\nManagement is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a\\-15(f) and 15d\\-15(f) under the Securities Exchange Act of 1934\\. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies may deteriorate\\.\n\nManagement conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2019 using the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission (\"COSO\") in the 2013 Internal Control\\-Integrated Framework\\. Based on that evaluation, management believes that our internal control over financial reporting was effective as of December 31, 2019\\.\n\nThe effectiveness of our internal control over financial reporting as of December 31, 2019 has been audited by Ernst & Young LLP, an independent registered public accounting firm, which also audited our Consolidated Financial Statements for the year ended December 31, 2019\\. Ernst & Young LLP's report on our internal control over financial reporting is set forth below\\.\n\n96"}
{"_id": "Delta-2018_104.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nDelta is not filing any instruments evidencing any indebtedness because the total amount of securities authorized under any single such instrument does not exceed 10% of the total assets of Delta and its subsidiaries on a consolidated basis\\. Copies of such instruments will be furnished to the Securities and Exchange Commission upon request\\.\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.1 | [Credit Agreement, dated as of April 19, 2018, among Delta Air Lines, Inc\\., as Borrower and The Lenders and JP Morgan Chase Bank, N\\.A\\., as Administrative Agent, Barclays Bank PLC, BNP Paribas, Citigroup Global Markets Inc\\., Compass Bank, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank Securities Inc\\., Fifth Third Bank, Goldman Sachs Bank USA, Industrial and Commercial Bank of China Limited, New York Branch, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Senior Funding, Inc\\., PNC Bank, National Association, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, U\\.S\\. Bank National Association and Wells Fargo Bank, N\\.A\\., as Co\\-Syndication Agents, and JP Morgan Chase Bank, N\\.A\\., Barclays Bank PLC, BNP Paribas, Citigroup Global Markets Inc\\., Compass Bank, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank Securities Inc\\., Fifth Third Bank, Goldman Sachs Bank USA, Industrial and Commercial Bank of China Limited, New York Branch, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Senior Funding, Inc\\., PNC Capital Markets LLC, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, U\\.S\\. Bank National Association, Wells Fargo Bank, N\\.A\\., Credit Agricole Corporate and Investment Bank and Natixis, New York Branch, as Joint Lead Arrangers and Joint Bookrunners (Filed as Exhibit 10\\.1 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2018)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790418000016/dal6302018ex101.htm) |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                          |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.2 | [Anchor Tenant Agreement dated as of December 9, 2010 between JFK International Air Terminal LLC and Delta Air Lines, Inc\\. (Filed as Exhibit 10\\.4 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2010)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000095012311014364/g24877exv10w4.htm) |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                        |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.3 | [Amended and Restated Agreement of Lease by and between The Port Authority of New York and New Jersey and Delta Air Lines, Inc\\., dated as of September 13, 2017 (Filed as Exhibit 10\\.1 to Delta\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000017/dal9302017ex101.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.4(a) | [Supplemental Agreement No\\. 13 to Purchase Agreement Number 2022, dated August 24, 2011, between The Boeing Company and Delta Air Lines, Inc\\. relating to Boeing Model 737NG Aircraft (\"Supplemental Agreement 13\") (Filed as Exhibit 10\\.1 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2011)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000144530511003058/dal9302011ex101.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.4(b) | [Supplemental Agreement No\\. 17 to Purchase Agreement Number 2022, dated December 16, 2015, between The Boeing Company and Delta Air Lines, Inc\\. relating to Boeing Model 737NG Aircraft (\"Supplemental Agreement 17\") (Filed as Exhibit 10\\.6(b) to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000018/dal12312015ex106b.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.4(c) | [Supplemental Agreement No\\. 20 to Purchase Agreement Number 2022, dated March 30, 2017, between The Boeing Company and Delta Air Lines, Inc\\. relating to Boeing Model 737NG Aircraft (\"Supplemental Agreement No\\. 20\") (Filed as Exhibit 10\\.1 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000008/dal3312017ex101.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                             |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.4(d) | [Letter Agreements, dated March 30, 2017, relating to Supplemental Agreement No\\. 20 (Filed as Exhibit 10\\.2 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000008/dal3312017ex102.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                             |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.5(a) | [Letter Agreements, dated August 24, 2011, relating to Supplemental Agreement 13 (Filed as Exhibit 10\\.2 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2011)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000144530511003058/dal9302011ex102.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                             |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.5(b) | [Letter Agreements, dated December 16, 2015, relating to Supplemental Agreement 17 (Filed as Exhibit 10\\.7(b) to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000018/dal12312015ex107b.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                              |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.6(a) | [Aircraft General Terms Agreement, dated October 21, 1997, between The Boeing Company and Delta Air Lines, Inc\\. (Filed as Exhibit 10\\.6 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended December 31, 1997)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/0000950144-98-001674.txt) |\n\n\n\n 102"}
{"_id": "Southwest-2019_69.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\ninvestments, if any, are reflected in Interest income in the accompanying Consolidated Statement of Income\\. Both unrealized and realized gains and/or losses associated with investments were immaterial for all years presented\\.\n\nNoncurrent investments consist of investments with maturities of greater than twelve months\\. Noncurrent investments are included as a component of Other assets in the Consolidated Balance Sheet\\.\n\nAccounts and Other Receivables\n\nAccounts and other receivables are carried at cost\\. They primarily consist of amounts due from the Company's business partners and other suppliers, credit card companies associated with sales of tickets for future travel, and amounts due from business partners in the Company\u2019s loyalty program\\. See Note  15  for further information\\. The allowance for doubtful accounts was immaterial at  December 31, 2019  and  2018 \\. In addition, the provision for doubtful accounts and write\\-offs for  2019 ,  2018 , and  2017  were each immaterial\\.\n\nInventories\n\nInventories primarily consist of aircraft fuel, flight equipment expendable parts, materials, and supplies\\. All of these items are carried at average cost, less an allowance for obsolescence\\. These items are generally charged to expense when issued for use\\. The reserve for obsolescence was immaterial at  December 31, 2019 , and  2018 \\. In addition, the Company\u2019s provision for obsolescence and write\\-offs for  2019 ,  2018 , and  2017  were each immaterial\\.\n\nProperty and Equipment\n\nProperty and equipment is stated at cost\\. Capital expenditures include payments made for aircraft, other flight equipment, purchase deposits related to future aircraft deliveries, airport and other facility construction projects, and ground and other property and equipment\\. Depreciation is provided by the straight\\-line method to estimated residual values over periods of approximately   25  years for flight equipment, and  5  to   30  years for ground property and equipment\\. Residual values estimated for aircraft are approximately   15 percent , and generally range from   0  to   10 percent  for ground property and equipment\\. Assets constructed for others consists of airport improvement projects in which the Company is considered to have control of the asset during the construction period\\. Once construction is effectively completed, the sale\\-leaseback model would apply when control passes from the lessee to the lessor\\. See Note  4  for further information\\.\n\nIn September 2017, the Company retired its remaining   61  Boeing 737\\-300 (\"Classic\") aircraft as part of an accelerated retirement schedule\\. This resulted in a change in anticipated retirement dates, which was considered a change in estimate and was accounted for on a prospective basis as of the dates the decisions were finalized\\. Therefore, the Company recorded accelerated depreciation expense over the remainder of the useful lives for each Classic aircraft and related parts\\. See Note  7  for further information regarding the Company's leased aircraft fleet\\. The impact on expense and earnings from the accelerated depreciation were as follows:\n\n\n\n|                                             |                                  |\n| ------------------------------------------- | -------------------------------- |\n| **(in millions, except per share amounts)** | **Year ended December 31, 2017** |\n| Depreciation and amortization expense       | $21                              |\n| Net income \\*                               | $<br><br>(19<br><br>)            |\n| Net income per basic share                  | $<br><br>(0\\.03<br><br>)         |\n| Net income per diluted share                | $<br><br>(0\\.03<br><br>)         |\n\n\n\n\\* net of profitsharing benefit and income taxes\n\nThe Company evaluates its long\\-lived assets used in operations for impairment when events and circumstances indicate that the undiscounted cash flows to be generated by that asset are less than the carrying amounts of the asset and may not be recoverable\\. Factors that would indicate potential impairment include, but are not limited to, significant decreases in the market value of the long\\-lived asset(s), a significant change in the long\\-lived asset\u2019s physical condition, and \n\n70"}
{"_id": "Delta-2019_14.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nInformation About Our Executive Officers\n\nEdward H\\. Bastian, Age 62 :  Chief Executive Officer of Delta since May 2016; President of Delta (September 2007 \\- May 2016); President of Delta and Chief Executive Officer Northwest Airlines, Inc\\. (October 2008 \\- December 2009); President and Chief Financial Officer of Delta (September 2007 \\- October 2008); Executive Vice President and Chief Financial Officer of Delta (July 2005 \\- September 2007); Chief Financial Officer of Acuity Brands (June 2005 \\- July 2005); Senior Vice President \\- Finance and Controller of Delta (2000 \\- April 2005); Vice President and Controller of Delta (1998 \\- 2000)\\.\n\nPeter W\\. Carter, Age 56 :  Executive Vice President \\- Chief Legal Officer of Delta since July 2015; Partner of Dorsey & Whitney LLP (1999 \\- 2015), including co\\-chair of Securities Litigation and Enforcement practice group, chair of Policy Committee and chair of trial department\\.\n\nGlen W\\. Hauenstein, Age 59 :  President of Delta since May 2016; Executive Vice President \\- Chief Revenue Officer of Delta (August 2013 \\- May 2016); Executive Vice President \\- Network Planning and Revenue Management of Delta (April 2006 \\- July 2013); Executive Vice President and Chief of Network and Revenue Management of Delta (August 2005 \\- April 2006); Vice General Director \\- Chief Commercial Officer and Chief Operating Officer of Alitalia (2003 \\- 2005); Senior Vice President\\- Network of Continental Airlines (2003); Senior Vice President \\- Scheduling of Continental Airlines (2001 \\- 2003); Vice President Scheduling of Continental Airlines (1998 \\- 2001)\\.\n\nPaul A\\. Jacobson, Age 48:  Executive Vice President \\- Chief Financial Officer of Delta since August 2013; Senior Vice President and Chief Financial Officer of Delta (March 2012 \\- July 2013); Senior Vice President and Treasurer of Delta (December 2007 \\- March 2012); Vice President and Treasurer of Delta (August 2005 \\- December 2007)\\.\n\nWilliam P\\. Lentsch, Age 56 : Executive Vice President \\- Flying/Air Operations of Delta since August 2018; Senior Vice President \\- Delta Connection and Delta Global Services, CEO \\- Endeavor Air (April 2017 \\- August 2018); Senior Vice President \\- Airport Customer Service and Airline Operations of Delta (September 2013 \\- April 2017); Senior Vice President \\- Minnesota Operations of Delta (June 2009 \\- September 2013); Senior Vice President \\- Flight Operations of Northwest Airlines, Inc\\. (October 2008 \\- June 2009); Vice President \\- Flight Operations of Northwest Airlines, Inc\\. (October 2007 \\- October 2008); Vice President \\- Customer Service \\- Minneapolis of Northwest Airlines, Inc\\. (May 2006 \\- October 2007); Vice President \\- Station Operations of Northwest Airlines, Inc\\. (July 2005 \\- May 2006)\\.\n\nRahul Samant, Age 53:  Executive Vice President \\- Chief Information Officer of Delta since January 2018; Senior Vice President and Chief Information Officer of Delta (February 2016 \\- December 2017); Senior Vice President and Chief Digital Officer of American International Group, Inc\\. (January 2015 \\- February 2016); Senior Vice President and Global Head, Application Development and Management of American International Group, Inc\\. (September 2012 \\- December 2014); Managing Director of Bank of America (1999 \\- September 2012)\\.\n\nSteven M\\. Sear, Age 54 :  President, International and Executive Vice President \\- Global Sales of Delta since February 2016; Senior Vice President \\- Global Sales of Delta (December 2011 \\- February 2016); Vice President \\- Global Sales of Delta (October 2008 \\- December 2011); Vice President \\- Sales & Customer Care of Northwest Airlines, Inc\\. (June 2005 \\- October 2008)\\.\n\nJoanne D\\. Smith, Age 61:  Executive Vice President and Chief People Officer of Delta since October 2014; Senior Vice President \\- In\\-Flight Service of Delta (March 2007 \\- September 2014); Vice President \\- Marketing of Delta (November 2005 \\- February 2007); President of Song (January 2005 \\- October 2005); Vice President \\- Marketing and Customer Service of Song (November 2002 \\- December 2004)\\.\n\nW\\. Gil West, Age 59:  Senior Executive Vice President and Chief Operating Officer of Delta since February 2016; Executive Vice President and Chief Operating Officer of Delta (March 2014 \\- February 2016); Senior Vice President \\- Airport Customer Service and Technical Operations of Delta (February 2012 \\- February 2014); Senior Vice President \\- Airport Customer Service of Delta (March 2008 \\- January 2012); President and Chief Executive Officer of Laidlaw Transit Services (2006 \\- 2007)\\.\n\nAdditional Information\n\nWe make available free of charge on our website at  ir\\.delta\\.com  our Annual Report on Form 10\\-K, our Quarterly Reports on Form 10\\-Q, our Current Reports on Form 8\\-K and amendments to those reports as soon as reasonably practicable after these reports are filed with or furnished to the Securities and Exchange Commission\\. Information on our website is not incorporated into this Form 10\\-K or our other securities filings and is not a part of those filings\\.\n\n12"}
{"_id": "AmericanAirlines-2017_32.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**ITEM 2\\. PROPERTIES**\n\n**Flight Equipment and Fleet Renewal**\n\nAs of December 31, 2017, American operated a mainline fleet of 948 aircraft\\. In 2017, we continued our extensive fleet renewal program, which has provided us with the youngest fleet of the major U\\.S\\. network carriers\\. During 2017, American took delivery of 57 new mainline aircraft and retired 39 mainline aircraft\\. We are supported by our wholly\\-owned and third\\-party regional carriers that fly under capacity purchase agreements operating as American Eagle\\. As of December 31, 2017, American Eagle operated 597 regional aircraft\\. During 2017, we reduced our regional fleet by a net of nine aircraft, including the addition of 63 regional aircraft and retirement of 72 regional aircraft\\. \n\n***Mainline***\n\nAs of December 31, 2017, American\u2019s mainline fleet consisted of the following aircraft:\n\n\n\n|                          |                                         |                                               |           |            |           |\n| ------------------------ | --------------------------------------- | --------------------------------------------- | --------- | ---------- | --------- |\n|                          | **Average Seating**<br><br>**Capacity** | **Average**<br><br>**Age**<br><br>**(Years)** | **Owned** | **Leased** | **Total** |\n| Airbus A319              | 128                                     | 13\\.8                                         | 21        | 104        | 125       |\n| Airbus A320              | 150                                     | 16\\.7                                         | 10        | 38         | 48        |\n| Airbus A321              | 178                                     | 5\\.4                                          | 165       | 54         | 219       |\n| Airbus A330\\-200         | 251                                     | 6\\.0                                          | 15        | \u2014          | 15        |\n| Airbus A330\\-300         | 291                                     | 17\\.4                                         | 4         | 5          | 9         |\n| Boeing 737\\-800          | 160                                     | 8\\.1                                          | 132       | 172        | 304       |\n| Boeing 737\\-8 MAX        | 172                                     | 0\\.1                                          | 4         | \u2014          | 4         |\n| Boeing 757\\-200          | 180                                     | 18\\.1                                         | 31        | 3          | 34        |\n| Boeing 767\\-300ER        | 209                                     | 19\\.1                                         | 24        | \u2014          | 24        |\n| Boeing 777\\-200ER        | 269                                     | 17\\.0                                         | 44        | 3          | 47        |\n| Boeing 777\\-300ER        | 310                                     | 3\\.8                                          | 18        | 2          | 20        |\n| Boeing 787\\-8            | 226                                     | 2\\.1                                          | 20        | \u2014          | 20        |\n| Boeing 787\\-9            | 285                                     | 0\\.7                                          | 14        | \u2014          | 14        |\n| Embraer 190              | 99                                      | 10\\.2                                         | 20        | \u2014          | 20        |\n| McDonnell Douglas MD\\-80 | 140                                     | 21\\.3                                         | 13        | 32         | 45        |\n| Total                    |                                         | 10\\.1                                         | 535       | 413        | 948       |\n\n\n\n33"}
{"_id": "United-2019_21.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nAgreements governing our debt include financial and other covenants\\. Failure to comply with these covenants could result in events of default\\.\n\nOur financing agreements include various financial and other covenants\\. Certain of these covenants require UAL or United, as applicable, to maintain minimum liquidity and/or minimum collateral coverage ratios\\. UAL's or United's ability to comply with these covenants may be affected by events beyond its control, including the overall industry revenue environment, the level of fuel costs and the appraised value of the collateral\\. In addition, our financing agreements contain other negative covenants customary for such financings\\. These covenants are subject to important exceptions and qualifications\\. If we fail to comply with these covenants and are unable to remedy or obtain a waiver or amendment, an event of default would result\\.\n\nIf an event of default were to occur, the lenders could, among other things, declare outstanding amounts immediately due and payable\\. In addition, an event of default or declaration of acceleration under one financing agreement could also result in an event of default under other of our financing agreements due to cross\\-default and cross\\-acceleration provisions\\. The acceleration of significant amounts of debt could require us to renegotiate, repay or refinance the obligations under our financing arrangements\\.\n\nThe Company may never realize the full value of its intangible assets or its long\\-lived assets causing it to record impairments that may negatively affect its financial condition and operating results\\. \n\nIn accordance with applicable accounting standards, the Company is required to test its indefinite\\-lived intangible assets for impairment on an annual basis, or more frequently where there is an indication of impairment\\. In addition, the Company is required to test certain of its other assets for impairment where there is any indication that an asset may be impaired\\.\n\nThe Company may be required to recognize losses in the future due to, among other factors, extreme fuel price volatility, tight credit markets, government regulatory changes, decline in the fair values of certain tangible or intangible assets, such as aircraft, route authorities, airport slots and frequent flyer database, unfavorable trends in historical or forecasted results of operations and cash flows and an uncertain economic environment, as well as other uncertainties\\. For example, in 2019 and 2018, the Company recorded impairment charges of  $90 million  and  $206 million , respectively, associated with its Hong Kong routes, resulting in the full impairment of these assets\\. The Company can provide no assurance that a material impairment loss of tangible or intangible assets will not occur in a future period\\. The value of the Company's aircraft could be impacted in future periods by changes in supply and demand for these aircraft\\. Such changes in supply and demand for certain aircraft types could result from the grounding of aircraft\\. An impairment loss could have a material adverse effect on the Company's financial condition and operating results\\.\n\nAny damage to our reputation or brand image could adversely affect our business or financial results\\.\n\nWe operate in a public\\-facing industry and maintaining a good reputation is critical to our business\\. The Company's reputation or brand image could be adversely impacted by any failure to maintain satisfactory practices for all of our operations and activities, any failure to achieve and/or make progress toward our environmental and sustainability goals, public pressure from investors or policy groups to change our policies, customer perceptions of our advertising campaigns, sponsorship arrangements or marketing programs, customer perceptions of our use of social media, or customer perceptions of statements made by us, our employees and executives, agents or other third parties\\. Damage to our reputation or brand image or loss of customer confidence in our services could adversely affect our business and financial results, as well as require additional resources to rebuild our reputation\\.\n\n\n\n|               |                                 |\n| ------------- | ------------------------------- |\n| **ITEM 1B\\.** | **UNRESOLVED STAFF COMMENTS\\.** |\n\n\n\nNone\\.\n\n22"}
{"_id": "AmericanAirlines-2019_97.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n\n\n|       |                                                                                                                                         |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Unrealized gains and losses on short\\-term investments are recorded in accumulated other comprehensive loss at each measurement date\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                               |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | All short\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. Our short\\-term investments as of  December 31, 2019  mature in one year or less except for   $1\\.1 billion  of bank notes/certificates of deposit/time deposits and   $95 million  of corporate obligations\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                          |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(3)^ | Long\\-term investments primarily include our equity investment in China Southern Airlines, in which we presently own a   2\\.2%  equity interest, and are classified in other assets on the consolidated balance sheets\\. |\n\n\n\nFair Value of Debt\n\nThe fair value of our long\\-term debt was estimated using quoted market prices or discounted cash flow analyses, based on our current estimated incremental borrowing rates for similar types of borrowing arrangements\\. If our long\\-term debt was measured at fair value, it would have been classified as Level 2 in the fair value hierarchy\\.\n\nThe carrying value and estimated fair value of our long\\-term debt, including current maturities, were as follows (in millions):\n\n\n\n|                                               |                               |                           |                               |                           |\n| --------------------------------------------- | ----------------------------- | ------------------------- | ----------------------------- | ------------------------- |\n|                                               | **December 31, 2019**         | **December 31, 2019**     | **December 31, 2018**         | **December 31, 2018**     |\n|                                               | **Carrying**<br><br>**Value** | **Fair**<br><br>**Value** | **Carrying**<br><br>**Value** | **Fair**<br><br>**Value** |\n| Long\\-term debt, including current maturities | $23,645                       | $24,508                   | $23,779                       | $23,775                   |\n\n\n\n10\\. Employee Benefit Plans\n\nWe sponsor defined benefit and defined contribution pension plans for eligible employees\\. The defined benefit pension plans provide benefits for participating employees based on years of service and average compensation for a specified period of time before retirement\\. Effective November 1, 2012, substantially all of our defined benefit pension plans were frozen and we began providing enhanced benefits under our defined contribution pension plans for certain employee groups\\. We use a December 31 measurement date for all of our defined benefit pension plans\\. We also provide certain retiree medical and other postretirement benefits, including health care and life insurance benefits, to retired employees\\. Effective November 1, 2012, we modified our retiree medical and other postretirement benefits plans to eliminate the company subsidy for employees who retire on or after November 1, 2012\\. As a result of modifications to our retiree medical and other postretirement benefits plans in 2012, we recognized a negative plan amendment of   $1\\.9 billion , which is included as a component of prior service benefit in accumulated other comprehensive income (loss) (AOCI) and will be amortized over the future service life of the active plan participants for whom the benefit was eliminated, or approximately   eight years \\. As of  December 31, 2019 ,   $150 million  of prior service benefit remains, which will be fully amortized in 2020\\. \n\nBenefit Obligations, Fair Value of Plan Assets and Funded Status\n\nThe following tables provide a reconciliation of the changes in the pension and retiree medical and other postretirement benefits obligations, fair value of plan assets and a statement of funded status as of  December 31, 2019  and  2018 :\n\n\n\n|                                           |                      |                      |                                                                   |                                                                   |\n| ----------------------------------------- | -------------------- | -------------------- | ----------------------------------------------------------------- | ----------------------------------------------------------------- |\n|                                           | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** |\n|                                           | **2019**             | **2018**             | **2019**                                                          | **2018**                                                          |\n|                                           | **(In millions)**    | **(In millions)**    | **(In millions)**                                                 | **(In millions)**                                                 |\n| Benefit obligation at beginning of period | $16,378              | $18,275              | $837                                                              | $1,011                                                            |\n| Service cost                              | 2                    | 3                    | 3                                                                 | 5                                                                 |\n| Interest cost                             | 703                  | 674                  | 33                                                                | 35                                                                |\n| Actuarial (gain) loss  ^(1), (2)^         | 1,965                | (1,910<br><br>)      | 20                                                                | (133<br><br>)                                                     |\n| Settlements                               | (2<br><br>)          | (4<br><br>)          | \u2014                                                                 | \u2014                                                                 |\n| Benefit payments                          | (689<br><br>)        | (662<br><br>)        | (74<br><br>)                                                      | (81<br><br>)                                                      |\n| Other                                     | 1                    | 2                    | 5                                                                 | \u2014                                                                 |\n| Benefit obligation at end of period       | $18,358              | $16,378              | $824                                                              | $837                                                              |\n\n\n\n98"}
{"_id": "Delta-2017_35.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nDepreciation and Amortization\\.  The increase in depreciation expense primarily results from new aircraft deliveries, including B\\-737\\-900ER, A321\\-200, A330\\-300 and A350\\-900 aircraft, fleet modifications and accelerated depreciation due to the planned retirement of our MD\\-88 fleet and two B\\-767\\-300ER aircraft\\. \n\nContracted Services\\.  The increase in contracted services expense predominantly relates to additional contract labor expenses associated with investments in our technology infrastructure and other activities to improve the customer experience\\.\n\nAircraft Maintenance Materials and Outside Repairs\\.  Aircraft maintenance materials and outside repairs consist of costs associated with the maintenance of aircraft used in our operations and costs associated with maintenance sales to third parties by our MRO business\\. The increase in aircraft maintenance materials and outside repairs expense primarily relates to an increase in maintenance activity in order to enhance service reliability of certain aircraft\\.\n\nPassenger Service\\.  Passenger service expense includes the costs of onboard food and beverage, cleaning and supplies\\. The increase in passenger service expense predominantly relates to costs associated with enhancements to our onboard product offering and higher traffic\\.\n\nAircraft Rent\\.  The increase in aircraft rent primarily results from new leased aircraft deliveries since the prior year, including B\\-737\\-900ER and A321\\-200 aircraft\\.\n\nOther\\.  The increase in other expense primarily relates to costs associated with sales of non\\-jet fuel products to third parties by our oil refinery\\.\n\n 31"}
{"_id": "AmericanAirlines-2019_154.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n12\\.  Operating Segments and Related Disclosures\n\nAmerican is managed as a single business unit that provides air transportation for passengers and cargo\\. This allows it to benefit from an integrated revenue pricing and route network that includes American and AAG\u2019s wholly\\-owned and third\\-party regional carriers that fly under capacity purchase agreements operating as American Eagle\\. The flight equipment of all these carriers is combined to form   one  fleet that is deployed through a single route scheduling system\\. Financial information and annual operational plans and forecasts are prepared and reviewed by the chief operating decision maker at the consolidated level\\. When making operational decisions, the chief operating decision maker evaluates flight profitability data, which considers aircraft type and route economics, but is indifferent to the results of the individual regional carriers\\. The objective in making operational decisions is to maximize consolidated financial results, not the individual results of American or American Eagle\\.\n\nSee Note 1(k) for American\u2019s passenger revenue by geographic region\\. American\u2019s tangible assets consist primarily of flight equipment, which are mobile across geographic markets and, therefore, have not been allocated\\.\n\n13\\. Share\\-based Compensation\n\nThe 2013 AAG Incentive Award Plan (the 2013 Plan) provides that awards may be in the form of an option, restricted stock award, restricted stock unit award, performance award, dividend equivalent award, deferred stock award, deferred stock unit award, stock payment award or stock appreciation right\\. The 2013 Plan initially authorized the grant of awards for the issuance of up to   40 million  shares\\. Any shares underlying awards granted under the 2013 Plan that are forfeited, terminate or are settled in cash (in whole or in part) without the delivery of shares will again be available for grant\\.\n\nAmerican\u2019s salaries, wages and benefits expense for the years ended  December 31, 2019 ,  2018  and  2017  included   $95 million ,   $88 million  and   $90 million , respectively, of share\\-based compensation costs\\. \n\nDuring  2019 ,  2018  and  2017 , AAG withheld approximately   0\\.8 million ,   0\\.8 million  and   1\\.1 million  shares of AAG common stock, respectively, and paid approximately   $25 million ,   $37 million  and   $51 million , respectively, in satisfaction of certain tax withholding obligations associated with employee equity awards\\.\n\nRestricted Stock Unit Awards (RSUs)\n\nThe majority of American\u2019s RSUs have service conditions (time vested primarily over   three years )\\. The grant\\-date fair value of these RSUs is equal to the market price of the underlying shares of AAG common stock on the date of grant\\. The expense for these RSUs is recognized on a straight\\-line basis over the vesting period for the entire award\\. RSUs are classified as equity awards as the vesting results in the issuance of shares of AAG common stock\\.\n\nRSU award activity for all plans for the years ended  December 31, 2019 ,  2018  and  2017  is as follows:\n\n\n\n|                                  |                      |                                            |\n| -------------------------------- | -------------------- | ------------------------------------------ |\n|                                  | **Number of Shares** | **Weighted Average Grant Date Fair Value** |\n|                                  | **(In thousands)**   |                                            |\n| Outstanding at December 31, 2016 | 5,187                | $41\\.48                                    |\n| Granted                          | 2,309                | 48\\.58                                     |\n| Vested and released              | (2,708<br><br>)      | 39\\.63                                     |\n| Forfeited                        | (464<br><br>)        | 44\\.48                                     |\n| Outstanding at December 31, 2017 | 4,324                | $46\\.94                                    |\n| Granted                          | 2,194                | 47\\.65                                     |\n| Vested and released              | (1,999<br><br>)      | 44\\.99                                     |\n| Forfeited                        | (199<br><br>)        | 45\\.72                                     |\n| Outstanding at December 31, 2018 | 4,320                | $44\\.29                                    |\n| Granted                          | 3,206                | 34\\.00                                     |\n| Vested and released              | (2,002<br><br>)      | 44\\.90                                     |\n| Forfeited                        | (337<br><br>)        | 42\\.55                                     |\n| Outstanding at December 31, 2019 | 5,187                | $37\\.01                                    |\n\n\n\n155"}
{"_id": "Southwest-2017_54.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Liquidity and Capital Resources**\n\nNet cash provided by operating activities for 2017, 2016, and 2015 was $3\\.9 billion, $4\\.3 billion, and $3\\.2 billion, respectively\\. Operating cash inflows are primarily derived from providing air transportation to Customers\\. The vast majority of tickets are purchased prior to the day on which travel is provided and, in some cases, several months before the anticipated travel date\\. Operating cash outflows are related to the recurring expenses of airline operations\\. The operating cash flows for 2017, 2016, and 2015 were impacted primarily by the Company's results of operations, as adjusted for non\\-cash items as well as changes in the Air traffic liability and Accrued liabilities balances\\. Operating cash flows also can be significantly impacted by the Company\u2019s fuel and interest rate hedge positions and the corresponding cash collateral requirements associated with those positions\\. The Company has the ability to post aircraft in lieu of cash collateral in certain situations\\. See Note 10 to the Consolidated Financial Statements for further information\\. During 2017 and 2016, the Company had net cash inflows of $316 million and $535 million, respectively, in cash collateral from derivative counterparties\\. During 2015, the Company provided $570 million in cash collateral to derivative counterparties\\. Cash flows related to the purchase of derivatives utilized to offset a portion of the Company's future fuel hedge positions prior to their settlement, as well as new fuel derivatives, which are also classified as Other, net, operating cash flows, were net outflows of $142 million in 2017, $165 million in 2016, and $556 million in 2015\\. Net cash provided by operating activities is primarily used to finance capital expenditures, repay debt, fund stock repurchases, pay dividends, and provide working capital\\. \n\nNet cash used in investing activities for 2017, 2016, and 2015 was $2\\.4 billion, $2\\.3 billion, and $1\\.9 billion, respectively\\. Investing activities in 2017, 2016, and 2015 included Capital expenditures, primarily related to aircraft and other equipment, and payments associated with airport construction projects, denoted as Assets constructed for others, and also included purchases and sales of short\\-term and noncurrent investments\\. See Note 4 to the Consolidated Financial Statements for further information\\. During 2017, Capital expenditures were $2\\.1 billion, the majority of which were payments for new aircraft delivered to the Company, but also included payments associated with airport and other facility construction projects and technology projects\\. This compared with $2\\.0 billion in Capital expenditures during both 2016 and 2015\\. During 2017 and 2016, the Company's purchases and sales of short\\-term and noncurrent investments resulted in net cash outflows of $159 million and $125 million, respectively, and a net cash inflow of $237 million in 2015\\. The Company currently estimates its 2018 capital expenditures will be approximately $1\\.9 billion\\.\n\nNet cash used in financing activities for 2017, 2016, and 2015 was $1\\.7 billion, $1\\.9 billion, and $1\\.0 billion, respectively\\. During 2017, the Company repaid $592 million in debt and capital lease obligations, compared with $591 million (including convertible notes) and $213 million during 2016 and 2015, respectively\\. During 2017, the Company issued, under its shelf registration statement, $300 million 2\\.75% senior unsecured notes due 2022 and $300 million 3\\.45% senior unsecured notes due 2027, compared with the 2016 borrowing of $215 million under a secured term loan agreement and issuance of $300 million3\\.00% senior unsecured notes due 2026 under its shelf registration statement, and the 2015 issuance of $500 million 2\\.65% senior unsecured notes due 2020 under its shelf registration statement\\. See Note 6 to the Consolidated Financial Statements for further information\\. The Company repurchased $1\\.6 billion of its outstanding common stock through authorized share repurchases during 2017, compared with repurchases of $1\\.8 billion and $1\\.2 billion during 2016 and 2015, respectively\\. The Company also paid $274 million in dividends to Shareholders during 2017, compared with $222 million in 2016 and $180 million in 2015\\. Although the Company currently intends to continue paying dividends on a quarterly basis for the foreseeable future, the Company's Board of Directors may change the timing, amount, and payment of dividends on the basis of results of operations, financial condition, cash requirements, future prospects, and other factors deemed relevant by the Board of Directors\\.\n\nThe Company is a \"well\\-known seasoned issuer\" and currently has an effective shelf registration statement registering an indeterminate amount of debt and equity securities for future sales\\. The Company currently intends to use the proceeds from any future securities sales off this shelf registration statement for general corporate purposes\\.\n\nThe Company has access to a $1 billion unsecured revolving credit facility expiring in August 2022\\. The revolving credit agreement has an accordion feature that would allow the Company, subject to, among other things, the procurement of incremental commitments, to increase the size of the facility to $1\\.5 billion\\. Interest on the facility is based on the Company's credit ratings at the time of borrowing\\. At the Company's current ratings, the interest cost \n\n55"}
{"_id": "AmericanAirlines-2019_60.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nInvesting Activities\n\nOur net cash used in investing activities was  $2\\.2 billion  and  $2\\.0 billion  in  2019  and  2018 , respectively\\.\n\nOur principal investing activities in  2019  included expenditures of  $4\\.3 billion  for property and equipment, including 21 Embraer E175 aircraft, 12 Bombardier CRJ900 aircraft, 12 Airbus A321neo aircraft, four Boeing 737 MAX aircraft and two Boeing 787 Family aircraft\\. These cash outflows were offset in part by  $960 million  in net  sales  of short\\-term investments,  $850 million  of proceeds from aircraft sale\\-leaseback transactions and  $250 million  in proceeds from a vendor\\.\n\nOur principal investing activities in  2018  included expenditures of  $3\\.7 billion  for property and equipment, including 16 Boeing 737 MAX aircraft, six Boeing 787 family aircraft and five Embraer E175 aircraft\\. These cash outflows were offset in part by  $1\\.1 billion  of proceeds from aircraft sale\\-leaseback transactions and  $293 million  in net  sales  of short\\-term investments\\.\n\nFinancing Activities\n\nOur net cash used in financing activities was  $1\\.6 billion  and  $1\\.7 billion  in  2019  and  2018 , respectively\\.\n\nOur principal financing activities in  2019  included  $4\\.2 billion  in debt repayments, consisting of  $2\\.9 billion  in scheduled debt repayments and the prepayment of  $1\\.3 billion  of secured loans\\. We also had  $1\\.1 billion  in share repurchases and  $178 million  in dividend payments\\. These cash outflows were offset in part by  $4\\.0 billion  in proceeds from the issuance of debt, consisting of  $3\\.2 billion  in connection with the issuance of equipment notes related to EETCs and the financing of certain aircraft and other flight equipment, as well as the issuance of  $750 million  aggregate principal amount of  5\\.000%  senior notes\\.\n\nOur principal financing activities in  2018  included  $2\\.9 billion  in debt repayments, consisting of  $2\\.4 billion  in scheduled debt repayments and the prepayment of  $513 million  of secured loans\\. We also had  $837 million  in share repurchases and  $186 million  in dividend payments\\. These cash outflows were offset in part by  $2\\.4 billion  in proceeds from the issuance of debt, consisting of  $1\\.9 billion  in connection with the issuance of equipment notes related to EETCs and the financing of certain aircraft and pre\\-delivery purchase deposits, as well as an incremental  $500 million  on a term loan facility\\.\n\nAmerican\n\n2019  Compared to  2018\n\nOperating Activities\n\nAmerican\u2019s net cash provided by operating activities was  $2\\.4 billion  and  $1\\.9 billion  in  2019  and  2018 , respectively, a year\\-over\\-year  increase  of  $486 million \\. This  increase  in operating cash flows was primarily due to higher profitability in  2019  as well as working capital increases principally in American's air traffic liability and loyalty program deferred revenue\\. These increases were offset in part by higher contributions to American's defined benefit pension plans in  2019  as compared to  2018 \\.\n\nInvesting Activities\n\nAmerican\u2019s net cash used in investing activities was  $2\\.1 billion  and  $1\\.9 billion  in  2019  and  2018 , respectively\\.\n\nAmerican\u2019s principal investing activities in  2019  included expenditures of  $4\\.2 billion  for property and equipment, including 21 Embraer E175 aircraft, 12 Bombardier CRJ900 aircraft, 12 Airbus A321neo aircraft, four Boeing 737 MAX aircraft and two Boeing 787 Family aircraft\\. These cash outflows were offset in part by  $960 million  in net  sales  of short\\-term investments,  $850 million  of proceeds from aircraft sale\\-leaseback transactions and  $250 million  in proceeds from a vendor\\.\n\nAmerican\u2019s principal investing activities in  2018  included expenditures of  $3\\.7 billion  for property and equipment, including 16 Boeing 737 MAX aircraft, six Boeing 787 family aircraft and five Embraer E175 aircraft\\. These cash outflows were offset in part by  $1\\.1 billion  of proceeds from aircraft sale\\-leaseback transactions and  $293 million  in net  sales  of short\\-term investments\\.\n\nFinancing Activities\n\nAmerican\u2019s net cash used in financing activities was  $282 million  and  $147 million  in  2019  and  2018 , respectively\\.\n\n61"}
{"_id": "AmericanAirlines-2018_68.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nWe have no off\\-balance sheet arrangements of the types described in the first three categories above that we believe may have a material current or future effect on financial condition, liquidity or results of operations\\. Certain guarantees that we do not expect to have a material current or future effect on our financial condition, liquidity or results of operations are disclosed in Note 12(d) to AAG\u2019s Consolidated Financial Statements included in Part II, Item 8A and Note 10(d) to American\u2019s Consolidated Financial Statements in Part II, Item 8B\\. \n\n*Pass\\-Through Trusts*\n\nWe have financed certain aircraft and engines with EETCs, issued by pass\\-through trusts\\. These trusts are off\\-balance sheet entities, the primary purpose of which is to finance the acquisition of flight equipment\\. Rather than finance each aircraft separately when such aircraft is purchased, delivered or refinanced, these trusts allow American to raise the financing for a number of aircraft at one time and, if applicable, place such funds in escrow pending a future purchase, delivery or refinancing of the relevant aircraft\\. The trusts have also been structured to provide for certain credit enhancements, such as liquidity facilities to cover certain interest payments, that reduce the risks to the purchasers of the trust certificates and, as a result, reduce the cost of aircraft financing to American\\.\n\nEach trust covers a set number of aircraft scheduled to be delivered or refinanced upon the issuance of the EETC or within a specific period of time thereafter\\. At the time of each covered aircraft financing, the relevant trust used the proceeds of the issuance of the EETC (which may have been available at the time of issuance thereof or held in escrow until financing of the applicable aircraft following its delivery) to purchase equipment notes relating to the financed aircraft\\. The equipment notes are issued, at American\u2019s election, in connection with a mortgage financing of the aircraft or, in certain cases, by a separate owner trust in connection with a leveraged lease financing of the aircraft\\. In the case of a leveraged lease financing, the owner trust then leases the aircraft to American\\. In both cases, the equipment notes are secured by a security interest in the aircraft\\. The pass\\-through trust certificates are not direct obligations of, nor are they guaranteed by, AAG or American\\. However, in the case of mortgage financings, the equipment notes issued to the trusts are direct obligations of American and, in certain instances, have been guaranteed by AAG\\. As of December 31, 2018, $11\\.6 billion associated with these mortgage financings is reflected as debt in the accompanying consolidated balance sheet\\.\n\nWith respect to leveraged leases, American evaluated whether the leases had characteristics of a variable interest entity\\. American concluded the leasing entities met the criteria for variable interest entities\\. American generally is not the primary beneficiary of the leasing entities if the lease terms are consistent with market terms at the inception of the lease and do not include a residual value guarantee, fixed\\-price purchase option or similar feature that obligates American to absorb decreases in value or entitles American to participate in increases in the value of the aircraft\\. American does not provide residual value guarantees to the bondholders or equity participants in the trusts\\. Some leases have a fair market value or a fixed price purchase option that allows American to purchase the aircraft at or near the end of the lease term\\. However, the option price approximates an estimate of the aircraft\u2019s fair value at the option date\\. Under this feature, American does not participate in any increases in the value of the aircraft\\. American concluded it is not the primary beneficiary under these arrangements\\. Therefore, American accounts for the majority of its EETC leveraged lease financings as operating leases\\. American\u2019s total future payments to the trusts of each of the relevant EETCs under these leveraged lease financings are$352 million as of December 31, 2018\\. \n\n*Letters of Credit and Other*\n\nWe provide financial assurance, such as letters of credit, surety bonds or restricted cash and investments, primarily to support projected workers\u2019 compensation obligations and airport commitments\\. As of December 31, 2018, we had $460 million of letters of credit and surety bonds securing various obligations\\. The letters of credit and surety bonds that are subject to expiration will expire on various dates through 2022\\.\n\n69"}
{"_id": "Southwest-2018_118.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Item 9\\.** ***Changes in and Disagreements With Accountants on Accounting and Financial Disclosure***\n\nNone\\.\n\n**Item 9A\\.** ***Controls and Procedures***\n\n*Evaluation of Disclosure Controls and Procedures\\.* The Company maintains disclosure controls and procedures (as defined in Rule 13a\\-15(e) of the Securities Exchange Act (the \u201cExchange Act\u201d)) designed to provide reasonable assurance that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC\u2019s rules and forms\\. These include controls and procedures designed to ensure that this information is accumulated and communicated to the Company\u2019s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure\\. Management, with the participation of the Company\u2019s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company\u2019s disclosure controls and procedures as of December 31, 2018\\. Based on this evaluation, the Company\u2019s Chief Executive Officer and Chief Financial Officer have concluded that the Company\u2019s disclosure controls and procedures were effective as of December 31, 2018, at the reasonable assurance level\\.\n\n*Management\u2019s Annual Report on Internal Control over Financial Reporting\\.* Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a\\-15(f) of the Exchange Act)\\. The Company\u2019s internal control over financial reporting is a process, under the supervision of the Company\u2019s Chief Executive Officer and Chief Financial Officer, designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives\\.\n\nManagement, with the participation of the Company\u2019s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company\u2019s internal control over financial reporting as of December 31, 2018\\. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control \\- Integrated Framework (2013 Framework)\\. Based on this evaluation, management, with the participation of the Company\u2019s Chief Executive Officer and Chief Financial Officer, concluded that, as of December 31, 2018, the Company\u2019s internal control over financial reporting was effective\\.\n\nErnst & Young, LLP, the independent registered public accounting firm who audited the Company\u2019s Consolidated Financial Statements included in this Form 10\\-K, has issued a report on the Company\u2019s internal control over financial reporting, which is included herein\\.\n\n*Changes in Internal Control over Financial Reporting\\.* There were no changes in the Company\u2019s internal control over financial reporting (as defined in Rule 13a\\-15(f) of the Exchange Act) during the quarter ended December 31, 2018, that have materially affected, or are reasonably likely to materially affect, the Company\u2019s internal control over financial reporting\\.\n\n119"}
{"_id": "AmericanAirlines-2018_150.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nagreements, particularly in the U\\.S\\., often contain provisions for periodic adjustments to rates and charges applicable under such agreements\\. These rates and charges also vary with American\u2019s level of operations and the operations of the airport\\. Additionally, at American\u2019s hub locations and in certain other cities it serves, American leases administrative offices, catering, cargo, training, maintenance and other facilities\\.\n\nThe components of lease expense were as follows (in millions):\n\n\n\n|                               |                                       |\n| ----------------------------- | ------------------------------------- |\n|                               | **Year Ended  <br>December 31, 2018** |\n| Operating lease cost          | $1,889                                |\n| Finance lease cost:           |                                       |\n| Amortization of assets        | 78                                    |\n| Interest on lease liabilities | 48                                    |\n| Variable lease cost           | 2,353                                 |\n| Total net lease cost          | $4,368                                |\n\n\n\nIncluded in the table above is $226 million of operating lease cost under American\u2019s capacity purchase agreement with Republic\\. American holds a 25% equity interest in Republic Holdings, the parent company of Republic\\. \n\nSupplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):\n\n\n\n|                                                   |                       |\n| ------------------------------------------------- | --------------------- |\n|                                                   | **December 31, 2018** |\n| Operating leases:                                 |                       |\n| Operating lease ROU assets                        | $9,094                |\n| Current operating lease liabilities               | 1,639                 |\n| Noncurrent operating lease liabilities            | 7,857                 |\n| Total operating lease liabilities                 | $9,496                |\n| Finance leases:                                   |                       |\n| Property and equipment, at cost                   | $936                  |\n| Accumulated amortization                          | (391)                 |\n| Property and equipment, net                       | $545                  |\n| Current obligations of finance leases             | $81                   |\n| Finance leases, net of current obligations        | 613                   |\n| Total finance lease liabilities                   | $694                  |\n| Weighted average remaining lease term (in years): |                       |\n| Operating leases                                  | 7\\.6                  |\n| Finance leases                                    | 7\\.4                  |\n| Weighted average discount rate:                   |                       |\n| Operating leases                                  | 4\\.6%                 |\n| Finance leases                                    | 6\\.5%                 |\n\n\n\n151"}
{"_id": "AmericanAirlines-2019_73.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAMERICAN AIRLINES GROUP INC\\.\n\nCONSOLIDATED BALANCE SHEETS\n\n(In millions, except share and par value)\n\n\n\n|                                                                                                                                                                                                 |                  |                  |\n| ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                                                                                                                                 | **December 31,** | **December 31,** |\n|                                                                                                                                                                                                 | **2019**         | **2018**         |\n| **ASSETS**                                                                                                                                                                                      |                  |                  |\n| **Current assets**                                                                                                                                                                              |                  |                  |\n| Cash                                                                                                                                                                                            | $280             | $275             |\n| Short\\-term investments                                                                                                                                                                         | 3,546            | 4,485            |\n| Restricted cash and short\\-term investments                                                                                                                                                     | 158              | 154              |\n| Accounts receivable, net                                                                                                                                                                        | 1,750            | 1,706            |\n| Aircraft fuel, spare parts and supplies, net                                                                                                                                                    | 1,851            | 1,522            |\n| Prepaid expenses and other                                                                                                                                                                      | 621              | 495              |\n| Total current assets                                                                                                                                                                            | 8,206            | 8,637            |\n| **Operating property and equipment**                                                                                                                                                            |                  |                  |\n| Flight equipment                                                                                                                                                                                | 42,537           | 41,499           |\n| Ground property and equipment                                                                                                                                                                   | 9,443            | 8,764            |\n| Equipment purchase deposits                                                                                                                                                                     | 1,674            | 1,278            |\n| Total property and equipment, at cost                                                                                                                                                           | 53,654           | 51,541           |\n| Less accumulated depreciation and amortization                                                                                                                                                  | (18,659<br><br>) | (17,443<br><br>) |\n| Total property and equipment, net                                                                                                                                                               | 34,995           | 34,098           |\n| **Operating lease right\\-of\\-use assets**                                                                                                                                                       | 8,737            | 9,151            |\n| **Other assets**                                                                                                                                                                                |                  |                  |\n| Goodwill                                                                                                                                                                                        | 4,091            | 4,091            |\n| Intangibles, net of accumulated amortization of $704 and $663, respectively                                                                                                                     | 2,084            | 2,137            |\n| Deferred tax asset                                                                                                                                                                              | 645              | 1,145            |\n| Other assets                                                                                                                                                                                    | 1,237            | 1,321            |\n| Total other assets                                                                                                                                                                              | 8,057            | 8,694            |\n| **Total assets**                                                                                                                                                                                | $59,995          | $60,580          |\n| **LIABILITIES AND STOCKHOLDERS\u2019 EQUITY (DEFICIT)**                                                                                                                                              |                  |                  |\n| **Current liabilities**                                                                                                                                                                         |                  |                  |\n| Current maturities of long\\-term debt and finance leases                                                                                                                                        | $2,861           | $3,294           |\n| Accounts payable                                                                                                                                                                                | 2,062            | 1,773            |\n| Accrued salaries and wages                                                                                                                                                                      | 1,541            | 1,427            |\n| Air traffic liability                                                                                                                                                                           | 4,808            | 4,339            |\n| Loyalty program liability                                                                                                                                                                       | 3,193            | 3,267            |\n| Operating lease liabilities                                                                                                                                                                     | 1,708            | 1,654            |\n| Other accrued liabilities                                                                                                                                                                       | 2,138            | 2,342            |\n| Total current liabilities                                                                                                                                                                       | 18,311           | 18,096           |\n| **Noncurrent liabilities**                                                                                                                                                                      |                  |                  |\n| Long\\-term debt and finance leases, net of current maturities                                                                                                                                   | 21,454           | 21,179           |\n| Pension and postretirement benefits                                                                                                                                                             | 6,052            | 6,907            |\n| Loyalty program liability                                                                                                                                                                       | 5,422            | 5,272            |\n| Operating lease liabilities                                                                                                                                                                     | 7,421            | 7,902            |\n| Other liabilities                                                                                                                                                                               | 1,453            | 1,393            |\n| Total noncurrent liabilities                                                                                                                                                                    | 41,802           | 42,653           |\n| **Commitments and contingencies (Note 12)**                                                                                                                                                     |                  |                  |\n| **Stockholders' equity (deficit)**                                                                                                                                                              |                  |                  |\n| Common stock, $0\\.01 par value; 1,750,000,000 shares authorized, 428,202,506 shares issued and outstanding at December 31, 2019; 460,610,870 shares issued and outstanding at December 31, 2018 | 4                | 5                |\n| Additional paid\\-in capital                                                                                                                                                                     | 3,945            | 4,964            |\n| Accumulated other comprehensive loss                                                                                                                                                            | (6,331<br><br>)  | (5,896<br><br>)  |\n| Retained earnings                                                                                                                                                                               | 2,264            | 758              |\n| Total stockholders' deficit                                                                                                                                                                     | (118<br><br>)    | (169<br><br>)    |\n| **Total liabilities and stockholders\u2019 equity (deficit)**                                                                                                                                        | $59,995          | $60,580          |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n74"}
{"_id": "AmericanAirlines-2017_121.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nStock\\-settled RSU award activity for all plans for the years ended December 31, 2017, 2016 and 2015 is as follows:\n\n\n\n|                                  |                      |                                            |\n| -------------------------------- | -------------------- | ------------------------------------------ |\n|                                  | **Number of Shares** | **Weighted Average Grant Date Fair Value** |\n|                                  | **(In thousands)**   |                                            |\n| Outstanding at December 31, 2014 | 21,342               | $26\\.43                                    |\n| Granted                          | 2,213                | 46\\.62                                     |\n| Vested and released              | (17,163)             | 25\\.20                                     |\n| Forfeited                        | (785)                | 27\\.12                                     |\n| Outstanding at December 31, 2015 | 5,607                | $38\\.08                                    |\n| Granted                          | 2,655                | 41\\.34                                     |\n| Vested and released              | (2,754)              | 34\\.83                                     |\n| Forfeited                        | (321)                | 40\\.15                                     |\n| Outstanding at December 31, 2016 | 5,187                | $41\\.48                                    |\n| Granted                          | 2,309                | 48\\.58                                     |\n| Vested and released              | (2,708)              | 39\\.63                                     |\n| Forfeited                        | (464)                | 44\\.48                                     |\n| Outstanding at December 31, 2017 | 4,324                | $46\\.94                                    |\n\n\n\nAs of December 31, 2017, there was $121 million of unrecognized compensation cost related to stock\\-settled RSUs\\. These costs are expected to be recognized over a weighted average period of one year\\. The total fair value of stock\\-settled RSUs vested during the years ended December 31, 2017, 2016 and 2015 was $123 million, $107 million and $750 million, respectively\\.\n\n***(b) Stock Appreciation Rights (SARs)***\n\nWe assumed US Airways Group\u2019s outstanding SARs in connection with the Merger using an exchange ratio of one to one\\. These SARs were granted with an exercise price equal to the underlying common stock\u2019s fair value at the date of each grant, have service conditions, become exercisable over a three\\-year vesting period and expire if unexercised at the end of their term, which ranges from seven to ten years\\. During 2017, 2016 and 2015, 0\\.8 million, 1\\.7 million and 3\\.0 million SARs, respectively, were exercised at weighted average exercise prices of $15\\.71, $14\\.49 and $12\\.09, respectively, for a total intrinsic value of $27 million, $49 million and $102 million, respectively\\. As of December 31, 2017, we had 1\\.2 million SARs outstanding with an aggregate intrinsic value of $54 million and weighted average exercise price of $8\\.08 that expire between 2018 and 2020 if unexercised\\.\n\n***(c) ASU 2016\\-09: Compensation \\- Stock Compensation (Topic 718): Improvements to Employee Share\\-Based Payment Accounting***\n\nThis ASU simplified the accounting for share\\-based payment award transactions including the financial statement presentation of excess tax benefits and deficiencies\\. We adopted this ASU during the second quarter of 2016, which resulted in the recognition of $418 million of previously unrecognized excess tax benefits in deferred tax assets and an increase to retained earnings on the consolidated balance sheet as of the beginning of 2016\\.\n\n122"}
{"_id": "Delta-2018_51.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nThe following table shows a reconciliation of CASM (a GAAP measure) to CASM\\-Ex (a non\\-GAAP financial measure)\\. We adjust CASM for the following items to determine CASM\\-Ex for the reasons described below:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Aircraft Fuel and Related Taxes\\.*  The volatility in fuel prices impacts the comparability of year\\-over\\-year financial performance\\. The adjustment for aircraft fuel and related taxes allows investors to better understand and analyze our non\\-fuel costs and year\\-over\\-year financial performance\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Ancillary Businesses and Refinery\\.*  These expenses include aircraft maintenance we provide to third parties, our vacation wholesale operations and refinery cost of sales to third parties\\. Results also include staffing services performed by DGS\\. Because these businesses are not related to the generation of a seat mile, we adjust for the costs related to these areas to provide a more meaningful comparison of the costs of our airline operations to the rest of the airline industry\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Profit Sharing\\.*  We adjust for profit sharing because this adjustment allows investors to better understand and analyze our recurring cost performance and provides a more meaningful comparison of our core operating costs to the airline industry\\. |\n\n\n\n\n\n|                                   |                             |                             |\n| --------------------------------- | --------------------------- | --------------------------- |\n|                                   | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                   | **2018**                    | **2017**                    |\n| CASM (cents)                      | 14\\.87\u00a2                     | 13\\.83\u00a2                     |\n| Adjusted for:                     |                             |                             |\n| Aircraft fuel and related taxes   | (3\\.43)                     | (2\\.66)                     |\n| Ancillary businesses and refinery | (0\\.64)                     | (0\\.58)                     |\n| Profit sharing                    | (0\\.49)                     | (0\\.42)                     |\n| CASM\\-Ex                          | 10\\.31\u00a2                     | 10\\.17\u00a2                     |\n\n\n\nGlossary of Defined Terms\n\nASM  \\- Available Seat Mile\\. A measure of capacity\\. ASMs equal the total number of seats available for transporting passengers during a reporting period multiplied by the total number of miles flown during that period\\.\n\nCASM  \\- (Operating) Cost per Available Seat Mile\\. The amount of operating cost incurred per ASM during a reporting period\\. CASM is also referred to as \"unit cost\\.\"\n\nCASM\\-Ex  \\- The amount of operating cost incurred per ASM during a reporting period, adjusted for aircraft fuel and related taxes, ancillary businesses and refinery and profit sharing expenses\\.\n\nPassenger Load Factor  \\- A measure of utilized available seating capacity calculated by dividing RPMs by ASMs for a reporting period\\.\n\nPassenger Mile Yield or Yield  \\- The amount of passenger revenue earned per RPM during a reporting period\\.\n\nPRASM  \\- Passenger Revenue per ASM\\. The amount of passenger revenue earned per ASM during a reporting period\\. PRASM is also referred to as \"unit revenue\\.\"\n\nRPM  \\- Revenue Passenger Mile\\. One revenue\\-paying passenger transported one mile\\. RPMs equal the number of revenue passengers during a reporting period multiplied by the number of miles flown by those passengers during that period\\. RPMs are also referred to as \"traffic\\.\"\n\nTRASM  \\- Total Revenue per ASM\\. The amount of total revenue earned per ASM during a reporting period\\. \n\n 49"}
{"_id": "AmericanAirlines-2018_112.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***Balance Sheet Position***\n\n\n\n|                      |                      |                      |                                                                   |                                                                   |\n| -------------------- | -------------------- | -------------------- | ----------------------------------------------------------------- | ----------------------------------------------------------------- |\n|                      | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** |\n|                      | **2018**             | **2017**             | **2018**                                                          | **2017**                                                          |\n|                      | **(In millions)**    | **(In millions)**    | **(In millions)**                                                 | **(In millions)**                                                 |\n| As of December 31,   |                      |                      |                                                                   |                                                                   |\n| Current liability    | $7                   | $10                  | $23                                                               | $89                                                               |\n| Noncurrent liability | 6,318                | 6,870                | 589                                                               | 627                                                               |\n| Total liabilities    | $6,325               | $6,880               | $612                                                              | $716                                                              |\n\n\n\n\n\n|                                                               |        |        |        |        |\n| ------------------------------------------------------------- | ------ | ------ | ------ | ------ |\n| Net actuarial loss (gain)                                     | $5,356 | $5,351 | $(452) | $(388) |\n| Prior service cost (benefit)                                  | 131    | 160    | (362)  | (600)  |\n| Total accumulated other comprehensive loss (income), pre\\-tax | $5,487 | $5,511 | $(814) | $(988) |\n\n\n\n***Plans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets***\n\n\n\n|                                               |                      |                      |                                                                   |                                                                   |\n| --------------------------------------------- | -------------------- | -------------------- | ----------------------------------------------------------------- | ----------------------------------------------------------------- |\n|                                               | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** |\n|                                               | **2018**             | **2017**             | **2018**                                                          | **2017**                                                          |\n|                                               | **(In millions)**    | **(In millions)**    | **(In millions)**                                                 | **(In millions)**                                                 |\n| Projected benefit obligation                  | $16,351              | $18,245              | $\u2014                                                                | $\u2014                                                                |\n| Accumulated benefit obligation (ABO)          | 16,341               | 18,235               | \u2014                                                                 | \u2014                                                                 |\n| Accumulated postretirement benefit obligation | \u2014                    | \u2014                    | 837                                                               | 1,011                                                             |\n| Fair value of plan assets                     | 10,023               | 11,364               | 225                                                               | 295                                                               |\n| ABO less fair value of plan assets            | 6,318                | 6,871                | \u2014                                                                 | \u2014                                                                 |\n\n\n\n***Net Periodic Benefit Cost (Income)***\n\n\n\n|                                    |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| ---------------------------------- | -------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                    | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                    | **2018**             | **2017**             | **2016**             | **2018**                                                         | **2017**                                                         | **2016**                                                         |\n|                                    | **(In millions)**    | **(In millions)**    | **(In millions)**    | **(In millions)**                                                | **(In millions)**                                                | **(In millions)**                                                |\n| Defined benefit plans:             |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| Service cost                       | $3                   | $2                   | $2                   | $5                                                               | $4                                                               | $3                                                               |\n| Interest cost                      | 674                  | 721                  | 749                  | 35                                                               | 39                                                               | 47                                                               |\n| Expected return on assets          | (905)                | (790)                | (750)                | (24)                                                             | (21)                                                             | (20)                                                             |\n| Settlements                        | \u2014                    | 1                    | \u2014                    | \u2014                                                                | \u2014                                                                | \u2014                                                                |\n| Amortization of:                   |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| Prior service cost (benefit)       | 28                   | 28                   | 28                   | (236)                                                            | (237)                                                            | (240)                                                            |\n| Unrecognized net loss (gain)       | 141                  | 144                  | 126                  | (21)                                                             | (23)                                                             | (17)                                                             |\n| Net periodic benefit cost (income) | $(59)                | $106                 | $155                 | $(241)                                                           | $(238)                                                           | $(227)                                                           |\n\n\n\nThe components of net periodic benefit income other than the service cost component are included in nonoperating other income, net in our consolidated statements of operations\\. \n\nThe estimated amount of unrecognized actuarial net loss and prior service cost for the defined benefit pension plans that will be amortized from AOCI into net periodic benefit cost over the next fiscal year is $181 million\\.\n\n113"}
{"_id": "United-2017_96.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**NOTE 14 \\- SPECIAL CHARGES** \n\nSpecial charges in the statements of consolidated operations consisted of the following for the years ended December 31 (in millions):\n\n\n\n|                                                                                                  |            |            |            |\n|:------------------------------------------------------------------------------------------------ | ----------:| ----------:| ----------:|\n| Operating:                                                                                       |  **2017**  |  **2016**  |  **2015**  |\n| Severance and benefit costs                                                                      |     $ 116  |      $ 37  |     $ 107  |\n| Impairment of assets                                                                             |        25  |       412  |        79  |\n| Cleveland airport lease restructuring                                                            |         \u2014  |        74  |         \u2014  |\n| Labor agreement costs                                                                            |         \u2014  |        64  |        18  |\n| (Gains) losses on sale of assets and other special charges                                       |        35  |        51  |       122  |\n| Total operating special charges                                                                  |       176  |       638  |       326  |\n| Nonoperating:                                                                                    |            |            |            |\n| (Gains) losses on extinguishment of debt and other                                               |         \u2014  |        (1) |       202  |\n| Total operating and nonoperating special charges before income taxes                             |       176  |       637  |       528  |\n| Income tax benefit related to special charges                                                    |       (63) |      (229) |       (11) |\n| Income tax adjustments (Notes 6 and 7)                                                           |      (192) |       180  |    (3,130) |\n| Total operating and nonoperating special charges, net of income taxes and income tax adjustments |      $(79) |      $588  |   $(2,613) |\n\n\n\n***2017*** \n\nDuring 2017, the Company recorded $83 million ($53 million net of taxes) of severance and benefit costs related to a voluntary early\\-out program for its technicians and related employees represented by the IBT\\. In the first quarter of 2017, approximately 1,000 technicians and related employees elected to voluntarily separate from the Company and will receive a severance payment, with a maximum value of $100,000 per participant, based on years of service, with retirement dates through early 2019\\. Also during 2017, the Company recorded $33 million ($21 million net of taxes) of severance primarily related to its management reorganization initiative\\.\n\nDuring 2017 the Company recorded a $10 million ($6 million net of taxes) impairment charge related to obsolete spare parts inventory and a $15 million ($10 million net of taxes) intangible asset impairment charge related to a maintenance service agreement\\.\n\n***2016*** \n\nIn April 2016, the Federal Aviation Administration (\u201cFAA\u201d) announced that it will designate Newark Liberty International Airport (\u201cNewark\u201d) as a Level 2 schedule\\-facilitated airport under the International Air Transport Association Worldwide Slot Guidelines\\. The designation was associated with an updated demand and capacity analysis of Newark by the FAA\\. In 2016, the Company determined that the FAA\u2019s action impaired the entire value of its Newark slots because the slots are no longer the mechanism that governs take\\-off and landing rights\\. Accordingly, the Company recorded a $412 million special charge ($264 million net of taxes) to write off the intangible asset\\.\n\nIn 2016, the City of Cleveland agreed to amend the Company\u2019s lease, which runs through 2029, associated with certain excess airport terminal space (principally Terminal D) and related facilities at Hopkins International Airport (\u201cCleveland\u201d)\\. The Company recorded an accrual for remaining payments under the lease for facilities\n\n97"}
{"_id": "United-2019_48.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUNITED AIRLINES, INC\\. \n\nSTATEMENTS OF CONSOLIDATED OPERATIONS\n\n(In millions)\n\n\n\n|                                                    |                             |                             |                             |\n| -------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                    | **2019**                    | **2018 (a)**                | **2017 (a)**                |\n| Operating revenue:                                 |                             |                             |                             |\n| Passenger revenue                                  | $39,625                     | $37,706                     | $34,460                     |\n| Cargo                                              | 1,179                       | 1,237                       | 1,114                       |\n| Other operating revenue                            | 2,455                       | 2,360                       | 2,210                       |\n| Total operating revenue                            | 43,259                      | 41,303                      | 37,784                      |\n| Operating expense:                                 |                             |                             |                             |\n| Salaries and related costs                         | 12,071                      | 11,458                      | 10,941                      |\n| Aircraft fuel                                      | 8,953                       | 9,307                       | 6,913                       |\n| Regional capacity purchase                         | 2,849                       | 2,649                       | 2,268                       |\n| Landing fees and other rent                        | 2,543                       | 2,449                       | 2,310                       |\n| Depreciation and amortization                      | 2,288                       | 2,165                       | 2,096                       |\n| Aircraft maintenance materials and outside repairs | 1,794                       | 1,767                       | 1,856                       |\n| Distribution expenses                              | 1,651                       | 1,558                       | 1,435                       |\n| Aircraft rent                                      | 288                         | 433                         | 621                         |\n| Special charges                                    | 246                         | 487                         | 176                         |\n| Other operating expenses                           | 6,273                       | 5,799                       | 5,548                       |\n| Total operating expense                            | 38,956                      | 38,072                      | 34,164                      |\n| Operating income                                   | 4,303                       | 3,231                       | 3,620                       |\n| Nonoperating income (expense):                     |                             |                             |                             |\n| Interest expense                                   | (731<br><br>)               | (670<br><br>)               | (626<br><br>)               |\n| Interest capitalized                               | 85                          | 65                          | 74                          |\n| Interest income                                    | 133                         | 101                         | 57                          |\n| Unrealized gains (losses) on investments, net      | 153                         | (5<br><br>)                 | \u2014                           |\n| Miscellaneous, net                                 | (27<br><br>)                | (72<br><br>)                | (100<br><br>)               |\n| Total nonoperating expense, net                    | (387<br><br>)               | (581<br><br>)               | (595<br><br>)               |\n| Income before income taxes                         | 3,916                       | 2,650                       | 3,025                       |\n| Income tax expense                                 | 905                         | 527                         | 864                         |\n| Net income                                         | $3,011                      | $2,123                      | $2,161                      |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2016\\-02,  Leases (Topic 842) \\. See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n49"}
{"_id": "Alaska-2018_16.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *DOT:*  A domestic airline is required to hold a certificate of public convenience and necessity issued by the DOT in order to provide passenger and cargo air transportation in the U\\.S\\. Subject to certain individual airport capacity, noise and other restrictions, this certificate permits an air carrier to operate between any two points in the U\\.S\\. Certificates do not expire, but may be revoked for failure to comply with federal aviation statutes, regulations, orders or the terms of the certificates\\. While airlines are permitted to establish their own fares without government regulation,  the DOT has jurisdiction over the approval of international codeshare agreements, marketing alliance agreements between major domestic carriers, international and some domestic route authorities, Essential Air Service market subsidies, carrier liability for personal or property damage, and certain airport rates and charges disputes\\. International treaties may also contain restrictions or requirements for flying outside of the U\\.S\\. and impose different carrier liability limits than those applicable to domestic flights\\. The DOT has been active in implementing a variety of \u201cconsumer protection\u201d regulations, covering subjects such as advertising, passenger communications, denied boarding compensation and tarmac delay response\\.  Airlines are subject to enforcement actions that are brought by the DOT from time to time for alleged violations of consumer protection and other economic regulations\\. We are not aware of any enforcement proceedings that could either materially affect our financial position or impact our authority to operate\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *FAA:*  The FAA, through Federal Aviation Regulations (FARs), generally regulates all aspects of airline operations, including establishing personnel, maintenance and flight operation standards\\. Domestic airlines are required to hold a valid air carrier operating certificate issued by the FAA\\. Pursuant to these regulations, we have established, and the FAA has approved, our operations specifications and a maintenance program for each type of aircraft we operate\\. Each maintenance program provides for the ongoing maintenance of the relevant aircraft type, ranging from frequent routine inspections to major overhauls\\. From time to time, the FAA issues airworthiness directives (ADs) that must be incorporated into our aircraft maintenance program and operations\\. All airlines are subject to enforcement actions that are brought by the FAA from time to time for alleged violations of FARs or ADs\\. At this time, we are not aware of any enforcement proceedings that could either materially affect our financial position or impact our authority to operate\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *TSA:*  Airlines serving the U\\.S\\. must operate a TSA\\-approved Aircraft Operator Standard Security Program (AOSSP), and comply with TSA Security Directives (SDs) and regulations\\. Under TSA authority, we are required to collect a September 11 Security Fee of $5\\.60 per one\\-way trip from passengers and remit that sum to the government to fund aviation security me asures\\.  Airlines are subject to enforcement actions that are brought by the TSA from time to time for alleged violations of the AOSSP, SDs or security regulations\\. We are not aware of any enforcement proceedings that could either materially affect our financial position or impact our authority to operate\\.  |\n\n\n\nThe Department of Justice and DOT have jurisdiction over airline antitrust matters\\. The U\\.S\\. Postal Service has jurisdiction over certain aspects of the transportation of mail and related services\\. Labor relations in the air transportation industry are regulated under the Railway Labor Act\\. To the extent we continue to fly to foreign countries and pursue alliances with international carriers, we may be subject to certain regulations of foreign agencies and international treaties\\.\n\n**ENVIRONMENTAL AND OCCUPATIONAL SAFETY MATTERS**\n\nWe are subject to various laws and government regulations concerning environmental matters and employee safety and health in the U\\.S\\. and other countries\\. We are also subject to the oversight of the Occupational Safety and Health Administration (OSHA) concerning employee safety and health matters\\. The U\\.S\\. Environmental Protection Agency, OSHA, and other federal agencies have been authorized to create and enforce regulations that have an impact on our operations\\. In addition to these federal activities, various states have been delegated certain authorities under these federal statutes\\. Many state and local governments have adopted environmental and employee safety and health laws and regulations\\. We maintain our safety, health and environmental programs in order to meet or exceed these requirements\\.\n\nIn the future there may be legislation to reduce carbon and other greenhouse gas emissions\\. Over the course of several years, we have transitioned to more fuel\\-efficient aircraft fleets and reduced our emissions with the goal of continuing that trend\\.\n\nThe Airport Noise and Capacity Act recognizes the rights of airport operators with noise problems to implement local noise abatement programs so long as they do not interfere unreasonably with interstate or foreign commerce or the national air transportation system\\. Authorities in several cities have established aircraft noise reduction programs, including the imposition of nighttime curfews\\. We believe we have sufficient scheduling flexibility to accommodate local noise restrictions\\.\n\nAlthough we do not currently anticipate that these regulatory matters, individually or collectively, will have a material effect on our financial condition, results of operations or cash flows, new regulations or compliance issues that we do not currently anticipate could have the potential to harm our financial condition, results of operations or cash flows in future periods\\.\n\n 17"}
{"_id": "AmericanAirlines-2017_181.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.77                         | [Form of Participation Agreement (Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee and Subordination Agent) (incorporated by reference to Exhibit 4\\.18 to US Airways Group\u2019s Current Report on Form 8\\-K filed on July 1, 2011 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063424/p18939exv4w18.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 4\\.78                         | [Form of Indenture (Trust Indenture and Security Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee) (incorporated by reference to Exhibit 4\\.19 to US Airways Group\u2019s Current Report on Form 8\\-K filed on July 1, 2011 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063424/p18939exv4w19.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| 4\\.79                         | [Guarantee, dated as of June 28, 2011, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) (incorporated by reference to Exhibit 4\\.23 to US Airways Group\u2019s Current Report on Form 8\\-K filed on July 1, 2011 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063424/p18939exv4w23.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.80                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2011\\-1 Pass Through Certificates (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex102.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 4\\.81                         | [Form of Participation Agreement (Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee and Subordination Agent) (incorporated by reference to Exhibit 4\\.18 to US Airways Group\u2019s Current Report on Form 8\\-K filed on May 16, 2012 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312512236751/d354045dex418.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 4\\.82                         | [Form of Indenture (Trust Indenture and Security Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee) (incorporated by reference to Exhibit 4\\.19 to US Airways Group\u2019s Current Report on Form 8\\-K filed on May 16, 2012 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312512236751/d354045dex419.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| 4\\.83                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2012\\-1 Pass Through Certificates (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex103.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 4\\.84                         | [Form of Participation Agreement (Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee and Subordination Agent) (incorporated by reference to Exhibit B to Exhibit 4\\.12 to US Airways Group\u2019s Current Report on Form 8\\-K filed on December 13, 2012 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312512501957/d452985dex412.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.85                         | [Form of Indenture (Trust Indenture and Security Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.12 to US Airways Group\u2019s Current Report on Form 8\\-K filed on December 13, 2012 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312512501957/d452985dex412.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.86                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2012\\-2 Pass Through Certificates (incorporated by reference to Exhibit 10\\.4 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex104.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 4\\.87                         | [Form of Assumption Agreement, dated as of December 30, 2015, by American Airlines, Inc\\. for the benefit of Wilmington Trust Company, as Indenture Trustee, to (i) each Participation Agreement between, among others, American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.) and Wilmington Trust Company, as Indenture Trustee, entered into pursuant to the 2010\\-1, 2011\\-1, 2012\\-1, 2012\\-2 and 2013\\-1 EETC note purchase agreements and (ii) each Trust Indenture and Security Agreement, between, among others, American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), and Wilmington Trust Company, as Indenture Trustee entered into pursuant to the 2010\\-1, 2011\\-1, 2012\\-1, 2012\\-2 and 2013\\-1 EETC note purchase agreements (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex103.htm) |\n| 4\\.88                         | [Trust Supplement No\\. 2016\\-1AA, dated as of January 19, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| 4\\.89                         | [Trust Supplement No\\. 2016\\-1A, dated as of January 19, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| 4\\.90                         | [Trust Supplement No\\. 2016\\-1B, dated as of January 19, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex44.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n\n\n\n182"}
{"_id": "United-2017_68.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nor credited directly to other comprehensive income at the previously enacted U\\.S\\. federal corporate income tax rate that remains in AOCI and the amount that would have been charged or credited directly to other comprehensive income using the newly enacted U\\.S\\. federal corporate income tax rate, excluding the effect of any valuation allowance previously charged to income from continuing operations\\. ASU 2018\\-02 is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted\\. We have elected to early adopt this standard for the year ended December 31, 2017\\. We have reclassified $118 million from AOCI to RE as a result of this adoption\\. See Note 6 of this report for additional information\\.\n\n**NOTE 2 \\- GOODWILL AND OTHER INTANGIBLE ASSETS** \n\nThe following table presents information about the Company\u2019s goodwill and other intangible assets at December 31 (in millions):\n\n\n\n|                                     |                    |                                    |                                       |                                    |                                       |\n|:-----------------------------------:|:------------------:| ----------------------------------:| -------------------------------------:| ----------------------------------:| -------------------------------------:|\n|                                     |                    |                           **2017** |                              **2017** |                           **2016** |                              **2016** |\n|              **Item**               | **Asset life (a)** | **Gross Carrying**  <br>**Amount** | **Accumulated**  <br>**Amortization** | **Gross Carrying**  <br>**Amount** | **Accumulated**  <br>**Amortization** |\n|              Goodwill               |                    |                            $4,523  |                                       |                            $4,523  |                                       |\n|   Finite\\-lived intangible assets   |                    |                                    |                                       |                                    |                                       |\n|     Frequent flyer database (b)     |         22         |                            $1,177  |                                 $832  |                            $1,177  |                                 $771  |\n|                Hubs                 |         20         |                               145  |                                   89  |                               145  |                                   82  |\n|              Contracts              |         13         |                               121  |                                  103  |                               135  |                                   95  |\n|       Patents and tradenames        |         3          |                               108  |                                  108  |                               108  |                                  108  |\n|       Airport slots and gates       |         8          |                                97  |                                   97  |                                97  |                                   97  |\n|                Other                |         25         |                               109  |                                   84  |                               109  |                                   81  |\n|                Total                |                    |                            $1,757  |                               $1,313  |                            $1,771  |                               $1,234  |\n| Indefinite\\-lived intangible assets |                    |                                    |                                       |                                    |                                       |\n|          Route authorities          |                    |                            $1,562  |                                       |                            $1,562  |                                       |\n|       Airport slots and gates       |                    |                               536  |                                       |                               536  |                                       |\n|        Tradenames and logos         |                    |                               593  |                                       |                               593  |                                       |\n|              Alliances              |                    |                               404  |                                       |                               404  |                                       |\n|                Total                |                    |                            $3,095  |                                       |                            $3,095  |                                       |\n\n\n\n(a) Weighted average life expressed in years\\.\n\n(b) The frequent flyer database is amortized based on an accelerated amortization schedule to reflect utilization of the assets\\. Estimated cash flows correlating to the expected attrition rate of customers in the frequent flyer database is considered in the determination of the amortization schedules\\.\n\nAmortization expense in 2017, 2016 and 2015 was $79 million, $90 million and $105 million, respectively\\. Projected amortization expense in 2018, 2019, 2020, 2021 and 2022 is $67 million, $61 million, $55 million, $50 million and $40 million, respectively\\.\n\nSee Note 14 of this report for additional information related to impairment of intangible assets\\.\n\n**NOTE 3 \u2013 COMMON STOCKHOLDERS\u2019 EQUITY AND PREFERRED SECURITIES** \n\nIn 2017, UAL repurchased approximately 28 million shares of UAL common stock for $1\\.8 billion, completing its July 2016 repurchase authorization\\. In December 2017, UAL\u2019s Board of Directors authorized a new $3\\.0 billion share repurchase program to acquire UAL\u2019s common stock\\. As of December 31, 2017, the Company had approximately $3\\.0 billion remaining to purchase shares under its existing share repurchase authority\\. UAL may repurchase shares through the open market, privately negotiated transactions, block trades or accelerated share repurchase transactions from time to time in accordance with applicable securities laws\\. UAL may repurchase shares of UAL common stock subject to prevailing market conditions, and may discontinue such repurchases at any time\\. See Part II, Item 5, Market for registrant\u2019s common equity, related stockholder matters and issuer purchases of equity securities, of this report for additional information\\.\n\n69"}
{"_id": "United-2019_94.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nPART IV\n\nITEM 15\\. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES\\.   \n\n\n\n|     |                                                                                                                                                                         |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | List of documents filed as part of this report:                                                                                                                         |\n| (1) | *Financial Statements* \\. The financial statements required by this item are listed in Part II, Item 8,  *Financial Statements and Supplementary Data*  herein\\.        |\n| (2) | *Financial Statement Schedules\\.*  The financial statement schedule required by this item is listed below and included in this report after the signature page hereto\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n|     |  Schedule II\\-Valuation and Qualifying Accounts for the years ended December 31, 2019, 2018 and 2017\\.                                                                         |\n|     | All other schedules are omitted because they are not applicable, not required or the required information is shown in the consolidated financial statements or notes thereto\\. |\n| (b) | *Exhibits\\.*  The exhibits required by this item are provided in the Exhibit Index\\.                                                                                           |\n\n\n\nITEM 16\\. FORM 10\\-K SUMMARY\\.\n\nNone\\.\n\nEXHIBIT INDEX\n\n\n\n|                  |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| ---------------- | ----------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit No\\.** | **Registrant**    | **Exhibit**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n|                  |                   | **Articles of Incorporation and Bylaws**                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 3\\.1             | UAL               | [Amended and Restated Certificate of Incorporation of United Airlines Holdings, Inc\\. (filed as Exhibit 3\\.1 to UAL's Form 8\\-K filed June 27, 2019, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000110465919037929/a19-12113_1ex3d1.htm)                                                                                                                                                                              |\n| 3\\.2             | UAL               | [Amended and Restated Bylaws of United Airlines Holdings, Inc\\. (filed as Exhibit 3\\.2 to UAL's Form 8\\-K filed June 27, 2019, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000110465919037929/a19-12113_1ex3d2.htm)                                                                                                                                                                                                    |\n| 3\\.3             | United            | [Amended and Restated Certificate of Incorporation of United Airlines, Inc\\. (filed as Exhibit 3\\.1 to UAL's Form 8\\-K filed April 3, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513140583/d514659dex31.htm)                                                                                                                                                                                           |\n| 3\\.4             | United            | [Amended and Restated By\\-laws of United Airlines, Inc\\. (filed as Exhibit 3\\.2 to UAL's Form 8\\-K filed April 3, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513140583/d514659dex32.htm)                                                                                                                                                                                                               |\n|                  |                   | **Instruments Defining Rights of Security Holders, Including Indentures**                                                                                                                                                                                                                                                                                                                                                                                                                       |\n|  4\\.1            | UAL<br><br>United | [Indenture, dated as of May 7, 2013, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee (filed as Exhibit 4\\.1 to UAL's Form 8\\-K filed on May 10, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015513000024/e62332806ex4_1.htm)                                                                                            |\n|  4\\.2            | UAL<br><br>United | [Second Supplemental Indenture, dated as of November 8, 2013, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee, providing for the issuance of 6\\.000% Senior Notes due 2020 (filed as Exhibit 4\\.2 to UAL's Form 8\\-K filed on November 12, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015513000051/e62651277ex4_2.htm) |\n|  4\\.3            | UAL<br><br>United | [Form of 6\\.000% Senior Notes due 2020 (filed as Exhibit 4\\.3 to UAL's Form 8\\-K filed on November 12, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015513000051/e62651277ex4_3.htm)                                                                                                                                                                                                                        |\n|  4\\.4            | UAL<br><br>United | [Form of Notation of Note Guarantee (filed as Exhibit 4\\.4 to UAL's Form 8\\-K filed on November 12, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015513000051/e62651277ex4_4.htm)                                                                                                                                                                                                                           |\n\n\n\n95"}
{"_id": "Alaska-2018_52.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**Aircraft Fuel**\n\nCurrently, our fuel\\-hedging portfolio consists of crude oil call options\\. Call options effectively cap our pricing for the crude oil component of jet fuel, limiting our exposure to increasing fuel prices for about half of our planned fuel consumption\\. With call options, we are hedged against volatile crude oil price increases, and, during a period of decline in crude oil prices, we only forfeit cash previously paid for hedge premiums\\. We believe there is risk in not hedging against the possibility of fuel price increases\\. We estimate that a hypothetical 10% increase or decrease in the forward curve for crude oil prices as of December 31, 2018 would change the fair value of our crude oil hedge portfolio to approximately $8 million or $2 million, respectively\\. \n\nOur portfolio value of fuel hedge contracts was $4 million at December 31, 2018 compared to a portfolio value of $22 million at December 31, 2017\\. We do not have any collateral held by counterparties to these agreements as of December 31, 2018\\.\n\nWe continue to believe that our fuel hedge program is an important part of our strategy to reduce our exposure to volatile fuel prices\\. We expect to continue to enter into these types of contracts prospectively, although significant changes in market conditions could affect our decisions\\. For more discussion, see Note 4 to our consolidated financial statements\\.\n\n**Interest Rates**\n\nWe have exposure to market risk associated with changes in interest rates related primarily to our debt obligations and short\\-term investment portfolio\\. Our debt obligations include variable\\-rate instruments, which have exposure to changes in interest rates\\. In order to mitigate the risk of interest rate fluctuations, we have a number of interest rate swaps that fix the interest rates on certain variable\\-rate debt agreements\\. A hypothetical 10% change in the average interest rates incurred on average variable\\-rate debt held during 2018 would have correspondingly changed our net earnings and cash flows associated with these items by less than $5 million\\. Our variable\\-rate debt represents approximately 70% and 63% of our total long\\-term debt as of December 31, 2018 and December 31, 2017, respectively\\.\n\nOur exposure to interest rate variability is further mitigated through our variable\\-rate investment portfolio\\. We also have investments in marketable securities, which are exposed to market risk associated with changes in interest rates\\. If short\\-term interest rates were to average one point more than they did in 2018, interest income would increase by approximately $14 million\\.\n\n\n\n|                                                                       |\n| --------------------------------------------------------------------- |\n| **ITEM 8\\. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA** |\n\n\n\n**SELECTED QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (unaudited)**\n\n\n\n|                                   |                   |                   |                    |                    |                   |                   |                    |                    |\n| --------------------------------- | ----------------- | ----------------- | ------------------ | ------------------ | ----------------- | ----------------- | ------------------ | ------------------ |\n|                                   | **First Quarter** | **First Quarter** | **Second Quarter** | **Second Quarter** | **Third Quarter** | **Third Quarter** | **Fourth Quarter** | **Fourth Quarter** |\n| *(in millions, except per share)* | **2018**          | **2017**          | **2018**           | **2017**           | **2018**          | **2017**          | **2018**           | **2017**           |\n| Operating revenues                | **$1,832**        | $1,740            | **$2,156**         | $2,102             | **$2,212**        | $2,110            | **$2,064**         | $1,942             |\n| Operating income                  | **29**            | 157               | **271**            | 487                | **297**           | 427               | **46**             | 137                |\n| Net income                        | **4**             | 93                | **193**            | 293                | **217**           | 259               | **23**             | 315                |\n| Basic earnings per share ^(a)^    | **0\\.03**         | 0\\.75             | **1\\.57**          | 2\\.37              | **1\\.76**         | 2\\.10             | **0\\.19**          | 2\\.56              |\n| Diluted earnings per share ^(a)^  | **0\\.03**         | 0\\.75             | **1\\.56**          | 2\\.36              | **1\\.75**         | 2\\.09             | **0\\.19**          | 2\\.55              |\n\n\n\n\n\n|       |                                                                                                             |\n| ----- | ----------------------------------------------------------------------------------------------------------- |\n| ^(a)^ | For earnings per share, the sum of the quarters may not equal the total for the full year due to rounding\\. |\n\n\n\n 53"}
{"_id": "Southwest-2017_60.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nIn addition, the Company retired its remaining Classic aircraft during the year as part of an accelerated retirement schedule, including 54 of which are still owned or on operating lease\\. As these aircraft are not in service for the Company, they are not included in the fleet count as of December 31, 2017\\. See Note 7 to the Consolidated Financial Statements for further information\\. In accounting for long\\-lived assets, the Company must make estimates about the expected useful lives of the assets, the expected residual values of the assets, and the potential for impairment based on the fair value of the assets and their future expected cash flows\\.\n\nThe following table shows a breakdown of the Company\u2019s long\\-lived asset groups along with information about estimated useful lives and residual values for new assets generally purchased from the manufacturer and assets constructed for others:\n\n\n\n|                               |                        |                                   |\n| ----------------------------- | ---------------------- | --------------------------------- |\n|                               | Estimated useful life  | Estimated<br><br> residual value  |\n| Airframes and engines         | 25 years               | 15 percent                        |\n| Aircraft parts                | Fleet life             | 4 percent                         |\n| Assets constructed for others | 10 to 30 years         | 17 to 75 percent                  |\n| Ground property and equipment | 5 to 30 years          | 0 to 10 percent                   |\n\n\n\nIn estimating the lives and expected residual values of its aircraft, the Company primarily has relied upon actual experience with the same or similar aircraft types, current and projected future market information, and recommendations from Boeing\\. Aircraft estimated useful lives are based on the number of \"cycles\" flown (one take\\-off and landing) as well as the aircraft age\\. The Company has made a conversion of cycles into years based on both historical and anticipated future utilization of the aircraft\\. Subsequent revisions to these estimates, which can be significant, could be caused by changes to aircraft maintenance programs, changes in utilization of the aircraft (actual cycles during a given period of time), governmental regulations on aging aircraft, and changing market prices of new and used aircraft of the same or similar types\\. The Company evaluates its estimates and assumptions each reporting period and, when warranted, adjusts these estimates and assumptions\\. Generally, these adjustments are accounted for on a prospective basis through depreciation and amortization expense\\. See Note 1 to the Consolidated Financial Statements for further information\\. \n\nThe Company believes it is unlikely that materially different estimates for expected lives, expected residual values, and impairment evaluations would be made or reported based on other reasonable assumptions or conditions suggested by actual historical experience and other data available at the time estimates were made\\.\n\n***Financial Derivative Instruments***\n\nThe Company utilizes financial derivative instruments primarily to manage its risk associated with changing jet fuel prices\\. See \"Quantitative and Qualitative Disclosures about Market Risk\" for more information on these risk management activities, and see Note 10 to the Consolidated Financial Statements for more information on the Company\u2019s fuel hedging program and financial derivative instruments\\. Also, see Note 2 to the Consolidated Financial Statements for information about future required changes to hedge accounting per ASU No\\. 2017\\-12\\.\n\nAll derivatives are required to be reflected at fair value and recorded on the Consolidated Balance Sheet\\. At December 31, 2017, the Company was a party to over 400 separate financial derivative instruments related to its fuel hedging program for future periods\\. Changes in the fair values of these instruments can vary dramatically based on changes in the underlying commodity prices\\. For example, during 2017, market \"spot\" prices for Brent crude oil peaked at a high of approximately $67 per barrel and hit a low price of approximately $45 per barrel\\. During 2016, market spot prices ranged from a high of approximately $57 per barrel to a low of approximately $28 per barrel\\. Market price changes can be driven by factors such as supply and demand, inventory levels, weather events, refinery capacity, political agendas, the value of the U\\.S\\. dollar, geopolitical events, and general economic conditions, among other items\\. The financial derivative instruments utilized by the Company primarily are a combination of collars, purchased call options, call spreads, put spreads, and fixed price swap agreements\\.\n\n61"}
{"_id": "Delta-2019_83.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nNOTE 10\\. EMPLOYEE BENEFIT PLANS\n\nWe sponsor defined benefit and defined contribution pension plans, healthcare plans and disability and survivorship plans for eligible employees and retirees and their eligible family members\\.\n\nDefined Benefit Pension Plans\\.  We sponsor defined benefit pension plans for eligible employees and retirees\\. These plans are closed to new entrants and frozen for future benefit accruals\\. The Pension Protection Act of 2006 allows commercial airlines to elect alternative funding rules (\"Alternative Funding Rules\") for defined benefit plans that are frozen\\. We elected the Alternative Funding Rules under which the unfunded liability for a frozen defined benefit plan may be amortized over a fixed 17\\-year period and is calculated using an 8\\.85% discount rate until the 17\\-year period expires for all frozen defined benefit plans by the end of 2024\\. We have no minimum funding requirements in 2020, but we plan to voluntarily contribute approximately $500 million to these plans\\.\n\nDefined Contribution Pension Plans\\.  We sponsor several defined contribution plans\\. These plans generally cover different employee groups and employer contributions vary by plan\\. The costs associated with our defined contribution pension plans were $991 million, $926 million and $875 million for the years ended December 31, 2019, 2018 and 2017, respectively\\.\n\nPostretirement Healthcare Plans\\.  We sponsor healthcare plans that provide benefits to eligible retirees and their dependents who are under age 65\\. We have generally eliminated company\\-paid post age 65 healthcare coverage, except for (1) subsidies available to a limited group of retirees and their dependents and (2) a group of retirees who retired prior to 1987\\. Benefits under these plans are funded from current assets and employee contributions\\. During 2018, we remeasured our postretirement obligation to reflect a curtailment of our postretirement healthcare plans\\.\n\nPostemployment Plans\\.  We provide certain other welfare benefits to eligible former or inactive employees after employment but before retirement, primarily as part of the disability and survivorship plans\\. Substantially all employees are eligible for benefits under these plans in the event of death and/or disability\\.\n\nBenefit Obligations, Fair Value of Plan Assets and Funded Status\n\n\n\n|                                                  |                                                  |                                                  |                  |                  |  |  |  |           |                                                  |                                                  |                                                  |                                                  |  |  |  |\n|:------------------------------------------------ |:------------------------------------------------ |:------------------------------------------------ | ----------------:| ----------------:|:- |:- |:- | ---------:| ------------------------------------------------:|:------------------------------------------------:|:------------------------------------------------:|:------------------------------------------------:|:- |:- |:- |\n|                                                  |                                                  |                                                  | Pension Benefits | Pension Benefits |  |  |  |           | Other Postretirement and Postemployment Benefits | Other Postretirement and Postemployment Benefits | Other Postretirement and Postemployment Benefits | Other Postretirement and Postemployment Benefits |  |  |  |\n|                                                  |                                                  |                                                  |     December 31, |     December 31, |  |  |  |           |                                     December 31, |                   December 31,                   |                   December 31,                   |                   December 31,                   |  |  |  |\n| (in millions)                                    | (in millions)                                    | (in millions)                                    |             2019 |             2018 |  |  |  |      2019 |                                             2018 |\n| Benefit obligation at beginning of period        | Benefit obligation at beginning of period        | Benefit obligation at beginning of period        |         $ 19,809 |         $ 21,696 |  |  |  |   $ 3,225 |                                          $ 3,504 |\n| Service cost                                     | Service cost                                     | Service cost                                     |                \u2014 |                \u2014 |  |  |  |        83 |                                               85 |\n| Interest cost                                    | Interest cost                                    | Interest cost                                    |              833 |              781 |  |  |  |       137 |                                              126 |\n| Actuarial loss (gain)                            | Actuarial loss (gain)                            | Actuarial loss (gain)                            |            1,678 |          (1,560) |  |  |  |       226 |                                            (142) |\n| Benefits paid, including lump sums and annuities | Benefits paid, including lump sums and annuities | Benefits paid, including lump sums and annuities |          (1,107) |          (1,093) |  |  |  |     (315) |                                            (306) |\n| Participant contributions                        | Participant contributions                        | Participant contributions                        |                \u2014 |                \u2014 |  |  |  |        23 |                                               26 |\n| Curtailment                                      | Curtailment                                      | Curtailment                                      |                \u2014 |                \u2014 |  |  |  |         \u2014 |                                             (68) |\n| Settlements                                      | Settlements                                      | Settlements                                      |             (14) |             (15) |  |  |  |         \u2014 |                                                \u2014 |\n| Benefit obligation at end of period^(1)^         | Benefit obligation at end of period^(1)^         | Benefit obligation at end of period^(1)^         |         $ 21,199 |         $ 19,809 |  |  |  |   $ 3,379 |                                          $ 3,225 |\n| Fair value of plan assets at beginning of period | Fair value of plan assets at beginning of period | Fair value of plan assets at beginning of period |         $ 13,459 |         $ 14,744 |  |  |  |     $ 637 |                                            $ 866 |\n| Actual gain (loss) on plan assets                | Actual gain (loss) on plan assets                | Actual gain (loss) on plan assets                |            2,485 |            (700) |  |  |  |       134 |                                             (72) |\n| Employer contributions                           | Employer contributions                           | Employer contributions                           |            1,022 |              523 |  |  |  |       159 |                                              152 |\n| Participant contributions                        | Participant contributions                        | Participant contributions                        |                \u2014 |                \u2014 |  |  |  |        23 |                                               26 |\n| Benefits paid, including lump sums and annuities | Benefits paid, including lump sums and annuities | Benefits paid, including lump sums and annuities |          (1,107) |          (1,093) |  |  |  |     (346) |                                            (335) |\n| Settlements                                      | Settlements                                      | Settlements                                      |             (14) |             (15) |  |  |  |         \u2014 |                                                \u2014 |\n| Fair value of plan assets at end of period       | Fair value of plan assets at end of period       | Fair value of plan assets at end of period       |         $ 15,845 |         $ 13,459 |  |  |  |     $ 607 |                                            $ 637 |\n| Funded status at end of period                   | Funded status at end of period                   | Funded status at end of period                   |        $ (5,354) |        $ (6,350) |  |  |  | $ (2,772) |                                        $ (2,588) |\n\n\n\n^(1)^ At the end of each year presented, our accumulated benefit obligations for our pension plans are equal to the benefit obligations shown above\\.\n\n81"}
{"_id": "AmericanAirlines-2019_177.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| ----------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| 10\\.8                         | [Fifth Amendment to the Amended and Restated Credit and Guaranty Agreement, dated as of September 17, 2018, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000039/ex10110qq318.htm) \\*                                                                                                                                         |\n| 10\\.9                         | [Sixth Amendment to the Amended and Restated Credit and Guaranty Agreement, dated as of December 10, 2018, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.9 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620119000009/ex10910k2018.htm) \\*\\*                                                                                                                                               |\n| 10\\.10                        | [Seventh Amendment to the Amended and Restated Credit and Guaranty Agreement, dated as of November 8, 2019, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto\\.\\*\\*](https://americanairlines.gcs-web.com/email-alerts/ex101010k2019.htm)                                                                                                                                                                                                                                                                                                                 |\n| 10\\.11                        | [First Amendment and Restatement Agreement, dated as of May 21, 2015, in relation to the Credit and Guaranty Agreement, dated as of June 27, 2013 (as amended), among American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.), American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), the Revolving Lenders (as defined therein) party thereto, the 2015 Term Loan Lenders (as defined therein) party thereto and Deutsche Bank AG New York Branch, as administrative agent and collateral agent (incorporated by reference to Exhibit 10\\.5 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex105.htm) |\n| 10\\.12                        | [First Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of October 26, 2015, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), American Airlines Group Inc\\., (as successor in interest to US Airways Group, Inc\\.), the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.8 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516474605/d78287dex108.htm)                                   |\n| 10\\.13                        | [Second Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of March 14, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex102.htm)                                                                                                                                       |\n| 10\\.14                        | [Third Amendment to the Amended and Restated Credit And Guaranty Agreement, dated as of August 21, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.11 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000009/ex101110k2017.htm) \\*                                                                                                                                  |\n| 10\\.15                        | [Fourth Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of May 15, 2018, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and Barclays Bank PLC, as designated replacement term lender (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000027/ex10310qq218.htm)                                                                                                                |\n| 10\\.16                        | [Fifth Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of December 10, 2018, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and Barclays Bank PLC, as designated replacement term lender (incorporated by reference to Exhibit 10\\.15 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620119000009/ex101510k2018.htm) \\*\\*                                                                                                       |\n| 10\\.17                        | [Sixth Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of November 8, 2019, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and Barclays Bank PLC, as designated replacement term lender\\.\\*\\*](https://americanairlines.gcs-web.com/email-alerts/ex101710k2019.htm)                                                                                                                                                                                                                                                                             |\n| 10\\.18                        | [Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\. as borrower, American Airlines Group Inc\\., as parent and guarantor, certain other subsidiaries of American Airlines Group Inc\\., as guarantors, the lenders party thereto, Barclays Bank PLC, as administrative agent and collateral agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q filed on July 22, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516654354/d204187dex102.htm)                                                                                                                                                                                    |\n\n\n\n178"}
{"_id": "Alaska-2019_43.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nBank Lines of Credit\n\nWe have three credit facilities with availability totaling $516 million, including one $250 million credit facility, one $150 million credit facility, and one $116 million credit facility\\. We have secured letters of credit against the $116 million facility, but have no plans to borrow using either of the two remaining facilities\\. \n\nCONTRACTUAL OBLIGATIONS AND COMMITMENTS\n\nAircraft Purchase and Lease Commitments\n\nAs of December 31, 2019, we have firm orders to purchase 35 aircraft\\. We also have cancelable purchase commitments for 30 Airbus A320neo aircraft with deliveries from 2023 through 2025\\. We could incur a loss of pre\\-delivery payments and credits as a cancellation fee\\. We also have options to acquire up to 37 additional 737 MAX aircraft with deliveries from 2021 through 2024 and 30 E175 aircraft with deliveries from 2021 to 2023\\. In addition to the 32 E175 aircraft currently operated by SkyWest in our regional fleet, we have options in future periods to add regional capacity by having SkyWest operate up to eight more E175 aircraft\\. \n\nWe expect capital expenditures to be approximately $750 million in 2020, pending 737 MAX deliveries and any decision made for future aircraft orders\\. We have included in the table below the three undelivered aircraft from 2019 in our 2020 delivery schedule\\. The total of ten deliveries is subject to change based on the ongoing FAA grounding of the aircraft\\. \n\nThe following table summarizes our contractual fleet count by year, as of February 12, 2020: \n\n\n\n|                                   |                                   |                                   |                    |                    |                    |                    |                    |                    |                    |  |  |  |              |              |  |  |  |                             |                             |                             |                             |                             |                             |                             |                             |                             |                             |                             |                             |                             |                             |                             |                             |                             |                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:--------------------------------- |:--------------------------------- |:--------------------------------- | ------------------:| ------------------:|:------------------:|:------------------:|:------------------:| ------------------:| ------------------:|:- |:- |:- | ------------:| ------------:|:- |:- |:- | ---------------------------:| ---------------------------:|:--------------------------- |:--------------------------- |:--------------------------- | ---------------------------:| ---------------------------:|:--------------------------- |:--------------------------- |:--------------------------- | ---------------------------:| ---------------------------:|:--------------------------- |:--------------------------- |:--------------------------- |:--------------------------- |:--------------------------- |:--------------------------- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                   |                                   |                                   | Actual Fleet Count | Actual Fleet Count | Actual Fleet Count | Actual Fleet Count | Actual Fleet Count | Actual Fleet Count | Actual Fleet Count |  |  |  |              |              |  |  |  | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ | Contractual Deliveries^(a)^ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n| Aircraft                          | Aircraft                          | Aircraft                          |       Dec 31, 2018 |       Dec 31, 2018 |                    |                    |                    |       Dec 31, 2019 |       Dec 31, 2019 |  |  |  | 2020 Changes | 2020 Changes |  |  |  |                Dec 31, 2020 |                Dec 31, 2020 |                             |                             |                             |                2021 Changes |                2021 Changes |                             |                             |                             |                Dec 31, 2021 |                Dec 31, 2021 |\n| B737 Freighters                   | B737 Freighters                   | B737 Freighters                   |                 3  |                 3  |                    |                    |                    |                 3  |                 3  |  |  |  |           \u2014  |           \u2014  |  |  |  |                          3  |                          3  |                             |                             |                             |                          \u2014  |                          \u2014  |                             |                             |                             |                          3  |                          3  |\n| B737 Passenger Aircraft^(c)^      | B737 Passenger Aircraft^(c)^      | B737 Passenger Aircraft^(c)^      |               159  |               159  |                    |                    |                    |               163  |               163  |  |  |  |          10  |          10  |  |  |  |                        173  |                        173  |                             |                             |                             |                          7  |                          7  |                             |                             |                             |                        180  |                        180  |\n| Airbus Passenger Aircraft         | Airbus Passenger Aircraft         | Airbus Passenger Aircraft         |                71  |                71  |                    |                    |                    |                71  |                71  |  |  |  |          (1) |          (1) |  |  |  |                         70  |                         70  |                             |                             |                             |                         (9) |                         (9) |                             |                             |                             |                         61  |                         61  |\n| Total Mainline Fleet              | Total Mainline Fleet              | Total Mainline Fleet              |               233  |               233  |                    |                    |                    |               237  |               237  |  |  |  |           9  |           9  |  |  |  |                        246  |                        246  |                             |                             |                             |                         (2) |                         (2) |                             |                             |                             |                        244  |                        244  |\n| Q400 operated by Horizon^(b)^     | Q400 operated by Horizon^(b)^     | Q400 operated by Horizon^(b)^     |                39  |                39  |                    |                    |                    |                33  |                33  |  |  |  |          (1) |          (1) |  |  |  |                         32  |                         32  |                             |                             |                             |                          \u2014  |                          \u2014  |                             |                             |                             |                         32  |                         32  |\n| E175 operated by Horizon^(b)^     | E175 operated by Horizon^(b)^     | E175 operated by Horizon^(b)^     |                26  |                26  |                    |                    |                    |                30  |                30  |  |  |  |              |              |  |  |  |                         30  |                         30  |                             |                             |                             |                          \u2014  |                          \u2014  |                             |                             |                             |                         30  |                         30  |\n| E175 operated by third party^(b)^ | E175 operated by third party^(b)^ | E175 operated by third party^(b)^ |                32  |                32  |                    |                    |                    |                32  |                32  |  |  |  |           \u2014  |           \u2014  |  |  |  |                         32  |                         32  |                             |                             |                             |                          \u2014  |                          \u2014  |                             |                             |                             |                         32  |                         32  |\n| Total Regional Fleet              | Total Regional Fleet              | Total Regional Fleet              |                97  |                97  |                    |                    |                    |                95  |                95  |  |  |  |          (1) |          (1) |  |  |  |                         94  |                         94  |                             |                             |                             |                          \u2014  |                          \u2014  |                             |                             |                             |                         94  |                         94  |\n| Total                             | Total                             | Total                             |               330  |               330  |                    |                    |                    |               332  |               332  |  |  |  |           8  |           8  |  |  |  |                        340  |                        340  |                             |                             |                             |                         (2) |                         (2) |                             |                             |                             |                        338  |                        338  |\n\n\n\n^(a)^ The expected fleet counts at December 31, 2020 and 2021 reflect contractual lease returns, and is subject to change pending our long\\-term fleet decisions and strategies for future acquisition of aircraft\\. \n\n^(b)^ Aircraft are either owned or leased by Horizon or operated under capacity purchase agreement with a third party\\.\n\n^(c)^ All three of our Boeing 737 MAX9 aircraft that were originally scheduled for delivery in 2019 have been shifted to 2020 in light of the MAX grounding\\.\n\nFor future firm orders and option exercises, we may finance the aircraft through cash from operations, long\\-term debt, or lease arrangements\\.\n\n43"}
{"_id": "Southwest-2018_122.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**PART IV**\n\n**Item 15\\.** ***Exhibits and Financial Statement Schedules***\n\n(a) 1\\. *Financial Statements:*\n\nThe financial statements included in Item 8\\. Financial Statements and Supplementary Data above are filed as part of this annual report\\.\n\n2\\. *Financial Statement Schedules:*\n\nThere are no financial statement schedules filed as part of this annual report, since the required information is included in the Consolidated Financial Statements, including the notes thereto, or the circumstances requiring inclusion of such schedules are not present\\.\n\n3\\. Exhibits:\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 3\\.1  | [Restated Certificate of Formation of the Company, effective May 18, 2012 (incorporated by reference to Exhibit 3\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2012 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238012000089/ex3_1.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 3\\.2  | [Second Amended and Restated Bylaws of the Company, effective November 17, 2016 (incorporated by reference to Exhibit 3\\.1 to the Company\u2019s Current Report on Form 8\\-K filed November 21, 2016 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312516773178/d282581dex31.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.1  | [Specimen certificate representing common stock of the Company (incorporated by reference to Exhibit 4\\.2 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1994 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/0000930661-95-000050.txt)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| 4\\.2  | [Indenture dated as of February 14, 2005, between the Company and The Bank of New York Trust Company, N\\.A\\., Trustee (incorporated by reference to Exhibit 4\\.2 to the Company\u2019s Current Report on Form 8\\-K filed February 14, 2005 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000129993305000651/exhibit3.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 4\\.3  | [Indenture dated as of September 17, 2004, between the Company and Wells Fargo Bank, N\\.A\\., Trustee (incorporated by reference to Exhibit 4\\.1 to the Company\u2019s Registration Statement on Form S\\-3 filed October 30, 2002 (File No\\. 333\\-100861))\\.](http://www.sec.gov/Archives/edgar/data/92380/000095013402013127/d00530exv4w1.txt)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.4  | [Indenture dated as of February 25, 1997, between the Company and U\\.S\\. Trust Company of Texas, N\\.A\\. (incorporated by reference to Exhibit 4\\.12 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1996 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/0000950134-97-002019.txt)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n|       | The Company is not filing any other instruments evidencing any indebtedness because the total amount of securities authorized under any single such instrument does not exceed 10 percent of its total consolidated assets\\. Copies of such instruments will be furnished to the Securities and Exchange Commission upon request\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 10\\.1 | Purchase Agreement No\\. 1810, dated January 19, 1994, between The Boeing Company and the Company (incorporated by reference to Exhibit 10\\.4 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1993 (File No\\. 1\\-7259)); [Supplemental Agreement No\\. 1 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1996 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/0000092380-97-000010.txt) ; [Supplemental Agreements Nos\\. 2, 3, and 4 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1997 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/0000950134-98-002150.txt) ; [Supplemental Agreements Nos\\. 5, 6, and 7 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1998 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/0000950134-99-002046.txt) ; [Supplemental Agreements Nos\\. 8, 9, and 10 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 1999 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000095013400002530/0000950134-00-002530.txt) ;<br><br>  <br> |\n\n\n\n123"}
{"_id": "Delta-2019_55.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Balance Sheets\n\n\n\n|                                                                                                                                                            |                                                                                                                                                            |                                                                                                                                                            |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |\n|:----------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                                                                                                                                            |                                                                                                                                                            |                                                                                                                                                            |                                                                                          |                                                                                          |                                                                                          |                                       December 31,                                       |                                       December 31,                                       |                                       December 31,                                       |                                       December 31,                                       |                                       December 31,                                       |  |  |  |  |  |  |\n|                                                              (in millions, except share data)                                                              |                                                              (in millions, except share data)                                                              |                                                              (in millions, except share data)                                                              |                                                                                          |                                                                                          |                                                                                          |                                           2019                                           |                                                                                          |                                                                                          |                                                                                          |                                           2018                                           |\n|                                                                           ASSETS                                                                           |                                                                           ASSETS                                                                           |                                                                           ASSETS                                                                           |                                          ASSETS                                          |                                          ASSETS                                          |                                          ASSETS                                          |                                          ASSETS                                          |                                          ASSETS                                          |                                          ASSETS                                          |                                          ASSETS                                          |                                          ASSETS                                          |  |  |  |  |  |  |  |  |  |  |  |  |\n|                                                                      Current Assets:                                                                       |                                                                      Current Assets:                                                                       |                                                                      Current Assets:                                                                       |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |\n|                                                                 Cash and cash equivalents                                                                  |                                                                 Cash and cash equivalents                                                                  |                                                                 Cash and cash equivalents                                                                  |                                                                                          |                                                                                          |                                                                                          |                                         $ 2,882                                          |                                                                                          |                                                                                          |                                                                                          |                                         $ 1,565                                          |\n|               Accounts receivable, net of an allowance for uncollectible accounts of $13 and $12 at December 31, 2019 and 2018, respectively               |               Accounts receivable, net of an allowance for uncollectible accounts of $13 and $12 at December 31, 2019 and 2018, respectively               |               Accounts receivable, net of an allowance for uncollectible accounts of $13 and $12 at December 31, 2019 and 2018, respectively               |                                                                                          |                                                                                          |                                                                                          |                                          2,854                                           |                                                                                          |                                                                                          |                                                                                          |                                          2,314                                           |\n|                                                                       Fuel inventory                                                                       |                                                                       Fuel inventory                                                                       |                                                                       Fuel inventory                                                                       |                                                                                          |                                                                                          |                                                                                          |                                           730                                            |                                                                                          |                                                                                          |                                                                                          |                                           592                                            |\n|        Expendable parts and supplies inventories, net of an allowance for obsolescence of $82 and $102 at December 31, 2019 and 2018, respectively         |        Expendable parts and supplies inventories, net of an allowance for obsolescence of $82 and $102 at December 31, 2019 and 2018, respectively         |        Expendable parts and supplies inventories, net of an allowance for obsolescence of $82 and $102 at December 31, 2019 and 2018, respectively         |                                                                                          |                                                                                          |                                                                                          |                                           521                                            |                                                                                          |                                                                                          |                                                                                          |                                           463                                            |\n|                                                                 Prepaid expenses and other                                                                 |                                                                 Prepaid expenses and other                                                                 |                                                                 Prepaid expenses and other                                                                 |                                                                                          |                                                                                          |                                                                                          |                                          1,262                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,406                                           |\n|                                                                    Total current assets                                                                    |                                                                    Total current assets                                                                    |                                                                    Total current assets                                                                    |                                                                                          |                                                                                          |                                                                                          |                                          8,249                                           |                                                                                          |                                                                                          |                                                                                          |                                          6,340                                           |\n|                                                                     Noncurrent Assets:                                                                     |                                                                     Noncurrent Assets:                                                                     |                                                                     Noncurrent Assets:                                                                     |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |\n|        Property and equipment, net of accumulated depreciation and amortization of $17,027 and $15,823 at December 31, 2019 and 2018, respectively         |        Property and equipment, net of accumulated depreciation and amortization of $17,027 and $15,823 at December 31, 2019 and 2018, respectively         |        Property and equipment, net of accumulated depreciation and amortization of $17,027 and $15,823 at December 31, 2019 and 2018, respectively         |                                                                                          |                                                                                          |                                                                                          |                                          31,310                                          |                                                                                          |                                                                                          |                                                                                          |                                          28,335                                          |\n|                                                           Operating lease right\\-of\\-use assets                                                            |                                                           Operating lease right\\-of\\-use assets                                                            |                                                           Operating lease right\\-of\\-use assets                                                            |                                                                                          |                                                                                          |                                                                                          |                                          5,627                                           |                                                                                          |                                                                                          |                                                                                          |                                          5,994                                           |\n|                                                                          Goodwill                                                                          |                                                                          Goodwill                                                                          |                                                                          Goodwill                                                                          |                                                                                          |                                                                                          |                                                                                          |                                          9,781                                           |                                                                                          |                                                                                          |                                                                                          |                                          9,781                                           |\n|                   Identifiable intangibles, net of accumulated amortization of $873 and $862 at December 31, 2019 and 2018, respectively                   |                   Identifiable intangibles, net of accumulated amortization of $873 and $862 at December 31, 2019 and 2018, respectively                   |                   Identifiable intangibles, net of accumulated amortization of $873 and $862 at December 31, 2019 and 2018, respectively                   |                                                                                          |                                                                                          |                                                                                          |                                          5,163                                           |                                                                                          |                                                                                          |                                                                                          |                                          4,830                                           |\n|                                                          Cash restricted for airport construction                                                          |                                                          Cash restricted for airport construction                                                          |                                                          Cash restricted for airport construction                                                          |                                                                                          |                                                                                          |                                                                                          |                                           636                                            |                                                                                          |                                                                                          |                                                                                          |                                          1,136                                           |\n|                                                                  Other noncurrent assets                                                                   |                                                                  Other noncurrent assets                                                                   |                                                                  Other noncurrent assets                                                                   |                                                                                          |                                                                                          |                                                                                          |                                          3,766                                           |                                                                                          |                                                                                          |                                                                                          |                                          3,850                                           |\n|                                                                  Total noncurrent assets                                                                   |                                                                  Total noncurrent assets                                                                   |                                                                  Total noncurrent assets                                                                   |                                                                                          |                                                                                          |                                                                                          |                                          56,283                                          |                                                                                          |                                                                                          |                                                                                          |                                          53,926                                          |\n|                                                                        Total assets                                                                        |                                                                        Total assets                                                                        |                                                                        Total assets                                                                        |                                                                                          |                                                                                          |                                                                                          |                                         $ 64,532                                         |                                                                                          |                                                                                          |                                                                                          |                                         $ 60,266                                         |\n|                                                            LIABILITIES AND STOCKHOLDERS' EQUITY                                                            |                                                            LIABILITIES AND STOCKHOLDERS' EQUITY                                                            |                                                            LIABILITIES AND STOCKHOLDERS' EQUITY                                                            |                           LIABILITIES AND STOCKHOLDERS' EQUITY                           |                           LIABILITIES AND STOCKHOLDERS' EQUITY                           |                           LIABILITIES AND STOCKHOLDERS' EQUITY                           |                           LIABILITIES AND STOCKHOLDERS' EQUITY                           |                           LIABILITIES AND STOCKHOLDERS' EQUITY                           |                           LIABILITIES AND STOCKHOLDERS' EQUITY                           |                           LIABILITIES AND STOCKHOLDERS' EQUITY                           |                           LIABILITIES AND STOCKHOLDERS' EQUITY                           |  |  |  |  |  |  |  |  |  |  |  |  |\n|                                                                    Current Liabilities:                                                                    |                                                                    Current Liabilities:                                                                    |                                                                    Current Liabilities:                                                                    |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |\n|                                                       Current maturities of debt and finance leases                                                        |                                                       Current maturities of debt and finance leases                                                        |                                                       Current maturities of debt and finance leases                                                        |                                                                                          |                                                                                          |                                                                                          |                                         $ 2,287                                          |                                                                                          |                                                                                          |                                                                                          |                                         $ 1,518                                          |\n|                                                           Current maturities of operating leases                                                           |                                                           Current maturities of operating leases                                                           |                                                           Current maturities of operating leases                                                           |                                                                                          |                                                                                          |                                                                                          |                                           801                                            |                                                                                          |                                                                                          |                                                                                          |                                           955                                            |\n|                                                                   Air traffic liability                                                                    |                                                                   Air traffic liability                                                                    |                                                                   Air traffic liability                                                                    |                                                                                          |                                                                                          |                                                                                          |                                          5,116                                           |                                                                                          |                                                                                          |                                                                                          |                                          4,661                                           |\n|                                                                      Accounts payable                                                                      |                                                                      Accounts payable                                                                      |                                                                      Accounts payable                                                                      |                                                                                          |                                                                                          |                                                                                          |                                          3,266                                           |                                                                                          |                                                                                          |                                                                                          |                                          2,976                                           |\n|                                                           Accrued salaries and related benefits                                                            |                                                           Accrued salaries and related benefits                                                            |                                                           Accrued salaries and related benefits                                                            |                                                                                          |                                                                                          |                                                                                          |                                          3,701                                           |                                                                                          |                                                                                          |                                                                                          |                                          3,287                                           |\n|                                                              Loyalty program deferred revenue                                                              |                                                              Loyalty program deferred revenue                                                              |                                                              Loyalty program deferred revenue                                                              |                                                                                          |                                                                                          |                                                                                          |                                          3,219                                           |                                                                                          |                                                                                          |                                                                                          |                                          2,989                                           |\n|                                                                    Fuel card obligation                                                                    |                                                                    Fuel card obligation                                                                    |                                                                    Fuel card obligation                                                                    |                                                                                          |                                                                                          |                                                                                          |                                           736                                            |                                                                                          |                                                                                          |                                                                                          |                                          1,075                                           |\n|                                                                 Other accrued liabilities                                                                  |                                                                 Other accrued liabilities                                                                  |                                                                 Other accrued liabilities                                                                  |                                                                                          |                                                                                          |                                                                                          |                                          1,078                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,117                                           |\n|                                                                 Total current liabilities                                                                  |                                                                 Total current liabilities                                                                  |                                                                 Total current liabilities                                                                  |                                                                                          |                                                                                          |                                                                                          |                                          20,204                                          |                                                                                          |                                                                                          |                                                                                          |                                          18,578                                          |\n|                                                                  Noncurrent Liabilities:                                                                   |                                                                  Noncurrent Liabilities:                                                                   |                                                                  Noncurrent Liabilities:                                                                   |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |\n|                                                                  Debt and finance leases                                                                   |                                                                  Debt and finance leases                                                                   |                                                                  Debt and finance leases                                                                   |                                                                                          |                                                                                          |                                                                                          |                                          8,873                                           |                                                                                          |                                                                                          |                                                                                          |                                          8,253                                           |\n|                                                        Pension, postretirement and related benefits                                                        |                                                        Pension, postretirement and related benefits                                                        |                                                        Pension, postretirement and related benefits                                                        |                                                                                          |                                                                                          |                                                                                          |                                          8,452                                           |                                                                                          |                                                                                          |                                                                                          |                                          9,163                                           |\n|                                                              Loyalty program deferred revenue                                                              |                                                              Loyalty program deferred revenue                                                              |                                                              Loyalty program deferred revenue                                                              |                                                                                          |                                                                                          |                                                                                          |                                          3,509                                           |                                                                                          |                                                                                          |                                                                                          |                                          3,652                                           |\n|                                                                Noncurrent operating leases                                                                 |                                                                Noncurrent operating leases                                                                 |                                                                Noncurrent operating leases                                                                 |                                                                                          |                                                                                          |                                                                                          |                                          5,294                                           |                                                                                          |                                                                                          |                                                                                          |                                          5,801                                           |\n|                                                                 Deferred income taxes, net                                                                 |                                                                 Deferred income taxes, net                                                                 |                                                                 Deferred income taxes, net                                                                 |                                                                                          |                                                                                          |                                                                                          |                                          1,456                                           |                                                                                          |                                                                                          |                                                                                          |                                           163                                            |\n|                                                                Other noncurrent liabilities                                                                |                                                                Other noncurrent liabilities                                                                |                                                                Other noncurrent liabilities                                                                |                                                                                          |                                                                                          |                                                                                          |                                          1,386                                           |                                                                                          |                                                                                          |                                                                                          |                                           969                                            |\n|                                                                Total noncurrent liabilities                                                                |                                                                Total noncurrent liabilities                                                                |                                                                Total noncurrent liabilities                                                                |                                                                                          |                                                                                          |                                                                                          |                                          28,970                                          |                                                                                          |                                                                                          |                                                                                          |                                          28,001                                          |\n|                                                               Commitments and Contingencies                                                                |                                                               Commitments and Contingencies                                                                |                                                               Commitments and Contingencies                                                                |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |\n|                                                                   Stockholders' Equity:                                                                    |                                                                   Stockholders' Equity:                                                                    |                                                                   Stockholders' Equity:                                                                    |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |\n| Common stock at $0\\.0001 par value; 1,500,000,000 shares authorized, 651,731,443 and 688,136,306 shares issued at December 31, 2019 and 2018, respectively | Common stock at $0\\.0001 par value; 1,500,000,000 shares authorized, 651,731,443 and 688,136,306 shares issued at December 31, 2019 and 2018, respectively | Common stock at $0\\.0001 par value; 1,500,000,000 shares authorized, 651,731,443 and 688,136,306 shares issued at December 31, 2019 and 2018, respectively |                                                                                          |                                                                                          |                                                                                          |                                            \u2014                                             |                                                                                          |                                                                                          |                                                                                          |                                            \u2014                                             |\n|                                                                Additional paid\\-in capital                                                                 |                                                                Additional paid\\-in capital                                                                 |                                                                Additional paid\\-in capital                                                                 |                                                                                          |                                                                                          |                                                                                          |                                          11,129                                          |                                                                                          |                                                                                          |                                                                                          |                                          11,671                                          |\n|                                                                     Retained earnings                                                                      |                                                                     Retained earnings                                                                      |                                                                     Retained earnings                                                                      |                                                                                          |                                                                                          |                                                                                          |                                          12,454                                          |                                                                                          |                                                                                          |                                                                                          |                                          10,039                                          |\n|                                                            Accumulated other comprehensive loss                                                            |                                                            Accumulated other comprehensive loss                                                            |                                                            Accumulated other comprehensive loss                                                            |                                                                                          |                                                                                          |                                                                                          |                                         (7,989)                                          |                                                                                          |                                                                                          |                                                                                          |                                         (7,825)                                          |\n|                            Treasury stock, at cost, 8,959,730 and 8,191,831 shares at December 31, 2019 and 2018, respectively                             |                            Treasury stock, at cost, 8,959,730 and 8,191,831 shares at December 31, 2019 and 2018, respectively                             |                            Treasury stock, at cost, 8,959,730 and 8,191,831 shares at December 31, 2019 and 2018, respectively                             |                                                                                          |                                                                                          |                                                                                          |                                          (236)                                           |                                                                                          |                                                                                          |                                                                                          |                                          (198)                                           |\n|                                                                 Total stockholders' equity                                                                 |                                                                 Total stockholders' equity                                                                 |                                                                 Total stockholders' equity                                                                 |                                                                                          |                                                                                          |                                                                                          |                                          15,358                                          |                                                                                          |                                                                                          |                                                                                          |                                          13,687                                          |\n|                                                         Total liabilities and stockholders' equity                                                         |                                                         Total liabilities and stockholders' equity                                                         |                                                         Total liabilities and stockholders' equity                                                         |                                                                                          |                                                                                          |                                                                                          |                                         $ 64,532                                         |                                                                                          |                                                                                          |                                                                                          |                                         $ 60,266                                         |\n|                                  The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                  |                                  The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                  |                                  The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                  | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. |  |  |  |  |  |  |  |  |  |  |  |  |\n\n\n\n53"}
{"_id": "Delta-2018_64.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nLong\\-Lived Assets\n\nThe following table summarizes our property and equipment: \n\n\n\n|                                                       |                                                |                  |                  |\n| ----------------------------------------------------- | ---------------------------------------------- | ---------------- | ---------------- |\n|                                                       |                                                | **December 31,** | **December 31,** |\n| **(in millions, except for estimated useful life)**   | **Estimated Useful Life**                      | **2018**         | **2017**         |\n| Flight equipment                                      | 20\\-34 years                                   | $33,898          | $30,688          |\n| Ground property and equipment                         | 3\\-40 years                                    | 8,028            | 7,665            |\n| Flight and ground equipment under finance leases      | Shorter of lease term or estimated useful life | 1,055            | 1,147            |\n| Advance payments for equipment                        |                                                | 1,177            | 1,160            |\n| Less: accumulated depreciation and amortization ^(1)^ |                                                | (15,823<br><br>) | (14,097<br><br>) |\n| Total property and equipment, net                     |                                                | $28,335          | $26,563          |\n\n\n\n\n\n|       |                                                                                                                                                                                               |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Includes accumulated amortization for flight and ground equipment under finance leases in the amount of   $566 million  and   $668 million  at  December 31, 2018  and  2017 , respectively\\. |\n\n\n\nWe record property and equipment at cost and depreciate or amortize these assets on a straight\\-line basis to their estimated residual values over their estimated useful lives\\. The estimated useful life for leasehold improvements is the shorter of lease term or estimated useful life\\. Depreciation and amortization expense related to our property and equipment was   $2\\.3 billion ,   $2\\.2 billion  and   $1\\.9 billion  for each of the years ended  December 31, 2018 ,  2017  and  2016 , respectively\\. Residual values for owned aircraft, engines, spare parts and simulators are generally   5%  to   10%  of cost\\. \n\nWe capitalize certain internal and external costs incurred to develop and implement software and amortize those costs over an estimated useful life of  three  to  10  years\\. Included in the depreciation and amortization expense discussed above, we recorded   $205 million ,   $187 million  and   $158 million  for amortization of capitalized software for the years ended  December 31, 2018 ,  2017  and  2016 , respectively\\. The net book value of these assets, which are included in ground property and equipment above, totaled   $819 million  and   $659 million  at  December 31, 2018  and  2017 , respectively\\. \n\nWe review flight equipment and other long\\-lived assets used in operations for impairment losses when events and circumstances indicate the assets may be impaired\\. Factors which could be indicators of impairment include, but are not limited to, (1) a decision to permanently remove flight equipment or other long\\-lived assets from operations, (2) significant changes in the estimated useful life, (3) significant changes in projected cash flows, (4) permanent and significant declines in fleet fair values and (5) changes to the regulatory environment\\. For long\\-lived assets held for sale, we discontinue depreciation and record impairment losses when the carrying amount of these assets is greater than the fair value less the cost to sell\\.\n\nTo determine whether impairments exist for aircraft used in operations, we group assets at the fleet\\-type level or at the contract level for aircraft operated by regional carriers (i\\.e\\., the lowest level for which there are identifiable cash flows) and then estimate future cash flows based on projections of capacity, passenger mile yield, fuel costs, labor costs and other relevant factors\\. If an asset group is impaired, the impairment loss recognized is the amount by which the asset group's carrying amount exceeds its estimated fair value\\. We estimate aircraft fair values using published sources, appraisals and bids received from third parties, as available\\. \n\nGoodwill and Other Intangible Assets\n\nOur goodwill and identifiable intangible assets relate to the airline segment\\.  We apply a fair value\\-based impairment test to the carrying value of goodwill and indefinite\\-lived intangible assets on an annual basis (as of October 1) and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis\\. We assess the value of our goodwill and indefinite\\-lived assets under either a qualitative or quantitative approach\\. Under a qualitative approach, we consider various market factors, including the key assumptions listed below\\. We analyze these factors to determine if events and circumstances have affected the fair value of goodwill and indefinite\\-lived intangible assets\\. If we determine that it is more likely than not that the asset may be impaired, we use the quantitative approach to assess the asset's fair value and the amount of the impairment\\. Under a quantitative approach, we calculate the fair value of the asset using the key assumptions listed below\\.\n\n 62"}
{"_id": "Delta-2018_27.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nITEM 6\\. SELECTED FINANCIAL DATA\n\nThe following tables are derived from our audited Consolidated Financial Statements and present selected financial and operating data as of and for the five years ended  December 31, 2018 \\.\n\nWe adopted Accounting Standards Update No\\. 2014\\-09, \u201cRevenue from Contracts with Customers (Topic 606)\u201d using the full retrospective transition method and recast results from 2016 and 2017 including interim periods therein\\. Results from periods prior to 2016 have not been recast for the adoption of this standard\\.\n\nConsolidated Summary of Operations\n\n\n\n|                                      |                             |                             |                             |                             |                             |\n| ------------------------------------ | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                      | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions, except share data)** | **2018**                    | **2017**                    | **2016**                    | **2015**                    | **2014**                    |\n| Operating revenue                    | $44,438                     | $41,138                     | $39,450                     | $40,704                     | $40,362                     |\n| Operating expense                    | 39,174                      | 35,172                      | 32,454                      | 32,902                      | 38,156                      |\n| Operating income                     | 5,264                       | 5,966                       | 6,996                       | 7,802                       | 2,206                       |\n| Non\\-operating expense, net          | (113)                       | (466)                       | (643)                       | (645)                       | (1,134)                     |\n| Income before income taxes           | 5,151                       | 5,500                       | 6,353                       | 7,157                       | 1,072                       |\n| Income tax (provision) benefit       | (1,216)                     | (2,295)                     | (2,158)                     | (2,631)                     | (413)                       |\n| Net income                           | $3,935                      | $3,205                      | $4,195                      | $4,526                      | $659                        |\n| Basic earnings per share             | $5\\.69                      | $4\\.45                      | $5\\.59                      | $5\\.68                      | $0\\.79                      |\n| Diluted earnings per share           | $5\\.67                      | $4\\.43                      | $5\\.55                      | $5\\.63                      | $0\\.78                      |\n| Cash dividends declared per share    | $1\\.31                      | $1\\.02                      | $0\\.68                      | $0\\.45                      | $0\\.30                      |\n\n\n\nSupplemental Information\n\nThe supplemental information below represents the adjustments used in our non\\-GAAP financial measures\\. See \"Item 7\\. Management's Discussion and Analysis of Financial Condition and Results of Operations\" where our non\\-GAAP financial measures are defined and reconciled\\. Amounts presented below are stated before consideration of income taxes, except for the impact of the Tax Cuts and Jobs Act\\.\n\n\n\n|                                       |                             |                             |                             |                             |                             |\n| ------------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                       | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions)**                     | **2018**                    | **2017**                    | **2016**                    | **2015**                    | **2014**                    |\n| MTM adjustments and settlements       | $(53)                       | $259                        | $450                        | $1,301                      | $(2,346)                    |\n| Restructuring and other               | \u2014                           | \u2014                           | \u2014                           | (35)                        | (716)                       |\n| Loss on extinguishment of debt        | \u2014                           | \u2014                           | \u2014                           | \u2014                           | (268)                       |\n| Equity investment MTM adjustments     | 29                          | (8)                         | 115                         | 26                          | (134)                       |\n| Unrealized (gain)/loss on investments | (14)                        | \u2014                           | \u2014                           | \u2014                           | \u2014                           |\n| Tax Cuts and Jobs Act                 | \u2014                           | (394)                       | \u2014                           | \u2014                           | \u2014                           |\n\n\n\nConsolidated Balance Sheet Data\n\n\n\n|                                                                   |                  |                  |                  |                  |                  |\n| ----------------------------------------------------------------- | ---------------- | ---------------- | ---------------- | ---------------- | ---------------- |\n|                                                                   | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |\n| **(in millions)**                                                 | **2018**         | **2017**         | **2016**         | **2015**         | **2014**         |\n| Total assets                                                      | $60,266          | $53,671          | $51,850          | $53,134          | $54,005          |\n| Long\\-term debt and finance leases (including current maturities) | 9,771            | 8,834            | 7,332            | 8,329            | 9,661            |\n| Stockholders' equity                                              | 13,687           | 12,530           | 11,277           | 10,850           | 8,813            |\n\n\n\n 25"}
{"_id": "Alaska-2018_46.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Other Operating Expenses***\n\nOther operating expenses increased$195 million, or 53%, compared to 2016\\. On a Combined Comparative basis, other operating expenses increased$109 million, or 24%, primarily due to higher costs associated with crew costs such as hotels and per diems, training, higher IT costs, an increase in scrapped parts inventory, and higher property taxes\\. \n\n***Special Items\u2014Merger\\-Related Costs*** \n\nWe recorded special items of $116 million for merger\\-related costs associated with our acquisition of Virgin America in 2017, compared to $117 million in 2016, which reflects the results of Virgin America from December 14, 2016 through December 31, 2016, and $138 million on a Combined Comparative basis in 2016\\. Costs incurred in 2017 consisted primarily of severance and retention costs, and IT integration costs\\. \n\n***Consolidated Nonoperating Income (Expense)***\n\nDuring 2017, we recorded nonoperating expense of $49 million, compared to nonoperating income of $10 million in 2016\\. On a Combined Comparative basis, nonoperating expense increased by $40 million, primarily due to interest expense incurred in 2017 on the debt issued in 2016 to finance the acquisition of Virgin America\\.\n\n***ADDITIONAL SEGMENT INFORMATION***\n\nRefer to **Note 13** of the consolidated financial statements for a detailed description of each segment\\. Below is a summary of each segments' profitability\\.\n\n***Mainline***\n\nMainline adjusted pretax profit was $1\\.2 billion in 2017 compared to $1\\.3 billion in 2016\\. On a Combined Comparative basis, Mainline adjusted pretax profit decreased by $267 million\\. The table below provides the reconciliation of the impact of Virgin America on the comparative results for our Mainline segment, excluding merger\\-related costs and mark\\-to\\-market fuel\\-hedge accounting charges: \n\n\n\n|                                            |                                      |                                      |                                      |                                      |              |\n| ------------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------ |\n|                                            | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Change**   |\n|                                            | **Air Group**                        | **Air Group**                        | **Virgin America**                   | **Combined**                         | **Combined** |\n| ***(in millions)***                        | **2017**  **^(b)^**                  | **2016** **^(b)^**                   | **2016** **^(c)^**                   | **2016** **^(a)^**                   | **$**        |\n| **Mainline**                               |                                      |                                      |                                      |                                      |              |\n| Operating revenues                         | $6,832                               | $4,908                               | $1,564                               | $6,472                               | $360         |\n| Non\\-fuel, non\\-special operating expenses | 4,271                                | 2,919                                | 1,028                                | 3,947                                | 324          |\n| Economic fuel                              | 1,282                                | 719                                  | 293                                  | 1,012                                | 270          |\n| Operating income                           | 1,279                                | 1,270                                | 243                                  | 1,513                                | (234)        |\n| Nonoperating income (expense)              | (35)                                 | 17                                   | (19)                                 | (2)                                  | (33)         |\n| Pretax profit                              | $1,244                               | $1,287                               | $224                                 | $1,511                               | $(267)       |\n\n\n\n^(a), (b), (c)^ See footnotes on the Combined Comparative Operating Statistics table above\\. \n\nThe $267 million decrease in Combined Comparative pretax profit was driven by a $270 million increase in Mainline fuel expense, a $324 million increase in Mainline non\\-fuel operating expenses, and a $33 million increase in nonoperating expense\\. These increases were partially offset by a $360 million increase in Mainline passenger revenue\\. Higher raw fuel prices and an increase in gallons consumed to support additional flying, drove the increase in Mainline fuel expense\\. Non\\-fuel operating expenses increased due to higher wages to support our growth, and higher operating expenses as described above\\. Nonoperating expense increased primarily due to increased interest expense\\. Mainline revenue increased due to higher capacity from new routes\\. \n\n***Regional***\n\nOur Regional operations contributed a pretax profit of $34 million in 2017 compared to $124 million in 2016\\. The $90 million decrease in pretax profit was driven by an $83 million higher non\\-fuel operating expense due in large part to increased capacity, and higher raw fuel costs, partially offset by a $40 million increase in revenue\\.\n\n 47"}
{"_id": "AmericanAirlines-2017_186.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| ----------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.149                        | [Escrow and Paying Agent Agreement (Class A), dated as of January 13, 2017, among Wilmington Trust, National Association, as Escrow Agent, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc\\. and Deutsche Bank Securities Inc\\., for themselves and on behalf of the several Underwriters, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2017\\-1A, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.10 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex410.htm) |\n| 4\\.150                        | [Escrow and Paying Agent Agreement (Class B), dated as of January 13, 2017, among Wilmington Trust, National Association, as Escrow Agent, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc\\. and Deutsche Bank Securities Inc\\., for themselves and on behalf of the several Underwriters, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2017\\-1A, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.11 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex411.htm) |\n| 4\\.151                        | [Note Purchase Agreement, dated as of January 13, 2017, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex412.htm)                                                                                                                                                                        |\n| 4\\.152                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex412.htm)                                                                                                                                      |\n| 4\\.153                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex412.htm)                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.154                        | [Form of Pass Through Trust Certificate, Series 2017\\-1AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 4\\.155                        | [Form of Pass Through Trust Certificate, Series 2017\\-1A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 4\\.156                        | [Form of Pass Through Trust Certificate, Series 2017\\-1B (incorporated by reference to Exhibit A to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex44.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 4\\.157                        | [Revolving Credit Agreement (2017\\-1AA), dated as of January 13, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1AA, as Borrower, and Citibank N\\.A\\., as Liquidity Provider (incorporated by reference to Exhibit 4\\.18 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex418.htm)                                                                                                                                                                                                                                       |\n| 4\\.158                        | [Revolving Credit Agreement (2017\\-1A), dated as of January 13, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1A, as Borrower, and Citibank N\\.A\\., as Liquidity Provider (incorporated by reference to Exhibit 4\\.19 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex419.htm)                                                                                                                                                                                                                                         |\n| 4\\.159                        | [Revolving Credit Agreement (2017\\-1B), dated as of January 13, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1B, as Borrower, and Citibank N\\.A\\., as Liquidity Provider (incorporated by reference to Exhibit 4\\.20 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex420.htm)                                                                                                                                                                                                                                         |\n| 4\\.160                        | [Acknowledgment and Agreement (2017\\-1), dated as of March 31, 2017, by and among American Airlines Inc\\., Citibank, N\\.A\\., as initial Liquidity Provider, National Australia Bank Limited, as Replacement Liquidity Provider, and Wilmington Trust Company, as Subordination Agent and trustee (incorporated by reference to Exhibit 4\\.20 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex420.htm)                                                                                                                                                                                                                   |\n| 4\\.161                        | [Revolving Credit Agreement (2017\\-1AA), dated as of March 31, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1AA, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.21 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex421.htm)                                                                                                                                                                                                                 |\n| 4\\.162                        | [Revolving Credit Agreement (2017\\-1A), dated as of March 31, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1A, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.22 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex422.htm)                                                                                                                                                                                                                   |\n| 4\\.163                        | [Revolving Credit Agreement (2017\\-1B), dated as of March 31, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1B, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.23 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex423.htm)                                                                                                                                                                                                                   |\n\n\n\n187"}
{"_id": "AmericanAirlines-2018_20.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***Union disputes, employee strikes and other labor\\-related disruptions, or our inability to otherwise maintain labor costs at competitive levels may adversely affect our operations and financial performance\\.***\n\nRelations between air carriers and labor unions in the U\\.S\\. are governed by the RLA\\. Under the RLA, CBAs generally contain \u201camendable dates\u201d rather than expiration dates, and the RLA requires that a carrier maintain the existing terms and conditions of employment following the amendable date through a multi\\-stage and usually lengthy series of bargaining processes overseen by the NMB\\. For the dates that the CBAs with our major work groups become amendable under the RLA, see Part I, Item 1\\. Business \u2013 *\u201cEmployees and Labor Relations*\\.\u201d\n\nIn the case of a CBA that is amendable under the RLA, if no agreement is reached during direct negotiations between the parties, either party may request that the NMB appoint a federal mediator\\. The RLA prescribes no timetable for the direct negotiation and mediation processes, and it is not unusual for those processes to last for many months or even several years\\. If no agreement is reached in mediation, the NMB in its discretion may declare that an impasse exists and proffer binding arbitration to the parties\\. Either party may decline to submit to arbitration, and if arbitration is rejected by either party, a 30\\-day \u201ccooling off\u201d period commences\\. During or after that period, a PEB may be established, which examines the parties\u2019 positions and recommends a solution\\. The PEB process lasts for 30 days and is followed by another 30\\-day \u201ccooling off\u201d period\\. At the end of a \u201ccooling off\u201d period, unless an agreement is reached or action is taken by Congress, the labor organization may exercise \u201cself\\-help,\u201d such as a strike, which could materially adversely affect our business, results of operations and financial condition\\.\n\nNone of the unions representing our employees presently may lawfully engage in concerted slowdowns or refusals to work, such as strikes, sick\\-outs or other similar activity, against us\\. Nonetheless, there is a risk that disgruntled employees, either with or without union involvement, could engage in one or more concerted refusals to work that could individually or collectively harm the operation of our airline and impair our financial performance\\. Additionally, some of our unions have brought and may continue to bring grievances to binding arbitration, including those related to wages\\. If successful, there is a risk these judicial or arbitral avenues could result in material additional costs that we did not anticipate\\. See also Part I, Item 1\\. Business \u2013 *\u201cEmployees and Labor Relations\\.*\u201d \n\nAs of December 31, 2018, approximately 84% of our employees were represented for collective bargaining purposes by labor unions\\. Currently, we believe our labor costs are competitive relative to the other large network carriers\\. However, we cannot provide assurance that labor costs going forward will remain competitive because we are in negotiations for some new agreements now and other agreements may become amendable, competitors may significantly reduce their labor costs or we may agree to higher\\-cost provisions unilaterally or in connection with our current or future labor negotiations\\.\n\n***Interruptions or disruptions in service at one of our key facilities could have a material adverse impact on our operations\\.***\n\nWe operate principally through hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D\\.C\\. Substantially all of our flights either originate at or fly into one of these locations\\. A significant interruption or disruption in service at one of our hubs or other airports where we have a significant presence, such as LHR, resulting from ATC delays, weather conditions, natural disasters, growth constraints, performance by third\\-party service providers (such as electric utility or telecommunications providers), failure of computer systems, disruptions at airport facilities or other key facilities used by us to manage our operations (such as occurred in the United Kingdom at LGW on December 20, 2018 and LHR on January 8, 2019 due to unauthorized drone activity), labor relations, power supplies, fuel supplies, terrorist activities, or otherwise could result in the cancellation or delay of a significant portion of our flights and, as a result, could have a severe impact on our business, results of operations and financial condition\\. We have limited control, particularly in the short\\-term, over the operation, quality or maintenance of many of the services on which our operations depend and over whether vendors of such services will improve or continue to provide services that are essential to our business\\.\n\n***If we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots, we may be unable to operate our existing flight schedule and to expand or change our route network in the future, which may have a material adverse impact on our operations\\.***\n\nIn order to operate our existing and proposed flight schedule and, where desirable, add service along new or existing routes, we must be able to maintain and/or obtain adequate gates, check\\-in counters, operations areas, operations control facilities and administrative support space\\. As airports around the world become more congested, it may not be possible for us to ensure that our plans for new service can be implemented in a commercially viable manner, given operating constraints at airports throughout our network, including those imposed by inadequate facilities at desirable airports\\.\n\n21"}
{"_id": "AmericanAirlines-2018_73.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***Goodwill and Indefinite\\-lived Assets***\n\nGoodwill represents the excess of the purchase price over the fair value of the net assets acquired and liabilities assumed\\. Goodwill is not amortized but assessed for impairment annually on October 1^st^ or more frequently if events or circumstances indicate that goodwill may be impaired\\. We have one consolidated reporting unit\\.\n\nIndefinite\\-lived intangible assets other than goodwill include certain domestic airport slots at our hubs and international slots and route authorities\\. Indefinite\\-lived intangible assets are not amortized but instead are assessed for impairment annually on October 1^st^ or more frequently if events or circumstances indicate that the asset may be impaired\\.\n\nIn the second quarter of 2018, American recorded a $26 million impairment charge on a Brazil route authority as a result of the U\\.S\\.\\-Brazil open skies agreement\\. \n\nGoodwill and indefinite\\-lived intangible assets are assessed for impairment by initially performing a qualitative assessment\\. Under the qualitative approach, we analyze the following factors, among others, to determine if events and circumstances have affected the fair value of goodwill and indefinite\\-lived intangible assets: (1) negative trends in our market capitalization, (2) an increase in fuel prices, (3) declining per mile passenger yields, (4) lower passenger demand as a result of a weakened U\\.S\\. and global economy and (5) changes to the regulatory environment\\.\n\nBased upon our annual assessment, there were no impairments of our goodwill and no additional impairments of our indefinite\\-lived assets in 2018 other than the Brazil route authority described above\\.\n\n***Pensions and Retiree Medical and Other Postretirement Benefits***\n\nWe recognize the funded status (i\\.e\\., the difference between the fair value of plan assets and the projected benefit obligations) of our pension and retiree medical and other postretirement benefits plans in the consolidated balance sheets with a corresponding adjustment to accumulated other comprehensive income (loss)\\.\n\nOur pension and retiree medical and other postretirement benefits costs and liabilities are calculated using various actuarial assumptions and methodologies\\. We use certain assumptions including, but not limited to, the selection of the: (1) discount rate, (2) expected return on plan assets, (3) expected health care cost trend rate and (4) estimated age of pilot retirement (as discussed below)\\. These assumptions as of December 31 were:\n\n\n\n|                                                                                         |          |          |\n| --------------------------------------------------------------------------------------- | -------- | -------- |\n|                                                                                         | **2018** | **2017** |\n| Pension weighted average discount rate  ^(1)^                                           | 4\\.40%   | 3\\.80%   |\n| Retiree medical and other postretirement benefits weighted average discount rate  ^(1)^ | 4\\.30%   | 3\\.60%   |\n| Expected rate of return on plan assets  ^(2)^                                           | 8\\.00%   | 8\\.00%   |\n| Weighted average health care cost trend rate assumed for next year  ^(3)^ :             |          |          |\n| Initial                                                                                 | 3\\.91%   | 4\\.19%   |\n| Ultimate (2026)                                                                         | 3\\.45%   | 3\\.76%   |\n| Assumed Pilot Retirement Age                                                            | 63       | 62       |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | When establishing our discount rate to measure our obligations, we match high quality corporate bonds available in the marketplace whose cash flows approximate our projected benefit disbursements\\. Lowering the discount rate by 50 basis points as of  December 31, 2018  would increase our pension and retiree medical and other postretirement benefits obligations by approximately  $1\\.1 billion  and  $37 million , respectively, and increase both estimated  2019  pension expense and estimated  2019  retiree medical and other postretirement benefits expense by  $2 million  and less than  $1 million , respectively\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | The expected rate of return on plan assets is based upon an evaluation of our historical trends and experience, taking into account current and expected market conditions and our target asset allocation of  30%  U\\.S\\. stocks,  22%  developed international stocks,  20%  fixed income securities,  20%  alternative (private) investments and  8%  emerging market stocks\\. The expected rate of return on plan assets component of our net periodic benefit cost is calculated based on the fair value of plan assets and our target asset allocation\\. Lowering the expected long\\-term rate of return on plan assets by 50 basis points as of  December 31, 2018  would increase estimated  2019  pension expense and retiree medical and other postretirement benefits expense by approximately  $51 million  and  $1 million , respectively\\. |\n\n\n\n74"}
{"_id": "Delta-2017_4.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n|                                                                                                                                                                                                                                               |                                                                    |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------ |\n|                                                                                                                                                                                                                                               | **Page**                                                           |\n| [**ITEM 9B\\. OTHER INFORMATION**](http://ir.delta.com/.#s19EA7B16D2F35E6190424AA6E5F2689E)                                                                                                                                                    | <br>[ 91](http://ir.delta.com/.#s19EA7B16D2F35E6190424AA6E5F2689E) |\n| **PART III**                                                                                                                                                                                                                                  |                                                                    |\n| [**ITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE OF THE**](http://ir.delta.com/.#s7BBFF2508F11513E82D79BB20D9139DB)<br><br>[**REGISTRANT**](http://ir.delta.com/.#s7BBFF2508F11513E82D79BB20D9139DB)                       | <br>[ 91](http://ir.delta.com/.#s7BBFF2508F11513E82D79BB20D9139DB) |\n| [**ITEM 11\\. EXECUTIVE COMPENSATION**](http://ir.delta.com/.#s8D41CC200AF95D0C9AD3173432CD6547)                                                                                                                                               | <br>[ 91](http://ir.delta.com/.#s8D41CC200AF95D0C9AD3173432CD6547) |\n| [**ITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND**](http://ir.delta.com/.#sC67029F2E13355A2BE43E3DE3FFCB9D3)<br><br>[**RELATED STOCKHOLDER MATTERS**](http://ir.delta.com/.#sC67029F2E13355A2BE43E3DE3FFCB9D3) | <br>[ 91](http://ir.delta.com/.#sC67029F2E13355A2BE43E3DE3FFCB9D3) |\n| [**ITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR**](http://ir.delta.com/.#s71B0A01B608259D8A56BF64AAC3B15EA)<br><br>[**INDEPENDENCE**](http://ir.delta.com/.#s71B0A01B608259D8A56BF64AAC3B15EA)                      | <br>[ 91](http://ir.delta.com/.#s71B0A01B608259D8A56BF64AAC3B15EA) |\n| [**ITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES**](http://ir.delta.com/.#s0851BBA3ADB35B76BC3F334D22533F95)                                                                                                                               | <br>[ 92](http://ir.delta.com/.#s0851BBA3ADB35B76BC3F334D22533F95) |\n| **PART IV**                                                                                                                                                                                                                                   |                                                                    |\n| [**ITEM 15\\. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**](http://ir.delta.com/.#s89D3CF99E3445D04B039D7750DC3E7A5)                                                                                                                           | <br>[ 92](http://ir.delta.com/.#s89D3CF99E3445D04B039D7750DC3E7A5) |\n| [**ITEM 16\\. FORM 10\\-K SUMMARY**](http://ir.delta.com/.#sFC66898A1FFF5DD4ACE60CFAAB064FB9)                                                                                                                                                   | <br>[ 96](http://ir.delta.com/.#sFC66898A1FFF5DD4ACE60CFAAB064FB9) |\n| [SIGNATURES](http://ir.delta.com/.#s5BFC6C7ED45C56F9B68DA710869BC613)                                                                                                                                                                         | <br>[ 97](http://ir.delta.com/.#s5BFC6C7ED45C56F9B68DA710869BC613) |"}
{"_id": "AmericanAirlines-2018_124.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**13\\. Supplemental Cash Flow Information**\n\nSupplemental disclosure of cash flow information and non\\-cash investing and financing activities are as follows (in millions):\n\n\n\n|                                               |                             |                             |                             |\n| --------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                               | **2018**                    | **2017**                    | **2016**                    |\n| Non\\-cash investing and financing activities: |                             |                             |                             |\n| Equity investment                             | $\u2014                          | $120                        | $\u2014                          |\n| Settlement of bankruptcy obligations          | \u2014                           | 15                          | 3                           |\n| Supplemental information:                     |                             |                             |                             |\n| Interest paid, net                            | 1,091                       | 1,040                       | 964                         |\n| Income taxes paid                             | 18                          | 20                          | 16                          |\n\n\n\n**14\\. Operating Segments and Related Disclosures**\n\nWe are managed as a single business unit that provides air transportation for passengers and cargo\\. This allows us to benefit from an integrated revenue pricing and route network that includes American and our wholly\\-owned and third\\-party regional carriers that fly under capacity purchase agreements operating as American Eagle\\. The flight equipment of all these carriers is combined to form one fleet that is deployed through a single route scheduling system\\. Financial information and annual operational plans and forecasts are prepared and reviewed by the chief operating decision maker at the consolidated level\\. When making operational decisions, the chief operating decision maker evaluates flight profitability data, which considers aircraft type and route economics, but is indifferent to the results of the individual wholly\\-owned regional carriers\\. The objective in making operational decisions is to maximize consolidated financial results, not the individual results of American or American Eagle\\.\n\n See Note 1(k) for our passenger revenues by geographic region\\. Our tangible assets consist primarily of flight equipment, which are mobile across geographic markets and, therefore, have not been allocated\\.\n\n**15\\. Share\\-based Compensation**\n\nThe 2013 AAG Incentive Award Plan (the 2013 Plan) provides that awards may be in the form of an option, restricted stock award, restricted stock unit award, performance award, dividend equivalent award, deferred stock award, deferred stock unit award, stock payment award or stock appreciation right\\. The 2013 Plan initially authorized the grant of awards for the issuance of up to 40 million shares\\. Any shares underlying awards granted under the 2013 Plan, or any pre\\-existing US Airways Group plan, that are forfeited, terminate or are settled in cash (in whole or in part) without the delivery of shares will again be available for grant\\.\n\nOur salaries, wages and benefits expense for the years ended December 31, 2018, 2017 and 2016 included $88 million, $90 million and $102 million, respectively, of share\\-based compensation costs\\. \n\nDuring 2018, 2017 and 2016, we withheld approximately 0\\.8 million, 1\\.1 million and 1\\.4 million shares of AAG common stock, respectively, and paid approximately $37 million, $51 million and $56 million, respectively, in satisfaction of certain tax withholding obligations associated with employee equity awards\\.\n\n***Restricted Stock Unit Awards (RSUs)***\n\nWe have granted RSUs with service conditions (time vested primarily over three years) and performance conditions\\. The grant\\-date fair value of RSUs is equal to the market price of the underlying shares of AAG common stock on the date of grant\\. For time vested awards, the expense is recognized on a straight\\-line basis over the vesting period for the entire award\\. For awards with performance conditions, the expense is recognized based on the expected achievement at each reporting period\\. Stock\\-settled RSUs are classified as equity awards as the vesting results in the issuance of shares of AAG common stock\\.\n\n125"}
{"_id": "Delta-2018_49.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nI n July 2018, the FASB issued ASU No\\. 2018\\-11, \"Targeted Improvements \\- Leases (Topic 842)\\.\" This update provides an optional transition method that allows entities to elect to apply the standard using the modified retrospective approach at its effective date, versus recasting the prior years presented\\. If elected, an entity would recognize a cumulative\\-effect adjustment to the opening balance of retained earnings in the year of adoption\\. We adopted the new standard as of January 1, 2018 during the December quarter using the transition method that provides for a cumulative\\-effect adjustment to retained earnings upon adoption and have recast our 2018 quarterly results\\.  The Consolidated Financial Statements for the fiscal year ended December 31, 2018 are presented under the new standard, while comparative years presented are not adjusted and continue to be reported in accordance with our historical accounting policy\\. \n\nStatement of Cash Flows\\.  In 2016, the FASB issued ASU Nos\\. 2016\\-15 and 2016\\-18 related to the classification of certain cash receipts and cash payments, and the presentation of restricted cash within an entity's cash flows statement, respectively\\. We adopted these standards effective January 1, 2018\\. \n\nFinancial Instruments\\.  In 2016, the FASB issued ASU No\\. 2016\\-01, \"Financial Instruments\u2014Overall (Subtopic 825\\-10)\\.\" This standard makes several changes, including the elimination of the available\\-for\\-sale classification of equity investments, and requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income\\. In February 2018, the FASB issued ASU No\\. 2018\\-03, \"Technical Corrections and Improvements to Financial Instruments\u2014Overall (Subtopic 825\\-10)\" to clarify certain aspects of ASU No\\. 2016\\-01\\. We adopted these standards effective January 1, 2018\\. \n\nPrior to the adoption of this standard, our investments in GOL Linhas A\u00e9reas Inteligentes, the parent company of VRG Linhas A\u00e9reas (operating as GOL), and China Eastern were accounted for as available\\-for\\-sale with changes in fair value recognized in other comprehensive income\\. At the time of adoption, we reclassified an unrealized gain of $162 million related to these investments from AOCI to retained earnings\\.\n\nOur investment in Air France\\-KLM was accounted for at cost during 2017 as our investment agreement restricts the sale or transfer of these shares for five years\\. Upon adopting ASU Nos\\. 2016\\-01 and 2018\\-03, we recognized a  $148 million  gain in unrealized gain/(loss) on investments in our income statement related to the value of Air France\\-KLM's stock compared to our investment basis at December 31, 2017\\. Consistent with our investments in GOL and China Eastern, this investment is now accounted for at fair value with changes in fair value recognized in net income\\.\n\nRetirement Benefits\\.  In 2017, the FASB issued ASU No\\. 2017\\-07, \"Compensation\u2014Retirement Benefits (Topic 715)\\.\" This standard requires an entity to report the service cost component in the same line item as other compensation costs\\. The other components of net (benefit) cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations\\. We adopted this standard effective January 1, 2018\\.  The components of the net (benefit) cost are shown in  Note 10  of the Notes to the Consolidated Financial Statements\\.\n\n 47"}
{"_id": "Alaska-2017_37.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nAlthough less significant, the new retirement benefits accounting standard is also effective January 1, 2018\\. Under this new standard, all components of net periodic benefit cost will be presented in Nonoperating income (expense), except service cost, which will remain in Wages and benefits\\. This change has an impact on CASM\\. \n\nManagement believes it is useful to compare forecasted results with the restated results under the new standards, as noted in the impacted areas below\\. The implementation of the new standards will impact common industry metrics such as PRASM, RASM, and CASM excluding fuel and special items\\. We will provide restated metrics in a separate filing\\.\n\n 38"}
{"_id": "Alaska-2018_63.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Operating Leases***\n\nThe Company leases aircraft, airport and terminal facilities, office space and other equipment under operating leases\\. Airport and terminal facility leases are variable based on volumes and expensed as incurred\\. Some of these lease agreements contain rent escalation clauses or rent holidays\\. For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight\\-line basis over the terms of the leases in the consolidated statements of operations\\.\n\n***Leased Aircraft Return Costs***\n\nCash payments associated with returning leased aircraft are accrued when it is probable that a cash payment will be made and that amount is reasonably estimable, usually no sooner than after the last scheduled maintenance event prior to lease return\\. Any accrual is based on the time remaining on the lease, planned aircraft usage and the provisions included in the lease agreement, although the actual amount due to any lessor upon return may not be known with certainty until lease termination\\.\n\nAs leased aircraft are returned, any payments are charged against the established accrual\\. The accrual is part of other current and long\\-term liabilities and was not material as of December 31, 2018 and December 31, 2017\\. The expense is included in Aircraft maintenance in the consolidated statements of operations\\.\n\n***Advertising Expenses***\n\nThe Company's advertising expenses include advertising and promotional costs\\. Advertising production costs are expensed as incurred\\. Advertising expense was $79 million, $91 million and $61 million during the years ended December 31, 2018, 2017 and 2016\\. \n\n***Derivative Financial Instruments***\n\nThe Company's operations are significantly impacted by changes in aircraft fuel prices and interest rates\\. In an effort to manage exposure to these risks, the Company periodically enters into fuel and interest rate derivative instruments\\. These derivative instruments are recognized at fair value on the balance sheet and changes in the fair value are recognized in AOCL or in the consolidated statements of operations, depending on the nature of the instrument\\.\n\nThe Company does not apply hedge accounting to its derivative fuel hedge contracts nor does it hold or issue them for trading purposes\\. For cash flow hedges related to interest rate swaps, the effective portion of the derivative represents the change in fair value of the hedge that offsets the change in fair value of the hedged item\\. To the extent the change in the fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is immediately recognized in interest expense\\.\n\n***Fair Value Measurements***\n\nAccounting standards define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date\\. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value\\. There are three levels of inputs that may be used to measure fair value:\n\n*Level 1* \\- Quoted prices in active markets for identical assets or liabilities\\.\n\n*Level 2* \\- Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities\\.\n\n*Level 3* \\- Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities\\.\n\nThe Company has elected not to use the fair value option provided in the accounting standards for non\\-financial instruments\\. Accordingly, those assets and liabilities are carried at amortized cost\\. For financial instruments, the assets and liabilities are carried at fair value, which is determined based on the market approach or income approach, depending upon the level of inputs used\\.\n\n 64"}
{"_id": "AmericanAirlines-2018_93.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n*Mileage credits sold to co\\-branded credit cards and other partners* \n\nWe sell mileage credits to participating airline partners and non\\-airline business partners including our co\\-branded credit card partners, under contracts with terms extending generally for one to nine years\\. Consideration received from the sale of mileage credits is variable and payment terms typically are within 30 days subsequent to the month of mileage sale\\. Sales of mileage credits to non\\-airline business partners are comprised of two components, transportation and marketing\\. We allocate the consideration received from these sales of mileage credits based on the relative selling price of each product or service delivered\\.\n\nOur most significant partner agreements are our co\\-branded credit card agreements with Citi and Barclaycard US that we entered into in 2016\\. We identified the following revenue elements in these co\\-branded credit card agreements: the transportation component; and the use of intellectual property, including the American brand and access to loyalty program member lists, which is the predominant element in the agreements, as well as advertising (collectively, the marketing component)\\. Accordingly, we recognize the marketing component in other revenue in the period of the mileage sale following the sales\\-based royalty method\\.\n\nThe transportation component represents the estimated selling price of future travel awards and is determined using the same equivalent ticket value approach described above\\. The portion of each mileage credit sold attributable to transportation is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided\\.\n\nFor the portion of our outstanding mileage credits that we estimate will not be redeemed, we recognize the associated value proportionally as the remaining mileage credits are redeemed\\. Our estimates are based on analysis of historical redemptions\\.\n\n**Cargo Revenue**\n\nCargo revenue is recognized when we provide the transportation\\.\n\n**Other Revenue**\n\nOther revenue includes revenue associated with our loyalty program, which is comprised principally of the marketing component of mileage sales to co\\-branded credit card and other partners and other marketing related payments\\. For the years ended December 31, 2018, 2017 and 2016, loyalty revenue included in other revenue was $2\\.4 billion, $2\\.1 billion and $1\\.9 billion, respectively\\. The accounting and recognition for the loyalty program marketing services are discussed above in \u201c*Loyalty Revenue*\\.\u201d The remaining amounts included within other revenue relate to airport clubs, advertising and vacation\\-related services\\.\n\n*Contract Balances*\n\nOur significant contract liabilities are comprised of (1) outstanding loyalty program mileage credits that may be redeemed for future travel and other non\\-air travel awards, reported as loyalty program liability on our consolidated balance sheet and (2) ticket sales for transportation that has not yet been provided, reported as air traffic liability on our consolidated balance sheet\\.\n\n\n\n|                           |                       |                       |\n| ------------------------- | --------------------- | --------------------- |\n|                           | **December 31, 2018** | **December 31, 2017** |\n|                           | **(in millions)**     | **(in millions)**     |\n| Loyalty program liability | $8,539                | $8,822                |\n| Air traffic liability     | 4,339                 | 4,042                 |\n| Total                     | $12,878               | $12,864               |\n\n\n\n94"}
{"_id": "Delta-2018_80.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nAircraft\n\nIncluding aircraft operated by our regional carriers, we lease   376  aircraft, of which   50  are under finance leases and   326  are operating leases\\. Our aircraft leases generally have long durations with remaining terms of  one  month to   13  years\\. Aircraft finance leases continue to be reported on our balance sheet, while operating leases were added to the balance sheet in 2018 with the adoption of the new standard\\. \n\nIn addition, we have regional aircraft leases that are embedded within our capacity purchase agreements and included in the right\\-of\\-use (\"ROU\") asset and lease liability\\. We allocated the consideration in each capacity purchase agreement to the lease and nonlease components based on their relative standalone value\\. Lease components of these agreements consist of   172  aircraft as of December 31, 2018 and nonlease components primarily consist of flight operations, in\\-flight and maintenance services\\. We determined our best estimate of the standalone value of the individual components by considering observable information including rates paid by our wholly owned subsidiary, Endeavor Air, Inc\\., and rates published by independent valuation firms\\. See  Note 11 , \"Commitments and Contingencies,\" for additional information about our capacity purchase agreements\\.\n\nWith the adoption, we evaluated whether leased aircraft asset groups within our fleet are impaired under the new standard\\. The regional fleet flown by our wholly\\-owned subsidiary, Endeavor, is primarily under operating leases\\. Within Endeavor\u2019s CRJ\\-200 fleet, we had   43  aircraft that were parked on a temporary basis as of our January 1, 2018 adoption date, but were not identified as permanently retired as the aircraft may be utilized to address network needs in the future\\. We determined that the CRJ\\-200 fleet operated by Endeavor was impaired due to insufficient future cash flows projected for the fleet\\. The fair value of the CRJ\\-200 fleet based on market lease rates was less than the contractual lease rates and, therefore, we recorded a transition adjustment that reduced equity by   $284 million  (net of tax)\\. The transition adjustment reflects the difference in fair value compared to the basis of the ROU asset and reduced post\\-adoption lease expense by   $75 million  for 2018\\.\n\nAirport Facilities\n\nOur facility leases are primarily for space at approximately   300  airports around the world that we serve\\. These leases are classified as operating leases and reflect our use of airport terminals, office space, cargo warehouses and maintenance facilities\\. We generally lease this space from government agencies that control the use of the airport\\. The remaining lease terms vary from one month to   32  years\\. At the majority of the U\\.S\\. airports, the lease rates depend on airport operating costs or use of the facilities and are reset at least annually\\. Because of the variable nature of the rates, these leases are not recorded on our balance sheet as a ROU asset and lease liability\\. \n\nSome airport facilities have fixed payment schedules, the most significant of which are New York\\-LaGuardia and New York\\-JFK\\. For those airport leases, we have recorded a ROU asset and lease liability representing the fixed component of the lease payment\\. See  Note 9 , \"Airport Redevelopment,\" for more information on our significant airport redevelopment projects\\.\n\nOther Ground Property and Equipment\n\nWe lease certain IT assets (including servers, mainframes, etc\\.), ground support equipment (including tugs, tractors, fuel trucks and de\\-icers), and various other equipment\\. The remaining lease terms range from  one  month to  eight  years\\. Certain leased IT assets are embedded within various service agreements\\. The lease components included in those agreements are included in the ROU asset and lease liability, and the amounts are not significant\\. \n\n 78"}
{"_id": "AmericanAirlines-2019_109.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nunder the Plan\\. As of  December 31, 2019 , the Disputed Claims Reserve held approximately   7 million  shares of AAG common stock\\.\n\nPrivate Party Antitrust Action Related to Passenger Capacity\\.  We, along with Delta Air Lines, Inc\\., Southwest Airlines Co\\., United Airlines, Inc\\. and, in the case of litigation filed in Canada, Air Canada, were named as defendants in approximately   100  putative class action lawsuits alleging unlawful agreements with respect to air passenger capacity\\. The U\\.S\\. lawsuits were consolidated in the Federal District Court for the District of Columbia (the DC Court)\\. On June 15, 2018, we reached a settlement agreement with the plaintiffs in the amount of   $45 million  to resolve all class claims in the U\\.S\\. lawsuits\\. That settlement was approved by the DC Court on May 13, 2019\\. Three parties who objected to the settlement have appealed that decision to the United States Court of Appeals for the District of Columbia\\. We believe these appeals are without merit and intend to vigorously defend against them\\. \n\nPrivate Party Antitrust Action Related to the Merger \\. On August 6, 2013, a lawsuit captioned Carolyn Fjord, et al\\., v\\. AMR Corporation, et al\\., was filed in the Bankruptcy Court\\. The complaint named as defendants US Airways Group, US Airways, AMR and American, alleged that the effect of the Merger may be to create a monopoly in violation of Section 7 of the Clayton Antitrust Act, and sought injunctive relief and/or divestiture\\. On November 27, 2013, the Bankruptcy Court denied plaintiffs\u2019 motion to preliminarily enjoin the Merger\\. On August 29, 2018, the Bankruptcy Court denied in part defendants' motion for summary judgment, and fully denied plaintiffs' cross\\-motion for summary judgment\\. The parties' evidentiary cases were presented before the Bankruptcy Court in a bench trial in March 2019\\. The parties submitted proposed findings of fact and conclusions of law and made closing arguments in April 2019, and we are awaiting the Bankruptcy Court's decision\\. We believe this lawsuit is without merit and intend to vigorously defend against the allegations\\.\n\nPension Benefits Action\\.  On December 11, 2018, a lawsuit captioned Torres, et al\\. v\\. American Airlines, Inc\\., The Employee Benefits Committee and John/Jane Does 1\\-5, was filed in the United States District Court for the Northern District of Texas\\. The plaintiffs in this lawsuit purport to represent a class consisting of all participants in and beneficiaries under any of the four American defined benefit pension plans who elected to receive an optional form of benefit other than a lump sum distribution of a participant\u2019s vested benefit\\. Under ERISA, participants covered by defined benefit plans accrue retirement benefits in the form of a single life annuity payable upon retirement on a monthly basis until the employee\u2019s death, and may elect certain alternative forms of benefit payments\\. Plaintiffs contend that the mortality tables used by American for purposes of calculations related to these alternative forms of benefits are outdated and that more recent mortality tables would have provided more generous benefits and should have been used to make those calculations\\. The court has denied our motion to dismiss the complaint\\. We believe this lawsuit is without merit and intend to vigorously defend against the allegations\\.\n\nGeneral \\. In addition to the specifically identified legal proceedings, we and our subsidiaries are also engaged in other legal proceedings from time to time\\. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within our control\\. Therefore, although we will vigorously defend ourselves in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on us are uncertain but could be material\\.\n\n(f) Guarantees and Indemnifications\n\nWe are party to many routine contracts in which we provide general indemnities in the normal course of business to third parties for various risks\\. We are not able to estimate the potential amount of any liability resulting from the indemnities\\. These indemnities are discussed in the following paragraphs\\.\n\nIn our aircraft financing agreements, we generally indemnify the financing parties, trustees acting on their behalf and other relevant parties against liabilities (including certain taxes) resulting from the financing, manufacture, design, ownership, operation and maintenance of the aircraft regardless of whether these liabilities (including certain taxes) relate to the negligence of the indemnified parties\\.\n\nOur loan agreements and other LIBOR\\-based financing transactions (including certain leveraged aircraft leases) generally obligate us to reimburse the applicable lender for incremental costs due to a change in law that imposes (i) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (ii) any tax, duty or other charge with respect to the loan (except standard income tax) or (iii) capital adequacy requirements\\. In addition, our loan agreements and other financing arrangements typically contain a withholding tax provision that requires us to pay additional amounts to the applicable lender or other financing party, generally if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law\\.\n\n110"}
{"_id": "Southwest-2017_99.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nThe Company\u2019s fuel and interest rate derivative instruments consist of over\\-the\\-counter contracts, which are not traded on a public exchange\\. Fuel derivative instruments include swaps, as well as different types of option contracts, whereas interest rate derivatives consist solely of swap agreements\\. See Note 10 for further information on the Company\u2019s derivative instruments and hedging activities\\. The fair values of swap contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets\\. Therefore, the Company has categorized these swap contracts as Level 2\\. The Company\u2019s Treasury Department, which reports to the Chief Financial Officer, determines the value of option contracts utilizing an option pricing model based on inputs that are either readily available in public markets, can be derived from information available in publicly quoted markets, or are provided by financial institutions that trade these contracts\\. The option pricing model used by the Company is an industry standard model for valuing options and is the same model used by the broker/dealer community (i\\.e\\., the Company\u2019s counterparties)\\. The inputs to this option pricing model are the option strike price, underlying price, risk free rate of interest, time to expiration, and volatility\\. Because certain inputs used to determine the fair value of option contracts are unobservable (principally implied volatility), the Company has categorized these option contracts as Level 3\\. Volatility information is obtained from external sources, but is analyzed by the Company for reasonableness and compared to similar information received from other external sources\\. The fair value of option contracts considers both the intrinsic value and any remaining time value associated with those derivatives that have not yet settled\\. The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values\\. To validate the reasonableness of the Company\u2019s option pricing model, on a monthly basis, the Company compares its option valuations to third party valuations\\. If any significant differences were to be noted, they would be researched in order to determine the reason\\. However, historically, no significant differences have been noted\\. The Company has consistently applied these valuation techniques in all periods presented and believes it has obtained the most accurate information available for the types of derivative contracts it holds\\.\n\nIncluded in Other available\\-for\\-sale securities are the Company's investments associated with its deferred compensation plans, which consist of mutual funds that are publicly traded and for which market prices are readily available\\. These plans are non\\-qualified deferred compensation plans designed to hold contributions in excess of limits established by the Internal Revenue Code of 1986, as amended\\. The distribution timing and payment amounts under these plans are made based on the participant's distribution election and plan balance\\. Assets related to the funded portions of the deferred compensation plans are held in a rabbi trust, and the Company remains liable to these participants for the unfunded portion of the plans\\. The Company records changes in the fair value of the assets in the Company's earnings\\. \n\n100"}
{"_id": "Alaska-2019_52.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nCONSOLIDATED STATEMENTS OF OPERATIONS\n\n\n\n|                                                                    |                                                                    |                                                                    |          |  |  |  |          |  |  |  |          |\n|:------------------------------------------------------------------ |:------------------------------------------------------------------ |:------------------------------------------------------------------ | --------:|:- |:- |:- | --------:|:- |:- |:- | --------:|\n| Year Ended December 31  *(in millions, except per\\-share amounts)* | Year Ended December 31  *(in millions, except per\\-share amounts)* | Year Ended December 31  *(in millions, except per\\-share amounts)* |     2019 |  |  |  |     2018 |  |  |  |     2017 |\n| Operating Revenues                                                 | Operating Revenues                                                 | Operating Revenues                                                 |          |  |  |  |          |  |  |  |          |\n| Passenger revenue                                                  | Passenger revenue                                                  | Passenger revenue                                                  |  $ 8,095 |  |  |  |  $ 7,631 |  |  |  |  $ 7,301 |\n| Mileage Plan other revenue                                         | Mileage Plan other revenue                                         | Mileage Plan other revenue                                         |      465 |  |  |  |      434 |  |  |  |      418 |\n| Cargo and other                                                    | Cargo and other                                                    | Cargo and other                                                    |      221 |  |  |  |      199 |  |  |  |      175 |\n| Total Operating Revenues                                           | Total Operating Revenues                                           | Total Operating Revenues                                           |    8,781 |  |  |  |    8,264 |  |  |  |    7,894 |\n| Operating Expenses                                                 | Operating Expenses                                                 | Operating Expenses                                                 |          |  |  |  |          |  |  |  |          |\n| Wages and benefits                                                 | Wages and benefits                                                 | Wages and benefits                                                 |    2,370 |  |  |  |    2,190 |  |  |  |    1,931 |\n| Variable incentive pay                                             | Variable incentive pay                                             | Variable incentive pay                                             |      163 |  |  |  |      147 |  |  |  |      135 |\n| Aircraft fuel, including hedging gains and losses                  | Aircraft fuel, including hedging gains and losses                  | Aircraft fuel, including hedging gains and losses                  |    1,878 |  |  |  |    1,936 |  |  |  |    1,447 |\n| Aircraft maintenance                                               | Aircraft maintenance                                               | Aircraft maintenance                                               |      437 |  |  |  |      435 |  |  |  |      391 |\n| Aircraft rent                                                      | Aircraft rent                                                      | Aircraft rent                                                      |      331 |  |  |  |      315 |  |  |  |      274 |\n| Landing fees and other rentals                                     | Landing fees and other rentals                                     | Landing fees and other rentals                                     |      531 |  |  |  |      499 |  |  |  |      460 |\n| Contracted services                                                | Contracted services                                                | Contracted services                                                |      289 |  |  |  |      306 |  |  |  |      314 |\n| Selling expense                                                    | Selling expense                                                    | Selling expense                                                    |      313 |  |  |  |      326 |  |  |  |      368 |\n| Depreciation and amortization                                      | Depreciation and amortization                                      | Depreciation and amortization                                      |      423 |  |  |  |      398 |  |  |  |      372 |\n| Food and beverage service                                          | Food and beverage service                                          | Food and beverage service                                          |      214 |  |  |  |      211 |  |  |  |      195 |\n| Third\\-party regional carrier expense                              | Third\\-party regional carrier expense                              | Third\\-party regional carrier expense                              |      166 |  |  |  |      154 |  |  |  |      121 |\n| Other                                                              | Other                                                              | Other                                                              |      559 |  |  |  |      572 |  |  |  |      562 |\n| Special items \\- merger\\-related costs                             | Special items \\- merger\\-related costs                             | Special items \\- merger\\-related costs                             |       44 |  |  |  |       87 |  |  |  |      116 |\n| Special items \\- other                                             | Special items \\- other                                             | Special items \\- other                                             |        \u2014 |  |  |  |       45 |  |  |  |        \u2014 |\n| Total Operating Expenses                                           | Total Operating Expenses                                           | Total Operating Expenses                                           |    7,718 |  |  |  |    7,621 |  |  |  |    6,686 |\n| Operating Income                                                   | Operating Income                                                   | Operating Income                                                   |    1,063 |  |  |  |      643 |  |  |  |    1,208 |\n| Non\\-operating Income (Expense)                                    | Non\\-operating Income (Expense)                                    | Non\\-operating Income (Expense)                                    |          |  |  |  |          |  |  |  |          |\n| Interest income                                                    | Interest income                                                    | Interest income                                                    |       42 |  |  |  |       38 |  |  |  |       34 |\n| Interest expense                                                   | Interest expense                                                   | Interest expense                                                   |     (78) |  |  |  |     (91) |  |  |  |    (103) |\n| Interest capitalized                                               | Interest capitalized                                               | Interest capitalized                                               |       15 |  |  |  |       18 |  |  |  |       17 |\n| Other \\- net                                                       | Other \\- net                                                       | Other \\- net                                                       |     (26) |  |  |  |     (23) |  |  |  |        3 |\n|                                                                    |                                                                    |                                                                    |     (47) |  |  |  |     (58) |  |  |  |     (49) |\n| Income Before Income Tax                                           | Income Before Income Tax                                           | Income Before Income Tax                                           |    1,016 |  |  |  |      585 |  |  |  |    1,159 |\n| Income tax expense                                                 | Income tax expense                                                 | Income tax expense                                                 |      247 |  |  |  |      148 |  |  |  |      436 |\n| Special income tax benefit                                         | Special income tax benefit                                         | Special income tax benefit                                         |        \u2014 |  |  |  |        \u2014 |  |  |  |    (237) |\n| Total Income Tax Expense                                           | Total Income Tax Expense                                           | Total Income Tax Expense                                           |    $ 247 |  |  |  |    $ 148 |  |  |  |    $ 199 |\n| Net Income                                                         | Net Income                                                         | Net Income                                                         |    $ 769 |  |  |  |    $ 437 |  |  |  |    $ 960 |\n| Basic Earnings Per Share                                           | Basic Earnings Per Share                                           | Basic Earnings Per Share                                           |  $ 6\\.24 |  |  |  |  $ 3\\.55 |  |  |  |  $ 7\\.79 |\n| Diluted Earnings Per Share                                         | Diluted Earnings Per Share                                         | Diluted Earnings Per Share                                         |  $ 6\\.19 |  |  |  |  $ 3\\.52 |  |  |  |  $ 7\\.75 |\n| Shares used for computation:                                       | Shares used for computation:                                       | Shares used for computation:                                       |          |  |  |  |          |  |  |  |          |\n| Basic                                                              | Basic                                                              | Basic                                                              | 123\\.279 |  |  |  | 123\\.230 |  |  |  | 123\\.211 |\n| Diluted                                                            | Diluted                                                            | Diluted                                                            | 124\\.289 |  |  |  | 123\\.975 |  |  |  | 123\\.854 |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n52"}
{"_id": "Alaska-2017_28.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**\n\n\n\n|                                            |                                                 |                                             |                                                                                                 |                                                                                                                                              |\n| ------------------------------------------ | ----------------------------------------------- | ------------------------------------------- | ----------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------- |\n|                                            | **Total Number of**<br><br>**Shares Purchased** | **Average Price**<br><br>**Paid per Share** | **Total Number of Shares (or units) Purchased as Part of Publicly Announced Plans or Programs** | **Maximum remaining**<br><br>**dollar value of shares**<br><br>**that can be purchased**<br><br>**under the plan** <br><br>**(in millions)** |\n| October 1, 2017 \\- October 31, 2017  ^(a)^ | 369,182                                         | $67\\.72                                     | 369,182                                                                                         |                                                                                                                                              |\n| November 1, 2017 \\- November 30, 2017      | \u2014                                               | \u2014                                           | \u2014                                                                                               |                                                                                                                                              |\n| December 1, 2017 \\- December 31, 2017      | \u2014                                               | \u2014                                           | \u2014                                                                                               |                                                                                                                                              |\n| Total                                      | 369,182                                         | $67\\.72                                     | 369,182                                                                                         | $612                                                                                                                                         |\n\n\n\n\n\n|       |                                                                                                            |\n| ----- | ---------------------------------------------------------------------------------------------------------- |\n| ^(a)^ | Purchased pursuant to the $1 billion repurchase plan authorized by the Board of Directors in August 2015\\. |\n\n\n\n 29"}
{"_id": "AmericanAirlines-2019_56.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nPassenger revenue  increase d  $1\\.3 billion , or  3\\.3% , in  2019  from  2018  due to continued strength in passenger demand resulting in an increase in RPMs and a year\\-over\\-year increase in passenger load factor\\. Domestic PRASM increased in 2019 as compared to 2018\\. Latin America PRASM was the best performing international region in  2019 , followed by Pacific PRASM, while Atlantic PRASM declined principally due to lower transfer payments related to American\u2019s joint business arrangement and foreign currency effects\\. \n\nCargo revenue  decrease d  $150 million , or  14\\.8 %, in  2019  from  2018  primarily due to a decrease in cargo ton miles reflecting declines in international freight volumes, principally as a result of international schedule reductions\\.\n\nOther operating revenue increased  $47 million , or  1\\.7 % in  2019  from  2018  primarily due to higher revenue associated with American\u2019s airport clubs and loyalty program\\.\n\nTotal operating revenues in  2019  increase d  $1\\.2 billion , or  2\\.8 %, from  2018  driven principally by a  3\\.3%  increase in passenger revenue as described above\\.\n\nOperating Expenses\n\n\n\n|                                       |                                              |                                              |                                              |                                                       |\n| ------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                       | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                       | **2019**                                     | **2018**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                       | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Aircraft fuel and related taxes       | $7,526                                       | $8,053                                       | $(527)                                       | (6\\.5)                                                |\n| Salaries, wages and benefits          | 12,600                                       | 12,240                                       | 360                                          | 2\\.9                                                  |\n| Maintenance, materials and repairs    | 2,380                                        | 2,050                                        | 330                                          | 16\\.1                                                 |\n| Other rent and landing fees           | 2,055                                        | 1,900                                        | 155                                          | 8\\.2                                                  |\n| Aircraft rent                         | 1,326                                        | 1,264                                        | 62                                           | 4\\.9                                                  |\n| Selling expenses                      | 1,602                                        | 1,520                                        | 82                                           | 5\\.4                                                  |\n| Depreciation and amortization         | 1,982                                        | 1,839                                        | 143                                          | 7\\.7                                                  |\n| Mainline operating special items, net | 635                                          | 787                                          | (152)                                        | (19\\.4)                                               |\n| Other                                 | 5,090                                        | 5,090                                        | \u2014                                            | \u2014                                                     |\n| Regional expenses:                    |                                              |                                              |                                              |                                                       |\n| Aircraft fuel and related taxes       | 1,869                                        | 1,843                                        | 26                                           | 1\\.4                                                  |\n| Other                                 | 5,649                                        | 5,221                                        | 428                                          | 8\\.2                                                  |\n| Total operating expenses              | $42,714                                      | $41,807                                      | $907                                         | 2\\.2                                                  |\n\n\n\nTotal operating expenses  increase d  $907 million , or  2\\.2% , in  2019  from  2018 \\. \n\nSignificant changes in the components of American\u2019s total operating expenses are as follows:\n\n\n\n|   |                                                                                                                                                                                                                                                     |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Mainline aircraft fuel and related taxes  decrease d  6\\.5 % in  2019  as compared to  2018  primarily due to a  7\\.1 %  decrease  in the average price per gallon of fuel including related taxes to  $2\\.05  in  2019  from  $2\\.21  in  2018 \\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Maintenance, materials and repairs increased  16\\.1 % in  2019  as compared to  2018  primarily due to a contract change that resulted in certain flight equipment transitioning to a flight hour based contract (referred to as power by the hour) whereby expense is incurred and recognized based on actual hours flown\\. Previously, this flight equipment was covered by a time and materials based contract whereby expense is incurred and recognized as maintenance is performed\\. An increase in the volume of airframe and engine overhauls performed under time and material based contracts as well as an increase in the volume of component part repairs also drove higher maintenance expenses in 2019\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Other rent and landing fees  increase d  8\\.2 % in  2019  as compared to  2018  primarily due to an expansion at DFW that became fully operational in May 2019 and rate increases at certain hub airports\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Depreciation and amortization  increase d  7\\.7 % in  2019  as compared to  2018  due in part to airport and other facility improvements and the harmonization of interior configurations across the mainline fleet\\. Depreciation associated with aircraft acquired as part of American\u2019s fleet renewal program also contributed to the increase\\.  |\n\n\n\n57"}
{"_id": "United-2017_24.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n*Note:* The stock price performance shown in the graph above should not be considered indicative of potential future stock price performance\\. The foregoing performance graph is being furnished as part of this report solely in accordance with the requirement under Rule 14a\\-3(b)(9) to furnish our stockholders with such information, and therefore, shall not be deemed to be filed or incorporated by reference into any filings by the Company under the Securities Act or the Exchange Act\\.\n\nThe following table presents repurchases of UAL common stock made in the fourth quarter of 2017:\n\n\n\n|               |                                                       |                                              |                                                                                                              |                                                                                                                                    |\n|:------------- | -----------------------------------------------------:| --------------------------------------------:| ------------------------------------------------------------------------------------------------------------:| ----------------------------------------------------------------------------------------------------------------------------------:|\n| **Period**    | **Total number of  <br>shares  <br>purchased (a)(b)** | **Average price  <br>paid per share (b)(c)** | **Total number of  <br>shares purchased  <br>as part of publicly  <br>announced plans  <br>or programs (a)** | **Approximate dollar value  <br>of shares that may yet be  <br>purchased under the  <br>plans or programs (in  <br>millions) (a)** |\n| October 2017  |                                            2,852,917  |                                     $59\\.59  |                                                                                                   2,852,917  |                                                                                                                              $383  |\n| November 2017 |                                            5,342,435  |                                      58\\.93  |                                                                                                   5,342,435  |                                                                                                                                68  |\n| December 2017 |                                            1,084,498  |                                      63\\.06  |                                                                                                   1,084,498  |                                                                                                                             3,000  |\n| Total         |                                            9,279,850  |                                              |                                                                                                   9,279,850  |                                                                                                                                    |\n\n\n\n(a) In 2017, UAL repurchased approximately 28 million shares of UAL common stock for $1\\.8 billion, completing its July 2016 repurchase authorization\\. In December 2017, UAL\u2019s Board of Directors authorized a new $3\\.0 billion share repurchase program to acquire UAL\u2019s common stock\\. As of December 31, 2017, the Company had approximately $3\\.0 billion remaining to purchase shares under its share repurchase program\\. UAL may repurchase shares through the open market, privately negotiated transactions, block trades or accelerated share repurchase transactions from time to time in accordance with applicable securities laws\\.\n\n(b) The table does not include shares withheld from employees to satisfy certain tax obligations due upon the vesting of restricted stock units\\. The United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan and the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan, provide for the withholding of shares to satisfy tax obligations due upon the vesting of restricted stock units\\. However, the plans do not specify a maximum number of shares that may be withheld for this purpose\\. A total of 1,446 shares were withheld under the plans in the fourth quarter of 2017 at an average price of $64\\.46 per share\\. These shares of common stock withheld to satisfy tax withholding obligations may be deemed to be \u201cissuer purchases\u201d of shares that are required to be disclosed pursuant to this Item\\.\n\n(c) Average price paid per share is calculated on a settlement basis and excludes commission\\.\n\n25"}
{"_id": "AmericanAirlines-2019_5.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nSubstantially all of our regional carrier arrangements are in the form of capacity purchase agreements\\. The capacity purchase agreements provide that all revenues, including passenger, in\\-flight, ancillary, mail and freight revenues, go to us\\. We control marketing, scheduling, ticketing, pricing and seat inventories\\. In return, we agree to pay predetermined fees to these airlines for operating an agreed\\-upon number of aircraft, without regard to the number of passengers on board\\. In addition, these agreements provide that we either reimburse or pay 100% of certain variable costs, such as airport landing fees, fuel and passenger liability insurance\\. \n\nCargo\n\nOur cargo division provides a wide range of freight and mail services, with facilities and interline connections available across the globe\\.\n\nDistribution and Marketing Agreements\n\nPassengers can purchase tickets for travel on American through several distribution channels, including our website ( www\\.aa\\.com ), our mobile app, our reservations centers and third\\-party distribution channels, including those provided by or through global distribution systems (e\\.g\\., Amadeus, Sabre and Travelport), conventional travel agents, travel management companies and online travel agents (e\\.g\\., Expedia ,  including its booking sites Orbitz and Travelocity, and Booking Holdings, including its booking sites Kayak and Priceline)\\. To remain competitive, we will need to manage our distribution costs and rights effectively, increase our distribution flexibility and improve the functionality of our proprietary and third\\-party distribution channels, while maintaining an industry\\-competitive cost structure\\. For more discussion, see Part I, Item 1A\\. Risk Factors \u2013 \u201c We rely on third\\-party distribution channels and must manage effectively the costs, rights and functionality of these channels \\.\u201d\n\nIn general, beyond nonstop city pairs, carriers that have the greatest ability to seamlessly connect passengers to and from markets have a competitive advantage\\. In some cases, however, foreign governments limit U\\.S\\. air carriers\u2019 rights to transport passengers beyond designated gateway cities in foreign countries\\. In order to improve access to domestic and foreign markets, we have arrangements with other airlines including through the  one world alliance, other cooperation agreements, joint business agreements (JBAs), and marketing relationships, as further discussed below\\.\n\nMember of oneworld Alliance\n\nAmerican is a founding member of the  one world alliance, which currently includes British Airways, Cathay Pacific Airways, Finnair, Iberia, Japan Airlines, LATAM Airlines Group, Malaysia Airlines, Qantas Airways, Qatar Airways, Royal Jordanian, S7 Airlines and SriLankan Airlines\\. The  one world alliance links the networks of the member carriers and their respective affiliates to enhance customer service and smooth connections to the destinations served by the alliance, including linking the carriers\u2019 loyalty programs and access to the carriers\u2019 airport lounge facilities\\. Royal Air Maroc is expected to join the  one world alliance in 2020\\. LATAM Airlines Group (LATAM) is in the process of withdrawing from the  one world alliance, which is anticipated to be completed in the first half of 2020\\. \n\nCooperation and Joint Business Agreements\n\nAmerican has established a transatlantic JBA with British Airways, Iberia and Finnair, a transpacific JBA with Japan Airlines and a JBA relating to Australia and New Zealand with Qantas Airways, each of which has been granted antitrust immunity\\. Joint business agreements enable the carriers party to the relevant agreement to cooperate on flights between particular destinations and allow pooling and sharing of certain revenues and costs, enhanced loyalty program reciprocity and cooperation in other areas\\. American and its joint business partners received regulatory approval to enter into these JBAs and cooperation agreements\\. Joint business agreements have become a common approach among major carriers to address key regulatory restrictions typically applicable to international airline service, including limitations on the foreign ownership of airlines and national laws prohibiting foreign airlines from carrying passengers beyond specific gateway cities\\. Our competitors, including Delta Air Lines and United Airlines, are party to similar arrangements\\.\n\nThe business relationship under the transatlantic JBA benefits from a grant of antitrust immunity from the U\\.S\\. Department of Transportation (DOT) and was reviewed by the European Commission (EC) in July 2010\\. In connection with this review, we provided certain commitments to the EC regarding, among other things, the availability of take\\-off and landing slots at London Heathrow (LHR) or London Gatwick (LGW) airports\\. The commitments accepted by the EC are binding for 10 years\\. In October 2018, in anticipation of the exit of the United Kingdom from the European Union (EU), commonly referred to as Brexit, and the expiry of the EC commitments in July 2020, the United Kingdom Competition and Markets Authority (CMA) opened an investigation into the transatlantic JBA\\. We continue to fully cooperate with the CMA\\. An application for antitrust immunity is also pending with the DOT to add Aer Lingus, which is owned by the parent company of British Airways and Iberia, to the transatlantic JBA\\. \n\n6"}
{"_id": "AmericanAirlines-2019_88.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nThe 2013 Revolving Facility, 2014 Revolving Facility and April 2016 Revolving Facility provide that American may from time to time borrow, repay and reborrow loans thereunder\\. The 2013 Revolving Facility and 2014 Revolving Facility have the ability to issue letters of credit thereunder in an aggregate amount outstanding at any time up to   $100 million  and   $200 million , respectively\\. The 2013 Revolving Facility, 2014 Revolving Facility and April 2016 Revolving Facility are each subject to an undrawn annual fee of   0\\.63% \\. As of  December 31, 2019 , there were no borrowings or letters of credit outstanding under the 2013 Revolving Facility, 2014 Revolving Facility or April 2016 Revolving Facility\\. The December 2016 Credit Facilities provide for a revolving credit facility that may be established thereunder in the future\\.\n\nSubject to certain limitations and exceptions, the Credit Facilities are secured by collateral, including certain spare parts, slots, route authorities, simulators and leasehold rights\\. American has the ability to make future modifications to the collateral pledged, subject to certain restrictions\\. American\u2019s obligations under the Credit Facilities are guaranteed by AAG\\. American is required to maintain a certain minimum ratio of appraised value of the collateral to the outstanding loans as further described below in  \u201cCollateral\\-Related Covenants\\.\u201d\n\nThe Credit Facilities contain events of default customary for similar financings, including cross default to other material indebtedness\\. Upon the occurrence of an event of default, the outstanding obligations may be accelerated and become due and payable immediately\\. In addition, if a \u201cchange of control\u201d occurs, American will (absent an amendment or waiver) be required to repay at par the loans outstanding under the Credit Facilities and terminate the 2013 Revolving Facility, 2014 Revolving Facility and April 2016 Revolving Facility and any revolving credit facility established under the December 2016 Credit Facilities\\. The Credit Facilities also include covenants that, among other things, require AAG to maintain a minimum aggregate liquidity (as defined in the Credit Facilities) of not less than   $2\\.0 billion  and limit the ability of AAG and its restricted subsidiaries to pay dividends and make certain other payments, make certain investments, incur additional indebtedness, incur liens on the collateral, dispose of the collateral, enter into certain affiliate transactions and engage in certain business activities, in each case subject to certain exceptions\\.\n\nIn December 2019, due to uncertainty surrounding the timing of the Boeing 737 MAX aircraft return to service, American entered into an additional short\\-term revolving line of credit to provide us with incremental borrowing capacity of up to   $400 million \\. We have no present intention to borrow any amounts under this facility, which matures in September 2020 with an optional extension to December 2020\\.\n\n(b) EETCs\n\n2019\\-1 Aircraft EETCs \n\nIn August 2019, American created three pass\\-through trusts which issued approximately   $1\\.1 billion  aggregate face amount of Series 2019\\-1 Class AA, Class A and Class B EETCs (the 2019\\-1 Aircraft EETCs) in connection with the financing of   35  aircraft previously delivered or to be delivered to American through September 2020 (the 2019\\-1 Aircraft)\\. As of  December 31, 2019 , approximately   $804 million  of the proceeds had been used to purchase equipment notes issued by American in connection with financing   28  aircraft under the 2019\\-1 Aircraft EETCs, of which   $608 million  was used to repay existing indebtedness\\. Interest and principal payments on equipment notes issued in connection with the 2019\\-1 Aircraft EETCs are payable semi\\-annually in February and August of each year, with interest payments scheduled to begin in February 2020 and with principal payments scheduled to begin (i) in the case of equipment notes with respect to any 2019\\-1 Aircraft owned by American at the time of issuance of the 2019\\-1 Aircraft EETCs, in February 2020 and (ii) in the case of equipment notes with respect to the Embraer E175 aircraft and the Airbus A321neo aircraft scheduled to be delivered after the issuance of the 2019\\-1 Aircraft EETCs, in August 2020 and August 2021, respectively\\. The remaining proceeds of approximately   $293 million  as of  December 31, 2019  were being held in escrow with a depositary for the benefit of the holders of the 2019\\-1 Aircraft EETCs until such time as American issues additional equipment notes with respect to the remaining 2019\\-1 Aircraft to the pass\\-through trusts, which will purchase such additional equipment notes with the escrowed funds\\. These escrowed funds are not guaranteed by American and are not reported as debt on its condensed consolidated balance sheet because the proceeds held by the depositary for the benefit of the holders of the 2019\\-1 Aircraft EETCs are not American\u2019s assets\\.\n\n89"}
{"_id": "United-2019_27.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|              |                                                                                             |\n| ------------ | ------------------------------------------------------------------------------------------- |\n| **ITEM 7\\.** | **MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\\.** |\n\n\n\nOverview\n\nUnited Airlines Holdings, Inc\\. (together with its consolidated subsidiaries, \"UAL\" or the \"Company\") is a holding company and its principal, wholly\\-owned subsidiary is United Airlines, Inc\\. (together with its consolidated subsidiaries, \"United\")\\. As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted\\. United's operating revenues and operating expenses comprise nearly 100% of UAL's revenues and operating expenses\\. In addition, United comprises approximately the entire balance of UAL's assets, liabilities and operating cash flows\\. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures and any significant differences between the operations and results of UAL and United are separately disclosed and explained\\. We sometimes use the words \"we,\" \"our,\" \"us,\" and the \"Company\" in this report for disclosures that relate to all of UAL and United\\.\n\n2019  Highlights\n\n\n\n|   |                                                                                                                                                                    |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | 2019  net income was  $3\\.0 billion , or  $11\\.58  diluted earnings per share, as compared to  $2\\.1 billion , or  $7\\.67  diluted earnings per share, in  2018 \\. |\n\n\n\n\n\n|   |                                                                                                                                                          |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Revenue for  2019  increased  $1\\.9 billion  over  2018  due to a  3\\.5%  growth in ASMs and a PRASM increase of  1\\.5%  in  2019  compared to  2018 \\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | In  2019 , UAL repurchased approximately  19\\.2 million  of its common stock for  $1\\.6 billion \\. As of  December 31, 2019 , the Company had approximately  $3\\.1 billion  remaining to purchase shares under its share repurchase programs\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                              |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | UAL ended  2019  with  $6\\.9 billion  in unrestricted liquidity, which consisted of unrestricted cash, cash equivalents, short\\-term investments and available capacity under the revolving credit facility of its Amended and Restated Credit and Guaranty Agreement (as amended, the \"Credit Agreement\")\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                     |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | RPMs for  2019  increased  4\\.0%  as compared to  2018 , and ASMs increased  3\\.5%  from the prior year, resulting in a load factor of  84\\.0%  in  2019  versus 83\\.6% in  2018 \\. |\n\n\n\n\n\n|   |                                                                                                                                                                                        |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | For  2019  and  2018 , the Company recorded U\\.S\\. Department of Transportation on\\-time arrival rates of 77\\.9% and 79\\.8%, respectively, and mainline completion factors of 99\\.2%\\. |\n\n\n\nResults of Operations\n\nThe following discussion provides an analysis of our results of operations and reasons for material changes therein for  2019  as compared to  2018 \\. See \"Results of Operations\" in Part II, Item 7\\. Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's 2018 Annual Report on Form 10\\-K, filed with the SEC on February 28, 2019 (the \" 2018  Annual Report\"), for analysis of the 2018 results as compared to 2017\\.\n\nOperating Revenue\\.  The table below illustrates the year\\-over\\-year percentage change in the Company's operating revenues for the years ended December 31 (in millions, except percentage changes): \n\n\n\n|                         |          |          |                         |              |\n| ----------------------- | -------- | -------- | ----------------------- | ------------ |\n|                         | **2019** | **2018** | **Increase (Decrease)** | **% Change** |\n| Passenger revenue       | $39,625  | $37,706  | $1,919                  | 5\\.1         |\n| Cargo                   | 1,179    | 1,237    | (58)                    | (4\\.7)       |\n| Other operating revenue | 2,455    | 2,360    | 95                      | 4\\.0         |\n| Total operating revenue | $43,259  | $41,303  | $1,956                  | 4\\.7         |\n\n\n\n28"}
{"_id": "Delta-2019_36.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nDepreciation and Amortization\\.  The increase in depreciation and amortization primarily results from $79 million of accelerated depreciation due to the decision to early retire our MD\\-90 fleet by the end of 2022, new aircraft deliveries, fleet modifications and technology enhancements\\. As we take delivery of new aircraft, we continue to evaluate our current fleet compared to network requirements\\. See Note 11 of the Notes to the Consolidated Financial Statements for additional information on the planned early retirement of our MD\\-90 fleet\\.\n\nIn addition to investing in our fleet, we have also increased our technology investments in an effort to enhance interactions with our customers and allow us to deliver more personalized service, further enhancing the customer experience and strengthening our brand and competitive position\\. During 2019, we delivered several capabilities that enable our front\\-line employees to personalize their interactions with our customers, added self\\-service features on the FlyDelta app, including automatic international check\\-in, integrated security wait times and the ability to pre\\-select meals in Delta One and domestic First Class\\. In addition, we expanded facial recognition biometric boarding for international travelers in the Atlanta, Minneapolis\\-St\\. Paul and Salt Lake City airports\\. These increased capital expenditures have led to a corresponding increase in depreciation and amortization\\.\n\nAircraft Maintenance Materials and Outside Repairs\\.  Aircraft maintenance materials and outside repairs consist of costs associated with the maintenance of aircraft used in our operations\\. The increase primarily relates to a higher volume of scheduled engine overhauls on certain aircraft during the second half of 2019\\.\n\nProfit Sharing\\.  Profit sharing expense increased $342 million to $1\\.6 billion, marking the sixth consecutive year that Delta employees will receive over $1 billion in recognition of their contributions to the company's performance\\. The increase in profit sharing is related to higher profit during the year\\. Our profit sharing program pays 10% to all eligible employees for the first $2\\.5 billion of annual profit and 20% of annual profit above $2\\.5 billion\\.\n\nAncillary Businesses and Refinery\\.  Ancillary businesses and refinery includes expenses associated with aircraft maintenance services we provide to third parties, our vacation wholesale operations, our private jet operations and refinery sales to third parties\\. Expenses related to refinery sales to third parties, which are at or near cost, decreased  $451 million compared to the prior year\\. In addition, approximately $200 million of costs related to services performed by DGS on behalf of third parties were recorded in ancillary businesses and refinery prior to the sale of that business in December 2018\\. These decreases were partially offset by growth in our MRO business, as discussed above\\.\n\nIn January 2020, we combined Delta Private Jets, our wholly owned subsidiary which provides private jet operations, with Wheels Up\\. Upon closing, we received a 27% equity stake in Wheels Up\\. Delta Private Jets will no longer be consolidated and annual costs of approximately $200 million, which have historically been incurred ratably through the year, will no longer be reflected in ancillary businesses and refinery expense\\.\n\n34"}
{"_id": "United-2018_91.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**United Continental Holdings, Inc\\. Management Report on Internal Control Over Financial Reporting** \n\nFebruary 28, 2019\n\nTo the Stockholders of United Continental Holdings, Inc\\. \n\nChicago, Illinois \n\nThe management of United Continental Holdings, Inc\\. (\"UAL\") is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a\\-15(f)\\. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. Because of its inherent limitations, our internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\nUnder the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the design and operating effectiveness of our internal control over financial reporting as of December 31, 2018\\. In making this assessment, management used the framework set forth in Internal Control\u2014Integrated Framework (2013 Framework)issued by the Committee of the Sponsoring Organizations of the Treadway Commission\\. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our internal control over financial reporting was effective as of December 31, 2018\\.\n\nOur independent registered public accounting firm, Ernst & Young LLP, who audited UAL's consolidated financial statements included in this Form 10\\-K, has issued a report on UAL's internal control over financial reporting, which is included herein\\.\n\n**United Airlines, Inc\\. Management Report on Internal Control Over Financial Reporting** \n\nFebruary 28, 2019\n\nTo the Stockholder of United Airlines, Inc\\. \n\nChicago, Illinois \n\nThe management of United Airlines, Inc\\. (\"United\") is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a\\-15(f)\\. United's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. Because of its inherent limitations, United's internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\nUnder the supervision and with the participation of management, including United's Chief Executive Officer and Chief Financial Officer, United conducted an evaluation of the design and operating effectiveness of its internal control over financial reporting as of December 31, 2018\\. In making this assessment, management used the framework set forth in Internal Control\u2014Integrated Framework (2013 Framework) issued by the Committee of the Sponsoring Organizations of the Treadway Commission\\. Based on this evaluation, United's Chief Executive Officer and Chief Financial Officer concluded that its internal control over financial reporting was effective as of December 31, 2018\\.\n\nThis annual report does not include an attestation report of United's registered public accounting firm regarding internal control over financial reporting\\. Management's report was not subject to attestation by United's registered public accounting firm pursuant to the rules of the Securities and Exchange Commission that permit United to provide only management's report in this annual report\\.\n\n92"}
{"_id": "Southwest-2018_99.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nIn addition, the Company also had the following amounts associated with fuel derivative instruments and hedging activities in its Consolidated Balance Sheet:\n\n\n\n|                                                                                               |                                                          |                  |                  |\n| --------------------------------------------------------------------------------------------- | -------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                               | **Balance Sheet**                                        | **December 31,** | **December 31,** |\n| **(in millions)**                                                                             | **location**                                             | **2018**         | **2017**         |\n| Cash collateral deposits held from counterparties for fuel contracts \\- current<br><br>  <br> | Offset against Prepaid expenses and other current assets | $\u2014               | $15              |\n| Due to third parties for fuel contracts                                                       | Accounts payable                                         | \u2014                | 29               |\n| Receivable from third parties for fuel contracts                                              | Accounts and other receivables                           | 2                | \u2014                |\n\n\n\nAll of the Company's fuel derivative instruments and interest rate swaps are subject to agreements that follow the netting guidance in the applicable accounting standards for derivatives and hedging\\. The types of derivative instruments the Company has determined are subject to netting requirements in the accompanying Consolidated Balance Sheet are those in which the Company pays or receives cash for transactions with the same counterparty and in the same currency via one net payment or receipt\\. For cash collateral held by the Company or provided to counterparties, the Company nets such amounts against the fair value of the Company's derivative portfolio by each counterparty\\. The Company has elected to utilize netting for both its fuel derivative instruments and interest rate swap agreements and also classifies such amounts as either current or noncurrent, based on the net fair value position with each of the Company's counterparties in the Consolidated Balance Sheet\\. \n\nThe Company's application of its netting policy associated with cash collateral differs depending on whether its derivative instruments are in a net asset position or a net liability position\\. If its fuel derivative instruments are in a net asset position with a counterparty, cash collateral amounts held are first netted against current outstanding derivative asset amounts associated with that counterparty until that balance is zero, and then any remainder is applied against the fair value of noncurrent outstanding derivative instruments\\. If the Company's fuel derivative instruments are in a net liability position with the counterparty, cash collateral amounts provided are first netted against noncurrent outstanding derivative amounts associated with that counterparty until that balance is zero, and then any remainder is applied against the fair value of current outstanding derivative instruments\\. \n\nThe Company has the following recognized financial assets and financial liabilities resulting from those transactions that meet the scope of the disclosure requirements as necessitated by applicable accounting guidance for balance sheet offsetting: \n\n\n\n|                                     |                                           |                                        |                                               |                                                          |                                     |                                        |                                               |                                                          |     |\n| ----------------------------------- | ----------------------------------------- | -------------------------------------- | --------------------------------------------- | -------------------------------------------------------- | ----------------------------------- | -------------------------------------- | --------------------------------------------- | -------------------------------------------------------- | --- |\n| **Offsetting of derivative assets** | **Offsetting of derivative assets**       | **Offsetting of derivative assets**    | **Offsetting of derivative assets**           | **Offsetting of derivative assets**                      | **Offsetting of derivative assets** | **Offsetting of derivative assets**    | **Offsetting of derivative assets**           | **Offsetting of derivative assets**                      |     |\n| (in millions)                       | (in millions)                             | (in millions)                          | (in millions)                                 | (in millions)                                            | (in millions)                       | (in millions)                          | (in millions)                                 | (in millions)                                            |     |\n|                                     |                                           | (i)                                    | (ii)                                          | (iii) = (i) \\+ (ii)                                      |                                     | (i)                                    | (ii)                                          | (iii) = (i) \\+ (ii)                                      |     |\n|                                     |                                           | **December 31, 2018**                  | **December 31, 2018**                         | **December 31, 2018**                                    |                                     | **December 31, 2017**                  | **December 31, 2017**                         | **December 31, 2017**                                    |     |\n| **Description**                     | **Balance Sheet location**                | **Gross amounts of recognized assets** | **Gross amounts offset in the Balance Sheet** | **Net amounts of assets presented in the Balance Sheet** |                                     | **Gross amounts of recognized assets** | **Gross amounts offset in the Balance Sheet** | **Net amounts of assets presented in the Balance Sheet** |     |\n| Fuel derivative contracts           | Prepaid expenses and other current assets | $43                                    | $\u2014                                            | $43                                                      |                                     | $147                                   | $(50)                                         | $97                                                      |     |\n| Fuel derivative contracts           | Other assets                              | $95                                    | $\u2014                                            | $95                                                      | (a)                                 | $136                                   | $\u2014                                            | $136                                                     | (a) |\n\n\n\n(a) The net amounts of derivative assets and liabilities are reconciled to the individual line item amounts presented in the Consolidated Balance Sheet in Note 15\\.\n\n100"}
{"_id": "AmericanAirlines-2018_115.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***Benefit Plan Assets Measured at Fair Value on a Recurring Basis***\n\nThe fair value of our pension plan assets at December 31, 2018 and 2017, by asset category, are as follows (in millions):\n\n\n\n|                                                                                              |                                                                                                                |                                                                              |                                                                                |                                                     |\n| -------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                                                                                              | **Fair Value Measurements as of December 31, 2018**                                                            | **Fair Value Measurements as of December 31, 2018**                          | **Fair Value Measurements as of December 31, 2018**                            | **Fair Value Measurements as of December 31, 2018** |\n| **Asset Category**                                                                           | **Quoted Prices in**<br><br>**Active Markets**<br><br>**for Identical**<br><br>**Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Cash and cash equivalents                                                                    | $23                                                                                                            | $\u2014                                                                           | $\u2014                                                                             | $23                                                 |\n| Equity securities:                                                                           |                                                                                                                |                                                                              |                                                                                |                                                     |\n| International markets  ^(a)^  ^(b)^                                                          | 3,181                                                                                                          | \u2014                                                                            | \u2014                                                                              | 3,181                                               |\n| Large\\-cap companies  ^(b)^                                                                  | 2,021                                                                                                          | \u2014                                                                            | \u2014                                                                              | 2,021                                               |\n| Mid\\-cap companies  ^(b)^                                                                    | 583                                                                                                            | \u2014                                                                            | \u2014                                                                              | 583                                                 |\n| Small\\-cap companies  ^(b)^                                                                  | 122                                                                                                            | \u2014                                                                            | \u2014                                                                              | 122                                                 |\n| Mutual funds  ^(c)^                                                                          | 52                                                                                                             | \u2014                                                                            | \u2014                                                                              | 52                                                  |\n| Fixed income:                                                                                |                                                                                                                |                                                                              |                                                                                |                                                     |\n| Corporate debt  ^(d)^                                                                        | \u2014                                                                                                              | 2,116                                                                        | \u2014                                                                              | 2,116                                               |\n| Government securities  ^(e)^                                                                 | \u2014                                                                                                              | 228                                                                          | \u2014                                                                              | 228                                                 |\n| U\\.S\\. municipal securities                                                                  | \u2014                                                                                                              | 40                                                                           | \u2014                                                                              | 40                                                  |\n| Alternative instruments:                                                                     |                                                                                                                |                                                                              |                                                                                |                                                     |\n| Private market partnerships  ^(f)^                                                           | \u2014                                                                                                              | \u2014                                                                            | 7                                                                              | 7                                                   |\n| Private market partnerships measured at net asset value  ^(f) (h)^                           | \u2014                                                                                                              | \u2014                                                                            | \u2014                                                                              | 1,188                                               |\n| Common/collective trusts  ^(g)^                                                              | \u2014                                                                                                              | 218                                                                          | \u2014                                                                              | 218                                                 |\n| Common/collective trusts and 103\\-12 Investment Trust measured at net asset value  ^(g) (h)^ | \u2014                                                                                                              | \u2014                                                                            | \u2014                                                                              | 227                                                 |\n| Insurance group annuity contracts                                                            | \u2014                                                                                                              | \u2014                                                                            | 2                                                                              | 2                                                   |\n| Dividend and interest receivable                                                             | 47                                                                                                             | \u2014                                                                            | \u2014                                                                              | 47                                                  |\n| Due to/from brokers for sale of securities \u2013 net                                             | 5                                                                                                              | \u2014                                                                            | \u2014                                                                              | 5                                                   |\n| Other liabilities \u2013 net                                                                      | (7)                                                                                                            | \u2014                                                                            | \u2014                                                                              | (7)                                                 |\n| Total                                                                                        | $6,027                                                                                                         | $2,602                                                                       | $9                                                                             | $10,053                                             |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(a)^ | Holdings are diversified as follows:  17%  United Kingdom,  10%  Japan,  8%  France,  7%  Switzerland,  6%  Ireland,  17%  emerging markets and the remaining  35%  with no concentration greater than 5% in any one country\\. |\n\n\n\n\n\n|       |                                                                              |\n| ----- | ---------------------------------------------------------------------------- |\n| ^(b)^ | There are no significant concentrations of holdings by company or industry\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(c)^ | Investment includes mutual funds invested  37%  in equity securities of large\\-cap, mid\\-cap and small\\-cap U\\.S\\. companies,  38%  in U\\.S\\. treasuries and corporate bonds and  25%  in equity securities of international companies\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(d)^ | Includes approximately  77%  investments in corporate debt with a S&P rating lower than A and  23%  investments in corporate debt with a S&P rating A or higher\\. Holdings include  85%  U\\.S\\. companies,  12%  international companies and  3%  emerging market companies\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                   |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(e)^ | Includes approximately  32%  investments in U\\.S\\. domestic government securities,  37%  in emerging market government securities and  31%  in international government securities\\. There are no significant foreign currency risks within this classification\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(f)^ | Includes limited partnerships that invest primarily in U\\.S\\. ( 94% ) and European ( 6% ) buyout opportunities of a range of privately held companies\\. The pension plan\u2019s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated\\. It is estimated that the underlying assets of these funds will be gradually liquidated over the next  one  to  ten years \\. Additionally, the pension plan\u2019s master trust has future funding commitments of approximately  $1\\.0 billion  over the next  ten years \\. |\n\n\n\n116"}
{"_id": "United-2019_0.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, DC 20549\n\n\n\n|          |           |\n| -------- | --------- |\n| **FORM** | **10\\-K** |\n\n\n\n\n\n|   |                                                                                          |\n| - | ---------------------------------------------------------------------------------------- |\n| \u2612 | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\nFor the fiscal year ended    December 31, 2019 \n\nOR\n\n\n\n|   |                                                                                              |\n| - | -------------------------------------------------------------------------------------------- |\n| \u2610 | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\nFor the transition period from to  \n\n ![unitedcoverlogoa01\\.jpg](https://www.example.com/unitedcoverlogoa01.jpg)\n\n\n\n|                                       |                                                                                                                               |                                                                                                                               |                                                                                                                               |                                                                                                                               |                                                                                                                               |                                       |                                                       |\n| ------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------- | ------------------------------------- | ----------------------------------------------------- |\n| **Commission**<br><br>**File Number** | **Exact Name of Registrant as Specified in its Charter,** <br><br>**Principal Executive Office Address and Telephone Number** | **Exact Name of Registrant as Specified in its Charter,** <br><br>**Principal Executive Office Address and Telephone Number** | **Exact Name of Registrant as Specified in its Charter,** <br><br>**Principal Executive Office Address and Telephone Number** | **Exact Name of Registrant as Specified in its Charter,** <br><br>**Principal Executive Office Address and Telephone Number** | **Exact Name of Registrant as Specified in its Charter,** <br><br>**Principal Executive Office Address and Telephone Number** | **State of**<br><br>**Incorporation** | **I\\.R\\.S\\. Employer**<br><br>**Identification No\\.** |\n| 001\\-06033                            | **United Airlines Holdings, Inc\\.**                                                                                           | **United Airlines Holdings, Inc\\.**                                                                                           | **United Airlines Holdings, Inc\\.**                                                                                           | **United Airlines Holdings, Inc\\.**                                                                                           | **United Airlines Holdings, Inc\\.**                                                                                           | Delaware                              | 36\\-2675207                                           |\n|                                       | 233 South Wacker Drive,                                                                                                       | 233 South Wacker Drive,                                                                                                       | Chicago,                                                                                                                      | Illinois                                                                                                                      | 60606                                                                                                                         |                                       |                                                       |\n|                                       | (872)                                                                                                                         | 825\\-4000                                                                                                                     |                                                                                                                               |                                                                                                                               |                                                                                                                               |                                       |                                                       |\n| 001\\-10323                            | **United Airlines, Inc\\.**                                                                                                    | **United Airlines, Inc\\.**                                                                                                    | **United Airlines, Inc\\.**                                                                                                    | **United Airlines, Inc\\.**                                                                                                    | **United Airlines, Inc\\.**                                                                                                    | Delaware                              | 74\\-2099724                                           |\n|                                       | 233 South Wacker Drive,                                                                                                       | 233 South Wacker Drive,                                                                                                       | Chicago,                                                                                                                      | Illinois                                                                                                                      | 60606                                                                                                                         |                                       |                                                       |\n|                                       | (872)                                                                                                                         | 825\\-4000                                                                                                                     |                                                                                                                               |                                                                                                                               |                                                                                                                               |                                       |                                                       |\n\n\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n\n\n|                                 |                                |                    |                                               |\n| ------------------------------- | ------------------------------ | ------------------ | --------------------------------------------- |\n|                                 | **Title of Each Class**        | **Trading Symbol** | **Name of Each Exchange on Which Registered** |\n| United Airlines Holdings, Inc\\. | Common Stock, $0\\.01 par value | UAL                | The Nasdaq Stock Market LLC                   |\n| United Airlines, Inc\\.          | None                           | None               | None                                          |\n\n\n\nSecurities registered pursuant to Section 12(g) of the Act:\n\n\n\n|                                 |      |\n| ------------------------------- | ---- |\n| United Airlines Holdings, Inc\\. | None |\n| United Airlines, Inc\\.          | None |\n\n\n\nIndicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\n\n\n\n|                                 |     |   |    |   |                        |     |   |    |   |\n| ------------------------------- | --- | - | -- | - | ---------------------- | --- | - | -- | - |\n| United Airlines Holdings, Inc\\. | Yes | \u2612 | No | \u2610 | United Airlines, Inc\\. | Yes | \u2612 | No | \u2610 |\n\n\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act\\.\n\n\n\n|                                 |     |   |    |   |                        |     |   |    |   |\n| ------------------------------- | --- | - | -- | - | ---------------------- | --- | - | -- | - |\n| United Airlines Holdings, Inc\\. | Yes | \u2610 | No | \u2612 | United Airlines, Inc\\. | Yes | \u2610 | No | \u2612 |\n\n\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\. \n\n\n\n|                                 |     |   |    |   |                        |     |   |    |   |\n| ------------------------------- | --- | - | -- | - | ---------------------- | --- | - | -- | - |\n| United Airlines Holdings, Inc\\. | Yes | \u2612 | No | \u2610 | United Airlines, Inc\\. | Yes | \u2612 | No | \u2610 |\n\n\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S\\-T (\u00a7232\\.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)\\. \n\n\n\n|                                 |     |   |    |   |                        |     |   |    |   |\n| ------------------------------- | --- | - | -- | - | ---------------------- | --- | - | -- | - |\n| United Airlines Holdings, Inc\\. | Yes | \u2612 | No | \u2610 | United Airlines, Inc\\. | Yes | \u2612 | No | \u2610 |\n\n\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, a smaller reporting company, or an emerging growth company\\. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b\\-2 of the Exchange Act\\. \n\n\n\n|                                 |                         |   |                   |   |                        |   |                           |   |                         |   |\n| ------------------------------- | ----------------------- | - | ----------------- | - | ---------------------- | - | ------------------------- | - | ----------------------- | - |\n| United Airlines Holdings, Inc\\. | Large accelerated filer | \u2612 | Accelerated filer | \u2610 | Non\\-accelerated filer | \u2610 | Smaller reporting company | \u2610 | Emerging growth company | \u2610 |\n| United Airlines, Inc\\.          | Large accelerated filer | \u2610 | Accelerated filer | \u2610 | Non\\-accelerated filer | \u2612 | Smaller reporting company | \u2610 | Emerging growth company | \u2610 |\n\n\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.\n\n\n\n|                                 |   |\n| ------------------------------- | - |\n| United Airlines Holdings, Inc\\. | \u2610 |\n| United Airlines, Inc\\.          | \u2610 |\n\n\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Exchange Act)\\.\n\n\n\n|                                 |      |   |    |   |\n| ------------------------------- | ---- | - | -- | - |\n| United Airlines Holdings, Inc\\. | Yes  | \u2610 | No | \u2612 |\n| United Airlines, Inc\\.          | Yes  | \u2610 | No | \u2612 |\n\n\n\nThe aggregate market value of common stock held by non\\-affiliates of United Airlines Holdings, Inc\\. was   $21\\.1 billion  as of  June 28 ,  2019 , based on the closing sale price of $87\\.55 on that date\\. There is no market for United Airlines, Inc\\. common stock\\.\n\nIndicate the number of shares outstanding of each of the registrant's classes of common stock, as of  February 18, 2020 \\.\n\n\n\n|                                 |             |                                                                                           |\n| ------------------------------- | ----------- | ----------------------------------------------------------------------------------------- |\n| United Airlines Holdings, Inc\\. | 247,951,116 | shares of common stock ($0\\.01 par value)                                                 |\n| United Airlines, Inc\\.          | 1,000       | shares of common stock ($0\\.01 par value) (100% owned by United Airlines Holdings, Inc\\.) |\n\n\n\nThis combined Form 10\\-K is separately filed by United Airlines Holdings, Inc\\. and United Airlines, Inc\\.\n\nOMISSION OF CERTAIN INFORMATION\n\nUnited Airlines, Inc\\. meets the conditions set forth in General Instruction I(1)(a) and (b) of Form 10\\-K and is therefore filing this form with the reduced disclosure format allowed under that General Instruction\\.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nCertain information required by Items 10, 11, 12 and 13 of Part III of this Form 10\\-K is incorporated by reference for United Airlines Holdings, Inc\\. from its definitive proxy statement for its  2020  Annual Meeting of Stockholders\\."}
{"_id": "Southwest-2019_117.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nEquity Compensation Plan Information\n\n\n\n|                                                            |                                                                                                                                                                                   |     |                                                                                                                                              |     |                                                                                                                                                                                                                       |     |\n| ---------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --- | -------------------------------------------------------------------------------------------------------------------------------------------- | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --- |\n| **Plan Category**                                          | **Number of Securities**<br><br>**to be Issued Upon**<br><br>**Exercise of**<br><br>**Outstanding**<br><br>**Options,**<br><br>**Warrants, and**<br><br>**Rights**<br><br>**(a)** |     | **Weighted\\-Average**<br><br>**Exercise Price of**<br><br>**Outstanding Options,**<br><br>**Warrants, and**<br><br>**Rights**<br><br>**(b)** |     | **Number of Securities Remaining Available for**<br><br>**Future Issuance Under**<br><br>**Equity Compensation**<br><br>**Plans (Excluding**<br><br>**Securities Reflected**<br><br>**in Column (a))**<br><br>**(c)** |     |\n| Equity Compensation Plans Approved by Security Holders     | 1,545,172                                                                                                                                                                         | (1) | $\u2014                                                                                                                                           | (2) | 27,426,634                                                                                                                                                                                                            | (3) |\n| Equity Compensation Plans not Approved by Security Holders | 1,800                                                                                                                                                                             |     | $9\\.00                                                                                                                                       |     | \u2014                                                                                                                                                                                                                     |     |\n| Total                                                      | 1,546,972                                                                                                                                                                         |     | $\u2014                                                                                                                                           | (2) | 27,426,634                                                                                                                                                                                                            |     |\n\n\n\n\n\n|     |                                                                             |\n| --- | --------------------------------------------------------------------------- |\n| (1) | Restricted share units settleable in shares of the Company\u2019s common stock\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                      |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (2) | Restricted share units discussed in footnote (1) above do not have a weighted average exercise price because the restricted share units do not have an exercise price upon vesting\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (3)  | Of these shares, (i)  7,348,212  shares remained available for issuance under the Company\u2019s tax\\-qualified employee stock purchase plan; and (ii)  20,078,422  shares remained available for issuance under the Company\u2019s 2007 Equity Incentive Plan in connection with the exercise of stock options and stock appreciation rights, the settlement of awards of restricted stock, restricted stock units, and phantom shares, and the grant of unrestricted shares of common stock; however, no more than  1,152,529  shares remain available for grant in connection with awards of unrestricted shares of common stock, stock\\-settled phantom shares, and awards to non\\-Employee members of the Board\\. These shares are in addition to the shares reserved for issuance pursuant to outstanding awards included in column (a)\\. |\n\n\n\nSee  Note 9  to the Consolidated Financial Statements for information regarding the material features of the above plans\\. Each of the above plans provides that the number of shares with respect to which options may be granted, the number of shares of common stock subject to an outstanding option, and the number of restricted share units granted shall be proportionately adjusted in the event of a subdivision or consolidation of shares or the payment of a stock dividend on common stock, and the purchase price per share of outstanding options shall be proportionately revised\\.\n\nItem 13\\.  Certain Relationships and Related Transactions, and Director Independence\n\nThe information required by this Item 13 will be set forth under the heading \u201cCertain Relationships and Related Transactions, and Director Independence\u201d in the Proxy Statement for the Company\u2019s  2020  Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\nItem 14\\.  Principal Accounting Fees and Services\n\nThe information required by this Item 14 will be set forth under the heading \u201cRelationship with Independent Auditors\u201d in the Proxy Statement for the Company\u2019s  2020  Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\n118"}
{"_id": "AmericanAirlines-2018_165.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nReclassifications out of AOCI for the years ended December 31, 2018 and 2017 are as follows (in millions):\n\n\n\n|                                                                             |                                    |                                    |                                                                                |\n| --------------------------------------------------------------------------- | ---------------------------------- | ---------------------------------- | ------------------------------------------------------------------------------ |\n|                                                                             | **Amounts reclassified from AOCI** | **Amounts reclassified from AOCI** | **Affected line items on the  <br>consolidated statements of  <br>operations** |\n|                                                                             | **Year Ended December 31,**        | **Year Ended December 31,**        | **Affected line items on the  <br>consolidated statements of  <br>operations** |\n| **AOCI Components**                                                         | **2018**                           | **2017**                           | **Affected line items on the  <br>consolidated statements of  <br>operations** |\n| Amortization of pension, retiree medical and other postretirement benefits: |                                    |                                    |                                                                                |\n| Prior service benefit                                                       | $(161)                             | $(132)                             | Nonoperating other income, net                                                 |\n| Actuarial loss                                                              | 92                                 | 77                                 | Nonoperating other income, net                                                 |\n| Total reclassifications for the period, net of tax                          | $(69)                              | $(55)                              |                                                                                |\n\n\n\nAmounts allocated to other comprehensive income (OCI) for income taxes as further described in Note 5 will remain in AOCI until American ceases all related activities, such as termination of the pension plan\\.\n\n**10\\. Commitments, Contingencies and Guarantees**\n\n***(a) Aircraft, Engine and Other Purchase Commitments***\n\nUnder all of American\u2019s aircraft and engine purchase agreements, its total future commitments as of December 31, 2018 are expected to be as follows (approximately, in millions):\n\n\n\n|                                                              |          |          |          |          |          |                         |           |\n| ------------------------------------------------------------ | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                                                              | **2019** | **2020** | **2021** | **2022** | **2023** | **2024 and Thereafter** | **Total** |\n| Payments for aircraft commitments and certain engines  ^(1)^ | $2,906   | $1,683   | $994     | $1,378   | $1,450   | $6,047                  | $14,458   |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | These amounts are net of purchase deposits currently held by the manufacturers and include all commitments for regional aircraft\\. American has granted a security interest in certain of its purchase deposits with Boeing\\. American\u2019s purchase deposits held by all manufacturers totaled  $1\\.3 billion  as of  December 31, 2018 \\. |\n\n\n\nAdditionally, American has purchase commitments related to jet fuel, construction projects and information technology support as follows (approximately): $1\\.9 billion in 2019, $1\\.1 billion in 2020, $1\\.0 billion in 2021, $32 million in 2022 and $7 million in 2023\\.\n\n***(b) Capacity Purchase Agreements with Third\\-Party Regional Carriers***\n\nAmerican has capacity purchase agreements with third\\-party regional carriers\\. The capacity purchase agreements provide that all revenues, including passenger, in\\-flight, ancillary, mail and freight revenues, go to American\\. In return, American agrees to pay predetermined fees to these airlines for operating an agreed\\-upon number of aircraft, without regard to the number of passengers on board\\. In addition, these agreements provide that American either reimburses or pays 100% of certain variable costs, such as airport landing fees, fuel and passenger liability insurance\\. American controls marketing, scheduling, ticketing, pricing and seat inventories\\.\n\nAs of December 31, 2018, American\u2019s capacity purchase agreements with third\\-party regional carriers had expiration dates ranging from 2019 to 2027, with rights of American to extend the respective terms of certain agreements\\. See Part I, Item 2\\. Properties for unaudited information on the aircraft operated by third\\-party regional carriers under such capacity purchase agreements\\.\n\n166"}
{"_id": "AmericanAirlines-2017_0.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n10\\-K 1 a10k123117\\.htm 10\\-K \n\n**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D\\.C\\. 20549**\n\n\n\n|                |                |                |\n| -------------- | -------------- | -------------- |\n| **FORM 10\\-K** | **FORM 10\\-K** | **FORM 10\\-K** |\n\n\n\n\n\n|   |                                                                                          |\n| - | ---------------------------------------------------------------------------------------- |\n| \u2612 | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\n**For the Fiscal Year Ended** **December 31, 2017**\n\n\n\n|   |                                                                                              |\n| - | -------------------------------------------------------------------------------------------- |\n| \u2610 | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\n**For the Transition Period From to** \n\nCommission file number 1\\-8400\n\n\n\n|                                                                                               |                                                                                               |                                                                                               |\n| --------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------- |\n| **American Airlines Group Inc\\.**  <br>(Exact name of registrant as specified in its charter) | **American Airlines Group Inc\\.**  <br>(Exact name of registrant as specified in its charter) | **American Airlines Group Inc\\.**  <br>(Exact name of registrant as specified in its charter) |\n\n\n\n\n\n|                                                                           |                                                      |\n| ------------------------------------------------------------------------- | ---------------------------------------------------- |\n| **Delaware**                                                              | **75\\-1825172**                                      |\n| *(State or other jurisdiction of*<br><br>*incorporation or organization)* | *(I\\.R\\.S\\. Employer*<br><br>*Identification No\\.)*  |\n| **4333 Amon Carter Blvd\\., Fort Worth, Texas 76155**                      | **(817) 963\\-1234**                                  |\n| *(Address of principal executive offices, including zip code)*            | *Registrant\u2019s telephone number, including area code* |\n\n\n\n*(Former name, former address and former fiscal year, if changed since last report)*\n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n\n\n|                                          |                                          |\n| ---------------------------------------- | ---------------------------------------- |\n|                                          | **Name of Exchange on Which Registered** |\n| Common Stock, $0\\.01 par value per share | NASDAQ                                   |\n\n\n\n**Securities registered pursuant to Section 12(g) of the Act: None**\n\nCommission file number 1\\-2691\n\n\n\n|                                                                                          |                                                                                          |                                                                                          |\n| ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- |\n| **American Airlines, Inc\\.**  <br>(Exact name of registrant as specified in its charter) | **American Airlines, Inc\\.**  <br>(Exact name of registrant as specified in its charter) | **American Airlines, Inc\\.**  <br>(Exact name of registrant as specified in its charter) |\n\n\n\n\n\n|                                                                           |                                                      |\n| ------------------------------------------------------------------------- | ---------------------------------------------------- |\n| **Delaware**                                                              | **13\\-1502798**                                      |\n| *(State or other jurisdiction of*<br><br>*incorporation or organization)* | *(I\\.R\\.S\\. Employer*<br><br>*Identification No\\.)*  |\n| **4333 Amon Carter Blvd\\., Fort Worth, Texas 76155**                      | **(817) 963\\-1234**                                  |\n| *(Address of principal executive offices, including zip code)*            | *Registrant\u2019s telephone number, including area code* |\n\n\n\n**Securities registered pursuant to Section 12(b) of the Act: None**\n\n**Securities registered pursuant to Section 12(g) of the Act: None**\n\n**\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_**\n\nIndicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2612 | No | \u2610 |\n| American Airlines, Inc\\.      | Yes | \u2612 | No | \u2610 |"}
{"_id": "United-2019_90.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the Stockholders and Board of Directors of United Airlines Holdings, Inc\\.\n\nOpinion on Internal Control over Financial Reporting\n\nWe have audited United Airlines Holdings, Inc\\.'s (the \"Company\") internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the \"COSO criteria\")\\. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on the COSO criteria\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (\"PCAOB\"), the consolidated financial statements as of and for the year ended December 31, 2019 of the Company and our report dated  February 24, 2020  expressed an unqualified opinion thereon\\.\n\nBasis for Opinion\n\nThe Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management Report on Internal Control over Financial Reporting in Item 9A\\. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. \n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\nDefinition and Limitations of Internal Control Over Financial Reporting\n\nA company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n/s/ Ernst & Young LLP\n\nChicago, Illinois\n\nFebruary 24, 2020 \n\n91"}
{"_id": "Alaska-2017_1.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**ALASKA AIR GROUP, INC\\.**\n\n**ANNUAL REPORT ON FORM 10\\-K FOR THE YEAR ENDED** **DECEMBER 31, 2017**\n\n**TABLE OF CONTENTS**\n\n\n\n|                                                                        |                                                                                                                                                                                |                                                                      |\n| ---------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------- |\n| [PART I](https://www.example.com#s0CE508D00E9A24F6A1713A1219276966)    |                                                                                                                                                                                | <br>[ 4](https://www.example.com#s0CE508D00E9A24F6A1713A1219276966)  |\n| [ITEM 1\\.](https://www.example.com#s5646D4EA5E0763F386073A121946324C)  | [OUR BUSINESS](https://www.example.com#s5646D4EA5E0763F386073A121946324C)                                                                                                      | <br>[ 4](https://www.example.com#s5646D4EA5E0763F386073A121946324C)  |\n| [ITEM 1A\\.](https://www.example.com#s4520FACDB428E286EACA3A121C81E178) | [RISK FACTORS](https://www.example.com#s4520FACDB428E286EACA3A121C81E178)                                                                                                      | <br>[ 20](https://www.example.com#s4520FACDB428E286EACA3A121C81E178) |\n| [ITEM 1B\\.](https://www.example.com#s7406FBD065220AEDBB083A121CBF6DA8) | [UNRESOLVED STAFF COMMENTS](https://www.example.com#s7406FBD065220AEDBB083A121CBF6DA8)                                                                                         | <br>[ 27](https://www.example.com#s7406FBD065220AEDBB083A121CBF6DA8) |\n| [ITEM 2\\.](https://www.example.com#sCA154733EB6ECDBDBCD63A121CDF3F58)  | [PROPERTIES](https://www.example.com#sCA154733EB6ECDBDBCD63A121CDF3F58)                                                                                                        | <br>[ 27](https://www.example.com#sCA154733EB6ECDBDBCD63A121CDF3F58) |\n| [ITEM 3\\.](https://www.example.com#s5375CD3C0F2FBC064F073A121D5B78AE)  | [LEGAL PROCEEDINGS](https://www.example.com#s5375CD3C0F2FBC064F073A121D5B78AE)                                                                                                 | <br>[ 28](https://www.example.com#s5375CD3C0F2FBC064F073A121D5B78AE) |\n| [ITEM 4\\.](https://www.example.com#s341CB29EC9C615707EA53A121D8A1E36)  | [MINE SAFETY DISCLOSURES](https://www.example.com#s341CB29EC9C615707EA53A121D8A1E36)                                                                                           | <br>[ 28](https://www.example.com#s341CB29EC9C615707EA53A121D8A1E36) |\n| [PART II](https://www.example.com#sCBA70ADA9C17342B641A3A121DB9D293)   |                                                                                                                                                                                | <br>[ 28](https://www.example.com#sCBA70ADA9C17342B641A3A121DB9D293) |\n| [ITEM 5\\.](https://www.example.com#s73B8D3E1EA909859B23A3A121DD87BC8)  | [MARKET FOR THE REGISTRANT\u2019S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES](https://www.example.com#s73B8D3E1EA909859B23A3A121DD87BC8) | <br>[ 28](https://www.example.com#s73B8D3E1EA909859B23A3A121DD87BC8) |\n| [ITEM 6\\.](https://www.example.com#sED73BA38D31630CDA10D3A121E84B46B)  | [SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA](https://www.example.com#sED73BA38D31630CDA10D3A121E84B46B)                                                                | <br>[ 31](https://www.example.com#sED73BA38D31630CDA10D3A121E84B46B) |\n| [ITEM 7\\.](https://www.example.com#s9E44BE501BB85E6A38A73A121EC20467)  | [MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](https://www.example.com#s9E44BE501BB85E6A38A73A121EC20467)                             | <br>[ 33](https://www.example.com#s9E44BE501BB85E6A38A73A121EC20467) |\n| [ITEM 7A\\.](https://www.example.com#s3A2E0EE6622D6E9442413A1220482E88) | [QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK](https://www.example.com#s3A2E0EE6622D6E9442413A1220482E88)                                                         | <br>[ 59](https://www.example.com#s3A2E0EE6622D6E9442413A1220482E88) |\n| [ITEM 8\\.](https://www.example.com#s4A38DC3C72787A8F70F93A1220C55222)  | [CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](https://www.example.com#s4A38DC3C72787A8F70F93A1220C55222)                                                          | <br>[ 59](https://www.example.com#s4A38DC3C72787A8F70F93A1220C55222) |\n| [ITEM 9\\.](https://www.example.com#s98E4870D15644C1CCA673A122547D6A2)  | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](https://www.example.com#s98E4870D15644C1CCA673A122547D6A2)                              | <br>[ 94](https://www.example.com#s98E4870D15644C1CCA673A122547D6A2) |\n| [ITEM 9A\\.](https://www.example.com#s51C34D4EB9E00B9924B23A1225479536) | [CONTROLS AND PROCEDURES](https://www.example.com#s51C34D4EB9E00B9924B23A1225479536)                                                                                           | <br>[ 94](https://www.example.com#s51C34D4EB9E00B9924B23A1225479536) |\n| [ITEM 9B\\.](https://www.example.com#s5F582E8520273204EB0E3A122631C086) | [OTHER INFORMATION](https://www.example.com#s5F582E8520273204EB0E3A122631C086)                                                                                                 | <br>[ 97](https://www.example.com#s5F582E8520273204EB0E3A122631C086) |\n| [PART III](https://www.example.com#s56D936CCE0A91EBF3E4B3A122651AB1F)  |                                                                                                                                                                                | <br>[ 97](https://www.example.com#s56D936CCE0A91EBF3E4B3A122651AB1F) |\n| [ITEM 10\\.](https://www.example.com#sB55C464BD98DE56F4DC73A12267F50B0) | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE](https://www.example.com#sB55C464BD98DE56F4DC73A12267F50B0)                                                            | <br>[ 97](https://www.example.com#sB55C464BD98DE56F4DC73A12267F50B0) |\n| [ITEM 11\\.](https://www.example.com#s9AC9562F53AA7D49DF2D3A12269F0D51) | [EXECUTIVE COMPENSATION](https://www.example.com#s9AC9562F53AA7D49DF2D3A12269F0D51)                                                                                            | <br>[ 97](https://www.example.com#s9AC9562F53AA7D49DF2D3A12269F0D51) |\n| [ITEM 12\\.](https://www.example.com#sF80016817ACB8782E5123A120E9C07B8) | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS](https://www.example.com#sF80016817ACB8782E5123A120E9C07B8)                   | <br>[ 97](https://www.example.com#sF80016817ACB8782E5123A120E9C07B8) |\n| [ITEM 13\\.](https://www.example.com#sEC71C8BAD896DEAB22863A1226EDC702) | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](https://www.example.com#sEC71C8BAD896DEAB22863A1226EDC702)                                         | <br>[ 98](https://www.example.com#sEC71C8BAD896DEAB22863A1226EDC702) |\n| [ITEM 14\\.](https://www.example.com#s129772137F72C6BB38723A12272B17F2) | [PRINCIPAL ACCOUNTANT FEES AND SERVICES ](https://www.example.com#s129772137F72C6BB38723A12272B17F2)                                                                           | <br>[ 98](https://www.example.com#s129772137F72C6BB38723A12272B17F2) |\n| [PART IV](https://www.example.com#s9AEA440CE118AEECBAB13A12274A0A27)   |                                                                                                                                                                                | <br>[ 98](https://www.example.com#s9AEA440CE118AEECBAB13A12274A0A27) |\n| [ITEM 15\\.](https://www.example.com#s37B0155EFB3FE2942C713A1227791E4C) | [EXHIBITS](https://www.example.com#s37B0155EFB3FE2942C713A1227791E4C)                                                                                                          | <br>[ 98](https://www.example.com#s37B0155EFB3FE2942C713A1227791E4C) |\n|                                                                        | [SIGNATURES](https://www.example.com#sB351A5A502B7D87789043A1227988B75)                                                                                                        | <br>[ 99](https://www.example.com#sB351A5A502B7D87789043A1227988B75) |\n\n\n\n**As used in this Form 10\\-K, the terms \u201cAir Group,\u201d the \"Company,\" \u201cour,\u201d \u201cwe\u201d and \"us,\" refer to Alaska Air Group, Inc\\. and its subsidiaries, unless the context indicates otherwise\\. Alaska Airlines, Inc\\., Virgin America Inc\\. and Horizon Air Industries, Inc\\. are referred to as \u201cAlaska,\u201d \"Virgin America\" and \u201cHorizon,\u201d respectively, and together as our \u201cairlines\\.\u201d**\n\n**CAUTIONARY NOTE REGARDING FORWARD\\-LOOKING STATEMENTS**\n\nIn addition to historical information, this Form 10\\-K contains forward\\-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995\\. Forward\\-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters\\. You can generally identify forward\\-looking statements as statements containing the words \u201cbelieve,\u201d \u201cexpect,\u201d \u201cwill,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cassume\u201d or other similar expressions, although not all forward\\-looking statements contain these identifying words\\. Forward\\-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or the Company\u2019s present expectations\\.\n\n 2"}
{"_id": "AmericanAirlines-2018_16.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nLow\\-cost carriers (including so\\-called ultra\\-low\\-cost carriers) have a profound impact on industry revenues\\. Using the advantage of low unit costs, these carriers offer lower fares in order to shift demand from larger, more established airlines, and represent significant competitors, particularly for customers who fly infrequently and are price sensitive and tend not to be loyal to any one particular carrier\\. While historically these carriers have provided competition in domestic markets, we have recently experienced new competition from low\\-cost carriers on international routes\\. A number of these low\\-cost carriers have announced growth strategies including commitments to acquire significant numbers of new aircraft for delivery in the next few years\\. These low\\-cost carriers are attempting to continue to increase their market share through growth and, potentially, consolidation, and are expected to continue to have an impact on our revenues and overall performance\\. We and several other large network carriers have implemented \u201cBasic Economy\u201d fares designed to more effectively compete against low\\-cost carriers, but we cannot predict whether these initiatives will be successful or the competitive reaction of the low\\-cost carriers\\. Competition is also increasing from low\\-cost airlines executing international long\\-haul expansion strategies, including, for example, Icelandair, Norwegian Air Shuttle and Wow Air\\. The actions of existing or future low\\-cost carriers, including those described above, could have a material adverse effect on our operations and financial performance\\.\n\nWe provide air travel internationally, directly as well as through joint business, alliance, codeshare and similar arrangements to which we are a party\\. While our network is comprehensive, compared to some of our key global competitors, we generally have somewhat greater relative exposure to certain regions (for example, Latin America) and somewhat lower relative exposures to others (for example, China and parts of Asia)\\. Our financial performance relative to our key competitors will therefore be influenced significantly by macro\\-economic conditions in particular regions around the world and the relative exposure of our network to the markets in those regions\\. \n\nIn providing international air transportation, we compete to provide scheduled passenger and cargo service between the U\\.S\\. and various overseas locations with U\\.S\\. airlines, foreign investor\\-owned airlines and foreign state\\-owned or state\\-affiliated airlines\\. Competition is increasing from foreign state\\-owned and state\\-affiliated airlines in the Gulf region, including Emirates, Etihad Airways and Qatar Airways\\. These carriers have large numbers of international widebody aircraft in service and on order and are increasing service to the U\\.S\\. from locations both in and outside the Middle East\\. Service to and from locations outside of the Middle East is provided by some of these carriers under so\\-called \u201cfifth freedom\u201d rights permitted under international treaties which allow service to and from stopover points between an airline\u2019s home country and the ultimate destination\\. Such flights, such as a stopover in Europe on flights to the United States, allow the carrier to sell tickets for travel between the stopover point and the United States in competition with service provided by us\\. Additionally, these carriers have made significant investments in a number of airlines located outside of the Middle East, such as Air Italy, providing these affiliated airlines with capital and aircraft to permit increases in service that compete with us\\. We believe these state\\-owned and state\\-affiliated carriers in the Gulf region, including their affiliated carriers, benefit from significant government subsidies, which have allowed them to grow quickly, reinvest in their product and expand their global presence\\. Competition is also increasing from low\\-cost airlines executing international long\\-haul expansion strategies, including, for example, Icelandair, Norwegian Air Shuttle and Wow Air\\. \n\nOur international service exposes us to foreign economies and the potential for reduced demand, such as we have recently experienced in Venezuela, when any foreign country we serve suffers adverse local economic conditions\\. In addition, open skies agreements with an increasing number of countries around the world provide international airlines with open access to U\\.S\\. markets, potentially subjecting us to increased competition on our international routes\\. See also *\u201cOur business is subject to extensive government regulation, which may result in increases in our costs, disruptions to our operations, limits on our operating flexibility, reductions in the demand for air travel, and competitive disadvantages\\.\u201d*\n\nCertain airline alliances, joint ventures and joint businesses have been, or may in the future be, granted immunity from antitrust regulations by governmental authorities for specific areas of cooperation, such as joint pricing decisions\\. To the extent alliances formed by our competitors can undertake activities that are not available to us, our ability to effectively compete may be hindered\\. Our ability to attract and retain customers is dependent upon, among other things, our ability to offer our customers convenient access to desired markets\\. Our business could be adversely affected if we are unable to maintain or obtain alliance and marketing relationships with other air carriers in desired markets\\.\n\nAmerican has established a transatlantic JBA with British Airways, Iberia and Finnair, and separately, a transpacific JBA with Japan Airlines, each of which has been granted antitrust immunity\\. In October 2017, American and its transatlantic partners executed an amended and restated JBA which, among other things, extends the term of the agreement\\. An application is pending with the DOT to add Aer Lingus, which is now owned by the parent company of British Airways and Iberia, to the transatlantic JBA\\. This relationship benefits from a grant of antitrust immunity from the DOT and was reviewed by the EC in July 2010\\. In connection with this review, we provided certain commitments to the EC regarding, among other things, the availability of take\\-off and landing slots at LHR or LGW airports\\. The commitments accepted by the EC are binding for 10 years with the possibility of renewal by the EC\\. However, in light of Brexit and the related possibility that the EC would no \n\n17"}
{"_id": "United-2017_55.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**UNITED AIRLINES, INC\\.** \n\n**STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)** \n\n**(In millions)** \n\n\n\n|                                                           |                             |                             |                             |\n|:--------------------------------------------------------- | ---------------------------:| ---------------------------:| ---------------------------:|\n|                                                           | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                           |                   **2017**  |                   **2016**  |                   **2015**  |\n| Net income                                                |                     $2,149  |                     $2,264  |                     $7,301  |\n| Other comprehensive income (loss), net change related to: |                             |                             |                             |\n| Employee benefit plans, net of taxes                      |                       (195) |                       (313) |                         70  |\n| Fuel derivative financial instruments, net of taxes       |                          1  |                        316  |                        182  |\n| Investments and other, net of taxes                       |                         (6) |                         (1) |                         (4) |\n| Total other comprehensive income (loss), net              |                       (200) |                          2  |                        248  |\n| Total comprehensive income, net                           |                     $1,949  |                     $2,266  |                     $7,549  |\n\n\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n56"}
{"_id": "Southwest-2019_18.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nan impasse exists and offer binding arbitration to the parties\\. If either party rejects binding arbitration, a 30\\-day \"cooling off\" period begins\\. At the end of this 30\\-day period, the parties may engage in \"self\\-help,\" unless a Presidential Emergency Board is established to investigate and report on the dispute\\. The appointment of a Presidential Emergency Board maintains the \"status quo\" for an additional period of time\\. If the parties do not reach agreement during this period, the parties may then engage in \"self\\-help\\.\" \"Self\\-help\" includes, among other things, a strike by the union or the airline\u2019s imposition of any or all of its proposed amendments and the hiring of new employees to replace any striking workers\\.\n\nThe following table sets forth the Company's Employee groups subject to collective bargaining and the status of their respective collective\\-bargaining agreements as of December 31, 2019:\n\n\n\n|                                                                                                    |                                     |                                                                                     |                          |\n| -------------------------------------------------------------------------------------------------- | ----------------------------------- | ----------------------------------------------------------------------------------- | ------------------------ |\n| **Employee Group**                                                                                 | **Approximate Number of Employees** | **Representatives**                                                                 | **Status of Agreement**  |\n| Southwest Pilots                                                                                   | 9,300                               | Southwest Airlines Pilots' Association (\"SWAPA\")                                    | Amendable September 2020 |\n| Southwest Flight Attendants                                                                        | 16,000                              | Transportation Workers of America, AFL\\-CIO, Local 556 (\"TWU 556\")                  | In negotiations          |\n| Southwest Ramp, Operations, Provisioning, Freight Agents                                           | 13,800                              | Transportation Workers of America, AFL\\-CIO, Local 555 (\"TWU 555\")                  | Amendable February 2021  |\n| Southwest Customer Service Agents, Customer Representatives, and Source of Support Representatives | 7,200                               | International Association of Machinists and Aerospace Workers, AFL\\-CIO (\"IAM 142\") | In negotiations          |\n| Southwest Material Specialists (formerly known as Stock Clerks)                                    | 300                                 | International Brotherhood of Teamsters, Local 19 (\"IBT 19\")                         | Amendable April 2024     |\n| Southwest Mechanics                                                                                | 2,600                               | Aircraft Mechanics Fraternal Association (\"AMFA\")                                   | Amendable August 2024    |\n| Southwest Aircraft Appearance Technicians                                                          | 200                                 | AMFA                                                                                | Amendable November 2020  |\n| Southwest Facilities Maintenance Technicians                                                       | 40                                  | AMFA                                                                                | Amendable November 2022  |\n| Southwest Dispatchers                                                                              | 400                                 | Transportation Workers of America, AFL\\-CIO, Local 550 (\"TWU 550\")                  | In negotiations          |\n| Southwest Flight Simulator Technicians                                                             | 50                                  | International Brotherhood of Teamsters (\"IBT\")                                      | Amendable May 2024       |\n| Southwest Flight Crew Training Instructors                                                         | 130                                 | Transportation Workers of America, AFL\\-CIO, Local 557 (\"TWU 557\")                  | In negotiations          |\n| Southwest Meteorologists                                                                           | 10                                  | TWU 550                                                                             | In negotiations          |\n\n\n\nAdditional Information About the Company\n\nThe Company was incorporated in Texas in 1967\\. The following documents are available free of charge through the Company's website, www\\.southwest\\.com: the Company\u2019s annual report on Form 10\\-K, quarterly reports on Form 10\\-Q, current reports on Form 8\\-K, and any amendments to those reports that are filed with or furnished to the Securities and Exchange Commission (\"SEC\") pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934\\. These materials are made available through the Company's website as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC\\. In addition to its reports filed or furnished with the SEC, the Company publicly discloses material information from time to time in its press releases, at annual meetings of Shareholders, in publicly accessible conferences and Investor presentations, and through its website (principally in its Press Room and Investor Relations pages)\\. References to the Company's website in this Form 10\\-K are provided as a convenience and do not constitute, and should not be deemed, an incorporation by reference of the information contained on, or available through, the website, and such information should not be considered part of this Form 10\\-K\\.\n\n19"}
{"_id": "AmericanAirlines-2019_33.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nFuture impairment of goodwill or other long\\-lived assets could be recorded in results of operations as a result of changes in assumptions, estimates, or circumstances, some of which are beyond our control\\. There can be no assurance that a material impairment charge of goodwill or tangible or intangible assets will be avoided\\. The value of our aircraft could be impacted in future periods by changes in supply and demand for these aircraft\\. Such changes in supply and demand for certain aircraft types could result from grounding of aircraft by us or other airlines\\. An impairment charge could have a material adverse effect on our business, results of operations and financial condition\\.\n\nThe price of AAG common stock has been and may in the future be volatile\\.\n\nThe market price of AAG common stock has fluctuated in the past, and may fluctuate substantially in the future, due to a variety of factors, many of which are beyond our control, including:\n\n\n\n|   |                                                          |\n| - | -------------------------------------------------------- |\n| \u2022 | macro\\-economic conditions, including the price of fuel; |\n\n\n\n\n\n|   |                                                                                     |\n| - | ----------------------------------------------------------------------------------- |\n| \u2022 | changes in market values of airline companies as well as general market conditions; |\n\n\n\n\n\n|   |                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------- |\n| \u2022 | our operating and financial results failing to meet the expectations of securities analysts or investors; |\n\n\n\n\n\n|   |                                                                           |\n| - | ------------------------------------------------------------------------- |\n| \u2022 | changes in financial estimates or recommendations by securities analysts; |\n\n\n\n\n\n|   |                                                                         |\n| - | ----------------------------------------------------------------------- |\n| \u2022 | changes in our level of outstanding indebtedness and other obligations; |\n\n\n\n\n\n|   |                                |\n| - | ------------------------------ |\n| \u2022 | changes in our credit ratings; |\n\n\n\n\n\n|   |                                                  |\n| - | ------------------------------------------------ |\n| \u2022 | material announcements by us or our competitors; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                    |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | expectations regarding our capital deployment program, including any existing or potential future share repurchase programs and any future dividend payments that may be declared by our Board of Directors, or any determination to cease repurchasing stock or paying dividends; |\n\n\n\n\n\n|   |                                                                     |\n| - | ------------------------------------------------------------------- |\n| \u2022 | new regulatory pronouncements and changes in regulatory guidelines; |\n\n\n\n\n\n|   |                                                     |\n| - | --------------------------------------------------- |\n| \u2022 | general and industry\\-specific economic conditions; |\n\n\n\n\n\n|   |                               |\n| - | ----------------------------- |\n| \u2022 | changes in our key personnel; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | public sales of a substantial number of shares of AAG common stock or issuances of AAG common stock upon the exercise or conversion of restricted stock unit awards, stock appreciation rights, or other securities that may be issued from time to time; |\n\n\n\n\n\n|   |                                                                                                |\n| - | ---------------------------------------------------------------------------------------------- |\n| \u2022 | increases or decreases in reported holdings by insiders or other significant stockholders; and |\n\n\n\n\n\n|   |                                  |\n| - | -------------------------------- |\n| \u2022 | fluctuations in trading volume\\. |\n\n\n\nWe cannot guarantee that we will continue to repurchase our common stock or pay dividends on our common stock or that our capital deployment program will enhance long\\-term stockholder value\\. Our capital deployment program could increase the volatility of the price of our common stock and diminish our cash reserves\\.\n\nSince July 2014, as part of our capital deployment program, our Board of Directors has approved seven share repurchase programs aggregating  $13\\.0 billion  of authority\\. As of  December 31, 2019 , there was  $565 million  of remaining authority to repurchase shares under our current $2\\.0 billion share repurchase program\\. Share repurchases under our repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions\\. These share repurchase programs do not obligate us to acquire any specific number of shares or to repurchase any specific number of shares for any fixed period, and may be suspended at any time at our discretion and without prior notice\\. The timing and amount of repurchases, if any, will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. Our repurchase of AAG common stock may be limited, suspended or discontinued at any time at our discretion and without prior notice\\.\n\n34"}
{"_id": "United-2019_20.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nEuropean operations more specifically, and no assurance can be given that our operating results, financial condition and prospects would not be adversely impacted by the result\\.\n\nThe Company's operating results fluctuate due to seasonality and other factors associated with the airline industry, many of which are beyond the Company's control\\.\n\nDue to greater demand for air travel during the spring and summer months, revenues in the airline industry in the second and third quarters of the year are generally stronger than revenues in the first and fourth quarters of the year, which are periods of lower travel demand\\. The Company's operating results generally reflect this seasonality, but have also been impacted by numerous other factors that are not necessarily seasonal, including, among others, extreme or severe weather, outbreaks of disease or pandemics, ATC congestion, geological events, political instability, terrorism, natural disasters, changes in the competitive environment due to industry consolidation, tax obligations, general economic conditions and other factors\\. As a result, the Company's quarterly operating results are not necessarily indicative of operating results for an entire year and historical operating results in a quarterly or annual period are not necessarily indicative of future operating results\\.\n\nIncreases in insurance costs or inadequate insurance coverage may materially and adversely impact our business, operating results and financial condition\\.\n\nThe Company could be exposed to significant liability or loss if its property or operations were to be affected by a natural catastrophe or other event, including aircraft accidents\\. The Company maintains insurance policies, including, but not limited to, terrorism, aviation hull and liability, workers' compensation and property and business interruption insurance, but we are not fully insured against all potential hazards and risks incident to our business\\. If the Company is unable to obtain sufficient insurance with acceptable terms, the costs of such insurance increase materially, or if the coverage obtained is insufficient relative to actual liability or losses that the Company experiences, whether due to insurance market conditions, policy limitations and exclusions or otherwise, our operating results and financial condition could be materially and adversely affected\\.\n\nThe Company has a significant amount of financial leverage from fixed obligations, and insufficient liquidity may have a material adverse effect on the Company's financial condition and business\\.\n\nThe Company has a significant amount of financial leverage from fixed obligations, including aircraft lease and debt financings, leases of airport property and other facilities, and other material cash obligations\\. In addition, the Company has substantial noncancelable commitments for capital expenditures, including for the acquisition of new aircraft and related spare engines\\.\n\nAlthough the Company's cash flows from operations and its available capital, including the proceeds from financing transactions, have been sufficient to meet these obligations and commitments to date, the Company's future liquidity could be negatively affected by the risk factors discussed in this report\\. If the Company's liquidity is materially diminished, the Company might not be able to timely pay its leases and debts or comply with certain operating and financial covenants under its financing and credit card processing agreements or with other material provisions of its contractual obligations\\. \n\nThe Company's substantial level of indebtedness and non\\-investment grade credit rating, as well as market conditions and the availability of assets as collateral for loans or other indebtedness, may make it difficult for the Company to raise additional capital if needed to meet its liquidity needs on acceptable terms, or at all\\. \n\nIn addition, as of  December 31, 2019 , the Company had  $3\\.4 billion  in variable rate indebtedness, all or a portion of which uses London interbank offered rates (\"LIBOR\") as a benchmark for establishing applicable rates\\. As announced in July 2017, LIBOR is expected to be phased out by the end of 2021\\. Although many of our LIBOR\\-based obligations provide for alternative methods of calculating the interest rate payable if LIBOR is not reported, the extent and manner of any future changes with respect to methods of calculating LIBOR or replacing LIBOR with another benchmark are unknown and impossible to predict at this time and, as such, may result in interest rates that are materially higher than current interest rates\\. If interest rates applicable to the Company's variable interest indebtedness increase, the Company's interest expense will also increase, which could make it difficult for the Company to make interest payments and fund other fixed costs and, in turn, adversely impact our cash flow available for general corporate purposes\\. \n\nSee Part II, Item 7\\. Management's Discussion and Analysis of Financial Condition and Results of Operations, of this report for additional information regarding the Company's liquidity\\.\n\n21"}
{"_id": "AmericanAirlines-2017_105.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n\n\n|                                                    |                                                     |                                                     |                                                     |                                                     |\n| -------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |\n|                                                    | **Fair Value Measurements as of December 31, 2016** | **Fair Value Measurements as of December 31, 2016** | **Fair Value Measurements as of December 31, 2016** | **Fair Value Measurements as of December 31, 2016** |\n|                                                    | **Total**                                           | **Level 1**                                         | **Level 2**                                         | **Level 3**                                         |\n| Short\\-term investments  ^(1)^  ^(2)^ :            |                                                     |                                                     |                                                     |                                                     |\n| Money market funds                                 | $589                                                | $589                                                | $\u2014                                                  | $\u2014                                                  |\n| Corporate obligations                              | 2,550                                               | \u2014                                                   | 2,550                                               | \u2014                                                   |\n| Bank notes/certificates of deposit/time deposits   | 2,898                                               | \u2014                                                   | 2,898                                               | \u2014                                                   |\n|                                                    | 6,037                                               | 589                                                 | 5,448                                               | \u2014                                                   |\n| Restricted cash and short\\-term investments  ^(1)^ | 638                                                 | 638                                                 | \u2014                                                   | \u2014                                                   |\n| Total                                              | $6,675                                              | $1,227                                              | $5,448                                              | $\u2014                                                  |\n\n\n\n\n\n|       |                                                                                                                                                                                                |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Unrealized gains or losses on short\\-term investments and restricted cash and short\\-term investments are recorded in accumulated other comprehensive income (loss) at each measurement date\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                  |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | All short\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. Our short\\-term investments mature in one year or less except for  $385 million  of bank notes/certificates of deposit/time deposits and  $230 million  of corporate obligations\\. |\n\n\n\n***Fair Value of Debt***\n\nThe fair value of our long\\-term debt was estimated using quoted market prices or discounted cash flow analyses, based on our current estimated incremental borrowing rates for similar types of borrowing arrangements\\. If our long\\-term debt was measured at fair value, it would have been classified as Level 2 in the fair value hierarchy\\.\n\nThe carrying value and estimated fair value of our long\\-term debt, including current maturities, were as follows (in millions):\n\n\n\n|                                               |                               |                           |                               |                           |\n| --------------------------------------------- | ----------------------------- | ------------------------- | ----------------------------- | ------------------------- |\n|                                               | **December 31, 2017**         | **December 31, 2017**     | **December 31, 2016**         | **December 31, 2016**     |\n|                                               | **Carrying**<br><br>**Value** | **Fair**<br><br>**Value** | **Carrying**<br><br>**Value** | **Fair**<br><br>**Value** |\n| Long\\-term debt, including current maturities | $25,065                       | $25,848                   | $24,344                       | $24,983                   |\n\n\n\n***Other Investments***\n\nWe have an approximate 25% ownership interest in Republic Airways Holdings Inc\\. (Republic), which we received in the second quarter of 2017 in consideration for our unsecured claim in Republic\u2019s bankruptcy case\\. This ownership interest is accounted for under the equity method and our portion of Republic\u2019s financial results is recognized within other, net on the consolidated statements of operations\\. In 2017, we recognized $544 million of regional expense from our capacity purchase agreement with Republic\\.\n\nAdditionally, in the third quarter of 2017, we acquired 2\\.7% of the outstanding shares of China Southern Airlines Company Limited for $203 million\\. Since our subscription agreement restricts the sale or transfer of these shares for three years, we account for this investment under the cost method\\.\n\nThese investments are reflected within other assets on our consolidated balance sheets\\.\n\n**9\\. Employee Benefit Plans**\n\nWe sponsor defined benefit and defined contribution pension plans for eligible employees\\. The defined benefit pension plans provide benefits for participating employees based on years of service and average compensation for a specified period of time before retirement\\. Effective November 1, 2012, substantially all of our defined benefit pension plans were frozen and we began providing enhanced benefits under our defined contribution pension plans for certain employee groups\\. We use a December 31 measurement date for all of our defined benefit pension plans\\. We also provide certain retiree medical and other postretirement benefits, including health care and life insurance benefits, to retired employees\\. Effective November 1, 2012, we modified our retiree medical and other postretirement benefits plans to eliminate the company subsidy for employees who retire on or after November 1, 2012\\. As a result of modifications to our retiree medical and other postretirement benefits plans in 2012, we recognized a negative plan \n\n106"}
{"_id": "Delta-2018_89.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nOther\\.  Primarily includes globally\\-diversified, risk\\-managed commingled funds consisting mainly of equity, fixed income and commodity exposures\\. Investments in these strategies are typically valued monthly by third\\-party administrators or valuation agents with an annual audit performed by an independent third party\\.\n\nOn an annual basis we assess the potential for adjustments to the fair value of all investments\\.  Certain of our investments valued using NAV as a practical expedient have a lag in the availability of data\\. This primarily applies to private equity, private equity\\-related strategies and real assets\\. We solicit valuation updates from the investment fund managers and use their information and corroborating data from public markets to determine any needed fair value adjustments\\. \n\nOther\n\nWe also sponsor defined benefit pension plans for eligible employees in certain foreign countries\\. These plans did not have a material impact on our Consolidated Financial Statements in any period presented\\.\n\nProfit Sharing Program\n\nOur broad\\-based employee profit sharing program provides that, for each year in which we have an annual pre\\-tax profit, as defined by the terms of the program, we will pay a specified portion of that profit to employees\\. In determining the amount of profit sharing, the program defines profit as pre\\-tax profit adjusted for profit sharing and certain other items\\. For the years ended  December 31, 2018 ,  2017  and  2016 , we recorded expenses of   $1\\.3 billion ,   $1\\.1 billion  and   $1\\.1 billion  under the profit sharing program, respectively\\. \n\nEffective October 1, 2017, we aligned our profit sharing plans under a single formula\\. Under this formula, our profit sharing program pays 10% to all eligible employees for the first $2\\.5 billion of annual profit and 20% of annual profit above $2\\.5 billion\\. Prior to that time, the profit sharing program for pilots used this formula but for 2016 and the first nine months of 2017, the profit sharing program for merit, ground and flight attendant employees paid 10% of annual profit and, if we exceeded our prior\\-year results, the program paid 20% of the year\\-over\\-year increase in profit to eligible employees\\.\n\nNOTE 11 \\. COMMITMENTS AND CONTINGENCIES \n\nAircraft Purchase Commitments\n\nOur future aircraft purchase commitments totaled approximately   $16\\.2 billion  at  December 31, 2018 : \n\n\n\n|                   |           |\n| ----------------- | --------- |\n| **(in millions)** | **Total** |\n| 2019              | $3,290    |\n| 2020              | 3,130     |\n| 2021              | 3,190     |\n| 2022              | 2,760     |\n| 2023              | 1,850     |\n| Thereafter        | 1,940     |\n| Total             | $16,160   |\n\n\n\nOur future aircraft purchase commitments included the following aircraft at  December 31, 2018 :\n\n\n\n|                   |                          |\n| ----------------- | ------------------------ |\n| **Aircraft Type** | **Purchase Commitments** |\n| A220\\-100         | 36                       |\n| A220\\-300         | 50                       |\n| A321\\-200         | 62                       |\n| A321\\-200neo      | 100                      |\n| A330\\-900neo      | 35                       |\n| A350\\-900         | 14                       |\n| B\\-737\\-900ER     | 18                       |\n| CRJ\\-900          | 15                       |\n| Total             | 330                      |\n\n\n\n 87"}
{"_id": "United-2017_36.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nSignificant financing events in 2016 were as follows:\n\nShare Repurchases \n\nThe Company used $2\\.6 billion of cash to purchase 50 million shares of its common stock during 2016 under its share repurchase programs\\.\n\nDebt Issuances \n\nIn 2016, United completed two EETC offerings for a total principal amount of $2\\.0 billion\\. Of the $2\\.0 billion, United received and recorded $708 million of proceeds as debt as of December 31, 2016 to finance the purchase of 17 aircraft\\.\n\nIn 2016, United borrowed approximately $369 million aggregate principal amount from various financial institutions to finance the purchase of several aircraft delivered in 2016\\.\n\nDebt and Capital Lease Principal Payments \n\nDuring the year ended December 31, 2016, the Company made debt and capital lease principal payments of $1\\.4 billion\\.\n\nSignificant financing events in 2015 were as follows:\n\nShare Repurchases \n\nThe Company used $1\\.2 billion of cash to purchase 21 million shares of its common stock during 2015 under its share repurchase programs\\.\n\nDebt Issuances \n\nDuring 2015, United issued $1\\.4 billion of debt related to EETC offerings to finance aircraft\\.\n\nIn 2015, United borrowed approximately $590 million aggregate principal amount from various financial institutions to finance the purchase of several aircraft delivered in 2015\\.\n\nDebt and Capital Lease Principal Payments \n\nDuring the year ended December 31, 2015, the Company made debt and capital lease principal payments of $2\\.3 billion, including the following prepayments:\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | UAL used cash to repurchase all $321 million par value 2026 Notes\\.  |\n\n\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | UAL used cash to repurchase all $311 million par value 2028 Notes\\.  |\n\n\n\n\n\n|   |                                                                                                                    |\n| - | ------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | UAL used cash to prepay, at par, $300 million principal amount of its $500 million term loan due September 2021\\.  |\n\n\n\nFor additional information regarding these Liquidity and Capital Resource matters, see Notes 3, 10, 11 and 12 to the financial statements included in Part II, Item 8 of this report\\. For information regarding non\\-cash investing and financing activities, see the Company\u2019s statements of consolidated cash flows\\.\n\n***Credit Ratings\\.*** As of the filing date of this report, UAL and United had the following corporate credit ratings:\n\n\n\n|                                                                                       |                                                                                       |                                                                                       |                                                                                       |\n|:------------------------------------------------------------------------------------- |:-------------------------------------------------------------------------------------:|:-------------------------------------------------------------------------------------:|:-------------------------------------------------------------------------------------:|\n|                                                                                       |                                          S&P                                          |                                        Moody\u2019s                                        |                                         Fitch                                         |\n| UAL                                                                                   |                                         BB\\-                                          |                                          Ba2                                          |                                          BB                                           |\n| United                                                                                |                                         BB\\-                                          |                                          \\*                                           |                                          BB                                           |\n| \\*The credit agency does not issue corporate credit ratings for subsidiary entities\\. | \\*The credit agency does not issue corporate credit ratings for subsidiary entities\\. | \\*The credit agency does not issue corporate credit ratings for subsidiary entities\\. | \\*The credit agency does not issue corporate credit ratings for subsidiary entities\\. |\n\n\n\n37"}
{"_id": "Southwest-2017_87.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nDuring November 2017, the Company issued $300 million senior unsecured notes due 2022\\. The notes bear interest at 2\\.75 percent\\. Interest is payable semi\\-annually in arrears on May 16 and November 16, beginning in 2018\\.\n\nAlso during November 2017, the Company issued $300 million senior unsecured notes due 2027\\. The notes bear interest at 3\\.45 percent\\. Interest is payable semi\\-annually in arrears on May 16 and November 16, beginning in 2018\\.\n\nDuring November 2016, the Company issued $300 million senior unsecured notes due 2026\\. The notes bear interest at 3\\.00 percent\\. Interest is payable semi\\-annually in arrears on May 15 and November 15\\. \n\nDuring October 2016, the Company entered into a term loan agreement providing for loans to the Company aggregating up to $215 million, to be secured by mortgages on seven of the Company's 737\\-800 aircraft\\. The Company borrowed the full $215 million and secured this loan with the requisite seven aircraft mortgages\\. The loan matures on October 31, 2026, and is repayable via semi\\-annual installments of principal that begin April 30, 2018\\. The loan bears interest at the LIBO Rate (as defined in the term loan agreement) plus 1\\.10 percent, which equates to a current rate of 2\\.67 percent, and interest is payable semi\\-annually in installments\\.\n\nDuring third quarter 2016, the Company entered into term loan agreements to purchase the equity interest in four aircraft that were previously classified as operating leases, for a total of $20 million\\. The loans were set to mature in years 2018 to 2021, but were paid in full on August 1, 2017, utilizing available cash on hand\\.\n\nDuring November 2015, the Company issued $500 million senior unsecured notes due 2020\\. The notes bear interest at 2\\.65 percent, payable semi\\-annually in arrears on May 5 and November 5\\. Concurrently, the Company entered into a fixed\\-to\\-floating interest rate swap to convert the interest on these unsecured notes to a floating rate until their maturity\\. See Note 10 for further information on the interest\\-rate swap agreement\\.\n\nDuring November 2014, the Company issued $300 million senior unsecured notes due 2019\\. The notes bear interest at 2\\.75 percent, payable semi\\-annually in arrears on May 6 and November 6\\. Concurrently, the Company entered into a fixed\\-to\\-floating interest rate swap to convert the interest on these unsecured notes to a floating rate until their maturity\\. See Note 10 for further information on the interest\\-rate swap agreement\\.\n\nOn July 1, 2009, the Company entered into a term loan agreement providing for loans to the Company aggregating up to $124 million, to be secured by mortgages on five of the Company\u2019s 737\\-700 aircraft\\. The Company borrowed the full $124 million and secured this loan with the requisite five aircraft mortgages\\. The loan matures on July 1, 2019, and is repayable semi\\-annually in installments of principal and interest that began January 1, 2010\\. The loan bears interest at a fixed rate of 4\\.84 percent\\. In September 2015, the Company prepaid $24 million on the loan agreement, which in turn released one of the encumbered aircraft\\. As such, the remaining four aircraft related to this transaction are still encumbered as of December 31, 2017\\.\n\nOn April 29, 2009, the Company entered into a term loan agreement providing for loans to the Company aggregating up to $332 million, to be secured by mortgages on 14 of the Company\u2019s 737\\-700 aircraft\\. The Company borrowed the full $332 million and secured the loan with the requisite 14 aircraft mortgages\\. The loan matures on May 6, 2019, and is being repaid via quarterly installments of principal and interest that began August 6, 2009\\. The loan bears interest at the LIBO Rate (as defined in the term loan agreement) plus 3\\.30 percent\\. Pursuant to the terms of the term loan agreement, the Company entered into an interest rate swap agreement to convert the variable rate on the term loan to a fixed 6\\.315 percent until maturity\\.\n\nOn May 6, 2008, the Company entered into a term loan agreement providing for loans to the Company aggregating up to $600 million, to be secured by first\\-lien mortgages on 21 of the Company\u2019s 737\\-700 aircraft\\. On May 9, 2008, the Company borrowed the full $600 million and secured these loans with the requisite 21 aircraft mortgages\\. The loans mature on May 9, 2020, and are repayable quarterly in installments of principal and interest, with the first payment made on August 9, 2008\\. The loans bear interest at the LIBO Rate (as defined in the term loan agreement) plus 0\\.95 percent\\. Pursuant to the terms of the term loan agreement, the Company entered into an interest rate swap agreement to convert the variable rate on the term loan to a fixed 5\\.223 percent until maturity\\.\n\n88"}
{"_id": "United-2017_18.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nThe Company may be required to recognize impairments in the future due to, among other factors, extreme fuel price volatility, tight credit markets, a decline in the fair value of certain tangible or intangible assets, unfavorable trends in historical or forecasted results of operations and cash flows and an uncertain economic environment, as well as other uncertainties\\. The Company can provide no assurance that a material impairment charge of tangible or intangible assets will not occur in a future period\\. The value of the Company\u2019s aircraft could be impacted in future periods by changes in supply and demand for these aircraft\\. Such changes in supply and demand for certain aircraft types could result from grounding of aircraft by the Company or other carriers\\. An impairment charge could have a material adverse effect on the Company\u2019s financial position and results of operations\\.\n\n***The Company\u2019s ability to use its net operating loss carryforwards to offset future taxable income for U\\.S\\. federal income tax purposes may be significantly limited due to various circumstances, including certain possible future transactions involving the sale or issuance of UAL common stock, or if taxable income does not reach sufficient levels\\.*** \n\nAs of December 31, 2017, UAL reported consolidated federal net operating loss (\u201cNOL\u201d) carryforwards of approximately $2\\.4 billion\\.\n\nThe Company\u2019s ability to use its NOL carryforwards may be limited if it experiences an \u201cownership change\u201d as defined in Section 382 (\u201cSection 382\u201d) of the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d)\\. An ownership change generally occurs if certain stockholders increase their aggregate percentage ownership of a corporation\u2019s stock by more than 50 percentage points over their lowest percentage ownership at any time during the testing period, which is generally the three\\-year period preceding any potential ownership change\\.\n\nThere is no assurance that the Company will not experience a future ownership change under Section 382 that may significantly limit or possibly eliminate its ability to use its NOL carryforwards\\. Potential future transactions involving the sale or issuance of UAL common stock, including the exercise of conversion options under the terms of any convertible debt that UAL may issue in the future, the repurchase of such debt with UAL common stock, any issuance of UAL common stock for cash, and the acquisition or disposition of such stock by a stockholder owning 5% or more of UAL common stock, or a combination of such transactions, may increase the possibility that the Company will experience a future ownership change under Section 382\\.\n\nUnder Section 382, a future ownership change would subject the Company to additional annual limitations that apply to the amount of pre\\-ownership change NOLs that may be used to offset post\\-ownership change taxable income\\. This limitation is generally determined by multiplying the value of a corporation\u2019s stock immediately before the ownership change by the applicable long\\-term tax\\-exempt rate\\. Any unused annual limitation may, subject to certain limits, be carried over to later years, and the limitation may, under certain circumstances, be increased by built\\-in gains in the assets held by such corporation at the time of the ownership change\\. This limitation could cause the Company\u2019s U\\.S\\. federal income taxes to be greater, or to be paid earlier, than they otherwise would be, and could cause all or a portion of the Company\u2019s NOL carryforwards to expire unused\\. Similar rules and limitations may apply for state income tax purposes\\. The Company\u2019s ability to use its NOL carryforwards will also depend on the amount of taxable income it generates in future periods\\. The Company\u2019s NOL carryforwards may expire before it can generate sufficient taxable income to use them in full\\.\n\n***The final impacts of the Tax Cuts and Jobs Act could be materially different from our current estimates\\.*** \n\nOn December 22, 2017, the Tax Cuts and Jobs Act was signed into law (the \u201cTax Act\u201d)\\. The Tax Act introduced significant changes to the Code\\. We continue to examine the impact the Tax Act may have on our business\\. Notwithstanding the reduction in the federal corporate income tax rate as a result of Tax Act, the estimated impact of the new law is based on management\u2019s current knowledge and assumptions and recognized impacts could be materially different from current estimates based upon our further analysis of the new law\\.\n\n19"}
{"_id": "Alaska-2018_22.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Economic uncertainty, or another recession, would likely impact demand for our product and could harm our financial condition and results of operations\\.***\n\nThe airline industry, which is subject to relatively high fixed costs and highly variable and unpredictable demand, is particularly sensitive to changes in economic conditions\\. We are also highly dependent on U\\.S\\. consumer confidence and the health of the U\\.S\\. economy\\. Unfavorable U\\.S\\. economic conditions have historically driven changes in travel patterns and have resulted in reduced spending for both leisure and business travel\\. For some consumers, leisure travel is a discretionary expense, and shorter distance travelers, in particular, have the option to replace air travel with surface travel\\. Businesses are able to forgo air travel by using communication alternatives such as videoconferencing or may be more likely to purchase less expensive tickets to reduce costs, which can result in a decrease in average revenue per seat\\. Unfavorable economic conditions also hamper the ability of airlines to raise fares to counteract increased fuel, labor and other costs\\. Unfavorable or even uncertain economic conditions could negatively affect our financial condition and results of operations\\.\n\n***INFORMATION TECHNOLOGY***\n\n***We rely heavily on automated systems to operate our business, and a failure to invest in new technology or a disruption of our current systems or their operators could harm our business\\.***\n\nWe depend on automated systems to operate our business, including our airline reservation system, our telecommunication systems, our website, our maintenance systems, our check\\-in kiosks, mobile devices, and other systems\\. Substantially all of our tickets are issued to our guests as electronic tickets, and the majority of our guests check\\-in using our website, airport kiosks, or our mobile application\\. We depend on our reservation system to be able to issue, track and accept these electronic tickets\\. In order for our operations to work efficiently, we must continue to invest in new technology to ensure that our website, reservation system and check\\-in systems are able to accommodate a high volume of traffic, maintain information security and deliver important flight information\\. Substantial or repeated website, reservations system or telecommunication systems failures or service disruptions could reduce the attractiveness of our services and cause our guests to do business with another airline\\. In addition, we rely on other automated systems for crew scheduling, flight dispatch and other operational needs\\. We are in the final stages of moving our primary data facility\\. Disruptions, failed migration, untimely recovery, or a breach of these systems or the data center could result in the loss of important data, an increase of our expenses, an impact on our operational performance, or a possible temporary cessation of our operations\\.\n\n***Failure to appropriately comply with information security rules and regulations or safeguard our employee or guest data could result in damage to our reputation and cause us to incur substantial legal and regulatory cost\\.***\n\nWe accept, store and transmit information about our guests, our employees, our business partners, and our business\\. Many international and U\\.S\\. jurisdictions have established or are in the process of establishing their own data security and privacy regulatory framework with which we, our business partners, and our corporate customers must comply\\. There are also various bills pending at the U\\.S\\. state and federal levels that could impose additional privacy and data security obligations\\. This uncertain and increasingly complex regulatory environment may result in significant expenses associated with increased investment in technology and the development of new operational processes, particularly as we continue to collect and retain large amounts of personal information\\. If our online activities or our other customer\\-facing technology systems do not function as designed, we may experience a loss of customer confidence, decreased sales, or be exposed to fraud, any of which could materially and adversely affect our reputation and operations\\. In addition, we frequently rely on third\\-party hosting sites and data processors, including cloud providers\\. To the extent that either we or third parties with whom we share information are found to be out of compliance with applicable laws and regulations, we could be subject to additional litigation, regulatory risks and reputational harm\\.\n\n***Cyber security threats have and will continue to impact our business\\. Failure to appropriately mitigate these risks could negatively impact our operations, reputation and financial condition\\.***\n\nOur sensitive information relies on secure transmission over public and private networks\\. Our systems are subject to increasing and evolving cyber security risks\\. Unauthorized parties have attempted and continue to attempt to gain access to our systems and information, including through fraudulent misrepresentation and other means of deception\\. Methods used by unauthorized parties are continually evolving and may be difficult to identify\\. Because of these ever\\-evolving risks and regular attacks, we continue to review policies and educate our people on various methods utilized in attempts to gain unauthorized access to bolster awareness and encourage cautionary practices\\. However, the nature of these attacks means that proper policies and education may not be enough to prevent all unauthorized access\\. A compromise of our systems, the security of our infrastructure or those of other business partners that result in our information being accessed or stolen by unauthorized persons could adversely affect our operations and our reputation\\.\n\n 23"}
{"_id": "Delta-2018_78.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\n2018 Unsecured Notes\n\nDuring the June 2018 quarter, we issued   $1\\.6 billion  in aggregate principal amount of unsecured notes, consisting of   $600 million  of   3\\.4%  Notes due 2021,   $500 million  of   3\\.8%  Notes due 2023 and   $500 million  of   4\\.375%  Notes due 2028 (collectively, the \"Notes\")\\. Concurrently with issuing the Notes, we entered into interest rate derivatives that swapped payments of fixed rate interest for payments of floating rate interest, which reduced our effective interest rate to one\\-month LIBOR plus   1\\.17% \\. See Note 5, \"Derivatives,\" for more information about the interest rate swaps\\.\n\nThe Notes are equal in right of payment with our other unsubordinated indebtedness and senior in right of payment to our future subordinated debt\\. The Notes are subject to covenants that, among other things, limit our ability to incur liens securing indebtedness for borrowed money or finance leases and engage in mergers and consolidations or transfer all or substantially all of our assets, in each case subject to certain exceptions\\. The Notes are also subject to customary event of default provisions, including cross\\-defaults to other material indebtedness\\.\n\nIf we experience certain changes of control, followed by a ratings decline of any series of Notes by   two  of the ratings agencies to a rating below investment grade, we must offer to repurchase such series\\.\n\nWe used the net proceeds from the offering of the Notes to repay borrowings outstanding under our secured Pacific term loan B\\-1 facility and 2015 term loan facility and for general corporate purposes\\.\n\n2018 Unsecured Revolving Credit Facility\n\nDuring the June 2018 quarter, we entered into a   $2\\.65 billion  unsecured revolving credit facility, up to   $500 million  of which may be used for the issuance of letters of credit (the \u201cRevolving Credit Facility\u201d)\\. The Revolving Credit Facility was undrawn at the time we entered into it and as of  December 31, 2018 \\. The Revolving Credit Facility replaced the undrawn secured Pacific Revolving Credit Facility and the 2015 Revolving Credit Facility, both of which were terminated in conjunction with the repayment of the term loans described above\\.\n\nThe Revolving Credit Facility is split evenly into a   $1\\.325 billion  three\\-year facility and a   $1\\.325 billion  five\\-year facility\\. Borrowings on both facilities bear interest at a variable rate equal to LIBOR, or another index rate, in each case plus a specified margin\\.\n\nNYTDC Special Facilities Revenue Bonds\n\nDuring the June 2018 quarter, the New York Transportation Development Corporation (\"NYTDC\") issued Special Facilities Revenue Bonds, Series 2018 (the \"2018 Bonds\") in the aggregate principal amount of   $1\\.4 billion \\. We entered into loan agreements with the NYTDC to use the proceeds from the 2018 Bonds to finance a portion of the construction costs for the new terminal facilities at the LaGuardia Airport\\. The proceeds from the 2018 Bonds are recorded in cash restricted for airport construction on the balance sheet\\. Additional information about the construction project at the LaGuardia Airport is included in  Note 9 , \"Airport Redevelopment\\.\"\n\nWe are required to pay debt service on the 2018 Bonds through payments under loan agreements with NYTDC, and we have guaranteed the 2018 Bonds\\.\n\nFinancial Covenants \n\nWe were in compliance with the covenants in our financing agreements at  December 31, 2018 \\. \n\nAvailability Under Revolving Credit Facilities\n\nThe table below shows availability under revolving credit facilities, all of which were undrawn, as of  December 31, 2018 :\n\n\n\n|                                                      |        |\n| ---------------------------------------------------- | ------ |\n| **(in millions)**                                    |        |\n| Unsecured Revolving Credit Facility                  | $2,650 |\n| Other revolving credit facilities<br><br>  <br>      | 380    |\n| Total availability under revolving credit facilities | $3,030 |\n\n\n\nDuring February 2019, we drew   $750 million  from our unsecured Revolving Credit Facility for general corporate purposes\\. \n\n 76"}
{"_id": "Delta-2017_91.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nGeographic Information\n\nOperating revenue for the airline segment is recognized in a specific geographic region based on the origin, flight path and destination of each flight segment\\. The majority of the revenues of the refinery, consisting of fuel sales to the airline, have been eliminated in the Consolidated Financial Statements\\. The remaining operating revenue for the refinery segment is included in the domestic region\\.\n\nOur operating revenue by geographic region (as defined by the U\\.S\\. Department of Transportation) is summarized in the following table:\n\n\n\n|                   |                             |                             |                             |\n| ----------------- | --------------------------- | --------------------------- | --------------------------- |\n|                   | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions)** | **2017**                    | **2016**                    | **2015**                    |\n| Domestic          | $29,556                     | $28,108                     | $27,884                     |\n| Atlantic          | 6,044                       | 5,919                       | 6,505                       |\n| Pacific           | 2,730                       | 2,939                       | 3,503                       |\n| Latin America     | 2,914                       | 2,673                       | 2,812                       |\n| Total             | $41,244                     | $39,639                     | $40,704                     |\n\n\n\nOur tangible assets consist primarily of flight equipment, which is mobile across geographic markets\\. Accordingly, assets are not allocated to specific geographic regions\\.\n\nNOTE 15 \\. RESTRUCTURING\n\nThe following table shows the balances and activity for restructuring charges:\n\n\n\n|                                  |               |               |               |\n| -------------------------------- | ------------- | ------------- | ------------- |\n| **(in millions)**                | **2017**      | **2016**      | **2015**      |\n| Liability at beginning of period | $333          | $467          | $504          |\n| Payments                         | (103<br><br>) | (144<br><br>) | (127<br><br>) |\n| Additional expenses and other    | 7             | 10            | 90            |\n| Liability at end of period       | $237          | $333          | $467          |\n\n\n\nRestructuring charges primarily include remaining lease payments for permanently grounded aircraft related to domestic and Pacific fleet restructurings\\. We are continuing to restructure our domestic fleet by replacing a portion of our 50\\-seat regional fleet with more efficient and customer preferred aircraft and replacing older, less cost effective B\\-757\\-200 aircraft with B\\-737\\-900ER aircraft\\. We are also restructuring our Pacific network by retiring the B\\-747\\-400 fleet (the last aircraft retired during 2017) and replacing the fleet with smaller\\-gauge, widebody aircraft to better match capacity with demand\\.\n\n 87"}
{"_id": "United-2017_104.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|                |                          |\n| -------------- | ------------------------ |\n|  **ITEM 9B\\.** | **OTHER INFORMATION\\.**  |\n\n\n\nNone\\.\n\n**PART III** \n\n\n\n|                |                                                               |\n| -------------- | ------------------------------------------------------------- |\n|  **ITEM 10\\.** | **DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE\\.**  |\n\n\n\nCertain information required by this item with respect to UAL is incorporated by reference from UAL\u2019s definitive proxy statement for its 2018 Annual Meeting of Stockholders\\. Information regarding the executive officers of UAL is presented below\\.\n\nInformation required by this item with respect to United is omitted pursuant to General Instruction I(2)(c) of Form 10\\-K\\.\n\n**EXECUTIVE OFFICERS OF UAL** \n\nThe executive officers of UAL as of February 23, 2018 are listed below, along with their ages, tenure as officer and business background for at least the last five years\\.\n\n**Kate Gebo\\.** Age 49\\. Ms\\. Gebo has served as Executive Vice President Human Resources and Labor Relations of UAL and United since December 2017\\. From November 2016 to November 2017, Ms\\. Gebo served as Senior Vice President Global Customer Service Delivery and Chief Customer Officer of United\\. From October 2015 to November 2016, Ms\\. Gebo served as Vice President of the Office of the Chief Executive Officer\\. From November 2009 to October 2015, Ms\\. Gebo served as Vice President of Corporate Real Estate of United\\.\n\n**Brett J\\. Hart\\.** Age 48\\. Mr\\. Hart has served as Executive Vice President, Chief Administrative Officer and General Counsel of UAL and United since May 2017\\. From February 2012 to May 2017, he served as Executive Vice President and General Counsel of UAL and United\\. Mr\\. Hart served as acting Chief Executive Officer and principal executive officer of the Company, on an interim basis, from October 2015 to March 2016\\. From December 2010 to February 2012, he served as Senior Vice President, General Counsel and Secretary of UAL, United and Continental Airlines, Inc\\. (\u201cContinental\u201d)\\. From June 2009 to December 2010, Mr\\. Hart served as Executive Vice President, General Counsel and Corporate Secretary at Sara Lee Corporation, a consumer food and beverage company\\. From March 2005 to May 2009, Mr\\. Hart served as Deputy General Counsel and Chief Global Compliance Officer of Sara Lee Corporation\\.\n\n**Gregory L\\. Hart\\.** Age 52\\. Mr\\. Hart has served as Executive Vice President and Chief Operations Officer of UAL and United since February 2014\\. From December 2013 to February 2014, he served as Senior Vice President Operations of UAL and United\\. From September 2012 to December 2013, Mr\\. Hart served as Senior Vice President Technical Operations of United\\. From October 2010 to September 2012, Mr\\. Hart served as Senior Vice President Network of United and Continental\\. From September 2008 to September 2010, Mr\\. Hart served as Vice President Network Strategy of Continental\\. Mr\\. Hart joined Continental in 1997\\.\n\n**Linda P\\. Jojo\\.** Age 52\\. Ms\\. Jojo has served as Executive Vice President Technology and Chief Digital Officer of UAL and United since May 2017\\. From November 2014 to May 2017, Ms\\. Jojo served as Executive Vice President and Chief Information Officer of UAL and United\\. From July 2011 to October 2014, Ms\\. Jojo served as Executive Vice President and Chief Information Officer of Rogers Communications, Inc\\., a Canadian communications and media company\\. From October 2008 to June 2011, Ms\\. Jojo served as Chief Information Officer of Energy Future Holdings, a Dallas\\-based privately held energy company and electrical utility provider\\.\n\n**Chris Kenny\\.** Age 53\\. Mr\\. Kenny has served as Vice President and Controller of UAL and United since October 2010\\. From September 2003 to September 2010, Mr\\. Kenny served as Vice President and Controller of Continental\\. Mr\\. Kenny joined Continental in 1997\\.\n\n**J\\. Scott Kirby\\. A**ge 50\\. Mr\\. Kirby has served as President of UAL and United since August 2016\\. Prior to joining the Company, from December 2013 to August 2016, Mr\\. Kirby served as President of American Airlines\n\n105"}
{"_id": "Alaska-2018_44.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Non\\-fuel Expense and Non\\-special items***\n\nThe table below provides the reconciliation of the impact of Virgin America on the comparative results for each of our operating expense line items, excluding fuel and special items\\. \n\n\n\n|                                                  |                                      |                                      |                                      |                                      |              |              |\n| ------------------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------ | ------------ |\n|                                                  | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Change**   | **Change**   |\n|                                                  | **Air Group**                        | **Air Group**                        | **Virgin America**                   | **Combined**                         | **Combined** | **Combined** |\n| ***(in millions)***                              | **2017**  **^(b)^**                  | **2016** **^(b)^**                   | **2016** **^(c)^**                   | **2016** **^(a)^**                   | **$**        | **%**        |\n| Wages and benefits                               | **$1,931**                           | $1,394                               | 284                                  | 1,678                                | 253          | 15\\.1 %      |\n| Variable incentive pay                           | **135**                              | 127                                  | 32                                   | 159                                  | (24)         | (15\\.1)%     |\n| Aircraft maintenance                             | **391**                              | 270                                  | 80                                   | 350                                  | 41           | 11\\.7 %      |\n| Aircraft rent                                    | **274**                              | 114                                  | 170                                  | 284                                  | (10)         | (3\\.5)%      |\n| Landing fees and other rentals                   | **460**                              | 320                                  | 107                                  | 427                                  | 33           | 7\\.7 %       |\n| Contracted services                              | **314**                              | 247                                  | 60                                   | 307                                  | 7            | 2\\.3 %       |\n| Selling expenses                                 | **368**                              | 248                                  | 123                                  | 371                                  | (3)          | (0\\.8)%      |\n| Depreciation and amortization                    | **372**                              | 363                                  | 37                                   | 400                                  | (28)         | (7\\.0)%      |\n| Food and beverage service                        | **195**                              | 126                                  | 49                                   | 175                                  | 20           | 11\\.4 %      |\n| Third\\-party regional carrier expense            | **121**                              | 95                                   | \u2014                                    | 95                                   | 26           | 27\\.4 %      |\n| Other                                            | **562**                              | 367                                  | 86                                   | 453                                  | 109          | 24\\.1 %      |\n| Total non\\-fuel, non\\-special operating expenses | **$5,123**                           | $3,671                               | $1,028                               | $4,699                               | $424         | 9\\.0 %       |\n\n\n\n^(a), (b), (c)^ See footnotes on the Combined Comparative Operating Statistics table above\\. \n\n***Wages and Benefits***\n\nWages and benefits increased during 2017 by $537 million, or 39%, compared to 2016\\. On a Combined Comparative basis, total wages and benefits increased by $253 million or 15%\\. The primary components of wages and benefits, including a reconciliation of 2016 on a Combined Comparative basis, are shown in the following table:\n\n\n\n|                               |                                      |                                      |                                      |                                      |              |              |\n| ----------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------ | ------------ |\n|                               | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Change**   | **Change**   |\n|                               | **Air Group**                        | **Air Group**                        | **Virgin America**                   | **Combined**                         | **Combined** | **Combined** |\n| ***(in millions)***           | **2017**  **^(b)^**                  | **2016** **^(b)^**                   | **2016** **^(c)^**                   | **2016** **^(a)^**                   | **$**        | **%**        |\n| Wages                         | **$1,468**                           | $1,022                               | $224                                 | $1,246                               | $222         | 18%          |\n| Medical and other benefits    | **216**                              | 192                                  | 23                                   | 215                                  | 1            | \u2014%           |\n| Defined contribution plans    | **103**                              | 67                                   | 22                                   | 89                                   | 14           | 16%          |\n| Pension\u2014defined benefit plans | **39**                               | 37                                   | \u2014                                    | 37                                   | 2            | 5%           |\n| Payroll taxes                 | **105**                              | 76                                   | 15                                   | 91                                   | 14           | 15%          |\n| Total wages and benefits      | **$1,931**                           | $1,394                               | $284                                 | $1,678                               | $253         | 15%          |\n\n\n\n^(a), (b), (c)^ See footnotes on the Combined Comparative Operating Statistics table above\\. \n\nOn a Combined Comparative basis, wages increased$222 million with a 16% increase in FTEs\\. The increase in FTEs is attributable to the growth in our business and the growth in McGee Air Services, which has brought certain airport ground service positions in\\-house that were previously reflected in Contracted Services expense\\. Additionally, wage rates for pilots at Alaska and Virgin America increased significantly in November 2017 as a result of new contract rates stemming from a decision reached by a third\\-party arbitration panel during the fourth quarter of 2017\\. \n\nCosts associated with our defined contribution plans increased$14 million, or 16%, on a Combined Comparative basis, due to FTE growth and increased participation throughout all labor groups\\. Additionally, due to the arbitration decision reached in the fourth quarter of 2017, pilots at Alaska and Virgin America began receiving contributions at a higher rate\\.\n\n 45"}
{"_id": "AmericanAirlines-2019_93.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n7\\. Income Taxes\n\nThe significant components of the income tax provision were (in millions):\n\n\n\n|                                |                             |                             |                             |\n| ------------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                                | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                | **2019**                    | **2018**                    | **2017**                    |\n| Current income tax provision:  |                             |                             |                             |\n| State and Local                | $2                          | $3                          | $10                         |\n| Foreign                        | 8                           | 29                          | 14                          |\n| Current income tax provision   | 10                          | 32                          | 24                          |\n| Deferred income tax provision: |                             |                             |                             |\n| Federal                        | 498                         | 390                         | 2,026                       |\n| State and Local                | 62                          | 50                          | 63                          |\n| Deferred income tax provision  | 560                         | 440                         | 2,089                       |\n| Total income tax provision     | $570                        | $472                        | $2,113                      |\n\n\n\n  The income tax provision differed from amounts computed at the statutory federal income tax rate as follows (in millions):\n\n\n\n|                                                       |                             |                             |                             |\n| ----------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                       | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                       | **2019**                    | **2018**                    | **2017**                    |\n| Statutory income tax provision                        | $474                        | $396                        | $1,188                      |\n| State income tax provision, net of federal tax effect | 47                          | 44                          | 59                          |\n| Book expenses not deductible for tax purposes         | 31                          | 12                          | 33                          |\n| Foreign income taxes, net of federal tax effect       | 8                           | 23                          | 7                           |\n| Change in valuation allowance                         | 4                           | (6<br><br>)                 | (3<br><br>)                 |\n| 2017 Tax Act                                          | \u2014                           | \u2014                           | 823                         |\n| Other, net                                            | 6                           | 3                           | 6                           |\n| Income tax provision                                  | $570                        | $472                        | $2,113                      |\n\n\n\nWe provide a valuation allowance for our deferred tax assets, which include our net operating losses (NOLs), when it is more likely than not that some portion, or all of our deferred tax assets, will not be realized\\. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income\\. We consider all available positive and negative evidence and make certain assumptions in evaluating the realizability of our deferred tax assets\\. Many factors are considered that impact our assessment of future profitability, including conditions which are beyond our control, such as the health of the economy, the availability and price volatility of aircraft fuel and travel demand\\.\n\n94"}
{"_id": "Delta-2017_48.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nSee the table below for the unaudited impact resulting from the adoption of these standards on our Consolidated Financial Statements\\.\n\n\n\n|                                                                                |                             |                                           |                                           |                             |                             |                             |                             |                                           |                                           |                             |                             |                             |\n| ------------------------------------------------------------------------------ | --------------------------- | ----------------------------------------- | ----------------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | ----------------------------------------- | ----------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                | **Year Ended December 31,** | **Year Ended December 31,**               | **Year Ended December 31,**               | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,**               | **Year Ended December 31,**               | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                                | **2017**                    | **2017**                                  | **2017**                                  | **2017**                    | **2017**                    | **2017**                    | **2016**                    | **2016**                                  | **2016**                                  | **2016**                    | **2016**                    | **2016**                    |\n| **(Unaudited)**<br><br>**(in millions, except per share data and statistics)** | **As Reported**             | **Revenue from Contracts with Customers** | **Revenue from Contracts with Customers** | **Retirement Benefits**     | **Retirement Benefits**     | **As Adjusted**             | **As Reported**             | **Revenue from Contracts with Customers** | **Revenue from Contracts with Customers** | **Retirement Benefits**     | **Retirement Benefits**     | **As Adjusted**             |\n| **Income statement:**                                                          |                             |                                           |                                           |                             |                             |                             |                             |                                           |                                           |                             |                             |                             |\n| Passenger revenue                                                              | $34,819                     | $2,297                                    |   <br>                                    | $\u2014                          |   <br>                      | $37,116                     | $33,777                     | $2,189                                    |   <br>                                    | $\u2014                          |   <br>                      | $35,966                     |\n| Cargo revenue                                                                  | 729                         | 15                                        |   <br>                                    | \u2014                           |   <br>                      | 744                         | 668                         | 16                                        |   <br>                                    | \u2014                           |   <br>                      | 684                         |\n| Other revenue                                                                  | 5,696                       | (2,418                                    | )                                         | \u2014                           |   <br>                      | 3,278                       | 5,194                       | (2,394                                    | )                                         | \u2014                           |   <br>                      | 2,800                       |\n| Operating expense                                                              | (35,130)                    | (92                                       | )                                         | 50                          |   <br>                      | (35,172)                    | (32,687)                    | (92                                       | )                                         | 325                         |   <br>                      | (32,454)                    |\n| Non\\-operating expense                                                         | (413)                       | (3                                        | )                                         | (50                         | )                           | (466)                       | (316)                       | (2                                        | )                                         | (325                        | )                           | (643)                       |\n| Income tax provision                                                           | (2,124)                     | (171                                      | )                                         | \u2014                           |   <br>                      | (2,295)                     | (2,263)                     | 105                                       |   <br>                                    | \u2014                           |   <br>                      | (2,158)                     |\n| Net income                                                                     | 3,577                       | (372                                      | )                                         | \u2014                           |   <br>                      | 3,205                       | 4,373                       | (178                                      | )                                         | \u2014                           |   <br>                      | 4,195                       |\n| Diluted earnings per share                                                     | $4\\.95                      | $(0\\.52                                   | )                                         | \u2014                           |   <br>                      | $4\\.43                      | $5\\.79                      | $(0\\.24                                   | )                                         | \u2014                           |   <br>                      | $5\\.55                      |\n| **Operating statistics:**                                                      |                             |                                           |                                           |                             |                             |                             |                             |                                           |                                           |                             |                             |                             |\n| Pre\\-tax margin                                                                | 13\\.8%                      | (0\\.4                                     | )%                                        | \u2014                           |  %                          | 13\\.4%                      | 16\\.7%                      | (0\\.6                                     | )%                                        | \u2014                           |  %                          | 16\\.1%                      |\n| Passenger mile yield ^(1)^                                                     | 15\\.99\u00a2                     | 1\\.06                                     |  \u00a2                                        | \u2014                           |   <br>                      | 17\\.05\u00a2                     | 15\\.85\u00a2                     | 1\\.03                                     |  \u00a2                                        | \u2014                           |   <br>                      | 16\\.88\u00a2                     |\n| PRASM ^(1)^                                                                    | 13\\.69\u00a2                     | 0\\.90                                     |  \u00a2                                        | \u2014                           |   <br>                      | 14\\.59\u00a2                     | 13\\.41\u00a2                     | 0\\.87                                     |  \u00a2                                        | \u2014                           |   <br>                      | 14\\.28\u00a2                     |\n| TRASM ^(1)^                                                                    | 16\\.22\u00a2                     | (0\\.04                                    | )\u00a2                                        | \u2014                           |   <br>                      | 16\\.18\u00a2                     | 15\\.74\u00a2                     | (0\\.08                                    | )\u00a2                                        | \u2014                           |   <br>                      | 15\\.66\u00a2                     |\n| CASM ^(1)^                                                                     | 13\\.81\u00a2                     | 0\\.04                                     |  \u00a2                                        | (0\\.02                      | )\u00a2                          | 13\\.83\u00a2                     | 12\\.98\u00a2                     | 0\\.04                                     |  \u00a2                                        | (0\\.13                      | )\u00a2                          | 12\\.89\u00a2                     |\n| **Balance sheet:**                                                             |                             |                                           |                                           |                             |                             |                             |                             |                                           |                                           |                             |                             |                             |\n| Deferred income taxes, net                                                     | $935                        | $419                                      |   <br>                                    | $\u2014                          |   <br>                      | $1,354                      | $3,064                      | $589                                      |   <br>                                    | $\u2014                          |   <br>                      | $3,653                      |\n| Air traffic liability                                                          | 4,888                       | (524                                      | )                                         | \u2014                           |   <br>                      | 4,364                       | 4,626                       | (546                                      | )                                         | \u2014                           |   <br>                      | 4,080                       |\n| Frequent flyer deferred revenue (current and noncurrent)                       | 4,118                       | 2,082                                     |   <br>                                    | \u2014                           |   <br>                      | 6,200                       | 3,926                       | 1,877                                     |   <br>                                    | \u2014                           |   <br>                      | 5,803                       |\n| Other accrued and other noncurrent liabilities                                 | 3,969                       | 241                                       |   <br>                                    | \u2014                           |   <br>                      | 4,210                       | 3,785                       | 268                                       |   <br>                                    | \u2014                           |   <br>                      | 4,053                       |\n| Retained earnings                                                              | 9,636                       | (1,380                                    | )                                         | \u2014                           |   <br>                      | 8,256                       | 7,903                       | (1,009                                    | )                                         | \u2014                           |   <br>                      | 6,894                       |\n\n\n\n\n\n|       |                                                                                    |\n| ----- | ---------------------------------------------------------------------------------- |\n| ^(1)^ | Refer to the \"Glossary of Defined Terms\" below for the definition of these terms\\. |\n\n\n\n 44"}
{"_id": "AmericanAirlines-2017_169.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**ITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**\n\nNone\\.\n\n**ITEM 9A\\. CONTROLS AND PROCEDURES**\n\n**Management\u2019s Evaluation of Disclosure Controls and Procedures**\n\nThe term \u201cdisclosure controls and procedures\u201d is defined in Rules 13a\\-15(e) and 15d\\-15(e) of the Exchange Act\\. This term refers to the controls and procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC\\. An evaluation of the effectiveness of AAG\u2019s and American\u2019s disclosure controls and procedures as of December 31, 2017 was performed under the supervision and with the participation of AAG\u2019s and American\u2019s management, including AAG\u2019s and American\u2019s Chief Executive Officer (CEO) and Chief Financial Officer (CFO)\\. Based on that evaluation, AAG\u2019s and American\u2019s management, including AAG\u2019s and American\u2019s CEO and CFO, concluded that AAG\u2019s and American\u2019s disclosure controls and procedures were effective as of December 31, 2017\\.\n\n**Changes in Internal Control over Financial Reporting**\n\nOn December 9, 2013, AAG acquired US Airways Group and its subsidiaries\\. We are still in the process of integrating certain processes, technology and operations for the post\\-Merger combined company, and we will continue to evaluate the impact of any related changes to our internal control over financial reporting\\. For the year ended December 31, 2017, there has been no change in AAG\u2019s or American\u2019s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, AAG\u2019s and American\u2019s internal control over financial reporting\\.\n\n**Limitation on the Effectiveness of Controls**\n\nWe believe that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected\\. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives, and the CEO and CFO of AAG and American believe that our disclosure controls and procedures were effective at the \u201creasonable assurance\u201d level as of December 31, 2017\\.\n\n**Management\u2019s Annual Report on Internal Control over Financial Reporting**\n\nManagement of AAG and American is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a\\-15(f) and 15d\\-15(f) under the Exchange Act\\. AAG\u2019s and American\u2019s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP\\. AAG\u2019s and American\u2019s internal control over financial reporting includes policies and procedures that:\n\n\n\n|   |                                                                                                                                                                                   |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of AAG or American, respectively; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of AAG or American are being made only in accordance with authorizations of management and directors of AAG or American, respectively; and |\n\n\n\n\n\n|   |                                                                                                                                                                                                                     |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of AAG\u2019s or American\u2019s assets that could have a material effect on the financial statements\\. |\n\n\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\nManagement assessed the effectiveness of AAG\u2019s and American\u2019s internal control over financial reporting as of December 31, 2017\\. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in its Internal Control \u2013 Integrated Framework (2013 Framework)\\.\n\nBased on our assessment and those criteria, AAG\u2019s and American\u2019s management concludes that AAG and American, respectively, maintained effective internal control over financial reporting as of December 31, 2017\\.\n\n170"}
{"_id": "AmericanAirlines-2018_100.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n*December 2016 Credit Facilities*\n\nIn November 2017, American and AAG entered into the First Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of December 15, 2016, pursuant to which American refinanced the $1\\.3 billion term loan facility due December 2023 established thereunder (the December 2016 Term Loan Facility, and together with a revolving credit facility that may be established thereunder in the future, the December 2016 Credit Facilities), to reduce the LIBOR margin from 2\\.50% to 2\\.00% and the base rate margin from 1\\.50% to 1\\.00%\\.\n\nCertain 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, 2018:\n\n\n\n|                                                                                 |                                |                                  |                            |                                       |                                  |                                             |                                     |\n| ------------------------------------------------------------------------------- | ------------------------------ | -------------------------------- | -------------------------- | ------------------------------------- | -------------------------------- | ------------------------------------------- | ----------------------------------- |\n|                                                                                 | **2013 Credit Facilities**     | **2013 Credit Facilities**       | **2014 Credit Facilities** | **2014 Credit Facilities**            | **April 2016 Credit Facilities** | **April 2016 Credit Facilities**            | **December 2016 Credit Facilities** |\n|                                                                                 | **2013 Replacement Term Loan** | **2013  <br>Revolving Facility** | **2014 Term Loan**         | **2014  <br>Revolving  <br>Facility** | **April 2016 Term Loan**         | **April 2016  <br>Revolving  <br>Facility** | **December 2016 Term Loan**         |\n| Aggregate principal issued or credit facility availability<br><br>(in millions) | $1,900                         | $1,000                           | $1,250                     | $1,543                                | $1,000                           | $300                                        | $1,250                              |\n| Principal outstanding or drawn (in millions)                                    | $1,825                         | $\u2014                               | $1,215                     | $\u2014                                    | $980                             | $\u2014                                          | $1,225                              |\n| Maturity date                                                                   | June 2025                      | October 2023                     | October 2021               | October 2023                          | April 2023                       | October 2023                                | December 2023                       |\n| LIBOR margin                                                                    | 1\\.75%                         | 2\\.00%                           | 2\\.00%                     | 2\\.00%                                | 2\\.00%                           | 2\\.00%                                      | 2\\.00%                              |\n\n\n\nThe term loans under each of the Credit Facilities are repayable in annual installments in an amount equal to 1\\.00% of the aggregate principal amount issued, with any unpaid balance due on the respective maturity dates\\. Voluntary prepayments may be made by American at any time\\.\n\nThe 2013 Revolving Facility, 2014 Revolving Facility and April 2016 Revolving Facility provide that American may from time to time borrow, repay and reborrow loans thereunder\\. The 2013 Revolving Facility and 2014 Revolving Facility have the ability to issue letters of credit thereunder in an aggregate amount outstanding at any time up to $100 million and $200 million, respectively\\. The 2013 Revolving Facility, 2014 Revolving Facility and April 2016 Revolving Facility are each subject to an undrawn annual fee of 0\\.63%\\. As of December 31, 2018, there were no borrowings or letters of credit outstanding under the 2013 Revolving Facility, 2014 Revolving Facility or April 2016 Revolving Facility\\. The December 2016 Credit Facilities provide for a revolving credit facility that may be established thereunder in the future\\.\n\nSubject to certain limitations and exceptions, the Credit Facilities are secured by collateral, including certain spare parts, certain slots, certain route authorities, certain simulators and certain leasehold rights\\. American has the ability to make future modifications to the collateral pledged, subject to certain restrictions\\. American\u2019s obligations under the Credit Facilities are guaranteed by AAG\\. American is required to maintain a certain minimum ratio of appraised value of the collateral to the outstanding loans as further described below in *\u201cCollateral\\-Related Covenants\\.\u201d*\n\nThe Credit Facilities contain events of default customary for similar financings, including cross default to other material indebtedness\\. Upon the occurrence of an event of default, the outstanding obligations may be accelerated and become due and payable immediately\\. In addition, if a \u201cchange of control\u201d occurs, American will (absent an amendment or waiver) be required to repay at par the loans outstanding under the Credit Facilities and terminate the 2013 Revolving Facility, 2014 Revolving Facility and April 2016 Revolving Facility and any revolving credit facility established under the December 2016 Credit Facilities\\. The Credit Facilities also include covenants that, among other things, require AAG to maintain a minimum aggregate liquidity (as defined in the Credit Facilities) of not less than $2\\.0 billion and limit the ability of AAG and its restricted subsidiaries to pay dividends and make certain other payments, make certain investments, incur additional indebtedness, incur liens on the collateral, dispose of the collateral, enter into certain affiliate transactions and engage in certain business activities, in each case subject to certain exceptions\\.\n\n101"}
{"_id": "United-2017_110.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|          |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| --------:|:--------------- |:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  \\*4\\.15 | UAL  <br>United | [Form of 5\\.000% Senior Notes due 2024 (filed as Exhibit A to Exhibit 4\\.2 to UAL\u2019s Form  8\\-K filed January 27, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015517000004/e75742257ex4_2.htm)                                                                                                                                                                                                          |\n|  \\*4\\.16 | UAL  <br>United | [Form of Notation of Note Guarantee (filed as Exhibit B to Exhibit 4\\.2 to UAL\u2019s Form  8\\-K filed January 27, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015517000004/e75742257ex4_2.htm)                                                                                                                                                                                                             |\n|  \\*4\\.17 | UAL  <br>United | [Fourth Supplemental Indenture, dated as of September 29, 2017, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee, providing for the issuance of 4\\.250% Senior Notes due 2022 (filed as Exhibit 4\\.2 to UAL\u2019s  Form 8\\-K filed October 4, 2017, Commission file  number 1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517302468/d463744dex42.htm) |\n|  \\*4\\.18 | UAL  <br>United | [Form of 4\\.250% Senior Notes due 2022 (filed as Exhibit A to Exhibit 4\\.2 to UAL\u2019s  Form 8\\-K filed October 4, 2017, Commission file  number 1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517302468/d463744dex42.htm)                                                                                                                                                                                                             |\n|  \\*4\\.19 | UAL  <br>United | [Form of Notation of Note Guarantee (filed as Exhibit B to Exhibit 4\\.2 to UAL\u2019s  Form 8\\-K filed October 4, 2017, Commission file  number 1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517302468/d463744dex42.htm)                                                                                                                                                                                                                |\n|          |                 | **Material Contracts**                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| \\*\u202010\\.1 | UAL             | [Agreement, dated April 19, 2016, by and among PAR Capital Management, Inc\\., Altimeter Capital Management, LP, United Continental Holdings, Inc\\. and the other signatories listed on the signature page thereto (filed as Exhibit 10\\.1 to UAL\u2019s Form  8\\-K filed April 20, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000110465916112937/a16-8741_2ex10d1.htm)                                           |\n| \\*\u202010\\.2 | UAL             | [United Continental Holdings, Inc\\. Profit Sharing Plan (amended and restated effective January 1, 2016) (Filed as Exhibit 10\\.2 to UAL\u2019s Form  10\\-K for the year ended December 31, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex102.htm)                                                                                                                                      |\n|   \u202010\\.3 | UAL             | [First Amendment, dated January 29, 2018, to United Continental Holdings, Inc Profit Sharing Plan ](https://www.example.com/d471340dex103.htm)                                                                                                                                                                                                                                                                                                                                                |\n| \\*\u202010\\.4 | UAL  <br>United | [Employment Agreement, dated December 31, 2015, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and Oscar Munoz (filed as Exhibit 10\\.1 to UAL\u2019s Form  8\\-K/A filed January 7, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000110465916088696/a16-1427_1ex10d1.htm)                                                                                                                         |\n| \\*\u202010\\.5 | UAL  <br>United | [Amendment to Employment Agreement, dated April 19, 2016, by and among United Continental Holdings, Inc\\., United Airlines, Inc\\. and Oscar Munoz (filed as Exhibit 10\\.1 to UAL\u2019s Form  8\\-K filed April 20, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000110465916112678/a16-8741_1ex10d1.htm)                                                                                                           |\n| \\*\u202010\\.6 | UAL  <br>United | [Second Amendment to Employment Agreement, dated April 21, 2017, by and among United Continental Holdings, Inc\\., United Airlines, Inc\\. and Oscar Munoz (incorporated by reference to Exhibit 10\\.1 to the Registrant\u2019s Current Report on Form  8\\-K filed on April 21, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000110465917025203/a17-11675_1ex10d1.htm)                                               |\n| \\*\u202010\\.7 | UAL  <br>United | [SERP Agreement, dated as of October 1, 2010, by and among United Continental Holdings, Inc\\., Continental Airlines, Inc\\. and James E\\. Compton (filed as Exhibit 10\\.12 to UAL\u2019s Form  10\\-K for the year ended December 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312511042335/dex1012.htm)                                                                                                   |\n\n\n\n111"}
{"_id": "Southwest-2018_77.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe Company has historically entered into agreements with some of its co\\-brand, payment, and loyalty partners that contain exclusivity aspects which place certain confidential restrictions on the Company from entering into certain arrangements with other payment and loyalty partners\\. These arrangements generally extend for the terms of the agreements, which typically are for five to seven years, but none of which are more than 10 years in length\\. Some of these agreements automatically renew on an annual basis, unless either party objects to such extension\\. The Company believes the financial benefits generated by the exclusivity aspects of these arrangements outweigh the risks involved with such agreements\\.\n\n**2****\\. NEW ACCOUNTING PRONOUNCEMENTS AND ACCOUNTING CHANGES**\n\nOn August 29, 2018, the Financial Accounting Standards Board (the \"FASB\") issued ASU No\\. 2018\\-15, Intangibles\u2014Goodwill and Other\u2014Internal\\-Use Software\\. This new standard requires a customer in a cloud computing arrangement that is a service contract to follow the internal\\-use software guidance in Accounting Standards Codification (\"ASC\") 350\\-40, Accounting for Internal\\-Use Software, to determine which implementation costs to (i) capitalize as assets and amortize over the term of the hosting arrangement or (ii) expense as incurred\\. This new standard is effective for public business entities in fiscal years beginning after December 15, 2019\\. Early adoption is permitted, including during an interim period\\. Entities have the option to apply this standard prospectively to all implementation costs incurred after the date of adoption or retrospectively\\. The Company is evaluating this new standard, but does not expect it to have a significant impact on its financial statement presentation or results\\.\n\nOn August 28, 2018, the FASB issued ASU No\\. 2018\\-13, Fair Value Measurement\\. This standard is effective for public business entities in fiscal years beginning after December 15, 2019, and for interim periods within those years\\. Early adoption is permitted, including during an interim period\\. This new standard requires changes to the disclosure requirements for fair value measurements for certain Level 3 items, and specifies that some of the changes must be applied prospectively, while others should be applied retrospectively\\. The Company is evaluating this new standard, but does not expect it to have a significant impact on its financial statement disclosures\\. See Note 11 for further information on the Company's fair value measurements\\.\n\nOn August 28, 2018, the FASB issued ASU No\\. 2018\\-14, Compensation\u2014Retirement Benefits\u2014Defined Benefit Plans\u2014General\\. This new standard makes changes to the disclosure requirements for sponsors of defined benefit pension and/or other postretirement benefit plans to improve effectiveness of notes to the financial statements\\. This standard is effective for public business entities in fiscal years ending after December 15, 2020\\. Early adoption is permitted\\. Entities will apply this standard using a retrospective approach\\. The Company elected to early adopt this standard as of December 31, 2018, on a retrospective basis as required\\. Therefore disclosures within Note 13 have been reduced to reflect the elimination of certain previously required disclosures\\. The adoption had no impact on the Company's Net income, earnings per share, or cash flows\\.\n\nOn August 28, 2017, the FASB issued the New Hedging Standard\\. The New Hedging Standard amends the hedge accounting model to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results\\. The New Hedging Standard also simplifies the application of hedge accounting in certain situations\\. The New Hedging Standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted in any interim or annual period\\. The Company elected to early adopt the New Hedging Standard as of January 1, 2018, utilizing a modified retrospective approach, as required\\. The most significant impacts of the New Hedging Standard on the Company's accounting are the elimination of the requirement to separately measure and record ineffectiveness for all cash flow hedges in a hedging relationship, as well as a change in classification of premium expense associated with option contracts\\. Such premium expense for the Company's fuel hedges was previously reflected as a component of Other (gains) losses, net, in the Consolidated Statement of Income, but under the New Hedging Standard is reflected as a component of the line item to which the hedge relates, which is Fuel and oil expense\\. As such, premium expense for the years ended December 31, 2017 and 2016, has been reclassified in order to be comparative with current period results in the accompanying Consolidated Statement of Income\\. The impact of the cumulative effect of the adjustment to move the reporting of ineffectiveness as of January 1, 2018, to AOCI from Retained earnings, was a $20 million loss, \n\n78"}
{"_id": "AmericanAirlines-2017_167.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n**13\\. Valuation and Qualifying Accounts (in millions)**\n\n\n\n|                                               |                                  |                                                         |                                                 |                                      |                            |\n| --------------------------------------------- | -------------------------------- | ------------------------------------------------------- | ----------------------------------------------- | ------------------------------------ | -------------------------- |\n|                                               | **Balance at Beginning of Year** | **Changes Charged to Statement of Operations Accounts** | **Write\\-offs** <br><br>**(Net of Recoveries)** | **Sales, Retirements and Transfers** | **Balance at End of Year** |\n| **Allowance for obsolescence of spare parts** |                                  |                                                         |                                                 |                                      |                            |\n| Year ended December 31, 2017                  | $720                             | $18                                                     | $\u2014                                              | $(21)                                | $717                       |\n| Year ended December 31, 2016                  | 689                              | 28                                                      | \u2014                                               | 3                                    | 720                        |\n| Year ended December 31, 2015                  | 638                              | 42                                                      | \u2014                                               | 9                                    | 689                        |\n| **Allowance for uncollectible accounts**      |                                  |                                                         |                                                 |                                      |                            |\n| Year ended December 31, 2017                  | $35                              | $41                                                     | $(55)                                           | $\u2014                                   | $21                        |\n| Year ended December 31, 2016                  | 37                               | 47                                                      | (49)                                            | \u2014                                    | 35                         |\n| Year ended December 31, 2015                  | 14                               | 45                                                      | (22)                                            | \u2014                                    | 37                         |\n\n\n\n**14\\. Quarterly Financial Data (Unaudited)**\n\nUnaudited summarized financial data by quarter for 2017 and 2016 (in millions):\n\n\n\n|                    |                   |                    |                   |                    |\n| ------------------ | ----------------- | ------------------ | ----------------- | ------------------ |\n|                    | **First Quarter** | **Second Quarter** | **Third Quarter** | **Fourth Quarter** |\n| **2017**           |                   |                    |                   |                    |\n| Operating revenues | $9,621            | $11,102            | $10,875           | $10,597            |\n| Operating expenses | 9,017             | 9,575              | 9,650             | 9,921              |\n| Operating income   | 604               | 1,527              | 1,225             | 676                |\n| Net income         | 263               | 827                | 649               | 183                |\n| **2016**           |                   |                    |                   |                    |\n| Operating revenues | $9,427            | $10,360            | $10,591           | $9,786             |\n| Operating expenses | 8,104             | 8,603              | 9,159             | 8,995              |\n| Operating income   | 1,323             | 1,757              | 1,432             | 791                |\n| Net income         | 710               | 972                | 758               | 341                |\n\n\n\nAmerican\u2019s fourth quarter 2017 results include $384 million of total net special items that principally included a $123 million charge for the $1,000 cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of the 2017 Tax Act, $81 million of Merger integration expenses, $58 million of fleet restructuring expenses, a $20 million net charge resulting from fair value adjustments to bankruptcy obligations and a $93 million special non\\-cash charge to income tax expense to reflect the impact on American\u2019s deferred tax assets and liabilities resulting from the 2017 Tax Act\\.\n\nAmerican\u2019s fourth quarter 2016 results include $273 million of total net special items that principally included $121 million of Merger integration expenses, $104 million of fleet restructuring expenses and a $47 million net charge resulting from fair value adjustments to bankruptcy obligations\\.\n\n168"}
{"_id": "AmericanAirlines-2017_195.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                       |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                       |\n| 10\\.87                        | [Letter Agreement, dated as of April 28, 2016, between American Airlines Group Inc\\. and W\\. Douglas Parker (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on April 29, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516566426/d189148dex101.htm) \u2020                                           |\n| 10\\.88                        | [Transition and Separation Agreement, dated as of August 29, 2016, among J\\. Scott Kirby, American Airlines Group Inc\\. and American Airlines, Inc\\. (incorporated by reference to Exhibit 99\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on August 29, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516695562/d249575dex991.htm) \u2020 |\n| 12\\.1                         | [Computation of ratio of earnings to combined fixed charges and preferred dividends of American Airlines Group Inc\\. for 2017, 2016, 2015, 2014 and 2013\\.](https://americanairlines.gcs-web.com/email-alerts/ex12110k2017.htm)                                                                                                                                                       |\n| 12\\.2                         | [Computation of ratio of earnings to fixed charges of American Airlines, Inc\\. for 2017, 2016, 2015, 2014 and 2013\\.](https://americanairlines.gcs-web.com/email-alerts/ex12210k2017.htm)                                                                                                                                                                                             |\n| 14\\.1                         | [Code of Ethics (incorporated by reference to Exhibit 14\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on December 9, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513466973/d640718dex141.htm)                                                                                                                                       |\n| 21\\.1                         | [Significant subsidiaries of AAG and American as of December 31, 2017\\.](https://americanairlines.gcs-web.com/email-alerts/ex2110k2017.htm)                                                                                                                                                                                                                                           |\n| 23\\.1                         | [Consent of Independent Registered Public Accounting Firm \u2013 KPMG LLP\\.](https://americanairlines.gcs-web.com/email-alerts/ex23110k2017.htm)                                                                                                                                                                                                                                           |\n| 24\\.1                         | [Powers of Attorney (included in signature page of this Annual Report on Form 10\\-K)\\.](https://americanairlines.gcs-web.com/email-alerts#sCD1AEDE6BFAB5FB2A064734989CCB92B)                                                                                                                                                                                                          |\n| 31\\.1                         | [Certification of AAG Chief Executive Officer pursuant to Rule 13a\\-14(a)\\.](https://americanairlines.gcs-web.com/email-alerts/ex31110k2017.htm)                                                                                                                                                                                                                                      |\n| 31\\.2                         | [Certification of AAG Chief Financial Officer pursuant to Rule 13a\\-14(a)\\.](https://americanairlines.gcs-web.com/email-alerts/ex31210k2017.htm)                                                                                                                                                                                                                                      |\n| 31\\.3                         | [Certification of American Chief Executive Officer pursuant to Rule 13a\\-14(a)\\.](https://americanairlines.gcs-web.com/email-alerts/ex31310k2017.htm)                                                                                                                                                                                                                                 |\n| 31\\.4                         | [Certification of American Chief Financial Officer pursuant to Rule 13a\\-14(a)\\.](https://americanairlines.gcs-web.com/email-alerts/ex31410k2017.htm)                                                                                                                                                                                                                                 |\n| 32\\.1                         | [Certification pursuant to Rule 13a\\-14(b) and section 906 of the Sarbanes\\-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)\\.](https://americanairlines.gcs-web.com/email-alerts/ex32110k2017.htm)                                                                                                                            |\n| 32\\.2                         | [Certification pursuant to Rule 13a\\-14(b) and section 906 of the Sarbanes\\-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)\\.](https://americanairlines.gcs-web.com/email-alerts/ex32210k2017.htm)                                                                                                                            |\n| 101\\.1                        | Interactive data files pursuant to Rule 405 of Regulation S\\-T\\.                                                                                                                                                                                                                                                                                                                      |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                            |\n| ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\#   | Pursuant to Item 601(b)(2) of Regulation S\\-K promulgated by the Securities and Exchange Commission, certain exhibits and schedules to this agreement have been omitted\\. Such exhibits and schedules are described in the referenced agreement\\. AAG and American hereby agree to furnish to the Securities and Exchange Commission, upon its request, any or all of such omitted exhibits or schedules\\. | Pursuant to Item 601(b)(2) of Regulation S\\-K promulgated by the Securities and Exchange Commission, certain exhibits and schedules to this agreement have been omitted\\. Such exhibits and schedules are described in the referenced agreement\\. AAG and American hereby agree to furnish to the Securities and Exchange Commission, upon its request, any or all of such omitted exhibits or schedules\\. | Pursuant to Item 601(b)(2) of Regulation S\\-K promulgated by the Securities and Exchange Commission, certain exhibits and schedules to this agreement have been omitted\\. Such exhibits and schedules are described in the referenced agreement\\. AAG and American hereby agree to furnish to the Securities and Exchange Commission, upon its request, any or all of such omitted exhibits or schedules\\. | Pursuant to Item 601(b)(2) of Regulation S\\-K promulgated by the Securities and Exchange Commission, certain exhibits and schedules to this agreement have been omitted\\. Such exhibits and schedules are described in the referenced agreement\\. AAG and American hereby agree to furnish to the Securities and Exchange Commission, upon its request, any or all of such omitted exhibits or schedules\\. |\n| \\*   | Confidential treatment has been granted with respect to certain portions of this agreement\\.<br><br>  <br>                                                                                                                                                                                                                                                                                                 | Confidential treatment has been granted with respect to certain portions of this agreement\\.<br><br>  <br>                                                                                                                                                                                                                                                                                                 | Confidential treatment has been granted with respect to certain portions of this agreement\\.<br><br>  <br>                                                                                                                                                                                                                                                                                                 | Confidential treatment has been granted with respect to certain portions of this agreement\\.<br><br>  <br>                                                                                                                                                                                                                                                                                                 |\n| \\*\\* | Confidential treatment has been requested with respect to certain portions of this agreement\\.<br><br>  <br>                                                                                                                                                                                                                                                                                               | Confidential treatment has been requested with respect to certain portions of this agreement\\.<br><br>  <br>                                                                                                                                                                                                                                                                                               | Confidential treatment has been requested with respect to certain portions of this agreement\\.<br><br>  <br>                                                                                                                                                                                                                                                                                               | Confidential treatment has been requested with respect to certain portions of this agreement\\.<br><br>  <br>                                                                                                                                                                                                                                                                                               |\n| \u2020    | Management contract or compensatory plan or arrangement\\.                                                                                                                                                                                                                                                                                                                                                  | Management contract or compensatory plan or arrangement\\.                                                                                                                                                                                                                                                                                                                                                  | Management contract or compensatory plan or arrangement\\.                                                                                                                                                                                                                                                                                                                                                  | Management contract or compensatory plan or arrangement\\.                                                                                                                                                                                                                                                                                                                                                  |\n\n\n\n196"}
{"_id": "Delta-2019_9.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nFuel Hedging Program\n\nOur derivative contracts to hedge the financial risk from changing fuel prices are primarily related to Monroe\u2019s inventory\\. We may utilize different contract and commodity types in this program and frequently test their economic effectiveness against our financial targets\\. We closely monitor the hedge portfolio and rebalance the portfolio based on market conditions, which may result in locking in gains or losses on hedge contracts prior to their settlement dates\\.\n\nFuel Supply Availability\n\nWe are currently able to obtain adequate supplies of aircraft fuel, including fuel produced by Monroe or procured through the exchange of non\\-jet fuel products the refinery produces, and crude oil for Monroe's operations\\. However, it is impossible to predict the future availability or price of aircraft fuel and crude oil\\. Weather\\-related events, natural disasters, political disruptions or wars involving oil\\-producing countries, changes in governmental policy concerning aircraft fuel production, transportation, taxes or marketing, changes in refining capacity, environmental concerns and other unpredictable events may result in future fuel supply shortages and fuel price increases\\.\n\nCompetition\n\nThe airline industry is highly competitive, marked by significant competition with respect to routes, fares, schedules (both timing and frequency), services, products, customer service and loyalty programs\\. The industry has evolved through mergers and new entry, both domestically and internationally, and evolution in international alliances\\. Consolidation in the airline industry, the presence of subsidized government sponsored international carriers, changes in international alliances and the creation of immunized joint ventures have altered, and will continue to alter, the competitive landscape in the industry, resulting in the formation of airlines and alliances with significant financial resources, extensive global networks and competitive cost structures\\.\n\nDomestic\n\nOur domestic operations are subject to competition from traditional network carriers, including American Airlines and United Airlines, national point\\-to\\-point carriers, including Alaska Airlines, JetBlue Airways and Southwest Airlines, and other discount or ultra low\\-cost carriers, including Spirit Airlines, Frontier Airlines and Allegiant Air, some of which may have lower costs than we do and provide service at low fares to destinations served by us\\. Point\\-to\\-point, discount and ultra low\\-cost carriers place significant competitive pressure on network carriers in the domestic market\\. In particular, we face significant competition at our domestic hubs and key airports either directly at those airports or at the hubs of other airlines that are located in close proximity to our hubs and key airports\\. We also face competition in smaller to medium\\-sized markets from regional jet operations of other carriers\\. \n\nInternational\n\nOur international operations are subject to competition from both foreign and domestic carriers\\. Competition from government\\-owned and subsidized carriers in the Gulf region, including Emirates, Etihad Airways and Qatar Airways, is significant\\. These carriers have large numbers of international widebody aircraft on order and have increased service to the U\\.S\\. These carriers' government subsidies have allowed them to grow quickly, reinvest in their product and expand their global presence at the expense of U\\.S\\. airlines\\.\n\nThrough alliance and other marketing and codesharing agreements with foreign carriers, U\\.S\\. carriers have increased their ability to sell international transportation, such as services to and beyond traditional European and Asian gateway cities\\. Similarly, foreign carriers have obtained increased access to interior U\\.S\\. passenger traffic beyond traditional U\\.S\\. gateway cities through these relationships\\. In particular, alliances formed by domestic and foreign carriers, including SkyTeam, the Star Alliance (among United Airlines, Lufthansa German Airlines, Air Canada and others) and the oneworld alliance (among American Airlines, British Airways, Qantas and others) have enhanced competition in international markets\\.\n\nIn addition, several joint ventures among U\\.S\\. and foreign carriers, including our joint ventures, have received grants of antitrust immunity allowing the participating carriers to coordinate schedules, pricing, sales and inventory\\. Other joint ventures that have received antitrust immunity include a transatlantic alliance among United Airlines, Air Canada and Lufthansa German Airlines, a transpacific joint venture between United Airlines and All Nippon Airways, a transatlantic joint venture among American Airlines, British Airways and Iberia, a transpacific joint venture between American Airlines and Japan Air Lines and a transpacific joint venture between American Airlines and Qantas\\.\n\n7"}
{"_id": "AmericanAirlines-2018_53.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n*Operating Special Items, Net*\n\n\n\n|                                                                    |                              |                              |\n| ------------------------------------------------------------------ | ---------------------------- | ---------------------------- |\n|                                                                    | **Year Ended December 31,**  | **Year Ended December 31,**  |\n|                                                                    | **2018**                     | **2017**                     |\n|                                                                    | **(In millions)**            | **(In millions)**            |\n| Fleet restructuring expenses  ^(1)^                                | $422                         | $232                         |\n| Merger integration expenses  ^(2)^                                 | 268                          | 273                          |\n| Severance expenses  ^(3)^                                          | 58                           | \u2014                            |\n| Litigation settlement  ^(4)^                                       | 45                           | \u2014                            |\n| Intangible asset impairment  ^(5)^                                 | 26                           | \u2014                            |\n| Labor contract expenses                                            | 13                           | 46                           |\n| Mark\\-to\\-market adjustments on bankruptcy obligations, net  ^(6)^ | (76)                         | 27                           |\n| Employee 2017 Tax Act bonus expense  ^(7)^                         | \u2014                            | 123                          |\n| Other operating charges, net                                       | 31                           | 11                           |\n| Total mainline operating special items, net                        | 787                          | 712                          |\n| Regional operating special items, net                              | 6                            | 22                           |\n| Total operating special items, net                                 | $793                         | $734                         |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Fleet restructuring expenses principally included accelerated depreciation and rent expense for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Merger integration expenses included costs associated with integration projects, principally our flight attendant, human resources and payroll, and technical operations systems\\. |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Severance expenses primarily included costs associated with reductions of management and support staff team members\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(4)^ | Settlement of a private party antitrust lawsuit\\. See Note 12(e) \\- \u201c *Private Party Antitrust Action Related to Passenger Capacity* \u201d to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for further discussion\\. |\n\n\n\n\n\n|       |                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(5)^ | Intangible asset impairment includes a non\\-cash charge to write\\-off our Brazil route authority as a result of the U\\.S\\.\\-Brazil open skies agreement\\. |\n\n\n\n\n\n|       |                                                                                                                             |\n| ----- | --------------------------------------------------------------------------------------------------------------------------- |\n| ^(6)^ | Bankruptcy obligations that will be settled in shares of our common stock are marked\\-to\\-market based on our stock price\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                             |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(7)^ | Employee bonus expense included costs related to the  $1,000  cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of H\\.R\\. 1, the 2017 Tax Cuts and Jobs Act (the 2017 Tax Act)\\. |\n\n\n\n*Nonoperating Results*\n\n\n\n|                                 |                                              |                                              |                                              |                                                       |\n| ------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                 | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **2018**                                     | **2017**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Interest income                 | $118                                         | $94                                          | $24                                          | 25\\.8                                                 |\n| Interest expense, net           | (1,056)                                      | (1,053)                                      | (3)                                          | 0\\.3                                                  |\n| Other income, net               | 166                                          | 123                                          | 43                                           | 35\\.0                                                 |\n| Total nonoperating expense, net | $(772)                                       | $(836)                                       | $64                                          | (7\\.7)                                                |\n\n\n\nOur short\\-term investments in each period consisted of highly liquid investments that provided nominal returns\\. Interest income increased $24 million, or 25\\.8%, in 2018 principally due to a 103 basis point increase in average yields in 2018 as compared to 2017\\.\n\n54"}
{"_id": "Delta-2018_55.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Balance Sheets\n\n\n\n|                                                                                                                                                            |                                                                                          |                                                                                          |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- |\n|                                                                                                                                                            | **December 31,**                                                                         | **December 31,**                                                                         |\n| **(in millions, except share data)**                                                                                                                       | **2018**                                                                                 | **2017**                                                                                 |\n| **ASSETS**                                                                                                                                                 | **ASSETS**                                                                               | **ASSETS**                                                                               |\n| **Current Assets:**                                                                                                                                        |                                                                                          |                                                                                          |\n| Cash and cash equivalents                                                                                                                                  | $1,565                                                                                   | $1,814                                                                                   |\n| Short\\-term investments                                                                                                                                    | 203                                                                                      | 825                                                                                      |\n| Accounts receivable, net of an allowance for uncollectible accounts of $12 at December 31, 2018 and 2017                                                   | 2,314                                                                                    | 2,377                                                                                    |\n| Fuel inventory                                                                                                                                             | 592                                                                                      | 916                                                                                      |\n| Expendable parts and supplies inventories, net of an allowance for obsolescence of $102 and $113 at December 31, 2018 and 2017, respectively               | 463                                                                                      | 413                                                                                      |\n| Prepaid expenses and other                                                                                                                                 | 1,203                                                                                    | 1,459                                                                                    |\n| Total current assets                                                                                                                                       | 6,340                                                                                    | 7,804                                                                                    |\n| **Noncurrent Assets:**                                                                                                                                     |                                                                                          |                                                                                          |\n| Property and equipment, net of accumulated depreciation and amortization of $15,823 and $14,097 at December 31, 2018 and 2017, respectively                | 28,335                                                                                   | 26,563                                                                                   |\n| Operating lease right\\-of\\-use assets                                                                                                                      | 5,994                                                                                    | \u2014                                                                                        |\n| Goodwill                                                                                                                                                   | 9,781                                                                                    | 9,794                                                                                    |\n| Identifiable intangibles, net of accumulated amortization of $862 and $845 at December 31, 2018 and 2017, respectively                                     | 4,830                                                                                    | 4,847                                                                                    |\n| Cash restricted for airport construction                                                                                                                   | 1,136                                                                                    | \u2014                                                                                        |\n| Deferred income taxes, net                                                                                                                                 | 242                                                                                      | 1,354                                                                                    |\n| Other noncurrent assets                                                                                                                                    | 3,608                                                                                    | 3,309                                                                                    |\n| Total noncurrent assets                                                                                                                                    | 53,926                                                                                   | 45,867                                                                                   |\n| Total assets                                                                                                                                               | $60,266                                                                                  | $53,671                                                                                  |\n| **LIABILITIES AND STOCKHOLDERS' EQUITY**                                                                                                                   | **LIABILITIES AND STOCKHOLDERS' EQUITY**                                                 | **LIABILITIES AND STOCKHOLDERS' EQUITY**                                                 |\n| **Current Liabilities:**                                                                                                                                   |                                                                                          |                                                                                          |\n| Current maturities of long\\-term debt and finance leases                                                                                                   | $1,518                                                                                   | $2,242                                                                                   |\n| Current maturities of operating leases                                                                                                                     | 955                                                                                      | \u2014                                                                                        |\n| Air traffic liability                                                                                                                                      | 4,661                                                                                    | 4,364                                                                                    |\n| Accounts payable                                                                                                                                           | 2,976                                                                                    | 3,634                                                                                    |\n| Accrued salaries and related benefits                                                                                                                      | 3,287                                                                                    | 3,022                                                                                    |\n| Loyalty program deferred revenue                                                                                                                           | 2,989                                                                                    | 2,762                                                                                    |\n| Fuel card obligation                                                                                                                                       | 1,075                                                                                    | 1,067                                                                                    |\n| Other accrued liabilities                                                                                                                                  | 1,117                                                                                    | 1,868                                                                                    |\n| Total current liabilities                                                                                                                                  | 18,578                                                                                   | 18,959                                                                                   |\n| **Noncurrent Liabilities:**                                                                                                                                |                                                                                          |                                                                                          |\n| Long\\-term debt and finance leases                                                                                                                         | 8,253                                                                                    | 6,592                                                                                    |\n| Pension, postretirement and related benefits                                                                                                               | 9,163                                                                                    | 9,810                                                                                    |\n| Loyalty program deferred revenue                                                                                                                           | 3,652                                                                                    | 3,559                                                                                    |\n| Noncurrent operating leases                                                                                                                                | 5,801                                                                                    | \u2014                                                                                        |\n| Other noncurrent liabilities                                                                                                                               | 1,132                                                                                    | 2,221                                                                                    |\n| Total noncurrent liabilities                                                                                                                               | 28,001                                                                                   | 22,182                                                                                   |\n| **Commitments and Contingencies**                                                                                                                          |   <br>                                                                                   |   <br>                                                                                   |\n| **Stockholders' Equity:**                                                                                                                                  |                                                                                          |                                                                                          |\n| Common stock at $0\\.0001 par value; 1,500,000,000 shares authorized, 688,136,306 and 714,674,160 shares issued at December 31, 2018 and 2017, respectively | \u2014                                                                                        | \u2014                                                                                        |\n| Additional paid\\-in capital                                                                                                                                | 11,671                                                                                   | 12,053                                                                                   |\n| Retained earnings                                                                                                                                          | 10,039                                                                                   | 8,256                                                                                    |\n| Accumulated other comprehensive loss                                                                                                                       | (7,825<br><br>)                                                                          | (7,621<br><br>)                                                                          |\n| Treasury stock, at cost, 8,191,831 and 7,476,181 shares at December 31, 2018 and 2017, respectively                                                        | (198<br><br>)                                                                            | (158<br><br>)                                                                            |\n| Total stockholders' equity                                                                                                                                 | 13,687                                                                                   | 12,530                                                                                   |\n| Total liabilities and stockholders' equity                                                                                                                 | $60,266                                                                                  | $53,671                                                                                  |\n| The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                                   | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. |\n\n\n\n 53"}
{"_id": "Delta-2019_16.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nDisruptions of our information technology infrastructure could interfere with our operations, possibly having a material adverse effect on our business\\.\n\nDisruptions in our information technology network could result from a technology error or failure impacting our internal systems, whether hosted internally at our data centers or externally at third\\-party locations, or large scale external interruption in technology infrastructure support on which we depend, such as power, telecommunications or the internet\\. The operation of our technology systems and the use of related data may also be vulnerable to a variety of other sources of interruption, including natural disasters, terrorist attacks, computer viruses, hackers and other security issues\\. A significant individual, sustained or repeated failure of our network, including third\\-party networks we utilize and on which we depend, could impact our customer service and result in increased costs\\. While we have in place initiatives to prevent disruptions and disaster recovery plans (including the creation of a back\\-up data center) and continue to invest in improvements to these initiatives and plans, these measures may not be adequate to prevent a business disruption and any material adverse financial and reputational consequences to our business\\.\n\nFailure of our technology to perform effectively could have a material adverse effect on our business\\. \n\nWe are dependent on technology initiatives to provide customer service and operational effectiveness in order to compete in the current business environment\\. For example, we have made and continue to make significant investments in customer facing technology such as delta\\.com, mobile device applications, check\\-in kiosks, customer service applications, application of biometric technology, airport information displays and related initiatives, including security for these initiatives\\. We are also investing in significant upgrades to technology infrastructure and other supporting systems\\. The performance, reliability and security of the technology are critical to our ability to serve customers\\. If our technology does not perform effectively, our business and operations would be negatively affected, which could be material\\.\n\nOur significant investments in airlines in other parts of the world and the commercial relationships that we have with those carriers may not produce the returns or results we expect\\.\n\nAn important part of our strategy to expand our global network has been to make significant investments in airlines in other parts of the world and expand our commercial relationships with these carriers, including through joint ventures\\. We expect to continue exploring ways to expand our relationships with other carriers as part of our global business strategy\\. These investments and relationships involve significant challenges and risks, including that we may not realize a satisfactory return on our investment or that they may not generate the expected financial results\\. These events could have a material adverse effect on our operating results\\.\n\nIn addition, we are dependent on these other carriers for significant aspects of our network in the regions in which they operate\\. While we work closely with these carriers, we do not have control over their operations or business methods\\. To the extent that the operations of any of these carriers are disrupted over an extended period or their actions have a significant adverse effect on our operations, our results of operations could be materially adversely affected\\. \n\nIn certain circumstances, we also may be subject to consequences of the failure of these carriers to comply with laws and regulations, including U\\.S\\. laws to which they may be subject\\. For example, we may be subject to consequences from improper behavior of our joint venture partners, including for failure to comply with anti\\-corruption laws such as the U\\.S\\. Foreign Corrupt Practices Act\\. Such a result could have a material adverse effect on our operating results\\.\n\nAgreements governing our debt, including credit agreements, include financial and other covenants\\. Failure to comply with these covenants could result in events of default\\.\n\nOur primary credit facility has various financial and other covenants that require us to maintain a minimum fixed charge coverage ratio and a minimum asset coverage ratio\\. We have other smaller facilities, some of which are secured and also contain collateral coverage ratios\\. A decline in the value of our assets supporting these facilities from factors that are not under our control could affect one or more of the ratios\\. In addition, the credit facilities contain other negative covenants customary for such financings\\. These covenants are subject to important exceptions and qualifications\\. If we fail to comply with these covenants and are unable to remedy or obtain a waiver or amendment, an event of default would result\\.\n\n14"}
{"_id": "AmericanAirlines-2018_79.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**ITEM 8A\\. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA OF AMERICAN AIRLINES GROUP INC\\.**\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Stockholders and Board of Directors\n\nAmerican Airlines Group Inc\\.:\n\n*Opinion on the Consolidated Financial Statements* \n\nWe have audited the accompanying consolidated balance sheets of American Airlines Group Inc\\. and subsidiaries (the Company) as of December 31, 2018 and 2017, the related consolidated statements of operations, comprehensive income, cash flows, and stockholders\u2019 equity for each of the years in the three\u2011year period ended December 31, 2018, and the related notes (collectively, the consolidated financial statements)\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the years in the three\u2011year period ended December 31, 2018, in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company\u2019s internal control over financial reporting as of December 31, 2018, based on criteria established in *Internal Control \\- Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 25, 2019 expressed an unqualified opinion on the effectiveness of the Company\u2019s internal control over financial reporting\\.\n\n*Change in Accounting Principle*\n\nAs discussed in Note 1 to the consolidated financial statements, the Company changed its method of accounting for revenue from contracts with customers and leases in 2018 due to the full retrospective adoption of Accounting Standards Update (ASU) 2014\\-09, *Revenue from Contracts with Customers (Topic 606)*,as amended, and the modified retrospective adoption of ASU 2016\\-02, *Leases (Topic 842)*, as amended\\.\n\n*Basis for Opinion*\n\nThese consolidated financial statements are the responsibility of the Company\u2019s management\\. Our responsibility is to express an opinion on these consolidated financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\n/s/ KPMG LLP\n\nWe have served as the Company\u2019s auditor since 2014\\. \n\nDallas, Texas\n\nFebruary 25, 2019\n\n80"}
{"_id": "AmericanAirlines-2017_3.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nThis report is filed by American Airlines Group Inc\\. (formerly named AMR Corporation) (AAG) and its wholly\\-owned subsidiary American Airlines, Inc\\. (American)\\. References in this Annual Report on Form 10\\-K to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d and similar terms refer to AAG and its consolidated subsidiaries\\. \u201cAMR\u201d or \u201cAMR Corporation\u201d refers to the Company during the period of time prior to its emergence from Chapter 11 and its acquisition of US Airways Group, Inc\\. (US Airways Group) on December 9, 2013\\. References to \u201cUS Airways Group\u201d and \u201cUS Airways,\u201d a subsidiary of US Airways Group, represent the entities during the period of time prior to the dissolution of those entities in connection with AAG\u2019s internal corporate restructuring on December 30, 2015\\. References in this report to \u201cmainline\u201d refer to the operations of American only and exclude regional operations\\.\n\n**Note Concerning Forward\\-Looking Statements**\n\nCertain of the statements contained in this report should be considered forward\\-looking statements within the meaning of the Securities Act of 1933, as amended (the Securities Act), the Securities Exchange Act of 1934, as amended (the Exchange Act), and the Private Securities Litigation Reform Act of 1995\\. These forward\\-looking statements may be identified by words such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201ccontinue,\u201d \u201cseek,\u201d \u201ctarget,\u201d \u201cguidance,\u201d \u201coutlook,\u201d \u201cif current trends continue,\u201d \u201coptimistic,\u201d \u201cforecast\u201d and other similar words\\. Such statements include, but are not limited to, statements about our plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts\\. These forward\\-looking statements are based on our current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward\\-looking statements\\. These risks and uncertainties include, but are not limited to, those described below under Part I, Item 1A\\. Risk Factors, Part II, Item 7\\. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and other risks and uncertainties listed from time to time in our filings with the Securities and Exchange Commission (the SEC)\\.\n\nAll of the forward\\-looking statements are qualified in their entirety by reference to the factors discussed in Part I, Item 1A\\. Risk Factors and elsewhere in this report\\. There may be other factors of which we are not currently aware that may affect matters discussed in the forward\\-looking statements and may also cause actual results to differ materially from those discussed\\. We do not assume any obligation to publicly update or supplement any forward\\-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting such statements other than as required by law\\. Forward\\-looking statements speak only as of the date of this report or as of the dates indicated in the statements\\.\n\n4"}
{"_id": "AmericanAirlines-2018_86.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nSee *\u201cImpacts to 2017 Results\u201d* and *\u201cImpacts to 2016 Results\u201d* below for the impact to our consolidated statements of operations data for 2017 and 2016, respectively, related to the adoption of the New Retirement Standard\\.\n\n***ASU 2016\\-02: Leases (Topic 842) (the New Lease Standard)***\n\nThe New Lease Standard requires lessees to recognize a lease liability and a right\\-of\\-use (ROU) asset on the balance sheet for operating leases\\. Accounting for finance leases is substantially unchanged\\. The New Lease Standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years\\. Early adoption is permitted\\.\n\nIn the fourth quarter of 2018, we elected to early adopt the New Lease Standard as of January 1, 2018 using a modified retrospective transition, with the cumulative\\-effect adjustment to the opening balance of retained earnings as of the effective date (the effective date method)\\. Under the effective date method, financial results reported in periods prior to 2018 are unchanged\\. We also elected the package of practical expedients, which among other things, does not require reassessment of lease classification\\.\n\nThe adoption of the New Lease Standard had a significant impact on our consolidated balance sheet due to the recognition of approximately$10 billion of lease liabilities with corresponding right\\-of\\-use assets for operating leases\\. \n\nAdditionally, we recognized a $197 million cumulative effect adjustment credit, net of tax, to retained earnings\\. The adjustment to retained earnings was driven principally by sale\\-leaseback transactions including the recognition of unamortized deferred aircraft sale\\-leaseback gains\\. Prior to the adoption of the New Lease Standard, gains on sale\\-leaseback transactions were generally deferred and recognized in the income statement over the lease term\\. Under the New Lease Standard, gains on sale\\-leaseback transactions (subject to adjustment for off\\-market terms) are recognized immediately\\. \n\n***ASU 2016\\-01: Financial Instruments \\- Overall (Subtopic 825\\-10)***\n\nThis ASU made several modifications to Subtopic 825\\-10, including the elimination of the available\\-for\\-sale classification of equity investments, and it required equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income\\. This standard was adopted prospectively as of January 1, 2018 and resulted in a$60 millioncumulative effect adjustment credit to retained earnings, net of tax, related to our investment in China Southern Airlines Company Limited (China Southern Airlines), which was previously accounted for under the cost method\\. \n\n***ASU 2016\\-18: Statement of Cash Flows (Topic 230): Restricted Cash***\n\nThis ASU required that the change in the total cash balance, cash at the beginning of the period and cash at the end of the period on the statement of cash flows include restricted cash, and also required companies that report cash and restricted cash separately on the balance sheet to reconcile those amounts to the statement of cash flows\\. This standard was applied retrospectively, which resulted in the recast of prior reporting periods in the statement of cash flows\\. For the years endedDecember 31, 2018, 2017 and 2016, $11 million, $103 million and $113 million, respectively, of restricted cash is included in the total cash and restricted cash balance at the end of the period\\. A reconciliation of cash and restricted cash reported on our consolidated statements of cash flows to the amounts reported on our consolidated balance sheets is provided in a table below the Consolidated Statements of Cash Flows\\. \n\n87"}
{"_id": "United-2019_52.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUNITED AIRLINES, INC\\. \n\nSTATEMENTS OF CONSOLIDATED CASH FLOWS\n\n(In millions)\n\n\n\n|                                                                                     |                             |                             |                             |\n| ----------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                     | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                                     | **2019**                    | **2018 (a)**                | **2017 (a)**                |\n| Operating Activities:                                                               |                             |                             |                             |\n| Net income                                                                          | $3,011                      | $2,123                      | $2,161                      |\n| Adjustments to reconcile net income to net cash provided by operating activities \\- |                             |                             |                             |\n| Deferred income taxes                                                               | 882                         | 513                         | 941                         |\n| Depreciation and amortization                                                       | 2,288                       | 2,165                       | 2,096                       |\n| Special charges, non\\-cash portion                                                  | 175                         | 416                         | 35                          |\n| Unrealized (gains) losses on investments                                            | (153<br><br>)               | 5                           | \u2014                           |\n| Other operating activities                                                          | 186                         | 162                         | 141                         |\n| Changes in operating assets and liabilities \\-                                      |                             |                             |                             |\n| (Increase) decrease in receivables                                                  | 44                          | 17                          | (73<br><br>)                |\n| Increase in intercompany receivables                                                | (33<br><br>)                | (20<br><br>)                | (15<br><br>)                |\n| (Increase) decrease in other assets                                                 | (252<br><br>)               | 265                         | (432<br><br>)               |\n| Increase in advance ticket sales                                                    | 438                         | 441                         | 145                         |\n| Increase (decrease) in frequent flyer deferred revenue                              | 271                         | 222                         | (107<br><br>)               |\n| Increase in accounts payable                                                        | 324                         | 130                         | 66                          |\n| Decrease in advanced purchase of miles                                              | \u2014                           | \u2014                           | (942<br><br>)               |\n| Decrease in other liabilities                                                       | (302<br><br>)               | (293<br><br>)               | (556<br><br>)               |\n| Net cash provided by operating activities                                           | 6,879                       | 6,146                       | 3,460                       |\n| Investing Activities:                                                               |                             |                             |                             |\n| Capital expenditures                                                                | (4,528<br><br>)             | (4,070<br><br>)             | (3,870<br><br>)             |\n| Purchases of short\\-term and other investments                                      | (2,897<br><br>)             | (2,552<br><br>)             | (3,241<br><br>)             |\n| Proceeds from sale of short\\-term and other investments                             | 2,996                       | 2,616                       | 3,177                       |\n| Loans made to others                                                                | (174<br><br>)               | (466<br><br>)               | (30<br><br>)                |\n| Investment in affiliates                                                            | (36<br><br>)                | (139<br><br>)               | (2<br><br>)                 |\n| Other, net                                                                          | 79                          | 156                         | 163                         |\n| Net cash used in investing activities                                               | (4,560<br><br>)             | (4,455<br><br>)             | (3,803<br><br>)             |\n| Financing Activities:                                                               |                             |                             |                             |\n| Proceeds from issuance of long\\-term debt                                           | 1,847                       | 1,594                       | 2,537                       |\n| Payments of long\\-term debt                                                         | (1,240<br><br>)             | (1,727<br><br>)             | (901<br><br>)               |\n| Dividend to UAL                                                                     | (1,645<br><br>)             | (1,235<br><br>)             | (1,844<br><br>)             |\n| Principal payments under finance leases                                             | (151<br><br>)               | (79<br><br>)                | (84<br><br>)                |\n| Capitalized financing costs                                                         | (61<br><br>)                | (37<br><br>)                | (80<br><br>)                |\n| Other, net                                                                          | \u2014                           | 1                           | 3                           |\n| Net cash used in financing activities                                               | (1,250<br><br>)             | (1,483<br><br>)             | (369<br><br>)               |\n| Net increase (decrease) in cash, cash equivalents and restricted cash               | 1,069                       | 208                         | (712<br><br>)               |\n| Cash, cash equivalents and restricted cash at beginning of year                     | 1,793                       | 1,585                       | 2,297                       |\n| Cash, cash equivalents and restricted cash at end of year                           | $2,862                      | $1,793                      | $1,585                      |\n| Investing and Financing Activities Not Affecting Cash:                              |                             |                             |                             |\n| Property and equipment acquired through the issuance of debt                        | $493                        | $143                        | $897                        |\n| Right\\-of\\-use assets acquired through operating leases                             | 498                         | 663                         | 319                         |\n| Property and equipment acquired through finance lease                               | 22                          | 17                          | 16                          |\n| Lease modifications and lease conversions                                           | (2<br><br>)                 | 52                          | \u2014                           |\n| Debt associated with termination of a maintenance service agreement                 | \u2014                           | 163                         | \u2014                           |\n| Investment in Republic Airways Holdings Inc\\. received from bankruptcy claims       | \u2014                           | \u2014                           | 92                          |\n| Cash Paid During the Period for:                                                    |                             |                             |                             |\n| Interest                                                                            | $648                        | $651                        | $571                        |\n| Income taxes                                                                        | 29                          | 19                          | 20                          |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2016\\-02,  Leases (Topic 842) \\. See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n53"}
{"_id": "AmericanAirlines-2019_30.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nChanges to our business model that are designed to increase revenues may not be successful and may cause operational difficulties or decreased demand\\.\n\nWe have recently instituted, and intend to institute in the future, changes to our business model designed to increase revenues and offset costs\\. These measures include further segmentation of the classes of services we offer, such as Premium Economy service and Basic Economy service, enhancements to our AAdvantage loyalty program, charging separately for services that had previously been included within the price of a ticket, increasing other pre\\-existing fees, reconfiguration of our aircraft cabins, and efforts to optimize our network including by focusing growth on a limited number of large hubs\\. We may introduce additional initiatives in the future; however, as time goes on, we expect that it will be more difficult to identify and implement additional initiatives\\. We cannot assure that these measures or any future initiatives will be successful in increasing our revenues\\. Additionally, the implementation of these initiatives may create logistical challenges that could harm the operational performance of our airline or result in decreased demand\\. Also, our implementation of any new or increased fees might reduce the demand for air travel on our airline or across the industry in general, particularly if weakened economic conditions make our customers more sensitive to increased travel costs or provide a significant competitive advantage to other carriers that determine not to institute similar charges\\.\n\nOur intellectual property rights, particularly our branding rights, are valuable, and any inability to protect them may adversely affect our business and financial results\\. \n\nWe consider our intellectual property rights, particularly our branding rights such as our trademarks applicable to our airline and AAdvantage loyalty program, to be a significant and valuable aspect of our business\\. We protect our intellectual property rights through a combination of trademark, copyright and other forms of legal protection, contractual agreements and policing of third\\-party misuses of our intellectual property\\. Our failure to obtain or adequately protect our intellectual property or any change in law that lessens or removes the current legal protections of our intellectual property may diminish our competitiveness and adversely affect our business and financial results\\. Any litigation or disputes regarding intellectual property may be costly and time\\-consuming and may divert the attention of our management and key personnel from our business operations, either of which may adversely affect our business and financial results\\.\n\nWe may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity\\.\n\nFrom time to time, we are a party to or otherwise involved in legal proceedings, claims and government inspections or investigations and other legal matters, both inside and outside the United States, arising in the ordinary course of our business or otherwise\\. We are currently involved in various legal proceedings and claims that have not yet been fully resolved, and additional claims may arise in the future\\. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within our cont r ol\\. Litigation is subject to significant uncertainty and may be expensive, time\\-consuming, and disruptive to our operations\\. Although we will vigorously defend ourselves in such legal proceedings, their ultimate resolution and potential financial and other impacts on us are uncertain\\. For these and other reasons, we may choose to settle legal proceedings and claims, regardless of their actual merit\\. If a legal proceeding is resolved against us, it could result in significant compensatory damages, and in certain circumstances punitive or trebled damages, disgorgement of revenue or profits, remedial corporate measures or injunctive relief imposed on us\\. If our existing insurance does not cover the amount or types of damages awarded, or if other resolution or actions taken as a result of the legal proceeding were to restrain our ability to operate or market our services, our consolidated financial position, results of operations or cash flows could be materially adversely affected\\. In addition, legal proceedings, and any adverse resolution thereof, can result in adverse publicity and damage to our reputation, which could adversely impact our business\\. Additional information regarding certain legal matters in which we are involved can be found in Part I, Item 3\\. Legal Proceedings\\.\n\nA higher than normal number of pilot retirements, more stringent duty time regulations, increased flight hour requirement for commercial airline pilots, reductions in the number of military pilots entering the commercial workforce, increased training requirements and other factors have caused a shortage of pilots that could materially adversely affect our business\\.\n\nWe currently have a higher than normal number of pilots eligible for retirement\\. Large numbers of pilots in the industry are approaching the FAA\u2019s mandatory retirement age of 65\\. Our pilots and other employees are subject to rigorous certification standards, and our pilots and other crew members must adhere to flight time and rest requirements\\. Commencing in 2013, the minimum flight hour requirement to achieve a commercial pilot\u2019s license in the United States (an Air Transport Pilot\u2019s certificate) increased from 250 to 1,500 hours, thereby significantly increasing the time and cost commitment required to become licensed to fly commercial aircraft\\. Additionally, the number of military pilots being trained by the U\\.S\\. armed forces and available as commercial pilots upon their retirement from military service has been decreasing\\. These and other factors have contributed to a shortage of qualified, entry\\-level pilots and increased compensation costs, \n\n31"}
{"_id": "AmericanAirlines-2018_24.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\ncountries, which allow unrestricted route authority access between the U\\.S\\. and the foreign markets\\. While the U\\.S\\. has worked to increase the number of countries with which open skies agreements are in effect, a number of markets important to us, including China, do not have open skies agreements\\. For example, the open skies air services agreement between the U\\.S\\. and the EU, which took effect in March 2008, provides airlines from the U\\.S\\. and EU member states open access to each other\u2019s markets, with freedom of pricing and unlimited rights to fly from the U\\.S\\. to any airport in the EU, including LHR\\. As a result of the agreement and a subsequent open skies agreement involving the U\\.S\\. and the United Kingdom, which was agreed in anticipation of Brexit, we face increased competition in these markets, including LHR\\. Bilateral and multilateral agreements among the U\\.S\\. and various foreign governments of countries we serve but which are not covered by an open skies treaty are subject to periodic renegotiation\\. We currently operate a number of international routes under government arrangements that limit the number of airlines permitted to operate on the route, the capacity of the airlines providing services on the route, or the number of airlines allowed access to particular airports\\. If an open skies policy were to be adopted for any of these markets, it could have a material adverse impact on us and could result in the impairment of material amounts of our related tangible and intangible assets\\. In addition, competition from foreign airlines, revenue\\-sharing joint ventures, JBAs, and other alliance arrangements by and among other airlines could impair the value of our business and assets on the open skies routes\\. \n\nThe pending withdrawal of the United Kingdom from the EU, commonly referred to as Brexit, is currently scheduled to occur on March 29, 2019 and will mandate further modification in the current regulatory regime\\. We face risks associated with the United Kingdom\u2019s exit from the EU, notably given the extent of our passenger and cargo traffic and that of our joint business partners that flows through LHR in the United Kingdom\\. Absent an approved withdrawal agreement between the United Kingdom and the EU (resulting in the so\\-called \u201cNo Deal Brexit\u201d scenario), our expectation is that air services (including those involving our joint business and code share partners) will continue substantially as we currently conduct them, at least for a transition period, in reliance on reciprocal \u201cbasic connectivity\u201d traffic rights proposed by the EU and the United Kingdom and a new air services agreement between the U\\.S\\. and United Kingdom concluded on November 29, 2018\\. However, the precise scope of traffic rights between the EU and the United Kingdom remains uncertain and therefore the continuation of our current services is not assured and could be subject to disruption\\. If Brexit is accomplished pursuant to a withdrawal agreement consistent with the agreement presently being discussed between the United Kingdom and the EU, but which has yet to be approved by the United Kingdom, our current air services would continue as we currently conduct them during a transition period running through the end of 2020, with a potential extension of up to two years\\. During that transition period, the United Kingdom and the EU would seek to implement a new air services agreement\\. We cannot predict the terms of any such successor air services agreement or whether changes in the relationship between the United Kingdom and the EU, including whether or not the United Kingdom withdraws from the EU with or without an agreement, could materially adversely affect our business, results of operations and financial condition\\. More generally, changes in U\\.S\\. or foreign government aviation policies could result in the alteration or termination of such agreements, diminish the value of route authorities, slots or other assets located abroad, or otherwise adversely affect our international operations\\. \n\n***The airline industry is heavily taxed\\.***\n\nThe airline industry is subject to extensive government fees and taxation that negatively impact our revenue and profitability\\. The U\\.S\\. airline industry is one of the most heavily taxed of all industries\\. These fees and taxes have grown significantly in the past decade for domestic flights, and various U\\.S\\. fees and taxes also are assessed on international flights\\. For example, as permitted by federal legislation, most major U\\.S\\. airports impose a passenger facility charge per passenger on us\\. In addition, the governments of foreign countries in which we operate impose on U\\.S\\. airlines, including us, various fees and taxes, and these assessments have been increasing in number and amount in recent years\\. Moreover, we are obligated to collect a federal excise tax, commonly referred to as the \u201cticket tax,\u201d on domestic and international air transportation\\. We collect the excise tax, along with certain other U\\.S\\. and foreign taxes and user fees on air transportation (such as passenger security fees), and pass along the collected amounts to the appropriate governmental agencies\\. Although these taxes and fees are not our operating expenses, they represent an additional cost to our customers\\. There are continuing efforts in Congress and in other countries to raise different portions of the various taxes, fees, and charges imposed on airlines and their passengers, including the passenger facility charge, and we may not be able to recover all of these charges from our customers\\. Increases in such taxes, fees and charges could negatively impact our business, results of operations and financial condition\\.\n\nUnder DOT regulations, all governmental taxes and fees must be included in the prices we quote or advertise to our customers\\. Due to the competitive revenue environment, many increases in these fees and taxes have been absorbed by the airline industry rather than being passed on to the customer\\. Further increases in fees and taxes may reduce demand for air travel, and thus our revenues\\.\n\n25"}
{"_id": "Alaska-2019_41.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n\u2022 Our 133 unencumbered aircraft in the operating fleet as of December 31, 2019, that could be financed, if necessary; and\n\n\u2022 Our combined bank line\\-of\\-credit facilities, with no outstanding borrowings, of $400 million\\. Information about these facilities can be found in Note 5 to the consolidated financial statements\\.\n\nIn 2019, we took delivery of four owned B737\\-900ER and four owned E175 aircraft, and made net debt payments totaling $608 million, undertaken as part of our broader plan of reducing balance sheet leverage and lowering interest expense\\. As part of this overall reduction plan, as of December 31, 2019, we have paid off approximately 75% of the debt sourced to fund the Virgin America acquisition\\. We also continued to return capital to our shareholders by paying dividends totaling $173 million and repurchasing $75 million of our common stock\\. Because of our strong balance sheet and financial performance, we are one of only three airlines in the U\\.S\\. with investment grade credit ratings\\. \n\nWe believe that our current cash and marketable securities balance, combined with future cash flows from operations and other sources of liquidity, will be sufficient to fund our operations and meet our debt payment obligations for the foreseeable future\\.\n\nIn our cash and marketable securities portfolio, we invest only in securities that meet our primary investment strategy of maintaining and securing investment principal\\. The portfolio is managed by reputable firms that adhere to our investment policy that sets forth investment objectives, approved and prohibited investments, and duration and credit quality guidelines\\. Our policy, and the portfolio managers, are continually reviewed to ensure that the investments are aligned with our strategy\\. \n\nThe table below presents the major indicators of financial condition and liquidity: \n\n\n\n|                                                                                                           |                                                                                                           |                                                                                                           |                   |                   |  |  |  |                   |                   |  |  |  |        |        |\n|:--------------------------------------------------------------------------------------------------------- |:--------------------------------------------------------------------------------------------------------- |:--------------------------------------------------------------------------------------------------------- |:-----------------:|:-----------------:|:- |:- |:- |:-----------------:|:-----------------:|:- |:- |:- |:------:|:------:|\n| *(in millions)*                                                                                           | *(in millions)*                                                                                           | *(in millions)*                                                                                           | December 31, 2019 | December 31, 2019 |  |  |  | December 31, 2018 | December 31, 2018 |  |  |  | Change | Change |\n| Cash and marketable securities                                                                            | Cash and marketable securities                                                                            | Cash and marketable securities                                                                            |      $1,521       |      $1,521       |  |  |  |      $1,236       |      $1,236       |  |  |  | $285   | $285   |\n| Cash, marketable securities, and unused lines of credit as a percentage of trailing twelve months revenue | Cash, marketable securities, and unused lines of credit as a percentage of trailing twelve months revenue | Cash, marketable securities, and unused lines of credit as a percentage of trailing twelve months revenue |       22%         |       22%         |  |  |  |       20%         |       20%         |  |  |  | 2 pts  | 2 pts  |\n| Long\\-term debt, net of current portion                                                                   | Long\\-term debt, net of current portion                                                                   | Long\\-term debt, net of current portion                                                                   |      $1,264       |      $1,264       |  |  |  |      $1,617       |      $1,617       |  |  |  | $(353) | $(353) |\n| Shareholders\u2019 equity                                                                                      | Shareholders\u2019 equity                                                                                      | Shareholders\u2019 equity                                                                                      |      $4,331       |      $4,331       |  |  |  |      $3,751       |      $3,751       |  |  |  | $580   | $580   |\n\n\n\nDebt\\-to\\-capitalization, adjusted for operating leases\n\n\n\n|                                                      |                                                      |                                                      |                   |  |  |  |                   |  |  |  |           |           |\n|:---------------------------------------------------- |:---------------------------------------------------- |:---------------------------------------------------- | -----------------:|:- |:- |:- | -----------------:|:- |:- |:- |:---------:|:---------:|\n| *(in millions)*                                      | *(in millions)*                                      | *(in millions)*                                      | December 31, 2019 |  |  |  | December 31, 2018 |  |  |  |  Change   |  Change   |\n| Long\\-term debt, net of current portion              | Long\\-term debt, net of current portion              | Long\\-term debt, net of current portion              |           $1,264  |  |  |  |           $1,617  |  |  |  |   (22)%   |   (22)%   |\n| Capitalized operating leases^(a)^                    | Capitalized operating leases^(a)^                    | Capitalized operating leases^(a)^                    |            1,708  |  |  |  |            1,768  |  |  |  | <br>^(a)^ | <br>^(a)^ |\n| Adjusted debt                                        | Adjusted debt                                        | Adjusted debt                                        |           $2,972  |  |  |  |           $3,385  |  |  |  |           |           |\n| Shareholders' equity                                 | Shareholders' equity                                 | Shareholders' equity                                 |            4,331  |  |  |  |            3,751  |  |  |  |   15%     |   15%     |\n| Total invested capital                               | Total invested capital                               | Total invested capital                               |            7,303  |  |  |  |            7,136  |  |  |  |    2%     |    2%     |\n| Debt\\-to\\-capitalization, including operating leases | Debt\\-to\\-capitalization, including operating leases | Debt\\-to\\-capitalization, including operating leases |              41%  |  |  |  |               47% |  |  |  |           |           |\n\n\n\n(a)  Following the adoption of the new lease accounting standard on January 1, 2019, this represents the total capitalized Operating lease liability, whereas prior year periods were calculated utilizing the present value of aircraft lease payments\\. This change had no meaningful impact to the ratio\\.\n\n41"}
{"_id": "AmericanAirlines-2017_189.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.192                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm#ex4_6)                                                                                                                                                                                                                                                                       |\n| 4\\.193                        | [Form of First Amendment to Participation Agreement (First Amendment to Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit D to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm#ex4_6b)                                                                                                                                                                                                                                |\n| 4\\.194                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm#ex4_6a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.195                        | [Form of Pass Through Trust Certificate, Series 2017\\-2B (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex42.htm#ex4_2toc463889_35)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 4\\.196                        | [Revolving Credit Agreement (2017\\-2B), dated as of October 5, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-2B, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex412.htm)                                                                                                                                                                                                                                                                                                                                                               |\n| 10\\.1                         | [Amended and Restated Credit and Guaranty Agreement, dated as of December 15, 2016, amending the Loan Agreement, dated as of May 23, 2013, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\., as borrower), as the borrower, American Airlines Group Inc\\., as parent and guarantor (as successor in interest to US Airways Group, Inc\\., as parent and guarantor), the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent and collateral agent (as successor in interest to Citicorp North America Inc\\., as administrative agent and collateral agent), and certain other parties thereto\\. (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517051216/d286458dex101.htm) |\n| 10\\.2                         | [First Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of November 14, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of December 15, 2016, amending the Loan Agreement, dated as of May 23, 2013, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\., as borrower), as the borrower, American Airlines Group Inc\\., as parent and guarantor (as successor in interest to US Airways Group, Inc\\., as parent and guarantor), the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent and collateral agent (as successor in interest to Citicorp North America Inc\\., as administrative agent and collateral agent), and certain other parties thereto\\.](https://americanairlines.gcs-web.com/email-alerts/ex10210k2017.htm)                                                    |\n| 10\\.3                         | [First Amendment and Restatement Agreement, dated as of April 20, 2015, in relation to the Credit and Guaranty Agreement, dated as of October 10, 2014 (as amended), among American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.), American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), the Revolving Lenders (as defined therein) party thereto, the 2015 Term Loan Lenders (as defined therein) party thereto and Citibank N\\.A\\., as administrative agent and collateral agent (incorporated by reference to Exhibit 10\\.4 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex104.htm)                                                                                                                    |\n| 10\\.4                         | [First Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of October 26, 2015, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.), the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.6 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516474605/d78287dex106.htm)                                                                                                                                                          |\n| 10\\.5                         | [Second Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of September 22, 2016, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516742263/d247546dex101.htm)                                                                                                                                                                                                                                                     |\n| 10\\.6                         | [Third Amendment to the Amended and Restated Credit and Guaranty Agreement, dated as of June 14, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517239325/d416225dex102.htm)                                                                                                                                                                                                                                                            |\n| 10\\.7                         | [Fourth Amendment to the Amended and Restated Credit and Guaranty Agreement, dated as of August 21, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of April 20, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Citibank N\\.A\\., as administrative agent, and certain other parties thereto\\.](https://americanairlines.gcs-web.com/email-alerts/ex10710k2017.htm) \\*\\*                                                                                                                                                                                                                                                                                                                                                                                                                          |\n\n\n\n190"}
{"_id": "Delta-2018_45.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nCritical Accounting Policies and Estimates\n\nOur critical accounting policies and estimates are those that require significant judgments and estimates\\. Accordingly, the actual results may differ materially from these estimates\\. For a discussion of these and other accounting policies, see  Note 1  of the Notes to the Consolidated Financial Statements\\.\n\nLoyalty Program\n\nOur SkyMiles loyalty program generates customer loyalty by rewarding customers with incentives to travel on Delta\\. This program allows customers to earn mileage credits by flying on Delta, Delta Connection and other airlines that participate in the loyalty program\\. When traveling, customers earn redeemable mileage credits based on the passenger's loyalty program status and travel fare paid\\. Customers can also earn mileage credits through participating companies such as credit card companies, hotels and car rental agencies\\. To facilitate transactions with participating companies, we sell mileage credits to non\\-airline businesses, customers and other airlines\\. Mileage credits are redeemable by customers in future periods for air travel on Delta and other participating airlines, membership in our Sky Club and other program awards\\. \n\nTo reflect the mileage credits earned, the loyalty program includes two types of transactions that are considered revenue arrangements with multiple performance obligations: (1) mileage credit earned with travel and (2) mileage credit sold to participating companies\\. \n\nPassenger Ticket Sales Earning Mileage Credits\\.  Passenger ticket sales earning mileage credits under our loyalty program provide customers with (1) mileage credits earned and (2) air transportation\\. We value each performance obligation on a standalone basis\\. To value the mileage credits earned, we consider the quantitative value a passenger receives by redeeming miles for a ticket rather than paying cash, which is referred to as equivalent ticket value (\"ETV\")\\. Our estimate of ETV is adjusted for mileage credits that are not likely to be redeemed (\"breakage\")\\. Management uses statistical models to estimate breakage based on historical redemption patterns\\. A change in assumptions as to the actual redemption activity for mileage credits or the estimated fair value of mileage credits expected to be redeemed could have a material impact on our revenue in the year in which the change occurs and in future years\\. We recognize breakage proportionally during the period in which the remaining mileage credits are actually redeemed\\.\n\nAt  December 31, 2018 , the aggregate deferred revenue balance associated with the SkyMiles program was  $6\\.6 billion \\. A hypothetical 10% change in the number of outstanding miles estimated to be redeemed would result in an approximately $200 million impact on annual revenue recognized\\.\n\nWe defer revenue for the mileage credits when earned and recognize loyalty travel awards in passenger revenue as the miles are redeemed and services are provided\\. We record the air transportation portion of the passenger ticket sales in air traffic liability and recognize passenger revenue when we provide transportation or if the ticket goes unused\\.  A hypothetical 10% increase in our estimate of the ETV of a mileage credit would decrease annual passenger revenue by approximately $100 million, as a result of an increase in the amount of revenue deferred from the mileage component of passenger ticket sales\\.\n\nSale of Mileage Credits\\.  Customers may earn mileage credits based on their spending with participating companies such as credit card companies, hotels and car rental agencies with which we have marketing agreements to sell mileage credits\\. Our contracts to sell mileage credits under these marketing agreements have multiple performance obligations\\. Payments are typically due monthly based on the volume of miles sold during the period, and the terms of our marketing contracts are generally from one to eight years\\.  During the years ended  December 31, 2018  and  2017 , total cash sales from marketing agreements were  $3\\.5 billion  and  $3\\.2 billion , respectively, which are allocated to travel and other performance obligations, as discussed below\\. \n\nOur most significant contract to sell mileage credits relates to our co\\-brand credit card relationship with American Express\\. Our agreements with American Express provide for joint marketing, grant certain benefits to Delta\\-American Express co\\-branded credit card holders (\"cardholders\") and American Express Membership Rewards program participants, and allow American Express to market using our customer database\\. Cardholders earn mileage credits for making purchases using co\\-branded cards, may check their first bag for free, are granted discounted access to Delta Sky Club lounges and receive other benefits while traveling on Delta\\. Additionally, participants in the American Express Membership Rewards program may exchange their points for mileage credits under the loyalty program\\. We sell mileage credits at agreed\\-upon rates to American Express which are then provided to their customers under the co\\-brand credit card program and the Membership Rewards program\\. \n\n 43"}
{"_id": "Southwest-2017_97.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nthat the hedges are assumed to be perfectly effective, and, thus, there is no ineffectiveness to be recorded in earnings\\. For the Company\u2019s interest rate swap agreements that do not qualify for the \"shortcut\" method of accounting, ineffectiveness is required to be measured at each reporting period\\. The ineffectiveness associated with all of the Company\u2019s, including AirTran Holdings', interest rate swap agreements for all periods presented was not material\\. \n\nThe fair values of the interest rate swap agreements, which are adjusted regularly, have been aggregated by counterparty for classification in the Consolidated Balance Sheet\\. Agreements totaling a net liability of $22 million are fair value hedges, cash flow hedges, and interest rate derivatives not utilizing hedge accounting, and are classified as components of Accrued liabilities and Other noncurrent liabilities\\. The corresponding adjustment related to the net liability associated with the Company\u2019s cash flow hedges is to AOCI, fair value hedges is to the carrying value of the long\\-term debt, and interest rate derivatives not utilizing hedge accounting is to Interest expense\\. See Note 12\\.\n\nThe Company has fixed\\-to\\-floating interest rate swap agreements in place associated with its $500 million2\\.65 percent Notes due 2020 and its $300 million2\\.75 percent Notes due 2019 that are accounted for as fair value hedges\\. As a result of the fixed\\-to\\-floating interest rate swap agreements in place, the average floating rate recognized during 2017 was approximately 2\\.47 percent on the $500 million Note, and approximately 2\\.29 percent on the $300 million Note, based on actual and forward rates as of December 31, 2017\\.\n\nThe Company has floating\\-to\\-fixed interest rate swap agreements associated with its $600 million floating\\-rate term loan agreement due 2020 and its $332 million term loan agreement due 2019 that are accounted for as cash flow hedges\\. These interest rate hedges have fixed the interest rate on the $600 million floating\\-rate term loan agreement at 5\\.223 percent until maturity, and for the $332 million term loan agreement at 6\\.315 percent until maturity\\.\n\nThere are also a number of interest rate swap agreements, which convert a portion of AirTran Holdings' floating\\-rate debt to a fixed\\-rate basis for the remaining life of the debt, thus reducing the impact of interest rate changes on future interest expense and cash flows\\. Under these agreements, which expire between 2018 and 2020, it pays fixed rates between 4\\.35 percent and 6\\.435 percent and receives either three\\-month or six\\-month LIBOR on the notional values\\. The notional amount of outstanding debt related to interest rate swaps as of December 31, 2017, was $124 million\\. The mark\\-to\\-market impact associated with these hedges for all periods presented was not material\\.\n\n***Credit Risk and Collateral***\n\nCredit exposure related to fuel derivative instruments is represented by the fair value of contracts that are an asset to the Company at the reporting date\\. At such times, these outstanding instruments expose the Company to credit loss in the event of nonperformance by the counterparties to the agreements\\. However, the Company has not experienced any significant credit loss as a result of counterparty nonperformance in the past\\. To manage credit risk, the Company selects and periodically reviews counterparties based on credit ratings, limits its exposure with respect to each counterparty, and monitors the market position of the fuel hedging program and its relative market position with each counterparty\\. At December 31, 2017, the Company had agreements with all of its active counterparties containing early termination rights and/or bilateral collateral provisions whereby security is required if market risk exposure exceeds a specified threshold amount based on the counterparty credit rating\\. The Company also had agreements with counterparties in which cash deposits, letters of credit, and/or pledged aircraft are required to be posted as collateral whenever the net fair value of derivatives associated with those counterparties exceeds specific thresholds\\. The following table provides the fair values of fuel derivatives, amounts posted as collateral, and applicable collateral posting threshold amounts as of December 31, 2017, at which such postings are triggered:\n\n98"}
{"_id": "Southwest-2018_80.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe following table provides the impact of applying the New Revenue Standard to the Company\u2019s previously reported balances as of December 31, 2017:\n\n\n\n|                                     |                                     |                                     |                                     |\n| ----------------------------------- | ----------------------------------- | ----------------------------------- | ----------------------------------- |\n|                                     | **Balance as of December 31, 2017** | **Balance as of December 31, 2017** | **Balance as of December 31, 2017** |\n| **(in millions)**                   | **As Reported**                     | **New Revenue Standard**            | **As Recast**                       |\n| Accrued liabilities                 | $1,777                              | $(77)                               | $1,700                              |\n| Air traffic liability               | 3,460                               | 35                                  | 3,495                               |\n| Air traffic liability \\- noncurrent | \u2014                                   | 1,070                               | 1,070                               |\n| Deferred income taxes               | 2,358                               | (239)                               | 2,119                               |\n| Retained earnings                   | 14,621                              | (789)                               | 13,832                              |\n\n\n\n81"}
{"_id": "Delta-2019_49.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nFree Cash Flow\n\nWe present free cash flow because management believes this metric is helpful to investors to evaluate the company's ability to generate cash that is available for use for debt service or general corporate initiatives\\. Adjustments include:\n\n\u2022 Net redemptions of short\\-term investments\\.  Net redemptions of short\\-term investments represent the net purchase and sale activity of investments and marketable securities in the period, including gains and losses\\. We adjust for this activity to provide investors a better understanding of the company's free cash flow generated by our operations\\.\n\n\u2022 Strategic investments\\.  Cash flows related to our investment in Hanjin\\-KAL, the largest shareholder of Korean Air, are included in our GAAP investing activities\\. We adjust free cash flow for this activity to provide investors a better understanding of the company's free cash flow that is core to our operational performance\\.\n\n\u2022 Net cash flows related to certain airport construction projects and other\\.  Cash flows related to certain airport construction projects are included in our GAAP operating activities and capital expenditures\\. We have adjusted for these items, which were primarily funded by cash restricted for airport construction, to provide investors a better understanding of the company's free cash flow and capital expenditures that are core to our operational performance in the periods shown\\.\n\n\n\n|                                                                            |                                                                            |                                                                            |                         |                         |  |  |  |\n|:-------------------------------------------------------------------------- |:-------------------------------------------------------------------------- |:-------------------------------------------------------------------------- | -----------------------:| -----------------------:|:- |:- |:- |\n|                                                                            |                                                                            |                                                                            | Year Ended December 31, | Year Ended December 31, |  |  |  |\n| (in millions)                                                              | (in millions)                                                              | (in millions)                                                              |                    2019 |                    2018 |\n| Net cash provided by operating activities                                  | Net cash provided by operating activities                                  | Net cash provided by operating activities                                  |                 $8,425  |                 $7,014  |\n| Net cash used in investing activities                                      | Net cash used in investing activities                                      | Net cash used in investing activities                                      |                 (4,563) |                 (4,393) |\n| Adjustments:                                                               | Adjustments:                                                               | Adjustments:                                                               |                         |                         |\n|  Net redemptions of short\\-term investments                                |  Net redemptions of short\\-term investments                                |  Net redemptions of short\\-term investments                                |                   (206) |                   (621) |\n|  Strategic investments                                                     |  Strategic investments                                                     |  Strategic investments                                                     |                    170  |                      \u2014  |\n|  Net cash flows related to certain airport construction projects and other |  Net cash flows related to certain airport construction projects and other |  Net cash flows related to certain airport construction projects and other |                    338  |                    362  |\n| Free cash flow                                                             | Free cash flow                                                             | Free cash flow                                                             |                 $4,164  |                 $2,362  |\n\n\n\nGlossary of Defined Terms\n\nASM  \\- Available Seat Mile\\. A measure of capacity\\. ASMs equal the total number of seats available for transporting passengers during a reporting period multiplied by the total number of miles flown during that period\\.\n\nCASM  \\- (Operating) Cost per Available Seat Mile\\. The amount of operating cost incurred per ASM during a reporting period\\. CASM is also referred to as \"unit cost\\.\"\n\nCASM\\-Ex  \\- The amount of operating cost incurred per ASM during a reporting period, adjusted for aircraft fuel and related taxes, ancillary businesses and refinery and profit sharing expenses\\.\n\nFree Cash Flow  \\- Represents the excess cash generated from operations after satisfying the investment needed to sustain and grow our business\\. The remaining funds are available to return to shareholders and other providers of capital\\.\n\nPassenger Load Factor  \\- A measure of utilized available seating capacity calculated by dividing RPMs by ASMs for a reporting period\\.\n\nPassenger Mile Yield or Yield  \\- The amount of passenger revenue earned per RPM during a reporting period\\.\n\nPRASM  \\- Passenger Revenue per ASM\\. The amount of passenger revenue earned per ASM during a reporting period\\. PRASM is also referred to as \"unit revenue\\.\"\n\nRPM  \\- Revenue Passenger Mile\\. One revenue\\-paying passenger transported one mile\\. RPMs equal the number of revenue passengers during a reporting period multiplied by the number of miles flown by those passengers during that period\\. RPMs are also referred to as \"traffic\\.\"\n\nTRASM  \\- Total Revenue per ASM\\. The amount of total revenue earned per ASM during a reporting period\\. \n\n47"}
{"_id": "Alaska-2018_4.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nat Sea\\-Tac Airport, including a 15,000 square\\-foot flagship lounge\\. We have also introduced new food and beverage menus, which include more fresh, local, and healthy offerings including salads, protein plates, and fresh snacks, as well as new beverage offerings, including craft beers, juices and an updated wine selection\\.\n\nWe are also active in the communities we serve and strive to be an industry leader in environmental and community stewardship\\. In 2018, Air Group donated $17 million in cash and in\\-kind travel to over 1,300 charitable organizations, and our employees volunteered more than 44,000 hours of community service, related to youth and education, medical research, and transportation\\. One of our leadership principles is to \"give back\" and we are proud of the efforts and voluntarism of our employees\\. As recognition of our community leadership, financial stability and the fact that our combined fleet is one of the youngest and most fuel\\-efficient in North America, we ranked higher than any other North American airline for the second year in a row on the Dow Jones Sustainability Index\\. \n\nWe continued to generate profits in 2018, marking our 15th consecutive year with adjusted net income\\. Our liquidity and capital position remain strong, positioning us among other high\\-quality industrial companies\\. Due to our strong financial health and outlook, we are one of only three U\\.S\\. airlines with investment grade credit ratings\\. The cash generated by our continued success enables us to invest in our business to deliver profitable growth, enhance our guests' experience, and improve our financial position\\. \n\nLooking to the future, our vision is to become the West Coast's favorite airline\\. To do this, we will focus on the following areas:\n\n*Safety*\n\nSafety is the most important thing we do\\. We have an unwavering commitment to run a safe operation, and we will not compromise this commitment in the pursuit of other initiatives\\. Alaska and Horizon were the first U\\.S\\. major airlines to receive FAA validation and acceptance of their Safety Management Systems (SMS) in 2016\\. In 2018, we continued using SMS to safely and consistently guide our integration with the legacy Virgin America operation\\. Report It\\!, a new mobile safety reporting application, made it easier than ever for employees to file safety reports\\. Once again, in 2018, 100% of our Alaska and Horizon aircraft technicians completed the requirements for the FAA's \"Diamond Certificate of Excellence\" award\\. This marks the 17th consecutive year Alaska has received the award, and the 17th time in the last 19 years Horizon has received this award\\. In 2018 we were also included as one of only two U\\.S\\. airlines on the AirlineRatings\\.com list of the world's Top 20 safest airlines\\. We also believe that maintaining safe operations, through adherence to well\\-defined processes, and ensuring every Air Group employee is aware of their individual contribution to our operation, is critical to ensuring on\\-time performance\\. The rigor we apply to running a safe operation has resulted in Alaska consistently being one of the top airlines in North America for on\\-time performance; and Horizon recognized as the leader in on\\-time performance in 2018 among regional airlines\\.\n\n*Delivering Low Costs*\n\nWe believe that our low\\-fare model gives us a competitive advantage by providing significant value to our guests\\. We also know that, in order to provide low fares in our growing network, while generating strong returns for our shareholders, it is imperative for us to maintain a competitive cost structure\\. In 2018, our unit costs, excluding fuel and special items, increased 3\\.1% on a consolidated basis\\. Although our unit costs are expected to rise again in 2019 primarily due to slower capacity growth, a higher mix of Regional flying, and general wage inflation, we have increased our focus on lowering overhead, improving productivity, and managing vendor costs\\. We are also actively managing fuel costs by flying larger, more fuel\\-efficient aircraft, which has increased our fuel efficiency as measured by available seat miles flown per gallon by 1\\.3% over the last five years\\. As we work to finalize the integration of our Airbus operations, we are committed to achieving our stated cost and revenue synergy goals\\. We have a long track record of effective cost control, and we remain keenly committed to protecting our unit cost advantage relative to competitors\\.\n\n*Enabling Our Advantage*\n\nParamount to becoming the West Coast favorite airline is enabling and demonstrating Our Advantage\\. We do so by delivering great service, great value and providing generous rewards\\. \n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | *Genuine and Caring Service \\-*  P roviding genuine and caring service to our guests is key to our success, and is demonstrated daily by our employees\\.  As proof, in 2018, Alaska ranked first in the J\\.D\\. Power and Associates annual survey of customer satisfaction among traditional network carriers for the 11th year in a row\\. Alaska was also recognized for excellent service by Cond\u00e9 Nast Traveler and Travel \\+ Leisure magazine, continuing an achievement earned by Virgin America for the preceding ten years\\.  |\n\n\n\n 5"}
{"_id": "Delta-2019_97.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nNOTE 16\\. EARNINGS PER SHARE\n\nWe calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding, excluding restricted shares\\. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share\\-based awards, including stock options and restricted stock awards\\. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material\\. The following table shows our computation of basic and diluted earnings per share:\n\n\n\n|                                             |                                             |                                             |                         |                         |                         |  |  |  |  |  |  |\n|:------------------------------------------- |:------------------------------------------- |:------------------------------------------- | -----------------------:| -----------------------:| -----------------------:|:- |:- |:- |:- |:- |:- |\n|                                             |                                             |                                             | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |  |  |  |\n| (in millions, except per share data)        | (in millions, except per share data)        | (in millions, except per share data)        |                    2019 |                    2018 |                    2017 |\n| Net income                                  | Net income                                  | Net income                                  |                 $ 4,767 |                 $ 3,935 |                 $ 3,205 |\n| Basic weighted average shares outstanding   | Basic weighted average shares outstanding   | Basic weighted average shares outstanding   |                     651 |                     691 |                     720 |\n| Dilutive effect of share\\-based awards      | Dilutive effect of share\\-based awards      | Dilutive effect of share\\-based awards      |                       2 |                       3 |                       3 |\n| Diluted weighted average shares outstanding | Diluted weighted average shares outstanding | Diluted weighted average shares outstanding |                     653 |                     694 |                     723 |\n| Basic earnings per share                    | Basic earnings per share                    | Basic earnings per share                    |                 $ 7\\.32 |                 $ 5\\.69 |                 $ 4\\.45 |\n| Diluted earnings per share                  | Diluted earnings per share                  | Diluted earnings per share                  |                 $ 7\\.30 |                 $ 5\\.67 |                 $ 4\\.43 |\n\n\n\nNOTE 17\\. QUARTERLY FINANCIAL DATA (UNAUDITED)\n\nThe following table summarizes our unaudited results of operations on a quarterly basis\\. The quarterly earnings per share amounts for a year will not add to the earnings per share for that year due to the weighting of shares used in calculating per share data\\.\n\n\n\n|                                      |                                      |                                      |                     |                     |                     |                     |  |  |  |  |  |  |  |  |  |\n|:------------------------------------ |:------------------------------------ |:------------------------------------ | -------------------:| -------------------:| -------------------:| -------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                      |                                      |                                      | Three Months Ended, | Three Months Ended, | Three Months Ended, | Three Months Ended, |  |  |  |  |  |  |  |  |  |\n| (in millions, except per share data) | (in millions, except per share data) | (in millions, except per share data) |            March 31 |             June 30 |        September 30 |         December 31 |\n| 2019                                 | 2019                                 | 2019                                 |                     |                     |                     |                     |\n| Operating revenue                    | Operating revenue                    | Operating revenue                    |            $ 10,472 |            $ 12,536 |            $ 12,560 |            $ 11,439 |\n| Operating income                     | Operating income                     | Operating income                     |               1,020 |               2,128 |               2,071 |               1,399 |\n| Net income                           | Net income                           | Net income                           |                 730 |               1,443 |               1,495 |               1,099 |\n| Basic earnings per share             | Basic earnings per share             | Basic earnings per share             |             $ 1\\.10 |             $ 2\\.22 |             $ 2\\.32 |             $ 1\\.71 |\n| Diluted earnings per share           | Diluted earnings per share           | Diluted earnings per share           |             $ 1\\.09 |             $ 2\\.21 |             $ 2\\.31 |             $ 1\\.71 |\n| 2018                                 | 2018                                 | 2018                                 |                     |                     |                     |                     |\n| Operating revenue                    | Operating revenue                    | Operating revenue                    |             $ 9,968 |            $ 11,775 |            $ 11,953 |            $ 10,742 |\n| Operating income                     | Operating income                     | Operating income                     |                 844 |               1,684 |               1,645 |               1,090 |\n| Net income                           | Net income                           | Net income                           |                 557 |               1,036 |               1,322 |               1,019 |\n| Basic earnings per share             | Basic earnings per share             | Basic earnings per share             |             $ 0\\.79 |             $ 1\\.49 |             $ 1\\.93 |             $ 1\\.50 |\n| Diluted earnings per share           | Diluted earnings per share           | Diluted earnings per share           |             $ 0\\.79 |             $ 1\\.49 |             $ 1\\.92 |             $ 1\\.49 |\n\n\n\n95"}
{"_id": "Alaska-2018_92.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**MANAGEMENT\u2019S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING**\n\nOur management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a\\-15(f)\\. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the 2013 framework in Internal Control \u2013 Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO Framework)\\. Based on our evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2018\\.\n\nWe intend to review and evaluate the design and effectiveness of our disclosure controls and procedures and internal control over financial reporting on an ongoing basis and to improve these controls and procedures over time and to correct any deficiencies that we may discover in the future\\. While we believe the present design of our disclosure controls and procedures and internal control over financial reporting are effective, future events affecting our business may cause us to modify our controls and procedures\\.\n\nThe Company's independent registered public accounting firm has issued an attestation report regarding its assessment of the effectiveness of the Company's internal control over financial reporting as of December 31, 2018\\.\n\n 93"}
{"_id": "AmericanAirlines-2018_96.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**2\\. Special Items, Net**\n\nSpecial items, net on our consolidated statements of operations consisted of the following (in millions):\n\n\n\n|                                                                    |                             |                             |                             |\n| ------------------------------------------------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                    | **2018**                    | **2017**                    | **2016**                    |\n| Fleet restructuring expenses  ^(1)^                                | $422                        | $232                        | $177                        |\n| Merger integration expenses  ^(2)^                                 | 268                         | 273                         | 514                         |\n| Severance expenses  ^(3)^                                          | 58                          | \u2014                           | \u2014                           |\n| Litigation settlement  ^(4)^                                       | 45                          | \u2014                           | \u2014                           |\n| Intangible asset impairment  ^(5)^                                 | 26                          | \u2014                           | \u2014                           |\n| Labor contract expenses                                            | 13                          | 46                          | \u2014                           |\n| Mark\\-to\\-market adjustments on bankruptcy obligations, net  ^(6)^ | (76)                        | 27                          | 25                          |\n| Employee 2017 Tax Act bonus expense  ^(7)^                         | \u2014                           | 123                         | \u2014                           |\n| Other operating charges (credits), net                             | 31                          | 11                          | (7)                         |\n| Mainline operating special items, net                              | 787                         | 712                         | 709                         |\n| Regional operating special items, net                              | 6                           | 22                          | 14                          |\n| Operating special items, net                                       | 793                         | 734                         | 723                         |\n| Mark\\-to\\-market adjustments on equity investments, net  ^(8)^     | 104                         | \u2014                           | \u2014                           |\n| Debt refinancing and extinguishment charges                        | 13                          | 22                          | 49                          |\n| Other nonoperating credits, net                                    | (4)                         | \u2014                           | \u2014                           |\n| Nonoperating special items, net                                    | 113                         | 22                          | 49                          |\n| Income tax special items  ^(9)^                                    | 18                          | \u2014                           | \u2014                           |\n| Impact of the 2017 Tax Act  ^(10)^                                 | \u2014                           | 823                         | \u2014                           |\n| Income tax special items, net                                      | 18                          | 823                         | \u2014                           |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Fleet restructuring expenses principally included accelerated depreciation and rent expense for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Merger integration expenses included costs associated with integration projects, principally our flight attendant, human resources and payroll, and technical operations systems\\. |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Severance expenses primarily included costs associated with reductions of management and support staff team members\\. |\n\n\n\n\n\n|       |                                                                                                                                                                  |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Settlement of a private party antitrust lawsuit\\. See Note 12(e) \\- \u201c *Private Party Antitrust Action Related to Passenger Capacity* \u201d for further discussion\\.  |\n\n\n\n\n\n|       |                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(5)^ | Intangible asset impairment includes a non\\-cash charge to write\\-off our Brazil route authority as a result of the U\\.S\\.\\-Brazil open skies agreement\\. |\n\n\n\n\n\n|       |                                                                                                                             |\n| ----- | --------------------------------------------------------------------------------------------------------------------------- |\n| ^(6)^ | Bankruptcy obligations that will be settled in shares of our common stock are marked\\-to\\-market based on our stock price\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                  |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(7)^ | Employee bonus expense included costs related to the  $1,000  cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of the 2017 Tax Act\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(8)^ | Mark\\-to\\-market adjustments on equity investments relate to net unrealized losses primarily associated with our equity investments in China Southern Airlines and Mesa Air Group, Inc\\. |\n\n\n\n\n\n|       |                                                                                                                    |\n| ----- | ------------------------------------------------------------------------------------------------------------------ |\n| ^(9)^ | Income tax special items for 2018 included an  $18 million  charge related to an international income tax matter\\. |\n\n\n\n97"}
{"_id": "Southwest-2019_37.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nItem 6\\.  Selected Financial Data\n\nThe following financial information, for the five years ended  December 31, 2019 , has been derived from the Company\u2019s Consolidated Financial Statements\\. This information should be viewed in conjunction with the Consolidated Financial Statements and related notes thereto included elsewhere herein\\. The Company provides the operating data below because these statistics are commonly used in the airline industry and, therefore, allow readers to compare the Company\u2019s performance against its results for prior periods, as well as against the performance of the Company\u2019s peers\\.\n\n\n\n|                                                                      |                             |                             |                             |                             |                             |\n| -------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                      | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                                                      | **2019**                    | **2018**                    | **2017**                    | **2016**                    | **2015**                    |\n| **Financial Data (in millions, except per share amounts):**          |                             |                             |                             |                             |                             |\n| Operating revenues                                                   | $22,428                     | $21,965                     | $21,146                     | $20,289                     | $19,820                     |\n| Operating expenses                                                   | 19,471                      | 18,759                      | 17,739                      | 16,767                      | 15,821                      |\n| Operating income                                                     | 2,957                       | 3,206                       | 3,407                       | 3,522                       | 3,999                       |\n| Other expenses (income) net                                          | \u2014                           | 42                          | 142                         | 72                          | 520                         |\n| Income before taxes                                                  | 2,957                       | 3,164                       | 3,265                       | 3,450                       | 3,479                       |\n| Provision (benefit) for income taxes                                 | 657                         | 699                         | (92)                        | 1,267                       | 1,298                       |\n| Net income                                                           | $2,300                      | $2,465                      | $3,357                      | $2,183                      | $2,181                      |\n| Net income per share, basic                                          | $4\\.28                      | $4\\.30                      | $5\\.58                      | $3\\.48                      | $3\\.30                      |\n| Net income per share, diluted                                        | $4\\.27                      | $4\\.29                      | $5\\.57                      | $3\\.45                      | $3\\.27                      |\n| Cash dividends per common share                                      | $0\\.700                     | $0\\.605                     | $0\\.475                     | $0\\.375                     | $0\\.285                     |\n| Total assets at period\\-end                                          | $25,895                     | $26,243                     | $25,110                     | $23,286                     | $21,312                     |\n| Long\\-term obligations at period\\-end                                | $1,846                      | $2,771                      | $3,320                      | $2,821                      | $2,541                      |\n| Stockholders\u2019 equity at period\\-end                                  | $9,832                      | $9,853                      | $9,641                      | $7,784                      | $7,358                      |\n| **Operating Data:**                                                  |                             |                             |                             |                             |                             |\n| Revenue passengers carried (000s)                                    | 134,056                     | 134,890                     | 130,256                     | 124,720                     | 118,171                     |\n| Enplaned passengers (000s)                                           | 162,681                     | 163,606                     | 157,677                     | 151,740                     | 144,575                     |\n| Revenue passenger miles (RPMs) (in millions) ^(a)^                   | 131,345                     | 133,322                     | 129,041                     | 124,798                     | 117,500                     |\n| Available seat miles (ASMs) (in millions) ^(b)^                      | 157,254                     | 159,795                     | 153,811                     | 148,522                     | 140,501                     |\n| Load factor ^(c)^                                                    | 83\\.5%                      | 83\\.4%                      | 83\\.9%                      | 84\\.0%                      | 83\\.6%                      |\n| Average length of passenger haul (miles)                             | 980                         | 988                         | 991                         | 1,001                       | 994                         |\n| Average aircraft stage length (miles)                                | 748                         | 757                         | 754                         | 760                         | 750                         |\n| Trips flown                                                          | 1,367,727                   | 1,375,030                   | 1,347,893                   | 1,311,149                   | 1,267,358                   |\n| Seats flown (000s) ^(d)^                                             | 206,390                     | 207,223                     | 200,879                     | 193,168                     | 184,955                     |\n| Seats per trip ^(e)^                                                 | 150\\.9                      | 150\\.7                      | 149\\.0                      | 147\\.3                      | 145\\.9                      |\n| Average passenger fare                                               | $154\\.98                    | $151\\.64                    | $151\\.73                    | $152\\.89                    | $154\\.85                    |\n| Passenger revenue yield per RPM (cents) ^(f)^                        | 15\\.82                      | 15\\.34                      | 15\\.32                      | 15\\.28                      | 15\\.57                      |\n| Operating revenues per ASM (cents) ^(g)(j)^                          | 14\\.26                      | 13\\.75                      | 13\\.75                      | 13\\.66                      | 13\\.98                      |\n| Passenger revenue per ASM (cents) ^(h)^                              | 13\\.21                      | 12\\.80                      | 12\\.85                      | 12\\.84                      | 13\\.02                      |\n| Operating expenses per ASM (cents) ^(i)^                             | 12\\.38                      | 11\\.74                      | 11\\.53                      | 11\\.29                      | 11\\.26                      |\n| Operating expenses per ASM, excluding fuel (cents)                   | 9\\.62                       | 8\\.85                       | 8\\.88                       | 8\\.73                       | 8\\.60                       |\n| Operating expenses per ASM, excluding fuel and profitsharing (cents) | 9\\.19                       | 8\\.51                       | 8\\.53                       | 8\\.34                       | 8\\.16                       |\n| Fuel costs per gallon, including fuel tax                            | $2\\.09                      | $2\\.20                      | $1\\.99                      | $1\\.90                      | $1\\.96                      |\n| Fuel costs per gallon, including fuel tax, economic                  | $2\\.09                      | $2\\.20                      | $2\\.06                      | $2\\.00                      | $2\\.13                      |\n| Fuel consumed, in gallons (millions)                                 | 2,077                       | 2,094                       | 2,045                       | 1,996                       | 1,901                       |\n| Active fulltime equivalent Employees                                 | 60,767                      | 58,803                      | 56,110                      | 53,536                      | 49,583                      |\n| Aircraft at end of period                                            | 747                         | 750                         | 706                         | 723                         | 704                         |\n\n\n\n\n\n|     |                                                                                                                                                    |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | A revenue passenger mile is one paying passenger flown one mile\\. Also referred to as \"traffic,\" which is a measure of demand for a given period\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                       |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | An available seat mile is one seat (empty or full) flown one mile\\. Also referred to as \"capacity,\" which is a measure of the space available to carry passengers in a given period\\. |\n\n\n\n\n\n|     |                                                           |\n| --- | --------------------------------------------------------- |\n| (c) | Revenue passenger miles divided by available seat miles\\. |\n\n\n\n\n\n|     |                                                                                                                                                                             |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (d) | Seats flown is calculated using total number of seats available by aircraft type multiplied by the total trips flown by the same aircraft type during a particular period\\. |\n\n\n\n\n\n|     |                                                                       |\n| --- | --------------------------------------------------------------------- |\n| (e) | Seats per trip is calculated by dividing seats flown by trips flown\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                             |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (f) | Calculated as passenger revenue divided by revenue passenger miles\\. Also referred to as \"yield,\" this is the average cost paid by a paying passenger to fly one mile, which is a measure of revenue production and fares\\. |\n\n\n\n38"}
{"_id": "United-2017_126.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|            |                 |                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| ----------:|:--------------- |:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \\*^10\\.182 | UAL  <br>United | [Supplemental Agreement No\\. 08 to Purchase Agreement Number  PA\\-03784, dated June 12, 2015 (filed as Exhibit 10\\.7 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2015, Commission file number  1\\-10323 and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex107.htm)                                                                        |\n| \\*^10\\.183 | UAL  <br>United | [Supplemental Agreement No\\. 9 to Purchase Agreement No\\. 03784, dated January 20, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.2 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex102.htm)                     |\n| \\*^10\\.184 | UAL  <br>United | [Supplemental Agreement No\\. 10 to Purchase Agreement No\\. 03784, dated February 8, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.4 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex104.htm)                    |\n| \\*^10\\.185 | UAL  <br>United | [Supplemental Agreement No\\. 11 to Purchase Agreement Number No\\. 03784, dated March 7, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.6 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex106.htm)                |\n| \\*^10\\.186 | UAL  <br>United | [Supplemental Agreement No\\. 12 to Purchase Agreement No\\. 03784, dated June 24, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.7 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516651221/d188420dex107.htm)                        |\n| \\*^10\\.187 | UAL  <br>United | [Supplemental Agreement No\\. 13 to Purchase Agreement No\\. 03784, dated December 27, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.174 to UAL\u2019s Form  10\\-K for the year ended December 31, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex10174.htm)               |\n| \\*^10\\.188 | UAL  <br>United | [Purchase Agreement No\\.  PA\\-03776, dated July 12, 2012, between The Boeing Company and United Continental Holdings, Inc\\. (filed as Exhibit 10\\.3 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2012, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex103.htm)                                    |\n| \\*^10\\.189 | UAL  <br>United | [Supplemental Agreement No\\. 01 to Purchase Agreement No\\. 03776, dated June 17, 2013 (filed as Exhibit 10\\.5 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex105.htm)                                                                               |\n| \\*^10\\.190 | UAL  <br>United | [Purchase Agreement Assignment to Purchase Agreement No\\. 03776, dated October 23, 2013, between United Continental Holdings, Inc\\. and United Airlines, Inc\\. (filed as Exhibit 10\\.3 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513409916/d578285dex103.htm) |\n| \\*^10\\.191 | UAL  <br>United | [Supplemental Agreement No\\. 02 to Purchase Agreement No\\. 03776, dated January 14, 2015 (filed as Exhibit 10\\.5 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2015, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex105.htm)                                                                           |\n| \\*^10\\.192 | UAL  <br>United | [Supplemental Agreement No\\. 03 to Purchase Agreement No\\. 03776, dated May 26, 2015 (filed as Exhibit 10\\.4 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2015, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex104.htm)                                                                               |\n| \\*^10\\.193 | UAL  <br>United | [Supplemental Agreement No\\. 04 to Purchase Agreement No\\. 03776, dated June 12, 2015 (filed as Exhibit 10\\.5 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2015, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex105.htm)                                                                              |\n\n\n\n127"}
{"_id": "Delta-2017_29.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nITEM 6\\. SELECTED FINANCIAL DATA\n\nThe following tables are derived from our audited Consolidated Financial Statements and present selected financial and operating data as of and for the five years ended  December 31, 2017 \\.\n\nConsolidated Summary of Operations\n\n\n\n|                                      |                             |                             |                             |                             |                             |\n| ------------------------------------ | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                      | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions, except share data)** | **2017**                    | **2016**                    | **2015**                    | **2014**                    | **2013**                    |\n| Operating revenue                    | $41,244                     | $39,639                     | $40,704                     | $40,362                     | $37,773                     |\n| Operating expense                    | 35,130                      | 32,687                      | 32,902                      | 38,156                      | 34,373                      |\n| Operating income                     | 6,114                       | 6,952                       | 7,802                       | 2,206                       | 3,400                       |\n| Non\\-operating expense, net          | (413)                       | (316)                       | (645)                       | (1,134)                     | (873)                       |\n| Income before income taxes           | 5,701                       | 6,636                       | 7,157                       | 1,072                       | 2,527                       |\n| Income tax (provision) benefit       | (2,124)                     | (2,263)                     | (2,631)                     | (413)                       | 8,013                       |\n| Net income                           | $3,577                      | $4,373                      | $4,526                      | $659                        | $10,540                     |\n| Basic earnings per share             | $4\\.97                      | $5\\.82                      | $5\\.68                      | $0\\.79                      | $12\\.41                     |\n| Diluted earnings per share           | $4\\.95                      | $5\\.79                      | $5\\.63                      | $0\\.78                      | $12\\.29                     |\n| Cash dividends declared per share    | $1\\.02                      | $0\\.68                      | $0\\.45                      | $0\\.30                      | $0\\.12                      |\n\n\n\nSpecial Items\n\n\n\n|                                                                          |                             |                             |                             |                             |                             |\n| ------------------------------------------------------------------------ | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                          | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions)**                                                        | **2017**                    | **2016**                    | **2015**                    | **2014**                    | **2013**                    |\n| MTM adjustments and settlements                                          | $259                        | $450                        | $1,301                      | $(2,346)                    | $276                        |\n| Restructuring and other                                                  | \u2014                           | \u2014                           | (35)                        | (716)                       | (424)                       |\n| Loss on extinguishment of debt                                           | \u2014                           | \u2014                           | \u2014                           | (268)                       | \u2014                           |\n| Investment MTM adjustments                                               | (8)                         | 115                         | 26                          | (134)                       | \u2014                           |\n| Tax Cuts and Jobs Act                                                    | (150)                       | \u2014                           | \u2014                           | \u2014                           | \u2014                           |\n| Release of tax valuation allowance and intraperiod income tax allocation | \u2014                           | \u2014                           | \u2014                           | \u2014                           | 7,989                       |\n| Total income (loss)                                                      | $101                        | $565                        | $1,292                      | $(3,464)                    | $7,841                      |\n\n\n\nConsolidated Balance Sheet Data\n\n\n\n|                                                                   |                  |                  |                  |                  |                  |\n| ----------------------------------------------------------------- | ---------------- | ---------------- | ---------------- | ---------------- | ---------------- |\n|                                                                   | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |\n| **(in millions)**                                                 | **2017**         | **2016**         | **2015**         | **2014**         | **2013**         |\n| Total assets                                                      | $53,292          | $51,261          | $53,134          | $54,005          | $52,104          |\n| Long\\-term debt and capital leases (including current maturities) | $8,834           | $7,332           | $8,329           | $9,661           | $11,194          |\n| Stockholders' equity                                              | $13,910          | $12,287          | $10,850          | $8,813           | $11,643          |\n\n\n\n 25"}
{"_id": "AmericanAirlines-2019_66.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nGoodwill and Indefinite\\-lived Assets\n\nGoodwill represents the excess of the purchase price over the fair value of the net assets acquired and liabilities assumed\\. Goodwill is not amortized but is assessed for impairment annually on October 1 or more frequently if events or circumstances indicate that goodwill may be impaired\\. We have one consolidated reporting unit\\.\n\nIndefinite\\-lived intangible assets other than goodwill include certain domestic airport slots and international slots and route authorities\\. Indefinite\\-lived intangible assets are not amortized but instead are assessed for impairment annually on October 1 or more frequently if events or circumstances indicate that the asset may be impaired\\.\n\nGoodwill and indefinite\\-lived intangible assets are assessed for impairment by initially performing a qualitative assessment\\. Under the qualitative approach, we analyze the following factors, among others, to determine if events and circumstances have affected the fair value of goodwill and indefinite\\-lived intangible assets: (1) negative trends in our market capitalization, (2) an increase in fuel prices, (3) declining per mile passenger yields, (4) lower passenger demand as a result of a weakened U\\.S\\. and global economy and (5) changes to the regulatory environment\\.\n\nBased upon our annual assessment, there were no impairments of our goodwill and no material impairments of our indefinite\\-lived assets in  2019 \\.\n\nPensions and Retiree Medical and Other Postretirement Benefits\n\nWe recognize the funded status (i\\.e\\., the difference between the fair value of plan assets and the projected benefit obligations) of our pension and retiree medical and other postretirement benefits plans in the consolidated balance sheets with a corresponding adjustment to accumulated other comprehensive income (loss)\\.\n\nOur pension and retiree medical and other postretirement benefits costs and liabilities are calculated using various actuarial assumptions and methodologies\\. We use certain assumptions including, but not limited to, the selection of the: (1) discount rate, (2) expected return on plan assets and (3) expected health care cost trend rate (as discussed below)\\. These assumptions as of December 31 were:\n\n\n\n|                                                                                         |          |          |\n| --------------------------------------------------------------------------------------- | -------- | -------- |\n|                                                                                         | **2019** | **2018** |\n| Pension weighted average discount rate  ^(1)^                                           | 3\\.4%    | 4\\.4%    |\n| Retiree medical and other postretirement benefits weighted average discount rate  ^(1)^ | 3\\.3%    | 4\\.3%    |\n| Expected rate of return on plan assets  ^(2)^                                           | 8\\.0%    | 8\\.0%    |\n| Weighted average health care cost trend rate assumed for next year  ^(3)^ :             |          |          |\n| Initial                                                                                 | 3\\.7%    | 3\\.9%    |\n| Ultimate (2027)                                                                         | 3\\.3%    | 3\\.5%    |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | When establishing our discount rate to measure our obligations, we match high quality corporate bonds available in the marketplace whose cash flows approximate our projected benefit disbursements\\. Lowering the discount rate by 50 basis points as of  December 31, 2019  would increase our pension and retiree medical and other postretirement benefits obligations by approximately  $1\\.3 billion  and  $40 million , respectively, decrease estimated  2020  pension expense by approximately  $5 million  and increase estimated  2020  retiree medical and other postretirement benefits expense by less than  $1 million \\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | The expected rate of return on plan assets is based upon an evaluation of our historical trends and experience, taking into account current and expected market conditions and our target asset allocation of  26%  U\\.S\\. stocks,  16%  developed international stocks,  30%  fixed income securities,  20%  alternative (private) investments and  8%  emerging market stocks\\. The expected rate of return on plan assets component of our net periodic benefit cost is calculated based on the fair value of plan assets and our target asset allocation\\. Lowering the expected long\\-term rate of return on plan assets by 50 basis points as of  December 31, 2019  would increase estimated  2020  pension expense and retiree medical and other postretirement benefits expense by approximately  $65 million  and  $1 million , respectively\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                            |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | The assumed health care cost trend rate is based upon an evaluation of our historical trends and experience, taking into account current and expected market conditions\\. Increasing the assumed health care cost trend rate by 100 basis points would increase estimated  2020  retiree medical and other postretirement benefits expense by approximately  $5 million \\. |\n\n\n\n67"}
{"_id": "Alaska-2018_85.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Common Stock Repurchase***\n\nIn August 2015, the Board of Directors authorized a $1 billion share repurchase program\\. As of December 31, 2018, the Company has repurchased 6 million shares for $438 million under this program\\. \n\nAt December 31, 2018, the Company held 7,619,046 shares in treasury\\. Management does not anticipate retiring common shares held in treasury for the foreseeable future\\.\n\nShare repurchase activity (in millions, except shares):\n\n\n\n|                                      |             |            |            |            |            |            |\n| ------------------------------------ | ----------- | ---------- | ---------- | ---------- | ---------- | ---------- |\n|                                      | **2018**    | **2018**   | **2017**   | **2017**   | **2016**   | **2016**   |\n|                                      | **Shares**  | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |\n| 2015 Repurchase Program \u2013 $1 billion | **776,186** | **$50**    | 981,277    | $75        | 2,594,809  | $193       |\n\n\n\n***Accumulated Other Comprehensive Loss (AOCL)***\n\nAOCL consisted of the following (in millions, net of tax): \n\n\n\n|                                      |            |          |\n| ------------------------------------ | ---------- | -------- |\n|                                      | **2018**   | **2017** |\n| Related to marketable securities     | **$(11)**  | $(5)     |\n| Related to employee benefit plans    | **(440)**  | (376)    |\n| Related to interest rate derivatives | **3**      | 1        |\n|                                      | **$(448)** | $(380)   |\n\n\n\nThe Company adopted ASU 2018\\-02 in 2018\\. As a result, the Company reclassified approximately $62 million of tax effects in AOCL recorded in prior periods at previously enacted tax rates thus increasing Retained earnings\\.\n\nIn relation to the Tax Cuts and Jobs Act, amounts recognized in other comprehensive income subsequent to the December 22, 2017 enactment date, are taxed at the revised federal income tax rates\\. The Company's actuarial adjustments for employee benefit plans occur annually at December 31, and therefore are tax effected at the new lower rates\\. Accordingly, the effective tax rate for employee benefit plan amounts recognized in other comprehensive income at December 31, 2017 was lower than it historically has been\\. \n\n**NOTE 11\\. SPECIAL ITEMS**\n\nIn 2018, the Company recognized special items of $87 million for merger\\-related costs associated with its acquisition of Virgin America\\. Costs classified as merger\\-related are directly attributable to merger activities\\. \n\nThe Company incurred a one\\-time settlement fee of $20 million for the termination of an existing maintenance services agreement and subsequently entered into a new services agreement that provides more flexibility for the timing and scope of engine work\\. Additionally, the Company incurred $25 million for one\\-time bonuses paid to employees as a result of tax reform\\. These charges were recognized as special charges and are included in the Special charges \\- other line on our consolidated statements of operations\\. \n\nIn 2017, the Company recognized $116 million in merger\\-related costs\\. The Company also recognized a special tax benefit of $237 million due to the remeasurement of net deferred tax liabilities as a result of the Tax Cuts and Jobs Act signed into law on December 22, 2017, partially offset by certain state tax law enactments\\.\n\nIn 2016, the Company recognized $117 million in merger\\-related costs\\. $39 million of these costs were not deductible under the U\\.S\\. federal tax law, as discussed in Note 7\\. The Company recognized a special tax expense of $17 million representing the discrete impacts of adjustments to the Company's position on income sourcing in various states\\.\n\n 86"}
{"_id": "AmericanAirlines-2018_64.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nIn 2017 and 2016, American recorded an income tax provision of $2\\.3 billion and $1\\.6 billion, respectively, which was substantially non\\-cash\\. Substantially all of American\u2019s income before income taxes was attributable to the United States\\.\n\nIn 2017, American recorded a special, non\\-cash income tax charge of $924 million to reflect the impact of lower corporate income tax rates on the Company\u2019s deferred tax asset and liabilities due to the 2017 Tax Act, which reduced the federal corporate income tax rate from 35% to 21%\\.\n\nSee Note 5 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on income taxes\\.\n\n**Liquidity and Capital Resources**\n\n***Liquidity***\n\nAs of December 31, 2018, AAG had approximately $7\\.6 billion in total available liquidity and $154 million in restricted cash and short\\-term investments\\. Additional detail of our available liquidity is provided in the table below (in millions):\n\n\n\n|                                     |                  |                  |                  |                  |\n| ----------------------------------- | ---------------- | ---------------- | ---------------- | ---------------- |\n|                                     | **AAG**          | **AAG**          | **American**     | **American**     |\n|                                     | **December 31,** | **December 31,** | **December 31,** | **December 31,** |\n|                                     | **2018**         | **2017**         | **2018**         | **2017**         |\n| Cash                                | $275             | $295             | $265             | $287             |\n| Short\\-term investments             | 4,485            | 4,771            | 4,482            | 4,768            |\n| Undrawn revolving credit facilities | 2,843            | 2,500            | 2,843            | 2,500            |\n| Total available liquidity           | $7,603           | $7,566           | $7,590           | $7,555           |\n\n\n\n***Share Repurchase Programs***\n\nIn April 2018, we announced that our Board of Directors authorized a new $2\\.0 billion share repurchase program that expires on December 31, 2020\\. Since July 2014, our Board of Directors has approved seven share repurchase programs aggregating $13\\.0 billion of authority\\. As of December 31, 2018, there was $1\\.7 billion remaining authority to repurchase shares under our new $2\\.0 billion share repurchase program\\. Share repurchases under our repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions\\. Any such repurchases that may be made from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to repurchase any specific number of shares and our repurchase of AAG common stock may be limited, suspended or discontinued at any time at our discretion and without prior notice\\.\n\nIn 2018, we repurchased 16\\.6 million shares of AAG common stock for $800 million at a weighted average cost per share of $48\\.15\\. Since the inception of our share repurchase programs in July 2014 through December 31, 2018, we have repurchased278\\.9 million shares of AAG common stock for $11\\.3 billion at a weighted average cost per share of $40\\.69\\.\n\n***Cash Dividends***\n\nOur Board of Directors declared the following cash dividends during 2018:\n\n\n\n|                |               |                                      |                   |                                  |\n| -------------- | ------------- | ------------------------------------ | ----------------- | -------------------------------- |\n| **Period**     | **Per share** | **For stockholders of record as of** | **Payable on**    | **Total** <br><br>**(millions)** |\n| First Quarter  | $0\\.10        | February 6, 2018                     | February 20, 2018 | $48                              |\n| Second Quarter | 0\\.10         | May 8, 2018                          | May 22, 2018      | 46                               |\n| Third Quarter  | 0\\.10         | August 7, 2018                       | August 21, 2018   | 46                               |\n| Fourth Quarter | 0\\.10         | November 6, 2018                     | November 20, 2018 | 46                               |\n| Total          | $0\\.40        |                                      |                   | $186                             |\n\n\n\nIn January 2019, we announced that our Board of Directors declared a $0\\.10 per share cash dividend for stockholders of record on February 6, 2019, and payable on February 20, 2019\\.\n\nAny future dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to continue a dividend for any fixed period, and the payment of dividends may be suspended or discontinued at any time at our discretion and without prior notice\\.\n\n65"}
{"_id": "AmericanAirlines-2019_26.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nreceive do not meet expected performance or quality standards, including with respect to fuel efficiency, safety and reliability, we could face higher financing and operating costs than planned and our business, results of operations and financial condition could be adversely impacted\\. For instance, in March 2019, the FAA grounded all Boeing 737 MAX aircraft, including the 24 aircraft in our fleet\\. For the duration of the Boeing 737 MAX grounding, we have been unable to take delivery of the Boeing 737 MAX aircraft we have on order from Boeing and have in some instances been required to extend the service lives of older, less efficient aircraft and delay service that we planned to offer\\. Further, deliveries of Boeing 737 MAX aircraft have remained suspended following the grounding, and Boeing is not currently manufacturing new 737 MAX aircraft\\. Depending on the ultimate duration of the grounding, various Boeing 737 MAX aircraft financings we previously obtained may be terminated and, as a result, we may be required to obtain alternate financing for these aircraft, which may not be available on terms and conditions as favorable as the previously obtained financings\\. Further, once the grounding has been lifted, we are likely to be subject to training requirements\\. Boeing has recommended that pilots receive special flight simulator training before operating the Boeing 737 MAX aircraft, and although the FAA is ultimately responsible for establishing training requirements for operating the Boeing 737 MAX, such additional training would further delay the aircraft\u2019s return to service and impose restrictions on our ability to optimize our fleet\\. This and other operational requirements and uncertainties regarding the timing of the delivery of Boeing 737 MAX aircraft we have on order and how rapidly we will be able to take delivery of and integrate such Boeing 737 MAX aircraft into our fleet could potentially result in further significant constraints on our operating efficiency, capacity and growth plans\\.\n\nWe rely heavily on technology and automated systems to operate our business, and any failure of these technologies or systems could harm our business, results of operations and financial condition\\.\n\nWe are highly dependent on existing and emerging technology and automated systems to operate our business\\. These technologies and systems include our computerized airline reservation system, flight operations systems, financial planning, management and accounting systems, telecommunications systems, website, maintenance systems and check\\-in kiosks\\. In order for our operations to work efficiently, our website and reservation system must be able to accommodate a high volume of traffic, maintain secure information and deliver flight information, as well as issue electronic tickets and process critical financial information in a timely manner\\. Substantially all of our tickets are issued to passengers as electronic tickets\\. We depend on our reservation system, which is hosted and maintained under a long\\-term contract by a third\\-party service provider, to be able to issue, track and accept these electronic tickets\\. If our technologies or automated systems are not functioning or if our third\\-party service providers were to fail to adequately provide technical support, system maintenance or timely software upgrades for any one of our key existing systems, we could experience service disruptions or delays, which could harm our business and result in the loss of important data, increase our expenses and decrease our revenues\\. In the event that one or more of our primary technology or systems vendors goes into bankruptcy, ceases operations or fails to perform as promised, replacement services may not be readily available on a timely basis, at competitive rates or at all, and any transition time to a new system may be significant\\.\n\nOur technologies and automated systems cannot be completely protected against events that are beyond our control, including natural disasters, power failures, terrorist attacks, cyber\\-attacks, data theft, equipment and software failures, computer viruses or telecommunications failures\\. Substantial or sustained system failures could cause service delays or failures and result in our customers purchasing tickets from other airlines\\. We cannot assure that our security measures, change control procedures or disaster recovery plans are adequate to prevent disruptions or delays\\. Disruption in or changes to these technologies or systems could result in a disruption to our business and the loss of important data\\. Any of the foregoing could result in a material adverse effect on our business, results of operations and financial condition\\.\n\nWe face challenges in integrating our computer, communications and other technology systems\\. \n\nWhile we have to date successfully integrated many of our computer, communication and other technology systems in connection with the merger of US Airways and American, including our customer reservations system and our pilot, flight attendant and fleet scheduling system, we still have to complete several additional important system integration or replacement projects\\. In a number of prior airline mergers, the integration of these systems or deployment of replacement systems has taken longer, been more disruptive and cost more than originally forecasted\\. The implementation process to integrate or replace these various systems will involve a number of risks that could adversely impact our business, results of operations and financial condition\\. New systems will replace multiple legacy systems and the related implementation will be a complex and time\\-consuming project involving substantial expenditures for implementation consultants, system hardware, software and implementation activities, as well as the transformation of business and financial processes\\.\n\n27"}
{"_id": "Alaska-2018_30.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n|                                                                                                    |\n| -------------------------------------------------------------------------------------------------- |\n| **ITEM 7\\. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** |\n\n\n\n**OVERVIEW**\n\nThe following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand our company, our operations and our present business environment\\. MD&A is provided as a supplement to \u2013 and should be read in conjunction with \u2013 our consolidated financial statements and the accompanying notes\\. All statements in the following discussion that are not statements of historical information or descriptions of current accounting policy are forward\\-looking statements\\. Please consider our forward\\-looking statements in light of the risks referred to in this report\u2019s introductory cautionary note and the risks mentioned in Part I, \u201cItem 1A\\. Risk Factors\\.\u201d This overview summarizes the MD&A, which includes the following sections:\n\n\n\n|   |                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Year in Review* \u2014highlights from  2018  outlining some of the major events that happened during the year and how they affected our financial performance\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | *Results of Operations* \u2014an in\\-depth analysis of our revenues by segment and our expenses from a consolidated perspective for the three years presented in our consolidated financial statements\\. To the extent material to the understanding of segment profitability, we more fully describe the segment expenses per financial statement line item\\. Financial and statistical data is also included here\\. As discussed in Note 2, the adoption of two new accounting standards resulted in retroactive adjustments to our 2017 and 2016 financial information as reported\\. We have recast our financial information to reflect the impact of those standards\\. Additionally, as Virgin America was acquired on December 14, 2016, its financial and operational results are reflected in the year ended December 31, 2017, but not in the comparative prior period\\. However, for comparability purposes, we have added \"Combined Comparative\" information for 2016, which is more fully described below\\. This section includes forward\\-looking statements regarding our view of  2019 \\. Further information about the acquisition of Virgin America can be found in our previously filed Forms 10\\-K for 2016 and 2017\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Liquidity and Capital Resources* \u2014an overview of our financial position, analysis of cash flows, sources and uses of cash, contractual obligations and commitments and off\\-balance sheet arrangements\\. |\n\n\n\n\n\n|     |                                                                                                                                 |\n| --- | ------------------------------------------------------------------------------------------------------------------------------- |\n| *\u2022* | *Critical Accounting Estimates* \u2014a discussion of our accounting estimates that involve significant judgment and uncertainties\\. |\n\n\n\n**YEAR IN REVIEW**\n\nDecember 2018 marked the two\\-year anniversary of our acquisition of Virgin America\\. As we look back over that time, we are very pleased with how far we have come\\. Just 24 months ago, we were two airlines in complementary geographies with distinct products, operating processes and cultures\\. We also had separate FAA certificates, labor agreements, and systems\\. As we stand today, virtually all of that has changed\\. Our operating processes are fully aligned, substantially all of our systems have been merged, and all but one of our labor groups are under single collective bargaining agreements\\. Through 2018, we have completed about 95% of our major integration milestones and we continue to make great progress on a number of fronts\\. Culturally, our employees are coming together as one team\\. Across the fleet, our guest experience is increasingly aligned, and we will reach full alignment early in 2020 as we complete the renovation of the Airbus fleet\\. We recently began to swap Boeing and Airbus aircraft onto the most appropriate routes\\. Our flight attendants began flying as integrated crews in January 2019, and we are working on the integration of our pilot schedules now\\. \n\nWith much of the integration work behind us, we are shifting our focus to realizing the merger synergies and maturing our recent network expansions\\. Our core business remains strong and we continue to leverage the financial and operational discipline that has long been a source of our competitive advantage\\. In 2018, we announced or launched a host of new revenue initiatives, including increases to bag fees to better align with the industry, the introduction of Saver Fares, and the reconfiguration of Airbus aircraft\\. We continue to invest heavily in our brand and product, through projects like satellite connectivity for our full Mainline fleet, updating and expanding airport lounges, and introducing new food and beverage choices onboard\\. These investments, among others, are laying the ground work as we look to grow revenues and strengthen margins in 2019 and beyond\\. \n\n 31"}
{"_id": "Southwest-2018_91.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\ninterest at the LIBO Rate (as defined in the term loan agreement) plus 1\\.10 percent, which equates to a current rate of 3\\.88 percent, and interest is payable semi\\-annually in installments\\.\n\nDuring November 2015, the Company issued $500 million senior unsecured notes due 2020\\. The notes bear interest at 2\\.65 percent, payable semi\\-annually in arrears on May 5 and November 5\\. Concurrently, the Company entered into a fixed\\-to\\-floating interest rate swap to convert the interest on these unsecured notes to a floating rate until their maturity\\. See Note 10 for further information on the interest\\-rate swap agreement\\.\n\nDuring November 2014, the Company issued $300 million senior unsecured notes due November 2019\\. The notes bear interest at 2\\.75 percent, payable semi\\-annually in arrears on May 6 and November 6\\. Concurrently, the Company entered into a fixed\\-to\\-floating interest rate swap to convert the interest on these unsecured notes to a floating rate until their maturity\\. See Note 10 for further information on the interest\\-rate swap agreement\\.\n\nOn July 1, 2009, the Company entered into a term loan agreement providing for loans to the Company aggregating up to $124 million, to be secured by mortgages on five of the Company\u2019s 737\\-700 aircraft\\. The Company borrowed the full $124 million and secured this loan with the requisite five aircraft mortgages\\. The loan matures on July 1, 2019, and is repayable semi\\-annually in installments of principal and interest that began on January 1, 2010\\. The loan bears interest at a fixed rate of 4\\.84 percent\\. In September 2015, the Company prepaid $24 million on the loan agreement, which in turn released one of the encumbered aircraft\\. As such, the remaining four aircraft related to this transaction were still encumbered as of December 31, 2018\\.\n\nOn April 29, 2009, the Company entered into a term loan agreement providing for loans to the Company aggregating up to $332 million, to be secured by mortgages on 14 of the Company\u2019s 737\\-700 aircraft\\. The Company borrowed the full $332 million and secured the loan with the requisite 14 aircraft mortgages\\. The loan matures on May 6, 2019, and is being repaid via quarterly installments of principal and interest that began on August 6, 2009\\. The loan bears interest at the LIBO Rate (as defined in the term loan agreement) plus 3\\.30 percent\\. Pursuant to the terms of the term loan agreement, the Company entered into an interest rate swap agreement to convert the variable rate on the term loan to a fixed 6\\.315 percent until maturity\\.\n\nOn May 6, 2008, the Company entered into a term loan agreement providing for loans to the Company aggregating up to $600 million, to be secured by first\\-lien mortgages on 21 of the Company\u2019s 737\\-700 aircraft\\. On May 9, 2008, the Company borrowed the full $600 million and secured these loans with the requisite 21 aircraft mortgages\\. The loans mature on May 9, 2020, and are being repaid via quarterly installments of principal and interest that began on August 9, 2008\\. The loans bear interest at the LIBO Rate (as defined in the term loan agreement) plus 0\\.95 percent\\. Pursuant to the terms of the term loan agreement, the Company entered into an interest rate swap agreement to convert the variable rate on the term loan to a fixed 5\\.223 percent until maturity\\.\n\nOn October 3, 2007, grantor trusts established by the Company issued $500 million Pass Through Certificates consisting of $412 million6\\.15 percent Series A certificates and $88 million6\\.65 percent Series B certificates\\. A separate trust was established for each class of certificates\\. The trusts used the proceeds from the sale of certificates to acquire equipment notes in the same amounts, which were issued by the Company on a full recourse basis\\. Payments on the equipment notes held in each trust are passed through to the holders of certificates of such trust\\. The equipment notes were issued for each of 16 Boeing 737\\-700 aircraft owned by the Company and are secured by a mortgage on each aircraft\\. Beginning February 1, 2008, principal and interest payments on the equipment notes held for both series of certificates became due semi\\-annually until the balance of the certificates mature on August 1, 2022\\. Prior to their issuance, the Company also entered into swap agreements to hedge the variability in interest rates on the Pass Through Certificates\\. The swap agreements were accounted for as cash flow hedges, and resulted in a payment by the Company of $20 million upon issuance of the Pass Through Certificates\\. The effective portion of the hedge is being amortized to interest expense concurrent with the amortization of the debt and is reflected in the above table as a reduction in the debt balance\\. The ineffectiveness of the hedge transaction was immaterial\\.\n\n92"}
{"_id": "AmericanAirlines-2018_118.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nThe fair value of our retiree medical and other postretirement benefits plans assets at December 31, 2018 by asset category, were as follows (in millions):\n\n\n\n|                          |                                                                                          |                                                                              |                                                                                |                                                     |\n| ------------------------ | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                          | **Fair Value Measurements as of December 31, 2018**                                      | **Fair Value Measurements as of December 31, 2018**                          | **Fair Value Measurements as of December 31, 2018**                            | **Fair Value Measurements as of December 31, 2018** |\n| **Asset Category**       | **Quoted Prices in**<br><br>**Active Markets for Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Money market fund        | $4                                                                                       | $\u2014                                                                           | $\u2014                                                                             | $4                                                  |\n| Mutual funds \u2013 AAL Class | \u2014                                                                                        | 221                                                                          | \u2014                                                                              | 221                                                 |\n| Total                    | $4                                                                                       | $221                                                                         | $\u2014                                                                             | $225                                                |\n\n\n\nThe fair value of our retiree medical and other postretirement benefits plans assets at December 31, 2017 by asset category, were as follows (in millions):\n\n\n\n|                          |                                                                                          |                                                                              |                                                                                |                                                     |\n| ------------------------ | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                          | **Fair Value Measurements as of December 31, 2017**                                      | **Fair Value Measurements as of December 31, 2017**                          | **Fair Value Measurements as of December 31, 2017**                            | **Fair Value Measurements as of December 31, 2017** |\n| **Asset Category**       | **Quoted Prices in**<br><br>**Active Markets for Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Money market fund        | $5                                                                                       | $\u2014                                                                           | $\u2014                                                                             | $5                                                  |\n| Mutual funds \u2013 AAL Class | \u2014                                                                                        | 290                                                                          | \u2014                                                                              | 290                                                 |\n| Total                    | $5                                                                                       | $290                                                                         | $\u2014                                                                             | $295                                                |\n\n\n\nInvestments in the retiree medical and other postretirement benefits plans\u2019 mutual funds are valued by quoted prices on the active market, which is fair value and represents the net asset value of the shares of such funds as of the close of business at the end of the period\\. The AAL Class mutual fund restricts trading only to American, resulting in a fair value classification of Level 2\\. Investments included approximately 30% of investments in non\\-U\\.S\\. common stocks in both 2018 and 2017\\. Net asset value is based on the fair market value of the funds\u2019 underlying assets and liabilities at the date of determination\\.\n\n***Defined Contribution Plans***\n\nWe contributed $877 million, $851 million and $766 million to our defined contribution plans for the years ended December 31, 2018, 2017 and 2016, respectively\\.\n\n***Profit Sharing Program***\n\nWe accrue 5% of our pre\\-tax income excluding special items for our profit sharing program\\. For the year ended December 31, 2018, we accrued $175 million for this program, which will be distributed to employees in the first quarter of 2019\\.\n\n119"}
{"_id": "AmericanAirlines-2018_159.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nThe estimated amount of unrecognized actuarial net loss and prior service cost for the defined benefit pension plans that will be amortized from AOCI into net periodic benefit cost over the next fiscal year is $181 million\\.\n\nThe estimated amount of unrecognized actuarial net gain and prior service benefit for the retiree medical and other postretirement benefits plans that will be amortized from AOCI into net periodic benefit cost over the next fiscal year is $269 million\\.\n\n***Assumptions***\n\nThe following actuarial assumptions were used to determine American\u2019s benefit obligations and net periodic benefit cost for the periods presented:\n\n\n\n|                                |                      |                      |                                                                  |                                                                  |\n| ------------------------------ | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                | **2018**             | **2017**             | **2018**                                                         | **2017**                                                         |\n| Benefit obligations:           |                      |                      |                                                                  |                                                                  |\n| Weighted average discount rate | 4\\.40%               | 3\\.80%               | 4\\.30%                                                           | 3\\.60%                                                           |\n\n\n\n\n\n|                                                                           |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| ------------------------------------------------------------------------- | -------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                                                           | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                                                           | **2018**             | **2017**             | **2016**             | **2018**                                                         | **2017**                                                         | **2016**                                                         |\n| Net periodic benefit cost:                                                |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| Weighted average discount rate                                            | 3\\.80%               | 4\\.30%               | 4\\.70%               | 3\\.60%                                                           | 4\\.10%                                                           | 4\\.42%                                                           |\n| Weighted average expected rate of return on plan assets                   | 8\\.00%               | 8\\.00%               | 8\\.00%               | 8\\.00%                                                           | 8\\.00%                                                           | 8\\.00%                                                           |\n| Weighted average health care cost trend rate assumed for next year  ^(1)^ | N/A                  | N/A                  | N/A                  | 3\\.91%                                                           | 4\\.19%                                                           | 4\\.25%                                                           |\n\n\n\n\n\n|       |                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The weighted average health care cost trend rate at  December 31, 2018  is assumed to decline gradually to  3\\.45%  by 2026 and remain level thereafter\\. |\n\n\n\nAs of December 31, 2018, American\u2019s estimate of the long\\-term rate of return on plan assets was 8% based on the target asset allocation\\. Expected returns on long duration bonds are based on yields to maturity of the bonds held at year\\-end\\. Expected returns on other assets are based on a combination of long\\-term historical returns, actual returns on plan assets achieved over the last ten years, current and expected market conditions, and expected value to be generated through active management and securities lending programs\\.\n\nA one percentage point change in the assumed health care cost trend rates would have the following effects on American\u2019s retiree medical and other postretirement benefits plans (in millions):\n\n\n\n|                                                                   |                 |                 |\n| ----------------------------------------------------------------- | --------------- | --------------- |\n|                                                                   | **1% Increase** | **1% Decrease** |\n| Increase (decrease) on 2018 service and interest cost             | $2              | $(2)            |\n| Increase (decrease) on benefit obligation as of December 31, 2018 | 47              | (43)            |\n\n\n\n***Minimum Contributions***\n\nAmerican is required to make minimum contributions to its defined benefit pension plans under the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and various other laws for U\\.S\\. based plans as well as underfunding rules specific to countries where American maintains defined benefit plans\\. Based on current funding assumptions, American has minimum required contributions of $780 million for 2019\\. American expects to make supplemental contributions of $21 million to its U\\.S\\. based defined benefit pension plans in 2019\\. American\u2019s funding obligations will depend on the performance of American\u2019s investments held in trust by the pension plans, interest rates for determining liabilities, the amount of and timing of any supplemental contributions and American\u2019s actuarial experience\\.\n\n160"}
{"_id": "AmericanAirlines-2017_120.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nOur operating revenues by geographic region as defined by the U\\.S\\. Department of Transportation (DOT) are summarized below (in millions):\n\n\n\n|                          |                             |                             |                             |\n| ------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                          | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                          | **2017**                    | **2016**                    | **2015**                    |\n| DOT Domestic             | $29,612                     | $28,620                     | $28,761                     |\n| DOT Latin America        | 5,422                       | 4,995                       | 5,539                       |\n| DOT Atlantic             | 5,059                       | 4,769                       | 5,146                       |\n| DOT Pacific              | 2,114                       | 1,796                       | 1,544                       |\n| Total operating revenues | $42,207                     | $40,180                     | $40,990                     |\n\n\n\nWe attribute operating revenues by geographic region based upon the origin and destination of each flight segment\\. Our tangible assets consist primarily of flight equipment, which are mobile across geographic markets and, therefore, have not been allocated\\.\n\n**14\\. Share\\-based Compensation**\n\nThe 2013 AAG Incentive Award Plan (the 2013 Plan) provides that awards may be in the form of an option, restricted stock award, restricted stock unit award, performance award, dividend equivalent award, deferred stock award, deferred stock unit award, stock payment award or stock appreciation right\\. The 2013 Plan initially authorized the grant of awards for the issuance of up to 40 million shares\\. Any shares underlying awards granted under the 2013 Plan, or any pre\\-existing US Airways Group plan, that are forfeited, terminate or are settled in cash (in whole or in part) without the delivery of shares will again be available for grant\\.\n\nOur salaries, wages and benefits expense for the years ended December 31, 2017, 2016 and 2015 included $90 million, $102 million and $274 million, respectively, of share\\-based compensation costs\\. Of the 2015 amount, $198 million was related to awards granted to certain employees in connection with the Merger and recorded in special items, net on the accompanying consolidated statements of operations\\.\n\nDuring 2017, 2016 and 2015, we withheld approximately 1\\.1 million, 1\\.4 million and 7\\.0 million shares of AAG common stock, respectively, and paid approximately $51 million, $56 million and $306 million, respectively, in satisfaction of certain tax withholding obligations associated with employee equity awards\\.\n\n***(a) Restricted Stock Unit Awards (RSUs)***\n\nWe have granted RSUs with service conditions (time vested primarily over three years) and performance conditions\\. The grant\\-date fair value of RSUs is equal to the market price of the underlying shares of common stock on the date of grant\\. For time vested awards, the expense is recognized on a straight\\-line basis over the vesting period for the entire award\\. For awards with performance conditions, the expense is recognized based on the expected achievement at each reporting period\\. Stock\\-settled RSUs are classified as equity awards as the vesting results in the issuance of shares of AAG common stock\\.\n\n121"}
{"_id": "AmericanAirlines-2017_6.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***Marketing Relationships***\n\nTo improve access to each other\u2019s markets, various U\\.S\\. and foreign air carriers, including American, have established marketing agreements with other airlines\\. These marketing agreements generally provide enhanced customer choice by means of an expanded network with reciprocal loyalty program participation and joint sales cooperation\\. American currently has marketing relationships with Air Tahiti Nui, Alaska Airlines, British Airways, Cape Air, Cathay Dragon, Cathay Pacific, China Southern Airlines, EL AL, Etihad Airways, Fiji Airways, Finnair, Gulf Air, Hainan Airlines, Hawaiian Airlines, Iberia, Interjet, Japan Airlines, Jetstar Group (includes Jetstar Airways and Jetstar Japan), Korean Air, LATAM (includes LATAM Airlines, LATAM Argentina, LATAM Brasil, LATAM Colombia, LATAM Ecuador, LATAM Paraguay, LATAM Peru), Malaysia Airlines, Qantas Airways, Qatar Airways, Royal Jordanian, S7 Airlines, Seaborne Airlines, Sri Lankan Airlines and WestJet\\. Our marketing agreements with Etihad Airways and Qatar Airways are scheduled to end on March 25, 2018\\.\n\n**Loyalty Program**\n\nOur loyalty program, AAdvantage^\u00ae^ was established to develop passenger loyalty by offering awards to travelers for their continued patronage\\. AAdvantage was named Best Elite Program in the Americas at the 2017 Freddie Awards, annual awards that recognize the world\u2019s most outstanding frequent travel programs\\. AAdvantage members earn mileage credits by flying on American, any **one**world airline or other partner airlines, or by using the services of over 1,000 program participants, such as the Citi and Barclaycard US co\\-branded credit cards, hotels and car rental companies\\. Our members earn bonus mileage credits when elite status is obtained\\. For every dollar spent, non\\-status members earn five mileage credits, but Gold, Platinum, Platinum Pro and Executive Platinum status holders earn bonus mileage credits of seven, eight, nine and eleven mileage credits, respectively\\.\n\nAll travel on eligible tickets counts toward qualification for elite status in the AAdvantage program\\. Elite members can enjoy additional benefits of the AAdvantage program, including complimentary upgrades, mileage bonuses, complimentary access to Preferred Seats, checked bags at no charge, First and Business Class check\\-in, priority security, priority boarding and priority baggage delivery\\.\n\nMileage credits can be redeemed for free or upgraded travel on American and participating airlines, membership to our Admirals Club^\u00ae^ or for other non\\-travel awards from our program participants\\. Most travel awards are subject to capacity\\-controlled seating\\. A member\u2019s mileage credit does not expire as long as that member has any type of qualifying activity at least once every 18 months\\. Under our agreements with AAdvantage members and program partners, we reserve the right to change the AAdvantage program at any time without notice, and may end the program with six months\u2019 notice\\. Program rules, partners, special offers, awards and requisite mileage levels for awards are subject to change\\.\n\nDuring 2017, our members redeemed approximately 11 million awards including travel redemptions for flights and upgrades on American and other air carriers, as well as redemption of car and hotel awards, club memberships and merchandise\\. Approximately 6\\.1% of our 2017 total revenue passenger miles flown were from award travel\\.\n\nSee Part II, Item 7\\. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 \u201c*Critical Accounting Policies and Estimate*s\u201d for more information on our loyalty program\\.\n\n**Industry Competition**\n\n***Domestic***\n\nThe markets in which we operate are highly competitive\\. On most of our domestic nonstop routes, we currently face competing service from at least one, and sometimes more than one, domestic airline, including: Alaska Airlines, Allegiant Air, Delta Air Lines, Frontier Airlines, Hawaiian Airlines, JetBlue Airways, Southwest Airlines, Spirit Airlines and United Airlines\\. Competition is even greater between cities that require a connection, where the major airlines compete via their respective hubs\\. In addition, we face competition on some of our connecting routes from airlines operating point\\-to\\-point service on such routes\\. We also compete with all\\-cargo and charter airlines and, particularly on shorter segments, ground and rail transportation\\.\n\nOn all of our routes, pricing decisions are affected, in large part, by the need to meet competition from other airlines\\. Price competition occurs on a market\\-by\\-market basis through price discounts, changes in pricing structures, fare matching, targeted promotions and loyalty program initiatives\\. Airlines typically use discount fares and other promotions to stimulate traffic during normally slack travel periods, when they begin service to new cities or when they have excess capacity, to generate cash flow, to maximize revenue per available seat mile and to establish, increase or preserve market share\\. We have often elected to match discount or promotional fares initiated by other air carriers in certain markets in order to compete in those markets\\. Most airlines will quickly match price reductions in a particular market\\. In addition, low\\-fare, low\\-cost carriers, such as \n\n7"}
{"_id": "United-2019_74.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nNOTE 9 \\- INVESTMENTS AND FAIR VALUE MEASUREMENTS \n\nFair Value Information\\.  Accounting standards require us to use valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs\\. These inputs are described in Note 7 of this report\\. The table below presents disclosures about the fair value of financial assets and liabilities measured at fair value on a recurring basis in the Company's financial statements as of December 31 (in millions):\n\n\n\n|                                                                              |           |             |             |             |           |             |             |             |\n| ---------------------------------------------------------------------------- | --------- | ----------- | ----------- | ----------- | --------- | ----------- | ----------- | ----------- |\n|                                                                              | **2019**  | **2019**    | **2019**    | **2019**    | **2018**  | **2018**    | **2018**    | **2018**    |\n|                                                                              | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** |\n| Cash and cash equivalents                                                    | $2,762    | $2,762      | $\u2014          | $\u2014          | $1,694    | $1,694      | $\u2014          | $\u2014          |\n| Short\\-term investments:                                                     |           |             |             |             |           |             |             |             |\n| Corporate debt                                                               | 1,045     | \u2014           | 1,045       | \u2014           | 1,023     | \u2014           | 1,023       | \u2014           |\n| Asset\\-backed securities                                                     | 690       | \u2014           | 690         | \u2014           | 746       | \u2014           | 746         | **\u2014**       |\n| U\\.S\\. government and agency notes                                           | 124       | \u2014           | 124         | \u2014           | 108       | \u2014           | 108         | \u2014           |\n| Certificates of deposit placed through an account registry service (\"CDARS\") | 35        | \u2014           | 35          | \u2014           | 75        | \u2014           | 75          | \u2014           |\n| Other fixed\\-income securities                                               | 95        | \u2014           | 95          | \u2014           | 116       | \u2014           | 116         | \u2014           |\n| Other investments measured at NAV                                            | 193       | \u2014           | \u2014           | \u2014           | 188       | \u2014           | \u2014           | \u2014           |\n| Restricted cash                                                              | 106       | 106         | \u2014           | \u2014           | 105       | 105         | \u2014           | \u2014           |\n| Long\\-term investments:                                                      |   <br>    |             |             |             |           |             |             |             |\n| Equity securities                                                            | 385       | 385         | \u2014           | \u2014           | 249       | 249         | \u2014           | \u2014           |\n| AVH Derivative Assets                                                        | 24        | \u2014           | \u2014           | 24          | 11        | \u2014           | \u2014           | 11          |\n\n\n\nAvailable\\-for\\-sale investment maturities  \\-  T he short\\-term investments shown in the table above are classified as available\\-for\\-sale, with the exception of investments measured at NAV\\. As of  December 31, 2019 , asset\\-backed securities have remaining maturities of less than   one year  to approximately   15 years , corporate debt securities have remaining maturities of   three years  or less and CDARS have maturities of less than   one year \\. U\\.S\\. government and agency notes have maturities of approximately   three years  or less and other fixed\\-income securities have maturities of   two years  or less\\. \n\nRestricted cash  \\-  Restricted cash primarily includes cash collateral for letters of credit and collateral associated with obligations for facility leases and other insurance\\-related obligations\\.\n\nEquity securities  \\- Equity securities represent United's investment in Azul, consisting of approximately   8%  of Azul's outstanding preferred shares (representing approximately   2%  of the total capital stock of Azul)\\. The Company recognizes changes to the fair value of its equity investment in Azul in Unrealized gains (losses) on investments, net in its statements of consolidated operations\\. The carrying value of our investment in Azul was   $385 million  at  December 31, 2019 \\.\n\nAVH Derivative Assets \\-  As part of the BRW Term Loan Agreement and related agreements with Kingsland, United obtained  call options on AVH shares, AVH share appreciation rights and an AVH share\\-based upside sharing agreement (collectively, the \"AVH Derivative Assets\")\\. The AVH Derivative Assets are recorded at fair value as Other assets on the Company's balance sheet and are included in the table above\\. Changes in the fair value of the AVH Derivative Assets are recorded as part of Unrealized gains (losses) on investments, net in its statements of consolidated operations\\.\n\nInvestments presented in the table above have the same fair value as their carrying value\\.\n\nOther fair value information \\- The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above as of December 31 (in millions)\\. Carrying amounts include any related discounts, premiums and issuance costs:\n\n\n\n|                 |                     |                |                |                |                |                     |                |                |                |                |\n| --------------- | ------------------- | -------------- | -------------- | -------------- | -------------- | ------------------- | -------------- | -------------- | -------------- | -------------- |\n|                 | **2019**            | **2019**       | **2019**       | **2019**       | **2019**       | **2018**            | **2018**       | **2018**       | **2018**       | **2018**       |\n|                 | **Carrying Amount** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Carrying Amount** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |\n|                 |                     | **Total**      | **Level 1**    | **Level 2**    | **Level 3**    |                     | **Total**      | **Level 1**    | **Level 2**    | **Level 3**    |\n| Long\\-term debt | $14,552             | $15,203        | $\u2014             | $11,398        | $3,805         | $13,445             | $13,450        | $\u2014             | $9,525         | $3,925         |\n\n\n\nFair value of the financial instruments included in the tables above was determined as follows:\n\n75"}
{"_id": "Delta-2017_22.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nExtended interruptions or disruptions in service at major airports in which we operate could have a material adverse impact on our operations\\.\n\nThe airline industry is heavily dependent on business models that concentrate operations in major airports in the United States and throughout the world\\. An extended interruption or disruption at an airport where we have significant operations could have a material impact on our business, financial condition and results of operation\\.\n\nThe airline industry is subject to extensive government regulation, and new regulations may increase our operating costs\\.\n\nAirlines are subject to extensive regulatory and legal compliance requirements that result in significant costs\\. For instance, the FAA from time to time issues directives and other regulations relating to the maintenance and operation of aircraft that necessitate significant expenditures\\. We expect to continue incurring significant expenses to comply with the FAA's regulations\\. \n\nOther laws, regulations, taxes and airport rates and charges have also been imposed from time to time that significantly increase the cost of airline operations or reduce revenues\\. The industry is heavily taxed\\. For example, the Aviation and Transportation Security Act mandates the federalization of certain airport security procedures and imposes security requirements on airports and airlines, most of which are funded by a per ticket tax on passengers and a tax on airlines\\. Additional taxes and fees, if implemented, could negatively impact our results of operations\\. \n\nProposals to address congestion issues at certain airports or in certain airspace, particularly in the Northeast U\\.S\\., have included concepts such as \"congestion\\-based\" landing fees, \"slot auctions\" or other alternatives that could impose a significant cost on the airlines operating in those airports or airspace and impact the ability of those airlines to respond to competitive actions by other airlines\\. In addition, the failure of the federal government to upgrade the U\\.S\\. air traffic control system has resulted in delays and disruptions of air traffic during peak travel periods in certain congested markets\\. The failure to improve the air traffic control system could lead to increased delays and inefficiencies in flight operations as demand for U\\.S\\. air travel increases, having a material adverse effect on our operations\\. Failure to update the air traffic control system in a timely manner, and the substantial funding requirements of an updated system that may be imposed on air carriers, may have an adverse impact on our financial condition and results of operations\\. \n\nFuture regulatory action concerning climate change, aircraft emissions and noise emissions could have a significant effect on the airline industry\\. While the specific nature of future actions is hard to predict, new environmental laws or regulations adopted in the U\\.S\\. or other countries could impose significant additional costs on our operations, either through direct costs in our operations or through increases in costs that our suppliers pass along to us\\.\n\nWe and other U\\.S\\. carriers are subject to domestic and foreign laws regarding privacy of passenger and employee data that are not consistent in all countries in which we operate\\. In addition to the heightened level of concern regarding privacy of passenger data in the U\\.S\\., certain European government agencies are reviewing airline privacy practices\\. Compliance with these regulatory regimes is expected to result in additional operating costs and could impact our operations and any future expansion\\. \n\nProlonged periods of stagnant or weak economic conditions could have a material adverse effect on our business, financial condition and operating results\\. \n\nAs a result of the discretionary nature of air travel, the airline industry has been cyclical and particularly sensitive to changes in economic conditions\\. Because we operate globally, with approximately 30% of our revenues from operations outside of the U\\.S\\., our business is subject to economic conditions throughout the world\\. During periods of unfavorable or volatile economic conditions in the global economy, demand for air travel can be significantly impacted as business and leisure travelers choose not to travel, seek alternative forms of transportation for short trips or conduct business through videoconferencing\\. If unfavorable economic conditions occur, particularly for an extended period, our business, financial condition and results of operations may be adversely affected\\. In addition, significant or volatile changes in exchange rates between the U\\.S\\. dollar and other currencies, and the imposition of exchange controls or other currency restrictions, may have a material adverse effect on our liquidity, financial conditions and results of operations\\.\n\n 18"}
{"_id": "Southwest-2019_26.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|   |                                                                                                                            |\n| - | -------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes to laws that affect the services that can be offered by airlines in particular markets and at particular airports; |\n\n\n\n\n\n|   |                                        |\n| - | -------------------------------------- |\n| \u2022 | restrictions on competitive practices; |\n\n\n\n\n\n|   |                                                                                                            |\n| - | ---------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in laws that increase costs for safety, security, compliance, or other Customer Service standards; |\n\n\n\n\n\n|   |                                                                                                                                         |\n| - | --------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in laws that may limit the Company's ability to enter into fuel derivative contracts to hedge against increases in fuel prices; |\n\n\n\n\n\n|   |                                                                                                               |\n| - | ------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in laws that may limit or regulate the Company's ability to promote the Company\u2019s business or fares;  |\n\n\n\n\n\n|   |                                     |\n| - | ----------------------------------- |\n| \u2022 | airspace closures or restrictions;  |\n\n\n\n\n\n|   |                                                     |\n| - | --------------------------------------------------- |\n| \u2022 | grounding of commercial air traffic by the FAA; and |\n\n\n\n\n\n|   |                                                                       |\n| - | --------------------------------------------------------------------- |\n| \u2022 | the adoption of more restrictive locally\\-imposed noise regulations\\. |\n\n\n\nThe airline industry is affected by many conditions that are beyond its control, which can impact the Company's business strategies and results of operations\\.\n\nIn addition to the unpredictable economic conditions and fuel costs discussed above, the Company, like the airline industry in general, is affected by conditions that are largely unforeseeable and outside of its control, including, among others:\n\n\n\n|   |                                                                                                                                                                 |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | adverse weather and natural disasters such as the weather\\-related disruptions in fourth quarter 2019, which resulted in approximately 2,100 canceled flights;  |\n\n\n\n\n\n|   |                                                                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | changes in consumer preferences, perceptions, spending patterns, or demographic trends (including, without limitation, changes in travel patterns due to government shutdowns or sequestration); |\n\n\n\n\n\n|   |                                                                                                                                                                                         |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | actual or potential disruptions in the air traffic control system (including, for example, as a result of inadequate FAA staffing levels due to government shutdowns or sequestration); |\n\n\n\n\n\n|   |                                                                                                                                                                                           |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | actual or perceived delays at various airports resulting from government shutdowns (including, for example, longer wait\\-times at TSA checkpoints due to inadequate TSA staffing levels); |\n\n\n\n\n\n|   |                                                                                                                 |\n| - | --------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in the competitive environment due to industry consolidation, industry bankruptcies, and other factors; |\n\n\n\n\n\n|   |                                                                                                                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | delays in deliveries of new aircraft (including, without limitation, due to FAA groundings of certain aircraft types or due to the closure of the FAA's aircraft registry during government shutdowns); |\n\n\n\n\n\n|   |                           |\n| - | ------------------------- |\n| \u2022 | outbreaks of disease; and |\n\n\n\n\n\n|   |                                                                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | actual or threatened war, terrorist attacks, government travel warnings to certain destinations, travel restrictions, and political instability\\. |\n\n\n\nThe airline industry is intensely competitive\\.\n\nAs discussed in more detail above under \"Business \\- Competition,\" the airline industry is intensely competitive\\. The Company's primary competitors include other major domestic airlines, as well as regional and new entrant airlines, surface transportation, and alternatives to transportation such as videoconferencing and the Internet\\. The Company's revenues are sensitive to the actions of other carriers with respect to pricing, routes, loyalty programs, scheduling, capacity, customer service, operational reliability, comfort and amenities, cost structure, aircraft fleet, and code\\-sharing and similar activities\\.\n\nThe Company's future results will suffer if it does not effectively manage its expanded international operations and/or Extended Operations (\"ETOPS\")\\.\n\nThe Company's international flight offerings are subject to CBP\\-mandated procedures, which can affect the Company's operations, costs, and Customer experience\\. The Company has made, and is continuing to make, significant investments in facilities, equipment, and technologies at certain airports in order to improve the Customer experience and to assist \n\n27"}
{"_id": "Southwest-2017_2.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**TABLE OF CONTENTS**\n\n\n\n|                                                                         |                                                                                                                                                                            |                                                                                |\n| ----------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------ |\n|                                                                         | **PART I**                                                                                                                                                                 |                                                                                |\n| Item 1\\.                                                                | [Business](https://www.example.com#s8CACB078D01F5E199D575A9D4BB07FE5)                                                                                                      | <br>[4](https://www.example.com#s8CACB078D01F5E199D575A9D4BB07FE5)             |\n| Item 1A\\.                                                               | [Risk Factors](https://www.example.com#s3E305E87B5855E8982B98D3E49F5701D)                                                                                                  | <br>[21](https://www.example.com#s3E305E87B5855E8982B98D3E49F5701D)            |\n| Item 1B\\.                                                               | [Unresolved Staff Comments](https://www.example.com#s5FB7FE874FC75715AEEBA4D9A455ECB1)                                                                                     | <br>[27](https://www.example.com#s5FB7FE874FC75715AEEBA4D9A455ECB1)            |\n| Item 2\\.                                                                | [Properties](https://www.example.com#sD416F1B3E7875626A1D705FEB3EF0F70)                                                                                                    | <br>[28](https://www.example.com#sD416F1B3E7875626A1D705FEB3EF0F70)            |\n| Item 3\\.                                                                | [Legal Proceedings](https://www.example.com#s4DB798FAC67E50F4860BCF3825ABFDAA)                                                                                             | <br>[30](https://www.example.com#s4DB798FAC67E50F4860BCF3825ABFDAA)            |\n| Item 4\\.                                                                | [Mine Safety Disclosures](https://www.example.com#sA175203B0A34516FA8080ADC8963A7C4)                                                                                       | <br>[31](https://www.example.com#sA175203B0A34516FA8080ADC8963A7C4)            |\n|                                                                         | **PART II**                                                                                                                                                                |                                                                                |\n| Item 5\\.                                                                | [Market for Registrant\u2019s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](https://www.example.com#sC9DEE18549CD52CAAE2BC1E67F6F4767) | <br>[34](https://www.example.com#sC9DEE18549CD52CAAE2BC1E67F6F4767)            |\n| Item 6\\.                                                                | [Selected Financial Data](https://www.example.com#sFB36BCF4E1135BFC8F2B9EA3C96F0C10)                                                                                       | <br>[37](https://www.example.com#sFB36BCF4E1135BFC8F2B9EA3C96F0C10)            |\n| Item 7\\.                                                                | [Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations](https://www.example.com#s754993E3789753CAB06975084773D1CF)                         | <br>[39](https://www.example.com#s754993E3789753CAB06975084773D1CF)            |\n|                                                                         | [Liquidity and Capital Resources](https://www.example.com#sD22CB1608B015F4494A8884142337F65)                                                                               | <br>[55](https://www.example.com#sD22CB1608B015F4494A8884142337F65)            |\n|                                                                         | [Off\\-Balance Sheet Arrangements, Contractual Obligations, and Contingent Liabilities and Commitments](https://www.example.com#s4A68CD19FD055BB2A88E418FE3AD8F46)          | <br>[57](https://www.example.com#s4A68CD19FD055BB2A88E418FE3AD8F46)            |\n|                                                                         | [Critical Accounting Policies and Estimates](https://www.example.com#s12F63C13861357CA84F311F13222B664)                                                                    | <br>[59](https://www.example.com#s12F63C13861357CA84F311F13222B664)            |\n| Item 7A\\.                                                               | [Quantitative and Qualitative Disclosures About Market Risk](https://www.example.com#sFBDDEAC6295F5D138A2E613ABF686CED)                                                    | <br>[66](https://www.example.com#sFBDDEAC6295F5D138A2E613ABF686CED)            |\n| Item 8\\.                                                                | [Financial Statements and Supplementary Data](https://www.example.com#s011A96757716573AB6AC9366F7FE8CFA)                                                                   | <br>[71](https://www.example.com#s011A96757716573AB6AC9366F7FE8CFA)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Balance Sheet](https://www.example.com#sCDC9D9947F165AD1A3308B39CAD0E327)                                                            | <br>[71](https://www.example.com#sCDC9D9947F165AD1A3308B39CAD0E327)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Statement of Income](https://www.example.com#sD0F271D1667655F4AD0F5DE4AD45DF8A)                                                      | <br>[72](https://www.example.com#sD0F271D1667655F4AD0F5DE4AD45DF8A)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Statement of Comprehensive Income](https://www.example.com#sFBBAD60C18395E82BF9B297ED8266DC6)                                        | <br>[73](https://www.example.com#sFBBAD60C18395E82BF9B297ED8266DC6)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Statement of Stockholders\u2019 Equity](https://www.example.com#s88FA8807426450E8A969C647DA9B47E0)                                        | <br>[73](https://www.example.com#s88FA8807426450E8A969C647DA9B47E0)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Statement of Cash Flows](https://www.example.com#s769371C3879959ACB3C1B7A2BBFF5BD7)                                                  | <br>[74](https://www.example.com#s769371C3879959ACB3C1B7A2BBFF5BD7)            |\n|                                                                         | [Notes to Consolidated Financial Statements](https://www.example.com#sCDCD4FFF862D548395A9F9800C6333A2)                                                                    | <br>[75](https://www.example.com#sCDCD4FFF862D548395A9F9800C6333A2)            |\n| Item 9\\.                                                                | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](https://www.example.com#s97D550C19E6B5EF29F2376AEA8C5CB27)                          | <br>[113](https://www.example.com#s97D550C19E6B5EF29F2376AEA8C5CB27)           |\n| Item 9A\\.                                                               | [Controls and Procedures](https://www.example.com#s6B3216642AEF5916823437033EAF7176)                                                                                       | <br>[113](https://www.example.com#s6B3216642AEF5916823437033EAF7176)           |\n| Item 9B\\.                                                               | [Other Information](https://www.example.com#s574C9B1403BE5D0381C85B62858A4CCB)                                                                                             | <br>[114](https://www.example.com#s574C9B1403BE5D0381C85B62858A4CCB)           |\n|                                                                         | **PART III**                                                                                                                                                               |                                                                                |\n| Item 10\\.                                                               | [Directors, Executive Officers, and Corporate Governance](https://www.example.com#s7402175E0A03502B93380C13BB51CB50)                                                       | <br>[115](https://www.example.com#s7402175E0A03502B93380C13BB51CB50)           |\n| Item 11\\.                                                               | [Executive Compensation](https://www.example.com#s3B84D45FAA675D2DA0B56F343C6B9244)                                                                                        | <br>[115](https://www.example.com#s3B84D45FAA675D2DA0B56F343C6B9244)           |\n| Item 12\\.                                                               | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](https://www.example.com#sC4CD0C4AFB745F97AE9E71FA6F4259D2)                | <br>[115](https://www.example.com#sC4CD0C4AFB745F97AE9E71FA6F4259D2)           |\n| Item 13\\.                                                               | [Certain Relationships and Related Transactions, and Director Independence](https://www.example.com#s22B906B229DF52FF92461553EB18B793)                                     | <br>[116](https://www.example.com#s22B906B229DF52FF92461553EB18B793)           |\n| Item 14\\.                                                               | [Principal Accounting Fees and Services](https://www.example.com#s885DF2B30426532484C332CEC211B4DF)                                                                        | <br>[116](https://www.example.com#s885DF2B30426532484C332CEC211B4DF)           |\n|                                                                         | **PART IV**                                                                                                                                                                |                                                                                |\n| Item 15\\.                                                               | [Exhibits and Financial Statement Schedules](https://www.example.com#sC8195BF6911152768E2FF1CB1C2CCC99)                                                                    | <br>[117](https://www.example.com#sC8195BF6911152768E2FF1CB1C2CCC99)           |\n| Item 16\\.                                                               | [Form 10\\-K Summary](https://www.example.com#s75cecd6c78874e1d965cdbeec0f3ee9c)                                                                                            | [122](https://www.example.com#s75cecd6c78874e1d965cdbeec0f3ee9c)<br><br>  <br> |\n| [Signatures](https://www.example.com#sA39960FC1A0D566D8115C04C75632BDC) | [Signatures](https://www.example.com#sA39960FC1A0D566D8115C04C75632BDC)                                                                                                    | <br>[123](https://www.example.com#sA39960FC1A0D566D8115C04C75632BDC)           |\n\n\n\n3"}
{"_id": "AmericanAirlines-2019_181.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| ----------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                      |\n| 10\\.66                        | [First Amendment to the American Airlines Group Inc\\. 2013 Incentive Award Plan (incorporated by reference to Exhibit 10\\.64 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000009/ex106410k2017.htm) \u2020                                                                                        |\n| 10\\.67                        | [Form of American Airlines Group Inc\\. 2013 Incentive Award Plan Restricted Stock Unit (Cash\\-Settled) Award Grant Notice and Award Agreement (incorporated by reference to Exhibit 10\\.125 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex10125.htm) \u2020                       |\n| 10\\.68                        | [Form of American Airlines Group Inc\\. 2013 Incentive Award Plan Restricted Stock Unit (Stock\\-Settled) Award Grant Notice and Award Agreement (incorporated by reference to Exhibit 10\\.127 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex10127.htm) \u2020                      |\n| 10\\.69                        | [Form of American Airlines Group Inc\\. 2013 Incentive Award Plan Restricted Stock Unit (Stock\\-Settled) Award Grant Notice and Award Agreement for Director Grants (incorporated by reference to Exhibit 10\\.129 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex10129.htm) \u2020  |\n| 10\\.70                        | [Form of Indemnification Agreement (incorporated by reference to Exhibit 10\\.9 to AAG\u2019s Current Report on Form 8\\-K filed on December 9, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513466973/d640718dex109.htm) \u2020                                                                                                                                                 |\n| 10\\.71                        | [US Airways Group, Inc\\. 2011 Incentive Award Plan (incorporated by reference to Exhibit 4\\.1 to US Airways Group\u2019s Registration Statement on Form S\\-8 filed on July 1, 2011 (Registration No\\. 333\\-175323))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012311063744/p18922exv4w1.htm) \u2020                                                                                                               |\n| 10\\.72                        | [2014 Short\\-Term Incentive Program Under 2013 Incentive Award Plan (incorporated by reference to Exhibit 10\\.8 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex108.htm) \u2020                                                                                                   |\n| 10\\.73                        | [Form of Letter Agreement for Directors Travel Program (incorporated by reference to Exhibit 10\\.106 to US Airways Group\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2007 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095015308000353/p75006exv10w106.htm) \u2020                                                                                               |\n| 10\\.74                        | [Amended and Restated Employment Agreement, dated as of November 28, 2007, among US Airways Group, US Airways, Inc\\. and W\\. Douglas Parker (incorporated by reference to Exhibit 10\\.1 to US Airways Group\u2019s Current Report on Form 8\\-K filed on November 29, 2007 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095015307002500/p74691exv10w1.htm) \u2020                        |\n| 10\\.75                        | [Form of Letter Agreement, dated April 25, 2017, by and between American Airlines Group Inc\\. and each of Robert D\\. Isom, Jr\\., Elise Eberwein, Stephen L\\. Johnson and Derek J\\. Kerr (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on May 1, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517150428/d369665dex101.htm) \u2020 |\n| 10\\.76                        | [Letter Agreement, dated as of April 28, 2016, between American Airlines Group Inc\\. and W\\. Douglas Parker (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on April 29, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516566426/d189148dex101.htm) \u2020                                                                          |\n| 14\\.1                         | [Code of Ethics (incorporated by reference to Exhibit 14\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on December 9, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513466973/d640718dex141.htm)                                                                                                                                                                      |\n| 21\\.1                         | [Significant subsidiaries of AAG and American as of December 31, 2019\\.](https://americanairlines.gcs-web.com/email-alerts/ex21110k2019.htm)                                                                                                                                                                                                                                                                         |\n| 23\\.1                         | [Consent of Independent Registered Public Accounting Firm \u2013 KPMG LLP\\.](https://americanairlines.gcs-web.com/email-alerts/ex23110k2019.htm)                                                                                                                                                                                                                                                                          |\n| 24\\.1                         | [Powers of Attorney (included in signature page of this Annual Report on Form 10\\-K)\\.](https://americanairlines.gcs-web.com/email-alerts#sF9F146D3BABB5316B9931530D78304B2)                                                                                                                                                                                                                                         |\n| 31\\.1                         | [Certification of AAG Chief Executive Officer pursuant to Rule 13a\\-14(a)\\.](https://americanairlines.gcs-web.com/email-alerts/ex31110k2019.htm)                                                                                                                                                                                                                                                                     |\n| 31\\.2                         | [Certification of AAG Chief Financial Officer pursuant to Rule 13a\\-14(a)\\.](https://americanairlines.gcs-web.com/email-alerts/ex31210k2019.htm)                                                                                                                                                                                                                                                                     |\n| 31\\.3                         | [Certification of American Chief Executive Officer pursuant to Rule 13a\\-14(a)\\.](https://americanairlines.gcs-web.com/email-alerts/ex31310k2019.htm)                                                                                                                                                                                                                                                                |\n| 31\\.4                         | [Certification of American Chief Financial Officer pursuant to Rule 13a\\-14(a)\\.](https://americanairlines.gcs-web.com/email-alerts/ex31410k2019.htm)                                                                                                                                                                                                                                                                |\n| 32\\.1                         | [Certification pursuant to Rule 13a\\-14(b) and section 906 of the Sarbanes\\-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)\\.](https://americanairlines.gcs-web.com/email-alerts/ex32110k2019.htm)                                                                                                                                                           |\n| 32\\.2                         | [Certification pursuant to Rule 13a\\-14(b) and section 906 of the Sarbanes\\-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)\\.](https://americanairlines.gcs-web.com/email-alerts/ex32210k2019.htm)                                                                                                                                                           |\n| 101\\.1                        | Interactive data files pursuant to Rule 405 of Regulation S\\-T, formatted in Inline XBRL (eXtensible Business<br><br>Reporting Language)\\.                                                                                                                                                                                                                                                                           |\n| 104\\.1                        | Cover page interactive data file (formatted in Inline XBRL and contained in Exhibit 101\\.1)\\.                                                                                                                                                                                                                                                                                                                        |\n\n\n\n182"}
{"_id": "United-2018_63.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**NOTE 2 \\- GOODWILL AND OTHER INTANGIBLE ASSETS**\n\nThe following table presents information about the Company's goodwill and other intangible assets at December 31 (in millions):\n\n\n\n|                                     |                                                  |                                         |                                                  |                                         |\n| ----------------------------------- | ------------------------------------------------ | --------------------------------------- | ------------------------------------------------ | --------------------------------------- |\n|                                     | **2018**                                         | **2018**                                | **2017**                                         | **2017**                                |\n| **Item**                            | **Gross** <br><br>**Carrying**<br><br>**Amount** | **Accumulated**<br><br>**Amortization** | **Gross** <br><br>**Carrying**<br><br>**Amount** | **Accumulated**<br><br>**Amortization** |\n| Goodwill                            | $4,523                                           |                                         | $4,523                                           |                                         |\n| Finite\\-lived intangible assets     |                                                  |                                         |                                                  |                                         |\n| Frequent flyer database             | $1,177                                           | $884                                    | $1,177                                           | $832                                    |\n| Hubs                                | 145                                              | 97                                      | 145                                              | 89                                      |\n| Contracts                           | 120                                              | 106                                     | 121                                              | 103                                     |\n| Patents and tradenames              | 108                                              | 108                                     | 108                                              | 108                                     |\n| Airport slots and gates             | 97                                               | 97                                      | 97                                               | 97                                      |\n| Other                               | 109                                              | 88                                      | 109                                              | 84                                      |\n| Total                               | $1,756                                           | $1,380                                  | $1,757                                           | $1,313                                  |\n| Indefinite\\-lived intangible assets |                                                  |                                         |                                                  |                                         |\n| Route authorities                   | $1,240                                           |                                         | $1,562                                           |                                         |\n| Airport slots and gates             | 546                                              |                                         | 536                                              |                                         |\n| Tradenames and logos                | 593                                              |                                         | 593                                              |                                         |\n| Alliances                           | 404                                              |                                         | 404                                              |                                         |\n| Total                               | $2,783                                           |                                         | $3,095                                           |                                         |\n\n\n\nAmortization expense in 2018, 2017 and 2016 was $67 million, $79 million and $90 million, respectively\\. Projected amortization expense in 2019, 2020, 2021, 2022 and 2023 is $61 million, $55 million, $50 million, $40 million and $37 million, respectively\\.\n\nSee Note 14 of this report for additional information related to impairment of intangible assets\\.\n\n**NOTE 3 \\- COMMON STOCKHOLDERS' EQUITY AND PREFERRED SECURITIES** \n\nIn 2018, UAL repurchased approximately 17\\.5 million shares of UAL common stock for $1\\.2 billion\\. In December 2017, UAL's Board of Directors authorized a $3\\.0 billion share repurchase program to acquire UAL's common stock\\. As of December 31, 2018, the Company had approximately $1\\.8 billion remaining to purchase shares under its share repurchase program\\. UAL may repurchase shares through the open market, privately negotiated transactions, block trades or accelerated share repurchase transactions from time to time in accordance with applicable securities laws\\. UAL may repurchase shares of UAL common stock subject to prevailing market conditions, and may discontinue such repurchases at any time\\. See Part II, Item 5, Market for registrant's common equity, related stockholder matters and issuer purchases of equity securities, of this report for additional information\\.\n\nAt December 31, 2018, approximately 10 million shares of UAL's common stock were reserved for future issuance related to the issuance of equity\\-based awards under the Company's incentive compensation plans\\. \n\nAs of December 31, 2018, UAL had two shares of junior preferred stock (par value $0\\.01 per share) outstanding\\. In addition, UAL is authorized to issue 250 million shares of preferred stock (without par value) under UAL's amended and restated certificate of incorporation\\. \n\n64"}
{"_id": "AmericanAirlines-2019_118.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAMERICAN AIRLINES, INC\\.\n\nCONSOLIDATED BALANCE SHEETS\n\n(In millions, except share and par value)\n\n\n\n|                                                                                 |                  |                  |\n| ------------------------------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                 | **December 31,** | **December 31,** |\n|                                                                                 | **2019**         | **2018**         |\n| **ASSETS**                                                                      |                  |                  |\n| **Current assets**                                                              |                  |                  |\n| Cash                                                                            | $267             | $265             |\n| Short\\-term investments                                                         | 3,543            | 4,482            |\n| Restricted cash and short\\-term investments                                     | 158              | 154              |\n| Accounts receivable, net                                                        | 1,770            | 1,755            |\n| Receivables from related parties, net                                           | 12,451           | 10,666           |\n| Aircraft fuel, spare parts and supplies, net                                    | 1,754            | 1,442            |\n| Prepaid expenses and other                                                      | 584              | 493              |\n| Total current assets                                                            | 20,527           | 19,257           |\n| **Operating property and equipment**                                            |                  |                  |\n| Flight equipment                                                                | 42,213           | 41,180           |\n| Ground property and equipment                                                   | 9,089            | 8,466            |\n| Equipment purchase deposits                                                     | 1,674            | 1,277            |\n| Total property and equipment, at cost                                           | 52,976           | 50,923           |\n| Less accumulated depreciation and amortization                                  | (18,335<br><br>) | (17,123<br><br>) |\n| Total property and equipment, net                                               | 34,641           | 33,800           |\n| **Operating lease right\\-of\\-use assets**                                       | 8,694            | 9,094            |\n| **Other assets**                                                                |                  |                  |\n| Goodwill                                                                        | 4,091            | 4,091            |\n| Intangibles, net of accumulated amortization of $704 and $663, respectively     | 2,084            | 2,137            |\n| Deferred tax asset                                                              | 689              | 1,280            |\n| Other assets                                                                    | 1,164            | 1,219            |\n| Total other assets                                                              | 8,028            | 8,727            |\n| **Total assets**                                                                | $71,890          | $70,878          |\n| **LIABILITIES AND STOCKHOLDER\u2019S EQUITY**                                        |                  |                  |\n| **Current liabilities**                                                         |                  |                  |\n| Current maturities of long\\-term debt and finance leases                        | $2,358           | $2,547           |\n| Accounts payable                                                                | 1,990            | 1,707            |\n| Accrued salaries and wages                                                      | 1,461            | 1,363            |\n| Air traffic liability                                                           | 4,808            | 4,339            |\n| Loyalty program liability                                                       | 3,193            | 3,267            |\n| Operating lease liabilities                                                     | 1,695            | 1,639            |\n| Other accrued liabilities                                                       | 2,055            | 2,259            |\n| Total current liabilities                                                       | 17,560           | 17,121           |\n| **Noncurrent liabilities**                                                      |                  |                  |\n| Long\\-term debt and finance leases, net of current maturities                   | 20,684           | 20,650           |\n| Pension and postretirement benefits                                             | 6,008            | 6,863            |\n| Loyalty program liability                                                       | 5,422            | 5,272            |\n| Operating lease liabilities                                                     | 7,388            | 7,857            |\n| Other liabilities                                                               | 1,406            | 1,345            |\n| Total noncurrent liabilities                                                    | 40,908           | 41,987           |\n| **Commitments and contingencies (Note 10)**                                     |   <br>           |   <br>           |\n| **Stockholder\u2019s equity**                                                        |                  |                  |\n| Common stock, $1\\.00 par value; 1,000 shares authorized, issued and outstanding | \u2014                | \u2014                |\n| Additional paid\\-in capital                                                     | 16,903           | 16,802           |\n| Accumulated other comprehensive loss                                            | (6,423<br><br>)  | (5,992<br><br>)  |\n| Retained earnings                                                               | 2,942            | 960              |\n| Total stockholder\u2019s equity                                                      | 13,422           | 11,770           |\n| **Total liabilities and stockholder\u2019s equity**                                  | $71,890          | $70,878          |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n119"}
{"_id": "AmericanAirlines-2019_10.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAs of  December 31, 2019 , we did not have any fuel hedging contracts outstanding to hedge our fuel consumption\\. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in aircraft fuel prices\\. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review that policy from time to time based on market conditions and other factors\\.\n\nAircraft fuel prices have in the past, and may in the future, experience substantial volatility\\. We cannot predict the future availability, price volatility or cost of aircraft fuel\\. Natural disasters (including hurricanes or similar events in the U\\.S\\. Southeast and on the Gulf Coast where a significant portion of domestic refining capacity is located), political disruptions or wars involving oil\\-producing countries, economic sanctions imposed against oil\\-producing countries or specific industry participants, changes in fuel\\-related governmental policy, the strength of the U\\.S\\. dollar against foreign currencies, changes in the cost to transport or store petroleum products, changes in access to petroleum product pipelines and terminals, speculation in the energy futures markets, changes in aircraft fuel production capacity or competing demand for fuel from other transport industries, such as maritime shipping, environmental concerns and other unpredictable events may result in fuel supply shortages, distribution challenges, additional fuel price volatility and cost increases in the future\\. See Part I, Item 1A\\. Risk Factors \u2013 \u201c Our business is very dependent on the price and availability of aircraft fuel\\. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on our operating results and liquidity \\.\u201d\n\nSeasonality and Other Factors\n\nDue to the greater demand for air travel during the summer months, revenues in the airline industry in the second and third quarters of the year tend to be greater than revenues in the first and fourth quarters of the year\\. General economic conditions, fears of terrorism or war, fare initiatives, fluctuations in fuel prices, labor actions, weather, natural disasters, outbreaks of disease and other factors could impact this seasonal pattern\\. Therefore, our quarterly results of operations are not necessarily indicative of operating results for the entire year, and historical operating results in a quarterly or annual period are not necessarily indicative of future operating results\\.\n\nDomestic and Global Regulatory Landscape\n\nGeneral\n\nAirlines are subject to extensive domestic and international regulatory requirements\\. Domestically, the DOT and the Federal Aviation Administration (FAA) exercise significant regulatory authority over air carriers\\.\n\nThe DOT, among other things, oversees and regulates domestic and international codeshare agreements, international route authorities, competition and consumer protection matters such as advertising, denied boarding compensation and baggage liability\\. The Antitrust Division of the Department of Justice (DOJ), along with the DOT in certain instances, have jurisdiction over airline antitrust matters\\.\n\nThe FAA similarly exercises safety oversight and regulates most operational matters of our business, including how we operate and maintain our aircraft\\. FAA requirements cover, among other things, required technology and necessary onboard equipment; systems, procedures and training necessary to ensure the continuous airworthiness of our fleet of aircraft; safety measures and equipment; crew scheduling limitations and experience requirements; and many other technical aspects of airline operations\\. Additionally, our pilots and other employees are subject to rigorous certification standards, and our pilots and other crew members must adhere to flight time and rest requirements\\. \n\nThe FAA also controls the national airspace system, including operational rules and fees for air traffic control (ATC) services\\. The efficiency, reliability and capacity of the ATC network has a significant impact on our costs and on the timeliness of our operations\\.\n\nThe U\\.S\\. Postal Service has jurisdiction over certain aspects of the transportation of mail and related services\\.\n\nAirport Access and Operations\n\nDomestically, any U\\.S\\. airline authorized by the DOT is generally free to operate scheduled passenger service between any two points within the U\\.S\\. and its territories, with the exception of certain airports that require landing and take\\-off rights and authorizations (slots) and other facilities, and certain airports that impose geographic limitations on operations or curtail operations based on the time of day\\. Operations at three major domestic airports we serve (John F\\. Kennedy International Airport (JFK) and La Guardia Airport (LGA) in New York City, and Ronald Reagan Washington National Airport (DCA) in Washington, D\\.C\\.) and many foreign airports we serve (including LHR) are regulated by governmental entities through allocations of slots or similar regulatory mechanisms that limit the rights of carriers to conduct operations at those airports\\. \n\n11"}
{"_id": "Alaska-2019_2.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nALASKA AIR GROUP, INC\\.\n\nANNUAL REPORT ON FORM 10\\-K FOR THE YEAR ENDED DECEMBER 31, 2019 \n\nTABLE OF CONTENTS\n\n\n\n|                                              |                                              |                                              |                                                                                                                                                     |                                                                                                                                                     |                                                                                                                                                     |                                       |                                       |                                       |\n| -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------- | ------------------------------------- | ------------------------------------- |\n| [PART I](https://www.example.com#i_0_10)     | [PART I](https://www.example.com#i_0_10)     | [PART I](https://www.example.com#i_0_10)     |                                                                                                                                                     |                                                                                                                                                     |                                                                                                                                                     | [4](https://www.example.com#i_0_10)   | [4](https://www.example.com#i_0_10)   | [4](https://www.example.com#i_0_10)   |\n| [ITEM 1\\.](https://www.example.com#i_0_13)   | [ITEM 1\\.](https://www.example.com#i_0_13)   | [ITEM 1\\.](https://www.example.com#i_0_13)   | [OUR BUSINESS](https://www.example.com#i_0_13)                                                                                                      | [OUR BUSINESS](https://www.example.com#i_0_13)                                                                                                      | [OUR BUSINESS](https://www.example.com#i_0_13)                                                                                                      | [4](https://www.example.com#i_0_13)   | [4](https://www.example.com#i_0_13)   | [4](https://www.example.com#i_0_13)   |\n| [ITEM 1A\\.](https://www.example.com#i_0_73)  | [ITEM 1A\\.](https://www.example.com#i_0_73)  | [ITEM 1A\\.](https://www.example.com#i_0_73)  | [RISK FACTORS](https://www.example.com#i_0_73)                                                                                                      | [RISK FACTORS](https://www.example.com#i_0_73)                                                                                                      | [RISK FACTORS](https://www.example.com#i_0_73)                                                                                                      | [19](https://www.example.com#i_0_73)  | [19](https://www.example.com#i_0_73)  | [19](https://www.example.com#i_0_73)  |\n| [ITEM 1B\\.](https://www.example.com#i_0_76)  | [ITEM 1B\\.](https://www.example.com#i_0_76)  | [ITEM 1B\\.](https://www.example.com#i_0_76)  | [UNRESOLVED STAFF COMMENTS](https://www.example.com#i_0_76)                                                                                         | [UNRESOLVED STAFF COMMENTS](https://www.example.com#i_0_76)                                                                                         | [UNRESOLVED STAFF COMMENTS](https://www.example.com#i_0_76)                                                                                         | [26](https://www.example.com#i_0_76)  | [26](https://www.example.com#i_0_76)  | [26](https://www.example.com#i_0_76)  |\n| [ITEM 2\\.](https://www.example.com#i_0_79)   | [ITEM 2\\.](https://www.example.com#i_0_79)   | [ITEM 2\\.](https://www.example.com#i_0_79)   | [PROPERTIES](https://www.example.com#i_0_79)                                                                                                        | [PROPERTIES](https://www.example.com#i_0_79)                                                                                                        | [PROPERTIES](https://www.example.com#i_0_79)                                                                                                        | [26](https://www.example.com#i_0_79)  | [26](https://www.example.com#i_0_79)  | [26](https://www.example.com#i_0_79)  |\n| [ITEM 3\\.](https://www.example.com#i_0_88)   | [ITEM 3\\.](https://www.example.com#i_0_88)   | [ITEM 3\\.](https://www.example.com#i_0_88)   | [LEGAL PROCEEDINGS](https://www.example.com#i_0_88)                                                                                                 | [LEGAL PROCEEDINGS](https://www.example.com#i_0_88)                                                                                                 | [LEGAL PROCEEDINGS](https://www.example.com#i_0_88)                                                                                                 | [27](https://www.example.com#i_0_88)  | [27](https://www.example.com#i_0_88)  | [27](https://www.example.com#i_0_88)  |\n| [ITEM 4\\.](https://www.example.com#i_0_91)   | [ITEM 4\\.](https://www.example.com#i_0_91)   | [ITEM 4\\.](https://www.example.com#i_0_91)   | [MINE SAFETY DISCLOSURES](https://www.example.com#i_0_91)                                                                                           | [MINE SAFETY DISCLOSURES](https://www.example.com#i_0_91)                                                                                           | [MINE SAFETY DISCLOSURES](https://www.example.com#i_0_91)                                                                                           | [27](https://www.example.com#i_0_91)  | [27](https://www.example.com#i_0_91)  | [27](https://www.example.com#i_0_91)  |\n| [PART II](https://www.example.com#i_0_94)    | [PART II](https://www.example.com#i_0_94)    | [PART II](https://www.example.com#i_0_94)    |                                                                                                                                                     |                                                                                                                                                     |                                                                                                                                                     | [27](https://www.example.com#i_0_94)  | [27](https://www.example.com#i_0_94)  | [27](https://www.example.com#i_0_94)  |\n| [ITEM 5\\.](https://www.example.com#i_0_97)   | [ITEM 5\\.](https://www.example.com#i_0_97)   | [ITEM 5\\.](https://www.example.com#i_0_97)   | [MARKET FOR THE REGISTRANT\u2019S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES](https://www.example.com#i_0_97) | [MARKET FOR THE REGISTRANT\u2019S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES](https://www.example.com#i_0_97) | [MARKET FOR THE REGISTRANT\u2019S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES](https://www.example.com#i_0_97) | [27](https://www.example.com#i_0_97)  | [27](https://www.example.com#i_0_97)  | [27](https://www.example.com#i_0_97)  |\n| [ITEM 6\\.](https://www.example.com#i_0_109)  | [ITEM 6\\.](https://www.example.com#i_0_109)  | [ITEM 6\\.](https://www.example.com#i_0_109)  | [SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA](https://www.example.com#i_0_109)                                                               | [SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA](https://www.example.com#i_0_109)                                                               | [SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA](https://www.example.com#i_0_109)                                                               | [29](https://www.example.com#i_0_109) | [29](https://www.example.com#i_0_109) | [29](https://www.example.com#i_0_109) |\n| [ITEM 7\\.](https://www.example.com#i_0_112)  | [ITEM 7\\.](https://www.example.com#i_0_112)  | [ITEM 7\\.](https://www.example.com#i_0_112)  | [MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](https://www.example.com#i_0_112)                            | [MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](https://www.example.com#i_0_112)                            | [MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](https://www.example.com#i_0_112)                            | [31](https://www.example.com#i_0_112) | [31](https://www.example.com#i_0_112) | [31](https://www.example.com#i_0_112) |\n| [ITEM 7A\\.](https://www.example.com#i_0_142) | [ITEM 7A\\.](https://www.example.com#i_0_142) | [ITEM 7A\\.](https://www.example.com#i_0_142) | [QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK](https://www.example.com#i_0_142)                                                        | [QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK](https://www.example.com#i_0_142)                                                        | [QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK](https://www.example.com#i_0_142)                                                        | [46](https://www.example.com#i_0_142) | [46](https://www.example.com#i_0_142) | [46](https://www.example.com#i_0_142) |\n| [ITEM 8\\.](https://www.example.com#i_0_151)  | [ITEM 8\\.](https://www.example.com#i_0_151)  | [ITEM 8\\.](https://www.example.com#i_0_151)  | [CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](https://www.example.com#i_0_151)                                                         | [CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](https://www.example.com#i_0_151)                                                         | [CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](https://www.example.com#i_0_151)                                                         | [47](https://www.example.com#i_0_151) | [47](https://www.example.com#i_0_151) | [47](https://www.example.com#i_0_151) |\n| [ITEM 9\\.](https://www.example.com#i_0_238)  | [ITEM 9\\.](https://www.example.com#i_0_238)  | [ITEM 9\\.](https://www.example.com#i_0_238)  | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](https://www.example.com#i_0_238)                             | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](https://www.example.com#i_0_238)                             | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](https://www.example.com#i_0_238)                             | [83](https://www.example.com#i_0_238) | [83](https://www.example.com#i_0_238) | [83](https://www.example.com#i_0_238) |\n| [ITEM 9A\\.](https://www.example.com#i_0_241) | [ITEM 9A\\.](https://www.example.com#i_0_241) | [ITEM 9A\\.](https://www.example.com#i_0_241) | [CONTROLS AND PROCEDURES](https://www.example.com#i_0_241)                                                                                          | [CONTROLS AND PROCEDURES](https://www.example.com#i_0_241)                                                                                          | [CONTROLS AND PROCEDURES](https://www.example.com#i_0_241)                                                                                          | [84](https://www.example.com#i_0_241) | [84](https://www.example.com#i_0_241) | [84](https://www.example.com#i_0_241) |\n| [ITEM 9B\\.](https://www.example.com#i_0_256) | [ITEM 9B\\.](https://www.example.com#i_0_256) | [ITEM 9B\\.](https://www.example.com#i_0_256) | [OTHER INFORMATION](https://www.example.com#i_0_256)                                                                                                | [OTHER INFORMATION](https://www.example.com#i_0_256)                                                                                                | [OTHER INFORMATION](https://www.example.com#i_0_256)                                                                                                | [87](https://www.example.com#i_0_256) | [87](https://www.example.com#i_0_256) | [87](https://www.example.com#i_0_256) |\n| [PART III](https://www.example.com#i_0_259)  | [PART III](https://www.example.com#i_0_259)  | [PART III](https://www.example.com#i_0_259)  |                                                                                                                                                     |                                                                                                                                                     |                                                                                                                                                     | [87](https://www.example.com#i_0_259) | [87](https://www.example.com#i_0_259) | [87](https://www.example.com#i_0_259) |\n| [ITEM 10\\.](https://www.example.com#i_0_262) | [ITEM 10\\.](https://www.example.com#i_0_262) | [ITEM 10\\.](https://www.example.com#i_0_262) | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE](https://www.example.com#i_0_262)                                                           | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE](https://www.example.com#i_0_262)                                                           | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE](https://www.example.com#i_0_262)                                                           | [87](https://www.example.com#i_0_262) | [87](https://www.example.com#i_0_262) | [87](https://www.example.com#i_0_262) |\n| [ITEM 11\\.](https://www.example.com#i_0_265) | [ITEM 11\\.](https://www.example.com#i_0_265) | [ITEM 11\\.](https://www.example.com#i_0_265) | [EXECUTIVE COMPENSATION](https://www.example.com#i_0_265)                                                                                           | [EXECUTIVE COMPENSATION](https://www.example.com#i_0_265)                                                                                           | [EXECUTIVE COMPENSATION](https://www.example.com#i_0_265)                                                                                           | [87](https://www.example.com#i_0_265) | [87](https://www.example.com#i_0_265) | [87](https://www.example.com#i_0_265) |\n| [ITEM 12\\.](https://www.example.com#i_0_268) | [ITEM 12\\.](https://www.example.com#i_0_268) | [ITEM 12\\.](https://www.example.com#i_0_268) | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS](https://www.example.com#i_0_268)                  | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS](https://www.example.com#i_0_268)                  | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS](https://www.example.com#i_0_268)                  | [87](https://www.example.com#i_0_268) | [87](https://www.example.com#i_0_268) | [87](https://www.example.com#i_0_268) |\n| [ITEM 13\\.](https://www.example.com#i_0_271) | [ITEM 13\\.](https://www.example.com#i_0_271) | [ITEM 13\\.](https://www.example.com#i_0_271) | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](https://www.example.com#i_0_271)                                        | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](https://www.example.com#i_0_271)                                        | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](https://www.example.com#i_0_271)                                        | [88](https://www.example.com#i_0_271) | [88](https://www.example.com#i_0_271) | [88](https://www.example.com#i_0_271) |\n| [ITEM 14\\.](https://www.example.com#i_0_274) | [ITEM 14\\.](https://www.example.com#i_0_274) | [ITEM 14\\.](https://www.example.com#i_0_274) | [PRINCIPAL ACCOUNTANT FEES AND SERVICES ](https://www.example.com#i_0_274)                                                                          | [PRINCIPAL ACCOUNTANT FEES AND SERVICES ](https://www.example.com#i_0_274)                                                                          | [PRINCIPAL ACCOUNTANT FEES AND SERVICES ](https://www.example.com#i_0_274)                                                                          | [88](https://www.example.com#i_0_274) | [88](https://www.example.com#i_0_274) | [88](https://www.example.com#i_0_274) |\n| [PART IV](https://www.example.com#i_0_277)   | [PART IV](https://www.example.com#i_0_277)   | [PART IV](https://www.example.com#i_0_277)   |                                                                                                                                                     |                                                                                                                                                     |                                                                                                                                                     | [88](https://www.example.com#i_0_277) | [88](https://www.example.com#i_0_277) | [88](https://www.example.com#i_0_277) |\n| [ITEM 15\\.](https://www.example.com#i_0_280) | [ITEM 15\\.](https://www.example.com#i_0_280) | [ITEM 15\\.](https://www.example.com#i_0_280) | [EXHIBITS](https://www.example.com#i_0_280)                                                                                                         | [EXHIBITS](https://www.example.com#i_0_280)                                                                                                         | [EXHIBITS](https://www.example.com#i_0_280)                                                                                                         | [88](https://www.example.com#i_0_280) | [88](https://www.example.com#i_0_280) | [88](https://www.example.com#i_0_280) |\n|                                              |                                              |                                              | [SIGNATURES](https://www.example.com#i_0_283)                                                                                                       | [SIGNATURES](https://www.example.com#i_0_283)                                                                                                       | [SIGNATURES](https://www.example.com#i_0_283)                                                                                                       | [89](https://www.example.com#i_0_283) | [89](https://www.example.com#i_0_283) | [89](https://www.example.com#i_0_283) |\n\n\n\nAs used in this Form 10\\-K, the terms \u201cAir Group,\u201d the \"Company,\" \u201cour,\u201d \u201cwe\u201d and \"us,\" refer to Alaska Air Group, Inc\\. and its subsidiaries, unless the context indicates otherwise\\. Alaska Airlines, Inc\\., Virgin America Inc\\. (through July 20, 2018, at which point it was legally merged into Alaska Airlines, Inc\\.), and Horizon Air Industries, Inc\\. are referred to as \u201cAlaska,\u201d \"Virgin America\" and \u201cHorizon,\u201d respectively, and together as our \u201cairlines\\.\u201d\n\nCAUTIONARY NOTE REGARDING FORWARD\\-LOOKING STATEMENTS\n\nIn addition to historical information, this Form 10\\-K contains forward\\-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995\\. Forward\\-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters\\. You can generally identify forward\\-looking statements as statements containing the words \u201cbelieve,\u201d \u201cexpect,\u201d \u201cwill,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cassume\u201d or other similar expressions, although not all forward\\-looking statements contain these identifying words\\. Forward\\-looking statements involve \n\n2"}
{"_id": "Delta-2019_24.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nITEM 2\\. PROPERTIES\n\nFlight Equipment\n\nAs part of our ongoing fleet transformation, during 2019 we took delivery of 79 mainline aircraft and nine CRJ\\-900 aircraft, and removed 52 aircraft from our active mainline fleet\\. Our operating aircraft fleet, commitments and options at December 31, 2019 are summarized in the following table:\n\n\n\n|               |               |               |                    |                    |                    |                    |                    |                    |                    |                    |             |             |          |          |         |         |  |  |  |             |             |             |             |             |             |  |  |  |\n|:------------- |:------------- |:------------- |:------------------:|:------------------:|:------------------:|:------------------:|:------------------:|:------------------:|:------------------:|:------------------:|:-----------:|:-----------:|:--------:|:--------:|:-------:|:-------:|:- |:- |:- |:-----------:|:-----------:|:-----------:|:-----------:|:-----------:|:-----------:|:- |:- |:- |\n|               |               |               | Current Fleet^(1)^ | Current Fleet^(1)^ | Current Fleet^(1)^ | Current Fleet^(1)^ | Current Fleet^(1)^ | Current Fleet^(1)^ | Current Fleet^(1)^ | Current Fleet^(1)^ |             |             |          |          |         |         |  |  |  | Commitments | Commitments | Commitments | Commitments | Commitments | Commitments |  |  |  |\n| Aircraft Type | Aircraft Type | Aircraft Type |       Owned        |       Owned        |   Finance Lease    |   Finance Lease    |  Operating Lease   |  Operating Lease   |       Total        |       Total        | Average Age | Average Age | Purchase | Purchase | Options | Options |\n| B\\-717\\-200   | B\\-717\\-200   | B\\-717\\-200   |        13          |        13          |        22          |        22          |        56          |        56          |        91          |        91          |   18\\.3     |   18\\.3     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| B\\-737\\-700   | B\\-737\\-700   | B\\-737\\-700   |        10          |        10          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |        10          |        10          |   11\\.0     |   11\\.0     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| B\\-737\\-800   | B\\-737\\-800   | B\\-737\\-800   |        73          |        73          |         4          |         4          |         \u2014          |         \u2014          |        77          |        77          |   18\\.3     |   18\\.3     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| B\\-737\\-900ER | B\\-737\\-900ER | B\\-737\\-900ER |        88          |        88          |         \u2014          |         \u2014          |        42          |        42          |        130         |        130         |    3\\.3     |    3\\.3     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| B\\-757\\-200   | B\\-757\\-200   | B\\-757\\-200   |        91          |        91          |         8          |         8          |         1          |         1          |        100         |        100         |   22\\.4     |   22\\.4     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| B\\-757\\-300   | B\\-757\\-300   | B\\-757\\-300   |        16          |        16          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |        16          |        16          |   16\\.9     |   16\\.9     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| B\\-767\\-300ER | B\\-767\\-300ER | B\\-767\\-300ER |        56          |        56          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |        56          |        56          |   23\\.6     |   23\\.6     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| B\\-767\\-400ER | B\\-767\\-400ER | B\\-767\\-400ER |        21          |        21          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |        21          |        21          |   19\\.0     |   19\\.0     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| B\\-777\\-200ER | B\\-777\\-200ER | B\\-777\\-200ER |         8          |         8          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |         8          |         8          |   20\\.1     |   20\\.1     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| B\\-777\\-200LR | B\\-777\\-200LR | B\\-777\\-200LR |        10          |        10          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |        10          |        10          |   10\\.8     |   10\\.8     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| A220\\-100     | A220\\-100     | A220\\-100     |        27          |        27          |         1          |         1          |         \u2014          |         \u2014          |        28          |        28          |    0\\.6     |    0\\.6     |   17     |   17     |   \u2014     |   \u2014     |\n| A220\\-300     | A220\\-300     | A220\\-300     |         \u2014          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |     \u2014       |     \u2014       |   50     |   50     |   50    |   50    |\n| A319\\-100     | A319\\-100     | A319\\-100     |        55          |        55          |         \u2014          |         \u2014          |         2          |         2          |        57          |        57          |   17\\.9     |   17\\.9     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| A320\\-200     | A320\\-200     | A320\\-200     |        58          |        58          |         \u2014          |         \u2014          |         4          |         4          |        62          |        62          |   24\\.4     |   24\\.4     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| A321\\-200     | A321\\-200     | A321\\-200     |        53          |        53          |        12          |        12          |        31          |        31          |        96          |        96          |    1\\.7     |    1\\.7     |   31     |   31     |   \u2014     |   \u2014     |\n| A321\\-200neo  | A321\\-200neo  | A321\\-200neo  |         \u2014          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |     \u2014       |     \u2014       |   100    |   100    |  100    |  100    |\n| A330\\-200     | A330\\-200     | A330\\-200     |        11          |        11          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |        11          |        11          |   14\\.8     |   14\\.8     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| A330\\-300     | A330\\-300     | A330\\-300     |        28          |        28          |         \u2014          |         \u2014          |         3          |         3          |        31          |        31          |   11\\.0     |   11\\.0     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| A330\\-900neo  | A330\\-900neo  | A330\\-900neo  |         3          |         3          |         1          |         1          |         \u2014          |         \u2014          |         4          |         4          |    0\\.5     |    0\\.5     |   33     |   33     |   \u2014     |   \u2014     |\n| A350\\-900     | A350\\-900     | A350\\-900     |        13          |        13          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |        13          |        13          |    1\\.8     |    1\\.8     |   16     |   16     |   \u2014     |   \u2014     |\n| MD\\-88        | MD\\-88        | MD\\-88        |        41          |        41          |         6          |         6          |         \u2014          |         \u2014          |        47          |        47          |   28\\.7     |   28\\.7     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| MD\\-90        | MD\\-90        | MD\\-90        |        30          |        30          |         \u2014          |         \u2014          |         \u2014          |         \u2014          |        30          |        30          |   22\\.7     |   22\\.7     |    \u2014     |    \u2014     |   \u2014     |   \u2014     |\n| Total         | Total         | Total         |        705         |        705         |        54          |        54          |        139         |        139         |        898         |        898         |   14\\.9     |   14\\.9     |   247    |   247    |  150    |  150    |\n\n\n\n^(1)^ Excludes certain aircraft we own, lease or have committed to purchase (including six CRJ\\-900 aircraft) that are operated by regional carriers on our behalf shown in the table below\\. \n\nWe have agreed to acquire four A350 aircraft from LATAM, which are included as purchase commitments in the table above\\. In addition, we plan to assume ten of LATAM's A350 purchase commitments from Airbus, with deliveries through 2025\\. For more information regarding our planned strategic alliance with LATAM, see Note 4 of the Notes to the Consolidated Financial Statements\\.\n\n22"}
{"_id": "United-2018_106.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|           |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| --------- | --------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  ^10\\.152 | UAL  <br>United | [Supplemental Agreement No\\. 12, including exhibits and side letters, to Purchase Agreement No\\. 03776, dated as of December 12, 2018, between The Boeing Company and United Airlines, Inc\\.](https://www.example.com/ual_12311810kex10152.htm)                                                                                                                                                                                        |\n|  ^10\\.153 | UAL  <br>United | [Letter Agreement No\\. 6\\-1162\\-KKT\\-080, dated July 12, 2012, among Boeing, United Continental Holdings, Inc\\., United Air Lines, Inc\\., and Continental Airlines, Inc\\. (filed as Exhibit 10\\.4 to UAL's Form 10\\-Q for the quarter ended September 30, 2012, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex104.htm)             |\n|  ^10\\.154 | UAL  <br>United | [Purchase Agreement No\\. 3860, dated September 27, 2012, between Boeing and United Air Lines, Inc\\. (filed as Exhibit 10\\.6 to UAL's Form 10\\-Q for the quarter ended September 30, 2012, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex106.htm)                                                                                   |\n|  ^10\\.155 | UAL  <br>United | [Supplemental Agreement No\\. 1 to Purchase Agreement No\\. 3860, dated June 17, 2013 (filed as Exhibit 10\\.6 to UAL's Form 10\\-Q for the quarter ended June 30, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex106.htm)                                                                                                        |\n|  ^10\\.156 | UAL  <br>United | [Supplemental Agreement No\\. 2 to Purchase Agreement No\\. 3860, dated December 16, 2013 (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended June 30, 2014, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312514278970/d732259dex101.htm)                                                                                                    |\n|  ^10\\.157 | UAL  <br>United | [Supplemental Agreement No\\. 3 to Purchase Agreement No\\. 3860, dated as of July 22, 2014 (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended September 30, 2014, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312514380216/d787177dex103.htm)                                                                                             |\n|  ^10\\.158 | UAL  <br>United | [Supplemental Agreement No\\. 4 to Purchase Agreement No\\. 3860, dated as of January 14, 2015 (filed as Exhibit 10\\.6 to UAL's Form 10\\-Q for the quarter ended March 31, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex106.htm)                                                                                              |\n|  ^10\\.159 | UAL  <br>United | [Supplemental Agreement No\\. 5 to Purchase Agreement No\\. 3860, dated as of April 30, 2015 (filed as Exhibit 10\\.8 to UAL's Form 10\\-Q for the quarter ended June 30, 2015, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex108.htm)                                                                                                |\n|  ^10\\.160 | UAL  <br>United | [Supplemental Agreement No\\. 6 to Purchase Agreement No\\. 3860, dated as of December 31, 2015 (filed as Exhibit 10\\.178 to UAL's Form 10\\-K for the year ended December 31, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516468479/d13806dex10178.htm)                                                                                          |\n|  ^10\\.161 | UAL  <br>United | [Supplemental Agreement No\\. 7 to Purchase Agreement No\\. 3860, dated March 7, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended March 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex105.htm)                                                |\n|  ^10\\.162 | UAL  <br>United | [Letter Agreement to Purchase Agreement No\\. 3860, dated May 5, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended June 30, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516651221/d188420dex105.htm)                                                                |\n| ^10\\.163  | UAL  <br>United | [Supplemental Agreement No\\. 8, including exhibits and side letters, to Purchase Agreement No\\. 3860, Dated June 15, 2017, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended June 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex105.htm)           |\n|  ^10\\.164 | UAL  <br>United | [Letter Agreement No\\. UAL\\-LA\\-1604287 to Purchase Agreement Nos\\. 3776, 3784 and 3860, dated December 27, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.194 to UAL's Form 10\\-K for the year ended December 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex10194.htm)               |\n|  ^10\\.165 | UAL  <br>United | [Supplemental Agreement No\\. 9, including exhibits and side letters, to Purchase Agreement No\\. 3860, dated as of May 31, 2018, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended June 30, 2018, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000010051718000012/ual_06301810qex103.htm) |\n|  ^10\\.166 | UAL  <br>United | [Supplemental Agreement No\\. 10, including exhibits and side letters, to Purchase Agreement No\\. 3860, dated as of November 1, 2018, between The Boeing Company and United Airlines, Inc\\.](https://www.example.com/ual_12311810kex10166.htm)                                                                                                                                                                                          |\n|  ^10\\.167 | UAL  <br>United | [Supplemental Agreement No\\. 11, including exhibits and side letters, to Purchase Agreement No\\. 3860, dated as of December 12, 2018, between The Boeing Company and United Airlines, Inc\\.](https://www.example.com/ual_12311810kex10167.htm)                                                                                                                                                                                         |\n\n\n\n107"}
{"_id": "AmericanAirlines-2018_200.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nKNOW ALL PERSONS BY THESE PRESENTS, that each individual whose signature appears below constitutes and appoints W\\. Douglas Parker and Derek J\\. Kerr and each or any of them, his or her true and lawful attorneys and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to the registrants\u2019 Annual Report on Form 10\\-K for the fiscal year ended December 31, 2018, and to file the same with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys and agents, and each or any of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys and agents, and each of them, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof\\.\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of American Airlines Group Inc\\. and in the capacities and on the dates noted:\n\n\n\n|                         |                                                      |\n| ----------------------- | ---------------------------------------------------- |\n| Date: February 25, 2019 | /s/ W\\. Douglas Parker                               |\n|                         | W\\. Douglas Parker                                   |\n|                         | Chairman and Chief Executive Officer                 |\n|                         | (Principal Executive Officer)                        |\n| Date: February 25, 2019 | /s/ Derek J\\. Kerr                                   |\n|                         | Derek J\\. Kerr                                       |\n|                         | Executive Vice President and Chief Financial Officer |\n|                         | (Principal Financial and Accounting Officer)         |\n| Date: February 25, 2019 | /s/ James F\\. Albaugh                                |\n|                         | James F\\. Albaugh, Director                          |\n| Date: February 25, 2019 | /s/ Jeffrey D\\. Benjamin                             |\n|                         | Jeffrey D\\. Benjamin, Director                       |\n| Date: February 25, 2019 | /s/ John T\\. Cahill                                  |\n|                         | John T\\. Cahill, Director                            |\n| Date: February 25, 2019 | /s/ Michael J\\. Embler                               |\n|                         | Michael J\\. Embler, Director                         |\n| Date: February 25, 2019 | /s/ Matthew J\\. Hart                                 |\n|                         | Matthew J\\. Hart, Director                           |\n| Date: February 25, 2019 | /s/ Alberto Ibarg\u00fcen                                 |\n|                         | Alberto Ibarg\u00fcen, Director                           |\n| Date: February 25, 2019 | /s/ Richard C\\. Kraemer                              |\n|                         | Richard C\\. Kraemer, Director                        |\n\n\n\n201"}
{"_id": "Delta-2018_84.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nNOTE 10 \\. EMPLOYEE BENEFIT PLANS\n\nWe sponsor defined benefit and defined contribution pension plans, healthcare plans and disability and survivorship plans for eligible employees and retirees and their eligible family members\\.\n\nDefined Benefit Pension Plans\\.  We sponsor defined benefit pension plans for eligible employees and retirees\\. These plans are closed to new entrants and frozen for future benefit accruals\\.  The Pension Protection Act of 2006 allows commercial airlines to elect alternative funding rules (\"Alternative Funding Rules\") for defined benefit plans that are frozen\\. We elected the Alternative Funding Rules under which the unfunded liability for a frozen defined benefit plan may be amortized over a fixed 17\\-year period and is calculated using an   8\\.85%  discount rate\\.  We have no minimum funding requirements in 2019, but we plan to voluntarily contribute approximately   $500 million  to these plans\\. \n\nDefined Contribution Pension Plans\\.  We sponsor several defined contribution plans\\. These plans generally cover different employee groups and employer contributions vary by plan\\. The costs associated with our defined contribution pension plans were   $926 million ,   $875 million  and   $733 million  for the years ended December 31, 2018, 2017 and 2016, respectively\\.\n\nPostretirement Healthcare Plans\\.  We sponsor healthcare plans that provide benefits to eligible retirees and their dependents who are under age   65 \\. We have generally eliminated company\\-paid post age   65  healthcare coverage, except for (1) subsidies available to a limited group of retirees and their dependents and (2) a group of retirees who retired prior to 1987\\. Benefits under these plans are funded from current assets and employee contributions\\. During 2018, we remeasured our postretirement obligation to reflect a curtailment of our postretirement healthcare plans\\.\n\nPostemployment Plans\\.  We provide certain other welfare benefits to eligible former or inactive employees after employment but before retirement, primarily as part of the disability and survivorship plans\\. Substantially all employees are eligible for benefits under these plans in the event of death and/or disability\\.\n\nBenefit Obligations, Fair Value of Plan Assets and Funded Status\n\n\n\n|                                                  |                          |                          |                                                      |                                                      |\n| ------------------------------------------------ | ------------------------ | ------------------------ | ---------------------------------------------------- | ---------------------------------------------------- |\n|                                                  | **Pension Benefits**     | **Pension Benefits**     | **Other Postretirement and Postemployment Benefits** | **Other Postretirement and Postemployment Benefits** |\n|                                                  | **December 31,**         | **December 31,**         | **December 31,**                                     | **December 31,**                                     |\n| **(in millions)**                                | **2018**                 | **2017**                 | **2018**                                             | **2017**                                             |\n| Benefit obligation at beginning of period        | $21,696                  | $20,859                  | $3,504                                               | $3,379                                               |\n| Service cost                                     | \u2014                        | \u2014                        | 85                                                   | 87                                                   |\n| Interest cost                                    | 781                      | 853                      | 126                                                  | 138                                                  |\n| Actuarial (gain) loss                            | (1,560<br><br>)          | 1,068                    | (142<br><br>)                                        | 183                                                  |\n| Benefits paid, including lump sums and annuities | (1,093<br><br>)          | (1,075<br><br>)          | (306<br><br>)                                        | (311<br><br>)                                        |\n| Participant contributions                        | \u2014                        | \u2014                        | 26                                                   | 28                                                   |\n| Curtailment                                      | \u2014                        | \u2014                        | (68<br><br>)                                         | \u2014                                                    |\n| Settlements                                      | (15<br><br>)             | (9<br><br>)              | \u2014                                                    | \u2014                                                    |\n| Benefit obligation at end of period ^(1)^        | $19,809                  | $21,696                  | $3,225                                               | $3,504                                               |\n| Fair value of plan assets at beginning of period | $14,744                  | $10,301                  | $866                                                 | $784                                                 |\n| Actual (loss) gain on plan assets                | (700<br><br>)            | 1,966                    | (72<br><br>)                                         | 138                                                  |\n| Employer contributions                           | 523                      | 3,561                    | 152                                                  | 254                                                  |\n| Participant contributions                        | \u2014                        | \u2014                        | 26                                                   | 28                                                   |\n| Benefits paid, including lump sums and annuities | (1,093<br><br>)          | (1,075<br><br>)          | (335<br><br>)                                        | (338<br><br>)                                        |\n| Settlements                                      | (15<br><br>)             | (9<br><br>)              | \u2014                                                    | \u2014                                                    |\n| Fair value of plan assets at end of period       | $13,459                  | $14,744                  | $637                                                 | $866                                                 |\n| Funded status at end of period                   | $<br><br>(6,350<br><br>) | $<br><br>(6,952<br><br>) | $<br><br>(2,588<br><br>)                             | $<br><br>(2,638<br><br>)                             |\n\n\n\n\n\n|       |                                                                                                                                                 |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | At the end of each year presented, our accumulated benefit obligations for our pension plans are equal to the benefit obligations shown above\\. |\n\n\n\n 82"}
{"_id": "Southwest-2018_56.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Dallas Love Field**\n\nFor the rebuilding of the facilities at Dallas Love Field, the Company guaranteed principal, premium, and interest on $456 million in bonds issued by the Love Field Airport Modernization Corporation (\"LFAMC\") that were utilized to fund the majority of the project\\. The amount of bonds outstanding as of December 31, 2018, was $416 million\\. Repayment of the bonds is through the \"Facilities Payments\" described below\\. Reimbursement of the Company for its payment of Facilities Payments is made through recurring ground rents, fees, and other revenues collected at the airport\\. \n\nPrior to the issuance of the bonds by the LFAMC, the Company entered into two separate funding agreements: (i) a \"Facilities Agreement\" pursuant to which the Company is obligated to make debt service payments on the principal and interest amounts associated with the bonds (\"Facilities Payments\"), less other sources of funds the City of Dallas may apply to the repayment of the bonds (including but not limited to passenger facility charges collected from passengers originating from the airport); and (ii) a \"Revenue Credit Agreement\" pursuant to which the City of Dallas reimburses the Company for the Facilities Payments made by the Company\\.\n\nA majority of the monies transferred from the City of Dallas to the Company under the Revenue Credit Agreement originate from a reimbursement account created in the \"Use and Lease Agreement\" between the City of Dallas and the Company\\. The Use and Lease Agreement is a 20\\-year agreement providing for, among other things, the Company\u2019s lease of space at the Airport from the City of Dallas\\. The remainder of such monies transferred from the City of Dallas to the Company under the Revenue Credit Agreement originates from (i) use and lease agreements with other airlines, (ii) various concession agreements, and (iii) other airport miscellaneous revenues\\.\n\nThe Company\u2019s liquidity could be impacted by this project to the extent there are timing differences between the Company\u2019s payment of the Facilities Payments pursuant to the Facilities Agreement and the transfer of monies back to the Company pursuant to the Revenue Credit Agreement; however, the Company does not currently expect that to occur\\. The project has not had a significant impact on the Company\u2019s capital resources or financial position\\. \n\n**Fort Lauderdale\\-Hollywood International Airport**\n\nThe Company committed to oversee and manage the design and construction of Fort Lauderdale\\-Hollywood International Airport's Terminal 1 Modernization Project, including the design and construction of a new five\\-gate Concourse A with an international processing facility, at a cost not to exceed $333 million\\. Funding for the project has come directly from Broward County aviation sources, but flows through the Company in its capacity as manager of the project\\. Construction of Concourse A was completed during second quarter 2017, and construction on Terminal 1 was substantially complete and operational as of the end of third quarter 2018\\. In general, as work was being completed on the project by various contractors, invoices were submitted to Broward County for initial payment to the Company, which then made such payments to the contractors performing the work\\. The project did not have a significant impact on the Company\u2019s capital resources or financial position\\.\n\n**Los Angeles International Airport**\n\nIn March 2013, the Company executed a lease agreement (the \"T1 Lease\") with Los Angeles World Airports (\"LAWA\"), which owns and operates Los Angeles International Airport (\"LAX\")\\. Under the T1 Lease, which was amended in June 2014 and September 2017, the Company oversaw and managed the design, development, financing, construction, and commissioning of the airport's Terminal 1 Modernization Project at a cost not to exceed $526 million (including proprietary renovations, or $510 million excluding proprietary renovations)\\. In October 2017, the Company executed a separate lease agreement with LAWA (the \"T1\\.5 Lease\")\\. Under the T1\\.5 Lease, the Company is overseeing and managing the design, development, financing, construction, and commissioning of a passenger processing facility between Terminal 1 and 2 (the \"Terminal 1\\.5 Project\")\\. The Terminal 1\\.5 Project is expected to include ticketing, baggage claim, passenger screening, and a bus gate at a cost not to exceed $479 million for site improvements and non\\-proprietary improvements\\.\n\n57"}
{"_id": "AmericanAirlines-2018_138.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nof the asset are capitalized and depreciated or amortized over the estimated useful life of the asset or the lease term, whichever is less\\. The estimated useful lives for the principal property and equipment classifications are as follows:\n\n\n\n|                                                     |                           |\n| --------------------------------------------------- | ------------------------- |\n| **Principal Property and Equipment Classification** | **Estimated Useful Life** |\n| Aircraft, engines and related rotable parts         | 20 \u2013 30 years             |\n| Buildings and improvements                          | 5 \u2013 30 years              |\n| Furniture, fixtures and other equipment             | 3 \u2013 10 years              |\n| Capitalized software                                | 5 \u2013 10 years              |\n\n\n\nAmerican assesses impairment on operating property and equipment when events and circumstances indicate that the assets may be impaired\\. An asset or group of assets is considered impaired when the undiscounted cash flows estimated to be generated by the assets are less than the carrying amount of the assets and the net book value of the assets exceeds their estimated fair value\\. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets\\. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the cost to sell\\.\n\nTotal depreciation and amortization expense was $2\\.4 billion, $2\\.1 billion and $1\\.8 billion for the years ended December 31, 2018, 2017 and 2016, respectively\\.\n\n***(g) Leases***\n\nAmerican determines if an arrangement is a lease at inception\\. Operating leases are included in operating lease ROU assets, current operating lease liabilities and noncurrent operating lease liabilities in American\u2019s consolidated balance sheet\\. Finance leases are included in property and equipment, current maturities of long\\-term debt and finance leases and long\\-term debt and finance leases, net of current maturities, in American\u2019s consolidated balance sheet\\.\n\nROU assets represent American\u2019s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease\\. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term\\. \n\nAmerican uses its estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments\\. American gives consideration to its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates\\. \n\nAmerican\u2019s lease term includes options to extend the lease when it is reasonably certain that it will exercise that option\\. Leases with a term of 12 months or less are not recorded on the balance sheet\\. American\u2019s lease agreements do not contain any residual value guarantees\\.\n\nUnder certain of American\u2019s capacity purchase agreements with third\\-party regional carriers, American does not own the underlying aircraft\\. However, since American controls the marketing, scheduling, ticketing, pricing and seat inventories of these aircraft and therefore control the asset, the aircraft is deemed to be leased for accounting purposes\\. For these capacity purchase agreements, American accounts for the lease and non\\-lease components separately\\. The lease component consists of the aircraft and the non\\-lease components consist of services, such as the crew and maintenance\\. American allocates the consideration in the capacity purchase agreements to the lease and non\\-lease components using their estimated relative standalone prices\\. See Note 10(b) for additional information on its capacity purchase agreements\\.\n\nFor real estate, American accounts for the lease and non\\-lease components as a single lease component\\.\n\n***(h) Income Taxes***\n\nIncome taxes are accounted for under the asset and liability method\\. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards\\. Deferred tax assets and liabilities are recorded net as noncurrent deferred income taxes\\.\n\nAmerican provides a valuation allowance for its deferred tax assets when it is more likely than not that some portion, or all of its deferred tax assets, will not be realized\\. The ultimate realization of deferred tax assets is dependent upon the \n\n139"}
{"_id": "Delta-2019_57.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Statements of Comprehensive Income \n\n\n\n|                                          |                                          |                                          |                         |                         |                         |                         |                         |                         |                         |                         |                         |  |  |  |  |  |  |  |  |  |  |  |  |\n|:---------------------------------------- |:---------------------------------------- |:---------------------------------------- | -----------------------:|:-----------------------:|:-----------------------:|:-----------------------:| -----------------------:|:-----------------------:|:-----------------------:|:-----------------------:| -----------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                          |                                          |                                          | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |\n| (in millions)                            | (in millions)                            | (in millions)                            |                    2019 |                         |                         |                         |                    2018 |                         |                         |                         |                    2017 |\n| Net Income                               | Net Income                               | Net Income                               |                 $ 4,767 |                         |                         |                         |                 $ 3,935 |                         |                         |                         |                 $ 3,205 |\n|  Other comprehensive (loss) income:      |  Other comprehensive (loss) income:      |  Other comprehensive (loss) income:      |                         |                         |                         |                         |                         |                         |                         |                         |                         |\n| Net change in derivative contracts       | Net change in derivative contracts       | Net change in derivative contracts       |                       6 |                         |                         |                         |                      15 |                         |                         |                         |                    (29) |\n| Net change in pension and other benefits | Net change in pension and other benefits | Net change in pension and other benefits |                   (170) |                         |                         |                         |                   (113) |                         |                         |                         |                    (98) |\n| Net change in investments                | Net change in investments                | Net change in investments                |                       \u2014 |                         |                         |                         |                       \u2014 |                         |                         |                         |                     142 |\n|  Total Other Comprehensive (Loss) Income |  Total Other Comprehensive (Loss) Income |  Total Other Comprehensive (Loss) Income |                   (164) |                         |                         |                         |                    (98) |                         |                         |                         |                      15 |\n| Comprehensive Income                     | Comprehensive Income                     | Comprehensive Income                     |                 $ 4,603 |                         |                         |                         |                 $ 3,837 |                         |                         |                         |                 $ 3,220 |\n\n\n\nThe accompanying notes are an integral part of these Consolidated Financial Statements\\.\n\n55"}
{"_id": "Southwest-2019_64.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nSouthwest Airlines Co\\.\n\nConsolidated Statement of Income\n\n(in millions, except per share amounts)\n\n\n\n|                                          |                             |                             |                             |\n| ---------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                          | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                          | **2019**                    | **2018**                    | **2017**                    |\n| **OPERATING REVENUES:**                  |                             |                             |                             |\n| Passenger                                | $20,776                     | $20,455                     | $19,763                     |\n| Freight                                  | 172                         | 175                         | 173                         |\n| Other                                    | 1,480                       | 1,335                       | 1,210                       |\n| Total operating revenues                 | 22,428                      | 21,965                      | 21,146                      |\n| **OPERATING EXPENSES:**                  |                             |                             |                             |\n| Salaries, wages, and benefits            | 8,293                       | 7,649                       | 7,305                       |\n| Fuel and oil                             | 4,347                       | 4,616                       | 4,076                       |\n| Maintenance materials and repairs        | 1,223                       | 1,107                       | 1,001                       |\n| Landing fees and airport rentals         | 1,363                       | 1,334                       | 1,292                       |\n| Depreciation and amortization            | 1,219                       | 1,201                       | 1,218                       |\n| Other operating expenses                 | 3,026                       | 2,852                       | 2,847                       |\n| Total operating expenses                 | 19,471                      | 18,759                      | 17,739                      |\n| **OPERATING INCOME**                     | 2,957                       | 3,206                       | 3,407                       |\n| **OTHER EXPENSES (INCOME):**             |                             |                             |                             |\n| Interest expense                         | 118                         | 131                         | 114                         |\n| Capitalized interest                     | (36<br><br>)                | (38<br><br>)                | (49<br><br>)                |\n| Interest income                          | (90<br><br>)                | (69<br><br>)                | (35<br><br>)                |\n| Other (gains) losses, net                | 8                           | 18                          | 112                         |\n| Total other expenses (income)            | \u2014                           | 42                          | 142                         |\n| **INCOME BEFORE INCOME TAXES**           | 2,957                       | 3,164                       | 3,265                       |\n| **PROVISION (BENEFIT) FOR INCOME TAXES** | 657                         | 699                         | (92<br><br>)                |\n| **NET INCOME**                           | $2,300                      | $2,465                      | $3,357                      |\n| **NET INCOME PER SHARE, BASIC**          | $4\\.28                      | $4\\.30                      | $5\\.58                      |\n| **NET INCOME PER SHARE, DILUTED**        | $4\\.27                      | $4\\.29                      | $5\\.57                      |\n\n\n\nSee accompanying notes\\.\n\n65"}
{"_id": "AmericanAirlines-2019_3.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nGeneral\n\nThis report is filed by American Airlines Group Inc\\. (AAG) and its wholly\\-owned subsidiary American Airlines, Inc\\. (American)\\. References in this Annual Report on Form 10\\-K to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d and similar terms refer to AAG and its consolidated subsidiaries\\. \u201cAMR\u201d or \u201cAMR Corporation\u201d refers to the Company during the period of time prior to its emergence from Chapter 11 and its acquisition of US Airways Group, Inc\\. (US Airways Group) on December 9, 2013 (the Merger)\\. References to US Airways Group and US Airways, Inc\\., a subsidiary of US Airways Group (US Airways), represent the entities during the period of time prior to the dissolution of those entities in connection with AAG\u2019s internal corporate restructuring on December 30, 2015\\. References in this report to \u201cmainline\u201d refer to the operations of American only and exclude regional operations\\.\n\nNote Concerning Forward\\-Looking Statements\n\nCertain of the statements contained in this report should be considered forward\\-looking statements within the meaning of the Securities Act of 1933, as amended (the Securities Act), the Securities Exchange Act of 1934, as amended (the Exchange Act), and the Private Securities Litigation Reform Act of 1995\\. These forward\\-looking statements may be identified by words such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201ccontinue,\u201d \u201cseek,\u201d \u201ctarget,\u201d \u201cguidance,\u201d \u201coutlook,\u201d \u201cif current trends continue,\u201d \u201coptimistic,\u201d \u201cforecast\u201d and other similar words\\. Such statements include, but are not limited to, statements about our plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts\\. These forward\\-looking statements are based on our current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward\\-looking statements\\. These risks and uncertainties include, but are not limited to, those described below under Part I, Item 1A\\. Risk Factors, Part II, Item 7\\. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and other risks and uncertainties listed from time to time in our filings with the Securities and Exchange Commission (the SEC)\\.\n\nAll of the forward\\-looking statements are qualified in their entirety by reference to the factors discussed in Part I, Item 1A\\. Risk Factors and elsewhere in this report\\. There may be other factors of which we are not currently aware that may affect matters discussed in the forward\\-looking statements and may also cause actual results to differ materially from those discussed\\. We do not assume any obligation to publicly update or supplement any forward\\-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting such statements other than as required by law\\. Forward\\-looking statements speak only as of the date of this report or as of the dates indicated in the statements\\.\n\n4"}
{"_id": "Southwest-2018_81.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe impacts of applying the New Revenue Standard, the New Retirement Standard, and the New Hedging Standard to the Company\u2019s Consolidated Statement of Income for the years ended December 31, 2017 and 2016, are as follows (amounts may not recalculate due to rounding):\n\n\n\n|                                             |                                  |                                  |                                  |                                  |                                  |\n| ------------------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- |\n|                                             | **Year ended December 31, 2017** | **Year ended December 31, 2017** | **Year ended December 31, 2017** | **Year ended December 31, 2017** | **Year ended December 31, 2017** |\n| **(in millions), except per share amounts** | **As Reported**                  | **New Revenue Standard**         | **New Retirement Standard**      | **New Hedging Standard**         | **As Recast**                    |\n| Passenger revenue                           | $19,141                          | $622                             | $\u2014                               | $\u2014                               | $19,763                          |\n| Other revenue                               | 1,857                            | (647)                            | \u2014                                | \u2014                                | 1,210                            |\n| Salaries, wages, and benefits               | 7,319                            | \u2014                                | (14)                             | \u2014                                | 7,305                            |\n| Fuel and oil expense                        | 3,940                            | \u2014                                | \u2014                                | 136                              | 4,076                            |\n| Other operating expenses                    | 2,886                            | (39)                             | \u2014                                | \u2014                                | 2,847                            |\n| Other (gains) losses, net                   | 234                              | \u2014                                | 14                               | (136)                            | 112                              |\n| Provision for income taxes                  | (237)                            | 145                              | \u2014                                | \u2014                                | (92)                             |\n| Net income                                  | 3,488                            | (131)                            | \u2014                                | \u2014                                | 3,357                            |\n| Net income per share, basic                 | 5\\.80                            | (0\\.22)                          | \u2014                                | \u2014                                | 5\\.58                            |\n| Net income per share, diluted               | 5\\.79                            | (0\\.22)                          | \u2014                                | \u2014                                | 5\\.57                            |\n\n\n\n\n\n|                                             |                                  |                                  |                                  |                                  |                                  |\n| ------------------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- |\n|                                             | **Year ended December 31, 2016** | **Year ended December 31, 2016** | **Year ended December 31, 2016** | **Year ended December 31, 2016** | **Year ended December 31, 2016** |\n| **(in millions), except per share amounts** | **As Reported**                  | **New Revenue Standard**         | **New Retirement Standard**      | **New Hedging Standard**         | **As Recast**                    |\n| Passenger revenue                           | $18,594                          | $474                             | $\u2014                               | $\u2014                               | $19,068                          |\n| Other revenue                               | 1,660                            | (610)                            | \u2014                                | \u2014                                | 1,050                            |\n| Salaries, wages, and benefits               | 6,798                            | \u2014                                | (12)                             | \u2014                                | 6,786                            |\n| Fuel and oil expense                        | 3,647                            | \u2014                                | \u2014                                | 154                              | 3,801                            |\n| Other operating expenses                    | 2,743                            | (40)                             | \u2014                                | \u2014                                | 2,703                            |\n| Other (gains) losses, net                   | 162                              | \u2014                                | 12                               | (154)                            | 21                               |\n| Provision for income taxes                  | 1,303                            | (36)                             | \u2014                                | \u2014                                | 1,267                            |\n| Net income                                  | 2,244                            | (60)                             | \u2014                                | \u2014                                | 2,183                            |\n| Net income per share, basic                 | 3\\.58                            | (0\\.10)                          | \u2014                                | \u2014                                | 3\\.48                            |\n| Net income per share, diluted               | 3\\.55                            | (0\\.10)                          | \u2014                                | \u2014                                | 3\\.45                            |\n\n\n\n82"}
{"_id": "Southwest-2018_87.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nASC 606 requires the Company to allocate consideration received to performance obligations based on the relative fair value of those obligations\\. The Company has a co\\-branded credit card agreement (\u201cAgreement\u201d) with Chase Bank USA, N\\.A\\. (\u201cChase\u201d), through which the Company sells loyalty points and certain marketing components, which consist of the use of Southwest Airlines\u2019 brand and access to Rapid Rewards Member lists, licensing and advertising elements, and the use of the Company\u2019s resource team\\. The Company estimated the selling prices and volumes over the term of the Agreement in order to determine the allocation of proceeds to each of the two performance obligations identified in the Agreement, which have been characterized as a transportation component and a marketing component\\. The allocations utilized are reviewed to determine if adjustment is necessary any time there is a modification to the Agreement\\. The Company records Passenger revenue related to loyalty point redemptions for air travel when the travel is delivered, and the marketing elements are recognized as Other revenue when the performance obligations related to those services are satisfied, which is generally the same period consideration is received from Chase\\. \n\nThe Company has elected the transition provision within ASC 606 to reflect the aggregate effect of historical modifications to the Agreement on January 1, 2018, when (i) identifying the satisfied and unsatisfied performance obligations, (ii) determining the transaction price, and (iii) allocating the transaction price to the satisfied and unsatisfied performance obligations\\. When applying the full retrospective adoption provisions of ASC 606, the Company determined the transaction price for all satisfied and unsatisfied performance obligations in the Agreement and performed a single allocation of the transaction price to those performance obligations, based on the relative selling prices on January 1, 2016\\. In applying this transition provision, the Company evaluated the historical modifications of the Agreement and did not identify any new performance obligations throughout the periods prior to adoption of the new standard\\. The Company did not believe it was reasonably possible to quantitatively estimate the impact of applying this transition provision to contract modifications prior to January 1, 2016\\.\n\nAs performance obligations to Customers are satisfied, the related revenue is recognized\\. The events that result in revenue recognition that are associated with performance obligations identified as a part of the Rapid Rewards Program are as follows:\n\n\n\n|   |                                                                                                                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | *Tickets and Rapid Rewards Points*  \\- When a flight occurs, the related performance obligation is satisfied and the related value provided by the Customer, whether from purchased tickets or Rapid Rewards Points, is recognized as revenue\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Loyalty points redeemed for goods and/or services other than travel*  \\- Rapid Rewards Members have the option to redeem points for goods and services offered through a third party vendor, who acts as principal\\. The performance obligation related to the purchase of these goods and services is satisfied when the good and/or service is delivered to the Customer\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                             |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Marketing Royalties*  \\- As part of its Agreement with Chase, Southwest provides certain deliverables, including use of the Southwest Airlines\u2019 brand, access to Rapid Rewards Member lists, advertising elements, and the Company\u2019s resource team\\. These performance obligations are satisfied each month that the Agreement is active\\. |\n\n\n\nAs of the years ended December 31, 2018 and 2017, the components of Air traffic liability, including contract liabilities based on tickets sold, unused funds available to the Customer, and loyalty points available for redemption, net of expected spoilage, within the Consolidated Balance Sheet were as follows:\n\n\n\n|                                                                            |                       |                       |\n| -------------------------------------------------------------------------- | --------------------- | --------------------- |\n|                                                                            | **Balance as of**     | **Balance as of**     |\n| **(in millions)**                                                          | **December 31, 2018** | **December 31, 2017** |\n| Air traffic liability \\- passenger travel and ancillary passenger services | $2,059                | $1,898                |\n| Air traffic liability \\- loyalty program                                   | 3,011                 | 2,667                 |\n|  **Total Air traffic liability**                                           | $5,070                | $4,565                |\n\n\n\nThe balance in Air traffic liability \u2013 passenger travel and ancillary passenger services also includes unused funds that are available for use by Customers that are not currently associated with a ticket, but represent funds effectively refunded \n\n88"}
{"_id": "Southwest-2017_52.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Note Regarding Use of Non\\-GAAP Financial Measures**\n\nThe Company's Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (\"GAAP\")\\. These GAAP financial statements include (i) unrealized noncash adjustments and reclassifications, which can be significant, as a result of accounting requirements and elections made under accounting pronouncements relating to derivative instruments and hedging and (ii) other charges and benefits the Company believes are unusual and/or infrequent in nature and thus may make comparisons to its prior or future performance difficult\\.\n\nAs a result, the Company also provides financial information in this filing that was not prepared in accordance with GAAP and should not be considered as an alternative to the information prepared in accordance with GAAP\\. The Company provides supplemental non\\-GAAP financial information (also referred to as \"excluding special items\"), including results that it refers to as \"economic,\" which the Company's management utilizes to evaluate its ongoing financial performance and the Company believes provides additional insight to investors as supplemental information to its GAAP results\\. The non\\-GAAP measures provided that relate to the Company\u2019s performance on an economic fuel cost basis include Fuel and oil expense, non\\-GAAP; Total operating expenses, non\\-GAAP; Operating income, non\\-GAAP; Net income, non\\-GAAP; and Net income per share, diluted, non\\-GAAP\\. The Company's economic Fuel and oil expense results differ from GAAP results in that they only include the actual cash settlements from fuel hedge contracts \\- all reflected within Fuel and oil expense in the period of settlement\\. Thus, Fuel and oil expense on an economic basis has historically been utilized by the Company, as well as some of the other airlines that utilize fuel hedging, as it reflects the Company\u2019s actual net cash outlays for fuel during the applicable period, inclusive of settled fuel derivative contracts\\. Any net premium costs paid related to option contracts are reflected as a component of Other (gains) losses, net, for both GAAP and non\\-GAAP (including economic) purposes in the period of contract settlement\\. The Company believes these economic results provide further insight on the impact of the Company's fuel hedges on its operating performance and liquidity since they exclude the unrealized, noncash adjustments and reclassifications that are recorded in GAAP results in accordance with accounting guidance relating to derivative instruments, and they reflect all cash settlements related to fuel derivative contracts within Fuel and oil expense\\. This enables the Company's management, as well as investors and analysts, to consistently assess the Company's operating performance on a year\\-over\\-year or quarter\\-over\\-quarter basis after considering all efforts in place to manage fuel expense\\. However, because these measures are not determined in accordance with GAAP, such measures are susceptible to varying calculations, and not all companies calculate the measures in the same manner\\. As a result, the aforementioned measures, as presented, may not be directly comparable to similarly titled measures presented by other companies\\.\n\nFurther information on (i) the Company's fuel hedging program, (ii) the requirements of accounting for derivative instruments, and (iii) the causes of hedge ineffectiveness and/or mark\\-to\\-market gains or losses from derivative instruments is included in Note 10 to the Consolidated Financial Statements\\.\n\nThe Company\u2019s GAAP results in the applicable periods include other charges or benefits that are also deemed \"special items\" that the Company believes make its results difficult to compare to prior periods, anticipated future periods, or industry trends\\. Financial measures identified as non\\-GAAP (or as excluding special items) have been adjusted to exclude special items\\. Special items include:\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                    |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1\\. | A one\\-time $172 million Special revenue adjustment in July 2015 as a result of the Agreement with Chase and the resulting required change in accounting methodology\\. This increase to revenue represented a nonrecurring required acceleration of revenues associated with the adoption of Accounting Standards Update 2009\\-13; |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 2\\. | Contract ratification bonuses recorded for certain workgroups\\. As the bonuses would only be paid at ratification of the associated tentative agreement and would not represent an ongoing expense to the Company, management believes its results for the associated periods are more usefully compared if the impacts of ratification bonus amounts are excluded from results\\. Generally, union contract agreements cover a specified three\\- to five\\- year period, although such contracts officially never expire, and the agreed upon terms remain in place until a revised agreement is reached, which can be several years following the amendable date; |\n\n\n\n53"}
{"_id": "Alaska-2018_74.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**NOTE 5\\. FAIR VALUE MEASUREMENTS**\n\n***Fair Value of Financial Instruments on a Recurring Basis***\n\nAs of December 31, 2018, the total cost basis for marketable securities was $1\\.1 billion\\. There were no significant differences between the cost basis and fair value of any individual class of marketable securities\\. \n\nFair values of financial instruments on the consolidated balance sheet (in millions): \n\n\n\n|                                         |                       |                       |                       |                       |                       |                       |\n| --------------------------------------- | --------------------- | --------------------- | --------------------- | --------------------- | --------------------- | --------------------- |\n|                                         | **December 31, 2018** | **December 31, 2018** | **December 31, 2018** | **December 31, 2017** | **December 31, 2017** | **December 31, 2017** |\n|                                         | **Level 1**           | **Level 2**           | **Total**             | **Level 1**           | **Level 2**           | **Total**             |\n| **Assets**                              |                       |                       |                       |                       |                       |                       |\n| **Marketable securities**               |                       |                       |                       |                       |                       |                       |\n| U\\.S\\. government and agency securities | $293                  | $\u2014                    | $293                  | $328                  | $\u2014                    | $328                  |\n| Foreign government bonds                | \u2014                     | 26                    | 26                    | \u2014                     | 43                    | 43                    |\n| Asset\\-backed securities                | \u2014                     | 190                   | 190                   | \u2014                     | 209                   | 209                   |\n| Mortgage\\-backed securities             | \u2014                     | 92                    | 92                    | \u2014                     | 99                    | 99                    |\n| Corporate notes and bonds               | \u2014                     | 520                   | 520                   | \u2014                     | 726                   | 726                   |\n| Municipal securities                    | \u2014                     | 10                    | 10                    | \u2014                     | 22                    | 22                    |\n| **Derivative instruments**              |                       |                       |                       |                       |                       |                       |\n| Fuel hedge contracts\u2014call options       | \u2014                     | 4                     | 4                     | \u2014                     | 22                    | 22                    |\n| Interest rate swap agreements           | \u2014                     | 10                    | 10                    | \u2014                     | 9                     | 9                     |\n| **Liabilities**                         |                       |                       |                       |                       |                       |                       |\n| **Derivative instruments**              |                       |                       |                       |                       |                       |                       |\n| Interest rate swap agreements           | \u2014                     | (7)                   | (7)                   | \u2014                     | (8)                   | (8)                   |\n\n\n\nThe Company uses the market and income approach to determine the fair value of marketable securities\\. U\\.S\\. government securities are Level 1 as the fair value is based on quoted prices in active markets\\. The remaining marketable securities instruments are Level 2 as the fair value is based on standard valuation models that calculate values from observable inputs such as quoted interest rates, yield curves, credit ratings of the security and other observable market information\\. \n\nThe Company uses the market and income approaches to determine the fair value of derivative instruments\\. The fair value for fuel hedge call options is determined utilizing an option pricing model that uses inputs that are readily available in active markets or can be derived from information available in active markets\\. In addition, the fair value considers exposure to credit losses in the event of non\\-performance by counterparties\\. Interest rate swap agreements are Level 2 as the fair value of these contracts is determined based on the difference between the fixed interest rate in the agreements and the observable LIBOR\\-based interest forward rates at period end, multiplied by the total notional value\\.\n\n***Activity and Maturities for Marketable Securities***\n\nUnrealized losses from marketable securities are primarily attributable to changes in interest rates\\. Management does not believe any remaining losses represent other\\-than\\-temporary impairments based on the Company's evaluation of available evidence as of December 31, 2018\\. \n\nProceeds from sales of marketable securities were $1\\.1 billion, $1\\.4 billion and $962 million in 2018, 2017, and 2016\\.\n\nMaturities for marketable securities (in millions):\n\n\n\n|                                       |                |                |\n| ------------------------------------- | -------------- | -------------- |\n| **December 31, 2018**                 | **Cost Basis** | **Fair Value** |\n| Due in one year or less               | $138           | $138           |\n| Due after one year through five years | 995            | 981            |\n| Due after five years through 10 years | 12             | 12             |\n| **Total**                             | $1,145         | $1,131         |\n\n\n\n 75"}
{"_id": "Alaska-2018_94.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n|                                 |\n| ------------------------------- |\n| **ITEM 9B\\. OTHER INFORMATION** |\n\n\n\nNone\n\n**PART III**\n\n\n\n|                                                                      |\n| -------------------------------------------------------------------- |\n| **ITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE** |\n\n\n\nSee \u201cExecutive Officers\u201d under Item 1, \u201cOur Business,\u201d in Part I of this Form 10\\-K for information on the executive officers of Air Group and its subsidiaries\\. Except as provided herein, the remainder of the information required by this item is incorporated herein by reference from the definitive Proxy Statement for Air Group's 2019 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year ended December 31, 2018 (hereinafter referred to as our \u201c2019 Proxy Statement\u201d)\\.\n\n\n\n|                                      |\n| ------------------------------------ |\n| **ITEM 11\\. EXECUTIVE COMPENSATION** |\n\n\n\nThe information required by this item is incorporated herein by reference from our 2019 Proxy Statement\\.\n\n\n\n|                                                                                                               |\n| ------------------------------------------------------------------------------------------------------------- |\n| **ITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS** |\n\n\n\n**Securities Authorized for Issuance Under Equity Compensation Plans**\n\n\n\n|                                                            |                                                                                                 |                                                                                  |                                                                                                                                                 |\n| ---------------------------------------------------------- | ----------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------- |\n|                                                            | **Number of securities to be issued upon exercise of outstanding options, warrants and rights** | **Weighted\\-average exercise price of outstanding options, warrants and rights** | **Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))** |\n| **Plan category**                                          | **(a)**                                                                                         | **(b)**                                                                          | **(c)**                                                                                                                                         |\n| Equity compensation plans approved by security holders     | 1,420,926 ^(1)^                                                                                 | $57\\.78 ^(2)^                                                                    | 9,851,918 ^(3)^                                                                                                                                 |\n| Equity compensation plans not approved by security holders | \u2014                                                                                               | Not applicable                                                                   | \u2014                                                                                                                                               |\n| Total                                                      | 1,420,926                                                                                       | $57\\.78                                                                          | 9,851,918                                                                                                                                       |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (1) | Of these shares, 293,910 and 277,632 were subject to options then outstanding under the 2008 Plan and 2016 Plan, respectively, 200,363 were subject to outstanding restricted, performance and deferred stock unit awards granted under the 2008 Plan and 649,021 were subject to outstanding restricted, performance and deferred stock unit awards granted under the 2016 Plan\\. Outstanding performance awards are reflected in the table assuming that the target level of performance will be achieved\\.  |\n\n\n\n\n\n|     |                                                                                                                                            |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------ |\n| (2) | This number does not reflect the 849,384 shares that were subject to outstanding stock unit awards granted under the 2008 and 2016 Plans\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (3) | Of the aggregate number of shares that remained available for future issuance, no shares were available under the 2008 Plan, 4,685,396 shares were available under the 2016 Plan and 5,166,522 shares were available under the ESPP\\. Subject to certain express limits of the 2016 Plan, shares available for award purposes under the 2016 Plan generally may be used for any type of award authorized under that plan including options, stock appreciation rights, and other forms of awards granted or denominated in shares of our common stock including, without limitation, stock bonuses, restricted stock, restricted stock units and performance shares\\. Full\\-value shares issued under the 2016 Plan are counted against the share limit as 1\\.7 shares for every one share issued\\. This table does not give effect to that rule\\. |\n\n\n\nOther information required by this item is set forth under the heading \u201cBeneficial Ownership of Securities\u201d in our 2019 Proxy Statement and is incorporated by reference\\.\n\n 95"}
{"_id": "Delta-2017_8.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nFrequent Flyer Program\n\nOur SkyMiles ^\u00ae^  frequent flyer program (\"SkyMiles program\") is designed to retain and increase traveler loyalty by offering incentives to customers to increase travel on Delta\\. The SkyMiles program allows program members to earn mileage credit for travel awards by flying on Delta, its regional carriers and other participating airlines\\. Mileage credit may also be earned by using certain services offered by program participants, such as credit card companies, hotels and car rental agencies\\. In addition, individuals may purchase mileage credits\\. Miles do not expire, but are subject to the program rules\\. We reserve the right to terminate the program with six months advance notice, and to change the program's terms and conditions at any time without notice\\.\n\nSkyMiles program mileage credits can be redeemed for air travel on Delta and participating airlines, for membership in our Delta Sky Clubs ^\u00ae^  and for other program participant awards\\. Mileage credits are subject to certain transfer restrictions and travel awards on partner airlines are subject to capacity\\-controlled seating\\. We offer last\\-seat availability for travel awards on our own flights (including most Delta Connection flights)\\. In  2017 , program members redeemed more than 345 billion miles in the SkyMiles program for 14\\.9 million award redemptions\\. During this period, 7\\.9% of revenue miles flown on Delta were from award travel\\.\n\nFuel\n\nOur results of operations are significantly impacted by changes in the price and availability of aircraft fuel\\. The following table shows our aircraft fuel consumption and costs\\.\n\n\n\n|          |                                                          |                                          |                                           |                                                        |\n| -------- | -------------------------------------------------------- | ---------------------------------------- | ----------------------------------------- | ------------------------------------------------------ |\n| **Year** | **Gallons Consumed** **^(1)^** <br><br>**(in millions)** | **Cost** **^(1)(2)^**  **(in millions)** | **Average Price Per Gallon** **^(1)(2)^** | **Percentage of Total Operating Expense** **^(1)(2)^** |\n| 2017     | 4,032                                                    | $6,756                                   | $1\\.68                                    | 19\\.2%                                                 |\n| 2016     | 4,016                                                    | $5,985                                   | $1\\.49                                    | 18\\.3%                                                 |\n| 2015     | 3,988                                                    | $7,579                                   | $1\\.90                                    | 23\\.0%                                                 |\n\n\n\n\n\n|       |                                                                                                 |\n| ----- | ----------------------------------------------------------------------------------------------- |\n| ^(1)^ | Includes the operations of our regional carriers operating under capacity purchase agreements\\. |\n\n\n\n\n\n|       |                                                                           |\n| ----- | ------------------------------------------------------------------------- |\n| ^(2)^ | Includes the impact of fuel hedge activity and refinery segment results\\. |\n\n\n\nGeneral\n\nWe purchase most of our aircraft fuel under contracts that establish the price based on various market indices and therefore do not provide material protection against price increases or assure the availability of our fuel supplies\\. We also purchase aircraft fuel on the spot market, from off\\-shore sources and under contracts that permit the refiners to set the price\\.\n\nMonroe Energy\n\nOur wholly owned subsidiaries, Monroe Energy, LLC and MIPC, LLC (collectively, \"Monroe\") operate the Trainer refinery and related assets located near Philadelphia, Pennsylvania\\. The facilities include pipelines and terminal assets that allow the refinery to supply jet fuel to our airline operations throughout the Northeastern U\\.S\\., including our New York hubs at LaGuardia and JFK\\. These companies are distinct from us, operating under their own management teams and with their own boards of managers\\. We own Monroe as part of our strategy to mitigate the cost of the refining margin reflected in the price of jet fuel, as well as to maintain sufficiency of supply to our New York operations\\.\n\nRefinery Operations\\.  The facility is capable of refining approximately 200,000 barrels of crude oil per day\\. In addition to jet fuel, the refinery's production consists of gasoline, diesel and other refined products (\"non\\-jet fuel products\")\\. Monroe sources domestic and foreign crude oil supply from a variety of providers\\.\n\nStrategic Agreements\\.  Monroe exchanges the non\\-jet fuel products the refinery produces with third parties for jet fuel consumed in our airline operations\\. \n\nSegments \\. Because the products and services of Monroe's refinery operations are discrete from our airline services, segment results are prepared for our airline segment and our refinery segment\\. Financial information on our segment reporting can be found in  Note 14  of the Notes to the Consolidated Financial Statements\\.\n\n 4"}
{"_id": "Alaska-2019_89.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nSIGNATURES\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized\\.\n\n\n\n|                         |                         |                         |                         |                         |                         |  |  |  |       |       |       |                   |                   |                   |  |  |  |\n| ----------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- | - | - | - | ----- | ----- | ----- | ----------------- | ----------------- | ----------------- | - | - | - |\n| ALASKA AIR GROUP, INC\\. | ALASKA AIR GROUP, INC\\. | ALASKA AIR GROUP, INC\\. | ALASKA AIR GROUP, INC\\. | ALASKA AIR GROUP, INC\\. | ALASKA AIR GROUP, INC\\. |  |  |  |       |       |       |                   |                   |                   |  |  |  |\n| By:                     | By:                     | By:                     | /s/ BRADLEY D\\. TILDEN  | /s/ BRADLEY D\\. TILDEN  | /s/ BRADLEY D\\. TILDEN  |  |  |  | Date: | Date: | Date: | February 12, 2020 | February 12, 2020 | February 12, 2020 |\n|                         |                         |                         | Bradley D\\. Tilden      | Bradley D\\. Tilden      | Bradley D\\. Tilden      |  |  |  |       |       |       |                   |                   |                   |\n|                         |                         |                         | Chief Executive Officer | Chief Executive Officer | Chief Executive Officer |  |  |  |       |       |       |                   |                   |                   |\n\n\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on February 12, 2020 on behalf of the registrant and in the capacities indicated\\. \n\n89"}
{"_id": "AmericanAirlines-2017_51.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nThe major components of our total mainline CASM and our mainline CASM excluding special items and fuel for the years ended December 31, 2017 and 2016 are as follows (amounts may not recalculate due to rounding):\n\n\n\n|                                                 |                                           |                                           |                                                       |\n| ----------------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------------------- |\n|                                                 | **Year Ended December 31,**               | **Year Ended December 31,**               | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                                 | **2017**                                  | **2016**                                  | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                                 | **(In cents, except percentage changes)** | **(In cents, except percentage changes)** | **(In cents, except percentage changes)**             |\n| Mainline CASM:                                  |                                           |                                           |                                                       |\n| Aircraft fuel and related taxes                 | 2\\.51                                     | 2\\.10                                     | 19\\.8                                                 |\n| Salaries, wages and benefits                    | 4\\.85                                     | 4\\.51                                     | 7\\.6                                                  |\n| Maintenance, materials and repairs              | 0\\.80                                     | 0\\.76                                     | 5\\.9                                                  |\n| Other rent and landing fees                     | 0\\.74                                     | 0\\.73                                     | 1\\.1                                                  |\n| Aircraft rent                                   | 0\\.49                                     | 0\\.50                                     | (1\\.3)                                                |\n| Selling expenses                                | 0\\.61                                     | 0\\.55                                     | 10\\.6                                                 |\n| Depreciation and amortization                   | 0\\.70                                     | 0\\.63                                     | 10\\.7                                                 |\n| Special items, net                              | 0\\.29                                     | 0\\.29                                     | (0\\.3)                                                |\n| Other                                           | 1\\.97                                     | 1\\.87                                     | 5\\.3                                                  |\n| Total mainline CASM                             | 12\\.96                                    | 11\\.94                                    | 8\\.6                                                  |\n| Special items, net                              | (0\\.29)                                   | (0\\.29)                                   | (0\\.3)                                                |\n| Aircraft fuel and related taxes                 | (2\\.51)                                   | (2\\.10)                                   | 19\\.8                                                 |\n| Mainline CASM, excluding special items and fuel | 10\\.16                                    | 9\\.54                                     | 6\\.4                                                  |\n\n\n\nSignificant changes in the components of mainline CASM are as follows:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Aircraft fuel and related taxes per ASM  increase d  19\\.8%  primarily due to a  21\\.4 %  increase  in the average price per gallon of fuel to  $1\\.71  in  2017  from  $1\\.41  in  2016 , offset in part by a  0\\.5 % decrease in gallons of fuel consumed\\. The decrease in fuel consumption was primarily driven by the operation of more fuel efficient aircraft during 2017 in connection with our fleet renewal program\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                     |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Salaries, wages and benefits per ASM  increase d  7\\.6%  primarily due to mid\\-contract pay rate increases for pilots and flight attendants effective in the second quarter of 2017, as well as rate increases for maintenance and fleet service work groups, which became effective in the third quarter of 2016\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Maintenance, materials and repairs per ASM  increase d  5\\.9%  as compared to 2016 primarily due to a contract change that accelerated the timing of certain maintenance expenses incurred\\. Certain flight equipment was transitioned to a new flight hour based contract (referred to as power by the hour) where expense is incurred and recognized based on actual hours flown\\. Previously, this flight equipment was covered by a time and materials based contract where expense is incurred and recognized as maintenance is performed\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                         |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Selling expenses per ASM  increase d  10\\.6%  due primarily to higher commissions driven by the overall increase in revenues as well as an increase in flown premium tickets, which are subject to higher commissions\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Depreciation and amortization per ASM  increase d  10\\.7%  primarily due to depreciation related to aircraft purchased in connection with our fleet renewal program\\. In 2017, we took delivery of 57 new mainline aircraft\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                   |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Other operating expenses per ASM  increase d  5\\.3%  primarily due to expenses associated with improving our product offerings, customer experience and operational reliability, such as food and beverage costs and costs associated with team member training\\. |\n\n\n\n52"}
{"_id": "Alaska-2018_64.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nAssets and liabilities recognized or disclosed at fair value on a nonrecurring basis include items such as property, plant and equipment, goodwill, intangible assets and certain other assets and liabilities\\. The Company determines the fair value of these items using Level 3 inputs, as described in Note 5\\. \n\n***Income Taxes***\n\nThe Company uses the asset and liability approach for accounting for and reporting income taxes\\. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities, and their respective tax bases and for operating loss and tax credit carryforwards\\. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled\\. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date\\. A valuation allowance would be established, if necessary, for the amount of any tax benefits that, based on available evidence, are not expected to be realized\\. As of December 31, 2018, there is a partial valuation allowance against net deferred tax assets\\. The Company accounts for unrecognized tax benefits in accordance with the applicable accounting standards\\.\n\nThe Company has substantial federal and state net operating losses (NOLs) for income tax purposes as a result of the acquisition of Virgin America\\. The Company's ability to utilize Virgin America's NOLs is limited by previous \u201cownership changes,\u201d as defined in Section 382 of the Internal Revenue Code and similar state provisions, and could be further limited if there is another ownership change\\. In general terms, an ownership change can occur whenever there is a collective shift in the ownership of a company by more than 50% by one or more \u201c5% stockholders\u201d within a three\\-year period\\. The occurrence of such a change generally limits the amount of NOL carryforwards a company could utilize in a given year to the aggregate fair market value of the company's common stock immediately prior to the ownership change, multiplied by the long\\-term tax\\-exempt interest rate in effect for the month of the ownership change\\. The acquisition constituted an ownership change and the potential for further limitations following the acquisition\\. See Note 7 to the consolidated financial statements for more discussion of the calculation\\.\n\n***Stock\\-Based Compensation***\n\nAccounting standards require companies to recognize as expense the fair value of stock options and other equity\\-based compensation issued to employees as of the grant date\\. These standards apply to all stock awards that the Company grants to employees as well as the Company\u2019s Employee Stock Purchase Plan (ESPP), which features a look\\-back provision and allows employees to purchase stock at a 15% discount\\. All stock\\-based compensation expense is recorded in wages and benefits in the consolidated statements of operations\\.\n\n***Earnings Per Share (EPS)***\n\nDiluted EPS is calculated by dividing net income by the average common shares outstanding plus additional common shares that would have been outstanding assuming the exercise of in\\-the\\-money stock options and restricted stock units, using the treasury\\-stock method\\. In 2018, 2017, and 2016, anti\\-dilutive stock options excluded from the calculation of EPS were not material\\.\n\n***Recently Issued Accounting Pronouncements***\n\nIn February 2016, the FASB issued ASU 2016\\-02, \"Leases (Topic 842),\" which requires lessees to recognize assets and liabilities for leases currently classified as operating leases\\. Under the new standard, a lessee will recognize a liability on the balance sheet representing the lease payments owed, and a right\\-of\\-use\\-asset representing its right to use the underlying asset for the lease term\\. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities\\.\n\nIn July 2018, the FASB issued ASU 2018\\-11, \"Targeted Improvements \\- Leases (Topic 842)\" which amended Topic 842 to provide companies an alternative transition method which would not require adjusting comparative period financial information\\. The Company plans to utilize this alternative transition method and will record a cumulative\\-effect adjustment to the opening balance of retained earnings upon adoption on January 1, 2019\\. \n\nThe Company plans to elect certain practical expedients available under the new standard\\. For leases with a term of 12 months or less, the Company will make an accounting policy election not to recognize lease assets and lease liabilities\\. Additionally the Company will elect the practical expedient to *not* separate lease and non\\-lease components for certain asset classes\\. Lastly, the \n\n 65"}
{"_id": "AmericanAirlines-2018_129.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**AMERICAN AIRLINES, INC\\.**\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS**\n\n**(In millions)**\n\n\n\n|                                    |                             |                             |                             |\n| ---------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                    | **2018**                    | **2017**                    | **2016**                    |\n| **Operating revenues:**            |                             |                             |                             |\n| Passenger                          | $40,676                     | $39,131                     | $37,045                     |\n| Cargo                              | 1,013                       | 890                         | 785                         |\n| Other                              | 2,841                       | 2,589                       | 2,295                       |\n| Total operating revenues           | 44,530                      | 42,610                      | 40,125                      |\n| **Operating expenses:**            |                             |                             |                             |\n| Aircraft fuel and related taxes    | 8,053                       | 6,128                       | 5,071                       |\n| Salaries, wages and benefits       | 12,240                      | 11,942                      | 10,958                      |\n| Regional expenses                  | 7,064                       | 6,572                       | 6,009                       |\n| Maintenance, materials and repairs | 2,050                       | 1,959                       | 1,834                       |\n| Other rent and landing fees        | 1,900                       | 1,806                       | 1,772                       |\n| Aircraft rent                      | 1,264                       | 1,197                       | 1,203                       |\n| Selling expenses                   | 1,520                       | 1,477                       | 1,323                       |\n| Depreciation and amortization      | 1,839                       | 1,702                       | 1,525                       |\n| Special items, net                 | 787                         | 712                         | 709                         |\n| Other                              | 5,090                       | 4,910                       | 4,641                       |\n| Total operating expenses           | 41,807                      | 38,405                      | 35,045                      |\n| **Operating income**               | 2,723                       | 4,205                       | 5,080                       |\n| **Nonoperating income (expense):** |                             |                             |                             |\n| Interest income                    | 330                         | 215                         | 104                         |\n| Interest expense, net              | (1,028)                     | (988)                       | (906)                       |\n| Other income, net                  | 167                         | 123                         | 18                          |\n| Total nonoperating expense, net    | (531)                       | (650)                       | (784)                       |\n| **Income before income taxes**     | 2,192                       | 3,555                       | 4,296                       |\n| Income tax provision               | 534                         | 2,270                       | 1,607                       |\n| **Net income**                     | $1,658                      | $1,285                      | $2,689                      |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n130"}
{"_id": "Delta-2018_83.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nWe have an equity method investment in the entity which owns IAT, our sublessor at Terminal 4\\. The Sublease requires us to pay certain fixed management fees\\. We determined the investment is a variable interest entity and assessed whether we have a controlling financial interest in IAT\\. Our rights under the Sublease, with respect to management of Terminal 4, are consistent with rights granted to an anchor tenant under a standard airport lease\\. Accordingly, we do not consolidate in our Consolidated Financial Statements the entity in which we are invested\\.\n\nLos Angeles International Airport (\"LAX\")\n\nDuring 2016, we executed a modified lease agreement with Los Angeles World Airports (\"LAWA\"), which owns and operates LAX, and announced plans to modernize, upgrade and connect Terminals 2 and 3 at LAX by 2023\\. Based on the lease agreement, we are designing and managing the construction of the initial investment of   $350 million  to renovate gate areas, support space and other amenities for passengers, to upgrade the baggage handling systems in the terminals and to facilitate the relocation of those airlines located in Terminals 2 and 3 to Terminals 5 and 6 and Tom Bradley International Terminal (\"TBIT\")\\. The relocation was completed during 2017\\. We are also designing and managing the construction of an expansion of the project, which is expected to cost an additional   $1\\.5 billion , of which   $1\\.3 billion  has been approved by LAWA\\. The expanded project will include (1) redevelopment of Terminal 3 and enhancement of Terminal 2, (2) rebuilding the ticketing and arrival halls and security checkpoint, (3) construction of infrastructure for the planned airport people mover, (4) ramp improvements and (5) construction of a secure connector to the north side of TBIT\\.\n\nA substantial majority of the project costs will be funded through the Regional Airports Improvement Corporation (\"RAIC\"), a California public benefit corporation, using an   $800 million  revolving credit facility provided by a group of lenders\\. The credit facility was executed during 2017 and we have guaranteed the obligations of the RAIC under the credit facility\\. Loans made under the credit facility will be repaid with the proceeds from LAWA\u2019s purchase of completed project assets\\. Using funding provided by cash flows from operations and/or the credit facility, we spent approximately   $208 million  on this project during  2018 \\.\n\nNew York\\-LaGuardia Airport\n\nAs part of the terminal redevelopment project at LaGuardia Airport, we are partnering with the Port Authority to replace Terminals C and D with a new state\\-of\\-the\\-art terminal facility consisting of   37  gates across   four  concourses connected to a central headhouse\\. The terminal will feature a new, larger Delta Sky Club, wider concourses, more gate seating and   30 percent  more concessions space than the existing terminals\\. The facility will also offer direct access between the parking garage and terminal and improved roadways and drop\\-off/pick\\-up areas\\. The design of the new terminal will integrate sustainable technologies and improvements in energy efficiency\\. Construction will be phased to limit passenger inconvenience and is expected to be completed by 2026\\. \n\nIn connection with the redevelopment, during 2017, we entered into an amended and restated terminal lease with the Port Authority with a term through 2050\\. Pursuant to the lease agreement we will (1) fund (through debt issuance and existing cash) and undertake the design, management and construction of the terminal and certain off\\-premises supporting facilities, (2) receive a Port Authority contribution of   $600 million  to facilitate construction of the terminal and other supporting infrastructure, (3) be responsible for all operations and maintenance during the term of the lease and (4) have preferential rights to all gates in the terminal subject to Port Authority requirements with respect to accommodation of designated carriers\\. We currently expect our net project cost to be approximately   $3\\.3 billion  with Delta bearing the risks of project construction, including any potential cost over\\-runs\\. Using funding provided by cash flows from operations and/or financing arrangements, we spent approximately   $304 million  on this project during  2018 \\. See  Note 7 , \"Long\\-Term Debt,\" for additional information on the debt issuance related to this redevelopment project\\.\n\n 81"}
{"_id": "United-2019_30.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\nLiquidity and Capital Resources \n\nAs of  December 31, 2019 , the Company had  $4\\.9 billion  in unrestricted cash, cash equivalents and short\\-term investments, an increase of approximately  $1\\.0 billion  from  December 31, 2018 \\. The Company had its entire commitment capacity of  $2\\.0 billion  under the revolving credit facility of the Credit Agreement available for borrowings as of  December 31, 2019 \\. \n\nWe have a significant amount of fixed obligations, including debt, aircraft leases, leases of airport property and other facilities and pension funding obligations\\. At  December 31, 2019 , the Company had approximately  $14\\.8 billion  of debt and finance lease obligations, including  $1\\.5 billion  that are due within the next 12 months\\. In addition, we have substantial noncancelable commitments for capital expenditures, including the acquisition of new aircraft and related spare engines\\. As of  December 31, 2019 , our current liabilities exceeded our current assets by approximately  $6\\.7 billion \\. However, approximately  $7\\.3 billion  of our current liabilities are related to our advance ticket sales and frequent flyer deferred revenue, both of which largely represent revenue to be recognized for travel in the near future and not cash outlays\\. The deficit in working capital does not have an adverse impact to our cash flows, liquidity or operations\\.\n\nFor  2020 , the Company expects approximately $7\\.0 billion of gross capital expenditures\\. See Note 13 to the financial statements included in Part II, Item 8 of this report for additional information on commitments\\.\n\nAs of  December 31, 2019 , a substantial portion of the Company's assets, principally aircraft, route authorities and airport slots, was pledged under various loan and other agreements\\. Collateral pledged under these loans continues to be sufficient to satisfy the loan covenants\\. We must sustain our profitability and/or access the capital markets to meet our significant long\\-term debt and finance lease obligations and future commitments for capital expenditures, including the acquisition of aircraft and related spare engines\\. See Note 10 to the financial statements included in Part II, Item 8 of this report for additional information on assets provided as collateral by the Company\\.\n\nThe following is a discussion of the Company's sources and uses of cash for  2019  as compared to  2018 \\. See \"Liquidity and Capital Resources\" in Part II, Item 7\\. Management's Discussion and Analysis of Financial Condition and Results of Operations in the  2018  Annual Report for a discussion of the Company's sources and uses of cash in  2018  as compared to 2017\\.\n\nOperating Activities\\.  Cash flow provided by operations for the year ended December 31, 2019 was  $6\\.9 billion  compared to  $6\\.2 billion  in the same period in 2018\\. The increase is primarily attributable to an increase in operating income which was  $4\\.3 billion  for 2019 as compared to  $3\\.2 billion  for 2018\\.\n\nInvesting Activities\\.  The Company's capital expenditures were  $4\\.5 billion  and  $4\\.1 billion  in  2019  and  2018 , respectively\\. The Company's capital expenditures for both years were primarily attributable to the purchase of aircraft, aircraft improvements, facility and fleet\\-related costs and the purchase of information technology assets\\.\n\nIn December 2019, United issued the AVH Convertible Loan\\. For additional information regarding the AVH Convertible Loan, see Note 8 to the financial statements included in Part II, Item 8 of this report\\.\n\nIn November 2018, United, as lender, entered into a Term Loan Agreement (the \"BRW Term Loan Agreement\") with, among others, BRW Aviation Holding LLC and BRW Aviation LLC (\"BRW\"), as guarantor and borrower, respectively\\. BRW Aviation Holding LLC and BRW are affiliates of Synergy Aerospace Corporation, and BRW is the majority shareholder of AVH\\. Pursuant to the BRW Term Loan Agreement, United provided to BRW a $456 million term loan (the \"BRW Term Loan\"), secured by a pledge of BRW's equity, as well as BRW's 516 million common shares of AVH (which are eligible to be converted into the same number of preferred shares, which may be deposited with the depositary for AVH's American Depositary Receipts (\"ADRs\"), the class of AVH securities that trades on the New York Stock Exchange (the \"NYSE\"), in exchange for 64\\.5 million ADRs) (such equity and shares, collectively, the \"BRW Loan Collateral\")\\. BRW is currently in default under the BRW Term Loan Agreement\\. The BRW Term Loan was made in conjunction with a revenue\\-sharing joint business agreement among United, Aerov\u00edas del Continente Americano S\\.A (\"Avianca\"), a subsidiary of AVH, and Copa as described in Part 1, Item 1 of this report\\. For additional information regarding the BRW Term Loan Agreement and related agreements, see Notes 8, 9 and 13 to the financial statements included in Part II, Item 8 of this report\\.\n\nIn April 2018, through a wholly\\-owned subsidiary, the Company invested $138 million in Azul Linhas A\u00e9reas Brasileiras S\\.A\\. (\"Azul\") thus increasing its preferred equity stake in Azul to approximately 8% (representing approximately 2% of the total capital stock of Azul)\\.\n\n31"}
{"_id": "Southwest-2017_36.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Item 6\\.** ***Selected Financial Data***\n\nThe following financial information, for the five years ended December 31, 2017, has been derived from the Company\u2019s Consolidated Financial Statements\\. This information should be viewed in conjunction with the Consolidated Financial Statements and related notes thereto included elsewhere herein\\. The Company provides the operating data below because these statistics are commonly used in the airline industry and, therefore, allow readers to compare the Company\u2019s performance against its results for prior periods, as well as against the performance of the Company\u2019s peers\\.\n\n\n\n|                                                                      |                             |                             |                             |                             |                             |\n| -------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                      | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                                                      | **2017**                    | **2016**                    | **2015**                    | **2014**                    | **2013**                    |\n| **Financial Data (in millions, except per share amounts):**          |                             |                             |                             |                             |                             |\n| Operating revenues                                                   | $21,171                     | $20,425                     | $19,820                     | $18,605                     | $17,699                     |\n| Operating expenses                                                   | 17,656                      | 16,665                      | 15,704                      | 16,380                      | 16,421                      |\n| Operating income                                                     | 3,515                       | 3,760                       | 4,116                       | 2,225                       | 1,278                       |\n| Other expenses (income) net                                          | 264                         | 213                         | 637                         | 409                         | 69                          |\n| Income before taxes                                                  | 3,251                       | 3,547                       | 3,479                       | 1,816                       | 1,209                       |\n| Provision for income taxes                                           | (237)                       | 1,303                       | 1,298                       | 680                         | 455                         |\n| Net income                                                           | $3,488                      | $2,244                      | $2,181                      | $1,136                      | $754                        |\n| Net income per share, basic                                          | $5\\.80                      | $3\\.58                      | $3\\.30                      | $1\\.65                      | $1\\.06                      |\n| Net income per share, diluted                                        | $5\\.79                      | $3\\.55                      | $3\\.27                      | $1\\.64                      | $1\\.05                      |\n| Cash dividends per common share                                      | $0\\.4750                    | $0\\.3750                    | $0\\.2850                    | $0\\.2200                    | $0\\.1300                    |\n| Total assets at period\\-end                                          | $25,110                     | $23,286                     | $21,312                     | $19,723                     | $19,177                     |\n| Long\\-term obligations at period\\-end                                | $3,320                      | $2,821                      | $2,541                      | $2,434                      | $2,191                      |\n| Stockholders\u2019 equity at period\\-end                                  | $10,430                     | $8,441                      | $7,358                      | $6,775                      | $7,336                      |\n| **Operating Data:**                                                  |                             |                             |                             |                             |                             |\n| Revenue passengers carried                                           | 130,256,190                 | 124,719,765                 | 118,171,211                 | 110,496,912                 | 108,075,976                 |\n| Enplaned passengers                                                  | 157,677,218                 | 151,740,357                 | 144,574,882                 | 135,767,188                 | 133,155,030                 |\n| Revenue passenger miles (RPMs) (000s) (a)                            | 129,041,420                 | 124,797,986                 | 117,499,879                 | 108,035,133                 | 104,348,216                 |\n| Available seat miles (ASMs) (000s) (b)                               | 153,811,072                 | 148,522,051                 | 140,501,409                 | 131,003,957                 | 130,344,072                 |\n| Load factor (c)                                                      | 83\\.9%                      | 84\\.0%                      | 83\\.6%                      | 82\\.5%                      | 80\\.1%                      |\n| Average length of passenger haul (miles)                             | 991                         | 1,001                       | 994                         | 978                         | 966                         |\n| Average aircraft stage length (miles)                                | 754                         | 760                         | 750                         | 721                         | 703                         |\n| Trips flown                                                          | 1,347,893                   | 1,311,149                   | 1,267,358                   | 1,255,502                   | 1,312,785                   |\n| Seats flown (d)                                                      | 200,878,967                 | 193,167,695                 | 184,955,094                 | 179,733,055                 | 183,563,527                 |\n| Seats per trip (e)                                                   | 149\\.03                     | 147\\.33                     | 145\\.94                     | 143\\.16                     | 139\\.83                     |\n| Average passenger fare (j)                                           | $146\\.95                    | $149\\.09                    | $154\\.85                    | $159\\.80                    | $154\\.72                    |\n| Passenger revenue yield per RPM (cents) (f)(j)                       | 14\\.83                      | 14\\.90                      | 15\\.57                      | 16\\.34                      | 16\\.02                      |\n| Operating revenue per ASM (cents) (g)                                | 13\\.76                      | 13\\.75                      | 13\\.98                      | 14\\.20                      | 13\\.58                      |\n| Passenger revenue per ASM (cents) (h)(j)                             | 12\\.44                      | 12\\.52                      | 13\\.02                      | 13\\.48                      | 12\\.83                      |\n| Operating expenses per ASM (cents) (i)                               | 11\\.48                      | 11\\.22                      | 11\\.18                      | 12\\.50                      | 12\\.60                      |\n| Operating expenses per ASM, excluding fuel (cents)                   | 8\\.92                       | 8\\.76                       | 8\\.60                       | 8\\.46                       | 8\\.18                       |\n| Operating expenses per ASM, excluding fuel and profitsharing (cents) | 8\\.56                       | 8\\.37                       | 8\\.16                       | 8\\.19                       | 8\\.01                       |\n| Fuel costs per gallon, including fuel tax                            | $1\\.92                      | $1\\.82                      | $1\\.90                      | $2\\.93                      | $3\\.16                      |\n| Fuel costs per gallon, including fuel tax, economic                  | $2\\.00                      | $1\\.92                      | $2\\.07                      | $2\\.92                      | $3\\.12                      |\n| Fuel consumed, in gallons (millions)                                 | 2,045                       | 1,996                       | 1,901                       | 1,801                       | 1,818                       |\n| Active fulltime equivalent Employees                                 | 56,110                      | 53,536                      | 49,583                      | 46,278                      | 44,381                      |\n| Aircraft at end of period                                            | 706                         | 723                         | 704                         | 665                         | 681                         |\n\n\n\n\n\n|     |                                                                                                                                                    |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | A revenue passenger mile is one paying passenger flown one mile\\. Also referred to as \"traffic,\" which is a measure of demand for a given period\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                       |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | An available seat mile is one seat (empty or full) flown one mile\\. Also referred to as \"capacity,\" which is a measure of the space available to carry passengers in a given period\\. |\n\n\n\n\n\n|     |                                                           |\n| --- | --------------------------------------------------------- |\n| (c) | Revenue passenger miles divided by available seat miles\\. |\n\n\n\n\n\n|     |                                                                                                                                                                             |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (d) | Seats flown is calculated using total number of seats available by aircraft type multiplied by the total trips flown by the same aircraft type during a particular period\\. |\n\n\n\n\n\n|     |                                                                                                       |\n| --- | ----------------------------------------------------------------------------------------------------- |\n| (e) | Seats per trip is calculated using seats flown divided by trips flown\\. Also referred to as \"gauge\\.\" |\n\n\n\n\n\n|     |                                                                                                                                                                                                                             |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (f) | Calculated as passenger revenue divided by revenue passenger miles\\. Also referred to as \"yield,\" this is the average cost paid by a paying passenger to fly one mile, which is a measure of revenue production and fares\\. |\n\n\n\n37"}
{"_id": "Delta-2018_62.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nRetirement Benefits\\.  The components of the net (benefit) cost are shown in  Note 10 , \"Employee Benefit Plans\\.\"  In 2017, the FASB issued ASU No\\. 2017\\-07, \"Compensation\u2014Retirement Benefits (Topic 715)\\.\" This standard requires an entity to report the service cost component in the same line item as other compensation costs\\. The other components of net (benefit) cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations\\. We adopted this standard effective January 1, 2018\\.  The components of the net (benefit) cost are shown in  Note 10 , \"Employee Benefit Plans\\.\" \n\nImpact of Certain Recently Adopted Standards\n\nWe recast certain prior period amounts to conform with the adoption of the revenue recognition and retirement benefits standards, as shown in the tables below\\. \n\n\n\n|                                                    |                                  |                                  |                                  |                                  |                                  |                                  |\n| -------------------------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- |\n|                                                    | **Year Ended December 31, 2017** | **Year Ended December 31, 2017** | **Year Ended December 31, 2017** | **Year Ended December 31, 2016** | **Year Ended December 31, 2016** | **Year Ended December 31, 2016** |\n|   <br><br>**(in millions, except per share data)** | **As Previously Reported**       | **Adjustments**                  | **Current Presentation**         | **As Previously Reported**       | **Adjustments**                  | **Current Presentation**         |\n| **Income statement:**                              |                                  |                                  |                                  |                                  |                                  |                                  |\n| Passenger revenue                                  | $34,819                          | $2,128                           | $36,947                          | $33,777                          | $2,037                           | $35,814                          |\n| Cargo revenue                                      | 729                              | 15                               | 744                              | 668                              | 16                               | 684                              |\n| Other revenue                                      | 5,696                            | (2,249<br><br>)                  | 3,447                            | 5,194                            | (2,242<br><br>)                  | 2,952                            |\n| Total operating revenue                            | 41,244                           | (106<br><br>)                    | 41,138                           | 39,639                           | (189<br><br>)                    | 39,450                           |\n| Operating expense                                  | 35,130                           | 42                               | 35,172                           | 32,687                           | (233<br><br>)                    | 32,454                           |\n| Non\\-operating expense                             | (413<br><br>)                    | (53<br><br>)                     | (466<br><br>)                    | (316<br><br>)                    | (327<br><br>)                    | (643<br><br>)                    |\n| Income tax provision                               | (2,124<br><br>)                  | (171<br><br>)                    | (2,295<br><br>)                  | (2,263<br><br>)                  | 105                              | (2,158<br><br>)                  |\n| Net income                                         | $3,577                           | $<br><br>(372<br><br>)           | $3,205                           | $4,373                           | $<br><br>(178<br><br>)           | $4,195                           |\n| Diluted earnings per share                         | $4\\.95                           | $<br><br>(0\\.52<br><br>)         | $4\\.43                           | $5\\.79                           | $<br><br>(0\\.24<br><br>)         | $5\\.55                           |\n\n\n\n\n\n|                                                           |                            |                       |                          |\n| --------------------------------------------------------- | -------------------------- | --------------------- | ------------------------ |\n|                                                           | **December 31, 2017**      | **December 31, 2017** | **December 31, 2017**    |\n|   <br><br>**(in millions)**                               | **As Previously Reported** | **Adjustments**       | **Current Presentation** |\n| **Balance sheet:**                                        |                            |                       |                          |\n| Deferred income taxes, net                                | $935                       | $419                  | $1,354                   |\n| Air traffic liability                                     | 4,888                      | (524<br><br>)         | 4,364                    |\n| Loyalty program deferred revenue (current and noncurrent) | 4,118                      | 2,203                 | 6,321                    |\n| Other accrued and other noncurrent liabilities            | 3,969                      | 120                   | 4,089                    |\n| Retained earnings                                         | 9,636                      | (1,380<br><br>)       | 8,256                    |\n\n\n\nSignificant Accounting Policies\n\nOur significant accounting policies are disclosed below or included within the topic\\-specific notes included herein\\.\n\nCash and Cash Equivalents and Short\\-Term Investments\n\nShort\\-term, highly liquid investments with maturities of three months or less when purchased are classified as cash and cash equivalents\\.Investments with maturities of greater than three months, but not in excess of one year, when purchased are classified as short\\-term investments\\. Investments with maturities beyond one year when purchased may be classified as short\\-term investments if they are expected to be available to support our short\\-term liquidity needs\\. Our short\\-term investments are classified as fair value investments and gains and losses are recorded in non\\-operating expense\\.\n\nInventories\n\nFuel\\.  Refined product, feedstock and blendstock inventories, all of which are finished goods, are carried at recoverable cost\\. We use jet fuel in our airline operations that is produced by the refinery and procured through the exchange with third parties of gasoline, diesel and other refined products (\"non\\-jet fuel products\") the refinery produces\\. Cost is determined using the first\\-in, first\\-out method\\. Costs include the raw material consumed plus direct manufacturing costs (such as labor, utilities and supplies) incurred and an applicable portion of manufacturing overhead\\. \n\n 60"}
{"_id": "AmericanAirlines-2017_17.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|   |                                                                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | contain covenants requiring us to maintain an aggregate of at least $2\\.0 billion of unrestricted cash and cash equivalents and amounts available to be drawn under revolving credit facilities; |\n\n\n\n\n\n|   |                                           |\n| - | ----------------------------------------- |\n| \u2022 | contain restrictive covenants that could: |\n\n\n\n\n\n|   |                                                                                                                                                 |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | limit our ability to merge, consolidate, sell assets, incur additional indebtedness, issue preferred stock, make investments and pay dividends; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | significantly constrain our ability to respond, or respond quickly, to unexpected disruptions in our own operations, the U\\.S\\. or global economies, or the businesses in which we operate, or to take advantage of opportunities that would improve our business, operations, or competitive position versus other airlines; |\n\n\n\n\n\n|   |                                                                                                                                                 |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | limit our ability to withstand competitive pressures and reduce our flexibility in responding to changing business and economic conditions; and |\n\n\n\n\n\n|   |                                                        |\n| - | ------------------------------------------------------ |\n| \u2022 | result in an event of default under our indebtedness\\. |\n\n\n\nFurther, a substantial portion of our long\\-term indebtedness bears interest at fluctuating interest rates, primarily based on the London interbank offered rate for deposits of U\\.S\\. dollars (LIBOR)\\. LIBOR tends to fluctuate based on general interest rates, rates set by the Federal Reserve and other central banks, the supply of and demand for credit in the London interbank market and general economic conditions\\. We have not hedged our interest rate exposure with respect to our floating rate debt\\. Accordingly, our interest expense for any particular period will fluctuate based on LIBOR and other variable interest rates\\. On July 27, 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021\\. It is unclear whether new methods of calculating LIBOR will be established such that it continues to exist after 2021\\. The U\\.S\\. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, is considering replacing U\\.S\\. dollar LIBOR with a newly created index, calculated with a broad set of short\\-term repurchase agreements backed by treasury securities\\. It is not possible to predict the effect of these changes, other reforms or the establishment of alternative reference rates in the United Kingdom, the United States or elsewhere\\. To the extent these interest rates increase, our interest expense will increase, in which event we may have difficulties making interest payments and funding our other fixed costs, and our available cash flow for general corporate requirements may be adversely affected\\. See also the discussion of interest rate risk in Part II, Item 7A\\. Quantitative and Qualitative Disclosures About Market Risk \u2013 \u201c*Interest*\\.\u201d\n\nThese obligations also impact our ability to obtain additional financing, if needed, and our flexibility in the conduct of our business, and could materially adversely affect our liquidity, results of operations and financial condition\\.\n\n***We will need to obtain sufficient financing or other capital to operate successfully\\.***\n\nOur business plan contemplates continued significant investments related to modernizing our fleet, improving the experience of our customers and updating our facilities\\. Significant capital resources will be required to execute this plan\\. We estimate that, based on our commitments as of December 31, 2017, our planned aggregate expenditures for aircraft purchase commitments and certain engines on a consolidated basis for calendar years 2018\\-2022 would be approximately $12\\.3 billion\\. Accordingly, we will need substantial financing or other capital resources to finance such aircraft and engines\\. If we are unable to arrange financing for such aircraft at customary advance rates and on terms and conditions acceptable to us, we may need to use cash from operations or cash on hand to purchase such aircraft or may seek to negotiate deferrals for such aircraft with the aircraft manufacturers\\. Depending on numerous factors, many of which are out of our control, such as the state of the domestic and global economies, the capital and credit markets\u2019 view of our prospects and the airline industry in general, and the general availability of debt and equity capital at the time we seek capital, the financing or other capital resources that we will need may not be available to us, or may be available only on onerous terms and conditions\\. There can be no assurance that we will be successful in obtaining financing or other needed sources of capital to operate successfully\\. An inability to obtain necessary financing on acceptable terms would have a material adverse impact on our business, results of operations and financial condition\\.\n\n18"}
{"_id": "Alaska-2018_28.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n|                                                    |\n| -------------------------------------------------- |\n| **ITEM 6\\. SELECTED FINANCIAL AND OPERATING DATA** |\n\n\n\nWe have recast our financial information for fiscal years 2017 and 2016 to reflect the impacts of the new revenue recognition accounting standard and retirement benefits accounting standard which both became applicable beginning January 1, 2018\\. Fiscal years 2015 and 2014 were not recast to reflect the impacts of these standards, and are presented as they were previously reported\\. \n\n\n\n|                                                                        |              |          |          |          |          |\n| ---------------------------------------------------------------------- | ------------ | -------- | -------- | -------- | -------- |\n| ***Year Ended December 31 (in millions, except per\\-share amounts):*** | **2018**     | **2017** | **2016** | **2015** | **2014** |\n| **CONSOLIDATED OPERATING RESULTS**  *(audited)*                        |              |          |          |          |          |\n| Operating Revenues                                                     | **$8,264**   | $7,894   | $5,925   | $5,598   | $5,368   |\n| Operating Expenses                                                     | **7,621**    | 6,686    | 4,619    | 4,300    | 4,406    |\n| Operating Income                                                       | **643**      | 1,208    | 1,306    | 1,298    | 962      |\n| Nonoperating income (expense), net of interest capitalized ^(a)^       | **(58)**     | (49)     | 10       | 14       | 13       |\n| Income before income tax                                               | **585**      | 1,159    | 1,316    | 1,312    | 975      |\n| Net Income                                                             | **$437**     | $960     | $797     | $848     | $605     |\n| Average basic shares outstanding                                       | **123\\.230** | 123\\.211 | 123\\.557 | 128\\.373 | 135\\.445 |\n| Average diluted shares outstanding                                     | **123\\.975** | 123\\.854 | 124\\.389 | 129\\.372 | 136\\.801 |\n| Basic earnings per share                                               | **$3\\.55**   | $7\\.79   | $6\\.45   | $6\\.61   | $4\\.47   |\n| Diluted earnings per share                                             | **$3\\.52**   | $7\\.75   | $6\\.41   | $6\\.56   | $4\\.42   |\n| Cash dividends declared per share                                      | **$1\\.28**   | $1\\.20   | $1\\.10   | $0\\.80   | 0\\.50    |\n| **CONSOLIDATED FINANCIAL POSITION**  *(audited)*                       |              |          |          |          |          |\n| *At End of Period (in millions):*                                      |              |          |          |          |          |\n| Total assets                                                           | **$10,912**  | $10,746  | $9,968   | $6,530   | $6,059   |\n| Long\\-term debt, including current portion                             | **$2,103**   | $2,569   | $2,964   | $683     | $798     |\n| Shareholders' equity                                                   | **$3,751**   | $3,460   | $2,744   | $2,411   | $2,127   |\n| **OPERATING STATISTICS**  *(unaudited)* ^(d)^                          |              |          |          |          |          |\n| **Consolidated:** **^(b)^**                                            |              |          |          |          |          |\n| Revenue passengers (000)                                               | **45,802**   | 44,005   | 34,289   | 31,883   | 29,287   |\n| RPMs (000,000) \"traffic\"                                               | **54,673**   | 52,338   | 37,209   | 33,578   | 30,718   |\n| ASMs (000,000) \"capacity\"                                              | **65,335**   | 62,072   | 44,135   | 39,914   | 36,078   |\n| Load factor                                                            | **83\\.7%**   | 84\\.3%   | 84\\.3%   | 84\\.1%   | 85\\.1%   |\n| Yield                                                                  | **13\\.96\u00a2**  | 13\\.95\u00a2  | 14\\.49\u00a2  | 14\\.27\u00a2  | 14\\.91\u00a2  |\n| RASM                                                                   | **12\\.65\u00a2**  | 12\\.72\u00a2  | 13\\.43\u00a2  | 14\\.03\u00a2  | 14\\.88\u00a2  |\n| CASMex ^(c)^                                                           | **8\\.50\u00a2**   | 8\\.25\u00a2   | 8\\.32\u00a2   | 8\\.30\u00a2   | 8\\.36\u00a2   |\n| **Mainline:**                                                          |              |          |          |          |          |\n| Revenue passengers (000)                                               | **35,603**   | 34,510   | 24,838   | 22,869   | 20,972   |\n| RPMs (000,000) \"traffic\"                                               | **49,781**   | 48,236   | 33,489   | 30,340   | 27,778   |\n| ASMs (000,000) \"capacity\"                                              | **59,187**   | 56,945   | 39,473   | 35,912   | 32,430   |\n| Load factor                                                            | **84\\.1%**   | 84\\.7%   | 84\\.8%   | 84\\.5%   | 85\\.7%   |\n| Yield                                                                  | **13\\.01\u00a2**  | 13\\.02\u00a2  | 13\\.18\u00a2  | 12\\.98\u00a2  | 13\\.58\u00a2  |\n| CASMex ^(c)^                                                           | **7\\.73\u00a2**   | 7\\.50\u00a2   | 7\\.39\u00a2   | 7\\.39\u00a2   | 7\\.45\u00a2   |\n| **Regional**  **^(b)^** **:**                                          |              |          |          |          |          |\n| Revenue passengers (000)                                               | **10,199**   | 9,495    | 9,452    | 9,015    | 8,306    |\n| RPMs (000,000) \"traffic\"                                               | **4,892**    | 4,101    | 3,720    | 3,238    | 2,940    |\n| ASMs (000,000) \"capacity\"                                              | **6,148**    | 5,127    | 4,662    | 4,002    | 3,648    |\n| Load factor                                                            | **79\\.6%**   | 80\\.0%   | 79\\.8%   | 80\\.9%   | 80\\.6%   |\n| Yield                                                                  | **23\\.66\u00a2**  | 24\\.96\u00a2  | 26\\.26\u00a2  | 26\\.37\u00a2  | 27\\.40\u00a2  |\n\n\n\n\n\n|     |                                                                                                                                                       |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | Capitalized interest was  $18 million ,  $17 million ,  $25 million ,  $34 million  and  $20 million  for  2018 ,  2017 ,  2016 ,  2015  and  2014 \\. |\n\n\n\n\n\n|     |                                                                                      |\n| --- | ------------------------------------------------------------------------------------ |\n| (b) | Includes flights under Capacity Purchase Agreements operated by SkyWest and PenAir\\. |\n\n\n\n 29"}
{"_id": "Delta-2017_102.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on the  23rd day of  February, 2018  by the following persons on behalf of the registrant and in the capacities indicated\\.\n\n\n\n|                            |                                                                                           |\n| -------------------------- | ----------------------------------------------------------------------------------------- |\n| **Signature**              | **Title**                                                                                 |\n| /s/ Edward H\\. Bastian     | Chief Executive Officer and Director<br><br>(Principal Executive Officer)                 |\n| Edward H\\. Bastian         | Chief Executive Officer and Director<br><br>(Principal Executive Officer)                 |\n| /s/ Paul A\\. Jacobson      | Executive Vice President and Chief Financial Officer<br><br>(Principal Financial Officer) |\n| Paul A\\. Jacobson          | Executive Vice President and Chief Financial Officer<br><br>(Principal Financial Officer) |\n| /s/ Craig M\\. Meynard      | Vice President and Chief Accounting Officer (Principal Accounting Officer)                |\n| Craig M\\. Meynard          | Vice President and Chief Accounting Officer (Principal Accounting Officer)                |\n| /s/ Francis S\\. Blake      | Chairman of the Board                                                                     |\n| Francis S\\. Blake          | Chairman of the Board                                                                     |\n| /s/ Daniel A\\. Carp        | Director                                                                                  |\n| Daniel A\\. Carp            | Director                                                                                  |\n| /s/ Ashton B\\. Carter      | Director                                                                                  |\n| Ashton B\\. Carter          | Director                                                                                  |\n| /s/ David G\\. DeWalt       | Director                                                                                  |\n| David G\\. DeWalt           | Director                                                                                  |\n| /s/ William H\\. Easter III | Director                                                                                  |\n| William H\\. Easter III     | Director                                                                                  |\n| /s/ Mickey P\\. Foret       | Director                                                                                  |\n| Mickey P\\. Foret           | Director                                                                                  |\n| /s/ Jeanne P\\. Jackson     | Director                                                                                  |\n| Jeanne P\\. Jackson         | Director                                                                                  |\n| /s/ George N\\. Mattson     | Director                                                                                  |\n| George N\\. Mattson         | Director                                                                                  |\n| /s/ Douglas R\\. Ralph      | Director                                                                                  |\n| Douglas R\\. Ralph          | Director                                                                                  |\n| /s/ Sergio A\\.L\\. Rial     | Director                                                                                  |\n| Sergio A\\.L\\. Rial         | Director                                                                                  |\n| /s/ Kathy N\\. Waller       | Director                                                                                  |\n| Kathy N\\. Waller           | Director                                                                                  |\n\n\n\n 98"}
{"_id": "Southwest-2017_73.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Southwest Airlines Co\\.**\n\n**Consolidated Statement of Cash Flows**\n\n(in millions)\n\n\n\n|                                                                                         |                             |                             |                             |\n| --------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                         | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                                                                         | **2017**                    | **2016**                    | **2015**                    |\n| **CASH FLOWS FROM OPERATING ACTIVITIES:**                                               |                             |                             |                             |\n| Net income                                                                              | $3,488                      | $2,244                      | $2,181                      |\n| Adjustments to reconcile net income to cash provided by (used in) operating activities: |                             |                             |                             |\n| Depreciation and amortization                                                           | 1,218                       | 1,221                       | 1,015                       |\n| Loss on asset impairment                                                                | \u2014                           | 21                          | \u2014                           |\n| Aircraft grounding charge                                                               | 63                          | \u2014                           | \u2014                           |\n| Unrealized/realized (gain) loss on fuel derivative instruments                          | (50)                        | (200)                       | 113                         |\n| Deferred income taxes                                                                   | (1,212)                     | 455                         | (109)                       |\n| Changes in certain assets and liabilities:                                              |                             |                             |                             |\n| Accounts and other receivables                                                          | (102)                       | (50)                        | (88)                        |\n| Other assets                                                                            | (262)                       | (119)                       | 103                         |\n| Accounts payable and accrued liabilities                                                | 246                         | 226                         | 961                         |\n| Air traffic liability                                                                   | 345                         | 125                         | 94                          |\n| Cash collateral received from (provided to) derivative counterparties                   | 316                         | 535                         | (570)                       |\n| Other, net                                                                              | (121)                       | (165)                       | (462)                       |\n| Net cash provided by operating activities                                               | 3,929                       | 4,293                       | 3,238                       |\n| **CASH FLOWS FROM INVESTING ACTIVITIES:**                                               |                             |                             |                             |\n| Capital expenditures                                                                    | (2,123)                     | (2,038)                     | (2,041)                     |\n| Assets constructed for others                                                           | (126)                       | (109)                       | (102)                       |\n| Purchases of short\\-term investments                                                    | (2,380)                     | (2,388)                     | (1,986)                     |\n| Proceeds from sales of short\\-term and other investments                                | 2,221                       | 2,263                       | 2,223                       |\n| Other, net                                                                              | \u2014                           | \u2014                           | (7)                         |\n| Net cash used in investing activities                                                   | (2,408)                     | (2,272)                     | (1,913)                     |\n| **CASH FLOWS FROM FINANCING ACTIVITIES:**                                               |                             |                             |                             |\n| Proceeds from issuance of long\\-term debt                                               | 600                         | 515                         | 500                         |\n| Proceeds from Employee stock plans                                                      | 29                          | 29                          | 46                          |\n| Reimbursement for assets constructed for others                                         | 126                         | 107                         | 24                          |\n| Proceeds from termination of interest rate derivative instrument                        | \u2014                           | \u2014                           | 12                          |\n| Payments of long\\-term debt and capital lease obligations                               | (592)                       | (523)                       | (213)                       |\n| Payments of convertible debt                                                            | \u2014                           | (68)                        | \u2014                           |\n| Payments of cash dividends                                                              | (274)                       | (222)                       | (180)                       |\n| Repayment of construction obligation                                                    | (10)                        | (9)                         | (10)                        |\n| Repurchase of common stock                                                              | (1,600)                     | (1,750)                     | (1,180)                     |\n| Other, net                                                                              | 15                          | (3)                         | (23)                        |\n| Net cash used in financing activities                                                   | (1,706)                     | (1,924)                     | (1,024)                     |\n| **NET CHANGE IN CASH AND CASH EQUIVALENTS**                                             | (185)                       | 97                          | 301                         |\n| **CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD**                                    | 1,680                       | 1,583                       | 1,282                       |\n| **CASH AND CASH EQUIVALENTS AT END OF PERIOD**                                          | $1,495                      | $1,680                      | $1,583                      |\n| **CASH PAYMENTS FOR:**                                                                  |                             |                             |                             |\n| Interest, net of amount capitalized                                                     | $81                         | $100                        | $105                        |\n| Income taxes                                                                            | $992                        | $902                        | $1,440                      |\n| **SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:**                                    |                             |                             |                             |\n| Flight equipment acquired through the assumption of debt                                | $\u2014                          | $20                         | $\u2014                          |\n| Flight equipment under capital leases                                                   | $233                        | $307                        | $193                        |\n| Assets constructed for others                                                           | $197                        | $196                        | $192                        |\n\n\n\nSee accompanying notes\\.\n\n74"}
{"_id": "Delta-2019_85.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nAssumptions\n\nWe used the following actuarial assumptions to determine our benefit obligations and our net periodic benefit cost for the periods presented:\n\n\n\n|                                |                                |                                |              |              |              |              |  |  |  |\n|:------------------------------ |:------------------------------ |:------------------------------ | ------------:| ------------:| ------------:| ------------:|:- |:- |:- |\n|                                |                                |                                | December 31, | December 31, | December 31, | December 31, |  |  |  |\n| Benefit Obligations^(1)^       | Benefit Obligations^(1)^       | Benefit Obligations^(1)^       |         2019 |         2019 |         2018 |         2018 |\n| Weighted average discount rate | Weighted average discount rate | Weighted average discount rate |      3\\.40 % |      3\\.40 % |      4\\.33 % |      4\\.33 % |\n\n\n\n\n\n|                                                                    |                                                                    |                                                                    |                         |                         |                         |                         |                         |                         |  |  |  |  |  |  |\n|:------------------------------------------------------------------ |:------------------------------------------------------------------ |:------------------------------------------------------------------ | -----------------------:| -----------------------:| -----------------------:| -----------------------:| -----------------------:| -----------------------:|:- |:- |:- |:- |:- |:- |\n|                                                                    |                                                                    |                                                                    | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |  |  |  |\n| Net Periodic Benefit Cost^(1)^                                     | Net Periodic Benefit Cost^(1)^                                     | Net Periodic Benefit Cost^(1)^                                     |                    2019 |                    2019 |                    2018 |                    2018 |                    2017 |                    2017 |\n| Weighted average discount rate \\- pension benefit                  | Weighted average discount rate \\- pension benefit                  | Weighted average discount rate \\- pension benefit                  |                 4\\.33 % |                 4\\.33 % |                 3\\.69 % |                 3\\.69 % |                 4\\.14 % |                 4\\.14 % |\n| Weighted average discount rate \\- other postretirement benefit     | Weighted average discount rate \\- other postretirement benefit     | Weighted average discount rate \\- other postretirement benefit     |                 4\\.32 % |                 4\\.32 % |                 3\\.69 % |                 3\\.69 % |                 4\\.19 % |                 4\\.19 % |\n| Weighted average discount rate \\- other postemployment benefit     | Weighted average discount rate \\- other postemployment benefit     | Weighted average discount rate \\- other postemployment benefit     |                 4\\.32 % |                 4\\.32 % |                 3\\.65 % |                 3\\.65 % |                 4\\.14 % |                 4\\.14 % |\n| Weighted average expected long\\-term rate of return on plan assets | Weighted average expected long\\-term rate of return on plan assets | Weighted average expected long\\-term rate of return on plan assets |                 8\\.97 % |                 8\\.97 % |                 8\\.97 % |                 8\\.97 % |                 8\\.96 % |                 8\\.96 % |\n| Assumed healthcare cost trend rate for the next year^(2)^          | Assumed healthcare cost trend rate for the next year^(2)^          | Assumed healthcare cost trend rate for the next year^(2)^          |                 6\\.50 % |                 6\\.50 % |                 6\\.75 % |                 6\\.75 % |                 7\\.00 % |                 7\\.00 % |\n\n\n\n^(1)^ Future employee compensation levels do not impact our frozen defined benefit pension plans or other postretirement plans and impact only a small portion of our other postemployment obligation\\.\n\n^(2)^ Healthcare cost trend rate is assumed to decline gradually to 5\\.00% by 2026 and remain unchanged thereafter\\.\n\nExpected Long\\-Term Rate of Return\\.  Our expected long\\-term rate of return on plan assets is based primarily on plan\\-specific investment studies using historical market return and volatility data\\. Modest excess return expectations versus some public market indices are incorporated into the return projections based on the actively managed structure of the investment programs and their records of achieving such returns historically\\. We also expect to receive a premium for investing in less liquid private markets\\. We review our rate of return on plan assets assumptions annually\\. Our annual investment performance for one particular year does not, by itself, significantly influence our evaluation\\. The investment strategy for our defined benefit pension plan assets is to earn a long\\-term return that meets or exceeds our annualized return target while taking an acceptable level of risk and maintaining sufficient liquidity to pay current benefits and other cash obligations of the plan\\. This is achieved by investing in a globally diversified mix of public and private equity, fixed income, real assets, hedge funds and other assets and instruments\\. Our weighted average expected long\\-term rate of return on assets for net periodic benefit cost for the year ended December 31, 2019 was 8\\.97%\\.\n\nHealthcare Cost Trend Rate\\.  Assumed healthcare cost trend rates have an effect on the amounts reported for the other postretirement benefit plans\\. A 1% change in the healthcare cost trend rate used in measuring the plan benefit obligation for these plans would have the following effects:\n\n\n\n|                                                                |                                                                |                                                                |             |               |\n|:-------------------------------------------------------------- |:-------------------------------------------------------------- |:-------------------------------------------------------------- | -----------:| -------------:|\n| (in millions)                                                  | (in millions)                                                  | (in millions)                                                  | 1% Increase | 1% (Decrease) |\n| Increase (decrease) in total service and interest cost         | Increase (decrease) in total service and interest cost         | Increase (decrease) in total service and interest cost         |         $ 1 |         $ (2) |\n| Increase (decrease) in the accumulated plan benefit obligation | Increase (decrease) in the accumulated plan benefit obligation | Increase (decrease) in the accumulated plan benefit obligation |           4 |          (14) |\n\n\n\nLife Expectancy \\. Changes in life expectancy may significantly impact our benefit obligations and future net periodic benefit cost\\. We use the Society of Actuaries (\"SOA\") published mortality data and other publicly available information to develop our best estimate of life expectancy\\. The SOA publishes updated mortality tables for U\\.S\\. plans and updated improvement scales\\. Each year we consider updates by the SOA in setting our mortality assumptions for purposes of measuring pension and other postretirement and postemployment benefit obligations\\.\n\nBenefit Payments\n\nBenefit payments in the table below are based on the same assumptions used to measure the related benefit obligations\\. Actual benefit payments may vary significantly from these estimates\\. Benefits earned under our pension plans and certain postemployment benefit plans are expected to be paid from funded benefit plan trusts, while our other postretirement benefits are funded from current assets\\.\n\n83"}
{"_id": "AmericanAirlines-2019_24.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nconnection with or subsequent to Brexit, cannot be predicted, including whether or not regulators will continue to approve or impose material conditions on our business activities\\. Any of these effects, and others we cannot anticipate, could materially adversely affect our business, results of operations and financial condition\\.\n\nWe may be adversely affected by conflicts overseas or terrorist attacks; the travel industry continues to face ongoing security concerns\\.\n\nActs of terrorism or fear of such attacks, including elevated national threat warnings, wars or other military conflicts, may depress air travel, particularly on international routes, and cause declines in revenues and increases in costs\\. The attacks of September 11, 2001 and continuing terrorist threats, attacks and attempted attacks materially impacted and continue to impact air travel\\. Increased security procedures introduced at airports since the attacks of September 11, 2001 and any other such measures that may be introduced in the future generate higher operating costs for airlines\\. The Aviation and Transportation Security Act mandated improved flight deck security, deployment of federal air marshals on board flights, improved airport perimeter access security, airline crew security training, enhanced security screening of passengers, baggage, cargo, mail, employees and vendors, enhanced training and qualifications of security screening personnel, additional provision of passenger data to the U\\.S\\. Customs and Border Protection Agency and enhanced background checks\\. A concurrent increase in airport security charges and procedures, such as restrictions on carry\\-on baggage, has also had and may continue to have a disproportionate impact on short\\-haul travel, which constitutes a significant portion of our flying and revenue\\. Implementation of and compliance with increasingly\\-complex security and customs requirements will continue to result in increased costs for us and our passengers, and have caused and likely will continue to cause periodic service disruptions and delays\\. We have at times found it necessary or desirable to make significant expenditures to comply with security\\-related requirements while seeking to reduce their impact on our customers, such as expenditures for automated security screening lines at airports\\. As a result of competitive pressure, and the need to improve security screening throughput to support the pace of our operations, it is unlikely that we will be able to capture all security\\-related costs through increased fares\\. In addition, we cannot forecast what new security requirements may be imposed in the future, or their impact on our business\\.\n\nWe are subject to risks associated with climate change, including increased regulation of our CO ~2~  emissions and the potential increased impacts of severe weather events on our operations and infrastructure\\. \n\nThere is increasing global regulatory focus on climate change and emissions of GHGs, including CO ~2~ \\. In particular, ICAO is in the process of adopting rules, including CORSIA, that will require American to limit the CO ~2~  emissions of a significant majority of our international flights to a baseline level equal to our 2019\\-2020 average emissions from such flights\\.\n\nAt this time, the costs of our obligations under CORSIA are uncertain and cannot be fully predicted\\. For example, we will not directly control our CORSIA compliance costs during the CORSIA Pilot and First Phases because such phases include a sharing mechanism for the growth in emissions for the global aviation sector\\. In addition, there is uncertainty with respect to the future supply, demand and price of sustainable or lower carbon aircraft fuel, carbon offset credits and technologies that could allow airlines to reduce their emissions of CO ~2~ \\. Due to the competitive nature of the airline industry and unpredictability of the market for air travel, we can offer no assurance that we may be able to increase our fares, impose surcharges or otherwise increase revenues or decrease other operating costs sufficiently to offset our costs of meeting obligations under CORSIA\\.\n\nIn the event that CORSIA does not come into force as expected, American and other airlines could become subject to an unpredictable and inconsistent array of national or regional emissions restrictions, creating a patchwork of complex regulatory requirements that will often affect global competitors differently and frequently offer no meaningful aviation environmental improvements\\. Concerns over climate change are likely to result in the continued adoption of municipal, state, regional, and federal requirements or in changing business environments that may result in increased costs to the airline industry and us\\. In addition, several countries and U\\.S\\. states have adopted or are considering adopting programs to regulate GHG emissions\\. Finally, certain airports have adopted, and others could in the future adopt, GHG emission or climate\\-neutral goals that could impact our operations or require us to make changes or investments in our infrastructure\\.\n\nAll such climate change\\-related regulatory activity and developments may adversely affect our business and financial results by requiring us to reduce our emissions, make capital investments to modernize certain aspects of our operations, purchase carbon offset credits, or otherwise pay for our emissions\\. Such activity may also impact us indirectly by increasing our operating costs, including fuel costs\\.\n\n25"}
{"_id": "United-2019_56.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nbased on a consideration of the account's historical behavior\\. The Company uses a logit regression model to estimate the probability that an account will redeem its current miles balance\\. The Company reviews its breakage estimates annually based upon the latest available information\\. The Company's estimate of the expected breakage of miles requires significant management judgment\\. Current and future changes to breakage assumptions, or to program rules and program redemption opportunities, may result in material changes to the deferred revenue balance as well as recognized revenues from the program\\. For the portion of the outstanding miles that we estimate will not be redeemed, we recognize the associated value proportionally as the remaining miles are redeemed\\. \n\nCo\\-Brand Agreement \\. United has a significant contract (the \"Co\\-Brand Agreement\") to sell MileagePlus miles to its co\\-branded credit card partner JPMorgan Chase Bank, N\\.A\\. (\"Chase\")\\. Chase awards miles to MileagePlus members based on their credit card activity\\. United identified the following significant separately identifiable performance obligations in the Co\\-Brand Agreement: \n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | MileagePlus miles awarded \u2013 United has a performance obligation to provide MileagePlus cardholders with miles to be used for air travel and non\\-travel award redemptions\\. The Company records Passenger revenue related to the travel awards when the transportation is provided and records Other revenue related to the non\\-travel awards when the goods or services are delivered\\. The Company records the cost associated with non\\-travel awards in Other operating revenue\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Marketing \u2013 United has a performance obligation to provide Chase access to United's customer list and the use of United's brand\\. Marketing revenue is recorded to Other operating revenue as miles are delivered to Chase\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Advertising \u2013 United has a performance obligation to provide advertising in support of the MileagePlus card in various customer contact points such as United's website, email promotions, direct mail campaigns, airport advertising and in\\-flight advertising\\. Advertising revenue is recorded to Other operating revenue as miles are delivered to Chase\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Other travel\\-related benefits \u2013 United's performance obligations are comprised of various items such as waived bag fees, seat upgrades and lounge passes\\. Lounge passes are recorded to Other operating revenue as customers use the lounge passes\\. Bag fees and seat upgrades are recorded to Passenger revenue at the time of the associated travel\\.  |\n\n\n\nWe account for all the payments received (including monthly and one\\-time payments) under the Co\\-Brand Agreement by allocating them to the separately identifiable performance obligations\\. The fair value of the separately identifiable performance obligations is determined using management's estimated selling price of each component\\. The objective of using the estimated selling price based methodology is to determine the price at which we would transact a sale if the product or service were sold on a stand\\-alone basis\\. Accordingly, we determine our best estimate of selling price by considering multiple inputs and methods including, but not limited to, discounted cash flows, brand value, volume discounts, published selling prices, number of miles awarded and number of miles redeemed\\. The Company estimated the selling prices and volumes over the term of the Co\\-Brand Agreement in order to determine the allocation of proceeds to each of the components to be delivered\\. We also evaluate volumes on an annual basis, which may result in a change in the allocation of the estimated consideration from the Co\\-Brand Agreement on a prospective basis\\. \n\nFrequent Flyer Deferred Revenue\\. Miles in MileagePlus members' accounts are combined into one homogeneous pool and are thus not separately identifiable, for award redemption purposes, between miles earned in the current period and those in their beginning balance\\. Of the miles expected to be redeemed, the Company expects the majority of these miles to be redeemed within   two years \\. The table below presents a roll forward of Frequent flyer deferred revenue (in millions):\n\n\n\n|                                                            |                                           |                                           |\n| ---------------------------------------------------------- | ----------------------------------------- | ----------------------------------------- |\n|                                                            | **Twelve Months Ended  <br>December 31,** | **Twelve Months Ended  <br>December 31,** |\n|                                                            | **2019**                                  | **2018**                                  |\n| Total Frequent flyer deferred revenue \\- beginning balance | $5,005                                    | $4,783                                    |\n| Total miles awarded                                        | 2,621                                     | 2,451                                     |\n| Travel miles redeemed (Passenger revenue)                  | (2,213<br><br>)                           | (2,068<br><br>)                           |\n| Non\\-travel miles redeemed (Other operating revenue)       | (137<br><br>)                             | (161<br><br>)                             |\n| Total Frequent flyer deferred revenue \\- ending balance    | $5,276                                    | $5,005                                    |\n\n\n\n57"}
{"_id": "Alaska-2017_86.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Aircraft Purchase Commitments***\n\nAircraft purchase commitments include non\\-cancelable contractual commitments for aircrafts and engines\\. As of December 31, 2017, the Company had commitments to purchase 44 B737 aircraft (12 B737 NextGen aircraft and 32 B737 MAX aircraft, with deliveries in 2018 through 2023) and 23 E175 aircraft with deliveries in 2018 through 2019\\. The Company also has cancelable purchase commitments for 30 Airbus A320neo aircraft with deliveries from 2020 through 2022\\. In addition, the Company has options to purchase 37 B737 aircraft and 30 E175 aircraft\\. The cancelable purchase commitments and option payments are not reflected in the table above\\.\n\nThe Company expects to defer certain purchase commitments in 2019 and beyond, which is not currently reflected in the contractual aircraft purchase commitments above\\. \n\n***Capacity Purchase Agreements (CPAs)***\n\nAt December 31, 2017, Alaska had CPAs with three carriers, including the Company's wholly\\-owned subsidiary, Horizon\\. Horizon sells 100% of its capacity under a CPA with Alaska\\. In addition, Alaska has CPAs with SkyWest to fly certain routes in the Lower 48 and Canada and with Peninsula Airways, Inc\\. (PenAir) to fly certain routes in the state of Alaska\\. Under these agreements, Alaska pays the carriers an amount which is based on a determination of their cost of operating those flights and other factors intended to approximate market rates for those services\\. Future payments (excluding Horizon) are based on minimum levels of flying by the third\\-party carriers, which could differ materially due to variable payments based on actual levels of flying and certain costs associated with operating flights such as fuel\\.\n\n***Aircraft Maintenance Deposits***\n\nCertain Airbus leases include contractually required maintenance deposit payments to the lessor, which collateralize the lessor for future maintenance events should the Company not perform required maintenance\\. Most of the lease agreements provide that maintenance deposits are reimbursable upon completion of the major maintenance event in an amount equal to the lesser of (i) the amount qualified for reimbursement from maintenance deposits held by the lessor associated with the specific major maintenance event or (ii) the qualifying costs related to the specific major maintenance event\\.\n\n***Aircraft Maintenance and Parts Management***\n\nThrough its acquisition of Virgin America, the Company has a separate maintenance\\-cost\\-per\\-hour contract for management and repair of certain rotable parts to support Airbus airframe and engine maintenance and repair\\. On October 1, 2017, Alaska entered into a similar contract for maintenance on its B737\\-800 aircraft engines\\. These agreements require monthly payments based upon utilization, such as flight hours, cycles and age of the aircraft, and, in turn, the agreement transfers certain risks to the third\\-party service provider\\. There are minimum payments under both agreements, which are reflected in the table above\\. Accordingly, payments could differ materially based on actual aircraft utilization\\.\n\n***Contingencies***\n\nThe Company is a party to routine litigation matters incidental to its business and with respect to which no material liability is expected\\. Liabilities for litigation related contingencies are recorded when a loss is determined to be probable and estimable\\.\n\nIn 2015, three flight attendants filed a class action lawsuit seeking to represent all Virgin America flight attendants for damages based on alleged violations of California and City of San Francisco wage and hour laws\\. Plaintiffs received class certification in November 2016\\. Virgin America filed a motion for summary judgment seeking to dismiss all claims on various federal preemption grounds\\. In January 2017, the Court denied in part and granted in part Virgin America\u2019s motion\\. In January 2018, Virgin America filed a motion to decertify the class and Plaintiffs filed a motion for summary judgment seeking the court to rule in their favor on all remaining claims\\. The Company believes the claims in this case are without factual and legal merit and intends to defend this lawsuit\\.\n\nManagement believes the ultimate disposition of these matters is not likely to materially affect the Company's financial position or results of operations\\. This forward\\-looking statement is based on management's current understanding of the relevant law and facts, and it is subject to various contingencies, including the potential costs and risks associated with litigation and the actions of arbitrators, judges and juries\\. \n\n 87"}
{"_id": "Southwest-2018_68.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Southwest Airlines Co\\.**\n\n**Consolidated Statement of Comprehensive Income**\n\n(in millions)\n\n\n\n|                                                                                                               |                             |                             |                             |\n| ------------------------------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                                               | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                                                                                               | **2018**                    | **2017**                    | **2016**                    |\n|                                                                                                               |                             | **As Recast**               | **As Recast**               |\n| **NET INCOME**                                                                                                | $2,465                      | $3,357                      | $2,183                      |\n| Unrealized gain (loss) on fuel derivative instruments, net of <br><br> deferred taxes of ($7), $185, and $432 | (26)                        | 317                         | 735                         |\n| Unrealized gain on interest rate derivative instruments, net of<br><br> deferred taxes of $1, $4, and $5      | 6                           | 7                           | 7                           |\n| Unrealized gain (loss) on defined benefit plan items, net of deferred<br><br> taxes of $15, $2, and ($13)     | 52                          | 3                           | (23)                        |\n| Other, net of deferred taxes of ($2), $5, and $5                                                              | (6)                         | 8                           | 9                           |\n| **OTHER COMPREHENSIVE INCOME**                                                                                | $26                         | $335                        | $728                        |\n| **COMPREHENSIVE INCOME**                                                                                      | $2,491                      | $3,692                      | $2,911                      |\n\n\n\nSee accompanying notes\\.\n\n69"}
{"_id": "United-2018_50.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**UNITED AIRLINES, INC\\.** \n\n**CONSOLIDATED BALANCE SHEETS**\n\n**(In millions, except shares)**\n\n\n\n|                                                                                                                                   |                     |                     |\n| --------------------------------------------------------------------------------------------------------------------------------- | ------------------- | ------------------- |\n|                                                                                                                                   | **At December 31,** | **At December 31,** |\n| **LIABILITIES AND STOCKHOLDER'S EQUITY**                                                                                          | **2018**            | **2017 (a)**        |\n| Current liabilities:                                                                                                              |                     |                     |\n| Advance ticket sales                                                                                                              | $4,381              | $3,940              |\n| Frequent flyer deferred revenue                                                                                                   | 2,286               | 2,192               |\n| Accounts payable                                                                                                                  | 2,363               | 2,196               |\n| Accrued salaries and benefits                                                                                                     | 2,184               | 2,166               |\n| Current maturities of long\\-term debt                                                                                             | 1,230               | 1,565               |\n| Current maturities of capital leases                                                                                              | 149                 | 128                 |\n| Other                                                                                                                             | 624                 | 581                 |\n| Total current liabilities                                                                                                         | 13,217              | 12,768              |\n| Long\\-term debt                                                                                                                   | 12,215              | 11,703              |\n| Long\\-term obligations under capital leases                                                                                       | 1,134               | 996                 |\n| Other liabilities and deferred credits:                                                                                           |                     |                     |\n| Frequent flyer deferred revenue                                                                                                   | 2,719               | 2,591               |\n| Postretirement benefit liability                                                                                                  | 1,295               | 1,602               |\n| Pension liability                                                                                                                 | 1,576               | 1,921               |\n| Deferred income taxes                                                                                                             | 842                 | 231                 |\n| Other                                                                                                                             | 1,831               | 1,832               |\n| Total other liabilities and deferred credits                                                                                      | 8,263               | 8,177               |\n| Commitments and contingencies                                                                                                     |   <br>              |   <br>              |\n| Stockholder's equity:                                                                                                             |                     |                     |\n| Common stock at par, $0\\.01 par value; authorized 1,000 shares; issued and outstanding 1,000 shares at December 31, 2018 and 2017 | \u2014                   | \u2014                   |\n| Additional capital invested                                                                                                       | 598                 | 1,787               |\n| Retained earnings                                                                                                                 | 10,272              | 8,146               |\n| Accumulated other comprehensive loss                                                                                              | (803)               | (1,147)             |\n| Receivable from related parties                                                                                                   | (110)               | (90)                |\n| Total stockholder's equity                                                                                                        | 9,957               | 8,696               |\n| Total liabilities and stockholder's equity                                                                                        | $44,786             | $42,340             |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n51"}
{"_id": "Delta-2017_95.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nITEM 9B\\. OTHER INFORMATION \n\nNone\\.\n\nPART III\n\nITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE OF THE  REGISTRANT\n\nInformation required by this item is set forth under the headings \"Governance Matters,\" \"Proposal 1 \\- Election of Directors \\- Information About Nominees\" and \"Other Matters \\- Section 16 Beneficial Ownership Reporting Compliance\" in our Proxy Statement to be filed with the Commission related to our 2018 Annual Meeting of Stockholders (\"Proxy Statement\"), and is incorporated by reference\\. Pursuant to instruction 3 to paragraph (b) of Item 401 of Regulation S\\-K, certain information regarding executive officers is contained in Part I of this Form 10\\-K\\.\n\nITEM 11\\. EXECUTIVE COMPENSATION\n\nInformation required by this item is set forth under the headings \"Governance Matters \\- Compensation Committee Interlocks and Insider Participation,\" \"Executive Compensation\" and \"Director Compensation\" in our Proxy Statement and is incorporated by reference\\.\n\nITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND  RELATED STOCKHOLDER MATTERS\n\nSecurities Authorized for Issuance Under Equity Compensation Plans\n\nThe following table provides information about the number of shares of common stock that may be issued under Delta's equity compensation plans as of  December 31, 2017 \\.\n\n\n\n|                                                              |                                                                                                             |                                                                                                |                                                                                                                                                             |\n| ------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Plan Category**                                            | **(a) No\\. of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights** **^(1)^** | **(b) Weighted\\-Average Exercise Price of Outstanding Options, Warrants and Rights** **^(2)^** | **(c) No\\. of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))** **^(3)^** |\n| Equity compensation plans approved by securities holders     | 3,365,648                                                                                                   | $21\\.53                                                                                        | 29,758,243                                                                                                                                                  |\n| Equity compensation plans not approved by securities holders | \u2014                                                                                                           | \u2014                                                                                              | \u2014                                                                                                                                                           |\n| Total                                                        | 3,365,648                                                                                                   | $21\\.53                                                                                        | 29,758,243                                                                                                                                                  |\n\n\n\n\n\n|       |                                                                                                                                                                                                          |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Includes a maximum of 1,487,298 shares of common stock that may be issued upon the achievement of certain performance conditions under outstanding performance share awards as of  December 31, 2017 \\.  |\n\n\n\n\n\n|       |                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Includes performance share awards, which do not have exercise prices\\. The weighted average exercise price of options is $38\\.59\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Reflects shares remaining available for issuance under Delta's Performance Compensation Plan\\. If any shares of our common stock are covered by an award under the Plan that expires, is canceled, forfeited or otherwise terminates without delivery of shares (including shares surrendered or withheld for payment of taxes related to an award), then such shares will again be available for issuance under the Plan except for (i) any shares tendered in payment of an option, (ii) shares withheld to satisfy any tax withholding obligation with respect to the exercise of an option or stock appreciation right (\"SAR\") or (iii) shares covered by a stock\\-settled SAR or other awards that were not issued upon the settlement of the award\\. Because 2,599,512 shares of restricted stock remain unvested and subject to forfeiture, these shares could again be available for issuance\\. |\n\n\n\nOther information required by this item is set forth under the heading \"Beneficial Ownership of Securities\" in our Proxy Statement and is incorporated by reference\\.\n\nITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR  INDEPENDENCE\n\nInformation required by this item is set forth under the headings \"Governance Matters\" and \"Proposal 1 \\- Election of Directors\" in our Proxy Statement and is incorporated by reference\\.\n\n 91"}
{"_id": "Southwest-2018_3.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Route Structure** \n\nSouthwest principally provides point\\-to\\-point service, rather than the \"hub\\-and\\-spoke\" service provided by most major U\\.S\\. airlines\\. The hub\\-and\\-spoke system concentrates most of an airline's operations at a limited number of central hub cities and serves most other destinations in the system by providing one\\-stop or connecting service through a hub\\. By not concentrating operations through one or more central transfer points, Southwest's point\\-to\\-point route structure has allowed for more direct nonstop routing than hub\\-and\\-spoke service\\. The Company continues to focus on adding depth to schedule offerings in certain key cities, which is expected to benefit operational efficiency and give Customers additional options to reach their final destination\\. Approximately 77 percent of the Company's Customers flew nonstop during 2018, and, as of December 31, 2018, Southwest served 704 nonstop city pairs\\.\n\nSouthwest\u2019s point\\-to\\-point service has also enabled it to provide its markets with frequent, conveniently timed flights and low fares\\. For example, Southwest currently offers 20 weekday roundtrips between Dallas Love Field and Houston Hobby, 12 weekday roundtrips between Burbank and Oakland, 15 weekday roundtrips between San Diego and San Jose, eight weekday roundtrips between Denver and Chicago Midway, and 10 weekday roundtrips between Los Angeles International and Las Vegas\\.\n\nSouthwest complements its high\\-frequency short\\-haul routes with long\\-haul nonstop service between markets such as Oakland and Orlando, Los Angeles and Nashville, Las Vegas and Orlando, San Diego and Baltimore, Houston and New York LaGuardia, Los Angeles and Tampa, Oakland and Baltimore, and San Diego and Newark\\. During 2018, the Company continued to incorporate the Boeing 737 MAX 8 and the Boeing 737\\-800 aircraft into its fleet, both of which offer significantly more Customer seating capacity than the Company\u2019s other aircraft\\. This has enabled the Company to more economically serve long\\-haul routes, as well as high\\-demand, slot\\-controlled, and gate\\-restricted airports, by adding seats for such routes without increasing the number of flights (a \"slot\" is the right of an air carrier, pursuant to regulations of the FAA, to operate a takeoff or landing at a specific time at certain airports)\\. The Company plans to continue its route network and schedule optimization efforts through the addition of new markets and itineraries, while also pruning less profitable flights from its schedule\\. For 2018, the Company\u2019s average aircraft trip stage length was 757 miles, with an average duration of approximately 2\\.0 hours, as compared with an average aircraft trip stage length of 754 miles and an average duration of approximately 2\\.0 hours in 2017\\.\n\nThe Company continued its focus on California in 2018, and continues to invest significant resources to solidify its leadership position in California, including the planned addition of new domestic and international destination options and flights for California Customers, as well as marketing programs and local outreach efforts designed to retain, engage, and acquire Customers\\. For example, Hawaii is an attractive leisure destination for the Company's California Customers, and the Company has announced its intent to serve Honolulu International Airport, Lihue Airport, Kona International Airport at Keahole, and Kahului Airport from four initial California cities: Oakland, San Diego, San Jose, and Sacramento\\. The Company is scheduled to offer a record 800 departures from California on peak flying days in the summer of 2019 and, based on the most recent data available from the DOT, for the year ended June 30, 2018, Southwest carried more California travelers to, from, and within California than any other airline\\.\n\nIn order to complement the Company\u2019s network, during 2018, the Company entered into an agreement with Alaska Airlines to lease 12 slots at New York's LaGuardia Airport and eight slots at Washington Reagan National Airport through 2028\\. \n\nThe Company ended 2018 with international service to 14 destinations through 23 international gateway cities within the 48 contiguous United States\\. During 2018, the Company commenced international service out of Indianapolis, San Jose, Sacramento, Columbus, New Orleans, Pittsburgh, and Raleigh\\-Durham\\. In addition, Southwest Airlines Cargo^\u00ae^ began shipping cargo to select international destinations beginning in 2018, including Mexico City, Cancun, Cabo San Lucas/Los Cabos, Puerto Vallarta, Montego Bay, and San Jose, Costa Rica\\. \n\n**Cost Structure** \n\nA key component of the Company's business strategy is its focus on cost discipline and profitably charging competitively low fares\\. Adjusted for stage length, the Company has lower unit costs, on average, than the majority of the largest domestic carriers\\. The Company's strategy includes the use of a single aircraft type, the Boeing 737, the Company's operationally efficient point\\-to\\-point route structure, and its highly productive Employees\\. Southwest's use of a single aircraft type allows for simplified scheduling, maintenance, flight operations, and training activities\\. Southwest's point\\-\n\n4"}
{"_id": "United-2018_48.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**UNITED AIRLINES, INC\\.** \n\n**STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)**\n\n**(In millions)**\n\n\n\n|                                                           |                             |                             |                             |\n| --------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                           | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                           | **2018**                    | **2017 (a)**                | **2016 (a)**                |\n| Net income                                                | $2,131                      | $2,163                      | $2,234                      |\n| Other comprehensive income (loss), net change related to: |                             |                             |                             |\n| Employee benefit plans, net of taxes                      | 342                         | (195)                       | (313)                       |\n| Fuel derivative financial instruments, net of taxes       | \u2014                           | 1                           | 316                         |\n| Investments and other, net of taxes                       | (4)                         | (6)                         | (1)                         |\n| Total other comprehensive income (loss), net              | 338                         | (200)                       | 2                           |\n| Total comprehensive income, net                           | $2,469                      | $1,963                      | $2,236                      |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n49"}
{"_id": "United-2017_64.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n$93 million, respectively\\. Aircraft and aircraft spare parts were assumed to have residual values of approximately 10% of original cost, and other categories of property and equipment were assumed to have no residual value\\.\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (h)  | **Maintenance and Repairs\u2014**The cost of maintenance and repairs, including the cost of minor replacements, is charged to expense as incurred, except for costs incurred under our    power\\-by\\-the\\-hour (\u201cPBTH\u201d) engine maintenance agreements\\. PBTH contracts transfer certain risk to third\\-party service providers and fix the amount we pay per flight hour or per cycle to the service provider in exchange for maintenance and repairs under a predefined maintenance program\\. Under PBTH agreements, the Company recognizes expense at a level rate per engine hour, unless the level of service effort and the related payments during the period are substantially consistent, in which case the Company recognizes expense based on the amounts paid\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                      |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (i) | **Lease Fair Value Adjustments\u2014**Lease fair value adjustments, which arose from recording operating leases at fair value under fresh start or business combination accounting, are amortized on a straight\\-line basis over the related lease term\\. |\n\n\n\n\n\n|      |                                                                                                                                                                        |\n| ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (j)  | **Regional Capacity Purchase\u2014**Payments made to regional carriers under CPAs are reported in Regional capacity purchase in our consolidated statements of operations\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                          |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (k) | **Advertising\u2014**Advertising costs, which are included in Other operating expenses, are expensed as incurred\\. Advertising expenses were $217 million, $220 million and $201 million for the years ended December 31, 2017, 2016 and 2015, respectively\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (l) | **Intangibles\u2014**The Company has finite\\-lived and indefinite\\-lived intangible assets, including goodwill\\. Finite\\-lived intangible assets are amortized over their estimated useful lives\\. Goodwill and indefinite\\-lived intangible assets are not amortized but are reviewed for impairment annually or more frequently if events or circumstances indicate that the asset may be impaired\\. Goodwill and indefinite\\-lived assets are reviewed for impairment on an annual basis as of October 1, or on an interim basis whenever a triggering event occurs\\. See Note 2 of this report for additional information related to intangibles\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (m) | **Long\\-Lived Asset Impairments\u2014**The Company evaluates the carrying value of long\\-lived assets subject to amortization whenever events or changes in circumstances indicate that an impairment may exist\\. For purposes of this testing, the Company has generally identified the aircraft fleet type as the lowest level of identifiable cash flows\\. An impairment charge is recognized when the asset\u2019s carrying value exceeds its net undiscounted future cash flows and its fair market value\\. The amount of the charge is the difference between the asset\u2019s carrying value and fair market value\\. See Note 14 of this report for additional information related to asset impairments\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (n) | **Share\\-Based Compensation\u2014**The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award\\. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the award, usually the vesting period\\. Obligations for cash\\-settled restricted stock units (\u201cRSUs\u201d) are remeasured at fair value throughout the requisite service period on the last day of each reporting period based upon UAL\u2019s stock price\\. In addition to the service requirement, certain RSUs have performance metrics that must be achieved prior to vesting\\. These awards are accrued based on the expected level of achievement at each reporting period\\. A cumulative adjustment is recorded on the last day of each reporting period to adjust compensation expense based on both UAL\u2019s stock price and the then current level of expected performance achievement for the performance\\-based awards\\. See Note 5 of this report for additional information on UAL\u2019s share\\-based compensation plans\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                   |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (o) | **Ticket Taxes\u2014**Certain governmental taxes are imposed on the Company\u2019s ticket sales through a fee included in ticket prices\\. The Company collects these fees and remits them to the appropriate government agency\\. These fees are recorded on a net basis (excluded from operating revenue)\\. |\n\n\n\n65"}
{"_id": "Southwest-2019_81.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nincludes any revenue recognized associated with ancillary fees charged separately, such as in\\-flight purchases, EarlyBird Check\\-In ^\u00ae^ , and Upgraded Boarding\\.\n\nIn order to determine the value of each loyalty point, certain assumptions must be made at the time of measurement, which include the following:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Allocation of Passenger Revenue*  \\- Revenues from Passengers, related to travel, who also earn Rapid Rewards Points have been allocated between flight (recognized as revenue when transportation is provided) and Rapid Rewards Points (deferred until points are redeemed) based on each obligation\u2019s relative standalone selling price\\. The Company utilizes historical earning patterns to assist in this allocation\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Fair Value of Rapid Rewards Points*  \\- Determined from the base fare value of tickets which were purchased using prior point redemptions for travel and other products and services, which the Company believes to be indicative of the fair value of points as perceived by Customers and representative of the value of each point at the time of redemption\\. The Company\u2019s booking site allows a Customer to toggle between fares utilizing either cash or point redemptions, which provides the Customer with an approximation of the equivalent value of their points\\. The value can differ, however, based on demand, the amount of time prior to the flight, and other factors\\. The fare mix during the period measured represents a constraint, which could result in the assumptions above changing at the measurement date, as fare classes can have different coefficients used to determine the total loyalty points needed to purchase an award ticket\\. The mixture of these fare classes and changes in the coefficients used by the Company could cause the fair value per point to increase or decrease\\.  |\n\n\n\nFor points that are expected to remain unused, the Company recognizes spoilage in proportion to the pattern of points used by the Customer, which approximates the average period over which the population of Rapid Reward Members redeem their points\\. The Company utilizes historical behavioral data to develop a predictive statistical model to analyze the amount of spoilage expected for points sold to business partners and earned through flight\\. The Company continues to evaluate expected spoilage annually and applies appropriate adjustments in the fourth quarter of each year, or other times, if changes in Customer behavior are detected\\. Changes to spoilage estimates impact revenue recognition prospectively\\. Due to the size of the Company\u2019s liability for loyalty benefits, changes in Customer behavior and/or expected future redemption patterns could result in significant variations in Passenger revenue\\. \n\nThe Company allocates consideration received to performance obligations based on the relative fair value of those obligations\\. The Company has a co\\-branded credit card agreement (\u201cAgreement\u201d) with Chase Bank USA, N\\.A\\. (\u201cChase\u201d), through which the Company sells loyalty points and certain marketing components, which consist of the use of Southwest Airlines\u2019 brand and access to Rapid Rewards Member lists, licensing and advertising elements, and the use of the Company\u2019s resource team\\. The Company estimated the selling prices and volumes over the term of the Agreement in order to determine the allocation of proceeds to each of the two performance obligations identified in the Agreement, which have been characterized as a transportation component and a marketing component\\. The allocations utilized are reviewed to determine if adjustment is necessary any time there is a modification to the Agreement\\. The Company records Passenger revenue related to loyalty point redemptions for air travel when the travel is delivered, and the marketing elements are recognized as Other revenue when the performance obligations related to those services are satisfied, which is generally the same period consideration is received from Chase\\. \n\nAs performance obligations to Customers are satisfied, the related revenue is recognized\\. The events that result in revenue recognition that are associated with performance obligations identified as a part of the Rapid Rewards Program are as follows:\n\n\n\n|   |                                                                                                                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | *Tickets and Rapid Rewards Points*  \\- When a flight occurs, the related performance obligation is satisfied and the related value provided by the Customer, whether from purchased tickets or Rapid Rewards Points, is recognized as revenue\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Loyalty points redeemed for goods and/or services other than travel*  \\- Rapid Rewards Members have the option to redeem points for goods and services offered through a third party vendor, who acts as principal\\. The performance obligation related to the purchase of these goods and services is satisfied when the good and/or service is delivered to the Customer\\. |\n\n\n\n82"}
{"_id": "Alaska-2018_82.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nThere are no current statutory funding requirements for the Company\u2019s plans in 2019\\. \n\nFuture benefits expected to be paid over the next ten years under the qualified defined\\-benefit pension plans from the assets of those plans (in millions): \n\n\n\n|            |           |\n| ---------- | --------- |\n|            | **Total** |\n| 2019       | $99       |\n| 2020       | 113       |\n| 2021       | 115       |\n| 2022       | 129       |\n| 2023       | 132       |\n| 2024\u2013 2028 | 741       |\n\n\n\n***Nonqualified Defined\\-Benefit Pension Plan***\n\nAlaska also maintains an unfunded, noncontributory defined\\-benefit plan for certain elected officers\\. This plan uses a December 31 measurement date\\. The assumptions used to determine benefit obligations and the net period benefit cost for the nonqualified defined\\-benefit pension plan are similar to those used to calculate the qualified defined\\-benefit pension plan\\. The plan's unfunded status, PBO and accumulated benefit obligation are immaterial\\. The net pension expense in prior year and expected future expense is also immaterial\\. \n\n***Post\\-retirement Medical Benefits***\n\nThe Company allows certain retirees to continue their medical, dental and vision benefits by paying all or a portion of the active employee plan premium until eligible for Medicare, currently age 65\\. This results in a subsidy to retirees, because the premiums received by the Company are less than the actual cost of the retirees\u2019 claims\\. The accumulated post\\-retirement benefit obligation for this subsidy is unfunded\\. The accumulated post\\-retirement benefit obligation was $82 million and $85 million at December 31, 2018 and 2017, respectively\\. The net periodic benefit cost was not material in 2018 or 2017\\.\n\n***Defined\\-Contribution Plans***\n\nThe seven defined\\-contribution plans are deferred compensation plans under section 401(k) of the Internal Revenue Code\\. All of these plans require Company contributions\\. Total expense for the defined\\-contribution plans was $126 million, $103 million and $67 million in 2018, 2017, and 2016, respectively\\. \n\nThe Company also has a noncontributory, unfunded defined\\-contribution plan for certain elected officers of the Company who are ineligible for the nonqualified defined\\-benefit pension plan\\. Amounts recorded as liabilities under the plan are not material to the consolidated balance sheets at December 31, 2018 and 2017\\.\n\n***Pilot Long\\-term Disability Benefits***\n\nAlaska maintains a long\\-term disability plan for its pilots\\. The long\\-term disability plan does not have a service requirement\\. Therefore, the liability is calculated based on estimated future benefit payments associated with pilots that were assumed to be disabled on a long\\-term basis as of December 31, 2018 and does not include any assumptions for future disability\\. The liability includes the discounted expected future benefit payments and medical costs\\. The total liability was $25 million and $28 million, which was recorded net of a prefunded trust account of $3 million and $3 million, and included in long\\-term other liabilities on the consolidated balance sheets as of December 31, 2018 and December 31, 2017, respectively\\.\n\n***Employee Incentive\\-Pay Plans***\n\nThe Company has employee incentive plans that pay employees based on certain financial and operational metrics\\. These metrics are set and approved annually by the Compensation Committee of the Board of Directors\\. The aggregate expense under these plans in 2018, 2017 and 2016 was $147 million, $135 million and $127 million\\. The incentive plans are summarized below\\.\n\n 83"}
{"_id": "Alaska-2017_90.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nThe following table summarizes information about outstanding stock awards:\n\n\n\n|                                |                                |                                             |                                                                                  |                                                                              |\n| ------------------------------ | ------------------------------ | ------------------------------------------- | -------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- |\n|                                | **Number**<br><br>**of Units** | **Weighted\\-Average Grant Date Fair Value** | **Weighted\\-**<br><br>**Average**<br><br>**Contractual**<br><br>**Life (Years)** | **Aggregate**<br><br>**Intrinsic**<br><br>**Value (in**<br><br>**millions)** |\n| Non\\-vested, December 31, 2016 | 440,093                        | $63\\.86                                     | 1\\.4                                                                             | $39                                                                          |\n| Granted                        | 433,340                        | 88\\.43                                      |                                                                                  |                                                                              |\n| Vested                         | (286,138)                      | 61\\.47                                      |                                                                                  |                                                                              |\n| Forfeited                      | (62,150)                       | 65\\.06                                      |                                                                                  |                                                                              |\n| Non\\-vested, December 31, 2017 | 525,145                        | $85\\.47                                     | 1\\.6                                                                             | $39                                                                          |\n\n\n\n***Deferred Stock Awards***\n\nDeferred Stock Units (DSUs) are awarded to members of the Board of Directors as part of their retainers\\. The underlying common shares are issued upon retirement from the Board, but require no future service period\\. As a result, the entire intrinsic value of the awards is expensed on the date of grant\\. \n\n***Employee Stock Purchase Plan***\n\nThe ESPP allows employees to purchase common stock at 85% of the stock price on the first day of the offering period or the specified purchase date, whichever is lower\\. Employees may contribute up to 10% of their base earnings during the offering period to purchase stock\\. Employees purchased 406,628, 308,920 and 281,058 shares in 2017, 2016 and 2015 under the ESPP\\.\n\n**NOTE 12\\. OPERATING SEGMENT INFORMATION**\n\nAlaska Air Group has three operating airlines\u2014Alaska, Virgin America and Horizon\\. Each is a regulated airline by the U\\.S\\. Department of Transportation\u2019s Federal Aviation Administration\\. Alaska has CPAs for regional capacity with Horizon, as well as with third\\-party carriers SkyWest and PenAir, under which Alaska receives all passenger revenues\\. \n\nUnder U\\.S\\. General Accepted Accounting Principles, operating segments are defined as components of a business for which there is discrete financial information that is regularly assessed by the Chief Operating Decision Maker (CODM) in making resource allocation decisions\\. Financial performance for the operating airlines and CPAs is managed and reviewed by the Company's CODM as part of three reportable operating segments:\n\n\n\n|   |                                                                                                                                                                                           |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | **Mainline**  \\- includes Alaska's and Virgin America\u2019s scheduled air transportation for passengers and cargo throughout the U\\.S\\., and in parts of Canada, Mexico, and Latin America\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                        |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | **Regional**  \\- includes Horizon's and other third\\-party carriers\u2019 scheduled air transportation for passengers across a shorter distance network within the U\\.S\\. under CPAs\\. This segment includes the actual revenues and expenses associated with regional flying, as well as an allocation of corporate overhead incurred by Air Group on behalf of the regional operations\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                           |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | **Horizon**  \\- includes the capacity sold to Alaska under CPA\\. Expenses include those typically borne by regional airlines such as crew costs, ownership costs and maintenance costs\\.  |\n\n\n\nThe CODM makes resource allocation decisions for these reporting segments based on flight profitability data, aircraft type, route economics and other financial information\\. \n\nThe \"Consolidating and Other\" column reflects parent company activity, McGee Air Services, consolidating entries and other immaterial business units of the company\\. The \u201cAir Group Adjusted\u201d column represents a non\\-GAAP measure that is used by the Company CODM to evaluate performance and allocate resources\\. Adjustments are further explained below in reconciling to consolidated GAAP results\\.\n\n 91"}
{"_id": "Delta-2019_61.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nSignificant Accounting Policies\n\nOur significant accounting policies are disclosed below or included within the topic\\-specific notes included herein\\.\n\nCash and Cash Equivalents and Short\\-Term Investments\n\nShort\\-term, highly liquid investments with maturities of three months or less when purchased are classified as cash and cash equivalents\\.Investments with maturities of greater than three months, but not in excess of one year, when purchased are classified as short\\-term investments\\. Investments with maturities beyond one year when purchased may be classified as short\\-term investments if they are expected to be available to support our short\\-term liquidity needs\\. Our short\\-term investments were classified as fair value investments and gains and losses were recorded in non\\-operating expense\\.\n\nInventories\n\nFuel\\.  As part of our strategy to mitigate the cost of the refining margin reflected in the price of jet fuel our wholly owned subsidiaries, Monroe Energy, LLC and MIPC, LLC (collectively, \"Monroe\"), operate the Trainer oil refinery\\. Refined product, feedstock and blendstock inventories, all of which are finished goods, are carried at recoverable cost\\. We use jet fuel in our airline operations that is produced by the refinery and procured through the exchange with third parties of gasoline, diesel and other refined products (\"non\\-jet fuel products\") the refinery produces\\. Cost is determined using the first\\-in, first\\-out method\\. Costs include the raw material consumed plus direct manufacturing costs (such as labor, utilities and supplies) incurred and an applicable portion of manufacturing overhead\\. \n\nExpendables Parts and Supplies\\.  Inventories of expendable parts related to flight equipment, which cannot be economically repaired, reconditioned or reused after removal from the aircraft, are carried at moving average cost and charged to operations as consumed\\. An allowance for obsolescence is provided over the remaining useful life of the related fleet\\. We also provide allowances for parts identified as excess or obsolete to reduce the carrying costs to the lower of cost or net realizable value\\. These parts are assumed to have an estimated residual value of 5% of the original cost\\.\n\nAccounting for Refinery Related Buy/Sell Agreements\n\nTo the extent that we receive jet fuel for non\\-jet fuel products exchanged under buy/sell agreements, we account for these transactions as nonmonetary exchanges\\. We have recorded these nonmonetary exchanges at the carrying amount of the non\\-jet fuel products transferred within aircraft fuel and related taxes on the income statement\\.\n\nDerivatives\n\nChanges in fuel prices, interest rates and foreign currency exchange rates impact our results of operations\\. In an effort to manage our exposure to these risks, we may enter into derivative contracts and adjust our derivative portfolio as market conditions change\\. We recognize derivative contracts at fair value on our Consolidated Balance Sheets (\"balance sheets\")\\. \n\nThe following table summarizes the risk hedged and the classification of related gains and losses in our income statement, by each type of derivative contract: \n\n\n\n|                                     |                                     |                                     |                                                 |                                                 |                                                 |                                                          |                                                          |                                                          |\n|:----------------------------------- |:----------------------------------- |:----------------------------------- |:-----------------------------------------------:|:-----------------------------------------------:|:-----------------------------------------------:|:--------------------------------------------------------:|:--------------------------------------------------------:|:--------------------------------------------------------:|\n| Derivative Type                     | Derivative Type                     | Derivative Type                     |                   Hedged Risk                   |                   Hedged Risk                   |                   Hedged Risk                   |            Classification of Gains and Losses            |            Classification of Gains and Losses            |            Classification of Gains and Losses            |\n| Fuel hedge contracts                | Fuel hedge contracts                | Fuel hedge contracts                |           Fluctuations in fuel prices           |           Fluctuations in fuel prices           |           Fluctuations in fuel prices           |             Aircraft fuel and related taxes              |             Aircraft fuel and related taxes              |             Aircraft fuel and related taxes              |\n| Interest rate contracts             | Interest rate contracts             | Interest rate contracts             |           Increases in interest rates           |           Increases in interest rates           |           Increases in interest rates           |                  Interest expense, net                   |                  Interest expense, net                   |                  Interest expense, net                   |\n| Foreign currency exchange contracts | Foreign currency exchange contracts | Foreign currency exchange contracts | Fluctuations in foreign currency exchange rates | Fluctuations in foreign currency exchange rates | Fluctuations in foreign currency exchange rates | Passenger revenue or non\\-operating expense (See Note 5) | Passenger revenue or non\\-operating expense (See Note 5) | Passenger revenue or non\\-operating expense (See Note 5) |\n\n\n\nThe following table summarizes the accounting treatment of our derivative contracts:\n\n\n\n|                                 |                                 |                                 |                                                             |                                                             |                                                             |\n|:------------------------------- |:------------------------------- |:------------------------------- |:-----------------------------------------------------------:|:-----------------------------------------------------------:|:-----------------------------------------------------------:|\n| Accounting Designation          | Accounting Designation          | Accounting Designation          |            Impact of Unrealized Gains and Losses            |            Impact of Unrealized Gains and Losses            |            Impact of Unrealized Gains and Losses            |\n| Not designated as hedges        | Not designated as hedges        | Not designated as hedges        | Change in fair value^(1)^  of hedge is recorded in earnings | Change in fair value^(1)^  of hedge is recorded in earnings | Change in fair value^(1)^  of hedge is recorded in earnings |\n| Designated as cash flow hedges  | Designated as cash flow hedges  | Designated as cash flow hedges  |           Market adjustments are recorded in AOCI           |           Market adjustments are recorded in AOCI           |           Market adjustments are recorded in AOCI           |\n| Designated as fair value hedges | Designated as fair value hedges | Designated as fair value hedges | Market adjustments are recorded in debt and finance leases  | Market adjustments are recorded in debt and finance leases  | Market adjustments are recorded in debt and finance leases  |\n\n\n\n^(1)^ Including settled gains and losses as well as mark\\-to\\-market adjustments (\"MTM adjustments\")\\.\n\n59"}
{"_id": "Southwest-2017_17.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\noffering perspective\\. As discussed above under \"Business \\- Industry,\" legacy carrier offerings ranged from a \"Basic Economy\" fare product, designed to compete with ULCC fares, to a \"Premium Economy\" product, targeted to appeal to customers willing to pay a premium for additional amenities\\. Also in response to ULCC pricing, some legacy carriers have removed their fare floors for certain routes, leading to lower fares across the industry\\. These changes have put increased pressure on the industry's fare environment and have created a challenging revenue environment\\. \n\nPricing can be driven by a variety of factors\\. For example, airlines often discount fares to drive traffic in new markets or to stimulate traffic when necessary to improve load factors and/or cash flow\\. In addition, multiple airlines have been able to reduce fares because they have been able to lower their operating costs as a result of reorganization within and outside of bankruptcy\\. Further, some of the Company's competitors have continued to grow and modernize their fleets and expand their networks, potentially enabling them to better control costs per available seat mile (the average cost to fly an aircraft seat (empty or full) one mile), which in turn may enable them to lower their fares\\.\n\nThe Company believes its low\\-cost operating structure continues to provide it with an advantage over many of its airline competitors by enabling it to continue to charge low fares\\. However, ULCCs, which have increased capacity in the Company's markets, have surpassed the Company's cost advantage with larger gauge aircraft, increased seat density, and lower wages\\. The Company believes it continues to have a competitive advantage through its differentiation of Southwest from many of its competitors by not charging additional fees for items such as first and second checked bags for each ticketed Customer, flight changes, seat selection, snacks, curb\\-side check\\-in, and telephone reservations; nevertheless it has become increasingly difficult for the Company to improve upon its industry cost position\\.\n\n**Routes, Frequent Flyer Programs, and Schedules**\n\nThe Company also competes with other airlines based on markets served, frequent flyer opportunities, and flight schedules\\. Some major airlines have more extensive route structures than Southwest, including more extensive international networks\\. In addition, many competitors have entered into significant commercial relationships with other airlines, such as global alliances, code\\-sharing, and capacity purchase agreements, which increase the airlines' opportunities to expand their route offerings\\. An alliance or code\\-sharing agreement enables an airline to offer flights that are operated by another airline and also allows the airline\u2019s customers to book travel that includes segments on different airlines through a single reservation or ticket\\. As a result, depending on the nature of the specific alliance or code\\-sharing arrangement, a participating airline may be able to, among other things, (i) offer its customers access to more destinations than it would be able to serve on its own, (ii) gain exposure in markets it does not otherwise serve, and (iii) increase the perceived frequency of its flights on certain routes\\. Alliance and code\\-sharing arrangements not only provide additional route flexibility for participating airlines, they can also allow these airlines to offer their customers more opportunities to earn and redeem frequent flyer miles or points\\. A capacity purchase agreement enables an airline to expand its route structure by paying another airline (e\\.g\\., a regional airline with smaller aircraft) to operate flights on its behalf in markets that it does not, or cannot, serve itself\\. The Company continues to evaluate and implement initiatives to better enable itself to offer additional itineraries\\.\n\n**Customer Service, Operational Reliability, and Amenities**\n\nSouthwest also competes with other airlines with respect to customer service, operational reliability (such as ontime performance), and passenger amenities\\. According to statistics published by the DOT, Southwest consistently ranks at or near the top among domestic carriers in Customer Satisfaction for having the lowest Customer complaint ratio\\. However, carriers are increasingly focusing on operational reliability as an opportunity to win and retain Customers\\. In addition, some airlines have more seating options and associated passenger amenities than does Southwest, including first\\-class, business class, and other premium seating and related amenities\\. New and different types of aircraft flown by competitors could have operational attributes and passenger amenities that could be considered more favorable than those associated with the Company's existing fleet\\.\n\n**Other Forms of Competition**\n\nThe airline industry is subject to varying degrees of competition from surface transportation by automobiles, buses, and trains\\. Inconveniences and delays associated with air travel security measures can increase surface competition\\. In addition, surface competition can be significant during economic downturns when consumers cut back on discretionary spending and fewer choose to fly, or when gasoline prices are lower, making surface transportation a less expensive option\\. Because of the relatively high percentage of short\\-haul travel provided by Southwest, it is particularly \n\n18"}
{"_id": "Delta-2018_21.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nEconomic conditions following the United Kingdom\u2019s exit from the European Union could adversely affect our business\\.\n\nFollowing a referendum in June 2016 in which voters in the U\\.K\\. approved an exit from the European Union (often referred to as Brexit), the U\\.K\\.\u2019s withdrawal is scheduled to become effective March 29, 2019 but there is substantial uncertainty regarding the terms of the withdrawal\\. Regardless of what happens with Brexit, the U\\.S\\.\\-EU Open Skies air services agreement will remain in effect and the recently signed U\\.S\\.\\-U\\.K\\. Open Skies agreement will take effect, maintaining the current liberal air services regime in the transatlantic market\\. The imposition of restrictions on flying rights between the EU and U\\.K\\. in connection with Brexit could negatively impact Virgin Atlantic, our joint venture partner in which we have 49% ownership, and could impact the planned integration of our transatlantic joint ventures\\.\n\nThe exit of the U\\.K\\. from the EU without agreement on matters such as trade, customs, financial services and the movement of goods and people between the EU and the U\\.K\\. could adversely impact the demand for air travel in the U\\.K\\. and increase costs for us and our joint venture partners\\. Furthermore, post\\-Brexit ambiguity or changes in regulations could diminish the value of route authorities, slots or other assets owned by us or our joint venture partners and, therefore, could adversely impact on our business and results of operations\\.\n\nThe rapid spread of contagious illnesses can have a material adverse effect on our business and results of operations\\.\n\nThe rapid spread of a contagious illness, or fear of such an event, can have a material adverse effect on the demand for worldwide air travel and therefore have a material adverse effect on our business and results of operations\\. Moreover, our operations could be negatively affected if employees are quarantined as the result of exposure to a contagious illness\\. Similarly, travel restrictions or operational issues resulting from the rapid spread of contagious illnesses in a part of the world in which we have significant operations may have a materially adverse impact on our business and results of operations\\.\n\nITEM 1B\\. UNRESOLVED STAFF COMMENTS \n\nNone\\.\n\n 19"}
{"_id": "AmericanAirlines-2019_37.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nRegional\n\nAs of  December 31, 2019 , the fleet of our wholly\\-owned and third\\-party regional carriers operating as American Eagle consisted of the following aircraft:\n\n\n\n|                            |                                         |           |            |                                                                           |           |                                           |                                                       |\n| -------------------------- | --------------------------------------- | --------- | ---------- | ------------------------------------------------------------------------- | --------- | ----------------------------------------- | ----------------------------------------------------- |\n|                            | **Average Seating**<br><br>**Capacity** | **Owned** | **Leased** | **Owned or Leased**<br><br>**by Third Party**<br><br>**Regional Carrier** | **Total** | **Operating Regional**<br><br>**Carrier** | **Number of**<br><br>**Aircraft**<br><br>**Operated** |\n| Bombardier CRJ 200         | 50                                      | 12        | 7          | \u2014                                                                         | 19        | PSA                                       | 19                                                    |\n| Bombardier CRJ 700         | 66                                      | 54        | 7          | 60                                                                        | 121       | SkyWest                                   | 60                                                    |\n|                            |                                         |           |            |                                                                           |           | PSA                                       | 56                                                    |\n|                            |                                         |           |            |                                                                           |           | Envoy                                     | 5                                                     |\n|                            |                                         |           |            |                                                                           |           | Total                                     | 121                                                   |\n| Bombardier CRJ 900         | 77                                      | 66        | \u2014          | 60                                                                        | 126       | PSA                                       | 66                                                    |\n|                            |                                         |           |            |                                                                           |           | Mesa                                      | 60                                                    |\n|                            |                                         |           |            |                                                                           |           | Total                                     | 126                                                   |\n| Embraer E175               | 76                                      | 90        | \u2014          | 85                                                                        | 175       | Republic                                  | 85                                                    |\n|                            |                                         |           |            |                                                                           |           | Envoy                                     | 70                                                    |\n|                            |                                         |           |            |                                                                           |           | Compass                                   | 20                                                    |\n|                            |                                         |           |            |                                                                           |           | Total                                     | 175                                                   |\n| Embraer ERJ 140  **^(1)^** | 44                                      | 46        | \u2014          | \u2014                                                                         | 46        | Envoy                                     | 46                                                    |\n| Embraer ERJ 145            | 50                                      | 118       | \u2014          | \u2014                                                                         | 118       | Piedmont                                  | 60                                                    |\n|                            |                                         |           |            |                                                                           |           | Envoy                                     | 58                                                    |\n|                            |                                         |           |            |                                                                           |           | Total                                     | 118                                                   |\n| Total                      |                                         | 386       | 14         | 205                                                                       | 605       |                                           | 605                                                   |\n\n\n\n\n\n|       |                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Excluded from the total operating aircraft count above are  12  owned Embraer ERJ 140s that are being held in temporary storage\\.  |\n\n\n\nSee Note 12 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 10 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on our capacity purchase agreements with third\\-party regional carriers\\.\n\n38"}
{"_id": "Southwest-2019_54.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nCompany\\. The Use and Lease Agreement is a 20\\-year agreement providing for, among other things, the Company\u2019s lease of space at the Airport from the City of Dallas\\. The remainder of such monies transferred from the City of Dallas to the Company under the Revenue Credit Agreement originates from (i) use and lease agreements with other airlines, (ii) various concession agreements, and (iii) other airport miscellaneous revenues\\.\n\nThe Company\u2019s liquidity could be impacted by this project to the extent there are timing differences between the Company\u2019s payment of the Facilities Payments pursuant to the Facilities Agreement and the transfer of monies back to the Company pursuant to the Revenue Credit Agreement; however, the Company does not currently expect that to occur\\. The project has not had a significant impact on the Company\u2019s capital resources or financial position\\. \n\nLos Angeles International Airport\n\nIn October 2017, the Company executed a lease agreement (the \"T1\\.5 Lease\") with Los Angeles World Airports (\"LAWA\"), which owns and operates Los Angeles International Airport (\"LAX\")\\. Under the T1\\.5 Lease, the Company is overseeing and managing the design, development, financing, construction, and commissioning of a passenger processing facility between Terminal 1 and 2 (the \"Terminal 1\\.5 Project\")\\. The Terminal 1\\.5 Project is expected to include ticketing, baggage claim, passenger screening, and a bus gate at a cost not to exceed  $479 million  for site improvements and non\\-proprietary improvements\\.\n\nFunding for the Terminal 1\\.5 Project is primarily through the Regional Airports Improvement Corporation (the \"RAIC\"), which is a quasi\\-governmental special purpose entity that acts as a conduit borrower under a syndicated credit facility provided by a group of lenders\\. A loan made under the credit facility for the Terminal 1\\.5 Project is being used to fund the development of this project, and the outstanding loan will be repaid with the proceeds of LAWA\u2019s payments to purchase completed construction phases\\. The Company guaranteed the obligation of the RAIC under the credit facility associated with the T1\\.5 Lease\\. As of  December 31, 2019 , the Company's outstanding guaranteed obligation under the credit facility for the Terminal 1\\.5 Project was  $176 million \\.\n\nThe Company\u2019s liquidity could be impacted by this project under certain circumstances; however, the Company does not expect this to occur based on its past experience with other projects\\. This project is not expected to have a significant impact on the Company\u2019s capital resources or financial position\\. Construction on the Terminal 1\\.5 Project began during third quarter 2017 and is estimated to be completed during 2020\\.\n\nCRITICAL ACCOUNTING POLICIES AND ESTIMATES\n\nThe Company\u2019s Consolidated Financial Statements have been prepared in accordance with GAAP\\. The Company\u2019s significant accounting policies are described in Note  1  to the Consolidated Financial Statements\\. The preparation of financial statements in accordance with GAAP requires the Company\u2019s management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying footnotes\\. The Company\u2019s estimates and assumptions are based on historical experience and changes in the business environment\\. However, actual results may differ from estimates under different conditions, sometimes materially\\. Critical accounting policies and estimates are defined as those that both (i) are most important to the portrayal of the Company\u2019s financial condition and results and (ii) require management\u2019s most subjective judgments\\. The Company\u2019s critical accounting policies and estimates are described below\\. \n\nRevenue Recognition\n\nTickets sold for Passenger air travel are initially deferred as Air traffic liability\\. Passenger revenue is recognized and Air traffic liability is reduced when the service is provided (i\\.e\\., when the flight takes place)\\. Air traffic liability primarily represents tickets sold for future travel dates, funds that are past flight date and remain unused, but are expected to be used in the future, and the Company\u2019s liability for loyalty benefits that are expected to be redeemed in the future\\. Air traffic liability fluctuates throughout the year based on seasonal travel patterns, fare sale activity, and activity associated with the Company\u2019s loyalty program\\. See Note  1  to the Consolidated Financial Statements for information about the Company's revenue recognition policies\\.\n\n55"}
{"_id": "AmericanAirlines-2019_34.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nOur Board of Directors commenced declaring quarterly cash dividends in July 2014 as part of our capital deployment program\\. However, any future dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to continue a dividend for any fixed period, and the payment of dividends may be suspended or discontinued at any time at our discretion and without prior notice\\. We will continue to retain future earnings to develop our business, as opportunities arise, and evaluate on a quarterly basis the amount and timing of future dividends based on our operating results, financial condition, capital requirements and general business conditions\\. The amount and timing of any future dividends may vary, and the payment of any dividend does not assure that we will pay dividends in the future\\.\n\nIn addition, any future repurchases of AAG common stock or payment of dividends, or any determination to cease repurchasing stock or paying dividends, could affect our stock price and increase its volatility\\. The existence of a share repurchase program and any future dividends could cause our stock price to be higher than it would otherwise be and could potentially reduce the market liquidity for our stock\\. Additionally, any future repurchases of AAG common stock or payment of dividends will diminish our cash reserves, which may impact our ability to finance future growth and to pursue possible future strategic opportunities and acquisitions\\. Further, our repurchase of AAG common stock may fluctuate such that our cash flow may be insufficient to fully cover our share repurchases\\. Although our share repurchase programs are intended to enhance long\\-term stockholder value, there is no assurance that they will do so\\. \n\nAAG\u2019s Certificate of Incorporation and Bylaws include provisions that limit voting and acquisition and disposition of our equity interests\\.\n\nOur Certificate of Incorporation and Bylaws include significant provisions that limit voting and ownership and disposition of our equity interests, as described in Part II, Item 5\\. Market for American Airlines Group\u2019s Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities \\- \u201c Ownership Restrictions \u201d and AAG\u2019s Description of the Registrants\u2019 Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, which is filed as Exhibit 4\\.1 hereto\\. These restrictions may adversely affect the ability of certain holders of AAG common stock and our other equity interests to vote such interests and adversely affect the ability of persons to acquire shares of AAG common stock and our other equity interests\\.\n\nCertain provisions of AAG\u2019s Certificate of Incorporation and Bylaws make it difficult for stockholders to change the composition of our Board of Directors and may discourage takeover attempts that some of our stockholders might consider beneficial\\.\n\nCertain provisions of our Certificate of Incorporation and Bylaws, as currently in effect, may have the effect of delaying or preventing changes in control if our Board of Directors determines that such changes in control are not in our best interest and the best interest of our stockholders\\. These provisions include, among other things, the following:\n\n\n\n|   |                                                                                                 |\n| - | ----------------------------------------------------------------------------------------------- |\n| \u2022 | advance notice procedures for stockholder proposals to be considered at stockholders\u2019 meetings; |\n\n\n\n\n\n|   |                                                                       |\n| - | --------------------------------------------------------------------- |\n| \u2022 | the ability of our Board of Directors to fill vacancies on the board; |\n\n\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | a prohibition against stockholders taking action by written consent; |\n\n\n\n\n\n|   |                                                                                                                                                                                  |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | stockholders are restricted from calling a special meeting unless they hold at least 20% of our outstanding shares and follow the procedures provided for in the amended Bylaws; |\n\n\n\n\n\n|   |                                                                                                                                                                                                            |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | a requirement that holders of at least 80% of the voting power of the shares entitled to vote in the election of directors approve any amendment of our Bylaws submitted to stockholders for approval; and |\n\n\n\n\n\n|   |                                                                                                                   |\n| - | ----------------------------------------------------------------------------------------------------------------- |\n| \u2022 | super\\-majority voting requirements to modify or amend specified provisions of our Certificate of Incorporation\\. |\n\n\n\nThese provisions are not intended to prevent a takeover, but are intended to protect and maximize the value of the interests of our stockholders\\. While these provisions have the effect of encouraging persons seeking to acquire control of our company to negotiate with our Board of Directors, they could enable our Board of Directors to prevent a transaction that some, or a majority, of our stockholders might believe to be in their best interest and, in that case, may prevent or discourage attempts to remove and replace incumbent directors\\. In addition, we are subject to the provisions of Section 203 of the Delaware General Corporation Law, which prohibits business combinations with interested stockholders\\. Interested stockholders do not include stockholders whose acquisition of our securities is approved by the Board of Directors prior to the investment under Section 203\\.\n\n35"}
{"_id": "Delta-2018_85.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nDuring 2018, net actuarial gains decreased our benefit obligation due to the increase in discount rates, while in 2017 our obligations increased due to the actuarial losses from a decrease in discount rates\\. These gains and losses are recorded in AOCI and reflected in the table below\\. \n\nA net actuarial loss of   $320 million  will be amortized from AOCI into net periodic benefit cost in  2019 \\. Amounts are generally amortized from AOCI over the expected future lifetime of plan participants\\.\n\nBalance Sheet Position\n\n\n\n|                                                      |                          |                          |                                                      |                                                      |\n| ---------------------------------------------------- | ------------------------ | ------------------------ | ---------------------------------------------------- | ---------------------------------------------------- |\n|                                                      | **Pension Benefits**     | **Pension Benefits**     | **Other Postretirement and Postemployment Benefits** | **Other Postretirement and Postemployment Benefits** |\n|                                                      | **December 31,**         | **December 31,**         | **December 31,**                                     | **December 31,**                                     |\n| **(in millions)**                                    | **2018**                 | **2017**                 | **2018**                                             | **2017**                                             |\n| Current liabilities                                  | $<br><br>(27<br><br>)    | $<br><br>(32<br><br>)    | $<br><br>(123<br><br>)                               | $<br><br>(121<br><br>)                               |\n| Noncurrent liabilities                               | (6,323<br><br>)          | (6,920<br><br>)          | (2,465<br><br>)                                      | (2,517<br><br>)                                      |\n| Total liabilities                                    | $<br><br>(6,350<br><br>) | $<br><br>(6,952<br><br>) | $<br><br>(2,588<br><br>)                             | $<br><br>(2,638<br><br>)                             |\n| Net actuarial loss                                   | $<br><br>(8,682<br><br>) | $<br><br>(8,495<br><br>) | $<br><br>(613<br><br>)                               | $<br><br>(651<br><br>)                               |\n| Prior service credit                                 | \u2014                        | \u2014                        | 47                                                   | 56                                                   |\n| Total accumulated other comprehensive loss, pre\\-tax | $<br><br>(8,682<br><br>) | $<br><br>(8,495<br><br>) | $<br><br>(566<br><br>)                               | $<br><br>(595<br><br>)                               |\n\n\n\nNet Periodic (Benefit) Cost \n\n\n\n|                                      |                             |                             |                             |                                                      |                                                      |                                                      |\n| ------------------------------------ | --------------------------- | --------------------------- | --------------------------- | ---------------------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- |\n|                                      | **Pension Benefits**        | **Pension Benefits**        | **Pension Benefits**        | **Other Postretirement and Postemployment Benefits** | **Other Postretirement and Postemployment Benefits** | **Other Postretirement and Postemployment Benefits** |\n|                                      | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,**                          | **Year Ended December 31,**                          | **Year Ended December 31,**                          |\n| **(in millions)**                    | **2018**                    | **2017**                    | **2016**                    | **2018**                                             | **2017**                                             | **2016**                                             |\n| Service cost                         | $\u2014                          | $\u2014                          | $\u2014                          | $85                                                  | $87                                                  | $68                                                  |\n| Interest cost                        | 781                         | 853                         | 917                         | 126                                                  | 138                                                  | 147                                                  |\n| Expected return on plan assets       | (1,318<br><br>)             | (1,143<br><br>)             | (902<br><br>)               | (67<br><br>)                                         | (69<br><br>)                                         | (74<br><br>)                                         |\n| Amortization of prior service credit | \u2014                           | \u2014                           | \u2014                           | (24<br><br>)                                         | (26<br><br>)                                         | (26<br><br>)                                         |\n| Recognized net actuarial loss        | 267                         | 262                         | 233                         | 36                                                   | 32                                                   | 24                                                   |\n| Settlements                          | 4                           | 3                           | 3                           | \u2014                                                    | \u2014                                                    | \u2014                                                    |\n| Curtailment                          | \u2014                           | \u2014                           | \u2014                           | (53<br><br>)                                         | \u2014                                                    | \u2014                                                    |\n| Net periodic (benefit) cost ^(1)^    | $<br><br>(266<br><br>)      | $<br><br>(25<br><br>)       | $251                        | $103                                                 | $162                                                 | $139                                                 |\n\n\n\n\n\n|       |                                                                                                                                                     |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | See Note 1, \"Summary of Significant Accounting Policies,\" for discussion on ASU No\\. 2017\\-07, \"Compensation \\- Retirement Benefits (Topic 715)\\.\"  |\n\n\n\nService cost is recorded in salaries and related costs in the income statement while other components are recorded within miscellaneous under non\\-operating expense\\.\n\n 83"}
{"_id": "Alaska-2017_77.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\ncredit losses in the event of non\\-performance by counterparties\\. Interest rate swap agreements are Level 2 as the fair value of these contracts is determined based on the difference between the fixed interest rate in the agreements and the observable LIBOR\\-based interest forward rates at period end, multiplied by the total notional value\\.\n\nThe Company has no other financial assets that are measured at fair value on a nonrecurring basis at December 31, 2017\\.\n\n***Activity and Maturities for Marketable Securities***\n\nUnrealized losses from marketable securities are primarily attributable to changes in interest rates\\. Management does not believe any remaining losses represent other\\-than\\-temporary impairments based on the Company's evaluation of available evidence as of December 31, 2017\\. \n\nActivity for marketable securities (in millions):\n\n\n\n|                                    |          |          |          |\n| ---------------------------------- | -------- | -------- | -------- |\n|                                    | **2017** | **2016** | **2015** |\n| Proceeds from sales and maturities | $1,388   | $962     | $1,175   |\n\n\n\nMaturities for marketable securities (in millions):\n\n\n\n|                                       |                |                |\n| ------------------------------------- | -------------- | -------------- |\n| **December 31, 2017**                 | **Cost Basis** | **Fair Value** |\n| Due in one year or less               | $113           | $113           |\n| Due after one year through five years | 1,272          | 1,264          |\n| Due after five years through 10 years | 50             | 50             |\n| **Total**                             | $1,435         | $1,427         |\n\n\n\n***Fair Value of Other Financial Instruments***\n\nThe Company used the following methods and assumptions to determine the fair value of financial instruments that are not recognized at fair value as described below\\.\n\n*Cash and Cash Equivalents*: Carried at amortized costs which approximate fair value\\.\n\n*Debt*: Debt assumed in the acquisition of Virgin America was subject to a non\\-recurring fair valuation adjustment as part of purchase price accounting\\. The adjustment is amortized over the life of the associated debt\\. All other fixed\\-rate debt is carried at cost\\. To estimate the fair value of all fixed\\-rate as of December 31, 2017, the Company uses the income approach by discounting cash flows using borrowing rates for comparable debt over the weighted life of the outstanding debt\\. The estimated fair value of the fixed\\-rate debt is Level 3 as certain inputs used are unobservable\\.\n\nFixed\\-rate debt on the consolidated balance sheet and the estimated fair value of long\\-term fixed\\-rate debt (in millions):\n\n\n\n|                                                                |          |          |\n| -------------------------------------------------------------- | -------- | -------- |\n|                                                                | **2017** | **2016** |\n| Fixed rate debt at cost                                        | **$956** | $1,175   |\n| Non\\-recurring purchase price accounting fair value adjustment | **3**    | 4        |\n| Total fixed rate debt                                          | **$959** | $1,179   |\n| December 31, 2017 estimated fair value                         | **$959** | $1,199   |\n\n\n\n 78"}
{"_id": "AmericanAirlines-2019_160.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nReport of Independent Registered Public Accounting Firm\n\nTo the Stockholder and Board of Directors\n\nAmerican Airlines, Inc\\.:\n\nOpinion on Internal Control Over Financial Reporting \n\nWe have audited American Airlines, Inc\\. and subsidiaries\u2019 (American) internal control over financial reporting as of  December 31, 2019 , based on criteria established in  Internal Control  \u2013  Integrated Framework (2013)  issued by the Committee of Sponsoring Organizations of the Treadway Commission\\. In our opinion, American maintained, in all material respects, effective internal control over financial reporting as of  December 31, 2019 , based on criteria established in  Internal Control  \u2013  Integrated Framework (2013)  issued by the Committee of Sponsoring Organizations of the Treadway Commission\\. \n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of American as of  December 31, 2019  and  2018 , the related consolidated statements of operations, comprehensive income, cash flows, and stockholder\u2019s equity for each of the years in the three\\-year period ended  December 31, 2019 , and the related notes (collectively, the consolidated financial statements), and our report dated  February 19, 2020  expressed an unqualified opinion on those consolidated financial statements\\.\n\nBasis for Opinion \n\nAmerican\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management\u2019s Annual Report on Internal Control over Financial Reporting\\. Our responsibility is to express an opinion on American\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to American in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk\\. Our audit also included performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\nDefinition and Limitations of Internal Control Over Financial Reporting \n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n/s/ KPMG LLP\n\nDallas, Texas\n\nFebruary 19, 2020\n\n161"}
{"_id": "Delta-2018_72.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Fuel Contracts\\.*  Our fuel hedge portfolio consists of options, swaps and futures\\. Option and swap contracts are valued under income approaches using option pricing models and discounted cash flow models, respectively, based on data either readily observable in public markets, derived from public markets or provided by counterparties who regularly trade in public markets\\. Futures contracts and options on futures contracts are traded on a public exchange and valued based on quoted market prices\\.  |\n\n\n\n\n\n|   |                                                                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Interest Rate Contracts\\.*  Our interest rate derivatives are swap contracts, which are valued based on data readily observable in public markets\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                  |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| *\u2022* | *Foreign Currency Exchange Contracts\\.*  Our foreign currency derivatives consist of Japanese yen and Euro forward contracts and are valued based on data readily observable in public markets\\. |\n\n\n\nNOTE 4 \\. INVESTMENTS\n\nShort\\-Term Investments\n\nThe estimated fair values of short\\-term investments, which approximate cost at  December 31, 2018 , are shown below by contractual maturity\\. Actual maturities may differ from contractual maturities because issuers of certain securities have the right to retire our investments without prepayment penalties\\.\n\n\n\n|                                          |                                          |                                          |      |\n| ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | ---- |\n| **(in millions)**                        | **(in millions)**                        | **(in millions)**                        |      |\n| Due in one year or less                  | Due in one year or less                  | Due in one year or less                  | $93  |\n| Due after one year through three years   | Due after one year through three years   | Due after one year through three years   | 96   |\n| Due after three years through five years | Due after three years through five years | Due after three years through five years | 1    |\n| Due after five years                     | Due after five years                     | Due after five years                     | 13   |\n| Total                                    | Total                                    | Total                                    | $203 |\n\n\n\nLong\\-Term Investments\n\nWe have developed strategic relationships with a number of airlines and airline services companies through equity investments and other forms of cooperation and support\\. Strategic relationships improve our coordination with these companies and enable our customers to seamlessly connect to more destinations while enjoying a consistent, high\\-quality travel experience\\. Our equity investments reinforce our commitment to these relationships and provide us with the ability to participate in strategic decision\\-making, often through representation on the boards of directors of the other company\\.\n\nDuring the year ended December 31, 2018, we recorded a net gain on our strategic investments of   $14 million , which was recorded in unrealized gain/(loss) on investments in our income statement under non\\-operating expense\\. This net gain was primarily driven by changes in stock prices and foreign currency fluctuations\\. During 2017 and 2016, before we adopted the new financial instruments accounting standard in 2018, we recorded unrealized gains and losses on available\\-for\\-sale investments in AOCI\\.\n\nEquity Method Investments\n\nWe account for the following investments under the equity method of accounting and recognize our portion of Aerom\u00e9xico's and Virgin Atlantic's financial results in miscellaneous in our income statement under non\\-operating expense\\. Our equity method investments are recorded in other noncurrent assets on our balance sheet\\. If an equity method investment experiences a loss in fair value that is determined to be other than temporary, we will reduce our basis in the investment to fair value and record the loss in unrealized gain/(loss) on investments\\.\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                 |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| *\u2022* | *Aerom\u00e9xico* \\. We have a   51%  equity stake in Grupo Aerom\u00e9xico, the parent company of Aerom\u00e9xico, which is recorded at   $897 million  as of  December 31, 2018 \\. Our investment is non\\-controlling and accounted for under the equity method as Mexican law and Grupo Aerom\u00e9xico's corporate bylaws limit our voting interest to   49% \\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                 |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| *\u2022* | *Virgin Atlantic* \\. We have a non\\-controlling   49%  equity stake in Virgin Atlantic Limited, the parent company of Virgin Atlantic Airways, which is recorded at   $383 million  as of  December 31, 2018 \\. |\n\n\n\n 70"}
{"_id": "Southwest-2019_58.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nwere approximately  $3\\.4 billion , including  $2\\.3 billion  classified within Air traffic liability and  $1\\.1 million  classified as Air traffic liability \u2013 noncurrent\\.\n\nIn order to determine the value of each loyalty point, certain assumptions must be made at the time of measurement, which include the following:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Allocation of Passenger Revenue*  \\- Revenues from Passengers, related to travel, who also earn Rapid Rewards Points have been allocated between flight (recognized as revenue when transportation is provided) and Rapid Rewards Points (deferred until points are redeemed) based on each obligation\u2019s relative standalone selling price\\. The Company utilizes historical earning patterns to assist in this allocation\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Fair Value of Rapid Rewards Points*  \\- Determined from the base fare value of tickets which were purchased using prior point redemptions for travel and other products and services, which the Company believes to be indicative of the fair value of points as perceived by Customers and representative of the value of each point at the time of redemption\\. The Company\u2019s booking site allows a Customer to toggle between fares utilizing either cash or point redemptions, which provides the Customer with an approximation of the equivalent value of their points\\. The value can differ, however, based on demand, the amount of time prior to the flight, and other factors\\. The fare mix during the period measured represents a constraint, which could result in the assumptions above changing at the measurement date, as fare classes can have different coefficients used to determine the total loyalty points needed to purchase an award ticket\\. The mixture of these fare classes and changes in the coefficients used by the Company could cause the fair value per point to increase or decrease\\. |\n\n\n\nThe majority of the points sold to business partners are through the Southwest co\\-branded credit card agreement (\"Agreement\") with Chase Bank USA, N\\.A\\. Consideration received as part of this Agreement is subject to Accounting Standards Codification 606, Revenue From Contracts With Customers\\. The Agreement has the following multiple elements: travel points to be awarded, use of the Southwest Airlines\u2019 brand and access to Rapid Rewards Member lists, advertising elements, and the Company\u2019s resource team\\. These elements are combined into two performance obligations, transportation and marketing, and consideration from the Agreement is allocated based on the relative selling price of each performance obligation\\.\n\nSignificant management judgment was used to estimate the selling price of each of the performance obligations in the Agreement at inception\\. The objective is to determine the price at which the Company would transact a sale if the product or service was sold on a stand\\-alone basis\\. The Company determines the best estimate of selling price by considering multiple inputs and methods including, but not limited to, the estimated selling price of comparable travel, discounted cash flows, brand value, published selling prices, number of points awarded, and the number of points redeemed\\. The Company estimates the selling prices and volumes over the term of the Agreement in order to determine the allocation of proceeds to each of the multiple performance obligations\\. The Company records revenue related to air transportation when the transportation is delivered and revenue related to marketing elements when the performance obligation is satisfied\\. A one percent increase or decrease in the Company's estimate of the standalone selling prices, implemented as of January 1, 2019, resulting in an allocation of proceeds to air transportation would have changed the Company's Operating revenues by approximately  $7 million  for the  year ended December 31, 2019 \\.\n\nUnder its current program, Southwest estimates the portion of loyalty points that will not be redeemed\\. In estimating the spoilage, the Company takes into account the Member\u2019s past behavior, as well as several factors related to the Member\u2019s account that are expected to be indicative of the likelihood of future point redemption\\. These factors are typically representative of a Member\u2019s level of engagement in the loyalty program\\. They include, but are not limited to, tenure with the program, points accrued in the program, and points redeemed in the program\\. The Company believes it has obtained sufficient historical behavioral data to develop a predictive statistical model to analyze the amount of spoilage expected for all loyalty points\\. The Company updates this model at least annually, and applies the new spoilage rates effective October 1st each year, or more frequently if required by changes in the business\\. Changes in the spoilage rates applied annually in recent years have not had a material impact on Passenger revenues\\. For the  year ended December 31, 2019 , based on actual redemptions of points sold to business partners and earned through flights, a hypothetical one percentage point change in the estimated spoilage rate would have resulted in a change to Passenger revenue of approximately  $124 million  (an increase in spoilage would have resulted in an increase in revenue and a \n\n59"}
{"_id": "Delta-2019_96.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nSegment Reporting\n\nSegment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP\\. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand\\-alone basis\\. \n\n\n\n|                                |                                |                                |          |           |  |  |  |                           |           |           |           |               |\n|:------------------------------ |:------------------------------ |:------------------------------ | --------:| ---------:|:- |:- |:- | -------------------------:|:--------- |:--------- |:--------- | -------------:|\n| (in millions)                  | (in millions)                  | (in millions)                  | Airline  | Refinery  |  |  |  | Intersegment Sales/Other  |           |           |           | Consolidated  |\n| Year Ended December 31, 2019   | Year Ended December 31, 2019   | Year Ended December 31, 2019   |          |           |  |  |  |                           |           |           |           |               |\n| Operating revenue:             | Operating revenue:             | Operating revenue:             | $ 46,910 |   $ 5,558 |  |  |  |                           |           |           |           |      $ 47,007 |\n| Sales to airline segment       | Sales to airline segment       | Sales to airline segment       |          |           |  |  |  |                 $ (1,103) | <br>^(1)^ | <br>^(1)^ | <br>^(1)^ |               |\n| Exchanged products             | Exchanged products             | Exchanged products             |          |           |  |  |  |                   (3,963) | <br>^(2)^ | <br>^(2)^ | <br>^(2)^ |               |\n| Sales of refined products      | Sales of refined products      | Sales of refined products      |          |           |  |  |  |                     (395) | <br>^(3)^ | <br>^(3)^ | <br>^(3)^ |               |\n| Operating income               | Operating income               | Operating income               |    6,542 |        76 |  |  |  |                           |           |           |           |         6,618 |\n| Interest expense (income), net | Interest expense (income), net | Interest expense (income), net |      327 |      (26) |  |  |  |                           |           |           |           |           301 |\n| Depreciation and amortization  | Depreciation and amortization  | Depreciation and amortization  |    2,581 |        99 |  |  |  |                      (99) | <br>^(4)^ | <br>^(4)^ | <br>^(4)^ |         2,581 |\n| Total assets, end of period    | Total assets, end of period    | Total assets, end of period    |   62,793 |     1,739 |  |  |  |                           |           |           |           |        64,532 |\n| Capital expenditures           | Capital expenditures           | Capital expenditures           |    4,880 |        56 |  |  |  |                           |           |           |           |         4,936 |\n| Year Ended December 31, 2018   | Year Ended December 31, 2018   | Year Ended December 31, 2018   |          |           |  |  |  |                           |           |           |           |               |\n| Operating revenue:             | Operating revenue:             | Operating revenue:             | $ 43,890 |   $ 5,458 |  |  |  |                           |           |           |           |      $ 44,438 |\n| Sales to airline segment       | Sales to airline segment       | Sales to airline segment       |          |           |  |  |  |                   $ (962) | <br>^(1)^ | <br>^(1)^ | <br>^(1)^ |               |\n| Exchanged products             | Exchanged products             | Exchanged products             |          |           |  |  |  |                   (3,596) | <br>^(2)^ | <br>^(2)^ | <br>^(2)^ |               |\n| Sales of refined products      | Sales of refined products      | Sales of refined products      |          |           |  |  |  |                     (352) | <br>^(3)^ | <br>^(3)^ | <br>^(3)^ |               |\n| Operating income               | Operating income               | Operating income               |    5,206 |        58 |  |  |  |                           |           |           |           |         5,264 |\n| Interest expense (income), net | Interest expense (income), net | Interest expense (income), net |      334 |      (23) |  |  |  |                           |           |           |           |           311 |\n| Depreciation and amortization  | Depreciation and amortization  | Depreciation and amortization  |    2,329 |        67 |  |  |  |                      (67) | <br>^(4)^ | <br>^(4)^ | <br>^(4)^ |         2,329 |\n| Total assets, end of period    | Total assets, end of period    | Total assets, end of period    |   58,561 |     1,705 |  |  |  |                           |           |           |           |        60,266 |\n| Capital expenditures           | Capital expenditures           | Capital expenditures           |    5,005 |       163 |  |  |  |                           |           |           |           |         5,168 |\n| Year Ended December 31, 2017   | Year Ended December 31, 2017   | Year Ended December 31, 2017   |          |           |  |  |  |                           |           |           |           |               |\n| Operating revenue:             | Operating revenue:             | Operating revenue:             | $ 40,636 |   $ 5,039 |  |  |  |                           |           |           |           |      $ 41,138 |\n| Sales to airline segment       | Sales to airline segment       | Sales to airline segment       |          |           |  |  |  |                   $ (886) | <br>^(1)^ | <br>^(1)^ | <br>^(1)^ |               |\n| Exchanged products             | Exchanged products             | Exchanged products             |          |           |  |  |  |                   (3,240) | <br>^(2)^ | <br>^(2)^ | <br>^(2)^ |               |\n| Sales of refined products      | Sales of refined products      | Sales of refined products      |          |           |  |  |  |                     (411) | <br>^(3)^ | <br>^(3)^ | <br>^(3)^ |               |\n| Operating income               | Operating income               | Operating income               |    5,856 |       110 |  |  |  |                           |           |           |           |         5,966 |\n| Interest expense (income), net | Interest expense (income), net | Interest expense (income), net |      403 |       (7) |  |  |  |                           |           |           |           |           396 |\n| Depreciation and amortization  | Depreciation and amortization  | Depreciation and amortization  |    2,222 |        47 |  |  |  |                      (47) | <br>^(4)^ | <br>^(4)^ | <br>^(4)^ |         2,222 |\n| Total assets, end of period    | Total assets, end of period    | Total assets, end of period    |   51,544 |     2,127 |  |  |  |                           |           |           |           |        53,671 |\n| Capital expenditures           | Capital expenditures           | Capital expenditures           |    3,743 |       148 |  |  |  |                           |           |           |           |         3,891 |\n\n\n\n^(1)^ Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations\\. We determine market price by reference to the market index for the primary delivery location, which is New York Harbor, for jet fuel from the refinery\\.\n\n^(2)^ Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis\\.\n\n^(3)^ These sales were at or near cost; accordingly, the margin on these sales is de minimis\\.\n\n^(4)^ Refinery segment operating results, including depreciation and amortization, are included within aircraft fuel and related taxes in our income statement\\.\n\n94"}
{"_id": "United-2017_12.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nfueling operations, and catering services, among other vital functions and services\\. The Company does not directly control these third\\-party service providers, although it does enter into agreements with most of them that define expected service performance\\. Any of these third\\-party service providers, however, may materially fail to meet their service performance commitments to the Company, may suffer disruptions to their systems that could impact their services, or the agreements with such providers may be terminated\\. For example, flight reservations booked by customers and travel agencies via third\\-party GDSs may be adversely affected by disruptions in the business relationships between the Company and GDS operators\\. Such disruptions, including a failure to agree upon acceptable contract terms when contracts expire or otherwise become subject to renegotiation, may cause the Company\u2019s flight information to be limited or unavailable for display, significantly increase fees for both the Company and GDS users and impair the Company\u2019s relationships with its customers and travel agencies\\. The failure of any of the Company\u2019s third\\-party service providers to perform their service obligations adequately, or other interruptions of services, may reduce the Company\u2019s revenues and increase its expenses, prevent the Company from operating its flights and providing other services to its customers or result in adverse publicity or harm to its brand\\. In addition, the Company\u2019s business and financial performance could be materially harmed if its customers believe that its services are unreliable or unsatisfactory\\.\n\n***Orders for new aircraft typically must be placed years in advance of scheduled deliveries, and changes in the Company\u2019s route network over time may make aircraft on order less economic for the Company, but any modification or termination of such orders could result in material liability for the Company\\.*** \n\nThe Company\u2019s orders for new aircraft are typically made years in advance of actual delivery of such aircraft, and the financial commitment required for purchases of new aircraft is substantial\\. At December 31, 2017, the Company had firm commitments to purchase 228 new aircraft from The Boeing Company (\u201cBoeing\u201d) and Airbus S\\.A\\.S (\u201cAirbus\u201d), as well as related agreements with engine manufacturers, maintenance providers and others\\. At December 31, 2017, the Company\u2019s commitments relating to the acquisition of aircraft and related spare engines, aircraft improvements and other related obligations aggregated to a total of $22\\.2 billion\\.\n\nSubsequent to the Company placing an order for new aircraft, the Company\u2019s route network may change, such that the aircraft on order become less economic to operate flights in the Company\u2019s network\\. As a result, the Company\u2019s preference for a particular aircraft that it has ordered, often years in advance, may be decreased or eliminated\\. If the Company were to seek to modify or terminate its existing aircraft order commitments, it may be responsible for material obligations to its counterparties arising from any such change\\. However, the Company expects that any such change that it makes would be in the long\\-term best economic interest of the Company\\.\n\n***The Company could experience adverse publicity, harm to its brand, reduced travel demand and potential tort liability as a result of an accident, catastrophe, or incident involving its aircraft or its operations, the aircraft or operations of its regional carriers or the aircraft or operations of its codeshare partners, which may result in a material adverse effect on the Company\u2019s results of operations or financial position\\.*** \n\nAn accident, catastrophe, or incident involving an aircraft that the Company operates, or an aircraft that is operated by a codeshare partner or one of the Company\u2019s regional carriers, or an incident involving the Company\u2019s operations, could have a material adverse effect on the Company if such accident, catastrophe, or incident created a public perception that the Company\u2019s operations, or the operations of its codeshare partners or regional carriers, are not safe or reliable, or are less safe or reliable than other airlines\\. Such public perception could, in turn, result in adverse publicity for the Company, cause harm to the Company\u2019s brand and reduce travel demand on the Company\u2019s flights, or the flights of its codeshare partners or regional carriers\\.\n\nIn addition, any such accident, catastrophe, or incident could expose the Company to significant tort liability\\. Although the Company currently maintains liability insurance in amounts and of the type the Company believes to be consistent with industry practice to cover damages arising from any such accident or catastrophe, and the Company\u2019s codeshare partners and regional carriers carry similar insurance and generally indemnify the Company for their operations, if the Company\u2019s liability exceeds the applicable policy limits or the ability of\n\n13"}
{"_id": "Alaska-2017_33.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Accomplishments and Highlights***\n\n***Recognition and Awards \\- Alaska***\n\n\n\n|   |                                                                                                                            |\n| - | -------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Ranked \"Highest in Customer Satisfaction Among Traditional Carriers\" in 2017 by J\\.D\\. Power for the tenth year in a row\\. |\n\n\n\n\n\n|   |                                                                                                                        |\n| - | ---------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Ranked first in the U\\.S\\. News & World Report's list of Best Travel Rewards Programs for the third consecutive year\\. |\n\n\n\n\n\n|   |                                                                                                                              |\n| - | ---------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Won the \"Best Rewards Program\" for Mileage Plan\u2122 for carriers in the \"Americas\" region in the sixth annual FlyerTalk Award\\. |\n\n\n\n\n\n|   |                                                                                          |\n| - | ---------------------------------------------------------------------------------------- |\n| \u2022 | Mileage Plan\u2122 ranked Best Airline Elite Status Program in the U\\.S\\. by The Points Guy\\. |\n\n\n\n\n\n|   |                                                                                     |\n| - | ----------------------------------------------------------------------------------- |\n| \u2022 | Ranked among Forbes' 2017 \"America's Best Employers\" for the third year in a row\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                   |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Received 16th Diamond Award of Excellence from the Federal Aviation Administration, recognizing both Alaska and Horizon's aircraft technicians for their commitment to training\\. |\n\n\n\n\n\n|   |                                                                                                               |\n| - | ------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Ranked by AirlineRatings\\.com as one of only two U\\.S\\. airlines in the Top 20 safest airlines in the world\\. |\n\n\n\n\n\n|   |                                                                                                                            |\n| - | -------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Rated \"Best Airline Staff in North America\" and \"Best Regional Airline in North America\" by Skytrax World Airline Awards\\. |\n\n\n\n\n\n|   |                                                                                                                                                                        |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Awarded TripAdvisor's 2017 Travelers' Choice Award for second\\-best midsize and low\\-cost airlines in North America and one of the top 10 best airlines in the world\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                       |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Recognized by the Puget Sound Business Journal as the 2017 Board Diversity Champion, as well as by the Women Corporate Directors Global Institute for diversity among our Directors\\. |\n\n\n\n\n\n|   |                                                                                                                                              |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Ranked as the top U\\.S\\. airline in the Dow Jones Sustainability Index (DJSI), receiving perfect scores for \u201cefficiency\u201d and \u201creliability\\.\u201d |\n\n\n\n\n\n|   |                                                                                                                                                 |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Recognized as No\\. 1 in fuel efficiency for U\\.S\\. airlines by the International Council on Clean Transportation for the 7th consecutive year\\. |\n\n\n\n\n\n|   |                                                                                                                   |\n| - | ----------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Named one of the overall five\\-star major regional airlines at the Passenger Choice Awards during the APEX EXPO\\. |\n\n\n\n\n\n|   |                                                                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Ranked fifth of most engaged companies in the U\\.S\\. by Forbes Insights, which measured social media engagement, net promoter scores, and year\\-over\\-year sales growth\\. |\n\n\n\n***Recognition and Awards \\- Virgin America***\n\n\n\n|   |                                                                                                                         |\n| - | ----------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Rated Best U\\.S\\. Airline by Conde Nast Traveler in their \"Annual Readers' Choice Awards\" for the tenth year in a row\\. |\n\n\n\n\n\n|   |                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------- |\n| \u2022 | Rated Best Domestic Airline in Travel \\+ Leisure \"World's Best Awards\" for the tenth year in a row\\. |\n\n\n\n\n\n|   |                                                                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Received a five\\-star rating for low\\-cost carrier, and received a top honor with a Passenger Choice Award for \u201cBest Seat Comfort\u201d during the APEX EXPO\\. |\n\n\n\n***Our People and Communities***\n\n\n\n|   |                                                                    |\n| - | ------------------------------------------------------------------ |\n| \u2022 | Awarded  $135 million  in incentive pay to employees for  2017 \\.  |\n\n\n\n\n\n|   |                                                                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Awarded employees a $1,000 bonus in January 2018 in connection with the passing of the Tax Cuts and Jobs Act, amounting to approximately $25 million\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Donated over  $14 million  and contributed more than  32,000  volunteer hours to support nonprofits in our local communities, focusing on youth and education, medical (research/transportation) and community outreach\\. |\n\n\n\n***Shareholder Return***\n\nIn 2017, we paid cash dividends of $148 million and repurchased approximately 981 thousand shares of our common stock for $75 million under the $1 billion share repurchase program authorized by our Board of Directors in August 2015\\. As of December 31, 2017, the Company has repurchased approximately 5 million shares for $388 million under this program\\. \n\n 34"}
{"_id": "AmericanAirlines-2018_70.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|       |                                                                                                                                                                                                                                                                                                                                   |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(h)^ | Includes minimum pension contributions based on actuarially determined estimates and is based on estimated payments through 2028\\. The total AAG expected pension contribution of  $807 million  in  2019  assumes a supplemental contribution of  $21 million  in addition to the  $786 million  minimum required contribution\\. |\n\n\n\n\n\n|       |                                                                                                        |\n| ----- | ------------------------------------------------------------------------------------------------------ |\n| ^(i)^ | Includes purchase commitments for jet fuel, construction projects and information technology support\\. |\n\n\n\n**Capital Raising Activity and Other Possible Actions**\n\nIn light of our significant financial commitments related to, among other things, new aircraft, the servicing and amortization of existing debt and equipment leasing arrangements, and future pension funding obligations, we and our subsidiaries will regularly consider, and enter into negotiations related to, capital raising activity, which may include the entry into leasing transactions and future issuances of secured or unsecured debt obligations or additional equity securities in public or private offerings or otherwise\\. The cash available from operations and these sources, however, may not be sufficient to cover cash contractual obligations because economic factors may reduce the amount of cash generated by operations or increase costs\\. For instance, an economic downturn or general global instability caused by military actions, terrorism, disease outbreaks, natural disasters or other causes could reduce the demand for air travel, which would reduce the amount of cash generated by operations\\. An increase in costs, either due to an increase in borrowing costs caused by a reduction in credit ratings or a general increase in interest rates, or due to an increase in the cost of fuel, maintenance, or aircraft, aircraft engines or parts, could decrease the amount of cash available to cover cash contractual obligations\\. Moreover, certain of our financing arrangements contain significant minimum cash balance requirements\\. As a result, we cannot use all of our available cash to fund operations, capital expenditures and cash obligations without violating these requirements\\. See Note 5 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 3 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for information regarding our financing arrangements\\.\n\nIn the past, we have from time to time refinanced, redeemed or repurchased our debt and taken other steps to reduce or otherwise manage the aggregate amount and cost of our debt or lease obligations or otherwise improve our balance sheet\\. Going forward, depending on market conditions, our cash position and other considerations, we may continue to take such actions\\.\n\nOur Board of Directors has from time to time authorized programs to repurchase shares of our common stock, one of which is currently in effect, and may authorize additional share repurchase programs in the future\\.\n\n**OTHER INFORMATION**\n\n**Basis of Presentation**\n\nSee Note 1 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 1 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for information regarding the basis of presentation\\.\n\n**Critical Accounting Policies and Estimates**\n\nThe preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements\\. We believe our estimates and assumptions are reasonable; however, actual results could differ from those estimates\\. Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties and could potentially result in materially different results under different assumptions and conditions\\. We have identified the following critical accounting policies that impact the preparation of our consolidated financial statements\\. See the \u201c*Basis of Presentation and Summary of Significant Accounting Policies*\u201d included in Note 1 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 1 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional discussion of the application of these estimates and other accounting policies\\.\n\n***Passenger Revenue***\n\nWe recognize all revenues generated from transportation on American and our regional flights operated under the brand name American Eagle, including associated baggage fees, ticketing change fees and other inflight services, as passenger revenue when transportation is provided\\. Ticket and other related sales for transportation that has not yet been provided are initially deferred and recorded as air traffic liability on our consolidated balance sheets\\. The air traffic liability principally represents tickets sold for future travel on American and partner airlines, as well as estimated future refunds and exchanges of tickets sold for past travel\\. \n\nThe majority of tickets sold are nonrefundable\\. A small percentage of tickets, some of which are partially used tickets, expire unused\\. Due to complex pricing structures, refund and exchange policies, and interline agreements with other airlines, \n\n71"}
{"_id": "Southwest-2017_82.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nIn addition, the standard eliminates the current build\\-to\\-suit lease accounting guidance and could result in derecognition of build\\-to\\-suit assets and liabilities that remained on the balance sheet after the end of the construction period\\. The underlying leases for these facilities will be subject to evaluation under the new standard\\. \n\nThe Company anticipates utilizing the modified retrospective transition approach to adopt the standard, which requires application of the new guidance for all periods presented with an option to use certain practical expedients\\. The Company continues to assess early adoption of this ASU as of an interim period in 2018, and will continue to provide updates to its plans in future periods\\.\n\nOn May 28, 2014, the FASB issued ASU No\\. 2014\\-09, Revenue from Contracts with Customers\\. Following the FASB's finalization of a one year deferral of this standard, the ASU is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017\\. The Company will adopt the ASU in first quarter 2018\\. The most significant impact of this ASU on the Company's accounting will be the elimination of the incremental cost method for frequent flyer accounting, which will require the Company to re\\-value its liabilities associated with Customer flight points with a relative fair value approach, resulting in a significant increase in the liabilities\\. The Company's liabilities associated with these flight points were $59 million at December 31, 2017, and the Company currently estimates that applying a relative fair value would increase the liabilities by approximately $1\\.0 billion to $1\\.2 billion\\. The adoption of the new standard is also expected to result in different income statement classification for certain types of revenues which are currently classified as Other revenues, but under the new ASU would be included in Passenger revenues, and certain expenses, which are currently classified as Other operating expenses, but under the new ASU would be offset against Passenger revenues\\. Based on the Company's full year 2017 and 2016 results, the amounts to be reclassified from Other revenues to Passenger revenues would have been $638 million and $610 million, respectively\\. For full year 2017 and 2016, the amounts to be reclassified from Other operating expenses to be offset against Passenger revenues would have been approximately $40 million in each year\\. The estimated impact of this ASU is expected to be a less than one percent reduction to Operating revenues for both full year 2017 and 2016, and it will not impact any of the Company's existing debt covenants\\. The Company will adopt the standard as of January 1, 2018, utilizing the full retrospective method of adoption allowed by the standard, in order to provide for comparative results in all periods presented\\. The Company is in the process of completing its analysis of information necessary to recast prior period results, however it does not believe there are any remaining significant implementation topics associated with the adoption of this ASU that have not yet been addressed\\.\n\n**3****\\. NET INCOME PER SHARE**\n\nThe following table sets forth the computation of basic and diluted net income per share (in millions except per share amounts):\n\n\n\n|                                                                               |                             |                             |                             |\n| ----------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                               | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                                                               | **2017**                    | **2016**                    | **2015**                    |\n| **NUMERATOR:**                                                                |                             |                             |                             |\n| Net income                                                                    | $3,488                      | $2,244                      | $2,181                      |\n| Incremental income effect of <br><br> interest on 5\\.25% convertible notes    | \u2014                           | 2                           | 4                           |\n| Net income after assumed conversion                                           | $3,488                      | $2,246                      | $2,185                      |\n| **DENOMINATOR:**                                                              |                             |                             |                             |\n| Weighted\\-average shares outstanding, basic                                   | 601                         | 627                         | 661                         |\n| Dilutive effect of Employee stock options and <br><br> restricted stock units | 2                           | 1                           | 2                           |\n| Dilutive effect of 5\\.25% convertible notes                                   | \u2014                           | 5                           | 6                           |\n| Adjusted weighted\\-average shares outstanding, diluted                        | 603                         | 633                         | 669                         |\n| **NET INCOME PER SHARE:**                                                     |                             |                             |                             |\n| Basic                                                                         | $5\\.80                      | $3\\.58                      | $3\\.30                      |\n| Diluted                                                                       | $5\\.79                      | $3\\.55                      | $3\\.27                      |\n\n\n\n**4****\\. COMMITMENTS AND CONTINGENCIES**\n\n***Commitments***\n\nThe Company has contractual obligations and commitments primarily with regard to future purchases of aircraft, repayment of debt (see Note 6), and lease arrangements (see Note 7)\\. During the year endedDecember 31, 2017, the Company purchased 13 new 737 MAX 8 aircraft and 39 new 737\\-800 aircraft from Boeing and acquired 18 used 737\\-700 aircraft from third parties under capital leases\\. The Company has firm orders in place for 197 737 MAX 8 aircraft, 30 737 MAX 7 aircraft, and 26 737\\-800 aircraft, as well as options for 155 737 MAX 8 aircraft as of December 31, 2017, which are outlined in Part I, Item 2\\. The Company's capital commitments associated with these firm orders and additional aircraft are as follows: $874 million in 2018, $666 million in 2019, $1\\.1 billion in 2020, $1\\.3 billion in 2021, $877 million in 2022, and $5\\.2 billion thereafter\\.\n\n**Fort Lauderdale\\-Hollywood International Airport**\n\nIn December 2013, the Company entered into an agreement with Broward County, Florida, which owns and operates Fort Lauderdale\\-Hollywood International Airport, to oversee and manage the design and construction of the airport's Terminal 1 Modernization Project\\. Pursuant to an addendum entered into during 2016, the cost of the project is not to exceed $333 million\\. In addition to significant improvements to the existing Terminal 1, the project includes the design and construction of a new five\\-gate Concourse A with an international processing facility\\. Funding for the project has come directly from Broward County aviation sources, but flows through the Company in its capacity as manager of the project\\. Major construction on the project began during third quarter 2015\\. Construction of Concourse A was completed during second quarter 2017, and construction on Terminal 1 is expected to be completed by mid\\-2018\\. The Company has determined that due to its agreed upon role in overseeing and managing the project, it is considered the owner of the project for accounting purposes\\. As such, during construction the Company records expenditures as Assets \n\n83"}
{"_id": "AmericanAirlines-2019_55.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNonoperating Results\n\n\n\n|                                 |                                              |                                              |                                              |                                                       |\n| ------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                 | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **2019**                                     | **2018**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Interest income                 | $127                                         | $118                                         | $9                                           | 7\\.1                                                  |\n| Interest expense, net           | (1,095)                                      | (1,056)                                      | (39)                                         | 3\\.7                                                  |\n| Other income, net               | 159                                          | 166                                          | (7)                                          | (3\\.8)                                                |\n| Total nonoperating expense, net | $(809)                                       | $(772)                                       | $(37)                                        | 4\\.8                                                  |\n\n\n\nInterest expense, net increased  $39 million , or  3\\.7 % in  2019  as compared to  2018 , primarily due to lower capitalized interest\\.\n\nIn  2019 , other nonoperating income, net principally included  $183 million  of non\\-service related pension and other postretirement benefit plan income\\. This income was offset in part by  $32 million  of net foreign currency losses principally associated with losses from Latin American currencies\\.\n\nIn  2018 , other nonoperating income, net principally included  $308 million  of non\\-service related pension and other postretirement benefit plan income\\. This income was offset in part by a  $104 million  net special charge for mark\\-to\\-market unrealized losses primarily associated with our equity investment in China Southern Airlines and  $55 million  of net foreign currency losses from Latin American currencies\\.\n\nThe decrease in non\\-service related pension and other postretirement benefit plan income in  2019  as compared to  2018  is principally due to a decrease in the expected return on pension plan assets\\.\n\nIncome Taxes\n\nIn  2019 , we recorded an income tax provision of  $570 million  at an effective rate of approximately  25% , which was substantially non\\-cash due to utilization of our net operating losses (NOLs)\\. Substantially all of our income before income taxes is attributable to the United States\\. At  December 31, 2019 , we had approximately  $9\\.1 billion  of federal NOLs and  $3\\.0 billion  of state NOLs, substantially all of which we expect to be available in  2020  to reduce future federal and state taxable income\\.\n\nIn  2018 , we recorded an income tax provision of  $472 million  at an effective rate of approximately  25% , which was substantially non\\-cash\\. This provision included an  $18 million  special income tax charge related to an international income tax matter\\.\n\nSee Note 7 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for additional information on income taxes\\.\n\nAmerican\u2019s Results of Operations\n\nFor a comparison of the  2018  to  2017  reporting periods, see Part II, Item 7\\. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 \u201c American\u2019s Results of Operations  \u2013  2018 Compared to 2017\u201d  of American\u2019s 2018 Form 10\\-K\\.\n\nResults of Operations \u2013  2019  Compared to  2018 \n\nOperating Revenues\n\n\n\n|                          |                                              |                                              |                                              |                                                       |\n| ------------------------ | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                          | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **2019**                                     | **2018**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Passenger                | $42,010                                      | $40,676                                      | $1,334                                       | 3\\.3                                                  |\n| Cargo                    | 863                                          | 1,013                                        | (150)                                        | (14\\.8)                                               |\n| Other                    | 2,888                                        | 2,841                                        | 47                                           | 1\\.7                                                  |\n| Total operating revenues | $45,761                                      | $44,530                                      | $1,231                                       | 2\\.8                                                  |\n\n\n\n56"}
{"_id": "Delta-2019_68.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nAncillary Businesses and Refinery\\.  Ancillary businesses and refinery includes aircraft maintenance provided to third parties, our vacation wholesale operations, our private jet operations and refinery sales to third parties\\. Third\\-party refinery production sales are at or near cost; accordingly, the margin on these sales is de minimis\\. See Note 15, \"Segments,\" for more information on revenue recognition within our refinery segment\\.\n\nIn January 2020, we combined Delta Private Jets, our wholly owned subsidiary which provides private jet operations, with Wheels Up\\. Upon closing, we received an equity stake in Wheels Up and Delta Private Jets will no longer be reflected in ancillary businesses and refinery\\. See Note 4, \"Investments,\" for more information on this transaction\\.\n\nIn 2018, we sold DAL Global Services, LLC (\"DGS\"), which provides aviation\\-related, ground support equipment maintenance and professional security services, to AirCo Aviation Services, LLC (\"AirCo\"), a subsidiary of Argenbright Holdings, LLC\\. Accordingly, DGS is no longer reflected within ancillary businesses and refinery in 2019\\.\n\nMiscellaneous\\.  Miscellaneous revenue is primarily composed of lounge access and codeshare revenues\\. \n\nAccounts Receivable\n\nAccounts receivable primarily consist of amounts due from credit card companies from the sale of passenger tickets, ancillary businesses and refinery sales, and other companies for the purchase of miles under the loyalty program\\. We provide an allowance for uncollectible accounts equal to the estimated losses expected to be incurred based on historical chargebacks, write\\-offs, bankruptcies and other specific analyses\\. Bad debt expense was not material in any period presented\\. \n\nPassenger Taxes and Fees\n\nWe are required to charge certain taxes and fees on our passenger tickets, including U\\.S\\. federal transportation taxes, federal security charges, airport passenger facility charges and foreign arrival and departure taxes\\. These taxes and fees are assessments on the customer for which we act as a collection agent\\. Because we are not entitled to retain these taxes and fees, we do not include such amounts in passenger revenue\\. We record a liability when the amounts are collected and reduce the liability when payments are made to the applicable government agency or operating carrier (i\\.e\\., for codeshare\\-related fees)\\.\n\nNOTE 3\\. FAIR VALUE MEASUREMENTS\n\nFair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants\\. Fair value is a market\\-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability\\.\n\n\u2022 Level 1\\.  Observable inputs such as quoted prices in active markets; \n\n\u2022 Level 2 \\. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and\n\n\u2022 Level 3 \\. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions\\.\n\nAssets and liabilities measured at fair value are based on the valuation techniques identified in the tables below\\. The valuation techniques are as follows:\n\n(a) Market Approach \\. Prices and other relevant information generated by observable transactions involving identical or comparable assets or liabilities; and\n\n(b) Income Approach\\.  Techniques to convert future amounts to a single present value amount based on market expectations (including present value techniques and option\\-pricing models)\\.\n\n66"}
{"_id": "United-2018_99.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|          |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| -------- | --------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u202010\\.34  | UAL             | [First Amendment to the United Continental Holdings, Inc\\. Performance\\-Based RSU Program (adopted pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan) ](https://www.example.com/ual_12311810kex1034.htm)                                                                                                                                                                                                                           |\n|  \u202010\\.35 | UAL             | [Form of Performance\\-Based RSU Award Notice pursuant to the United Continental Holdings, Inc\\. Performance\\-Based RSU Program (Relative Pre\\-tax Margin awards) (stock settled form of award)](https://www.example.com/ual_12311810kex1035.htm)                                                                                                                                                                                                                     |\n|  \u202010\\.36 | UAL             | [Form of Performance\\-Based RSU Award Notice pursuant to the United Continental Holdings, Inc\\. Performance\\-Based RSU Program (Relative Pre\\-tax Margin awards) (filed as Exhibit 10\\.9 to UAL's Form 10\\-Q for the quarter ended June 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex109.htm)                                                         |\n| \u202010\\.37  | UAL             | [United Continental Holdings, Inc\\. Annual Incentive Program (cash settled form of award) (adopted pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan) (filed as Exhibit 10\\.63 to UAL's Form 10\\-K for the year ended December 31, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312518054235/d471340dex1063.htm)                               |\n|  \u202010\\.38 | UAL             | [Form of Annual Incentive Plan Award Notice pursuant to the United Continental Holdings, Inc\\. Annual Incentive Program (adopted pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan) (filed as Exhibit 10\\.64 to UAL's Form 10\\-K for the year ended December 31, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312518054235/d471340dex1064.htm) |\n|  \u202010\\.39 | UAL             | [Description of Compensation and Benefits for United Continental Holdings, Inc\\. Non\\-Employee Directors ](https://www.example.com/ual_12311810kex1039.htm)                                                                                                                                                                                                                                                                                                          |\n|  \u202010\\.40 | UAL             | [United Continental Holdings, Inc\\. 2006 Director Equity Incentive Plan (as amended and restated, effective February 20, 2014, filed as Annex A to UAL's Definitive Proxy Statement filed April 25, 2014, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000104746914004198/a2219797zdef14a.htm#lc42701_annex_a)                                                                               |\n|  \u202010\\.41 | UAL             | [First Amendment to the United Continental Holdings, Inc\\. 2006 Director Equity Incentive Plan (as amended and restated on February 20, 2014) (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended March 31, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517127429/d334701dex103.htm)                                                                           |\n| \u202010\\.42  | UAL             | [Form of Share Unit Award Notice pursuant to the United Continental Holdings, Inc\\. 2006 Director Equity Incentive Plan (for awards granted on or after June 2011) (filed as Exhibit 10\\.9 to UAL's Form 10\\-Q for the quarter ended June 30, 2014, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312514278970/d732259dex109.htm)                                                       |\n| \u202010\\.43  | UAL  <br>United | [Amended and Restated A350\\-900 Purchase Agreement, dated September 1, 2017, including letter agreements related thereto, between Airbus S\\.A\\.S\\. and United Airlines, Inc\\. (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended September 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517313831/d437791dex101.htm)                                       |\n| \u202010\\.44  | UAL  <br>United | [Purchase Agreement No\\. 1951, including exhibits and side letters thereto, dated July 23, 1996, by and among Continental and Boeing (filed as Exhibit 10\\.8 to Continental's Form 10\\-Q for the quarter ended June 30, 1996, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/0000319687-96-000025.txt)                                                                                        |\n| ^10\\.45  | UAL  <br>United | [Supplemental Agreement No\\. 1 to Purchase Agreement No\\. 1951, dated October 10, 1996 (filed as Exhibit 10\\.14(a) to Continental's Form 10\\-K for the year ended December 31, 1996, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/0000319687-97-000002.txt)                                                                                                                                 |\n| ^10\\.46  | UAL  <br>United | [Supplemental Agreement No\\. 2 to Purchase Agreement No\\. 1951, dated March 5, 1997 (filed as Exhibit 10\\.3 to Continental's Form 10\\-Q for the quarter ended March 31, 1997, Commission file number 1\\-10323 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/0000319687-97-000019.txt)                                                                                                                                         |\n| ^10\\.47  | UAL  <br>United | [Supplemental Agreement No\\. 3, including exhibit and side letter, to Purchase Agreement No\\. 1951, dated July 17, 1997 (filed as Exhibit 10\\.14(c) to Continental's Form 10\\-K for the year ended December 31, 1997, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/0000319687-98-000003.txt)                                                                                                |\n| ^10\\.48  | UAL  <br>United | [Supplemental Agreement No\\. 4, including exhibits and side letters, to Purchase Agreement No\\. 1951, dated October 10, 1997 (filed as Exhibit 10\\.14(d) to Continental's Form 10\\-K for the year ended December 31, 1997, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/0000319687-98-000003.txt)                                                                                           |\n| ^10\\.49  | UAL  <br>United | [Supplemental Agreement No\\. 5, including exhibits and side letters, to Purchase Agreement No\\. 1951, dated October 10, 1997 (filed as Exhibit 10\\.1 to Continental's Form 10\\-Q for the quarter ended June 30, 1998, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/0000319687-98-000010.txt)                                                                                                |\n\n\n\n100"}
{"_id": "United-2018_88.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nimpacted by the following significant items (in millions):\n\n\n\n|                                                                                                           |                   |                   |                   |                   |\n| --------------------------------------------------------------------------------------------------------- | ----------------- | ----------------- | ----------------- | ----------------- |\n|                                                                                                           | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |\n|                                                                                                           | **March 31**      | **June 30**       | **September 30**  | **December 31**   |\n| **2018**                                                                                                  |                   |                   |                   |                   |\n| Operating:                                                                                                |                   |                   |                   |                   |\n| Impairment of assets                                                                                      | $23               | $111              | $11               | $232              |\n| Termination of an engine maintenance service agreement                                                    | \u2014                 | \u2014                 | \u2014                 | 64                |\n| Severance and benefit costs                                                                               | 14                | 11                | 9                 | 7                 |\n| (Gains) losses on sale of assets and other special charges                                                | 3                 | 7                 | (3)               | (2)               |\n| Total operating special charges                                                                           | 40                | 129               | 17                | 301               |\n| Nonoperating:                                                                                             |                   |                   |                   |                   |\n| Nonoperating mark\\-to\\-market (\"MTM\") (gains) losses on financial instruments                             | (45)              | 135               | (29)              | (56)              |\n| Total special charges and MTM (gains) losses on financial instruments                                     | (5)               | 264               | (12)              | 245               |\n| Income taxes:                                                                                             |                   |                   |                   |                   |\n| Income tax expense (benefit) related to special charges and MTM gains and losses on financial instruments | 1                 | (59)              | 3                 | (55)              |\n| Income tax adjustments                                                                                    | \u2014                 | \u2014                 | \u2014                 | (5)               |\n| Total special charges and MTM (gains) losses on financial instruments, net of tax                         | $(4)              | $205              | $(9)              | $185              |\n| **2017 (a)**                                                                                              |                   |                   |                   |                   |\n| Operating:                                                                                                |                   |                   |                   |                   |\n| Severance and benefit costs                                                                               | $37               | $41               | $23               | $15               |\n| Impairment of assets                                                                                      | \u2014                 | \u2014                 | 15                | 10                |\n| (Gains) losses on sale of assets and other special charges                                                | 14                | 3                 | 12                | 6                 |\n| Total operating special charges                                                                           | 51                | 44                | 50                | 31                |\n| Income taxes:                                                                                             |   <br>            |   <br>            |   <br>            |   <br>            |\n| Income tax benefit related to special charges                                                             | (18)              | (16)              | (18)              | (11)              |\n| Income tax adjustments                                                                                    | \u2014                 | \u2014                 | \u2014                 | (179)             |\n| Total operating special charges, net of income taxes and income tax adjustments                           | $33               | $28               | $32               | $(159)            |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nSee Note 14 of this report for additional information related to these items\\.\n\n89"}
{"_id": "AmericanAirlines-2019_106.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n11\\. Accumulated Other Comprehensive Loss\n\nThe components of AOCI are as follows (in millions):\n\n\n\n|                                                            |                                                                                         |                                           |                                                         |       |                          |\n| ---------------------------------------------------------- | --------------------------------------------------------------------------------------- | ----------------------------------------- | ------------------------------------------------------- | ----- | ------------------------ |\n|                                                            | **Pension,  <br>Retiree  <br>Medical and  <br>Other  <br>Postretirement  <br>Benefits** | **Unrealized Gain (Loss) on Investments** | **Income Tax  <br>Benefit  <br>(Provision)**  **^(1)^** |       | **Total**                |\n| Balance at December 31, 2017                               | $<br><br>(4,523<br><br>)                                                                | $<br><br>(1<br><br>)                      | $<br><br>(1,252<br><br>)                                |       | $<br><br>(5,776<br><br>) |\n| Other comprehensive income (loss) before reclassifications | (62<br><br>)                                                                            | (4<br><br>)                               | 15                                                      |       | (51<br><br>)             |\n| Amounts reclassified from AOCI                             | (88<br><br>)                                                                            | \u2014                                         | 19                                                      | ^(2)^ | (69<br><br>)             |\n| Net current\\-period other comprehensive income (loss)      | (150<br><br>)                                                                           | (4<br><br>)                               | 34                                                      |       | (120<br><br>)            |\n| Balance at December 31, 2018                               | (4,673<br><br>)                                                                         | (5<br><br>)                               | (1,218<br><br>)                                         |       | (5,896<br><br>)          |\n| Other comprehensive income (loss) before reclassifications | (476<br><br>)                                                                           | 3                                         | 107                                                     |       | (366<br><br>)            |\n| Amounts reclassified from AOCI                             | (89<br><br>)                                                                            | \u2014                                         | 20                                                      | ^(2)^ | (69<br><br>)             |\n| Net current\\-period other comprehensive income (loss)      | (565<br><br>)                                                                           | 3                                         | 127                                                     |       | (435<br><br>)            |\n| Balance at December 31, 2019                               | $<br><br>(5,238<br><br>)                                                                | $<br><br>(2<br><br>)                      | $<br><br>(1,091<br><br>)                                |       | $<br><br>(6,331<br><br>) |\n\n\n\n\n\n|       |                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income until the obligations are fully extinguished\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Relates to pension, retiree medical and other postretirement benefits obligations and is recognized within the income tax provision on our consolidated statements of operations\\. |\n\n\n\nReclassifications out of AOCI for the years ended  December 31, 2019  and  2018  are as follows (in millions):\n\n\n\n|                                                                             |                                    |                                    |                                                                                |\n| --------------------------------------------------------------------------- | ---------------------------------- | ---------------------------------- | ------------------------------------------------------------------------------ |\n|                                                                             | **Amounts reclassified from AOCI** | **Amounts reclassified from AOCI** | **Affected line items on the  <br>consolidated statements of  <br>operations** |\n|                                                                             | **Year Ended December 31,**        | **Year Ended December 31,**        | **Affected line items on the  <br>consolidated statements of  <br>operations** |\n| **AOCI Components**                                                         | **2019**                           | **2018**                           | **Affected line items on the  <br>consolidated statements of  <br>operations** |\n| Amortization of pension, retiree medical and other postretirement benefits: |                                    |                                    |                                                                                |\n| Prior service benefit                                                       | $<br><br>(162<br><br>)             | $<br><br>(161<br><br>)             | Nonoperating other income, net                                                 |\n| Actuarial loss                                                              | 93                                 | 92                                 | Nonoperating other income, net                                                 |\n| Total reclassifications for the period, net of tax                          | $<br><br>(69<br><br>)              | $<br><br>(69<br><br>)              |                                                                                |\n\n\n\nAmounts allocated to other comprehensive income for income taxes as further described in Note 7 will remain in AOCI until we cease all related activities, such as termination of the pension plan\\.\n\n12\\. Commitments, Contingencies and Guarantees\n\n(a) Aircraft, Engine and Other Purchase Commitments\n\nUnder all of our aircraft and engine purchase agreements, our total future commitments as of  December 31, 2019  are expected to be as follows (approximately, in millions):\n\n\n\n|                                                              |          |          |          |          |          |                         |           |\n| ------------------------------------------------------------ | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                                                              | **2020** | **2021** | **2022** | **2023** | **2024** | **2025 and Thereafter** | **Total** |\n| Payments for aircraft commitments and certain engines  ^(1)^ | $1,629   | $750     | $1,599   | $1,543   | $2,574   | $4,855                  | $12,950   |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                             |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | These amounts are net of purchase deposits currently held by the manufacturers\\. We have granted a security interest in certain of our purchase deposits with Boeing\\. Our purchase deposits held by all manufacturers totaled   $1\\.7 billion  as of  December 31, 2019 \\. |\n\n\n\n107"}
{"_id": "Delta-2018_107.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\n|          |                                                                                                                                                                   |\n| -------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 101\\.INS | XBRL Instance Document \\- The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document\\. |\n\n\n\n\n\n|          |                                         |\n| -------- | --------------------------------------- |\n| 101\\.SCH | XBRL Taxonomy Extension Schema Document |\n\n\n\n\n\n|          |                                                       |\n| -------- | ----------------------------------------------------- |\n| 101\\.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |\n\n\n\n\n\n|          |                                                      |\n| -------- | ---------------------------------------------------- |\n| 101\\.DEF | XBRL Taxonomy Extension Definition Linkbase Document |\n\n\n\n\n\n|          |                                                  |\n| -------- | ------------------------------------------------ |\n| 101\\.LAB | XBRL Taxonomy Extension Labels Linkbase Document |\n\n\n\n\n\n|          |                                                        |\n| -------- | ------------------------------------------------------ |\n| 101\\.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |\n\n\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\n\n\n|    |                              |\n| -- | ---------------------------- |\n| \\* | Incorporated by reference\\.  |\n\n\n\n\n\n|      |                                                                                                                                                               |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*\\* | Portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission pursuant to requests for confidential treatment\\. |\n\n\n\nITEM 16\\. FORM 10\\-K SUMMARY\n\nNot applicable\\.\n\n 105"}
{"_id": "Southwest-2017_51.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Non\\-GAAP Return on Invested Capital (ROIC) (in millions) (unaudited)**\n\n\n\n|                                                    |                       |                       |                       |\n| -------------------------------------------------- | --------------------- | --------------------- | --------------------- |\n|                                                    | **Year Ended**        | **Year Ended**        | **Year Ended**        |\n|                                                    | **December 31, 2017** | **December 31, 2016** | **December 31, 2015** |\n| **Operating income, as reported**                  | $3,515                | $3,760                | $4,116                |\n| Special revenue adjustment (a)                     | \u2014                     | \u2014                     | (172)                 |\n| Contract ratification bonuses                      | \u2014                     | 356                   | 334                   |\n| Net impact from fuel contracts                     | (156)                 | (202)                 | (323)                 |\n| Acquisition and integration costs                  | \u2014                     | \u2014                     | 39                    |\n| Litigation settlement                              | \u2014                     | \u2014                     | (37)                  |\n| Asset impairment                                   | \u2014                     | 21                    | \u2014                     |\n| Lease termination expense                          | 33                    | 22                    | \u2014                     |\n| Aircraft grounding charge                          | 63                    | \u2014                     | \u2014                     |\n| **Operating income, non\\-GAAP**                    | 3,455                 | 3,957                 | 3,957                 |\n| Net adjustment for aircraft leases (b)             | 109                   | 111                   | 114                   |\n| Adjustment for fuel hedge accounting (c)           | (135)                 | (152)                 | (124)                 |\n| **Adjusted Operating income, non\\-GAAP (A)**       | $3,429                | $3,916                | $3,947                |\n| Debt, including capital leases (d)                 | $3,259                | $3,304                | $2,782                |\n| Equity (d)                                         | 8,881                 | 7,833                 | 7,032                 |\n| Net present value of aircraft operating leases (d) | 785                   | 1,015                 | 1,223                 |\n| **Average invested capital**                       | $12,925               | $12,152               | $11,037               |\n| Equity adjustment for hedge accounting (c)         | 296                   | 886                   | 1,027                 |\n| **Adjusted average invested capital (B)**          | $13,221               | $13,038               | $12,064               |\n| **Non\\-GAAP ROIC, pre\\-tax (A/B)**                 | 25\\.9%                | 30\\.0%                | 32\\.7%                |\n\n\n\n(a) The adjustment related to the execution of the Agreement with Chase and the resulting required change in accounting methodology\\. See Note 1 to the Consolidated Financial Statements for further information\\.\n\n(b) Net adjustment related to presumption that all aircraft in fleet are owned (i\\.e\\., the impact of eliminating aircraft rent expense and replacing with estimated depreciation expense for those same aircraft)\\. The Company makes this adjustment to enhance comparability to other entities that have different capital structures by utilizing alternative financing decisions\\.\n\n(c) The Adjustment for fuel hedge accounting in the numerator is due to the Company\u2019s accounting policy decision to classify fuel hedge accounting premiums below the Operating income line, and thus is adjusting Operating income to reflect such policy decision\\. The Equity adjustment for hedge accounting in the denominator adjusts for the cumulative impacts, in Accumulated other comprehensive income and Retained earnings, of gains and/or losses associated with hedge accounting related to fuel hedge derivatives that will settle in future periods\\. The current period impact of these gains and/or losses are reflected in the Net impact from fuel contracts in the numerator\\.\n\n(d) Calculated as an average of the five most recent quarter end balances or remaining obligations\\. The Net present value of aircraft operating leases represents the assumption that all aircraft in the Company\u2019s fleet are owned, as it reflects the remaining contractual commitments discounted at the Company's estimated incremental borrowing rate as of the time each individual lease was signed\\.\n\n52"}
{"_id": "Alaska-2017_52.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Cash Provided by Financing Activities***\n\nCash used in financing activities was $592 million during 2017, compared to cash provided by financing activities of $1\\.5 billion in 2016\\. During the year, we made debt payments of $397 million, repurchased $75 million of our common stock and paid cash dividends of $148 million\\. In 2016, we secured debt proceeds of $2 billion for the acquisition of Virgin America, made debt payments of $249 million, stock repurchases of $193 million and made cash dividend payments of $136 million\\. In 2015, we made debt payments of $116 million, stock repurchases of $505 million and cash dividend payments of $102 million\\.\n\nWe plan to meet our future capital and operating commitments through our cash and investments on hand, internally generated cash from operations, along with additional debt financing if necessary\\.\n\n***Bank Lines of Credit***\n\nWe have three credit facilities with availability totaling $475 million, including one $250 million credit facility, one $150 million credit facility, and one $75 million credit facility\\. We have secured letters of credit against the $75 million facility but have no plans to borrow using either of the two remaining facilities\\. \n\n**CONTRACTUAL OBLIGATIONS AND COMMITMENTS**\n\n***Aircraft Purchase and Lease Commitments***\n\nAs of December 31, 2017, we have firm orders to purchase or lease 85 aircraft\\. We also have cancelable purchase commitments for 30 Airbus A320neo aircraft with deliveries from 2020 through 2022\\. We could incur a loss of pre\\-delivery payments and credits of up to $15 million as a cancellation fee\\. We also have options to acquire up to 37 additional B737 aircraft with deliveries from 2020 through 2024 and 30 E175 aircraft with deliveries from 2020 to 2022\\. In addition to the 23 E175 aircraft currently operated by SkyWest in our regional fleet, we have firm orders to lease 12 E175 aircraft with deliveries in 2018, and options in future periods to add regional capacity by having SkyWest operate up to eight more E175 aircraft\\. \n\nWe expect capital expenditures to be approximately $1 billion in 2018 and approximately $750 million in 2019 and 2020\\. We currently expect delivery of eight owned Mainline jet aircraft and 13 owned regional jet aircraft in 2018\\. \n\nThe following table summarizes our expected fleet count by year, as of February 14, 2018: \n\n\n\n|                            |                        |                        |                                      |                                      |                                      |                                      |\n| -------------------------- | ---------------------- | ---------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                            | **Actual Fleet Count** | **Actual Fleet Count** | **Contractual Deliveries** **^(a)^** | **Contractual Deliveries** **^(a)^** | **Contractual Deliveries** **^(a)^** | **Contractual Deliveries** **^(a)^** |\n| **Aircraft**               | **Dec 31, 2016**       | **Dec 31, 2017**       | **2018 Changes**                     | **Dec 31, 2018**                     | **2019 Changes**                     | **Dec 31, 2019**                     |\n| B737 Freighters            | 6                      | 3                      | \u2014                                    | 3                                    | \u2014                                    | 3                                    |\n| B737 Passenger Aircraft    | 149                    | 151                    | 8                                    | 159                                  | 13                                   | 172                                  |\n| Airbus Passenger Aircraft  | 63                     | 67                     | 4                                    | 71                                   | 1                                    | 72                                   |\n| **Total Mainline Fleet**   | 218                    | 221                    | 12                                   | 233                                  | 14                                   | 247                                  |\n| Q400 ^(b)^                 | 52                     | 50                     | (13)                                 | 37                                   | (10)                                 | 27                                   |\n| E175 ^(b)^                 | 15                     | 33                     | 25                                   | 58                                   | 10                                   | 68                                   |\n| **Total Regional Fleet**   | 67                     | 83                     | 12                                   | 95                                   | \u2014                                    | 95                                   |\n| **Total**                  | 285                    | 304                    | 24                                   | 328                                  | 14                                   | 342                                  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                      |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(a)^ | The expected fleet counts at  December 31, 2018  and  2019  are subject to change\\.  We intend to reduce the capital investment spend driven by fleet counts above, specifically in 2018, 2019 and 2020, which may require deferral of certain aircraft deliveries\\. |\n\n\n\n\n\n|       |                                                                                                                    |\n| ----- | ------------------------------------------------------------------------------------------------------------------ |\n| ^(b)^ | Aircraft are either owned or leased by Horizon or operated under capacity purchase agreement with a third party\\.  |\n\n\n\nFor future firm orders and option exercises, we may finance the aircraft through cash from operations, long\\-term debt, or lease arrangements\\.\n\n 53"}
{"_id": "AmericanAirlines-2017_31.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***Certain provisions of AAG\u2019s Certificate of Incorporation and Bylaws make it difficult for stockholders to change the composition of our Board of Directors and may discourage takeover attempts that some of our stockholders might consider beneficial\\.***\n\nCertain provisions of our Certificate of Incorporation and Second Amended and Restated Bylaws (Bylaws) may have the effect of delaying or preventing changes in control if our Board of Directors determines that such changes in control are not in our best interest and the best interest of our stockholders\\. These provisions include, among other things, the following:\n\n\n\n|   |                                                                                                 |\n| - | ----------------------------------------------------------------------------------------------- |\n| \u2022 | advance notice procedures for stockholder proposals to be considered at stockholders\u2019 meetings; |\n\n\n\n\n\n|   |                                                                       |\n| - | --------------------------------------------------------------------- |\n| \u2022 | the ability of our Board of Directors to fill vacancies on the board; |\n\n\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | a prohibition against stockholders taking action by written consent; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | a prohibition against stockholders calling special meetings of stockholders (although our Board of Directors has approved, subject to stockholder approval at the annual meeting, amendments to our Certificate of Incorporation and Bylaws that contemplate the ability of holders of at least 20% of our outstanding shares to call a special meeting, subject to the procedures to be provided for in the amended Bylaws); |\n\n\n\n\n\n|   |                                                                                                                                                                                                            |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | a requirement that holders of at least 80% of the voting power of the shares entitled to vote in the election of directors approve any amendment of our Bylaws submitted to stockholders for approval; and |\n\n\n\n\n\n|   |                                                                                                                   |\n| - | ----------------------------------------------------------------------------------------------------------------- |\n| \u2022 | super\\-majority voting requirements to modify or amend specified provisions of our Certificate of Incorporation\\. |\n\n\n\nThese provisions are not intended to prevent a takeover, but are intended to protect and maximize the value of the interests of our stockholders\\. While these provisions have the effect of encouraging persons seeking to acquire control of our company to negotiate with our Board of Directors, they could enable our Board of Directors to prevent a transaction that some, or a majority, of our stockholders might believe to be in their best interest and, in that case, may prevent or discourage attempts to remove and replace incumbent directors\\. In addition, we are subject to the provisions of Section 203 of the Delaware General Corporation Law, which prohibits business combinations with interested stockholders\\. Interested stockholders do not include stockholders whose acquisition of our securities is approved by the Board of Directors prior to the investment under Section 203\\.\n\n***AAG\u2019s Certificate of Incorporation and Bylaws include provisions that limit voting and acquisition and disposition of our equity interests\\.***\n\nOur Certificate of Incorporation and Bylaws include certain provisions that limit voting and ownership and disposition of our equity interests\\. These restrictions may adversely affect the ability of certain holders of AAG common stock and our other equity interests to vote such interests and adversely affect the ability of persons to acquire shares of AAG common stock and our other equity interests\\.\n\n**ITEM 1B\\. UNRESOLVED STAFF COMMENTS**\n\nWe had no unresolved Securities and Exchange Commission staff comments that were issued 180 days or more preceding December 31, 2017\\.\n\n32"}
{"_id": "AmericanAirlines-2019_158.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nBased on our assessment and those criteria, AAG\u2019s and American\u2019s management concludes that AAG and American, respectively, maintained effective internal control over financial reporting as of  December 31, 2019 \\.\n\nAAG\u2019s and American\u2019s independent registered public accounting firm has issued an attestation report on the effectiveness of AAG\u2019s and American\u2019s internal control over financial reporting\\. That report has been included herein\\.\n\n159"}
{"_id": "United-2017_59.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**UNITED AIRLINES, INC\\.** \n\n**STATEMENTS OF CONSOLIDATED STOCKHOLDER\u2019S EQUITY** \n\n**(In millions)** \n\n\n\n|                                                   |                                                   |                                                                |                                                                              |                                                    |           |\n|:------------------------------------------------- | -------------------------------------------------:| --------------------------------------------------------------:| ----------------------------------------------------------------------------:| --------------------------------------------------:| ---------:|\n|                                                   | **Additional**  <br>**Capital**  <br>**Invested** | **Retained  <br>Earnings  <br>(Accumulated**  <br>**Deficit)** | **Accumulated**  <br>**Other**  <br>**Comprehensive**  <br>**Income (Loss)** | **Receivable  <br>from Related  <br>Parties, Net** | **Total** |\n| Balance at December 31, 2014                      |                                           $7,347  |                                                       $(3,628) |                                                                     $(1,079) |                                               $(5) |   $2,635  |\n| Net income                                        |                                                \u2014  |                                                         7,301  |                                                                           \u2014  |                                                 \u2014  |    7,301  |\n| Other comprehensive income                        |                                                \u2014  |                                                             \u2014  |                                                                         248  |                                                 \u2014  |      248  |\n| Dividend to UAL                                   |                                           (1,232) |                                                             \u2014  |                                                                           \u2014  |                                                 \u2014  |   (1,232) |\n| Share\\-based compensation                         |                                                7  |                                                             \u2014  |                                                                           \u2014  |                                                 \u2014  |        7  |\n| UAL contribution related to stock plans           |                                               16  |                                                             \u2014  |                                                                           \u2014  |                                                 \u2014  |       16  |\n| Other                                             |                                                \u2014  |                                                             \u2014  |                                                                           \u2014  |                                               (12) |      (12) |\n| Balance at December 31, 2015                      |                                            6,138  |                                                         3,673  |                                                                        (831) |                                               (17) |    8,963  |\n| Net income                                        |                                                \u2014  |                                                         2,264  |                                                                           \u2014  |                                                 \u2014  |    2,264  |\n| Other comprehensive income                        |                                                \u2014  |                                                             \u2014  |                                                                           2  |                                                 \u2014  |        2  |\n| Dividend to UAL                                   |                                           (2,603) |                                                             \u2014  |                                                                           \u2014  |                                                 \u2014  |   (2,603) |\n| Share\\-based compensation                         |                                               32  |                                                             \u2014  |                                                                           \u2014  |                                                 \u2014  |       32  |\n| UAL contribution related to stock plans           |                                                6  |                                                             \u2014  |                                                                           \u2014  |                                                 \u2014  |        6  |\n| Other                                             |                                                \u2014  |                                                             \u2014  |                                                                           \u2014  |                                               (58) |      (58) |\n| Balance at December 31, 2016                      |                                            3,573  |                                                         5,937  |                                                                        (829) |                                               (75) |    8,606  |\n| Net income                                        |                                                \u2014  |                                                         2,149  |                                                                           \u2014  |                                                 \u2014  |    2,149  |\n| Other comprehensive loss                          |                                                \u2014  |                                                             \u2014  |                                                                        (200) |                                                 \u2014  |     (200) |\n| Dividend to UAL                                   |                                           (1,844) |                                                             \u2014  |                                                                           \u2014  |                                                 \u2014  |   (1,844) |\n| Share\\-based compensation                         |                                               56  |                                                             \u2014  |                                                                           \u2014  |                                                 \u2014  |       56  |\n| UAL contribution related to stock plans           |                                                2  |                                                             \u2014  |                                                                           \u2014  |                                                 \u2014  |        2  |\n| Excess tax benefits from share\\-based awards      |                                                \u2014  |                                                            14  |                                                                           \u2014  |                                                 \u2014  |       14  |\n| Reclassification of stranded tax effects (Note 1) |                                                \u2014  |                                                           118  |                                                                        (118) |                                                 \u2014  |        \u2014  |\n| Other                                             |                                                \u2014  |                                                             \u2014  |                                                                           \u2014  |                                               (15) |      (15) |\n| Balance at December 31, 2017                      |                                           $1,787  |                                                        $8,218  |                                                                     $(1,147) |                                              $(90) |   $8,768  |\n\n\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n60"}
{"_id": "AmericanAirlines-2017_81.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**AMERICAN AIRLINES GROUP INC\\.**\n\n**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**\n\n**(In millions)**\n\n\n\n|                                                             |                             |                             |                             |\n| ----------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                             | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                             | **2017**                    | **2016**                    | **2015**                    |\n| **Net income**                                              | $1,919                      | $2,676                      | $7,610                      |\n| **Other comprehensive income (loss), net of tax:**          |                             |                             |                             |\n| Pension, retiree medical and other postretirement benefits: |                             |                             |                             |\n| Amortization of actuarial loss and prior service cost       | (55)                        | (65)                        | (108)                       |\n| Current year change                                         | (15)                        | (293)                       | (51)                        |\n| Investments and derivative financial instruments            | (1)                         | 7                           | (14)                        |\n| **Total other comprehensive loss, net of tax**              | (71)                        | (351)                       | (173)                       |\n| **Total comprehensive income**                              | $1,848                      | $2,325                      | $7,437                      |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n82"}
{"_id": "AmericanAirlines-2019_165.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| ----------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.24                         | [Revolving Credit Agreement (2014\\-1B), dated as of September 16, 2014, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2014\\-1B, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex415.htm)                                                                               |\n| 4\\.25                         | [Indenture, dated as of March 5, 2015, among American Airlines Group Inc\\., the Guarantors (as defined therein) and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on March 12, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515088934/d891899dex41.htm)                                                                                                                                                                                                                                                                          |\n| 4\\.26                         | [Form of 4\\.625% Senior Notes due 2020 (incorporated by reference to Exhibit A to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on March 12, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515088934/d891899dex41.htm)                                                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.27                         | [Form of 5\\.000% Senior Notes due 2022 (incorporated by reference to Exhibit A to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on May 21, 2019 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519152852/d728811dex41.htm)                                                                                                                                                                                                                                                                                                                                                                                               |\n| 4\\.28                         | [First Supplemental Indenture, dated as of December 30, 2015, among American Airlines Group Inc\\., American Airlines, Inc\\. and Wilmington Trust, National Association, as trustee, to the Indenture dated as of March 5, 2015 (incorporated by reference to Exhibit 4\\.3 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex43.htm)                                                                                                                                                                                                               |\n| 4\\.29                         | [Trust Supplement No\\. 2015\\-1A, dated as of March 16, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex42.htm)                                                                                                                                                                                                                                |\n| 4\\.30                         | [Trust Supplement No\\. 2015\\-1B, dated as of March 16, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex43.htm)                                                                                                                                                                                                                                |\n| 4\\.31                         | [Intercreditor Agreement (2015\\-1), dated as of March 16, 2015, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2015\\-1A and as Trustee of the American Airlines Pass Through Trust 2015\\-1B, Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex44.htm) |\n| 4\\.32                         | [Note Purchase Agreement, dated as of March 16, 2015, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex49.htm)                                                                                          |\n| 4\\.33                         | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit 4\\.10 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex410.htm)                                                                 |\n| 4\\.34                         | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit 4\\.11 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex411.htm)                                                                                                                                                                                                                                                                             |\n| 4\\.35                         | [Form of Pass Through Trust Certificate, Series 2015\\-1A (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex42.htm)                                                                                                                                                                                                                                                                                                                                                                      |\n| 4\\.36                         | [Form of Pass Through Trust Certificate, Series 2015\\-1B (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex43.htm)                                                                                                                                                                                                                                                                                                                                                                      |\n| 4\\.37                         | [Revolving Credit Agreement (2015\\-1A), dated as of March 16, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-1A, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex414.htm)                                                                                       |\n| 4\\.38                         | [Revolving Credit Agreement (2015\\-1B), dated as of March 16, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-1B, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on March 16, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515093938/d890456dex415.htm)                                                                                       |\n\n\n\n166"}
{"_id": "Southwest-2019_93.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|                                            |                                            |                       |                       |                           |                           |\n| ------------------------------------------ | ------------------------------------------ | --------------------- | --------------------- | ------------------------- | ------------------------- |\n|                                            |                                            | **Asset derivatives** | **Asset derivatives** | **Liability derivatives** | **Liability derivatives** |\n|                                            | **Balance Sheet**                          | **Fair value at**     | **Fair value at**     | **Fair value at**         | **Fair value at**         |\n| **(in millions)**                          | **location**                               | **12/31/2019**        | **12/31/2018**        | **12/31/2019**            | **12/31/2018**            |\n| **Derivatives designated as hedges (a)**   |                                            |                       |                       |                           |                           |\n| Fuel derivative contracts (gross)          | Prepaid expenses and other current assets  | $48                   | $43                   | $\u2014                        | $\u2014                        |\n| Fuel derivative contracts (gross)          | Other assets                               | 62                    | 95                    | \u2014                         | \u2014                         |\n| Interest rate derivative contracts         | Other assets                               | 2                     | \u2014                     | \u2014                         | \u2014                         |\n| Interest rate derivative contracts         | Accrued liabilities                        | \u2014                     | \u2014                     | 5                         | 2                         |\n| Interest rate derivative contracts         | Other noncurrent liabilities               | \u2014                     | \u2014                     | 1                         | 12                        |\n| **Total derivatives designated as hedges** | **Total derivatives designated as hedges** | $112                  | $138                  | $6                        | $14                       |\n\n\n\n(a) Represents the position of each trade before consideration of offsetting positions with each counterparty and does not include the impact of cash collateral deposits provided to or received from counterparties\\. See discussion of credit risk and collateral following in this Note\\.\n\nThe following table presents the amounts recorded on the Consolidated Balance Sheet related to fair value hedges:\n\n\n\n|                                           |                                               |                                               |                                                                                                                      |                                                                                                                      |\n| ----------------------------------------- | --------------------------------------------- | --------------------------------------------- | -------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------- |\n| **Balance Sheet location of hedged item** | **Carrying amount of the hedged liabilities** | **Carrying amount of the hedged liabilities** | **Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (a)** | **Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (a)** |\n|                                           | **December 31,**                              | **December 31,**                              | **December 31,**                                                                                                     | **December 31,**                                                                                                     |\n| **(in millions)**                         | **2019**                                      | **2018**                                      | **2019**                                                                                                             | **2018**                                                                                                             |\n| Current maturities of long\\-term debt     | $500                                          | $\u2014                                            | $\u2014                                                                                                                   | $\u2014                                                                                                                   |\n| Long\\-term debt less current maturities   | \u2014                                             | 791                                           | 19                                                                                                                   | 11                                                                                                                   |\n|                                           | $500                                          | $791                                          | $19                                                                                                                  | $11                                                                                                                  |\n\n\n\n(a) At  December 31, 2019  and  2018 , these amounts include the cumulative amount of fair value hedging adjustments remaining for which hedge accounting has been discontinued of $  19  million and $  20  million, respectively\\.\n\nIn addition, the Company had the following amounts associated with fuel derivative instruments and hedging activities in its Consolidated Balance Sheet:\n\n\n\n|                                                                                                  |                                                          |                  |                  |\n| ------------------------------------------------------------------------------------------------ | -------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                                  | **Balance Sheet**                                        | **December 31,** | **December 31,** |\n| **(in millions)**                                                                                | **location**                                             | **2019**         | **2018**         |\n| Cash collateral deposits held from counterparties for fuel contracts \\- current<br><br>  <br>    | Offset against Prepaid expenses and other current assets | $10              | $\u2014               |\n| Cash collateral deposits held from counterparties for fuel contracts \\- noncurrent<br><br>  <br> | Offset against Other assets                              | 15               | \u2014                |\n\n\n\nAll of the Company's fuel derivative instruments and interest rate swaps are subject to agreements that follow the netting guidance in the applicable accounting standards for derivatives and hedging\\. The types of derivative instruments the Company has determined are subject to netting requirements in the accompanying Consolidated Balance Sheet are those in which the Company pays or receives cash for transactions with the same counterparty and in the same currency via one net payment or receipt\\. For cash collateral held by the Company or provided to counterparties, the Company nets such amounts against the fair value of the Company's derivative portfolio by each counterparty\\. The Company has elected to utilize netting for both its fuel derivative instruments and interest rate swap agreements and also classifies such amounts as either current or noncurrent, based on the net fair value position with each of the Company's counterparties in the Consolidated Balance Sheet\\. If its fuel derivative instruments are in a net asset position with a \n\n94"}
{"_id": "Delta-2019_91.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nEmployees Under Collective Bargaining Agreements \n\nAs of December 31, 2019, we had approximately 91,000 full\\-time equivalent employees, approximately 19%  of whom were represented by unions\\. The following table shows our domestic airline employee groups that are represented by unions\\.\n\n\n\n|                                            |                                            |                                            |                                                    |                                                    |  |  |  |       |       |       |                                                                 |                                                                 |                                                                 |\n|:------------------------------------------ |:------------------------------------------ |:------------------------------------------ | --------------------------------------------------:| --------------------------------------------------:|:- |:- |:- | -----:| -----:| -----:| ---------------------------------------------------------------:| ---------------------------------------------------------------:| ---------------------------------------------------------------:|\n| Employee Group                             | Employee Group                             | Employee Group                             | Approximate Number of Active Employees Represented | Approximate Number of Active Employees Represented |  |  |  | Union | Union | Union | Date on which Collective Bargaining Agreement Becomes Amendable | Date on which Collective Bargaining Agreement Becomes Amendable | Date on which Collective Bargaining Agreement Becomes Amendable |\n| Delta Pilots                               | Delta Pilots                               | Delta Pilots                               |                                             13,082 |                                             13,082 |  |  |  |  ALPA |  ALPA |  ALPA |                                               December 31, 2019 |                                               December 31, 2019 |                                               December 31, 2019 |\n| Delta Flight Superintendents (Dispatchers) | Delta Flight Superintendents (Dispatchers) | Delta Flight Superintendents (Dispatchers) |                                                443 |                                                443 |  |  |  | PAFCA | PAFCA | PAFCA |                                                November 1, 2024 |                                                November 1, 2024 |                                                November 1, 2024 |\n| Endeavor Air Pilots                        | Endeavor Air Pilots                        | Endeavor Air Pilots                        |                                              1,872 |                                              1,872 |  |  |  |  ALPA |  ALPA |  ALPA |                                                 January 1, 2024 |                                                 January 1, 2024 |                                                 January 1, 2024 |\n| Endeavor Air Flight Attendants             | Endeavor Air Flight Attendants             | Endeavor Air Flight Attendants             |                                              1,492 |                                              1,492 |  |  |  |   AFA |   AFA |   AFA |                                               December 31, 2018 |                                               December 31, 2018 |                                               December 31, 2018 |\n\n\n\nWe are in discussions with representatives of our pilots and Endeavor Air flight attendants regarding terms of amendable collective bargaining agreements\\.\n\nIn addition to the domestic airline employee groups discussed above, 199 refinery employees of Monroe are represented by the United Steel Workers under an agreement that expires on February 28, 2022\\. This agreement is governed by the National Labor Relations Act, which generally allows either party to engage in self help upon the expiration of the agreement\\.\n\nOther\n\nWe have certain contracts for goods and services that require us to pay a penalty, acquire inventory specific to us or purchase contract\\-specific equipment, as defined by each respective contract, if we terminate the contract without cause prior to its expiration date\\. Because these obligations are contingent on our termination of the contract without cause prior to its expiration date, no obligation would exist unless such a termination occurs\\.\n\nNOTE 12\\. INCOME TAXES\n\nIncome Tax Provision \n\nOur income tax provision consisted of the following:\n\n\n\n|                                  |                                  |                                  |                         |                         |                         |  |  |  |  |  |  |\n|:-------------------------------- |:-------------------------------- |:-------------------------------- | -----------------------:| -----------------------:| -----------------------:|:- |:- |:- |:- |:- |:- |\n|                                  |                                  |                                  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |  |  |  |\n| (in millions)                    | (in millions)                    | (in millions)                    |                    2019 |                    2018 |                    2017 |\n| Current tax benefit (provision): | Current tax benefit (provision): | Current tax benefit (provision): |                         |                         |                         |\n| Federal                          | Federal                          | Federal                          |                    $ 94 |                   $ 187 |                   $ (4) |\n| State and local                  | State and local                  | State and local                  |                    (39) |                    (26) |                       5 |\n| International                    | International                    | International                    |                    (13) |                    (13) |                    (54) |\n| Deferred tax provision:          | Deferred tax provision:          | Deferred tax provision:          |                         |                         |                         |\n| Federal                          | Federal                          | Federal                          |                 (1,343) |                 (1,226) |                 (2,093) |\n| State and local                  | State and local                  | State and local                  |                   (130) |                   (138) |                   (149) |\n| Income tax provision             | Income tax provision             | Income tax provision             |               $ (1,431) |               $ (1,216) |               $ (2,295) |\n\n\n\n89"}
{"_id": "AmericanAirlines-2019_110.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nIn certain transactions, including certain aircraft financing leases and loans, the lessors, lenders and/or other parties have rights to terminate the transaction based on changes in foreign tax law, illegality or certain other events or circumstances\\. In such a case, we may be required to make a lump sum payment to terminate the relevant transaction\\.\n\nWe have general indemnity clauses in many of our airport and other real estate leases where we as lessee indemnify the lessor (and related parties) against liabilities related to our use of the leased property\\. Generally, these indemnifications cover liabilities resulting from the negligence of the indemnified parties, but not liabilities resulting from the gross negligence or willful misconduct of the indemnified parties\\. In addition, we provide environmental indemnities in many of these leases for contamination related to our use of the leased property\\.\n\nUnder certain contracts with third parties, we indemnify the third\\-party against legal liability arising out of an action by the third\\-party, or certain other parties\\. The terms of these contracts vary and the potential exposure under these indemnities cannot be determined\\. We have liability insurance protecting us for some of the obligations we have undertaken under these indemnities\\.\n\nAmerican is required to make principal and interest payments for certain special facility revenue bonds issued by municipalities primarily to build or improve airport facilities and purchase equipment, which are leased to American\\. The payment of principal and interest of certain special facility revenue bonds is guaranteed by AAG\\. As of  December 31, 2019 , the remaining lease payments through 2035 guaranteeing the principal and interest on these bonds are   $589 million  and the current carrying amount of the associated operating lease liability in the accompanying consolidated balance sheet is   $321 million \\. \n\nAs of  December 31, 2019 , AAG had issued guarantees covering approximately   $725 million  of American\u2019s special facility revenue bonds (and interest thereon) and   $8\\.1 billion  of American\u2019s secured debt (and interest thereon), including the Credit Facilities and certain EETC financings\\.\n\n(g) Credit Card Processing Agreements\n\nWe have agreements with companies that process customer credit card transactions for the sale of air travel and other services\\. Our agreements allow these credit card processing companies, under certain conditions, to hold an amount of our cash (referred to as a holdback) equal to a portion of advance ticket sales that have been processed by that company, but for which we have not yet provided the air transportation\\. Additional holdback requirements in the event of material adverse changes in our financial condition will reduce our liquidity in the form of unrestricted cash by the amount of the holdbacks\\. These credit card processing companies are not currently entitled to maintain any holdbacks pursuant to these requirements\\.\n\n(h) Labor Negotiations\n\nAs of  December 31, 2019 , we employed approximately   133,700  active full\\-time equivalent employees, of which   29,500  were employed by our regional operations\\. Approximately   85%  of employees are covered by collective bargaining agreements (CBAs) with various labor unions and approximately   22%  of employees are covered by CBAs that will become amendable within one year\\. Agreements in principle were reached on January 30, 2020 for joint collective bargaining agreements (JCBAs) covering our mainline maintenance, fleet service, stock clerks, maintenance control technicians and maintenance training instructors\\. Those agreements are subject to membership ratification vote\\. Additionally, the post\\-Merger JCBAs covering our pilots and flight attendants became amendable in January 2020 and December 2019, respectively\\. Negotiations continue for new agreements for these workgroups as well as for CBAs covering certain employee groups at our wholly\\-owned regional subsidiaries\\.\n\n13\\. Supplemental Cash Flow Information\n\nSupplemental disclosure of cash flow information and non\\-cash investing and financing activities are as follows (in millions):\n\n\n\n|                                               |                             |                             |                             |\n| --------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                               | **2019**                    | **2018**                    | **2017**                    |\n| Non\\-cash investing and financing activities: |                             |                             |                             |\n| Settlement of bankruptcy obligations          | $7                          | $\u2014                          | $15                         |\n| Equity Investment                             | \u2014                           | \u2014                           | 120                         |\n| Supplemental information:                     |                             |                             |                             |\n| Interest paid, net                            | 1,111                       | 1,091                       | 1,040                       |\n| Income taxes paid                             | 8                           | 18                          | 20                          |\n\n\n\n111"}
{"_id": "Delta-2018_22.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nITEM 2\\. PROPERTIES\n\nFlight Equipment\n\nOur operating aircraft fleet, commitments and options at  December 31, 2018  are summarized in the following table:\n\n\n\n|                   |                             |                             |                             |                             |                 |                 |                 |\n| ----------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------- | --------------- | --------------- |\n|                   | **Current Fleet** **^(1)^** | **Current Fleet** **^(1)^** | **Current Fleet** **^(1)^** | **Current Fleet** **^(1)^** |                 | **Commitments** | **Commitments** |\n| **Aircraft Type** | **Owned**                   | **Finance Lease**           | **Operating Lease**         | **Total**                   | **Average Age** | **Purchase**    | **Options**     |\n| B\\-717\\-200       | 3                           | 16                          | 72                          | 91                          | 17\\.3           | \u2014               | \u2014               |\n| B\\-737\\-700       | 10                          | \u2014                           | \u2014                           | 10                          | 9\\.9            | \u2014               | \u2014               |\n| B\\-737\\-800       | 73                          | 4                           | \u2014                           | 77                          | 17\\.3           | \u2014               | \u2014               |\n| B\\-737\\-900ER     | 73                          | \u2014                           | 39                          | 112                         | 2\\.7            | 18              | \u2014               |\n| B\\-757\\-200       | 89                          | 9                           | 2                           | 100                         | 21\\.4           | \u2014               | \u2014               |\n| B\\-757\\-300       | 16                          | \u2014                           | \u2014                           | 16                          | 15\\.9           | \u2014               | \u2014               |\n| B\\-767\\-300       | 2                           | \u2014                           | \u2014                           | 2                           | 25\\.5           | \u2014               | \u2014               |\n| B\\-767\\-300ER     | 55                          | 1                           | \u2014                           | 56                          | 22\\.6           | \u2014               | \u2014               |\n| B\\-767\\-400ER     | 21                          | \u2014                           | \u2014                           | 21                          | 18\\.0           | \u2014               | \u2014               |\n| B\\-777\\-200ER     | 8                           | \u2014                           | \u2014                           | 8                           | 19\\.1           | \u2014               | \u2014               |\n| B\\-777\\-200LR     | 10                          | \u2014                           | \u2014                           | 10                          | 9\\.8            | \u2014               | \u2014               |\n| A220\\-100         | 4                           | \u2014                           | \u2014                           | 4                           | 0\\.1            | 36              | 50              |\n| A220\\-300         | \u2014                           | \u2014                           | \u2014                           | \u2014                           | \u2014               | 50              | \u2014               |\n| A319\\-100         | 55                          | \u2014                           | 2                           | 57                          | 16\\.8           | \u2014               | \u2014               |\n| A320\\-200         | 55                          | 3                           | 4                           | 62                          | 23\\.4           | \u2014               | \u2014               |\n| A321\\-200         | 37                          | \u2014                           | 28                          | 65                          | 1\\.2            | 62              | \u2014               |\n| A321\\-200neo      | \u2014                           | \u2014                           | \u2014                           | \u2014                           | \u2014               | 100             | 100             |\n| A330\\-200         | 11                          | \u2014                           | \u2014                           | 11                          | 13\\.8           | \u2014               | \u2014               |\n| A330\\-300         | 28                          | \u2014                           | 3                           | 31                          | 9\\.9            | \u2014               | \u2014               |\n| A330\\-900neo      | \u2014                           | \u2014                           | \u2014                           | \u2014                           | \u2014               | 35              | \u2014               |\n| A350\\-900         | 11                          | \u2014                           | \u2014                           | 11                          | 1\\.0            | 14              | \u2014               |\n| MD\\-88            | 71                          | 13                          | \u2014                           | 84                          | 28\\.1           | \u2014               | \u2014               |\n| MD\\-90            | 43                          | \u2014                           | \u2014                           | 43                          | 21\\.8           | \u2014               | \u2014               |\n| Total             | 675                         | 46                          | 150                         | 871                         | 16\\.0           | 315             | 150             |\n\n\n\n\n\n|       |                                                                                                                                                        |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | Excludes certain aircraft we own, lease or have committed to purchase that are operated by regional carriers on our behalf shown in the table below\\.  |\n\n\n\nThe following table summarizes the aircraft fleet operated by regional carriers on our behalf at  December 31, 2018 :\n\n\n\n|                           |                |                |                |                 |                 |           |\n| ------------------------- | -------------- | -------------- | -------------- | --------------- | --------------- | --------- |\n|                           | **Fleet Type** | **Fleet Type** | **Fleet Type** | **Fleet Type**  | **Fleet Type**  |           |\n| **Carrier**               | **CRJ\\-200**   | **CRJ\\-700**   | **CRJ\\-900**   | **Embraer 170** | **Embraer 175** | **Total** |\n| Endeavor Air, Inc\\. ^(1)^ | 42             | 3              | 109            | \u2014               | \u2014               | 154       |\n| SkyWest Airlines, Inc\\.   | 77             | 22             | 41             | \u2014               | 49              | 189       |\n| Compass Airlines, LLC     | \u2014              | \u2014              | \u2014              | \u2014               | 36              | 36        |\n| Republic Airline, Inc\\.   | \u2014              | \u2014              | \u2014              | 21              | 16              | 37        |\n| GoJet Airlines, LLC       | \u2014              | 22             | 7              | \u2014               | \u2014               | 29        |\n| Total                     | 119            | 47             | 157            | 21              | 101             | 445       |\n\n\n\n\n\n|       |                                                             |\n| ----- | ----------------------------------------------------------- |\n| ^(1)^ | Endeavor Air, Inc\\. is a wholly owned subsidiary of Delta\\. |\n\n\n\n 20"}
{"_id": "AmericanAirlines-2018_194.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 10\\.25                        | [Supplemental Agreement No\\. 5, dated as of January 20, 2015, to Purchase Agreement No\\. 3219 between The Boeing Company and American Airlines, Inc\\., dated as of October 15, 2008, Relating to Boeing Model 787 Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515145178/d900175dex102.htm) \\* |\n| 10\\.26                        | [Supplemental Agreement No\\. 6, dated as of April 21, 2015, to Purchase Agreement No\\. 3219 between American Airlines, Inc\\. and The Boeing Company, dated as of October 15, 2008, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex102.htm) \\*                                           |\n| 10\\.27                        | [Supplemental Agreement No\\. 7, dated as of September 12, 2016, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516742263/d247546dex103.htm) \\*                                                                                                                  |\n| 10\\.28                        | [Supplemental Agreement No\\. 8, dated as of January 26, 2017, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex103.htm) \\*                                                                                                                        |\n| 10\\.29                        | [Supplemental Agreement No\\. 9, dated as of April 24, 2017, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, by and between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.5 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517239325/d416225dex105.htm) \\*                                                                                                                    |\n| 10\\.30                        | [Supplemental Agreement No\\. 10, dated as of May 11, 2017, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, by and between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.6 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517239325/d416225dex106.htm) \\*                                                                                                                     |\n| 10\\.31                        | [Supplemental Agreement No\\. 11, dated as of April 6, 2018, to Purchase Agreement No\\. 3219 dated as of October 15, 2008, by and between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000027/ex10110qq218.htm) \\*                                                                                                                     |\n| 10\\.32                        | [A320 Family Aircraft Purchase Agreement, dated as of July 20, 2011, between American Airlines, Inc\\. and Airbus S\\.A\\.S\\. (incorporated by reference to Exhibit 10\\.4 to AMR\u2019s report on Form 10\\-Q for the quarter ended September 30, 2011 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312511274936/d236673dex104.htm) \\*                                                                                                                                                                                       |\n| 10\\.33                        | [Amendment No\\. 1, dated as of January 11, 2013, to A320 Family Aircraft Purchase Agreement between American Airlines, Inc\\. and Airbus S\\.A\\.S\\., dated as of July 20, 2011 (incorporated by reference to Exhibit 10\\.8 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000040/d516424dex108.htm) \\*                                                                                                                               |\n| 10\\.34                        | [Amendment No\\. 2, dated as of May 30, 2013, to A320 Family Aircraft Purchase Agreement between American Airlines, Inc\\. and Airbus S\\.A\\.S, dated as of July 20, 2011 (incorporated by reference to Exhibit 10\\.2 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000067/d567093dex102.htm) \\*                                                                                                                                      |\n| 10\\.35                        | [Amendment No\\. 3, dated as of November 20, 2013, to A320 Family Aircraft Purchase Agreement between American Airlines, Inc\\. and Airbus S\\.A\\.S\\., dated as of July 20, 2011 (incorporated by reference to Exhibit 10\\.27 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex1027.htm) \\*                                                                                                                               |\n| 10\\.36                        | [Amendment No\\. 4, dated as of June 18, 2014, to the A320 Family Aircraft Purchase Agreement between Airbus S\\.A\\.S\\., as seller, and American Airlines, Inc\\., as buyer, dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex101.htm) \\*                         |\n| 10\\.37                        | [Amendment No\\. 5, dated as of June 24, 2014, to the A320 Family Aircraft Purchase Agreement between Airbus S\\.A\\.S\\., as seller, and American Airlines, Inc\\., as buyer, dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex102.htm) \\*                         |\n| 10\\.38                        | [Amendment No\\. 6, dated as of July 1, 2014, to the A320 Family Aircraft Purchase Agreement between Airbus S\\.A\\.S\\., as seller, and American Airlines, Inc\\., as buyer, dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex103.htm) \\*                          |\n| 10\\.39                        | [Amendment No\\. 7, dated as of November 25, 2014, to the A320 Family Aircraft Purchase Agreement between Airbus S\\.A\\.S\\., as seller, and American Airlines, Inc\\., as buyer, dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise (incorporated by reference to Exhibit 10\\.51 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515061145/d829913dex1051.htm) \\*                              |\n| 10\\.40                        | [Amendment No\\. 8, dated as of June 11, 2015, to the A320 Family Aircraft Purchase Agreement between American Airlines, Inc\\. and Airbus S\\.A\\.S\\., dated as of July 20, 2011, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex101.htm) \\*                                               |\n\n\n\n195"}
{"_id": "AmericanAirlines-2018_140.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n*Indefinite\\-Lived Intangible Assets*\n\nIndefinite\\-lived intangible assets include certain domestic airport slots at American\u2019s hubs and international slots and route authorities\\. Indefinite\\-lived intangible assets are not amortized but instead are assessed for impairment annually on October 1^st^ or more frequently if events or circumstances indicate that the asset may be impaired\\. For both periods as of December 31, 2018 and 2017, American had $1\\.9 billion of indefinite\\-lived intangible assets on its consolidated balance sheets\\.\n\nIn the second quarter of 2018, American recorded a $26 million impairment charge on a Brazil route authority as a result of the U\\.S\\.\\-Brazil open skies agreement, which is included within special items, net on its consolidated statement of operations\\.\n\nIndefinite\\-lived intangible assets are assessed for impairment by initially performing a qualitative assessment to determine whether American believes it is more likely than not that an asset has been impaired\\. If American believes impairment has occurred, American then evaluates for impairment by comparing the estimated fair value of assets to the carrying value\\. An impairment charge is recognized if the asset\u2019s estimated fair value is less than its carrying value\\. Based upon American\u2019s annual assessment, there were no additional indefinite\\-lived intangible asset impairments in 2018 other than the Brazil route authority described above\\.\n\n***(k) Revenue Recognition***\n\n*Revenue*\n\nEffective January 1, 2018, American adopted the New Revenue Standard using the full retrospective method, which resulted in the recast of prior reporting periods\\. Refer to \u201c*Recent Accounting Pronouncements\u201d* in Note 1(b) for the effects of the adoption on American\u2019s consolidated statements of operations for the years ended December 31, 2017 and 2016 and on American\u2019s consolidated balance sheet as of December 31, 2017\\.Under the New Revenue Standard, revenue is recognized upon the transfer of control of promised products or services to American\u2019s customers in an amount that reflects the consideration it expects to receive in exchange for those products or services\\.\n\nThe following are the significant categories comprising American\u2019s reported operating revenues (in millions):\n\n\n\n|                                       |          |          |          |\n| ------------------------------------- | -------- | -------- | -------- |\n|                                       | **2018** | **2017** | **2016** |\n| Passenger revenue:                    |          |          |          |\n| Passenger travel                      | $37,457  | $36,152  | $34,278  |\n| Loyalty revenue \\- travel  ^(1)^      | 3,219    | 2,979    | 2,767    |\n| Total passenger revenue               | 40,676   | 39,131   | 37,045   |\n| Cargo                                 | 1,013    | 890      | 785      |\n| Other:                                |          |          |          |\n| Loyalty revenue \\- marketing services | 2,352    | 2,124    | 1,872    |\n| Other revenue                         | 489      | 465      | 423      |\n| Total other revenue                   | 2,841    | 2,589    | 2,295    |\n| Total operating revenues              | $44,530  | $42,610  | $40,125  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions earned through travel and mileage credits sold to co\\-branded credit card and other partners\\. See \u201c *Loyalty Revenue\u201d*  below for further discussion on these mileage credits\\. |\n\n\n\nThe following is American\u2019s total passenger revenue by geographic region (in millions):\n\n\n\n|                         |          |          |          |\n| ----------------------- | -------- | -------- | -------- |\n|                         | **2018** | **2017** | **2016** |\n| Domestic                | $29,573  | $28,749  | $27,202  |\n| Latin America           | 5,125    | 4,840    | 4,676    |\n| Atlantic                | 4,376    | 4,028    | 3,873    |\n| Pacific                 | 1,602    | 1,514    | 1,294    |\n| Total passenger revenue | $40,676  | $39,131  | $37,045  |\n\n\n\n141"}
{"_id": "Southwest-2018_103.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nthe event of nonperformance by the counterparties to the agreements\\. However, the Company has not experienced any significant credit loss as a result of counterparty nonperformance in the past\\. To manage credit risk, the Company selects and periodically reviews counterparties based on credit ratings, limits its exposure with respect to each counterparty, and monitors the market position of the fuel hedging program and its relative market position with each counterparty\\. At December 31, 2018, the Company had agreements with all of its active counterparties containing early termination rights and/or bilateral collateral provisions whereby security is required if market risk exposure exceeds a specified threshold amount based on the counterparty credit rating\\. The Company also had agreements with counterparties in which cash deposits, letters of credit, and/or pledged aircraft are required to be posted as collateral whenever the net fair value of derivatives associated with those counterparties exceeds specific thresholds\\. In certain cases, the Company has the ability to substitute among these different forms of collateral at its discretion\\. The following table provides the fair values of fuel derivatives, amounts posted as collateral, and applicable collateral posting threshold amounts as of December 31, 2018, at which such postings are triggered:\n\n\n\n|                                                                                                                      |                            |                       |                               |                                |                       |                       |                       |           |\n| -------------------------------------------------------------------------------------------------------------------- | -------------------------- | --------------------- | ----------------------------- | ------------------------------ | --------------------- | --------------------- | --------------------- | --------- |\n|                                                                                                                      | **Counterparty (CP)**      | **Counterparty (CP)** | **Counterparty (CP)**         | **Counterparty (CP)**          | **Counterparty (CP)** | **Counterparty (CP)** | **Counterparty (CP)** |           |\n| (in millions)                                                                                                        | **A**                      | **B**                 | **C**                         | **D**                          | **E**                 | **F**                 | **Other** (a)         | **Total** |\n| Fair value of fuel derivatives                                                                                       | $38                        | $23                   | $43                           | $12                            | $5                    | $10                   | $7                    | $138      |\n| Cash collateral held from CP                                                                                         | \u2014                          | \u2014                     | \u2014                             | \u2014                              | \u2014                     | \u2014                     | \u2014                     | \u2014         |\n| Aircraft collateral pledged to CP                                                                                    | \u2014                          | \u2014                     | \u2014                             | \u2014                              | \u2014                     | \u2014                     | \u2014                     | \u2014         |\n| Letters of credit (LC)                                                                                               | \u2014                          | \u2014                     | \u2014                             | \u2014                              | \u2014                     | \u2014                     | \u2014                     | \u2014         |\n| Option to substitute LC for aircraft                                                                                 | (200) to (600)(b)          | N/A                   | (150) to (550)(c)             | (150) to (550)(c)              | N/A                   | N/A                   |                       |           |\n| Option to substitute LC for cash                                                                                     | N/A                        | N/A                   | (75) to (150) or >(550)(c) | (125) to (150) or >(550)(d) | (d)                   | N/A                   |                       |           |\n| **If credit rating is investment** <br><br>**grade, fair value of fuel** <br><br>**derivative level at which:**      |                            |                       |                               |                                |                       |                       |                       |           |\n| Cash is provided to CP                                                                                               | (50) to (200) or >(600) | >(50)              | (75) to (150) or >(550)(e) | (125) to (150) or >(550)(e) | >(125)             | >(70)(e)           |                       |           |\n| Cash is received from CP                                                                                             | >50(e)                  | >150(e)            | >250(e)                    | >125(e)                     | >100(e)            | >70(e)             |                       |           |\n| Aircraft or cash can be pledged to <br><br> CP as collateral                                                         | (200) to (600)(f)          | N/A                   | (150) to (550)(c)             | (150) to (550)(c)              | N/A                   | N/A                   |                       |           |\n| **If credit rating is non\\-investment** <br><br>**grade, fair value of fuel derivative** <br><br>**level at which:** |                            |                       |                               |                                |                       |                       |                       |           |\n| Cash is provided to CP                                                                                               | (0) to (200) or >(600)  | (g)                   | (0) to (150) or >(550)     | (0) to (150) or >(550)      | (g)                   | (g)                   |                       |           |\n| Cash is received from CP                                                                                             | (g)                        | (g)                   | (g)                           | (g)                            | (g)                   | (g)                   |                       |           |\n| Aircraft or cash can be pledged to <br><br> CP as collateral                                                         | (200) to (600)             | N/A                   | (150) to (550)                | (150) to (550)                 | N/A                   | N/A                   |                       |           |\n\n\n\n(a) Individual counterparties with fair value of fuel derivatives <$5 million\\.\n\n(b) The Company has the option of providing letters of credit in addition to aircraft collateral if the appraised value of the aircraft does not meet the collateral requirements\\. \n\n(c) The Company has the option of providing cash, letters of credit, or pledging aircraft as collateral\\. \n\n(d) The Company has the option to substitute letters of credit for 100 percent of cash collateral requirement\\.\n\n(e) Thresholds may vary based on changes in credit ratings within investment grade\\.\n\n(f) The Company has the option of providing cash or pledging aircraft as collateral\\. \n\n(g) Cash collateral is provided at 100 percent of fair value of fuel derivative contracts\\. \n\n**11****\\. FAIR VALUE MEASUREMENTS**\n\nAccounting standards pertaining to fair value measurements establish a three\\-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value\\. These tiers include: Level 1, defined as observable inputs such as quoted prices \n\n104"}
{"_id": "United-2017_58.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**UNITED AIRLINES, INC\\.** \n\n**STATEMENTS OF CONSOLIDATED CASH FLOWS** \n\n**(In millions)** \n\n\n\n|                                                                                                     |                             |                             |                             |\n|:--------------------------------------------------------------------------------------------------- | ---------------------------:| ---------------------------:| ---------------------------:|\n|                                                                                                     | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                                                     |                   **2017**  |                   **2016**  |                   **2015**  |\n| Operating Activities:                                                                               |                             |                             |                             |\n| Net income                                                                                          |                     $2,149  |                     $2,264  |                     $7,301  |\n| Adjustments to reconcile net income to net cash provided by operating activities \\-                 |                             |                             |                             |\n| Deferred income taxes                                                                               |                        929  |                      1,650  |                     (3,136) |\n| Depreciation and amortization                                                                       |                      2,149  |                      1,977  |                      1,819  |\n| Special charges,  non\\-cash portion                                                                 |                         35  |                        391  |                        247  |\n| Other operating activities                                                                          |                        142  |                        108  |                        115  |\n| Changes in operating assets and liabilities \\-                                                      |                             |                             |                             |\n| Decrease in fuel hedge collateral                                                                   |                          \u2014  |                         26  |                        551  |\n| Decrease in fuel derivatives                                                                        |                          \u2014  |                        (20) |                       (305) |\n| Decrease in other liabilities                                                                       |                       (479) |                       (444) |                       (181) |\n| Decrease in advanced purchase of miles                                                              |                       (865) |                       (249) |                       (224) |\n| Increase (decrease) in frequent flyer deferred revenue                                              |                       (142) |                        (60) |                          6  |\n| Increase in other assets                                                                            |                       (533) |                       (251) |                       (160) |\n| Increase (decrease) in accounts payable                                                             |                         66  |                        239  |                        (77) |\n| Increase (decrease) in advance ticket sales                                                         |                        146  |                        (22) |                         52  |\n| Increase in receivables                                                                             |                       (183) |                        (16) |                        (15) |\n| Increase in intercompany receivables                                                                |                        (15) |                        (58) |                        (12) |\n| Net cash provided by operating activities                                                           |                      3,399  |                      5,535  |                      5,981  |\n| Investing Activities:                                                                               |                             |                             |                             |\n| Capital expenditures                                                                                |                     (3,998) |                     (3,223) |                     (2,747) |\n| Purchases of short\\-term and other investments                                                      |                     (3,241) |                     (2,768) |                     (2,517) |\n| Proceeds from sale of short\\-term and other investments                                             |                      3,177  |                      2,712  |                      2,707  |\n| Proceeds from sale of property and equipment                                                        |                         12  |                         28  |                         86  |\n| Other, net                                                                                          |                        120  |                         13  |                       (136) |\n| Net cash used in investing activities                                                               |                     (3,930) |                     (3,238) |                     (2,607) |\n| Financing Activities:                                                                               |                             |                             |                             |\n| Dividend to UAL                                                                                     |                     (1,844) |                     (2,614) |                     (1,233) |\n| Payments of long\\-term debt                                                                         |                       (901) |                     (1,215) |                     (2,178) |\n| Proceeds from issuance of long\\-term debt                                                           |                      2,765  |                        808  |                      1,073  |\n| Principal payments under capital leases                                                             |                       (124) |                       (136) |                       (123) |\n| Capitalized financing costs                                                                         |                        (80) |                        (64) |                        (37) |\n| UAL contributions related to stock plans                                                            |                          2  |                          6  |                         16  |\n| Other, net                                                                                          |                          1  |                          9  |                         (2) |\n| Net cash used in financing activities                                                               |                       (181) |                     (3,206) |                     (2,484) |\n| Net increase (decrease) in cash, cash equivalents and restricted cash                               |                       (712) |                       (909) |                        890  |\n| Cash, cash equivalents and restricted cash at beginning of year                                     |                      2,297  |                      3,206  |                      2,316  |\n| Cash, cash equivalents and restricted cash at end of year                                           |                     $1,585  |                     $2,297  |                     $3,206  |\n| Investing and Financing Activities Not Affecting Cash:                                              |                             |                             |                             |\n| Property and equipment acquired through the issuance of debt and capital leases                     |                       $935  |                       $386  |                       $866  |\n| Equity interest in Republic Airways Holdings, Inc\\. received in consideration for bankruptcy claims |                         92  |                          \u2014  |                          \u2014  |\n| Airport construction financing                                                                      |                         42  |                         91  |                         17  |\n| Operating lease conversions to capital lease                                                        |                          \u2014  |                         12  |                        285  |\n| Cash Paid During the Period for:                                                                    |                             |                             |                             |\n| Interest                                                                                            |                       $571  |                       $584  |                       $660  |\n| Income taxes                                                                                        |                         20  |                         14  |                         15  |\n\n\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n59"}
{"_id": "Southwest-2018_73.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe impacts on expense and earnings from the accelerated depreciation were as follows:\n\n\n\n|                                             |                                  |                                  |\n| ------------------------------------------- | -------------------------------- | -------------------------------- |\n| **(in millions, except per share amounts)** | **Year ended December 31, 2017** | **Year ended December 31, 2016** |\n| Depreciation and amortization expense       | $21                              | $123                             |\n| Net income \\*                               | $(19)                            | $(66)                            |\n| Net income per basic share                  | $(0\\.03)                         | $(0\\.11)                         |\n| Net income per diluted share                | $(0\\.03)                         | $(0\\.10)                         |\n\n\n\n\\* net of profitsharing benefit and income taxes\n\nThe Company evaluates its long\\-lived assets used in operations for impairment when events and circumstances indicate that the undiscounted cash flows to be generated by that asset are less than the carrying amounts of the asset and may not be recoverable\\. Factors that would indicate potential impairment include, but are not limited to, significant decreases in the market value of the long\\-lived asset(s), a significant change in the long\\-lived asset\u2019s physical condition, and operating or cash flow losses associated with the use of the long\\-lived asset\\. If an asset is deemed to be impaired, an impairment loss is recorded for the excess of the asset book value in relation to its estimated fair value\\.\n\n***Aircraft and Engine Maintenance***\n\nThe cost of scheduled inspections and repairs and routine maintenance costs for all aircraft and engines are charged to Maintenance materials and repairs expense within the accompanying Consolidated Statement of Income as incurred\\. The Company has maintenance agreements related to certain of its aircraft engines with external service providers, including a \"power\\-by\\-the\\-hour\" agreement associated with its Boeing 737\\-700 fleet\\. Under these agreements, which the Company has determined effectively transfer the risk and create an obligation associated with the maintenance on such engines to the counterparty, expense is recorded commensurate with each hour flown on an engine\\. In situations where the payments to the counterparty do not sufficiently match the level of services received during the period, expense is recorded on a straight\\-line basis over the term of the agreement based on the Company's best estimate of expected future aircraft utilization\\. For its engine maintenance contracts that do not transfer risk to the service provider, the Company records expense on a time and materials basis when an engine repair event takes place\\. Modifications that significantly enhance the operating performance or extend the useful lives of aircraft or engines are capitalized and amortized over the remaining life of the asset\\.\n\n***Goodwill and Intangible Assets***\n\nThe Company applies a fair value based impairment test to the carrying value of goodwill and indefinite\\-lived intangible assets annually on October 1st, or more frequently if certain events or circumstances indicate that an impairment loss may have been incurred\\. The Company assesses the value of goodwill and indefinite\\-lived assets under either a qualitative or quantitative approach\\. Under a qualitative approach, the Company considers various market factors, including applicable key assumptions listed below\\. These factors are analyzed to determine if events and circumstances could reasonably have affected the fair value of goodwill and indefinite\\-lived intangible assets\\. If the Company determines that it is more likely than not that an indefinite\\-lived intangible asset is impaired, the quantitative approach is used to assess the asset\u2019s implied fair value and the amount of the impairment\\. Under a quantitative approach, the implied fair value of the Company's identifiable assets and liabilities is calculated based on key assumptions\\. If the Company assets' carrying value exceeds the fair value calculated using the quantitative approach, an impairment charge is recorded for the difference in fair value and carrying value\\. During 2016, the Company recorded a $21 million impairment charge associated with leased slots at Newark Liberty International Airport as a result of the FAA announcement, in April 2016, that this airport was being changed to a Level 2 schedule\\-facilitated airport from its previous designation as Level 3\\. This impairment loss was reflected in Other operating expenses within the accompanying Consolidated Statement of Income\\. The Company does not believe this FAA decision is indicative of a similar decision being made at the Company's other slot\\-controlled airports, Washington Reagan and New York LaGuardia\\.\n\n74"}
{"_id": "Delta-2019_1.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\n|                                                                                                                                                                                              |                                                                                                                                                                                              |                                                                                                                                                                                              |                                     |                                     |                                     |  |  |  |\n|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:-----------------------------------:|:-----------------------------------:|:-----------------------------------:|:- |:- |:- |\n|                                                                                      Table of Contents                                                                                       |                                                                                      Table of Contents                                                                                       |                                                                                      Table of Contents                                                                                       |          Table of Contents          |          Table of Contents          |          Table of Contents          |  |  |  |\n|                                                                                                                                                                                              |                                                                                                                                                                                              |                                                                                                                                                                                              |                Page                 |                Page                 |                Page                 |\n|                                                                 [Forward\\-Looking Statements](http://ir.delta.com/.#i_0_13)                                                                  |                                                                 [Forward\\-Looking Statements](http://ir.delta.com/.#i_0_13)                                                                  |                                                                 [Forward\\-Looking Statements](http://ir.delta.com/.#i_0_13)                                                                  |  [1](http://ir.delta.com/.#i_0_13)  |  [1](http://ir.delta.com/.#i_0_13)  |  [1](http://ir.delta.com/.#i_0_13)  |\n|                                                                                            PART I                                                                                            |                                                                                            PART I                                                                                            |                                                                                            PART I                                                                                            |                                     |                                     |                                     |\n|                                                                      [ITEM 1\\. BUSINESS](http://ir.delta.com/.#i_0_19)                                                                       |                                                                      [ITEM 1\\. BUSINESS](http://ir.delta.com/.#i_0_19)                                                                       |                                                                      [ITEM 1\\. BUSINESS](http://ir.delta.com/.#i_0_19)                                                                       |  [2](http://ir.delta.com/.#i_0_19)  |  [2](http://ir.delta.com/.#i_0_19)  |  [2](http://ir.delta.com/.#i_0_19)  |\n|                                                                           [General](http://ir.delta.com/.#i_0_22)                                                                            |                                                                           [General](http://ir.delta.com/.#i_0_22)                                                                            |                                                                           [General](http://ir.delta.com/.#i_0_22)                                                                            |  [2](http://ir.delta.com/.#i_0_22)  |  [2](http://ir.delta.com/.#i_0_22)  |  [2](http://ir.delta.com/.#i_0_22)  |\n|                                                             [Executive Officers of the Registrant](http://ir.delta.com/.#i_0_43)                                                             |                                                             [Executive Officers of the Registrant](http://ir.delta.com/.#i_0_43)                                                             |                                                             [Executive Officers of the Registrant](http://ir.delta.com/.#i_0_43)                                                             | [12](http://ir.delta.com/.#i_0_43)  | [12](http://ir.delta.com/.#i_0_43)  | [12](http://ir.delta.com/.#i_0_43)  |\n|                                                                    [ITEM 1A\\. RISK FACTORS](http://ir.delta.com/.#i_0_49)                                                                    |                                                                    [ITEM 1A\\. RISK FACTORS](http://ir.delta.com/.#i_0_49)                                                                    |                                                                    [ITEM 1A\\. RISK FACTORS](http://ir.delta.com/.#i_0_49)                                                                    | [13](http://ir.delta.com/.#i_0_49)  | [13](http://ir.delta.com/.#i_0_49)  | [13](http://ir.delta.com/.#i_0_49)  |\n|                                                                [Risk Factors Relating to Delta](http://ir.delta.com/.#i_0_52)                                                                |                                                                [Risk Factors Relating to Delta](http://ir.delta.com/.#i_0_52)                                                                |                                                                [Risk Factors Relating to Delta](http://ir.delta.com/.#i_0_52)                                                                | [13](http://ir.delta.com/.#i_0_52)  | [13](http://ir.delta.com/.#i_0_52)  | [13](http://ir.delta.com/.#i_0_52)  |\n|                                                        [Risk Factors Relating to the Airline Industry](http://ir.delta.com/.#i_0_55)                                                         |                                                        [Risk Factors Relating to the Airline Industry](http://ir.delta.com/.#i_0_55)                                                         |                                                        [Risk Factors Relating to the Airline Industry](http://ir.delta.com/.#i_0_55)                                                         | [18](http://ir.delta.com/.#i_0_55)  | [18](http://ir.delta.com/.#i_0_55)  | [18](http://ir.delta.com/.#i_0_55)  |\n|                                                             [ITEM 1B\\. UNRESOLVED STAFF COMMENTS](http://ir.delta.com/.#i_0_58)                                                              |                                                             [ITEM 1B\\. UNRESOLVED STAFF COMMENTS](http://ir.delta.com/.#i_0_58)                                                              |                                                             [ITEM 1B\\. UNRESOLVED STAFF COMMENTS](http://ir.delta.com/.#i_0_58)                                                              | [21](http://ir.delta.com/.#i_0_58)  | [21](http://ir.delta.com/.#i_0_58)  | [21](http://ir.delta.com/.#i_0_58)  |\n|                                                                     [ITEM 2\\. PROPERTIES](http://ir.delta.com/.#i_0_61)                                                                      |                                                                     [ITEM 2\\. PROPERTIES](http://ir.delta.com/.#i_0_61)                                                                      |                                                                     [ITEM 2\\. PROPERTIES](http://ir.delta.com/.#i_0_61)                                                                      | [22](http://ir.delta.com/.#i_0_61)  | [22](http://ir.delta.com/.#i_0_61)  | [22](http://ir.delta.com/.#i_0_61)  |\n|                                                                       [Flight Equipment](http://ir.delta.com/.#i_0_64)                                                                       |                                                                       [Flight Equipment](http://ir.delta.com/.#i_0_64)                                                                       |                                                                       [Flight Equipment](http://ir.delta.com/.#i_0_64)                                                                       | [22](http://ir.delta.com/.#i_0_64)  | [22](http://ir.delta.com/.#i_0_64)  | [22](http://ir.delta.com/.#i_0_64)  |\n|                                                                      [Ground Facilities](http://ir.delta.com/.#i_0_67)                                                                       |                                                                      [Ground Facilities](http://ir.delta.com/.#i_0_67)                                                                       |                                                                      [Ground Facilities](http://ir.delta.com/.#i_0_67)                                                                       | [23](http://ir.delta.com/.#i_0_67)  | [23](http://ir.delta.com/.#i_0_67)  | [23](http://ir.delta.com/.#i_0_67)  |\n|                                                                  [ITEM 3\\. LEGAL PROCEEDINGS](http://ir.delta.com/.#i_0_70)                                                                  |                                                                  [ITEM 3\\. LEGAL PROCEEDINGS](http://ir.delta.com/.#i_0_70)                                                                  |                                                                  [ITEM 3\\. LEGAL PROCEEDINGS](http://ir.delta.com/.#i_0_70)                                                                  | [24](http://ir.delta.com/.#i_0_70)  | [24](http://ir.delta.com/.#i_0_70)  | [24](http://ir.delta.com/.#i_0_70)  |\n|                                                               [ITEM 4\\. MINE SAFETY DISCLOSURES](http://ir.delta.com/.#i_0_73)                                                               |                                                               [ITEM 4\\. MINE SAFETY DISCLOSURES](http://ir.delta.com/.#i_0_73)                                                               |                                                               [ITEM 4\\. MINE SAFETY DISCLOSURES](http://ir.delta.com/.#i_0_73)                                                               | [24](http://ir.delta.com/.#i_0_73)  | [24](http://ir.delta.com/.#i_0_73)  | [24](http://ir.delta.com/.#i_0_73)  |\n|                                                                                           PART II                                                                                            |                                                                                           PART II                                                                                            |                                                                                           PART II                                                                                            |                                     |                                     |                                     |\n| [ITEM 5\\. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER](http://ir.delta.com/.#i_0_79)<br><br>[MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES](http://ir.delta.com/.#i_0_79) | [ITEM 5\\. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER](http://ir.delta.com/.#i_0_79)<br><br>[MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES](http://ir.delta.com/.#i_0_79) | [ITEM 5\\. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER](http://ir.delta.com/.#i_0_79)<br><br>[MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES](http://ir.delta.com/.#i_0_79) | [25](http://ir.delta.com/.#i_0_79)  | [25](http://ir.delta.com/.#i_0_79)  | [25](http://ir.delta.com/.#i_0_79)  |\n|                                                               [ITEM 6\\. SELECTED FINANCIAL DATA](http://ir.delta.com/.#i_0_91)                                                               |                                                               [ITEM 6\\. SELECTED FINANCIAL DATA](http://ir.delta.com/.#i_0_91)                                                               |                                                               [ITEM 6\\. SELECTED FINANCIAL DATA](http://ir.delta.com/.#i_0_91)                                                               | [27](http://ir.delta.com/.#i_0_91)  | [27](http://ir.delta.com/.#i_0_91)  | [27](http://ir.delta.com/.#i_0_91)  |\n|            [ITEM 7\\. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND](http://ir.delta.com/.#i_0_94)<br><br>[RESULTS OF OPERATION](http://ir.delta.com/.#i_0_94)S             |            [ITEM 7\\. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND](http://ir.delta.com/.#i_0_94)<br><br>[RESULTS OF OPERATION](http://ir.delta.com/.#i_0_94)S             |            [ITEM 7\\. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND](http://ir.delta.com/.#i_0_94)<br><br>[RESULTS OF OPERATION](http://ir.delta.com/.#i_0_94)S             | [29](http://ir.delta.com/.#i_0_94)  | [29](http://ir.delta.com/.#i_0_94)  | [29](http://ir.delta.com/.#i_0_94)  |\n|                                                                     [Financial Highlights](http://ir.delta.com/.#i_0_97)                                                                     |                                                                     [Financial Highlights](http://ir.delta.com/.#i_0_97)                                                                     |                                                                     [Financial Highlights](http://ir.delta.com/.#i_0_97)                                                                     | [29](http://ir.delta.com/.#i_0_97)  | [29](http://ir.delta.com/.#i_0_97)  | [29](http://ir.delta.com/.#i_0_97)  |\n|                                                                    [Results of Operations](http://ir.delta.com/.#i_0_100)                                                                    |                                                                    [Results of Operations](http://ir.delta.com/.#i_0_100)                                                                    |                                                                    [Results of Operations](http://ir.delta.com/.#i_0_100)                                                                    | [31](http://ir.delta.com/.#i_0_100) | [31](http://ir.delta.com/.#i_0_100) | [31](http://ir.delta.com/.#i_0_100) |\n|                                                                   [Non\\-Operating Results](http://ir.delta.com/.#i_0_118)                                                                    |                                                                   [Non\\-Operating Results](http://ir.delta.com/.#i_0_118)                                                                    |                                                                   [Non\\-Operating Results](http://ir.delta.com/.#i_0_118)                                                                    | [35](http://ir.delta.com/.#i_0_118) | [35](http://ir.delta.com/.#i_0_118) | [35](http://ir.delta.com/.#i_0_118) |\n|                                                                        [Income Taxes](http://ir.delta.com/.#i_0_121)                                                                         |                                                                        [Income Taxes](http://ir.delta.com/.#i_0_121)                                                                         |                                                                        [Income Taxes](http://ir.delta.com/.#i_0_121)                                                                         | [35](http://ir.delta.com/.#i_0_121) | [35](http://ir.delta.com/.#i_0_121) | [35](http://ir.delta.com/.#i_0_121) |\n|                                                                      [Refinery Segment](http://ir.delta.com/.#i_0_124)                                                                       |                                                                      [Refinery Segment](http://ir.delta.com/.#i_0_124)                                                                       |                                                                      [Refinery Segment](http://ir.delta.com/.#i_0_124)                                                                       | [36](http://ir.delta.com/.#i_0_124) | [36](http://ir.delta.com/.#i_0_124) | [36](http://ir.delta.com/.#i_0_124) |\n|                                                              [Financial Condition and Liquidity](http://ir.delta.com/.#i_0_127)                                                              |                                                              [Financial Condition and Liquidity](http://ir.delta.com/.#i_0_127)                                                              |                                                              [Financial Condition and Liquidity](http://ir.delta.com/.#i_0_127)                                                              | [37](http://ir.delta.com/.#i_0_127) | [37](http://ir.delta.com/.#i_0_127) | [37](http://ir.delta.com/.#i_0_127) |\n|                                                                   [Contractual Obligations](http://ir.delta.com/.#i_0_130)                                                                   |                                                                   [Contractual Obligations](http://ir.delta.com/.#i_0_130)                                                                   |                                                                   [Contractual Obligations](http://ir.delta.com/.#i_0_130)                                                                   | [40](http://ir.delta.com/.#i_0_130) | [40](http://ir.delta.com/.#i_0_130) | [40](http://ir.delta.com/.#i_0_130) |\n|                                                         [Critical Accounting Policies and Estimates](http://ir.delta.com/.#i_0_133)                                                          |                                                         [Critical Accounting Policies and Estimates](http://ir.delta.com/.#i_0_133)                                                          |                                                         [Critical Accounting Policies and Estimates](http://ir.delta.com/.#i_0_133)                                                          | [41](http://ir.delta.com/.#i_0_133) | [41](http://ir.delta.com/.#i_0_133) | [41](http://ir.delta.com/.#i_0_133) |\n|                                                                  [Supplemental Information](http://ir.delta.com/.#i_0_136)                                                                   |                                                                  [Supplemental Information](http://ir.delta.com/.#i_0_136)                                                                   |                                                                  [Supplemental Information](http://ir.delta.com/.#i_0_136)                                                                   | [46](http://ir.delta.com/.#i_0_136) | [46](http://ir.delta.com/.#i_0_136) | [46](http://ir.delta.com/.#i_0_136) |\n|                                                                  [Glossary of Defined Terms](http://ir.delta.com/.#i_0_139)                                                                  |                                                                  [Glossary of Defined Terms](http://ir.delta.com/.#i_0_139)                                                                  |                                                                  [Glossary of Defined Terms](http://ir.delta.com/.#i_0_139)                                                                  | [47](http://ir.delta.com/.#i_0_139) | [47](http://ir.delta.com/.#i_0_139) | [47](http://ir.delta.com/.#i_0_139) |\n|                                            [ITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](http://ir.delta.com/.#i_0_142)                                             |                                            [ITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](http://ir.delta.com/.#i_0_142)                                             |                                            [ITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](http://ir.delta.com/.#i_0_142)                                             | [48](http://ir.delta.com/.#i_0_142) | [48](http://ir.delta.com/.#i_0_142) | [48](http://ir.delta.com/.#i_0_142) |\n|                                                    [ITEM 8\\. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](http://ir.delta.com/.#i_0_145)                                                     |                                                    [ITEM 8\\. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](http://ir.delta.com/.#i_0_145)                                                     |                                                    [ITEM 8\\. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](http://ir.delta.com/.#i_0_145)                                                     | [49](http://ir.delta.com/.#i_0_145) | [49](http://ir.delta.com/.#i_0_145) | [49](http://ir.delta.com/.#i_0_145) |\n|            [ITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND](http://ir.delta.com/.#i_0_274)<br><br>[FINANCIAL DISCLOSURE](http://ir.delta.com/.#i_0_274)            |            [ITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND](http://ir.delta.com/.#i_0_274)<br><br>[FINANCIAL DISCLOSURE](http://ir.delta.com/.#i_0_274)            |            [ITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND](http://ir.delta.com/.#i_0_274)<br><br>[FINANCIAL DISCLOSURE](http://ir.delta.com/.#i_0_274)            | [96](http://ir.delta.com/.#i_0_274) | [96](http://ir.delta.com/.#i_0_274) | [96](http://ir.delta.com/.#i_0_274) |\n|                                                              [ITEM 9A\\. CONTROLS AND PROCEDURES](http://ir.delta.com/.#i_0_277)                                                              |                                                              [ITEM 9A\\. CONTROLS AND PROCEDURES](http://ir.delta.com/.#i_0_277)                                                              |                                                              [ITEM 9A\\. CONTROLS AND PROCEDURES](http://ir.delta.com/.#i_0_277)                                                              | [96](http://ir.delta.com/.#i_0_277) | [96](http://ir.delta.com/.#i_0_277) | [96](http://ir.delta.com/.#i_0_277) |\n|                                                                 [ITEM 9B\\. OTHER INFORMATION](http://ir.delta.com/.#i_0_283)                                                                 |                                                                 [ITEM 9B\\. OTHER INFORMATION](http://ir.delta.com/.#i_0_283)                                                                 |                                                                 [ITEM 9B\\. OTHER INFORMATION](http://ir.delta.com/.#i_0_283)                                                                 | [98](http://ir.delta.com/.#i_0_283) | [98](http://ir.delta.com/.#i_0_283) | [98](http://ir.delta.com/.#i_0_283) |\n|                                                                                           PART III                                                                                           |                                                                                           PART III                                                                                           |                                                                                           PART III                                                                                           |                                     |                                     |                                     |\n|                 [ITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE OF THE](http://ir.delta.com/.#i_0_289)<br><br>[REGISTRANT](http://ir.delta.com/.#i_0_289)                  |                 [ITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE OF THE](http://ir.delta.com/.#i_0_289)<br><br>[REGISTRANT](http://ir.delta.com/.#i_0_289)                  |                 [ITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE OF THE](http://ir.delta.com/.#i_0_289)<br><br>[REGISTRANT](http://ir.delta.com/.#i_0_289)                  | [98](http://ir.delta.com/.#i_0_289) | [98](http://ir.delta.com/.#i_0_289) | [98](http://ir.delta.com/.#i_0_289) |\n|                                                              [ITEM 11\\. EXECUTIVE COMPENSATION](http://ir.delta.com/.#i_0_292)                                                               |                                                              [ITEM 11\\. EXECUTIVE COMPENSATION](http://ir.delta.com/.#i_0_292)                                                               |                                                              [ITEM 11\\. EXECUTIVE COMPENSATION](http://ir.delta.com/.#i_0_292)                                                               | [98](http://ir.delta.com/.#i_0_292) | [98](http://ir.delta.com/.#i_0_292) | [98](http://ir.delta.com/.#i_0_292) |"}
{"_id": "Southwest-2019_65.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nSouthwest Airlines Co\\.\n\nConsolidated Statement of Comprehensive Income\n\n(in millions)\n\n\n\n|                                                                                                                   |                             |                             |                             |\n| ----------------------------------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                                                   | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                                                                                                   | **2019**                    | **2018**                    | **2017**                    |\n| **NET INCOME**                                                                                                    | $2,300                      | $2,465                      | $3,357                      |\n| Unrealized gain (loss) on fuel derivative instruments, net of <br><br> deferred taxes of ($16), ($7), and $185    | (53<br><br>)                | (26<br><br>)                | 317                         |\n| Unrealized gain (loss) on interest rate derivative instruments, net of<br><br> deferred taxes of ($8), $1, and $4 | (25<br><br>)                | 6                           | 7                           |\n| Unrealized gain (loss) on defined benefit plan items, net of deferred<br><br> taxes of ($9), $15, and $2          | (29<br><br>)                | 52                          | 3                           |\n| Other, net of deferred taxes of $8, ($2), and $5                                                                  | 26                          | (6<br><br>)                 | 8                           |\n| **OTHER COMPREHENSIVE INCOME (LOSS)**                                                                             | $<br><br>(81<br><br>)       | $26                         | $335                        |\n| **COMPREHENSIVE INCOME**                                                                                          | $2,219                      | $2,491                      | $3,692                      |\n\n\n\nSee accompanying notes\\.\n\n66"}
{"_id": "United-2017_26.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|                                                                |                             |                             |                             |                             |                             |\n|:-------------------------------------------------------------- | ---------------------------:| ---------------------------:| ---------------------------:| ---------------------------:| ---------------------------:|\n|                                                                | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **Mainline**                                                   |                    **2017** |                    **2016** |                    **2015** |                    **2014** |                    **2013** |\n| Passengers (thousands) (a)                                     |                    108,017  |                    101,007  |                     96,327  |                     91,475  |                     91,329  |\n| Revenue passenger miles (\u201cRPMs\u201d) (millions) (b)                |                    193,444  |                    186,181  |                    183,642  |                    179,015  |                    178,578  |\n| Available seat miles (\u201cASMs\u201d) (millions) (c)                   |                    234,576  |                    224,692  |                    219,989  |                    214,105  |                    213,007  |\n| Cargo ton miles (millions)                                     |                      3,316  |                      2,805  |                      2,614  |                      2,487  |                      2,213  |\n| Passenger load factor (d)                                      |                      82\\.5% |                      82\\.9% |                      83\\.5% |                      83\\.6% |                      83\\.8% |\n| Passenger revenue per available seat mile (\u201cPRASM\u201d) (cents)    |                     11\\.32  |                     11\\.31  |                     11\\.97  |                     12\\.51  |                     12\\.20  |\n| Total revenue per available seat mile (cents)                  |                     13\\.51  |                     13\\.50  |                     14\\.19  |                     14\\.81  |                     14\\.51  |\n| Average yield per revenue passenger mile (\u201cYield\u201d) (cents) (e) |                     13\\.73  |                     13\\.65  |                     14\\.34  |                     14\\.96  |                     14\\.56  |\n| Cost per available seat mile (\u201cCASM\u201d) (cents)                  |                     12\\.59  |                     12\\.22  |                     12\\.42  |                     14\\.03  |                     14\\.31  |\n| Average price per gallon of fuel, including fuel taxes         |                    $ 1\\.72  |                    $ 1\\.49  |                    $ 1\\.96  |                    $ 2\\.98  |                    $ 3\\.12  |\n| Fuel gallons consumed (millions)                               |                      3,357  |                      3,261  |                      3,216  |                      3,183  |                      3,204  |\n| Average stage length (miles) (f)                               |                      1,806  |                      1,859  |                      1,922  |                      1,958  |                      1,934  |\n| Average daily utilization of each aircraft (hours) (g)         |                      10:27  |                      10:06  |                      10:24  |                      10:26  |                      10:28  |\n| **Consolidated**                                               |                             |                             |                             |                             |                             |\n| Passengers (thousands) (a)                                     |                    148,067  |                    143,177  |                    140,369  |                    138,029  |                    139,209  |\n| RPMs (millions) (b)                                            |                    216,261  |                    210,309  |                    208,611  |                    205,559  |                    205,167  |\n| ASMs (millions) (c)                                            |                    262,386  |                    253,590  |                    250,003  |                    246,021  |                    245,354  |\n| Passenger load factor (d)                                      |                      82\\.4% |                      82\\.9% |                      83\\.4% |                      83\\.6% |                      83\\.6% |\n| PRASM (cents)                                                  |                     12\\.35  |                     12\\.40  |                     13\\.11  |                     13\\.72  |                     13\\.50  |\n| Total revenue per available seat mile (cents)                  |                     14\\.38  |                     14\\.42  |                     15\\.15  |                     15\\.81  |                     15\\.60  |\n| Yield (cents) (e)                                              |                     14\\.98  |                     14\\.96  |                     15\\.72  |                     16\\.42  |                     16\\.14  |\n| CASM (cents)                                                   |                     13\\.05  |                     12\\.70  |                     13\\.08  |                     14\\.85  |                     15\\.09  |\n| Average price per gallon of fuel, including fuel taxes         |                     $1\\.74  |                     $1\\.49  |                     $1\\.94  |                     $2\\.99  |                     $3\\.13  |\n| Fuel gallons consumed (millions)                               |                      3,978  |                      3,904  |                      3,886  |                      3,905  |                      3,947  |\n| Average stage length (miles) (f)                               |                      1,460  |                      1,473  |                      1,487  |                      1,480  |                      1,445  |\n\n\n\n(a) The number of revenue passengers measured by each flight segment flown\\.\n\n(b) The number of scheduled miles flown by revenue passengers\\.\n\n(c) The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown\\.\n\n(d) RPM divided by ASM\\.\n\n(e) The average passenger revenue received for each revenue passenger mile flown\\.\n\n(f) Average stage length equals the average distance a flight travels weighted for size of aircraft\\.\n\n(g) The average number of hours per day that an aircraft flown in revenue service is operated (from gate departure to gate arrival)\\.\n\n27"}
{"_id": "Southwest-2018_86.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nInitial spoilage estimates for both tickets and funds available for future use are routinely adjusted and ultimately finalized once the tickets expire, which is typically twelve months after the original purchase date\\. Spoilage estimates are based on the Company's Customers' historical travel behavior as well as assumptions about the Customers' future travel behavior\\. Assumptions used to generate spoilage estimates can be impacted by several factors including, but not limited to: fare increases, fare sales, changes to the Company's ticketing policies, changes to the Company\u2019s refund, exchange and unused funds policies, seat availability, and economic factors\\. \n\n**Loyalty Program**\n\nThe Company records a liability for the relative fair value of providing free travel under its loyalty program for all points earned from flight activity or sold to companies participating in the Company\u2019s loyalty program as business partners\\. The loyalty liability represents the outstanding performance obligations that will be satisfied when a member redeems points for travel or other goods and services, or upon spoilage of the points\\. Points earned from flight activity are valued at their relative standalone selling price based on coefficients in place that determine the worth of loyalty points in relation to their redemption value to the Customer\\. Points purchased by business partners are subjected to an allocation methodology in which the relative fair value of the transportation and marketing elements, if any, identified in the contract are first determined, then applied to the contractual rate paid by the business partner\\. The terms for these agreements are no more than 10 years in length\\. The Company\u2019s liability for loyalty benefits include a portion that are expected to be redeemed during the following twelve months (classified as a component of Air traffic liability), and a portion that are not expected to be redeemed during the following twelve months (classified as Air traffic liability \\- noncurrent)\\. The Company continually updates this analysis and adjusts the split between current and non\\-current liabilities as appropriate\\. \n\nIn order to determine the value of each loyalty point, certain assumptions must be made at the time of measurement, which include the following:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Allocation of Passenger Revenue*  \\- Revenues from Passengers, related to travel, who also earn Rapid Rewards Points have been allocated between flight (recognized as revenue when transportation is provided) and Rapid Rewards Points (deferred until points are redeemed or spoil) based on each obligation\u2019s relative standalone selling price\\. The Company utilizes historical earning patterns to assist in this allocation\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Fair Value of Rapid Rewards Points*  \\- Determined from the base fare value of tickets which were purchased using prior point redemptions for travel and other products and services, which the Company believes to be indicative of the fair value of points as perceived by Customers and representative of the value of each point at the time of redemption\\. The Company\u2019s booking site allows a Customer to toggle between fares utilizing either cash or point redemptions, which provides the Customer with an approximation of the equivalent value of their points\\. The value can differ, however, based on demand, the amount of time prior to the flight, and other factors\\. The fare mix during the period measured represents a constraint, which could result in the assumptions above changing at the measurement date, as fare classes can have different coefficients used to determine the total loyalty points needed to purchase an award ticket\\. The mixture of these fare classes and changes in the coefficients used by the Company could cause the fair value per point to increase or decrease\\.  |\n\n\n\nFor points that are expected to expire unused, the Company recognizes spoilage in proportion to the pattern of points used by the Customer, which approximates the average period over which the population of Rapid Reward Members redeem their points\\. The Company utilizes historical behavioral data to develop a predictive statistical model to analyze the amount of spoilage expected for points sold to business partners and earned through flight\\. The Company continues to evaluate expected spoilage annually and applies appropriate adjustments in the fourth quarter of each year, or other times, if changes in Customer behavior are detected\\. Changes to spoilage estimates impact revenue recognition prospectively\\. In most historical periods, the impact of changes in the estimated spoilage rate has not resulted in material changes to revenue recognition\\. However, due to the size of the Company\u2019s liability for loyalty benefits as a result of the elimination of the incremental cost method of accounting for flight points, changes in Customer behavior and/or expected future redemption patterns could result in more significant variations in Passenger revenue under the New Revenue Standard\\. These analyses have not resulted in material adjustments in 2018, 2017, or 2016\\. \n\n87"}
{"_id": "AmericanAirlines-2017_64.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Nonoperating Results*\n\n\n\n|                                 |                                              |                                              |                                              |                                                       |\n| ------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                 | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **2016**                                     | **2015**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Interest income                 | $104                                         | $49                                          | $55                                          | nm                                                    |\n| Interest expense, net           | (906)                                        | (796)                                        | (110)                                        | 13\\.8                                                 |\n| Other, net                      | (59)                                         | (774)                                        | 715                                          | (92\\.4)                                               |\n| Total nonoperating expense, net | $(861)                                       | $(1,521)                                     | $660                                         | (43\\.4)                                               |\n\n\n\nAmerican\u2019s short\\-term investments in each period consisted of highly liquid investments that provided nominal returns\\. Interest income increased $55 million due to higher interest\\-bearing related party receivables from American\u2019s parent company, AAG, as well as a 50 basis point increase in average yields in 2016 as compared to 2015\\.\n\nInterest expense, net increased in 2016 primarily due to higher outstanding debt as a result of aircraft financings associated with American\u2019s fleet renewal program\\.\n\nIn 2016, other nonoperating expense, net primarily included $49 million of net special charges associated with debt refinancings and extinguishments\\.\n\nIn 2015, other nonoperating expense, net primarily included a $592 million special charge to write off all of the value of Venezuelan bolivars held by American due to continued lack of repatriations and deterioration of economic conditions in Venezuela\\. American also incurred $159 million of net foreign currency losses\\. The foreign currency losses in 2015 were driven primarily by the strengthening of the U\\.S\\. dollar relative to other currencies, principally in Latin American and European markets\\.\n\n*Income Taxes*\n\nAmerican is part of the AAG consolidated income tax return\\.\n\nIn 2016, American recorded an income tax provision of $1\\.7 billion at an effective rate of approximately 37%, which was substantially non\\-cash due to American\u2019s utilization of NOLs\\. Substantially all of American\u2019s income before income taxes was attributable to the United States\\.\n\nIn 2015, American reversed $3\\.5 billion of the valuation allowance on its deferred tax assets, which resulted in a special non\\-cash tax benefit recorded in American\u2019s consolidated statement of operations\\.\n\nSee Note 4 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on income taxes\\.\n\n**Liquidity and Capital Resources**\n\n***Liquidity***\n\nAs of December 31, 2017, AAG had approximately $7\\.6 billion in total available liquidity and $318 million in restricted cash and short\\-term investments\\. Additional detail of our available liquidity is provided in the table below (in millions):\n\n\n\n|                                     |                  |                  |                  |                  |\n| ----------------------------------- | ---------------- | ---------------- | ---------------- | ---------------- |\n|                                     | **AAG**          | **AAG**          | **American**     | **American**     |\n|                                     | **December 31,** | **December 31,** | **December 31,** | **December 31,** |\n|                                     | **2017**         | **2016**         | **2017**         | **2016**         |\n| Cash                                | $295             | $322             | $287             | $310             |\n| Short\\-term investments             | 4,771            | 6,037            | 4,768            | 6,034            |\n| Undrawn revolving credit facilities | 2,500            | 2,425            | 2,500            | 2,425            |\n| Total available liquidity           | $7,566           | $8,784           | $7,555           | $8,769           |\n\n\n\n65"}
{"_id": "Southwest-2018_90.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**6****\\. LONG\\-TERM DEBT**\n\n\n\n|                                                                       |                       |                       |\n| --------------------------------------------------------------------- | --------------------- | --------------------- |\n| **(in millions)**                                                     | **December 31, 2018** | **December 31, 2017** |\n| French Credit Agreements due June 2018 \\- 2\\.54%                      | $\u2014                    | $1                    |\n| Fixed\\-rate 737 Aircraft Notes payable through January 2018 \\- 7\\.03% | \u2014                     | 3                     |\n| 2\\.75% Notes due November 2019                                        | 300                   | 300                   |\n| Term Loan Agreement payable through May 2019 \\- 6\\.315%               | 23                    | 66                    |\n| Term Loan Agreement payable through July 2019 \\- 4\\.84%               | 10                    | 19                    |\n| 2\\.65% Notes due 2020                                                 | 492                   | 491                   |\n| Term Loan Agreement payable through 2020 \\- 5\\.223%                   | 187                   | 237                   |\n| 737 Aircraft Notes payable through 2020                               | 67                    | 155                   |\n| 2\\.75% Notes due 2022                                                 | 300                   | 300                   |\n| Pass Through Certificates due 2022 \\- 6\\.24%                          | 250                   | 294                   |\n| Term Loan Agreement payable through 2026 \\- 3\\.88%                    | 197                   | 215                   |\n| 3\\.00% Notes due 2026                                                 | 300                   | 300                   |\n| 3\\.45% Notes due 2027                                                 | 300                   | 300                   |\n| 7\\.375% Debentures due 2027                                           | 125                   | 127                   |\n| Capital leases                                                        | 845                   | 885                   |\n|                                                                       | $3,396                | $3,693                |\n| Less current maturities                                               | 606                   | 348                   |\n| Less debt discount and issuance costs                                 | 19                    | 25                    |\n|                                                                       | $2,771                | $3,320                |\n\n\n\nAirTran Holdings is party to aircraft purchase financing facilities, and as of December 31, 2018, nine Boeing 737 aircraft remained that were financed under floating\\-rate facilities\\. Each note is secured by a first mortgage on the aircraft to which it relates\\. The notes bear interest at a floating rate per annum equal to a margin plus the three or six\\-month LIBOR in effect at the commencement of each semi\\-annual or three\\-month period, as applicable\\. As of December 31, 2018, the weighted average interest rate was 4\\.06 percent\\. Principal and interest under the notes are payable semi\\-annually or every three months as applicable\\. As of December 31, 2018, the remaining debt outstanding may be prepaid without penalty under all aircraft loans provided under such facilities\\. The remaining notes mature in years 2019 and 2020\\. As discussed further in Note 10, a portion of the above floating\\-rate debt has been effectively converted to a fixed rate via interest rate swap agreements which expire as the underlying notes mature\\.\n\nAirTran Holdings was previously a party to an additional aircraft purchase financing facility, and one Boeing 737 aircraft was financed under the fixed\\-rate facility\\. The note was secured by a first mortgage on the aircraft to which it related\\. The remaining note matured on January 11, 2018\\. \n\nDuring November 2017, the Company issued $300 million senior unsecured notes due 2022\\. The notes bear interest at 2\\.75 percent\\. Interest is payable semi\\-annually in arrears on May 16 and November 16\\. \n\nAlso during November 2017, the Company issued $300 million senior unsecured notes due 2027\\. The notes bear interest at 3\\.45 percent\\. Interest is payable semi\\-annually in arrears on May 16 and November 16\\. \n\nDuring November 2016, the Company issued $300 million senior unsecured notes due 2026\\. The notes bear interest at 3\\.00 percent\\. Interest is payable semi\\-annually in arrears on May 15 and November 15\\. \n\nDuring October 2016, the Company entered into a term loan agreement providing for loans to the Company aggregating up to $215 million, to be secured by mortgages on seven of the Company's 737\\-800 aircraft\\. The Company borrowed the full $215 million and secured this loan with the requisite seven aircraft mortgages\\. The loan matures on October 31, 2026, and is repayable via semi\\-annual installments of principal that began on April 30, 2018\\. The loan bears \n\n91"}
{"_id": "AmericanAirlines-2018_119.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**11\\. Accumulated Other Comprehensive Loss**\n\nThe components of AOCI are as follows (in millions):\n\n\n\n|                                                            |                                                                                         |                                    |                                                         |       |           |\n| ---------------------------------------------------------- | --------------------------------------------------------------------------------------- | ---------------------------------- | ------------------------------------------------------- | ----- | --------- |\n|                                                            | **Pension,  <br>Retiree  <br>Medical and  <br>Other  <br>Postretirement  <br>Benefits** | **Unrealized Loss on Investments** | **Income Tax  <br>Benefit  <br>(Provision)**  **^(1)^** |       | **Total** |\n| Balance at December 31, 2016                               | $(4,406)                                                                                | $\u2014                                 | $(677)                                                  |       | $(5,083)  |\n| Other comprehensive income (loss) before reclassifications | (30)                                                                                    | (1)                                | 15                                                      |       | (16)      |\n| Amounts reclassified from AOCI                             | (87)                                                                                    | \u2014                                  | 32                                                      | ^(2)^ | (55)      |\n| Net current\\-period other comprehensive income (loss)      | (117)                                                                                   | (1)                                | 47                                                      |       | (71)      |\n| Balance at December 31, 2017                               | (4,523)                                                                                 | (1)                                | (630)                                                   |       | (5,154)   |\n| Other comprehensive income (loss) before reclassifications | (62)                                                                                    | (4)                                | 15                                                      |       | (51)      |\n| Amounts reclassified from AOCI                             | (88)                                                                                    | \u2014                                  | 19                                                      | ^(2)^ | (69)      |\n| Net current\\-period other comprehensive income (loss)      | (150)                                                                                   | (4)                                | 34                                                      |       | (120)     |\n| Balance at December 31, 2018                               | $(4,673)                                                                                | $(5)                               | $(596)                                                  |       | $(5,274)  |\n\n\n\n\n\n|       |                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income until the obligations are fully extinguished\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Relates to pension, retiree medical and other postretirement benefits obligations and is recognized within the income tax provision on our consolidated statements of operations\\. |\n\n\n\nReclassifications out of AOCI for the years ended December 31, 2018 and 2017 are as follows (in millions):\n\n\n\n|                                                                             |                                    |                                    |                                                                                |\n| --------------------------------------------------------------------------- | ---------------------------------- | ---------------------------------- | ------------------------------------------------------------------------------ |\n|                                                                             | **Amounts reclassified from AOCI** | **Amounts reclassified from AOCI** | **Affected line items on the  <br>consolidated statements of  <br>operations** |\n|                                                                             | **Year Ended December 31,**        | **Year Ended December 31,**        | **Affected line items on the  <br>consolidated statements of  <br>operations** |\n| **AOCI Components**                                                         | **2018**                           | **2017**                           | **Affected line items on the  <br>consolidated statements of  <br>operations** |\n| Amortization of pension, retiree medical and other postretirement benefits: |                                    |                                    |                                                                                |\n| Prior service benefit                                                       | $(161)                             | $(132)                             | Nonoperating other income, net                                                 |\n| Actuarial loss                                                              | 92                                 | 77                                 | Nonoperating other income, net                                                 |\n| Total reclassifications for the period, net of tax                          | $(69)                              | $(55)                              |                                                                                |\n\n\n\nAmounts allocated to other comprehensive income (OCI) for income taxes as further described in Note 7 will remain in AOCI until we cease all related activities, such as termination of the pension plan\\.\n\n120"}
{"_id": "Alaska-2017_95.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\nTo the Stockholders and Board of Directors\n\nAlaska Air Group, Inc\\.:\n\n*Opinion on Internal Control Over Financial Reporting* \n\nWe have audited Alaska Air Group, Inc\\. and subsidiaries\u2019 (the \u201cCompany\u201d) internal control over financial reporting as of December 31, 2017, based on criteria established in *Internal Control \\- Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission\\. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on criteria established in *Internal Control \\- Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission\\. \n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (\u201cPCAOB\u201d), the consolidated balance sheets of the Company as of December 31, 2017 and 2016, the related consolidated statements of operations, comprehensive operations, shareholders\u2019 equity, and cash flows for each of the years in the three\\-year period ended December 31, 2017, and the related notes (collectively, the \u201cconsolidated financial statements\u201d), and our report dated February 14, 2018 expressed an unqualified opinion on those consolidated financial statements\\.\n\n*Basis for Opinion* \n\nThe Company\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management\u2019s Report on Internal Control Over Financial Reporting\\. Our responsibility is to express an opinion on the Company\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk\\. Our audit also included performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\n*Definition and Limitations of Internal Control Over Financial Reporting* \n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\nKPMG LLP\n\nSeattle, Washington\n\nFebruary 14, 2018\n\n 96"}
{"_id": "Alaska-2019_75.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nThe following table sets forth the status of the qualified defined\\-benefit pension plans (in millions):\n\n\n\n|                                    |                                    |                                    |         |  |  |  |         |\n|:---------------------------------- |:---------------------------------- |:---------------------------------- | -------:|:- |:- |:- | -------:|\n|                                    |                                    |                                    |    2019 |  |  |  |    2018 |\n| Projected benefit obligation (PBO) | Projected benefit obligation (PBO) | Projected benefit obligation (PBO) |         |  |  |  |         |\n| Beginning of year                  | Beginning of year                  | Beginning of year                  | $ 2,225 |  |  |  | $ 2,387 |\n| Service cost                       | Service cost                       | Service cost                       |      42 |  |  |  |      48 |\n| Interest cost                      | Interest cost                      | Interest cost                      |      89 |  |  |  |      79 |\n| Actuarial (gain)/loss              | Actuarial (gain)/loss              | Actuarial (gain)/loss              |     359 |  |  |  |   (191) |\n| Benefits paid                      | Benefits paid                      | Benefits paid                      |   (113) |  |  |  |    (98) |\n| End of year                        | End of year                        | End of year                        | $ 2,602 |  |  |  | $ 2,225 |\n| Plan assets at fair value          | Plan assets at fair value          | Plan assets at fair value          |         |  |  |  |         |\n| Beginning of year                  | Beginning of year                  | Beginning of year                  | $ 1,858 |  |  |  | $ 2,083 |\n| Actual return on plan assets       | Actual return on plan assets       | Actual return on plan assets       |     429 |  |  |  |   (127) |\n| Employer contributions             | Employer contributions             | Employer contributions             |      65 |  |  |  |       \u2014 |\n| Benefits paid                      | Benefits paid                      | Benefits paid                      |   (113) |  |  |  |    (98) |\n| End of year                        | End of year                        | End of year                        | $ 2,239 |  |  |  | $ 1,858 |\n| Unfunded status                    | Unfunded status                    | Unfunded status                    | $ (363) |  |  |  | $ (367) |\n| Percent funded                     | Percent funded                     | Percent funded                     |    86 % |  |  |  |    84 % |\n\n\n\nThe accumulated benefit obligation for the combined qualified defined\\-benefit pension plans was $2\\.4 billion and $2\\.1 billion at December 31, 2019 and 2018\\. \n\nThe amounts recognized in the consolidated balance sheets (in millions): \n\n\n\n|                                                         |                                                         |                                                         |       |  |  |  |       |\n|:------------------------------------------------------- |:------------------------------------------------------- |:------------------------------------------------------- | -----:|:- |:- |:- | -----:|\n|                                                         |                                                         |                                                         |  2019 |  |  |  |  2018 |\n| Accrued benefit liability\\-long term                    | Accrued benefit liability\\-long term                    | Accrued benefit liability\\-long term                    | $ 412 |  |  |  | $ 392 |\n| Plan assets\\-long term (within Other noncurrent assets) | Plan assets\\-long term (within Other noncurrent assets) | Plan assets\\-long term (within Other noncurrent assets) |  (49) |  |  |  |  (25) |\n| Total liability recognized                              | Total liability recognized                              | Total liability recognized                              | $ 363 |  |  |  | $ 367 |\n\n\n\nThe amounts not yet reflected in net periodic benefit cost and included in AOCL (in millions):\n\n\n\n|                                    |                                    |                                    |       |  |  |  |       |\n|:---------------------------------- |:---------------------------------- |:---------------------------------- | -----:|:- |:- |:- | -----:|\n|                                    |                                    |                                    |  2019 |  |  |  |  2018 |\n| Prior service credit               | Prior service credit               | Prior service credit               | $ (6) |  |  |  | $ (8) |\n| Net loss                           | Net loss                           | Net loss                           |   595 |  |  |  |   607 |\n| Amount recognized in AOCL (pretax) | Amount recognized in AOCL (pretax) | Amount recognized in AOCL (pretax) | $ 589 |  |  |  | $ 599 |\n\n\n\nThe expected amortization of prior service credit and net loss from AOCL in 2020 is $1 million and $35 million for the qualified defined\\-benefit pension plans\\. \n\nNet pension expense for the qualified defined\\-benefit plans included the following components (in millions): \n\n\n\n|                                      |                                      |                                      |      |  |  |  |       |  |  |  |       |\n|:------------------------------------ |:------------------------------------ |:------------------------------------ | ----:|:- |:- |:- | -----:|:- |:- |:- | -----:|\n|                                      |                                      |                                      | 2019 |  |  |  |  2018 |  |  |  |  2017 |\n| Service cost                         | Service cost                         | Service cost                         | $ 42 |  |  |  |  $ 48 |  |  |  |  $ 39 |\n| Interest cost                        | Interest cost                        | Interest cost                        |   89 |  |  |  |    79 |  |  |  |    74 |\n| Expected return on assets            | Expected return on assets            | Expected return on assets            | (95) |  |  |  | (107) |  |  |  | (106) |\n| Amortization of prior service credit | Amortization of prior service credit | Amortization of prior service credit |  (1) |  |  |  |   (1) |  |  |  |   (1) |\n| Recognized actuarial loss            | Recognized actuarial loss            | Recognized actuarial loss            |   37 |  |  |  |    33 |  |  |  |    26 |\n| Net pension expense                  | Net pension expense                  | Net pension expense                  | $ 72 |  |  |  |  $ 52 |  |  |  |  $ 32 |\n\n\n\nThere are no current statutory funding requirements for the Company\u2019s plans in 2020\\. \n\n75"}
{"_id": "Delta-2019_56.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Statements of Operations\n\n\n\n|                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                                                                          |                                                                                          |                                                                                          |                                 Year Ended December 31,                                  |                                 Year Ended December 31,                                  |                                 Year Ended December 31,                                  |                                 Year Ended December 31,                                  |                                 Year Ended December 31,                                  |                                 Year Ended December 31,                                  |                                 Year Ended December 31,                                  |                                 Year Ended December 31,                                  |                                 Year Ended December 31,                                  |  |  |  |  |  |  |  |  |  |  |  |  |\n|                           (in millions, except per share data)                           |                           (in millions, except per share data)                           |                           (in millions, except per share data)                           |                                           2019                                           |                                                                                          |                                                                                          |                                                                                          |                                           2018                                           |                                                                                          |                                                                                          |                                                                                          |                                           2017                                           |\n|                                    Operating Revenue:                                    |                                    Operating Revenue:                                    |                                    Operating Revenue:                                    |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |\n|                                        Passenger                                         |                                        Passenger                                         |                                        Passenger                                         |                                         $ 42,277                                         |                                                                                          |                                                                                          |                                                                                          |                                         $ 39,755                                         |                                                                                          |                                                                                          |                                                                                          |                                         $ 36,947                                         |\n|                                          Cargo                                           |                                          Cargo                                           |                                          Cargo                                           |                                           753                                            |                                                                                          |                                                                                          |                                                                                          |                                           865                                            |                                                                                          |                                                                                          |                                                                                          |                                           744                                            |\n|                                          Other                                           |                                          Other                                           |                                          Other                                           |                                          3,977                                           |                                                                                          |                                                                                          |                                                                                          |                                          3,818                                           |                                                                                          |                                                                                          |                                                                                          |                                          3,447                                           |\n|                                  Total operating revenue                                 |                                  Total operating revenue                                 |                                  Total operating revenue                                 |                                          47,007                                          |                                                                                          |                                                                                          |                                                                                          |                                          44,438                                          |                                                                                          |                                                                                          |                                                                                          |                                          41,138                                          |\n|                                    Operating Expense:                                    |                                    Operating Expense:                                    |                                    Operating Expense:                                    |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |\n|                                Salaries and related costs                                |                                Salaries and related costs                                |                                Salaries and related costs                                |                                          11,225                                          |                                                                                          |                                                                                          |                                                                                          |                                          10,743                                          |                                                                                          |                                                                                          |                                                                                          |                                          10,058                                          |\n|                             Aircraft fuel and related taxes                              |                             Aircraft fuel and related taxes                              |                             Aircraft fuel and related taxes                              |                                          8,519                                           |                                                                                          |                                                                                          |                                                                                          |                                          9,020                                           |                                                                                          |                                                                                          |                                                                                          |                                          6,756                                           |\n|                        Regional carriers expense, excluding fuel                         |                        Regional carriers expense, excluding fuel                         |                        Regional carriers expense, excluding fuel                         |                                          3,584                                           |                                                                                          |                                                                                          |                                                                                          |                                          3,438                                           |                                                                                          |                                                                                          |                                                                                          |                                          3,466                                           |\n|                                   Contracted services                                    |                                   Contracted services                                    |                                   Contracted services                                    |                                          2,641                                           |                                                                                          |                                                                                          |                                                                                          |                                          2,175                                           |                                                                                          |                                                                                          |                                                                                          |                                          2,108                                           |\n|                              Depreciation and amortization                               |                              Depreciation and amortization                               |                              Depreciation and amortization                               |                                          2,581                                           |                                                                                          |                                                                                          |                                                                                          |                                          2,329                                           |                                                                                          |                                                                                          |                                                                                          |                                          2,222                                           |\n|                     Passenger commissions and other selling expenses                     |                     Passenger commissions and other selling expenses                     |                     Passenger commissions and other selling expenses                     |                                          1,993                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,941                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,827                                           |\n|                               Landing fees and other rents                               |                               Landing fees and other rents                               |                               Landing fees and other rents                               |                                          1,762                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,662                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,501                                           |\n|                    Aircraft maintenance materials and outside repairs                    |                    Aircraft maintenance materials and outside repairs                    |                    Aircraft maintenance materials and outside repairs                    |                                          1,751                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,575                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,591                                           |\n|                                      Profit sharing                                      |                                      Profit sharing                                      |                                      Profit sharing                                      |                                          1,643                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,301                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,065                                           |\n|                                    Passenger service                                     |                                    Passenger service                                     |                                    Passenger service                                     |                                          1,251                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,178                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,123                                           |\n|                            Ancillary businesses and refinery                             |                            Ancillary businesses and refinery                             |                            Ancillary businesses and refinery                             |                                          1,245                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,695                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,495                                           |\n|                                      Aircraft rent                                       |                                      Aircraft rent                                       |                                      Aircraft rent                                       |                                           423                                            |                                                                                          |                                                                                          |                                                                                          |                                           394                                            |                                                                                          |                                                                                          |                                                                                          |                                           351                                            |\n|                                          Other                                           |                                          Other                                           |                                          Other                                           |                                          1,771                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,723                                           |                                                                                          |                                                                                          |                                                                                          |                                          1,609                                           |\n|                                 Total operating expense                                  |                                 Total operating expense                                  |                                 Total operating expense                                  |                                          40,389                                          |                                                                                          |                                                                                          |                                                                                          |                                          39,174                                          |                                                                                          |                                                                                          |                                                                                          |                                          35,172                                          |\n|                                     Operating Income                                     |                                     Operating Income                                     |                                     Operating Income                                     |                                          6,618                                           |                                                                                          |                                                                                          |                                                                                          |                                          5,264                                           |                                                                                          |                                                                                          |                                                                                          |                                          5,966                                           |\n|                                 Non\\-Operating Expense:                                  |                                 Non\\-Operating Expense:                                  |                                 Non\\-Operating Expense:                                  |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |                                                                                          |\n|                                  Interest expense, net                                   |                                  Interest expense, net                                   |                                  Interest expense, net                                   |                                          (301)                                           |                                                                                          |                                                                                          |                                                                                          |                                          (311)                                           |                                                                                          |                                                                                          |                                                                                          |                                          (396)                                           |\n|                             Gain/(loss) on investments, net                              |                             Gain/(loss) on investments, net                              |                             Gain/(loss) on investments, net                              |                                           119                                            |                                                                                          |                                                                                          |                                                                                          |                                            38                                            |                                                                                          |                                                                                          |                                                                                          |                                            \u2014                                             |\n|                                    Miscellaneous, net                                    |                                    Miscellaneous, net                                    |                                    Miscellaneous, net                                    |                                          (238)                                           |                                                                                          |                                                                                          |                                                                                          |                                           160                                            |                                                                                          |                                                                                          |                                                                                          |                                           (70)                                           |\n|                            Total non\\-operating expense, net                             |                            Total non\\-operating expense, net                             |                            Total non\\-operating expense, net                             |                                          (420)                                           |                                                                                          |                                                                                          |                                                                                          |                                          (113)                                           |                                                                                          |                                                                                          |                                                                                          |                                          (466)                                           |\n|                                Income Before Income Taxes                                |                                Income Before Income Taxes                                |                                Income Before Income Taxes                                |                                          6,198                                           |                                                                                          |                                                                                          |                                                                                          |                                          5,151                                           |                                                                                          |                                                                                          |                                                                                          |                                          5,500                                           |\n|                                   Income Tax Provision                                   |                                   Income Tax Provision                                   |                                   Income Tax Provision                                   |                                         (1,431)                                          |                                                                                          |                                                                                          |                                                                                          |                                         (1,216)                                          |                                                                                          |                                                                                          |                                                                                          |                                         (2,295)                                          |\n|                                        Net Income                                        |                                        Net Income                                        |                                        Net Income                                        |                                         $ 4,767                                          |                                                                                          |                                                                                          |                                                                                          |                                         $ 3,935                                          |                                                                                          |                                                                                          |                                                                                          |                                         $ 3,205                                          |\n|                                 Basic Earnings Per Share                                 |                                 Basic Earnings Per Share                                 |                                 Basic Earnings Per Share                                 |                                         $ 7\\.32                                          |                                                                                          |                                                                                          |                                                                                          |                                         $ 5\\.69                                          |                                                                                          |                                                                                          |                                                                                          |                                         $ 4\\.45                                          |\n|                                Diluted Earnings Per Share                                |                                Diluted Earnings Per Share                                |                                Diluted Earnings Per Share                                |                                         $ 7\\.30                                          |                                                                                          |                                                                                          |                                                                                          |                                         $ 5\\.67                                          |                                                                                          |                                                                                          |                                                                                          |                                         $ 4\\.43                                          |\n|                            Cash Dividends Declared Per Share                             |                            Cash Dividends Declared Per Share                             |                            Cash Dividends Declared Per Share                             |                                         $ 1\\.51                                          |                                                                                          |                                                                                          |                                                                                          |                                         $ 1\\.31                                          |                                                                                          |                                                                                          |                                                                                          |                                         $ 1\\.02                                          |\n| The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n\n\n\n54"}
{"_id": "United-2017_111.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|           |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| ---------:|:--------------- |:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  \\*\u202010\\.8 | UAL  <br>United | [SERP Agreement, dated as of October 1, 2010, by and among United Continental Holdings, Inc\\., Continental Airlines, Inc\\. and Gerald Laderman (filed as Exhibit 10\\.2 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2015, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515350093/d63220dex102.htm)                               |\n|  \\*\u202010\\.9 | UAL  <br>United | [SERP Agreement, dated as of October 1, 2010, by and among United Continental Holdings, Inc\\., Continental Airlines, Inc\\. and Michael P\\. Bonds (filed as Exhibit 10\\.10 to UAL\u2019s Form  10\\-K for the year ended December 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312511042335/dex1010.htm)                                      |\n| \\*\u202010\\.10 | UAL  <br>United | [United Continental Holdings, Inc\\. Senior Officer Severance Plan (effective October 1, 2014) (filed as Exhibit 10\\.1 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2015, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515350093/d63220dex101.htm)                                                                                |\n| \\*\u202010\\.11 | UAL  <br>United | [Employment Agreement, dated as of October 1, 2010, by and among United Continental Holdings, Inc\\., United Air Lines, Inc\\., Continental Airlines, Inc\\. and Jeffery A\\. Smisek (filed as Exhibit 10\\.21 to UAL\u2019s Form  10\\-K for the year ended December 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312511042335/dex1021.htm)      |\n| \\*\u202010\\.12 | UAL  <br>United | [Performance Award Agreement, dated May 5, 2016, by and among United Continental Holdings, Inc\\., United Airlines, Inc\\. and Brett J\\. Hart (filed as Exhibit 10\\.3 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516651221/d188420dex103.htm)                                       |\n| \\*\u202010\\.13 | UAL             | [Form of Stock Option Award Notice pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Exhibit 10\\.1 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516739859/d259980dex101.htm)                                                       |\n| \\*\u202010\\.14 | UAL             | [Form of Restricted Stock Unit Award Notice pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Exhibit 10\\.2 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516739859/d259980dex102.htm)                                              |\n| \\*\u202010\\.15 | UAL  <br>United | [Confidentiality and  Non\\-Competition Agreement, dated April 23, 2009, by and among Continental Airlines, Inc\\. and Jeffery A\\. Smisek (filed as Exhibit 10\\.1 to Continental Airlines, Inc\\.\u2019s Quarterly Report on Form  10\\-Q for the quarter ended March 31, 2009, Commission file number  1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968709000020/exhibit101.htm) |\n| \\*\u202010\\.16 | UAL  <br>United | [Separation Agreement, dated as of September 8, 2015, by and among United Continental Holdings, Inc\\., United Airlines, Inc\\. and Jeffery A\\. Smisek (filed as Exhibit 10\\.1 to UAL\u2019s Form  8\\-K filed September 8, 2015, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000110465915064079/a15-19109_1ex10d1.htm)                                       |\n| \\*\u202010\\.17 | UAL  <br>United | [Description of Benefits for Officers of United Continental Holdings, Inc\\. and United Airlines, Inc\\. (filed as Exhibit 10\\.11 to UAL\u2019s Form  10\\-K for the year ended December 31, 2015, Commission file number  1\\-6033 and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516468479/d13806dex1011.htm)                                                                           |\n| \\*\u202010\\.18 | UAL             | [United Continental Holdings, Inc\\. Officer Travel Policy (filed as Exhibit 10\\.24 to UAL\u2019s Form  10\\-K for the year ended December 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312511042335/dex1024.htm)                                                                                                                             |\n\n\n\n112"}
{"_id": "Delta-2018_106.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\n|           |                                                                                                                                                                                                                                                             |\n| --------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.14(a) | [Delta Air Lines, Inc\\. 2017 Long\\-Term Incentive Program (Filed as Exhibit 10\\.15 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000004/dal12312016ex1015.htm) |\n\n\n\n\n\n|           |                                                                                                                                                                                                                                                                                   |\n| --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.14(b) | [First Amendment to the Delta Air Lines, Inc\\. 2017 Long\\-Term Incentive Program (Filed as Exhibit 10\\.3 to Delta\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex103.htm) |\n\n\n\n10\\.14(c) [Second Amendment to the Delta Air Lines, Inc\\. 2017 Long\\-Term Incentive Program (Filed as Exhibit 10\\.16(c) to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790418000006/dal12312017ex1016c.htm)\n\n\n\n|           |                                                                                                                                                                                                                                                                                           |\n| --------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.14(d) | [Model Award Agreement for the Delta Air Lines, Inc\\. 2017 Long\\-Term Incentive Program (Filed as Exhibit 10\\.3 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000008/dal3312017ex103.htm) |\n\n\n\n\n\n|           |                                                                                                                                                                                                                                                             |\n| --------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.15(a) | [Delta Air Lines, Inc\\. 2018 Long\\-Term Incentive Program (Filed as Exhibit 10\\.17 to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790418000006/dal12312017ex1017.htm) |\n\n\n\n\n\n|           |                                                                                                                                                                                                                                                                                           |\n| --------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.15(b) | [Model Award Agreement for the Delta Air Lines, Inc\\. 2018 Long\\-Term Incentive Program (Filed as Exhibit 10\\.1 to Delta\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2018)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790418000013/dal3312018ex101.htm) |\n\n\n\n\n\n|        |                                                                                                         |\n| ------ | ------------------------------------------------------------------------------------------------------- |\n| 10\\.16 | [Delta Air Lines, Inc\\. 2019 Long\\-Term Incentive Program\\.](http://ir.delta.com/dal12312018ex1016.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                          |\n| ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.17 | [Delta Air Lines, Inc\\. 2018 Management Incentive Plan (Filed as Exhibit 10\\.19 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790418000006/dal12312017ex1019.htm) |\n\n\n\n\n\n|        |                                                                                                      |\n| ------ | ---------------------------------------------------------------------------------------------------- |\n| 10\\.18 | [Delta Air Lines, Inc\\. 2019 Management Incentive Plan\\.](http://ir.delta.com/dal12312018ex1018.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                                                                                                                                     |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.19 | [Letter Agreement dated as of June 11, 2008 between counsel for and on behalf of Mickey P\\. Foret and Aviation Consultants, LLC, and counsel for and on behalf of Northwest Airlines, Inc\\. (Filed as Exhibit 10\\.22 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2008)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000119312509042726/dex1022.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                 |\n| ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.20 | [Delta Air Lines, Inc\\. Restoration Long Term Disability Plan (Filed as Exhibit 10\\.24 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2011)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000144530512000272/dal12312011ex1024.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                     |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.21 | [Terms of 2017 Restricted Stock Awards for Non\\-Employee Directors (Filed as Exhibit 10\\.4 to Delta\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex104.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                    |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.22 | [Terms of 2018 Restricted Stock Award for Non\\-Employee Directors (filed as Exhibit 10\\.2 to Delta\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2018)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790418000016/dal6302018ex102.htm) |\n\n\n\n\n\n|       |                                                                              |\n| ----- | ---------------------------------------------------------------------------- |\n| 21\\.1 | [Subsidiaries of the Registrant\\.](http://ir.delta.com/dal12312018ex211.htm) |\n\n\n\n\n\n|       |                                                                            |\n| ----- | -------------------------------------------------------------------------- |\n| 23\\.1 | [Consent of Ernst & Young LLP\\.](http://ir.delta.com/dal12312018ex231.htm) |\n\n\n\n\n\n|       |                                                                                                                   |\n| ----- | ----------------------------------------------------------------------------------------------------------------- |\n| 31\\.1 | [Rule 13a\\-14(a)/15d\\-14(a) Certification of Chief Executive Officer\\.](http://ir.delta.com/dal12312018ex311.htm) |\n\n\n\n\n\n|       |                                                                                                                   |\n| ----- | ----------------------------------------------------------------------------------------------------------------- |\n| 31\\.2 | [Rule 13a\\-14(a)/15d\\-14(a) Certification of Chief Financial Officer\\.](http://ir.delta.com/dal12312018ex312.htm) |\n\n\n\n\n\n|    |                                                                                                                                                                      |\n| -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 32 | [Certification pursuant to 18 U\\.S\\.C\\. Section 1350, as adopted pursuant to Section 906 of the Sarbanes\\-Oxley Act 2002\\.](http://ir.delta.com/dal12312018ex32.htm) |\n\n\n\n 104"}
{"_id": "Delta-2018_65.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nWe value goodwill and indefinite\\-lived intangible assets primarily using market capitalization and income approach valuation techniques\\. These measurements include the following key assumptions:  (1) forecasted revenues, expenses and cash flows, (2) terminal period revenue growth and cash flows, (3) an estimated weighted average cost of capital, (4) assumed discount rates depending on the asset and (5) a tax rate\\. These assumptions are consistent with those that hypothetical market participants would use\\. Because we are required to make estimates and assumptions when evaluating goodwill and indefinite\\-lived intangible assets for impairment, actual transaction amounts may differ materially from these estimates\\. \n\nChanges in certain events and circumstances could result in impairment or a change from indefinite\\-lived to definite\\-lived\\. Factors which could cause impairment include, but are not limited to, (1) negative trends in our market capitalization, (2) reduced profitability resulting from lower passenger mile yields or higher input costs (primarily related to fuel and employees), (3) lower passenger demand as a result of weakened U\\.S\\. and global economies, (4) interruption to our operations due to a prolonged employee strike, terrorist attack or other reasons, (5) changes to the regulatory environment (e\\.g\\., diminished slot access or additional Open Skies agreements), (6) competitive changes by other airlines and (7) strategic changes to our operations leading to diminished utilization of the intangible assets\\.\n\nGoodwill\\.  When we evaluate goodwill for impairment using a quantitative approach, we estimate the fair value of the reporting unit by considering both market capitalization and projected discounted future cash flows (an income approach)\\.  If the reporting unit's fair value exceeds its carrying value, no further testing is required\\. If it does not, we recognize an impairment charge if the carrying value of the reporting unit's goodwill exceeds its estimated fair value\\. \n\nIdentifiable Intangible Assets\\.  Indefinite\\-lived assets are not amortized and consist of routes, slots, the Delta tradename and assets related to SkyTeam and collaborative arrangements\\. Definite\\-lived intangible assets consist primarily of marketing and maintenance service agreements and are amortized on a straight\\-line basis or under the undiscounted cash flows method over the estimated economic life of the respective agreements\\. Costs incurred to renew or extend the term of an intangible asset are expensed as incurred\\.\n\nWe assess our indefinite\\-lived assets under a qualitative or quantitative approach\\. We analyze market factors to determine if events and circumstances have affected the fair value of the indefinite\\-lived intangible assets\\. If we determine that it is more likely than not that the asset value may be impaired, we use the quantitative approach to assess the asset's fair value and the amount of the impairment\\. We perform the quantitative impairment test for indefinite\\-lived intangible assets by comparing the asset's fair value to its carrying value\\. Fair value  is estimated based on (1) recent market transactions, where available, (2) the royalty method for the Delta tradename (which assumes hypothetical royalties generated from using our tradename) or (3) projected discounted future cash flows (an income approach)\\.  We recognize an impairment charge if the asset's carrying value exceeds its estimated fair value\\. \n\nIncome Taxes\n\nWe account for deferred income taxes under the liability method\\. We recognize deferred tax assets and liabilities based on the tax effects of temporary differences between the financial statement and tax basis of assets and liabilities, as measured by current enacted tax rates\\. Deferred tax assets and liabilities are net by jurisdiction and are recorded as noncurrent on the balance sheet\\. \n\nA valuation allowance is recorded to reduce deferred tax assets when necessary\\. We periodically assess whether it is more likely than not that we will generate sufficient taxable income to realize our deferred income tax assets\\. We establish valuation allowances if it is not likely we will realize our deferred income tax assets\\. In making this determination, we consider all available positive and negative evidence and make certain assumptions\\. We consider, among other things, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, our historical financial results and tax planning strategies\\.\n\nFuel Card Obligation\n\nWe have a purchasing card with American Express for the purpose of buying jet fuel and crude oil\\. The card currently carries a maximum credit limit of   $1\\.1 billion  and must be paid monthly\\. At  December 31, 2018  and  December 31, 2017 , we had   $1\\.1 billion  outstanding on this purchasing card, and the activity was classified as a financing activity in our Consolidated Statements of Cash Flows\\. \n\n 63"}
{"_id": "AmericanAirlines-2018_54.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nIn 2018, other nonoperating income, net principally included $308 million of non\\-service related pension and other postretirement benefit plan income, which reflects an increase in the expected return on pension plan assets in 2018 as compared to 2017\\. This income was offset in part by a $104 million net special charge for mark\\-to\\-market unrealized losses associated with certain of our equity investments, $55 million of net foreign currency losses principally associated with certain Latin American currencies and $13 million of net special charges associated with debt refinancings and extinguishments\\.\n\nIn 2017, other nonoperating income, net principally included $138 million of non\\-service related pension and other postretirement benefit plan income, offset in part by $22 million of net special charges associated with debt refinancings and extinguishments and $4 million of net foreign currency losses\\.\n\n*Income Taxes*\n\nIn 2018, we recorded an income tax provision of $472 million at an effective rate of approximately 25%, which was substantially non\\-cash\\. This provision included an $18 million special income tax charge related to an international income tax matter\\. Substantially all of our income before income taxes is attributable to the United States\\. At December 31, 2018, we had approximately $10\\.2 billion of federal NOLs and $3\\.2 billion of state NOLs, substantially all of which we expect to be available in 2019 to reduce future federal and state taxable income\\.\n\nIn 2017, we recorded an income tax provision of $2\\.1 billion, which was substantially non\\-cash\\. This provision included a special, non\\-cash income tax charge of $823 million to reflect the impact of lower corporate income tax rates on our deferred tax asset and liabilities due to the 2017 Tax Act, which reduced the federal corporate income tax rate from 35% to 21%\\. \n\nSee Note 7 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for additional information on income taxes\\.\n\n***Results of Operations \u2013*** ***2017*** ***Compared to*** ***2016***\n\nPre\\-tax income and net income were $3\\.4 billion and $1\\.3 billion in 2017, respectively\\. This compares to 2016 pre\\-tax income and net income of $4\\.2 billion and $2\\.6 billion, respectively\\. Excluding the effects of pre\\-tax net special items, pre\\-tax income was $4\\.2 billion and $4\\.9 billion in 2017 and 2016, respectively\\. For reconciliation of pre\\-tax income excluding special items to their comparable measures on a GAAP basis, see Part II, Item 6\\. Selected Consolidated Financial Data \u2013*\u201cReconciliation of GAAP to Non\\-GAAP Financial Measures*\\.*\u201d*\n\nThe year\\-over\\-year declines in our pre\\-tax income on both a GAAP basis and excluding pre\\-tax net special items were principally driven by an increase in fuel costs and higher wage rates\\.\n\n*Operating Revenues*\n\n\n\n|                          |                                              |                                              |                                              |                                                       |\n| ------------------------ | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                          | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **2017**                                     | **2016**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Passenger                | $39,131                                      | $37,045                                      | $2,086                                       | 5\\.6                                                  |\n| Cargo                    | 890                                          | 785                                          | 105                                          | 13\\.3                                                 |\n| Other                    | 2,601                                        | 2,312                                        | 289                                          | 12\\.5                                                 |\n| Total operating revenues | $42,622                                      | $40,142                                      | $2,480                                       | 6\\.2                                                  |\n\n\n\nThis table presents our total passenger revenue and the year\\-over\\-year change in certain operating statistics:\n\n\n\n|                   |                                       |                                                                |                                                                |                                                                |                                                                |                                                                |                                                                |\n| ----------------- | ------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- |\n|                   |                                       | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2016** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2016** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2016** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2016** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2016** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2016** |\n|                   | **Year Ended  <br>December 31, 2017** | **Passenger  <br>Revenue**                                     | **RPMs**                                                       | **ASMs**                                                       | **Load  <br>Factor**                                           | **Passenger  <br>Yield**                                       | **PRASM**                                                      |\n|                   | **(In millions)**                     |                                                                |                                                                |                                                                |                                                                |                                                                |                                                                |\n| Passenger revenue | $39,131                               | 5\\.6%                                                          | 1\\.3%                                                          | 1\\.1%                                                          | 0\\.2pts                                                        | 4\\.3%                                                          | 4\\.5%                                                          |\n\n\n\n55"}
{"_id": "Southwest-2019_98.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nthese instruments is determined utilizing observable inputs in non\\-active markets\\. Other available\\-for\\-sale securities primarily consist of investments associated with the Company\u2019s excess benefit plan\\.\n\nThe Company\u2019s fuel and interest rate derivative instruments consist of over\\-the\\-counter contracts, which are not traded on a public exchange\\. Fuel derivative instruments currently consist solely of option contracts, whereas interest rate derivatives consist solely of swap agreements\\. See  Note 10  for further information on the Company\u2019s derivative instruments and hedging activities\\. The fair values of swap contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets\\. Therefore, the Company has categorized these swap contracts as Level 2\\. The Company\u2019s Treasury Department, which reports to the Chief Financial Officer, determines the value of option contracts utilizing an option pricing model based on inputs that are either readily available in public markets, can be derived from information available in publicly quoted markets, or are provided by financial institutions that trade these contracts\\. The option pricing model used by the Company is an industry standard model for valuing options and is the same model used by the broker/dealer community (i\\.e\\., the Company\u2019s counterparties)\\. The inputs to this option pricing model are the option strike price, underlying price, risk free rate of interest, time to expiration, and volatility\\. Because certain inputs used to determine the fair value of option contracts are unobservable (principally implied volatility), the Company has categorized these option contracts as Level 3\\. Volatility information is obtained from external sources, but is analyzed by the Company for reasonableness and compared to similar information received from other external sources\\. The fair value of option contracts considers both the intrinsic value and any remaining time value associated with those derivatives that have not yet settled\\. The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values\\. To validate the reasonableness of the Company\u2019s option pricing model, on a monthly basis, the Company compares its option valuations to third party valuations\\. If any significant differences were to be noted, they would be researched in order to determine the reason\\. However, historically, no significant differences have been noted\\. The Company has consistently applied these valuation techniques in all periods presented and believes it has obtained the most accurate information available for the types of derivative contracts it holds\\.\n\nIncluded in Other available\\-for\\-sale securities are the Company's investments associated with its deferred compensation plans, which consist of mutual funds that are publicly traded and for which market prices are readily available\\. These plans are non\\-qualified deferred compensation plans designed to hold contributions in excess of limits established by the Internal Revenue Code of 1986, as amended\\. The distribution timing and payment amounts under these plans are made based on the participant's distribution election and plan balance\\. Assets related to the funded portions of the deferred compensation plans are held in a rabbi trust, and the Company remains liable to these participants for the unfunded portion of the plans\\. The Company records changes in the fair value of the assets in the Company's earnings\\. \n\n99"}
{"_id": "Alaska-2017_6.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nThe percentage of our capacity by region is as follows:\n\n\n\n|                       |          |                    |          |          |          |\n| --------------------- | -------- | ------------------ | -------- | -------- | -------- |\n|                       | **2017** | **2016** **^(a)^** | **2015** | **2014** | **2013** |\n| West Coast            | 28%      | 34%                | 36%      | 36%      | 34%      |\n| Transcon/midcon       | 43%      | 29%                | 24%      | 22%      | 22%      |\n| Hawaii and Costa Rica | 13%      | 17%                | 18%      | 18%      | 19%      |\n| Alaska                | 10%      | 14%                | 15%      | 15%      | 16%      |\n| Mexico                | 5%       | 5%                 | 6%       | 6%       | 7%       |\n| Canada                | 1%       | 1%                 | 1%       | 3%       | 2%       |\n| Total                 | 100%     | 100%               | 100%     | 100%     | 100%     |\n\n\n\n\n\n|     |                                                                                                      |\n| --- | ---------------------------------------------------------------------------------------------------- |\n| (a) | Includes information for Virgin America for the period December 14, 2016 through December 31, 2016\\. |\n\n\n\n**MAINLINE**\n\nOur mainline operations include Boeing 737 (B737) and Airbus family (A319, A320, and A321neo) jet service offered by Alaska and Virgin America\\. We offer extensive passenger service from the western U\\.S\\. throughout the contiguous United States, Alaska, Hawaii, Canada, Mexico, and Costa Rica\\. Our largest concentration of departures are in Seattle, Portland, and the Bay Area\\. We also offer cargo service throughout our network and have dedicated cargo aircraft that operate primarily to and within the state of Alaska\\. \n\nIn 2017, we carried 35 million revenue passengers in our mainline operations\\. At December 31, 2017, our mainline operating fleet consisted of 154 B737 jet aircraft and 67 Airbus A320 family jet aircraft compared to 155 B737 aircraft and 63 Airbus aircraft as of December 31, 2016\\.\n\nThe percentage of mainline passenger capacity by region and average stage length is presented below:\n\n\n\n|                      |          |                    |          |          |          |\n| -------------------- | -------- | ------------------ | -------- | -------- | -------- |\n|                      | **2017** | **2016** **^(a)^** | **2015** | **2014** | **2013** |\n| West Coast           | 24%      | 30%                | 31%      | 31%      | 28%      |\n| Transcon/midcon      | 45%      | 30%                | 27%      | 25%      | 25%      |\n| Hawaii               | 15%      | 19%                | 20%      | 20%      | 21%      |\n| Alaska               | 11%      | 15%                | 16%      | 16%      | 18%      |\n| Mexico               | 5%       | 6%                 | 6%       | 7%       | 7%       |\n| Canada               | \u2014%       | \u2014%                 | \u2014%       | 1%       | 1%       |\n| Total                | 100%     | 100%               | 100%     | 100%     | 100%     |\n| Average Stage Length | 1,301    | 1,225              | 1,195    | 1,182    | 1,177    |\n\n\n\n\n\n|     |                                                                                                      |\n| --- | ---------------------------------------------------------------------------------------------------- |\n| (a) | Includes information for Virgin America for the period December 14, 2016 through December 31, 2016\\. |\n\n\n\n**REGIONAL**\n\nOur regional operations consist of flights operated by Horizon, SkyWest and PenAir\\. In 2017, our regional operations carried approximately 9 million revenue passengers, primarily in the states of Washington, Oregon, Idaho and California\\. Horizon is the largest regional airline in the Pacific Northwest and carries approximately 74% of Air Group's regional revenue passengers\\. \n\nBased on 2017 Horizon passenger enplanements on regional aircraft, our most significant concentration of regional activity was in Seattle and Portland\\. At December 31, 2017, Horizon\u2019s operating fleet consisted of 10 Embraer 175 (E175) jet aircraft and 50 Bombardier Q400 turboprop aircraft\\. The regional fleet operated by SkyWest consisted of 23 E175 aircraft\\.\n\n 7"}
{"_id": "AmericanAirlines-2017_4.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**PART I**\n\n**ITEM 1\\. BUSINESS**\n\n**Overview**\n\nAmerican Airlines Group Inc\\. (AAG), a Delaware corporation, is a holding company and its principal, wholly\\-owned subsidiaries are American Airlines, Inc\\. (American), Envoy Aviation Group Inc\\. (Envoy), PSA Airlines, Inc\\. (PSA) and Piedmont Airlines, Inc\\. (Piedmont)\\. AAG was formed in 1982 under the name AMR Corporation (AMR) as the parent company of American, which was founded in 1934\\. On December 9, 2013, a subsidiary of AMR merged with and into US Airways Group, Inc\\. (US Airways Group), a Delaware corporation, which survived as a wholly\\-owned subsidiary of AAG, and AAG emerged from Chapter 11 (the Merger)\\. Upon closing of the Merger and emergence from Chapter 11, AMR changed its name to American Airlines Group Inc\\. On December 30, 2015, in order to simplify AAG\u2019s internal corporate structure, US Airways Group merged with and into AAG, with AAG as the surviving corporation and, immediately thereafter, US Airways, Inc\\. (US Airways), a wholly\\-owned subsidiary of US Airways Group, merged with and into American, with American as the surviving corporation\\.\n\nAAG\u2019s and American\u2019s principal executive offices are located at 4333 Amon Carter Boulevard, Fort Worth, Texas 76155 and their telephone number is 817\\-963\\-1234\\.\n\n**Airline Operations**\n\nOur primary business activity is the operation of a major network carrier, providing scheduled air transportation for passengers and cargo\\.\n\nTogether with our wholly\\-owned regional airline subsidiaries and third\\-party regional carriers operating as American Eagle, our airline operates an average of nearly 6,700 flights per day to nearly 350 destinations in more than 50 countries\\. We have hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D\\.C\\. In 2017, approximately 200 million passengers boarded our mainline and regional flights\\. During 2017, we launched new nonstop service to Amsterdam, Netherlands and Rome, Italy from Dallas/Fort Worth International Airport (DFW), to Barcelona, Spain from Chicago O\u2019Hare International Airport (ORD) and to Beijing, China from Los Angeles International Airport (LAX), further expanding our global footprint\\. We also announced new seasonal nonstop service beginning in Summer 2018 between Philadelphia International Airport (PHL) and Budapest, Hungary and Prague, Czech Republic; between ORD and Venice, Italy; and between DFW and Reykjavik\\-Keflavik, Iceland\\.\n\nAs of December 31, 2017, we operated 948 mainline aircraft and are supported by our regional airline subsidiaries and third\\-party regional carriers, which operated an additional 597 regional aircraft\\. See Part I, Item 2\\. Properties for further discussion on our mainline and regional aircraft and \u201c*Regional*\u201d below for further discussion on our regional operations\\.\n\nAmerican is a founding member of the **one**world^\u00ae^ alliance, whose members serve more than 1,000 destinations with approximately 14,250 daily flights to over 150 countries\\. See below for further discussion on the **one**world alliance and other agreements with domestic and international airlines\\.\n\nSee Part II, Item 7\\. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 *\u201cOperational Highlights,\u201d \u201cFinancial Overview,\u201d \u201cAAG\u2019s Results of Operations\u201d* and *\u201cAmerican\u2019s Results of Operations\u201d* for further discussion of AAG\u2019s and American\u2019s operating results and operating performance\\. Also, see Note 13 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 11 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for information regarding our operating segments and operating revenue in principal geographic areas\\.\n\n***Regional***\n\nRegional carriers provide scheduled air transportation under the brand name \u201cAmerican Eagle\\.\u201d The American Eagle carriers include our wholly\\-owned regional carriers, Envoy, PSA and Piedmont, as well as third\\-party regional carriers including Republic Airline Inc\\. (Republic), Mesa Airlines, Inc\\. (Mesa), Compass Airlines, LLC (Compass), ExpressJet Airlines, Inc\\. (ExpressJet), SkyWest Airlines, Inc\\. (SkyWest) and Trans States Airlines, Inc\\. (Trans States)\\. In addition, Air Wisconsin Airlines Corporation (Air Wisconsin) operated regional jet aircraft for us during 2017; however, this arrangement ended in February 2018\\. These carriers are an integral component of our operating network\\. We rely heavily on feeder traffic to our hubs from low\\-density markets that are not economical for us to serve with larger, mainline aircraft\\. In addition, regional carriers offer complementary service in our existing mainline markets\\. During 2017, approximately 55 million passengers boarded our regional carriers\u2019 planes, approximately 44% of whom connected to or from our mainline flights\\. Of these passengers, approximately 28 million were enplaned by our wholly\\-owned regional carriers and approximately 27 million \n\n5"}
{"_id": "AmericanAirlines-2018_106.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**7\\. Income Taxes**\n\nThe significant components of the income tax provision were (in millions):\n\n\n\n|                                |                             |                             |                             |\n| ------------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                                | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                | **2018**                    | **2017**                    | **2016**                    |\n| Current income tax provision:  |                             |                             |                             |\n| State and Local                | $3                          | $10                         | $3                          |\n| Foreign                        | 29                          | 14                          | 9                           |\n| Current income tax provision   | 32                          | 24                          | 12                          |\n| Deferred income tax provision: |                             |                             |                             |\n| Federal                        | 390                         | 2,026                       | 1,456                       |\n| State and Local                | 50                          | 63                          | 100                         |\n| Deferred income tax provision  | 440                         | 2,089                       | 1,556                       |\n| Total income tax provision     | $472                        | $2,113                      | $1,568                      |\n\n\n\nThe income tax provision differed from amounts computed at the statutory federal income tax rate as follows (in millions):\n\n\n\n|                                                       |                             |                             |                             |\n| ----------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                       | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                       | **2018**                    | **2017**                    | **2016**                    |\n| Statutory income tax provision                        | $396                        | $1,188                      | $1,453                      |\n| State income tax provision, net of federal tax effect | 44                          | 59                          | 56                          |\n| Foreign income taxes, net of federal tax effect       | 23                          | 7                           | 6                           |\n| Book expenses not deductible for tax purposes         | 12                          | 33                          | 35                          |\n| Bankruptcy administration expenses                    | \u2014                           | 1                           | 1                           |\n| 2017 Tax Act                                          | \u2014                           | 823                         | \u2014                           |\n| Change in valuation allowance                         | (6)                         | (3)                         | 7                           |\n| Other, net                                            | 3                           | 5                           | 10                          |\n| Income tax provision                                  | $472                        | $2,113                      | $1,568                      |\n\n\n\nWe provide a valuation allowance for our deferred tax assets, which include our net operating losses (NOLs), when it is more likely than not that some portion, or all of our deferred tax assets, will not be realized\\. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income\\. We consider all available positive and negative evidence and make certain assumptions in evaluating the realizability of our deferred tax assets\\. Many factors are considered that impact our assessment of future profitability, including conditions which are beyond our control, such as the health of the economy, the level and volatility of fuel prices and travel demand\\.\n\nThe total decrease to the valuation allowance was $6 million in 2018\\. In 2017, the total increase to the valuation allowance was $7 million, $10 million of which is included in the 2017 Tax Act amount in the table above\\. In 2016, the total increase to the valuation allowance was $7 million\\. \n\n107"}
{"_id": "United-2019_14.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nresult in significant expense and a diversion of management's time and attention from the operation of our business, which could impede our ability to achieve our business objectives\\. Additionally, any amount that we may be required to pay to satisfy a judgment, settlement, fine or penalty may not be covered by insurance\\. If we fail to comply with the terms contained in any settlement, order or agreement with a governmental authority relating to these matters, we could be subject to criminal or civil penalties, which could have a material adverse impact on the Company\\. Under our charter and certain indemnification agreements that we have entered into (and may in the future enter into) with our officers, directors and certain third parties, we could be required to indemnify and advance expenses to them in connection with their involvement in certain actions, suits, investigations and other proceedings\\. There can be no assurance that any of these payments will not be material\\.\n\nOur significant investments in other airlines, including in other parts of the world, and the commercial relationships that we have with those carriers may not produce the returns or results we expect\\.\n\nAn important part of our strategy to expand our global network includes making significant investments in airlines both domestically and in other parts of the world and expanding our commercial relationships with these carriers\\. For example, in January 2019, we completed the acquisition of a 49\\.9% interest in ManaAir LLC, which, as of immediately following the closing of that investment, owns 100% of the equity interests in ExpressJet Airlines LLC, a domestic regional airline\\. We also have minority equity interests in CommutAir and Republic Airways Holdings Inc\\. See Note 9 to the financial statements included in Part II, Item 8 of this report for additional information regarding our investments in regional airlines\\. We also have significant investments in Latin American airlines, including significant investments in Avianca Holdings, S\\.A\\. (\"AVH\") and BRW Aviation LLC (\"BRW\"), an affiliate of Synergy Aerospace Corporation and the majority shareholder of AVH, and an equity investment in Azul\\. See Note 8 and Note 9 to the financial statements included in Part II, Item 8 of this report for additional information regarding our investments in AVH and Azul, respectively\\. See also the additional risks with respect to our investment in AVH described in this Part I, Item 1A\\. Risk Factors\\.\n\nWe expect to continue exploring similar non\\-controlling investments in, and entering into JBAs, commercial agreements, loan transactions and strategic alliances with, other carriers as part of our regional and global business strategy\\. These transactions and relationships involve significant challenges and risks, and we face competition in forming and maintaining these relationships, since there are a limited number of potential arrangements and other airlines are looking to enter into similar relationships\\. We are dependent on these other carriers for significant aspects of our network in the regions in which they operate\\. While we work closely with these carriers, each is a separately certificated commercial air carrier, and we do not have control over their operations, strategy, management or business methods\\. And not only are these airlines subject to a number of the same risks as our business, which are described elsewhere in this Part I, Item 1A\\. Risk Factors, including competitive pressures on pricing, demand and capacity, changes in aircraft fuel pricing, and the impact of global and local political and economic conditions on operations and customer travel patterns, among others, they are also subject to their own distinct financial and operational risks\\.\n\nAs a result of these and other factors, we may not realize a satisfactory return on our investment, and we may not receive repayment of any invested or loaned funds\\. Further, these investments may not generate the revenue or operational synergies we expect, and they may distract management focus from our operations or other strategic options\\. Finally, our reliance on these other carriers in the regions in which they operate may negatively impact our regional and global operations and results if those carriers are impacted by general business risks or perform below our expectations or needs\\. Any one or more of these events could have a material adverse effect on our operating results or financial condition\\.\n\nWe may also be subject to consequences from any illegal conduct of JBA partners, including for failure to comply with anti\\-corruption laws such as the U\\.S\\. Foreign Corrupt Practices Act\\. Furthermore, our relationships with these carriers may be subject to the laws and regulations of non\\-U\\.S\\. jurisdictions in which these carriers are located or conduct business\\. In addition, any political or regulatory change in these jurisdictions that negatively impacts or prohibits our arrangements with these carriers could have an adverse effect on our operating results or financial condition\\. To the extent that the operations of any of these carriers are disrupted over an extended period of time or their actions subject us to the consequences of failure to comply with laws and regulations, our operating results may be adversely affected\\.\n\nOur significant investments in AVH and its affiliates, and the commercial relationships that we have with Avianca may not produce the returns or results we expect\\.\n\nIn November 2018, as part of our global network strategy, United entered into a revenue\\-sharing JBA with Avianca, a subsidiary of AVH, Copa and several of their respective affiliates, subject to regulatory approval\\. Concurrently with this transaction, United, as lender, entered into a Term Loan Agreement (the \"BRW Term Loan Agreement\") with, among others, BRW Aviation Holding LLC (\"BRW Holding\") and BRW, as guarantor and borrower, respectively\\. Pursuant to the BRW Term Loan Agreement, United provided to BRW a $456 million term loan (the \"BRW Term Loan\"), secured by a pledge of BRW's equity, as well as BRW's 516 million common shares of AVH (which are eligible to be converted into the same number of \n\n15"}
{"_id": "Delta-2018_96.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nNOTE 15 \\. SEGMENTS AND GEOGRAPHIC INFORMATION\n\nOperating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker and is used in resource allocation and performance assessments\\. Our chief operating decision maker is considered to be our executive leadership team\\. Our executive leadership team regularly reviews discrete information for our   two  operating segments, which are determined by the products and services provided: our airline segment and our refinery segment\\.\n\nAirline Segment\n\nOur airline segment is managed as a single business unit that provides scheduled air transportation for passengers and cargo throughout the U\\.S\\. and around the world and other ancillary airline services\\. This allows us to benefit from an integrated revenue pricing and route network\\. Our flight equipment forms one fleet, which is deployed through a single route scheduling system\\. When making resource allocation decisions, our chief operating decision maker evaluates flight profitability data, which considers aircraft type and route economics, but gives no weight to the financial impact of the resource allocation decision on an individual carrier basis\\. Our objective in making resource allocation decisions is to optimize our consolidated financial results\\.\n\nRefinery Segment\n\nIn 2012, our wholly owned subsidiaries, Monroe Energy, LLC, and MIPC, LLC (collectively, \"Monroe\"), acquired the Trainer oil refinery and related assets located near Philadelphia, Pennsylvania, as part of our strategy to mitigate the cost of the refining margin reflected in the price of jet fuel\\. The acquisition included pipelines and terminal assets that allow the refinery to supply jet fuel to our airline operations throughout the Northeastern U\\.S\\., including our New York hubs at LaGuardia and JFK\\.\n\nOur refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and through jet fuel obtained through agreements with third parties\\. The refinery's production consists of jet fuel as well as non\\-jet fuel products\\. We use several counterparties to exchange the non\\-jet fuel products produced by the refinery for jet fuel consumed in our airline operations\\. The gross fair value of the products exchanged under these agreements during the years ended  December 31, 2018 ,  2017  and  2016  was   $3\\.6 billion ,   $3\\.2 billion  and   $2\\.7 billion , respectively\\.\n\n 94"}
{"_id": "AmericanAirlines-2018_66.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nOur principal investing activities in 2017 included expenditures of $6\\.0 billion for property and equipment, including 20 Airbus A321 aircraft, 20 Boeing 737\\-800 aircraft, 16 Embraer E175 aircraft, 13 Boeing 787 family aircraft and four Boeing 737\\-8 MAX aircraft\\. We also made a $203 million equity investment in China Southern Airlines\\. These cash outflows were offset in part by $1\\.3 billion in net sales of short\\-term investments, $947 million of net proceeds primarily from aircraft sale\\-leaseback transactions, and a $309 million decrease in restricted short\\-term investments\\.\n\nOur principal investing activities in 2016 included expenditures of $5\\.7 billion for property and equipment, including 25 Airbus A321 aircraft, 24 Embraer E175 aircraft, 20 Boeing 737\\-800 aircraft, 18 Bombardier CRJ 900 aircraft, eight Boeing 787 aircraft and two Boeing 777 aircraft\\.\n\n*Financing Activities*\n\nOur net cash used in financing activities was $1\\.1 billion and $894 million in 2017 and 2016, respectively\\.\n\nOur principal financing activities in 2017 included $2\\.3 billion in scheduled debt repayments, $1\\.6 billion in share repurchases and $198 million in dividend payments\\. These cash outflows were offset in part by net proceeds of $3\\.1 billion from the issuance of debt, including the issuance of $2\\.0 billion of EETCs and $1\\.0 billion borrowed in connection with the financing of certain aircraft\\. \n\nOur principal financing activities in 2016 included $4\\.5 billion in share repurchases, $3\\.8 billion in debt repayments, including the repayment of $588 million and $970 million in remaining principal of the tranche B\\-2 and tranche B\\-1 term loans, respectively, under a credit facility for which Citicorp was the Administrative Agent (the 2013 Citicorp Credit Facility), and $224 million in dividend payments\\. These cash outflows were offset in part by net proceeds of $7\\.7 billion from the issuance of debt, including the issuance of $2\\.8 billion of EETCs, $2\\.3 billion provided under term loan facilities and $1\\.8 billion borrowed in connection with the financing of certain aircraft\\.\n\n***American***\n\n*2018* *Compared to* *2017*\n\n*Operating Activities*\n\nAmerican\u2019s net cash provided by operating activities was $1\\.9 billion and $2\\.9 billion in 2018 and 2017, respectively, a year\\-over\\-year decrease of $927 million\\. This decrease in operating cash flows was primarily due to lower profitability in 2018 driven by an increase in fuel costs, which was offset in part by higher revenues\\.\n\n*Investing Activities*\n\nAmerican\u2019s net cash used in investing activities was $1\\.9 billion and $3\\.6 billion in 2018 and 2017, respectively\\.\n\nAmerican\u2019s principal investing activities in 2018 included expenditures of $3\\.7 billion for property and equipment, including 16 Boeing 737\\-8 MAX aircraft, six Boeing 787 family aircraft and five Embraer E175 aircraft\\. These cash outflows were offset in part by $1\\.4 billion of net proceeds primarily from aircraft sale\\-leaseback transactions and $293 million in net sales of short\\-term investments\\.\n\nAmerican\u2019s principal investing activities in 2017 included expenditures of $5\\.9 billion for property and equipment, including 20 Airbus A321 aircraft, 20 Boeing 737\\-800 aircraft, 16 Embraer E175 aircraft, 13 Boeing 787 family aircraft and four Boeing 737\\-8 MAX aircraft\\. American also made a $203 million equity investment in China Southern Airlines\\. These cash outflows were offset in part by $1\\.3 billion in net sales of short\\-term investments, $922 million of net proceeds primarily from aircraft sale\\-leaseback transactions, and a $309 million decrease in restricted short\\-term investments\\.\n\n*Financing Activities*\n\nAmerican\u2019s net cash used in financing activities was $147 million in 2018 and net cash provided by financing activities was $668 million in 2017\\.\n\nAmerican\u2019s principal financing activities in 2018 included $2\\.4 billion in debt repayments, consisting of $1\\.9 billion in scheduled debt repayments and $513 million in the prepayment of secured loans\\. These cash outflows were offset in part by net proceeds of $2\\.4 billion from the issuance of debt, consisting of $1\\.9 billion in connection with the issuance of equipment notes related to EETCs and the financing of certain aircraft and pre\\-delivery purchase deposits, as well as an incremental $500 million on a term loan facility\\.\n\n67"}
{"_id": "Delta-2017_67.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nNOTE 2 \\. FAIR VALUE MEASUREMENTS\n\nFair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants\\. Fair value is a market\\-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability\\.\n\n\n\n|   |                                                                          |\n| - | ------------------------------------------------------------------------ |\n| \u2022 | *Level 1\\.*  Observable inputs such as quoted prices in active markets;  |\n\n\n\n\n\n|   |                                                                                                                         |\n| - | ----------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Level 2* \\. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |\n\n\n\n\n\n|   |                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | *Level 3* \\. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions\\. |\n\n\n\nAssets and liabilities measured at fair value are based on the valuation techniques identified in the tables below\\. The valuation techniques are as follows:\n\n\n\n|     |                                                                                                                                                          |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | *Market approach* \\. Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities; and |\n\n\n\n\n\n|     |                                                                                                                                                                                           |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | *Income approach\\.*  Techniques to convert future amounts to a single present value amount based on market expectations (including present value techniques and option\\-pricing models)\\. |\n\n\n\nAssets (Liabilities) Measured at Fair Value on a Recurring Basis ^(1)^ \n\n\n\n|                                             |                       |                       |                       |                                    |\n| ------------------------------------------- | --------------------- | --------------------- | --------------------- | ---------------------------------- |\n|                                             | **December 31, 2017** | **December 31, 2017** | **December 31, 2017** | **Valuation**<br><br>**Technique** |\n| **(in millions)**                           | **Total**             | **Level 1**           | **Level 2**           | **Valuation**<br><br>**Technique** |\n| Cash equivalents                            | $1,357                | $1,357                | $\u2014                    | (a)                                |\n| Short\\-term investments                     |                       |                       |   <br>                |   <br>                             |\n| U\\.S\\. government and agency securities     | 93                    | 84                    | 9                     | (a)                                |\n| Asset\\- and mortgage\\-backed securities     | 173                   | \u2014                     | 173                   | (a)                                |\n| Corporate obligations                       | 467                   | \u2014                     | 467                   | (a)                                |\n| Other fixed income securities               | 92                    | \u2014                     | 92                    | (a)                                |\n| Restricted cash equivalents and investments | 38                    | 38                    | \u2014                     | (a)                                |\n| Long\\-term investments                      | 513                   | 485                   | 28                    | (a)                                |\n| Hedge derivatives, net                      |                       |                       |                       |                                    |\n| Fuel hedge contracts                        | (66<br><br>)          | (43<br><br>)          | (23<br><br>)          | (a)(b)                             |\n| Foreign currency exchange contracts         | (17<br><br>)          | \u2014                     | (17<br><br>)          | (a)                                |\n\n\n\n\n\n|                                             |                       |                       |                       |                                    |\n| ------------------------------------------- | --------------------- | --------------------- | --------------------- | ---------------------------------- |\n|                                             | **December 31, 2016** | **December 31, 2016** | **December 31, 2016** | **Valuation**<br><br>**Technique** |\n| **(in millions)**                           | **Total**             | **Level 1**           | **Level 2**           | **Valuation**<br><br>**Technique** |\n| Cash equivalents                            | $2,279                | $2,279                | $\u2014                    | (a)                                |\n| Short\\-term investments                     |   <br>                |                       |   <br>                |   <br>                             |\n| U\\.S\\. government securities                | 112                   | 86                    | 26                    | (a)                                |\n| Asset\\- and mortgage\\-backed securities     | 68                    | \u2014                     | 68                    | (a)                                |\n| Corporate obligations                       | 295                   | \u2014                     | 295                   | (a)                                |\n| Other fixed income securities               | 12                    | \u2014                     | 12                    | (a)                                |\n| Restricted cash equivalents and investments | 61                    | 61                    | \u2014                     | (a)                                |\n| Long\\-term investments                      | 139                   | 115                   | 24                    | (a)                                |\n| Hedge derivatives, net                      |                       |                       |                       |                                    |\n| Fuel hedge contracts                        | (324<br><br>)         | (26<br><br>)          | (298<br><br>)         | (a)(b)                             |\n| Foreign currency exchange contracts         | 27                    | \u2014                     | 27                    | (a)                                |\n\n\n\n\n\n|       |                                                                                 |\n| ----- | ------------------------------------------------------------------------------- |\n| ^(1)^ | See  Note 9 , \"Employee Benefit Plans,\" for fair value of benefit plan assets\\. |\n\n\n\n 63"}
{"_id": "AmericanAirlines-2018_174.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nManagement assessed the effectiveness of AAG\u2019s and American\u2019s internal control over financial reporting as of December 31, 2018\\. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in its Internal Control \u2013 Integrated Framework (2013 Framework)\\.\n\nBased on our assessment and those criteria, AAG\u2019s and American\u2019s management concludes that AAG and American, respectively, maintained effective internal control over financial reporting as of December 31, 2018\\.\n\nAAG\u2019s and American\u2019s independent registered public accounting firm has issued an attestation report on the effectiveness of AAG\u2019s and American\u2019s internal control over financial reporting\\. That report has been included herein\\.\n\n175"}
{"_id": "AmericanAirlines-2017_197.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**SIGNATURES**\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized\\.\n\n\n\n|                         |                                   |                                      |\n| ----------------------- | --------------------------------- | ------------------------------------ |\n|                         | **American Airlines Group Inc\\.** | **American Airlines Group Inc\\.**    |\n| Date: February 21, 2018 | By:                               | /s/ W\\. Douglas Parker               |\n|                         |                                   | W\\. Douglas Parker                   |\n|                         |                                   | Chairman and Chief Executive Officer |\n|                         |                                   | (Principal Executive Officer)        |\n\n\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized\\.\n\n\n\n|                         |                              |                                      |\n| ----------------------- | ---------------------------- | ------------------------------------ |\n|                         | **American Airlines, Inc\\.** | **American Airlines, Inc\\.**         |\n| Date: February 21, 2018 | By:                          | /s/ W\\. Douglas Parker               |\n|                         |                              | W\\. Douglas Parker                   |\n|                         |                              | Chairman and Chief Executive Officer |\n|                         |                              | (Principal Executive Officer)        |\n\n\n\n198"}
{"_id": "United-2018_27.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|                                                                                                           |                                                                                                           |                                                                                                           |                                                                                                           |                                                                                                           |                                                                                                           |\n| --------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- |\n|                                                                                                           | **Increase (decrease) in 2017 from 2016 (a):**                                                            | **Increase (decrease) in 2017 from 2016 (a):**                                                            | **Increase (decrease) in 2017 from 2016 (a):**                                                            | **Increase (decrease) in 2017 from 2016 (a):**                                                            | **Increase (decrease) in 2017 from 2016 (a):**                                                            |\n|                                                                                                           | **Domestic**                                                                                              | **Atlantic**                                                                                              | **Pacific**                                                                                               | **Latin**                                                                                                 | **Total**                                                                                                 |\n| Passenger revenue (in millions)                                                                           | $885                                                                                                      | $117                                                                                                      | $(144)                                                                                                    | $173                                                                                                      | $1,031                                                                                                    |\n| Passenger revenue                                                                                         | 4\\.4 %                                                                                                    | 2\\.0%                                                                                                     | (3\\.2)%                                                                                                   | 5\\.8%                                                                                                     | 3\\.1 %                                                                                                    |\n| Average fare per passenger                                                                                | 0\\.2 %                                                                                                    | 1\\.5%                                                                                                     | (0\\.1)%                                                                                                   | 4\\.0%                                                                                                     | (0\\.3)%                                                                                                   |\n| Yield                                                                                                     | (0\\.3)%                                                                                                   | 1\\.1%                                                                                                     | (2\\.4)%                                                                                                   | 4\\.1%                                                                                                     | 0\\.2 %                                                                                                    |\n| PRASM                                                                                                     | (0\\.5)%                                                                                                   | 1\\.6%                                                                                                     | (6\\.0)%                                                                                                   | 3\\.3%                                                                                                     | (0\\.4)%                                                                                                   |\n| Passengers                                                                                                | 4\\.2 %                                                                                                    | 0\\.5%                                                                                                     | (3\\.1)%                                                                                                   | 1\\.7%                                                                                                     | 3\\.4 %                                                                                                    |\n| RPMs (traffic)                                                                                            | 4\\.7 %                                                                                                    | 0\\.9%                                                                                                     | (0\\.9)%                                                                                                   | 1\\.6%                                                                                                     | 2\\.8 %                                                                                                    |\n| ASMs (capacity)                                                                                           | 4\\.9 %                                                                                                    | 0\\.4%                                                                                                     | 2\\.9 %                                                                                                    | 2\\.4%                                                                                                     | 3\\.5 %                                                                                                    |\n| Passenger load factor (points)                                                                            | (0\\.2)                                                                                                    | 0\\.4                                                                                                      | (3\\.0)                                                                                                    | (0\\.7)                                                                                                    | (0\\.5)                                                                                                    |\n| (a) See Part II, Item 6, Selected Financial Data, of this report for the definition of these statistics\\. | (a) See Part II, Item 6, Selected Financial Data, of this report for the definition of these statistics\\. | (a) See Part II, Item 6, Selected Financial Data, of this report for the definition of these statistics\\. | (a) See Part II, Item 6, Selected Financial Data, of this report for the definition of these statistics\\. | (a) See Part II, Item 6, Selected Financial Data, of this report for the definition of these statistics\\. | (a) See Part II, Item 6, Selected Financial Data, of this report for the definition of these statistics\\. |\n\n\n\nPassenger revenue increased $1\\.0 billion, or 3\\.1%, in 2017 as compared to 2016, primarily due to a 2\\.8% increase in traffic\\. PRASM decreased 0\\.4% in 2017 as compared to 2016\\. The decline in PRASM was driven by factors including more aggressive low\\-cost carrier pricing in our hub markets, temporary share loss during roll\\-out of our Basic Economy pricing, and softer demand in China and Guam\\. Our revenue in 2017 was negatively impacted by severe storms during the third quarter\\.\n\nCargo revenue increased $180 million, or 19\\.3%, in 2017 as compared to 2016 due to higher year\\-over\\-year international freight volume and yield\\.\n\n***Operating Expense***\n\nThe table below includes data related to the Company's operating expense for the years ended December 31 (in millions, except percentage changes):\n\n\n\n|                                                    |          |          |                         |              |\n| -------------------------------------------------- | -------- | -------- | ----------------------- | ------------ |\n|                                                    | **2017** | **2016** | **Increase (Decrease)** | **% Change** |\n| Salaries and related costs                         | $10,941  | $10,176  | $765                    | 7\\.5         |\n| Aircraft fuel                                      | 6,913    | 5,813    | 1,100                   | 18\\.9        |\n| Landing fees and other rent                        | 2,240    | 2,165    | 75                      | 3\\.5         |\n| Regional capacity purchase                         | 2,232    | 2,197    | 35                      | 1\\.6         |\n| Depreciation and amortization                      | 2,149    | 1,977    | 172                     | 8\\.7         |\n| Aircraft maintenance materials and outside repairs | 1,856    | 1,749    | 107                     | 6\\.1         |\n| Distribution expenses                              | 1,435    | 1,395    | 40                      | 2\\.9         |\n| Aircraft rent                                      | 621      | 680      | (59)                    | (8\\.7)       |\n| Special charges                                    | 176      | 745      | (569)                   | NM           |\n| Other operating expenses                           | 5,550    | 5,317    | 233                     | 4\\.4         |\n| Total operating expenses                           | $34,113  | $32,214  | $1,899                  | 5\\.9         |\n\n\n\nSalaries and related costs increased $765 million, or 7\\.5%, in 2017 as compared to 2016, primarily due to higher pay rates and benefit expenses driven by collective bargaining agreements finalized in 2016, and a 2\\.5% increase in average full\\-time equivalent employees, partially offset by a decrease in profit sharing and other employee incentives\\.\n\nAircraft fuel expense increased $1\\.1 billion, or 18\\.9%, in 2017 as compared to 2016, primarily due to increased fuel prices and a 3\\.5% increase in capacity\\. The table below presents the significant changes in aircraft fuel cost per gallon for the years ended December 31 (in millions, except percentage changes and per gallon data): \n\n\n\n|                                                                |                   |                   |                         |                              |                              |                              |\n| -------------------------------------------------------------- | ----------------- | ----------------- | ----------------------- | ---------------------------- | ---------------------------- | ---------------------------- |\n|                                                                | **(In millions)** | **(In millions)** |                         | **Average price per gallon** | **Average price per gallon** | **Average price per gallon** |\n|                                                                | **2017**          | **2016**          | **%**<br><br>**Change** | **2017**                     | **2016**                     | **%**<br><br>**Change**      |\n| Total aircraft fuel purchase cost excluding fuel hedge impacts | $6,911            | $5,596            | 23\\.5                   | $1\\.74                       | $1\\.43                       | 21\\.7                        |\n| Hedge losses reported in fuel expense                          | 2                 | 217               | NM                      | \u2014                            | 0\\.06                        | NM                           |\n| Fuel expense                                                   | $6,913            | $5,813            | 18\\.9                   | $1\\.74                       | $1\\.49                       | 16\\.8                        |\n| Total fuel consumption (gallons)                               | 3,978             | 3,904             | 1\\.9                    |                              |                              |                              |\n\n\n\n28"}
{"_id": "Southwest-2019_125.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on  February 3, 2020 , on behalf of the registrant and in the capacities indicated\\.\n\n\n\n|                            |                                                                                               |\n| -------------------------- | --------------------------------------------------------------------------------------------- |\n| **Signature**              | **Title**                                                                                     |\n| /s/ GARY C\\. KELLY         | Chairman of the Board & Chief Executive Officer (Principal Executive Officer)                 |\n| **Gary C\\. Kelly**         |                                                                                               |\n| /s/ TAMMY ROMO             | Executive Vice President & Chief Financial Officer (Principal Financial & Accounting Officer) |\n| **Tammy Romo**             |                                                                                               |\n| /s/ RON RICKS              | Vice Chairman of the Board                                                                    |\n| **Ron Ricks**              |                                                                                               |\n| /s/ DAVID W\\. BIEGLER      | Director                                                                                      |\n| **David W\\. Biegler**      |                                                                                               |\n| /s/ J\\. VERONICA BIGGINS   | Director                                                                                      |\n| **J\\. Veronica Biggins**   |                                                                                               |\n| /s/ DOUGLAS H\\. BROOKS     | Director                                                                                      |\n| **Douglas H\\. Brooks**     |                                                                                               |\n| /s/ WILLIAM H\\. CUNNINGHAM | Director                                                                                      |\n| **William H\\. Cunningham** |                                                                                               |\n| /s/ JOHN G\\. DENISON       | Director                                                                                      |\n| **John G\\. Denison**       |                                                                                               |\n| /s/ THOMAS W\\. GILLIGAN    | Director                                                                                      |\n| **Thomas W\\. Gilligan**    |                                                                                               |\n| /s/ GRACE D\\. LIEBLEIN     | Director                                                                                      |\n| **Grace D\\. Lieblein**     |                                                                                               |\n| /s/ NANCY B\\. LOEFFLER     | Director                                                                                      |\n| **Nancy B\\. Loeffler**     |                                                                                               |\n| /s/ JOHN T\\. MONTFORD      | Director                                                                                      |\n| **John T\\. Montford**      |                                                                                               |\n\n\n\n126"}
{"_id": "Alaska-2019_13.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nSEASONALITY AND OTHER FACTORS\n\nOur results of operations for any interim period are not necessarily indicative of those for the entire year because our business is subject to seasonal fluctuations\\. Our profitability is generally lowest during the first and fourth quarters due principally to fewer departures and passengers\\. Profitability typically increases in the second quarter and then reaches its highest level during the third quarter as a result of vacation travel\\. However, we have significantly moderated the impact of seasonality of our operations through continued growth from the West Coast to leisure destinations, like Hawaii and Costa Rica, and expansion to leisure and business destinations in the mid\\-continental and eastern U\\.S\\.\n\nIn addition to passenger loads, factors that could cause our quarterly operating results to vary include: \n\n\u2022 pricing initiatives by us or our competitors,\n\n\u2022 changes in fuel costs, \n\n\u2022 increases in competition at our primary airports,\n\n\u2022 general economic conditions and resulting changes in passenger demand, \n\n\u2022 increases or decreases in passenger and volume\\-driven variable costs, and\n\n\u2022 air space and Air Traffic Control delays, particularly in Seattle and San Francisco\\.\n\nMany of the markets we serve experience inclement weather conditions in the winter, causing increased costs associated with deicing aircraft, canceling flights and accommodating displaced passengers\\. Due to our geographic area of operations, we can be more susceptible to adverse weather conditions, particularly in the state of Alaska and the Pacific Northwest, than some of our competitors who may be better able to spread the impact of weather\\-related risks over larger route systems\\. \n\nNo material part of our business, or that of our subsidiaries, is dependent upon a single customer, or upon a few high\\-volume customers\\.\n\nEMPLOYEES\n\nOur business is labor intensive\\. As of December 31, 2019, we employed 24,134 (17,919 at Alaska, 4,301 at Horizon, and 1,914 at McGee Air Services) active full\\-time and part\\-time employees\\. Wages and benefits, including variable incentive pay, represented approximately 43% of our total non\\-fuel operating expenses in 2019 and 41% in 2018\\. \n\nMost major airlines, including Alaska and Horizon, have employee groups that are covered by collective bargaining agreements (CBAs)\\. Airlines with unionized work forces generally have higher labor costs than carriers without unionized work forces, and they may not have the ability to adjust labor costs downward quickly enough to respond to new competition or slowing demand\\. \n\nAs part of the integration, we have been working to bring represented work groups under single CBAs\\. In 2019, our aircraft maintenance technicians, represented by the Aircraft Mechanics Fraternal Association (AMFA), ratified a two\\-year contract extension, bringing Airbus and Boeing technicians under a single CBA\\. Now all five of our unionized groups at Alaska are under joint collective agreements with integrated seniority lists in place\\. \n\nAt December 31, 2019, labor unions represented 86% of Alaska\u2019s, 43% of Horizon\u2019s, and 87% of McGee Air Services' employees\\. \n\nOur relations with U\\.S\\. labor organizations are governed by the Railway Labor Act (RLA)\\. Under the RLA, collective bargaining agreements do not expire, but instead become amendable as of a stated date\\. If either party wishes to modify the terms of any such agreement, it must notify the other party in the manner prescribed by the RLA and/or described in the agreement\\. After receipt of such notice, the parties must meet for direct negotiations, and if no agreement is reached, either party may request the National Mediation Board to initiate a process including mediation, arbitration, and a potential \u201ccooling off\u201d period that must be followed before either party may engage in self\\-help\\.\n\n13"}
{"_id": "AmericanAirlines-2017_59.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Mainline Operating Expenses*\n\n\n\n|                                    |                                              |                                              |                                              |                                                       |\n| ---------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                    | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                    | **2017**                                     | **2016**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                    | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Aircraft fuel and related taxes    | $6,128                                       | $5,071                                       | $1,057                                       | 20\\.8                                                 |\n| Salaries, wages and benefits       | 11,804                                       | 10,881                                       | 923                                          | 8\\.5                                                  |\n| Maintenance, materials and repairs | 1,959                                        | 1,834                                        | 125                                          | 6\\.8                                                  |\n| Other rent and landing fees        | 1,806                                        | 1,772                                        | 34                                           | 1\\.9                                                  |\n| Aircraft rent                      | 1,197                                        | 1,203                                        | (6)                                          | (0\\.4)                                                |\n| Selling expenses                   | 1,477                                        | 1,323                                        | 154                                          | 11\\.6                                                 |\n| Depreciation and amortization      | 1,702                                        | 1,525                                        | 177                                          | 11\\.6                                                 |\n| Special items, net                 | 712                                          | 709                                          | 3                                            | 0\\.5                                                  |\n| Other                              | 4,806                                        | 4,532                                        | 274                                          | 6\\.1                                                  |\n| Total mainline operating expenses  | $31,591                                      | $28,850                                      | $2,741                                       | 9\\.5                                                  |\n\n\n\nMainline operating expenses increased $2\\.7 billion, or 9\\.5%, in 2017 from 2016\\. The increase in operating expenses was primarily driven by higher fuel costs and wage rates\\.\n\nSignificant changes in the components of mainline operating expenses are as follows:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Aircraft fuel and related taxes  increase d  20\\.8 % primarily due to a  21\\.4 %  increase  in the average price per gallon of fuel to  $1\\.71  in  2017  from  $1\\.41  in  2016 , offset in part by a  0\\.5 % decrease in gallons of fuel consumed\\. The decrease in fuel consumption was primarily driven by the operation of more fuel efficient aircraft during 2017 in connection with American\u2019s fleet renewal program\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Salaries, wages and benefits  increase d  8\\.5 % primarily due to mid\\-contract pay rate increases for pilots and flight attendants effective in the second quarter of 2017, as well as rate increases for maintenance and fleet service work groups, which became effective in the third quarter of 2016\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Maintenance, materials and repairs  increase d  6\\.8 % as compared to 2016 primarily due to a contract change that accelerated the timing of certain maintenance expenses incurred\\. Certain flight equipment was transitioned to a new flight hour based contract (referred to as power by the hour) where expense is incurred and recognized based on actual hours flown\\. Previously, this flight equipment was covered by a time and materials based contract where expense is incurred and recognized as maintenance is performed\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                 |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Selling expenses  increase d  11\\.6 % due primarily to higher commissions driven by the overall increase in revenues as well as an increase in flown premium tickets, which are subject to higher commissions\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                    |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Depreciation and amortization  increase d  11\\.6 % primarily due to depreciation related to aircraft purchased in connection with American\u2019s fleet renewal program\\. In 2017, American took delivery of 57 new mainline aircraft\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Other operating expenses  increase d  6\\.1 % primarily due to expenses associated with improving our product offerings, customer experience and operational reliability, such as food and beverage costs and costs associated with team member training\\. |\n\n\n\n60"}
{"_id": "AmericanAirlines-2017_9.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Our union\\-represented mainline employees are covered by agreements that are not currently amendable\\. Joint collective bargaining agreements (JCBAs) have been reached with post\\-Merger employee groups, except the maintenance, fleet service, stock clerks, maintenance control technicians and maintenance training instructors represented by the TWU\\-IAM Association who are covered by separate CBAs that become amendable in the third quarter of 2018\\. Until those agreements become amendable, negotiations for JCBAs will be conducted outside the traditional RLA bargaining process as described above, and, in the meantime, no self\\-help will be permissible\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Among our wholly\\-owned regional subsidiaries, the PSA mechanics and flight attendants have agreements that are now amendable and are engaged in traditional RLA negotiations\\. The Envoy passenger service employees are engaged in traditional RLA negotiations for an initial CBA\\. The Piedmont fleet and passenger service employees have reached a tentative five\\-year agreement which is subject to membership ratification\\. |\n\n\n\nFor more discussion, see Part I, Item 1A\\. Risk Factors \u2013 \u201c*Union disputes, employee strikes and other labor\\-related disruptions may adversely affect our operations*\\.\u201d\n\n**Aircraft Fuel**\n\nOur operations and financial results are significantly affected by the availability and price of jet fuel, which is our second largest expense\\. Based on our 2018 forecasted mainline and regional fuel consumption, we estimate that a one cent per gallon increase in aviation fuel price would increase our 2018 annual fuel expense by $45 million\\.\n\nThe following table shows annual aircraft fuel consumption and costs, including taxes, for our mainline and regional operations for 2017, 2016 and 2015 (gallons and aircraft fuel expense in millions)\\.\n\n\n\n|          |             |                                         |                                      |                                                    |\n| -------- | ----------- | --------------------------------------- | ------------------------------------ | -------------------------------------------------- |\n| **Year** | **Gallons** | **Average Price**<br><br>**per Gallon** | **Aircraft Fuel**<br><br>**Expense** | **Percent of Total**<br><br>**Operating Expenses** |\n| 2017     | 4,352       | $1\\.73                                  | $7,510                               | 19\\.7%                                             |\n| 2016     | 4,347       |  1\\.42                                  |  6,180                               | 17\\.7%                                             |\n| 2015     | 4,323       |  1\\.72                                  |  7,456                               | 21\\.4%                                             |\n\n\n\nAs of December 31, 2017, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption\\. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices\\. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review that policy from time to time based on market conditions and other factors\\.\n\nFuel prices have fluctuated substantially over the past several years\\. We cannot predict the future availability, price volatility or cost of aircraft fuel\\. Natural disasters (including hurricanes or similar events in the U\\.S\\. Southeast and on the Gulf Coast where a significant portion of domestic refining capacity is located), political disruptions or wars involving oil\\-producing countries, changes in fuel\\-related governmental policy, the strength of the U\\.S\\. dollar against foreign currencies, changes in access to petroleum product pipelines and terminals, speculation in the energy futures markets, changes in aircraft fuel production capacity, environmental concerns and other unpredictable events may result in fuel supply shortages, distribution challenges, additional fuel price volatility and cost increases in the future\\. See Part I, Item 1A\\. Risk Factors \u2013 \u201c*Our business is very dependent on the price and availability of aircraft fuel\\. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on our operating results and liquidity*\\.\u201d\n\n**Seasonality and Other Factors**\n\nDue to the greater demand for air travel during the summer months, revenues in the airline industry in the second and third quarters of the year tend to be greater than revenues in the first and fourth quarters of the year\\. General economic conditions, fears of terrorism or war, fare initiatives, fluctuations in fuel prices, labor actions, weather, natural disasters, outbreaks of disease and other factors could impact this seasonal pattern\\. Therefore, our quarterly results of operations are not necessarily indicative of operating results for the entire year, and historical operating results in a quarterly or annual period are not necessarily indicative of future operating results\\.\n\n10"}
{"_id": "Southwest-2018_20.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**DISCLOSURE REGARDING FORWARD\\-LOOKING INFORMATION** \n\nThis Form 10\\-K contains \"forward\\-looking statements\" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934\\. Forward\\-looking statements are based on, and include statements about, the Company\u2019s estimates, expectations, beliefs, intentions, and strategies for the future, and the assumptions underlying these forward\\-looking statements\\. Specific forward\\-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as \"anticipates,\" \"believes,\" \"estimates,\" \"expects,\" \"intends,\" \"may,\" \"will,\" \"would,\" \"could,\" \"should,\" \"projects,\" \"plans,\" \"goal,\" and similar expressions\\. Although management believes these forward\\-looking statements are reasonable as and when made, forward\\-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict\\. Therefore, actual results may differ materially from what is expressed in or indicated by the Company's forward\\-looking statements or from historical experience or the Company's present expectations\\. Known material risk factors that could cause these differences are set forth below under \"Risk Factors\\.\" Additional risks or uncertainties (i) that are not currently known to the Company, (ii) that the Company currently deems to be immaterial, or (iii) that could apply to any company, could also materially adversely affect the Company's business, financial condition, or future results\\.\n\nCaution should be taken not to place undue reliance on the Company's forward\\-looking statements, which represent the Company's views only as of the date this Form 10\\-K is filed\\. The Company undertakes no obligation to update publicly or revise any forward\\-looking statement, whether as a result of new information, future events, or otherwise\\.\n\n**Item 1A\\.*****Risk Factors*** \n\n***The airline industry is particularly sensitive to changes in economic conditions; in the event of unfavorable economic conditions or economic uncertainty, the Company's results of operations could be negatively affected, which could require the Company to adjust its business strategies\\.***\n\nThe airline industry, which is subject to relatively high fixed costs and highly variable and unpredictable demand, is particularly sensitive to changes in economic conditions\\. Historically, unfavorable U\\.S\\. economic conditions have driven changes in travel patterns and have resulted in reduced spending for both leisure and business travel\\. For some consumers, leisure travel is a discretionary expense, and short\\-haul travelers, in particular, have the option to replace air travel with surface travel\\. Businesses are able to forego air travel by using communication alternatives such as videoconferencing and the Internet or may be more likely to purchase less expensive tickets to reduce costs, which can result in a decrease in average revenue per seat\\. Unfavorable economic conditions, when low fares are often used to stimulate traffic, have also historically hampered the ability of airlines to raise fares to counteract any increases in fuel, labor, and other costs\\. Although the U\\.S\\. economy has experienced modest growth over the course of the past several years, any continuing or future U\\.S\\. or global economic uncertainty could negatively affect the Company's results of operations and could cause the Company to adjust its business strategies\\. Further, because expenses of a flight do not vary significantly with the number of passengers carried, a relatively small change in the number of passengers can have a disproportionate effect on an airline\u2019s operating and financial results\\. Therefore, any general reduction in airline passenger traffic could adversely affect the Company's results of operations\\.\n\n***The Company's business can be significantly impacted by high and/or volatile fuel prices, and the Company's operations are subject to disruption in the event of any delayed supply of fuel; therefore, the Company's strategic plans and future profitability are likely to be impacted by the Company's ability to effectively address fuel price increases and fuel price volatility and availability\\.***\n\nAirlines are inherently dependent upon energy to operate, and jet fuel and oil represented approximately 25 percent of the Company's operating expenses for 2018\\. As discussed above under \"Business \\- Cost Structure,\" the cost of fuel can be extremely volatile and unpredictable, and even a small change in market fuel prices can significantly affect profitability\\. Furthermore, volatility in fuel prices can be due to many external factors that are beyond the Company's control\\. For example, fuel prices can be impacted by political and economic factors, such as (i) dependency on foreign imports of crude oil and the potential for hostilities or other conflicts in oil producing areas; (ii) limited domestic refining or pipeline capacity due to weather, natural disasters, or other factors; (iii) worldwide demand for fuel, particularly in developing countries, which can result in inflated energy prices; (iv) changes in U\\.S\\. governmental policies on fuel production, transportation, taxes, and marketing; and (v) changes in currency exchange rates\\.\n\n21"}
{"_id": "United-2018_102.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|           |                 |                                                                                                                                                                                                                                                                                                                                                              |\n| --------- | --------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n|  ^10\\.85  | UAL  <br>United | [Supplemental Agreement No\\. 40 to Purchase Agreement No\\. 1951, dated December 5, 2006 (filed as Exhibit 10\\.23(ao) to Continental's Form 10\\-K for the year ended December 31, 2006, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968707000009/f200610kexh1023ao.htm)       |\n|  ^10\\.86  | UAL  <br>United | [Supplemental Agreement No\\. 41 to Purchase Agreement No\\. 1951, dated June 1, 2007 (filed as Exhibit 10\\.1 to Continental's Form 10\\-Q for the quarter ended June 30, 2007, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968707000040/fexhibit101.htm)                       |\n|  ^10\\.87  | UAL  <br>United | [Supplemental Agreement No\\. 42 to Purchase Agreement No\\. 1951, dated June 12, 2007 (filed as Exhibit 10\\.2 to Continental's Form 10\\-Q for the quarter ended June 30, 2007, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968707000040/fexhibit102.htm)                      |\n|  ^10\\.88  | UAL  <br>United | [Supplemental Agreement No\\. 43 to Purchase Agreement No\\. 1951, dated July 18, 2007 (filed as Exhibit 10\\.1 to Continental's Form 10\\-Q for the quarter ended September 30, 2007, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968707000049/f3rd10qfileexh101.htm)           |\n|  ^10\\.89  | UAL  <br>United | [Supplemental Agreement No\\. 44 to Purchase Agreement No\\. 1951, dated December 7, 2007 (filed as Exhibit 10\\.21(as) to Continental's Form 10\\-K for the year ended December 31, 2007, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968708000009/f200710kexh1021as.htm)       |\n|  ^10\\.90  | UAL  <br>United | [Supplemental Agreement No\\. 45 to Purchase Agreement No\\. 1951, dated February 20, 2008 (filed as Exhibit 10\\.2 to Continental's Form 10\\-Q for the quarter ended March 31, 2008, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968708000020/f1st10qfileexh102.htm)           |\n|  ^10\\.91  | UAL  <br>United | [Supplemental Agreement No\\. 46 to Purchase Agreement No\\. 1951, dated June 25, 2008 (filed as Exhibit 10\\.5 to Continental's Form 10\\-Q for the quarter ended June 30, 2008, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968708000040/f2nd10qfileexh105.htm)                |\n|  ^10\\.92  | UAL  <br>United | [Supplemental Agreement No\\. 47 to Purchase Agreement No\\. 1951, dated October 30, 2008 (filed as Exhibit 10\\.21(av) to Continental's Form 10\\-K for the year ended December 31, 2008, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968709000008/f123108form10kexh1021av.htm) |\n|  ^10\\.93  | UAL  <br>United | [Supplemental Agreement No\\. 48 to Purchase Agreement No\\. 1951, dated January 29, 2009 (filed as Exhibit 10\\.3 to Continental's Form 10\\-Q for the quarter ended June 30, 2009, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968709000038/exhibit103.htm)                    |\n|  ^10\\.94  | UAL  <br>United | [Supplemental Agreement No\\. 49 to Purchase Agreement No\\. 1951, dated May 1, 2009 (filed as Exhibit 10\\.4 to Continental's Form 10\\-Q for the quarter ended June 30, 2009, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968709000038/exhibit104.htm)                         |\n|  ^10\\.95  | UAL  <br>United | [Supplemental Agreement No\\. 50 to Purchase Agreement No\\. 1951, dated July 23, 2009 (filed as Exhibit 10\\.2 to Continental's Form 10\\-Q for the quarter ended September 30, 2009, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968709000050/fexhibit102.htm)                 |\n|  ^10\\.96  | UAL  <br>United | [Supplemental Agreement No\\. 51 to Purchase Agreement No\\. 1951, dated August 5, 2009 (filed as Exhibit 10\\.3 to Continental's Form 10\\-Q for the quarter ended September 30, 2009, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968709000050/fexhibit103.htm)                |\n|  ^10\\.97  | UAL  <br>United | [Supplemental Agreement No\\. 52 to Purchase Agreement No\\. 1951, dated August 31, 2009 (filed as Exhibit 10\\.4 to Continental's Form 10\\-Q for the quarter ended September 30, 2009, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968709000050/fexhibit104.htm)               |\n|  ^10\\.98  | UAL  <br>United | [Supplemental Agreement No\\. 53 to Purchase Agreement No\\. 1951, dated December 23, 2009 (filed as Exhibit 10\\.22(bb) to Continental's Form 10\\-K for the year ended December 31, 2009, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968710000011/fexhibit1022bb.htm)         |\n|  ^10\\.99  | UAL  <br>United | [Supplemental Agreement No\\. 54 to Purchase Agreement No\\. 1951, dated March 2, 2010 (filed as Exhibit 10\\.2 to Continental's Form 10\\-Q for the quarter ended March 31, 2010, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968710000020/exhibit102.htm)                      |\n|  ^10\\.100 | UAL  <br>United | [Supplemental Agreement No\\. 55 to Purchase Agreement No\\. 1951, dated March 31, 2010 (filed as Exhibit 10\\.3 to Continental's Form 10\\-Q for the quarter ended March 31, 2010, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968710000020/exhibit103.htm)                     |\n|  ^10\\.101 | UAL  <br>United | [Supplemental Agreement No\\. 56 to Purchase Agreement No\\. 1951, dated August 12, 2010 (filed as Exhibit 10\\.4 to Continental's Form 10\\-Q for the quarter ended September 30, 2010, Commission File Number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968710000067/exhibit104.htm)                |\n|  ^10\\.102 | UAL  <br>United | [Supplemental Agreement No\\. 57 to Purchase Agreement No\\. 1951, dated March 2, 2011 (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended March 31, 2011, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312511105320/dex101.htm)                                   |\n\n\n\n103"}
{"_id": "United-2019_3.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n(carrier costs) for operating these flights plus a variable rate adjustment based on agreed performance metrics, subject to annual adjustments\\. The fees are based on specific rates multiplied by specific operating statistics (e\\.g\\., block hours, departures), as well as fixed monthly amounts\\. Under these CPAs, the Company is also responsible for all fuel costs incurred, as well as landing fees and other costs, which are either passed through by the regional carrier to the Company without any markup or directly incurred by the Company\\. In some cases, the Company owns some or all of the aircraft subject to the CPA and leases such aircraft to the regional carrier\\.  In return, the regional carriers operate the capacity of the aircraft included within the scope of such CPA exclusively for United, on schedules determined by the Company\\. The Company also determines pricing and revenue management, assumes the inventory and distribution risk for the available seats and permits mileage accrual and redemption for regional flights through its MileagePlus loyalty program\\. \n\nAlliances\\.  United is a member of Star Alliance, a global integrated airline network and the largest and most comprehensive airline alliance in the world\\. As of January 1,  2020 , Star Alliance carriers served nearly 1,300 airports in 195 countries with more than 19,000 daily departures\\. Star Alliance members, in addition to United, are Aegean Airlines, Air Canada, Air China, Air India, Air New Zealand, All Nippon Airways (\"ANA\"), Asiana Airlines, Austrian Airlines, Aerov\u00edas del Continente Americano S\\.A\\. (\"Avianca\"), Brussels Airlines, Copa Airlines (\"Copa\"), Croatia Airlines, EGYPTAIR, Ethiopian Airlines, EVA Air, LOT Polish Airlines, Lufthansa, SAS Scandinavian Airlines, Shenzhen Airlines, Singapore Airlines, South African Airways, SWISS, TAP Air Portugal, THAI Airways International and Turkish Airlines\\. In addition to its members, Star Alliance includes Shanghai\\-based Juneyao Airlines as a connecting partner\\.\n\nUnited has a variety of bilateral commercial alliance agreements and obligations with Star Alliance members, addressing, among other things, reciprocal earning and redemption of frequent flyer miles, access to airport lounges and, with certain Star Alliance  members, codesharing of flight operations (whereby one carrier's selected flights can be marketed under the brand name of another carrier)\\. In addition to the alliance agreements with Star Alliance members, United currently maintains independent marketing alliance agreements with other air carriers, including Aeromar, Aer Lingus, Air Dolomiti, Azul Linhas A\u00e9reas Brasileiras S\\.A\\. (\"Azul\"), Boutique Air, Cape Air, Edelweiss, Eurowings, Hawaiian Airlines, Olympic Air, Silver Airways and Vistara\\. In addition to the marketing alliance agreements with air partners, United also offers a train\\-to\\-plane codeshare and frequent flyer alliance with Amtrak from Newark on select city pairs in the northeastern United States\\. \n\nUnited also participates in four passenger joint business arrangements (\"JBAs\"): one with Air Canada and the Lufthansa Group (which includes Lufthansa and its affiliates Austrian Airlines, Brussels Airlines, Eurowings and SWISS) covering transatlantic routes, one with ANA covering certain transpacific routes, one with Air New Zealand covering certain routes between the United States and New Zealand and one with Avianca and Copa Airlines, which, upon receipt of regulatory approvals will cover routes between the United States and Central and South America, excluding Brazil\\. These passenger JBAs enable the participating carriers to integrate the services they provide in the respective regions, capturing revenue synergies and delivering enhanced customer benefits, such as highly competitive flight schedules, fares and services\\. United also participates in cargo JBAs with ANA for transpacific cargo services and with Lufthansa for transatlantic cargo services\\. These cargo JBAs offer expanded and more seamless access to cargo space across the carriers' respective combined networks\\.\n\nLoyalty Program\\.  United's MileagePlus loyalty program builds customer loyalty by offering awards, benefits and services to program participants\\. Members in this program earn miles for flights on United, United Express, Star Alliance members and certain other airlines that participate in the program\\. Members can also earn miles by purchasing goods and services from our network of non\\-airline partners, such as domestic and international credit card issuers, retail merchants, hotels and car rental companies\\. Members can redeem miles for free (other than taxes and government\\-imposed fees), discounted or upgraded travel and non\\-travel awards\\.\n\nUnited has an agreement with JPMorgan Chase Bank, N\\.A\\. (\"Chase\"), pursuant to which members of United's MileagePlus loyalty program who are residents of the United States can earn miles for making purchases using a MileagePlus credit card issued by Chase (the \"Co\\-Brand Agreement\")\\. The Co\\-Brand Agreement also provides for joint marketing and other support for the MileagePlus credit card and provides Chase with other benefits such as permission to market to the Company's customer database\\.\n\nIn  2019 , approximately 6\\.1 million MileagePlus flight awards were used on United and United Express\\. These awards represented 7\\.2% of United's total revenue passenger miles\\. Total miles redeemed for flights on United and United Express, including class\\-of\\-service upgrades, represented approximately 87% of the total miles redeemed\\. In addition, excluding miles redeemed for flights on United and United Express, MileagePlus members redeemed miles for approximately 2\\.2 million other awards\\. These awards include United Club memberships, car and hotel awards, merchandise and flights on other air carriers\\. \n\n4"}
{"_id": "Southwest-2017_7.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nSouthwest's No Show Policy applies if a Customer does not change or cancel a flight segment at least ten minutes prior to scheduled departure and the Customer does not travel on the scheduled flight\\. In such event, subject to certain exceptions, all segments associated with the reservation will be canceled, and (i) with respect to a \"Wanna Get Away\" fare, unused funds will be forfeited; and (ii) with respect to an \"Anytime\" or \"Business Select\" fare, unused funds will be held as travel credit for future travel by the Customer on Southwest\\.\n\n***Ancillary Services*** \n\nThe Company offers ancillary services such as Southwest's EarlyBird Check\\-In\u00ae and transportation of pets and unaccompanied minors, in accordance with Southwest's respective policies\\. EarlyBird Check\\-In provides Customers with automatic check\\-in and an assigned boarding position before general boarding positions become available, thereby improving Customers' seat selection options (priority boarding privileges are already a benefit of being an \"A\\-List\" tier member under the Company's Rapid Rewards Frequent Flyer Program)\\. Southwest\u2019s Pet Policy provides Customers an opportunity to bring a small cat or dog into the aircraft cabin\\. Southwest also has an unaccompanied minor travel policy to address the administrative costs and the extra care necessary to safely transport these Customers\\.\n\nWhen available, Southwest also sells Upgraded Boarding at the airport\\. These are open priority boarding positions in the first 15 positions in its \"A\" boarding group\\.\n\nSouthwest has inflight satellite\\-based WiFi equipped on all of its aircraft\\. During 2017, Southwest upgraded its WiFi product to increase onboard bandwidth and refreshed its inflight entertainment portal and television options\\. Southwest's onboard entertainment options on WiFi\\-enabled aircraft for viewing on Customers' personal wireless devices include free access to Southwest's live and on\\-demand television product (although free live TV may not be available onboard international flights due to licensing restrictions)\\. The refreshed television product currently consists of nearly 20 live channels and up to 75 on\\-demand recorded episodes from popular television series\\. Southwest also provides movies\\-on\\-demand and offers a Messaging\\-only option, including all WiFi\\-enabled stops and connections\\. The Messaging service allows access to iMessage and pre\\-downloaded apps for Viber and WhatsApp\\. Customers do not have to purchase WiFi to access television offerings, movies\\-on\\-demand, or the Messaging\\-only service\\.\n\n**Rapid Rewards Frequent Flyer Program**\n\nSouthwest's Rapid Rewards frequent flyer program enables program members (\"Members\") to earn points for every dollar spent on Southwest fares\\. The amount of points earned under the program is based on the fare and fare class purchased, with higher fare products (e\\.g\\., Business Select) earning more points than lower fare products (e\\.g\\., Wanna Get Away)\\. Each fare class is associated with a points earning multiplier, and points for flights are calculated by multiplying the fare for the flight by the fare class multiplier\\. Likewise, the amount of points required to be redeemed for a flight is based on the fare and fare class purchased\\. Under the program (i) Members are able to redeem their points for every available seat, every day, on every flight, with no blackout dates; and (ii) points do not expire so long as the Member has points\\-earning activity during the most recent 24 months\\.\n\nUnder the program, Members continue to accumulate points until the time they decide to redeem them\\. As a result, the program provides Members significant flexibility and options for earning and redeeming rewards\\. For example, Members can earn more points (and/or achieve tiered status such as A\\-List and Companion Pass faster) by purchasing higher fare tickets\\. Members also have significant flexibility in redeeming points, such as the opportunity to book in advance to take advantage of a lower fare (including many fare sales) ticket by redeeming fewer points or by being able to redeem more points and book at the last minute if seats are still available for sale\\. Members can also earn points through qualifying purchases with Rapid Rewards Partners (which include, for example, car rental agencies, hotels, restaurants, and retailers), as well as by using Southwest's co\\-branded Chase\u00ae Visa credit card\\. In addition, holders of Southwest's co\\-branded Chase Visa credit card are able to redeem their points for items other than travel on Southwest, such as international flights on other airlines, cruises, hotel stays, rental cars, gift cards, event tickets, and more\\. In addition to earning points for revenue flights and qualifying purchases with Rapid Rewards Partners, Members also have the ability to purchase, gift, and transfer points, as well as the ability to donate points to selected charities\\.\n\nSouthwest's Rapid Rewards frequent flyer program features tier and Companion Pass programs for the most active Members, including \"A\\-List\" and \"A\\-List Preferred\" status\\. Both A\\-List and A\\-List Preferred Members enjoy benefits such as \"Fly By\u00ae\" priority check\\-in and security lane access, where available, as well as dedicated phone lines, standby priority, and an earnings bonus on eligible revenue flights (25 percent for A\\-List and 100 percent for A\\-List Preferred)\\. \n\n8"}
{"_id": "Alaska-2017_68.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Property, Equipment and Depreciation***\n\nProperty and equipment are recorded at cost and depreciated using the straight\\-line method over their estimated useful lives less an estimated salvage value, which are as follows:\n\n\n\n|                                                |                                                                 |                             |\n| ---------------------------------------------- | --------------------------------------------------------------- | --------------------------- |\n|                                                | **Estimated Useful Life**                                       | **Estimated Salvage Value** |\n| Aircraft and other flight equipment:           |                                                                 |                             |\n| Boeing 737, Airbus A319/320, and E175 aircraft | 20\\-25 years                                                    | 10%                         |\n| Bombardier Q400 aircraft                       | 15 years                                                        | 10%                         |\n| Buildings                                      | 25 \\- 30 years                                                  | \u2014%                          |\n| Minor building and land improvements           | 10 years                                                        | \u2014%                          |\n| Capitalized leases and leasehold improvements  | Generally shorter of lease term or<br><br>estimated useful life | 0\\-10%                      |\n| Computer hardware and software                 | 3\\-10 years                                                     | \u2014%                          |\n| Other furniture and equipment                  | 5\\-10 years                                                     | \u2014%                          |\n\n\n\nNear the end of an asset's estimated useful life, management updates the salvage value estimates based on current market conditions and expected use of the asset\\. Repairable and rotable aircraft parts are included in Aircraft and other flight equipment, and are depreciated over the associated fleet life\\.\n\nIn 2016, the Company changed its accounting estimate for the expected useful life of the B737 NextGen aircraft, which includes the B737\\-700, \\-800, \\-900, \\-900ER aircraft and the related parts, from 20 years to 25 years\\. The change in estimate was precipitated by management's annual accounting policy review, which considered market studies, asset performance and intended use, as well as industry benchmarking\\. The change in estimate was applied prospectively effective October 1, 2016\\.\n\nCapitalized interest, based on the Company\u2019s weighted\\-average borrowing rate, is added to the cost of the related asset, and is depreciated over the estimated useful life of the asset\\.\n\nMaintenance and repairs, other than engine maintenance on B737\\-800 engines, are expensed when incurred\\. Major modifications that extend the life or improve the usefulness of aircraft are capitalized and depreciated over their estimated period of use\\. Maintenance on B737\\-800 engines is covered under a power\\-by\\-the\\-hour agreement with a third party beginning in the fourth quarter of 2017, whereby the Company pays a determinable amount, and transfers risk, to a third party\\. The Company expenses the contract amounts based on engine usage\\.\n\nThe Company evaluates long\\-lived assets to be held and used for impairment whenever events or changes in circumstances indicate that the total carrying amount of an asset or asset group may not be recoverable\\. The Company groups assets for purposes of such reviews at the lowest level, at which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities\\. An impairment loss is considered when estimated future undiscounted cash flows expected to result from the use of the asset or asset group and its eventual disposition are less than its carrying amount\\. If the asset or asset group is not considered recoverable, a write\\-down equal to the excess of the carrying amount over the fair value will be recorded\\. \n\n***Goodwill*** \n\nGoodwill represents the excess of purchase price over the fair value of the related net assets acquired in the Company's acquisition of Virgin America and is not amortized\\. As of December 31, 2017 the goodwill balance was $1\\.9 billion, and is associated with the Mainline reporting unit\\. The Company reviews goodwill for impairment annually in Q4, or more frequently if events or circumstances indicate than an impairment may exist\\. If fair value of the reporting unit does not exceed the carrying amount, an impairment charge may be recorded\\. In 2017, the fair value of the reporting unit with goodwill substantially exceeded its carrying value\\. \n\n***Intangible Assets*** \n\nIntangible assets recorded in conjunction with the acquisition of Virgin America consist primarily of indefinite\\-lived airport slots, finite\\-lived airport gates and finite\\-lived customer relationships\\. Finite\\-lived intangibles are amortized over their estimated useful lives\\. Indefinite\\-lived intangibles are not amortized but are tested at least annually for impairment using a similar methodology to property, equipment and goodwill as described above\\. \n\n 69"}
{"_id": "Southwest-2018_125.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             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|\n|        | [Supplemental Agreement No\\. 98 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000029/luv-12312016xex101a.htm) [Supplemental Agreement No\\. 99 (incorporated by reference to Exhibit 10\\.1(b) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000029/luv-12312016xex101b.htm) [Supplemental Agreement No\\. 100 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000078/luv-3312017xex101.htm) [Supplemental Agreement No\\. 101 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000078/luv-3312017xex102.htm) [Supplemental Agreement No\\. 102 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238017000146/luv-6302017xex101.htm) ; [Supplemental Agreement No\\. 103 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex101.htm) ; [Supplemental Letter Agreement No\\. 6\\-1162\\-KLK\\-0059R3 (incorporated by reference to Exhibit 10\\.4 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex104.htm) ; [Supplemental Agreement No\\. 104 (incorporated by reference to Exhibit 10\\.1 to the Company's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2018 (File No\\. 1\\-7259))\\. ](http://www.sec.gov/Archives/edgar/data/92380/000009238018000073/luv-3312018xex101.htm) (1)<br><br>  <br> |\n| 10\\.2  | [Form of Amended and Restated Executive Service Recognition Plan Executive Employment Agreement between the Company and certain Officers of the Company (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312509015591/dex102.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| 10\\.3  | [Letter Agreement between Southwest Airlines Co\\. and Gary C\\. Kelly, effective as of February 1, 2011 (incorporated by reference to Exhibit 99\\.1 to the Company\u2019s Current Report on Form 8\\-K filed February 1, 2011 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312511019263/dex991.htm)  (2)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 10\\.4  | [Southwest Airlines Co\\. Amended and Restated Severance Plan for Directors (as amended and restated effective May 19, 2009) (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2009 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238009000027/ex10_1.htm)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 10\\.5  | [Southwest Airlines Co\\. Outside Director Incentive Plan (as amended and restated effective May 16, 2007) (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2007 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238007000024/ex10_2.htm)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 10\\.6  | [Southwest Airlines Co\\. 2002 SWAPIA Non\\-Qualified Stock Option Plan (incorporated by reference to Exhibit 4\\.1 to the Company\u2019s Registration Statement on Form S\\-8 filed October 30, 2002 (File No\\. 333\\-100862))\\.](http://www.sec.gov/Archives/edgar/data/92380/000095013402013128/d00561exv4w1.txt)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| 10\\.7  | [Southwest Airlines Co\\. Amended and Restated 2007 Equity Incentive Plan (incorporated by reference to Exhibit 99\\.1 to the Company\u2019s Current Report on Form 8\\-K filed May 18, 2015(File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312515191553/d927261dex991.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 10\\.8  | [Southwest Airlines Co\\. 2007 Equity Incentive Plan Form of Notice of Grant and Terms and Conditions for Stock Option Grant (incorporated by reference to Exhibit 10\\.31 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2007 (File No\\. 1\\-7259))\\. ](http://www.sec.gov/Archives/edgar/data/92380/000095013408001572/d53331exv10w31.htm) (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 10\\.9  | [Southwest Airlines Co\\. Excess Benefit Plan (incorporated by reference to Exhibit 10\\.32 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312509015591/dex1032.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| 10\\.10 | [Amendment No\\. 1 to the Southwest Airlines Co\\. Excess Benefit Plan (incorporated by reference to Exhibit 10\\.33 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (File No\\. 1\\-7259))\\. ](http://www.sec.gov/Archives/edgar/data/92380/000119312509015591/dex1033.htm) (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 10\\.11 | [Amendment No\\. 2 to the Southwest Airlines Co\\. Excess Benefit Plan (incorporated by reference to Exhibit 10\\.34 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312509015591/dex1034.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 10\\.12 | [Amended and Restated Southwest Airlines Co\\. 2005 Excess Benefit Plan (as amended and restated, effective as of January 1, 2018) (incorporated by reference to Exhibit 10\\.5 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017ex105.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| 10\\.13 | [Form of Indemnification Agreement between the Company and its Directors (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Current Report on Form 8\\-K filed January 22, 2009 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312509009729/dex101.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n\n\n\n126"}
{"_id": "United-2018_38.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|               |                                                                  |\n| ------------- | ---------------------------------------------------------------- |\n| **ITEM 7A\\.** | **QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK\\.** |\n\n\n\n**Interest Rates\\.** Our net income is affected by fluctuations in interest rates (e\\.g\\. interest expense on variable rate debt and interest income earned on short\\-term investments)\\. The Company's policy is to manage interest rate risk through a combination of fixed and variable rate debt\\. The following table summarizes information related to the Company's interest rate market risk at December 31 (in millions):\n\n\n\n|                                                                                         |          |          |\n| --------------------------------------------------------------------------------------- | -------- | -------- |\n|                                                                                         | **2018** | **2017** |\n| **Variable rate debt**                                                                  |          |          |\n| Carrying value of variable rate debt at December 31                                     | $3,500   | $3,342   |\n| Impact of 100 basis point increase on projected interest expense for the following year | 35       | 33       |\n| **Fixed rate debt**                                                                     |          |          |\n| Carrying value of fixed rate debt at December 31                                        | 9,945    | 9,926    |\n| Fair value of fixed rate debt at December 31                                            | 9,901    | 10,349   |\n| Impact of 100 basis point increase in market rates on fair value                        | (378)    | (403)    |\n\n\n\nA change in market interest rates would also impact interest income earned on our cash, cash equivalents and short\\-term investments\\. Assuming our cash, cash equivalents and short\\-term investments remain at their average 2018 levels, a 100 basis point increase in interest rates would result in a corresponding increase in the Company's interest income of approximately $45 million during 2019\\.\n\n***Commodity Price Risk (Aircraft Fuel)\\.*** The price level of aircraft fuel can significantly affect the Company's operations, results of operations, financial position and liquidity\\.\n\nOur operational and financial results can be significantly impacted by changes in the price and availability of aircraft fuel\\. To provide adequate supplies of fuel, the Company routinely enters into purchase contracts that are customarily indexed to market prices for aircraft fuel, and the Company generally has some ability to cover short\\-term fuel supply and infrastructure disruptions at some major demand locations\\. The Company's current strategy is to not enter into transactions to hedge fuel price volatility, although the Company regularly reviews its policy based on market conditions and other factors\\. The Company's 2019 forecasted fuel consumption is presently approximately 4\\.3 billion gallons, and based on this forecast, a one\\-dollar change in the price of a barrel of crude oil would change the Company's annual fuel expense by approximately $104 million\\.\n\n***Foreign Currency\\.*** The Company generates revenues and incurs expenses in numerous foreign currencies\\. Changes in foreign currency exchange rates impact the Company's results of operations through changes in the dollar value of foreign currency\\-denominated operating revenues and expenses\\. Some of the Company's more significant foreign currency exposures include the Canadian dollar, Chinese renminbi, European euro, British pound and Japanese yen\\. The Company's current strategy is to not enter into transactions to hedge its foreign currency sales, although the Company regularly reviews its policy based on market conditions and other factors\\.\n\nThe result of a uniform 1% strengthening in the value of the U\\.S\\. dollar from December 31, 2018 levels relative to each of the currencies in which the Company has foreign currency exposure would result in a decrease in pre\\-tax income of approximately $24 million for the year ending December 31, 2019\\. This sensitivity analysis was prepared based upon projected 2019 foreign currency\\-denominated revenues and expenses as of December 31, 2018\\.\n\n39"}
{"_id": "AmericanAirlines-2018_177.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**PART III**\n\n**ITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**\n\nExcept as stated below, the information required by this Item will be set forth in the Proxy Statement under the captions \u201cProposal 1 \u2013 Election of Directors,\u201d \u201cExecutive Officers,\u201d \u201cSection 16(a) Beneficial Ownership Reporting Compliance,\u201d \u201cBoard Composition\u201d and \u201cInformation About the Board of Directors and Corporate Governance\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\nAmerican Airlines Group and American have adopted Standards of Business Conduct (the Ethics Standards) within the meaning of Item 406(b) of Regulation S\\-K\\. The Ethics Standards apply to all officers and employees of American Airlines Group Inc\\. and its subsidiaries, including American\\. The Ethics Standards are available on our website at *www\\.aa\\.com*\\. If we make substantive amendments to the Ethics Standards or grant any waiver, including any implicit waiver, to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, we will disclose the nature of such amendment or waiver on our website or in a Current Report on Form 8\\-K in accordance with applicable rules and regulations\\.\n\n**ITEM 11\\. EXECUTIVE COMPENSATION**\n\nThe information required by this Item will be set forth in the Proxy Statement under the captions \u201cInformation About the Board of Directors and Corporate Governance \\- Risk Assessment with Respect to Compensation Practices,\u201d \u201cDirector Compensation,\u201d \u201cCompensation Discussion and Analysis,\u201d \u201cExecutive Compensation\u201d and \u201cCompensation Committee Report\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\n**ITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**\n\nThe information required by this Item will be set forth in the Proxy Statement under the captions \u201cSecurity Ownership of Certain Beneficial Owners and Management\u201d and \u201cEquity Compensation Plan Information\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\n**ITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**\n\nThe information required by this Item will be set forth in the Proxy Statement under the captions \u201cCertain Relationships and Related Party Transactions\u201d and \u201cInformation About the Board of Directors and Corporate Governance\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\n**ITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES**\n\nThe information required by this Item will be set forth in the Proxy Statement under the caption \u201cProposal 2 \u2013 Ratification of Appointment of Independent Registered Public Accounting Firm\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\n178"}
{"_id": "Southwest-2018_38.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Item 7**\\. ***Management's Discussion and Analysis of Financial Condition and Results of Operations***\n\n**YEAR IN REVIEW**\n\nFor the 46^th^ consecutive year, the Company was profitable, recording GAAP and non\\-GAAP results for 2018 and 2017 as noted in the following tables\\. See Note Regarding Use of Non\\-GAAP Financial Measures and the Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures for additional detail regarding non\\-GAAP financial measures\\.\n\nThe fiscal years ended December 31, 2017 and 2016 reflect recast financial information related to the Company's January 1, 2018, adoption of the New Revenue Standard, the New Retirement Standard, and the New Hedging Standard, as detailed in Note 2 to the Consolidated Financial Statements\\. \n\n\n\n|                                         |                  |                  |                    |\n| --------------------------------------- | ---------------- | ---------------- | ------------------ |\n|                                         | **Year ended**   | **Year ended**   |                    |\n|                                         | **December 31,** | **December 31,** |                    |\n| (in millions, except per share amounts) | **2018**         | **2017**         | **Percent Change** |\n| GAAP                                    |                  | **As Recast**    | **Percent Change** |\n| Operating income                        | $3,206           | $3,407           | (5\\.9)             |\n| Net income                              | $2,465           | $3,357           | (26\\.6)            |\n| Net income per share, diluted           | $4\\.29           | $5\\.57           | (23\\.0)            |\n| Non\\-GAAP                               |                  |                  |                    |\n| Operating income                        | $3,167           | $3,347           | (5\\.4)             |\n| Net income                              | $2,435           | $2,116           | 15\\.1              |\n| Net income per share, diluted           | $4\\.24           | $3\\.51           | 20\\.8              |\n\n\n\nNet income for the year ended December 31, 2018, was $2\\.47 billion, a 26\\.6 percentdecrease year\\-over\\-year, as compared to the 2017 record Net income of $3\\.36 billion\\. Diluted earnings per share for 2018 was $4\\.29, as compared to the 2017 record diluted earnings per share of $5\\.57\\. Non\\-GAAP Net income was a record of $2\\.44 billion, a 15\\.1 percentincrease year\\-over\\-year\\. Non\\-GAAP diluted earnings per share for 2018 was a record of $4\\.24\\. The decrease in GAAP Net income was primarily driven by a prior year $1\\.3 billion adjustment to reduce the Company's Provision for income taxes related to the Tax Cuts and Jobs Act legislation enacted in December 2017 (\"Tax Reform\"), which resulted in a re\\-measurement of the Company's deferred tax assets and liabilities at the new federal corporate tax rate of 21 percent\\. This non\\-cash item is excluded from the Company's non\\-GAAP results\\. Operating income for the year ended December 31, 2018, was $3\\.2 billion, a decrease of 5\\.9 percent year\\-over\\-year, and non\\-GAAP Operating income was also $3\\.2 billion\\. The decrease in Operating income was primarily driven by higher market jet fuel prices\\. These factors were partially offset by a 3\\.5 percentincrease in Passenger revenues driven by a 3\\.9 percentincrease in capacity, as strong demand enabled the Company to fill the majority of the additional seats offered\\.\n\nFor the twelve months ended December 31, 2018, the Company's earnings performance, combined with its actions to manage invested capital, produced a 23\\.6 percent pre\\-tax non\\-GAAP return on invested capital (\"ROIC\"), or 18\\.4 percent on an after\\-tax basis, compared with the Company's pre\\-tax ROIC of 27\\.6 percent, or 17\\.6 percent on an after\\-tax basis, for the twelve months ended December 31, 2017\\. The cause of the year\\-over\\-year decline in pre\\-tax ROIC was the decrease in Operating income for the twelve months ended December 31, 2018, compared with the twelve months ended December 31, 2017, as well as the increase in Equity, driven by the impacts of Tax Reform\\. The increase in after\\-tax ROIC was primarily due to the reduction in the federal corporate tax rate in 2018\\. See the Company's calculation of ROIC in the accompanying reconciliation tables as well as the Note Regarding Use of Non\\-GAAP Financial Measures\\.\n\nDuring 2018, the Company continued to return value to its Shareholders\\. The Company returned $2\\.3 billion to Shareholders through $332 million in dividend payments and $2\\.0 billion through four separate accelerated share repurchase programs\\. During October 2018, the Company launched the Fourth Quarter 2018 ASR Program by advancing $500 million to a financial institution in a privately negotiated transaction\\. The Company received 9\\.8 \n\n39"}
{"_id": "Southwest-2018_48.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|                                                                        |                             |                             |\n| ---------------------------------------------------------------------- | --------------------------- | --------------------------- |\n|                                                                        | **Year ended December 31,** | **Year ended December 31,** |\n| (in millions)                                                          | **2017**                    | **2016**                    |\n|                                                                        | **As Recast**               | **As Recast**               |\n| Mark\\-to\\-market impact from fuel contracts settling in future periods | $69                         | $9                          |\n| Ineffectiveness from fuel hedges settling in future periods (a)        | 31                          | (11)                        |\n| Realized ineffectiveness and mark\\-to\\-market (gains) or losses (a)    | 6                           | 5                           |\n| Other (b)                                                              | 6                           | 18                          |\n|                                                                        | $112                        | $21                         |\n\n\n\n(a) With the adoption of the New Hedging Standard, the separate measurement and recording of ineffectiveness has been eliminated for all cash flow hedges in a hedging relationship effective January 1, 2018\\. See Note 2 to the Consolidated Financial Statements for further information\\.\n\n(b) Includes $14 million for 2017 and $12 million for 2016 reclassified from Salaries, wages, and benefits to Other (gains) losses, net, as a result of the New Retirement Standard\\. See Note 2 to the Consolidated Financial Statements for further information\\.\n\n**Income Taxes**\n\nThe Company's effective tax rate was a 2\\.8 percent benefit for 2017, compared with 36\\.7 percent for 2016\\. The decrease in rate was driven by a $1\\.3 billion reduction in Provision for income taxes related to the Tax Cuts and Jobs Act legislation enacted in December 2017, which resulted in a re\\-measurement of the Company's deferred tax assets and liabilities at the new federal corporate tax rate of 21 percent\\. \n\n49"}
{"_id": "AmericanAirlines-2017_138.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n**2\\. Special Items, Net**\n\nSpecial items, net on the consolidated statements of operations consisted of the following (in millions):\n\n\n\n|                                                                   |                             |                             |                             |\n| ----------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                   | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                   | **2017**                    | **2016**                    | **2015**                    |\n| Merger integration expenses  ^(1)^                                | $273                        | $514                        | $826                        |\n| Fleet restructuring expenses  ^(2)^                               | 232                         | 177                         | 210                         |\n| Employee 2017 Tax Act bonus expense  ^(3)^                        | 123                         | \u2014                           | \u2014                           |\n| Labor contract expenses  ^(4)^                                    | 46                          | \u2014                           | \u2014                           |\n| Mark\\-to\\-market adjustments for bankruptcy obligations           | 27                          | 25                          | (53)                        |\n| Other operating charges (credits), net                            | 11                          | (7)                         | 68                          |\n| Mainline operating special items, net                             | 712                         | 709                         | 1,051                       |\n| Regional operating special items, net                             | 3                           | 13                          | 18                          |\n| Operating special items, net                                      | 715                         | 722                         | 1,069                       |\n| Debt refinancing and extinguishment charges                       | 22                          | 49                          | 24                          |\n| Venezuela foreign currency losses                                 | \u2014                           | \u2014                           | 592                         |\n| Nonoperating special items, net                                   | 22                          | 49                          | 616                         |\n| Impact of the 2017 Tax Act on deferred tax assets and liabilities | 93                          | \u2014                           | \u2014                           |\n| Release of deferred tax valuation allowance                       | \u2014                           | \u2014                           | (3,493)                     |\n| Other tax charges                                                 | \u2014                           | \u2014                           | 25                          |\n| Income tax special items, net                                     | 93                          | \u2014                           | (3,468)                     |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Merger integration expenses included costs related to information technology, professional fees, re\\-branding of aircraft and airport facilities and training, and in 2016, also included costs related to alignment of labor union contracts, the launch of re\\-branded uniforms, relocation and severance, and in 2015, also included share\\-based compensation related to awards granted in connection with the Merger that fully vested in December 2015\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Fleet restructuring expenses, driven in part by the Merger, principally included the acceleration of depreciation, impairments, remaining lease payments and lease return costs for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                  |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(3)^ | Employee bonus expense included costs related to the  $1,000  cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of the 2017 Tax Act\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Labor contract expenses primarily included one\\-time charges to adjust the vacation accruals for pilots and flight attendants as a result of the mid\\-contract pay rate adjustments effective in the second quarter of 2017\\. |\n\n\n\n139"}
{"_id": "Delta-2019_5.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nOur network is supported by a fleet of over 1,000 aircraft that is varied in size and capabilities, giving us flexibility to adjust aircraft to the network\\. We are currently refreshing our fleet, acquiring new, more fuel efficient aircraft with increased premium seating, to replace older aircraft\\. We are also reducing our fleet complexity with fewer aircraft types\\. The evolution from a legacy fleet to a more optimal fleet suited to the scale of our network will provide substantial efficiency benefits and further efforts to reduce our carbon footprint\\.\n\nExpanded Products and Services \n\nOver the last decade we have fundamentally transformed our business\\. We have invested in our people, our product and our reliability to alter the commodity\\-like nature of air travel\\. We have a retail oriented, merchandised approach to distribution with well\\-defined and differentiated products for our customers\\. Through improved product segmentation, we offer distinct travel experiences with clear value propositions that enable customer choice\\. In 2019, approximately one\\-third of our passenger revenues were from premium products, which include Delta One^\u00ae^ , Delta Premium Select, First Class and Delta Comfort\\+^\u00ae^ \\. Main Cabin products, including Basic Economy, represented approximately half of our revenue in 2019 and provide varying levels of pre\\-travel flexibility as well as our exceptional service onboard the aircraft\\. \n\nOur tickets are sold through various distribution channels, with 52% of tickets sold through direct channels\\. These include digital channels, such as delta\\.com and the Fly Delta app, and our reservations specialists where we deliver more direct, personalized interactions with our customers at reduced distribution costs\\. Indirect distribution channels include online travel agencies and traditional \"brick and mortar\" agencies\\. We make fare and product information widely available across those channels, ensuring customers always receive the best information and service options\\. \n\nWe are implementing merchandising initiatives across our distribution channels to allow customers to better understand our product offerings, make it easier to buy the products they desire and increase customer satisfaction\\. This merchandising effort is most effective in Delta's digital channels where customers can compare all product options in a single, easy to understand display\\. \n\nInnovative Technology to Improve Service and Efficiency\n\nOur objective is to make technology a strategic differentiator\\. We continue to invest in technological improvements that support our operations and provide tools for our employees\\. These investments include improvements to infrastructure and technology architecture to unify and improve access to data sources and continue innovations in customer facing applications\\. This digital transformation is enhancing interactions with our customers and allows our people to deliver more personalized service, further enhancing the customer experience and strengthening our brand\\. \n\nThrough the development of innovative new technologies, we can better serve customers and give our employees the best tools\\. For our customers, we are making investments in the Fly Delta app, in the airport and onboard our aircraft\\. We are evolving the Fly Delta app into a digital travel concierge for our customers to offer convenient services on the day of travel and deliver thoughtful notifications to make their travel journeys more seamless\\. In the airport, we are investing to create a smoother, less stressful travel experience\\. On board the aircraft, we continue to invest in in\\-flight entertainment with the most seat\\-back screens in the sky and free messaging\\. For our employees, we are investing in applications that allow our people to have more meaningful interactions with our customers, as well as tools to make our employees safer and better able to do their jobs\\. \n\nCustomer Loyalty Program\n\nOur SkyMiles^\u00ae^  loyalty program is designed to grow customer loyalty by offering incentives to customers to increase travel on Delta\\. As Delta's brand has strengthened, the SkyMiles^\u00ae^  program has seen an acceleration in membership growth\\. We see opportunity to continue this momentum as we increase customer engagement and expand mileage redemption options and revamp our co\\-brand card offerings\\.\n\nThe loyalty program allows program members to earn mileage credit (\"miles\") for award redemptions such as flights and upgrades, by flying on Delta, our regional carriers and other participating airlines\\. Miles may also be earned by using certain services offered by program participants, such as credit card companies, hotels, car rental agencies and ridesharing companies\\. In addition, individuals may purchase miles\\. Miles do not expire, but are subject to the program rules\\. We reserve the right to terminate the program with six months advance notice, and to change the program's terms and conditions at any time without notice\\.\n\n3"}
{"_id": "Alaska-2019_76.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nFuture benefits expected to be paid over the next ten years under the qualified defined\\-benefit pension plans from the assets of those plans (in millions): \n\n\n\n|            |            |            |        |\n|:---------- |:---------- |:---------- | ------:|\n|            |            |            | Total  |\n| 2020       | 2020       | 2020       |  $ 115 |\n| 2021       | 2021       | 2021       |    118 |\n| 2022       | 2022       | 2022       |    134 |\n| 2023       | 2023       | 2023       |    137 |\n| 2024       | 2024       | 2024       |    137 |\n| 2025\u2013 2029 | 2025\u2013 2029 | 2025\u2013 2029 |    800 |\n\n\n\nNonqualified Defined\\-Benefit Pension Plan\n\nAlaska also maintains an unfunded, noncontributory defined\\-benefit plan for certain elected officers\\. This plan uses a December 31 measurement date\\. The assumptions used to determine benefit obligations and the net period benefit cost for the nonqualified defined\\-benefit pension plan are similar to those used to calculate the qualified defined\\-benefit pension plan\\. The plan's unfunded status, PBO and accumulated benefit obligation are immaterial\\. The net pension expense in prior year and expected future expense is also immaterial\\. \n\nPost\\-retirement Medical Benefits\n\nThe Company allows certain retirees to continue their medical, dental and vision benefits by paying all or a portion of the active employee plan premium until eligible for Medicare, currently age 65\\. This results in a subsidy to retirees, because the premiums received by the Company are less than the actual cost of the retirees\u2019 claims\\. The accumulated post\\-retirement benefit obligation for this subsidy is unfunded\\. The accumulated post\\-retirement benefit obligation was $129 million and $82 million at December 31, 2019 and 2018\\. The net periodic benefit cost was not material in 2019 or 2018\\.\n\nDefined\\-Contribution Plans\n\nThe seven defined\\-contribution plans are deferred compensation plans under section 401(k) of the Internal Revenue Code\\. All of these plans require Company contributions\\. Total expense for the defined\\-contribution plans was $132 million, $126 million and $103 million in 2019, 2018, and 2017\\. \n\nThe Company also has a noncontributory, unfunded defined\\-contribution plan for certain elected officers of the Company who are ineligible for the nonqualified defined\\-benefit pension plan\\. Amounts recorded as liabilities under the plan are not material to the consolidated balance sheets at December 31, 2019 and 2018\\.\n\nPilot Long\\-term Disability Benefits\n\nAlaska maintains a long\\-term disability plan for its pilots\\. The long\\-term disability plan does not have a service requirement\\. Therefore, the liability is calculated based on estimated future benefit payments associated with pilots that were assumed to be disabled on a long\\-term basis as of December 31, 2019 and does not include any assumptions for future disability\\. The liability includes the discounted expected future benefit payments and medical costs\\. The total liability was $45 million and $25 million, which was recorded net of a prefunded trust account of $6 million and $3 million, and included in long\\-term other liabilities on the consolidated balance sheets as of December 31, 2019 and December 31, 2018\\.\n\nEmployee Incentive\\-Pay Plans\n\nThe Company has employee incentive plans that pay employees based on certain financial and operational metrics\\. These metrics are set and approved annually by the Compensation Committee of the Board of Directors\\. The aggregate expense under these plans in 2019, 2018 and 2017 was $163 million, $147 million and $135 million\\. The incentive plans are summarized below\\.\n\n\u2022 Performance\\-Based Pay  (PBP) is a program that rewards the majority of Alaska and Horizon employees\\. The program is based on various metrics that adjust periodically, including those related to Air Group profitability, safety, Mileage Plan\u2122 and credit card growth, achievement of unit\\-cost goals and employee engagement as measured by brand strength\\.\n\n76"}
{"_id": "Alaska-2018_47.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Horizon***\n\nHorizon incurred a pretax loss of $8 million in 2017 compared to pretax profit of $10 million in 2016\\. The change was primarily driven by $20 million higher non\\-fuel operating expenses\\. Non\\-fuel expenses increased primarily due to higher wage and training expense as a result of the increase in FTE's, increased costs associated with flight cancellations, and a $9 million ratification bonus expense in connection with the agreement reached with Horizon's pilots\\. \n\n**LIQUIDITY AND CAPITAL RESOURCES**\n\nOur primary sources of liquidity are:\n\n\n\n|   |                                                                                                                |\n| - | -------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Our existing cash and marketable securities balance of  $1\\.2 billion , and our expected cash from operations; |\n\n\n\n\n\n|   |                                                                                                                             |\n| - | --------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Our  104  unencumbered aircraft in the operating fleet as of  December 31, 2018 , that could be financed, if necessary; and |\n\n\n\n\n\n|   |                                                                                                                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Our combined bank line\\-of\\-credit facilities, with no outstanding borrowings, of  $400 million \\. Information about these facilities can be found in  Note 6  to the consolidated financial statements\\. |\n\n\n\nIn 2018, we took delivery of eight owned B737\\-900ER and 16 owned E175 aircraft, made debt payments totaling $807 million, and secured $339 million of new borrowings\\. We also continued to return capital to our shareholders by paying dividends totaling $158 million and repurchasing $50 million of our common stock\\. Because of our strong balance sheet and financial performance, we are one of only three airlines in the U\\.S\\. with investment grade credit ratings\\. \n\nWe believe that our current cash and marketable securities balance, combined with future cash flows from operations and other sources of liquidity, will be sufficient to fund our operations and meet our debt payment obligations for the foreseeable future\\.\n\nIn our cash and marketable securities portfolio, we invest only in securities that meet our primary investment strategy of maintaining and securing investment principal\\. The portfolio is managed by reputable firms that adhere to our investment policy that sets forth investment objectives, approved and prohibited investments, and duration and credit quality guidelines\\. Our policy, and the portfolio managers, are continually reviewed to ensure that the investments are aligned with our strategy\\. \n\nThe table below presents the major indicators of financial condition and liquidity: \n\n\n\n|                                                                                                          |                       |                       |            |\n| -------------------------------------------------------------------------------------------------------- | --------------------- | --------------------- | ---------- |\n| ***(in millions, except per share and debt\\-to\\-capital amounts)***                                      | **December 31, 2018** | **December 31, 2017** | **Change** |\n| Cash and marketable securities                                                                           | **$1,236**            | $1,621                | $(385)     |\n| Cash, marketable securities and unused lines of credit as a percentage of trailing twelve months revenue | **20%**               | 26%                   | (6) pts    |\n| Long\\-term debt, net of current portion                                                                  | **$1,617**            | $2,262                | $(645)     |\n| Shareholders\u2019 equity                                                                                     | **$3,751**            | $3,460                | $291       |\n| Long\\-term debt\\-to\\-capital including net present value of aircraft operating lease payments ^(a)^      | **47%**               | 53%                   | (6) pts    |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                     |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | Calculated using the present value of remaining aircraft lease payments for aircraft that are in our operating fleet as of the balance sheet date\\. In 2019, following the adoption of the new lease accounting standard, this calculation will be performed utilizing the lease right\\-of\\-use asset as capitalized on our balance sheet\\. It is not expected to significantly change the ratio\\.  |\n\n\n\nThe following discussion summarizes the primary drivers of the increase in our cash and marketable securities balance and our expectation of future cash requirements\\.\n\n**ANALYSIS OF OUR CASH FLOWS**\n\n***Cash Provided by Operating Activities***\n\nNet cash provided by operating activities was $1\\.2 billion in 2018 compared to $1\\.6 billion in 2017\\. The decrease of $395 million is primarily due to a decrease in our net income for reasons previously discussed\\. \n\n 48"}
{"_id": "Alaska-2018_53.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\nTo the Stockholders and Board of Directors\n\nAlaska Air Group, Inc\\.:\n\n*Opinion on the Consolidated Financial Statements*\n\nWe have audited the accompanying consolidated balance sheets of Alaska Air Group, Inc\\. and subsidiaries (the Company) as of December 31, 2018 and 2017, the related consolidated statements of operations, comprehensive operations, shareholders\u2019 equity, and cash flows for each of the years in the three\\-year period ended December 31, 2018, and the related notes (collectively, the consolidated financial statements)\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the years in the three\\-year period ended December 31, 2018, in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company\u2019s internal control over financial reporting as of December 31, 2018, based on criteria established in *Internal Control \\- Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 15, 2019 expressed an unqualified opinion on the effectiveness of the Company\u2019s internal control over financial reporting\\.\n\n*Change in Accounting Principle* \n\nAs discussed in Note 2 to the consolidated financial statements, the Company has changed its method of accounting for revenue from contracts with customers in 2018 due to the adoption of Accounting Standards Codification Topic 606 \\- *Revenue from Contracts with Customers*\\.\n\n*Basis for Opinion*\n\nThese consolidated financial statements are the responsibility of the Company\u2019s management\\. Our responsibility is to express an opinion on these consolidated financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\n/s/ KPMG LLP\n\nWe have served as the Company\u2019s auditor since 2004\\.\n\nSeattle*,* Washington\n\nFebruary 15, 2019\n\n 54"}
{"_id": "AmericanAirlines-2017_116.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nAs of December 31, 2017, American\u2019s minimum fixed obligations under its capacity purchase agreements with third\\-party regional carriers are as follows (approximately, in millions):\n\n\n\n|                                                                                                         |          |          |          |          |          |                         |           |\n| ------------------------------------------------------------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                                                                                                         | **2018** | **2019** | **2020** | **2021** | **2022** | **2023 and Thereafter** | **Total** |\n| Minimum fixed obligations under capacity purchase agreements with third\\-party regional carriers  ^(1)^ | $1,457   | $1,311   | $1,063   | $866     | $699     | $2,073                  | $7,469    |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Represents minimum payments under capacity purchase agreements with third\\-party regional carriers\\. These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American\u2019s actual payments could differ materially\\. These obligations also include the portion of American\u2019s future obligations representing the lease of aircraft for accounting purposes in the amount of approximately  $377 million  in  2018 ,  $355 million  in  2019 ,  $320 million  in  2020 ,  $282 million  in  2021 ,  $239 million  in  2022  and  $699 million  in  2023 and thereafter \\. |\n\n\n\n***(d) Off\\-Balance Sheet Arrangements***\n\n*Aircraft*\n\nAmerican currently operates 387 owned aircraft and 113 leased aircraft which were financed with EETCs issued by pass\\-through trusts\\. These trusts are off\\-balance sheet entities, the primary purpose of which is to finance the acquisition of flight equipment\\. Rather than finance each aircraft separately when such aircraft is purchased, delivered or refinanced, these trusts allow American to raise the financing for a number of aircraft at one time and, if applicable, place such funds in escrow pending a future purchase, delivery or refinancing of the relevant aircraft\\. The trusts were also structured to provide for certain credit enhancements, such as liquidity facilities to cover certain interest payments, that reduce the risks to the purchasers of the trust certificates and, as a result, reduce the cost of aircraft financing to American\\.\n\nEach trust covers a set number of aircraft scheduled to be delivered or refinanced upon the issuance of the EETC or within a specific period of time thereafter\\. At the time of each covered aircraft financing, the relevant trust used the proceeds of the issuance of the EETC (which may have been available at the time of issuance thereof or held in escrow until financing of the applicable aircraft following its delivery) to purchase equipment notes relating to the financed aircraft\\. The equipment notes are issued, at American\u2019s election, in connection with a mortgage financing of the aircraft or, in certain cases, by a separate owner trust in connection with a leveraged lease financing of the aircraft\\. In the case of a leveraged lease financing, the owner trust then leases the aircraft to American\\. In both cases, the equipment notes are secured by a security interest in the aircraft\\. The pass\\-through trust certificates are not direct obligations of, nor are they guaranteed by, AAG or American\\. However, in the case of mortgage financings, the equipment notes issued to the trusts are direct obligations of American and, in certain instances, have been guaranteed by AAG\\. As of December 31, 2017, $11\\.9 billion associated with these mortgage financings is reflected as debt in the accompanying consolidated balance sheet\\.\n\nWith respect to leveraged leases, American evaluated whether the leases had characteristics of a variable interest entity\\. American concluded the leasing entities met the criteria for variable interest entities\\. American generally is not the primary beneficiary of the leasing entities if the lease terms are consistent with market terms at the inception of the lease and do not include a residual value guarantee, fixed\\-price purchase option or similar feature that obligates American to absorb decreases in value or entitles American to participate in increases in the value of the aircraft\\. American does not provide residual value guarantees to the bondholders or equity participants in the trusts\\. Some leases have a fair market value or a fixed price purchase option that allows American to purchase the aircraft at or near the end of the lease term\\. However, the option price approximates an estimate of the aircraft\u2019s fair value at the option date\\. Under this feature, American does not participate in any increases in the value of the aircraft\\. American concluded it is not the primary beneficiary under these arrangements\\. Therefore, American accounts for the majority of its EETC leveraged lease financings as operating leases\\. American\u2019s total future obligations to the trusts of each of the relevant EETCs under these leveraged lease financings are $572 million as of December 31, 2017, which are included in the future minimum lease payments table above\\.\n\n117"}
{"_id": "Southwest-2017_22.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nwhich can result in increased landing fees and other costs for the Company\\. The Company is also reliant upon third party vendors and service providers, in particular with respect to its fleet and technology initiatives and performance, and the Company's low\\-cost advantage is also dependent in part on its ability to obtain and maintain commercially reasonable terms with those parties\\.\n\nAs discussed above under \"Business \\- Insurance,\" the Company carries insurance of types customary in the airline industry\\. Although the Company has been able to purchase aviation, property, liability, and professional insurance via the commercial insurance marketplace, available commercial insurance could be more expensive in the future and/or have material differences in coverage than insurance that has historically been provided and may not be adequate to protect against the Company's risk of loss from future events, including acts of terrorism\\. Further, available cyber\\-security insurance with regards to data protection and business interruption could be more expensive in the future and/or have material differences in coverage than insurance that has historically been provided and may not be adequate to protect the Company's risk of loss\\. In addition, an accident or other incident involving Southwest aircraft could result in costs in excess of its related insurance coverage, which costs could be substantial\\. Any aircraft accident or other incident, even if fully insured, could also have a material adverse effect on the public's perception of the Company\\.\n\nThe Company cannot guarantee it will be able to maintain or improve upon its current level of low\\-cost advantage over many of its airline competitors\\. ULCCs, which have increased capacity in the Company's markets, have surpassed the Company's cost advantage\\. When competitors grow their fleets and expand their networks, they are potentially able to better control costs per available seat mile\\. In addition, like Southwest, some competitors have added a significant number of new and different aircraft to their fleets, which could potentially decrease their operating costs through better fuel efficiencies and lower maintenance costs\\. \n\n***The Company is increasingly dependent on technology to operate its business and continues to implement substantial changes to its information systems; any failure, disruption, breach, or delay in implementation of the Company's information systems could materially adversely affect its operations\\.***\n\nThe Company is increasingly dependent on the use of complex technology and systems to run its ongoing operations and support its strategic objectives\\.\n\nImplementation and integration of complex systems and technology presents significant challenges in terms of costs, human resources, and development of effective internal controls\\. Implementation and integration require a balancing between the introduction of new capabilities and the managing of existing systems, and present the risk of operational or security inadequacy or interruption, which could materially affect the Company's ability to effectively operate its business and/or could negatively impact the Company's results of operations\\. The Company is also reliant upon the performance of its third party vendors for timely and effective completion of many of its technology initiatives and for maintaining adequate information security measures\\.\n\nIn the ordinary course of business, the Company's systems will continue to require modification and refinements to address growth and changing business requirements, including requirements related to international operations\\. In addition, the Company's systems may require modification to enable the Company to comply with changing regulatory requirements\\. Modifications and refinements to the Company's systems have been and are expected to continue to be expensive to implement and can divert management\u2019s attention from other matters\\. In addition, the Company's operations could be adversely affected, or it could face imposition of regulatory penalties, if it were unable to timely or effectively modify its systems as necessary or appropriately balance the introduction of new capabilities with the management of existing systems\\.\n\nThe Company has experienced system interruptions and delays that make its websites and services unavailable or slow to respond, which can prevent the Company from efficiently processing Customer transactions or providing services, and these could continue to occur in the future\\. These system interruptions and delays can reduce the Company's operating revenues and the attractiveness of its services, as well as increase the Company's costs\\. The Company's computer and communications systems and operations could be damaged or interrupted by catastrophic events such as fires, floods, earthquakes, tornadoes and hurricanes, power loss, computer and telecommunications failures, acts of war or terrorism, computer viruses, security breaches, and similar events or disruptions\\. Any of these events could cause system interruptions, delays, and loss of critical data, and could prevent the Company from processing Customer transactions or providing services, which could make the Company's business and services less attractive and subject the Company to liability\\. Any of these events could damage the Company's reputation and be expensive to remedy\\.\n\n23"}
{"_id": "United-2018_44.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**UNITED CONTINENTAL HOLDINGS, INC\\.**\n\n**CONSOLIDATED BALANCE SHEETS**\n\n**(In millions, except shares)**\n\n\n\n|                                                                                                                                                                    |                     |                     |\n| ------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------- | ------------------- |\n|                                                                                                                                                                    | **At December 31,** | **At December 31,** |\n| **LIABILITIES AND STOCKHOLDERS' EQUITY**                                                                                                                           | **2018**            | **2017 (a)**        |\n| Current liabilities:                                                                                                                                               |                     |                     |\n| Advance ticket sales                                                                                                                                               | $4,381              | $3,940              |\n| Frequent flyer deferred revenue                                                                                                                                    | 2,286               | 2,192               |\n| Accounts payable                                                                                                                                                   | 2,363               | 2,196               |\n| Accrued salaries and benefits                                                                                                                                      | 2,184               | 2,166               |\n| Current maturities of long\\-term debt                                                                                                                              | 1,230               | 1,565               |\n| Current maturities of capital leases                                                                                                                               | 149                 | 128                 |\n| Other                                                                                                                                                              | 619                 | 576                 |\n| Total current liabilities                                                                                                                                          | 13,212              | 12,763              |\n| Long\\-term debt                                                                                                                                                    | 12,215              | 11,703              |\n| Long\\-term obligations under capital leases                                                                                                                        | 1,134               | 996                 |\n| Other liabilities and deferred credits:                                                                                                                            |                     |                     |\n| Frequent flyer deferred revenue                                                                                                                                    | 2,719               | 2,591               |\n| Postretirement benefit liability                                                                                                                                   | 1,295               | 1,602               |\n| Pension liability                                                                                                                                                  | 1,576               | 1,921               |\n| Deferred income taxes                                                                                                                                              | 814                 | 204                 |\n| Other                                                                                                                                                              | 1,832               | 1,832               |\n| Total other liabilities and deferred credits                                                                                                                       | 8,236               | 8,150               |\n| Commitments and contingencies                                                                                                                                      |   <br>              |   <br>              |\n| Stockholders' equity:                                                                                                                                              |                     |                     |\n| Preferred stock                                                                                                                                                    | \u2014                   | \u2014                   |\n| Common stock at par, $0\\.01 par value; authorized 1,000,000,000 shares; outstanding 269,914,769 and 286,973,195 shares at December 31, 2018 and 2017, respectively | 3                   | 3                   |\n| Additional capital invested                                                                                                                                        | 6,120               | 6,098               |\n| Retained earnings                                                                                                                                                  | 6,668               | 4,549               |\n| Stock held in treasury, at cost                                                                                                                                    | (1,993)             | (769)               |\n| Accumulated other comprehensive loss                                                                                                                               | (803)               | (1,147)             |\n| Total stockholders' equity                                                                                                                                         | 9,995               | 8,734               |\n| Total liabilities and stockholders' equity                                                                                                                         | $44,792             | $42,346             |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n45"}
{"_id": "Southwest-2019_114.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nItem 9\\.  Changes in and Disagreements With Accountants on Accounting and Financial Disclosure\n\nNone\\.\n\nItem 9A\\.  Controls and Procedures\n\nEvaluation of Disclosure Controls and Procedures\\.  The Company maintains disclosure controls and procedures (as defined in Rule 13a\\-15(e) of the Securities Exchange Act (the \u201cExchange Act\u201d)) designed to provide reasonable assurance that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC\u2019s rules and forms\\. These include controls and procedures designed to ensure that this information is accumulated and communicated to the Company\u2019s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure\\. Management, with the participation of the Company\u2019s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company\u2019s disclosure controls and procedures as of December 31, 2019\\. Based on this evaluation, the Company\u2019s Chief Executive Officer and Chief Financial Officer have concluded that the Company\u2019s disclosure controls and procedures were effective as of December 31, 2019, at the reasonable assurance level\\.\n\nManagement\u2019s Annual Report on Internal Control over Financial Reporting\\.  Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a\\-15(f) of the Exchange Act)\\. The Company\u2019s internal control over financial reporting is a process, under the supervision of the Company\u2019s Chief Executive Officer and Chief Financial Officer, designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives\\.\n\nManagement, with the participation of the Company\u2019s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company\u2019s internal control over financial reporting as of December 31, 2019\\. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control \\- Integrated Framework (2013 Framework)\\. Based on this evaluation, management, with the participation of the Company\u2019s Chief Executive Officer and Chief Financial Officer, concluded that, as of December 31, 2019, the Company\u2019s internal control over financial reporting was effective\\.\n\nErnst & Young, LLP, the independent registered public accounting firm who audited the Company\u2019s Consolidated Financial Statements included in this Form 10\\-K, has issued an attestation report on the Company\u2019s internal control over financial reporting, which is included herein\\.\n\nChanges in Internal Control over Financial Reporting\\.  There were no changes in the Company\u2019s internal control over financial reporting (as defined in Rule 13a\\-15(f) of the Exchange Act) during the quarter ended December 31, 2019, that have materially affected, or are reasonably likely to materially affect, the Company\u2019s internal control over financial reporting\\.\n\n115"}
{"_id": "AmericanAirlines-2017_133.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nAmerican also sells loyalty program mileage credits to participating airline partners and non\\-airline business partners, such as the Citi and Barclaycard US co\\-branded credit cards\\. Sales of mileage credits to non\\-airline business partners is comprised of two components, transportation and marketing\\. American accounts for mileage sales under its agreements with non\\-airline business partners in accordance with ASU 2009\\-13, \u201cRevenue Recognition (Topic 605) \u2014 Multiple\\-Deliverable Revenue Arrangements\\.\u201d In accordance with ASU 2009\\-13, American allocates the consideration received from the sale of mileage credits based on the relative selling price of each product or service delivered\\.\n\nAs a result of American\u2019s co\\-branded credit card program agreements with Citi and Barclaycard US that it entered into in 2016, American identified the following revenue elements in these co\\-branded credit card agreements: the transportation component; and the use of the American brand including access to loyalty program member lists, advertising and other travel related benefits (collectively, the marketing component)\\.\n\nThe transportation component represents the estimated selling price of future travel awards and is determined using historical transaction information, including information related to customer redemption patterns\\. The transportation component is deferred based on its relative selling price and is amortized into passenger revenue on a straight\\-line basis over the period in which the mileage credits are expected to be redeemed for travel\\. As of December 31, 2017 and 2016, American had $2\\.1 billion in deferred revenue from the sale of mileage credits recorded within loyalty program liability on its consolidated balance sheets\\.\n\nThe services under the marketing component are provided periodically, but no less than monthly\\. Accordingly, the marketing component is considered earned and recognized in other revenues in the period of the mileage sale\\. For the years ended December 31, 2017, 2016 and 2015, the marketing component of mileage sales and other marketing related payments included in other revenues was approximately $2\\.2 billion, $1\\.9 billion and $1\\.7 billion, respectively\\.\n\nEffective January 1, 2018, American is adopting ASU 2014\\-09: Revenue from Contracts with Customers (Topic 606)\\. See Recent Accounting Pronouncements in Note 1(r) below for further discussion\\.\n\n***(j) Revenue***\n\n*Passenger Revenue*\n\nPassenger revenue is recognized when transportation is provided\\. Ticket sales for transportation that has not yet been provided are initially deferred and recorded as air traffic liability on the consolidated balance sheets\\. The air traffic liability represents tickets sold for future travel dates and estimated future refunds and exchanges of tickets sold for past travel dates\\. The balance in the air traffic liability fluctuates throughout the year based on seasonal travel patterns\\. American\u2019s air traffic liability was $4\\.0 billion and $3\\.9 billion as of December 31, 2017 and 2016, respectively\\.\n\nThe majority of tickets sold are nonrefundable\\. A small percentage of tickets, some of which are partially used tickets, expire unused\\. Due to complex pricing structures, refund and exchange policies, and interline agreements with other airlines, certain amounts are recognized in passenger revenue using estimates regarding both the timing of the revenue recognition and the amount of revenue to be recognized\\. These estimates are generally based on the analysis of American\u2019s historical data\\. American and other airline industry participants have consistently applied this accounting method to estimate revenue from forfeited tickets at the date of travel\\. Estimated future refunds and exchanges included in the air traffic liability are routinely evaluated based on subsequent activity to validate the accuracy of American\u2019s estimates\\. Any adjustments resulting from periodic evaluations of the estimated air traffic liability are included in passenger revenue during the period in which the evaluations are completed\\.\n\nRegional carriers provide scheduled air transportation under the brand name American Eagle\\. American classifies revenues generated from transportation on these carriers as regional passenger revenues\\. Liabilities related to tickets sold by American for travel on these air carriers are also included in American\u2019s air traffic liability and are subsequently recognized as revenue in the same manner as described above\\.\n\n*Passenger Taxes and Fees*\n\nVarious taxes and fees assessed on the sale of tickets to end customers are collected by American as an agent and remitted to taxing authorities\\. These taxes and fees have been presented on a net basis in the accompanying consolidated statements of operations and recorded as a liability until remitted to the appropriate taxing authority\\.\n\n134"}
{"_id": "Alaska-2017_21.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\npublic perception of our airline\\. Vendor bankruptcies, unionization, regulatory compliance issues or significant changes in the competitive marketplace among suppliers could adversely affect vendor services or force us to renegotiate existing agreements on less favorable terms\\. These events could result in disruptions in our operations or increases in our cost structure\\.\n\n***INTEGRATION OF VIRGIN AMERICA***\n\n***We may be unable to effectively integrate Virgin America\u2019s business and realize the anticipated benefits of the acquisition\\.*** \n\nWe must devote significant management attention and resources to integrating the business practices and operations of Virgin America\\. Potential difficulties we may encounter as part of the integration process include the following:\n\n\n\n|   |                                                                                                                                                                                                                                                                          |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | the challenges associated with integrating Virgin America employees into Alaska's workforce, including seniority list integration, and negotiation of transition process agreements, while maintaining our focus on providing consistent, high quality customer service; |\n\n\n\n\n\n|   |                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------- |\n| \u2022 | the inability to successfully attract and retain Virgin America guests upon integration with Alaska; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | the challenges associated with integrating complex systems, technology, aircraft fleets, networks, facilities and other assets in a seamless manner that minimizes any adverse impact on guests, suppliers, employees and other constituents; and |\n\n\n\n\n\n|   |                                                                                                                                  |\n| - | -------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | the challenges associated with operating aircraft types new to our operations, specifically the Airbus A319, A320, and A321neo\\. |\n\n\n\nAny of the foregoing factors could adversely affect our ability to maintain relationships with guests, suppliers, employees and other constituencies or our ability to achieve the anticipated benefits of the acquisition on a timely basis, or at all\\. These factors could also reduce our earnings or otherwise adversely affect our business and financial results\\. In addition, integration requirements have caused, and may continue to cause, a delay of other strategic initiatives\\.\n\n***The need to integrate Virgin America\u2019s workforce into collective bargaining agreements with Alaska's workforce presents the potential for delay in achieving expected synergies and other benefits or labor disputes that could adversely affect our operations and costs\\.***\n\nThe successful integration of Virgin America and achievement of the anticipated benefits of the acquisition depend significantly on integrating Virgin America\u2019s employees into Alaska and on maintaining productive employee relations\\. Failure to do so presents the potential for delays in achieving expected synergies and other benefits of integration or labor disputes that could adversely affect our operations and costs\\. The process for integrating labor groups in an airline merger is governed by a combination of the Railway Labor Act, the McCaskill\\-Bond Act, and where applicable, the existing provisions of our CBAs, in addition to internal union policies\\. \n\nAs part of the transition agreement with the pilot workgroup, there is a temporary \u201cfence\u201d between Alaska and Virgin America pilots requiring that only Alaska pilots operate Boeing aircraft and only Virgin America pilots operate Airbus aircraft\\. Through the implementation of the recent Joint Collective Bargaining Agreement that now applies to all pilots from both airlines, this fence will be removed when the two groups are combined into a single scheduling system later in 2018\\.In addition, flight attendants, dispatchers, and mechanics cannot be fully integrated until transition agreements have been reached and single seniority lists have been provided to the Company by each workgroup\\. Achievement of expected synergies and other benefits will be delayed until the time that operational integration is obtained\\.\n\n***We will need to launch certain branding or rebranding initiatives in connection with the integration that may take a significant amount of time and involve substantial costs and that may not be favorably received by our guests\\.***\n\nWe may incur substantial costs as a result of rebranding Virgin America\u2019s products and services, including updating the aircraft livery and configuration, and may not be able to achieve or maintain brand name recognition or status that is comparable to the recognition and status previously enjoyed by Virgin America in any of Virgin America\u2019s markets\\. The failure of any such rebranding initiatives could adversely affect our ability to attract and retain guests, which could cause us not to realize some or all of the anticipated benefits contemplated to result from the acquisition\\.\n\n 22"}
{"_id": "AmericanAirlines-2018_193.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| 10\\.12                        | [Second Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of March 14, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex102.htm)                        |\n| 10\\.13                        | [Third Amendment to the Amended and Restated Credit And Guaranty Agreement, dated as of August 21, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.11 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000009/ex101110k2017.htm) \\*                   |\n| 10\\.14                        | [Fourth Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of May 15, 2018, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and Barclays Bank PLC, as designated replacement term lender (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000027/ex10310qq218.htm) |\n| 10\\.15                        | [Fifth Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of December 10, 2018, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and Barclays Bank PLC, as designated replacement term lender\\.](https://americanairlines.gcs-web.com/email-alerts/ex101510k2018.htm) \\*\\*                                                                                                                                                            |\n| 10\\.16                        | [Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\. as borrower, American Airlines Group Inc\\., as parent and guarantor, certain other subsidiaries of American Airlines Group Inc\\., as guarantors, the lenders party thereto, Barclays Bank PLC, as administrative agent and collateral agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q filed on July 22, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516654354/d204187dex102.htm)                                                                     |\n| 10\\.17                        | [First Amendment to Credit and Guaranty Agreement, dated as of October 31, 2016, amending the Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\. as borrower, American Airlines Group Inc\\., as parent and guarantor, the lenders party thereto, Barclays Bank PLC, as administrative agent (incorporated by reference to Exhibit 10\\.81 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (Commission File No\\. 1\\-8400))\\. ](http://www.sec.gov/Archives/edgar/data/4515/000119312517051216/d286458dex1081.htm)                                                                                              |\n| 10\\.18                        | [Second Amendment to the Credit and Guaranty Agreement, dated as of August 21, 2017, amending the Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Barclays Bank PLC, as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.15 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000009/ex101510k2017.htm) \\*                                                                         |\n| 10\\.19                        | [Third Amendment to Credit and Guaranty Agreement, dated as of November 1, 2017, amending the Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\. as borrower, American Airlines Group Inc\\., as parent and guarantor, the lenders party thereto, Barclays Bank PLC, as administrative agent (incorporated by reference to Exhibit 10\\.16 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000009/ex101610k2017.htm)                                                                                                |\n| 10\\.20                        | [Fourth Amendment to Credit and Guaranty Agreement, dated as of December 10, 2018, amending the Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\. as borrower, American Airlines Group Inc\\., as parent and guarantor, the lenders party thereto, Barclays Bank PLC, as administrative agent\\.](https://americanairlines.gcs-web.com/email-alerts/ex102010k2018.htm) \\*\\*                                                                                                                                                                                                                                                             |\n| 10\\.21                        | [Purchase Agreement No\\. 3219, dated as of October 15, 2008, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.29 to American\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000451509000008/ex1029.htm) \\*                                                                                                                                                                                                                                                                                                             |\n| 10\\.22                        | [Supplemental Agreement No\\. 2, dated as of July 21, 2010, to Purchase Agreement No\\. 3219 between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.2 to AMR\u2019s report on Form 10\\-Q for the quarter ended June 30, 2010 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000095012310066894/d73384exv10w2.htm) \\*                                                                                                                                                                                                                                                                                      |\n| 10\\.23                        | [Supplemental Agreement No\\. 3, dated as of February 1, 2013, to Purchase Agreement No\\. 3219 between American Airlines, Inc\\., and The Boeing Company (incorporated by reference to Exhibit 10\\.2 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000040/d516424dex102.htm) \\*                                                                                                                                                                                                                                                                       |\n| 10\\.24                        | [Supplemental Agreement No\\. 4, dated as of June 9, 2014, to Purchase Agreement No\\. 3219 between The Boeing Company and American Airlines, Inc\\. dated as of October 15, 2008, Relating to Boeing Model 787 Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.6 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex106.htm) \\*                                                                                                                         |\n\n\n\n194"}
{"_id": "Southwest-2017_40.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n***2017*** ***Compared with*** ***2016***\n\n**Operating Revenues**\n\nPassenger revenues for 2017increased by $547 million, or 2\\.9 percent, compared with 2016\\. Holding Load factor and Passenger yield constant, the increase was primarily attributable to a 3\\.6 percentincrease in capacity, partially offset by approximately $100 million in reduced revenues as a result of the hurricanes and earthquakes during third quarter 2017\\. On a unit basis, Passenger revenues decreased 0\\.6 percent, year\\-over\\-year, largely driven by a 0\\.5 percent decrease in Passenger revenue yield due to the industry's competitive domestic fare environment\\. Load factor remained solid at 83\\.9 percent\\.\n\nFreight revenues for 2017increased by $2 million, or 1\\.2 percent, compared with 2016, primarily due to increased demand\\. Based on current trends, the Company currently expects Freight revenues in first quarter 2018 to increase, compared with first quarter 2017\\.\n\nOther revenues for 2017increased by $197 million, or 11\\.9 percent, compared with 2016\\. Approximately 70 percent of the increase was due to an increase in revenue associated with cardholder spend on the Company's co\\-branded Chase\u00ae Visa credit card, and the remainder of the increase was due to higher ancillary revenues primarily as a result of EarlyBird Check\\-In revenues of $358 million in 2017, an increase of $29 million, or 8\\.7 percent, compared with 2016\\. The Company currently expects Other revenues in first quarter 2018 to increase, compared with first quarter 2017\\. The Company currently expects EarlyBird Check\\-in revenues to have a similar year\\-over\\-year growth rate in 2018, as compared with 2017\\.\n\nBased on revenue and booking trends thus far in first quarter 2018, the Company is currently expecting first quarter 2018 operating unit revenues to increase in the one to two percent range, compared with first quarter 2017\\.\n\nAccounting Standards Update (\"ASU\") No\\. 2014\\-09, Revenue from Contracts with Customers, is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017\\. Therefore, the Company will adopt the standard as of January 1, 2018, utilizing the full retrospective method of adoption allowed by the standard, in order to provide for comparative results in all periods presented\\. As such, in the Company's first quarter 2018 Form 10\u2013Q, both first quarter 2018 results and first quarter 2017 results will be presented under the new standard\\. On the Consolidated Statement of Income, the estimated impact of this ASU for full year 2017 and 2016 will be a decrease to Operating revenues of approximately $25 million and $135 million, respectively, and a decrease to Operating expenses of approximately $40 million in each year\\. The ASU will also result in the reclassification of certain ancillary revenues from Other revenues to Passenger revenues for each period\\. See Note 2 to the Consolidated Financial Statements for further information\\.\n\n**Operating Expenses**\n\nOperating expenses for 2017increased by $991 million, or 5\\.9 percent, compared with 2016, while capacity increased 3\\.6 percent over the same period\\. Historically, except for changes in the price of fuel, changes in Operating expenses for airlines have been largely driven by changes in capacity, or ASMs\\. The following table presents the Company's Operating expenses per ASM for 2017 and 2016, followed by explanations of these changes on a per ASM basis and dollar basis:\n\n41"}
{"_id": "AmericanAirlines-2017_129.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**AMERICAN AIRLINES, INC\\.**\n\n**CONSOLIDATED STATEMENTS OF STOCKHOLDER\u2019S EQUITY**\n\n**(In millions)**\n\n\n\n|                                                                                                                     |                             |                                                       |                                                                                    |                                                       |           |\n| ------------------------------------------------------------------------------------------------------------------- | --------------------------- | ----------------------------------------------------- | ---------------------------------------------------------------------------------- | ----------------------------------------------------- | --------- |\n|                                                                                                                     | **Common**<br><br>**Stock** | **Additional**<br><br>**Paid\\-in**<br><br>**Capital** | **Accumulated**<br><br>**Other**<br><br>**Comprehensive**<br><br>**Income (Loss)** | **Retained**<br><br>**Earnings**<br><br>**(Deficit)** | **Total** |\n| **Balance at December 31, 2014**                                                                                    | $\u2014                          | $16,174                                               | $(4,656)                                                                           | $(10,112)                                             | $1,406    |\n| Net income                                                                                                          | \u2014                           | \u2014                                                     | \u2014                                                                                  | 8,120                                                 | 8,120     |\n| Changes in pension, retiree medical and other postretirement benefits liability                                     | \u2014                           | \u2014                                                     | (160)                                                                              | \u2014                                                     | (160)     |\n| Net changes in fair value of derivative financial instruments                                                       | \u2014                           | \u2014                                                     | (9)                                                                                | \u2014                                                     | (9)       |\n| Share\\-based compensation expense                                                                                   | \u2014                           | 284                                                   | \u2014                                                                                  | \u2014                                                     | 284       |\n| Intercompany equity transfer                                                                                        | \u2014                           | 63                                                    | \u2014                                                                                  | \u2014                                                     | 63        |\n| Change in unrealized loss on investments                                                                            | \u2014                           | \u2014                                                     | (6)                                                                                | \u2014                                                     | (6)       |\n| **Balance at December 31, 2015**                                                                                    | \u2014                           | 16,521                                                | (4,831)                                                                            | (1,992)                                               | 9,698     |\n| Net income                                                                                                          | \u2014                           | \u2014                                                     | \u2014                                                                                  | 2,781                                                 | 2,781     |\n| Changes in pension, retiree medical and other postretirement benefits liability                                     | \u2014                           | \u2014                                                     | (563)                                                                              | \u2014                                                     | (563)     |\n| Non\\-cash tax benefit                                                                                               | \u2014                           | \u2014                                                     | 203                                                                                | \u2014                                                     | 203       |\n| Share\\-based compensation expense                                                                                   | \u2014                           | 100                                                   | \u2014                                                                                  | \u2014                                                     | 100       |\n| Impact of adoption of Accounting Standards Update (ASU) 2016\\-09 related to share\\-based compensation (See Note 12) | \u2014                           | \u2014                                                     | \u2014                                                                                  | 418                                                   | 418       |\n| Intercompany equity transfer                                                                                        | \u2014                           | 3                                                     | \u2014                                                                                  | \u2014                                                     | 3         |\n| Change in unrealized loss on investments                                                                            | \u2014                           | \u2014                                                     | 9                                                                                  | \u2014                                                     | 9         |\n| **Balance at December 31, 2016**                                                                                    | \u2014                           | 16,624                                                | (5,182)                                                                            | 1,207                                                 | 12,649    |\n| Net income                                                                                                          | \u2014                           | \u2014                                                     | \u2014                                                                                  | 1,922                                                 | 1,922     |\n| Changes in pension, retiree medical and other postretirement benefits liability                                     | \u2014                           | \u2014                                                     | (114)                                                                              | \u2014                                                     | (114)     |\n| Non\\-cash tax benefit                                                                                               | \u2014                           | \u2014                                                     | 46                                                                                 | \u2014                                                     | 46        |\n| Share\\-based compensation expense                                                                                   | \u2014                           | 90                                                    | \u2014                                                                                  | \u2014                                                     | 90        |\n| Intercompany equity transfer                                                                                        | \u2014                           | 2                                                     | \u2014                                                                                  | \u2014                                                     | 2         |\n| Change in unrealized loss on investments                                                                            | \u2014                           | \u2014                                                     | (1)                                                                                | \u2014                                                     | (1)       |\n| **Balance at December 31, 2017**                                                                                    | $\u2014                          | $16,716                                               | $(5,251)                                                                           | $3,129                                                | $14,594   |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n130"}
{"_id": "United-2018_90.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\nTo the Stockholders and Board of Directors of United Continental Holdings, Inc\\.\n\n**Opinion on Internal Control over Financial Reporting**\n\nWe have audited United Continental Holdings, Inc\\.'s (the \"Company\") internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria)\\. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018, based on the COSO criteria\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (\"PCAOB\"), the consolidated financial statements as of and for the year ended December 31, 2018 of the Company and our report dated February 28, 2019 expressed an unqualified opinion thereon\\.\n\n**Basis for Opinion**\n\nThe Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management Report on Internal Control over Financial Reporting in Item 9A\\. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. \n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\n**Definition and Limitations of Internal Control Over Financial Reporting**\n\nA company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n/s/ Ernst & Young LLP \n\nChicago, Illinois\n\nFebruary 28, 2019\n\n91"}
{"_id": "AmericanAirlines-2019_85.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n\n\n|        |                                                                                                                                                                                                                                                                                                          |\n| ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(10)^ | Impact of the 2017 Tax Act includes an   $823 million  non\\-cash charge to income tax expense to reflect the impact of lower corporate income tax rates on our deferred tax asset and liabilities resulting from the 2017 Tax Act, which reduced the federal corporate income tax rate from 35% to 21%\\. |\n\n\n\n3\\. Earnings Per Common Share\n\nThe following table sets forth the computation of basic and diluted earnings per common share (EPS) (in millions, except share and per share amounts):\n\n\n\n|                                                                                                                                  |                             |                             |                             |\n| -------------------------------------------------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                                                                  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                                                                                  | **2019**                    | **2018**                    | **2017**                    |\n| **Basic EPS:**                                                                                                                   |                             |                             |                             |\n| Net income                                                                                                                       | $1,686                      | $1,412                      | $1,282                      |\n| Weighted average common shares outstanding (in thousands)                                                                        | 443,363                     | 464,236                     | 489,164                     |\n| Basic EPS                                                                                                                        | $3\\.80                      | $3\\.04                      | $2\\.62                      |\n| **Diluted EPS:**                                                                                                                 |                             |                             |                             |\n| Net income for purposes of computing diluted EPS                                                                                 | $1,686                      | $1,412                      | $1,282                      |\n| Share computation for diluted EPS (in thousands):                                                                                |                             |                             |                             |\n| Basic weighted average common shares outstanding                                                                                 | 443,363                     | 464,236                     | 489,164                     |\n| Dilutive effect of stock awards                                                                                                  | 906                         | 1,424                       | 2,528                       |\n| Diluted weighted average common shares outstanding                                                                               | 444,269                     | 465,660                     | 491,692                     |\n| Diluted EPS                                                                                                                      | $3\\.79                      | $3\\.03                      | $2\\.61                      |\n| Restricted stock unit awards excluded from the calculation of diluted EPS because inclusion would be antidilutive (in thousands) | 2,520                       | 1,266                       | 328                         |\n\n\n\n4\\. Share Repurchase Programs and Dividends\n\nIn April 2018, we announced that our Board of Directors authorized a   $2\\.0 billion  share repurchase program that will expire on December 31, 2020\\. Since July 2014, our Board of Directors has approved   seven  share repurchase programs aggregating   $13\\.0 billion  of authority\\. As of  December 31, 2019 , there was   $565 million  of remaining authority to repurchase shares under our current   $2\\.0 billion  share repurchase program\\.  Share repurchases under our repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions\\. Any such repurchases that may be made from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to repurchase any specific number of shares and our repurchase of AAG common stock may be limited, suspended or discontinued at any time at our discretion and without prior notice\\. \n\nIn  2019 , we repurchased   33\\.8 million  shares of AAG common stock for   $1\\.1 billion  at a weighted average cost per share of   $32\\.09 \\. In  2018 , we repurchased   16\\.6 million  shares of AAG common stock for   $800 million  at a weighted average cost per share of   $48\\.15 \\. In  2017 , we repurchased   33\\.9 million  shares of AAG common stock for   $1\\.6 billion  at a weighted average cost per share of   $45\\.68 \\.  Since the inception of our share repurchase programs in July 2014 through December 31, 2019, we have repurchased   312\\.7 million  shares of AAG common stock for   $12\\.4 billion  at a weighted average cost per share of   $39\\.76 \\.\n\nOur Board of Directors declared quarterly cash dividends of   $0\\.10  per share totaling   $178 million ,   $186 million  and   $198 million  for  2019 ,  2018  and  2017 , respectively\\.\n\n86"}
{"_id": "AmericanAirlines-2019_23.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nWe operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control\\.\n\nWe operate a global business with significant operations outside of the U\\.S\\. Our current international activities and prospects have been and in the future could be adversely affected by government policies, reversals or delays in the opening of foreign markets, increased competition in international markets, the performance of our alliance, joint business and codeshare partners in a given market, exchange controls or other restrictions on repatriation of funds, currency and political risks (including changes in exchange rates and currency devaluations), environmental regulation, increases in taxes and fees and changes in international government regulation of our operations, including the inability to obtain or retain needed route authorities and/or slots\\. Fluctuations in foreign currencies, including devaluations, exchange controls and other restrictions on the repatriation of funds, have significantly affected and may continue to significantly affect our operating performance, liquidity and the value of any cash held outside the U\\.S\\. in local currency\\. Such fluctuations in foreign currencies, including devaluations, cannot be predicted by us and can significantly affect the value of our assets located outside the United States\\. These conditions, as well as any further delays, devaluations or imposition of more stringent repatriation restrictions, may materially adversely affect our business, results of operations and financial condition\\.\n\nMore generally, our industry may be affected by any deterioration in global trade relations, including shifts in the trade policies of individual nations\\. For example, much of the demand for international air travel is the result of business travel in support of global trade\\. Should protectionist governmental policies, such as increased tariff or other trade barriers, travel limitations and other regulatory actions, have the effect of reducing global commercial activity, the result could be a material decrease in the demand for international air travel\\. Additionally, certain of the products and services that we purchase, including certain of our aircraft and related parts, are sourced from suppliers located in foreign countries, and the imposition of new tariffs, or any increase in existing tariffs, by the U\\.S\\. government in respect of the importation of such products could materially increase the amounts we pay for them\\. In particular, on October 2, 2019, the Office of the U\\.S\\. Trade Representative (USTR), as part of an ongoing dispute with the EU before the World Trade Organization (WTO) concerning, among other things, aircraft subsidies, was authorized by an arbitration tribunal of the WTO to impose up to $7\\.5 billion per year in import tariffs on certain goods originating from the EU\\. In October 2019, the USTR imposed tariffs on certain imports from the EU, including certain Airbus aircraft that we previously contracted to purchase, which were initially subject to an ad valorem duty of 10%\\. On February 14, 2020, the USTR increased such duty to 15% effective March 18, 2020\\. While the scope and rate of these tariffs are subject to change, if and to the extent these tariffs are imposed on us without any available means for us to mitigate or pass on the burden of these tariffs to Airbus, the effective cost of new Airbus aircraft required to implement our fleet plan would increase\\.\n\nBrexit occurred on January 31, 2020 under the terms of the Withdrawal Agreement\\. There will now be a transition period during which the United Kingdom and the EU will seek to negotiate an agreement governing their future relationship, including in relation to air services\\. Under the Withdrawal Agreement, this transition period is scheduled to end on December 31, 2020, with a potential extension of up to two years, although the United Kingdom government has passed legislation preventing any such extension of the transition period\\. We face risks associated with Brexit, notably given the extent of our passenger and cargo traffic and that of our joint business partners that flows through LHR in the United Kingdom\\. During the transition period, our current air services may continue as we currently conduct them\\. The precise scope of traffic rights between the EU and the United Kingdom remains uncertain and therefore the continuation is not assured and could be subject to disruption\\. During the transition period, the United Kingdom and the EU will seek to implement a new air services agreement\\. We cannot predict the terms of any such successor air services agreement or whether changes in the relationship between the United Kingdom and the EU, including whether or not an agreement governing their future relationship is reached before the end of the transition period, could materially adversely affect our business, results of operations and financial condition\\.\n\nMoreover, Brexit could adversely affect European or worldwide economic or market conditions and could contribute to further instability in global financial markets\\. In addition, Brexit has created uncertainty as to the future trade relationship between the EU and the United Kingdom, including air traffic services\\. LHR is presently a very important element of our international network, however it may become less desirable as a destination or as a hub location after Brexit when compared to other airports in Europe\\. Brexit could also lead to legal and regulatory uncertainty such as the identity of the relevant regulators, new regulatory action and/or potentially divergent treaties, laws and regulations as the United Kingdom determines which EU treaties, laws and regulations to replace or replicate, including those governing aviation, labor, environmental, data protection/privacy, competition and other matters applicable to the provision of air transportation services by us or our alliance, joint business or codeshare partners\\. For example in October 2018, in anticipation of Brexit and the expiry of the EC commitments in July 2020, the CMA opened an investigation into the transatlantic JBA\\. We continue to fully cooperate with the CMA\\. The impact on our business of any treaties, laws and regulations that replace the existing EU counterparts, or other governmental or regulatory actions taken by the United Kingdom or the EU in \n\n24"}
{"_id": "AmericanAirlines-2017_72.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nand the amount of revenue to be recognized\\. These estimates are generally based on the analysis of our historical data\\. We and other airline industry participants have consistently applied this accounting method to estimate revenue from forfeited tickets at the date of travel\\. Estimated future refunds and exchanges included in the air traffic liability are routinely evaluated based on subsequent activity to validate the accuracy of our estimates\\. Any adjustments resulting from periodic evaluations of the estimated air traffic liability are included in passenger revenue during the period in which the evaluations are completed\\.\n\n***Loyalty Program***\n\nWe currently operate the loyalty program, AAdvantage\\. This program awards mileage credits to passengers who fly on American, any **one**world airline or other partner airlines, or by using the services of other program participants, such as the Citi and Barclaycard US co\\-branded credit cards, hotels and car rental companies\\. Mileage credits can be redeemed for travel on American or other participating partner airlines\\.\n\nThrough December 31, 2017, we used the incremental cost method to account for the portion of our loyalty program liability incurred when AAdvantage members earn mileage credits by flying on American, any **one**world airline or other partner airlines\\. We have an obligation to provide future travel when these mileage credits are redeemed and therefore have recorded a liability for mileage credits outstanding\\.\n\nThe incremental cost liability includes all mileage credits, even mileage credits for members whose account balances have not yet reached the minimum level required to redeem an award\\. Mileage credits are subject to expiration\\. The liability for outstanding mileage credits is valued based on the estimated incremental cost of carrying one additional passenger\\. The estimated incremental cost primarily includes unit costs incurred for fuel, food and insurance as well as fees incurred when travel awards are redeemed on partner airlines\\. In calculating the liability, we estimate how many mileage credits will never be redeemed for travel and exclude those mileage credits from the estimate of the liability\\. Estimates are also made for the number of miles that will be used per award redemption and the number of travel awards that will be redeemed on partner airlines\\. These costs and estimates are based on our historical program experience as well as consideration of enacted program changes, as applicable\\. Changes in the liability resulting from members earning additional mileage credits or changes in estimates are recorded in the consolidated statements of operations as a part of passenger revenue\\.\n\nAs of December 31, 2017 and 2016, the liability for outstanding mileage credits accounted for under the incremental cost method was $677 million and $669 million, respectively, and is included on the consolidated balance sheets within loyalty program liability\\.\n\nA change to certain estimates used in the calculation of incremental cost could have a material impact on the liability\\. A one percentage point increase or decrease in the percentage of travel awards redeemed on partner airlines would have an approximate $38 million impact on the liability as of December 31, 2017\\. A 10% increase or decrease in the assumed price per gallon of fuel would have an approximate $11 million impact on the liability as of December 31, 2017\\.\n\nWe also sell loyalty program mileage credits to participating airline partners and non\\-airline business partners, such as the Citi and Barclaycard US co\\-branded credit cards\\. Sales of mileage credits to non\\-airline business partners is comprised of two components, transportation and marketing\\. We account for mileage sales under our agreements with non\\-airline business partners in accordance with Accounting Standards Update (ASU) 2009\\-13, \u201cRevenue Recognition (Topic 605) \u2013Multiple\\-Deliverable Revenue Arrangements\\.\u201d In accordance with ASU 2009\\-13, we allocate the consideration received from the sale of mileage credits based on the relative selling price of each product or service delivered\\.\n\nAs a result of our co\\-branded credit card program agreements with Citi and Barclaycard US that we entered into in 2016, we identified the following revenue elements in these co\\-branded credit card agreements: the transportation component; and the use of the American brand including access to loyalty program member lists, advertising and other travel related benefits (collectively, the marketing component)\\.\n\nThe transportation component represents the estimated selling price of future travel awards and is determined using historical transaction information, including information related to customer redemption patterns\\. The transportation component is deferred based on its relative selling price and is amortized into passenger revenue on a straight\\-line basis over the period in which the mileage credits are expected to be redeemed for travel\\. As of December 31, 2017 and 2016, we had $2\\.1 billion in deferred revenue from the sale of mileage credits recorded within loyalty program liability on our consolidated balance sheets\\.\n\nA change to certain estimates used in the allocation of consideration received from the sale of mileage credits could have a material impact on the liability\\. A 10% increase or decrease in the relative selling price of the transportation component would have an approximate $87 million impact on the liability as of December 31, 2017\\.\n\n73"}
{"_id": "Alaska-2018_83.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n|   |                                                                                                                                                                                                                                                                                                                                                                             |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Performance\\-Based Pay*  (PBP) is a program that rewards the majority of Alaska and Horizon employees\\. The program is based on various metrics that adjust periodically, including those related to Air Group profitability, safety, Mileage Plan\u2122 and credit card growth, achievement of unit\\-cost goals and employee engagement as measured by customer satisfaction\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | The  *Operational Performance Rewards Program*  entitles the majority of Alaska and Horizon employees to quarterly payouts of up to  $300  per person if certain monthly operational and customer service objectives are met\\. In 2019, quarterly payout maximums per person have been increased to $450\\.  |\n\n\n\n**NOTE 9\\. COMMITMENTS AND CONTINGENCIES**\n\nFuture minimum payments for commitments as of December 31, 2018 (in millions):\n\n\n\n|            |                     |                     |                                    |                                            |                                   |\n| ---------- | ------------------- | ------------------- | ---------------------------------- | ------------------------------------------ | --------------------------------- |\n|            | **Aircraft Leases** | **Facility Leases** | **Aircraft Commitments** **^(a)^** | **Capacity Purchase Agreements** **^(b)^** | **Aircraft Maintenance Deposits** |\n| 2019       | $350                | $133                | $495                               | $138                                       | $61                               |\n| 2020       | 320                 | 124                 | 517                                | 145                                        | 65                                |\n| 2021       | 286                 | 113                 | 556                                | 166                                        | 59                                |\n| 2022       | 262                 | 94                  | 307                                | 174                                        | 48                                |\n| 2023       | 208                 | 26                  | 108                                | 179                                        | 24                                |\n| Thereafter | 847                 | 122                 | 33                                 | 1,065                                      | 8                                 |\n| Total      | $2,273              | $612                | $2,016                             | $1,867                                     | $265                              |\n\n\n\n\n\n|     |                                                                                                                                                       |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | Includes non\\-cancelable contractual commitments for aircraft and engines, buyer furnished equipment, and aircraft maintenance and parts management\\. |\n\n\n\n\n\n|     |                                                                                       |\n| --- | ------------------------------------------------------------------------------------- |\n| (b) | Includes all non\\-aircraft lease costs associated with capacity purchase agreements\\. |\n\n\n\n***Lease Commitments***\n\nAircraft lease commitments include future obligations for the Company's operating airlines \u2013 Alaska and Horizon \u2013 as well as aircraft leases operated by third parties\\. At December 31, 2018, the Company had lease contracts for 10 B737 aircraft, 61 Airbus aircraft, nine Bombardier Q400 aircraft, and 32 E175 aircraft with SkyWest Airlines, Inc\\. (SkyWest)\\. The Company has an additional two scheduled lease deliveries of A321neo aircraft in 2019, as well as three scheduled lease deliveries of E175 aircraft in 2021 to be operated by SkyWest\\. The Company does not intend to operate the three E175s currently scheduled for delivery in 2021, and is working to remove those aircraft from the capacity purchase agreement\\. All lease contracts have remaining non\\-cancelable lease terms ranging from 2019 to 2033\\. The Company has the option to increase capacity flown by SkyWest with eight additional E175 aircraft with deliveries from 2021 to 2022\\. Options to lease are not reflected in the commitments table above\\. \n\nFacility lease commitments primarily include airport and terminal facilities and building leases\\. Total rent expense for aircraft and facility leases was $619 million, $552 million and $315 million, in 2018, 2017 and 2016\\. \n\n***Aircraft Purchase Commitments***\n\nAircraft purchase commitments include non\\-cancelable contractual commitments for aircrafts and engines\\. As of December 31, 2018, the Company had commitments to purchase 36 B737 aircraft (four B737 NextGen aircraft and 32 B737 MAX aircraft, with deliveries in 2019 through 2023) and seven E175 aircraft with deliveries in 2019 and 2021\\. The Company also has cancelable purchase commitments for 30 Airbus A320neo aircraft with deliveries from 2022 through 2024\\. In addition, the Company has options to purchase 37 B737 aircraft and 30 E175 aircraft\\. The cancelable purchase commitments and option payments are not reflected in the table above\\.\n\n 84"}
{"_id": "AmericanAirlines-2017_14.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**ITEM 1A\\. RISK FACTORS**\n\nBelow are certain risk factors that may affect our business, results of operations and financial condition, or the trading price of our common stock or other securities\\. We caution the reader that these risk factors may not be exhaustive\\. We operate in a continually changing business environment, and new risks and uncertainties emerge from time to time\\. Management cannot predict such new risks and uncertainties, nor can it assess the extent to which any of the risk factors below or any such new risks and uncertainties, or any combination thereof, may impact our business\\.\n\n***Downturns in economic conditions could adversely affect our business\\.***\n\nDue to the discretionary nature of business and leisure travel spending and the highly competitive nature of the airline industry, our revenues are heavily influenced by the condition of the U\\.S\\. economy and economies in other regions of the world\\. Unfavorable conditions in these broader economies have resulted, and may result in the future, in decreased passenger demand for air travel, changes in booking practices and related reactions by our competitors, all of which in turn have had, and may have in the future, a strong negative effect on our business\\. See also *\u201cThe airline industry is intensely competitive and dynamic\u201d* below\\.\n\n***Our business is very dependent on the price and availability of aircraft fuel\\. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on our operating results and liquidity\\.***\n\nOur operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in our business\\. Jet fuel market prices have fluctuated substantially over the past several years and prices continue to be highly volatile\\.\n\nBecause of the amount of fuel needed to operate our business, even a relatively small increase or decrease in the price of fuel can have a material effect on our operating results and liquidity\\. Due to the competitive nature of the airline industry and unpredictability of the market for air travel, we can offer no assurance that we may be able to increase our fares, impose fuel surcharges or otherwise increase revenues or decrease other operating costs sufficiently to offset fuel price increases\\. Similarly, we cannot predict the effect or the actions of our competitors if the current relatively low fuel prices remain in place for a significant period of time or fuel prices decrease in the future\\.\n\nAlthough we are currently able to obtain adequate supplies of aircraft fuel, we cannot predict the future availability, price volatility or cost of aircraft fuel\\. Natural disasters (including hurricanes or similar events in the U\\.S\\. Southeast and on the Gulf Coast where a significant portion of domestic refining capacity is located), political disruptions or wars involving oil\\-producing countries, changes in fuel\\-related governmental policy, the strength of the U\\.S\\. dollar against foreign currencies, changes in access to petroleum product pipelines and terminals, speculation in the energy futures markets, changes in aircraft fuel production capacity, environmental concerns and other unpredictable events may result in fuel supply shortages, distribution challenges, additional fuel price volatility and cost increases in the future\\. Any of these factors or events could cause a disruption in oil production, refinery operations or pipeline capacity and possibly result in significant increases in the price of aircraft fuel and diminished availability of aircraft fuel supply\\.\n\nOur aviation fuel purchase contracts generally do not provide meaningful price protection against increases in fuel costs\\. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review this policy from time to time based on market conditions and other factors\\. Accordingly, as of December 31, 2017, we did not have any fuel hedging contracts outstanding\\. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices\\. See also the discussion in Part II, Item 7A\\. Quantitative and Qualitative Disclosures About Market Risk \u2013 \u201c*Aircraft Fuel*\\.\u201d\n\n***The airline industry is intensely competitive and dynamic\\.***\n\nOur competitors include other major domestic airlines and foreign, regional and new entrant airlines, as well as joint ventures formed by some of these airlines, many of which have more financial or other resources and/or lower cost structures than ours, as well as other forms of transportation, including rail and private automobiles\\. In many of our markets we compete with at least one low\\-cost air carrier\\. Our revenues are sensitive to the actions of other carriers in many areas including pricing, scheduling, capacity, amenities, loyalty benefits and promotions, which can have a substantial adverse impact not only on our revenues, but on overall industry revenues\\. These factors may become even more significant in periods when the industry experiences large losses, as airlines under financial stress, or in bankruptcy, may institute pricing structures intended to achieve near\\-term survival rather than long\\-term viability\\.\n\n15"}
{"_id": "Southwest-2017_46.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nCustomer demand for low\\-fare air travel enabled the Company to fill the additional seats, as evidenced by a Company record annual load factor of 84\\.0 percent\\. On a unit basis, Passenger revenues decreased 3\\.8 percent, year\\-over\\-year, largely driven by a 4\\.3 percent decrease in passenger revenue yield, year\\-over\\-year, which included a reduction to 2016 Passenger revenues associated with the Company's July 2015 amended co\\-branded credit card agreement (\"Agreement\") with Chase Bank USA, N\\.A\\. (\"Chase\") and a resulting required change in accounting methodology\\. See Note 1 to the Consolidated Financial Statements for further information\\. The Agreement resulted in an acceleration of the timing of revenue recognition on a prospective basis beginning July 1, 2015, as well as a change in classification\\. \n\nFreight revenues for 2016 decreased by $8 million, or 4\\.5 percent, compared with 2015, primarily due to sluggish demand\\. \n\nThe Company recorded a Special revenue adjustment during 2015 of $172 million\\. This adjustment represented a one\\-time non\\-cash reduction to deferred revenue liability as a result of the Agreement with Chase and the resulting required change in accounting methodology, and is classified as a special item and thus excluded from the Company's 2015 non\\-GAAP financial results\\. See Note 1 to the Consolidated Financial Statements and the Note Regarding Use of Non\\-GAAP Financial Measures for further information\\.\n\nOther revenues for 2016 increased by $490 million, or 41\\.9 percent, compared with 2015, primarily as a result of the Agreement with Chase and the resulting required change in accounting methodology\\. This change resulted in approximately 90 percent of the increase to Other revenue year\\-over\\-year\\. Excluding this impact of the Agreement with Chase, Other revenues increased primarily due to higher ancillary revenues associated with EarlyBird Check\\-in\u00ae and A1\\-15 select open priority boarding positions sold at the airport\\. \n\n**Operating Expenses**\n\nOperating expenses for 2016 increased by $961 million, or 6\\.1 percent, compared with 2015, while capacity increased 5\\.7 percent over the same period\\. Historically, except for changes in the price of fuel, changes in Operating expenses for airlines have been largely driven by changes in capacity, or ASMs\\. The following table presents the Company's Operating expenses per ASM for 2016 and 2015, followed by explanations of these changes on a per ASM basis and/or on a dollar basis:\n\n\n\n|                                    |                             |                             |             |                                |\n| ---------------------------------- | --------------------------- | --------------------------- | ----------- | ------------------------------ |\n|                                    | **Year ended December 31,** | **Year ended December 31,** | **Per ASM** | **Percent**<br><br>**change**  |\n| (in cents, except for percentages) | **2016**                    | **2015**                    | **change**  | **Percent**<br><br>**change**  |\n| Salaries, wages, and benefits      | 4\\.57\u00a2                      | 4\\.54\u00a2                      | 0\\.03\u00a2      | 0\\.7 %                         |\n| Fuel and oil                       | 2\\.46                       | 2\\.58                       | (0\\.12)     | (4\\.7)                         |\n| Maintenance materials and repairs  | 0\\.70                       | 0\\.72                       | (0\\.02)     | (2\\.8)                         |\n| Aircraft rentals                   | 0\\.15                       | 0\\.17                       | (0\\.02)     | (11\\.8)                        |\n| Landing fees and other rentals     | 0\\.82                       | 0\\.83                       | (0\\.01)     | (1\\.2)                         |\n| Depreciation and amortization      | 0\\.82                       | 0\\.72                       | 0\\.10       | \u2014                              |\n| Acquisition and integration        | \u2014                           | 0\\.03                       | (0\\.03)     | (100\\.0)                       |\n| Other operating expenses           | 1\\.70                       | 1\\.59                       | 0\\.11       | 6\\.9                           |\n| Total                              | 11\\.22\u00a2                     | 11\\.18\u00a2                     | 0\\.04\u00a2      | 0\\.4 %                         |\n\n\n\nOperating expenses per ASM for 2016 increased 0\\.4 percent, compared with 2015, primarily due to the accelerated depreciation expense associated with the planned early retirement of the Classic fleet, higher contract programming and consulting expenses associated with large technology projects, and higher wage rates due to new labor agreements\\. These increases were partially offset by lower jet fuel prices and lower profitsharing expense\\. See Note 1 to the Consolidated Financial Statements for further information on the early retirement of the Classic fleet\\. Operating expenses per ASM for 2016, excluding Fuel and oil expense and special items (a non\\-GAAP financial measure), increased 1\\.6 percent year\\-over\\-year\\. See Note Regarding Use of Non\\-GAAP Financial Measures for additional detail regarding non\\-GAAP financial measures\\. \n\n47"}
{"_id": "Delta-2018_24.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nITEM 3\\. LEGAL PROCEEDINGS\n\nCapacity Antitrust Litigation\n\nIn July 2015, a number of purported class action antitrust lawsuits were filed alleging that Delta, American, United and Southwest had conspired to restrain capacity\\. The lawsuits were filed in the wake of media reports that the U\\.S\\. Department of Justice had served civil investigative demands upon these carriers seeking documents and information relating to this subject\\. The lawsuits have been consolidated into a single Multi\\-District Litigation proceeding in the U\\.S\\. District Court for the District of Columbia\\. In November 2016, the District Court denied the defendants' motion to dismiss the claims, and the matter is now proceeding through discovery\\. Delta believes the claims in these cases are without merit and is vigorously defending these lawsuits\\.\n\n\\*\\*\\*\n\nFor a discussion of certain environmental matters, see \"Business\\-Regulatory Matters\\-Environmental Matters\" in Item 1\\.\n\nITEM 4\\. MINE SAFETY DISCLOSURES\n\nNot applicable\\.\n\n 22"}
{"_id": "United-2018_83.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nThe aircraft listed in the table above are scheduled for delivery from 2019 through 2027\\. To the extent the Company and the aircraft manufacturers with whom the Company has existing orders for new aircraft agree to modify the contracts governing those orders, the amount and timing of the Company's future capital commitments could change\\. In 2019, United expects to take delivery of 25 Embraer E175 aircraft, 20 Boeing 737 MAX aircraft, 8 Boeing 787 aircraft and 2 Boeing 777\\-300ER aircraft\\.United also has agreements to purchase 20 used Airbus A319 aircraft with expected delivery dates through 2022\\.\n\nDuring the third quarter of 2018, United entered into an agreement with the lessor of 54 Embraer ERJ 145 aircraft to purchase those aircraft in 2019\\. The provisions of such agreement resulted in a change in accounting classification of the applicable leases from operating leases to capital leases up until the applicable purchase date\\.\n\nThe table below summarizes United's commitments as of December 31, 2018, which primarily relate to the acquisition of aircraft and related spare engines, aircraft improvements and include other capital purchase commitments for the years ended December 31 (in billions)\\. Any new firm aircraft orders, including through the exercise of purchase options and purchase rights, will increase the total future capital commitments of the Company\\.\n\n\n\n|            |        |\n| ---------- | ------ |\n| 2019       | $4\\.2  |\n| 2020       | 5\\.3   |\n| 2021       | 3\\.5   |\n| 2022       | 2\\.8   |\n| 2023       | 1\\.9   |\n| After 2023 | 7\\.0   |\n|            | $24\\.7 |\n\n\n\nIn February 2019, the Company secured $1\\.0 billion of EETC financing to finance certain aircraft deliveries in 2018 and 2019\\. The Company has also secured backstop financing commitments from certain of its aircraft manufacturers for a limited number of its future aircraft deliveries, subject to certain customary conditions\\. Financing may be necessary to satisfy the Company's capital commitments for its firm order aircraft and other related capital expenditures\\.\n\n***Legal and Environmental\\.*** The Company has certain contingencies resulting from litigation and claims incident to the ordinary course of business\\. As of December 31, 2018, management believes, after considering a number of factors, including (but not limited to) the information currently available, the views of legal counsel, the nature of contingencies to which the Company is subject and prior experience, that the ultimate disposition of the litigation and claims will not materially affect the Company's consolidated financial position or results of operations\\. The Company records liabilities for legal and environmental claims when a loss is probable and reasonably estimable\\. These amounts are recorded based on the Company's assessments of the likelihood of their eventual disposition\\.\n\n***Guarantees and Indemnifications\\.*** In the normal course of business, the Company enters into numerous real estate leasing and aircraft financing arrangements that have various guarantees included in the contracts\\. These guarantees are primarily in the form of indemnities under which the Company typically indemnifies the lessors and any tax/financing parties against tort liabilities that arise out of the use, occupancy, operation or maintenance of the leased premises or financed aircraft\\. Currently, the Company believes that any future payments required under these guarantees or indemnities would be immaterial, as most tort liabilities and related indemnities are covered by insurance (subject to deductibles)\\. Additionally, certain leased premises such as fueling stations or storage facilities include indemnities of such parties for any environmental liability that may arise out of or relate to the use of the leased premises\\.\n\nAs of December 31, 2018, United is the guarantor of approximately $1\\.9 billion in aggregate principal amount of tax\\-exempt special facilities revenue bonds and interest thereon\\. These bonds, issued by various airport municipalities, are payable solely from rentals paid under long\\-term agreements with the respective governing bodies\\. The leasing arrangements associated with approximately $1\\.3 billion of these obligations are accounted for as operating leases with the associated expense recorded on a straight\\-line basis resulting in ratable accrual of the lease obligation over the expected lease term\\. These tax\\-exempt special facilities revenue bonds are included in our lease commitments disclosed in Note 11 of this report\\. The leasing arrangements associated with approximately $466 million of these obligations are accounted for as capital leases\\. All of these bonds are due between 2019 and 2038\\.\n\nIn connection with funding the Synergy Loan Agreement, the Company entered into an agreement with AVH's significant minority shareholder, Kingsland Holdings Limited (\"Kingsland\"), pursuant to which, in return for Kingsland's pledge of its 144\\.8 million shares of AVH common stock (equivalent to 18\\.1 million American Depositary Receipts (\"ADRs\")) and its consent to Synergy's pledge of its AVH common stock to United under the Synergy Loan Agreement, United (1) granted to Kingsland the right to put its shares of AVH common stock to United at market price on the fifth anniversary of the Synergy \n\n84"}
{"_id": "Southwest-2017_95.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nThe Company's application of its netting policy associated with cash collateral differs depending on whether its derivative instruments are in a net asset position or a net liability position\\. If its fuel derivative instruments are in a net asset position with a counterparty, cash collateral amounts held are first netted against current outstanding derivative amounts associated with that counterparty until that balance is zero, and then any remainder is applied against the fair value of noncurrent outstanding derivative instruments\\. If the Company's fuel derivative instruments are in a net liability position with the counterparty, cash collateral amounts provided are first netted against noncurrent outstanding derivative amounts associated with that counterparty until that balance is zero, and then any remainder is applied against the fair value of current outstanding derivative instruments\\. \n\nThe Company has the following recognized financial assets and financial liabilities resulting from those transactions that meet the scope of the disclosure requirements as necessitated by applicable accounting guidance for balance sheet offsetting: \n\n\n\n|                                     |                                           |                                        |                                               |                                                          |                                     |                                        |                                               |                                                          |     |\n| ----------------------------------- | ----------------------------------------- | -------------------------------------- | --------------------------------------------- | -------------------------------------------------------- | ----------------------------------- | -------------------------------------- | --------------------------------------------- | -------------------------------------------------------- | --- |\n| **Offsetting of derivative assets** | **Offsetting of derivative assets**       | **Offsetting of derivative assets**    | **Offsetting of derivative assets**           | **Offsetting of derivative assets**                      | **Offsetting of derivative assets** | **Offsetting of derivative assets**    | **Offsetting of derivative assets**           | **Offsetting of derivative assets**                      |     |\n| (in millions)                       | (in millions)                             | (in millions)                          | (in millions)                                 | (in millions)                                            | (in millions)                       | (in millions)                          | (in millions)                                 | (in millions)                                            |     |\n|                                     |                                           | (i)                                    | (ii)                                          | (iii) = (i) \\+ (ii)                                      |                                     | (i)                                    | (ii)                                          | (iii) = (i) \\+ (ii)                                      |     |\n|                                     |                                           | **December 31, 2017**                  | **December 31, 2017**                         | **December 31, 2017**                                    |                                     | **December 31, 2016**                  | **December 31, 2016**                         | **December 31, 2016**                                    |     |\n| **Description**                     | **Balance Sheet location**                | **Gross amounts of recognized assets** | **Gross amounts offset in the Balance Sheet** | **Net amounts of assets presented in the Balance Sheet** |                                     | **Gross amounts of recognized assets** | **Gross amounts offset in the Balance Sheet** | **Net amounts of assets presented in the Balance Sheet** |     |\n| Fuel derivative contracts           | Prepaid expenses and other current assets | $147                                   | $(50)                                         | $97                                                      |                                     | $61                                    | $(48)                                         | $13                                                      |     |\n| Fuel derivative contracts           | Other assets                              | $136                                   | $\u2014                                            | $136                                                     | (a)                                 | $178                                   | $(58)                                         | $120                                                     | (a) |\n| Fuel derivative contracts           | Accrued liabilities                       | $\u2014                                     | $\u2014                                            | $\u2014                                                       | (a)                                 | $516                                   | $(516)                                        | $\u2014                                                       | (a) |\n\n\n\n(a) The net amounts of derivative assets and liabilities are reconciled to the individual line item amounts presented in the Consolidated Balance Sheet in Note 5\\.\n\n\n\n|                                          |                                           |                                             |                                               |                                                               |                                          |                                             |                                               |                                                               |     |\n| ---------------------------------------- | ----------------------------------------- | ------------------------------------------- | --------------------------------------------- | ------------------------------------------------------------- | ---------------------------------------- | ------------------------------------------- | --------------------------------------------- | ------------------------------------------------------------- | --- |\n| **Offsetting of derivative liabilities** | **Offsetting of derivative liabilities**  | **Offsetting of derivative liabilities**    | **Offsetting of derivative liabilities**      | **Offsetting of derivative liabilities**                      | **Offsetting of derivative liabilities** | **Offsetting of derivative liabilities**    | **Offsetting of derivative liabilities**      | **Offsetting of derivative liabilities**                      |     |\n| (in millions)                            | (in millions)                             | (in millions)                               | (in millions)                                 | (in millions)                                                 | (in millions)                            | (in millions)                               | (in millions)                                 | (in millions)                                                 |     |\n|                                          |                                           | (i)                                         | (ii)                                          | (iii) = (i) \\+ (ii)                                           |                                          | (i)                                         | (ii)                                          | (iii) = (i) \\+ (ii)                                           |     |\n|                                          |                                           | **December 31, 2017**                       | **December 31, 2017**                         | **December 31, 2017**                                         |                                          | **December 31, 2016**                       | **December 31, 2016**                         | **December 31, 2016**                                         |     |\n| **Description**                          | **Balance Sheet location**                | **Gross amounts of recognized liabilities** | **Gross amounts offset in the Balance Sheet** | **Net amounts of liabilities presented in the Balance Sheet** |                                          | **Gross amounts of recognized liabilities** | **Gross amounts offset in the Balance Sheet** | **Net amounts of liabilities presented in the Balance Sheet** |     |\n| Fuel derivative contracts                | Prepaid expenses and other current assets | $50                                         | $(50)                                         | $\u2014                                                            |                                          | $48                                         | $(48)                                         | $\u2014                                                            |     |\n| Fuel derivative contracts                | Other assets                              | $\u2014                                          | $\u2014                                            | $\u2014                                                            | (a)                                      | $58                                         | $(58)                                         | $\u2014                                                            | (a) |\n| Fuel derivative contracts                | Accrued liabilities                       | $\u2014                                          | $\u2014                                            | $\u2014                                                            | (a)                                      | $674                                        | $(516)                                        | $158                                                          | (a) |\n| Interest rate derivative contracts       | Accrued liabilities                       | $1                                          | $\u2014                                            | $1                                                            | (a)                                      | $\u2014                                          | $\u2014                                            | $\u2014                                                            | (a) |\n| Interest rate derivative contracts       | Other noncurrent liabilities              | $21                                         | $\u2014                                            | $21                                                           | (a)                                      | $35                                         | $\u2014                                            | $35                                                           | (a) |\n\n\n\n96"}
{"_id": "Alaska-2017_57.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**ADOPTION OF NEW ACCOUNTING STANDARDS**\n\nThe new Revenue Recognition standard issued by the Financial Accounting Standards Board (FASB) replaces most existing revenue recognition guidance in U\\.S\\. GAAP, and is effective for the Company beginning January 1, 2018\\. \n\nThe most significant change to the financial statements resulting from the new standard is revenue recognition related to the frequent flyer program revenues and liabilities\\. Historically, we have used the incremental cost approach for miles earned through travel\\. This approach has been eliminated with the new standard\\. Instead, we are required to allocate a portion of the ticket price for each ticket flown, or miles earned, through a relative selling price model and defer revenue recognition until a mileage award is redeemed and flown, or unused mileage credits expire\\. As our Mileage Plan\u2122 program is growing, the Company expects revenue deferred will exceed revenue earned under the new standard for miles earned through travel\\. \n\nFurther, unused ticket revenue that was previously recorded at the time of expiration will now be recorded at the original departure date if that ticket has not been changed or refunded prior to that date, based on estimates of expected expiration using historical patterns\\. We estimate the change in ticket breakage methodology will not have a significant impact on the statements of operations, but will result in a reduction in air traffic liability compared to previously reported balances\\.\n\nThe new standard also requires us to present ancillary revenues related to passenger travel as Passenger Revenue\\. Historically, such ancillary revenues have been presented as Other Revenues\\. Further, some ancillary revenues related to passenger travel will be recognized at the date of travel rather than the date of sale under the new standard\\. \n\nIt is worth noting that the standard impacts the timing of revenue recognition, and is not indicative of a weaker revenue environment\\. Additionally, the standard does not impact the timing of cash flows\\. \n\nAlthough less significant, the new retirement benefits accounting standard is also effective January 1, 2018\\. Under this new standard, all components of net periodic benefit cost will be presented in Nonoperating income (expense), except service cost, which will remain in Wages and benefits\\. This change has an impact on CASM excluding fuel and special items\\. Management believes it is useful to compare forecasted results with the restated results under the new standards\\. \n\nWe have provisionally modeled the impacts of the revenue recognition standard and the pension accounting standard, and expect the following changes to the statements of operations for the years ending December 31, 2016 and December 31, 2017\\. All adjustments and recast amounts below are subject to finalization upon implementation in 2018\\. \n\n\n\n|                                                                                         |                                                                                         |                                                                                         |                                                                                         |                                                                                         |\n| --------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------- |\n| **Provisional impact of new accounting standards to the 2016 Statement of Operations:** | **Provisional impact of new accounting standards to the 2016 Statement of Operations:** | **Provisional impact of new accounting standards to the 2016 Statement of Operations:** | **Provisional impact of new accounting standards to the 2016 Statement of Operations:** | **Provisional impact of new accounting standards to the 2016 Statement of Operations:** |\n|                                                                                         | **FY 2016**                                                                             | **Adjustments \\-**                                                                      | **Adjustments \\-**                                                                      | **FY 2016**                                                                             |\n|                                                                                         | **As Reported**                                                                         | **Revenue Recognition**                                                                 | **Retirement Benefits**                                                                 | **As Recast**                                                                           |\n| Passenger Revenue                                                                       | $5,006                                                                                  | $391                                                                                    | $\u2014                                                                                      | $5,397                                                                                  |\n| Other Revenue                                                                           | 925                                                                                     | (398)                                                                                   | \u2014                                                                                       | 527                                                                                     |\n| Total Operating Revenue                                                                 | 5,931                                                                                   | (7)                                                                                     | \u2014                                                                                       | 5,924                                                                                   |\n| Operating Expense                                                                       | 4,582                                                                                   | 24                                                                                      | 12                                                                                      | 4,618                                                                                   |\n| Nonoperating Income (Expense)                                                           | (4)                                                                                     | \u2014                                                                                       | 12                                                                                      | 8                                                                                       |\n| Income Before Income Tax                                                                | $1,345                                                                                  | $(31)                                                                                   | $\u2014                                                                                      | $1,314                                                                                  |\n\n\n\n 58"}
{"_id": "Delta-2018_2.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\n|                                                                                                                                                                                                                                               |                                                                     |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------- |\n|                                                                                                                                                                                                                                               | **Page**                                                            |\n| [**ITEM 9B\\. OTHER INFORMATION**](http://ir.delta.com/.#s4A813179D04E5010B65DBCC1A56D3FB5)                                                                                                                                                    | <br>[ 100](http://ir.delta.com/.#s4A813179D04E5010B65DBCC1A56D3FB5) |\n| **PART III**                                                                                                                                                                                                                                  |                                                                     |\n| [**ITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE OF THE**](http://ir.delta.com/.#s61E82D11868A528884B870A128F4DF73)<br><br>[**REGISTRANT**](http://ir.delta.com/.#s61E82D11868A528884B870A128F4DF73)                       | <br>[ 100](http://ir.delta.com/.#s61E82D11868A528884B870A128F4DF73) |\n| [**ITEM 11\\. EXECUTIVE COMPENSATION**](http://ir.delta.com/.#s4BE86F40B553581B8F4875033859EE1E)                                                                                                                                               | <br>[ 100](http://ir.delta.com/.#s4BE86F40B553581B8F4875033859EE1E) |\n| [**ITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND**](http://ir.delta.com/.#s78BCBFBA9CBA5EED8BE9936FE4DEDEDE)<br><br>[**RELATED STOCKHOLDER MATTERS**](http://ir.delta.com/.#s78BCBFBA9CBA5EED8BE9936FE4DEDEDE) | <br>[ 100](http://ir.delta.com/.#s78BCBFBA9CBA5EED8BE9936FE4DEDEDE) |\n| [**ITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR**](http://ir.delta.com/.#s6063998C1C8D59B989E045384B63823A)<br><br>[**INDEPENDENCE**](http://ir.delta.com/.#s6063998C1C8D59B989E045384B63823A)                      | <br>[ 100](http://ir.delta.com/.#s6063998C1C8D59B989E045384B63823A) |\n| [**ITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES**](http://ir.delta.com/.#sCF2ED2E8AB65582AB8DEF7AA2A5667E6)                                                                                                                               | <br>[ 101](http://ir.delta.com/.#sCF2ED2E8AB65582AB8DEF7AA2A5667E6) |\n| **PART IV**                                                                                                                                                                                                                                   |                                                                     |\n| [**ITEM 15\\. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**](http://ir.delta.com/.#sB5890E1A75FB5144AA83B1330BF09AEE)                                                                                                                           | <br>[ 101](http://ir.delta.com/.#sB5890E1A75FB5144AA83B1330BF09AEE) |\n| [**ITEM 16\\. FORM 10\\-K SUMMARY**](http://ir.delta.com/.#sAF5958795E87551DB00F9061D7BE8CC3)                                                                                                                                                   | <br>[ 105](http://ir.delta.com/.#sAF5958795E87551DB00F9061D7BE8CC3) |\n| [SIGNATURES](http://ir.delta.com/.#sCDAF1772359D5ECEB1BBD050FF9A051B)                                                                                                                                                                         | <br>[ 106](http://ir.delta.com/.#sCDAF1772359D5ECEB1BBD050FF9A051B) |"}
{"_id": "AmericanAirlines-2017_180.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.64                         | [Revolving Credit Agreement (2015\\-2B), dated as of September 24, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-2B, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex414.htm)                                                                                                                                                            |\n| 4\\.65                         | [Note Purchase Agreement, dated as of April 24, 2013, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.) Wilmington Trust Company, as Pass Through Trustee, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.12 to US Airways Group\u2019s Current Report on Form 8\\-K filed on April 25, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513171448/d526546dex412.htm)                                                                                                                                                           |\n| 4\\.66                         | [Assumption Agreement, dated as of December 30, 2015, by American Airlines, Inc\\. for the benefit of Wilmington Trust Company, as pass through trustee, subordination agent, and paying agent, and Wilmington Trust, National Association, as escrow agent, in each case, under the Note Purchase Agreement, dated as of April 24, 2013, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), Wilmington Trust Company, Wilmington Trust, National Association and Wilmington Trust Company (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex102.htm) |\n| 4\\.67                         | [Form of Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee, Subordination Agent and Pass Through Trustee (incorporated by reference to Exhibit 4\\.13 to US Airways Group\u2019s Current Report on Form 8\\-K filed on April 25, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513171448/d526546dex413.htm)                                                                                                                                                                                                                                                                              |\n| 4\\.68                         | [Form of Trust Indenture and Security Agreement among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, Wilmington Trust, National Association, as Securities Intermediary, and Wilmington Trust Company, as Indenture Trustee (incorporated by reference to Exhibit 4\\.14 to US Airways Group\u2019s Current Report on Form 8\\-K filed on April 25, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513171448/d526546dex414.htm)                                                                                                                                                                                                                                           |\n| 4\\.69                         | [Form of Amendment No\\. 1 to Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee, Subordination Agent and Pass Through Trustee (Exhibit A to Note Purchase Agreement) (incorporated by reference to Exhibit 4\\.8 to US Airways Group\u2019s Current Report on Form 8\\-K filed on June 6, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513250235/d548366dex48.htm)                                                                                                                                                                                                                       |\n| 4\\.70                         | [Form of Amendment No\\. 1 to Trust Indenture and Security Agreement among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, Wilmington Trust, National Association, as Securities Intermediary, and Wilmington Trust Company, as Indenture Trustee (Exhibit B to Note Purchase Agreement) (incorporated by reference to Exhibit 4\\.9 to US Airways Group\u2019s Current Report on Form 8\\-K filed on June 6, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513250235/d548366dex49.htm)                                                                                                                                                                                    |\n| 4\\.71                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2013\\-1 Pass Through Certificates (incorporated by reference to Exhibit 10\\.5 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex105.htm)                                                                                                                                                                                                                            |\n| 4\\.72                         | [Form of Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee, Subordination Agent and Pass Through Trustee (Schedule I to Amendment No\\. 1 to Note Purchase Agreement (2012\\-2)) (incorporated by reference to Exhibit 4\\.10 to US Airways Group\u2019s Current Report on Form 8\\-K filed on June 6, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513250235/d548366dex410.htm)                                                                                                                                                                                                          |\n| 4\\.73                         | [Form of Trust Indenture and Security Agreement among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, Wilmington Trust, National Association, as Securities Intermediary, and Wilmington Trust Company, as Indenture Trustee (Schedule II to Amendment No\\. 1 to Note Purchase Agreement (2012\\-2)) (incorporated by reference to Exhibit 4\\.11 to US Airways Group\u2019s Current Report on Form 8\\-K filed on June 6, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513250235/d548366dex411.htm)                                                                                                                                                                      |\n| 4\\.74                         | [Form of Participation Agreement (Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee and Subordination Agent) (incorporated by reference to Exhibit 4\\.14 to US Airways Group\u2019s Current Report on Form 8\\-K filed on December 23, 2010 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012310116213/p18414exv4w14.htm)                                                                                                                                                                                                                                                                       |\n| 4\\.75                         | [Form of Indenture (Trust Indenture and Security Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee) (incorporated by reference to Exhibit 4\\.15 to US Airways Group\u2019s Current Report on Form 8\\-K filed on December 23, 2010 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000095012310116213/p18414exv4w15.htm)                                                                                                                                                                                                                                                                                              |\n| 4\\.76                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2010\\-1 Pass Through Certificates (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex101.htm)                                                                                                                                                                                                                            |\n\n\n\n181"}
{"_id": "AmericanAirlines-2018_7.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\noperating point\\-to\\-point service on such routes\\. We also compete with all\\-cargo and charter airlines and, particularly on shorter segments, ground and rail transportation\\.\n\nOn all of our routes, pricing decisions are affected, in large part, by the need to meet competition from other airlines\\. Price competition occurs on a market\\-by\\-market basis through price discounts, changes in pricing structures, fare matching, targeted promotions and loyalty program initiatives\\. Airlines typically use discount fares and other promotions to stimulate traffic during normally slack travel periods, when they begin service to new cities or when they have excess capacity, to generate cash flow, to maximize revenue per available seat mile and to establish, increase or preserve market share\\. We have often elected to match discount or promotional fares initiated by other air carriers in certain markets in order to compete in those markets\\. Most airlines will quickly match price reductions in a particular market\\. In addition, low\\-fare, low\\-cost carriers, such as Southwest Airlines and JetBlue Airways, and so\\-called ultra\\-low\\-cost carriers, such as Allegiant Air, Frontier Airlines and Spirit Airlines, compete in many of the markets in which we operate and competition from these carriers is increasing\\.\n\nIn addition to price competition, airlines compete for market share by increasing the size of their route system and the number of markets they serve\\. The American Eagle regional carriers increase the number of markets we serve by flying to lower demand markets and providing connections at our hubs\\. Many of our competitors also own or have agreements with regional airlines that provide similar services at their hubs and other locations\\. We also compete on the basis of scheduling (frequency and flight times), availability of nonstop flights, on\\-time performance, type of equipment, cabin configuration, amenities provided to passengers, loyalty programs, the automation of travel agent reservation systems, onboard products, markets served and other services\\. \n\n***International***\n\nIn addition to our extensive domestic service, we provide international service to Canada, Central and South America, Asia, Europe, Australia and New Zealand\\. In providing international air transportation, we compete with U\\.S\\. airlines, foreign investor\\-owned airlines and foreign state\\-owned or state\\-affiliated airlines\\. Competition is increasing from foreign state\\-owned and state\\-affiliated airlines in the Gulf region, including Emirates, Etihad Airways and Qatar Airways\\. These carriers have large numbers of international widebody aircraft in service and on order and are increasing service to the U\\.S\\. from locations both in and outside the Middle East\\. Service to and from locations outside of the Middle East is provided by some of these carriers under so\\-called \u201cfifth freedom\u201d rights permitted under international treaties which allow service to and from stopover points between an airline\u2019s home country and the ultimate destination\\. Such flights, such as a stopover in Europe on flights to the United States, allow the carrier to sell tickets for travel between the stopover point and the United States in competition with service provided by us\\. Additionally, these carriers have made significant investments in a number of airlines located outside of the Middle East, such as Air Italy, providing these affiliated airlines with capital and aircraft to permit increases in service that compete with us\\. We believe these state\\-owned and state\\-affiliated carriers in the Gulf region, including their affiliated carriers, benefit from significant government subsidies, which have allowed them to grow quickly, reinvest in their product and expand their global presence\\. Competition is also increasing from low\\-cost airlines executing international long\\-haul expansion strategies, including, for example, Icelandair, Norwegian Air Shuttle and Wow Air\\. \n\nIn order to increase our ability to compete for international air transportation service, which is subject to extensive government regulation, U\\.S\\. and foreign carriers have entered into bilateral and multilateral marketing relationships, alliances, cooperation agreements and JBAs to exchange traffic among each other\u2019s flights and route networks\\. See \u201c*Distribution and Marketing Agreements*\u201d above for further discussion\\.\n\n**Employees and Labor Relations**\n\nThe airline business is labor intensive\\. In 2018, salaries, wages and benefits were our largest expense and represented approximately 33% of our total operating expenses\\. As of December 31, 2018, we had approximately 128,900 active full\\-time equivalent employees, approximately 84% of whom were represented by various labor unions responsible for negotiating the collective bargaining agreements (CBAs) covering them\\.\n\nLabor relations in the air transportation industry are regulated under the Railway Labor Act (RLA), which vests in the National Mediation Board (NMB) certain functions with respect to disputes between airlines and labor unions relating to union representation and CBAs\\. When an RLA CBA becomes amendable, if either party to the agreement wishes to modify its terms, it must notify the other party in the manner prescribed under the RLA and as agreed by the parties\\. Under the RLA, the parties must meet for direct negotiations, and, if no agreement is reached during direct negotiations between the parties, either party may request that the NMB appoint a federal mediator\\. The RLA prescribes no timetable for the direct negotiation and mediation processes, and it is not unusual for those processes to last for many months or even several years\\. If no agreement is reached in mediation, the NMB in its discretion may declare that an impasse exists and proffer binding arbitration to the parties\\. Either party may decline to submit to arbitration, and if arbitration is rejected by either party, a 30\\-day \u201ccooling \n\n8"}
{"_id": "Southwest-2017_42.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nFuel and oil expense for 2017increased by $293 million, or 8\\.0 percent, compared with 2016\\. On a per ASM basis, Fuel and oil expense for 2017increased 4\\.1 percent, compared with 2016\\. On both a dollar and per ASM basis, the increases were attributable to higher market jet fuel prices, partially offset by a decrease in net hedging losses recognized compared to 2016\\. See Note Regarding Use of Non\\-GAAP Financial Measures and the Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures for additional detail regarding non\\-GAAP financial measures\\. The Company's average economic jet fuel price per gallon increased 4\\.2 percent, year\\-over\\-year, from $1\\.92 for 2016 to $2\\.00 for 2017\\. These figures do not include premium expense associated with the Company's fuel hedges, which on a per gallon basis equated to approximately $0\\.08 and $0\\.06 for 2016 and 2017, respectively\\. The Company also improved its fuel efficiency during 2017, compared with 2016, when measured on the basis of ASMs generated per gallon of fuel\\. Fuel gallons consumed increased 2\\.5 percent, compared with 2016, while year\\-over\\-year capacity increased 3\\.6 percent\\. As a result of the Company's fuel hedging program, the Company recognized net losses totaling $416 million in Fuel and oil expense for 2017, compared with net losses totaling $820 million for 2016\\. These totals include cash settlements realized from the settlement of fuel derivative contracts associated with the Company's economic fuel hedge totaling $572 million paid to counterparties for 2017, compared with $1\\.0 billion paid to counterparties for 2016\\. Additionally, these totals exclude gains and/or losses recognized from hedge ineffectiveness and from derivatives that did not qualify for hedge accounting\\. These items are recorded as a component of Other (gains) losses, net\\. See Note 10 to the Consolidated Financial Statements\\.\n\nAs of January 19, 2018, on an economic basis, the Company had derivative contracts in place related to expected future fuel consumption as follows:\n\n\n\n|                     |                                                                                                                                                                                                              |                                                                                                                                                                                                              |                                                                                                                                                                                                              |                                                                                                                                                                                                              |                                                                                                                                                                                                              |\n| ------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| **Period**          | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** |\n| **2018**            | 78%                                                                                                                                                                                                          | 78%                                                                                                                                                                                                          | 78%                                                                                                                                                                                                          | 78%                                                                                                                                                                                                          | 78%                                                                                                                                                                                                          |\n| **2019**            | 63%                                                                                                                                                                                                          | 63%                                                                                                                                                                                                          | 63%                                                                                                                                                                                                          | 63%                                                                                                                                                                                                          | 63%                                                                                                                                                                                                          |\n| **2020**            | 31%                                                                                                                                                                                                          | 31%                                                                                                                                                                                                          | 31%                                                                                                                                                                                                          | 31%                                                                                                                                                                                                          | 31%                                                                                                                                                                                                          |\n| **Beyond 2020 (b)** | 11%                                                                                                                                                                                                          | 11%                                                                                                                                                                                                          | 11%                                                                                                                                                                                                          | 11%                                                                                                                                                                                                          | 11%                                                                                                                                                                                                          |\n\n\n\n(a) The Company's hedge position can vary significantly at different price levels, including prices at which the Company considers \"catastrophic\" coverage\\. The percentages provided are not indicative of the Company's hedge coverage at every price, but represent the highest level of coverage at a single price\\. The Company believes its coverage related to first quarter 2018 is best reflected within the jet fuel forecast price sensitivity table provided below\\. See Note 10 to the Consolidated Financial Statements for further information\\.\n\n(b) The Company's coverage for 2021 was approximately 11 percent of estimated fuel consumption\\. The coverage beyond 2021 was not significant\\.\n\nAs a result of applying hedge accounting in prior periods, including related to hedge positions that have either been offset or settled early on a cash basis, the Company has amounts \"frozen\" in Accumulated other comprehensive income (loss) (\"AOCI\"), and these amounts will be recognized in earnings in future periods when the underlying fuel derivative contracts settle\\. The following table displays the Company's estimated fair value of remaining fuel derivative contracts (not considering the impact of the cash collateral provided to or received from counterparties \\- see Note 10 to the Consolidated Financial Statements for further information), as well as the amount of deferred gains/losses in AOCI at December 31, 2017, and the expected future periods in which these items are expected to settle and/or be recognized in earnings (in millions):\n\n43"}
{"_id": "AmericanAirlines-2019_136.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nMaturities of lease liabilities were as follows (in millions):\n\n\n\n|                              |                       |                       |\n| ---------------------------- | --------------------- | --------------------- |\n|                              | **December 31, 2019** | **December 31, 2019** |\n|                              | **Operating Leases**  | **Finance Leases**    |\n| 2020                         | $1,974                | $153                  |\n| 2021                         | 1,804                 | 128                   |\n| 2022                         | 1,608                 | 132                   |\n| 2023                         | 1,423                 | 110                   |\n| 2024                         | 1,028                 | 116                   |\n| 2025 and thereafter          | 3,268                 | 171                   |\n| Total lease payments         | 11,105                | 810                   |\n| Less: Imputed interest       | (2,022<br><br>)       | (140<br><br>)         |\n| Total lease obligations      | 9,083                 | 670                   |\n| Less: Current obligations    | (1,695<br><br>)       | (112<br><br>)         |\n| Long\\-term lease obligations | $7,388                | $558                  |\n\n\n\nAs of  December 31, 2019 , American has additional operating lease commitments that have not yet commenced of approximately   $2\\.0 billion  for   22  787\\-8 aircraft to be delivered in  2020  and  2021  with lease terms of   10 years \\.\n\n5\\. Income Taxes\n\nThe significant components of the income tax provision were (in millions):\n\n\n\n|                                |                             |                             |                             |\n| ------------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                                | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                | **2019**                    | **2018**                    | **2017**                    |\n| Current income tax provision:  |                             |                             |                             |\n| State and Local                | $2                          | $3                          | $14                         |\n| Foreign                        | 8                           | 28                          | 10                          |\n| Current income tax provision   | 10                          | 31                          | 24                          |\n| Deferred income tax provision: |                             |                             |                             |\n| Federal                        | 567                         | 453                         | 2,176                       |\n| State and Local                | 56                          | 50                          | 70                          |\n| Deferred income tax provision  | 623                         | 503                         | 2,246                       |\n| Total income tax provision     | $633                        | $534                        | $2,270                      |\n\n\n\nThe income tax provision differed from amounts computed at the statutory federal income tax rate as follows (in millions):\n\n\n\n|                                                       |                             |                             |                             |\n| ----------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                       | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                       | **2019**                    | **2018**                    | **2017**                    |\n| Statutory income tax provision                        | $547                        | $460                        | $1,244                      |\n| State income tax provision, net of federal tax effect | 41                          | 46                          | 53                          |\n| Book expenses not deductible for tax purposes         | 29                          | 10                          | 30                          |\n| Foreign income taxes, net of federal tax effect       | 8                           | 22                          | 6                           |\n| Change in valuation allowance                         | 5                           | (6<br><br>)                 | 4                           |\n| 2017 Tax Act                                          | \u2014                           | \u2014                           | 924                         |\n| Other, net                                            | 3                           | 2                           | 9                           |\n| Income tax provision                                  | $633                        | $534                        | $2,270                      |\n\n\n\n137"}
{"_id": "Southwest-2018_36.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Item 6\\.** ***Selected Financial Data***\n\nThe following financial information, for the five years ended December 31, 2018, has been derived from the Company\u2019s Consolidated Financial Statements\\. This information should be viewed in conjunction with the Consolidated Financial Statements and related notes thereto included elsewhere herein\\. The Company provides the operating data below because these statistics are commonly used in the airline industry and, therefore, allow readers to compare the Company\u2019s performance against its results for prior periods, as well as against the performance of the Company\u2019s peers\\.\n\nAs of January 1, 2018, the Company adopted Accounting Standards Update (\"ASU\") 2014\\-09: Revenue from Contracts with Customers (the \"New Revenue Standard\"), ASU 2017\\-07: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (the \"New Retirement Standard\"), and ASU 2017\\-12: Targeted Improvements to Accounting for Hedging Activities (the \"New Hedging Standard\")\\. As a result, certain prior period results have been recast due to the transition methods applied\\. See Note 2 to the Consolidated Financial Statements for further information\\.\n\n\n\n|                                                                      |                             |                             |                             |                             |                             |\n| -------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                      | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                                                      | **2018**                    | **2017**                    | **2016**                    | **2015**                    | **2014**                    |\n|                                                                      |                             | **As Recast**               | **As Recast**               | **As Recast (k)**           | **As Recast (k)**           |\n| **Financial Data (in millions, except per share amounts):**          |                             |                             |                             |                             |                             |\n| Operating revenues                                                   | $21,965                     | $21,146                     | $20,289                     | $19,820                     | $18,605                     |\n| Operating expenses                                                   | 18,759                      | 17,739                      | 16,767                      | 15,821                      | 16,437                      |\n| Operating income                                                     | 3,206                       | 3,407                       | 3,522                       | 3,999                       | 2,168                       |\n| Other expenses (income) net                                          | 42                          | 142                         | 72                          | 520                         | 352                         |\n| Income before taxes                                                  | 3,164                       | 3,265                       | 3,450                       | 3,479                       | 1,816                       |\n| Provision for income taxes                                           | 699                         | (92)                        | 1,267                       | 1,298                       | 680                         |\n| Net income                                                           | $2,465                      | $3,357                      | $2,183                      | $2,181                      | $1,136                      |\n| Net income per share, basic                                          | $4\\.30                      | $5\\.58                      | $3\\.48                      | $3\\.30                      | $1\\.65                      |\n| Net income per share, diluted                                        | $4\\.29                      | $5\\.57                      | $3\\.45                      | $3\\.27                      | $1\\.64                      |\n| Cash dividends per common share                                      | $0\\.6050                    | $0\\.4750                    | $0\\.3750                    | $0\\.2850                    | $0\\.2200                    |\n| Total assets at period\\-end                                          | $26,243                     | $25,110                     | $23,286                     | $21,312                     | $19,723                     |\n| Long\\-term obligations at period\\-end                                | $2,771                      | $3,320                      | $2,821                      | $2,541                      | $2,434                      |\n| Stockholders\u2019 equity at period\\-end                                  | $9,853                      | $9,641                      | $7,784                      | $7,358                      | $6,775                      |\n| **Operating Data:**                                                  |                             |                             |                             |                             |                             |\n| Revenue passengers carried                                           | 134,890,243                 | 130,256,190                 | 124,719,765                 | 118,171,211                 | 110,496,912                 |\n| Enplaned passengers                                                  | 163,605,833                 | 157,677,218                 | 151,740,357                 | 144,574,882                 | 135,767,188                 |\n| Revenue passenger miles (RPMs) (000s) (a)                            | 133,322,322                 | 129,041,420                 | 124,797,986                 | 117,499,879                 | 108,035,133                 |\n| Available seat miles (ASMs) (000s) (b)                               | 159,795,153                 | 153,811,072                 | 148,522,051                 | 140,501,409                 | 131,003,957                 |\n| Load factor (c)                                                      | 83\\.4%                      | 83\\.9%                      | 84\\.0%                      | 83\\.6%                      | 82\\.5%                      |\n| Average length of passenger haul (miles)                             | 988                         | 991                         | 1,001                       | 994                         | 978                         |\n| Average aircraft stage length (miles)                                | 757                         | 754                         | 760                         | 750                         | 721                         |\n| Trips flown                                                          | 1,375,030                   | 1,347,893                   | 1,311,149                   | 1,267,358                   | 1,255,502                   |\n| Seats flown (d)                                                      | 207,223,050                 | 200,878,967                 | 193,167,695                 | 184,955,094                 | 179,733,055                 |\n| Seats per trip (e)                                                   | 150\\.70                     | 149\\.03                     | 147\\.33                     | 145\\.94                     | 143\\.16                     |\n| Average passenger fare                                               | $151\\.64                    | $151\\.73                    | $152\\.89                    | $154\\.85                    | $159\\.80                    |\n| Passenger revenue yield per RPM (cents) (f)                          | 15\\.34                      | 15\\.32                      | 15\\.28                      | 15\\.57                      | 16\\.34                      |\n| Operating revenue per ASM (cents) (g)(j)                             | 13\\.75                      | 13\\.75                      | 13\\.66                      | 13\\.98                      | 14\\.20                      |\n| Passenger revenue per ASM (cents) (h)                                | 12\\.80                      | 12\\.85                      | 12\\.84                      | 13\\.02                      | 13\\.48                      |\n| Operating expenses per ASM (cents) (i)                               | 11\\.74                      | 11\\.53                      | 11\\.29                      | 11\\.26                      | 12\\.55                      |\n| Operating expenses per ASM, excluding fuel (cents)                   | 8\\.85                       | 8\\.88                       | 8\\.73                       | 8\\.60                       | 8\\.46                       |\n| Operating expenses per ASM, excluding fuel and profitsharing (cents) | 8\\.51                       | 8\\.53                       | 8\\.34                       | 8\\.16                       | 8\\.19                       |\n| Fuel costs per gallon, including fuel tax                            | $2\\.20                      | $1\\.99                      | $1\\.90                      | $1\\.96                      | $2\\.97                      |\n| Fuel costs per gallon, including fuel tax, economic                  | $2\\.20                      | $2\\.06                      | $2\\.00                      | $2\\.13                      | $2\\.95                      |\n| Fuel consumed, in gallons (millions)                                 | 2,094                       | 2,045                       | 1,996                       | 1,901                       | 1,801                       |\n| Active fulltime equivalent Employees                                 | 58,803                      | 56,110                      | 53,536                      | 49,583                      | 46,278                      |\n| Aircraft at end of period                                            | 750                         | 706                         | 723                         | 704                         | 665                         |\n\n\n\n37"}
{"_id": "Southwest-2019_1.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nTABLE OF CONTENTS\n\n\n\n|                                                                         |                                                                                                                                                                            |                                                                                |\n| ----------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------ |\n|                                                                         | **PART I**                                                                                                                                                                 |                                                                                |\n| Item 1\\.                                                                | [Business](https://www.example.com#s0D294186A2095B36B34BEE0C13DB04CC)                                                                                                      | <br>[3](https://www.example.com#s0D294186A2095B36B34BEE0C13DB04CC)             |\n| Item 1A\\.                                                               | [Risk Factors](https://www.example.com#sE63E28387EDE589690D247CE6D920A3B)                                                                                                  | <br>[20](https://www.example.com#sE63E28387EDE589690D247CE6D920A3B)            |\n| Item 1B\\.                                                               | [Unresolved Staff Comments](https://www.example.com#s83036B3814D957368B740C20855A48C8)                                                                                     | <br>[28](https://www.example.com#s83036B3814D957368B740C20855A48C8)            |\n| Item 2\\.                                                                | [Properties](https://www.example.com#s8A589D5CC75C50E0A4253AD6FF893273)                                                                                                    | <br>[29](https://www.example.com#s8A589D5CC75C50E0A4253AD6FF893273)            |\n| Item 3\\.                                                                | [Legal Proceedings](https://www.example.com#s89D7441943D4558DA940D1D725809B1D)                                                                                             | <br>[31](https://www.example.com#s89D7441943D4558DA940D1D725809B1D)            |\n| Item 4\\.                                                                | [Mine Safety Disclosures](https://www.example.com#s48AD92D1649A5FE394454CF8AED81943)                                                                                       | <br>[32](https://www.example.com#s48AD92D1649A5FE394454CF8AED81943)            |\n|                                                                         | **PART II**                                                                                                                                                                |                                                                                |\n| Item 5\\.                                                                | [Market for Registrant\u2019s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](https://www.example.com#s84B33EB60E8B5720A651493E3DCE8361) | <br>[35](https://www.example.com#s84B33EB60E8B5720A651493E3DCE8361)            |\n| Item 6\\.                                                                | [Selected Financial Data](https://www.example.com#s7415DBF944245388AC0FF1E79FC771A2)                                                                                       | <br>[38](https://www.example.com#s7415DBF944245388AC0FF1E79FC771A2)            |\n| Item 7\\.                                                                | [Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations](https://www.example.com#sE8587A43CF1F5AB490968E289B7A4113)                         | <br>[40](https://www.example.com#sE8587A43CF1F5AB490968E289B7A4113)            |\n|                                                                         | [Liquidity and Capital Resources](https://www.example.com#s1EA71A8CB86A57B985180831234CCE71)                                                                               | <br>[51](https://www.example.com#s1EA71A8CB86A57B985180831234CCE71)            |\n|                                                                         | [Off\\-Balance Sheet Arrangements, Contractual Obligations, and Contingent Liabilities and Commitments](https://www.example.com#s138DEBE244605E2FBAD20ECBE1201404)          | <br>[52](https://www.example.com#s138DEBE244605E2FBAD20ECBE1201404)            |\n|                                                                         | [Critical Accounting Policies and Estimates](https://www.example.com#s4A4A3C0E9ACA5FF08C3DF52FBE88051E)                                                                    | <br>[55](https://www.example.com#s4A4A3C0E9ACA5FF08C3DF52FBE88051E)            |\n| Item 7A\\.                                                               | [Quantitative and Qualitative Disclosures About Market Risk](https://www.example.com#s49B099D5BD1757CCB84F354B2ACBD7DA)                                                    | <br>[60](https://www.example.com#s49B099D5BD1757CCB84F354B2ACBD7DA)            |\n| Item 8\\.                                                                | [Financial Statements and Supplementary Data](https://www.example.com#sAABD5B4C600C53D19469E49CEE96B516)                                                                   | <br>[64](https://www.example.com#sAABD5B4C600C53D19469E49CEE96B516)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Balance Sheet](https://www.example.com#s87AFF540A3D655FA8E1C2CC377A6FBFA)                                                            | <br>[64](https://www.example.com#s87AFF540A3D655FA8E1C2CC377A6FBFA)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Statement of Income](https://www.example.com#s8BA19A0394675CF5889D7B40A4371C16)                                                      | <br>[65](https://www.example.com#s8BA19A0394675CF5889D7B40A4371C16)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Statement of Comprehensive Income](https://www.example.com#s5F17AD1A3A46537D91A9AAFEC1AA2327)                                        | <br>[66](https://www.example.com#s5F17AD1A3A46537D91A9AAFEC1AA2327)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Statement of Stockholders\u2019 Equity](https://www.example.com#s189C420C00CC5D469C9355C8A3851BC9)                                        | <br>[67](https://www.example.com#s189C420C00CC5D469C9355C8A3851BC9)            |\n|                                                                         | [Southwest Airlines Co\\. Consolidated Statement of Cash Flows](https://www.example.com#s9FF4CFB622A9581B86A8DB39D0C48CD0)                                                  | <br>[68](https://www.example.com#s9FF4CFB622A9581B86A8DB39D0C48CD0)            |\n|                                                                         | [Notes to Consolidated Financial Statements](https://www.example.com#s33F2C3F2F70F5BFBB619FCBA5C426869)                                                                    | <br>[69](https://www.example.com#s33F2C3F2F70F5BFBB619FCBA5C426869)            |\n| Item 9\\.                                                                | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](https://www.example.com#sAFB30A9A81D859C78E29C288EC92E310)                          | <br>[115](https://www.example.com#sAFB30A9A81D859C78E29C288EC92E310)           |\n| Item 9A\\.                                                               | [Controls and Procedures](https://www.example.com#s681254385115593A9D5E1D5E06235652)                                                                                       | <br>[115](https://www.example.com#s681254385115593A9D5E1D5E06235652)           |\n| Item 9B\\.                                                               | [Other Information](https://www.example.com#sA41333A2481A54BEAE75152DD55B58CB)                                                                                             | <br>[116](https://www.example.com#sA41333A2481A54BEAE75152DD55B58CB)           |\n|                                                                         | **PART III**                                                                                                                                                               |                                                                                |\n| Item 10\\.                                                               | [Directors, Executive Officers, and Corporate Governance](https://www.example.com#s075B91DDB2085C82BE155887B5337C24)                                                       | <br>[117](https://www.example.com#s075B91DDB2085C82BE155887B5337C24)           |\n| Item 11\\.                                                               | [Executive Compensation](https://www.example.com#s000D369017785D2088F3CA533C3CD5F5)                                                                                        | <br>[117](https://www.example.com#s000D369017785D2088F3CA533C3CD5F5)           |\n| Item 12\\.                                                               | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](https://www.example.com#sB218A7B873E55423B74C9FE86149CC56)                | <br>[117](https://www.example.com#sB218A7B873E55423B74C9FE86149CC56)           |\n| Item 13\\.                                                               | [Certain Relationships and Related Transactions, and Director Independence](https://www.example.com#s7A17C15A33B75C5D838375BA28CD517C)                                     | <br>[118](https://www.example.com#s7A17C15A33B75C5D838375BA28CD517C)           |\n| Item 14\\.                                                               | [Principal Accounting Fees and Services](https://www.example.com#sCE6399B9CF8A54A5B97D3EA24C287B2B)                                                                        | <br>[118](https://www.example.com#sCE6399B9CF8A54A5B97D3EA24C287B2B)           |\n|                                                                         | **PART IV**                                                                                                                                                                |                                                                                |\n| Item 15\\.                                                               | [Exhibits and Financial Statement Schedules](https://www.example.com#s87D19E6237415C989A86CC425B130903)                                                                    | <br>[119](https://www.example.com#s87D19E6237415C989A86CC425B130903)           |\n| Item 16\\.                                                               | [Form 10\\-K Summary](https://www.example.com#s6F5268F4221A5532B919D421031E432D)                                                                                            | [124](https://www.example.com#s6F5268F4221A5532B919D421031E432D)<br><br>  <br> |\n| [Signatures](https://www.example.com#s3D9FC3A37D0D5349AA460D3DE9A79E59) | [Signatures](https://www.example.com#s3D9FC3A37D0D5349AA460D3DE9A79E59)                                                                                                    | <br>[125](https://www.example.com#s3D9FC3A37D0D5349AA460D3DE9A79E59)           |\n\n\n\n2"}
{"_id": "Southwest-2017_66.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nmarkets in which prices are high and/or rising\\. The Company expects to consume approximately 2\\.1 billion gallons of jet fuel in 2018\\. Based on this anticipated usage, a change in jet fuel prices of just one cent per gallon would impact the Company\u2019s Fuel and oil expense by approximately $21 million for 2018, excluding any impact associated with fuel derivative instruments held\\.\n\nAs of December 31, 2017, the Company held a net position of fuel derivative instruments that represented a hedge for a portion of its anticipated jet fuel purchases for future periods\\. See Note 10 to the Consolidated Financial Statements for further information\\. The Company may increase or decrease the size of its fuel hedge based on its expectation of future market prices, as well as its perceived exposure to cash collateral requirements contained in the agreements it has signed with various counterparties, while considering the significant cost that can be associated with different types of hedging strategies\\. The gross fair value of outstanding financial derivative instruments related to the Company\u2019s jet fuel market price risk at December 31, 2017, was a net asset of $248 million\\. In addition, $15 million in cash collateral deposits were held by the Company in connection with these instruments based on their fair value as of December 31, 2017\\. The fair values of the derivative instruments, depending on the type of instrument, were determined by use of present value methods or standard option value models with assumptions about commodity prices based on those observed in underlying markets\\. An immediate 10 percent increase or decrease in underlying fuel\\-related commodity prices from the December 31, 2017, prices would correspondingly change the fair value of the commodity derivative instruments in place by approximately $214 million\\. Fluctuations in the related commodity derivative instrument cash flows may change by more or less than this amount based upon further fluctuations in futures prices, as well as related income tax effects\\. In addition, this does not consider changes in cash, aircraft, or letters of credit utilized as collateral provided to or by counterparties, which would fluctuate in an amount equal to or less than this amount, depending on the type of collateral arrangement in place with each counterparty\\. This sensitivity analysis uses industry standard valuation models and holds all inputs constant at December 31, 2017, levels, except underlying futures prices\\.\n\nThe Company\u2019s credit exposure related to fuel derivative instruments is represented by the fair value of contracts that are an asset position to the Company\\. At such times, these outstanding instruments expose the Company to credit loss in the event of nonperformance by the counterparties to the agreements\\. As of December 31, 2017, the Company had eight counterparties in which the derivatives held were a net asset\\. To manage credit risk, the Company selects and periodically reviews counterparties based on credit ratings, limits its exposure with respect to each counterparty, and monitors the market position of the fuel hedging program and its relative market position with each counterparty\\. However, if one or more of these counterparties were in a liability position to the Company and were unable to meet their obligations, any open derivative contracts with the counterparty could be subject to early termination, which could result in substantial losses for the Company\\. At December 31, 2017, the Company had agreements with all of its active counterparties containing early termination rights and/or bilateral collateral provisions whereby security is required if market risk exposure exceeds a specified threshold amount based on the counterparty\u2019s credit rating\\. The Company also had agreements with counterparties in which cash deposits, letters of credit, and/or pledged aircraft are required to be posted as collateral whenever the net fair value of derivatives associated with those counterparties exceeds specific thresholds\\. Refer to the counterparty credit risk and collateral table provided in Note 10 to the Consolidated Financial Statements for the fair values of fuel derivatives, amounts held as collateral, and applicable collateral posting threshold amounts as of December 31, 2017, at which such postings are triggered\\.\n\nDue to the Company's investment grade credit rating, terms of the Company\u2019s current fuel hedging agreements with counterparties, and the types of derivatives held as of December 31, 2017, in the Company's judgment, it does not have cash collateral exposure\\. See Note 10 to the Consolidated Financial Statements\\. The Company is also subject to the risk that the fuel derivatives it uses to hedge against fuel price volatility do not provide adequate protection\\. The Company has found that financial derivative instruments in commodities, such as West Texas Intermediate crude oil, Brent crude oil, and refined products, such as heating oil and unleaded gasoline, can be useful in decreasing its exposure to jet fuel price volatility\\. In addition, to add further protection, the Company may periodically enter into jet fuel derivatives for short\\-term timeframes\\. Jet fuel is not widely traded on an organized futures exchange and, therefore, there are limited opportunities to hedge directly in jet fuel for time horizons longer than approximately 24 months into the future\\.\n\n67"}
{"_id": "United-2017_117.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|           |                 |                                                                                                                                                                                                                                                                                                                                                                                                   |\n| ---------:|:--------------- |:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*^10\\.74 | UAL  <br>United | [Letter Agreement No\\. 6 to the Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, by and among Airbus S\\.A\\.S and United Air Lines\\. Inc\\. (filed as Exhibit 10\\.33 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510094960/dex1033.htm)  |\n| \\*^10\\.75 | UAL  <br>United | [Letter Agreement No\\. 7 to the Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, by and among Airbus S\\.A\\.S and United Air Lines\\. Inc\\. (filed as Exhibit 10\\.34 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510094960/dex1034.htm)  |\n| \\*^10\\.76 | UAL  <br>United | [Letter Agreement No\\. 8 to the Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, by and among Airbus S\\.A\\.S and United Air Lines\\. Inc\\. (filed as Exhibit 10\\.35 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510094960/dex1035.htm)  |\n| \\*^10\\.77 | UAL  <br>United | [Letter Agreement No\\. 9 to the Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, by and among Airbus S\\.A\\.S and United Air Lines\\. Inc\\. (filed as Exhibit 10\\.36 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510094960/dex1036.htm)  |\n| \\*^10\\.78 | UAL  <br>United | [Letter Agreement No\\. 10 to the Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, by and among Airbus S\\.A\\.S and United Air Lines\\. Inc\\. (filed as Exhibit 10\\.37 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510094960/dex1037.htm) |\n| \\*^10\\.79 | UAL  <br>United | [Letter Agreement No\\. 11 to the Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, by and among Airbus S\\.A\\.S and United Air Lines\\. Inc\\. (filed as Exhibit 10\\.38 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510094960/dex1038.htm) |\n| \\*^10\\.80 | UAL  <br>United | [Letter Agreement No\\. 12 to the Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, by and among Airbus S\\.A\\.S and United Air Lines\\. Inc\\. (filed as Exhibit 10\\.39 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510094960/dex1039.htm) |\n| \\*^10\\.81 | UAL  <br>United | [Letter Agreement No\\. 13 to the Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, by and among Airbus S\\.A\\.S and United Air Lines\\. Inc\\. (filed as Exhibit 10\\.40 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510094960/dex1040.htm) |\n| \\*^10\\.82 | UAL  <br>United | [Amendment No\\. 1 to the Airbus A350\\-900XWB Purchase Agreement, dated June 25, 2010, by and among Airbus S\\.A\\.S and United Air Lines, Inc\\. (filed as Exhibit 10\\.6 to UAL\u2019s  Form 10\\-Q for the quarter ended June 30, 2010, Commission file number  1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312510161812/dex106.htm)              |\n| \\*^10\\.83 | UAL  <br>United | [Amendment No\\. 2 to the Airbus A350\\-900XWB Purchase Agreement, dated June 19, 2013 (filed as Exhibit 10\\.8 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex108.htm)                                                                |\n| \\*^10\\.84 | UAL  <br>United | [Amended and Restated Letter Agreement No\\. 5 to the Airbus A350\\-900XWB Purchase Agreement, dated June 19, 2013 (filed as Exhibit 10\\.12 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex1012.htm)                                 |\n| \\*^10\\.85 | UAL  <br>United | [Amended and Restated Letter Agreement No\\. 6 to the Airbus A350\\-900XWB Purchase Agreement, dated June 19, 2013 (filed as Exhibit 10\\.13 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex1013.htm)                                 |\n\n\n\n118"}
{"_id": "AmericanAirlines-2017_104.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***(c) Foreign Currency Risk***\n\nWe are exposed to the effect of foreign exchange rate fluctuations on the U\\.S\\. dollar value of foreign currency\\-denominated operating revenues and expenses\\. Our largest exposure comes from the British pound, Euro, Canadian dollar and various Latin American currencies, primarily the Brazilian real\\. We do not currently have a foreign currency hedge program\\. See Part I, Item 1A\\. Risk Factors \u2013 *\u201cWe operate a global business with international operations that are subject to economic and political**instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control\u201d* for unaudited additional discussion of this risk\\.\n\n**8\\. Fair Value Measurements and Other Investments**\n\n***Assets Measured at Fair Value on a Recurring Basis***\n\nFair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i\\.e\\. an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability\\. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy\\. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market\\. Each fair value measurement is reported in one of three levels:\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | Level 1 \u2013 Observable inputs such as quoted prices in active markets; |\n\n\n\n\n\n|   |                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Level 2 \u2013 Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |\n\n\n\n\n\n|   |                                                                                                                                               |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Level 3 \u2013 Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions\\. |\n\n\n\nWhen available, we use quoted market prices to determine the fair value of our financial assets\\. If quoted market prices are not available, we measure fair value using valuation techniques that use, when possible, current market\\-based or independently\\-sourced market parameters, such as interest rates and currency rates\\.\n\nWe utilize the market approach to measure fair value for our financial assets\\. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets\\. Our short\\-term investments classified as Level 2 primarily utilize broker quotes in a non\\-active market for valuation of these securities\\. No changes in valuation techniques or inputs occurred during the year ended December 31, 2017\\.\n\nAssets measured at fair value on a recurring basis are summarized below (in millions):\n\n\n\n|                                                    |                                                     |                                                     |                                                     |                                                     |\n| -------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |\n|                                                    | **Fair Value Measurements as of December 31, 2017** | **Fair Value Measurements as of December 31, 2017** | **Fair Value Measurements as of December 31, 2017** | **Fair Value Measurements as of December 31, 2017** |\n|                                                    | **Total**                                           | **Level 1**                                         | **Level 2**                                         | **Level 3**                                         |\n| Short\\-term investments  ^(1) (2)^ :               |                                                     |                                                     |                                                     |                                                     |\n| Money market funds                                 | $188                                                | $188                                                | $\u2014                                                  | $\u2014                                                  |\n| Corporate obligations                              | 1,620                                               | \u2014                                                   | 1,620                                               | \u2014                                                   |\n| Bank notes/certificates of deposit/time deposits   | 2,663                                               | \u2014                                                   | 2,663                                               | \u2014                                                   |\n| Repurchase agreements                              | 300                                                 | \u2014                                                   | 300                                                 | \u2014                                                   |\n|                                                    | 4,771                                               | 188                                                 | 4,583                                               | \u2014                                                   |\n| Restricted cash and short\\-term investments  ^(1)^ | 318                                                 | 108                                                 | 210                                                 | \u2014                                                   |\n| Total                                              | $5,089                                              | $296                                                | $4,793                                              | $\u2014                                                  |\n\n\n\n\n\n|       |                                                                                                                                                                                                |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Unrealized gains or losses on short\\-term investments and restricted cash and short\\-term investments are recorded in accumulated other comprehensive income (loss) at each measurement date\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                  |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | All short\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. Our short\\-term investments mature in one year or less except for  $700 million  of bank notes/certificates of deposit/time deposits and  $341 million  of corporate obligations\\. |\n\n\n\n105"}
{"_id": "United-2019_83.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nwhen a loss is probable and reasonably estimable\\. These amounts are recorded based on the Company's assessments of the likelihood of their eventual disposition\\.\n\nGuarantees and Indemnifications\\.  In the normal course of business, the Company enters into numerous real estate leasing and aircraft financing arrangements that have various guarantees included in the contracts\\. These guarantees are primarily in the form of indemnities under which the Company typically indemnifies the lessors and any tax/financing parties against liabilities that arise out of or relate to the use, operation or maintenance of the leased premises or financed aircraft\\. Currently, the Company believes that any future payments required under these guarantees or indemnities would be immaterial, as most liabilities and related indemnities are covered by insurance (subject to deductibles)\\. Additionally, certain real estate leases include indemnities for any environmental liability that may arise out of or relate to the use of the leased premises\\.\n\nAs of  December 31, 2019 , United is the guarantor of approximately   $1\\.9 billion  in aggregate principal amount of tax\\-exempt special facilities revenue bonds and interest thereon\\. These bonds, issued by various airport municipalities, are payable solely from rentals paid under long\\-term agreements with the respective governing bodies\\. The leasing arrangements associated with these obligations are accounted for as operating leases recognized on the Company's balance sheet with the associated expense recorded on a straight\\-line basis over the expected lease term\\.  The obligations associated with these tax\\-exempt special facilities revenue bonds are included in our lease commitments disclosed in Note 11 of this report\\. All of these bonds are due between  2020  and  2038 \\.\n\nIn connection with funding the BRW Term Loan Agreement, the Company entered into an agreement with Kingsland, pursuant to which, in return for Kingsland's pledge of its   144\\.8 million  common shares of AVH (which are eligible to be converted into the same number of preferred shares, which may be deposited with the depositary for AVH's American Depositary Receipts (\"ADRs\"), the class of AVH securities that trades on the New York Stock Exchange (the \"NYSE\"), in exchange for   18\\.1 million  ADRs) and its consent to BRW's pledge of its AVH common shares to United under the BRW Term Loan Agreement and related agreements, United (1) granted to Kingsland the right to put its AVH common shares to United at market price on the fifth anniversary of the BRW Term Loan Agreement or upon certain sales of AVH common shares owned by BRW, including upon a foreclosure, and (2) guaranteed BRW's obligation to pay Kingsland the difference (which amount, if paid by United, will increase the BRW Term Loan by such amount) if the market price of AVH common shares on the fifth anniversary, or upon any such sale, as applicable, is less than   $12  per ADR on the NYSE, for an aggregate maximum possible combined put payment and guarantee amount on the fifth anniversary of   $217 million \\. In 2018, the Company recorded a liability of   $31 million  for the fair value of its guarantee to loan additional funds to BRW if required\\. Any such additional loans to BRW would be collateralized by BRW's AVH shares and other collateral\\.\n\nAs of  December 31, 2019 , United is the guarantor of   $132 million  of aircraft mortgage debt issued by one of United's regional carriers\\. The aircraft mortgage debt is subject to similar increased cost provisions as described below for the Company's debt, and the Company would potentially be responsible for those costs under the guarantees\\.\n\nAs of December 31, 2019, United had cash collateralized   $73 million  of letters of credit, which generally have evergreen clauses and are expected to be renewed on an annual basis\\. As of December 31, 2019, United also had   $414 million  of surety bonds securing various obligations with expiration dates through 2023\\. \n\nIncreased Cost Provisions\\.  In United's financing transactions that include loans in which United is the borrower, United typically agrees to reimburse lenders for any reduced returns with respect to the loans due to any change in capital requirements and, in the case of loans with respect to which the interest rate is based on LIBOR, for certain other increased costs that the lenders incur in carrying these loans as a result of any change in law, subject, in most cases, to obligations of the lenders to take certain limited steps to mitigate the requirement for, or the amount of, such increased costs\\. At December 31, 2019, the Company had   $3\\.4 billion  of floating rate debt with remaining terms of up to   11 years  that are subject to these increased cost provisions\\. In several financing transactions involving loans or leases from non\\-U\\.S\\. entities, with remaining terms of up to   11 years  and an aggregate balance of   $3\\.2 billion , the Company bears the risk of any change in tax laws that would subject loan or lease payments thereunder to non\\-U\\.S\\. entities to withholding taxes, subject to customary exclusions\\.\n\nFuel Consortia\\.  United participates in numerous fuel consortia with other air carriers at major airports to reduce the costs of fuel distribution and storage\\. Interline agreements govern the rights and responsibilities of the consortia members and provide for the allocation of the overall costs to operate the consortia based on usage\\. The consortia (and in limited cases, the participating carriers) have entered into long\\-term agreements to lease certain airport fuel storage and distribution facilities that are typically financed through tax\\-exempt bonds, either special facilities lease revenue bonds or general airport revenue bonds, issued by various local municipalities\\. In general, each consortium lease agreement requires the consortium to make lease payments in amounts sufficient to pay the maturing principal and interest payments on the bonds\\. As of December 31, 2019, approximately   $1\\.9 billion  principal amount of such bonds were secured by significant fuel facility leases in which United participates, as to which United and each of the signatory airlines has provided indirect guarantees of the debt\\. As of December 31, 2019, the Company's contingent exposure was approximately   $175 million  principal amount of such bonds \n\n84"}
{"_id": "AmericanAirlines-2019_35.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nITEM 1B\\. UNRESOLVED STAFF COMMENTS\n\nWe had no unresolved Securities and Exchange Commission staff comments that were issued 180 days or more preceding  December 31, 2019 \\.\n\n36"}
{"_id": "AmericanAirlines-2017_172.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Stockholder and Board of Directors\n\nAmerican Airlines, Inc\\.:\n\n*Opinion on Internal Control Over Financial Reporting* \n\nWe have audited American Airlines, Inc\\.\u2019s and subsidiaries\u2019 (American) internal control over financial reporting as of December 31, 2017, based on criteria established in *Internal Control \u2013 Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission\\. In our opinion, American maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on criteria established in *Internal Control \u2013 Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of American as of December 31, 2017 and 2016, the related consolidated statements of operations, comprehensive income, cash flows, and stockholder\u2019s equity for each of the years in the three\\-year period ended December 31, 2017, and the related notes (collectively, the consolidated financial statements), and our report dated February 21, 2018 expressed an unqualified opinion on those consolidated financial statements\\.\n\n*Basis for Opinion* \n\nAmerican\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management\u2019s Annual Report on Internal Control over Financial Reporting\\. Our responsibility is to express an opinion on American\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to American in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk\\. Our audit also included performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\n*Definition and Limitations of Internal Control Over Financial Reporting* \n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\. \n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n/s/ KPMG LLP\n\nDallas, Texas\n\nFebruary 21, 2018\n\n173"}
{"_id": "AmericanAirlines-2017_145.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nThe income tax provision (benefit) differed from amounts computed at the statutory federal income tax rate as follows (in millions):\n\n\n\n|                                                       |                             |                             |                             |\n| ----------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                       | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                       | **2017**                    | **2016**                    | **2015**                    |\n| Statutory income tax provision                        | $1,135                      | $1,555                      | $1,635                      |\n| State income tax provision, net of federal tax effect | 54                          | 67                          | 71                          |\n| Book expenses not deductible for tax purposes         | 30                          | 32                          | 55                          |\n| Bankruptcy administration expenses                    | 1                           | 1                           | 3                           |\n| 2017 Tax Act                                          | 93                          | \u2014                           | \u2014                           |\n| Change in valuation allowance                         | 4                           | (1)                         | (5,216)                     |\n| Other, net                                            | 5                           | 8                           | \u2014                           |\n| Income tax provision (benefit)                        | $1,322                      | $1,662                      | $(3,452)                    |\n\n\n\nAmerican provides a valuation allowance for its deferred tax assets, which include the net operating losses (NOLs), when it is more likely than not that some portion, or all of its deferred tax assets, will not be realized\\. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income\\. American considers all available positive and negative evidence and makes certain assumptions in evaluating the realizability of its deferred tax assets\\. Many factors are considered that impact American\u2019s assessment of future profitability, including conditions which are beyond its control, such as the health of the economy, the level and volatility of fuel prices and travel demand\\.\n\nIn connection with the preparation of American\u2019s financial statements at the end of 2015, American determined that after considering all positive and negative evidence, including the completion of certain critical Merger integration milestones as well as its financial performance, it was more likely than not that substantially all of its deferred income tax assets, which include its NOLs, would be realized\\. Accordingly, during the year ended December 31, 2015, American reversed $3\\.5 billion of the valuation allowance, which resulted in a special non\\-cash tax benefit recorded in the consolidated statement of operations\\.\n\nIn addition to the changes in the valuation allowance from operations described above, the valuation allowance was also impacted by the changes in the components of accumulated other comprehensive income (loss), described in Note 8\\. The total increase to the valuation allowance was $12 million in 2017, $8 million of which is included in the 2017 Tax Act amount in the table above\\. In 2016 and 2015, the decrease in the valuation allowance was $1 million and $5\\.2 billion, respectively\\.\n\n146"}
{"_id": "Southwest-2018_93.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**7****\\. LEASES**\n\nThe Company's fleet included 51 aircraft on operating lease and 72 aircraft on capital lease as of December 31, 2018, compared with 53 aircraft on operating lease and 69 aircraft on capital lease, as of December 31, 2017\\. Amounts applicable to these aircraft on capital lease that are included in property and equipment were:\n\n\n\n|                                |          |          |\n| ------------------------------ | -------- | -------- |\n| **(in millions)**              | **2018** | **2017** |\n| Flight equipment               | $1,329   | $1,207   |\n| Less: accumulated amortization | 304      | 172      |\n|                                | $1,025   | $1,035   |\n\n\n\nTotal rental expense for operating leases, both aircraft and other, charged to operations in 2018, 2017, and 2016 was $935 million, $939 million, and $932 million, respectively\\. The majority of the Company\u2019s terminal operations space, as well as 124 aircraft, including 73 B717s subleased to Delta, were under operating leases at December 31, 2018\\. For aircraft operating leases and for terminal operating leases and other real estate leases, expense is recorded on a straight\u2013line basis and included in Other operating expenses and in Landing fees and airport rentals, respectively, in the Consolidated Statement of Income\\. The majority of the Company\u2019s terminal operations space payments are considered variable, and thus excluded from the Company\u2019s disclosures of future minimum lease payments\\. Future minimum lease payments under capital leases and noncancelable operating leases and rentals to be received under subleases with initial or remaining terms in excess of one year at December 31, 2018, were: \n\n\n\n|                                             |                               |                                 |               |                                      |\n| ------------------------------------------- | ----------------------------- | ------------------------------- | ------------- | ------------------------------------ |\n| **(in millions)**                           | **Capital**<br><br>**leases** | **Operating**<br><br>**leases** | **Subleases** | **Operating**<br><br>**leases, net** |\n| 2019                                        | $111                          | $348                            | $(92)         | $256                                 |\n| 2020                                        | 109                           | 357                             | (78)          | 279                                  |\n| 2021                                        | 105                           | 244                             | (41)          | 203                                  |\n| 2022                                        | 100                           | 172                             | (17)          | 155                                  |\n| 2023                                        | 97                            | 146                             | (7)           | 139                                  |\n| Thereafter                                  | 335                           | 474                             | (1)           | 473                                  |\n| Total minimum lease payments                | $857                          | $1,741                          | $(236)        | $1,505                               |\n| Less amount representing interest           | 126                           |                                 |               |                                      |\n| Present value of minimum lease payments (a) | 731                           |                                 |               |                                      |\n| Less current portion                        | 85                            |                                 |               |                                      |\n| Long\\-term portion                          | $646                          |                                 |               |                                      |\n\n\n\n(a) Excludes lease incentive obligation of $114 million\\.\n\nThe aircraft leases generally can be renewed for one to five years at rates based on fair market value at the end of the lease term\\. Most aircraft leases have purchase options at or near the end of the lease term at fair market value, generally limited to a stated percentage of the lessor\u2019s defined cost of the aircraft\\.\n\n94"}
{"_id": "Delta-2019_86.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nThe following table summarizes the benefit payments that are scheduled to be paid in the years ending December 31:\n\n\n\n|               |               |               |                  |                                                  |\n|:------------- |:------------- |:------------- | ----------------:| ------------------------------------------------:|\n| (in millions) | (in millions) | (in millions) | Pension Benefits | Other Postretirement and Postemployment Benefits |\n| 2020          | 2020          | 2020          |          $ 1,170 |                                            $ 324 |\n| 2021          | 2021          | 2021          |            1,188 |                                              327 |\n| 2022          | 2022          | 2022          |            1,211 |                                              324 |\n| 2023          | 2023          | 2023          |            1,226 |                                              321 |\n| 2024          | 2024          | 2024          |            1,239 |                                              317 |\n| 2025\\-2029    | 2025\\-2029    | 2025\\-2029    |            6,248 |                                            1,520 |\n\n\n\nPlan Assets\n\nWe have adopted and implemented investment policies for our defined benefit pension plans that incorporate strategic asset allocation mixes intended to best meet the plans' long\\-term obligations, while maintaining an appropriate level of risk and liquidity\\. These asset portfolios employ a diversified mix of investments, which are reviewed periodically\\. Active management strategies are utilized where feasible in an effort to realize investment returns in excess of market indices\\. Derivatives in the plans are primarily used to manage risk and gain asset class exposure while still maintaining liquidity\\. As part of these strategies, the plans are required to hold cash collateral associated with certain derivatives\\. Our investment strategies target a mix of 30\\-50% growth\\-seeking assets, 25\\-35% income\\-generating assets and 30\\-40% risk\\-diversifying assets\\. Risk diversifying assets include hedged mandates implementing long\\-short, market neutral and relative value strategies that invest primarily in publicly\\-traded equity, fixed income, foreign currency and commodity securities and are used to improve the impact of active management on the plans\\. \n\nBenefit Plan Assets Measured at Fair Value on a Recurring Basis\n\nBenefit Plan Assets\\.  Benefit plan assets relate to our defined benefit pension plans and certain of our postemployment benefit plans\\. These investments are presented net of the related benefit obligation in pension, postretirement and related benefits on the balance sheets\\. See Note 3, \"Fair Value,\" for a description of the levels within the fair value hierarchy and associated valuation techniques used to measure fair value\\. The following table shows our benefit plan assets by asset class\\.\n\n\n\n|                                                      |                                                      |                                                      |                   |                   |                   |  |  |  |         |         |                   |                   |                   |                   |                   |                   |                   |  |  |  |  |  |  |  |  |  |                     |                     |                     |\n|:---------------------------------------------------- |:---------------------------------------------------- |:---------------------------------------------------- | -----------------:| -----------------:| -----------------:|:- |:- |:- | -------:| -------:| -----------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:-------------------:|:-------------------:|:-------------------:|\n|                                                      |                                                      |                                                      | December 31, 2019 | December 31, 2019 | December 31, 2019 |  |  |  |         |         | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 |  |  |  |  |  |  |  |  |  | Valuation Technique | Valuation Technique | Valuation Technique |\n| (in millions)                                        | (in millions)                                        | (in millions)                                        |           Level 1 |           Level 2 |             Total |  |  |  | Level 1 | Level 2 |             Total |                   |                   |                   |                   |                   |                   |\n| Equities and equity\\-related instruments             | Equities and equity\\-related instruments             | Equities and equity\\-related instruments             |             $ 840 |              $ 49 |             $ 889 |  |  |  |   $ 400 |   $ 100 |             $ 500 |                   |                   |                   |        (a)        |        (a)        |        (a)        |\n| Delta common stock                                   | Delta common stock                                   | Delta common stock                                   |               737 |                 \u2014 |               737 |  |  |  |     675 |       \u2014 |               675 |                   |                   |                   |        (a)        |        (a)        |        (a)        |\n| Cash equivalents                                     | Cash equivalents                                     | Cash equivalents                                     |               327 |               952 |             1,279 |  |  |  |     312 |     708 |             1,020 |                   |                   |                   |        (a)        |        (a)        |        (a)        |\n| Fixed income and fixed income\\-related instruments   | Fixed income and fixed income\\-related instruments   | Fixed income and fixed income\\-related instruments   |                97 |             3,472 |             3,569 |  |  |  |     233 |   2,157 |             2,390 |                   |                   |                   |      (a)(b)       |      (a)(b)       |      (a)(b)       |\n| Benefit plan assets                                  | Benefit plan assets                                  | Benefit plan assets                                  |           $ 2,001 |           $ 4,473 |           $ 6,474 |  |  |  | $ 1,620 | $ 2,965 |           $ 4,585 |                   |                   |                   |                   |                   |                   |\n| Investments measured at net asset value (\"NAV\")^(1)^ | Investments measured at net asset value (\"NAV\")^(1)^ | Investments measured at net asset value (\"NAV\")^(1)^ |                   |                   |             9,854 |  |  |  |         |         |             9,136 |                   |                   |                   |                   |                   |                   |\n| Total benefit plan assets                            | Total benefit plan assets                            | Total benefit plan assets                            |                   |                   |          $ 16,328 |  |  |  |         |         |          $ 13,721 |                   |                   |                   |                   |                   |                   |\n\n\n\n^(1)^  Investments that were measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy\\.\n\nEquities and Equity\\-Related Instruments\\.  These investments include common stock and equity\\-related instruments\\. Common stock is valued at the closing price reported on the active market on which the individual securities are traded\\. Equity\\-related instruments include investments in securities traded on exchanges, including listed futures and options, which are valued at the last reported sale prices on the last business day of the year or, if not available, the last reported bid prices\\. Over\\-the\\-counter securities are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable, generally broker quotes\\.\n\nDelta Common Stock\\.  In both 2017 and 2016, we contributed $350 million of Delta common stock as a portion of the employer contribution to certain of our defined benefit pension plans\\. The Delta common stock investment is managed by an independent fiduciary\\.\n\n84"}
{"_id": "AmericanAirlines-2017_176.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| ----------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 4\\.7                          | [First Amendment to Participation Agreement (N907AN), dated as of November 27, 2013, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein (incorporated by reference to Exhibit 4\\.8 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex48.htm)                                                                                                                                                                         |\n| 4\\.8                          | [First Amendment to Indenture and Security Agreement (N907AN), dated as of November 27, 2013, between American Airlines, Inc\\. and Wilmington Trust Company, as Loan Trustee (incorporated by reference to Exhibit 4\\.9 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex49.htm)                                                                                                                                                                                                                                                                                                                                                                                               |\n| 4\\.9                          | [Series 2013\\-2A N907AN Equipment Note No\\. 1, dated as of September 9, 2013 (incorporated by reference to Exhibit 4\\.10 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex410.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.10                         | [Series 2013\\-2B N907AN Equipment Note No\\. 1, dated as of November 27, 2013 (incorporated by reference to Exhibit 4\\.11 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex411.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.11                         | [Registration Rights Agreement, dated as of November 27, 2013, among American Airlines, Inc\\., Wilmington Trust Company, as Trustee under Trust Supplement No\\. 2013\\-2B, dated as of November 27, 2013, and Morgan Stanley & Co\\. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc\\., Goldman, Sachs & Co\\., Citigroup Global Markets Inc\\. and J\\.P\\. Morgan Securities LLC, in their capacity as representatives of the Initial Purchasers (incorporated by reference to Exhibit 4\\.12 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex412.htm)                                                                                                       |\n| 4\\.12                         | [Schedule I (Pursuant to Instruction 2 to Item 601 of Regulation S\\-K, this Schedule I contains a list of documents applicable to the financing of the Aircraft in connection with the offering of the Class B Certificates, which documents are substantially identical to those filed herewith as Exhibits 4\\.6, 4\\.7, 4\\.8, 4\\.9, 4\\.10 and 4\\.11 to Exhibit 99\\.2 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400)\\. Schedule I sets forth the details by which such documents differ from the corresponding Exhibits) (incorporated by reference to Exhibit 99\\.2 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex992.htm) |\n| 4\\.13                         | [Trust Supplement No\\. 2013\\-2C, dated as of December 20, 2013, among American Airlines, Inc\\. and Wilmington Trust Company, as Class C Trustee, to the Pass Through Trust Agreement, dated as of March 12, 2013 (incorporated by reference to Exhibit 4\\.2 to AMR\u2019s Current Report on Form 8\\-K filed on December 20, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513480827/d647497dex42.htm)                                                                                                                                                                                                                                                                                                                                                           |\n| 4\\.14                         | [Form of Pass Through Trust Certificate, Series 2013\\-2C (incorporated by reference to Exhibit A to Exhibit 4\\.2 to AAG\u2019s Current Report on Form 8\\-K filed on December 20, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513480827/d647497dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| 4\\.15                         | [Amended and Restated Intercreditor Agreement (2013\\-2), dated as of December 20, 2013, among Wilmington Trust Company, as Trustee of American Airlines Pass Through Trust 2013\\-2A, American Airlines Pass Through Trust 2013\\-2B and American Airlines Pass Through Trust 2013\\-2C, Morgan Stanley Bank, N\\.A\\., as Class A Liquidity Provider and as Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to AMR\u2019s Current Report on Form 8\\-K filed on December 20, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513480827/d647497dex44.htm)                                                                                                                                   |\n| 4\\.16                         | [Second Amendment to Participation Agreement (N907AN), dated as of December 20, 2013, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein (incorporated by reference to Exhibit 4\\.9 to AMR\u2019s Current Report on Form 8\\-K filed on December 20, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513480827/d647497dex49.htm)                                                                                                                                                                        |\n| 4\\.17                         | [Second Amendment to Indenture and Security Agreement (N907AN), dated as of December 20, 2013, between American Airlines, Inc\\. and Wilmington Trust Company, as Loan Trustee (incorporated by reference to Exhibit 4\\.10 to AMR\u2019s Current Report on Form 8\\-K filed on December 20, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513480827/d647497dex410.htm)                                                                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.18                         | [Series 2013\\-2C N907AN Equipment Note No\\. 1, dated as of December 20, 2013 (incorporated by reference to Exhibit 4\\.11 to AMR\u2019s Current Report on Form 8\\-K filed on December 20, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513480827/d647497dex411.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.19                         | [Registration Rights Agreement, dated as of December 20, 2013, among American Airlines, Inc\\., Wilmington Trust Company, as Trustee under Trust Supplement No\\. 2013\\-2C, dated as of December 20, 2013, and Morgan Stanley & Co\\. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc\\., Goldman, Sachs & Co\\., Citigroup Global Markets Inc\\. and J\\.P\\. Morgan Securities LLC, in their capacity as representatives of the Initial Purchasers (incorporated by reference to Exhibit 4\\.12 to AMR\u2019s Current Report on Form 8\\-K filed on December 20, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513480827/d647497dex412.htm)                                                                                                       |\n| 4\\.20                         | [Schedule I (Pursuant to Instruction 2 to Item 601 of Regulation S\\-K, this Schedule I contains a list of documents applicable to the financing of the Aircraft in connection with the offering of the Class C Certificates, which documents are substantially identical to those filed herewith as Exhibits 4\\.14, 4\\.17 and 4\\.20\\. Schedule I sets forth the details by which such documents differ from the corresponding Exhibits) (incorporated by reference to Exhibit 99\\.2 to AMR\u2019s Current Report on Form 8\\-K filed on December 20, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513480827/d647497dex992.htm)                                                                                                                                  |\n\n\n\n177"}
{"_id": "AmericanAirlines-2019_135.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nSupplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):\n\n\n\n|                                                   |                  |                  |\n| ------------------------------------------------- | ---------------- | ---------------- |\n|                                                   | **December 31,** | **December 31,** |\n|                                                   | **2019**         | **2018**         |\n| Operating leases:                                 |                  |                  |\n| Operating lease ROU assets                        | $8,694           | $9,094           |\n| Current operating lease liabilities               | $1,695           | $1,639           |\n| Noncurrent operating lease liabilities            | 7,388            | 7,857            |\n| Total operating lease liabilities                 | $9,083           | $9,496           |\n| Finance leases:                                   |                  |                  |\n| Property and equipment, at cost                   | $954             | $936             |\n| Accumulated amortization                          | (447<br><br>)    | (391<br><br>)    |\n| Property and equipment, net                       | $507             | $545             |\n| Current finance lease liabilities                 | $112             | $81              |\n| Noncurrent finance lease liabilities              | 558              | 613              |\n| Total finance lease liabilities                   | $670             | $694             |\n| Weighted average remaining lease term (in years): |                  |                  |\n| Operating leases                                  | 7\\.4             | 7\\.6             |\n| Finance leases                                    | 6\\.2             | 7\\.4             |\n| Weighted average discount rate:                   |                  |                  |\n| Operating leases                                  | 4\\.7%            | 4\\.6%            |\n| Finance leases                                    | 6\\.2%            | 6\\.5%            |\n\n\n\nSupplemental cash flow and other information related to leases was as follows (in millions):\n\n\n\n|                                                                         |                             |                             |\n| ----------------------------------------------------------------------- | --------------------------- | --------------------------- |\n|                                                                         | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                         | **2019**                    | **2018**                    |\n| Cash paid for amounts included in the measurement of lease liabilities: |                             |                             |\n| Operating cash flows from operating leases                              | $1,996                      | $1,914                      |\n| Operating cash flows from finance leases                                | 43                          | 48                          |\n| Financing cash flows from finance leases                                | 83                          | 78                          |\n| Non\\-cash transactions:                                                 |                             |                             |\n| ROU assets acquired through operating leases                            | 1,144                       | 1,258                       |\n| Operating lease conversion to finance lease                             | 41                          | \u2014                           |\n| Property and equipment acquired through finance leases                  | 20                          | \u2014                           |\n| Gain on sale leaseback transactions, net                                | 107                         | 59                          |\n\n\n\n136"}
{"_id": "Southwest-2019_84.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nAirTran Holdings is party to aircraft purchase financing facilities, and as of  December 31, 2019 ,   three  Boeing 737 aircraft remained that were financed under floating\\-rate facilities\\. Each  note is secured by a first mortgage on the aircraft to which it relates\\.  The notes bear interest at a floating rate per annum equal to a margin plus the three or six\\-month LIBOR in effect at the commencement of each semi\\-annual or three\\-month period, as applicable\\. As of  December 31, 2019 , the weighted average interest rate was   3\\.49 percent \\. Principal and interest under the notes are payable semi\\-annually or every three months as applicable\\. As of  December 31, 2019 , the remaining debt outstanding may be prepaid without penalty under all aircraft loans provided under such facilities\\. The remaining notes mature in  2020 \\. As discussed further in  Note 10 , a portion of the above floating\\-rate debt has been effectively converted to a fixed rate via interest rate swap agreements which expire as the underlying notes mature\\.\n\nDuring November 2017, the Company issued   $300 million  senior unsecured notes due  2022 \\. The notes bear interest at   2\\.75 percent \\. Interest is payable semi\\-annually in arrears on May 16 and November 16\\. \n\nAlso during November 2017, the Company issued   $300 million  senior unsecured notes due  2027 \\. The notes bear interest at   3\\.45 percent \\. Interest is payable semi\\-annually in arrears on May 16 and November 16\\. \n\nDuring November 2016, the Company issued   $300 million  senior unsecured notes due  2026 \\. The notes bear interest at   3\\.00 percent \\. Interest is payable semi\\-annually in arrears on May 15 and November 15\\. \n\nDuring October 2016, the Company entered into a term loan agreement providing for loans to the Company aggregating up to   $215 million , to be secured by mortgages on   seven  of the Company's 737\\-800 aircraft\\. The Company borrowed the full   $215 million  and secured this loan with the requisite   seven  aircraft mortgages\\. The loan matures on October 31, 2026, and is repayable via semi\\-annual installments of principal that began on April 30, 2018\\. The loan bears interest at the LIBO Rate (as defined in the term loan agreement) plus   1\\.10 percent , which equates to a current rate of   3\\.03 percent , and interest is payable semi\\-annually in installments\\.\n\nDuring November 2015, the Company issued   $500 million  senior unsecured notes due  2020 \\. The notes bear interest at   2\\.65 percent , payable semi\\-annually in arrears on May 5 and November 5\\. Concurrently, the Company entered into a fixed\\-to\\-floating interest rate swap to convert the interest on these unsecured notes to a floating rate until their maturity\\. See Note  10  for further information on the interest\\-rate swap agreement\\.\n\nDuring  November 2014 , the Company issued   $300 million  senior unsecured notes due November  2019 \\. The notes bore interest at   2\\.75 percent , payable semi\\-annually in arrears\\. Concurrently, the Company entered into a fixed\\-to\\-floating interest rate swap to convert the interest on these unsecured notes to a floating rate until their maturity\\. The notes matured and were redeemed in full on November 6, 2019, utilizing available cash on hand\\.\n\nOn  July 1, 2009 , the Company entered into a term loan agreement providing for loans to the Company aggregating up to   $124 million , to be secured by mortgages on   five  of the Company\u2019s 737\\-700 aircraft\\. The Company borrowed the full   $124 million  and secured this loan with the requisite   five  aircraft mortgages\\. The loan bore interest at a fixed rate of   4\\.84 percent \\. The loan matured and was paid out in full on  July 1, 2019 , utilizing available cash on hand\\.\n\nOn  April 29, 2009 , the Company entered into a term loan agreement providing for loans to the Company aggregating up to   $332 million , to be secured by mortgages on   14  of the Company\u2019s 737\\-700 aircraft\\. The Company borrowed the full   $332 million  and secured the loan with the requisite   14  aircraft mortgages\\. The loan bore interest at the  LIBO Rate  (as defined in the term loan agreement) plus   3\\.30 percent \\. Pursuant to the terms of the term loan agreement, the Company entered into an interest rate swap agreement to convert the variable rate on the term loan to a fixed   6\\.315 percent  until maturity\\. The loan matured and was paid out in full on  May 6, 2019 , utilizing available cash on hand\\.\n\nOn  May 6, 2008 , the Company entered into a term loan agreement providing for loans to the Company aggregating up to   $600 million , to be secured by first\\-lien mortgages on   21  of the Company\u2019s 737\\-700 aircraft\\. On May 9, 2008, the Company borrowed the full   $600 million  and secured these loans with the requisite   21  aircraft mortgages\\. The loans mature on  May 9, 2020 , and are being repaid via quarterly installments of principal and interest that began on  August 9, 2008\\.  The loans bear interest at the  LIBO Rate  (as defined in the term loan agreement) plus   0\\.95 percent \\. \n\n85"}
{"_id": "United-2017_61.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nAccounts receivable primarily consist of amounts due from credit card companies and customers of our aircraft maintenance and cargo transportation services\\. We provide an allowance for uncollectible accounts equal to the estimated losses expected to be incurred based on historical write\\-offs and other specific analyses\\. Bad debt expense and write\\-offs were not material for the years ended December 31, 2017, 2016 and 2015\\.\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (c)  | **Frequent Flyer Accounting\u2014**United\u2019s MileagePlus program builds customer loyalty by offering awards, benefits and services to program participants\\. Members in this program earn miles for flights on United, United Express, Star Alliance members and certain other airlines that participate in the program\\. Members can also earn miles by purchasing the goods and services of our network of  non\\-airline partners\\. We sell miles to these partners, which include domestic and international credit card issuers, retail merchants, hotels, car rental companies and our participating airline partners\\. Miles can be redeemed for free (other than taxes and government imposed fees), discounted or upgraded air travel and  non\\-travel awards\\. The Company records its obligation for future award redemptions using a deferred revenue model\\. |\n\n\n\n**Miles Earned in Conjunction with Flights**\n\nWhen frequent flyers earn miles for flights, the Company recognizes a portion of the ticket sales as revenue when the air transportation occurs and defers a portion of the ticket sale representing the value of the related miles as a multiple\\-deliverable revenue arrangement\\. The Company determines the estimated selling price of air transportation and miles as if each element is sold on a separate basis\\. The total consideration from each ticket sale is then allocated to each of these elements, individually, on a pro rata basis\\. The miles are recorded in Frequent flyer deferred revenue on the Company\u2019s consolidated balance sheet and recognized into revenue when the transportation is provided\\.\n\nThe Company\u2019s estimated selling price of miles is based on an equivalent ticket value less fulfillment discount, which incorporates the expected redemption of miles, as the best estimate of selling price for these miles\\. The equivalent ticket value is based on the prior 12 months\u2019 weighted average equivalent ticket value of similar fares as those used to settle award redemptions while taking into consideration such factors as redemption pattern, cabin class, loyalty status and geographic region\\. The estimated selling price of miles is adjusted by a fulfillment discount that considers a number of factors, including redemption patterns of various customer groups\\.\n\n**Co\\-branded Credit Card Partner Mileage Sales**\n\nUnited has a significant contract, the Second Amended and Restated Co\\-Branded Card Marketing Services Agreement (the \u201cCo\\-Brand Agreement\u201d), to sell MileagePlus miles to its co\\-branded credit card partner, Chase Bank USA, N\\.A\\. (\u201cChase\u201d)\\. United identified the following significant revenue elements in the Co\\-Brand Agreement: the air transportation element represented by the value of the mile (generally resulting from its redemption for future air transportation and whose fair value is described above); use of the United brand and access to MileagePlus member lists; advertising; and other travel related benefits\\.\n\nThe fair value of the elements is determined using management\u2019s estimated selling price of each element\\. The objective of using the estimated selling price based methodology is to determine the price at which we would transact a sale if the product or service were sold on a stand\\-alone basis\\. Accordingly, we determine our best estimate of selling price by considering multiple inputs and methods including, but not limited to, discounted cash flows, brand value, volume discounts, published selling prices, number of miles awarded and number of miles redeemed\\. The Company estimated the selling prices and volumes over the term of the Co\\-Brand Agreement in order to determine the allocation of proceeds to each of the multiple elements to be delivered\\. We also evaluate volumes on an annual basis, which may result in a change in the allocation of estimated selling price on a prospective basis\\.\n\n62"}
{"_id": "United-2017_39.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nconsortia (and in limited cases, the participating carriers) have entered into long\\-term agreements to lease certain airport fuel storage and distribution facilities that are typically financed through tax\\-exempt bonds (either special facilities lease revenue bonds or general airport revenue bonds), issued by various local municipalities\\. In general, each consortium lease agreement requires the consortium to make lease payments in amounts sufficient to pay the maturing principal and interest payments on the bonds\\. As of December 31, 2017, approximately $1\\.5 billion principal amount of such bonds were secured by significant fuel facility leases in which United participates, as to which United and each of the signatory airlines has provided indirect guarantees of the debt\\. As of December 31, 2017, the Company\u2019s contingent exposure was approximately $244 million principal amount of such bonds based on its recent consortia participation\\. The Company\u2019s contingent exposure could increase if the participation of other air carriers decreases\\. The guarantees will expire when the tax\\-exempt bonds are paid in full, which ranges from 2022 to 2049\\. The Company did not record a liability at the time these indirect guarantees were made\\.\n\n**Critical Accounting Policies** \n\nCritical accounting policies are defined as those that are affected by significant judgments and uncertainties which potentially could result in materially different accounting under different assumptions and conditions\\. The Company has prepared the financial statements in conformity with accounting principles generally accepted in the United States of America (\u201cGAAP\u201d), which requires management to make estimates and assumptions that affect the reported amounts in the financial statements\\. Actual results could differ from those estimates under different assumptions or conditions\\. The Company has identified the following critical accounting policies that impact the preparation of the financial statements\\.\n\n***Revenue Recognition\\.*** The Company records passenger ticket sales and tickets sold by other airlines for use on United as passenger revenue when the transportation is provided or upon estimated breakage\\. The value of unused passenger tickets is included in current liabilities as Advance ticket sales\\. Tickets sold by other airlines are recorded at the estimated values to be billed to the other airlines\\. Differences between amounts billed and the actual amounts may be rejected and rebilled or written off if the amount recorded was different from the original estimate\\. When necessary, the Company records a reserve against its interline billings and payables if historical experience indicates that these amounts are different\\. Non\\-refundable tickets generally expire on the date of the intended flight, unless the date is extended by notification from the customer on or before the intended flight date\\. Basic Economy tickets cannot be extended and refunds are not allowed except for ticket cancellations that are within 24 hours of purchase and one week or more prior to the original scheduled departure flight\\.\n\nFees charged in association with changes or extensions to non\\-refundable tickets are recorded as other revenue at the time the fee is incurred\\. The fare on the changed ticket, including any additional collection of fare, is deferred and recognized in accordance with our transportation revenue recognition policy at the time the transportation is provided\\. Change fees related to non\\-refundable tickets are considered a separate transaction from the air transportation because they represent a charge for the Company\u2019s additional service to modify a previous sale\\. Therefore, the pricing of the change fee and the initial customer order are separately determined and represent distinct earnings processes\\.\n\nThe Company records an estimate of breakage revenue on the flight date for tickets that will expire unused\\. These estimates are based on the evaluation of actual historical results and forecasted trends\\. Refundable tickets expire after one year from the date of issuance\\.\n\nThe Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update No\\. 2014\\-09,*Revenue from Contracts with Customers (Topic 606)* (\u201cTopic 606\u201d)*\\.* Topic 606 prescribes that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services\\. The standard impacts the classification of certain revenue streams and affects the timing of revenue and expense recognition for others\\. For the Company, the most significant impact of the standard is the reclassification of certain ancillary fees from other operating revenue into passenger revenue on the statement of consolidated operations\\. For 2016 and 2017, the amount to be\n\n40"}
{"_id": "Southwest-2018_39.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nmillion shares in total under the Fourth Quarter 2018 ASR Program, which was completed in December 2018\\. The purchase was recorded as a treasury share purchase for purposes of calculating earnings per share\\. \n\nOn January 28, 2019, the Company launched a new accelerated share repurchase program by advancing $500 million to a financial institution in a privately negotiated transaction (\"First Quarter 2019 ASR Program\")\\. The specific number of shares that the Company ultimately will repurchase under the First Quarter 2019 ASR Program will be determined based generally on a discount to the volume\\-weighted average price per share of the Company's common stock during a calculation period to be completed no later than April 2019\\. The purchase will be recorded as a treasury share purchase for purposes of calculating earnings per share\\. Subsequent to the launch of the First Quarter 2019 ASR Program, the Company has $850 million remaining under its May 2018 $2\\.0 billion share repurchase authorization\\. See Part II, Item 5 for further information on the Company's share repurchase authorizations\\.\n\n**Company Overview**\n\nThe Company now serves 99 destinations across 40 states and ten near\\-international countries, and operates over 4,000 departures a day\\. Additionally, the Company has announced plans to begin service to Hawaii, subject to requisite governmental approvals, including approval from the Federal Aviation Administration (the \"FAA\") for Extended Operations (\"ETOPS\"), a regulatory requirement to operate between the U\\.S\\. mainland and the Hawaiian Islands\\. The Company has also announced its intent to begin service to four Hawaiian airports: Honolulu International Airport, Lihue Airport, Kona International Airport at Keahole, and Kahului Airport, from four initial gateway airports in California: Oakland Metropolitan Airport, San Diego International Airport, Mineta San Jose International Airport, and Sacramento International Airport\\. The Company has further announced its decision to cease service at Benito Ju\u00e1rez Mexico City International Airport, with the last day of service scheduled on March 30, 2019\\. \n\nDuring 2018, the Company took delivery of 26 new 737\\-800 aircraft and 18 new 737 MAX 8 aircraft from Boeing, as well as 1 pre\\-owned Boeing 737\\-700 aircraft from a third party\\. The Company became the first airline in North America to offer scheduled service utilizing Boeing\u2019s new, more fuel\\-efficient, 737 MAX 8 aircraft, which entered service in fourth quarter 2017\\. The Company is scheduled to be the launch customer for the Boeing 737 MAX 7 series aircraft, with deliveries expected to begin in 2019\\. As of December 31, 2018, the Company had firm orders in place with Boeing for 219 737 MAX 8 aircraft and 30 737 MAX 7 aircraft\\. For 2019, the Company's current firm aircraft commitments and forecasted Boeing 737\\-700 retirements would result in approximately 775 aircraft by year\\-end 2019\\. See Part I, Item 2 for further information\\.\n\nThe Company plans to continue its route network and schedule optimization efforts through the addition of new markets and itineraries, while also pruning less profitable flights from its schedule\\. The Company currently plans to grow its 2019 available seat miles no more than five percent, year\\-over\\-year, with first quarter 2019 year\\-over\\-year growth in the 3\\.5 to 4 percent range\\. The Company continues to expect the retirement of its Boeing 737\\-300 (\"Classic\") aircraft, the last of which took place at the end of third quarter 2017, to produce significant incremental cost savings and improvements in pre\\-tax results of at least $200 million, cumulatively, by the end of 2020\\.\n\nOn May 9, 2017, the Company completed a multi\\-year initiative to completely transition its reservation system to the Amadeus Alt\u00e9a Passenger Service System\\. As expected, the new reservation system produced incremental benefits in pretax results of approximately $200 million in 2018 through the deployment of certain revenue management tools and techniques\\.\n\n40"}
{"_id": "AmericanAirlines-2019_101.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nPlan Assets\n\nThe objectives of our investment policies are to: maintain sufficient income and liquidity to pay retirement benefits; produce a long\\-term rate of return that meets or exceeds the assumed rate of return for plan assets; limit the volatility of asset performance and funded status; and diversify assets among asset classes and investment managers\\.\n\nBased on these investment objectives, a long\\-term strategic asset allocation has been established\\. This strategic allocation seeks to balance the potential benefit of improving the funded position with the potential risk that the funded position would decline\\. The current strategic target asset allocation is as follows:\n\n\n\n|                                 |                   |\n| ------------------------------- | ----------------- |\n| **Asset Class/Sub\\-Class**      | **Allowed Range** |\n| Equity                          | 45% \\- 80%        |\n| Public:                         |                   |\n| U\\.S\\. Large                    | 15% \\- 40%        |\n| U\\.S\\. Small/Mid                | 2% \\- 10%         |\n| International                   | 10% \\- 25%        |\n| Emerging Markets                | 2% \\- 15%         |\n| Alternative Investments         | 5% \\- 30%         |\n| Fixed Income                    | 20% \\- 55%        |\n| Public:                         |                   |\n| U\\.S\\. Long Duration            | 15% \\- 45%        |\n| High Yield and Emerging Markets | 0% \\- 10%         |\n| Private Income                  | 0% \\- 10%         |\n| Other                           | 0% \\- 5%          |\n| Cash Equivalents                | 0% \\- 20%         |\n\n\n\nPublic equity as well as high yield and emerging market fixed income securities are used to provide diversification and are expected to generate higher returns over the long\\-term than U\\.S\\. long duration bonds\\. Public stocks are managed using a value investment approach in order to participate in the returns generated by stocks in the long\\-term, while reducing year\\-over\\-year volatility\\. U\\.S\\. long duration bonds are used to partially hedge the assets from declines in interest rates\\. Alternative (private) investments are used to provide expected returns in excess of the public markets over the long\\-term\\. The pension plan\u2019s master trust also participates in securities lending programs to generate additional income by loaning plan assets to borrowers on a fully collateralized basis\\. These programs are subject to market risk\\.\n\nInvestments in securities traded on recognized securities exchanges are valued at the last reported sales price on the last business day of the year\\. Securities traded in the over\\-the\\-counter market are valued at the last bid price\\. The money market fund is valued at fair value which represents the net asset value of the shares of such fund as of the close of business at the end of the period\\. Investments in limited partnerships are carried at estimated net asset value as determined by and reported by the general partners of the partnerships and represent the proportionate share of the estimated fair value of the underlying assets of the limited partnerships\\. Common/collective trusts are valued at net asset value based on the fair values of the underlying investments of the trusts as determined by the sponsor of the trusts\\. The pension plan\u2019s master trust also invests in a 103\\-12 investment entity (the 103\\-12 Investment Trust) which is designed to invest plan assets of more than one unrelated employer\\. The 103\\-12 Investment Trust is valued at net asset value which is determined by the issuer daily and is based on the aggregate fair value of trust assets less liabilities, divided by the number of units outstanding\\. No changes in valuation techniques or inputs occurred during the year\\.\n\n102"}
{"_id": "Southwest-2017_59.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nfinancial statements in accordance with GAAP requires the Company\u2019s management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying footnotes\\. The Company\u2019s estimates and assumptions are based on historical experience and changes in the business environment\\. However, actual results may differ from estimates under different conditions, sometimes materially\\. Critical accounting policies and estimates are defined as those that both (i) are most important to the portrayal of the Company\u2019s financial condition and results and (ii) require management\u2019s most subjective judgments\\. The Company\u2019s most critical accounting policies and estimates are described below\\.\n\n***Revenue Recognition***\n\nTickets sold for Passenger air travel are initially deferred as Air traffic liability\\. Passenger revenue is recognized and Air traffic liability is reduced when the service is provided (i\\.e\\., when the flight takes place)\\. Air traffic liability primarily represents tickets sold for future travel dates and funds that are past flight date and remain unused, as well as a portion of the Company\u2019s liability associated with its frequent flyer program\\. Air traffic liability fluctuates throughout the year based on seasonal travel patterns, fare sale activity, and activity associated with the Company\u2019s frequent flyer program\\. See Note 2 to the Consolidated Financial Statements for information about changes to Accounting Standards Update (\"ASU\") No\\. 2014\\-09 for revenue recognition that are effective for 2018\\.\n\nFor air travel on Southwest, the amount of tickets that will expire unused are estimated and recognized in Passenger revenue once the scheduled flight date has passed\\. Estimating the amount of tickets that will expire unused involves some level of subjectivity and judgment\\. The majority of Southwest\u2019s tickets sold are nonrefundable, which is the primary source of unused tickets\\. Southwest has a No Show policy that applies to fares that are not canceled or changed by a Customer at least ten minutes prior to a flight's scheduled departure\\. See Note 1 to the Consolidated Financial Statements for further information\\. According to Southwest\u2019s current \"Contract of Carriage,\" all refundable tickets that are sold but not flown on the travel date can be reused for another flight up to a year from the date of sale, or some tickets can be refunded\\. This policy also applies to unused Customer funds that may be the result of an exchange downgrade, in which a Customer exchanges their ticket from a previously purchased flight for a lower priced ticket, with the price difference being available for use by the Customer towards travel up to twelve months from the date of original purchase\\. Fully refundable tickets rarely expire unused\\. Estimates of tickets that will expire unused are based on historical experience over many years\\. Southwest has consistently applied this accounting method to estimate revenue from unused tickets at the date of scheduled travel\\.\n\nEvents and circumstances outside of historical fare sale activity or historical Customer travel patterns can result in actual spoiled tickets differing significantly from estimates\\. The Company evaluates its estimates within a narrow range of acceptable amounts\\. If actual spoilage results in an amount outside of this range, estimates and assumptions are reviewed and adjustments to Air traffic liability and to Passenger revenue are recorded, as necessary\\. Additional factors that may affect estimated spoiled tickets include, but may not be limited to, changes to the Company\u2019s ticketing policies, the Company\u2019s refund, exchange, and unused funds policies, the mix of refundable and nonrefundable fares, promotional fare activity, events leading to significant flight cancellations, and the impact of the economic environment on Customer behavior\\. The Company\u2019s estimation techniques have been consistently applied from year to year; however, as with any estimates, actual spoiled tickets may vary from estimated amounts\\.\n\nThe Company believes it is unlikely that materially different estimates for future spoiled tickets would be reported based on other reasonable assumptions or conditions suggested by actual historical experience and other data available at the time estimates were made\\.\n\n***Accounting for Long\\-Lived Assets***\n\nFlight equipment and related assets make up the majority of the Company\u2019s long\\-lived assets\\. Flight equipment primarily relates to the 653 Boeing 737 aircraft in the Company\u2019s fleet at December 31, 2017, which are either owned or on capital lease\\. The remaining 53 Boeing 737 aircraft in the Company\u2019s fleet at December 31, 2017, are operated under operating leases\\. The Company also has 88 B717 aircraft, which are part of the lease/sublease with Delta\\. As these aircraft are not in service for the Company, they are not included in the fleet count as of December 31, 2017 or 2016\\. \n\n60"}
{"_id": "United-2017_20.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|               |                   |\n| ------------- | ----------------- |\n|  **ITEM 2\\.** | **PROPERTIES\\.**  |\n\n\n\n**Fleet** \n\nIncluding aircraft operated by United\u2019s regional carriers, United\u2019s fleet consisted of 1,262 aircraft as of December 31, 2017, the details of which are presented in the tables below:\n\n\n\n|                   |           |           |            |  |                                          |                                          |                                 |\n|:-----------------:| ---------:| ---------:| ----------:|:- | ----------------------------------------:| ----------------------------------------:| -------------------------------:|\n| **Aircraft Type** | **Total** | **Owned** | **Leased** |  | **Seats in Standard  <br>Configuration** | **Seats in Standard  <br>Configuration** | **Average Age (In  <br>Years)** |\n|   **Mainline:**   |           |           |            |  |                                          |                                          |                                 |\n|    777\\-300ER     |       14  |       14  |         \u2014  |  |                                     366  |                                     366  |                           0\\.7  |\n|    777\\-200ER     |       55  |       40  |        15  |  |                                267\\-269  |                                267\\-269  |                          17\\.8  |\n|     777\\-200      |       19  |       19  |         \u2014  |  |                                     364  |                                     364  |                          20\\.5  |\n|      787\\-9       |       21  |       21  |         \u2014  |  |                                     252  |                                     252  |                           2\\.1  |\n|      787\\-8       |       12  |       12  |         \u2014  |  |                                     219  |                                     219  |                           4\\.5  |\n|    767\\-400ER     |       16  |       14  |         2  |  |                                     242  |                                     242  |                          16\\.3  |\n|    767\\-300ER     |       35  |       22  |        13  |  |                                183\\-214  |                                183\\-214  |                          22\\.5  |\n|     757\\-300      |       21  |        9  |        12  |  |                                     213  |                                     213  |                          15\\.3  |\n|     757\\-200      |       56  |       50  |         6  |  |                                142\\-169  |                                142\\-169  |                          21\\.7  |\n|    737\\-900ER     |      136  |      136  |         \u2014  |  |                                     179  |                                     179  |                           5\\.0  |\n|     737\\-900      |       12  |        8  |         4  |  |                                     179  |                                     179  |                          16\\.3  |\n|     737\\-800      |      141  |       77  |        64  |  |                                154\\-166  |                                154\\-166  |                          13\\.8  |\n|     737\\-700      |       40  |       20  |        20  |  |                                118\\-126  |                                118\\-126  |                          18\\.8  |\n|     A320\\-200     |       99  |       66  |        33  |  |                                     150  |                                     150  |                          19\\.3  |\n|     A319\\-100     |       67  |       50  |        17  |  |                                     128  |                                     128  |                          16\\.7  |\n|  Total mainline   |      744  |      558  |       186  |  |                                          |                                          |                          14\\.3  |\n\n\n\n\n\n|                            |                                                      |             |              |                                                        |                                                                             |                                                                             |                                          |\n|:--------------------------:| ----------------------------------------------------:| -----------:| ------------:| ------------------------------------------------------:|:---------------------------------------------------------------------------:| ---------------------------------------------------------------------------:| ----------------------------------------:|\n|     **Aircraft Type**      | **Capacity  <br>Purchase  <br>Agreement  <br>Total** |  **Owned**  |  **Leased**  | **Owned or  <br>Leased by  <br>Regional  <br>Carrier** | **Regional Carrier  <br>Operator and**  <br>**Number of**  <br>**Aircraft** | **Regional Carrier  <br>Operator and**  <br>**Number of**  <br>**Aircraft** | **Seats in Standard  <br>Configuration** |\n|       **Regional:**        |                                                      |             |              |                                                        |                                                                             |                                                                             |                                          |\n|        Embraer E175        |                                                 152  |         54  |           \u2014  |                                                    98  |                        SkyWest:  <br>Mesa: Republic:                        |                                                             65  <br>59  28  |                                      76  |\n|        Embraer 170         |                                                  38  |          \u2014  |           \u2014  |                                                    38  |                                  Republic:                                  |                                                                         38  |                                      70  |\n|           CRJ700           |                                                  65  |          \u2014  |           \u2014  |                                                    65  |                         SkyWest:  <br>GoJet: Mesa:                          |                                                             20  <br>25  20  |                                      70  |\n|           CRJ200           |                                                  85  |          \u2014  |           \u2014  |                                                    85  |                        SkyWest:  <br>Air Wisconsin:                         |                                                                 55  <br>30  |                                      50  |\n| Embraer ERJ 145 (XR/LR/ER) |                                                 168  |         29  |         139  |                                                     \u2014  |                  ExpressJet:  <br>Trans States: CommutAir:                  |                                                            110  <br>36  22  |                                      50  |\n|          Q200 (a)          |                                                   7  |          \u2014  |           \u2014  |                                                     7  |                                 CommutAir:                                  |                                                                          7  |                                      37  |\n|    Embraer ERJ 135 (a)     |                                                   3  |          \u2014  |           3  |                                                     \u2014  |                                 ExpressJet:                                 |                                                                          3  |                                      37  |\n|       Total regional       |                                                 518  |         83  |         142  |                                                   293  |                                                                             |                                                                             |                                          |\n|           Total            |                                               1,262  |        641  |         328  |                                                   293  |                                                                             |                                                                             |                                          |\n\n\n\n(a) United exited service of both the Q200 and ERJ 135 aircraft types in January 2018\\.\n\n21"}
{"_id": "AmericanAirlines-2019_161.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nITEM 9B\\. OTHER INFORMATION\n\nNone\\.\n\nPART III\n\nITEM 10\\. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE\n\nExcept as stated below, the information required by this Item will be set forth in the Proxy Statement under the captions \u201cProposal 1 \u2013 Election of Directors,\u201d \u201cExecutive Officers,\u201d \u201cBoard Composition\u201d and \u201cInformation About the Board of Directors and Corporate Governance\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\nAAG and American have adopted Standards of Business Conduct (the Ethics Standards) within the meaning of Item 406(b) of Regulation S\\-K\\. The Ethics Standards apply to all officers and employees of AAG and its subsidiaries, including American\\. The Ethics Standards are available on our website at  www\\.aa\\.com \\. If we make substantive amendments to the Ethics Standards or grant any waiver, including any implicit waiver, to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, we will disclose the nature of such amendment or waiver on our website or in a Current Report on Form 8\\-K in accordance with applicable rules and regulations\\.\n\nITEM 11\\. EXECUTIVE COMPENSATION\n\nThe information required by this Item will be set forth in the Proxy Statement under the captions \u201cInformation About the Board of Directors and Corporate Governance \\- Risk Assessment with Respect to Compensation Practices,\u201d \u201cDirector Compensation,\u201d \u201cCompensation Discussion and Analysis,\u201d \u201cExecutive Compensation\u201d and \u201cCompensation Committee Report\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\nITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS\n\nThe information required by this Item will be set forth in the Proxy Statement under the captions \u201cSecurity Ownership of Certain Beneficial Owners and Management\u201d and \u201cEquity Compensation Plan Information\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\nITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE\n\nThe information required by this Item will be set forth in the Proxy Statement under the captions \u201cCertain Relationships and Related Party Transactions\u201d and \u201cInformation About the Board of Directors and Corporate Governance\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\nITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES\n\nThe information required by this Item will be set forth in the Proxy Statement under the caption \u201cProposal 2 \u2013 Ratification of Appointment of Independent Registered Public Accounting Firm\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\n162"}
{"_id": "Southwest-2018_117.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**QUARTERLY FINANCIAL DATA**\n\n**(unaudited)**\n\n\n\n|                                            |                        |                        |                        |                        |     |\n| ------------------------------------------ | ---------------------- | ---------------------- | ---------------------- | ---------------------- | --- |\n|                                            | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |     |\n| **(in millions except per share amounts)** | **March 31**           | **June 30**            | **Sept\\. 30**          | **Dec\\. 31**           |     |\n| **2018**                                   |                        |                        |                        |                        |     |\n| Operating revenues                         | $4,944                 | $5,742                 | $5,575                 | $5,704                 |     |\n| Operating income                           | 616                    | 972                    | 798                    | 820                    |     |\n| Income before income taxes                 | 602                    | 960                    | 786                    | 817                    |     |\n| Net income                                 | 463                    | 733                    | 615                    | 654                    |     |\n| Net income per share, basic                | 0\\.79                  | 1\\.27                  | 1\\.08                  | 1\\.17                  |     |\n| Net income per share, diluted              | 0\\.79                  | 1\\.27                  | 1\\.08                  | 1\\.17                  |     |\n|                                            | **March 31**           | **June 30**            | **Sept\\. 30**          | **Dec\\. 31**           |     |\n|                                            | **As Recast**          | **As Recast**          | **As Recast**          | **As Recast**          |     |\n| **2017**                                   |                        |                        |                        |                        |     |\n| Operating revenues                         | $4,854                 | $5,731                 | $5,303                 | $5,258                 |     |\n| Operating income                           | 606                    | 1,215                  | 845                    | 741                    |     |\n| Income before income taxes                 | 532                    | 1,165                  | 832                    | 736                    |     |\n| Net income                                 | 339                    | 743                    | 528                    | 1,747                  | (a) |\n| Net income per share, basic                | 0\\.55                  | 1\\.23                  | 0\\.88                  | 2\\.95                  | (a) |\n| Net income per share, diluted              | 0\\.55                  | 1\\.23                  | 0\\.88                  | 2\\.94                  | (a) |\n\n\n\n(a) Includes a $1\\.3 billion reduction in Provision for income taxes related to the Tax Cuts and Jobs Act legislation enacted in December 2017, which resulted in a re\\-measurement of the Company's deferred tax assets and liabilities at the new federal corporate tax rate of 21 percent\\. See Note 14 to the Consolidated Financial Statements for further information\\.\n\n118"}
{"_id": "Delta-2018_54.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the Board of Directors and Stockholders of \n\nDelta Air Lines, Inc\\. \n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated balance sheets of Delta Air Lines, Inc\\. (the Company) as of  December 31, 2018  and  2017 , and the related consolidated statements of operations, comprehensive income, cash flows, and stockholders' equity for each of the three years in the period ended  December 31, 2018 , and the related notes (collectively referred to as the \u201cconsolidated financial statements\u201d)\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at  December 31, 2018  and  2017 , and the results of its operations and its cash flows for each of the three years in the period ended  December 31, 2018 , in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of  December 31, 2018 , based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated  February 15, 2019  expressed an unqualified opinion thereon\\.\n\nAdoption of New Accounting Standards\n\nAs discussed in Note 1 to the consolidated financial statements, the Company has changed its method for recognizing revenue from contracts with customers and for accounting for leases in fiscal year 2018 due to the adoption of the new revenue standard and new lease standard, respectively\\. The Company adopted the new revenue standard using the full retrospective approach and adopted the new lease standard using a modified retrospective approach\\.\n\nBasis for Opinion\n\nThese financial statements are the responsibility of the Company's management\\. Our responsibility is to express an opinion on the Company\u2019s financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatements of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\n\n\n|                                                      |                       |\n| ---------------------------------------------------- | --------------------- |\n|                                                      | /s/ Ernst & Young LLP |\n| We have served as the Company's auditor since 2006\\. |                       |\n| Atlanta, Georgia                                     |                       |\n| February 15, 2019                                    |                       |\n\n\n\n 52"}
{"_id": "AmericanAirlines-2017_82.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**AMERICAN AIRLINES GROUP INC\\.**\n\n**CONSOLIDATED BALANCE SHEETS**\n\n**(In millions, except shares and par value)**\n\n\n\n|                                                                                                                                                                                                 |                  |                  |\n| ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                                                                                                                                 | **December 31,** | **December 31,** |\n|                                                                                                                                                                                                 | **2017**         | **2016**         |\n| **ASSETS**                                                                                                                                                                                      |                  |                  |\n| **Current assets**                                                                                                                                                                              |                  |                  |\n| Cash                                                                                                                                                                                            | $295             | $322             |\n| Short\\-term investments                                                                                                                                                                         | 4,771            | 6,037            |\n| Restricted cash and short\\-term investments                                                                                                                                                     | 318              | 638              |\n| Accounts receivable, net                                                                                                                                                                        | 1,752            | 1,594            |\n| Aircraft fuel, spare parts and supplies, net                                                                                                                                                    | 1,359            | 1,094            |\n| Prepaid expenses and other                                                                                                                                                                      | 651              | 639              |\n| Total current assets                                                                                                                                                                            | 9,146            | 10,324           |\n| **Operating property and equipment**                                                                                                                                                            |                  |                  |\n| Flight equipment                                                                                                                                                                                | 40,318           | 37,028           |\n| Ground property and equipment                                                                                                                                                                   | 8,267            | 7,116            |\n| Equipment purchase deposits                                                                                                                                                                     | 1,217            | 1,209            |\n| Total property and equipment, at cost                                                                                                                                                           | 49,802           | 45,353           |\n| Less accumulated depreciation and amortization                                                                                                                                                  | (15,646)         | (14,194)         |\n| Total property and equipment, net                                                                                                                                                               | 34,156           | 31,159           |\n| **Other assets**                                                                                                                                                                                |                  |                  |\n| Goodwill                                                                                                                                                                                        | 4,091            | 4,091            |\n| Intangibles, net of accumulated amortization of $622 and $578, respectively                                                                                                                     | 2,203            | 2,173            |\n| Deferred tax asset                                                                                                                                                                              | 427              | 1,498            |\n| Other assets                                                                                                                                                                                    | 1,373            | 2,029            |\n| Total other assets                                                                                                                                                                              | 8,094            | 9,791            |\n| **Total assets**                                                                                                                                                                                | $51,396          | $51,274          |\n| **LIABILITIES AND STOCKHOLDERS\u2019 EQUITY**                                                                                                                                                        |                  |                  |\n| **Current liabilities**                                                                                                                                                                         |                  |                  |\n| Current maturities of long\\-term debt and capital leases                                                                                                                                        | $2,554           | $1,855           |\n| Accounts payable                                                                                                                                                                                | 1,688            | 1,592            |\n| Accrued salaries and wages                                                                                                                                                                      | 1,672            | 1,516            |\n| Air traffic liability                                                                                                                                                                           | 3,978            | 3,912            |\n| Loyalty program liability                                                                                                                                                                       | 2,791            | 2,789            |\n| Other accrued liabilities                                                                                                                                                                       | 2,281            | 2,208            |\n| Total current liabilities                                                                                                                                                                       | 14,964           | 13,872           |\n| **Noncurrent liabilities**                                                                                                                                                                      |                  |                  |\n| Long\\-term debt and capital leases, net of current maturities                                                                                                                                   | 22,511           | 22,489           |\n| Pension and postretirement benefits                                                                                                                                                             | 7,497            | 7,842            |\n| Other liabilities                                                                                                                                                                               | 2,498            | 3,286            |\n| Total noncurrent liabilities                                                                                                                                                                    | 32,506           | 33,617           |\n| **Commitments and contingencies (Note 11)**                                                                                                                                                     |   <br>           |   <br>           |\n| **Stockholders\u2019 equity**                                                                                                                                                                        |                  |                  |\n| Common stock, $0\\.01 par value; 1,750,000,000 shares authorized, 475,507,887 shares issued and outstanding at December 31, 2017; 507,294,153 shares issued and outstanding at December 31, 2016 | 5                | 5                |\n| Additional paid\\-in capital                                                                                                                                                                     | 5,714            | 7,223            |\n| Accumulated other comprehensive loss                                                                                                                                                            | (5,154)          | (5,083)          |\n| Retained earnings                                                                                                                                                                               | 3,361            | 1,640            |\n| Total stockholders\u2019 equity                                                                                                                                                                      | 3,926            | 3,785            |\n| **Total liabilities and stockholders\u2019 equity**                                                                                                                                                  | $51,396          | $51,274          |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n83"}
{"_id": "Southwest-2017_114.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**PART III**\n\n**Item 10\\.** ***Directors, Executive Officers, and Corporate Governance***\n\n**Directors and Executive Officers**\n\nThe information required by this Item 10 regarding the Company\u2019s directors will be set forth under the heading \u201cProposal 1 \\- Election of Directors\u201d in the Proxy Statement for the Company\u2019s 2018 Annual Meeting of Shareholders and is incorporated herein by reference\\. The information required by this Item 10 regarding the Company\u2019s executive officers is set forth under the heading \u201cExecutive Officers of the Registrant\u201d in Part I of this Form 10\\-K and is incorporated herein by reference\\.\n\n**Section 16(a) Compliance**\n\nThe information required by this Item 10 regarding compliance with Section 16(a) of the Exchange Act will be set forth under the heading \u201cSection 16(a) Beneficial Ownership Reporting Compliance\u201d in the Proxy Statement for the Company\u2019s 2018 Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\n**Corporate Governance**\n\nExcept as set forth in the following paragraph, the remaining information required by this Item 10 will be set forth under the heading \u201cCorporate Governance\u201d in the Proxy Statement for the Company\u2019s 2018 Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\nThe Company has adopted a Code of Ethics that applies to its principal executive officer, principal financial officer, and principal accounting officer or controller\\. The Company\u2019s Code of Ethics, as well as its Corporate Governance Guidelines and the charters of its Audit, Compensation, and Nominating and Corporate Governance Committees, are available on the Company\u2019s website, www\\.southwest\\.com\\. Copies of these documents are also available upon request to Investor Relations, Southwest Airlines Co\\., P\\.O\\. Box 36611, Dallas, TX 75235\\. The Company intends to disclose any amendments to, or waivers from, its Code of Ethics that apply to the Company\u2019s principal executive officer, principal financial officer, and principal accounting officer or controller on the Company\u2019s website, www\\.southwest\\.com, under the \u201cAbout Southwest\u201d caption, promptly following the date of any such amendment or waiver\\.\n\n**Item 11\\.** ***Executive Compensation***\n\nThe information required by this Item 11 will be set forth under the headings \u201cCompensation of Executive Officers\u201d and \u201cCompensation of Directors\u201d in the Proxy Statement for the Company\u2019s 2018 Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\n**Item 12\\.** ***Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters***\n\nExcept as set forth below regarding securities authorized for issuance under equity compensation plans, the information required by this Item 12 will be set forth under the heading \u201cVoting Securities and Principal Shareholders\u201d in the Proxy Statement for the Company\u2019s 2018 Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\n**Securities Authorized for Issuance under Equity Compensation Plans**\n\nThe following table provides information as of December 31, 2017, regarding compensation plans (including individual compensation arrangements) under which equity securities of the Company are authorized for issuance\\.\n\n115"}
{"_id": "Delta-2019_17.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nThe credit facilities also contain other events of default customary for such financings\\. If an event of default were to occur, the lenders could, among other things, declare outstanding amounts due and payable and where applicable, repossess collateral, which may include aircraft or other valuable assets\\. In addition, an event of default or declaration of acceleration under any of the credit facilities could also result in an event of default under other of our financing agreements\\. The acceleration of significant amounts of debt could require us to renegotiate, repay or refinance the obligations under the credit facilities or other financing arrangements\\.\n\nEmployee strikes and other labor\\-related disruptions may have a material adverse effect on our  operations\\.\n\nOur business is labor intensive, utilizing large numbers of pilots, flight attendants, aircraft maintenance technicians, ground support personnel and other personnel\\. As of December 31, 2019, approximately 19%  of our workforce, primarily pilots, was unionized\\. Relations between air carriers and labor unions in the United States are governed by the Railway Labor Act, which provides that a collective bargaining agreement between an airline and a labor union does not expire, but instead becomes amendable as of a stated date\\. The Railway Labor Act generally prohibits strikes or other types of self help actions both before and after a collective bargaining agreement becomes amendable, unless and until the collective bargaining processes required by the Railway Labor Act have been exhausted\\. The collective bargaining agreement with our pilots became amendable on December 31, 2019 and we are in discussions with representatives of the pilots regarding terms of the collective bargaining agreement\\. Monroe's relations with unions representing its employees are governed by the NLRA, which generally allows self help after a collective bargaining agreement expires\\.\n\nIf we or our subsidiaries are unable to reach agreement with any of our unionized work groups on future negotiations regarding the terms of their collective bargaining agreements or if additional segments of our workforce become unionized, we may be subject to work interruptions or stoppages, subject to the requirements of the Railway Labor Act or the NLRA, as the case may be\\. Strikes or labor disputes with our unionized employees may have a material adverse effect on our ability to conduct business\\. Likewise, if third\\-party regional carriers with whom we have contract carrier agreements are unable to reach agreement with their unionized work groups in current or future negotiations regarding the terms of their collective bargaining agreements, those carriers may be subject to work interruptions or stoppages, subject to the requirements of the Railway Labor Act, which could have a material adverse effect on our operations\\.\n\nOur results can fluctuate due to the effects of weather, natural disasters and seasonality\\. \n\nOur results of operations are impacted by severe weather, natural disasters and seasonality\\. Severe weather conditions and natural disasters (or other environmental events) can significantly disrupt service and create air traffic control problems\\. These events decrease revenue and can also increase costs\\. In addition, increases in the frequency, severity or duration of thunderstorms, hurricanes, typhoons or other severe weather events, including from changes in the global climate, could result in increases in delays and cancellations, turbulence\\-related injuries and fuel consumption to avoid such weather, any of which could result in loss of revenue and higher costs\\. In addition, demand for air travel is typically higher in the June and September quarters, particularly in our international markets, because there is more vacation travel during these periods than during the remainder of the year\\. The seasonal shifting of demand causes our financial results to vary on a seasonal basis\\. Because of fluctuations in our results from weather, natural disasters and seasonality, operating results for a historical period are not necessarily indicative of operating results for a future period and operating results for an interim period are not necessarily indicative of operating results for an entire year\\. \n\nAn extended disruption in services provided by third parties, including third\\-party regional  carriers, could have a material adverse effect on our results of operations\\.\n\nWe utilize the services of third parties in a number of areas in support of our operations that are integral to our business, including third\\-party carriers in the Delta Connection program and ground operations at some airports\\. While we have agreements with these providers that define expected service performance, we do not have direct control over their operations\\. In particular, some third\\-party regional carriers are facing a shortage of qualified pilots due to government mandated increases in flight experience required for pilots working for airlines\\. If this shortage becomes more widespread, third\\-party regional carriers may not be able to comply with their obligations to us\\. To the extent that a significant disruption in services occurs because third party providers are unable to perform their obligations over an extended period of time, our revenue may be reduced or our expenses may be increased, resulting in a material adverse effect on our results of operations\\.\n\n15"}
{"_id": "AmericanAirlines-2018_95.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***(p) Other Operating Expenses***\n\nOther operating expenses includes costs associated with ground and cargo handling, crew travel, aircraft food and catering, passenger accommodation, airport security, international navigation fees and certain general and administrative expenses\\.\n\n***(q) Regional Expenses***\n\nExpenses associated with American Eagle operations are classified as regional expenses on our consolidated statements of operations\\. Regional expenses consist of the following (in millions):\n\n\n\n|                                                               |                             |                             |                             |\n| ------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                               | **2018**                    | **2017**                    | **2016**                    |\n| Aircraft fuel and related taxes                               | $1,843                      | $1,382                      | $1,109                      |\n| Salaries, wages and benefits                                  | 1,591                       | 1,452                       | 1,333                       |\n| Capacity purchases from third\\-party regional carriers  ^(1)^ | 1,431                       | 1,581                       | 1,538                       |\n| Maintenance, materials and repairs                            | 340                         | 281                         | 345                         |\n| Other rent and landing fees                                   | 610                         | 625                         | 564                         |\n| Aircraft rent                                                 | 32                          | 35                          | 36                          |\n| Selling expenses                                              | 369                         | 361                         | 347                         |\n| Depreciation and amortization                                 | 318                         | 315                         | 301                         |\n| Special items, net                                            | 6                           | 22                          | 14                          |\n| Other                                                         | 593                         | 492                         | 457                         |\n| Total regional expenses                                       | $7,133                      | $6,546                      | $6,044                      |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                            |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | In  2018 , we recognized  $565 million  of expense under our capacity purchase agreement with Republic Airline Inc\\. (Republic)\\. We hold a  25%  equity interest in Republic Airways Holdings Inc\\. (Republic Holdings), the parent company of Republic\\. |\n\n\n\n96"}
{"_id": "AmericanAirlines-2019_151.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n(d) Off\\-Balance Sheet Arrangements\n\nAircraft and Engines\n\nAmerican currently operates   382  owned aircraft and   69  leased aircraft, and owns   79  spare aircraft engines, which in each case were financed with EETCs issued by pass\\-through trusts\\. These trusts are off\\-balance sheet entities, the primary purpose of which is to finance the acquisition of flight equipment or to permit issuance of debt backed by existing flight equipment\\. In the case of aircraft EETCs, rather than finance each aircraft separately when such aircraft is purchased, delivered or refinanced, these trusts allow American to raise the financing for a number of aircraft at one time and, if applicable, place such funds in escrow pending a future purchase, delivery or refinancing of the relevant aircraft\\. Similarly, in the case of the spare engine EETCs, the trust allows American to use its existing pool of spare engines to raise financing under a single facility\\. The trusts have also been structured to provide for certain credit enhancements, such as liquidity facilities to cover certain interest payments, that reduce the risks to the purchasers of the trust certificates and, as a result, reduce the cost of aircraft financing to American\\.\n\nEach trust covers a set number of aircraft or spare engines scheduled to be delivered, financed or refinanced upon the issuance of the EETC or within a specific period of time thereafter\\. At the time of each covered aircraft or spare engine financing, the relevant trust used the proceeds of the issuance of the EETC (which may have been available at the time of issuance thereof or held in escrow until financing of the applicable aircraft following its delivery) to purchase equipment notes relating to the financed aircraft or engines\\. The equipment notes are issued, at American\u2019s election, in connection with a mortgage financing of the aircraft or spare engines or, in certain cases, by a separate owner trust in connection with a leveraged lease financing of the aircraft\\. In the case of a leveraged lease financing, the owner trust then leases the aircraft to American\\. In both cases, the equipment notes are secured by a security interest in the aircraft or engines, as applicable\\. The pass\\-through trust certificates are not direct obligations of, nor are they guaranteed by, AAG or American\\. However, in the case of mortgage financings, the equipment notes issued to the trusts are direct obligations of American and, in certain instances, have been guaranteed by AAG\\. As of  December 31, 2019 ,   $11\\.9 billion  associated with these mortgage financings is reflected as debt in the accompanying consolidated balance sheet\\.\n\nWith respect to leveraged leases, American evaluated whether the leases had characteristics of a variable interest entity\\. American concluded the leasing entities met the criteria for variable interest entities; however, American concluded it is not the primary beneficiary under these leasing arrangements and accounts for the majority of its EETC leveraged lease financings as operating leases\\. American\u2019s total future payments to the trusts of each of the relevant EETCs under these leveraged lease financings are   $177 million  as of  December 31, 2019 , which are reflected in the operating lease obligations in Note 4\\. \n\nLetters of Credit and Other\n\nAmerican provides financial assurance, such as letters of credit, surety bonds or restricted cash and investments, primarily to support projected workers\u2019 compensation obligations and airport commitments\\. As of  December 31, 2019 , American had   $572 million  of letters of credit and surety bonds securing various obligations\\. The letters of credit and surety bonds that are subject to expiration will expire on various dates through  2022 \\.\n\n(e) Legal Proceedings\n\nChapter 11 Cases \\. On November 29, 2011, AMR, American, and certain of AMR\u2019s other direct and indirect domestic subsidiaries (the Debtors) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court)\\. On October 21, 2013, the Bankruptcy Court entered an order approving and confirming the Debtors\u2019 fourth amended joint plan of reorganization (as amended, the Plan)\\. On the Effective Date, December 9, 2013, the Debtors consummated their reorganization pursuant to the Plan and completed the Merger\\.\n\nPursuant to rulings of the Bankruptcy Court, the Plan established the Disputed Claims Reserve to hold shares of AAG common stock reserved for issuance to disputed claimholders at the Effective Date that ultimately become holders of allowed claims\\. The shares of AAG common stock issued to the Disputed Claims Reserve were originally issued on December 13, 2013 and have at all times since been included in the number of shares issued and outstanding as reported by AAG from time to time in its quarterly and annual reports, including for purposes of calculating earnings per common share\\. As disputed claims are resolved, the claimants receive distributions of shares from the Disputed Claims Reserve\\. However, American is not required to distribute additional shares above the limits contemplated by the Plan, even if the shares remaining for distribution in the Disputed Claims Reserve are not sufficient to fully pay any additional allowed unsecured claims\\. To the extent that any of the reserved shares remain undistributed upon resolution of all remaining disputed claims, such shares will not be returned to AAG but rather will be distributed to former AMR stockholders and former convertible noteholders \n\n152"}
{"_id": "Southwest-2018_128.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nSIGNATURES \n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized\\.\n\n\n\n|                  |                         |                                                      |\n| ---------------- | ----------------------- | ---------------------------------------------------- |\n|                  | SOUTHWEST AIRLINES CO\\. | SOUTHWEST AIRLINES CO\\.                              |\n| February 5, 2019 | By                      | /s/ Tammy Romo                                       |\n|                  |                         | Tammy Romo                                           |\n|                  |                         | *Executive Vice President & Chief Financial Officer* |\n|                  |                         | *(On behalf of the Registrant and in*                |\n|                  |                         | *her capacity as Principal Financial*                |\n|                  |                         | *and Accounting Officer)*                            |\n\n\n\n129"}
{"_id": "AmericanAirlines-2017_70.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**Contractual Obligations**\n\nThe following table provides details of our future cash contractual obligations as of December 31, 2017\\. The table does not include commitments that are contingent on events or other factors that are uncertain or unknown at this time\\.\n\n\n\n|                                                                       |                            |                            |                            |                            |                            |                            |                            |\n| --------------------------------------------------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- |\n|                                                                       | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |\n|                                                                       | **2018**                   | **2019**                   | **2020**                   | **2021**                   | **2022**                   | **2023 and Thereafter**    | **Total**                  |\n| *American*  *^(a)^*                                                   |                            |                            |                            |                            |                            |                            |                            |\n| Debt and capital lease obligations  ^(b) (d)^<br><br>(See Note 3)     | $2,098                     | $2,118                     | $3,563                     | $2,854                     | $1,286                     | $11,602                    | $23,521                    |\n| Interest obligations  ^(c)^  ^(d)^                                    | 966                        | 904                        | 788                        | 658                        | 535                        | 1,409                      | 5,260                      |\n| Aircraft and engine purchase <br><br>commitments  ^(e)^  (See Note 9) | 1,826                      | 2,730                      | 2,730                      | 2,858                      | 2,138                      | 1,482                      | 13,764                     |\n| Operating lease commitments  ^(f)^<br><br>(See Note 9)                | 2,178                      | 1,966                      | 1,776                      | 1,331                      | 1,155                      | 3,253                      | 11,659                     |\n| Regional capacity purchase agreements  ^(g)^  (See Note 9)            | 1,457                      | 1,311                      | 1,063                      | 866                        | 699                        | 2,073                      | 7,469                      |\n| Minimum pension obligations  ^(h)^<br><br>(See Note 7)                | 464                        | 890                        | 484                        | 495                        | 581                        | 1,476                      | 4,390                      |\n| Retiree medical and other postretirement benefits (See Note 7)        | 96                         | 92                         | 80                         | 75                         | 70                         | 314                        | 727                        |\n| Other purchase obligations  ^(i)^  (See Note 9)                       | 2,036                      | 1,405                      | 894                        | 956                        | 9                          | 2                          | 5,302                      |\n| Total American Contractual Obligations                                | $11,121                    | $11,416                    | $11,378                    | $10,093                    | $6,473                     | $21,611                    | $72,092                    |\n| *AAG Parent and Other AAG Subsidiaries*  *^(a)^*                      |                            |                            |                            |                            |                            |                            |                            |\n| Debt and capital lease obligations  ^(b)^<br><br>(See Note 5)         | $500                       | $750                       | $506                       | $2                         | $2                         | $20                        | $1,780                     |\n| Interest obligations  ^(c)^                                           | 82                         | 67                         | 14                         | 2                          | 2                          | 6                          | 173                        |\n| Minimum pension obligations  ^(h)^<br><br>(See Note 9)                | 3                          | 4                          | 3                          | 3                          | 4                          | 15                         | 32                         |\n| Operating lease commitments                                           | 17                         | 8                          | 8                          | 8                          | 4                          | 13                         | 58                         |\n| Total AAG Contractual Obligations                                     | $11,723                    | $12,245                    | $11,909                    | $10,108                    | $6,485                     | $21,665                    | $74,135                    |\n\n\n\n\n\n|       |                                                                                                                                                                 |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(a)^ | For additional information, see the Notes to AAG\u2019s and American\u2019s Consolidated Financial Statements in Part II, Items 8A and 8B referenced in the table above\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                            |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(b)^ | Amounts represent contractual amounts due\\. Excludes $227 million and $236 million of unamortized debt discount, premium and issuance costs as of  December 31, 2017  for American and AAG, respectively\\. |\n\n\n\n\n\n|       |                                                                                                                             |\n| ----- | --------------------------------------------------------------------------------------------------------------------------- |\n| ^(c)^ | For variable\\-rate debt, future interest obligations are estimated using the current forward rates at  December 31, 2017 \\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                              |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(d)^ | Includes  $11\\.9 billion  of future principal payments and  $2\\.7 billion  of future interest payments, respectively, as of  December 31, 2017 , related to EETCs associated with mortgage financings for the purchase of certain aircraft\\. |\n\n\n\n\n\n|       |                                                                                                                                                                    |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(e)^ | See Part I, Item 2\\. Properties \u2013  *\u201cAircraft and Engine Purchase Commitments\u201d*  for additional information about the firm commitment aircraft delivery schedule\\. |\n\n\n\n\n\n|       |                                                                                                                                                     |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(f)^ | Includes  $572 million  of future minimum lease payments related to EETC leveraged lease financings of certain aircraft as of  December 31, 2017 \\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                  |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(g)^ | Represents minimum payments under capacity purchase agreements with third\\-party regional carriers\\. These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and our actual payments could differ materially\\. |\n\n\n\n71"}
{"_id": "Delta-2019_58.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Statements of Cash Flows\n\n\n\n|                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |\n|                                                                                         (in millions)                                                                                          |                                                                                         (in millions)                                                                                          |                                                                                         (in millions)                                                                                          |                                                                                              2019                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              2018                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              2017                                                                                              |\n|                                                                             Cash Flows From Operating Activities:                                                                              |                                                                             Cash Flows From Operating Activities:                                                                              |                                                                             Cash Flows From Operating Activities:                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n|                                                                                           Net income                                                                                           |                                                                                           Net income                                                                                           |                                                                                           Net income                                                                                           |                                                                                            $ 4,767                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            $ 3,935                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            $ 3,205                                                                                             |\n|                                                       Adjustments to reconcile net income to net cash provided by operating activities:                                                        |                                                       Adjustments to reconcile net income to net cash provided by operating activities:                                                        |                                                       Adjustments to reconcile net income to net cash provided by operating activities:                                                        |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n|                                                                                 Depreciation and amortization                                                                                  |                                                                                 Depreciation and amortization                                                                                  |                                                                                 Depreciation and amortization                                                                                  |                                                                                             2,581                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             2,329                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             2,222                                                                                              |\n|                                                                                     Deferred income taxes                                                                                      |                                                                                     Deferred income taxes                                                                                      |                                                                                     Deferred income taxes                                                                                      |                                                                                             1,473                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             1,364                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             2,242                                                                                              |\n|                                                            Pension, postretirement and postemployment payments greater than expense                                                            |                                                            Pension, postretirement and postemployment payments greater than expense                                                            |                                                            Pension, postretirement and postemployment payments greater than expense                                                            |                                                                                             (922)                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             (790)                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            (3,302)                                                                                             |\n|                                                                           Changes in certain assets and liabilities:                                                                           |                                                                           Changes in certain assets and liabilities:                                                                           |                                                                           Changes in certain assets and liabilities:                                                                           |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n|                                                                                          Receivables                                                                                           |                                                                                          Receivables                                                                                           |                                                                                          Receivables                                                                                           |                                                                                             (775)                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              108                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             (428)                                                                                              |\n|                                                                                         Fuel inventory                                                                                         |                                                                                         Fuel inventory                                                                                         |                                                                                         Fuel inventory                                                                                         |                                                                                             (139)                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              324                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             (397)                                                                                              |\n|                                                                           Prepaid expenses and other current assets                                                                            |                                                                           Prepaid expenses and other current assets                                                                            |                                                                           Prepaid expenses and other current assets                                                                            |                                                                                               94                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             (440)                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              (57)                                                                                              |\n|                                                                                     Air traffic liability                                                                                      |                                                                                     Air traffic liability                                                                                      |                                                                                     Air traffic liability                                                                                      |                                                                                              454                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              297                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              284                                                                                               |\n|                                                                                Loyalty program deferred revenue                                                                                |                                                                                Loyalty program deferred revenue                                                                                |                                                                                Loyalty program deferred revenue                                                                                |                                                                                               87                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              319                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              399                                                                                               |\n|                                                                                         Profit sharing                                                                                         |                                                                                         Profit sharing                                                                                         |                                                                                         Profit sharing                                                                                         |                                                                                              354                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              233                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              (51)                                                                                              |\n|                                                                            Accounts payable and accrued liabilities                                                                            |                                                                            Accounts payable and accrued liabilities                                                                            |                                                                            Accounts payable and accrued liabilities                                                                            |                                                                                              144                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             (418)                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              955                                                                                               |\n|                                                                                           Other, net                                                                                           |                                                                                           Other, net                                                                                           |                                                                                           Other, net                                                                                           |                                                                                              307                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             (247)                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              (49)                                                                                              |\n|                                                                           Net cash provided by operating activities                                                                            |                                                                           Net cash provided by operating activities                                                                            |                                                                           Net cash provided by operating activities                                                                            |                                                                                             8,425                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             7,014                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             5,023                                                                                              |\n|                                                                             Cash Flows From Investing Activities:                                                                              |                                                                             Cash Flows From Investing Activities:                                                                              |                                                                             Cash Flows From Investing Activities:                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n|                                                                               Property and equipment additions:                                                                                |                                                                               Property and equipment additions:                                                                                |                                                                               Property and equipment additions:                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n|                                                                          Flight equipment, including advance payments                                                                          |                                                                          Flight equipment, including advance payments                                                                          |                                                                          Flight equipment, including advance payments                                                                          |                                                                                            (3,344)                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            (3,704)                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            (2,704)                                                                                             |\n|                                                                      Ground property and equipment, including technology                                                                       |                                                                      Ground property and equipment, including technology                                                                       |                                                                      Ground property and equipment, including technology                                                                       |                                                                                            (1,592)                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            (1,464)                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            (1,187)                                                                                             |\n|                                                                                 Purchase of equity investments                                                                                 |                                                                                 Purchase of equity investments                                                                                 |                                                                                 Purchase of equity investments                                                                                 |                                                                                             (170)                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                               \u2014                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            (1,245)                                                                                             |\n|                                                                                   Sale of equity investments                                                                                   |                                                                                   Sale of equity investments                                                                                   |                                                                                   Sale of equity investments                                                                                   |                                                                                              279                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                               28                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                               \u2014                                                                                                |\n|                                                                              Purchase of short\\-term investments                                                                               |                                                                              Purchase of short\\-term investments                                                                               |                                                                              Purchase of short\\-term investments                                                                               |                                                                                               \u2014                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             (145)                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             (925)                                                                                              |\n|                                                                             Redemption of short\\-term investments                                                                              |                                                                             Redemption of short\\-term investments                                                                              |                                                                             Redemption of short\\-term investments                                                                              |                                                                                              206                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              766                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              584                                                                                               |\n|                                                                                           Other, net                                                                                           |                                                                                           Other, net                                                                                           |                                                                                           Other, net                                                                                           |                                                                                               58                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              126                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              211                                                                                               |\n|                                                                             Net cash used in investing activities                                                                              |                                                                             Net cash used in investing activities                                                                              |                                                                             Net cash used in investing activities                                                                              |                                                                                            (4,563)                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            (4,393)                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            (5,266)                                                                                             |\n|                                                                             Cash Flows From Financing Activities:                                                                              |                                                                             Cash Flows From Financing Activities:                                                                              |                                                                             Cash Flows From Financing Activities:                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n|                                                                         Payments on debt and finance lease obligations                                                                         |                                                                         Payments on debt and finance lease obligations                                                                         |                                                                         Payments on debt and finance lease obligations                                                                         |                                                                                            (3,320)                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            (3,052)                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            (1,258)                                                                                             |\n|                                                                                   Repurchase of common stock                                                                                   |                                                                                   Repurchase of common stock                                                                                   |                                                                                   Repurchase of common stock                                                                                   |                                                                                            (2,027)                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            (1,575)                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            (1,677)                                                                                             |\n|                                                                                         Cash dividends                                                                                         |                                                                                         Cash dividends                                                                                         |                                                                                         Cash dividends                                                                                         |                                                                                             (980)                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             (909)                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             (731)                                                                                              |\n|                                                                                     Fuel card obligation                                                                                       |                                                                                     Fuel card obligation                                                                                       |                                                                                     Fuel card obligation                                                                                       |                                                                                             (339)                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                               7                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              636                                                                                               |\n|                                                                             Proceeds from short\\-term obligations                                                                              |                                                                             Proceeds from short\\-term obligations                                                                              |                                                                             Proceeds from short\\-term obligations                                                                              |                                                                                             1,750                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                               \u2014                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                               \u2014                                                                                                |\n|                                                                              Proceeds from long\\-term obligations                                                                              |                                                                              Proceeds from long\\-term obligations                                                                              |                                                                              Proceeds from long\\-term obligations                                                                              |                                                                                             2,057                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             3,745                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             2,454                                                                                              |\n|                                                                                           Other, net                                                                                           |                                                                                           Other, net                                                                                           |                                                                                           Other, net                                                                                           |                                                                                              (21)                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                               58                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             (154)                                                                                              |\n|                                                                             Net cash used in financing activities                                                                              |                                                                             Net cash used in financing activities                                                                              |                                                                             Net cash used in financing activities                                                                              |                                                                                            (2,880)                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            (1,726)                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             (730)                                                                                              |\n|                                                             Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash                                                              |                                                             Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash                                                              |                                                             Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash                                                              |                                                                                              982                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              895                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             (973)                                                                                              |\n|                                                               Cash, cash equivalents and restricted cash at beginning of period                                                                |                                                               Cash, cash equivalents and restricted cash at beginning of period                                                                |                                                               Cash, cash equivalents and restricted cash at beginning of period                                                                |                                                                                             2,748                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             1,853                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             2,826                                                                                              |\n|                                                                  Cash, cash equivalents and restricted cash at end of period                                                                   |                                                                  Cash, cash equivalents and restricted cash at end of period                                                                   |                                                                  Cash, cash equivalents and restricted cash at end of period                                                                   |                                                                                            $ 3,730                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            $ 2,748                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            $ 1,853                                                                                             |\n|                                                                       Supplemental Disclosure of Cash Paid for Interest                                                                        |                                                                       Supplemental Disclosure of Cash Paid for Interest                                                                        |                                                                       Supplemental Disclosure of Cash Paid for Interest                                                                        |                                                                                             $ 481                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             $ 376                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             $ 390                                                                                              |\n|                                                                                    Non\\-Cash Transactions:                                                                                     |                                                                                    Non\\-Cash Transactions:                                                                                     |                                                                                    Non\\-Cash Transactions:                                                                                     |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n|                                                           Treasury stock contributed to our qualified defined benefit pension plans                                                            |                                                           Treasury stock contributed to our qualified defined benefit pension plans                                                            |                                                           Treasury stock contributed to our qualified defined benefit pension plans                                                            |                                                                                              $ \u2014                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              $ \u2014                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             $ 350                                                                                              |\n|                                                                     Right\\-of\\-use assets acquired under operating leases                                                                      |                                                                     Right\\-of\\-use assets acquired under operating leases                                                                      |                                                                     Right\\-of\\-use assets acquired under operating leases                                                                      |                                                                                              464                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             1,041                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                               \u2014                                                                                                |\n|                                                                   Flight and ground equipment acquired under finance leases                                                                    |                                                                   Flight and ground equipment acquired under finance leases                                                                    |                                                                   Flight and ground equipment acquired under finance leases                                                                    |                                                                                              650                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                               93                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              261                                                                                               |\n|                                                                          Operating leases converted to finance leases                                                                          |                                                                          Operating leases converted to finance leases                                                                          |                                                                          Operating leases converted to finance leases                                                                          |                                                                                              190                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                               7                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                               \u2014                                                                                                |\n| The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the same such amounts shown above: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |                                                                                    Year Ended December 31,                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |\n|                                                                                         (in millions)                                                                                          |                                                                                         (in millions)                                                                                          |                                                                                         (in millions)                                                                                          |                                                                                              2019                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              2018                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                              2017                                                                                              |\n|                                                                                        Current assets:                                                                                         |                                                                                        Current assets:                                                                                         |                                                                                        Current assets:                                                                                         |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n|                                                                                   Cash and cash equivalents                                                                                    |                                                                                   Cash and cash equivalents                                                                                    |                                                                                   Cash and cash equivalents                                                                                    |                                                                                            $ 2,882                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            $ 1,565                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            $ 1,814                                                                                             |\n|                                                                     Restricted cash included in prepaid expenses and other                                                                     |                                                                     Restricted cash included in prepaid expenses and other                                                                     |                                                                     Restricted cash included in prepaid expenses and other                                                                     |                                                                                              212                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                               47                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                               39                                                                                               |\n|                                                                                       Noncurrent assets:                                                                                       |                                                                                       Noncurrent assets:                                                                                       |                                                                                       Noncurrent assets:                                                                                       |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |\n|                                                                            Cash restricted for airport construction                                                                            |                                                                            Cash restricted for airport construction                                                                            |                                                                            Cash restricted for airport construction                                                                            |                                                                                              636                                                                                               |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                             1,136                                                                                              |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                               \u2014                                                                                                |\n|                                                                        Total cash, cash equivalents and restricted cash                                                                        |                                                                        Total cash, cash equivalents and restricted cash                                                                        |                                                                        Total cash, cash equivalents and restricted cash                                                                        |                                                                                            $ 3,730                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            $ 2,748                                                                                             |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                                                                                                                                |                                                                                            $ 1,853                                                                                             |\n|                                                    The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                    |                                                    The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                    |                                                    The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                    |                                                    The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                    |                                                    The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                    |                                                    The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                    |                                                    The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                    |                                                    The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                    |                                                    The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                    |                                                    The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                    |                                                    The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                    |                                                    The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n\n\n\n56"}
{"_id": "United-2018_34.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\ntaking into consideration such factors as redemption pattern, cabin class, loyalty status and geographic region\\. The estimated selling price of miles is adjusted by breakage that considers a number of factors, including redemption patterns of various customer groups\\. The Company reviews its breakage estimates annually based upon the latest available information regarding redemption and expiration patterns\\. The Company's estimate of the expected expiration of miles requires significant management judgment\\. Current and future changes to expiration assumptions or to the expiration policy, or to program rules and program redemption opportunities, may result in material changes to the deferred revenue balance as well as recognized revenues from the program\\. For the portion of the outstanding miles that we estimate will not be redeemed, we recognize the associated value proportionally as the remaining miles are redeemed\\.\n\n*Co\\-Brand Agreement*\\. United has a significant contract (the \"Co\\-Brand Agreement\") to sell MileagePlus miles to its co\\-branded credit card partner Chase Bank USA, N\\.A\\. (\"Chase\")\\. Chase awards miles to MileagePlus members based on their credit card activity\\. United identified the following significant separately identifiable performance obligations in the Co\\-Brand Agreement:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | MileagePlus miles awarded \u2013 United has a performance obligation to provide MileagePlus cardholders with miles to be used for air travel and non\\-travel award redemptions\\. The Company records Passenger revenue related to the travel awards when the transportation is provided and records Other revenue related to the non\\-travel awards when the goods or services are delivered\\. The Company records the cost associated with non\\-travel awards in Other operating revenue\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                     |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Marketing \u2013 United has a performance obligation to provide Chase access to its customer list and the use of its brand\\. Marketing revenue is recorded to Other operating revenue as miles are delivered to Chase\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Advertising \u2013 United has a performance obligation to provide advertising in support of the MileagePlus card in various customer contact points such as United's website, email promotions, direct mail campaigns, airport advertising and in\\-flight advertising\\. Advertising revenue is recorded to Other operating revenue as miles are delivered to Chase\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Other travel\\-related benefits \u2013 United's performance obligations are comprised of various items such as waived bag fees, seat upgrades and lounge passes\\. Lounge passes are recorded to Other operating revenue as customers use the lounge passes\\. Bag fees and seat upgrades are recorded to Passenger revenue at the time of the associated travel\\.  |\n\n\n\nWe account for all the payments received (including monthly and one\\-time payments) under the Co\\-Brand Agreement by allocating them to the separately identifiable performance obligations\\. The fair value of the separately identifiable performance obligations is determined using management's estimated selling price of each component\\. The objective of using the estimated selling price based methodology is to determine the price at which we would transact a sale if the product or service were sold on a stand\\-alone basis\\. Accordingly, we determine our best estimate of selling price by considering multiple inputs and methods including, but not limited to, discounted cash flows, brand value, volume discounts, published selling prices, number of miles awarded and number of miles redeemed\\. The Company estimated the selling prices and volumes over the term of the Co\\-Brand Agreement in order to determine the allocation of proceeds to each of the components to be delivered\\. We also evaluate volumes on an annual basis, which may result in a change in the allocation of the estimated consideration from the Co\\-Brand Agreement on a prospective basis\\.\n\n*Frequent flyer deferred revenue\\.*Miles in MileagePlus members' accounts are combined into one homogeneous pool and are thus not separately identifiable, for award redemption purposes, between miles earned in the current period and those in their beginning balance\\. Of the miles expected to be redeemed, the Company expects the majority of these miles to be redeemed within two years\\.\n\nThe following table summarizes information related to the Company's Frequent flyer deferred revenue liability:\n\n\n\n|                                                                                                                                     |        |\n| ----------------------------------------------------------------------------------------------------------------------------------- | ------ |\n| Frequent flyer deferred revenue at December 31, 2018 (in millions)                                                                  | $5,005 |\n| Percentage of miles earned expected to expire                                                                                       | 14\\.5% |\n| Impact of 1% change in outstanding miles expected to be redeemed or weighted average ticket value on deferred revenue (in millions) | $50    |\n\n\n\n***Revenue Recognition\\.***The Company presents Passenger revenue, Cargo revenue and Other operating revenue on its income statement\\. Passenger revenue is recognized when transportation is provided and Cargo revenue is recognized when shipments arrive at their destination\\. Other operating revenue is recognized as the related performance obligations are satisfied\\.\n\nPassenger tickets and related ancillary services sold by the Company for mainline and regional flights are purchased primarily via credit card transactions, with payments collected by the Company in advance of the performance of related services\\. The Company initially records ticket sales in its Advance ticket sales liability, deferring revenue recognition until the travel occurs\\. For travel that has more than one flight segment, the Company deems each segment as a separate performance obligation and recognizes revenue for each segment as travel occurs\\. Tickets sold by other airlines where the Company provides the \n\n35"}
{"_id": "AmericanAirlines-2019_123.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nAmerican uses its estimated incremental borrowing rate, which is derived from information available at the lease commencement date ,  in determining the present value of lease payments\\. American gives consideration to its recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates\\.\n\nAmerican\u2019s lease term includes options to extend the lease when it is reasonably certain that it will exercise that option\\. Leases with a term of 12 months or less are not recorded on the balance sheet\\. American\u2019s lease agreements do not contain any residual value guarantees\\.\n\nUnder certain of American\u2019s capacity purchase agreements with third\\-party regional carriers, American does not own the underlying aircraft\\. However, since American controls the marketing, scheduling, ticketing, pricing and seat inventories of these aircraft and therefore control the asset, the aircraft is deemed to be leased for accounting purposes\\. For these capacity purchase agreements, American accounts for the lease and non\\-lease components separately\\. The lease component consists of the aircraft and the non\\-lease components consist of services, such as the crew and maintenance\\. American allocates the consideration in the capacity purchase agreements to the lease and non\\-lease components using their estimated relative standalone prices\\. See Note 10(b) for additional information on its capacity purchase agreements \\.\n\nFor real estate, American accounts for the lease and non\\-lease components as a single lease component\\.\n\n(h) Income Taxes\n\nIncome taxes are accounted for under the asset and liability method\\. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards\\. Deferred tax assets and liabilities are recorded net as noncurrent deferred income taxes\\.\n\nAmerican provides a valuation allowance for its deferred tax assets when it is more likely than not that some portion, or all of its deferred tax assets, will not be realized\\. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income\\. American considers all available positive and negative evidence and makes certain assumptions in evaluating the realizability of its deferred tax assets\\. Many factors are considered that impact American\u2019s assessment of future profitability, including conditions which are beyond American\u2019s control, such as the health of the economy, the availability and price volatility of aircraft fuel and travel demand\\.\n\n(i) Goodwill\n\nGoodwill represents the excess of the purchase price over the fair value of the net assets acquired and liabilities assumed\\. Goodwill is not amortized but assessed for impairment annually on October 1 or more frequently if events or circumstances indicate that goodwill may be impaired\\. American has   one  consolidated reporting unit\\.\n\nGoodwill is assessed for impairment by initially performing a qualitative assessment and, if necessary, then comparing the fair value of the reporting unit to its carrying value, including goodwill\\. If the fair value of the reporting unit is less than the carrying value, a second step is performed to determine the implied fair value of goodwill\\. If the implied fair value of goodwill is lower than its carrying value, an impairment charge equal to the difference is recorded\\. Based upon American\u2019s annual assessment, there was   no  goodwill impairment in  2019 \\. The carrying value of the goodwill on American\u2019s consolidated balance sheets was   $4\\.1 billion  as of  December 31, 2019  and  2018 \\.\n\n(j) Other Intangibles, Net\n\nIntangible assets consist primarily of domestic airport slots, customer relationships, marketing agreements, international slots and route authorities, airport gate leasehold rights and tradenames\\.\n\nDefinite\\-Lived Intangible Assets\n\nDefinite\\-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable\\.\n\n124"}
{"_id": "AmericanAirlines-2018_146.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n\n\n|                               |        |\n| ----------------------------- | ------ |\n| 2013 Revolving Facility       | $1,000 |\n| 2014 Revolving Facility       | 1,543  |\n| April 2016 Revolving Facility | 300    |\n| Total                         | $2,843 |\n\n\n\nSecured financings are collateralized by assets, primarily aircraft, engines, simulators, aircraft spare parts, airport gate leasehold rights, route authorities, airport slots and pre\\-delivery payments\\. \n\nAt December 31, 2018, the maturities of long\\-term debt are as follows (in millions):\n\n\n\n|                     |         |\n| ------------------- | ------- |\n| 2019                | $2,508  |\n| 2020                | 1,815   |\n| 2021                | 3,409   |\n| 2022                | 1,344   |\n| 2023                | 3,892   |\n| 2024 and thereafter | 9,754   |\n| Total               | $22,722 |\n\n\n\n***(a) 2013, 2014, April 2016 and December 2016 Credit Facilities***\n\n*2013 Credit Facilities*\n\nIn May 2018, American and AAG entered into a Fourth Amendment (the Fourth Amendment to the 2013 Credit Agreement) to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement dated as of May 21, 2015, which amended and restated the Credit and Guaranty Agreement dated as of June 27, 2013 (as previously amended, the 2013 Credit Agreement, the revolving facility established thereunder, the 2013 Revolving Facility, the term loan facility established thereunder, the 2013 Term Loan Facility, and the 2013 Revolving Facility together with the 2013 Term Loan Facility, the 2013 Credit Facilities), pursuant to which American refinanced $1\\.8 billion of the existing term loans outstanding under the 2013 Credit Facilities with proceeds of term loans incurred under the Fourth Amendment to the 2013 Credit Agreement (the 2013 Replacement Term Loans)\\. The LIBOR margin on the 2013 Replacement Term Loans was reduced from 2\\.00% to 1\\.75% and the base rate margin on the 2013 Replacement Term Loans was reduced from 1\\.00% to 0\\.75%\\. Additionally, the maturity date of the 2013 Replacement Term Loans was extended to June 2025 pursuant to the Fourth Amendment to the 2013 Credit Agreement\\.\n\nIn December 2018, American and AAG entered into a Fifth Amendment (the Fifth Amendment to the 2013 Credit Agreement) to the 2013 Credit Agreement, as previously amended by the Fourth Amendment to the 2013 Credit Agreement\\. Pursuant to the Fifth Amendment to the 2013 Credit Agreement, adjustments to the 2013 Revolving Facility were made, including reducing the total aggregate commitments under the 2013 Revolving Facility by $200 million, extending the maturity date for the revolver loans thereunder from October 2022 to October 2023 and reducing the LIBOR margin from 2\\.25% to 2\\.00% and the base rate margin from 1\\.25% to 1\\.00% for certain of the lenders of the revolver loans thereunder\\. As of December 31, 2018, there were no borrowings or letters of credit outstanding under the 2013 Revolving Facility\\.\n\n*2014 Credit Facilities*\n\nIn September 2018, American and AAG entered into a Fifth Amendment (the Fifth Amendment to the 2014 Credit Agreement) to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement dated as of April 20, 2015, which amended and restated the Credit and Guaranty Agreement dated as of October 10, 2014 (as previously amended, the 2014 Credit Agreement, the revolving credit facility established thereunder, the 2014 Revolving Facility, the term loan facility established thereunder, the 2014 Term Loan Facility, and the 2014 Revolving Facility together with the 2014 Term Loan Facility, the 2014 Credit Facilities)\\. The Fifth Amendment to the 2014 Credit Agreement provides for incremental term loans in the amount of $500 million under the 2014 Term Loan Facility\\. The terms of such incremental term loans are substantially similar to the terms of the existing term loans under the 2014 Term Loan Facility, including those with regard to maturity and interest rate margins\\. As of December 31, 2018, approximately $1\\.2 billion was outstanding under the 2014 Term Loan Facility\\.\n\nIn December 2018, American and AAG entered into a Sixth Amendment (the Sixth Amendment to the 2014 Credit Agreement) to the 2014 Credit Agreement, as previously amended by the Fifth Amendment to the 2014 Credit Agreement\\. \n\n147"}
{"_id": "AmericanAirlines-2019_166.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 4\\.39                         | [Trust Supplement No\\. 2015\\-2AA, dated as of September 24, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.40                         | [Trust Supplement No\\. 2015\\-2A, dated as of September 24, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                   |\n| 4\\.41                         | [Trust Supplement No\\. 2015\\-2B, dated as of September 24, 2015, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex44.htm)                                                                                                                                                                                                                                                                                                                                                                                   |\n| 4\\.42                         | [Intercreditor Agreement (2015\\-2), dated as of September 24, 2015, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2015\\-2AA, as Trustee of the American Airlines Pass Through Trust 2015\\-2A and as Trustee of the American Airlines Pass Through Trust 2015\\-2B, Commonwealth Bank of Australia, New York Branch, as Class AA Liquidity Provider, Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex45.htm) |\n| 4\\.43                         | [Note Purchase Agreement, dated as of September 24, 2015, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex46.htm)                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.44                         | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex46.htm)                                                                                                                                                                                                             |\n| 4\\.45                         | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex46.htm)                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.46                         | [Form of Pass Through Trust Certificate, Series 2015\\-2AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.47                         | [Form of Pass Through Trust Certificate, Series 2015\\-2A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.48                         | [Form of Pass Through Trust Certificate, Series 2015\\-2B (incorporated by reference to Exhibit A to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex44.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.49                         | [Revolving Credit Agreement (2015\\-2AA), dated as of September 24, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-2AA, as Borrower, and Commonwealth Bank of Australia, New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex412.htm)                                                                                                                                                                                                                                                                          |\n| 4\\.50                         | [Revolving Credit Agreement (2015\\-2A), dated as of September 24, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-2A, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.13 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex413.htm)                                                                                                                                                                                                                                          |\n| 4\\.51                         | [Revolving Credit Agreement (2015\\-2B), dated as of September 24, 2015, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2015\\-2B, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on September 24, 2015 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515327525/d69559dex414.htm)                                                                                                                                                                                                                                          |\n| 4\\.52                         | [Note Purchase Agreement, dated as of April 24, 2013, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.) Wilmington Trust Company, as Pass Through Trustee, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.12 to US Airways Group\u2019s Current Report on Form 8\\-K filed on April 25, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312513171448/d526546dex412.htm)                                                                                                                                                                                                                                         |\n\n\n\n167"}
{"_id": "Delta-2017_20.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nThe failure or inability of insurance to cover a significant liability related to an environmental or other incident associated with the operation of the Monroe refinery could have a material adverse effect on our consolidated financial results\\.\n\nMonroe's refining operations are subject to various hazards unique to refinery operations, including explosions, fires, toxic emissions and natural catastrophes\\. Monroe could incur substantial losses, including cleanup costs, fines and other sanctions and third\\-party claims, and its operations could be interrupted, as a result of such an incident\\. Monroe's insurance coverage does not cover all potential losses, costs or liabilities, and Monroe could suffer losses for uninsurable or uninsured risks or in amounts greater than its insurance coverage\\. In addition, Monroe's ability to obtain and maintain adequate insurance may be affected by conditions in the insurance market over which it has no control\\. If Monroe were to incur a significant liability for which it is not fully insured or for which insurance companies do not or are unable to provide coverage, this could have a material adverse effect on our consolidated financial results of operations or consolidated financial position\\. \n\nThe operation of the refinery by Monroe is subject to significant environmental regulation\\. Failure to comply with environmental regulations or the enactment of additional regulation could have a negative impact on our consolidated financial results\\. \n\nMonroe's operations are subject to extensive environmental, health and safety laws and regulations, including those relating to the discharge of materials into the environment, waste management, pollution prevention measures and greenhouse gas emissions\\. Monroe could incur fines and other sanctions, cleanup costs and third\\-party claims as a result of violations of or liabilities under environmental, health and safety requirements, which if significant, could have a material adverse effect on our financial results\\. In addition, the enactment of new environmental laws and regulations, including any laws or regulations relating to greenhouse gas emissions, could significantly increase the level of expenditures required for Monroe or restrict its operations\\. \n\nIn particular, under the Energy Independence and Security Act of 2007, the EPA has adopted RFS that mandate the blending of renewable fuels into Transportation Fuels\\. RINs are assigned to renewable fuels produced or imported into the U\\.S\\. that are blended into Transportation Fuels to demonstrate compliance with this obligation\\. A refinery may meet its obligation under RFS by blending the necessary volumes of renewable fuels with Transportation Fuels or by purchasing RINs in the open market or through a combination of blending and purchasing RINs\\.\n\nBecause the refinery operated by Monroe does not blend renewable fuels, it must purchase its RINs requirement in the secondary market or obtain a waiver from the EPA\\. As a result, Monroe is exposed to the market price of RINs\\. Market prices for RINs have been volatile, marked by periods of sharp increases and decreases\\. We cannot predict the future prices of RINs\\. Purchasing RINs at elevated prices could have a material impact on our results of operations and cash flows\\.\n\nExisting laws or regulations could change, and the minimum volumes of renewable fuels that must be blended with refined petroleum products may increase\\. Increases in the volume of renewable fuels that must be blended into Monroe's products could limit the refinery's production if sufficient numbers of RINs are not available for purchase or relief from this requirement is not obtained, which could have an adverse effect on our consolidated financial results\\.\n\nIf we lose senior management and other key employees and they are not replaced by individuals with comparable skills, our operating results could be adversely affected\\.\n\nWe are dependent on the experience and industry knowledge of our officers and other key employees to design and execute our business plans\\. If we experience a substantial turnover in our leadership and other key employees, and these persons are not replaced by individuals with comparable skills, our performance could be materially adversely impacted\\. Furthermore, we may be unable to attract and retain additional qualified executives as needed in the future\\.\n\nOur reputation and brand could be damaged if we are exposed to significant adverse publicity through social media\\.\n\nWe operate in a highly visible, public environment with significant exposure to social media\\. Adverse publicity, whether justified or not, can rapidly spread through social or digital media\\. In particular, passengers can use social media to provide feedback about their interaction with us in a manner that can be quickly and broadly disseminated\\. To the extent we are unable to respond timely and appropriately to adverse publicity, our brand and reputation may be damaged\\. Significant damage to our overall reputation and brand image could have a negative impact on our financial results\\. \n\n 16"}
{"_id": "Southwest-2017_81.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\namounts that are paid or received in connection with the purchase or sale of financial derivative instruments (i\\.e\\., premium costs of option contracts) have been classified as a component of Other (gains) losses, net, in the Consolidated Statement of Income in the period in which the instrument settles or expires\\. Under the new ASU, such amounts are reflected as a component of the line item to which the hedge relates, which in the case of the Company\u2019s jet fuel hedges is Fuel and oil expense\\. This ASU requires prospective adoption\\. However, as previous hedge accounting rules did not specify the classification of such premium expense, and such provision only consists of a reclassification of expense between income statement line items, the Company will retrospectively apply this reclassification to prior period financial statements in 2018 in order to enhance comparability\\. For the Company's full year 2017 and 2016 results, the amounts to be reclassified in 2018 are $135 million and $153 million, respectively\\. \n\nOn March 10, 2017, the FASB issued ASU No\\. 2017\\-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost\\. The standard requires employers to present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period\\. The other components of net benefit cost, including amortization of prior service cost/credit, and settlement and curtailment effects, are to be included in nonoperating expenses\\. This ASU requires retrospective application and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017\\. The Company thus will reclassify $14 million and $12 million of Salaries, wages, and benefits expense to Other (gains) and losses within the Consolidated Statement of Income for years ended 2017 and 2016, respectively\\. The Company will adopt this guidance as of January 1, 2018\\.\n\nOn January 26, 2017, the FASB issued ASU No\\. 2017\\-04, Simplifying the Test for Goodwill Impairment\\. The standard simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test (as defined by the FASB), which requires a hypothetical purchase price allocation (implied fair value of goodwill) to measure impairment loss\\. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted\\. The Company does not expect this ASU to have a significant impact on its financial statement presentation or results\\.\n\nOn February 25, 2016, the FASB issued ASU No\\. 2016\\-02, Leases\\. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted\\. The guidance requires lessees to recognize a right\\-of\\-use asset and a lease liability on the balance sheet for all leases (with the exception of short\\-term leases) at the lease commencement date and recognize expenses on the income statement in a similar manner to the current guidance in Accounting Standards Codification 840, Leases\\. The lease liability will be measured at the present value of the unpaid lease payments and the right\\-of\\-use asset will be derived from the calculation of the lease liability\\. Lease payments will include fixed and in\\-substance fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties, fees paid by the lessee to the owners of a special\\-purpose entity for restructuring the transaction, and probable amounts the lessee will owe under a residual value guarantee\\. Lease payments will not include variable lease payments other than those that depend on an index or rate, any guarantee by the lessee of the lessor\u2019s debt, or any amount allocated to non\\-lease components\\.\n\nThe Company has formed a project team to evaluate and implement the standard, and currently believes the most significant impact of this ASU on its accounting will be the balance sheet impact of its aircraft operating leases, which will significantly increase assets and liabilities\\. See Note 7 for further information on leases\\. The future lease commitments disclosed in Note 7 include contractual payments due to lessors, but does not consider certain items that the standard requires to be assessed in determining the final asset and liability to be reflected on the Company's balance sheet, such as lease renewal options and potential impairments, nor does it consider the sublease income that is due from third parties (which will be disclosed separately)\\. The Company also has operating leases related to terminal operations space and other real estate leases\\. Although the real estate leases may also have a substantial impact to the balance sheet, the Company does not expect the leases related to terminal operations space to have a significant impact since variable lease payments, other than those based on an index or rate, are excluded from the measurement of the lease liability\\. The Company also does not expect the adoption of this ASU to impact any of its existing debt covenants\\.\n\n82"}
{"_id": "Delta-2019_43.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nCritical Accounting Policies and Estimates\n\nOur critical accounting policies and estimates are those that require significant judgments and estimates\\. Accordingly, the actual results may differ materially from these estimates\\. For a discussion of these and other accounting policies, see Note 1 of the Notes to the Consolidated Financial Statements\\.\n\nLoyalty Program\n\nOur SkyMiles loyalty program generates customer loyalty by rewarding customers with incentives to travel on Delta\\. This program allows customers to earn mileage credits (\"miles\") by flying on Delta, Delta Connection and other airlines that participate in the loyalty program\\. When traveling, customers earn redeemable miles based on the passenger's loyalty program status and ticket price\\. Customers can also earn miles through participating companies such as credit card companies, hotels, car rental agencies and ridesharing companies\\. To facilitate transactions with participating companies, we sell miles to non\\-airline businesses, customers and other airlines\\. Miles are redeemable by customers in future periods for air travel on Delta and other participating airlines, membership in our Sky Club and other program awards\\. \n\nTo reflect the miles earned, the loyalty program includes two types of transactions that are considered revenue arrangements with multiple performance obligations: (1) miles earned with travel and (2) miles sold to participating companies\\. \n\nPassenger Ticket Sales Earning Miles\\.  Passenger ticket sales earning miles under our loyalty program provide customers with (1) miles earned and (2) air transportation, which are considered performance obligations\\. We value each performance obligation on a standalone basis\\. To value the miles earned, we consider the quantitative value a passenger receives by redeeming miles for a ticket rather than paying cash, which is referred to as equivalent ticket value (\"ETV\")\\. Our estimate of ETV is adjusted for miles that are not likely to be redeemed (\"breakage\")\\. We use statistical models to estimate breakage based on historical redemption patterns\\. A change in assumptions as to the actual redemption activity for miles or the estimated fair value of miles expected to be redeemed could have a material impact on our revenue in the year in which the change occurs and in future years\\. We recognize breakage proportionally during the period in which the remaining miles are actually redeemed\\. \n\nAt December 31, 2019, the aggregate deferred revenue balance associated with the SkyMiles program was $6\\.7 billion\\. A hypothetical 10% change in the number of outstanding miles estimated to be redeemed would result in an impact of approximately $200 million on annual revenue recognized\\.\n\nWe defer revenue for the miles when earned and recognize loyalty travel awards in passenger revenue as the miles are redeemed and transportation is provided\\. We record the air transportation portion of the passenger ticket sales in air traffic liability and recognize passenger revenue when we provide transportation or if the ticket goes unused\\. A hypothetical 10% increase in our estimate of the ETV of a mile would decrease annual passenger revenue by approximately $100 million, as a result of an increase in the amount of revenue deferred from the mileage component of passenger ticket sales\\.\n\nSale of Miles\\.  Customers may earn miles based on their spending with participating companies such as credit card companies, hotels, car rental agencies and ridesharing companies with which we have marketing agreements to sell miles\\. Our contracts to sell miles under these marketing agreements have multiple performance obligations\\. Payments are typically due monthly based on the volume of miles sold during the period, and the terms of our marketing contracts are from one to eleven years\\. During the years ended December 31, 2019 and 2018, total cash sales from marketing agreements were $4\\.2 billion and $3\\.5 billion, respectively, which are allocated to travel and other performance obligations, as discussed below\\. \n\nOur most significant contract to sell miles relates to our co\\-brand credit card relationship with American Express\\. Our agreements with American Express provide for joint marketing, grant certain benefits to Delta\\-American Express co\\-branded credit card holders (\"cardholders\") and American Express Membership Rewards program participants, and allow American Express to market its services or products using our customer database\\. Cardholders earn miles for making purchases using co\\-branded cards, and certain cardholders may also check their first bag for free, are granted discounted access to Delta Sky Club lounges and receive priority boarding and other benefits while traveling on Delta\\. Additionally, participants in the American Express Membership Rewards program may exchange their points for miles under the loyalty program\\. We sell miles at agreed\\-upon rates to American Express which are then provided to their customers under the co\\-brand credit card program and the Membership Rewards program\\. \n\n41"}
{"_id": "Southwest-2017_91.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|                                         |                                |                                |                                                                |\n| --------------------------------------- | ------------------------------ | ------------------------------ | -------------------------------------------------------------- |\n|                                         | **All Restricted Stock Units** | **All Restricted Stock Units** | **All Restricted Stock Units**                                 |\n|                                         | **Units (000)**                |                                | **Wtd\\. Average**<br><br>**Fair Value**<br><br>**(per share)** |\n| Outstanding December 31, 2014           | 2,077                          |                                | $16\\.92                                                        |\n| Granted                                 | 561                            | (a)                            | 45\\.80                                                         |\n| Vested                                  | (1,095)                        |                                | 13\\.33                                                         |\n| Surrendered                             | (58)                           |                                | 25\\.49                                                         |\n| Outstanding December 31, 2015           | 1,485                          |                                | 30\\.17                                                         |\n| Granted                                 | 675                            | (b)                            | 37\\.29                                                         |\n| Vested                                  | (665)                          |                                | 23\\.29                                                         |\n| Surrendered                             | (56)                           |                                | 36\\.29                                                         |\n| Outstanding December 31, 2016, Unvested | 1,439                          |                                | 36\\.52                                                         |\n| Granted                                 | 717                            | (c)                            | 52\\.73                                                         |\n| Vested                                  | (806)                          |                                | 30\\.23                                                         |\n| Surrendered                             | (56)                           |                                | 43\\.86                                                         |\n| Outstanding December 31, 2017, Unvested | 1,294                          |                                | $45\\.32                                                        |\n\n\n\n(a) Includes 183 thousand PBRSUs\n\n(b) Includes 247 thousand PBRSUs\n\n(c) Includes 235 thousand PBRSUs\n\nIn addition, the Company granted approximately 26 thousand shares of unrestricted stock at a weighted average grant price of $57\\.04 in 2017, approximately 27 thousand shares at a weighted average grant price of $42\\.90 in 2016, and approximately 28 thousand shares at a weighted average grant price of $41\\.27 in 2015, to members of its Board of Directors\\. \n\nA remaining balance of up to 22 million shares of the Company\u2019s common stock may be issued pursuant to grants under the 2007 Equity Plan\\. \n\n***Employee Stock Purchase Plan***\n\nUnder the amended 1991 Employee Stock Purchase Plan (\"ESPP\"), which has been approved by Shareholders, the Company is authorized to issue up to a remaining balance of 9 million shares of the Company\u2019s common stock to Employees of the Company\\. These shares may be issued at a price equal to 90 percent of the market value at the end of each monthly purchase period\\. Common stock purchases are paid for through periodic payroll deductions\\. For the years ended December 31, 2017, 2016, and 2015, participants under the plan purchased 544 thousand shares, 622 thousand shares, and 597 thousand shares at average prices of $50\\.13, $36\\.57, and $36\\.40, respectively\\. The weighted\\-average fair value of each purchase right under the ESPP granted for the years ended December 31, 2017, 2016, and 2015, which is equal to the ten percent discount from the market value of the Common Stock at the end of each monthly purchase period, was $5\\.57, $4\\.06, and $4\\.04, respectively\\.\n\n***Taxes***\n\nGrants of RSUs result in the creation of a deferred tax asset, which is a temporary difference, until the time the RSU vests\\. All excess tax benefits and tax deficiencies are recorded through the income statement\\. Due to the treatment of RSUs for tax purposes, the Company\u2019s effective tax rate from year to year is subject to variability\\.\n\n**10****\\. FINANCIAL DERIVATIVE INSTRUMENTS**\n\n***Fuel Contracts***\n\nAirline operators are inherently dependent upon energy to operate and, therefore, are impacted by changes in jet fuel prices\\. Furthermore, jet fuel and oil typically represent one of the largest operating expenses for airlines\\. The Company \n\n92"}
{"_id": "Delta-2018_40.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nFinancial Condition and Liquidity\n\nWe expect to meet our cash needs for the next 12 months from cash flows from operations, cash and cash equivalents, restricted cash equivalents, short\\-term investments and financing arrangements\\. As of  December 31, 2018 , we had  $4\\.8 billion  in unrestricted liquidity, consisting of  $1\\.8 billion  in cash and cash equivalents and short\\-term investments and  $3\\.0 billion  in undrawn revolving credit facilities\\. During  2018 , we used existing cash and cash generated from operations to fund capital expenditures of  $5\\.2 billion , and return  $2\\.5 billion  to shareholders\\. \n\nSources of Liquidity\n\nOperating Activities\n\nCash flows from operating activities continue to provide our primary source of liquidity\\. We generated positive cash flows from operations of  $7\\.0 billion  in  2018 ,  $5\\.0 billion  in  2017  and  $7\\.2 billion  in  2016 \\. We had lower operating cash flows during 2017 primarily due to incremental pension plan contributions, as discussed below\\. We also expect to generate positive cash flows from operations in  2019 \\. \n\nOur operating cash flows are impacted by the following factors:\n\nSeasonality of Advance Ticket Sales \\. We sell tickets for air travel in advance of the customer's travel date\\. When we receive a cash payment at the time of sale, we record the cash received on advance sales as deferred revenue in air traffic liability\\. The air traffic liability increases during the winter and spring as advanced ticket sales grow prior to the summer peak travel season and decreases during the summer and fall months\\.\n\nFuel \\. Fuel expense represented approximately  23%  of our total operating expenses for  2018 \\. The market price for jet fuel is volatile, which can impact the comparability of our periodic cash flows from operations\\.\n\nPension Contributions\\.  We sponsor defined benefit pension plans for eligible employees and retirees\\. These plans are closed to new entrants and are frozen for future benefit accruals\\. Our funding obligations for these plans are governed by the Employee Retirement Income Security Act, as modified by the Pension Protection Act of 2006\\.  We had no minimum funding requirements in 2018\\. However, during the first three months of 2018, we voluntarily contributed approximately  $500 million  to these plans\\. In the first half of 2017, we contributed $3\\.5 billion to our qualified defined benefit pension plans using net proceeds from a $2\\.0 billion debt issuance, shares of our common stock from treasury with a value of $350 million and existing cash\\. We contributed $1\\.3 billion in 2016\\. We have no minimum funding requirements in 2019, but we plan to voluntarily contribute approximately  $500 million  to these plans\\. \n\nProfit Sharing\\.  Our broad\\-based employee profit sharing program provides that, for each year in which we have an annual pre\\-tax profit, as defined by the terms of the program, we will pay a specified portion of that profit to employees\\. In determining the amount of profit sharing, the program defines profit as pre\\-tax profit adjusted for profit sharing and certain other items\\.\n\nWe pay profit sharing annually in February\\. We paid $1\\.1 billion in 2018, $1\\.1 billion in 2017 and $1\\.5 billion in 2016, to our employees in recognition of their contributions toward meeting our financial goals\\. During the year ended December 31, 2018, we recorded  $1\\.3 billion  in profit sharing expense based on 2018 pre\\-tax profit, which we paid to employees in February 2019\\.\n\nEffective October 1, 2017, we aligned our profit sharing plans under a single formula\\. Under this formula, our profit sharing program pays 10% to all eligible employees for the first $2\\.5 billion of annual profit and 20% of annual profit above $2\\.5 billion\\. Prior to that time, the profit sharing program for pilots used this formula but for 2016 and the first nine months of 2017, the profit sharing program for merit, ground and flight attendant employees paid 10% of annual profit and, if we exceeded our prior\\-year results, the program paid 20% of the year\\-over\\-year increase in profit to eligible employees\\.\n\n 38"}
{"_id": "Delta-2017_62.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nThe following table summarizes the accounting treatment of our derivative contracts:\n\n\n\n|                                 |                                                                       |                                                                                       |\n| ------------------------------- | --------------------------------------------------------------------- | ------------------------------------------------------------------------------------- |\n|                                 | **Impact of Unrealized Gains and Losses**                             | **Impact of Unrealized Gains and Losses**                                             |\n| **Accounting Designation**      | **Effective Portion**                                                 | **Ineffective Portion**                                                               |\n| Not designated as hedges        | Change in fair value of hedge is recorded in earnings                 | Change in fair value of hedge is recorded in earnings                                 |\n| Designated as cash flow hedges  | Market adjustments are recorded in AOCI                               | Excess, if any, over effective portion of hedge is recorded in non\\-operating expense |\n| Designated as fair value hedges | Market adjustments are recorded in long\\-term debt and capital leases | Excess, if any, over effective portion of hedge is recorded in non\\-operating expense |\n\n\n\nWe perform, at least quarterly, an assessment of the effectiveness of our derivative contracts designated as hedges, including assessing the possibility of counterparty default\\. If we determine that a derivative is no longer expected to be highly effective, we discontinue hedge accounting prospectively and recognize subsequent changes in the fair value of the hedge in earnings\\. We believe our derivative contracts that continue to be designated as hedges, consisting of interest rate and foreign currency exchange contracts, will continue to be highly effective in offsetting changes in fair value or cash flow, respectively, attributable to the hedged risk\\.\n\n Cash flows associated with purchasing and settling hedge contracts generally are classified as operating cash flows\\. However, if a hedge contract includes a significant financing element at inception, cash flows associated with the hedge contract are recorded as financing cash flows\\.\n\nHedge Margin\\.  In accordance with our fuel, interest rate and foreign currency hedge contracts, we may require counterparties to fund the margin associated with our gain position and/or counterparties may require us to fund the margin associated with our loss position on these contracts\\. The amount of the margin, if any, is periodically adjusted based on the fair value of the hedge contracts\\. The margin requirements are intended to mitigate a party's exposure to the risk of counterparty default\\. We do not offset margin funded to counterparties or margin funded to us by counterparties against fair value amounts recorded for our hedge contracts\\.\n\nThe hedge margin we receive from counterparties is recorded in prepaid expenses and other, with the offsetting obligation in accounts payable\\. The hedge margin we provide to counterparties is recorded in prepaid expenses and other\\.\n\nLong\\-Lived Assets\n\nThe following table summarizes our property and equipment: \n\n\n\n|                                                       |                                                |                  |                  |\n| ----------------------------------------------------- | ---------------------------------------------- | ---------------- | ---------------- |\n|                                                       |                                                | **December 31,** | **December 31,** |\n| **(in millions, except for estimated useful life)**   | **Estimated Useful Life**                      | **2017**         | **2016**         |\n| Flight equipment                                      | 20\\-32 years                                   | $30,688          | $28,135          |\n| Ground property and equipment                         | 3\\-40 years                                    | 7,665            | 6,581            |\n| Flight and ground equipment under capital leases      | Shorter of lease term or estimated useful life | 1,147            | 1,056            |\n| Advance payments for equipment                        |                                                | 1,160            | 1,059            |\n| Less: accumulated depreciation and amortization ^(1)^ |                                                | (14,097<br><br>) | (12,456<br><br>) |\n| Total property and equipment, net                     |                                                | $26,563          | $24,375          |\n\n\n\n\n\n|       |                                                                                                                                                                                               |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Includes accumulated amortization for flight and ground equipment under capital leases in the amount of   $668 million  and   $757 million  at  December 31, 2017  and  2016 , respectively\\. |\n\n\n\nWe record property and equipment at cost and depreciate or amortize these assets on a straight\\-line basis to their estimated residual values over their estimated useful lives\\. The estimated useful life for leasehold improvements is the shorter of lease term or estimated useful life\\. Depreciation and amortization expense related to our property and equipment was   $2\\.2 billion ,   $1\\.9 billion  and   $1\\.8 billion  for each of the years ended  December 31, 2017 ,  2016  and  2015 , respectively\\. Residual values for owned aircraft, engines, spare parts and simulators are generally   5%  to   10%  of cost\\. \n\nWe capitalize certain internal and external costs incurred to develop and implement software and amortize those costs over an estimated useful life of  three  to  10  years\\. Included in the depreciation and amortization expense discussed above, we recorded   $189 million ,   $160 million  and   $148 million  for amortization of capitalized software for the years ended  December 31, 2017 ,  2016  and  2015 , respectively\\. The net book value of these assets totaled   $659 million  and   $549 million  at  December 31, 2017  and  2016 , respectively\\. \n\n 58"}
{"_id": "Alaska-2017_15.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**EXECUTIVE OFFICERS**\n\nThe executive officers of Air Group, and executive officers of Alaska, Virgin America and Horizon who have significant decision\\-making responsibilities, their positions and their respective ages are as follows: \n\n\n\n|                      |                                                                                                                                                                                         |         |                                                                 |\n| -------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------- | --------------------------------------------------------------- |\n| **Name**             | **Position**                                                                                                                                                                            | **Age** | **Air Group**<br><br>**or Subsidiary**<br><br>**Officer Since** |\n| Bradley D\\. Tilden   | Chairman and Chief Executive Officer of Alaska Air Group, Inc\\., Chairman of Alaska Airlines, Inc\\. and Virgin America Inc\\., Chairman of Horizon Air Industries, Inc\\.                 | 57      | 1994                                                            |\n| Benito Minicucci     | President and Chief Operating Officer of Alaska Airlines, Inc\\. and Chief Executive Officer of Virgin America Inc\\.                                                                     | 51      | 2004                                                            |\n| Brandon S\\. Pedersen | Executive Vice President/Finance and Chief Financial Officer of Alaska Air Group, Inc\\. and Alaska Airlines, Inc\\., and Chief Financial Officer of Virgin America Inc\\.                 | 51      | 2003                                                            |\n| Andrew R\\. Harrison  | Executive Vice President and Chief Commercial Officer of Alaska Airlines, Inc\\.                                                                                                         | 47      | 2008                                                            |\n| Kyle B\\. Levine      | Vice President Legal, General Counsel and Corporate Secretary of Alaska Air Group, Inc\\. and Alaska Airlines, Inc\\. and Chief Ethics and Compliance Officer of Alaska Air Group, Inc\\.  | 46      | 2016                                                            |\n| David L\\. Campbell   | Former President and Chief Executive Officer of Horizon Air Industries, Inc\\.                                                                                                           | 56      | 2014                                                            |\n| Gary L\\. Beck        | President and Chief Executive Officer of Horizon Air Industries, Inc\\.                                                                                                                  | 70      | 2018                                                            |\n| Peter D\\. Hunt       | President and Chief Operating Officer of Virgin America Inc\\.                                                                                                                           | 48      | 2017                                                            |\n| Shane R\\. Tackett    | Senior Vice President, Revenue and E\\-commerce of Alaska Airlines, Inc\\.                                                                                                                | 39      | 2017                                                            |\n| Andrea L\\. Schneider | Vice President People of Alaska Airlines, Inc\\.                                                                                                                                         | 52      | 2017                                                            |\n| Diana Birkett Rakow  | Vice President External Relations of Alaska Airlines, Inc\\.                                                                                                                             | 40      | 2017                                                            |\n\n\n\n*Mr\\. Tilden* joined Alaska Airlines in 1991, became Controller of Alaska Air Group and Alaska Airlines in 1994 and was named Vice President/Finance at Alaska Airlines in January 1999 and at Alaska Air Group in February 2000\\. He was elected Alaska Airlines Chief Financial Officer in February 2000, Executive Vice President/Finance and Chief Financial Officer of both companies in January 2002 and Executive Vice President/Finance and Planning of Alaska Airlines in April 2007\\. Mr\\. Tilden was named President of Alaska Airlines in December 2008 and, in May 2012, he was elected President and CEO of Alaska Air Group and Alaska Airlines and CEO of Horizon Air\\. He leads Air Group\u2019s Management Executive Committee and was elected to the Air Group Board in 2010 and became Chairman of the Board in January 2014\\. In December 2017, Mr\\. Tilden was elected as President and CEO of Horizon Air, effective January 5, 2018, until Mr\\. Beck was elected effective January 15, 2018\\.\n\n*Mr\\. Minicucci* joined Alaska Airlines in 2004 as Staff Vice President of Maintenance and Engineering and was promoted to Vice President of Seattle Operations in June 2008\\. He was elected Executive Vice President/Operations and Chief Operating Officer of Alaska Airlines in December 2008\\. In May 2016, he was named President of Alaska Airlines and, in December 2016, Chief Executive Officer of Virgin America\\. He is a member of Air Group\u2019s Management Executive Committee\\.\n\n*Mr\\. Pedersen* joined Alaska Airlines in 2003 as Staff Vice President/Finance and Controller of Alaska Air Group and Alaska Airlines and was elected Vice President/Finance and Controller for both entities in 2006\\. He was elected Chief Financial Officer of Alaska Air Group and Alaska Airlines in June 2010 and Executive Vice President/Finance and Chief Financial \n\n 16"}
{"_id": "United-2017_30.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nin average full\\-time equivalent employees, partially offset by a decrease in profit sharing and other employee incentives\\.\n\nAircraft fuel expense increased $1\\.1 billion, or 18\\.9%, primarily due to increased fuel prices and a 3\\.5% increase in capacity\\. The table below presents the significant changes in aircraft fuel cost per gallon for the years ended December 31 (in millions, except percentage changes):\n\n\n\n|                                                                |                   |                   |                       |                              |                              |                              |\n|:-------------------------------------------------------------- | -----------------:| -----------------:| ---------------------:| ----------------------------:| ----------------------------:| ----------------------------:|\n|                                                                | **(In millions)** | **(In millions)** | **%**  <br>**Change** | **Average price per gallon** | **Average price per gallon** | **Average price per gallon** |\n|                                                                |          **2017** |          **2016** | **%**  <br>**Change** |                     **2017** |                     **2016** |        **%**  <br>**Change** |\n| Total aircraft fuel purchase cost excluding fuel hedge impacts |          $ 6,911  |          $ 5,596  |                23\\.5  |                     $ 1\\.74  |                     $ 1\\.43  |                       21\\.7  |\n| Hedge losses reported in fuel expense                          |                2  |              217  |                   NM  |                           \u2014  |                       0\\.06  |                          NM  |\n| Fuel expense                                                   |            6,913  |            5,813  |                18\\.9  |                       1\\.74  |                       1\\.49  |                       16\\.8  |\n| Total fuel consumption (gallons)                               |            3,978  |            3,904  |                 1\\.9  |                              |                              |                              |\n\n\n\nLanding fees and other rent increased $75 million, or 3\\.5%, in 2017 as compared to the year\\-ago period due to higher rental and landing fee rates\\.\n\nRegional capacity purchase costs increased $35 million, or 1\\.6%, in 2017 as compared to the year\\-ago period despite regional capacity being down 3\\.8% in 2017 as compared to 2016 due to increases in annual rates, maintenance cycle\\-related costs and lease return costs\\.\n\nDepreciation and amortization increased $172 million, or 8\\.7%, in 2017 as compared to 2016 primarily due to additions of new and used aircraft, aircraft improvements and increases in information technology infrastructure and application development projects\\.\n\nAircraft maintenance materials and outside repairs increased $107 million, or 6\\.1%, in 2017 as compared to 2016 primarily due to an increase in airframe and engine maintenance visits and additional repairs to wireless and inflight entertainment equipment\\.\n\nAircraft rent decreased $59 million, or 8\\.7%, in 2017 as compared to 2016 primarily due to the purchase of leased aircraft and lower lease renewal rates\\.\n\nThe table below presents special charges incurred by the Company during the years ended December 31 (in millions):\n\n\n\n|                                                            |          |          |\n|:---------------------------------------------------------- | --------:| --------:|\n|                                                            | **2017** | **2016** |\n| Severance and benefit costs                                |    $116  |     $37  |\n| Impairment of assets                                       |      25  |     412  |\n| Cleveland airport lease restructuring                      |       \u2014  |      74  |\n| Labor agreement costs                                      |       \u2014  |      64  |\n| (Gains) losses on sale of assets and other special charges |      35  |      51  |\n| Total special charges                                      |    $176  |    $638  |\n\n\n\nSee Note 14 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\nOther operating expenses increased $236 million, or 4\\.4%, in 2017 as compared to 2016 primarily due to increased costs in food, marketing and technology associated with the Company\u2019s enhanced customer experience initiatives, and due to volume\\-driven increases in cargo trucking and handling costs\\.\n\n31"}
{"_id": "United-2018_40.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\nTo the Stockholder and the Board of Directors of United Airlines, Inc\\.\n\n**Opinion on the Financial Statements**\n\nWe have audited the accompanying consolidated balance sheets of United Airlines, Inc\\. (the \"Company\") as of December 31, 2018 and 2017, and the related statements of consolidated operations, comprehensive income (loss), cash flows, and stockholder's equity, for each of the three years in the period ended December 31, 2018, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the \"consolidated financial statements\")\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2018, in conformity with U\\.S\\. generally accepted accounting principles\\.\n\n**Adoption of ASU No\\. 2014\\-09**\n\nAs discussed in Note 1 to the consolidated financial statements, the Company changed its method of accounting for revenue in 2018, 2017 and 2016 due to the adoption of ASU No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)\\.*\n\n**Basis for Opinion**\n\nThese financial statements are the responsibility of the Company's management\\. Our responsibility is to express an opinion on the Company's financial statements based on our audits\\. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud\\. The Company is not required to have, nor were we engaged to perform an audit of the Company's internal control over financial reporting\\. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting\\. Accordingly, we express no such opinion\\.\n\nOur audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\. \n\n/s/ Ernst & Young LLP \n\nWe have served as the Company's auditor since 2009\\.\n\nChicago, Illinois\n\nFebruary 28, 2019\n\n41"}
{"_id": "United-2018_24.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**Results of Operations**\n\n*2018* *Compared to* *2017*\n\n***Operating Revenue***\n\nThe table below illustrates the year\\-over\\-year percentage change in the Company's operating revenues for the years ended December 31 (in millions, except percentage changes): \n\n\n\n|                         |          |          |                         |              |\n| ----------------------- | -------- | -------- | ----------------------- | ------------ |\n|                         | **2018** | **2017** | **Increase (Decrease)** | **% Change** |\n| Passenger revenue       | $37,706  | $34,460  | $3,246                  | 9\\.4         |\n| Cargo                   | 1,237    | 1,114    | 123                     | 11\\.0        |\n| Other operating revenue | 2,360    | 2,210    | 150                     | 6\\.8         |\n| Total operating revenue | $41,303  | $37,784  | $3,519                  | 9\\.3         |\n\n\n\nThe table below presents selected passenger revenue and operating data of the Company, broken out by geographic region, expressed as year\\-over\\-year changes:\n\n\n\n|                                                                                                           |                                                                                                           |                                                                                                           |                                        |                                        |                                        |\n| --------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- |\n|                                                                                                           | **Increase (decrease) from 2017 (a):**                                                                    | **Increase (decrease) from 2017 (a):**                                                                    | **Increase (decrease) from 2017 (a):** | **Increase (decrease) from 2017 (a):** | **Increase (decrease) from 2017 (a):** |\n|                                                                                                           | **Domestic**                                                                                              | **Atlantic**                                                                                              | **Pacific**                            | **Latin**                              | **Total**                              |\n| Passenger revenue (in millions)                                                                           | $2,340                                                                                                    | $688                                                                                                      | $185                                   | $33                                    | $3,246                                 |\n| Passenger revenue                                                                                         | 11\\.1%                                                                                                    | 11\\.7 %                                                                                                   | 4\\.3 %                                 | 1\\.0 %                                 | 9\\.4%                                  |\n| Average fare per passenger                                                                                | 2\\.8%                                                                                                     | 0\\.2 %                                                                                                    | 8\\.5 %                                 | 2\\.5 %                                 | 2\\.3%                                  |\n| Yield                                                                                                     | 3\\.8%                                                                                                     | (0\\.4)%                                                                                                   | 2\\.7 %                                 | (0\\.3)%                                | 2\\.8%                                  |\n| PRASM                                                                                                     | 4\\.1%                                                                                                     | 6\\.3 %                                                                                                    | 3\\.0 %                                 | 0\\.8 %                                 | 4\\.3%                                  |\n| Passengers                                                                                                | 8\\.1%                                                                                                     | 11\\.5 %                                                                                                   | (3\\.9)%                                | (1\\.4)%                                | 6\\.9%                                  |\n| RPMs (traffic)                                                                                            | 7\\.0%                                                                                                     | 12\\.1 %                                                                                                   | 1\\.5 %                                 | 1\\.3 %                                 | 6\\.4%                                  |\n| ASMs (capacity)                                                                                           | 6\\.7%                                                                                                     | 5\\.1 %                                                                                                    | 1\\.3 %                                 | 0\\.3 %                                 | 4\\.9%                                  |\n| Passenger load factor (points)                                                                            | 0\\.2                                                                                                      | 5\\.1                                                                                                      | 0\\.2                                   | 0\\.8                                   | 1\\.2                                   |\n| (a) See Part II, Item 6, Selected Financial Data, of this report for the definition of these statistics\\. | (a) See Part II, Item 6, Selected Financial Data, of this report for the definition of these statistics\\. | (a) See Part II, Item 6, Selected Financial Data, of this report for the definition of these statistics\\. |                                        |                                        |                                        |\n\n\n\nPassenger revenue increased $3\\.2 billion, or 9\\.4%, in 2018 as compared to 2017, primarily due to a 6\\.4% increase in traffic\\. PRASM increased 4\\.3% in 2018 as compared to 2017\\. The increase in PRASM was driven by improvements in scheduling, higher corporate demand, increases in close\\-in bookings in the domestic markets and premium cabin demand improvements in the Atlantic and Pacific markets\\.\n\nCargo revenue increased $123 million, or 11\\.0%, in 2018 as compared to 2017, primarily due to freight volume and higher yield in the Atlantic and Pacific markets\\.\n\nOther operating revenue increased $150 million, or 6\\.8%, in 2018 as compared to 2017, primarily due to increased revenue related to MileagePlus miles sales\\.\n\n25"}
{"_id": "AmericanAirlines-2018_1.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2610 | No | \u2612 |\n| American Airlines, Inc\\.      | Yes | \u2610 | No | \u2612 |\n\n\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2612 | No | \u2610 |\n| American Airlines, Inc\\.      | Yes | \u2612 | No | \u2610 |\n\n\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S\\-T (\u00a7232\\.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2612 | No | \u2610 |\n| American Airlines, Inc\\.      | Yes | \u2612 | No | \u2610 |\n\n\n\nIndicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K (\u00a7 229\\.405) is not contained herein, and will not be contained, to the best of registrant\u2019s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K\\.\n\n\n\n|                               |   |\n| ----------------------------- | - |\n| American Airlines Group Inc\\. | \u2612 |\n| American Airlines, Inc\\.      | \u2612 |\n\n\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, a smaller reporting company, or emerging growth company\\. See definitions of \u201clarge accelerated filer,\u201d \u201caccelerated filer,\u201d \u201csmaller reporting company,\u201d and \u201cemerging growth company\u201d in Rule 12b\\-2 of the Exchange Act\\.\n\n\n\n|                               |                           |                     |                          |                             |                           |\n| ----------------------------- | ------------------------- | ------------------- | ------------------------ | --------------------------- | ------------------------- |\n| American Airlines Group Inc\\. | \u2612 Large Accelerated Filer | \u2610 Accelerated Filer | \u2610 Non\\-accelerated Filer | \u2610 Smaller Reporting Company | \u2610 Emerging Growth Company |\n| American Airlines, Inc\\.      | \u2610 Large Accelerated Filer | \u2610 Accelerated Filer | \u2612 Non\\-accelerated Filer | \u2610 Smaller Reporting Company | \u2610 Emerging Growth Company |\n\n\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.\n\n\n\n|                               |   |\n| ----------------------------- | - |\n| American Airlines Group Inc\\. | \u2610 |\n| American Airlines, Inc\\.      | \u2610 |\n\n\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Act)\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2610 | No | \u2612 |\n| American Airlines, Inc\\.      | Yes | \u2610 | No | \u2612 |\n\n\n\nIndicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2612 | No | \u2610 |\n| American Airlines, Inc\\.      | Yes | \u2612 | No | \u2610 |\n\n\n\nAs of February 20, 2019, there were 449,055,548 shares of American Airlines Group Inc\\. common stock outstanding\\. The aggregate market value of the voting stock held by non\\-affiliates of the registrant as of June 30, 2018, was approximately $17 billion\\.\n\nAs of February 20, 2019, there were 1,000 shares of American Airlines, Inc\\. common stock outstanding, all of which were held by American Airlines Group Inc\\.\n\n**OMISSION OF CERTAIN INFORMATION**\n\nAmerican Airlines Group Inc\\. and American Airlines, Inc\\. meet the conditions set forth in General Instruction I(1)(a) and (b) of Form 10\\-K and have therefore omitted the information otherwise called for by Items 10\\-13 of Form 10\\-K as allowed under General Instruction I(2)(c)\\.\n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\nPortions of the proxy statement related to American Airlines Group Inc\\.\u2019s 2019 Annual Meeting of Stockholders, which proxy statement will be filed under the Securities Exchange Act of 1934 within 120 days of the end of American Airlines Group Inc\\.\u2019s fiscal year ended December 31, 2018, are incorporated by reference into Part III of this Annual Report on Form 10\\-K\\."}
{"_id": "AmericanAirlines-2017_10.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**Domestic and Global Regulatory Landscape**\n\n***General***\n\nAirlines are subject to extensive domestic and international regulatory requirements\\. Domestically, the DOT and the Federal Aviation Administration (FAA) exercise significant regulatory authority over air carriers\\.\n\nThe DOT, among other things, oversees domestic and international codeshare agreements, international route authorities, competition and consumer protection matters such as advertising, denied boarding compensation and baggage liability\\. The Antitrust Division of the Department of Justice (DOJ), along with the DOT in certain instances, have jurisdiction over airline antitrust matters\\.\n\nThe FAA similarly exercises safety oversight and regulates most operational matters of our business, including how we operate and maintain our aircraft\\. FAA requirements cover, among other things, required technology and necessary onboard equipment; systems, procedures and training necessary to ensure the continuous airworthiness of our fleet of aircraft; safety measures and equipment; crew scheduling limitations and experience requirements; and many other technical aspects of airline operations\\. Additionally, the FAA sets pilot qualification standards and imposes complex rest requirements for pilots, as well as stringent duty period requirements for pilots and flight attendants\\.\n\nThe FAA also controls the national airspace system, including operational rules and fees for air traffic control (ATC) services\\. The efficiency, reliability and capacity of the ATC network has a significant impact on our costs and on the timeliness of our operations\\.\n\nThe U\\.S\\. Postal Service has jurisdiction over certain aspects of the transportation of mail and related services\\.\n\n***Airport Access and Operations***\n\nDomestically, any U\\.S\\. airline authorized by the DOT is generally free to operate scheduled passenger service between any two points within the U\\.S\\. and its territories, with the exception of certain airports that require landing and take\\-off rights and authorizations (slots) and other facilities, and certain airports that impose geographic limitations on operations or curtail operations based on the time of day\\. Operations at three major domestic airports we serve (John F\\. Kennedy International Airport (JFK) and La Guardia Airport (LGA) in New York City, and Ronald Reagan Washington National Airport (DCA) in Washington, D\\.C\\.) and many foreign airports we serve (including London Heathrow Airport (LHR)) are regulated by governmental entities through allocations of slots or similar regulatory mechanisms that limit the rights of carriers to conduct operations at those airports\\. Each slot represents the authorization to land at or take off from the particular airport during a specified time period\\. In addition to slot restrictions, operations at LGA and DCA are also limited based on the stage length of the flight\\.\n\nOur ability to provide service can also be impaired at airports, such as ORD and LAX, where the airport gate and other facilities are inadequate to accommodate all of the service that we would like to provide\\.\n\nExisting law also permits domestic local airport authorities to implement procedures and impose restrictions designed to abate noise, provided such procedures and restrictions do not unreasonably interfere with interstate or foreign commerce or the national transportation system\\. In some instances, these restrictions have caused curtailments in service or increases in operating costs\\.\n\n***Airline Fares, Taxes and User Fees***\n\nAirlines are permitted to establish their own domestic fares without governmental regulation\\. The DOT maintains authority over certain international fares, rates and charges, but applies this authority on a limited basis\\. In addition, international fares and rates are sometimes subject to the jurisdiction of the governments of the foreign countries which we serve\\.\n\nAirlines are obligated to collect a federal excise tax, commonly referred to as the \u201cticket tax,\u201d on domestic and international air transportation, and to collect other taxes and charge other fees, such as foreign taxes, security fees and passenger facility charges\\. Although these taxes and fees are not our operating expenses, they represent an additional cost to our customers\\. These taxes and fees are subject to increase from time to time\\.\n\n11"}
{"_id": "AmericanAirlines-2017_44.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**ITEM 7\\. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**\n\n**Background**\n\nTogether with our wholly\\-owned regional airline subsidiaries and third\\-party regional carriers operating as American Eagle, we operate an average of nearly 6,700 flights per day to nearly 350 destinations in more than 50 countries\\. We have hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D\\.C\\. In 2017, approximately 200 million passengers boarded our flights\\.\n\n**Strategic Objectives**\n\nWe are focused on four long\\-term strategic objectives: Create a World\\-Class Customer Experience, Make Culture a Competitive Advantage, Ensure Long\\-Term Financial Strength and Think Forward, Lead Forward\\.\n\n*Create a World\\-Class Customer Experience*\n\nWe began 2017 by being named *Air Transport World\u2019s* Airline of the Year in recognition of our successful integration and the significant investments we made in our product and people\\. Also in 2017, we:\n\n\n\n|   |                                                                                                                                                                             |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Recorded our best on\\-time departure and arrival performance since 2003, and our best baggage handling performance since the DOT began reporting this information in 1994\\. |\n\n\n\n\n\n|   |                                                                                                                   |\n| - | ----------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Operated the youngest fleet among the major U\\.S\\. network carriers and invested $4\\.1 billion in new aircraft \\. |\n\n\n\n\n\n|   |                                                                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Introduced new streaming\\-capable, satellite\\-based internet access on our Boeing 737 MAX aircraft, which will be rolled out across most of our domestic mainline fleet\\. |\n\n\n\n\n\n|   |                                                                                                                                                                            |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Introduced Basic Economy, a product to compete with ultra low\\-cost carriers, which is now offered nationwide and to leisure markets in Mexico and most of the Caribbean\\. |\n\n\n\n\n\n|   |                                                                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Commenced our roll out of Premium Economy, which offers a wider seat, more legroom, an amenity kit and enhanced meal choices on international flights\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Expanded a number of our lounges by opening Flagship First Dining, a new exclusive experience for customers in First Class on international and A321T transcontinental flights, which we now offer in our Miami, Los Angeles and New York\\-JFK lounges \\. |\n\n\n\n*Make Culture a Competitive Advantage*\n\nWe are creating an environment that cares for frontline team members, provides competitive pay and equips our team with the right tools to support our customers\\. During 2017, we:\n\n\n\n|   |                                                                                                                                                                                                                                         |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Kept team member pay competitive through initiatives such as a mid\\-contract salary increase for pilots and flight attendants and continued step increases from a mid\\-contract pay increase for mechanics and fleet service workers \\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                               |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Invested more than $300 million in facilities and equipment, including renovations to team member spaces, mobile devices for pilots and flight attendants, and the ongoing One Campus One Team initiative at our global support center in Fort Worth, Texas\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                        |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Provided customer service instruction to approximately 35,000 team members through \u201cElevate the Everyday Experience\u201d training and launched training for leaders that emphasizes supporting team members who directly serve customers\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                     |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Announced that work on our CFM56\\-5B engines, which power much of our Airbus narrowbody fleet, will move in\\-house to our maintenance facility located in Tulsa, Oklahoma beginning later in 2018\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Shared the benefits of the recent Tax Cuts and Jobs Act by issuing $1,000 payments to all non\\-officer team members at American and its wholly\\-owned regional carriers\\. While we do not yet pay federal cash income taxes, we believe the new tax law will reduce our future tax bill and allow more investments in equipment and facilities \\. |\n\n\n\n45"}
{"_id": "United-2018_103.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|           |                 |                                                                                                                                                                                                                                                                                                                                                                                       |\n| --------- | --------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  ^10\\.103 | UAL  <br>United | [Supplemental Agreement No\\. 58 to Purchase Agreement No\\. 1951, dated January 6, 2012 (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended March 31, 2012, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312512186734/d316621dex101.htm)                                                   |\n|  ^10\\.104 | UAL  <br>United | [Supplemental Agreement No\\. 59 to Purchase Agreement No\\. 1951, dated July 12, 2012 (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended September 30, 2012, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex105.htm)                                                 |\n|  ^10\\.105 | UAL  <br>United | [Supplemental Agreement No\\. 60 to Purchase Agreement No\\. 1951, dated November 7, 2012 (filed as Exhibit 10\\.2 to UAL's Form 10\\-Q for the quarter ended June 30, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex102.htm)                                                   |\n|  ^10\\.106 | UAL  <br>United | [Supplemental Agreement No\\. 61 to Purchase Agreement No\\. 1951, dated September 11, 2013 (filed as Exhibit 10\\.1 for the quarter ended September 30, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513409916/d578285dex101.htm)                                                                |\n|  ^10\\.107 | UAL  <br>United | [Supplemental Agreement No\\. 62 to Purchase Agreement No\\. 1951, dated January 14, 2015 (filed as Exhibit 10\\.3 for the quarter ended March 31, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex103.htm)                                                                      |\n|  ^10\\.108 | UAL  <br>United | [Supplemental Agreement No\\. 63 to Purchase Agreement No\\. 1951, dated May 26, 2015 (filed as Exhibit 10\\.1 for the quarter ended June 30, 2015, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex101.htm)                                                                          |\n|  ^10\\.109 | UAL  <br>United | [Supplemental Agreement No\\. 64 to Purchase Agreement No\\. 1951, dated June 12, 2015 (filed as Exhibit 10\\.2 for the quarter ended June 30, 2015, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex102.htm)                                                                         |\n|  ^10\\.110 | UAL  <br>United | [Aircraft General Terms Agreement, dated October 10, 1997, by and among Continental and Boeing (filed as Exhibit 10\\.15 to Continental's Form 10\\-K for the year ended December 31, 1997, Commission File Number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/0000319687-98-000003.txt)                                             |\n|  ^10\\.111 | UAL  <br>United | [Letter Agreement 6\\-1162\\-CHL\\-048, dated February 8, 2002, by and among Continental and Boeing (filed as Exhibit 10\\.44 to Continental's Form 10\\-K for the year ended December 31, 2001, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968702000006/exhibit1044.htm)                                 |\n|  ^10\\.112 | UAL  <br>United | [Purchase Agreement No\\. 2484, including exhibits and side letters, dated December 29, 2004, by and among Continental and Boeing (filed as Exhibit 10\\.27 to Continental's Form 10\\-K for the year ended December 31, 2004, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968705000036/exhibit1027.htm) |\n|  ^10\\.113 | UAL  <br>United | [Supplemental Agreement No\\. 1 to Purchase Agreement No\\. 2484, dated June 30, 2005 (filed as Exhibit 10\\.5 to Continental's Form 10\\-Q for the quarter ended June 30, 2005, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968705000095/fexhibit105.htm)                                                |\n|  ^10\\.114 | UAL  <br>United | [Supplemental Agreement No\\. 2, including exhibits and side letters, to Purchase Agreement No\\. 2484, dated January 20, 2006 (filed as Exhibit 10\\.27(b) to Continental's Form 10\\-K for the year ended December 31, 2005, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968706000013/fexh1027b.htm)    |\n|  ^10\\.115 | UAL  <br>United | [Supplemental Agreement No\\. 3 to Purchase Agreement No\\. 2484, dated May 3, 2006 (filed as Exhibit 10\\.4 to Continental's Form 10\\-Q for the quarter ended June 30, 2006, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968706000062/fexhibit104.htm)                                                  |\n|  ^10\\.116 | UAL  <br>United | [Supplemental Agreement No\\. 4 to Purchase Agreement No\\. 2484, dated July 14, 2006 (filed as Exhibit 10\\.5 to Continental's Form 10\\-Q for the quarter ended September 30, 2006, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968706000073/fexhibit105.htm)                                           |\n|  ^10\\.117 | UAL  <br>United | [Supplemental Agreement No\\. 5 to Purchase Agreement No\\. 2484, dated March 12, 2007 (filed as Exhibit 10\\.1 to Continental's Form 10\\-Q for the quarter ended March 31, 2007, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968707000018/fexhibit101.htm)                                              |\n|  ^10\\.118 | UAL  <br>United | [Supplemental Agreement No\\. 6 to Purchase Agreement No\\. 2484, dated October 22, 2008 (filed as Exhibit 10\\.25(f) to Continental's Form 10\\-K for the year ended December 31, 2008, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968709000008/f123108form10kexh1025f.htm)                             |\n|  ^10\\.119 | UAL  <br>United | [Supplemental Agreement No\\. 7 to Purchase Agreement No\\. 2484, dated November 7, 2012 (filed as Exhibit 10\\.179 to UAL's Form 10\\-K for the year ended December 31, 2012, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513074391/d436512dex10179.htm)                                               |\n\n\n\n104"}
{"_id": "AmericanAirlines-2017_43.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**Selected Consolidated Financial Data of American**\n\nThe selected consolidated financial data presented below under the captions \u201cConsolidated Statements of Operations data\u201d and \u201cConsolidated Balance Sheet data\u201d for the years ended December 31, 2017, 2016, 2015, 2014 and 2013 are derived from American\u2019s audited consolidated financial statements\\. On December 30, 2015, US Airways merged with and into American, with American as the surviving corporation\\. For financial reporting purposes, this transaction constituted a transfer of assets between entities under common control and is reflected in American\u2019s consolidated financial statements as though the transaction had occurred on December 9, 2013, when a subsidiary of AMR merged with and into US Airways Group, which represents the earliest date that American and US Airways were under common control\\. Therefore, American\u2019s consolidated financial data provided in the tables below includes the results of US Airways beginning on December 9, 2013\\. In addition, American emerged from bankruptcy on December 9, 2013\\. Accordingly, American\u2019s consolidated financial information for periods prior to December 9, 2013 is not directly comparable to consolidated financial information for periods subsequent to December 9, 2013\\.\n\n\n\n|                                                                     |                             |                             |                             |                             |                             |\n| ------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                     | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                     | **2017**                    | **2016**                    | **2015**                    | **2014**                    | **2013**                    |\n|                                                                     | **(In millions)**           | **(In millions)**           | **(In millions)**           | **(In millions)**           | **(In millions)**           |\n| **Consolidated Statements of Operations data:**                     |                             |                             |                             |                             |                             |\n| Total operating revenues                                            | $42,195                     | $40,163                     | $40,938                     | $42,676                     | $26,701                     |\n| Total operating expenses                                            | 38,163                      | 34,859                      | 34,749                      | 38,410                      | 25,341                      |\n| Operating income                                                    | 4,032                       | 5,304                       | 6,189                       | 4,266                       | 1,360                       |\n| Bankruptcy reorganization items, net                                | \u2014                           | \u2014                           | \u2014                           | \u2014                           | (2,640)                     |\n| Net income (loss)                                                   | 1,922                       | 2,781                       | 8,120                       | 2,948                       | (1,717)                     |\n| **Consolidated Balance Sheet data** <br><br>**(at end of period):** |                             |                             |                             |                             |                             |\n| Total assets                                                        | $60,012                     | $58,092                     | $50,439                     | $42,787                     | $41,699                     |\n| Long\\-term debt and capital leases, net of current maturities       | 21,236                      | 20,718                      | 16,592                      | 14,804                      | 14,718                      |\n| Pension and postretirement benefits  ^(1)^                          | 7,452                       | 7,800                       | 7,410                       | 7,522                       | 5,802                       |\n| Stockholder\u2019s equity (deficit)                                      | 14,594                      | 12,649                      | 9,698                       | 1,406                       | (4,398)                     |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Substantially all defined benefit pension plans were frozen effective November 1, 2012\\. See Note 7 to American\u2019s consolidated financial statements in Part II, Item 8B for further information on pension and postretirement benefits\\. |\n\n\n\n44"}
{"_id": "Southwest-2018_29.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe Company owns two additional headquarters buildings, located across the street from the Company's main headquarters building, on land owned by the Company including (a) the energy\\-efficient, modern building, called TOPS, which houses certain operational and training functions, including its 24\\-hour operations and (b) the Wings Complex, completed in 2018, consisting of a Leadership Education and Aircrew Development (LEAD) Center (housing the Company's 15 Boeing 737 flight simulators and classroom space for Pilot training), an additional office building, and a parking garage\\. \n\nAs of December 31, 2018, the Company operated seven Customer Support and Services call centers\\. The centers located in Atlanta, San Antonio, Chicago, Albuquerque, and Oklahoma City occupy leased space\\. The Company owns its Houston and Phoenix centers\\.\n\nThe Company performs substantially all line maintenance on its aircraft and provides ground support services at most of the airports it serves\\. However, the Company has arrangements with certain aircraft maintenance firms for major component inspections and repairs for its airframes and engines, which comprise the majority of the Company's annual aircraft maintenance costs\\.\n\n**Item 3\\.** ***Legal Proceedings*** \n\nA complaint alleging violations of federal antitrust laws and seeking certification as a class action was filed against Delta Air Lines, Inc\\. and AirTran Holdings, Inc\\. and its subsidiary AirTran Airways, Inc\\. (collectively with AirTran Holdings, Inc\\., \"AirTran\") in the United States District Court for the Northern District of Georgia in Atlanta on May 22, 2009\\. The complaint alleged, among other things, that AirTran attempted to monopolize air travel in violation of Section 2 of the Sherman Act, and conspired with Delta in imposing $15\\-per\\-bag fees for the first item of checked luggage in violation of Section 1 of the Sherman Act\\. The initial complaint sought treble damages on behalf of a putative class of persons or entities in the United States who directly paid Delta and/or AirTran such fees on domestic flights beginning December 5, 2008\\. After the filing of the May 2009 complaint, various other nearly identical complaints also seeking certification as class actions were filed in federal district courts in Atlanta, Georgia; Orlando, Florida; and Las Vegas, Nevada\\. All of the cases were consolidated before a single federal district court judge in Atlanta\\. A Consolidated Amended Complaint was filed in the consolidated action on February 1, 2010, which broadened the allegations to add claims that Delta and AirTran conspired to reduce capacity on competitive routes and to raise prices in violation of Section 1 of the Sherman Act\\. In addition to treble damages for the amount of first baggage fees paid to AirTran and to Delta, the Consolidated Amended Complaint sought injunctive relief against a broad range of alleged anticompetitive activities, as well as attorneys' fees\\. On August 2, 2010, the Court dismissed plaintiffs' claims that AirTran and Delta had violated Section 2 of the Sherman Act; the Court let stand the claims of a conspiracy with respect to the imposition of a first bag fee and the airlines' capacity and pricing decisions\\. On July 12, 2016, the Court granted plaintiffs' motion to certify a class of all persons who paid first bag fees to AirTran or Delta from December 8, 2008 to November 1, 2014 (the date on which AirTran stopped charging first bag fees)\\. Defendants appealed that decision\\. On March 29, 2017, the Court granted defendants\u2019 motion for summary judgment and dismissed all claims against AirTran\\. On March 9, 2018, the Court of Appeals affirmed the district court\u2019s order granting summary judgment to AirTran and Delta, and on June 8, 2018, the Court of Appeals denied plaintiffs' petition for rehearing and rehearing en banc\\. On November 5, 2018, the plaintiffs petitioned the Supreme Court for a writ of certiorari, which the Supreme Court denied on January 7, 2019\\. AirTran denies all allegations of wrongdoing, including those in the Consolidated Amended Complaint\\.\n\nAlso, on June 30, 2015, the U\\.S\\. Department of Justice (\"DOJ\") issued a Civil Investigative Demand (\"CID\") to the Company\\. The CID seeks information and documents about the Company\u2019s capacity from January 2010 to the date of the CID, including public statements and communications with third parties about capacity\\. In June 2015, the Company also received a letter from the Connecticut Attorney General requesting information about capacity\\. The Company is cooperating fully with the DOJ CID and the state inquiry\\.\n\nFurther, on July 1, 2015, a complaint was filed in the United States District Court for the Southern District of New York on behalf of putative classes of consumers alleging collusion among the Company, American Airlines, Delta Air Lines, and United Airlines to limit capacity and maintain higher fares in violation of Section 1 of the Sherman Act\\. Since then, a number of similar class action complaints were filed in the United States District Courts for the Central District of California, the Northern District of California, the District of Columbia, the Middle District of Florida, the Southern District of Florida, the Northern District of Georgia, the Northern District of Illinois, the Southern District \n\n30"}
{"_id": "United-2017_23.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**PART II** \n\n\n\n|               |                                                                                                                     |\n| ------------- | ------------------------------------------------------------------------------------------------------------------- |\n|  **ITEM 5\\.** | **MARKET FOR REGISTRANT\u2019S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES\\.**  |\n\n\n\nUAL\u2019s common stock is listed on the New York Stock Exchange (\u201cNYSE\u201d) under the symbol \u201cUAL\\.\u201d The following table sets forth the ranges of high and low sales prices per share of UAL common stock during the last two fiscal years, as reported by the NYSE:\n\n\n\n|             |            |            |            |            |\n|:----------- | ----------:| ----------:| ----------:| ----------:|\n|             |    **UAL** |    **UAL** |    **UAL** |    **UAL** |\n|             |   **2017** |   **2017** |   **2016** |   **2016** |\n|             |   **High** |    **Low** |   **High** |    **Low** |\n| 1st quarter |  $ 76\\.75  |  $ 64\\.16  |  $ 61\\.41  |  $ 42\\.17  |\n| 2nd quarter |    83\\.04  |    67\\.55  |    58\\.90  |    37\\.41  |\n| 3rd quarter |    81\\.39  |    57\\.34  |    54\\.53  |    37\\.64  |\n| 4th quarter |    69\\.62  |    56\\.51  |    76\\.80  |    51\\.34  |\n\n\n\nAs of February 14, 2018, there were 7,534 holders of record of UAL common stock\\.\n\nUAL did not pay any dividends in 2017 or 2016\\. Under debt agreements and certain indentures, UAL\u2019s ability to pay dividends on or repurchase UAL\u2019s common stock is subject to limits on the amount of such payments and to certain conditions, including that no default or event of default exists under those instruments and that after giving effect to the making of any such payments, UAL would be in compliance with a minimum fixed charge coverage ratio\\. Any future determination regarding dividend or distribution payments will be at the discretion of the UAL Board of Directors, subject to the foregoing limits and applicable limitations under Delaware law\\.\n\nUnited paid dividends of $1\\.8 billion and $2\\.6 billion to UAL in 2017 and 2016, respectively\\.\n\nThe following graph shows the cumulative total stockholder return for UAL\u2019s common stock during the period from December 31, 2012 to December 31, 2017\\. The graph also shows the cumulative returns of the Standard and Poor\u2019s 500 Index (\u201cSPX\u201d) and the NYSE Arca Airline Index (\u201cXAL\u201d) of 15 investor\\-owned airlines over the same five\\-year period\\. The comparison assumes $100 was invested on December 31, 2012 in UAL common stock, the SPX and the XAL\\.\n\n![LOGO](https://www.example.com/g471340g19i24.jpg)\n\n24"}
{"_id": "United-2017_82.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nThe reconciliation of United\u2019s defined benefit plan assets measured at fair value using unobservable inputs (Level 3) for the years ended December 31, 2017 and 2016 is as follows (in millions):\n\n\n\n|                                                   |          |          |\n|:------------------------------------------------- | --------:| --------:|\n|                                                   | **2017** | **2016** |\n| Balance at beginning of year                      |   $ 287  |   $ 208  |\n| Actual return on plan assets:                     |          |          |\n| Sold during the year                              |       7  |       4  |\n| Held at year end                                  |      16  |       3  |\n| Purchases, sales, issuances and settlements (net) |      73  |      72  |\n| Balance at end of year                            |   $ 383  |   $ 287  |\n\n\n\nFunding requirements for tax\\-qualified defined benefit pension plans are determined by government regulations\\. United\u2019s contributions reflected above have satisfied its required contributions through the 2017 calendar year\\. In 2018, employer anticipated contributions to all of United\u2019s pension and postretirement plans are at least $420 million and approximately $109 million, respectively\\.\n\nThe estimated future benefit payments, net of expected participant contributions, in United\u2019s pension plans and other postretirement benefit plans as of December 31, 2017 are as follows (in millions):\n\n\n\n|                   |               |                                     |                                                       |\n|:----------------- | -------------:| -----------------------------------:| -----------------------------------------------------:|\n|                   |  **Pension**  | **Other**  <br> **Postretirement**  |  **Other Postretirement\u2014**   <br>**subsidy receipts** |\n| 2018              |         $305  |                               $113  |                                                   $6  |\n| 2019              |          326  |                                118  |                                                    6  |\n| 2020              |          331  |                                121  |                                                    6  |\n| 2021              |          357  |                                124  |                                                    7  |\n| 2022              |          369  |                                126  |                                                    7  |\n| Years 2023 \u2013 2027 |        1,912  |                                646  |                                                   43  |\n\n\n\n**Defined Contribution Plans** \n\nDepending upon the employee group, employer contributions consist of matching contributions and/or non\\-elective employer contributions\\. United\u2019s employer contribution percentages vary from 1% to 16% of eligible earnings depending on the terms of each plan\\. United recorded contributions to its defined contribution plans of $656 million, $592 million and $522 million in the years ended December 31, 2017, 2016 and 2015, respectively\\.\n\n83"}
{"_id": "Alaska-2018_12.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nIn addition to domestic or foreign airlines that we compete with on most of our routes, we compete with ground transportation in our short\\-haul markets\\. To some extent, our airlines also compete with technology, such as video conferencing and internet\\-based meeting tools that have changed the need for, or frequency of, face\\-to\\-face business meetings\\.\n\n**TICKET DISTRIBUTION**\n\nOur tickets are distributed through three primary channels:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                          |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Direct to customer:*  It is less expensive for us to sell through our direct channel at alaskaair\\.com\\. We believe direct sales through this channel is preferable from a branding and customer\\-relationship standpoint in that we can establish ongoing communication with the guest and tailor offers accordingly\\. As a result, we continue to take steps to drive more business to our website\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Traditional and online travel agencies:*  Both traditional and online travel agencies typically use Global Distribution Systems (GDS) to obtain their fare and inventory data from airlines\\. Bookings made through these agencies result in a fee that is charged to the airline\\. Many of our large corporate customers require us to use these agencies\\. Some of our competitors do not use this distribution channel and, as a result, have lower ticket distribution costs\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                        |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Reservation call centers:*  Our call centers are located in Phoenix, AZ, Kent, WA, and Boise, ID\\. We generally charge a $15 fee for booking reservations through the call centers\\.  |\n\n\n\nOur sales by channel are as follows: \n\n\n\n|                          |          |          |                     |          |          |\n| ------------------------ | -------- | -------- | ------------------- | -------- | -------- |\n|                          | **2018** | **2017** | **2016**  **^(a)^** | **2015** | **2014** |\n| Direct to customer       | 63%      | 62%      | 61%                 | 60%      | 57%      |\n| Traditional agencies     | 22%      | 22%      | 23%                 | 23%      | 25%      |\n| Online travel agencies   | 11%      | 11%      | 11%                 | 11%      | 12%      |\n| Reservation call centers | 4%       | 5%       | 5%                  | 6%       | 6%       |\n| Total                    | 100%     | 100%     | 100%                | 100%     | 100%     |\n\n\n\n\n\n|     |                                                                                                   |\n| --- | ------------------------------------------------------------------------------------------------- |\n| (a) | Includes results for Virgin America for the period December 14, 2016 through December 31, 2016\\.  |\n\n\n\n**SEASONALITY AND OTHER FACTORS**\n\nOur results of operations for any interim period are not necessarily indicative of those for the entire year because our business is subject to seasonal fluctuations\\. Our profitability is generally lowest during the first and fourth quarters due principally to fewer departures and passengers\\. Profitability typically increases in the second quarter and then reaches its highest level during the third quarter as a result of vacation travel\\. However, we have significantly moderated the impact of seasonality of our operations through continued growth from the West Coast to leisure destinations, like Hawaii and Costa Rica, and expansion to leisure and business destinations in the mid\\-continental and eastern U\\.S\\.\n\nIn addition to passenger loads, factors that could cause our quarterly operating results to vary include: \n\n\n\n|   |                                               |\n| - | --------------------------------------------- |\n| \u2022 | pricing initiatives by us or our competitors, |\n\n\n\n\u2022 changes in fuel costs, \n\n\n\n|   |                                                   |\n| - | ------------------------------------------------- |\n| \u2022 | increases in competition at our primary airports, |\n\n\n\n\n\n|   |                                                                            |\n| - | -------------------------------------------------------------------------- |\n| \u2022 | general economic conditions and resulting changes in passenger demand, and |\n\n\n\n\n\n|   |                                                                         |\n| - | ----------------------------------------------------------------------- |\n| \u2022 | increases or decreases in passenger and volume\\-driven variable costs\\. |\n\n\n\nMany of the markets we serve experience inclement weather conditions in the winter, causing increased costs associated with deicing aircraft, canceling flights and accommodating displaced passengers\\. Due to our geographic area of operations, we can be more susceptible to adverse weather conditions, particularly in the state of Alaska and the Pacific Northwest, than some of our competitors who may be better able to spread the impact of weather\\-related risks over larger route systems\\. We also are \n\n 13"}
{"_id": "AmericanAirlines-2019_89.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nCertain information regarding the 2019\\-1 Aircraft EETC equipment notes and remaining escrowed proceeds, as of  December 31, 2019 , is set forth in the table below\\.\n\n\n\n|                               |                            |                            |                            |\n| ----------------------------- | -------------------------- | -------------------------- | -------------------------- |\n|                               | **2019\\-1 Aircraft EETCs** | **2019\\-1 Aircraft EETCs** | **2019\\-1 Aircraft EETCs** |\n|                               | **Series AA**              | **Series A**               | **Series B**               |\n| Aggregate principal issued    | $579 million               | $289 million               | $229 million               |\n| Remaining escrowed proceeds   | $155 million               | $77 million                | $61 million                |\n| Fixed interest rate per annum | 3\\.15%                     | 3\\.50%                     | 3\\.85%                     |\n| Maturity date                 | February 2032              | February 2032              | February 2028              |\n\n\n\n2019\\-1 Engine EETCs\n\nIn June  2019 , American created pass\\-through trusts which issued   $650 million  in aggregate face amount of 2019\\-1 Engine EETCs (the 2019\\-1 Engine EETCs), with maturities from June 2022 to June 2026\\. All of the proceeds received by such pass\\-through trusts from the sale of the 2019\\-1 Engine EETCs have been used to acquire equipment notes issued by American to the pass\\-through trusts\\. The pass\\-through trust certificates represent the right to payment under the equipment notes that are full\\-recourse obligations of American and such equipment notes are secured by spare aircraft engines currently owned and operated by American\\.\n\n(c) Equipment Loans and Other Notes Payable Issued in  2019 \n\nIn  2019 , American entered into agreements under which it borrowed   $1\\.7 billion  in connection with the financing or refinancing, as the case may be, of certain aircraft and other flight equipment, of which   $643 million  was used to repay existing indebtedness\\. Debt incurred under these agreements matures in  2023  through  2031  and bears interest at variable rates (comprised of LIBOR plus an applicable margin) averaging   3\\.37%  at  December 31, 2019 \\.\n\n(d) Senior Notes\n\nIn May 2019, AAG issued   $750 million  aggregate principal amount of   5\\.000%  senior notes due 2022 (the   5\\.000%  senior notes)\\. These notes bear interest at a rate of   5\\.000%  per annum, payable semi\\-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2019\\. The   5\\.000%  senior notes mature on June 1, 2022\\.\n\nThe details of our   4\\.625%  and   5\\.000%  senior notes are shown in the table below as of  December 31, 2019 :\n\n\n\n|                                            |                                                  |                                                |\n| ------------------------------------------ | ------------------------------------------------ | ---------------------------------------------- |\n|                                            | **4\\.625% Senior Notes**                         | **5\\.000% Senior Notes**                       |\n| Aggregate principal issued and outstanding | $500 million                                     | $750 million                                   |\n| Maturity date                              | March 2020                                       | June 2022                                      |\n| Fixed interest rate per annum              | 4\\.625%                                          | 5\\.000%                                        |\n| Interest payments                          | Semi\\-annually in arrears in March and September | Semi\\-annually in arrears in June and December |\n\n\n\nThe   4\\.625%  and   5\\.000%  senior notes are senior unsecured obligations of AAG\\. These senior notes are fully and unconditionally guaranteed by American\\. The indentures for these senior notes contain covenants and events of default generally customary for similar financings\\. In addition, if we experience specific kinds of changes of control, we must offer to repurchase these senior notes in whole or in part at a price of   101%  of the principal amount plus accrued and unpaid interest, if any, to (but not including) the repurchase date\\. Upon the occurrence of certain events of default, these senior notes may be accelerated and become due and payable\\.\n\nGuarantees\n\nAs of  December 31, 2019 , AAG had issued guarantees covering approximately   $725 million  of American\u2019s special facility revenue bonds (and interest thereon) and   $8\\.1 billion  of American\u2019s secured debt (and interest thereon), including the Credit Facilities and certain EETC financings\\.\n\n90"}
{"_id": "Alaska-2018_21.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***The airline industry may undergo further restructuring, consolidation, or the creation or modification of alliances or joint ventures, any of which could have a material adverse effect on our business, financial condition and results of operations\\.***\n\nWe continue to face strong competition from other carriers due to restructuring, consolidation, and the creation and modification of alliances and joint ventures\\. Since deregulation, both the U\\.S\\. and international airline industries have experienced consolidation through a number of mergers and acquisitions\\. Carriers may also improve their competitive positions through airline alliances, slot swaps/acquisitions and/or joint ventures\\. Certain airline joint ventures further competition by allowing airlines to coordinate routes, pool revenues and costs, and enjoy other mutual benefits, achieving many of the benefits of consolidation\\.\n\n***Our concentration in certain markets could cause us to be disproportionately impacted by adverse changes in circumstances in those locations\\.*** \n\nOur strategy includes being the premier carrier for people living on the West Coast\\. This results in a high concentration of our business in key West Coast markets\\. A significant portion of our flights occur to and from our Seattle, Portland, and Bay Area hubs\\. In 2018, passengers to and from Seattle, Portland, and the Bay Area accounted for 82% of our total guests\\. \n\nWe believe that concentrating our service offerings in this way allows us to maximize our investment in personnel, aircraft and ground facilities, as well as to gain greater advantage from sales and marketing efforts in those regions\\. As a result, we remain highly dependent on our key markets\\. Our business could be harmed by any circumstances causing a reduction in demand for air transportation in our key markets\\. An increase in competition in our key markets could also cause us to reduce fares or take other competitive measures that, if sustained, could harm our business, financial condition and results of operations\\.\n\n***We are dependent on a limited number of suppliers for aircraft and parts\\.***\n\nAlaska is dependent on Boeing and Airbus as its sole suppliers for aircraft and many aircraft parts\\. Horizon is similarly dependent on Bombardier and Embraer\\. Additionally, each carrier is dependent on sole suppliers for aircraft engines for each aircraft type\\. As a result, we are more vulnerable to issues associated with the supply of those aircraft and parts including design defects, mechanical problems, contractual performance by the manufacturers, or adverse perception by the public that would result in customer avoidance or in actions by the FAA\\. Should we be unable to resolve known issues with certain of our aircraft or engine suppliers, it may result in the inability to operate our aircraft for extended periods\\. Additionally, further consolidation amongst aircraft and aircraft parts manufacturers could further limit the number of suppliers\\. This could result in an inability to operate our aircraft or instability in the foreign countries in which the aircraft and its parts are manufactured\\.\n\n***We rely on partner airlines for codeshare and frequent flyer marketing arrangements\\.***\n\nOur airlines are parties to marketing agreements with a number of domestic and international air carriers, or \u201cpartners\\.\" These agreements provide that certain flight segments operated by us are held out as partner \u201ccodeshare\u201d flights and that certain partner flights are held out for sale as Alaska codeshare flights\\. In addition, the agreements generally provide that members of Alaska\u2019s Mileage Plan\u2122 program can earn credit on or redeem credit for partner flights and vice versa\\. We receive revenue from flights sold under codeshare and from interline arrangements\\. In addition, we believe that the frequent flyer arrangements are an important part of our frequent flyer program\\. The loss of a significant partner through bankruptcy, consolidation, or otherwise, could have a negative effect on our revenues or the attractiveness of our Mileage Plan\u2122 program, which we believe is a source of competitive advantage\\.\n\nWe routinely engage in analysis and discussions regarding our own strategic position, including alliances, codeshare arrangements, interline arrangements, and frequent flyer program enhancements, and may have future discussions with other airlines regarding similar activities\\. If other airlines participate in consolidation or reorganization, those airlines may significantly improve their cost structures or revenue generation capabilities, thereby potentially making them stronger competitors of ours and potentially impairing our ability to realize expected benefits from our own strategic relationships\\.\n\n 22"}
{"_id": "AmericanAirlines-2019_149.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n9\\. Accumulated Other Comprehensive Loss\n\nThe components of AOCI are as follows (in millions):\n\n\n\n|                                                            |                                                                                         |                                           |                                                         |       |                          |\n| ---------------------------------------------------------- | --------------------------------------------------------------------------------------- | ----------------------------------------- | ------------------------------------------------------- | ----- | ------------------------ |\n|                                                            | **Pension,  <br>Retiree  <br>Medical and  <br>Other  <br>Postretirement  <br>Benefits** | **Unrealized Gain (Loss) on Investments** | **Income Tax  <br>Benefit  <br>(Provision)**  **^(1)^** |       | **Total**                |\n| Balance at December 31, 2017                               | $<br><br>(4,508<br><br>)                                                                | $<br><br>(1<br><br>)                      | $<br><br>(1,364<br><br>)                                |       | $<br><br>(5,873<br><br>) |\n| Other comprehensive income (loss) before reclassifications | (61<br><br>)                                                                            | (4<br><br>)                               | 15                                                      |       | (50<br><br>)             |\n| Amounts reclassified from AOCI                             | (89<br><br>)                                                                            | \u2014                                         | 20                                                      | ^(2)^ | (69<br><br>)             |\n| Net current\\-period other comprehensive income (loss)      | (150<br><br>)                                                                           | (4<br><br>)                               | 35                                                      |       | (119<br><br>)            |\n| Balance at December 31, 2018                               | (4,658<br><br>)                                                                         | (5<br><br>)                               | (1,329<br><br>)                                         |       | (5,992<br><br>)          |\n| Other comprehensive income (loss) before reclassifications | (471<br><br>)                                                                           | 3                                         | 106                                                     |       | (362<br><br>)            |\n| Amounts reclassified from AOCI                             | (89<br><br>)                                                                            | \u2014                                         | 20                                                      | ^(2)^ | (69<br><br>)             |\n| Net current\\-period other comprehensive income (loss)      | (560<br><br>)                                                                           | 3                                         | 126                                                     |       | (431<br><br>)            |\n| Balance at December 31, 2019                               | $<br><br>(5,218<br><br>)                                                                | $<br><br>(2<br><br>)                      | $<br><br>(1,203<br><br>)                                |       | $<br><br>(6,423<br><br>) |\n\n\n\n\n\n|       |                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Relates principally to pension, retiree medical and other postretirement benefits obligations that will not be recognized in net income until the obligations are fully extinguished\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Relates to pension, retiree medical and other postretirement benefits obligations and is recognized within the income tax provision on American\u2019s consolidated statements of operations\\. |\n\n\n\nReclassifications out of AOCI for the years ended  December 31, 2019  and  2018  are as follows (in millions):\n\n\n\n|                                                                             |                                    |                                    |                                                                                |\n| --------------------------------------------------------------------------- | ---------------------------------- | ---------------------------------- | ------------------------------------------------------------------------------ |\n|                                                                             | **Amounts reclassified from AOCI** | **Amounts reclassified from AOCI** | **Affected line items on the  <br>consolidated statements of  <br>operations** |\n|                                                                             | **Year Ended December 31,**        | **Year Ended December 31,**        | **Affected line items on the  <br>consolidated statements of  <br>operations** |\n| **AOCI Components**                                                         | **2019**                           | **2018**                           | **Affected line items on the  <br>consolidated statements of  <br>operations** |\n| Amortization of pension, retiree medical and other postretirement benefits: |                                    |                                    |                                                                                |\n| Prior service benefit                                                       | $<br><br>(162<br><br>)             | $<br><br>(161<br><br>)             | Nonoperating other income, net                                                 |\n| Actuarial loss                                                              | 93                                 | 92                                 | Nonoperating other income, net                                                 |\n| Total reclassifications for the period, net of tax                          | $<br><br>(69<br><br>)              | $<br><br>(69<br><br>)              |                                                                                |\n\n\n\nAmounts allocated to other comprehensive income for income taxes as further described in Note 5 will remain in AOCI until American ceases all related activities, such as termination of the pension plan\\.\n\n10\\. Commitments, Contingencies and Guarantees\n\n(a) Aircraft, Engine and Other Purchase Commitments\n\nUnder all of American\u2019s aircraft and engine purchase agreements, its total future commitments as of  December 31, 2019  are expected to be as follows (approximately, in millions):\n\n\n\n|                                                              |          |          |          |          |          |                         |           |\n| ------------------------------------------------------------ | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                                                              | **2020** | **2021** | **2022** | **2023** | **2024** | **2025 and Thereafter** | **Total** |\n| Payments for aircraft commitments and certain engines  ^(1)^ | $1,629   | $750     | $1,599   | $1,543   | $2,574   | $4,855                  | $12,950   |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                         |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | These amounts are net of purchase deposits currently held by the manufacturers\\. American has granted a security interest in certain of its purchase deposits with Boeing\\. American\u2019s purchase deposits held by all manufacturers totaled   $1\\.7 billion  as of  December 31, 2019 \\. |\n\n\n\n150"}
{"_id": "United-2019_65.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nNOTE 6 \\- INCOME TAXES \n\nThe income tax provision (benefit) differed from amounts computed at the statutory federal income tax rate and consisted of the following significant components (in millions) : \n\n\n\n|                                                       |              |              |                       |\n| ----------------------------------------------------- | ------------ | ------------ | --------------------- |\n| **UAL**                                               | **2019**     | **2018 (a)** | **2017 (a)**          |\n| Income tax provision at statutory rate                | $822         | $556         | $1,058                |\n| State income taxes, net of federal income tax benefit | 50           | 29           | 30                    |\n| Foreign tax rate differential                         | (90<br><br>) | (84<br><br>) | (43<br><br>)          |\n| Global intangible low\\-taxed income                   | 90           | 4            | \u2014                     |\n| Foreign income taxes                                  | 1            | 2            | 3                     |\n| Nondeductible employee meals                          | 12           | 12           | 17                    |\n| Impact of Tax Act                                     | \u2014            | (5<br><br>)  | (189<br><br>)         |\n| State rate change                                     | \u2014            | 3            | 12                    |\n| Valuation allowance                                   | (4<br><br>)  | (3<br><br>)  | (16<br><br>)          |\n| Other, net                                            | 24           | 12           | 8                     |\n|                                                       | $905         | $526         | $880                  |\n| Current                                               | $23          | $14          | $<br><br>(77<br><br>) |\n| Deferred                                              | 882          | 512          | 957                   |\n|                                                       | $905         | $526         | $880                  |\n| **United**                                            | **2019**     | **2018 (a)** | **2017 (a)**          |\n| Income tax provision at statutory rate                | $822         | $557         | $1,059                |\n| State income taxes, net of federal income tax         | 50           | 29           | 30                    |\n| Foreign tax rate differential                         | (90<br><br>) | (84<br><br>) | (43<br><br>)          |\n| Global intangible low\\-taxed income                   | 90           | 4            | \u2014                     |\n| Foreign income taxes                                  | 1            | 2            | 3                     |\n| Nondeductible employee meals                          | 12           | 12           | 17                    |\n| Impact of Tax Act                                     | \u2014            | (5<br><br>)  | (206<br><br>)         |\n| State rate change                                     | \u2014            | 3            | 12                    |\n| Valuation allowance                                   | (4<br><br>)  | (3<br><br>)  | (16<br><br>)          |\n| Other, net                                            | 24           | 12           | 8                     |\n|                                                       | $905         | $527         | $864                  |\n| Current                                               | $23          | $14          | $<br><br>(77<br><br>) |\n| Deferred                                              | 882          | 513          | 941                   |\n|                                                       | $905         | $527         | $864                  |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2016\\-02,  Leases (Topic 842) \\. See Note 1 of this report for additional information on the adjustments\\.\n\nThe Company's effective tax rate for the year ended  December 31, 2019  differed from the federal statutory rate of 21% due to a blend of federal, state and foreign taxes as well as the impact of certain nondeductible items\\.\n\nOn December 22, 2017, Congress enacted the Tax Act, which made significant changes to U\\.S\\. federal income tax laws, including reducing the corporate rate from 35% to 21% effective January 1, 2018\\. The Tax Act included a Global Intangible Low\\-Taxed Income (\"GILTI\") provision which introduced a new tax on foreign income in excess of a deemed return on tangible business property of foreign subsidiaries\\. The GILTI provisions of the Tax Act became effective for the Company during 2018 and we elected to account for it in the period incurred (the \"period cost method\")\\. The increase in the GILTI for the year ended  December 31, 2019  is due to a full\\-year inclusion in  2019  as compared to a partial\\-year inclusion in  2018 \\. \n\n66"}
{"_id": "Southwest-2017_19.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|                                                                                                    |                                     |                                                                                     |                          |\n| -------------------------------------------------------------------------------------------------- | ----------------------------------- | ----------------------------------------------------------------------------------- | ------------------------ |\n| **Employee Group**                                                                                 | **Approximate Number of Employees** | **Representatives**                                                                 | **Status of Agreement**  |\n| Southwest Pilots                                                                                   | 8,600                               | Southwest Airlines Pilots' Association (\"SWAPA\")                                    | Amendable September 2020 |\n| Southwest Flight Attendants                                                                        | 14,500                              | Transportation Workers of America, AFL\\-CIO, Local 556 (\"TWU 556\")                  | Amendable November 2018  |\n| Southwest Ramp, Operations, Provisioning, Freight Agents                                           | 12,800                              | Transportation Workers of America, AFL\\-CIO, Local 555 (\"TWU 555\")                  | Amendable February 2021  |\n| Southwest Customer Service Agents, Customer Representatives, and Source of Support Representatives | 7,400                               | International Association of Machinists and Aerospace Workers, AFL\\-CIO (\"IAM 142\") | Amendable December 2018  |\n| Southwest Material Specialists (formerly known as Stock Clerks)                                    | 300                                 | International Brotherhood of Teamsters, Local 19 (\"IBT 19\")                         | In negotiations          |\n| Southwest Mechanics                                                                                | 2,400                               | Aircraft Mechanics Fraternal Association (\"AMFA\")                                   | In negotiations          |\n| Southwest Aircraft Appearance Technicians                                                          | 200                                 | AMFA                                                                                | Amendable November 2020  |\n| Southwest Facilities Maintenance Technicians                                                       | 40                                  | AMFA                                                                                | Amendable November 2022  |\n| Southwest Dispatchers                                                                              | 350                                 | Transportation Workers of America, AFL\\-CIO, Local 550 (\"TWU 550\")                  | Amendable June 2019      |\n| Southwest Flight Simulator Technicians                                                             | 50                                  | International Brotherhood of Teamsters (\"IBT\")                                      | Amendable May 2019       |\n| Southwest Flight Crew Training Instructors                                                         | 120                                 | Transportation Workers of America, AFL\\-CIO, Local 557 (\"TWU 557\")                  | Amendable January 2020   |\n| Southwest Meteorologists                                                                           | 10                                  | TWU 550                                                                             | Amendable June 2019      |\n\n\n\n**Additional Information About the Company** \n\nThe Company was incorporated in Texas in 1967\\. The following documents are available free of charge through the Company's website, www\\.southwest\\.com: the Company\u2019s annual report on Form 10\\-K, quarterly reports on Form 10\\-Q, current reports on Form 8\\-K, and any amendments to those reports that are filed with or furnished to the Securities and Exchange Commission (\"SEC\") pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934\\. These materials are made available through the Company's website as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC\\. In addition to its reports filed or furnished with the SEC, the Company publicly discloses material information from time to time in its press releases, at annual meetings of Shareholders, in publicly accessible conferences and Investor presentations, and through its website (principally in its Press Room and Investor Relations pages)\\. References to the Company's website in this Form 10\\-K are provided as a convenience and do not constitute, and should not be deemed, an incorporation by reference of the information contained on, or available through, the website, and such information should not be considered part of this Form 10\\-K\\.\n\n20"}
{"_id": "Southwest-2019_9.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nof Public Convenience & Necessity is unlimited in duration, and the Company\u2019s certificate generally permits it to operate among any points within the United States and its territories and possessions\\. Additional DOT authority, in the form of a certificate or exemption from certificate requirements, is required for a U\\.S\\. airline to serve foreign destinations either with its own aircraft or via code\\-sharing with another airline\\. Exemptions granted by the DOT to serve international markets are generally limited in duration and are subject to periodic renewal requirements\\. The DOT also has jurisdiction over international tariffs and pricing in certain markets\\. The DOT may revoke a certificate or exemption, in whole or in part, for failure to comply with federal aviation statutes, regulations, orders, or the terms of the certificate or exemption itself\\.\n\nThe DOT's consumer protection and enforcement authority is derived primarily from a federal statutory prohibition on \"unfair or deceptive practices or unfair methods of competition\" by air carriers\\. DOT activity under this statute concerns matters such as false or deceptive practices and unfair competition by air carriers, deceptive airline advertising (concerning, e\\.g\\., fares, ontime performance, schedules, and code\\-sharing), and violations of rules concerning denied boarding compensation, ticket refunds, and baggage liability requirements\\. The DOT is also charged with prohibiting discrimination by airlines against consumers on the basis of (i) disability; and (ii) race, religion, national origin, sex, or ancestry\\.\n\nUnder the above\\-described authority, the DOT has also adopted so\\-called \"Passenger Protection Rules,\" which address a wide variety of matters, including flight delays on the tarmac, chronically delayed flights, denied boarding compensation, and advertising of airfares, among others\\. For example, under the Tarmac Delay Rule, air carriers must not allow an aircraft to remain on the tarmac for more than 3 hours (for domestic delays) or more than 4 hours (for international delays), without allowing passengers to deplane\\. There are certain exceptions for safety and security\\-related reasons, or if air traffic control advises the pilot\\-in\\-command that returning to the gate or permitting passengers to disembark elsewhere would significantly disrupt airport operations\\.\n\nThe Passenger Protection Rules also subject airlines to potential DOT enforcement action for unfair and deceptive practices in the event of chronically delayed domestic flights (defined as domestic flights that operate at least ten times a month and arrive more than 30 minutes late more than 50 percent of the time during that month)\\. In addition, airlines are required to (i) display ontime performance on their websites; (ii) adopt customer service plans, publish those plans on their website, and audit their own compliance with their plans; (iii) designate an employee to monitor the performance of their flights; (iv) provide information to passengers on how to file complaints; and (v) respond in a timely and substantive fashion to consumer complaints\\.\n\nThe Passenger Protection Rules also require airlines to (i) pay up to four times the passenger's one\\-way fare to their final destination that day in compensation to each passenger denied boarding involuntarily from an oversold flight; (ii) refund any checked bag fee for permanently lost luggage; (iii) prominently disclose all potential fees for optional ancillary services on their websites; and (iv) refund passenger fees paid for ancillary services if a flight cancels or oversells and a passenger is unable to take advantage of such services\\. The FAA Reauthorization Act of 2018, passed by Congress on October 3, 2018, and signed into law on October 5, 2018 (the \"Reauthorization Act\"), directs the DOT to revise regulations to clarify there is not a maximum level of compensation an air carrier may pay to a passenger who is involuntary denied boarding as a result of an oversold flight\\.\n\nThe Passenger Protection Rules also require that (i) advertised fares include all government\\-mandated taxes and fees; (ii) passengers be allowed to either hold a reservation for up to 24 hours without making a payment or cancel a paid reservation without penalty for 24 hours after the reservation is made, as long as the reservation is made at least seven days in advance of travel; (iii) fares may not increase after purchase; (iv) baggage fees must be disclosed to the  passenger at the time of booking; (v) the same baggage allowances and fees must apply throughout a passenger\u2019s trip; (vi) baggage fees must be disclosed on e\\-ticket confirmations; and (vii) passengers must be promptly notified in the event of delays of more than 30 minutes or if there is a cancellation or diversion of their flight\\.\n\nThe DOT has expressed its intent to aggressively investigate alleged violations of its consumer protection rules\\. Airlines that violate certain aviation economic regulations and statutes are subject to potential fines of up to $34,174 per occurrence\\.\n\nThe DOT is currently seeking comments on a proposed rule that would include modifications to the aircraft lavatory and on\\-board wheelchair requirements to accommodate passengers with disabilities\\. The DOT is also expected to seek comments on a separate advanced proposed rule involving accessible lavatories\\. The advanced proposed rule would \n\n10"}
{"_id": "Delta-2019_32.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nExpanding Our Global Network\n\nIn 2019, international revenues grew 2\\.7% on a 3\\.3% increase in capacity\\. We continued to make significant progress in expanding our global reach by acquiring an equity stake in Hanjin\\-KAL, the largest shareholder of Korean Air, and announcing plans to enter into a strategic alliance with LATAM and completing a tender offer to acquire a 20% equity stake which closed in January 2020\\. Effective in January 2020, we combined our separate transatlantic joint venture agreements with Air France\\-KLM and Virgin Atlantic into a single three\\-party transatlantic joint venture\\. In addition, we continue to make progress on our joint venture agreement with WestJet with respect to trans\\-border routes between the U\\.S\\. and Canada\\. This agreement remains subject to required regulatory approvals\\.\n\nInvesting for the Future\n\nOur $8\\.4 billion of cash flows from operations helped fund $4\\.9 billion in capital expenditures for the business\\. As part of our multi\\-year fleet transformation, we took delivery of 88 new aircraft, including A321\\-200s, B\\-737\\-900ERs, A350\\-900s, A330\\-900s, A220\\-100s and CRJ\\-900s\\. These deliveries allowed for the retirement of older, less fuel efficient aircraft, including the announced retirement of our MD\\-90 fleet by the end of 2022\\. We also made significant investments in cabin interior refurbishments, Sky Clubs and technology\\. \n\nThe non\\-GAAP financial measures free cash flow, TRASM, adjusted and CASM\\-Ex used above, are defined and reconciled in \"Supplemental Information\" below\\. \n\n30"}
{"_id": "Delta-2018_81.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nLease Position as of December 31, 2018\n\nThe table below presents the lease\\-related assets and liabilities recorded on the balance sheet\\.\n\n\n\n|                                        |                                                          |                       |\n| -------------------------------------- | -------------------------------------------------------- | --------------------- |\n| **(in millions)**                      | **Classification on the Balance Sheet**                  | **December 31, 2018** |\n| **Assets**                             |                                                          |                       |\n| Operating lease assets                 | Operating lease right\\-of\\-use assets                    | $5,994                |\n| Finance lease assets                   | Property and equipment, net                              | 490                   |\n| Total lease assets                     |                                                          | $6,484                |\n| **Liabilities**                        |                                                          |                       |\n| Current                                |                                                          |                       |\n| Operating                              | Current maturities of operating leases                   | $955                  |\n| Finance                                | Current maturities of long\\-term debt and finance leases | 109                   |\n| Noncurrent                             |                                                          |                       |\n| Operating                              | Noncurrent operating leases                              | 5,801                 |\n| Finance                                | Long\\-term debt and finance leases                       | 294                   |\n| Total lease liabilities                |                                                          | $7,159                |\n| Weighted\\-average remaining lease term |                                                          |                       |\n| Operating leases                       |                                                          | 12 years              |\n| Finance leases                         |                                                          | 7 years               |\n| Weighted\\-average discount rate        |                                                          |                       |\n| Operating leases ^(1)^                 |                                                          | 3\\.69%                |\n| Finance leases                         |                                                          | 5\\.23%                |\n\n\n\n\n\n|       |                                                                                                                         |\n| ----- | ----------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2018\\.  |\n\n\n\nLease Costs\n\nThe table below presents certain information related to the lease costs for finance and operating leases during 2018\\.\n\n\n\n|                               |                       |\n| ----------------------------- | --------------------- |\n|                               | **Year Ended**        |\n| **(in millions)**             | **December 31, 2018** |\n| Finance lease cost            |                       |\n| Amortization of leased assets | $100                  |\n| Interest of lease liabilities | 22                    |\n| Operating lease cost ^(1)^    | 994                   |\n| Short\\-term lease cost ^(1)^  | 458                   |\n| Variable lease cost ^(1)^     | 1,427                 |\n| Total lease cost              | $3,001                |\n\n\n\n\n\n|       |                                                                                                                                                     |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Expenses are classified within aircraft rent, landing fees and other rents and regional carriers expense, excluding fuel on the income statement\\.  |\n\n\n\n$150 million ,   $18 million  and   $48 million  of the operating, short\\-term and variable lease costs, respectively, are attributable to our regional carriers\\. \n\n 79"}
{"_id": "AmericanAirlines-2019_43.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nSee Part I, Item 1A\\. Risk Factors \u2013 \u201c We cannot guarantee that we will continue to repurchase our common stock or pay dividends on our common stock or that our capital deployment program will enhance long\\-term stockholder value\\. Our capital deployment program could increase the volatility of the price of our common stock and diminish our cash reserves \\. \u201d\n\nOwnership Restrictions\n\nAAG\u2019s Certificate of Incorporation and Bylaws provide that, consistent with the requirements of Subtitle VII of Title 49 of the United States Code, as amended (the Aviation Act), any persons or entities who are not a \u201ccitizen of the United States\u201d (as defined under the Aviation Act and administrative interpretations issued by the DOT, its predecessors and successors, from time to time), including any agent, trustee or representative of such persons or entities (a non\\-citizen), shall not, in the aggregate, own (beneficially or of record) and/or control more than (a) 24\\.9% of the aggregate votes of all of our outstanding equity securities or (b) 49\\.0% of our outstanding equity securities\\. Our Certificate of Incorporation and Bylaws further specify that it is the duty of each stockholder who is a non\\-citizen to register his, her or its equity securities on our foreign stock record and provide for remedies applicable to stockholders that exceed the voting and ownership caps described above\\.\n\nIn addition, to reduce the risk of a potential adverse effect on our ability to use our NOL Carryforwards and certain other tax attributes for federal income tax purposes, our Certificate of Incorporation contains certain restrictions on the acquisition and disposition of our common stock by substantial stockholders (generally holders of more than 4\\.75%)\\.\n\nSee Part I, Item 1A\\. Risk Factors \u2013  \u201cAAG\u2019s Certificate of Incorporation and Bylaws include provisions that limit voting and acquisition and disposition of our equity interests\\.\u201d  Also see AAG\u2019s Certification of Incorporation and Bylaws, which are filed as Exhibits 3\\.1, 3\\.2 and 3\\.3 hereto, for the full text of the foregoing restrictions and AAG\u2019s Description of the Registrants\u2019 Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, which is filed as Exhibit 4\\.1 hereto, for a more detailed description\\.\n\n44"}
{"_id": "Alaska-2019_70.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nMaturities of Lease Liabilities \n\nFuture minimum lease payments under non\\-cancellable leases as of December 31, 2019 (in millions):\n\n\n\n|                        |                        |                        |          |  |  |  |              |  |  |  |                                 |  |  |  |                                 |\n|:---------------------- |:---------------------- |:---------------------- | --------:|:- |:- |:- | ------------:|:- |:- |:- | -------------------------------:|:- |:- |:- | -------------------------------:|\n|                        |                        |                        | Aircraft |  |  |  | CPA Aircraft |  |  |  | Airport and Terminal Facilities |  |  |  | Corporate Real Estate and Other |\n| 2020                   | 2020                   | 2020                   |    $ 245 |  |  |  |         $ 79 |  |  |  |                             $ 3 |  |  |  |                             $ 8 |\n| 2021                   | 2021                   | 2021                   |      216 |  |  |  |           79 |  |  |  |                               2 |  |  |  |                               6 |\n| 2022                   | 2022                   | 2022                   |      190 |  |  |  |           79 |  |  |  |                               2 |  |  |  |                               5 |\n| 2023                   | 2023                   | 2023                   |      133 |  |  |  |           79 |  |  |  |                               2 |  |  |  |                               5 |\n| 2024                   | 2024                   | 2024                   |       81 |  |  |  |           79 |  |  |  |                               2 |  |  |  |                               5 |\n| Thereafter             | Thereafter             | Thereafter             |      331 |  |  |  |          329 |  |  |  |                              11 |  |  |  |                              74 |\n| Total Lease Payments   | Total Lease Payments   | Total Lease Payments   |  $ 1,196 |  |  |  |        $ 724 |  |  |  |                            $ 22 |  |  |  |                           $ 103 |\n| Less: Imputed interest | Less: Imputed interest | Less: Imputed interest |    (151) |  |  |  |        (128) |  |  |  |                             (4) |  |  |  |                            (54) |\n| Total                  | Total                  | Total                  |  $ 1,045 |  |  |  |        $ 596 |  |  |  |                            $ 18 |  |  |  |                            $ 49 |\n\n\n\nDisclosures for Periods Prior to Adoption of Topic 842\n\nAs of December 31, 2018, the Company had commitments for aircraft and facility leases\\. Aircraft lease commitments include future obligations for the Company's operating airlines \u2013 Alaska and Horizon \u2013 as well as aircraft leases operated by third parties\\. At December 31, 2018, Alaska had lease contracts for 10 B737 aircraft, 61 Airbus aircraft, 32 E175 aircraft with SkyWest, and Horizon had lease contracts for nine Bombardier Q400 aircraft\\. \n\nFacility lease commitments primarily include airport and terminal facilities and building leases\\. Total rent expense for aircraft and facility leases was $619 million and $552 million in 2018 and 2017\\.\n\nFuture minimum lease payments under noncancelable operating leases were as follows as of December 31, 2018 (in millions):\n\n\n\n|            |            |            |                 |  |  |  |                 |\n|:---------- |:---------- |:---------- | ---------------:|:- |:- |:- | ---------------:|\n|            |            |            | Aircraft Leases |  |  |  | Facility Leases |\n| 2019       | 2019       | 2019       |           $ 350 |  |  |  |           $ 133 |\n| 2020       | 2020       | 2020       |             320 |  |  |  |             124 |\n| 2021       | 2021       | 2021       |             286 |  |  |  |             113 |\n| 2022       | 2022       | 2022       |             262 |  |  |  |              94 |\n| 2023       | 2023       | 2023       |             208 |  |  |  |              26 |\n| Thereafter | Thereafter | Thereafter |             847 |  |  |  |             122 |\n| Total      | Total      | Total      |         $ 2,273 |  |  |  |           $ 612 |\n\n\n\nNOTE 7\\. INCOME TAXES\n\nDeferred Income Taxes\n\nDeferred income taxes reflect the impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and such amounts for tax purposes\\. The Company has a net deferred tax liability, primarily due to differences in depreciation rates for federal income tax purposes and for financial reporting purposes\\.\n\n70"}
{"_id": "United-2019_85.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nNOTE 14 \\- SPECIAL CHARGES AND UNREALIZED (GAINS) LOSSES ON INVESTMENTS\n\nSpecial charges and unrealized gains and losses on investments in the statements of consolidated operations consisted of the following for the years ended December 31 (in millions):\n\n\n\n|                                                                                                                    |               |               |                       |\n| ------------------------------------------------------------------------------------------------------------------ | ------------- | ------------- | --------------------- |\n| Operating:                                                                                                         | **2019**      | **2018**      | **2017**              |\n| Impairment of assets                                                                                               | $171          | $377          | $25                   |\n| Severance and benefit costs                                                                                        | 16            | 41            | 116                   |\n| Termination of an engine maintenance service agreement                                                             | \u2014             | 64            | \u2014                     |\n| (Gains) losses on sale of assets and other special charges                                                         | 59            | 5             | 35                    |\n| Total operating special charges                                                                                    | 246           | 487           | 176                   |\n| Nonoperating unrealized (gains) losses on investments                                                              | (153<br><br>) | 5             | \u2014                     |\n| Total special charges and unrealized (gains) losses on investments                                                 | 93            | 492           | 176                   |\n| Income tax benefit                                                                                                 | (21<br><br>)  | (110<br><br>) | (63<br><br>)          |\n| Income tax adjustments (Note 6)                                                                                    | \u2014             | (5<br><br>)   | (189<br><br>)         |\n| Total special charges and unrealized (gains) losses on investments, net of income taxes and income tax adjustments | $72           | $377          | $<br><br>(76<br><br>) |\n\n\n\n2019\n\nThe Company conducted its annual impairment review of intangible assets in the fourth quarter of 2019, which consisted of a comparison of the book value of specific assets to the fair value of those assets\\. Due to a decrease in demand for the Hong Kong market and the resulting decrease in unit revenue, the Company determined that the value of its Hong Kong routes had been fully impaired\\. Accordingly, in the fourth quarter of 2019, the Company recorded a special non\\-cash impairment charge of   $90 million  associated with its Hong Kong routes\\. Notwithstanding the impairment, the collateral pledged under the Company's term loan continues to be sufficient to satisfy the loan covenants\\. The Company determined the fair value of the Hong Kong routes using a variation of the income approach known as the excess earnings method, which discounts an asset's projected future net cash flows to determine the current fair value\\. Assumptions used in the discounted cash flow methodology include a discount rate, which is based upon the Company's current weighted average cost of capital plus an asset\\-specific risk factor, and a projection of sales, expenses, gross margin, tax rates and contributory asset charges for several future years and a terminal growth rate\\. The assumptions used for future projections are determined based upon the Company's asset\\-specific forecasts along with the Company's strategic plan\\. These assumptions are inherently uncertain as they relate to future events and circumstances\\. Actual results will be influenced by the competitive environment, fuel costs and other expenses, and potentially other unforeseen events or circumstances that could have a material negative impact on future results\\.\n\nDuring  2019 , the Company recorded a   $43 million  impairment primarily for surplus Boeing 767 aircraft engines removed from operations, an   $18 million  charge primarily for the write\\-off of unexercised aircraft purchase options, and   $20 million  in other aircraft impairments\\.\n\nDuring  2019 , the Company recorded   $14 million  of management severance and   $2 million  of severance and benefit costs related to a voluntary early\\-out program for its technicians and related employees represented by the IBT\\. In the first quarter of 2017, approximately   1,000  technicians and related employees elected to voluntarily separate from the Company and received a severance payment, with a maximum value of   $100,000  per participant, based on years of service, with retirement dates through early 2019\\.\n\nDuring  2019 , the Company recorded charges of   $25 million  related to contract terminations,   $18 million  for the settlement of certain legal matters,   $14 million  for costs related to the transition of fleet types within a regional carrier contract and   $2 million  of other charges\\.\n\nDuring  2019 , the Company recorded gains of   $140 million  for the change in market value of certain of its equity investments, primarily Azul, and   $13 million  for the change in fair value of the AVH Derivative Assets\\.\n\n2018\n\nDuring 2018, the Company recorded a special non\\-cash impairment charge of   $206 million  associated with its Hong Kong routes as a result of its annual intangible assets impairment review\\. The Company determined the fair value of the Hong Kong routes using a variation of the income approach as described above for the 2019 Hong Kong impairment\\.\n\nIn May 2018, the Brazil\u2013United States open skies agreement was ratified, which provides air carriers with unrestricted access between the United States and Brazil\\. The Company determined that the approval of the open skies agreement impaired the entire value of its Brazil route authorities because the agreement removes all limitations or reciprocity requirements for flights \n\n86"}
{"_id": "AmericanAirlines-2017_91.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***ASU 2017\\-07: Compensation \\- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (the New Retirement Standard)***\n\nThe New Retirement Standard requires all components of our net periodic benefit cost (income), with the exception of service cost, previously reported within operating expenses as salaries, wages and benefits, to be reclassified and reported within nonoperating income (expense)\\. The New Retirement Standard is required to be applied retrospectively, which results in the recast of each prior reporting period presented\\. The adoption of the New Retirement Standard has no impact on pre\\-tax income or net income reported\\. See recast 2017 statement of operations data presented below for the expected effects of adoption\\.\n\n***ASU 2016\\-01: Financial Instruments \\- Overall (Subtopic 825\\-10)***\n\nThis ASU makes several modifications to Subtopic 825\\-10, including the elimination of the available\\-for\\-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income\\. This standard is applied prospectively as of the beginning of the year of adoption\\. The adoption of this standard is not expected to have a material impact on our consolidated financial statements\\.\n\n***ASU 2016\\-18: Statement of Cash Flows (Topic 230): Restricted Cash***\n\nThis ASU requires that the change in total cash, cash at beginning of period and cash at end of period on the statement of cash flows include restricted cash and restricted cash equivalents and also requires companies who report cash and restricted cash separately on the balance sheet to reconcile those amounts to the statement of cash flows\\. This standard is required to be applied retrospectively, which results in the recast of each prior reporting period statement of cash flows presented\\. The adoption of this standard is not expected to have a material impact on our consolidated financial statements\\.\n\n***Impacts to*** ***2017*** ***Results***\n\nThe expected effects of adoption of the New Revenue Standard and New Retirement Standard to our statement of operations for the twelve months ended December 31, 2017 are as follows:\n\n\n\n|                                   |             |                         |                      |                         |           |\n| --------------------------------- | ----------- | ----------------------- | -------------------- | ----------------------- | --------- |\n|                                   |             | New Revenue Standard    | New Revenue Standard | New Retirement Standard |           |\n|                                   | As Reported | Deferred Revenue Method | Reclassifications    | Reclassifications       | As Recast |\n| Operating revenues:               |             |                         |                      |                         |           |\n|  Passenger                        | $36,133     | $311                    | $2,687               | $\u2014                      | $39,131   |\n|  Cargo                            | 800         | \u2014                       | 90                   | \u2014                       | 890       |\n|  Other                            | 5,274       | \u2014                       | (2,673)              | \u2014                       | 2,601     |\n|  Total operating revenues         | 42,207      | 311                     | 104                  | \u2014                       | 42,622    |\n|  Total operating expenses         | 38,149      | \u2014                       | 104                  | 138                     | 38,391    |\n| Operating income                  | 4,058       | 311                     | \u2014                    | (138)                   | 4,231     |\n|  Total nonoperating expense, net  | (974)       | \u2014                       | \u2014                    | 138                     | (836)     |\n| Income before income taxes        | 3,084       | 311                     | \u2014                    | \u2014                       | 3,395     |\n| Income tax provision  ^(1)^       | 1,165       | 948                     | \u2014                    | \u2014                       | 2,113     |\n| Net income                        | $1,919      | $(637)                  | $\u2014                   | $\u2014                      | $1,282    |\n| Diluted earnings per common share | $3\\.90      |                         |                      |                         | $2\\.61    |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                          |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The adjustment to the  2017  income tax provision includes an  $830 million  special charge to reduce our deferred tax asset associated with loyalty program liabilities as a result of H\\.R\\. 1, the 2017 Tax Cuts and Jobs Act (the 2017 Tax Act), enacted in December  2017  that reduced the federal corporate income tax rate from  35%  to  21% \\. |\n\n\n\n92"}
{"_id": "AmericanAirlines-2017_80.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**AMERICAN AIRLINES GROUP INC\\.**\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS**\n\n**(In millions, except shares and per share amounts)**\n\n\n\n|                                                         |                             |                             |                             |\n| ------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                         | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                         | **2017**                    | **2016**                    | **2015**                    |\n| **Operating revenues:**                                 |                             |                             |                             |\n| Mainline passenger                                      | $29,238                     | $27,909                     | $29,037                     |\n| Regional passenger                                      | 6,895                       | 6,670                       | 6,475                       |\n| Cargo                                                   | 800                         | 700                         | 760                         |\n| Other                                                   | 5,274                       | 4,901                       | 4,718                       |\n| Total operating revenues                                | 42,207                      | 40,180                      | 40,990                      |\n| **Operating expenses:**                                 |                             |                             |                             |\n| Aircraft fuel and related taxes                         | 6,128                       | 5,071                       | 6,226                       |\n| Salaries, wages and benefits                            | 11,816                      | 10,890                      | 9,524                       |\n| Regional expenses                                       | 6,546                       | 6,044                       | 5,983                       |\n| Maintenance, materials and repairs                      | 1,959                       | 1,834                       | 1,889                       |\n| Other rent and landing fees                             | 1,806                       | 1,772                       | 1,731                       |\n| Aircraft rent                                           | 1,197                       | 1,203                       | 1,250                       |\n| Selling expenses                                        | 1,477                       | 1,323                       | 1,394                       |\n| Depreciation and amortization                           | 1,702                       | 1,525                       | 1,364                       |\n| Special items, net                                      | 712                         | 709                         | 1,051                       |\n| Other                                                   | 4,806                       | 4,525                       | 4,374                       |\n| Total operating expenses                                | 38,149                      | 34,896                      | 34,786                      |\n| **Operating income**                                    | 4,058                       | 5,284                       | 6,204                       |\n| **Nonoperating income (expense):**                      |                             |                             |                             |\n| Interest income                                         | 94                          | 63                          | 39                          |\n| Interest expense, net                                   | (1,053)                     | (991)                       | (880)                       |\n| Other, net                                              | (15)                        | (57)                        | (747)                       |\n| Total nonoperating expense, net                         | (974)                       | (985)                       | (1,588)                     |\n| **Income before income taxes**                          | 3,084                       | 4,299                       | 4,616                       |\n| Income tax provision (benefit)                          | 1,165                       | 1,623                       | (2,994)                     |\n| **Net income**                                          | $1,919                      | $2,676                      | $7,610                      |\n| **Earnings per common share:**                          |                             |                             |                             |\n| Basic                                                   | $3\\.92                      | $4\\.85                      | $11\\.39                     |\n| Diluted                                                 | $3\\.90                      | $4\\.81                      | $11\\.07                     |\n| **Weighted average shares outstanding (in thousands):** |                             |                             |                             |\n| Basic                                                   | 489,164                     | 552,308                     | 668,393                     |\n| Diluted                                                 | 491,692                     | 556,099                     | 687,355                     |\n| **Cash dividends declared per common share**            | $0\\.40                      | $0\\.40                      | $0\\.40                      |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n81"}
{"_id": "AmericanAirlines-2018_162.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(f)^ | Investment includes  45%  in an emerging market 103\\-12 Investment Trust with investments in emerging country equity securities,  37%  in a collective interest trust investing primarily in short\\-term securities,  12%  in Canadian segregated balanced value, income growth and diversified pooled funds and  6%  in a common/collective trust investing in securities of smaller companies located outside the U\\.S\\., including developing markets\\. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                            |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(g)^ | Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy\\. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements\\. |\n\n\n\n\n\n|                                                                                              |                                                                                                       |                                                                              |                                                                                |                                                     |\n| -------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                                                                                              | **Fair Value Measurements as of December 31, 2017**                                                   | **Fair Value Measurements as of December 31, 2017**                          | **Fair Value Measurements as of December 31, 2017**                            | **Fair Value Measurements as of December 31, 2017** |\n| **Asset Category**                                                                           | **Quoted Prices in** <br><br>**Active Markets** <br><br>**for Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Cash and cash equivalents                                                                    | $28                                                                                                   | $\u2014                                                                           | $\u2014                                                                             | $28                                                 |\n| Equity securities:                                                                           |                                                                                                       |                                                                              |                                                                                |                                                     |\n| International markets  ^(a) (b)^                                                             | 3,837                                                                                                 | \u2014                                                                            | \u2014                                                                              | 3,837                                               |\n| Large\\-cap companies  ^(b)^                                                                  | 2,451                                                                                                 | \u2014                                                                            | \u2014                                                                              | 2,451                                               |\n| Mid\\-cap companies  ^(b)^                                                                    | 744                                                                                                   | \u2014                                                                            | \u2014                                                                              | 744                                                 |\n| Small\\-cap companies  ^(b)^                                                                  | 125                                                                                                   | \u2014                                                                            | \u2014                                                                              | 125                                                 |\n| Fixed income:                                                                                |                                                                                                       |                                                                              |                                                                                |                                                     |\n| Corporate bonds  ^(c)^                                                                       | \u2014                                                                                                     | 2,344                                                                        | \u2014                                                                              | 2,344                                               |\n| Government securities  ^(d)^                                                                 | \u2014                                                                                                     | 238                                                                          | \u2014                                                                              | 238                                                 |\n| U\\.S\\. municipal securities                                                                  | \u2014                                                                                                     | 39                                                                           | \u2014                                                                              | 39                                                  |\n| Alternative instruments:                                                                     |                                                                                                       |                                                                              |                                                                                |                                                     |\n| Private market partnerships  ^(e)^                                                           | \u2014                                                                                                     | \u2014                                                                            | 14                                                                             | 14                                                  |\n| Private market partnerships measured at net asset value  ^(e) (g)^                           | \u2014                                                                                                     | \u2014                                                                            | \u2014                                                                              | 879                                                 |\n| Common/collective trusts  ^(f)^                                                              | \u2014                                                                                                     | 315                                                                          | \u2014                                                                              | 315                                                 |\n| Common/collective trusts and 103\\-12 Investment Trust measured at net asset value  ^(f) (g)^ | \u2014                                                                                                     | \u2014                                                                            | \u2014                                                                              | 283                                                 |\n| Insurance group annuity contracts                                                            | \u2014                                                                                                     | \u2014                                                                            | 2                                                                              | 2                                                   |\n| Dividend and interest receivable                                                             | 44                                                                                                    | \u2014                                                                            | \u2014                                                                              | 44                                                  |\n| Due to/from brokers for sale of securities \u2013 net                                             | 3                                                                                                     | \u2014                                                                            | \u2014                                                                              | 3                                                   |\n| Other liabilities \u2013 net                                                                      | (6)                                                                                                   | \u2014                                                                            | \u2014                                                                              | (6)                                                 |\n| Total                                                                                        | $7,226                                                                                                | $2,936                                                                       | $16                                                                            | $11,340                                             |\n\n\n\n\n\n|       |                                                                                                                                                                                                                  |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(a)^ | Holdings are diversified as follows:  17%  United Kingdom,  11%  Japan,  9%  France,  6%  Switzerland,  16%  emerging markets and the remaining  41%  with no concentration greater than 5% in any one country\\. |\n\n\n\n\n\n|       |                                                                              |\n| ----- | ---------------------------------------------------------------------------- |\n| ^(b)^ | There are no significant concentrations of holdings by company or industry\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(c)^ | Includes approximately  76%  investments in corporate debt with a S&P rating lower than A and  24%  investments in corporate debt with a S&P rating A or higher\\. Holdings include  85%  U\\.S\\. companies,  12%  international companies and  3%  emerging market companies\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                   |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(d)^ | Includes approximately  27%  investments in U\\.S\\. domestic government securities,  43%  in emerging market government securities and  30%  in international government securities\\. There are no significant foreign currency risks within this classification\\. |\n\n\n\n163"}
{"_id": "United-2017_0.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n10\\-K 1 d471340d10k\\.htm FORM 10\\-K \n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**UNITED STATES** \n\n**SECURITIES AND EXCHANGE COMMISSION** \n\n**Washington, DC 20549** \n\n**FORM 10\\-K**\n\n\n\n|     |                                                                                           |\n| --- | ----------------------------------------------------------------------------------------- |\n| \u2612   | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**  |\n\n\n\n**For the fiscal year ended December 31, 2017** \n\n**OR** \n\n\n\n|     |                                                                                               |\n| --- | --------------------------------------------------------------------------------------------- |\n| \u2610   | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**  |\n\n\n\n**For the transition period from to** \n\n![LOGO](https://www.example.com/g471340g68z78.jpg)\n\n\n\n|                                |                                                                                                                                                                   |                                |                                                |\n|:------------------------------:|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------:|:------------------------------:|:----------------------------------------------:|\n| **Commission** **File Number** | **Exact Name of Registrant as** **Specified in its Charter, Principal  <br>Executive** **Office Address, Zip Code and** **Telephone Number, Including Area Code** | **State of** **Incorporation** | **I\\.R\\.S\\. Employer** **Identification No\\.** |\n|           001\\-06033           |                       **United Continental Holdings, Inc\\.  <br>233 South Wacker Drive  <br>Chicago, Illinois 60606  <br>(872)  825\\-4000**                       |            Delaware            |                  36\\-2675207                   |\n|           001\\-10323           |                             **United Airlines, Inc\\.  <br>233 South Wacker Drive  <br>Chicago, Illinois 60606  <br>(872)  825\\-4000**                             |            Delaware            |                  74\\-2099724                   |\n\n\n\n**Securities registered pursuant to Section 12(b) of the Act:** \n\n\n\n|                                    |                                 |                                               |\n|:---------------------------------- |:-------------------------------:|:---------------------------------------------:|\n|                                    |     **Title of Each Class**     | **Name of Each Exchange on Which Registered** |\n| United Continental Holdings, Inc\\. |  Common Stock, $0\\.01 par value |            New York Stock Exchange            |\n| United Airlines, Inc\\.             |               None              |                      None                     |\n\n\n\n**Securities registered pursuant to Section 12(g) of the Act:** \n\n\n\n|                                     |      |\n|:----------------------------------- | ----:|\n|  United Continental Holdings, Inc\\. | None |\n|  United Airlines, Inc\\.             | None |\n\n\n\nIndicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\.\n\n\n\n|                                    |            |\n|:---------------------------------- | ----------:|\n| United Continental Holdings, Inc\\. | Yes \u2612 No \u2610 |\n| United Airlines, Inc\\.             | Yes \u2612 No \u2610 |\n\n\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act\n\n\n\n|                                    |            |\n|:---------------------------------- | ----------:|\n| United Continental Holdings, Inc\\. | Yes \u2610 No \u2612 |\n| United Airlines, Inc\\.             | Yes \u2610 No \u2612 |\n\n\n\nIndicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\.\n\n\n\n|                                    |            |\n|:---------------------------------- | ----------:|\n| United Continental Holdings, Inc\\. | Yes \u2612 No \u2610 |\n| United Airlines, Inc\\.             | Yes \u2612 No \u2610 |\n\n\n\nIndicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S\\-T (\u00a7232\\.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)\\.\n\n\n\n|                                    |            |\n|:---------------------------------- | ----------:|\n| United Continental Holdings, Inc\\. | Yes \u2612 No \u2610 |\n| United Airlines, Inc\\.             | Yes \u2612 No \u2610 |\n\n\n\nIndicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K (\u00a7229\\.405 of this chapter) is not contained herein, and will not be contained, to the best of Registrant\u2019s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K\\.\n\n\n\n|                                     |   |\n|:----------------------------------- | -:|\n| United Continental Holdings, Inc\\.  | \u2612 |\n| United Airlines, Inc\\.              | \u2612 |\n\n\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, a smaller reporting company, or an emerging growth company\\. See the definitions of \u201clarge accelerated filer,\u201d \u201caccelerated filer,\u201d \u201csmaller reporting company,\u201d and \u201cemerging growth company\u201d in Rule 12b\\-2 of the Exchange Act\\. (Check one):\n\n\n\n|                                         |                           |                     |                          |                             |                           |\n|:--------------------------------------- |:------------------------- |:------------------- |:------------------------ | ---------------------------:| -------------------------:|\n| United Continental  <br>Holdings, Inc\\. | Large accelerated filer \u2612 | Accelerated filer \u2610 | Non\\-accelerated filer \u2610 | Smaller reporting company \u2610 | Emerging growth company \u2610 |\n| United Airlines, Inc\\.                  | Large accelerated filer \u2610 | Accelerated filer \u2610 | Non\\-accelerated filer \u2612 | Smaller reporting company \u2610 | Emerging growth company \u2610 |\n\n\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.\n\n\n\n|                                     |   |\n|:----------------------------------- | -:|\n| United Continental Holdings, Inc\\.  | \u2610 |\n| United Airlines, Inc\\.              | \u2610 |\n\n\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Act)\\.\n\n\n\n|                                    |            |\n|:---------------------------------- | ----------:|\n| United Continental Holdings, Inc\\. | Yes \u2610 No \u2612 |\n| United Airlines, Inc\\.             | Yes \u2610 No \u2612 |\n\n\n\nThe aggregate market value of common stock held by non\\-affiliates of United Continental Holdings, Inc\\. was $21,673,390,018 as of June 30, 2017, based on the closing price of $75\\.25 on the New York Stock Exchange reported for that date\\. There is no market for United Airlines, Inc\\. common stock\\.\n\nIndicate the number of shares outstanding of each of the registrant\u2019s classes of common stock, as of February 14, 2018\\.\n\n\n\n|                                    |                                                                                                    |\n| ---------------------------------- | -------------------------------------------------------------------------------------------------- |\n| United Continental Holdings, Inc\\. | 284,700,547 shares of common stock ($0\\.01 par value)                                              |\n| United Airlines, Inc\\.             | 1,000 shares of common stock ($0\\.01 par value) (100% owned by United Continental Holdings, Inc\\.) |\n\n\n\nThis combined Form 10\\-K is separately filed by United Continental Holdings, Inc\\. and United Airlines, Inc\\.\n\n**OMISSION OF CERTAIN INFORMATION** \n\nUnited Airlines, Inc\\. meets the conditions set forth in General Instruction I(1)(a) and (b) of Form 10\\-K and is therefore filing this form with the reduced disclosure format allowed under that General Instruction\\.\n\n**DOCUMENTS INCORPORATED BY REFERENCE** \n\nInformation required by Items 10, 11, 12 and 13 of Part III of this Form 10\\-K is incorporated by reference for United Continental Holdings, Inc\\. from its definitive proxy statement for its 2018 Annual Meeting of Stockholders\\."}
{"_id": "AmericanAirlines-2019_14.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAvailable Information\n\nUse of Websites to Disclose Information\n\nOur website is located at  www\\.aa\\.com \\. We have made and expect in the future to make public disclosures to investors and the general public of information regarding AAG and its subsidiaries by means of the investor relations section of our website as well as through the use of our social media sites, including Facebook and Twitter\\. In order to receive notifications regarding new postings to our website, investors are encouraged to enroll on our website to receive automatic email alerts (see  https://americanairlines\\.gcs\\-web\\.com/email\\-alerts ), \u201cfollow\u201d American (@AmericanAir) on Twitter and \u201clike\u201d American on our Facebook page ( www\\.facebook\\.com/AmericanAirlines )\\. None of the information or contents of our website or social media postings is incorporated into this Annual Report on Form 10\\-K\\.\n\nAvailability of SEC Reports\n\nA copy of this Annual Report on Form 10\\-K, Quarterly Reports on Form 10\\-Q, Current Reports on Form 8\\-K and amendments to those reports are available free of charge on our website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC\\. The SEC also maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at  www\\.sec\\.gov \\.\n\n15"}
{"_id": "Southwest-2017_104.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**12****\\. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)**\n\nComprehensive income includes changes in the fair value of certain financial derivative instruments that qualify for hedge accounting, unrealized gains and losses on certain investments, and actuarial gains/losses arising from the Company\u2019s postretirement benefit obligation\\. A rollforward of the amounts included in AOCI, net of taxes, is shown below for 2017 and 2016:\n\n\n\n|                              |                      |                               |                                |           |                         |                                                        |\n| ---------------------------- | -------------------- | ----------------------------- | ------------------------------ | --------- | ----------------------- | ------------------------------------------------------ |\n| **(in millions)**            | **Fuel derivatives** | **Interest rate derivatives** | **Defined benefit plan items** | **Other** | **Deferred tax impact** | **Accumulated other  <br>comprehensive income (loss)** |\n| Balance at December 31, 2015 | $(1,666)             | $(30)                         | $22                            | $6        | $617                    | $(1,051)                                               |\n| Changes in fair value        | 194                  | (3)                           | (36)                           | 14        | (63)                    | 106                                                    |\n| Reclassification to earnings | 973                  | 15                            | \u2014                              | \u2014         | (366)                   | 622                                                    |\n| Balance at December 31, 2016 | $(499)               | $(18)                         | $(14)                          | $20       | $188                    | $(323)                                                 |\n| Changes in fair value        | (50)                 | \u2014                             | 5                              | 13        | 11                      | (21)                                                   |\n| Reclassification to earnings | 552                  | 11                            | \u2014                              | \u2014         | (207)                   | 356                                                    |\n| Balance at December 31, 2017 | $3                   | $(7)                          | $(9)                           | $33       | $(8)                    | $12                                                    |\n\n\n\nThe following table illustrates the significant amounts reclassified out of each component of AOCI for the year endedDecember 31, 2017: \n\n\n\n|                                                         |                                     |                                                                              |\n| ------------------------------------------------------- | ----------------------------------- | ---------------------------------------------------------------------------- |\n| **Year ended December 31, 2017**                        | **Year ended December 31, 2017**    | **Year ended December 31, 2017**                                             |\n| **(in millions)**                                       | **Amounts reclassified from AOCI**  | **Affected line item in the Consolidated Statement of Comprehensive Income** |\n| **AOCI components**                                     | **Amounts reclassified from AOCI**  | **Affected line item in the Consolidated Statement of Comprehensive Income** |\n| Unrealized loss on fuel derivative instruments          | $552                                | Fuel and oil expense                                                         |\n|                                                         | 203                                 | Less: Tax expense                                                            |\n|                                                         | $349                                | Net of tax                                                                   |\n| Unrealized loss on interest rate derivative instruments | $11                                 | Interest expense                                                             |\n|                                                         | 4                                   | Less: Tax expense                                                            |\n|                                                         | $7                                  | Net of tax                                                                   |\n| Total reclassifications for the period                  | $356                                | Net of tax                                                                   |\n\n\n\n**13****\\. EMPLOYEE RETIREMENT PLANS**\n\n***Defined Contribution Plans***\n\nSouthwest has defined contribution plans covering substantially all of its Employees\\. Contributions under all defined contribution plans are primarily based on Employee compensation and performance of the Company\\. The Company sponsors Employee savings plans under section 401(k) of the Internal Revenue Code of 1986, as amended\\. The Southwest Airlines Co\\. 401(k) Plan includes Company matching contributions and the Southwest Airlines Pilots Retirement Saving Plan has non\\-elective Company contributions\\. In addition, the Southwest Airlines Co\\. ProfitSharing Plan (ProfitSharing Plan) is a defined contribution plan to which the Company may contribute a percentage of its eligible pre\\-tax profits, as defined, on an annual basis\\. No Employee contributions to the ProfitSharing Plan are allowed\\. \n\nAmounts associated with the Company's defined contribution plans expensed in 2017, 2016, and 2015, reflected as a component of Salaries, wages, and benefits, were $1\\.0 billion, $937 million, and $945 million, respectively\\.\n\n105"}
{"_id": "Alaska-2017_73.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**NOTE 2\\. ACQUISITION OF VIRGIN AMERICA INC\\.**\n\n***Virgin America***\n\nOn December 14, 2016, the Company acquired 100% of the outstanding common shares and voting interest of Virgin America for $57 per share, or total cash consideration of $2\\.6 billion\\. \n\n***Fair values of the assets acquired and the liabilities assumed***\n\nThe transaction was accounted for as a business combination using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized on the balance sheet at their fair values as of the acquisition date\\. The fair values of the assets acquired and liabilities assumed were determined using the market, income and cost approaches\\. There were no significant fair value adjustments made during the twelve months ended December 31, 2017\\. \n\nFair values of the assets acquired and the liabilities assumed as of the acquisition date, December 14, 2016, at December 31, 2017 and December 31, 2016 were as follows (in millions):\n\n\n\n|                                           |                       |                       |\n| ----------------------------------------- | --------------------- | --------------------- |\n|                                           | **December 31, 2017** | **December 31, 2016** |\n| Cash and cash equivalents                 | $645                  | $645                  |\n| Receivables                               | 53                    | 44                    |\n| Prepaid expenses and other current assets | 18                    | 16                    |\n| Property and equipment                    | 571                   | 560                   |\n| Intangible assets                         | 141                   | 143                   |\n| Goodwill                                  | 1,943                 | 1,934                 |\n| Other assets                              | 89                    | 84                    |\n| **Total assets**                          | 3,460                 | 3,426                 |\n| Accounts payable                          | 22                    | 22                    |\n| Accrued wages, vacation and payroll taxes | 54                    | 51                    |\n| Air traffic liabilities                   | 172                   | 172                   |\n| Other accrued liabilities                 | 198                   | 196                   |\n| Current portion of long\\-term debt        | 125                   | 125                   |\n| Long\\-term debt, net of current portion   | 360                   | 360                   |\n| Deferred income taxes                     | (300)                 | (304)                 |\n| Deferred revenue                          | 126                   | 126                   |\n| Other liabilities                         | 107                   | 82                    |\n| **Total liabilities**                     | 864                   | 830                   |\n| **Total purchase price**                  | **$2,596**            | **$2,596**            |\n\n\n\n***Intangible Assets***\n\nOf the $141 million of acquired intangible assets, $89 million represents airport slots\\. Airport slots are rights to take\\-off or land at a slot\\-controlled airport during a specific time period and are a means by which the FAA manages airspace/airport congestion\\. The Company acquired slots at three such airports\u2014John F\\. Kennedy International, LaGuardia and Ronald Reagan Washington National\\. These slots either have no expiration dates or are expected to be renewed indefinitely in line with the FAA's past practice\\. They require no maintenance and do not have an established residual value\\. As the demand for air travel at these airports has remained very strong, the Company expects to use these slots in perpetuity and has determined these airport slots to be indefinite\\-lived intangible assets\\. They will not be amortized but rather tested for impairment annually, or more frequently when events and circumstances indicate that impairment may exist\\. \n\nOf the remaining $52 million, $37 million represents customer relationships, subject to amortization on a straight\\-line basis over the estimated economic life of seven years, $1 million represents credit card agreements amortized on a straight\\-line basis over \n\n 74"}
{"_id": "Southwest-2019_15.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nThe Company expects the federal government to continue to closely examine cyber\\-security and data privacy in 2020\\. This could include the DOT looking at new requirements, guidance, or best practices for the industry, as well as the introduction of new legislation in Congress\\.\n\nInternational Regulation\n\nAll international air service is subject to certain U\\.S\\. federal requirements and approvals, as well as the regulatory requirements of the appropriate authorities of the foreign countries involved\\. The Company has obtained the necessary economic authority from the DOT, as well as approvals required by the FAA and applicable foreign government entities, to conduct operations, under certain circumstances, to points outside of the continental United States currently served by the Company\\. Certain international authorities and approvals held by the Company are subject to periodic renewal requirements\\. The Company requests extensions of such authorities and approvals when and as appropriate\\. To the extent the Company seeks to serve additional foreign destinations in the future, or to renew its authority to serve certain routes, it may be required to obtain necessary authority from the DOT and/or approvals from the FAA, as well as any applicable foreign government entity\\.\n\nCertain international markets are governed by bilateral air transportation agreements between the United States and foreign countries\\. Changes in U\\.S\\. or foreign government aviation policies could result in the alteration or termination of such agreements, diminish the value of the Company's existing international authorities, present barriers to renewing existing or securing new authorities, or otherwise affect the Company's international operations\\. In particular, there is still a degree of uncertainty about the future of scheduled commercial flight operations between the  United States and Cuba as a result of changes in diplomatic relations between the two governments, as well as travel and trade restrictions implemented by the U\\.S\\. government\\. There are also capacity limitations at certain airports in Mexico and the Caribbean, which could impact future service levels\\. In general, bilateral agreements between the United States and foreign countries the Company currently serves, or may serve in the future, may be subject to renegotiation or reinterpretation from time to time\\. While the U\\.S\\. government has negotiated \"open skies\" agreements with many countries, which allow for unrestricted access between the United States and respective foreign destinations, agreements with other countries may restrict the Company's entry into those destinations and/or its related growth opportunities\\.\n\nThe CBP is the federal agency of the U\\.S\\. Department of Homeland Security charged with facilitating international trade, collecting import duties, and enforcing U\\.S\\. regulations with respect to trade, customs, and immigration\\. As the Company expands its international flight offerings, CBP and its requirements and resources will also become increasingly important considerations to the Company\\. For instance, with the exception of flights from a small number of foreign \"preclearance\" locations, arriving international flights may only land at CBP\\-designated airports, and CBP officers must be present and in sufficient numbers at those airports to effectively process and inspect arriving international passengers, baggage, and cargo\\. Thus, CBP personnel and CBP\\-mandated procedures can affect the Company's operations, costs, and Customer experience\\. The Company has made, and expects to continue to make, significant investments in facilities, equipment, and technologies at certain airports in order to improve the Customer experience and to assist CBP with its inspection and processing duties; however, the Company is not able to predict the impact, if any, that various CBP measures or the lack of CBP resources will have on Company revenues and costs, either in the short\\-term or the long\\-term\\.\n\nInsurance\n\nThe Company carries insurance of types customary in the airline industry and in amounts the Company deems adequate to protect the Company and its property and to comply both with federal regulations and certain of the Company's credit and lease agreements\\. The policies principally provide coverage for public and passenger liability, property damage, cargo and baggage liability, loss or damage to aircraft, engines, and spare parts, and workers\u2019 compensation\\. In addition, the Company carries a cyber\\-security insurance policy with regards to data protection and business interruption associated with both security breaches from malicious parties and from certain system failures\\.\n\nAlthough the Company has been able to purchase aviation, property, liability, and professional insurance via the commercial insurance marketplace, available commercial insurance could be more expensive in the future and/or have material differences in coverage than insurance that has historically been provided and may not be adequate to protect the Company's risk of loss from future events, including acts of terrorism\\. Further, available cyber\\-security insurance with regards to data protection and business interruption could be more expensive in the future and/or have material differences in coverage than insurance that has historically been provided and may not be adequate to protect the \n\n16"}
{"_id": "Delta-2018_52.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK\n\nWe have market risk exposure related to fuel prices, interest rates and foreign currency exchange rates\\. Market risk is the potential negative impact of adverse changes in these prices or rates on our Consolidated Financial Statements\\. In an effort to manage our exposure to these risks, we may enter into derivative contracts and may adjust our derivative portfolio as market conditions change\\. We expect adjustments to the fair value of financial instruments to result in ongoing volatility in earnings and stockholders' equity\\.\n\nThe following sensitivity analyses do not consider the effects of a change in demand for air travel, the economy as a whole or actions we may take to seek to mitigate our exposure to a particular risk\\. For these and other reasons, the actual results of changes in these prices or rates may differ materially from the following hypothetical results\\.\n\nFuel Price Risk\n\nChanges in fuel prices materially impact our results of operations\\. A one cent increase in the cost of jet fuel would result in approximately $40 million of additional annual fuel expense\\.  Our derivative contracts to hedge the financial risk from changing fuel prices are primarily related to Monroe\u2019s refining margins\\. \n\nInterest Rate Risk\n\nOur exposure to market risk from adverse changes in interest rates is primarily associated with our long\\-term debt obligations\\. Market risk associated with our fixed and variable rate long\\-term debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates\\. \n\nAt  December 31, 2018 , we had $5\\.7 billion of fixed\\-rate long\\-term debt and $3\\.7 billion of variable\\-rate long\\-term debt\\. An increase of 100 basis points in average annual interest rates would have decreased the estimated fair value of our fixed\\-rate long\\-term debt by $240 million at  December 31, 2018  and would have increased the annual interest expense on our variable\\-rate long\\-term debt by $37 million\\.\n\nForeign Currency Exchange Risk\n\nWe are subject to foreign currency exchange rate risk because we have revenue and expense denominated in foreign currencies\\. To manage exchange rate risk, we execute both our international revenue and expense transactions in the same foreign currency to the extent practicable\\.  From time to time, we may also enter into foreign currency option and forward contracts\\.  At  December 31, 2018 , we had open foreign currency forward contracts totaling a $1 million asset position\\. We estimate that a 10% depreciation or appreciation in the price of the Japanese yen in relation to the U\\.S\\. dollar would change the projected cash settlement value of our open hedge contracts by a $6 million gain or $7 million loss, respectively, for the year ending December 31, 2019\\.\n\n 50"}
{"_id": "Delta-2019_66.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nLoyalty Program\n\nOur SkyMiles loyalty program generates customer loyalty by rewarding customers with incentives to travel on Delta\\. This program allows customers to earn mileage credits (\"miles\") by flying on Delta, Delta Connection and other airlines that participate in the loyalty program\\. When traveling, customers earn redeemable miles based on the passenger's loyalty program status and ticket price\\. Customers can also earn miles through participating companies such as credit card companies, hotels, car rental agencies and ridesharing companies\\. To facilitate transactions with participating companies, we sell miles to non\\-airline businesses, customers and other airlines\\. Miles are redeemable by customers in future periods for air travel on Delta and other participating airlines, membership in our Sky Club and other program awards\\. \n\nTo reflect the miles earned, the loyalty program includes two types of transactions that are considered revenue arrangements with multiple performance obligations: (1) miles earned with travel and (2) miles sold to participating companies\\. \n\nPassenger Ticket Sales Earning Miles\\.  Passenger ticket sales earning miles under our loyalty program provide customers with (1) miles earned and (2) air transportation, which are considered performance obligations\\. We value each performance obligation on a standalone basis\\. To value the miles earned, we consider the quantitative value a passenger receives by redeeming miles for a ticket rather than paying cash, which is referred to as equivalent ticket value (\"ETV\")\\. Our estimate of ETV is adjusted for miles that are not likely to be redeemed (\"breakage\")\\. We use statistical models to estimate breakage based on historical redemption patterns\\. A change in assumptions as to the actual redemption activity for miles or the estimated fair value of miles expected to be redeemed could have a material impact on our revenue in the year in which the change occurs and in future years\\. We recognize breakage proportionally during the period in which the remaining miles are actually redeemed\\. \n\nWe defer revenue for the miles when earned and recognize loyalty travel awards in passenger revenue as the miles are redeemed and transportation is provided\\. We record the air transportation portion of the passenger ticket sales in air traffic liability and recognize passenger revenue when we provide transportation or if the ticket goes unused\\. \n\nSale of Miles\\.  Customers may earn miles based on their spending with participating companies such as credit card companies, hotels, car rental agencies and ridesharing companies with which we have marketing agreements to sell miles\\. Our contracts to sell miles under these marketing agreements have multiple performance obligations\\. Payments are typically due monthly based on the volume of miles sold during the period, and the terms of our marketing contracts are from  one to  eleven years\\. During the years ended December 31, 2019, 2018 and 2017, total cash sales from marketing agreements were $4\\.2 billion, $3\\.5 billion and $3\\.2 billion, respectively, which are allocated to travel and other performance obligations, as discussed below\\. \n\nOur most significant contract to sell miles relates to our co\\-brand credit card relationship with American Express\\. Our agreements with American Express provide for joint marketing, grant certain benefits to Delta\\-American Express co\\-branded credit card holders (\"cardholders\") and American Express Membership Rewards program participants, and allow American Express to market its services or products using our customer database\\. Cardholders earn miles for making purchases using co\\-branded cards, and certain cardholders may also check their first bag for free, are granted discounted access to Delta Sky Club lounges and receive priority boarding and other benefits while traveling on Delta\\. Additionally, participants in the American Express Membership Rewards program may exchange their points for miles under the loyalty program\\. We sell miles at agreed\\-upon rates to American Express which are then provided to their customers under the co\\-brand credit card program and the Membership Rewards program\\. \n\nWe account for marketing agreements, including those with American Express, by allocating the consideration received to the individual products and services delivered\\. We allocate the value based on the relative selling prices of those products and services, which generally consist of award travel, priority boarding, baggage fee waivers, lounge access and the use of our brand\\. We determine our best estimate of the selling prices by using a discounted cash flow analysis using multiple inputs and assumptions, including: (1) the expected number of miles awarded and number of miles redeemed, (2) ETV for the award travel obligation adjusted for breakage, (3) published rates on our website for baggage fees, discounted access to Delta Sky Club lounges and other benefits while traveling on Delta, (4) brand value (using estimated royalties generated from the use of our brand) and (5) volume discounts provided to certain partners\\. \n\nEffective January 1, 2019, we amended our co\\-brand agreement with American Express, and we also amended other agreements with American Express during the current year\\. The new agreements increase the value we receive and extend the terms to 2029\\. The products and services delivered are consistent with previous agreements, and we continue to allocate the consideration received based on the relative selling prices of those products and services\\. \n\n64"}
{"_id": "Delta-2017_44.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nCritical Accounting Policies and Estimates\n\nOur critical accounting policies and estimates are those that require significant judgments and estimates\\. Accordingly, the actual results may differ materially from these estimates\\. For a discussion of these and other accounting policies, see  Note 1  of the Notes to the Consolidated Financial Statements\\.\n\nFrequent Flyer Program\n\nOur SkyMiles program offers incentives to travel on Delta\\. This program allows customers to earn mileage credits by flying on Delta, Delta Connection and airlines that participate in the SkyMiles program, as well as through participating companies such as credit card companies, hotels and car rental agencies\\. We sell mileage credits to non\\-airline businesses, customers and other airlines\\. Effective January 1, 2015, the SkyMiles program was modified from a model in which customers earn redeemable mileage credits based on distance traveled to a model based on ticket price\\. This award change did not affect the way we account for the program\\. \n\nThe SkyMiles program includes two types of transactions that are considered revenue arrangements with multiple deliverables\\. As discussed below, these are (1) passenger ticket sales earning mileage credits and (2) the sale of mileage credits to participating companies with which we have marketing agreements\\. Mileage credits are a separate unit of accounting as they can be redeemed by customers in future periods for air travel on Delta and participating airlines, membership in our Sky Club and other program awards\\.\n\nPassenger Ticket Sales Earning Mileage Credits\\.  Passenger ticket sales earning mileage credits under our SkyMiles program provide customers with (1) mileage credits earned and (2) air transportation\\. We value each deliverable on a standalone basis\\. Our estimate of the selling price of a mileage credit is based on an analysis of our sales of mileage credits to other airlines and customers, which is re\\-evaluated at least annually\\. We use established ticket prices to determine the estimated selling price of air transportation\\. We allocate the total amount collected from passenger ticket sales between the deliverables based on their relative selling prices\\.\n\nWe defer revenue for the mileage credits related to passenger ticket sales when the credits are earned and recognize it as passenger revenue when miles are redeemed and services are provided\\. We record the air transportation portion of the passenger ticket sales in air traffic liability and recognize these amounts in passenger revenue when we provide transportation or when the ticket expires unused\\. A hypothetical 10% increase in our estimate of the standalone selling price of a mileage credit would decrease passenger revenue by approximately $50 million, as a result of an increase in the amount of revenue deferred from the mileage component of passenger ticket sales\\.\n\nSale of Mileage Credits\\.  Customers may earn mileage credits through participating companies such as credit card companies, hotels and car rental agencies with which we have marketing agreements to sell mileage credits\\. Our contracts to sell mileage credits under these marketing agreements have multiple deliverables, as defined below\\.\n\nOur most significant contract to sell mileage credits relates to our co\\-brand credit card relationship with American Express\\.  In December 2014, we amended our marketing agreements with American Express, which increased the value we receive under the agreements through 2022\\. The amended agreements became effective January 1, 2015\\. We account for the agreements consistent with the accounting method that allocates the consideration received to the individual products and services delivered based on their relative selling prices\\.  We determined our best estimate of the selling prices by considering discounted cash flow analysis using multiple inputs and assumptions, including: (1) the expected number of miles awarded and number of miles redeemed, (2) the rate at which we sell mileage credits to other airlines, (3) published rates on our website for baggage fees, discounted access to Delta Sky Club lounges and other benefits while traveling on Delta and (4) brand value\\. The increased value received under the amended agreements increases the amount of deferred revenue for the travel component and increases the value of the other deliverables, which are recognized in other revenue as they are provided\\.\n\nWe recognize revenue as we deliver each sales element\\. We defer the travel deliverable (mileage credits) as part of frequent flyer deferred revenue and recognize passenger revenue as the mileage credits are used for travel\\. The revenue allocated to the remaining deliverables is recorded in other revenue\\. We recognize the revenue for these services as they are performed\\. \n\n 40"}
{"_id": "Southwest-2018_43.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|                                                         |                                                                                             |                                                                                             |                                                                                             |                                                                                             |\n| ------------------------------------------------------- | ------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- |\n|                                                         | **Estimated economic fuel price per gallon, including taxes and fuel hedging premiums (e)** | **Estimated economic fuel price per gallon, including taxes and fuel hedging premiums (e)** | **Estimated economic fuel price per gallon, including taxes and fuel hedging premiums (e)** | **Estimated economic fuel price per gallon, including taxes and fuel hedging premiums (e)** |\n| **Average Brent Crude Oil**<br><br>**price per barrel** | **First Quarter 2019 (c)**                                                                  | **First Quarter 2019 (c)**                                                                  | **Full Year 2019 (d)**                                                                      | **Full Year 2019 (d)**                                                                      |\n| $50                                                     | $1\\.75 \\- $1\\.80                                                                            | $1\\.75 \\- $1\\.80                                                                            | $1\\.65 \\- $1\\.75                                                                            | $1\\.65 \\- $1\\.75                                                                            |\n| $55                                                     | $1\\.85 \\- $1\\.90                                                                            | $1\\.85 \\- $1\\.90                                                                            | $1\\.80 \\- $1\\.90                                                                            | $1\\.80 \\- $1\\.90                                                                            |\n| **Current Market (a)**                                  | **$2\\.00 \\- $2\\.05**                                                                        | **$2\\.00 \\- $2\\.05**                                                                        | **$2\\.00 \\- $2\\.10**                                                                        | **$2\\.00 \\- $2\\.10**                                                                        |\n| $70                                                     | $2\\.15 \\- $2\\.20                                                                            | $2\\.15 \\- $2\\.20                                                                            | $2\\.20 \\- $2\\.30                                                                            | $2\\.20 \\- $2\\.30                                                                            |\n| $80                                                     | $2\\.25 \\- $2\\.30                                                                            | $2\\.25 \\- $2\\.30                                                                            | $2\\.35 \\- $2\\.45                                                                            | $2\\.35 \\- $2\\.45                                                                            |\n| $90                                                     | $2\\.30 \\- $2\\.35                                                                            | $2\\.30 \\- $2\\.35                                                                            | $2\\.50 \\- $2\\.60                                                                            | $2\\.50 \\- $2\\.60                                                                            |\n| Estimated fuel hedging premium expense per gallon (b)   | $0\\.06                                                                                      | $0\\.06                                                                                      | $0\\.04                                                                                      | $0\\.04                                                                                      |\n\n\n\n(a) Brent crude oil average market prices as of January 18, 2019, were approximately $62\\.01 and $62\\.40 per barrel for first quarter 2019 and full year 2019, respectively\\.\n\n(b) Fuel hedging premium expense per gallon is included in the Company's estimated economic fuel price per gallon estimates above\\.\n\n(c) Based on the Company's existing fuel derivative contracts and market prices as of January 18, 2019, first quarter 2019 GAAP and economic fuel costs are estimated to be in the $2\\.00 to $2\\.05 per gallon range, including fuel hedging premium expense of approximately $28 million, or $\\.06 per gallon, and an estimated $\\.02 per gallon in favorable cash settlements from fuel derivative contracts\\. See Note Regarding Use of Non\\-GAAP Financial Measures\\. \n\n(d) Based on the Company's existing fuel derivative contracts and market prices as of January 18, 2019, annual 2019 GAAP and economic fuel costs are estimated to be in the $2\\.00 to $2\\.10 per gallon range, including fuel hedging premium expense of approximately $95 million, or $\\.04 per gallon, and an estimated $\\.01 per gallon in favorable cash settlements from fuel derivative contracts\\. See Note Regarding Use of Non\\-GAAP Financial Measures\\. \n\n(e) The Company's current hedge positions contain a combination of instruments based in West Texas Intermediate and Brent crude oil; however, the economic fuel price per gallon sensitivities provided assume the relationship between Brent crude oil and refined products based on market prices as of January 18, 2019\\.\n\nMaintenance materials and repairs expense for 2018increased by $106 million, or 10\\.6 percent, compared with 2017\\. On a per ASM basis, Maintenance materials and repairs expense for 2018increased 6\\.2 percent, compared with 2017\\. On both a dollar and per ASM basis, the majority of the increases were due to the timing of regular airframe maintenance checks\\. The remainder of the increases were due to engine maintenance and repairs\\. The Company currently expects Maintenance materials and repairs expense per ASM for first quarter 2019 to increase, compared with first quarter 2018\\.\n\nLanding fees and airport rentals expense for 2018increased by $42 million, or 3\\.3 percent, compared with 2017\\. On a per ASM basis, Landing fees and airport rentals expense for 2018decreased 1\\.2 percent, compared with 2017, as the dollar increases were more than offset by the 3\\.9 percent increase in capacity\\. On a dollar basis, the majority of the increase was due to an increase in rental rates at various stations throughout the network\\. The Company currently expects Landing fees and airport rentals expense per ASM for first quarter 2019 to increase, compared with first quarter 2018\\.\n\nDepreciation and amortization expense for 2018decreased by $17 million, or 1\\.4 percent, compared with 2017\\. On a per ASM basis, Depreciation and amortization expense decreased 5\\.1 percent, compared with 2017\\. On both a dollar and per ASM basis, the majority of the decreases were associated with the reduction in depreciation expense associated with the accelerated retirement of the Company's Classic fleet in third quarter 2017, as this exceeded the additional depreciation associated with purchases of new owned aircraft and pre\\-owned aircraft on capital leases\\. The Company currently expects Depreciation and amortization expense per ASM for first quarter 2019 to increase, compared with first quarter 2018\\.\n\nOther operating expenses for 2018increased by $5 million, or 0\\.2 percent, compared with 2017\\. On a per ASM basis, Other operating expenses for 2018decreased 3\\.8 percent, compared with 2017, as the dollar increases were more than offset by the 3\\.9 percent increase in capacity\\. Other operating expenses in 2017 included charges totaling $96 million, \n\n44"}
{"_id": "Alaska-2019_36.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nOPERATING STATISTICS SUMMARY (unaudited)\n\nAlaska Air Group, Inc\\. \n\nBelow are operating statistics we use to measure performance\\. Certain historical information has been adjusted to reflect the adoption of new accounting standards\\. We often refer to unit revenues and adjusted unit costs, which are non\\-GAAP measures\\.\n\n\n\n|                                                          |                                                          |                                                          |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:-------------------------------------------------------- |:-------------------------------------------------------- |:-------------------------------------------------------- |:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                                          |                                                          |                                                          | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|                                                          |                                                          |                                                          |               2019               |               2019               |                                  |                                  |                                  |               2018               |               2018               |                                  |                                  |                                  |              Change              |              Change              |                                  |                                  |                                  |               2017               |               2017               |                                  |                                  |                                  |              Change              |              Change              |\n| Consolidated Operating Statistics:^(a)^                  | Consolidated Operating Statistics:^(a)^                  | Consolidated Operating Statistics:^(a)^                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |\n| Revenue passengers (000)                                 | Revenue passengers (000)                                 | Revenue passengers (000)                                 |             46,733               |             46,733               |                                  |                                  |                                  |             45,802               |             45,802               |                                  |                                  |                                  |              2\\.0%               |              2\\.0%               |                                  |                                  |                                  |             44,005               |             44,005               |                                  |                                  |                                  |              4\\.1%               |              4\\.1%               |\n| RPMs (000,000) \"traffic\"                                 | RPMs (000,000) \"traffic\"                                 | RPMs (000,000) \"traffic\"                                 |             56,040               |             56,040               |                                  |                                  |                                  |             54,673               |             54,673               |                                  |                                  |                                  |              2\\.5%               |              2\\.5%               |                                  |                                  |                                  |             52,338               |             52,338               |                                  |                                  |                                  |              4\\.5%               |              4\\.5%               |\n| ASMs (000,000) \"capacity\"                                | ASMs (000,000) \"capacity\"                                | ASMs (000,000) \"capacity\"                                |             66,654               |             66,654               |                                  |                                  |                                  |             65,335               |             65,335               |                                  |                                  |                                  |              2\\.0%               |              2\\.0%               |                                  |                                  |                                  |             62,072               |             62,072               |                                  |                                  |                                  |              5\\.3%               |              5\\.3%               |\n| Load factor                                              | Load factor                                              | Load factor                                              |              84\\.1               |              84\\.1               |                                  |                                  |                                  |             83\\.7%               |             83\\.7%               |                                  |                                  |                                  |            0\\.4 pts              |            0\\.4 pts              |                                  |                                  |                                  |             84\\.3%               |             84\\.3%               |                                  |                                  |                                  |            (0\\.6) pts            |            (0\\.6) pts            |\n| Yield^(d)^                                               | Yield^(d)^                                               | Yield^(d)^                                               |             14\\.45\u00a2              |             14\\.45\u00a2              |                                  |                                  |                                  |             13\\.96\u00a2              |             13\\.96\u00a2              |                                  |                                  |                                  |              3\\.5%               |              3\\.5%               |                                  |                                  |                                  |             13\\.95\u00a2              |             13\\.95\u00a2              |                                  |                                  |                                  |              0\\.1%               |              0\\.1%               |\n| RASM^(d)^                                                | RASM^(d)^                                                | RASM^(d)^                                                |             13\\.17\u00a2              |             13\\.17\u00a2              |                                  |                                  |                                  |             12\\.65\u00a2              |             12\\.65\u00a2              |                                  |                                  |                                  |              4\\.2%               |              4\\.2%               |                                  |                                  |                                  |             12\\.72\u00a2              |             12\\.72\u00a2              |                                  |                                  |                                  |             (0\\.6)%              |             (0\\.6)%              |\n| CASM excluding fuel and special items^(b)(d)^            | CASM excluding fuel and special items^(b)(d)^            | CASM excluding fuel and special items^(b)(d)^            |             8\\.70\u00a2               |             8\\.70\u00a2               |                                  |                                  |                                  |             8\\.50\u00a2               |             8\\.50\u00a2               |                                  |                                  |                                  |              2\\.3%               |              2\\.3%               |                                  |                                  |                                  |             8\\.25\u00a2               |             8\\.25\u00a2               |                                  |                                  |                                  |              3\\.0%               |              3\\.0%               |\n| Economic fuel cost per gallon^(b)^                       | Economic fuel cost per gallon^(b)^                       | Economic fuel cost per gallon^(b)^                       |             $2\\.19               |             $2\\.19               |                                  |                                  |                                  |             $2\\.28               |             $2\\.28               |                                  |                                  |                                  |             (3\\.9)%              |             (3\\.9)%              |                                  |                                  |                                  |             $1\\.82               |             $1\\.82               |                                  |                                  |                                  |             25\\.3%               |             25\\.3%               |\n| Fuel gallons (000,000)                                   | Fuel gallons (000,000)                                   | Fuel gallons (000,000)                                   |               862                |               862                |                                  |                                  |                                  |               839                |               839                |                                  |                                  |                                  |              2\\.7%               |              2\\.7%               |                                  |                                  |                                  |               797                |               797                |                                  |                                  |                                  |              5\\.3%               |              5\\.3%               |\n| ASM's per gallon                                         | ASM's per gallon                                         | ASM's per gallon                                         |              77\\.3               |              77\\.3               |                                  |                                  |                                  |              77\\.9               |              77\\.9               |                                  |                                  |                                  |             (0\\.8)%              |             (0\\.8)%              |                                  |                                  |                                  |              77\\.9               |              77\\.9               |                                  |                                  |                                  |               \u2014%                 |               \u2014%                 |\n| Average number of full\\-time equivalent employees (FTEs) | Average number of full\\-time equivalent employees (FTEs) | Average number of full\\-time equivalent employees (FTEs) |             22,126               |             22,126               |                                  |                                  |                                  |             21,641               |             21,641               |                                  |                                  |                                  |              2\\.2%               |              2\\.2%               |                                  |                                  |                                  |             20,183               |             20,183               |                                  |                                  |                                  |              7\\.2%               |              7\\.2%               |\n| Employee productivity (PAX/FTEs/months)                  | Employee productivity (PAX/FTEs/months)                  | Employee productivity (PAX/FTEs/months)                  |             176\\.0               |             176\\.0               |                                  |                                  |                                  |             176\\.4               |             176\\.4               |                                  |                                  |                                  |             (0\\.2)%              |             (0\\.2)%              |                                  |                                  |                                  |             181\\.7               |             181\\.7               |                                  |                                  |                                  |             (2\\.9)%              |             (2\\.9)%              |\n| Mainline Operating Statistics:                           | Mainline Operating Statistics:                           | Mainline Operating Statistics:                           |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |\n| Revenue passengers (000)                                 | Revenue passengers (000)                                 | Revenue passengers (000)                                 |             35,530               |             35,530               |                                  |                                  |                                  |             35,603               |             35,603               |                                  |                                  |                                  |             (0\\.2)%              |             (0\\.2)%              |                                  |                                  |                                  |             34,510               |             34,510               |                                  |                                  |                                  |              3\\.2%               |              3\\.2%               |\n| RPMs (000,000) \"traffic\"                                 | RPMs (000,000) \"traffic\"                                 | RPMs (000,000) \"traffic\"                                 |             50,413               |             50,413               |                                  |                                  |                                  |             49,781               |             49,781               |                                  |                                  |                                  |              1\\.3%               |              1\\.3%               |                                  |                                  |                                  |             48,236               |             48,236               |                                  |                                  |                                  |              3\\.2%               |              3\\.2%               |\n| ASMs (000,000) \"capacity\"                                | ASMs (000,000) \"capacity\"                                | ASMs (000,000) \"capacity\"                                |             59,711               |             59,711               |                                  |                                  |                                  |             59,187               |             59,187               |                                  |                                  |                                  |              0\\.9%               |              0\\.9%               |                                  |                                  |                                  |             56,945               |             56,945               |                                  |                                  |                                  |              3\\.9%               |              3\\.9%               |\n| Load factor                                              | Load factor                                              | Load factor                                              |              84\\.4               |              84\\.4               |                                  |                                  |                                  |             84\\.1%               |             84\\.1%               |                                  |                                  |                                  |            0\\.3 pts              |            0\\.3 pts              |                                  |                                  |                                  |             84\\.7%               |             84\\.7%               |                                  |                                  |                                  |            (0\\.6) pts            |            (0\\.6) pts            |\n| Yield^(d)^                                               | Yield^(d)^                                               | Yield^(d)^                                               |             13\\.39\u00a2              |             13\\.39\u00a2              |                                  |                                  |                                  |             13\\.01\u00a2              |             13\\.01\u00a2              |                                  |                                  |                                  |              2\\.9%               |              2\\.9%               |                                  |                                  |                                  |             13\\.02\u00a2              |             13\\.02\u00a2              |                                  |                                  |                                  |             (0\\.1)%              |             (0\\.1)%              |\n| RASM^(d)^                                                | RASM^(d)^                                                | RASM^(d)^                                                |             12\\.36\u00a2              |             12\\.36\u00a2              |                                  |                                  |                                  |             11\\.93\u00a2              |             11\\.93\u00a2              |                                  |                                  |                                  |              3\\.6%               |              3\\.6%               |                                  |                                  |                                  |             12\\.00\u00a2              |             12\\.00\u00a2              |                                  |                                  |                                  |             (0\\.6)%              |             (0\\.6)%              |\n| CASM excluding fuel and special items^(b)(d)^            | CASM excluding fuel and special items^(b)(d)^            | CASM excluding fuel and special items^(b)(d)^            |             8\\.00\u00a2               |             8\\.00\u00a2               |                                  |                                  |                                  |             7\\.73\u00a2               |             7\\.73\u00a2               |                                  |                                  |                                  |              3\\.5%               |              3\\.5%               |                                  |                                  |                                  |             7\\.50\u00a2               |             7\\.50\u00a2               |                                  |                                  |                                  |              3\\.1%               |              3\\.1%               |\n| Economic fuel cost per gallon^(b)^                       | Economic fuel cost per gallon^(b)^                       | Economic fuel cost per gallon^(b)^                       |             $2\\.17               |             $2\\.17               |                                  |                                  |                                  |             $2\\.27               |             $2\\.27               |                                  |                                  |                                  |             (4\\.4)%              |             (4\\.4)%              |                                  |                                  |                                  |             $1\\.82               |             $1\\.82               |                                  |                                  |                                  |             24\\.7%               |             24\\.7%               |\n| Fuel gallons (000,000)                                   | Fuel gallons (000,000)                                   | Fuel gallons (000,000)                                   |               731                |               731                |                                  |                                  |                                  |               727                |               727                |                                  |                                  |                                  |              0\\.6%               |              0\\.6%               |                                  |                                  |                                  |               706                |               706                |                                  |                                  |                                  |              3\\.0%               |              3\\.0%               |\n| ASM's per gallon                                         | ASM's per gallon                                         | ASM's per gallon                                         |              81\\.7               |              81\\.7               |                                  |                                  |                                  |              81\\.4               |              81\\.4               |                                  |                                  |                                  |              0\\.4%               |              0\\.4%               |                                  |                                  |                                  |              80\\.7               |              80\\.7               |                                  |                                  |                                  |              0\\.9%               |              0\\.9%               |\n| Average number of FTEs                                   | Average number of FTEs                                   | Average number of FTEs                                   |             16,642               |             16,642               |                                  |                                  |                                  |             16,353               |             16,353               |                                  |                                  |                                  |              1\\.8%               |              1\\.8%               |                                  |                                  |                                  |             15,653               |             15,653               |                                  |                                  |                                  |              4\\.5%               |              4\\.5%               |\n| Aircraft utilization                                     | Aircraft utilization                                     | Aircraft utilization                                     |              10\\.9               |              10\\.9               |                                  |                                  |                                  |              11\\.2               |              11\\.2               |                                  |                                  |                                  |             (2\\.7)%              |             (2\\.7)%              |                                  |                                  |                                  |              11\\.2               |              11\\.2               |                                  |                                  |                                  |               \u2014%                 |               \u2014%                 |\n| Average aircraft stage length                            | Average aircraft stage length                            | Average aircraft stage length                            |              1,299               |              1,299               |                                  |                                  |                                  |              1,298               |              1,298               |                                  |                                  |                                  |              0\\.1%               |              0\\.1%               |                                  |                                  |                                  |              1,301               |              1,301               |                                  |                                  |                                  |             (0\\.2)%              |             (0\\.2)%              |\n| Mainline operating fleet at period\\-end                  | Mainline operating fleet at period\\-end                  | Mainline operating fleet at period\\-end                  |             237 a/c              |             237 a/c              |                                  |                                  |                                  |             233 a/c              |             233 a/c              |                                  |                                  |                                  |              4 a/c               |              4 a/c               |                                  |                                  |                                  |             221 a/c              |             221 a/c              |                                  |                                  |                                  |             12 a/c               |             12 a/c               |\n| Regional Operating Statistics:^(c)^                      | Regional Operating Statistics:^(c)^                      | Regional Operating Statistics:^(c)^                      |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |\n| Revenue passengers (000)                                 | Revenue passengers (000)                                 | Revenue passengers (000)                                 |             11,203               |             11,203               |                                  |                                  |                                  |             10,199               |             10,199               |                                  |                                  |                                  |              9\\.8%               |              9\\.8%               |                                  |                                  |                                  |              9,495               |              9,495               |                                  |                                  |                                  |              7\\.4%               |              7\\.4%               |\n| RPMs (000,000) \"traffic\"                                 | RPMs (000,000) \"traffic\"                                 | RPMs (000,000) \"traffic\"                                 |              5,627               |              5,627               |                                  |                                  |                                  |              4,892               |              4,892               |                                  |                                  |                                  |             15\\.0%               |             15\\.0%               |                                  |                                  |                                  |              4,101               |              4,101               |                                  |                                  |                                  |             19\\.3%               |             19\\.3%               |\n| ASMs (000,000) \"capacity\"                                | ASMs (000,000) \"capacity\"                                | ASMs (000,000) \"capacity\"                                |              6,943               |              6,943               |                                  |                                  |                                  |              6,148               |              6,148               |                                  |                                  |                                  |             12\\.9%               |             12\\.9%               |                                  |                                  |                                  |              5,127               |              5,127               |                                  |                                  |                                  |             19\\.9%               |             19\\.9%               |\n| Load factor                                              | Load factor                                              | Load factor                                              |              81\\.0               |              81\\.0               |                                  |                                  |                                  |             79\\.6%               |             79\\.6%               |                                  |                                  |                                  |            1\\.4 pts              |            1\\.4 pts              |                                  |                                  |                                  |             80\\.0%               |             80\\.0%               |                                  |                                  |                                  |            (0\\.4) pts            |            (0\\.4) pts            |\n| Yield^(d)^                                               | Yield^(d)^                                               | Yield^(d)^                                               |             23\\.90\u00a2              |             23\\.90\u00a2              |                                  |                                  |                                  |             23\\.66\u00a2              |             23\\.66\u00a2              |                                  |                                  |                                  |              1\\.0%               |              1\\.0%               |                                  |                                  |                                  |             24\\.96\u00a2              |             24\\.96\u00a2              |                                  |                                  |                                  |             (5\\.2)%              |             (5\\.2)%              |\n\n\n\n^(a)^ Except for FTEs, data includes information related to third\\-party regional capacity purchase flying arrangements\\.\n\n^(b)^ See reconciliation of this non\\-GAAP measure to the most directly related GAAP measure in the accompanying pages\\.\n\n^(c)^ Data presented includes information related to flights operated by Horizon and third\\-party carriers\\.\n\n^(d)^ Information for 2017 has been adjusted to reflect the adoption of new accounting standards\\. \n\n36"}
{"_id": "Alaska-2018_99.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n|           |                                                                                                                                                                                                                         |\n| --------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 31\\.1\u2020    | [Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/alk10-k123118ex311.htm)                                                                   |\n| 31\\.2\u2020    | [Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/alk10-k123118ex312.htm)                                                                   |\n| 32\\.1\u2020    | [Certification of Chief Executive Officer Pursuant to 18 U\\.S\\.C\\. Section 1350, as adopted pursuant to Section 906 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/alk10-k123118ex321.htm)                 |\n| 32\\.2\u2020    | [Certification of Chief Financial Officer Pursuant to 18 U\\.S\\.C\\. Section 1350, as adopted pursuant to Section 906 of the Sarbanes\\-Oxley Act of 2002](https://www.example.com/alk10-k123118ex322.htm)                 |\n| 101\\.INS\u2020 | XBRL Instance Document                                                                                                                                                                                                  |\n| 101\\.SCH\u2020 | XBRL Taxonomy Extension Schema Document                                                                                                                                                                                 |\n| 101\\.CAL\u2020 | XBRL Taxonomy Extension Calculation Linkbase Document                                                                                                                                                                   |\n| 101\\.DEF\u2020 | XBRL Taxonomy Extension Definition Linkbase Document                                                                                                                                                                    |\n| 101\\.LAB\u2020 | XBRL Taxonomy Extension Label Linkbase Document                                                                                                                                                                         |\n| 101\\.PRE\u2020 | XBRL Taxonomy Extension Presentation Linkbase Document                                                                                                                                                                  |\n| \u2020         | Filed herewith                                                                                                                                                                                                          |\n| \\*        | Indicates management contract or compensatory plan or arrangement\\.                                                                                                                                                     |\n| \\#        | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. |\n| ^         | Filed by Virgin America Inc\\., File Number 333\\-197660                                                                                                                                                                  |\n\n\n\n 100"}
{"_id": "United-2017_1.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**United Continental Holdings, Inc\\. and Subsidiary Companies** \n\n**United Airlines, Inc\\. and Subsidiary Companies** \n\n **Annual Report on Form 10\\-K**\n\n**For the Year Ended December 31, 2017** \n\n\n\n|           |                                                                                                                                                    |            |\n|:--------- |:--------------------------------------------------------------------------------------------------------------------------------------------------:| ----------:|\n|           |                                                                                                                                                    |  **Page**  |\n|           |                                                                     **PART I**                                                                     |            |\n| Item 1\\.  |                                                   [Business](https://www.example.com#tx471340_1)                                                   |          3 |\n| Item 1A\\. |                                                 [Risk Factors](https://www.example.com#tx471340_2)                                                 |         10 |\n| Item 1B\\. |                                          [Unresolved Staff Comments](https://www.example.com#tx471340_3)                                           |         20 |\n| Item 2\\.  |                                                  [Properties](https://www.example.com#tx471340_4)                                                  |         21 |\n| Item 3\\.  |                                              [Legal Proceedings](https://www.example.com#tx471340_5)                                               |         22 |\n| Item 4\\.  |                                           [Mine Safety Disclosures](https://www.example.com#tx471340_6)                                            |         23 |\n|           |                                                                    **PART II**                                                                     |            |\n| Item 5\\.  | [Market for Registrant\u2019s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](https://www.example.com#tx471340_7) |         24 |\n| Item 6\\.  |                                           [Selected Financial Data](https://www.example.com#tx471340_8)                                            |         26 |\n| Item 7\\.  |            [Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations](https://www.example.com#tx471340_9)             |         28 |\n| Item 7A\\. |                         [Quantitative and Qualitative Disclosures about Market Risk](https://www.example.com#tx471340_10)                          |         45 |\n| Item 8\\.  |                                 [Financial Statements and Supplementary Data](https://www.example.com#tx471340_11)                                 |         47 |\n|           |                             [Combined Notes to Consolidated Financial Statements](https://www.example.com#tx471340_12)                             |         61 |\n| Item 9\\.  |            [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](https://www.example.com#tx471340_13)             |        102 |\n| Item 9A\\. |                                           [Controls and Procedures](https://www.example.com#tx471340_14)                                           |        102 |\n| Item 9B\\. |                                              [Other Information](https://www.example.com#tx471340_15)                                              |        105 |\n|           |                                                                    **PART III**                                                                    |            |\n| Item 10\\. |                           [Directors, Executive Officers and Corporate Governance](https://www.example.com#tx471340_16)                            |        105 |\n| Item 11\\. |                                           [Executive Compensation](https://www.example.com#tx471340_17)                                            |        106 |\n| Item 12\\. |       [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](https://www.example.com#tx471340_18)        |        106 |\n| Item 13\\. |                  [Certain Relationships and Related Transactions, and Director Independence](https://www.example.com#tx471340_19)                  |        107 |\n| Item 14\\. |                                   [Principal Accountant Fees and Services](https://www.example.com#tx471340_20)                                    |        107 |\n|           |                                                                    **PART IV**                                                                     |            |\n| Item 15\\. |                                 [Exhibits and Financial Statement Schedules](https://www.example.com#tx471340_21)                                  |        108 |\n| Item 16\\. |                                             [Form  10\\-K Summary](https://www.example.com#tx471340_22)                                             |        132 |"}
{"_id": "Delta-2018_30.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nResults of Operations \\-  2018  Compared to  2017 \n\nOperating Revenue\n\n\n\n|                                               |                             |                             |              |                |\n| --------------------------------------------- | --------------------------- | --------------------------- | ------------ | -------------- |\n|                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Increase** | **% Increase** |\n| **(in millions)**                             | **2018**                    | **2017**                    | **Increase** | **% Increase** |\n| Ticket \\- Main cabin                          | $21,196                     | $20,380                     | $816         | 4\\.0%          |\n| Ticket \\- Business cabin and premium products | 13,754                      | 12,087                      | 1,667        | 13\\.8%         |\n| Loyalty travel awards                         | 2,651                       | 2,403                       | 248          | 10\\.3%         |\n| Travel\\-related services                      | 2,154                       | 2,077                       | 77           | 3\\.7%          |\n| Total passenger revenue                       | $39,755                     | $36,947                     | $2,808       | 7\\.6%          |\n| Cargo                                         | 865                         | 744                         | 121          | 16\\.3%         |\n| Other                                         | 3,818                       | 3,447                       | 371          | 10\\.8%         |\n| Total operating revenue                       | $44,438                     | $41,138                     | $3,300       | 8\\.0%          |\n| TRASM (cents)                                 | 16\\.87\u00a2                     | 16\\.18\u00a2                     | 0\\.69\u00a2       | 4\\.3%          |\n| Third\\-party refinery sales ^(1)^             | (0\\.21)                     | (0\\.20)                     | (0\\.01)      | NM             |\n| TRASM, adjusted (cents)                       | 16\\.66\u00a2                     | 15\\.98\u00a2                     | 0\\.68\u00a2       | 4\\.3%          |\n\n\n\n\n\n|       |                                                                                                                 |\n| ----- | --------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | For additional information on adjusting for third\\-party refinery sales, see \"Supplemental Information\" below\\. |\n\n\n\nPassenger Revenue\n\nTicket and Loyalty Travel Awards Revenue\n\nTicket, including both main cabin and business cabin and premium products, and loyalty travel awards revenue  increased  $2\\.5 billion  and  $248 million , respectively, compared to the year ended  December 31, 2017 , consistent with the discussion of passenger revenue by geographic region, below\\. Business cabin and premium products ticket revenue includes revenues from fare products other than main cabin, including Delta One, Delta Premium Select, First Class and Comfort\\+\\. The growth in this ticket revenue primarily results from an increased number of premium seats driven by new aircraft deliveries, the continued expansion of our branded fare products and strength in business demand\\.\n\nPassenger Revenue by Geographic Region\n\n\n\n|                         |                                  |                                                                      |                                                                      |                                                                      |                                                                      |                                                                      |                                                                      |                                                                      |\n| ----------------------- | -------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- |\n|                         |                                  | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2017** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2017** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2017** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2017** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2017** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2017** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2017** |\n| **(in millions)**       | **Year Ended December 31, 2018** | **Passenger Revenue**                                                | **RPMs**  **(Traffic)**                                              | **ASMs (Capacity)**                                                  | **Passenger Mile Yield**                                             | **PRASM**                                                            | **Load Factor**                                                      | **Load Factor**                                                      |\n| Domestic                | $28,159                          | 8\\.0%                                                                | 4\\.9 %                                                               | 5\\.2 %                                                               | 2\\.9%                                                                | 2\\.6%                                                                | (0\\.2)                                                               | pts                                                                  |\n| Atlantic                | 6,165                            | 11\\.4%                                                               | 3\\.9 %                                                               | 2\\.7 %                                                               | 7\\.2%                                                                | 8\\.4%                                                                | 1\\.0                                                                 | pt                                                                   |\n| Latin America           | 2,888                            | 0\\.9%                                                                | (1\\.7)%                                                              | (0\\.5)%                                                              | 2\\.6%                                                                | 1\\.4%                                                                | (1\\.0)                                                               | pt                                                                   |\n| Pacific                 | 2,543                            | 3\\.0%                                                                | (1\\.8)%                                                              | (1\\.4)%                                                              | 4\\.9%                                                                | 4\\.5%                                                                | (0\\.3)                                                               | pts                                                                  |\n| Total passenger revenue | $39,755                          | 7\\.6%                                                                | 3\\.5 %                                                               | 3\\.6 %                                                               | 4\\.0%                                                                | 3\\.9%                                                                | (0\\.1)                                                               | pts                                                                  |\n\n\n\nPassenger revenue  increased  $2\\.8 billion , or  7\\.6% , compared to the prior year\\. PRASM  increased  3\\.9%  and passenger mile yield  increased  4\\.0%  on  3\\.6%  higher  capacity\\. Load factor was slightly  lower  than the prior year period at  85\\.5% \\.\n\nUnit revenues of the domestic region  increased  2\\.6% , resulting from our commercial initiatives, including branded fares, strong demand and fare increases implemented throughout 2018 in response to higher fuel prices\\. Our domestic operations have generated year\\-over\\-year unit revenue and business yield growth throughout 2018\\. During the September 2018 quarter, we signed a definitive agreement with WestJet that, after regulatory approval, will create a U\\.S\\.\\-Canada trans\\-border joint venture, providing enhanced offerings and more choice for customers\\. \n\n 28"}
{"_id": "AmericanAirlines-2019_64.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nCritical Accounting Policies and Estimates\n\nThe preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements\\. We believe our estimates and assumptions are reasonable; however, actual results could differ from those estimates\\. Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties and could potentially result in materially different results under different assumptions and conditions\\. We have identified the following critical accounting policies that impact the preparation of our consolidated financial statements\\. See the \u201c Basis of Presentation and Summary of Significant Accounting Policies \u201d included in Note 1 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 1 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional discussion of the application of these estimates and other accounting policies\\.\n\nPassenger Revenue\n\nWe recognize all revenues generated from transportation on American and our regional flights operated under the brand name American Eagle, including associated baggage fees, ticketing change fees and other inflight services, as passenger revenue when transportation is provided\\. Ticket and other related sales for transportation that has not yet been provided are initially deferred and recorded as air traffic liability on our consolidated balance sheets\\. The air traffic liability principally represents tickets sold for future travel on American and partner airlines, as well as estimated future refunds and exchanges of tickets sold for past travel\\. \n\nThe majority of tickets sold are nonrefundable\\. A small percentage of tickets, some of which are partially used tickets, expire unused\\. Due to complex pricing structures, refund and exchange policies, and interline agreements with other airlines, certain amounts are recognized in passenger revenue using estimates regarding both the timing of the revenue recognition and the amount of revenue to be recognized\\. These estimates are generally based on the analysis of our historical data\\. We have consistently applied this accounting method to estimate revenue from unused tickets at the date of travel\\. Estimated future refunds and exchanges included in the air traffic liability are routinely evaluated based on subsequent activity to validate the accuracy of our estimates\\. Any adjustments resulting from periodic evaluations of the estimated air traffic liability are included in passenger revenue during the period in which the evaluations are completed\\. \n\nVarious taxes and fees assessed on the sale of tickets to end customers are collected by us as an agent and remitted to taxing authorities\\. These taxes and fees have been presented on a net basis in the accompanying consolidated statements of operations and recorded as a liability until remitted to the appropriate taxing authority\\.\n\nLoyalty Revenue\n\nWe currently operate the loyalty program, AAdvantage\\. This program awards mileage credits to passengers who fly on American, any  one world airline or other partner airlines, or by using the services of other program participants, such as the Citi and Barclaycard US co\\-branded credit cards, and certain hotels and car rental companies\\. Mileage credits can be redeemed for travel on American and other participating partner airlines, as well as other non\\-air travel awards such as hotels and rental cars\\. For mileage credits earned by AAdvantage loyalty program members, we apply the deferred revenue method\\.\n\nMileage credits earned through travel\n\nFor mileage credits earned through travel, we apply a relative selling price approach whereby the total amount collected from each passenger ticket sale is allocated between the air transportation and the mileage credits earned\\. The portion of each passenger ticket sale attributable to mileage credits earned is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided\\. The estimated selling price of mileage credits is determined using an equivalent ticket value approach, which uses historical data, including award redemption patterns by geographic region and class of service, as well as similar fares as those used to settle award redemptions\\. The estimated selling price of miles is adjusted for an estimate of miles that will not be redeemed based on historical redemption patterns\\. For the year ended  December 31, 2019 , a hypothetical  10%  increase in the estimated selling price of miles would have decreased revenues by approximately  $135 million  as a result of additional amounts deferred from passenger ticket sales to be recognized in future periods\\. \n\n65"}
{"_id": "Southwest-2017_12.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nfiscal year 2018 in early 2018\\. This legislation will fund the federal government \\- including the DOT, the FAA, the Transportation Security Administration (the \"TSA\"), and CBP \\- through October 1, 2018\\. Passage of this legislation could result in an increase in the maximum PFC and/or new mandates on the DOT to begin or complete rulemakings related to airline consumer protection\\. By the summer of 2018, the House and Senate Appropriations Committees will start to work on the federal fiscal year 2019 appropriations bills, which could address many of the same issues and may be completed by the end of calendar year 2018\\.\n\n**Operational, Safety, and Health Regulation**\n\nThe FAA has the authority to regulate safety aspects of civil aviation operations\\. Specifically, the Company and its third\\-party service providers are subject to the jurisdiction of the FAA with respect to aircraft maintenance and operations, including equipment, ground facilities, dispatch, communications, flight training personnel, and other matters affecting air safety\\. The FAA, acting through its own powers or through the appropriate U\\.S\\. Attorney, has the power to bring proceedings for the imposition and collection of fines for violation of the FAA regulations\\.\n\nThe FAA requires airlines to obtain and maintain an Air Carrier Operating Certificate, as well as other certificates, approvals, and authorities\\. These certificates, approvals, and authorities are subject to suspension or revocation for cause\\.\n\nThe FAA has rules in effect with respect to flight, duty, and rest regulations\\. Among other things, the rules require a ten hour minimum rest period prior to a pilot\u2019s flight duty period; mandate that a pilot must have an opportunity for eight hours of uninterrupted sleep within the rest period; and impose pilot \"flight time\" and \"duty time\" limitations based upon report times, the number of scheduled flight segments, and other operational factors\\. The rules affect the Company\u2019s staffing flexibility, which could impact the Company\u2019s operational performance, costs, and Customer Experience\\.\n\nIn addition to its role as safety regulator, the FAA also operates the nation\u2019s air traffic control system and has continued its lengthy and ongoing effort to implement a multi\\-faceted, air traffic control modernization program called \"NextGen\\.\" The Air Traffic Organization (\"ATO\") is the operational arm of the FAA\\. The ATO is responsible for providing safe and efficient air navigation services to all of the United States and large portions of the Atlantic and Pacific Oceans and the Gulf of Mexico\\. The Company is subject to any operational changes imposed by the FAA/ATO as they relate to the \"NextGen\" program, as well as the day\\-to\\-day management of the air traffic control system\\. \n\nThe FAA reauthorization bill and annual appropriations legislation discussed above under \"Aviation Taxes and Fees\" could include provisions impacting future FAA safety\\-related activities and ATO operations in 2018 and beyond\\. For instance, a key issue for congressional consideration in the FAA reauthorization process is whether to create a private, not\\-for\\-profit corporation to replace the ATO in its day\\-to\\-day management of the air traffic control system and its implementation of the NextGen modernization program\\. Under the legislation, the FAA would retain its authority to regulate aviation safety\\. Regardless of the outcome of this legislative effort, it is not expected to impact air traffic control operations or the NextGen program in 2018 as any reform measure is expected to take several years to implement\\.\n\nDuring 2017, the Company announced plans to begin selling tickets in 2018 for service to Hawaii, subject to requisite governmental approvals, including authorization from the FAA for ETOPS, a regulatory requirement to operate between the U\\.S\\. mainland and the Hawaiian Islands\\. In January 2018, the Company submitted a formal request, along with supporting application materials, to the FAA for authorization to conduct ETOPS using Boeing 737\\-800 aircraft\\. \n\nThe Company is subject to various other federal, state, and local laws and regulations relating to occupational safety and health, including Occupational Safety and Health Administration and Food and Drug Administration regulations\\.\n\n**Security Regulation**\n\nPursuant to the Aviation and Transportation Security Act (\"ATSA\"), the Transportation Security Administration, a division of the U\\.S\\. Department of Homeland Security, is responsible for certain civil aviation security matters\\. ATSA and subsequent TSA regulations and procedures implementing ATSA address, among other things, (i) flight deck security; (ii) the use of federal air marshals onboard flights; (iii) airport perimeter access security; (iv) airline crew security training; (v) security screening of passengers, baggage, cargo, mail, employees, and vendors; (vi) training and qualifications of security screening personnel; (vii) provision of passenger data to CBP; and (viii) background checks\\. \n\n13"}
{"_id": "Alaska-2017_64.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS** \n\n\n\n|                                                                                    |            |          |          |\n| ---------------------------------------------------------------------------------- | ---------- | -------- | -------- |\n| **Year Ended December 31**  ***(in millions)***                                    | **2017**   | **2016** | **2015** |\n| **Net Income**                                                                     | **$1,034** | $814     | $848     |\n| **Other Comprehensive Income (Loss):**                                             |            |          |          |\n| Related to marketable securities:                                                  |            |          |          |\n| Unrealized holding gains (losses) arising during the period                        | **(4)**    | 1        | (6)      |\n| Reclassification of (gains) losses into Other\\-net nonoperating income (expense)   | **1**      | (1)      | 1        |\n| Income tax benefit (expense)                                                       | **1**      | \u2014        | 2        |\n| Total                                                                              | **(2)**    | \u2014        | (3)      |\n| Related to employee benefit plans:                                                 |            |          |          |\n| Actuarial gains (losses) related to pension and other postretirement benefit plans | **(123)**  | (43)     | 10       |\n| Reclassification of net pension expense into Wages and benefits                    | **22**     | 20       | 14       |\n| Income tax benefit (expense)                                                       | **24**     | 12       | (14)     |\n| Total                                                                              | **(77)**   | (11)     | 10       |\n| Related to interest rate derivative instruments:                                   |            |          |          |\n| Unrealized holding gains (losses) arising during the period                        | **1**      | 8        | (5)      |\n| Reclassification of losses into Aircraft rent                                      | **5**      | 6        | 6        |\n| Income tax benefit (expense)                                                       | **(2)**    | (5)      | (1)      |\n| Total                                                                              | **4**      | 9        | \u2014        |\n| **Other Comprehensive Income (Loss)**                                              | **(75)**   | (2)      | 7        |\n| **Comprehensive Income**                                                           | **$959**   | $812     | $855     |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n 65"}
{"_id": "Southwest-2018_129.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on February 5, 2019, on behalf of the registrant and in the capacities indicated\\.\n\n\n\n|                            |                                                                                               |\n| -------------------------- | --------------------------------------------------------------------------------------------- |\n| **Signature**              | **Title**                                                                                     |\n| /s/ GARY C\\. KELLY         | Chairman of the Board & Chief Executive Officer (Principal Executive Officer)                 |\n| **Gary C\\. Kelly**         |                                                                                               |\n| /s/ TAMMY ROMO             | Executive Vice President & Chief Financial Officer (Principal Financial & Accounting Officer) |\n| **Tammy Romo**             |                                                                                               |\n| /s/ RON RICKS              | Vice Chairman of the Board                                                                    |\n| **Ron Ricks**              |                                                                                               |\n| /s/ DAVID W\\. BIEGLER      | Director                                                                                      |\n| **David W\\. Biegler**      |                                                                                               |\n| /s/ J\\. VERONICA BIGGINS   | Director                                                                                      |\n| **J\\. Veronica Biggins**   |                                                                                               |\n|                            | Director                                                                                      |\n| **Douglas H\\. Brooks**     |                                                                                               |\n| /s/ WILLIAM H\\. CUNNINGHAM | Director                                                                                      |\n| **William H\\. Cunningham** |                                                                                               |\n| /s/ JOHN G\\. DENISON       | Director                                                                                      |\n| **John G\\. Denison**       |                                                                                               |\n| /s/ THOMAS W\\. GILLIGAN    | Director                                                                                      |\n| **Thomas W\\. Gilligan**    |                                                                                               |\n| /s/ GRACE D\\. LIEBLEIN     | Director                                                                                      |\n| **Grace D\\. Lieblein**     |                                                                                               |\n| /s/ NANCY B\\. LOEFFLER     | Director                                                                                      |\n| **Nancy B\\. Loeffler**     |                                                                                               |\n| /s/ JOHN T\\. MONTFORD      | Director                                                                                      |\n| **John T\\. Montford**      |                                                                                               |\n\n\n\n130"}
{"_id": "Southwest-2019_2.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nPART I  \n\n\n\n|              |                 |\n| ------------ | --------------- |\n| **Item 1\\.** | ***Business***  |\n\n\n\nCompany Overview \n\nSouthwest Airlines Co\\. (the \"Company\" or \"Southwest\") operates Southwest Airlines, a major passenger airline that provides scheduled air transportation in the United States and near\\-international markets\\. Southwest commenced service on June 18, 1971, with three Boeing 737 aircraft serving three Texas cities: Dallas, Houston, and San Antonio\\. At December 31, 2019, Southwest had a total of 747 Boeing 737 aircraft in its fleet and served 101 destinations in 40 states, the District of Columbia, the Commonwealth of Puerto Rico, and ten near\\-international countries: Mexico, Jamaica, The Bahamas, Aruba, Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos\\.\n\nIn 2019, the Company began service to four destinations in Hawaii after receiving approval from the Federal Aviation Administration (\"FAA\") for Extended Operations (\"ETOPS\"), a regulatory requirement to operate between the U\\.S\\. mainland and the Hawaiian Islands\\. These destinations included Honolulu on the Island of Oahu, Kahului on Maui, Kona on Hawaii, and Lihue on Kauai\\. The Company added a fifth Hawaiian destination, Hilo on Hawaii, on January 19, 2020\\. The Company has also announced its decision to begin serving Cozumel International Airport, subject to requisite government approvals, with service scheduled to begin March 7, 2020\\.\n\nDuring first quarter 2019, the Company ceased service at Benito Ju\u00e1rez Mexico City International Airport\\. Further, in fourth quarter 2019, the Company ceased service at Newark Liberty International Airport, in order to consolidate its New York City presence at New York LaGuardia Airport\\. \n\nOn March 13, 2019, the FAA issued an emergency order for all U\\.S\\. airlines to ground the Boeing 737 MAX aircraft, including the 34 MAX 8 aircraft in the Company\u2019s fleet at that time (the \"MAX groundings\")\\. As discussed below under \"Company Operations\" and \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" the MAX groundings adversely affected the Company's operations and financial results for the year ended December 31, 2019\\. The MAX aircraft remains grounded and, based on continued uncertainty around the timing of the MAX return to service, the Company has removed the MAX from its flight schedule through June 6, 2020\\. \n\nBased on the most recent data available from the U\\.S\\. Department of Transportation (the \"DOT\"), as of September 30, 2019, Southwest was the largest domestic air carrier in the United States, as measured by the number of domestic originating passengers boarded\\.\n\nIndustry\n\nThe airline industry has historically been an extremely volatile industry subject to numerous challenges\\. Among other things, it has been cyclical, energy intensive, labor intensive, capital intensive, technology intensive, highly regulated, heavily taxed, and extremely competitive\\. The airline industry has also been particularly susceptible to detrimental events such as economic recessions, jet fuel price volatility, unscheduled maintenance disruptions, U\\.S\\. government shutdowns, acts of terrorism, poor weather, and natural disasters\\. \n\nThe MAX groundings and the uncertainty of the timing of the MAX aircraft's return to service caused air carriers with the MAX aircraft in their fleets, including Southwest, to remove the aircraft from their flight schedules through 2019, reducing available seat miles (also referred to as \"capacity,\" an available seat mile is one seat, empty or full, flown one mile and is a measure of space available to carry passengers in a given period)\\. This, in turn, led to slower aggregate industry growth\\. MAX\\-impacted carriers also experienced lost revenues and unforecasted expenses as a result of the MAX groundings\\. As discussed further below under \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" the Company's capacity declined 1\\.6 percent year\\-over\\-year for 2019\\. It remains uncertain how long MAX\\-impacted carriers will be unable to fly the MAX\\.\n\nThe U\\.S\\. airline industry continued to benefit from modest (although declining) economic growth during 2019, despite a very competitive domestic fare environment\\. The airline industry also experienced a relatively stable and moderate fuel environment in 2019, as compared with recent years, with year\\-over\\-year fuel prices lower throughout most of 2019\\.\n\n3"}
{"_id": "AmericanAirlines-2017_76.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***ASU 2016\\-01: Financial Instruments \\- Overall (Subtopic 825\\-10)***\n\nThis ASU makes several modifications to Subtopic 825\\-10, including the elimination of the available\\-for\\-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income\\. This standard is applied prospectively as of the beginning of the year of adoption\\. The adoption of this standard is not expected to have a material impact on our consolidated financial statements\\.\n\n***ASU 2016\\-18: Statement of Cash Flows (Topic 230): Restricted Cash***\n\nThis ASU requires that the change in total cash, cash at beginning of period and cash at end of period on the statement of cash flows include restricted cash and restricted cash equivalents and also requires companies who report cash and restricted cash separately on the balance sheet to reconcile those amounts to the statement of cash flows\\. This standard is required to be applied retrospectively, which results in the recast of each prior reporting period statement of cash flows presented\\. The adoption of this standard is not expected to have a material impact on our consolidated financial statements\\.\n\n***Impacts to*** ***2017*** ***Results***\n\nThe expected effects of adoption of the New Revenue Standard and New Retirement Standard to our statement of operations for the twelve months ended December 31, 2017 are as follows:\n\n\n\n|                                   |             |                         |                      |                         |           |\n| --------------------------------- | ----------- | ----------------------- | -------------------- | ----------------------- | --------- |\n|                                   |             | New Revenue Standard    | New Revenue Standard | New Retirement Standard |           |\n|                                   | As Reported | Deferred Revenue Method | Reclassifications    | Reclassifications       | As Recast |\n| Operating revenues:               |             |                         |                      |                         |           |\n|  Passenger                        | $36,133     | $311                    | $2,687               | $\u2014                      | $39,131   |\n|  Cargo                            | 800         | \u2014                       | 90                   | \u2014                       | 890       |\n|  Other                            | 5,274       | \u2014                       | (2,673)              | \u2014                       | 2,601     |\n|  Total operating revenues         | 42,207      | 311                     | 104                  | \u2014                       | 42,622    |\n|  Total operating expenses         | 38,149      | \u2014                       | 104                  | 138                     | 38,391    |\n| Operating income                  | 4,058       | 311                     | \u2014                    | (138)                   | 4,231     |\n|  Total nonoperating expense, net  | (974)       | \u2014                       | \u2014                    | 138                     | (836)     |\n| Income before income taxes        | 3,084       | 311                     | \u2014                    | \u2014                       | 3,395     |\n| Income tax provision  ^(1)^       | 1,165       | 948                     | \u2014                    | \u2014                       | 2,113     |\n| Net income                        | $1,919      | $(637)                  | $\u2014                   | $\u2014                      | $1,282    |\n| Diluted earnings per common share | $3\\.90      |                         |                      |                         | $2\\.61    |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                              |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | The adjustment to the  2017  income tax provision includes an  $830 million  special charge to reduce our deferred tax asset associated with loyalty program liabilities as a result of the 2017 Tax Act enacted in December  2017  that reduced the federal corporate income tax rate from  35%  to  21% \\. |\n\n\n\nThe expected effects of adoption of the New Revenue Standard to our December 31, 2017 balance sheet are as follows:\n\n\n\n|                                      |             |                      |           |\n| ------------------------------------ | ----------- | -------------------- | --------- |\n|                                      | As Reported | New Revenue Standard | As Recast |\n| Deferred tax asset                   | $427        | $1,389               | $1,816    |\n| Air traffic liability                | 3,978       | 64                   | 4,042     |\n| Current loyalty program liability    | 2,791       | 384                  | 3,175     |\n| Noncurrent loyalty program liability | \u2014           | 5,647                | 5,647     |\n| Total stockholders\u2019 equity (deficit) | 3,926       | (4,706)              | (780)     |\n\n\n\n77"}
{"_id": "Delta-2017_54.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Balance Sheets\n\n\n\n|                                                                                                                                                            |                                                                                          |                                                                                          |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- |\n|                                                                                                                                                            | **December 31,**                                                                         | **December 31,**                                                                         |\n| **(in millions, except share data)**                                                                                                                       | **2017**                                                                                 | **2016**                                                                                 |\n| **ASSETS**                                                                                                                                                 | **ASSETS**                                                                               | **ASSETS**                                                                               |\n| **Current Assets:**                                                                                                                                        |                                                                                          |                                                                                          |\n| Cash and cash equivalents                                                                                                                                  | $1,814                                                                                   | $2,762                                                                                   |\n| Short\\-term investments                                                                                                                                    | 825                                                                                      | 487                                                                                      |\n| Accounts receivable, net of an allowance for uncollectible accounts of $12 and $15 at December 31, 2017 and 2016, respectively                             | 2,377                                                                                    | 2,064                                                                                    |\n| Fuel inventory                                                                                                                                             | 916                                                                                      | 519                                                                                      |\n| Expendable parts and supplies inventories, net of an allowance for obsolescence of $113 and $110 at December 31, 2017 and 2016, respectively               | 413                                                                                      | 372                                                                                      |\n| Prepaid expenses and other                                                                                                                                 | 1,499                                                                                    | 1,247                                                                                    |\n| Total current assets                                                                                                                                       | 7,844                                                                                    | 7,451                                                                                    |\n| **Property and Equipment, Net:**                                                                                                                           |                                                                                          |                                                                                          |\n| Property and equipment, net of accumulated depreciation and amortization of $14,097 and $12,456 at December 31, 2017 and 2016, respectively                | 26,563                                                                                   | 24,375                                                                                   |\n| **Other Assets:**                                                                                                                                          |                                                                                          |                                                                                          |\n| Goodwill                                                                                                                                                   | 9,794                                                                                    | 9,794                                                                                    |\n| Identifiable intangibles, net of accumulated amortization of $845 and $828 at December 31, 2017 and 2016, respectively                                     | 4,847                                                                                    | 4,844                                                                                    |\n| Deferred income taxes, net                                                                                                                                 | 935                                                                                      | 3,064                                                                                    |\n| Other noncurrent assets                                                                                                                                    | 3,309                                                                                    | 1,733                                                                                    |\n| Total other assets                                                                                                                                         | 18,885                                                                                   | 19,435                                                                                   |\n| Total assets                                                                                                                                               | $53,292                                                                                  | $51,261                                                                                  |\n| **LIABILITIES AND STOCKHOLDERS' EQUITY**                                                                                                                   | **LIABILITIES AND STOCKHOLDERS' EQUITY**                                                 | **LIABILITIES AND STOCKHOLDERS' EQUITY**                                                 |\n| **Current Liabilities:**                                                                                                                                   |                                                                                          |                                                                                          |\n| Current maturities of long\\-term debt and capital leases                                                                                                   | $2,242                                                                                   | $1,131                                                                                   |\n| Air traffic liability                                                                                                                                      | 4,888                                                                                    | 4,626                                                                                    |\n| Accounts payable                                                                                                                                           | 3,674                                                                                    | 2,572                                                                                    |\n| Accrued salaries and related benefits                                                                                                                      | 3,022                                                                                    | 2,924                                                                                    |\n| Frequent flyer deferred revenue                                                                                                                            | 1,822                                                                                    | 1,648                                                                                    |\n| Fuel card obligation                                                                                                                                       | 1,067                                                                                    | 431                                                                                      |\n| Other accrued liabilities                                                                                                                                  | 1,858                                                                                    | 1,907                                                                                    |\n| Total current liabilities                                                                                                                                  | 18,573                                                                                   | 15,239                                                                                   |\n| **Noncurrent Liabilities:**                                                                                                                                |                                                                                          |                                                                                          |\n| Long\\-term debt and capital leases                                                                                                                         | 6,592                                                                                    | 6,201                                                                                    |\n| Pension, postretirement and related benefits                                                                                                               | 9,810                                                                                    | 13,378                                                                                   |\n| Frequent flyer deferred revenue                                                                                                                            | 2,296                                                                                    | 2,278                                                                                    |\n| Other noncurrent liabilities                                                                                                                               | 2,111                                                                                    | 1,878                                                                                    |\n| Total noncurrent liabilities                                                                                                                               | 20,809                                                                                   | 23,735                                                                                   |\n| **Commitments and Contingencies**                                                                                                                          |   <br>                                                                                   |   <br>                                                                                   |\n| **Stockholders' Equity:**                                                                                                                                  |                                                                                          |                                                                                          |\n| Common stock at $0\\.0001 par value; 1,500,000,000 shares authorized, 714,674,160 and 744,886,938 shares issued at December 31, 2017 and 2016, respectively | \u2014                                                                                        | \u2014                                                                                        |\n| Additional paid\\-in capital                                                                                                                                | 12,053                                                                                   | 12,294                                                                                   |\n| Retained earnings                                                                                                                                          | 9,636                                                                                    | 7,903                                                                                    |\n| Accumulated other comprehensive loss                                                                                                                       | (7,621<br><br>)                                                                          | (7,636<br><br>)                                                                          |\n| Treasury stock, at cost, 7,476,181 and 14,149,229 shares at December 31, 2017 and 2016, respectively                                                       | (158<br><br>)                                                                            | (274<br><br>)                                                                            |\n| Total stockholders' equity                                                                                                                                 | 13,910                                                                                   | 12,287                                                                                   |\n| Total liabilities and stockholders' equity                                                                                                                 | $53,292                                                                                  | $51,261                                                                                  |\n| The accompanying notes are an integral part of these Consolidated Financial Statements\\.                                                                   | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. |\n\n\n\n 50"}
{"_id": "AmericanAirlines-2018_116.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(g)^ | Investment includes  45%  in an emerging market 103\\-12 Investment Trust with investments in emerging country equity securities,  37%  in a collective interest trust investing primarily in short\\-term securities,  12%  in Canadian segregated balanced value, income growth and diversified pooled funds and  6%  in a common/collective trust investing in securities of smaller companies located outside the U\\.S\\., including developing markets\\. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                            |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(h)^ | Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy\\. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements\\. |\n\n\n\n\n\n|                                                                                              |                                                                                                                |                                                                              |                                                                                |                                                     |\n| -------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                                                                                              | **Fair Value Measurements as of December 31, 2017**                                                            | **Fair Value Measurements as of December 31, 2017**                          | **Fair Value Measurements as of December 31, 2017**                            | **Fair Value Measurements as of December 31, 2017** |\n| **Asset Category**                                                                           | **Quoted Prices in**<br><br>**Active Markets**<br><br>**for Identical**<br><br>**Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Cash and cash equivalents                                                                    | $28                                                                                                            | $\u2014                                                                           | $\u2014                                                                             | $28                                                 |\n| Equity securities:                                                                           |                                                                                                                |                                                                              |                                                                                |                                                     |\n| International markets  ^(a) (b)^                                                             | 3,837                                                                                                          | \u2014                                                                            | \u2014                                                                              | 3,837                                               |\n| Large\\-cap companies  ^(b)^                                                                  | 2,451                                                                                                          | \u2014                                                                            | \u2014                                                                              | 2,451                                               |\n| Mid\\-cap companies  ^(b)^                                                                    | 744                                                                                                            | \u2014                                                                            | \u2014                                                                              | 744                                                 |\n| Small\\-cap companies  ^(b)^                                                                  | 125                                                                                                            | \u2014                                                                            | \u2014                                                                              | 125                                                 |\n| Mutual funds  ^(c)^                                                                          | 55                                                                                                             | \u2014                                                                            | \u2014                                                                              | 55                                                  |\n| Fixed income:                                                                                |                                                                                                                |                                                                              |                                                                                |                                                     |\n| Corporate bonds  ^(d)^                                                                       | \u2014                                                                                                              | 2,344                                                                        | \u2014                                                                              | 2,344                                               |\n| Government securities  ^(e)^                                                                 | \u2014                                                                                                              | 238                                                                          | \u2014                                                                              | 238                                                 |\n| U\\.S\\. municipal securities                                                                  | \u2014                                                                                                              | 39                                                                           | \u2014                                                                              | 39                                                  |\n| Alternative instruments:                                                                     |                                                                                                                |                                                                              |                                                                                |                                                     |\n| Private market partnerships  ^(f)^                                                           | \u2014                                                                                                              | \u2014                                                                            | 14                                                                             | 14                                                  |\n| Private market partnerships measured at net asset value  ^(f) (h)^                           | \u2014                                                                                                              | \u2014                                                                            | \u2014                                                                              | 879                                                 |\n| Common/collective trusts  ^(g)^                                                              | \u2014                                                                                                              | 315                                                                          | \u2014                                                                              | 315                                                 |\n| Common/collective trusts and 103\\-12 Investment Trust measured at net asset value  ^(g) (h)^ | \u2014                                                                                                              | \u2014                                                                            | \u2014                                                                              | 283                                                 |\n| Insurance group annuity contracts                                                            | \u2014                                                                                                              | \u2014                                                                            | 2                                                                              | 2                                                   |\n| Dividend and interest receivable                                                             | 44                                                                                                             | \u2014                                                                            | \u2014                                                                              | 44                                                  |\n| Due to/from brokers for sale of securities \u2013 net                                             | 3                                                                                                              | \u2014                                                                            | \u2014                                                                              | 3                                                   |\n| Other liabilities \u2013 net                                                                      | (6)                                                                                                            | \u2014                                                                            | \u2014                                                                              | (6)                                                 |\n| Total                                                                                        | $7,281                                                                                                         | $2,936                                                                       | $16                                                                            | $11,395                                             |\n\n\n\n\n\n|       |                                                                                                                                                                                                                  |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(a)^ | Holdings are diversified as follows:  17%  United Kingdom,  11%  Japan,  9%  France,  6%  Switzerland,  16%  emerging markets and the remaining  41%  with no concentration greater than 5% in any one country\\. |\n\n\n\n\n\n|       |                                                                              |\n| ----- | ---------------------------------------------------------------------------- |\n| ^(b)^ | There are no significant concentrations of holdings by company or industry\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(c)^ | Investment includes mutual funds invested  39%  in equity securities of large\\-cap, mid\\-cap and small\\-cap U\\.S\\. companies,  34%  in U\\.S\\. treasuries and corporate bonds and  27%  in equity securities of international companies\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(d)^ | Includes approximately  76%  investments in corporate debt with a S&P rating lower than A and  24%  investments in corporate debt with a S&P rating A or higher\\. Holdings include  85%  U\\.S\\. companies,  12%  international companies and  3%  emerging market companies\\. |\n\n\n\n117"}
{"_id": "AmericanAirlines-2019_107.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nOn March 13, 2019, a directive from the Federal Aviation Administration (FAA) grounded all U\\.S\\.\\-registered Boeing 737 MAX aircraft\\. We currently have   76  Boeing 737 MAX Family aircraft on order and we have not taken delivery of any Boeing 737 MAX Family aircraft since the grounding\\. The extent of the delay to the scheduled deliveries of the Boeing 737 MAX aircraft is expected to be impacted by the length of time the FAA order remains in place, Boeing's production rate and the pace at which Boeing can deliver aircraft following the lifting of the FAA order, among other factors\\. Due to uncertainty surrounding the timing of delivery of certain aircraft, the amounts in the table represent our current best estimate, including with respect to the delivery of Boeing 737 MAX aircraft; however, the actual delivery schedule may differ from the table above, potentially materially\\. \n\nThe amounts in the table exclude   22  787\\-8 aircraft to be delivered in 2020 and 2021 for which Boeing has committed to provide sale\\-leaseback financing (in the form of operating leases)\\. See Note 6 for information regarding this operating lease commitment\\.\n\nAdditionally, we have purchase commitments related to aircraft fuel, construction projects and information technology support as follows (approximately):   $3\\.5 billion  in  2020 ,   $3\\.5 billion  in  2021 ,   $1\\.3 billion  in  2022 ,   $130 million  in  2023 ,   $81 million  in  2024  and   $77 million  in  2025 and thereafter \\.\n\n(b) Capacity Purchase Agreements with Third\\-Party Regional Carriers\n\nAmerican has capacity purchase agreements with third\\-party regional carriers\\. The capacity purchase agreements provide that all revenues, including passenger, in\\-flight, ancillary, mail and freight revenues, go to American\\. American controls marketing, scheduling, ticketing, pricing and seat inventories\\. In return, American agrees to pay predetermined fees to these airlines for operating an agreed\\-upon number of aircraft, without regard to the number of passengers on board\\. In addition, these agreements provide that American either reimburses or pays   100%  of certain variable costs, such as airport landing fees, fuel and passenger liability insurance\\. \n\nAs of  December 31, 2019 , American\u2019s capacity purchase agreements with third\\-party regional carriers had expiration dates ranging from  2020  to  2032 , with rights of American to extend the respective terms of certain agreements\\.\n\nAs of  December 31, 2019 , American\u2019s minimum obligations under its capacity purchase agreements with third\\-party regional carriers are as follows (approximately, in millions):\n\n\n\n|                                                                                                   |          |          |          |          |          |                         |           |\n| ------------------------------------------------------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                                                                                                   | **2020** | **2021** | **2022** | **2023** | **2024** | **2025 and Thereafter** | **Total** |\n| Minimum obligations under capacity purchase agreements with third\\-party regional carriers  ^(1)^ | $1,115   | $1,185   | $1,126   | $1,077   | $1,077   | $3,402                  | $8,982    |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Represents minimum payments under capacity purchase agreements with third\\-party regional carriers, which are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and American\u2019s actual payments could differ materially\\. Excludes payments for the lease of certain aircraft under capacity purchase agreements, which are reflected in the operating lease obligations in Note 6\\.  |\n\n\n\n(c) Airport Redevelopment\n\nLos Angeles International Airport (LAX)\n\nIn  2018 , we executed a lease agreement with Los Angeles World Airports (LAWA), which owns and operates LAX, in connection with a   $1\\.6 billion  modernization project related to LAX Terminals 4 and 5\\. Construction will occur in a phased approach, which started in October 2018 and is expected to be completed in 2028\\. The modernization project will include a unified departure hall to combine the entranceway of Terminals 4 and 5, reconfigured ticket counter and check\\-in areas with seamless access to security screening areas,   16  security screening lanes with automated technology and upgraded amenities at gate areas\\. The project will also include renovated break rooms, multi\\-use meeting rooms and team gathering spaces throughout the terminals to support our team members at LAX\\.\n\nWe are managing this project and have legal title to the assets during their construction\\. As each phase is completed, the assets will be sold and transferred to LAWA, including the site improvements and non\\-proprietary improvements\\. As we control the assets during construction, they are recognized on our balance sheet until legal title has transferred\\. For  2019 , we incurred approximately   $98 million  in costs relating to the LAX modernization project, which are included within operating property and equipment on our consolidated balance sheet as of  December 31, 2019 \\.\n\n108"}
{"_id": "Alaska-2018_38.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\npreviously reflected in Contracted Services expense\\. Additionally, the increase in wages is driven by higher wage rates for many work groups, including on average a 24% increase for our Mainline pilots and a 10% increase for our Mainline flight attendants, whose new contract rates became effective in the fourth quarter of 2017 and the first quarter of 2018, respectively\\. \n\nCosts associated with our defined contribution plans increased$23 million, or 22%, due to FTE growth, increased participation throughout all labor groups and higher contribution rates for Mainline pilots and flight attendants as a result of new contract rates effective in the fourth quarter of 2017 and first quarter of 2018, respectively\\. \n\nMedical and other benefits expense increased$29 million, or 13%, primarily due to FTE growth and rising medical costs\\. \n\nWe expect wages and benefits expense to be higher in 2019 compared to 2018 on an approximate 2% \\- 3% increase in FTEs\\. Our guidance does not include the impact of any future agreements we may reach with aircraft technicians or the IAM labor group\\. \n\n***Variable Incentive Pay***\n\nVariable incentive pay expense increased to $147 million in 2018 from $135 million in 2017 due to a higher wage base upon which achievement percentage is applied as compared to the prior year, as well as a higher number of months where we achieved our monthly OPR goals\\. \n\n***Aircraft Maintenance***\n\nAircraft maintenance costs increased by $44 million, or 11%, compared to 2017\\. Maintenance costs increased primarily due to a power\\-by\\-the\\-hour engine maintenance arrangement on our B737\\-800 aircraft which was entered into, and became effective, in the fourth quarter of 2017\\. Although the agreement results in increased expense earlier in the engine life cycle of B737\\-800 aircraft, it allows for much more predictable expense patterns over the fleet life\\. The remaining increase was due to higher volumes of scheduled and unscheduled maintenance events as compared to the prior period\\. \n\nWe expect aircraft maintenance expense to increase 2% \\- 4% in 2019 due to increased volume of maintenance checks and airframe and engine component costs in 2019 as compared to 2018, due to our larger fleet\\. We expect these costs to be higher in the first half of 2019, and then to decline as we proceed through the year\\. \n\n***Aircraft Rent***\n\nAircraft rent expense increased$41 million, or 15%, compared to 2017, primarily due to the the addition of four A321neos to our Mainline fleet and nine E175s added to our CPA agreement with SkyWest in 2018\\. \n\nWe expect aircraft rent to increase in 2019 at a greater rate than our forecasted capacity growth due to the full year impact of these aircraft, as well as two additional A321neo deliveries in 2019\\.\n\n***Landing Fees and Other Rentals***\n\nLanding fees and other rental expenses increased$39 million, or 8%, compared to 2017, primarily driven by our 5% increase in capacity and rate increases at many of our hub airports\\. \n\nWe expect landing fees and other rental expense to grow 7% to 10% in 2019 as we continue to add capacity to our network\\. We also expect to see rate increases at many airports we serve, specifically our hubs, as significant capital programs are undertaken\\. \n\n***Selling Expenses***\n\nSelling expenses decreased by $42 million, or 11%, compared to 2017\\. This decrease was primarily due to lower credit card commissions and decreased promotional and advertising activities, notably those related to Virgin America\\. \n\nWe expect selling expense to decrease in 2019, due primarily to a continued improvement in our credit card rates, decreased spending on advertising and distribution, as well as aggressive targets set to reduce our vendor costs\\. \n\n 39"}
{"_id": "United-2018_17.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nLondon interbank offered rates (\"LIBOR\") as a benchmark for establishing the rate\\. As announced in July 2017, LIBOR is expected to be phased out by the end of 2021\\. Uncertainty as to the nature of alternative reference rates and as to potential changes or other reforms to LIBOR may adversely impact the availability and cost of borrowings\\. \n\nSee Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, of this report for additional information regarding the Company's liquidity\\.\n\n***Agreements governing our debt include financial and other covenants\\. Failure to comply with these covenants could result in events of default\\.***\n\nOur financing agreements include various financial and other covenants\\. Certain of these covenants require UAL or United, as applicable, to maintain minimum liquidity and/or minimum collateral coverage ratios\\. UAL's or United's ability to comply with these covenants may be affected by events beyond its control, including the overall industry revenue environment, the level of fuel costs and the appraised value of the collateral\\. In addition, our financing agreements contain other negative covenants customary for such financings\\. These covenants are subject to important exceptions and qualifications\\. If we fail to comply with these covenants and are unable to remedy or obtain a waiver or amendment, an event of default would result\\.\n\nIf an event of default were to occur, the lenders could, among other things, declare outstanding amounts due and payable\\. In addition, an event of default or declaration of acceleration under one financing agreement could also result in an event of default under other of our financing agreements due to cross\\-default and cross\\-acceleration provisions\\. The acceleration of significant amounts of debt could require us to renegotiate, repay or refinance the obligations under our financing arrangements\\.\n\n***The Company may never realize the full value of its intangible assets or its long\\-lived assets causing it to record impairments that may negatively affect its financial condition and operating results\\.*** \n\nIn accordance with applicable accounting standards, the Company is required to test its indefinite\\-lived intangible assets for impairment on an annual basis, or more frequently where there is an indication of impairment\\. In addition, the Company is required to test certain of its other assets for impairment where there is any indication that an asset may be impaired\\.\n\nThe Company may be required to recognize losses in the future due to, among other factors, extreme fuel price volatility, tight credit markets, government regulatory changes, decline in the fair values of certain tangible or intangible assets, such as aircraft, route authorities, airport slots and frequent flyer database, unfavorable trends in historical or forecasted results of operations and cash flows and an uncertain economic environment, as well as other uncertainties\\. The Company can provide no assurance that a material impairment loss of tangible or intangible assets will not occur in a future period\\. The value of the Company's aircraft could be impacted in future periods by changes in supply and demand for these aircraft\\. Such changes in supply and demand for certain aircraft types could result from grounding of aircraft by the Company or other carriers\\. An impairment loss could have a material adverse effect on the Company's financial condition and operating results\\.\n\n\n\n|               |                                 |\n| ------------- | ------------------------------- |\n| **ITEM 1B\\.** | **UNRESOLVED STAFF COMMENTS\\.** |\n\n\n\nNone\\.\n\n18"}
{"_id": "Delta-2017_46.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nLong\\-Lived Assets\n\nOur flight equipment and other long\\-lived assets have a recorded value of  $26\\.6 billion  at  December 31, 2017 \\. This value is based on various factors, including the assets' estimated useful lives and salvage values\\.  We review flight equipment and other long\\-lived assets used in operations for impairment losses when events and circumstances indicate the assets may be impaired\\. Factors which could be indicators of impairment include, but are not limited to, (1) a decision to permanently remove flight equipment or other long\\-lived assets from operations, (2) significant changes in the estimated useful life, (3) significant changes in projected cash flows, (4) permanent and significant declines in fleet fair values and (5) changes to the regulatory environment\\. For long\\-lived assets held for sale, we discontinue depreciation and record impairment losses when the carrying amount of these assets is greater than the fair value less the cost to sell\\.\n\nTo determine whether impairments exist for aircraft used in operations, we group assets at the fleet\\-type level (the lowest level for which there are identifiable cash flows) and then estimate future cash flows based on projections of capacity, passenger mile yield, fuel costs, labor costs and other relevant factors\\. If an impairment occurs, the impairment loss recognized is the amount by which the fleet's carrying amount exceeds its estimated fair value\\. We estimate aircraft fair values using published sources, appraisals and bids received from third parties, as available\\.\n\nDefined Benefit Pension Plans\n\nWe sponsor defined benefit pension plans for eligible employees and retirees\\. These plans are closed to new entrants and frozen for future benefit accruals\\.  As of  December 31, 2017 , the unfunded benefit obligation for these plans recorded on our Consolidated Balance Sheet was  $7\\.0 billion \\. During  2017 , we contributed $3\\.5 billion to these plans\\. We have no minimum funding requirements in 2018\\. However, in January 2018, we voluntarily contributed approximately  $500 million  to these plans\\. The most critical assumptions impacting our defined benefit pension plan obligations and expenses are the discount rate, the expected long\\-term rate of return on plan assets and life expectancy\\. \n\nWeighted Average Discount Rate\\.  We determine our weighted average discount rate on our measurement date primarily by reference to annualized rates earned on high\\-quality fixed income investments and yield\\-to\\-maturity analysis specific to our estimated future benefit payments\\. We used a weighted average discount rate to value the obligations of  3\\.69%  and  4\\.20%  at  December 31, 2017  and  2016 , respectively\\. Our weighted average discount rate for net periodic pension benefit cost in each of the past three years has varied from the rate selected on our measurement date, ranging from  4\\.13%  to  4\\.57%  between 2015 and 2017\\.\n\nExpected Long\\-Term Rate of Return\\.  Our expected long\\-term rate of return on plan assets is based primarily on plan\\-specific investment studies using historical market return and volatility data\\.  Modest excess return expectations versus some public market indices are incorporated into the return projections based on the actively managed structure of the investment programs and their records of achieving such returns historically\\. We also expect to receive a premium for investing in less liquid private markets\\.  We review our rate of return on plan assets assumptions annually\\.  Our annual investment performance for one particular year does not, by itself, significantly influence our evaluation\\.  The investment strategy for our defined benefit pension plan assets is to earn a long\\-term return that meets or exceeds our annualized return target while taking an acceptable level of risk and maintaining sufficient liquidity to pay current benefits and other cash obligations of the plan\\. This is achieved by investing in a globally diversified mix of public and private equity, fixed income, real assets, hedge funds and other assets and instruments\\.  Our expected long\\-term rate of return on assets for net periodic pension benefit cost for the year ended  December 31, 2017  was  8\\.96% \\.\n\nThe impact of a 0\\.50% change in these assumptions is shown in the table below:\n\n\n\n|                                                                 |                                                |                                                |                                                                                    |                                                                                    |\n| --------------------------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------- |\n| **Change in Assumption**                                        |  **Effect on 2018**<br><br>**Pension Expense** |  **Effect on 2018**<br><br>**Pension Expense** | **Effect on Accrued**<br><br>**Pension Liability at**<br><br>**December 31, 2017** | **Effect on Accrued**<br><br>**Pension Liability at**<br><br>**December 31, 2017** |\n| 0\\.50% decrease in weighted average discount rate               | $(9                                            | ) million                                      | $1\\.4                                                                              |  billion                                                                           |\n| 0\\.50% increase in weighted average discount rate               | $5                                             |  million                                       | $(1\\.2                                                                             | ) billion                                                                          |\n| 0\\.50% decrease in expected long\\-term rate of return on assets | $73                                            |  million                                       | $\u2014                                                                                 |   <br>                                                                             |\n| 0\\.50% increase in expected long\\-term rate of return on assets | $(73                                           | ) million                                      | $\u2014                                                                                 |   <br>                                                                             |\n\n\n\n 42"}
{"_id": "AmericanAirlines-2019_53.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\ncash flow or liquidity prepared in accordance with GAAP\\. We are providing a reconciliation of reported non\\-GAAP financial measures to their comparable financial measures on a GAAP basis\\.\n\nThe table below presents the reconciliation of total operating expenses (GAAP measure) to total operating costs excluding net special items and fuel (non\\-GAAP measure)\\. Management uses total operating costs excluding net special items and fuel to evaluate our current operating performance and for period\\-to\\-period comparisons\\. The price of fuel, over which we have no control, impacts the comparability of period\\-to\\-period financial performance\\. The adjustment to exclude aircraft fuel and net special items allows management an additional tool to understand and analyze our non\\-fuel costs and core operating performance\\.\n\nThe major components of our total CASM and our total CASM excluding net special items and fuel for the years ended  December 31, 2019  and  2018  are as follows (amounts may not recalculate due to rounding):\n\n\n\n|                                                  |                                           |                                           |                                                       |\n| ------------------------------------------------ | ----------------------------------------- | ----------------------------------------- | ----------------------------------------------------- |\n|                                                  | **Year Ended December 31,**               | **Year Ended December 31,**               | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                                  | **2019**                                  | **2018**                                  | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                                  | **(In cents, except percentage changes)** | **(In cents, except percentage changes)** | **(In cents, except percentage changes)**             |\n| Total CASM:                                      |                                           |                                           |                                                       |\n| Aircraft fuel and related taxes                  | 2\\.64                                     | 2\\.86                                     | (7\\.5)                                                |\n| Salaries, wages and benefits                     | 4\\.42                                     | 4\\.34                                     | 1\\.8                                                  |\n| Maintenance, materials and repairs               | 0\\.83                                     | 0\\.73                                     | 14\\.9                                                 |\n| Other rent and landing fees                      | 0\\.72                                     | 0\\.67                                     | 7\\.0                                                  |\n| Aircraft rent                                    | 0\\.47                                     | 0\\.45                                     | 3\\.8                                                  |\n| Selling expenses                                 | 0\\.56                                     | 0\\.54                                     | 4\\.3                                                  |\n| Depreciation and amortization                    | 0\\.70                                     | 0\\.65                                     | 6\\.6                                                  |\n| Special items, net                               | 0\\.22                                     | 0\\.28                                     | (20\\.2)                                               |\n| Other                                            | 1\\.78                                     | 1\\.80                                     | (1\\.1)                                                |\n| Regional expenses:                               |                                           |                                           |                                                       |\n| Aircraft fuel and related taxes                  | 0\\.66                                     | 0\\.65                                     | 0\\.3                                                  |\n| Other                                            | 1\\.98                                     | 1\\.88                                     | 5\\.3                                                  |\n| Total CASM                                       | 14\\.98                                    | 14\\.85                                    | 0\\.9                                                  |\n| Mainline operating special items, net            | (0\\.22)                                   | (0\\.28)                                   | (20\\.2)                                               |\n| Aircraft fuel and related taxes                  |   <br>                                    |   <br>                                    |   <br>                                                |\n| Aircraft fuel and related taxes \\- mainline      | (2\\.64)                                   | (2\\.86)                                   | (7\\.5)                                                |\n| Aircraft fuel and related taxes \\- regional      | (0\\.66)                                   | (0\\.65)                                   | 0\\.3                                                  |\n| Total CASM, excluding net special items and fuel | 11\\.46                                    | 11\\.06                                    | 3\\.6                                                  |\n\n\n\nSignificant changes in the components of total CASM are as follows:\n\n\n\n|   |                                                                                                                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Mainline aircraft fuel and related taxes per ASM  decrease d  7\\.5%  in  2019  as compared to  2018  primarily due to a  7\\.1 %  decrease  in the average price per gallon of fuel including related taxes to  $2\\.05  in  2019  from  $2\\.21  in  2018 \\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Maintenance, materials and repairs per ASM increased  14\\.9 % in  2019  as compared to  2018  primarily due to a contract change that resulted in certain flight equipment transitioning to a flight hour based contract (referred to as power by the hour) whereby expense is incurred and recognized based on actual hours flown\\. Previously, this flight equipment was covered by a time and materials based contract whereby expense is incurred and recognized as maintenance is performed\\. An increase in the volume of airframe and engine overhauls performed under time and material based contracts as well as an increase in the volume of component part repairs also drove higher maintenance expenses in 2019\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                   |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Other rent and landing fees per ASM increased  7\\.0 % in  2019  as compared to  2018  primarily due to an expansion at DFW that became fully operational in May 2019 and rate increases at certain hub airports\\. |\n\n\n\n54"}
{"_id": "AmericanAirlines-2017_128.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**AMERICAN AIRLINES, INC\\.**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n**(In millions)**\n\n\n\n|                                                                                   |                  |                  |                  |\n| --------------------------------------------------------------------------------- | ---------------- | ---------------- | ---------------- |\n|                                                                                   | **December 31,** | **December 31,** | **December 31,** |\n|                                                                                   | **2017**         | **2016**         | **2015**         |\n| **Cash flows from operating activities:**                                         |                  |                  |                  |\n| Net income                                                                        | $1,922           | $2,781           | $8,120           |\n| Adjustments to reconcile net income to net cash provided by operating activities: |                  |                  |                  |\n| Depreciation and amortization                                                     | 1,964            | 1,762            | 1,560            |\n| Deferred income tax provision (benefit)                                           | 1,298            | 1,652            | (3,467)          |\n| Debt discount and lease amortization                                              | (119)            | (124)            | (126)            |\n| Special items, non\\-cash                                                          | 272              | 270              | 295              |\n| Pension and postretirement                                                        | (132)            | (70)             | (194)            |\n| Share\\-based compensation                                                         | 90               | 100              | 284              |\n| Other, net                                                                        | (25)             | (16)             | (21)             |\n| **Changes in operating assets and liabilities:**                                  |                  |                  |                  |\n| Decrease (increase) in accounts receivable                                        | (189)            | (169)            | 354              |\n| Increase in other assets                                                          | (405)            | (205)            | (22)             |\n| Increase in accounts payable and accrued liabilities                              | 266              | 336              | 214              |\n| Increase (decrease) in air traffic liability                                      | 66               | 164              | (505)            |\n| Increase in receivables from related parties, net                                 | (1,994)          | (4,862)          | (3,695)          |\n| Increase (decrease) in loyalty program liability                                  | 2                | 264              | (295)            |\n| Contributions to pension plans                                                    | (286)            | (32)             | (6)              |\n| Increase (decrease) in other liabilities                                          | 140              | (101)            | 91               |\n| Net cash provided by operating activities                                         | 2,870            | 1,750            | 2,587            |\n| **Cash flows from investing activities:**                                         |                  |                  |                  |\n| Capital expenditures and aircraft purchase deposits                               | (5,881)          | (5,657)          | (6,075)          |\n| Proceeds from sale of property and equipment and sale\\-leaseback transactions     | 922              | 115              | 26               |\n| Purchases of short\\-term investments                                              | (4,633)          | (6,241)          | (8,126)          |\n| Sales of short\\-term investments                                                  | 5,915            | 6,092            | 8,517            |\n| Decrease in restricted cash and short\\-term investments                           | 319              | 57               | 79               |\n| Purchase of equity investment                                                     | (203)            | \u2014                | \u2014                |\n| Net cash used in investing activities                                             | (3,561)          | (5,634)          | (5,579)          |\n| **Cash flows from financing activities:**                                         |                  |                  |                  |\n| Proceeds from issuance of long\\-term debt                                         | 3,058            | 7,701            | 4,509            |\n| Payments on long\\-term debt and capital leases                                    | (2,332)          | (3,827)          | (2,153)          |\n| Deferred financing costs                                                          | (85)             | (77)             | (80)             |\n| Other financing activities                                                        | 27               | 33               | 96               |\n| Net cash provided by financing activities                                         | 668              | 3,830            | 2,372            |\n| Net decrease in cash                                                              | (23)             | (54)             | (620)            |\n| Cash at beginning of year                                                         | 310              | 364              | 984              |\n| Cash at end of year                                                               | $287             | $310             | $364             |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n129"}
{"_id": "Alaska-2019_55.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n\n\n|                                                                                    |                                                                                    |                                                                                    |         |  |  |  |       |  |  |  |         |\n|:---------------------------------------------------------------------------------- |:---------------------------------------------------------------------------------- |:---------------------------------------------------------------------------------- | -------:| -:| -:| -:| -----:| -:| -:| -:| -------:|\n| Year Ended December 31  *(in millions)*                                            | Year Ended December 31  *(in millions)*                                            | Year Ended December 31  *(in millions)*                                            |    2019 |  |  |  |  2018 |  |  |  |    2017 |\n| Cash flows from operating activities:                                              | Cash flows from operating activities:                                              | Cash flows from operating activities:                                              |         |  |  |  |       |  |  |  |         |\n| Net income                                                                         | Net income                                                                         | Net income                                                                         |   $ 769 |  |  |  | $ 437 |  |  |  |   $ 960 |\n| Adjustments to reconcile net income to net cash provided by operating activities:  | Adjustments to reconcile net income to net cash provided by operating activities:  | Adjustments to reconcile net income to net cash provided by operating activities:  |         |  |  |  |       |  |  |  |         |\n| Depreciation and amortization                                                      | Depreciation and amortization                                                      | Depreciation and amortization                                                      |     423 |  |  |  |   398 |  |  |  |     372 |\n| Stock\\-based compensation and other                                                | Stock\\-based compensation and other                                                | Stock\\-based compensation and other                                                |      29 |  |  |  |    47 |  |  |  |      55 |\n| Changes in certain assets and liabilities:                                         | Changes in certain assets and liabilities:                                         | Changes in certain assets and liabilities:                                         |         |  |  |  |       |  |  |  |         |\n| Changes in deferred tax provision                                                  | Changes in deferred tax provision                                                  | Changes in deferred tax provision                                                  |     209 |  |  |  |   146 |  |  |  |      45 |\n| (Increase) decrease in accounts receivable                                         | (Increase) decrease in accounts receivable                                         | (Increase) decrease in accounts receivable                                         |      43 |  |  |  |  (25) |  |  |  |    (39) |\n| Increase (decrease) in air traffic liability                                       | Increase (decrease) in air traffic liability                                       | Increase (decrease) in air traffic liability                                       |     112 |  |  |  |  (18) |  |  |  |      45 |\n| Increase (decrease) in deferred revenue                                            | Increase (decrease) in deferred revenue                                            | Increase (decrease) in deferred revenue                                            |     116 |  |  |  |   149 |  |  |  |     191 |\n| Changes in pension and other postretirement benefits                               | Changes in pension and other postretirement benefits                               | Changes in pension and other postretirement benefits                               |      68 |  |  |  |    52 |  |  |  |      17 |\n| Pension contribution                                                               | Pension contribution                                                               | Pension contribution                                                               |    (65) |  |  |  |     \u2014 |  |  |  |    (15) |\n| Other \\- net                                                                       | Other \\- net                                                                       | Other \\- net                                                                       |      18 |  |  |  |     9 |  |  |  |    (41) |\n| Net cash provided by operating activities                                          | Net cash provided by operating activities                                          | Net cash provided by operating activities                                          |   1,722 |  |  |  | 1,195 |  |  |  |   1,590 |\n| Cash flows from investing activities:                                              | Cash flows from investing activities:                                              | Cash flows from investing activities:                                              |         |  |  |  |       |  |  |  |         |\n| Property and equipment additions:                                                  | Property and equipment additions:                                                  | Property and equipment additions:                                                  |         |  |  |  |       |  |  |  |         |\n| Aircraft and aircraft purchase deposits                                            | Aircraft and aircraft purchase deposits                                            | Aircraft and aircraft purchase deposits                                            |   (356) |  |  |  | (686) |  |  |  |   (804) |\n| Other flight equipment                                                             | Other flight equipment                                                             | Other flight equipment                                                             |   (178) |  |  |  | (105) |  |  |  |    (96) |\n| Other property and equipment                                                       | Other property and equipment                                                       | Other property and equipment                                                       |   (162) |  |  |  | (169) |  |  |  |   (126) |\n| Total property and equipment additions                                             | Total property and equipment additions                                             | Total property and equipment additions                                             |   (696) |  |  |  | (960) |  |  |  | (1,026) |\n| Purchases of marketable securities                                                 | Purchases of marketable securities                                                 | Purchases of marketable securities                                                 | (1,810) |  |  |  | (834) |  |  |  | (1,569) |\n| Sales and maturities of marketable securities                                      | Sales and maturities of marketable securities                                      | Sales and maturities of marketable securities                                      |   1,674 |  |  |  | 1,116 |  |  |  |   1,388 |\n| Proceeds from disposition of assets and changes in restricted deposits             | Proceeds from disposition of assets and changes in restricted deposits             | Proceeds from disposition of assets and changes in restricted deposits             |      41 |  |  |  |    47 |  |  |  |      78 |\n| Net cash used in investing activities                                              | Net cash used in investing activities                                              | Net cash used in investing activities                                              |   (791) |  |  |  | (631) |  |  |  | (1,129) |\n| Cash flows from financing activities:                                              | Cash flows from financing activities:                                              | Cash flows from financing activities:                                              |         |  |  |  |       |  |  |  |         |\n| Proceeds from issuance of long\\-term debt, net of issuance costs                   | Proceeds from issuance of long\\-term debt, net of issuance costs                   | Proceeds from issuance of long\\-term debt, net of issuance costs                   |     450 |  |  |  |   339 |  |  |  |       \u2014 |\n| Long\\-term debt payments                                                           | Long\\-term debt payments                                                           | Long\\-term debt payments                                                           | (1,058) |  |  |  | (807) |  |  |  |   (397) |\n| Common stock repurchases                                                           | Common stock repurchases                                                           | Common stock repurchases                                                           |    (75) |  |  |  |  (50) |  |  |  |    (75) |\n| Cash dividend paid                                                                 | Cash dividend paid                                                                 | Cash dividend paid                                                                 |   (173) |  |  |  | (158) |  |  |  |   (148) |\n| Other financing activities                                                         | Other financing activities                                                         | Other financing activities                                                         |      43 |  |  |  |    29 |  |  |  |      28 |\n| Net cash used in financing activities                                              | Net cash used in financing activities                                              | Net cash used in financing activities                                              |   (813) |  |  |  | (647) |  |  |  |   (592) |\n| Net increase (decrease) in cash, cash equivalents, and restricted cash             | Net increase (decrease) in cash, cash equivalents, and restricted cash             | Net increase (decrease) in cash, cash equivalents, and restricted cash             |     118 |  |  |  |  (83) |  |  |  |   (131) |\n| Cash, cash equivalents, and restricted cash at beginning of year                   | Cash, cash equivalents, and restricted cash at beginning of year                   | Cash, cash equivalents, and restricted cash at beginning of year                   |     114 |  |  |  |   197 |  |  |  |     328 |\n| Cash, cash equivalents, and restricted cash at end of year                         | Cash, cash equivalents, and restricted cash at end of year                         | Cash, cash equivalents, and restricted cash at end of year                         |   $ 232 |  |  |  | $ 114 |  |  |  |   $ 197 |\n| Supplemental disclosure:                                                           | Supplemental disclosure:                                                           | Supplemental disclosure:                                                           |         |  |  |  |       |  |  |  |         |\n| Cash paid during the year for:                                                     | Cash paid during the year for:                                                     | Cash paid during the year for:                                                     |         |  |  |  |       |  |  |  |         |\n| Interest, net of amount capitalized                                                | Interest, net of amount capitalized                                                | Interest, net of amount capitalized                                                |    $ 60 |  |  |  |  $ 72 |  |  |  |    $ 84 |\n| Income taxes, net of refunds received                                              | Income taxes, net of refunds received                                              | Income taxes, net of refunds received                                              |      31 |  |  |  |     \u2014 |  |  |  |     177 |\n| Reconciliation of cash, cash equivalents, and restricted cash at end of the period | Reconciliation of cash, cash equivalents, and restricted cash at end of the period | Reconciliation of cash, cash equivalents, and restricted cash at end of the period |         |  |  |  |       |  |  |  |         |\n| Cash and cash equivalents                                                          | Cash and cash equivalents                                                          | Cash and cash equivalents                                                          |   $ 221 |  |  |  | $ 105 |  |  |  |   $ 194 |\n| Restricted cash included in Other noncurrent assets                                | Restricted cash included in Other noncurrent assets                                | Restricted cash included in Other noncurrent assets                                |      11 |  |  |  |     9 |  |  |  |       3 |\n| Total cash, cash equivalents, and restricted cash at end of the period             | Total cash, cash equivalents, and restricted cash at end of the period             | Total cash, cash equivalents, and restricted cash at end of the period             |   $ 232 |  |  |  | $ 114 |  |  |  |   $ 197 |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n55"}
{"_id": "AmericanAirlines-2017_185.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| ----------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| 4\\.134                        | [Note Purchase Agreement, dated as of October 3, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex49.htm)                                                                                                                                                                             |\n| 4\\.135                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (included in Exhibit B to Exhibit 4\\.9) (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex49.htm)                                                                                                               |\n| 4\\.136                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (included in Exhibit C to Exhibit 4\\.9) (incorporated by reference to Exhibit C to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex49.htm)                                                                                                                                                                                                                                                                                                              |\n| 4\\.137                        | [Form of Pass Through Trust Certificate, Series 2016\\-3AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.138                        | [Form of Pass Through Trust Certificate, Series 2016\\-3A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| 4\\.139                        | [Revolving Credit Agreement (2016\\-3AA), dated as of October 3, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-3AA, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex414.htm)                                                                                                                                                                                                                                      |\n| 4\\.140                        | [Revolving Credit Agreement (2016\\-3A), dated as of October 3, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-3A, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex415.htm)                                                                                                                                                                                                                                        |\n| 4\\.141                        | [Trust Supplement No\\. 2017\\-1AA, dated as of January 13, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex42.htm)                                                                                                                                                                                                                                                                                                               |\n| 4\\.142                        | [Trust Supplement No\\. 2017\\-1A, dated as of January 13, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014, (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex43.htm)                                                                                                                                                                                                                                                                                                               |\n| 4\\.143                        | [Trust Supplement No\\. 2017\\-1B, dated as of January 13, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex44.htm)                                                                                                                                                                                                                                                                                                                |\n| 4\\.144                        | [Intercreditor Agreement (2017\\-1), dated as of January 13, 2017, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2017\\-1AA, as Trustee of the American Airlines Pass Through Trust 2017\\-1A and as Trustee of the American Airlines Pass Through Trust 2017\\-1B, Citibank N\\.A\\., as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex45.htm)                                                    |\n| 4\\.145                        | [Deposit Agreement (Class AA), dated as of January 13, 2017, between Wilmington Trust, National Association, as Escrow Agent, and Citibank, N\\.A\\., as Depositary (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex46.htm)                                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.146                        | [Deposit Agreement (Class A), dated as of January 13, 2017, between Wilmington Trust, National Association, as Escrow Agent, and Citibank, N\\.A\\., as Depositary (incorporated by reference to Exhibit 4\\.7 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex47.htm)                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.147                        | [Deposit Agreement (Class B), dated as of January 13, 2017, between Wilmington Trust, National Association, as Escrow Agent, and Citibank, N\\.A\\., as Depositary (incorporated by reference to Exhibit 4\\.8 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex48.htm)                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.148                        | [Escrow and Paying Agent Agreement (Class AA), dated as of January 13, 2017, among Wilmington Trust, National Association, as Escrow Agent, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc\\. and Deutsche Bank Securities Inc\\., for themselves and on behalf of the several Underwriters, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2017\\-1AA, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex49.htm) |\n\n\n\n186"}
{"_id": "AmericanAirlines-2019_76.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n1\\. Basis of Presentation and Summary of Significant Accounting Policies\n\n(a) Basis of Presentation\n\nAmerican Airlines Group Inc\\. (we, us, our and similar terms, or AAG), a Delaware corporation, is a holding company whose primary business activity is the operation of a major network air carrier, providing scheduled air transportation for passengers and cargo through its mainline operating subsidiary, American Airlines, Inc\\. (American) and its wholly\\-owned regional airline subsidiaries, Envoy Aviation Group Inc\\., PSA Airlines, Inc\\. and Piedmont Airlines, Inc\\. that operate under the brand American Eagle\\. On December 9, 2013, a subsidiary of AMR Corporation (AMR) merged with and into US Airways Group, Inc\\. (US Airways Group), a Delaware corporation, which survived as a wholly\\-owned subsidiary of AAG, and AAG emerged from Chapter 11 (the Merger)\\. Upon closing of the Merger and emergence from Chapter 11, AMR changed its name to American Airlines Group Inc\\. All significant intercompany transactions have been eliminated\\.\n\nThe preparation of financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements\\. Actual results could differ from those estimates\\. The most significant areas of judgment relate to passenger revenue recognition, impairment of goodwill, impairment of long\\-lived and intangible assets, the loyalty program, as well as pension and retiree medical and other postretirement benefits\\.\n\n(b) Recent Accounting Pronouncements\n\nASU 2016\\-02: Leases (Topic 842) (the New Lease Standard)\n\nThe New Lease Standard requires lessees to recognize a lease liability and a right\\-of\\-use (ROU) asset on the balance sheet for operating leases\\. Accounting for finance leases is substantially unchanged\\. The New Lease Standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years\\. Early adoption is permitted\\.\n\nIn the fourth quarter of 2018, we elected to early adopt the New Lease Standard as of January 1, 2018 using a modified retrospective transition, with the cumulative\\-effect adjustment to the opening balance of retained earnings as of the effective date (the effective date method)\\. Under the effective date method, financial results reported in periods prior to 2018 are unchanged\\. We also elected the package of practical expedients, which among other things, does not require reassessment of lease classification\\.\n\nThe adoption of the New Lease Standard had a significant impact on our consolidated balance sheet due to the recognition of approximately   $10 billion  of lease liabilities with corresponding right\\-of\\-use assets for operating leases\\.\n\nAdditionally, we recognized a   $197 million  cumulative effect adjustment credit, net of tax, to retained earnings\\. The adjustment to retained earnings was driven principally by sale\\-leaseback transactions including the recognition of unamortized deferred aircraft sale\\-leaseback gains\\. Prior to the adoption of the New Lease Standard, gains on sale\\-leaseback transactions were generally deferred and recognized in the income statement over the lease term\\. Under the New Lease Standard, gains on sale\\-leaseback transactions (subject to adjustment for off\\-market terms) are recognized immediately\\.\n\nASU 2018\\-02: Income Statement  \u2013  Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income\n\nThis ASU provides the option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings due to the U\\.S\\. federal corporate income tax rate change as a result of H\\.R\\. 1, the 2017 Tax Cuts and Jobs Act (the 2017 Tax Act)\\. The amount of the reclassification is the difference between the amount initially charged or credited directly to other comprehensive income at the previous U\\.S\\. federal corporate income tax rate that remains in accumulated other comprehensive income and the amount that would have been charged or credited directly to other comprehensive income using the newly enacted U\\.S\\. federal corporate income tax rate, excluding the effect of any valuation allowance previously charged to income from continuing operations\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2018\\. In the first quarter of 2019, we adopted this standard retrospectively as of December 22, 2017, the date the 2017 Tax Act was enacted, which resulted in the recast of prior reporting periods\\. As a result of the adoption, we reclassified   $622 million  of stranded tax effects principally related to our pension plans from accumulated other comprehensive loss to retained earnings\\. \n\n77"}
{"_id": "United-2017_49.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**UNITED CONTINENTAL HOLDINGS, INC\\.** \n\n**STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)** \n\n**(In millions)** \n\n\n\n|                                                           |                             |                             |                             |\n|:--------------------------------------------------------- | ---------------------------:| ---------------------------:| ---------------------------:|\n|                                                           | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                           |                   **2017**  |                   **2016**  |                   **2015**  |\n| Net income                                                |                     $2,131  |                     $2,263  |                     $7,340  |\n| Other comprehensive income (loss), net change related to: |                             |                             |                             |\n| Employee benefit plans, net of taxes                      |                       (195) |                       (313) |                         70  |\n| Fuel derivative financial instruments, net of taxes       |                          1  |                        316  |                        182  |\n| Investments and other, net of taxes                       |                         (6) |                         (1) |                         (4) |\n| Total other comprehensive income (loss), net              |                       (200) |                          2  |                        248  |\n| Total comprehensive income, net                           |                     $1,931  |                     $2,265  |                     $7,588  |\n\n\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n50"}
{"_id": "Alaska-2019_46.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nCRITICAL ACCOUNTING ESTIMATES\n\nThe discussion and analysis of our financial position and results of operations in this MD&A are based upon our consolidated financial statements\\. The preparation of these financial statements requires us to make estimates and judgments that affect our financial position and results of operations\\. See Note 1 to the consolidated financial statements for a description of our significant accounting policies\\.\n\nCritical accounting estimates are defined as those that reflect significant management judgment and uncertainties and that potentially may lead to materially different results under varying assumptions and conditions\\. Management has identified the following critical accounting estimates and has discussed the development, selection and disclosure of these policies with our audit committee\\.\n\nFREQUENT FLYER PROGRAMS\n\nAlaska's Mileage Plan\u2122 loyalty program awards mileage credits to members who fly on our airlines and our airline partners, referred to as flown miles\\. We also sell services, including miles for transportation, Companion Fare\u2122 certificates, bag fee waivers, and access to our brand and customer lists to major banks that offer Alaska co\\-brand credit cards\\. To a lesser extent, miles for transportation are also sold to other non\\-airline partners, such as hotels, and car rental agencies\\. The outstanding miles may be redeemed for travel on our airlines or eligible airline partners, and for non\\-airline products such as hotels\\. As long as the Mileage Plan\u2122 is in existence, we have an obligation to provide future travel\\.\n\nMileage credits and the various other services we sell under our loyalty program represent performance obligations that are part of a multiple deliverable revenue arrangement\\. Accounting guidance requires that we use a relative standalone selling price allocation to allocate consideration received to the material performance obligations in these contracts\\. Our relative standalone selling price allocation models are refreshed when contracts originate or are materially modified\\. We also update our model annually based on observed volumes\\. \n\nAt December 31, 2019, we had approximately 262 billion miles outstanding, resulting in an aggregate deferred revenue balance of $2\\.0 billion\\. The deferred revenue resulting from our relative selling price allocations requires significant management judgment\\. There are uncertainties inherent in these estimates\\. Therefore, different assumptions could affect the amount and/or timing of revenue recognition or expenses\\. The most significant assumptions are described below\\.\n\n1\\. The rate at which we defer sales proceeds related to services sold:\n\nWe estimate the standalone selling price for each performance obligation, including mileage credits, by considering multiple inputs and methods, including but not limited to, the estimated selling price of comparable travel, discounted cash flows, brand value, published selling prices, number of miles awarded, and the number of miles redeemed\\. We estimate the selling prices and volumes over the terms of the agreements in order to determine the allocation of proceeds to each of the multiple deliverables\\. \n\n2\\. The number of miles that will not be redeemed for travel (breakage):\n\nWe estimate how many miles will be used per award\\. For example, our members may redeem mileage credits for award travel to various locations or choose between a highly restricted award and an unrestricted award\\. Our estimates are based on the current requirements in our Mileage Plan program\u2122 and historical award redemption patterns\\. \n\nWe regularly review significant Mileage Plan\u2122 assumptions and change our assumptions if facts and circumstances indicate that a change is necessary\\. Any such change in assumptions could have a significant effect on our financial position and results of operations\\.\n\n\n\n|                                                                     |                                                                     |                                                                     |\n| ------------------------------------------------------------------- | ------------------------------------------------------------------- | ------------------------------------------------------------------- |\n| ITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK | ITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK | ITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK |\n\n\n\nWe have interest\\-rate risk on our variable\\-rate debt obligations and our available\\-for\\-sale marketable investment portfolio, and commodity\\-price risk in jet fuel required to operate our aircraft fleet\\. We purchase the majority of our jet fuel at prevailing market prices and seek to manage market risk through execution of our hedging strategy and other means\\. We have market\\-sensitive instruments in the form of fixed\\-rate debt instruments and financial derivative instruments used to hedge our exposure to jet fuel price increases and interest\\-rate increases\\. We do not purchase or hold any derivative financial instruments for trading purposes\\.\n\n46"}
{"_id": "Southwest-2019_112.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\ninadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n/s/ Ernst & Young LLP\n\nDallas, Texas\n\nFebruary 3, 2020 \n\n113"}
{"_id": "AmericanAirlines-2017_164.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nDecember 31, 2017, the remaining lease payments through 2035 guaranteeing the principal and interest on these bonds are $589 million, which are accounted for as operating leases\\.\n\nAs of December 31, 2017, American had issued guarantees covering AAG\u2019s $500 million aggregate principal amount of 6\\.125% senior notes due 2018, $750 million aggregate principal amount of 5\\.50% senior notes due 2019 and $500 million aggregate principal amount of 4\\.625% senior notes due 2020\\.\n\n***(g) Credit Card Processing Agreements***\n\nAmerican has agreements with companies that process customer credit card transactions for the sale of air travel and other services\\. American\u2019s agreements allow these processing companies, under certain conditions, to hold an amount of its cash (referred to as a holdback) equal to a portion of advance ticket sales that have been processed by that company, but for which American has not yet provided the air transportation\\. Additional holdback requirements in the event of material adverse changes in American\u2019s financial condition will reduce its liquidity in the form of unrestricted cash by the amount of the holdbacks\\. American is not currently required to maintain any holdbacks pursuant to these requirements\\.\n\n***(h) Labor Negotiations***\n\nAs of December 31, 2017, American employed approximately 103,100 active full\\-time equivalent employees\\. Approximately 84% of employees are covered by collective bargaining agreements with various labor unions\\. Negotiations for joint collective bargaining agreements covering American\u2019s maintenance, fleet service, stock clerks, maintenance control technicians and maintenance training instructors employees are continuing\\. There is no assurance that a successful or timely resolution of these labor negotiations will be achieved\\.\n\n***(i) Other***\n\nAs a result of the terrorist attacks of September 11, 2001 and the subsequent liability protections provided for by the Air Transportation Safety and System Stabilization Act (the Stabilization Act), American recorded a liability for these terrorist attacks claims equal to the related insurance receivable due to American\\. The Stabilization Act provides that, notwithstanding any other provision of law, liability for all claims, whether compensatory or punitive, arising from these terrorist attacks, against any air carrier shall not exceed the liability coverage maintained by the air carrier\\. As of December 31, 2017, claims relating to this matter have been substantially resolved and the remaining liability and the amount of the offsetting receivable are not material\\.\n\n**10\\. Supplemental Cash Flow Information**\n\nSupplemental disclosure of cash flow information and non\\-cash investing and financing activities are as follows (in millions):\n\n\n\n|                                               |                             |                             |                             |\n| --------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                               | **2017**                    | **2016**                    | **2015**                    |\n| Non\\-cash investing and financing activities: |                             |                             |                             |\n| Equity investment                             | $120                        | $\u2014                          | $\u2014                          |\n| Settlement of bankruptcy obligations          | 15                          | 3                           | 63                          |\n| Capital lease obligations                     | \u2014                           | \u2014                           | 5                           |\n| Supplemental information:                     |                             |                             |                             |\n| Interest paid, net                            | 942                         | 867                         | 787                         |\n| Income taxes paid                             | 18                          | 14                          | 19                          |\n\n\n\n**11\\. Operating Segments and Related Disclosures**\n\nAmerican is managed as a single business unit that provides air transportation for passengers and cargo\\. This allows it to benefit from an integrated revenue pricing and route network that includes American and AAG\u2019s wholly\\-owned and third\\-party regional carriers that fly under capacity purchase agreements operating as American Eagle\\. The flight equipment of all these carriers is combined to form one fleet that is deployed through a single route scheduling system\\. Financial information and annual operational plans and forecasts are prepared and reviewed by the chief \n\n165"}
{"_id": "United-2019_42.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUNITED AIRLINES HOLDINGS, INC\\.\n\nSTATEMENTS OF CONSOLIDATED OPERATIONS\n\n(In millions, except per share amounts)\n\n\n\n|                                                    |                             |                             |                             |\n| -------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                    | **2019**                    | **2018 (a)**                | **2017 (a)**                |\n| Operating revenue:                                 |                             |                             |                             |\n| Passenger revenue                                  | $39,625                     | $37,706                     | $34,460                     |\n| Cargo                                              | 1,179                       | 1,237                       | 1,114                       |\n| Other operating revenue                            | 2,455                       | 2,360                       | 2,210                       |\n| Total operating revenue                            | 43,259                      | 41,303                      | 37,784                      |\n| Operating expense:                                 |                             |                             |                             |\n| Salaries and related costs                         | 12,071                      | 11,458                      | 10,941                      |\n| Aircraft fuel                                      | 8,953                       | 9,307                       | 6,913                       |\n| Regional capacity purchase                         | 2,849                       | 2,649                       | 2,268                       |\n| Landing fees and other rent                        | 2,543                       | 2,449                       | 2,310                       |\n| Depreciation and amortization                      | 2,288                       | 2,165                       | 2,096                       |\n| Aircraft maintenance materials and outside repairs | 1,794                       | 1,767                       | 1,856                       |\n| Distribution expenses                              | 1,651                       | 1,558                       | 1,435                       |\n| Aircraft rent                                      | 288                         | 433                         | 621                         |\n| Special charges                                    | 246                         | 487                         | 176                         |\n| Other operating expenses                           | 6,275                       | 5,801                       | 5,550                       |\n| Total operating expense                            | 38,958                      | 38,074                      | 34,166                      |\n| Operating income                                   | 4,301                       | 3,229                       | 3,618                       |\n| Nonoperating income (expense):                     |                             |                             |                             |\n| Interest expense                                   | (731<br><br>)               | (670<br><br>)               | (626<br><br>)               |\n| Interest capitalized                               | 85                          | 65                          | 74                          |\n| Interest income                                    | 133                         | 101                         | 57                          |\n| Unrealized gains (losses) on investments, net      | 153                         | (5<br><br>)                 | \u2014                           |\n| Miscellaneous, net                                 | (27<br><br>)                | (72<br><br>)                | (100<br><br>)               |\n| Total nonoperating expense, net                    | (387<br><br>)               | (581<br><br>)               | (595<br><br>)               |\n| Income before income taxes                         | 3,914                       | 2,648                       | 3,023                       |\n| Income tax expense                                 | 905                         | 526                         | 880                         |\n| Net income                                         | $3,009                      | $2,122                      | $2,143                      |\n| Earnings per share, basic                          | $11\\.63                     | $7\\.70                      | $7\\.08                      |\n| Earnings per share, diluted                        | $11\\.58                     | $7\\.67                      | $7\\.06                      |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2016\\-02,  Leases (Topic 842) \\. See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n43"}
{"_id": "AmericanAirlines-2017_94.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**3\\. Earnings Per Common Share**\n\nThe following table sets forth the computation of basic and diluted earnings per common share (EPS) (in millions, except share and per share amounts):\n\n\n\n|                                                                                                                                  |                             |                             |                             |\n| -------------------------------------------------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                                                                  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                                                                                  | **2017**                    | **2016**                    | **2015**                    |\n| **Basic EPS:**                                                                                                                   |                             |                             |                             |\n| Net income                                                                                                                       | $1,919                      | $2,676                      | $7,610                      |\n| Weighted average common shares outstanding (in thousands)                                                                        | 489,164                     | 552,308                     | 668,393                     |\n| Basic EPS                                                                                                                        | $3\\.92                      | $4\\.85                      | $11\\.39                     |\n| **Diluted EPS:**                                                                                                                 |                             |                             |                             |\n| Net income for purposes of computing diluted EPS                                                                                 | $1,919                      | $2,676                      | $7,610                      |\n| Share computation for diluted EPS (in thousands):                                                                                |                             |                             |                             |\n| Basic weighted average common shares outstanding                                                                                 | 489,164                     | 552,308                     | 668,393                     |\n| Dilutive effect of stock awards                                                                                                  | 2,528                       | 3,791                       | 18,962                      |\n| Diluted weighted average common shares outstanding                                                                               | 491,692                     | 556,099                     | 687,355                     |\n| Diluted EPS                                                                                                                      | $3\\.90                      | $4\\.81                      | $11\\.07                     |\n| Restricted stock unit awards excluded from the calculation of diluted EPS because inclusion would be antidilutive (in thousands) | 328                         | 1,429                       | 764                         |\n\n\n\n**4\\. Share Repurchase Programs and Dividends**\n\nSince July 2014, our Board of Directors has approved six share repurchase programs aggregating $11\\.0 billion of authority\\. As of December 31, 2017, $450 million remained unused under a repurchase program that expires on December 31, 2018\\. Share repurchases under our repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions\\. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to repurchase any specific number of shares and our repurchase of common stock may be limited, suspended or discontinued at any time at our discretion\\.\n\nDuring the year ended December 31, 2017, we repurchased 33\\.9 million shares of AAG common stock for $1\\.6 billion at a weighted average cost per share of $45\\.68\\. During the year ended December 31, 2016, we repurchased 119\\.8 million shares of AAG common stock for $4\\.4 billion at a weighted average cost per share of $36\\.86\\. During the year ended December 31, 2015, we repurchased 85\\.1 million shares of AAG common stock for $3\\.6 billion at a weighted average cost per share of $42\\.09\\. Since the inception of the share repurchase programs in July 2014 through December 31, 2017, we have repurchased 262\\.3 million shares of AAG common stock for $10\\.6 billion at a weighted average cost per share of $40\\.22\\.\n\nOur Board of Directors declared quarterly cash dividends of $0\\.10 per share totaling $198 million, $224 million and $269 million in 2017, 2016 and 2015, respectively\\.\n\nAny future dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to continue a dividend for any fixed period, and the payment of dividends may be suspended at any time at our discretion\\.\n\n95"}
{"_id": "Alaska-2017_94.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**MANAGEMENT\u2019S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING**\n\nOur management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a\\-15(f)\\. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the 2013 framework in Internal Control \u2013 Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO Framework)\\. Based on our evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2017\\.\n\nWe intend to review and evaluate the design and effectiveness of our disclosure controls and procedures and internal control over financial reporting on an ongoing basis and to improve these controls and procedures over time and to correct any deficiencies that we may discover in the future\\. While we believe the present design of our disclosure controls and procedures and internal control over financial reporting are effective, future events affecting our business may cause us to modify our controls and procedures\\.\n\nThe Company's independent registered public accounting firm has issued an attestation report regarding its assessment of the effectiveness of the Company's internal control over financial reporting as of December 31, 2017\\.\n\n 95"}
{"_id": "Delta-2019_105.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nSIGNATURES\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 12th day of February, 2020\\.\n\n\n\n|  |  |  |                        |                        |                        |                         |                         |                         |  |  |  |  |  |  |\n| - | - | - | ---------------------- | ---------------------- | ---------------------- | ----------------------- | ----------------------- | ----------------------- | - | - | - | - | - | - |\n|  |  |  | DELTA AIR LINES, INC\\. | DELTA AIR LINES, INC\\. | DELTA AIR LINES, INC\\. | DELTA AIR LINES, INC\\.  | DELTA AIR LINES, INC\\.  | DELTA AIR LINES, INC\\.  |  |  |  |  |  |  |\n|  |  |  | By:                    | By:                    | By:                    | /s/ Edward H\\. Bastian  | /s/ Edward H\\. Bastian  | /s/ Edward H\\. Bastian  |  |  |  |\n|  |  |  |                        |                        |                        | Edward H\\. Bastian      | Edward H\\. Bastian      | Edward H\\. Bastian      |  |  |  |\n|  |  |  |                        |                        |                        | Chief Executive Officer | Chief Executive Officer | Chief Executive Officer |  |  |  |\n\n\n\n103"}
{"_id": "United-2019_25.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nThe following table presents repurchases of UAL common stock made in the fourth quarter of  2019 :\n\n\n\n|               |                                              |                                         |                                                                                          |                                                                                                                |\n| ------------- | -------------------------------------------- | --------------------------------------- | ---------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- |\n| **Period**    | **Total number of shares purchased (a) (b)** | **Average price paid per share (b)(c)** | **Total number of shares purchased as part of publicly announced plans or programs (a)** | **Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions) (a)** |\n| October 2019  | 1,071,915                                    | $87\\.65                                 | 1,071,915                                                                                | $3,231                                                                                                         |\n| November 2019 | 430,400                                      | 92\\.70                                  | 430,400                                                                                  | 3,191                                                                                                          |\n| December 2019 | 922,600                                      | 88\\.72                                  | 922,600                                                                                  | 3,109                                                                                                          |\n| Total         | 2,424,915                                    |                                         | 2,424,915                                                                                |                                                                                                                |\n\n\n\n(a) In  2019 , UAL repurchased approximately  19\\.2 million  shares of UAL common stock for  $1\\.6 billion \\. In December 2017, UAL's Board of Directors authorized a $3\\.0 billion share repurchase program to acquire UAL's common stock\\. In July 2019, UAL's Board of Directors authorized a new $3\\.0 billion share repurchase program to acquire UAL's common stock, in addition to any amounts remaining under the prior program\\. As of  December 31, 2019 , the Company had approximately  $3\\.1 billion  remaining to purchase shares under its repurchase programs\\. UAL may repurchase shares through the open market, privately negotiated transactions, block trades or accelerated share repurchase transactions from time to time in accordance with applicable securities laws\\. \n\n(b) The table does not include shares withheld from employees to satisfy certain tax obligations due upon the vesting of restricted stock\\. The United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan and the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan, each provide for the withholding of shares to satisfy tax obligations due upon the vesting of restricted stock\\. However, these plans do not specify a maximum number of shares that may be withheld for this purpose\\. A total of 1,930 shares were withheld under the plans in the fourth quarter of  2019  at an average price of $89\\.67 per share\\. These shares of common stock withheld to satisfy tax withholding obligations may be deemed to be \"issuer purchases\" of shares that are required to be disclosed pursuant to this Item\\.\n\n(c) Average price paid per share is calculated on a settlement basis and excludes commission\\.\n\n\n\n|              |                                |\n| ------------ | ------------------------------ |\n| **ITEM 6\\.** | **SELECTED FINANCIAL DATA\\.**  |\n\n\n\nUAL's consolidated financial statements and statistical data are provided in the tables below:\n\n\n\n|                                                                    |                             |                             |                             |                             |                             |\n| ------------------------------------------------------------------ | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                    | **2019**                    | **2018**  **(a)**           | **2017**  **(a)**           | **2016**                    | **2015**                    |\n| **Income Statement Data (in millions, except per share amounts):** |                             |                             |                             |                             |                             |\n| Operating revenue                                                  | $43,259                     | $41,303                     | $37,784                     | $36,558                     | $37,864                     |\n| Operating expense                                                  | 38,958                      | 38,074                      | 34,166                      | 32,214                      | 32,698                      |\n| Operating income                                                   | 4,301                       | 3,229                       | 3,618                       | 4,344                       | 5,166                       |\n| Net income                                                         | 3,009                       | 2,122                       | 2,143                       | 2,234                       | 7,340                       |\n| Basic earnings per share                                           | 11\\.63                      | 7\\.70                       | 7\\.08                       | 6\\.77                       | 19\\.52                      |\n| Diluted earnings per share                                         | 11\\.58                      | 7\\.67                       | 7\\.06                       | 6\\.76                       | 19\\.47                      |\n| **Balance Sheet Data at December 31 (in millions):**               |                             |                             |                             |                             |                             |\n| Unrestricted cash, cash equivalents and short\\-term investments    | $4,944                      | $3,950                      | $3,798                      | $4,428                      | $5,196                      |\n| Total assets                                                       | 52,611                      | 49,024                      | 47,469                      | 40,208                      | 40,861                      |\n| Debt and finance lease obligations  (b)                            | 14,818                      | 13,792                      | 13,576                      | 11,705                      | 11,759                      |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standard Update No\\. 2016\\-02,  Leases  (Topic 842)\\.  See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\n(b) Finance leases, under Topic 842, are the equivalent of capital leases under Financial Accounting Standards Board Accounting Standards Codification Topic 840,  Leases \\.\n\n26"}
{"_id": "Delta-2018_42.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nFinancing Activities\n\nDebt and Finance Leases\\.  During 2018, we issued $1\\.6 billion in aggregate principal amount of unsecured notes, consisting of $600 million of 3\\.4% Notes due 2021, $500 million of 3\\.8% Notes due 2023 and $500 million of 4\\.375% Notes due 2028 (collectively, the \"Notes\")\\. We used the net proceeds from the offering of the Notes to repay borrowings outstanding under our secured Pacific term loan B\\-1 facility and 2015 term loan facility and for general corporate purposes\\.\n\nConcurrent with the unsecured debt offering, we entered into a  $2\\.65 billion  unsecured revolving credit facility, up to  $500 million  of which may be used for the issuance of letters of credit (the \u201cRevolving Credit Facility\u201d)\\. The Revolving Credit Facility was undrawn at the time we entered into it and as of  December 31, 2018 \\. The Revolving Credit Facility replaced the undrawn secured Pacific revolving credit facility and the 2015 revolving credit facility, both of which were terminated in conjunction with the repayment of the term loans described above\\.\n\nThe Revolving Credit Facility is split evenly into a  $1\\.325 billion  three\\-year facility and a  $1\\.325 billion  five\\-year facility\\. Borrowings on both facilities bear interest at a variable rate equal to LIBOR, or another index rate, in each case plus a specified margin\\.\n\nAlso during 2018, the New York Transportation Development Corporation (\"NYTDC\") issued Special Facilities Revenue Bonds, Series 2018 (the \"2018 Bonds\") in the aggregate principal amount of $1\\.4 billion\\. We entered into loan agreements with the NYTDC to use the proceeds from the 2018 Bonds to finance a portion of the construction costs for the new terminal facilities at the LaGuardia Airport\\. The proceeds from the 2018 Bonds are recorded in cash restricted for airport construction on the Consolidated Balance Sheet (\"balance sheet\")\\.\n\nDuring the December 2018 quarter, we obtained  $621 million  in aggregate principal amount of loans secured by  10  aircraft\\. These loans bear interest at a variable rate equal to London interbank offered rates (\"LIBOR\") plus a specified margin and are due in installments from 2019 to 2023\\.\n\nDespite the recent debt issuances, since December 31, 2009, we have reduced our principal amount of debt and finance leases by  $8\\.3 billion \\. This level of debt reduction, combined with more favorable interest rates on our remaining debt, reduced our 2018 net interest expense by more than $500 million compared to 2009\\. The principal amount of debt and finance leases was  $9\\.7 billion  at  December 31, 2018 \\. \n\nDuring 2018, the three major credit rating agencies reaffirmed our investment\\-grade ratings:\n\n\n\n|                   |                    |             |\n| ----------------- | ------------------ | ----------- |\n| **Rating Agency** | **Current Rating** | **Outlook** |\n| Fitch             | BBB\\-              | Stable      |\n| Moody's           | Baa3               | Stable      |\n| Standard & Poor's | BBB\\-              | Stable      |\n\n\n\nCapital Returns to Shareholders\\.  Since first implementing our quarterly dividend in 2013, we have annually increased the dividend per share and paid $2\\.9 billion in total dividends, including  $909 million  in 2018\\. Through dividends and share repurchases, we have returned $12\\.3 billion to shareholders since 2013, while reducing outstanding shares by approximately 21% compared to the beginning of 2013\\. During 2018 alone, we repurchased and retired 29 million  shares at a cost of  $1\\.6 billion \\.\n\nOn February 7, 2019, the Board of Directors approved and we will pay a quarterly dividend of $0\\.35 per share to shareholders of record as of March 1, 2019\\.\n\nFuel Hedge Restructuring\\.  During 2016, we entered into transactions to defer settlement of a portion of our hedge portfolio until 2017\\. These deferral transactions, excluding market movements from the date of inception, provided approximately $300 million in cash receipts during the second half of 2016 and required approximately $300 million in cash payments in 2017\\. \n\nDuring 2016, we early terminated certain of our outstanding deferral transactions and made cash payments of $170 million, including normal settlements\\. As a result, during the year ended December 31, 2017, we reported  $20 million in cash receipts and $244 million in cash payments associated with these transactions\\. During the year ended December 31, 2018 we reported $19 million in cash payments associated with these transactions\\. \n\n 40"}
{"_id": "AmericanAirlines-2019_44.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nITEM 6\\. SELECTED CONSOLIDATED FINANCIAL DATA\n\nWe adopted three new accounting standards as of January 1, 2018: Accounting Standards Update (ASU) 2016\\-02: Leases (Topic 842) (the New Lease Standard), ASU 2014\\-09: Revenue from Contracts with Customers (the New Revenue Standard) and ASU 2017\\-07: Compensation \\- Retirement Benefits (the New Retirement Standard)\\. The 2017 and 2016 financial information presented within Item 6\\. Selected Consolidated Financial Data has been recast to reflect the impact of the adoption of the New Revenue Standard and the New Retirement Standard\\. The New Lease Standard did not require the recast of prior periods\\. See Note 1(b) to AAG\u2019s and American\u2019s Consolidated Financial Statements in Part II, Items 8A and 8B, respectively, of AAG\u2019s and American\u2019s Annual Report on Form 10\\-K for the year ended  December 31, 2018  (the 2018 Form 10\\-K), for further information on the impacts of these new accounting standards\\.\n\nSelected Consolidated Financial Data of AAG\n\nThe selected consolidated financial data presented below under the captions \u201cConsolidated Statements of Operations data\u201d and \u201cConsolidated Balance Sheet data\u201d for the years ended  December 31, 2019 ,  2018 ,  2017 ,  2016  and  2015  are derived from AAG\u2019s audited consolidated financial statements\\.\n\n\n\n|                                                                     |                                                       |                                                       |                                                       |                                                       |                                                       |\n| ------------------------------------------------------------------- | ----------------------------------------------------- | ----------------------------------------------------- | ----------------------------------------------------- | ----------------------------------------------------- | ----------------------------------------------------- |\n|                                                                     | **Year Ended December 31,**                           | **Year Ended December 31,**                           | **Year Ended December 31,**                           | **Year Ended December 31,**                           | **Year Ended December 31,**                           |\n|                                                                     | **2019**                                              | **2018**                                              | **2017**                                              | **2016**                                              | **2015**                                              |\n|                                                                     | **(In millions, except share and per share amounts)** | **(In millions, except share and per share amounts)** | **(In millions, except share and per share amounts)** | **(In millions, except share and per share amounts)** | **(In millions, except share and per share amounts)** |\n| **Consolidated Statements of Operations data:**                     |                                                       |                                                       |                                                       |                                                       |                                                       |\n| Total operating revenues                                            | $45,768                                               | $44,541                                               | $42,622                                               | $40,142                                               | $40,990                                               |\n| Total operating expenses                                            | 42,703                                                | 41,885                                                | 38,391                                                | 35,082                                                | 34,786                                                |\n| Operating income                                                    | 3,065                                                 | 2,656                                                 | 4,231                                                 | 5,060                                                 | 6,204                                                 |\n| Net income                                                          | 1,686                                                 | 1,412                                                 | 1,282                                                 | 2,584                                                 | 7,610                                                 |\n| Earnings per common share:                                          |                                                       |                                                       |                                                       |                                                       |                                                       |\n| Basic                                                               | $3\\.80                                                | $3\\.04                                                | $2\\.62                                                | $4\\.68                                                | $11\\.39                                               |\n| Diluted                                                             | 3\\.79                                                 | 3\\.03                                                 | 2\\.61                                                 | 4\\.65                                                 | 11\\.07                                                |\n| Shares used for computation (in thousands):                         |                                                       |                                                       |                                                       |                                                       |                                                       |\n| Basic                                                               | 443,363                                               | 464,236                                               | 489,164                                               | 552,308                                               | 668,393                                               |\n| Diluted                                                             | 444,269                                               | 465,660                                               | 491,692                                               | 556,099                                               | 687,355                                               |\n| Cash dividends declared per common share                            | $0\\.40                                                | $0\\.40                                                | $0\\.40                                                | $0\\.40                                                | $0\\.40                                                |\n| **Consolidated Balance Sheet data** <br><br>**(at end of period):** |                                                       |                                                       |                                                       |                                                       |                                                       |\n| Total assets                                                        | $59,995                                               | $60,580                                               | $52,785                                               | $53,610                                               | $48,415                                               |\n| Debt and finance leases                                             | 24,315                                                | 24,473                                                | 25,065                                                | 24,344                                                | 20,561                                                |\n| Pension and postretirement obligations  ^(1)^                       | 6,081                                                 | 6,937                                                 | 7,596                                                 | 7,946                                                 | 7,566                                                 |\n| Operating lease liabilities                                         | 9,129                                                 | 9,556                                                 | \u2014                                                     | \u2014                                                     | \u2014                                                     |\n| Stockholders\u2019 equity (deficit)                                      | (118)                                                 | (169)                                                 | (780)                                                 | (286)                                                 | 5,635                                                 |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                      |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | Substantially all defined benefit pension plans were frozen effective November 1, 2012\\. See Note 10 to AAG's Consolidated Financial Statements in Part II, Item 8A for further information on pension and postretirement benefits\\. |\n\n\n\nReconciliation of GAAP to Non\\-GAAP Financial Measures \n\nWe sometimes use financial measures that are derived from the consolidated financial statements but that are not presented in accordance with accounting principles generally accepted in the United States (GAAP) to understand and evaluate our current operating performance and to allow for period\\-to\\-period comparisons\\. We believe these non\\-GAAP financial measures may also provide useful information to investors and others\\. These non\\-GAAP measures may not be comparable to similarly titled non\\-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP\\. We are providing a reconciliation of reported non\\-GAAP financial measures to their comparable financial measures on a GAAP basis\\.\n\n45"}
{"_id": "Southwest-2019_56.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nIn estimating the lives and expected residual values of its aircraft, the Company primarily has relied upon actual experience with the same or similar aircraft types, current and projected future market information provided by independent third parties, and recommendations from Boeing\\. Flight equipment estimated useful lives are based on the number of \"cycles\" flown (one take\\-off and landing) as well as the aircraft age\\. The Company has made a conversion of cycles into years based on both historical and anticipated future utilization of the aircraft\\. Subsequent revisions to these estimates could be caused by changes to aircraft maintenance programs, changes in utilization of the aircraft (actual cycles during a given period of time), governmental regulations on aging aircraft, and changing market prices of new and used aircraft of the same or similar types\\. The Company evaluates its estimates and assumptions each reporting period and, when warranted, adjusts these estimates and assumptions\\. Generally, these adjustments are accounted for on a prospective basis through depreciation and amortization expense\\. See Note  1  to the Consolidated Financial Statements for further information\\. \n\nThe Company believes it is unlikely that materially different estimates for expected lives, expected residual values, and impairment evaluations would be made or reported based on other reasonable assumptions or conditions suggested by actual historical experience and other data available at the time estimates were made\\.\n\nFair Value Measurements and Financial Derivative Instruments\n\nThe Company utilizes unobservable (Level 3) inputs in determining the fair value of certain assets and liabilities\\. At  December 31, 2019 , these consisted of its fuel derivative option contracts, which were an asset of  $110 million \\. The Company utilizes financial derivative instruments primarily to manage its risk associated with changing jet fuel prices\\. See \"Quantitative and Qualitative Disclosures about Market Risk\" for more information on these risk management activities,  Note 10  to the Consolidated Financial Statements for more information on the Company\u2019s fuel hedging program and financial derivative instruments, and Note  11  to the Consolidated Financial Statements for more information about fair value measurements\\. \n\nAll derivatives are required to be reflected at fair value and recorded on the Consolidated Balance Sheet\\. At  December 31, 2019 , the Company was a party to over  250  separate financial derivative instruments related to its fuel hedging program for future periods\\. Changes in the fair values of these instruments can vary dramatically based on changes in the underlying commodity prices\\. For example, during  2019 , market \"spot\" prices for Brent crude oil peaked at a high of approximately $ 75  per barrel and hit a low price of approximately $ 55  per barrel\\. During  2018 , market spot prices ranged from a high of approximately  $86  per barrel to a low of approximately  $50  per barrel\\. Market price changes can be driven by factors such as supply and demand, inventory levels, weather events, refinery capacity, political agendas, the value of the U\\.S\\. dollar, geopolitical events, and general economic conditions, among other items\\. The financial derivative instruments utilized by the Company primarily are a combination of collars, purchased call options, call spreads, put spreads, and fixed price swap agreements\\.\n\nThe Company enters into financial derivative instruments with third party institutions in \"over\\-the\\-counter\" markets\\. Since the majority of the Company\u2019s financial derivative instruments are not traded on a market exchange, the Company estimates their fair values\\. Depending on the type of instrument, the values are determined by the use of present value methods or standard option value models with assumptions about commodity prices based on those observed in underlying markets\\. \n\nThe Company determines the fair value of fuel derivative option contracts utilizing an option pricing model based on inputs that are either readily available in public markets, can be derived from information available in publicly quoted markets, or are quoted by its counterparties\\. In situations where the Company obtains inputs via quotes from its counterparties, it verifies the reasonableness of these quotes via similar quotes from another counterparty as of each date for which financial statements are prepared\\. The Company has consistently applied these valuation techniques in all periods presented and believes it has obtained the most accurate information available for the types of derivative contracts it holds\\. Due to the fact that certain inputs used in determining the estimated fair value of its option contracts are considered unobservable (primarily implied volatility), the Company has categorized these option contracts as Level 3\\. Although implied volatility is not directly observable, it is derived primarily from changes in market prices, \n\n57"}
{"_id": "Delta-2017_33.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nUnit revenues increased in Latin America principally resulting from unit revenue improvement in Brazil, related to both improved traffic and higher fares\\. This improvement was driven by the strengthening of the Brazilian economy and additional connectivity for our customers provided by our relationship with GOL\\. Increased leisure traffic to Mexico and the Caribbean, and the incremental value provided by our alliance with Aerom\u00e9xico also contributed to the Latin America unit revenue improvement\\. Although unit revenue improved in the Caribbean, hurricane damage in several markets during 2017 resulted in temporary service adjustments\\. Finally, we continued to differentiate our product offerings, including expanding Basic Economy and selling Comfort\\+ as a separate fare product in Latin America\\.\n\nOther Revenue\n\n\n\n|                                               |                             |                             |                                    |                                      |\n| --------------------------------------------- | --------------------------- | --------------------------- | ---------------------------------- | ------------------------------------ |\n|                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Increase**<br><br>**(Decrease)** | **% Increase**<br><br>**(Decrease)** |\n| **(in millions)**                             | **2017**                    | **2016**                    | **Increase**<br><br>**(Decrease)** | **% Increase**<br><br>**(Decrease)** |\n| Loyalty programs                              | $1,952                      | $1,782                      | $170                               | 9\\.5 %                               |\n| Administrative fees, club and on\\-board sales | 1,252                       | 1,205                       | 47                                 | 3\\.9 %                               |\n| Ancillary businesses and refinery             | 1,412                       | 1,129                       | 283                                | 25\\.1 %                              |\n| Baggage fees                                  | 908                         | 881                         | 27                                 | 3\\.1 %                               |\n| Other                                         | 172                         | 197                         | (25)                               | (12\\.7)%                             |\n| Total                                         | $5,696                      | $5,194                      | $502                               | 9\\.7 %                               |\n\n\n\nLoyalty programs\\.  We sell mileage credits to credit card companies, hotels and car rental agencies under marketing agreements\\. We allocate the consideration received from mileage credit sales to the individual products and services bundled with the sale based on their relative selling prices\\. We defer the travel component as part of frequent flyer deferred revenue and recognize passenger revenue as the mileage credits are redeemed for travel\\. The revenue allocated to the remaining deliverables (such as lounge access, baggage fee waivers and brand usage) is recorded in other revenue\\. We recognize the revenue for these services as they are performed\\.\n\nThe amount of loyalty program revenue changes based on the price paid for mileage credits, the volume of credits sold and our allocation of selling price to the individual products and services\\. With the adoption of the new revenue recognition standard in 2018, we will increase the value we use to account for the travel component within mileage credit sales\\. This new value for the travel component will cause a re\\-allocation of the consideration received from mileage credit sales\\. The re\\-allocation will result in less revenue recognized for loyalty programs in other revenue and more revenue in passenger revenue as the frequent flyer awards are redeemed\\. \n\nLoyalty program revenue increased compared to 2016 related to growth in our co\\-brand credit card partnership with American Express\\. Additional information about our frequent flyer program accounting policies can be found in Note 1 of the Notes to the Consolidated Financial Statements\\.\n\nAdministrative fees, club and on\\-board sales\\.  These revenues primarily relate to travel\\-related services such as ticket changes and unaccompanied minors and also include amounts collected for on\\-board sales and Sky Club lounge memberships\\. We recognize revenue as these services are performed\\. A significant portion of these fees are travel\\-related and performed in conjunction with the passenger\u2019s flight\\. Therefore, the majority of these fees will be reclassified to passenger revenue with our adoption of the new revenue recognition standard in 2018\\.\n\nAncillary businesses and refinery\\.  Ancillary businesses and refinery includes aircraft maintenance and staffing services we provide to third parties, our vacation wholesale operations and refinery sales to third parties\\. Ancillary businesses and refinery revenues are not related to the generation of a seat mile\\. Ancillary businesses and refinery sales primarily increased due to sales of non\\-jet fuel products to third parties by our oil refinery, consistent with stronger pricing of refined products throughout the oil industry\\.\n\nBaggage fees\\.  The revenue amount shown above represents baggage fees that were sold as a separate component of the passenger\u2019s ticket\\. Similar to administrative fees described above, baggage services are performed and earned in conjunction with the passenger\u2019s flight, and these fees will be reclassified to passenger revenue with our adoption of the new revenue recognition standard in 2018\\.\n\n 29"}
{"_id": "Alaska-2017_20.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|   |                                        |\n| - | -------------------------------------- |\n| \u2022 | other changes in business conditions\\. |\n\n\n\nDue to our concentration of flights along the West Coast and Alaska, we believe a large portion of our operation is more susceptible to air traffic control delays\\. Additionally, due to our concentration of flights in the Pacific Northwest and Alaska we believe a large portion of our operation is more susceptible to adverse weather conditions\\. A general reduction in airline passenger traffic as a result of any of the above\\-mentioned factors could harm our business, financial condition and results of operations\\.\n\n***Changes in government regulation imposing additional requirements and restrictions on our operations could increase our operating costs and result in service delays and disruptions\\.***\n\nAirlines are subject to extensive regulatory and legal requirements, both domestically and internationally, that involve significant compliance costs\\. In the last several years, Congress has passed laws, and the U\\.S\\. DOT, the TSA and the FAA have issued regulations that have required significant expenditures relating to maintenance of aircraft, operation of airlines and broadening of consumer protections\\.\n\nSimilarly, there are a number of legislative and regulatory initiatives and reforms at the federal, state and local levels\\. These initiatives include increasingly stringent laws to protect the environment, minimum wage requirements, mandatory paid sick or family leave, and health care mandates\\. They could affect our relationship with our workforce and the vendors that serve our airlines and cause our expenses to increase without an ability to pass through these costs\\. \n\nAlmost all commercial service airports are owned and/or operated by units of local or state governments\\. Airlines are largely dependent on these governmental entities to provide adequate airport facilities and capacity at an affordable cost\\. Many airports have increased their rates and charges to air carriers to reflect higher costs of security, updates to infrastructure and other\\. Additional laws, regulations, taxes, airport rates and airport charges may be occasionally proposed that could significantly increase the cost of airline operations or reduce the demand for air travel\\. Although lawmakers may impose these additional fees and view them as \u201cpass\\-through\u201d costs, we believe that a higher total ticket price will influence consumer purchase and travel decisions and may result in an overall decline in passenger traffic, which would harm our business\\.\n\n***The airline industry continues to face potential security concerns and related costs\\.***\n\nTerrorist attacks, the fear of such attacks or other hostilities involving the U\\.S\\. could have a significant negative effect on the airline industry, including us, and could:\n\n\n\n|   |                                                                                                                        |\n| - | ---------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | significantly reduce passenger traffic and yields as a result of a potentially dramatic drop in demand for air travel; |\n\n\n\n\n\n|   |                                                      |\n| - | ---------------------------------------------------- |\n| \u2022 | significantly increase security and insurance costs; |\n\n\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | make war risk or other insurance unavailable or extremely expensive; |\n\n\n\n\n\n|   |                                                        |\n| - | ------------------------------------------------------ |\n| \u2022 | increase fuel costs and the volatility of fuel prices; |\n\n\n\n\n\n|   |                                                                                                                                           |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | increase costs from airport shutdowns, flight cancellations and delays resulting from security breaches and perceived safety threats; and |\n\n\n\n\n\n|   |                                                              |\n| - | ------------------------------------------------------------ |\n| \u2022 | result in a grounding of commercial air traffic by the FAA\\. |\n\n\n\nThe occurrence of any of these events would harm our business, financial condition and results of operations\\.\n\n***We rely on third\\-party vendors for certain critical activities\\.***\n\nWe rely on outside vendors for a variety of services and functions critical to our business, including airframe and engine maintenance, regional flying, ground handling, fueling, computer reservation system hosting, telecommunication systems, information technology infrastructure and services, and deicing\\. \n\nEven though we strive to formalize agreements with these vendors that define expected service levels, our use of outside vendors increases our exposure to several risks\\. In the event that one or more vendors go into bankruptcy, ceases operation or fails to perform as promised, replacement services may not be readily available at competitive rates, or at all\\. If one of our vendors fails to perform adequately, we may experience increased costs, delays, maintenance issues, safety issues or negative \n\n 21"}
{"_id": "Alaska-2018_43.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***Cargo and other*** \n\nCargo and other revenue increased$12 million, or 7%, from 2016, due to increased lounge revenues and freight services\\. On a Combined Comparative basis, Cargo and other revenue decreased $138 million or 44\\.1%\\. This decrease is primarily due to not reflecting the impact of the new revenue accounting standard on 2016 Pre\\-Acquisition Virgin America totals\\. Had the standard been applied, the majority of Virgin America's other revenue would have been moved to Passenger or Mileage Plan other revenue\\. \n\n***OPERATING EXPENSES***\n\nTotal operating expenses increased$2\\.1 billion, or 45%, compared to 2016\\. On a Combined Comparative basis, total operating expenses increased $725 million, or 12%, primarily as a result of higher wages and benefits and higher fuel costs, among other increases\\. We believe it is useful to summarize operating expenses as follows, which is consistent with the way expenses are reported internally and evaluated by management: \n\n\n\n|                          |                                      |                                      |                                      |                                      |              |              |\n| ------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------ | ------------ |\n|                          | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Change**   | **Change**   |\n|                          | **Air Group**                        | **Air Group**                        | **Virgin America**                   | **Combined**                         | **Combined** | **Combined** |\n| ***(in millions)***      | **2017**  **^(b)^**                  | **2016** **^(b)^**                   | **2016** **^(c)^**                   | **2016** **^(a)^**                   | **$**        | **%**        |\n| Fuel expense             | **$1,447**                           | $831                                 | $293                                 | $1,124                               | $323         | 28\\.7 %      |\n| Non\\-fuel expenses       | **5,123**                            | 3,671                                | 1,028                                | 4,699                                | 424          | 9\\.0 %       |\n| Special items            | **116**                              | 117                                  | 21                                   | 138                                  | (22)         | (15\\.9)%     |\n| Total Operating Expenses | **$6,686**                           | $4,619                               | $1,342                               | $5,961                               | $725         | 12 %         |\n\n\n\n^(a), (b), (c)^ See footnotes on the Combined Comparative Operating Statistics table above\\. \n\nSignificant operating expense variances from 2016 are more fully described below\\.\n\n***Aircraft Fuel***\n\nAircraft fuel expense increased$616 million, or 74%, compared to 2016\\. On a Combined Comparative basis, aircraft fuel expense increased $323 million , or 29%\\. The elements of the change are summarized in the following table: \n\n\n\n|                                                    |                                      |                                      |                                      |                                      |                                      |                                      |\n| -------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                    | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                    | **2017**                             | **2017**                             | **2016 as Reported**                 | **2016 as Reported**                 | **2016 Combined**                    | **2016 Combined**                    |\n| ***(in millions, except for per gallon amounts)*** | **Dollars**                          | **Cost/Gal**                         | **Dollars**                          | **Cost/Gal**                         |                                      |                                      |\n| Raw or \"into\\-plane\" fuel cost                     | **$1,437**                           | **$1\\.80**                           | $828                                 | $1\\.49                               | $1,105                               | $1\\.49                               |\n| Losses on settled hedges                           | **17**                               | **0\\.02**                            | 16                                   | 0\\.03                                | 34                                   | 0\\.05                                |\n| Consolidated economic fuel expense                 | **$1,454**                           | **$1\\.82**                           | $844                                 | $1\\.52                               | $1,139                               | $1\\.54                               |\n| Mark\\-to\\-mark fuel hedge adjustments              | **(7)**                              | **\u2014**                                | (13)                                 | (0\\.02)                              | (15)                                 | (0\\.02)                              |\n| GAAP fuel expense                                  | **$1,447**                           | **$1\\.82**                           | $831                                 | $1\\.50                               | $1,124                               | $1\\.52                               |\n| Fuel gallons                                       | **797**                              |                                      | 554                                  |                                      | 739                                  |                                      |\n\n\n\nOn a Combined Comparative basis, raw fuel expense per gallon increased 21% due primarily to higher West Coast jet fuel prices\\. West Coast jet fuel prices are impacted by both the price of crude oil, as well as the refining margins associated with the conversion of crude oil to jet fuel\\. The increase in raw fuel price per gallon during 2017 was driven by a 38% increase in refining margins and a 17% increase in crude oil prices, compared to the prior year\\. Fuel gallons consumed increased by 58 million, or 8%, consistent with the increase in capacity of 7% on a Combined Comparative basis\\. \n\nLosses recognized for hedges that settled during the year were $17 million in 2017, compared to losses of $16 million in 2016\\. These amounts represent cash paid for premium expense, offset by any cash received from those hedges at settlement\\.\n\n 44"}
{"_id": "AmericanAirlines-2018_17.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nlonger have regulatory responsibility for the United Kingdom when the commitments expire in July 2020, the United Kingdom CMA in October 2018 opened an investigation into the transatlantic JBA\\. We are cooperating fully with the CMA\\. Also, we had previously signed a JBA with Qantas Airways and in 2015, applied for antitrust immunity with the DOT for the revised relationship, but we withdrew that application in November 2016 after it was tentatively denied by the DOT\\. In February 2018, we filed a new application for antitrust immunity with the DOT, which, if granted, would allow us to further expand our relationship with Qantas Airways\\. This JBA has been approved by the competition law regulators in Australia and New Zealand\\. In addition, we have signed JBAs with certain air carriers of the LATAM Airlines Group, which JBAs have been approved in all jurisdictions other than the United States, where approval is pending\\. Most recently, in November 2018, the Court of Free Competition in Chile approved the JBA between American and LATAM Airlines Group with respect to both our passenger and cargo businesses\\. That decision has been appealed to the Chilean Supreme Court\\. The foregoing arrangements are important aspects of our international network and we are dependent on the performance and continued cooperation of the other airlines party to those agreements\\. No assurances can be given as to any benefits that we may derive from such arrangements or any other arrangements that may ultimately be implemented, or whether or not regulators will continue to approve or impose material conditions on our business activities\\.\n\nAdditional mergers and other forms of industry consolidation, including antitrust immunity grants, may take place and may not involve us as a participant\\. Depending on which carriers combine and which assets, if any, are sold or otherwise transferred to other carriers in connection with any such combinations, our competitive position relative to the post\\-combination carriers or other carriers that acquire such assets could be harmed\\. In addition, as carriers combine through traditional mergers or antitrust immunity grants, their route networks will grow, and that growth will result in greater overlap with our network, which in turn could result in lower overall market share and revenues for us\\. Such consolidation is not limited to the U\\.S\\., but could include further consolidation among international carriers in Europe and elsewhere\\.\n\nAdditionally, our AAdvantage loyalty program, which is an important element of our sales and marketing programs, faces significant and increasing competition from the loyalty programs offered by other travel companies, as well as from similar loyalty benefits offered by banks and other financial services companies\\. Competition among loyalty programs is intense regarding the rewards, fees, required usage, and other terms and conditions of these programs\\. These competitive factors affect our ability to attract and retain customers, increase usage of our loyalty program and maximize the revenue generated by our loyalty program\\.\n\n***Evolving data security and privacy requirements could increase our costs, and any significant data security incident could disrupt our operations, harm our reputation, expose us to legal risks and otherwise materially adversely affect our business, results of operations and financial condition\\.***\n\nOur business requires the secure processing and storage of sensitive information relating to our customers, employees, business partners and others\\. However, like any global enterprise operating in today\u2019s digital business environment, we are subject to threats to the security of our networks and data, including threats potentially involving criminal hackers, hacktivists, state\\-sponsored actors, corporate espionage, employee malfeasance, and human or technological error\\. These threats continue to increase as the frequency, intensity and sophistication of attempted attacks and intrusions increase around the world\\. We have been the target of cybersecurity attacks in the past and expect that we will continue to be in the future\\. \n\nFurthermore, in response to these threats there has been heightened legislative and regulatory focus on data privacy and cybersecurity in the U\\.S\\., the EU and elsewhere, particularly with respect to critical infrastructure providers, including those in the transportation sector\\. As a result, we must comply with a growing and fast\\-evolving set of legal requirements in this area, including substantive cybersecurity standards as well as requirements for notifying regulators and affected individuals in the event of a data security incident\\. This regulatory environment is increasingly challenging and may present material obligations and risks to our business, including significantly expanded compliance burdens, costs and enforcement risks\\. For example, in May 2018, the EU\u2019s new General Data Protection Regulation, commonly referred to as GDPR, came into effect, which imposes a host of new data privacy and security requirements, imposing significant costs on us and carrying substantial penalties for non\\-compliance\\. \n\nIn addition, many of our commercial partners, including credit card companies, have imposed data security standards that we must meet\\. In particular, we are required by the Payment Card Industry Security Standards Council, founded by the credit card companies, to comply with their highest level of data security standards\\. While we continue our efforts to meet these standards, new and revised standards may be imposed that may be difficult for us to meet and could increase our costs\\. \n\nA significant cybersecurity incident could result in a range of potentially material negative consequences for us, including unauthorized access to, disclosure, modification, misuse, loss or destruction of company systems or data; theft of sensitive, regulated or confidential data, such as personal identifying information or our intellectual property; the loss of functionality \n\n18"}
{"_id": "Delta-2017_73.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nNOTE 6 \\. LONG\\-TERM DEBT\n\nThe following table summarizes our long\\-term debt: \n\n\n\n|                                               |              |              |              |                                   |                                   |                                   |                  |                  |\n| --------------------------------------------- | ------------ | ------------ | ------------ | --------------------------------- | --------------------------------- | --------------------------------- | ---------------- | ---------------- |\n|                                               | **Maturity** | **Maturity** | **Maturity** | **Interest Rate(s) Per Annum at** | **Interest Rate(s) Per Annum at** | **Interest Rate(s) Per Annum at** | **December 31,** | **December 31,** |\n| **(in millions)**                             | **Dates**    | **Dates**    | **Dates**    | **December 31, 2017**             | **December 31, 2017**             | **December 31, 2017**             | **2017**         | **2016**         |\n| Pacific Facilities ^(1)^ :                    |              |              |              |                                   |                                   |                                   |                  |                  |\n| Pacific Term Loan B\\-1 ^(2)^                  | October 2018 | October 2018 | October 2018 | 3\\.99%                            | variable ^(4)^                    | variable ^(4)^                    | $1,048           | $1,059           |\n| Pacific Revolving Credit Facility             | October 2018 | October 2018 | October 2018 | undrawn                           | variable ^(4)^                    | variable ^(4)^                    | \u2014                | \u2014                |\n| 2015 Credit Facilities ^(1)^ :                |              |              |              |                                   |                                   |                                   |                  |                  |\n| Term Loan Facility ^(2)^                      | August 2022  | August 2022  | August 2022  | 4\\.07%                            | variable ^(4)^                    | variable ^(4)^                    | 490              | 495              |\n| Revolving Credit Facility                     | August 2020  | August 2020  | August 2020  | undrawn                           | variable ^(4)^                    | variable ^(4)^                    | \u2014                | \u2014                |\n| Financing arrangements secured by aircraft:   |              |              |   <br>       |                                   |                                   |                                   |                  |                  |\n| Certificates ^(3)^                            | 2018         | to           | 2027         | 3\\.63%                            | to                                | 8\\.02%                            | 2,380            | 2,777            |\n| Notes ^(3)^                                   | 2018         | to           | 2027         | 1\\.81%                            | to                                | 6\\.76%                            | 1,961            | 2,488            |\n| Unsecured notes ^(5)^                         | 2020         | to           | 2022         | 2\\.60%                            | to                                | 3\\.63%                            | 2,450            | \u2014                |\n| Other financings ^(3)(6)^                     | 2019         | to           | 2030         | 0\\.00%                            | to                                | 8\\.75%                            | 210              | 293              |\n| Other revolving credit facilities ^(1)^       | 2018         | to           | 2019         | undrawn                           | variable ^(4)^                    | variable ^(4)^                    | \u2014                | \u2014                |\n| Total secured and unsecured debt              |              |              |              |                                   |                                   |                                   | 8,539            | 7,112            |\n| Unamortized discount and debt issue cost, net |              |              |              |                                   |                                   |                                   | (99<br><br>)     | (104<br><br>)    |\n| Total debt                                    |              |              |              |                                   |                                   |                                   | 8,440            | 7,008            |\n| Less: current maturities                      |              |              |              |                                   |                                   |                                   | (2,145<br><br>)  | (1,009<br><br>)  |\n| Total long\\-term debt                         |              |              |              |                                   |                                   |                                   | $6,295           | $5,999           |\n\n\n\n\n\n|       |                                                                                   |\n| ----- | --------------------------------------------------------------------------------- |\n| ^(1)^ | Guaranteed by substantially all of our domestic subsidiaries (the \"Guarantors\")\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                    |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Borrowings must be repaid annually in an amount equal to   1%  per year of the original principal amount (paid in equal quarterly installments), with the balance due on the final maturity date\\. |\n\n\n\n\n\n|       |                       |\n| ----- | --------------------- |\n| ^(3)^ | Due in installments\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                     |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Interest rate equal to LIBOR (generally subject to a floor) or another index rate, in each case plus a specified margin\\. Additionally, certain aircraft and other financings are comprised of variable rate debt\\. |\n\n\n\n\n\n|       |                                                    |\n| ----- | -------------------------------------------------- |\n| ^(5)^ | Includes notes issued in March and December 2017\\. |\n\n\n\n\n\n|       |                                                                                                      |\n| ----- | ---------------------------------------------------------------------------------------------------- |\n| ^(6)^ | Primarily includes unsecured bonds and debt secured by certain accounts receivable and real estate\\. |\n\n\n\nUnsecured Debt Offerings\n\nDuring the March 2017 quarter, we issued   $2\\.0 billion  in aggregate principal amount of unsecured notes, consisting of   $1\\.0 billion  of   2\\.875%  Notes due 2020 and   $1\\.0 billion  of   3\\.625%  Notes due 2022\\. During the December 2017 quarter, we issued   $450 million  in aggregate principal amount of   2\\.600%  Notes due 2020 (collectively, the \"Notes\")\\. The Notes are equal in priority with all of our other unsubordinated indebtedness and senior in priority to all of our future subordinated debt\\.\n\nThe Notes are subject to covenants that, among other things, limit our ability to incur liens securing indebtedness for borrowed money or capital leases and engage in mergers and consolidations or transfer all or substantially all of our assets, in each case subject to certain exceptions\\. The Notes are also subject to customary event of default provisions, including cross\\-defaults to other material indebtedness\\.\n\nIf we experience certain changes of control and a ratings decline on any series of Notes by two of the ratings agencies to a rating below investment grade within a certain period of time following a change of control or public notice of the occurrence of a change of control, we must offer to repurchase such series\\.\n\nKey Financial Covenants \n\nWe were in compliance with the covenants in our financing agreements at  December 31, 2017 \\. \n\n 69"}
{"_id": "Delta-2017_52.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nITEM 8\\. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA\n\nINDEX TO CONSOLIDATED FINANCIAL STATEMENTS\n\n\n\n|                                                                                                                                                                 |                                                                    |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------ |\n|                                                                                                                                                                 | Page                                                               |\n| [Report of Independent Registered Public Accounting Firm](http://ir.delta.com/.#s37C86D7B414257A2B6A8399A99E9FC8F)                                              | <br>[ 49](http://ir.delta.com/.#s37C86D7B414257A2B6A8399A99E9FC8F) |\n| [Consolidated Balance Sheets \\- December 31, 2017 and 2016](http://ir.delta.com/.#sF4827B882CC258A7BC0F5EF816EE93BD)                                            | <br>[ 50](http://ir.delta.com/.#sF4827B882CC258A7BC0F5EF816EE93BD) |\n| [Consolidated Statements of Operations for the years ended December 31, 2017, 2016 and 2015](http://ir.delta.com/.#sEFD1156E791E5A2FBC88EF5BAA7C95CF)           | <br>[ 51](http://ir.delta.com/.#sEFD1156E791E5A2FBC88EF5BAA7C95CF) |\n| [Consolidated Statements of Comprehensive Income for the years ended December 31, 2017, 2016 and 2015](http://ir.delta.com/.#sEC59C522640E589EBED10AD09190C8F5) | <br>[ 52](http://ir.delta.com/.#sEC59C522640E589EBED10AD09190C8F5) |\n| [Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015](http://ir.delta.com/.#sC6540297AF2E58A6B40F41C01FFC469D)           | <br>[ 53](http://ir.delta.com/.#sC6540297AF2E58A6B40F41C01FFC469D) |\n| [Consolidated Statements of Stockholders' Equity for the years ended December 31, 2017, 2016 and 2015](http://ir.delta.com/.#sA628F4E022D5525896416DD2E09BA54D) | <br>[ 54](http://ir.delta.com/.#sA628F4E022D5525896416DD2E09BA54D) |\n| [Notes to the Consolidated Financial Statements](http://ir.delta.com/.#s18DD4BB7DFAA5A3FA1120C43548195C2)                                                       | <br>[ 55](http://ir.delta.com/.#s18DD4BB7DFAA5A3FA1120C43548195C2) |\n| [Note 1 \\- Summary of Significant Accounting Policies](http://ir.delta.com/.#s6272D997B0305A34B27B86D5F0DE0885)                                                 | <br>[ 55](http://ir.delta.com/.#s6272D997B0305A34B27B86D5F0DE0885) |\n| [Note 2 \\- Fair Value Measurements](http://ir.delta.com/.#s8B1B08A8004C57329F08B5647338C739)                                                                    | <br>[ 63](http://ir.delta.com/.#s8B1B08A8004C57329F08B5647338C739) |\n| [Note 3 \\- Investments](http://ir.delta.com/.#s06E97823F8395E3EAA62B2462B5D7FEE)                                                                                | <br>[ 64](http://ir.delta.com/.#s06E97823F8395E3EAA62B2462B5D7FEE) |\n| [Note 4 \\- Derivatives and Risk Management](http://ir.delta.com/.#sF9E80B4682165B2BAAC3FDAD77FFFB8F)                                                            | <br>[ 66](http://ir.delta.com/.#sF9E80B4682165B2BAAC3FDAD77FFFB8F) |\n| [Note 5 \\- Intangible Assets](http://ir.delta.com/.#s861386D8F5EB58DD8F5C7A11CF580C41)                                                                          | <br>[ 68](http://ir.delta.com/.#s861386D8F5EB58DD8F5C7A11CF580C41) |\n| [Note 6 \\- Long\\-Term Debt](http://ir.delta.com/.#s2D186BF002795EFB9351D0E0B3BCAC51)                                                                            | <br>[ 69](http://ir.delta.com/.#s2D186BF002795EFB9351D0E0B3BCAC51) |\n| [Note 7 \\- Lease Obligations](http://ir.delta.com/.#sD8CA88A405A251D4AEEF60437D8457E4)                                                                          | <br>[ 71](http://ir.delta.com/.#sD8CA88A405A251D4AEEF60437D8457E4) |\n| [Note 8 \\- Airport Redevelopment](http://ir.delta.com/.#s4dbc162a035540ea92e3ac147926c6f7)                                                                      | <br>[ 72](http://ir.delta.com/.#s4dbc162a035540ea92e3ac147926c6f7) |\n| [Note 9 \\- Employee Benefit Plans](http://ir.delta.com/.#s7AE1F0C14CF0539EB6FB6DC999F24AA9)                                                                     | <br>[ 73](http://ir.delta.com/.#s7AE1F0C14CF0539EB6FB6DC999F24AA9) |\n| [Note 10 \\- Commitments and Contingencies](http://ir.delta.com/.#s4254C98A1B135498AF75CCBE0F888E86)                                                             | <br>[ 79](http://ir.delta.com/.#s4254C98A1B135498AF75CCBE0F888E86) |\n| [Note 11 \\- Income Taxes](http://ir.delta.com/.#sFB23BCDBBE9E5580ABC6242401199726)                                                                              | <br>[ 82](http://ir.delta.com/.#sFB23BCDBBE9E5580ABC6242401199726) |\n| [Note 12 \\- Equity and Equity Compensation](http://ir.delta.com/.#s57886DCDF75B565BB9AA107B01E386D8)                                                            | <br>[ 84](http://ir.delta.com/.#s57886DCDF75B565BB9AA107B01E386D8) |\n| [Note 13 \\- Accumulated Other Comprehensive Loss](http://ir.delta.com/.#s18AB3DEBCEDC5EC8A8223EBD70301FEA)                                                      | <br>[ 85](http://ir.delta.com/.#s18AB3DEBCEDC5EC8A8223EBD70301FEA) |\n| [Note 14 \\- Segments and Geographic Information](http://ir.delta.com/.#s6CE4C35F7359550D8A8C14BD580D8C4E)                                                       | <br>[ 85](http://ir.delta.com/.#s6CE4C35F7359550D8A8C14BD580D8C4E) |\n| [Note 15 \\- Restructuring and Other](http://ir.delta.com/.#s3DEECA44F47759A1B656EF202423A7E9)                                                                   | <br>[ 87](http://ir.delta.com/.#s3DEECA44F47759A1B656EF202423A7E9) |\n| [Note 16 \\- Earnings Per Share](http://ir.delta.com/.#sA681D467706152B6BCE8089F8E867F21)                                                                        | <br>[ 88](http://ir.delta.com/.#sA681D467706152B6BCE8089F8E867F21) |\n| [Note 17 \\- Quarterly Financial Data (Unaudited)](http://ir.delta.com/.#s2F4EFA89AFBC52CFBAD06F1AC3BB974D)                                                      | <br>[ 88](http://ir.delta.com/.#s2F4EFA89AFBC52CFBAD06F1AC3BB974D) |\n\n\n\n 48"}
{"_id": "AmericanAirlines-2018_131.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**AMERICAN AIRLINES, INC\\.**\n\n**CONSOLIDATED BALANCE SHEETS**\n\n**(In millions, except shares and par value)**\n\n\n\n|                                                                                 |                  |                  |\n| ------------------------------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                 | **December 31,** | **December 31,** |\n|                                                                                 | **2018**         | **2017**         |\n| **ASSETS**                                                                      |                  |                  |\n| **Current assets**                                                              |                  |                  |\n| Cash                                                                            | $265             | $287             |\n| Short\\-term investments                                                         | 4,482            | 4,768            |\n| Restricted cash and short\\-term investments                                     | 154              | 318              |\n| Accounts receivable, net                                                        | 1,755            | 1,755            |\n| Receivables from related parties, net                                           | 10,666           | 8,822            |\n| Aircraft fuel, spare parts and supplies, net                                    | 1,442            | 1,294            |\n| Prepaid expenses and other                                                      | 493              | 647              |\n| Total current assets                                                            | 19,257           | 17,891           |\n| **Operating property and equipment**                                            |                  |                  |\n| Flight equipment                                                                | 41,180           | 39,993           |\n| Ground property and equipment                                                   | 8,466            | 8,006            |\n| Equipment purchase deposits                                                     | 1,277            | 1,217            |\n| Total property and equipment, at cost                                           | 50,923           | 49,216           |\n| Less accumulated depreciation and amortization                                  | (17,123)         | (15,354)         |\n| Total property and equipment, net                                               | 33,800           | 33,862           |\n| **Operating lease right\\-of\\-use assets**                                       | 9,094            | \u2014                |\n| **Other assets**                                                                |                  |                  |\n| Goodwill                                                                        | 4,091            | 4,091            |\n| Intangibles, net of accumulated amortization of $663 and $622, respectively     | 2,137            | 2,203            |\n| Deferred tax asset                                                              | 1,280            | 2,071            |\n| Other assets                                                                    | 1,219            | 1,283            |\n| Total other assets                                                              | 8,727            | 9,648            |\n| **Total assets**                                                                | $70,878          | $61,401          |\n| **LIABILITIES AND STOCKHOLDER\u2019S EQUITY**                                        |                  |                  |\n| **Current liabilities**                                                         |                  |                  |\n| Current maturities of long\\-term debt and finance leases                        | $2,547           | $2,058           |\n| Accounts payable                                                                | 1,707            | 1,625            |\n| Accrued salaries and wages                                                      | 1,363            | 1,613            |\n| Air traffic liability                                                           | 4,339            | 4,042            |\n| Loyalty program liability                                                       | 3,267            | 3,121            |\n| Operating lease liabilities                                                     | 1,639            | \u2014                |\n| Other accrued liabilities                                                       | 2,259            | 2,209            |\n| Total current liabilities                                                       | 17,121           | 14,668           |\n| **Noncurrent liabilities**                                                      |                  |                  |\n| Long\\-term debt and finance leases, net of current maturities                   | 20,650           | 21,236           |\n| Pension and postretirement benefits                                             | 6,863            | 7,452            |\n| Loyalty program liability                                                       | 5,272            | 5,701            |\n| Operating lease liabilities                                                     | 7,857            | \u2014                |\n| Other liabilities                                                               | 1,345            | 2,456            |\n| Total noncurrent liabilities                                                    | 41,987           | 36,845           |\n| **Commitments and contingencies (Note 10)**                                     |   <br>           |   <br>           |\n| **Stockholder\u2019s equity**                                                        |                  |                  |\n| Common stock, $1\\.00 par value; 1,000 shares authorized, issued and outstanding | \u2014                | \u2014                |\n| Additional paid\\-in capital                                                     | 16,802           | 16,716           |\n| Accumulated other comprehensive loss                                            | (5,370)          | (5,251)          |\n| Retained earnings  (deficit)                                                    | 338              | (1,577)          |\n| Total stockholder\u2019s equity                                                      | 11,770           | 9,888            |\n| **Total liabilities and stockholder\u2019s equity**                                  | $70,878          | $61,401          |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n132"}
{"_id": "United-2019_61.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|                                           |                 |                 |                                    |                                    |                 |                 |\n| ----------------------------------------- | --------------- | --------------- | ---------------------------------- | ---------------------------------- | --------------- | --------------- |\n|                                           | **As Reported** | **As Reported** | **New Lease Standard Adjustments** | **New Lease Standard Adjustments** | **As Adjusted** | **As Adjusted** |\n|                                           | **2018**        | **2017**        | **2018**                           | **2017**                           | **2018**        | **2017**        |\n| Cash Flows from Operating Activities:     |                 |                 |                                    |                                    |                 |                 |\n| Net cash provided by operating activities | $6,181          | $3,413          | $<br><br>(17<br><br>)              | $61                                | $6,164          | $3,474          |\n| Cash Flows from Investing Activities:     |                 |                 |                                    |                                    |                 |                 |\n| Capital expenditures                      | (4,177<br><br>) | (3,998<br><br>) | 107                                | 128                                | (4,070<br><br>) | (3,870<br><br>) |\n| Cash Flows from Financing Activities:     |                 |                 |                                    |                                    |                 |                 |\n| Proceeds from issuance of long\\-term debt | 1,740           | 2,765           | (146<br><br>)                      | (228<br><br>)                      | 1,594           | 2,537           |\n| Principal payments under finance leases   | (134<br><br>)   | (124<br><br>)   | 55                                 | 40                                 | (79<br><br>)    | (84<br><br>)    |\n\n\n\nThe adoption of the New Lease Standard primarily resulted in the recording of assets and liabilities of our operating leases on our consolidated balance sheets\\. Certain amounts recorded for prepaid and accrued rent associated with historical operating leases were reclassified to the newly captioned Operating lease right\\-of\\-use assets in the consolidated balance sheets\\. Also, certain leases designated under Topic 840 as owned assets and capital leases are not considered to be assets under the New Lease Standard and have been removed from the consolidated balance sheets, along with the related capital lease liability, due to the leases having variable lease payments\\.\n\nIn June 2016, the FASB issued Accounting Standards Update No\\. 2016\\-13, Financial Instruments\\-Credit Losses (\"ASU 2016\\-13\")\\. The amendments in this update replace the incurred loss methodology with a methodology that reflects expected credit losses\\. This update requires financial assets measured at amortized cost basis, such as trade receivables, loans and held\\-to\\-maturity debt securities, to be presented at the net amount expected to be collected, and requires entities to record expected losses for certain guarantees and off\\-balance sheet exposures\\. The update also eliminates the concept of other\\-than\\-temporary impairment for available\\-for\\-sale securities\\. Impairments on available\\-for\\-sale securities will be required to be recognized in earnings through an allowance when the fair value is less than amortized cost and a credit loss exists, or the securities are expected to be sold before recovery of amortized cost\\. The Company adopted ASU 2016\\-13 on January 1, 2020\\. The standard update is not expected to have a material impact on the Company's consolidated financial statements\\.\n\n62"}
{"_id": "Alaska-2019_39.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nMedical and other benefits expense increased $66 million, or 27%, primarily due to FTE growth, rising medical costs, a greater occurrence of high\\-dollar value claims in 2019 as compared to the prior year, and increases in the obligation for our pilots long\\-term disability plan\\. \n\nWe expect wages and benefits expense to be higher in 2020 compared to 2019 on an approximate 3% increase in FTEs\\. Our guidance does not include the impact of any future agreements we may reach with represented work groups in 2020, most notably our mainline pilots whose contract becomes amendable in April 2020\\.\n\nVariable Incentive Pay\n\nVariable incentive pay expense increased to $163 million in 2019 from $147 million in 2018 due to a higher wage base upon which the achievement percentage is applied, as well as a greater achievement of our stated goals, as compared to the prior year\\.\n\nAircraft Maintenance\n\nAircraft maintenance costs increased by $2 million compared to 2018\\. Although not a significant increase overall, core maintenance costs were higher resulting from a larger volume of airframe and engine maintenance checks as compared to the prior year, particularly on our Airbus fleet\\. This was partially offset by lower costs associated with our leased Airbus aircraft\\. \n\nWe expect aircraft maintenance expense to increase 17% to 19% in 2020 due to increased volume of engine maintenance checks on our Airbus and B737\\-800 fleets, as well as increased costs associated with the return of certain leased Airbus aircraft\\. \n\nAircraft Rent\n\nAircraft rent expense increased $16 million, or 5%, compared to 2018, primarily due to the the addition of two A321neos to our Mainline fleet and the annualization of rent on our leased E175s under the CPA agreement with SkyWest\\. \n\nWe expect aircraft rent to be flat in 2020\\. \n\nLanding Fees and Other Rentals\n\nLanding fees and other rental expenses increased $32 million, or 6%, compared to 2018, primarily driven by a 2% increase in capacity and rate increases at many of our hub airports\\. \n\nWe expect landing fees and other rental expense to grow 9% to 12% in 2020 as we continue to add capacity to our network\\. We also expect rate increases at many airports we serve, specifically our hubs, as significant capital programs are underway and will be included in our lease rates\\.\n\nSelling Expenses\n\nSelling expenses decreased by $13 million, or 4%, compared to 2018 due to improvements in our credit card rates, as well as decreased spending on advertising as compared to the prior year\\. \n\nWe expect selling expense to decrease slightly in 2020, due primarily to ongoing reductions in overall advertising and sponsorship spend, and an expected shift in distribution to lower\\-cost channels\\.\n\nDepreciation and Amortization\n\nDepreciation and amortization expenses increased by $25 million, or 6%, compared to 2018, primarily due to the addition of four owned B737\\-900ERs and four owned E175s to our fleet since December 31, 2018\\.\n\nWe expect depreciation and amortization expense to increase 4% to 6% in 2020, primarily due to the full year impact of depreciation on aircraft delivered in 2019 and the impact of 737 MAX aircraft scheduled for delivery in 2020\\.\n\n39"}
{"_id": "United-2018_101.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|          |                 |                                                                                                                                                                                                                                                                                                                                                                              |\n| -------- | --------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  ^10\\.67 | UAL  <br>United | [Supplemental Agreement No\\. 22, including side letters, to Purchase Agreement No\\. 1951, dated May 23, 2001 (filed as Exhibit 10\\.3 to Continental's Form 10\\-Q for the quarter ended June 30, 2001, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968701500015/exhibit103.htm)               |\n|  ^10\\.68 | UAL  <br>United | [Supplemental Agreement No\\. 23, including side letters, to Purchase Agreement No\\. 1951, dated June 29, 2001 (filed as Exhibit 10\\.4 to Continental's Form 10\\-Q for the quarter ended June 30, 2001, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968701500015/exhibit104.htm)              |\n|  ^10\\.69 | UAL  <br>United | [Supplemental Agreement No\\. 24, including side letters, to Purchase Agreement No\\. 1951, dated August 31, 2001 (filed as Exhibit 10\\.11 to Continental's Form 10\\-Q for the quarter ended September 30, 2001, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968701500040/exhibit1011.htm)     |\n|  ^10\\.70 | UAL  <br>United | [Supplemental Agreement No\\. 25, including side letters, to Purchase Agreement No\\. 1951, dated December 31, 2001 (filed as Exhibit 10\\.22(z) to Continental's Form 10\\-K for the year ended December 31, 2001, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968702000006/exhibit1022z.htm)   |\n|  ^10\\.71 | UAL  <br>United | [Supplemental Agreement No\\. 26, including side letters, to Purchase Agreement No\\. 1951, dated March 29, 2002 (filed as Exhibit 10\\.4 to Continental's Form 10\\-Q for the quarter ended March 31, 2002, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968702000012/exhibit104.htm)            |\n|  ^10\\.72 | UAL  <br>United | [Supplemental Agreement No\\. 27, including side letters, to Purchase Agreement No\\. 1951, dated November 6, 2002 (filed as Exhibit 10\\.22(ab) to Continental's Form 10\\-K for the year ended December 31, 2002, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968703000006/exhibit1022ab.htm)  |\n|  ^10\\.73 | UAL  <br>United | [Supplemental Agreement No\\. 28, including side letters, to Purchase Agreement No\\. 1951, dated April 1, 2003 (filed as Exhibit 10\\.6 to Continental's Form 10\\-Q for the quarter ended March 31, 2003, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968703000014/exhibit106.htm)             |\n|  ^10\\.74 | UAL  <br>United | [Supplemental Agreement No\\. 29, including side letters, to Purchase Agreement No\\. 1951, dated August 19, 2003 (filed as Exhibit 10\\.2 to Continental's Form 10\\-Q for the quarter ended September 30, 2003, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968703000071/exhibit102.htm)       |\n|  ^10\\.75 | UAL  <br>United | [Supplemental Agreement No\\. 30 to Purchase Agreement No\\. 1951, dated November 4, 2003 (filed as Exhibit 10\\.23(ae) to Continental's Form 10\\-K for the year ended December 31, 2003, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968704000008/exhibit1023ae.htm)                           |\n|  ^10\\.76 | UAL  <br>United | [Supplemental Agreement No\\. 31 to Purchase Agreement No\\. 1951, dated August 20, 2004 (filed as Exhibit 10\\.4 to Continental's Form 10\\-Q for the quarter ended September 30, 2004, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968704000085/fexhibit104.htm)                               |\n|  ^10\\.77 | UAL  <br>United | [Supplemental Agreement No\\. 32, including side letters, to Purchase Agreement No\\. 1951, dated December 29, 2004 (filed as Exhibit 10\\.21(ag) to Continental's Form 10\\-K for the year ended December 31, 2004, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968705000036/exhibit1021ag.htm) |\n|  ^10\\.78 | UAL  <br>United | [Supplemental Agreement No\\. 33, including side letters, to Purchase Agreement No\\. 1951, dated December 29, 2004 (filed as Exhibit 10\\.21(ah) to Continental's Form 10\\-K for the year ended December 31, 2004, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968705000036/exhibit1021ah.htm) |\n|  ^10\\.79 | UAL  <br>United | [Supplemental Agreement No\\. 34 to Purchase Agreement No\\. 1951, dated June 22, 2005 (filed as Exhibit 10\\.3 to Continental's Form 10\\-Q for the quarter ended June 30, 2005, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968705000095/fexhibit103.htm)                                      |\n|  ^10\\.80 | UAL  <br>United | [Supplemental Agreement No\\. 35 to Purchase Agreement No\\. 1951, dated June 30, 2005 (filed as Exhibit 10\\.4 to Continental's Form 10\\-Q for the quarter ended June 30, 2005, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968705000095/fexhibit104.htm)                                      |\n|  ^10\\.81 | UAL  <br>United | [Supplemental Agreement No\\. 36 to Purchase Agreement No\\. 1951, dated July 28, 2005 (filed as Exhibit 10\\.1 to Continental's Form 10\\-Q for the quarter ended September 30, 2005, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968705000138/f3rd10qexhibit101.htm)                           |\n|  ^10\\.82 | UAL  <br>United | [Supplemental Agreement No\\. 37 to Purchase Agreement No\\. 1951, dated March 30, 2006 (filed as Exhibit 10\\.2 to Continental's Form 10\\-Q for the quarter ended March 31, 2006, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968706000025/fexhibit102.htm)                                    |\n|  ^10\\.83 | UAL  <br>United | [Supplemental Agreement No\\. 38 to Purchase Agreement No\\. 1951, dated June 6, 2006 (filed as Exhibit 10\\.3 to Continental's Form 10\\-Q for the quarter ended June 30, 2006, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968706000062/fexhibit103.htm)                                       |\n|  ^10\\.84 | UAL  <br>United | [Supplemental Agreement No\\. 39 to Purchase Agreement No\\. 1951, dated August 3, 2006 (filed as Exhibit 10\\.4 to Continental's Form 10\\-Q for the quarter ended September 30, 2006, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968706000073/fexhibit104.htm)                                |\n\n\n\n102"}
{"_id": "Southwest-2019_91.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nTaxes\n\nGrants of RSUs result in the creation of a deferred tax asset, which is a temporary difference, until the time the RSU vests\\. All excess tax benefits and tax deficiencies are recorded through the income statement\\. Due to the treatment of RSUs for tax purposes, the Company\u2019s effective tax rate from year to year is subject to variability\\.\n\n10 \\. FINANCIAL DERIVATIVE INSTRUMENTS\n\nFuel Contracts\n\nAirline operators are inherently dependent upon energy to operate and, therefore, are impacted by changes in jet fuel prices\\. Furthermore, jet fuel and oil typically represents one of the largest operating expenses for airlines\\. The Company endeavors to acquire jet fuel at the lowest possible cost and to reduce volatility in operating expenses through its fuel hedging program\\. Although the Company may periodically enter into jet fuel derivatives for short\\-term timeframes, because jet fuel is not widely traded on an organized futures exchange, there are limited opportunities to hedge directly in jet fuel for time horizons longer than approximately  24  months into the future\\. However, the Company has found that financial derivative instruments in other commodities, such as West Texas Intermediate (\"WTI\") crude oil, Brent crude oil, and refined products, such as heating oil and unleaded gasoline, can be useful in decreasing its exposure to jet fuel price volatility\\. The Company does not purchase or hold any financial derivative instruments for trading or speculative purposes\\.\n\nThe Company has used financial derivative instruments for both short\\-term and long\\-term timeframes, and primarily uses a mixture of purchased call options, collar structures (which include both a purchased call option and a sold put option), call spreads (which include a purchased call option and a sold call option), put spreads (which include a purchased put option and a sold put option), and fixed price swap agreements in its portfolio\\. Although the use of collar structures and swap agreements can reduce the overall cost of hedging, these instruments carry more risk than purchased call options in that the Company could end up in a liability position when the collar structure or swap agreement settles\\. With the use of purchased call options and call spreads, the Company cannot be in a liability position at settlement, but does not have coverage once market prices fall below the strike price of the purchased call option\\.\n\nFor the purpose of evaluating its net cash spend for jet fuel and for forecasting its future estimated jet fuel expense, the Company evaluates its hedge volumes strictly from an \"economic\" standpoint and thus does not consider whether the hedges have qualified or will qualify for hedge accounting\\. The Company defines its \"economic\" hedge as the net volume of fuel derivative contracts held, including the impact of positions that have been offset through sold positions, regardless of whether those contracts qualify for hedge accounting\\. The level at which the Company is economically hedged for a particular period is also dependent on current market prices for that period, as well as the types of derivative instruments held and the strike prices of those instruments\\. For example, the Company may enter into \"out\\-of\\-the\\-money\" option contracts (including catastrophic protection), which may not generate intrinsic gains at settlement if market prices do not rise above the option strike price\\. Therefore, even though the Company may have an economic hedge in place for a particular period, that hedge may not produce any hedging gains at settlement and may even produce hedging losses depending on market prices, the types of instruments held, and the strike prices of those instruments\\. \n\nFor  2019 , the Company had fuel derivative instruments in place for up to   73 percent  of its fuel consumption\\. As of  December 31, 2019 , the Company also had fuel derivative instruments in place to provide coverage at varying price levels, but up to a maximum of approximately   59 percent  of its  2020  estimated fuel consumption, depending on where market prices settle\\. The following table provides information about the Company\u2019s volume of fuel hedging on an economic basis:\n\n92"}
{"_id": "AmericanAirlines-2017_21.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***We rely on third\\-party distribution channels and must manage effectively the costs, rights and functionality of these channels\\.***\n\nWe rely on third\\-party distribution channels, including those provided by or through global distribution systems (GDSs) (e\\.g\\., Amadeus, Sabre and Travelport), conventional travel agents and online travel agents (OTAs) (e\\.g\\., Expedia, including its booking sites Orbitz and Travelocity, and The Priceline Group), to distribute a significant portion of our airline tickets, and we expect in the future to continue to rely on these channels and hope to expand their ability to distribute and collect revenues for ancillary products (e\\.g\\., fees for selective seating)\\. These distribution channels are more expensive and at present have less functionality in respect of ancillary product offerings than those we operate ourselves, such as our website at *www\\.aa\\.com*\\. Certain of these distribution channels also effectively restrict the manner in which we distribute our products generally\\. To remain competitive, we will need to manage successfully our distribution costs and rights, increase our distribution flexibility and improve the functionality of our distribution channels, while maintaining an industry\\-competitive cost structure\\. These imperatives may affect our relationships with GDSs and OTAs, including as consolidation of OTAs continues or is proposed to continue\\. Further, as distribution technology changes we will need to continue to update our technology either by acquiring new technology from third parties, building the functionality ourselves, or a combination, which in any event will likely entail significant technological and commercial risk and involve potentially material investments\\. Any inability to manage our third\\-party distribution costs, rights and functionality at a competitive level or any material diminishment or disruption in the distribution of our tickets could have a material adverse effect on our business, results of operations and financial condition\\.\n\n***Our business is subject to extensive government regulation, which may result in increases in our costs, disruptions to our operations, limits on our operating flexibility, reductions in the demand for air travel, and competitive disadvantages\\.***\n\nAirlines are subject to extensive domestic and international regulatory requirements\\. In the last several years, Congress has passed laws, and the DOT, the FAA, the TSA and the Department of Homeland Security have issued a number of directives and other regulations, that affect the airline industry\\. These requirements impose substantial costs on us and restrict the ways we may conduct our business\\.\n\nFor example, the FAA from time to time issues directives and other regulations relating to the maintenance and operation of aircraft that require significant expenditures or operational restrictions\\. These requirements can be issued with little or no notice, or can otherwise impact our ability to efficiently or fully utilize our aircraft\\. The FAA also exercises comprehensive regulatory authority over nearly all technical aspects of our operations\\. Our failure to comply with such requirements has in the past and may in the future result in fines and other enforcement actions by the FAA or other regulators\\. In the future, any new regulatory requirements, particularly requirements that limit our ability to operate or price our products, could have a material adverse effect on us and the industry\\.\n\nThe DOT consumer rules that took effect in 2010 require procedures for customer handling during long onboard delays, further regulate airline interactions with passengers through the ticketing process, at the airport, and onboard the aircraft, and require disclosures concerning airline fares and ancillary fees such as baggage fees\\. Other DOT rules apply to post\\-ticket purchase price increases and an expansion of tarmac delay regulations to international airlines\\. Further, Congress has proposed the FAIR Fees Act, which would direct the DOT to prescribe regulations prohibiting an air carrier from imposing change or cancellation fees that are unreasonable or disproportional to the costs incurred by the carrier, as well as establish standards for assessing whether all other fees are reasonable and proportional to the costs incurred by the air carrier\\.\n\nThe Aviation and Transportation Security Act mandates the federalization of certain airport security procedures and imposes additional security requirements on airports and airlines, most of which are funded by a per\\-ticket tax on passengers and a tax on airlines\\. Present and potential future security requirements can have the effect of imposing costs and inconvenience on travelers, potentially reducing the demand for air travel\\.\n\nThe results of our operations, demand for air travel, and the manner in which we conduct business each may be affected by changes in law and future actions taken by governmental agencies, including:\n\n\n\n|   |                                                                                                                                                                                   |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in law that affect the services that can be offered by airlines in particular markets and at particular airports, or the types of fees that can be charged to passengers; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | the granting and timing of certain governmental approvals (including antitrust or foreign government approvals) needed for codesharing alliances, joint businesses and other arrangements with other airlines; |\n\n\n\n\n\n|   |                                                                                                                                                                         |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | restrictions on competitive practices (for example, court orders, or agency regulations or orders, that would curtail an airline\u2019s ability to respond to a competitor); |\n\n\n\n\n\n|   |                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------- |\n| \u2022 | the adoption of new passenger security standards or regulations that impact customer service standards; |\n\n\n\n22"}
{"_id": "AmericanAirlines-2017_190.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| ----------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| 10\\.8                         | [First Amendment and Restatement Agreement, dated as of May 21, 2015, in relation to the Credit and Guaranty Agreement, dated as of June 27, 2013 (as amended), among American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.), American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), the Revolving Lenders (as defined therein) party thereto, the 2015 Term Loan Lenders (as defined therein) party thereto and Deutsche Bank AG New York Branch, as administrative agent and collateral agent (incorporated by reference to Exhibit 10\\.5 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex105.htm) |\n| 10\\.9                         | [First Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of October 26, 2015, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), American Airlines Group Inc\\., (as successor in interest to US Airways Group, Inc \\.), the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.8 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516474605/d78287dex108.htm)                                  |\n| 10\\.10                        | [Second Amendment to Amended and Restated Credit and Guaranty Agreement, dated as of March 14, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex102.htm)                                                                                                                                       |\n| 10\\.11                        | [Third Amendment to the Amended and Restated Credit And Guaranty Agreement, dated as of August 21, 2017, amending the Amended and Restated Credit and Guaranty Agreement, dated as of May 21, 2015, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, and certain other parties thereto\\.](https://americanairlines.gcs-web.com/email-alerts/ex101110k2017.htm) \\*\\*                                                                                                                                                                                                                                                                                                    |\n| 10\\.12                        | [Purchase Agreement No\\. 3219, dated as of October 15, 2008, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.29 to American\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000451509000008/ex1029.htm) \\*                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 10\\.13                        | [Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\. as borrower, American Airlines Group Inc\\., as parent and guarantor, certain other subsidiaries of American Airlines Group Inc\\., as guarantors, the lenders party thereto, Barclays Bank PLC, as administrative agent and collateral agent, and certain other parties thereto (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q filed on July 22, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516654354/d204187dex102.htm)                                                                                                                                                                                    |\n| 10\\.14                        | [First Amendment to Credit and Guaranty Agreement, dated as of October 31, 2016, amending the Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\. as borrower, American Airlines Group Inc\\., as parent and guarantor, the lenders party thereto, Barclays Bank PLC, as administrative agent (incorporated by reference to Exhibit 10\\.81 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (Commission File No\\. 1\\-8400))\\. ](http://www.sec.gov/Archives/edgar/data/4515/000119312517051216/d286458dex1081.htm)                                                                                                                                                                                                             |\n| 10\\.15                        | [Second Amendment to the Credit and Guaranty Agreement, dated as of August 21, 2017, amending the Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\., American Airlines Group Inc\\., the lenders from time to time party thereto, Barclays Bank PLC, as administrative agent, and certain other parties thereto\\.](https://americanairlines.gcs-web.com/email-alerts/ex101510k2017.htm) \\*\\*                                                                                                                                                                                                                                                                                                                                                          |\n| 10\\.16                        | [Third Amendment to Credit and Guaranty Agreement, dated as of November 1, 2017, amending the Credit and Guaranty Agreement, dated as of April 29, 2016, among American Airlines, Inc\\. as borrower, American Airlines Group Inc\\., as parent and guarantor, the lenders party thereto, Barclays Bank PLC, as administrative agent\\.](https://americanairlines.gcs-web.com/email-alerts/ex101610k2017.htm)                                                                                                                                                                                                                                                                                                                                                                                   |\n| 10\\.17                        | [Supplemental Agreement No\\. 2, dated as of July 21, 2010, to Purchase Agreement No\\. 3219 between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.2 to AMR\u2019s report on Form 10\\-Q for the quarter ended June 30, 2010 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000095012310066894/d73384exv10w2.htm) \\*                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 10\\.18                        | [Supplemental Agreement No\\. 3, dated as of February 1, 2013, to Purchase Agreement No\\. 3219 between American Airlines, Inc\\., and The Boeing Company (incorporated by reference to Exhibit 10\\.2 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000040/d516424dex102.htm) \\*                                                                                                                                                                                                                                                                                                                                                                                      |\n| 10\\.19                        | [Supplemental Agreement No\\. 4, dated as of June 9, 2014, to Purchase Agreement No\\. 3219 between The Boeing Company and American Airlines, Inc\\. dated as of October 15, 2008, Relating to Boeing Model 787 Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.6 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000014/d759439dex106.htm) \\*                                                                                                                                                                                                                                        |\n| 10\\.20                        | [Supplemental Agreement No\\. 5, dated as of January 20, 2015, to Purchase Agreement No\\. 3219 between The Boeing Company and American Airlines, Inc\\., dated as of October 15, 2008, Relating to Boeing Model 787 Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515145178/d900175dex102.htm) \\*                                                                                                                                                                                                                                  |\n\n\n\n191"}
{"_id": "AmericanAirlines-2018_105.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nMaturities of lease liabilities were as follows (in millions):\n\n\n\n|                              |                       |                       |\n| ---------------------------- | --------------------- | --------------------- |\n|                              | **December 31, 2018** | **December 31, 2018** |\n|                              | **Operating Leases**  | **Finance Leases**    |\n| 2019                         | $1,912                | $124                  |\n| 2020                         | 1,838                 | 120                   |\n| 2021                         | 1,636                 | 118                   |\n| 2022                         | 1,438                 | 122                   |\n| 2023                         | 1,255                 | 105                   |\n| 2024 and thereafter          | 3,620                 | 282                   |\n| Total lease payments         | 11,699                | 871                   |\n| Less: Imputed interest       | (2,143)               | (177)                 |\n| Total lease obligations      | 9,556                 | 694                   |\n| Less: Current obligations    | (1,654)               | (81)                  |\n| Long\\-term lease obligations | $7,902                | $613                  |\n\n\n\nAs of December 31, 2018, we have additional operating lease commitments that have not yet commenced of approximately $1\\.9 billion for 22 787\\-8 aircraft to be delivered in 2020 and 2021 with lease terms of 10 years\\.\n\n*Disclosures related to periods prior to adoption of the New Lease Standard*\n\nOperating lease rent expense, excluding landing fees, was approximately $3\\.2 billion in each of 2017 and 2016, which includes the lease of certain aircraft under capacity purchase agreements\\. As of December 31, 2017, future minimum lease payment obligations under noncancellable operating leases, including payments for the lease of certain aircraft under capacity purchase agreements, as well as payments under capital lease obligations were as follows (in millions):\n\n\n\n|                              |                       |                       |\n| ---------------------------- | --------------------- | --------------------- |\n|                              | **December 31, 2017** | **December 31, 2017** |\n|                              | **Operating Leases**  | **Capital Leases**    |\n| 2018                         | $2,572                | $126                  |\n| 2019                         | 2,329                 | 123                   |\n| 2020                         | 2,104                 | 120                   |\n| 2021                         | 1,621                 | 118                   |\n| 2022                         | 1,398                 | 122                   |\n| 2023 and thereafter          | 3,965                 | 387                   |\n| Total lease payments         | $13,989               | 996                   |\n| Less: Imputed interest       |                       | (225)                 |\n| Total lease obligations      |                       | 771                   |\n| Less: Current obligations    |                       | (78)                  |\n| Long\\-term lease obligations |                       | $693                  |\n\n\n\n106"}
{"_id": "Alaska-2017_55.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|       |                                                                                                     |\n| ----- | --------------------------------------------------------------------------------------------------- |\n| *1\\.* | *The rate at which we defer sales proceeds related to services sold through non\\-airline partners:* |\n\n\n\nWe use the relative selling price method for the deferral of sales proceeds\\. For contracts that were modified after the effective date of Accounting Standards Update 2009\\-13, \"Multiple\\-Deliverable Revenue Arrangements\u2014a consensus of the FASB Emerging Issues Task Force\" (ASU 2009\\-13), we determined our best estimate of selling price by considering multiple inputs and methods including, but not limited to, the estimated selling price of comparable travel, discounted cash flows, brand value, published selling prices, number of miles awarded and the number of miles redeemed\\. We estimated the selling prices and volumes over the terms of the agreements in order to determine the allocation of proceeds to each of the multiple deliverables\\. This relative allocation is evaluated annually and updated according to changes in the assumptions of the volume of related deliverables\\. A 1% shift between the allocation of cash proceeds to travel deliverables from marketing deliverables would defer the timing of revenue recognition by approximately $9 million\\.\n\n\n\n|       |                                                                        |\n| ----- | ---------------------------------------------------------------------- |\n| *2\\.* | *The number of miles that will not be redeemed for travel (breakage):* |\n\n\n\nThe liability for outstanding Mileage Plan\u2122 mileage credits includes all mileage credits that are expected to be redeemed, including mileage credits earned by members whose mileage account balances have not yet reached the minimum mileage credit level to redeem an award\\. Our estimate of the number of miles that will not be redeemed (breakage) considers historical activity in our members\u2019 accounts and other factors\\. Based on statistical analysis of historical data, our current breakage rate is 17\\.4%\\. A hypothetical 1% change in our estimate of breakage has approximately a $10 million effect on the liability\\. \n\n\n\n|       |                                       |\n| ----- | ------------------------------------- |\n| *3\\.* | *The number of miles used per award:* |\n\n\n\nWe estimate how many miles will be used per award\\. For example, our members may redeem credit for award travel to various locations or choose between a highly restricted award and an unrestricted award\\. Our estimates are based on the current requirements in our Mileage Plan\u2122 program and historical award redemption patterns\\.\n\n\n\n|       |                                                                                   |\n| ----- | --------------------------------------------------------------------------------- |\n| *4\\.* | *The number of awards redeemed for travel on our airlines versus other airlines:* |\n\n\n\nThe cost for us to carry an award passenger is typically lower than the cost we will pay to our travel partners\\. We estimate the number of awards that will be redeemed on our airlines versus on our travel partners and accrue the estimated costs based on historical redemption patterns\\. If the number of awards redeemed on our travel partner is higher or lower than estimated, we may need to adjust our liability and corresponding expense\\.\n\n\n\n|     |                                                                                                                             |\n| --- | --------------------------------------------------------------------------------------------------------------------------- |\n| 5\\. | *The costs that will be incurred to provide award travel for miles earned by guests who fly on us or our airline partners:* |\n\n\n\nWhen a frequent flyer travels on his or her award ticket on one of our airlines, incremental costs such as food, fuel and insurance are incurred to carry that passenger\\. We estimate what these costs will be (excluding any contribution to overhead and profit) and accrue a liability\\. If the guest travels on another airline on an award ticket, we often must pay the other airline for carrying the guest\\. The other airline costs are based on negotiated agreements and are often substantially higher than the costs we would incur to carry that guest\\. We estimate how much we will pay to other airlines for future travel awards based on historical redemptions and settlements with other carriers and accrue a liability accordingly\\. The costs actually incurred by us or paid to other airlines may be higher or lower than the costs that were estimated and accrued, and therefore we may need to adjust our liability and recognize a corresponding expense\\.\n\nWe regularly review significant Mileage Plan\u2122 assumptions and change our assumptions if facts and circumstances indicate that a change is necessary\\. Any such change in assumptions could have a significant effect on our financial position and results of operations\\.\n\nSee further discussion below for the impact to the accounting of frequent flyer programs due to the new revenue recognition accounting standard\\. \n\n**PENSION PLANS**\n\nOur actuarial estimates of pension liability, the related expense and the associated significant assumptions are discussed in Note 7 to the consolidated financial statements\\. \n\nThe calculation of pension expense and the corresponding liability requires the use of a number of key assumptions, including the expected long\\-term rate of return on plan assets and the assumed discount rates to be used in the calculation of the projected \n\n 56"}
{"_id": "Delta-2018_3.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nUnless otherwise indicated, the terms \"Delta,\" \"we,\" \"us,\" and \"our\" refer to Delta Air Lines, Inc\\. and its subsidiaries\\. \n\nFORWARD\\-LOOKING STATEMENTS\n\nStatements in this Form 10\\-K (or otherwise made by us or on our behalf) that are not historical facts, including statements about our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be \"forward\\-looking statements\" as defined in the Private Securities Litigation Reform Act of 1995\\. Forward\\-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations\\. Known material risk factors applicable to Delta are described in \"Risk Factors Relating to Delta\" and \"Risk Factors Relating to the Airline Industry\" in \"Item 1A\\. Risk Factors\" of this Form 10\\-K, other than risks that could apply to any issuer or offering\\. All forward\\-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward\\-looking statements to reflect events or circumstances that may arise after the date of this report\\.\n\n 1"}
{"_id": "AmericanAirlines-2018_74.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|       |                                                                                                                                                                                                                                                                                                                                                              |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(3)^ | The assumed health care cost trend rate is based upon an evaluation of our historical trends and experience, taking into account current and expected market conditions\\. Increasing the assumed health care cost trend rate by 100 basis points would increase estimated  2019  retiree medical and other postretirement benefits expense by  $6 million \\. |\n\n\n\nDuring 2018, we reviewed and revised certain economic and demographic assumptions including the pension and retiree medical and other postretirement benefits discount rates, retirement rates and health care cost and trend rates\\. The net effect of changing these assumptions for the pension plans resulted in a decrease of $1\\.8 billion in the projected benefit obligation at December 31, 2018\\. The net effect of changing these assumptions for retiree medical and other postretirement benefits plans resulted in a decrease of $126 million in the projected benefit obligation at December 31, 2018\\. We also revised our mortality assumptions to incorporate the new mortality improvement scale issued by the Society of Actuaries\\. This resulted in a decrease in the projected benefit obligations of our pension and retiree medical and other postretirement benefits plans of $58 million and $1 million, respectively\\.\n\nSee Note 10 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 8 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information regarding our employee benefit plans\\.\n\n***Recent Accounting Pronouncements***\n\n*Standards Adopted in 2018*\n\nEffective January 1, 2018, we adopted the accounting pronouncements described below\\. \n\n***ASU 2014\\-09: Revenue from Contracts with Customers (Topic 606) (the New Revenue Standard)***\n\nThe New Revenue Standard applies to all companies that enter into contracts with customers to transfer goods or services\\. We adopted the New Revenue Standard using the full retrospective method, which resulted in the recast of prior reporting periods\\.\n\nThe adoption of the New Revenue Standard impacted our accounting for outstanding mileage credits earned through travel by AAdvantage loyalty program members\\. There was no change in accounting for sales of mileage credits to co\\-branded credit card or other partners\\. Prior to the adoption of the New Revenue Standard, we used the incremental cost method to account for the portion of our loyalty program liability related to mileage credits earned through travel, which were valued based on the estimated incremental cost of carrying one additional passenger\\. The New Revenue Standard required us to change our policy to the deferred revenue method and apply a relative selling price approach whereby a portion of each passenger ticket sale attributable to mileage credits earned is deferred and recognized in passenger revenue upon future mileage redemption\\. The value of the earned mileage credits is materially greater under the deferred revenue method than the value attributed to these mileage credits under the incremental cost method\\.\n\nThe New Revenue Standard also required certain reclassifications, principally the reclassification of certain ancillary revenues previously classified and reported as other revenue to passenger revenue and as applicable to cargo revenue\\. Additionally, the New Revenue Standard required a gross presentation on the face of our consolidated statements of operations for certain revenues and expenses that had previously been presented on a net basis\\.\n\nSee *\u201cImpacts to 2017 Results\u201d* and *\u201cImpacts to 2016 Results\u201d* below for the impact to our consolidated statements of operations data for 2017 and 2016, respectively, and our consolidated balance sheet as of December 31, 2017 related to the adoption of the New Revenue Standard\\.\n\n***ASU 2017\\-07: Compensation \\- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (the New Retirement Standard)***\n\nThe New Retirement Standard required all components of our net periodic benefit cost (income), with the exception of service cost, previously reported within operating expenses as salaries, wages and benefits, to be reclassified and reported within nonoperating income (expense)\\. The New Retirement Standard was applied retrospectively, which resulted in the recast of each prior reporting period presented\\. The adoption of the New Retirement Standard had no impact on pre\\-tax income or net income reported\\.\n\nSee *\u201cImpacts to 2017 Results\u201d* and *\u201cImpacts to 2016 Results\u201d* below for the impact to our consolidated statements of operations data for 2017 and 2016, respectively, related to the adoption of the New Retirement Standard\\.\n\n75"}
{"_id": "Delta-2019_51.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nITEM 8\\. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA\n\nINDEX TO CONSOLIDATED FINANCIAL STATEMENTS\n\n\n\n|                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                           |                                     |                                     |                       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                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                           |                Page                 |                Page                 |                Page                 |\n| [Report of Independent Registered Public Accounting Firm](http://ir.delta.com/.#i_0_148)                                                                                                                                                                                  | [Report of Independent Registered Public Accounting Firm](http://ir.delta.com/.#i_0_148)                                                                                                                                                                                  | [Report of Independent Registered Public Accounting Firm](http://ir.delta.com/.#i_0_148)                                                                                                                                                                                  | [50](http://ir.delta.com/.#i_0_148) | [50](http://ir.delta.com/.#i_0_148) | [50](http://ir.delta.com/.#i_0_148) |\n| [Consolidated Balance Sheets \\- December 31, 201](http://ir.delta.com/.#i_0_151)[9](http://ir.delta.com/.#i_0_151)[ and 201](http://ir.delta.com/.#i_0_151)8                                                                                                              | [Consolidated Balance Sheets \\- December 31, 201](http://ir.delta.com/.#i_0_151)[9](http://ir.delta.com/.#i_0_151)[ and 201](http://ir.delta.com/.#i_0_151)8                                                                                                              | [Consolidated Balance Sheets \\- December 31, 201](http://ir.delta.com/.#i_0_151)[9](http://ir.delta.com/.#i_0_151)[ and 201](http://ir.delta.com/.#i_0_151)8                                                                                                              | [53](http://ir.delta.com/.#i_0_151) | [53](http://ir.delta.com/.#i_0_151) | [53](http://ir.delta.com/.#i_0_151) |\n| [Consolidated Statements of Operations for the years ended December 31, 201](http://ir.delta.com/.#i_0_157)[9](http://ir.delta.com/.#i_0_157)[, 201](http://ir.delta.com/.#i_0_157)[8](http://ir.delta.com/.#i_0_157)[ and 201](http://ir.delta.com/.#i_0_157)7           | [Consolidated Statements of Operations for the years ended December 31, 201](http://ir.delta.com/.#i_0_157)[9](http://ir.delta.com/.#i_0_157)[, 201](http://ir.delta.com/.#i_0_157)[8](http://ir.delta.com/.#i_0_157)[ and 201](http://ir.delta.com/.#i_0_157)7           | [Consolidated Statements of Operations for the years ended December 31, 201](http://ir.delta.com/.#i_0_157)[9](http://ir.delta.com/.#i_0_157)[, 201](http://ir.delta.com/.#i_0_157)[8](http://ir.delta.com/.#i_0_157)[ and 201](http://ir.delta.com/.#i_0_157)7           | [54](http://ir.delta.com/.#i_0_157) | [54](http://ir.delta.com/.#i_0_157) | [54](http://ir.delta.com/.#i_0_157) |\n| [Consolidated Statements of Comprehensive Income for the years ended December 31, 201](http://ir.delta.com/.#i_0_160)[9](http://ir.delta.com/.#i_0_160)[, 201](http://ir.delta.com/.#i_0_160)[8](http://ir.delta.com/.#i_0_160)[ and 201](http://ir.delta.com/.#i_0_160)7 | [Consolidated Statements of Comprehensive Income for the years ended December 31, 201](http://ir.delta.com/.#i_0_160)[9](http://ir.delta.com/.#i_0_160)[, 201](http://ir.delta.com/.#i_0_160)[8](http://ir.delta.com/.#i_0_160)[ and 201](http://ir.delta.com/.#i_0_160)7 | [Consolidated Statements of Comprehensive Income for the years ended December 31, 201](http://ir.delta.com/.#i_0_160)[9](http://ir.delta.com/.#i_0_160)[, 201](http://ir.delta.com/.#i_0_160)[8](http://ir.delta.com/.#i_0_160)[ and 201](http://ir.delta.com/.#i_0_160)7 | [55](http://ir.delta.com/.#i_0_160) | [55](http://ir.delta.com/.#i_0_160) | [55](http://ir.delta.com/.#i_0_160) |\n| [Consolidated Statements of Cash Flows for the years ended December 31, 201](http://ir.delta.com/.#i_0_163)[9](http://ir.delta.com/.#i_0_163)[, 201](http://ir.delta.com/.#i_0_163)[8](http://ir.delta.com/.#i_0_163)[ and 201](http://ir.delta.com/.#i_0_163)7           | [Consolidated Statements of Cash Flows for the years ended December 31, 201](http://ir.delta.com/.#i_0_163)[9](http://ir.delta.com/.#i_0_163)[, 201](http://ir.delta.com/.#i_0_163)[8](http://ir.delta.com/.#i_0_163)[ and 201](http://ir.delta.com/.#i_0_163)7           | [Consolidated Statements of Cash Flows for the years ended December 31, 201](http://ir.delta.com/.#i_0_163)[9](http://ir.delta.com/.#i_0_163)[, 201](http://ir.delta.com/.#i_0_163)[8](http://ir.delta.com/.#i_0_163)[ and 201](http://ir.delta.com/.#i_0_163)7           | [56](http://ir.delta.com/.#i_0_163) | [56](http://ir.delta.com/.#i_0_163) | [56](http://ir.delta.com/.#i_0_163) |\n| [Consolidated Statements of Stockholders' Equity for the years ended December 31, 201](http://ir.delta.com/.#i_0_166)[9](http://ir.delta.com/.#i_0_166)[, 201](http://ir.delta.com/.#i_0_166)[8](http://ir.delta.com/.#i_0_166)[ and 201](http://ir.delta.com/.#i_0_166)7 | [Consolidated Statements of Stockholders' Equity for the years ended December 31, 201](http://ir.delta.com/.#i_0_166)[9](http://ir.delta.com/.#i_0_166)[, 201](http://ir.delta.com/.#i_0_166)[8](http://ir.delta.com/.#i_0_166)[ and 201](http://ir.delta.com/.#i_0_166)7 | [Consolidated Statements of Stockholders' Equity for the years ended December 31, 201](http://ir.delta.com/.#i_0_166)[9](http://ir.delta.com/.#i_0_166)[, 201](http://ir.delta.com/.#i_0_166)[8](http://ir.delta.com/.#i_0_166)[ and 201](http://ir.delta.com/.#i_0_166)7 | [57](http://ir.delta.com/.#i_0_166) | [57](http://ir.delta.com/.#i_0_166) | [57](http://ir.delta.com/.#i_0_166) |\n| [Notes to the Consolidated Financial Statements](http://ir.delta.com/.#i_0_172)                                                                                                                                                                                           | [Notes to the Consolidated Financial Statements](http://ir.delta.com/.#i_0_172)                                                                                                                                                                                           | [Notes to the Consolidated Financial Statements](http://ir.delta.com/.#i_0_172)                                                                                                                                                                                           | [58](http://ir.delta.com/.#i_0_172) | [58](http://ir.delta.com/.#i_0_172) | [58](http://ir.delta.com/.#i_0_172) |\n| [Note 1 \\- Summary of Significant Accounting Policies](http://ir.delta.com/.#i_0_175)                                                                                                                                                                                     | [Note 1 \\- Summary of Significant Accounting Policies](http://ir.delta.com/.#i_0_175)                                                                                                                                                                                     | [Note 1 \\- Summary of Significant Accounting Policies](http://ir.delta.com/.#i_0_175)                                                                                                                                                                                     | [58](http://ir.delta.com/.#i_0_175) | [58](http://ir.delta.com/.#i_0_175) | [58](http://ir.delta.com/.#i_0_175) |\n| [Note 2 \\- Revenue Recognition](http://ir.delta.com/.#i_0_181)                                                                                                                                                                                                            | [Note 2 \\- Revenue Recognition](http://ir.delta.com/.#i_0_181)                                                                                                                                                                                                            | [Note 2 \\- Revenue Recognition](http://ir.delta.com/.#i_0_181)                                                                                                                                                                                                            | [63](http://ir.delta.com/.#i_0_181) | [63](http://ir.delta.com/.#i_0_181) | [63](http://ir.delta.com/.#i_0_181) |\n| [Note 3 \\- Fair Value Measurements](http://ir.delta.com/.#i_0_187)                                                                                                                                                                                                        | [Note 3 \\- Fair Value Measurements](http://ir.delta.com/.#i_0_187)                                                                                                                                                                                                        | [Note 3 \\- Fair Value Measurements](http://ir.delta.com/.#i_0_187)                                                                                                                                                                                                        | [66](http://ir.delta.com/.#i_0_187) | [66](http://ir.delta.com/.#i_0_187) | [66](http://ir.delta.com/.#i_0_187) |\n| [Note 4 \\- Investments](http://ir.delta.com/.#i_0_193)                                                                                                                                                                                                                    | [Note 4 \\- Investments](http://ir.delta.com/.#i_0_193)                                                                                                                                                                                                                    | [Note 4 \\- Investments](http://ir.delta.com/.#i_0_193)                                                                                                                                                                                                                    | [68](http://ir.delta.com/.#i_0_193) | [68](http://ir.delta.com/.#i_0_193) | [68](http://ir.delta.com/.#i_0_193) |\n| [Note 5 \\- Derivatives and Risk Management](http://ir.delta.com/.#i_0_199)                                                                                                                                                                                                | [Note 5 \\- Derivatives and Risk Management](http://ir.delta.com/.#i_0_199)                                                                                                                                                                                                | [Note 5 \\- Derivatives and Risk Management](http://ir.delta.com/.#i_0_199)                                                                                                                                                                                                | [69](http://ir.delta.com/.#i_0_199) | [69](http://ir.delta.com/.#i_0_199) | [69](http://ir.delta.com/.#i_0_199) |\n| [Note 6 \\- Intangible Assets](http://ir.delta.com/.#i_0_205)                                                                                                                                                                                                              | [Note 6 \\- Intangible Assets](http://ir.delta.com/.#i_0_205)                                                                                                                                                                                                              | [Note 6 \\- Intangible Assets](http://ir.delta.com/.#i_0_205)                                                                                                                                                                                                              | [73](http://ir.delta.com/.#i_0_205) | [73](http://ir.delta.com/.#i_0_205) | [73](http://ir.delta.com/.#i_0_205) |\n| [N](http://ir.delta.com/.#i_0_211)[ote 7 \\- Debt](http://ir.delta.com/.#i_0_211)                                                                                                                                                                                          | [N](http://ir.delta.com/.#i_0_211)[ote 7 \\- Debt](http://ir.delta.com/.#i_0_211)                                                                                                                                                                                          | [N](http://ir.delta.com/.#i_0_211)[ote 7 \\- Debt](http://ir.delta.com/.#i_0_211)                                                                                                                                                                                          | [74](http://ir.delta.com/.#i_0_211) | [74](http://ir.delta.com/.#i_0_211) | [74](http://ir.delta.com/.#i_0_211) |\n| [Note 8 \\- Leases](http://ir.delta.com/.#i_0_217)                                                                                                                                                                                                                         | [Note 8 \\- Leases](http://ir.delta.com/.#i_0_217)                                                                                                                                                                                                                         | [Note 8 \\- Leases](http://ir.delta.com/.#i_0_217)                                                                                                                                                                                                                         | [75](http://ir.delta.com/.#i_0_217) | [75](http://ir.delta.com/.#i_0_217) | [75](http://ir.delta.com/.#i_0_217) |\n| [Note 9 \\- Airport Redevelopment](http://ir.delta.com/.#i_0_223)                                                                                                                                                                                                          | [Note 9 \\- Airport Redevelopment](http://ir.delta.com/.#i_0_223)                                                                                                                                                                                                          | [Note 9 \\- Airport Redevelopment](http://ir.delta.com/.#i_0_223)                                                                                                                                                                                                          | [79](http://ir.delta.com/.#i_0_223) | [79](http://ir.delta.com/.#i_0_223) | [79](http://ir.delta.com/.#i_0_223) |\n| [Note 10 \\- Employee Benefit Plans](http://ir.delta.com/.#i_0_229)                                                                                                                                                                                                        | [Note 10 \\- Employee Benefit Plans](http://ir.delta.com/.#i_0_229)                                                                                                                                                                                                        | [Note 10 \\- Employee Benefit Plans](http://ir.delta.com/.#i_0_229)                                                                                                                                                                                                        | [81](http://ir.delta.com/.#i_0_229) | [81](http://ir.delta.com/.#i_0_229) | [81](http://ir.delta.com/.#i_0_229) |\n| [Note 11 \\- Commitments and Contingencies](http://ir.delta.com/.#i_0_235)                                                                                                                                                                                                 | [Note 11 \\- Commitments and Contingencies](http://ir.delta.com/.#i_0_235)                                                                                                                                                                                                 | [Note 11 \\- Commitments and Contingencies](http://ir.delta.com/.#i_0_235)                                                                                                                                                                                                 | [86](http://ir.delta.com/.#i_0_235) | [86](http://ir.delta.com/.#i_0_235) | [86](http://ir.delta.com/.#i_0_235) |\n| [Note 12 \\- Income Taxes](http://ir.delta.com/.#i_0_241)                                                                                                                                                                                                                  | [Note 12 \\- Income Taxes](http://ir.delta.com/.#i_0_241)                                                                                                                                                                                                                  | [Note 12 \\- Income Taxes](http://ir.delta.com/.#i_0_241)                                                                                                                                                                                                                  | [89](http://ir.delta.com/.#i_0_241) | [89](http://ir.delta.com/.#i_0_241) | [89](http://ir.delta.com/.#i_0_241) |\n| [Note 13 \\- Equity and Equity Compensation](http://ir.delta.com/.#i_0_247)                                                                                                                                                                                                | [Note 13 \\- Equity and Equity Compensation](http://ir.delta.com/.#i_0_247)                                                                                                                                                                                                | [Note 13 \\- Equity and Equity Compensation](http://ir.delta.com/.#i_0_247)                                                                                                                                                                                                | [91](http://ir.delta.com/.#i_0_247) | [91](http://ir.delta.com/.#i_0_247) | [91](http://ir.delta.com/.#i_0_247) |\n| [Note 14 \\- Accumulated Other Comprehensive Loss](http://ir.delta.com/.#i_0_253)                                                                                                                                                                                          | [Note 14 \\- Accumulated Other Comprehensive Loss](http://ir.delta.com/.#i_0_253)                                                                                                                                                                                          | [Note 14 \\- Accumulated Other Comprehensive Loss](http://ir.delta.com/.#i_0_253)                                                                                                                                                                                          | [92](http://ir.delta.com/.#i_0_253) | [92](http://ir.delta.com/.#i_0_253) | [92](http://ir.delta.com/.#i_0_253) |\n| [Note 15 \\- Segments](http://ir.delta.com/.#i_0_259)                                                                                                                                                                                                                      | [Note 15 \\- Segments](http://ir.delta.com/.#i_0_259)                                                                                                                                                                                                                      | [Note 15 \\- Segments](http://ir.delta.com/.#i_0_259)                                                                                                                                                                                                                      | [93](http://ir.delta.com/.#i_0_259) | [93](http://ir.delta.com/.#i_0_259) | [93](http://ir.delta.com/.#i_0_259) |\n| [Note 1](http://ir.delta.com/.#i_0_268)[6](http://ir.delta.com/.#i_0_268)[ \\- Earnings Per Share](http://ir.delta.com/.#i_0_268)                                                                                                                                          | [Note 1](http://ir.delta.com/.#i_0_268)[6](http://ir.delta.com/.#i_0_268)[ \\- Earnings Per Share](http://ir.delta.com/.#i_0_268)                                                                                                                                          | [Note 1](http://ir.delta.com/.#i_0_268)[6](http://ir.delta.com/.#i_0_268)[ \\- Earnings Per Share](http://ir.delta.com/.#i_0_268)                                                                                                                                          | [95](http://ir.delta.com/.#i_0_268) | [95](http://ir.delta.com/.#i_0_268) | [95](http://ir.delta.com/.#i_0_268) |\n| [Note 1](http://ir.delta.com/.#i_0_271)[7](http://ir.delta.com/.#i_0_271)[ \\- Quarterly Financial Data (Unaudited)](http://ir.delta.com/.#i_0_271)                                                                                                                        | [Note 1](http://ir.delta.com/.#i_0_271)[7](http://ir.delta.com/.#i_0_271)[ \\- Quarterly Financial Data (Unaudited)](http://ir.delta.com/.#i_0_271)                                                                                                                        | [Note 1](http://ir.delta.com/.#i_0_271)[7](http://ir.delta.com/.#i_0_271)[ \\- Quarterly Financial Data (Unaudited)](http://ir.delta.com/.#i_0_271)                                                                                                                        | [95](http://ir.delta.com/.#i_0_271) | [95](http://ir.delta.com/.#i_0_271) | [95](http://ir.delta.com/.#i_0_271) |\n\n\n\n49"}
{"_id": "Southwest-2018_32.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n2004, Director of Investor Relations from December 1994 to March 2002, Manager of Investor Relations from September 1994 to December 1994, and Manager of Financial Reporting from September 1991 to September 1994\\.\n\n*Mark R\\. Shaw* has served as the Company's Executive Vice President & Chief Legal & Regulatory Officer since November 2018\\. Mr\\. Shaw also served as Executive Vice President, Chief Legal & Regulatory Officer, & Corporate Secretary from August 2018 to November 2018, Senior Vice President, General Counsel, & Corporate Secretary from July 2015 to August 2018, Vice President, General Counsel, & Corporate Secretary from February 2013 to July 2015, and as Associate General Counsel \\- Corporate & Transactions from February 2008 to February 2013\\. Mr\\. Shaw joined the Company in 2000 as an Attorney in the General Counsel Department\\.\n\n*Andrew M\\. Watterson* has served as the Company's Executive Vice President & Chief Revenue Officer since July 2017\\. Mr\\. Watterson also served as Senior Vice President & Chief Revenue Officer from January 2017 to July 2017, Senior Vice President of Network & Revenue from January 2016 to January 2017, and as Vice President of Network Planning & Performance from October 2013 to January 2016\\. Prior to becoming an officer of the Company, Mr\\. Watterson served as Vice President of Planning and Revenue Management at Hawaiian Airlines from May 2011 to October 2013\\.\n\n*Gregory D\\. Wells* has served as the Company's Executive Vice President Daily Operations since January 2017\\. Mr\\. Wells also served as Senior Vice President Operational Performance from October 2013 to January 2017, Senior Vice President Operations from September 2006 to October 2013, Senior Vice President Ground Operations from November 2005 to September 2006, Vice President Ground Operations from September 2004 to November 2005, Vice President Safety, Security, and Flight Dispatch from October 2001 to September 2004, Director Flight Dispatch from February 1999 to October 2001, Senior Director Ground Operations from August 1998 to February 1999, and Director Ground Operations from August 1996 to August 1998\\. Prior to August 1996, Mr\\. Wells had various other operational experience with the Company including as Station Manager in both San Jose and Phoenix\\. Mr\\. Wells has over 36 years of experience with the Company\\.\n\n33"}
{"_id": "Southwest-2017_26.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nThe Company's expansion of its operations into non\\-U\\.S\\. jurisdictions also expands the scope of the laws to which the Company is subject, both domestically and internationally\\. In addition, operations in non\\-U\\.S\\. jurisdictions are in many cases subject to the laws of those jurisdictions rather than U\\.S\\. laws\\. Laws in some jurisdictions differ in significant respects from those in the United States, and these differences can affect the Company's ability to react to changes in its business, and its rights or ability to enforce rights may be different than would be expected under U\\.S\\. laws\\. Furthermore, enforcement of laws in some jurisdictions can be inconsistent and unpredictable, which can affect both the Company's ability to enforce its rights and to undertake activities that it believes are beneficial to its business\\. As a result, the Company's ability to generate revenue and its expenses in non\\-U\\.S\\. jurisdictions may differ from what would be expected if U\\.S\\. laws governed these operations\\. Although the Company has policies and procedures in place that are designed to promote compliance with the laws of the jurisdictions in which it operates, a violation by the Company's Employees, contractors, or agents or other intermediaries, could nonetheless occur\\. Any violation (or alleged or perceived violation), even if prohibited by the Company's policies, could have an adverse effect on the Company's reputation and/or its results of operations\\.\n\nAs discussed above under \u201cRegulation \u2013 Operational, Safety, and Health Regulation,\u201d in January 2018, the Company submitted a formal application to the FAA for authorization to conduct ETOPS using Boeing 737\\-800 aircraft, in connection with the Company\u2019s plans to begin service to Hawaii\\. If the Company receives FAA authorization and commences ETOPS, the Company will be subject to additional, ongoing, ETOPS\\-specific regulatory and procedural requirements, which could add operational and compliance risks to the Company\u2019s business, including costs associated therewith\\.\n\n***The Company is currently subject to pending litigation, and if judgment were to be rendered against the Company in the litigation, such judgment could adversely affect the Company's operating results\\.***\n\nAs discussed below under \"Legal Proceedings,\" the Company and its AirTran subsidiary are subject to pending litigation\\.\n\nRegardless of merit, these litigation matters and any potential future claims against the Company or AirTran may be both time consuming and disruptive to the Company's operations and cause significant expense and diversion of management attention\\. Should the Company or AirTran fail to prevail in these or other matters, the Company may be faced with significant monetary damages or injunctive relief that could materially adversely affect its business and might materially affect its financial condition and operating results\\.\n\n**Item 1B\\.** ***Unresolved Staff Comments***\n\nNone\\.\n\n27"}
{"_id": "Delta-2019_62.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nWe perform, at least quarterly, an assessment of the effectiveness of our derivative contracts designated as hedges, including assessing the possibility of counterparty default\\. If we determine that a derivative is no longer expected to be highly effective, we discontinue hedge accounting prospectively and recognize subsequent changes in the fair value of the hedge in earnings\\. We believe our derivative contracts that continue to be designated as hedges, consisting of interest rate and foreign currency exchange contracts, will continue to be highly effective in offsetting changes in fair value or cash flow, respectively, attributable to the hedged risk\\.\n\n Cash flows associated with purchasing and settling hedge contracts generally are classified as operating cash flows\\. However, if a hedge contract includes a significant financing element at inception, cash flows associated with the hedge contract are recorded as financing cash flows\\.\n\nHedge Margin\\.  The hedge margin we receive from counterparties is recorded in cash, with the offsetting obligation in accounts payable\\. The hedge margin we provide to counterparties is recorded in prepaid expenses and other\\. We do not offset margin funded to counterparties or margin funded to us by counterparties against fair value amounts recorded for our hedge contracts\\.\n\nLong\\-Lived Assets\n\nThe following table summarizes our property and equipment: \n\n\n\n|                                                      |                                                      |                                                      |                                                |                                                |                                                |              |              |  |  |  |\n|:---------------------------------------------------- |:---------------------------------------------------- |:---------------------------------------------------- |:----------------------------------------------:|:----------------------------------------------:|:----------------------------------------------:| ------------:| ------------:|:- |:- |:- |\n|                                                      |                                                      |                                                      |                                                |                                                |                                                | December 31, | December 31, |  |  |  |\n| (in millions, except for estimated useful life)      | (in millions, except for estimated useful life)      | (in millions, except for estimated useful life)      |             Estimated Useful Life              |             Estimated Useful Life              |             Estimated Useful Life              |         2019 |         2018 |\n| Flight equipment                                     | Flight equipment                                     | Flight equipment                                     |                  20\\-34 years                  |                  20\\-34 years                  |                  20\\-34 years                  |     $ 36,713 |     $ 33,898 |\n| Ground property and equipment                        | Ground property and equipment                        | Ground property and equipment                        |                  3\\-40 years                   |                  3\\-40 years                   |                  3\\-40 years                   |        5,721 |        4,667 |\n| Information technology\\-related assets               | Information technology\\-related assets               | Information technology\\-related assets               |                  3\\-15 years                   |                  3\\-15 years                   |                  3\\-15 years                   |        3,276 |        3,361 |\n| Flight and ground equipment under finance leases     | Flight and ground equipment under finance leases     | Flight and ground equipment under finance leases     | Shorter of lease term or estimated useful life | Shorter of lease term or estimated useful life | Shorter of lease term or estimated useful life |        1,608 |        1,055 |\n| Advance payments for equipment                       | Advance payments for equipment                       | Advance payments for equipment                       |                                                |                                                |                                                |        1,019 |        1,177 |\n| Less: accumulated depreciation and amortization^(1)^ | Less: accumulated depreciation and amortization^(1)^ | Less: accumulated depreciation and amortization^(1)^ |                                                |                                                |                                                |     (17,027) |     (15,823) |\n| Total property and equipment, net                    | Total property and equipment, net                    | Total property and equipment, net                    |                                                |                                                |                                                |     $ 31,310 |     $ 28,335 |\n\n\n\n^(1)^ Includes accumulated amortization for flight and ground equipment under finance leases in the amount of $546 million and $566 million at December 31, 2019 and 2018, respectively\\.\n\nWe record property and equipment at cost and depreciate or amortize these assets on a straight\\-line basis to their estimated residual values over their estimated useful lives\\. The estimated useful life for leasehold improvements is the shorter of lease term or estimated useful life\\. Depreciation and amortization expense related to our property and equipment was $2\\.6 billion, $2\\.3 billion and $2\\.2 billion for the years ended December 31, 2019, 2018 and 2017, respectively\\. Residual values for owned aircraft, engines, spare parts and simulators are generally 5% to 10% of cost\\. \n\nWe capitalize certain internal and external costs incurred to develop and implement software and amortize those costs over an estimated useful life of  three to  ten years\\. Included in the depreciation and amortization expense discussed above, we recorded $239 million, $205 million and $187 million for amortization of capitalized software for the years ended December 31, 2019, 2018 and 2017, respectively\\. The net book value of these assets, which are included in information technology\\-related assets above, totaled $1\\.1 billion and $819 million at December 31, 2019 and 2018, respectively\\. \n\nOur tangible assets consist primarily of flight equipment, which is mobile across geographic markets\\. Accordingly, assets are not allocated to specific geographic regions\\.\n\nWe review flight equipment and other long\\-lived assets used in operations for impairment losses when events and circumstances indicate the assets may be impaired\\. Factors which could be indicators of impairment include, but are not limited to, (1) a decision to permanently remove flight equipment or other long\\-lived assets from operations, (2) significant changes in the estimated useful life, (3) significant changes in projected cash flows, (4) permanent and significant declines in fleet fair values and (5) changes to the regulatory environment\\. For long\\-lived assets held for sale, we discontinue depreciation and record impairment losses when the carrying amount of these assets is greater than the fair value less the cost to sell\\.\n\n60"}
{"_id": "Alaska-2019_44.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nFuture Fuel Hedge Positions\n\nAll of our future oil positions are call options, which are designed to effectively cap the cost of the crude oil component of our jet fuel purchases\\. With call options, we are hedged against volatile crude oil price increases; and, during a period of decline in crude oil prices, we only forfeit cash previously paid for hedge premiums\\. Our crude oil positions are as follows:\n\n\n\n|                     |                     |                     |                                             |                                             |  |  |  |                                              |                                              |                                              |  |  |  |                                 |                                 |                                 |\n|:------------------- |:------------------- |:------------------- |:-------------------------------------------:|:-------------------------------------------:|:- |:- |:- |:--------------------------------------------:|:--------------------------------------------:|:--------------------------------------------:|:- |:- |:- |:-------------------------------:|:-------------------------------:|:-------------------------------:|\n|                     |                     |                     | Approximate % of Expected Fuel Requirements | Approximate % of Expected Fuel Requirements |  |  |  | Weighted\\-Average Crude Oil Price per Barrel | Weighted\\-Average Crude Oil Price per Barrel | Weighted\\-Average Crude Oil Price per Barrel |  |  |  | Average Premium Cost per Barrel | Average Premium Cost per Barrel | Average Premium Cost per Barrel |\n| First Quarter 2020  | First Quarter 2020  | First Quarter 2020  |                    50%                      |                    50%                      |  |  |  |                     $70                      |                     $70                      |                     $70                      |  |  |  |               $2                |               $2                |               $2                |\n| Second Quarter 2020 | Second Quarter 2020 | Second Quarter 2020 |                    50%                      |                    50%                      |  |  |  |                     $67                      |                     $67                      |                     $67                      |  |  |  |               $2                |               $2                |               $2                |\n| Third Quarter 2020  | Third Quarter 2020  | Third Quarter 2020  |                    40%                      |                    40%                      |  |  |  |                     $67                      |                     $67                      |                     $67                      |  |  |  |               $2                |               $2                |               $2                |\n| Fourth Quarter 2020 | Fourth Quarter 2020 | Fourth Quarter 2020 |                    30%                      |                    30%                      |  |  |  |                     $65                      |                     $65                      |                     $65                      |  |  |  |               $2                |               $2                |               $2                |\n|  Full Year 2020     |  Full Year 2020     |  Full Year 2020     |                    42%                      |                    42%                      |  |  |  |                     $68                      |                     $68                      |                     $68                      |  |  |  |               $2                |               $2                |               $2                |\n| First Quarter 2021  | First Quarter 2021  | First Quarter 2021  |                    20%                      |                    20%                      |  |  |  |                     $63                      |                     $63                      |                     $63                      |  |  |  |               $2                |               $2                |               $2                |\n| Second Quarter 2021 | Second Quarter 2021 | Second Quarter 2021 |                    10%                      |                    10%                      |  |  |  |                     $64                      |                     $64                      |                     $64                      |  |  |  |               $2                |               $2                |               $2                |\n|  Full Year 2021     |  Full Year 2021     |  Full Year 2021     |                     7%                      |                     7%                      |  |  |  |                     $63                      |                     $63                      |                     $63                      |  |  |  |               $2                |               $2                |               $2                |\n\n\n\nContractual Obligations\n\nThe following table provides a summary of our obligations as of December 31, 2019\\. For agreements with variable terms, amounts included reflect our minimum obligations\\.\n\n\n\n|                                         |                                         |                                         |         |  |  |  |         |  |  |  |         |  |  |  |       |  |  |  |       |  |  |  |         |  |  |  |         |\n|:--------------------------------------- |:--------------------------------------- |:--------------------------------------- | -------:|:- |:- |:- | -------:|:- |:- |:- | -------:|:- |:- |:- | -----:|:- |:- |:- | -----:|:- |:- |:- | -------:|:- |:- |:- | -------:|\n| *(in millions)*                         | *(in millions)*                         | *(in millions)*                         |    2020 |  |  |  |    2021 |  |  |  |    2022 |  |  |  |  2023 |  |  |  |  2024 |  |  |  |  Beyond |  |  |  |   Total |\n| Current and long\\-term debt obligations | Current and long\\-term debt obligations | Current and long\\-term debt obligations |   $235  |  |  |  |   $281  |  |  |  |   $243  |  |  |  | $173  |  |  |  | $153  |  |  |  |   $420  |  |  |  | $1,505  |\n| Aircraft leases commitments             | Aircraft leases commitments             | Aircraft leases commitments             |    324  |  |  |  |    295  |  |  |  |    269  |  |  |  |  212  |  |  |  |  160  |  |  |  |    660  |  |  |  |  1,920  |\n| Facility lease commitments              | Facility lease commitments              | Facility lease commitments              |     11  |  |  |  |      8  |  |  |  |      7  |  |  |  |    7  |  |  |  |    7  |  |  |  |     85  |  |  |  |    125  |\n| Aircraft maintenance deposits           | Aircraft maintenance deposits           | Aircraft maintenance deposits           |     73  |  |  |  |     62  |  |  |  |     51  |  |  |  |   26  |  |  |  |    6  |  |  |  |      2  |  |  |  |    220  |\n| Aircraft purchase commitments           | Aircraft purchase commitments           | Aircraft purchase commitments           |    531  |  |  |  |    487  |  |  |  |    347  |  |  |  |  206  |  |  |  |   31  |  |  |  |     26  |  |  |  |  1,628  |\n| Interest obligations^(a)^               | Interest obligations^(a)^               | Interest obligations^(a)^               |     43  |  |  |  |     36  |  |  |  |     27  |  |  |  |   21  |  |  |  |   16  |  |  |  |     25  |  |  |  |    168  |\n| Other obligations^(b)^                  | Other obligations^(b)^                  | Other obligations^(b)^                  |    152  |  |  |  |    173  |  |  |  |    181  |  |  |  |  186  |  |  |  |  192  |  |  |  |    885  |  |  |  |  1,769  |\n| Total                                   | Total                                   | Total                                   | $1,369  |  |  |  | $1,342  |  |  |  | $1,125  |  |  |  | $831  |  |  |  | $565  |  |  |  | $2,103  |  |  |  | $7,335  |\n\n\n\n^(a)^ For variable\\-rate debt, future obligations are shown above using interest rates forecast as of December 31, 2019\\.\n\n^(b)^ Primarily comprised of non\\-aircraft lease costs associated with capacity purchase agreements\\. \n\nDefined Benefit Pensions\n\nThe table above excludes contributions to our various pension plans, for which there are no minimum required contributions given the funded status of the plans\\. The unfunded liability for our qualified defined\\-benefit pension plans was $363 million at December 31, 2019, compared to a $367 million unfunded position at December 31, 2018\\. This results in an 86% funded status on a projected benefit obligation basis compared to 84% funded as of December 31, 2018\\. We made a voluntary contribution of$65 million to the plans in 2019\\.\n\nCredit Card Agreements\n\nWe have agreements with a number of credit card companies to process the sale of tickets and other services\\. Under these agreements, there are material adverse change clauses that, if triggered, could result in the credit card companies holding back a reserve from our credit card receivables\\. Under one such agreement, we could be required to maintain a reserve if our credit rating is downgraded to or below a rating specified by the agreement or our cash and marketable securities balance fell below $500 million\\. Under another such agreement, we could be required to maintain a reserve if our cash and marketable securities balance fell below $500 million\\. We are not currently required to maintain any reserve under these agreements, but if we were, our financial position and liquidity could be materially harmed\\.\n\n44"}
{"_id": "Alaska-2019_65.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nNOTE 4\\. FAIR VALUE MEASUREMENTS\n\nFair Value of Financial Instruments on a Recurring Basis\n\nAs of December 31, 2019, the total cost basis for marketable securities was $1\\.3 billion\\. There were no significant differences between the cost basis and fair value of any individual class of marketable securities\\. \n\nFair values of financial instruments on the consolidated balance sheet (in millions): \n\n\n\n|                                         |                                         |                                         |                   |                   |                   |                   |                   |                   |                   |  |  |  |         |  |  |         |  |  |                   |                   |                   |                   |                   |                   |                   |                   |                   |                   |                   |                   |                   |  |  |  |  |  |  |  |  |  |  |  |  |\n|:--------------------------------------- |:--------------------------------------- |:--------------------------------------- | -----------------:| -----------------:| -----------------:| -----------------:| -----------------:| -----------------:| -----------------:|:- |:- |:- | -------:| -:| -:| -------:| -:| -:| -----------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                         |                                         |                                         | December 31, 2019 | December 31, 2019 | December 31, 2019 | December 31, 2019 | December 31, 2019 | December 31, 2019 | December 31, 2019 |  |  |  |         |  |  |         |  |  | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |\n|                                         |                                         |                                         |           Level 1 |                   |                   |           Level 2 |                   |                   |             Total |  |  |  | Level 1 |  |  | Level 2 |  |  |             Total |\n| Assets                                  | Assets                                  | Assets                                  |                   |                   |                   |                   |                   |                   |                   |  |  |  |         |  |  |         |  |  |                   |\n| Marketable securities                   | Marketable securities                   | Marketable securities                   |                   |                   |                   |                   |                   |                   |                   |  |  |  |         |  |  |         |  |  |                   |\n| U\\.S\\. government and agency securities | U\\.S\\. government and agency securities | U\\.S\\. government and agency securities |             $ 330 |                   |                   |               $ \u2014 |                   |                   |             $ 330 |  |  |  |   $ 293 |  |  |     $ \u2014 |  |  |             $ 293 |\n| Equity mutual funds                     | Equity mutual funds                     | Equity mutual funds                     |                 6 |                   |                   |                 \u2014 |                   |                   |                 6 |  |  |  |       \u2014 |  |  |       \u2014 |  |  |                 \u2014 |\n| Foreign government bonds                | Foreign government bonds                | Foreign government bonds                |                 \u2014 |                   |                   |                31 |                   |                   |                31 |  |  |  |       \u2014 |  |  |      26 |  |  |                26 |\n| Asset\\-backed securities                | Asset\\-backed securities                | Asset\\-backed securities                |                 \u2014 |                   |                   |               211 |                   |                   |               211 |  |  |  |       \u2014 |  |  |     190 |  |  |               190 |\n| Mortgage\\-backed securities             | Mortgage\\-backed securities             | Mortgage\\-backed securities             |                 \u2014 |                   |                   |               176 |                   |                   |               176 |  |  |  |       \u2014 |  |  |      92 |  |  |                92 |\n| Corporate notes and bonds               | Corporate notes and bonds               | Corporate notes and bonds               |                 \u2014 |                   |                   |               523 |                   |                   |               523 |  |  |  |       \u2014 |  |  |     520 |  |  |               520 |\n| Municipal securities                    | Municipal securities                    | Municipal securities                    |                 \u2014 |                   |                   |                23 |                   |                   |                23 |  |  |  |       \u2014 |  |  |      10 |  |  |                10 |\n| Total Marketable securities             | Total Marketable securities             | Total Marketable securities             |               336 |                   |                   |               964 |                   |                   |             1,300 |  |  |  |     293 |  |  |     838 |  |  |             1,131 |\n| Derivative instruments                  | Derivative instruments                  | Derivative instruments                  |                   |                   |                   |                   |                   |                   |                   |  |  |  |         |  |  |         |  |  |                   |\n| Fuel hedge contracts \\- call options    | Fuel hedge contracts \\- call options    | Fuel hedge contracts \\- call options    |                 \u2014 |                   |                   |                11 |                   |                   |                11 |  |  |  |       \u2014 |  |  |       4 |  |  |                 4 |\n| Interest rate swap agreements           | Interest rate swap agreements           | Interest rate swap agreements           |                 \u2014 |                   |                   |                 3 |                   |                   |                 3 |  |  |  |       \u2014 |  |  |      10 |  |  |                10 |\n| Total Assets                            | Total Assets                            | Total Assets                            |             $ 336 |                   |                   |             $ 978 |                   |                   |           $ 1,314 |  |  |  |   $ 293 |  |  |   $ 852 |  |  |           $ 1,145 |\n| Liabilities                             | Liabilities                             | Liabilities                             |                   |                   |                   |                   |                   |                   |                   |  |  |  |         |  |  |         |  |  |                   |\n| Derivative instruments                  | Derivative instruments                  | Derivative instruments                  |                   |                   |                   |                   |                   |                   |                   |  |  |  |         |  |  |         |  |  |                   |\n| Interest rate swap agreements           | Interest rate swap agreements           | Interest rate swap agreements           |                 \u2014 |                   |                   |              (10) |                   |                   |              (10) |  |  |  |       \u2014 |  |  |     (7) |  |  |               (7) |\n| Total Liabilities                       | Total Liabilities                       | Total Liabilities                       |               $ \u2014 |                   |                   |            $ (10) |                   |                   |            $ (10) |  |  |  |     $ \u2014 |  |  |   $ (7) |  |  |             $ (7) |\n\n\n\nThe Company uses the market and income approach to determine the fair value of marketable securities\\. U\\.S\\. government securities and equity mutual funds are Level 1 as the fair value is based on quoted prices in active markets\\. The remaining marketable securities instruments are Level 2 as the fair value is based on standard valuation models that calculate values from observable inputs such as quoted interest rates, yield curves, credit ratings of the security and other observable market information\\. \n\nThe Company uses the market and income approaches to determine the fair value of derivative instruments\\. The fair value for fuel hedge call options is determined utilizing an option pricing model that uses inputs that are readily available in active markets or can be derived from information available in active markets\\. In addition, the fair value considers exposure to credit losses in the event of non\\-performance by counterparties\\. Interest rate swap agreements are Level 2 as the fair value of these contracts is determined based on the difference between the fixed interest rate in the agreements and the observable LIBOR\\-based interest forward rates at period end, multiplied by the total notional value\\.\n\nActivity and Maturities for Marketable Securities\n\nUnrealized losses from marketable securities are primarily attributable to changes in interest rates\\. Management does not believe any remaining losses represent other\\-than\\-temporary impairments based on the Company's evaluation of available evidence as of December 31, 2019\\. \n\nProceeds from sales of marketable securities were $1\\.7 billion, $1\\.1 billion and $1\\.4 billion in 2019, 2018, and 2017\\.\n\n65"}
{"_id": "AmericanAirlines-2017_111.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^f)^ | Includes limited partnerships that invest primarily in U\\.S\\. ( 94% ) and European ( 6% ) buyout opportunities of a range of privately held companies\\. The pension plan\u2019s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated\\. It is estimated that the underlying assets of these funds will be gradually liquidated over the next  one  to  ten years \\. Additionally, the pension plan\u2019s master trust has future funding commitments of approximately  $903 million  over the next ten years\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^g)^ | Investment includes  42%  in a collective interest trust investing primarily in short\\-term securities,  40%  in an emerging market 103\\-12 Investment Trust with investments in emerging country equity securities,  10%  in Canadian segregated balanced value, income growth and diversified pooled funds and  8%  in a common/collective trust investing in securities of smaller companies located outside the U\\.S\\., including developing markets\\. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                            |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^h)^ | Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy\\. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements\\. |\n\n\n\n\n\n|                                                                                              |                                                                                                                |                                                                              |                                                                                |                                                     |\n| -------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                                                                                              | **Fair Value Measurements as of December 31, 2016**                                                            | **Fair Value Measurements as of December 31, 2016**                          | **Fair Value Measurements as of December 31, 2016**                            | **Fair Value Measurements as of December 31, 2016** |\n| **Asset Category**                                                                           | **Quoted Prices in**<br><br>**Active Markets**<br><br>**for Identical**<br><br>**Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Cash and cash equivalents                                                                    | $573                                                                                                           | $\u2014                                                                           | $\u2014                                                                             | $573                                                |\n| Equity securities:                                                                           |                                                                                                                |                                                                              |                                                                                |                                                     |\n| International markets  ^(a) (b)^                                                             | 3,232                                                                                                          | \u2014                                                                            | \u2014                                                                              | 3,232                                               |\n| Large\\-cap companies  ^(b)^                                                                  | 2,253                                                                                                          | \u2014                                                                            | \u2014                                                                              | 2,253                                               |\n| Mid\\-cap companies  ^(b)^                                                                    | 371                                                                                                            | \u2014                                                                            | \u2014                                                                              | 371                                                 |\n| Small\\-cap companies  ^(b)^                                                                  | 6                                                                                                              | \u2014                                                                            | \u2014                                                                              | 6                                                   |\n| Mutual funds  ^(c)^                                                                          | 49                                                                                                             | \u2014                                                                            | \u2014                                                                              | 49                                                  |\n| Fixed income:                                                                                |                                                                                                                |                                                                              |                                                                                |                                                     |\n| Corporate bonds  ^(d)^                                                                       | \u2014                                                                                                              | 2,337                                                                        | \u2014                                                                              | 2,337                                               |\n| Government securities  ^(e)^                                                                 | \u2014                                                                                                              | 150                                                                          | \u2014                                                                              | 150                                                 |\n| U\\.S\\. municipal securities                                                                  | \u2014                                                                                                              | 37                                                                           | \u2014                                                                              | 37                                                  |\n| Alternative instruments:                                                                     |                                                                                                                |                                                                              |                                                                                |                                                     |\n| Private equity partnerships  ^(f)^                                                           | \u2014                                                                                                              | \u2014                                                                            | 21                                                                             | 21                                                  |\n| Private equity partnerships measured at net asset value  ^(f) (h)^                           | \u2014                                                                                                              | \u2014                                                                            | \u2014                                                                              | 703                                                 |\n| Common/collective trusts  ^(g)^                                                              | \u2014                                                                                                              | 32                                                                           | \u2014                                                                              | 32                                                  |\n| Common/collective trusts and 103\\-12 Investment Trust measured at net asset value  ^(g) (h)^ | \u2014                                                                                                              | \u2014                                                                            | \u2014                                                                              | 227                                                 |\n| Insurance group annuity contracts                                                            | \u2014                                                                                                              | \u2014                                                                            | 2                                                                              | 2                                                   |\n| Dividend and interest receivable                                                             | 40                                                                                                             | \u2014                                                                            | \u2014                                                                              | 40                                                  |\n| Due to/from brokers for sale of securities \u2013 net                                             | (9)                                                                                                            | \u2014                                                                            | \u2014                                                                              | (9)                                                 |\n| Other liabilities \u2013 net                                                                      | (7)                                                                                                            | \u2014                                                                            | \u2014                                                                              | (7)                                                 |\n| Total                                                                                        | $6,508                                                                                                         | $2,556                                                                       | $23                                                                            | $10,017                                             |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                           |\n| ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^a)^ | Holdings are diversified as follows:  15%  United Kingdom,  12%  Japan,  10%  France,  7%  Switzerland,  6%  Netherlands,  17%  other emerging markets and the remaining  33%  with no concentration greater than 5% in any one country\\. |\n\n\n\n112"}
{"_id": "United-2017_92.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nassumptions as of December 31, 2017, our future payments through the end of the terms of our CPAs are presented in the table below (in billions):\n\n\n\n|            |           |\n|:---------- | ---------:|\n| 2018       |    $2\\.0  |\n| 2019       |     1\\.8  |\n| 2020       |     1\\.6  |\n| 2021       |     1\\.5  |\n| 2022       |     1\\.4  |\n| After 2022 |     3\\.2  |\n|            |  $ 11\\.5  |\n\n\n\nThe actual amounts we pay to our regional operators under CPAs could differ materially from these estimates\\. For example, a 10% increase or decrease in scheduled block hours for all of United\u2019s regional operators (whether as a result of changes in average daily utilization or otherwise) in 2018 would result in a corresponding change in annual cash obligations under the CPAs of approximately $147 million\\.\n\n**NOTE 12 \\- VARIABLE INTEREST ENTITIES** \n\nVariable interests are contractual, ownership or other monetary interests in an entity that change with fluctuations in the fair value of the entity\u2019s net assets exclusive of variable interests\\. A VIE can arise from items such as lease agreements, loan arrangements, guarantees or service contracts\\. An entity is a VIE if (a) the entity lacks sufficient equity or (b) the entity\u2019s equity holders lack power or the obligation and right as equity holders to absorb the entity\u2019s expected losses or to receive its expected residual returns\\. Therefore, if the equity owners as a group do not have the power to direct the entity\u2019s activities that most significantly impact its economic performance, the entity is a VIE\\.\n\nIf an entity is determined to be a VIE, the entity must be consolidated by the primary beneficiary\\. The primary beneficiary is the holder of the variable interests that has the power to direct the activities of a VIE that (i) most significantly impact the VIE\u2019s economic performance and (ii) has the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE\\. Therefore, the Company must identify which activities most significantly impact the VIE\u2019s economic performance and determine whether it, or another party, has the power to direct those activities\\.\n\nThe Company\u2019s evaluation of its association with VIEs is described below:\n\n***Aircraft Leases***\\. We are the lessee in a number of operating leases covering the majority of our leased aircraft\\. The lessors are trusts established specifically to purchase, finance and lease aircraft to us\\. These leasing entities meet the criteria for VIEs\\. We are generally not the primary beneficiary of the leasing entities if the lease terms are consistent with market terms at the inception of the lease and do not include a residual value guarantee, fixed\\-price purchase option or similar feature that obligates us to absorb decreases in value or entitles us to participate in increases in the value of the aircraft\\. This is the case for many of our operating leases; however, leases of 38 mainline jet aircraft contain a fixed\\-price purchase option that allow United to purchase the aircraft at predetermined prices on specified dates during the lease term\\. Additionally, leases covering 158 leased regional jet aircraft contain an option to purchase the aircraft at the end of the lease term at prices that, depending on market conditions, could be below fair value\\. United has not consolidated the related trusts because, even taking into consideration these purchase options, United is still not the primary beneficiary\\. United\u2019s maximum exposure under these leases is the remaining lease payments, which are reflected in future lease commitments in Note 11 of this report\\.\n\n***EETCs\\.*** United evaluated whether the pass\\-through trusts formed for its EETC financings, treated as either debt or aircraft operating leases, are VIEs required to be consolidated by United under applicable accounting guidance, and determined that the pass\\-through trusts are VIEs\\. Based on United\u2019s analysis as described below, United determined that it does not have a variable interest in the pass\\-through trusts\\.\n\n93"}
{"_id": "AmericanAirlines-2019_63.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|       |                                                                                                                                                                                                                                 |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(d)^ | Includes  $11\\.9 billion  of future principal payments and  $2\\.3 billion  of future interest payments as of  December 31, 2019 , related to EETCs associated with mortgage financings of certain aircraft and spare engines\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(e)^ | See Part I, Item 2\\. Properties \u2013  *\u201cAircraft and Engine Purchase Commitments\u201d*  for additional information about the firm commitment aircraft delivery schedule, in particular the footnotes to the table thereunder as to potential changes to such delivery schedule\\. Due to uncertainty surrounding the timing of delivery of certain aircraft, the amounts in the table represent our current best estimate, including with respect to the delivery of Boeing 737 MAX aircraft; however, the actual delivery schedule may differ from the table above, potentially materially\\. Additionally, the amounts in the table exclude 22 787\\-8 aircraft to be delivered in 2020 and 2021 for which Boeing has committed to provide sale\\-leaseback financing (in the form of operating leases)\\. This financing is reflected in the operating lease commitments line above\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(f)^ | Represents minimum payments under capacity purchase agreements with third\\-party regional carriers\\. These commitments are estimates of costs based on assumed minimum levels of flying under the capacity purchase agreements and our actual payments could differ materially\\. Rental payments under operating leases for certain aircraft flown under these capacity purchase agreements are reflected in the operating lease commitments line above\\. |\n\n\n\n\n\n|       |                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------- |\n| ^(g)^ | Includes minimum pension contributions based on actuarially determined estimates and is based on estimated payments through 2029\\. |\n\n\n\n\n\n|       |                                                                                                             |\n| ----- | ----------------------------------------------------------------------------------------------------------- |\n| ^(h)^ | Includes purchase commitments for aircraft fuel, construction projects and information technology support\\. |\n\n\n\nCapital Raising Activity and Other Possible Actions\n\nIn light of our significant financial commitments related to, among other things, new flight equipment, the servicing and amortization of existing debt and equipment leasing arrangements, and future pension funding obligations, we and our subsidiaries will regularly consider, and enter into negotiations related to, capital raising activity, which may include the entry into leasing transactions and future issuances of secured or unsecured debt obligations or additional equity securities in public or private offerings or otherwise\\. The cash available from operations and these sources, however, may not be sufficient to cover cash contractual obligations because economic factors may reduce the amount of cash generated by operations or increase costs\\. For instance, an economic downturn or general global instability caused by military actions, terrorism, disease outbreaks, natural disasters or other causes could reduce the demand for air travel, which would reduce the amount of cash generated by operations\\. An increase in costs, either due to an increase in borrowing costs caused by a reduction in credit ratings or a general increase in interest rates, or due to an increase in the cost of fuel, maintenance, aircraft, aircraft engines or parts, could decrease the amount of cash available to cover cash contractual obligations\\. Moreover, certain of our financing arrangements contain significant minimum cash balance requirements\\. As a result, we cannot use all of our available cash to fund operations, capital expenditures and cash obligations without violating these requirements\\. See Note 5 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 3 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for information regarding our financing arrangements\\.\n\nIn the past, we have from time to time refinanced, redeemed or repurchased our debt and taken other steps to reduce or otherwise manage the aggregate amount and cost of our debt or lease obligations or otherwise improve our balance sheet\\. Going forward, depending on market conditions, our cash position and other considerations, we may continue to take such actions\\.\n\nOur Board of Directors has from time to time authorized programs to repurchase shares of our common stock, one of which is currently in effect, and may authorize additional share repurchase programs in the future\\.\n\nOTHER INFORMATION\n\nBasis of Presentation\n\nSee Note 1 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 1 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for information regarding the basis of presentation\\.\n\n64"}
{"_id": "United-2017_132.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**SIGNATURES** \n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized\\.\n\n\n\n|                                                                            |                                                                            |\n| -------------------------------------------------------------------------- | -------------------------------------------------------------------------- |\n|  UNITED CONTINENTAL HOLDINGS, INC\\.  UNITED AIRLINES, INC\\.  (Registrants) |  UNITED CONTINENTAL HOLDINGS, INC\\.  UNITED AIRLINES, INC\\.  (Registrants) |\n|  By:                                                                       |  /s/ Andrew C\\. Levy                                                       |\n|                                                                            |  Andrew C\\. Levy                                                           |\n|                                                                            |  Executive Vice President and Chief Financial  Officer                     |\n\n\n\nDate: February 22, 2018\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of United Continental Holdings, Inc\\. and in the capacities and on the date indicated\\.\n\n\n\n|                                       |                                                                                    |\n| ------------------------------------- | ---------------------------------------------------------------------------------- |\n| Signature                             | Capacity                                                                           |\n|  /s/ Oscar Munoz  Oscar Munoz         | Chief Executive Officer, Director (Principal Executive Officer)                    |\n|  /s/ Andrew C\\. Levy  Andrew C\\. Levy | Executive Vice President and Chief Financial Officer (Principal Financial Officer) |\n|  /s/ Chris Kenny  Chris Kenny         | Vice President and Controller (Principal Accounting Officer)                       |\n|  /s/ Carolyn Corvi  Carolyn Corvi     | Director                                                                           |\n|  /s/ Jane C\\. Garvey  Jane C\\. Garvey | Director                                                                           |\n|  /s/ Barney Harford  Barney Harford   | Director                                                                           |\n|  /s/ Todd M\\. Insler  Todd M\\. Insler | Director                                                                           |\n|  /s/ Walter Isaacson  Walter Isaacson | Director                                                                           |\n\n\n\n133"}
{"_id": "AmericanAirlines-2019_146.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                            |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(f)^ | Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy\\. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(g)^ | Investment includes   36%  in a common/collective trust investing in securities of larger companies within the U\\.S\\.,   29%  in a common/collective trust investing in securities of smaller companies located outside the U\\.S\\.,   16%  in a collective interest trust investing primarily in short\\-term securities,   15%  in an emerging market 103\\-12 Investment Trust with investments in emerging country equity securities and   4%  in Canadian segregated balanced value, income growth and diversified pooled funds\\. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred\\. |\n\n\n\n\n\n|                                                                                               |                                                                                                       |                                                                              |                                                                                |                                                     |\n| --------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                                                                                               | **Fair Value Measurements as of December 31, 2018**                                                   | **Fair Value Measurements as of December 31, 2018**                          | **Fair Value Measurements as of December 31, 2018**                            | **Fair Value Measurements as of December 31, 2018** |\n| **Asset Category**                                                                            | **Quoted Prices in** <br><br>**Active Markets** <br><br>**for Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Cash and cash equivalents                                                                     | $23                                                                                                   | $\u2014                                                                           | $\u2014                                                                             | $23                                                 |\n| Equity securities:                                                                            |                                                                                                       |                                                                              |                                                                                |                                                     |\n| International markets  ^(a), (b)^                                                             | 3,181                                                                                                 | \u2014                                                                            | \u2014                                                                              | 3,181                                               |\n| Large\\-cap companies  ^(b)^                                                                   | 2,021                                                                                                 | \u2014                                                                            | \u2014                                                                              | 2,021                                               |\n| Mid\\-cap companies  ^(b)^                                                                     | 583                                                                                                   | \u2014                                                                            | \u2014                                                                              | 583                                                 |\n| Small\\-cap companies  ^(b)^                                                                   | 122                                                                                                   | \u2014                                                                            | \u2014                                                                              | 122                                                 |\n| Fixed income:                                                                                 |                                                                                                       |                                                                              |                                                                                |                                                     |\n| Corporate debt  ^(c)^                                                                         | \u2014                                                                                                     | 2,116                                                                        | \u2014                                                                              | 2,116                                               |\n| Government securities  ^(d)^                                                                  | \u2014                                                                                                     | 228                                                                          | \u2014                                                                              | 228                                                 |\n| U\\.S\\. municipal securities                                                                   | \u2014                                                                                                     | 40                                                                           | \u2014                                                                              | 40                                                  |\n| Alternative instruments:                                                                      |                                                                                                       |                                                                              |                                                                                |                                                     |\n| Private market partnerships  ^(e)^                                                            | \u2014                                                                                                     | \u2014                                                                            | 7                                                                              | 7                                                   |\n| Private market partnerships measured at net asset value  ^(e), (f)^                           | \u2014                                                                                                     | \u2014                                                                            | \u2014                                                                              | 1,188                                               |\n| Common/collective trusts  ^(g)^                                                               | \u2014                                                                                                     | 218                                                                          | \u2014                                                                              | 218                                                 |\n| Common/collective trusts and 103\\-12 Investment Trust measured at net asset value  ^(f), (g)^ | \u2014                                                                                                     | \u2014                                                                            | \u2014                                                                              | 227                                                 |\n| Insurance group annuity contracts                                                             | \u2014                                                                                                     | \u2014                                                                            | 2                                                                              | 2                                                   |\n| Dividend and interest receivable                                                              | 47                                                                                                    | \u2014                                                                            | \u2014                                                                              | 47                                                  |\n| Due to/from brokers for sale of securities \u2013 net                                              | 5                                                                                                     | \u2014                                                                            | \u2014                                                                              | 5                                                   |\n| Other liabilities \u2013 net                                                                       | (7<br><br>)                                                                                           | \u2014                                                                            | \u2014                                                                              | (7<br><br>)                                         |\n| Total                                                                                         | $5,975                                                                                                | $2,602                                                                       | $9                                                                             | $10,001                                             |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(a)^ | Holdings are diversified as follows:   17%  United Kingdom,   10%  Japan,   8%  France,   7%  Switzerland,   6%  Ireland,   17%  emerging markets and the remaining   35%  with no concentration greater than 5% in any one country\\. |\n\n\n\n\n\n|       |                                                                              |\n| ----- | ---------------------------------------------------------------------------- |\n| ^(b)^ | There are no significant concentrations of holdings by company or industry\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(c)^ | Includes approximately   77%  investments in corporate debt with a S&P rating lower than A and   23%  investments in corporate debt with a S&P rating A or higher\\. Holdings include   85%  U\\.S\\. companies,   12%  international companies and   3%  emerging market companies\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                      |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(d)^ | Includes approximately   32%  investments in U\\.S\\. domestic government securities,   37%  in emerging market government securities and   31%  in international government securities\\. There are no significant foreign currency risks within this classification\\. |\n\n\n\n147"}
{"_id": "United-2019_9.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|               |                     |\n| ------------- | ------------------- |\n| **ITEM 1A\\.** | **RISK FACTORS\\.**  |\n\n\n\nThe following risk factors should be read carefully when evaluating the Company's business and the forward\\-looking statements contained in this report and other statements the Company or its representatives make from time to time\\. Any of the following risks could materially and adversely affect the Company's business, operating results, financial condition and the actual outcome of matters as to which forward\\-looking statements are made in this report\\.\n\nIf we do not successfully execute our strategic operating plan, or if our strategic operating plan is unsuccessful, our business, operating results and financial condition could be materially and adversely affected\\.\n\nWe have announced several strategic plans in recent years, including several revenue\\-generating initiatives and plans to optimize our revenue, such as our plans to add capacity, including international expansion and new or increased service to mid\\-size airports, and initiatives and plans to optimize and control our costs\\. We also continue to explore opportunities to enhance our segmentation, including the introduction of Polaris, Basic Economy and United Premium Plus, and are implementing many programs and policies to improve the customer experience at all points in air travel\\. In developing our strategic operating plan, we make certain assumptions, including, but not limited to, those related to customer demand, competition, market consolidation, the availability of aircraft and the global economy\\. Actual economic, market and other conditions may be different from our assumptions\\. In 2019, our capacity growth was lower than planned due to the grounding of Boeing 737 MAX aircraft, among other factors, which adversely impacted our ability to execute our strategic operating plans\\. If we do not successfully execute our strategic operating plan, or if actual results vary significantly from our assumptions, our business, operating results and financial condition could be materially and adversely impacted\\.\n\nUnfavorable economic and political conditions, in the United States and globally, may have a material adverse effect on our business, operating results and financial condition\\.\n\nThe Company's business and operating results are significantly impacted by U\\.S\\. and global economic and political conditions\\. The airline industry is highly cyclical, and the level of demand for air travel is correlated to the strength of the U\\.S\\. and global economies\\. Robust demand for the Company's air transportation services depends largely on favorable economic conditions, including the strength of the domestic and foreign economies, low unemployment levels, strong consumer confidence levels and the availability of consumer and business credit\\. Air transportation is often a discretionary purchase that leisure travelers may limit or eliminate during difficult economic times\\. Short\\-haul travelers, in particular, have the option to replace air travel with surface travel\\. In addition, during periods of unfavorable economic conditions, business travelers historically have reduced the volume of their travel, either due to cost\\-saving initiatives, the replacement of travel with alternatives such as videoconferencing, or as a result of decreased business activity requiring travel\\. During such periods, the Company's business and operating results may be adversely affected due to significant declines in industry passenger demand, particularly with respect to the Company's business and premium cabin travelers, and a reduction in fare levels\\.\n\nAs a global business with operations outside of the United States from which it derives significant operating revenues, volatile conditions in certain international regions may have a negative impact on the Company's operating results and its ability to achieve its business objectives\\. The Company's international operations are a vital part of its worldwide airline network\\. Political disruptions and instability in certain regions can negatively impact the demand and network availability for air travel\\. Additionally, any deterioration in global trade relations, such as increased tariffs or other trade barriers, could result in a decrease in the demand for international air travel\\.\n\nStagnant or weakening global economic conditions either in the United States or in other geographic regions may have a material adverse effect on the Company's revenues, operating results and liquidity\\. \n\nThe global airline industry is highly competitive and susceptible to price discounting and changes in capacity, which could have a material adverse effect on our business, operating results and financial condition\\. \n\nThe airline industry is highly competitive, marked by significant competition with respect to routes, fares, schedules (both timing and frequency), services, products, customer service and frequent flyer programs\\. Consolidation in the airline industry, the rise of well\\-funded government sponsored international carriers, changes in international alliances and the creation of immunized JBAs have altered and are expected to continue to alter the competitive landscape in the industry, resulting in the formation of airlines and alliances with increased financial resources, more extensive global networks and services and competitive cost structures\\.\n\nAirlines also compete by increasing or decreasing their capacity, including route systems and the number of destinations served\\. Several of the Company's domestic and international competitors have increased their international capacity by including service to some destinations that the Company currently serves, causing overlap in destinations served, and therefore, increasing competition for those destinations\\. This increased competition in both domestic and international markets may have \n\n10"}
{"_id": "Delta-2019_63.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nTo determine whether impairments exist for aircraft used in operations, we group assets at the fleet\\-type level or at the contract level for aircraft operated by regional carriers (i\\.e\\., the lowest level for which there are identifiable cash flows) and then estimate future cash flows based on projections of capacity, passenger mile yield, fuel costs, labor costs and other relevant factors\\. If an asset group is impaired, the impairment loss recognized is the amount by which the asset group's carrying amount exceeds its estimated fair value\\. We estimate aircraft fair values using published sources, appraisals and bids received from third parties, as available\\.\n\nGoodwill and Other Intangible Assets\n\nOur goodwill and identifiable intangible assets relate to the airline segment\\. We apply a fair value\\-based impairment test to the carrying value of goodwill and indefinite\\-lived intangible assets on an annual basis (as of October 1) and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis\\. We assess the value of our goodwill and indefinite\\-lived assets under either a qualitative or quantitative approach\\. Under a qualitative approach, we consider various market factors, including certain of the key assumptions listed below\\. We analyze these factors to determine if events and circumstances have affected the fair value of goodwill and indefinite\\-lived intangible assets\\. If we determine that it is more likely than not that the asset may be impaired, we use the quantitative approach to assess the asset's fair value and the amount of the impairment\\. Under a quantitative approach, we calculate the fair value of the asset incorporating the key assumptions listed below into our calculation\\.\n\nWe value goodwill and indefinite\\-lived intangible assets primarily using market and income approach valuation techniques\\. These measurements include the following key assumptions: (1) forecasted revenues, expenses and cash flows, (2) terminal period revenue growth and cash flows, (3) an estimated weighted average cost of capital, (4) assumed discount rates depending on the asset and (5) a tax rate\\. These assumptions are consistent with those that hypothetical market participants would use\\. Because we are required to make estimates and assumptions when evaluating goodwill and indefinite\\-lived intangible assets for impairment, actual transaction amounts may differ materially from these estimates\\. \n\nChanges in certain events and circumstances could result in impairment or a change from indefinite\\-lived to definite\\-lived\\. Factors which could cause impairment include, but are not limited to, (1) negative trends in our market capitalization, (2) reduced profitability resulting from lower passenger mile yields or higher input costs (primarily related to fuel and employees), (3) lower passenger demand as a result of weakened U\\.S\\. and global economies, (4) interruption to our operations due to a prolonged employee strike, terrorist attack or other reasons, (5) changes to the regulatory environment (e\\.g\\., diminished slot access or additional Open Skies agreements), (6) competitive changes by other airlines and (7) strategic changes to our operations leading to diminished utilization of the intangible assets\\.\n\nGoodwill\\.  When we evaluate goodwill for impairment using a quantitative approach, we estimate the fair value of the reporting unit by considering both comparable public company multiples (a market approach) and projected discounted future cash flows (an income approach)\\. If the reporting unit's fair value exceeds its carrying value, no further testing is required\\. If it does not, we recognize an impairment charge if the carrying value of the reporting unit exceeds its estimated fair value\\.\n\nIdentifiable Intangible Assets\\.  Indefinite\\-lived assets are not amortized and consist of routes, slots, the Delta tradename and assets related to alliances and collaborative arrangements\\. Definite\\-lived intangible assets consist primarily of marketing and maintenance service agreements and are amortized on a straight\\-line basis or under the undiscounted cash flows method over the estimated economic life of the respective agreements\\. Costs incurred to renew or extend the term of an intangible asset are expensed as incurred\\.\n\nWe assess our indefinite\\-lived assets under a qualitative or quantitative approach\\. We analyze market factors to determine if events and circumstances have affected the fair value of the indefinite\\-lived intangible assets\\. If we determine that it is more likely than not that the asset value may be impaired, we use the quantitative approach to assess the asset's fair value and the amount of the impairment\\. We perform the quantitative impairment test for indefinite\\-lived intangible assets by comparing the asset's fair value to its carrying value\\. Fair value is estimated based on (1) recent market transactions, where available, (2) the royalty method for the Delta tradename (which assumes hypothetical royalties generated from using our tradename) or (3) projected discounted future cash flows (an income approach)\\. We recognize an impairment charge if the asset's carrying value exceeds its estimated fair value\\.\n\n61"}
{"_id": "Alaska-2019_28.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n|                                             |                                             |                                             |                                       |                                       |  |  |  |                                   |  |  |  |                                                                                             |                                                                                             |  |  |  |                                                                                                                 |\n|:------------------------------------------- |:------------------------------------------- |:------------------------------------------- | -------------------------------------:| -------------------------------------:|:- |:- |:- | ---------------------------------:|:- |:- |:- | -------------------------------------------------------------------------------------------:| -------------------------------------------------------------------------------------------:|:- |:- |:- | ---------------------------------------------------------------------------------------------------------------:|\n|                                             |                                             |                                             | Total Number of  <br>Shares Purchased | Total Number of  <br>Shares Purchased |  |  |  | Average Price  <br>Paid per Share |  |  |  | Total Number of Shares (or units) Purchased as Part of Publicly Announced Plans or Programs | Total Number of Shares (or units) Purchased as Part of Publicly Announced Plans or Programs |  |  |  | Maximum remaining  <br>dollar value of shares  <br>that can be purchased  <br>under the plan  <br>(in millions) |\n| October 1, 2019 \\- October 31, 2019 ^(a)^   | October 1, 2019 \\- October 31, 2019 ^(a)^   | October 1, 2019 \\- October 31, 2019 ^(a)^   |                              117,115  |                              117,115  |  |  |  |                          $66\\.77  |  |  |  |                                                                                    117,115  |                                                                                    117,115  |  |  |  |                                                                                                                 |\n| November 1, 2019 \\- November 30, 2019 ^(a)^ | November 1, 2019 \\- November 30, 2019 ^(a)^ | November 1, 2019 \\- November 30, 2019 ^(a)^ |                               97,053  |                               97,053  |  |  |  |                           70\\.06  |  |  |  |                                                                                     97,053  |                                                                                     97,053  |  |  |  |                                                                                                                 |\n| December 1, 2019 \\- December 31, 2019 ^(a)^ | December 1, 2019 \\- December 31, 2019 ^(a)^ | December 1, 2019 \\- December 31, 2019 ^(a)^ |                              104,633  |                              104,633  |  |  |  |                           68\\.23  |  |  |  |                                                                                    104,633  |                                                                                    104,633  |  |  |  |                                                                                                                 |\n| Total                                       | Total                                       | Total                                       |                              318,801  |                              318,801  |  |  |  |                          $68\\.25  |  |  |  |                                                                                    318,801  |                                                                                    318,801  |  |  |  |                                                                                                           $487  |\n\n\n\n^(a)^ Purchased pursuant to the $1 billion repurchase plan authorized by the Board of Directors in August 2015\\.\n\nPERFORMANCE GRAPH\n\nThe following graph compares our cumulative total stockholder return since December 31, 2014 with the S&P 500 Index and the Dow Jones U\\.S\\. Airlines Index\\. The graph assumes that the value of the investment in our common stock and each index (including reinvestment of dividends) was $100 on December 31, 2014\\.\n\n![alk\\-20191231\\_g1\\.jpg](https://www.example.com/alk-20191231_g1.jpg)\n\n28"}
{"_id": "United-2017_120.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|            |                 |                                                                                                                                                                                                                                                                                                                                                                                  |\n| ----------:|:--------------- |:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*^10\\.110 | UAL  <br>United | [Supplemental Agreement No\\. 17, including side letters, to Purchase Agreement No\\. 1951, dated May 16, 2000 (filed as Exhibit 10\\.2 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2000, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968700000022/0000319687-00-000022-0003.htm) |\n| \\*^10\\.111 | UAL  <br>United | [Supplemental Agreement No\\. 18, including side letters, to Purchase Agreement No\\. 1951, dated September 11, 2000 (filed as Exhibit 10\\.6 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 2000, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968700500009/exhibit-106.htm)    |\n| \\*^10\\.112 | UAL  <br>United | [Supplemental Agreement No\\. 19, including side letters, to Purchase Agreement No\\. 1951, dated October 31, 2000 (filed as Exhibit 10\\.20(t) to Continental\u2019s Form  10\\-K for the year ended December 31, 2000, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968701500005/exhibit1020t.htm)     |\n| \\*^10\\.113 | UAL  <br>United | [Supplemental Agreement No\\. 20, including side letters, to Purchase Agreement No\\. 1951, dated December 21, 2000 (filed as Exhibit 10\\.20(u) to Continental\u2019s Form  10\\-K for the year ended December 31, 2000, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968701500005/exhibit1020u.htm)    |\n| \\*^10\\.114 | UAL  <br>United | [Supplemental Agreement No\\. 21, including side letters, to Purchase Agreement No\\. 1951, dated March 30, 2001 (filed as Exhibit 10\\.1 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 2001, Commission file number  1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/319687/000031968701500009/exhibit101.htm)              |\n| \\*^10\\.115 | UAL  <br>United | [Supplemental Agreement No\\. 22, including side letters, to Purchase Agreement No\\. 1951, dated May 23, 2001 (filed as Exhibit 10\\.3 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2001, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968701500015/exhibit103.htm)                |\n| \\*^10\\.116 | UAL  <br>United | [Supplemental Agreement No\\. 23, including side letters, to Purchase Agreement No\\. 1951, dated June 29, 2001 (filed as Exhibit 10\\.4 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 2001, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968701500015/exhibit104.htm)               |\n| \\*^10\\.117 | UAL  <br>United | [Supplemental Agreement No\\. 24, including side letters, to Purchase Agreement No\\. 1951, dated August 31, 2001 (filed as Exhibit 10\\.11 to Continental\u2019s Form  10\\-Q for the quarter ended September 30, 2001, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968701500040/exhibit1011.htm)      |\n| \\*^10\\.118 | UAL  <br>United | [Supplemental Agreement No\\. 25, including side letters, to Purchase Agreement No\\. 1951, dated December 31, 2001 (filed as Exhibit 10\\.22(z) to Continental\u2019s Form  10\\-K for the year ended December 31, 2001, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968702000006/exhibit1022z.htm)    |\n| \\*^10\\.119 | UAL  <br>United | [Supplemental Agreement No\\. 26, including side letters, to Purchase Agreement No\\. 1951, dated March 29, 2002 (filed as Exhibit 10\\.4 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 2002, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968702000012/exhibit104.htm)             |\n| \\*^10\\.120 | UAL  <br>United | [Supplemental Agreement No\\. 27, including side letters, to Purchase Agreement No\\. 1951, dated November 6, 2002 (filed as Exhibit 10\\.22(ab) to Continental\u2019s Form  10\\-K for the year ended December 31, 2002, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968703000006/exhibit1022ab.htm)   |\n| \\*^10\\.121 | UAL  <br>United | [Supplemental Agreement No\\. 28, including side letters, to Purchase Agreement No\\. 1951, dated April 1, 2003 (filed as Exhibit 10\\.6 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 2003, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/000031968703000014/exhibit106.htm)              |\n\n\n\n121"}
{"_id": "Alaska-2018_78.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nAs a result of the ASC 606 full retrospective adoption, 2017 tax expense increased by $26 million and 2016 tax expense decreased by $12 million\\.\n\nAs a result of tax changes signed into law during 2017, the Company recorded a deferred tax benefit of $237 million as a result of the reduction in future corporate income tax rate and other state law changes\\. \n\nThe Company incurred $39 million of acquisition\\-related costs that are not deductible under U\\.S\\. federal tax law in 2016\\. These expenses are included in Special items\u2014merger\\-related costs and other on the Company\u2019s consolidated statement of operations and are reflected as a permanent unfavorable adjustment for the year ended December 31, 2016, in the table above\\.\n\nIn 2017, adjustments were made to the Company's position on income sourcing in various states due to updated guidance from state taxing authorities\\. The impact of this guidance is reflected as an increase in income tax expense of approximately $9 million for the year ended December 31, 2017\\.\n\n***Uncertain Tax Positions***\n\nThe Company has identified its federal tax return and its state tax returns in Alaska, Oregon and California as \u201cmajor\u201d tax jurisdictions\\. A summary of the Company's jurisdictions and the periods that are subject to examination are as follows:\n\n\n\n|                  |               |\n| ---------------- | ------------- |\n| **Jurisdiction** | **Period**    |\n| Federal          | 2007 to 2017  |\n| Alaska           | 2012 to 2017  |\n| California       | 2007 to 2017  |\n| Oregon           | 2003 to 2017  |\n\n\n\nCertain tax years are open to the extent of net operating loss carryforwards\\. \n\nChanges in the liability for gross unrecognized tax benefits during 2018, 2017 and 2016 are as follows (in millions):\n\n\n\n|                                                 |          |          |          |\n| ----------------------------------------------- | -------- | -------- | -------- |\n|                                                 | **2018** | **2017** | **2016** |\n| Balance at January 1,                           | $43      | $40      | $32      |\n| Additions related to prior years                | 1        | 16       | \u2014        |\n| Releases related to prior years                 | (4)      | (2)      | \u2014        |\n| Additions related to current year activity      | 2        | 2        | \u2014        |\n| Additions from acquisitions                     | \u2014        | \u2014        | 8        |\n| Releases due to settlements                     | (1)      | (11)     | \u2014        |\n| Releases due to lapse of statute of limitations | (1)      | (2)      | \u2014        |\n| Balance at December 31,                         | $40      | $43      | $40      |\n\n\n\nAs of December 31, 2018, the Company had $40 million of accrued tax contingencies, of which $33 million, if fully recognized, would decrease the effective tax rate\\. As of December 31, 2018, 2017 and 2016, the Company has accrued interest and penalties, net of federal income tax benefit, of $6 million, $5 million, and $3 million\\. In 2018, 2017, and 2016, the Company recognized an expense of $1 million, $2 million, and $3 million for interest and penalties, net of federal income tax benefit\\. At December 31, 2018, the Company has unrecognized tax benefits recorded as a liability\\. The Company reduced $3 million of reserves for uncertain tax positions in 2018, primarily due to settlements on state incomes taxes and statute lapses on reserved amounts\\. These uncertain tax positions could change as a result of the Company's ongoing audits, settlement of issues, new audits and status of other taxpayer court cases\\. The Company cannot predict the timing of these actions\\. Due to the positions being taken in various jurisdictions, the amounts currently accrued are the Company's best estimate as of December 31, 2018\\.\n\n 79"}
{"_id": "United-2017_85.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nInvestments presented in the table above have the same fair value as their carrying value\\. The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above as of December 31 (in millions):\n\n\n\n|                 |                                                      |                                                      |                                                      |                                                      |                                                      |                                                      |                                                      |                                                      |                                                      |                                                      |\n|:--------------- | ----------------------------------------------------:| ----------------------------------------------------:| ----------------------------------------------------:| ----------------------------------------------------:| ----------------------------------------------------:| ----------------------------------------------------:| ----------------------------------------------------:| ----------------------------------------------------:| ----------------------------------------------------:| ----------------------------------------------------:|\n|                 | **Fair Value of Debt by Fair Value Hierarchy Level** | **Fair Value of Debt by Fair Value Hierarchy Level** | **Fair Value of Debt by Fair Value Hierarchy Level** | **Fair Value of Debt by Fair Value Hierarchy Level** | **Fair Value of Debt by Fair Value Hierarchy Level** | **Fair Value of Debt by Fair Value Hierarchy Level** | **Fair Value of Debt by Fair Value Hierarchy Level** | **Fair Value of Debt by Fair Value Hierarchy Level** | **Fair Value of Debt by Fair Value Hierarchy Level** | **Fair Value of Debt by Fair Value Hierarchy Level** |\n|                 |                                             **2017** |                                             **2017** |                                             **2017** |                                             **2017** |                                             **2017** |                                             **2016** |                                             **2016** |                                             **2016** |                                             **2016** |                                             **2016** |\n|                 |                             **Carrying  <br>Amount** |                                       **Fair Value** |                                       **Fair Value** |                                       **Fair Value** |                                       **Fair Value** |                             **Carrying  <br>Amount** |                                       **Fair Value** |                                       **Fair Value** |                                       **Fair Value** |                                       **Fair Value** |\n|                 |                                                      |                                                Total |                                              Level 1 |                                              Level 2 |                                              Level 3 |                                                      |                                                Total |                                              Level 1 |                                              Level 2 |                                              Level 3 |\n| Long\\-term debt |                                             $ 13,268 |                                             $ 13,787 |                                                  $\u2014  |                                             $ 10,115 |                                              $ 3,672 |                                             $ 10,767 |                                             $ 11,055 |                                                  $\u2014  |                                              $ 8,184 |                                              $ 2,871 |\n\n\n\nFair value of the financial instruments included in the tables above was determined as follows:\n\n\n\n|                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n|:------------------------------------------------------------------------ |:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|\n| **Description**                                                          |                                                                                                                                                                                                                                                                                                                                                                             **Fair Value Methodology**                                                                                                                                                                                                                                                                                                                                                                             |\n| *Cash and cash equivalents*                                              |                                                                                                                                                                                                                                                                                                                                         The carrying amounts approximate fair value because of the short\\-term maturity of these assets\\.                                                                                                                                                                                                                                                                                                                                          |\n| *Short\\-term investments,* *Equity securities, EETC and Restricted cash* |                                                                                                                                                                                            Fair value is based on (a) the trading prices of the investment or similar instruments, (b) an income approach, which uses valuation techniques to convert future amounts into a single present amount based on current market expectations about those future amounts when observable trading prices are not available, or (c) broker quotes obtained by third\\-party valuation services\\.                                                                                                                                                                                             |\n| *Other investments measured at NAV*                                      | In accordance with the relevant accounting standards, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy\\. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position\\. The investments measured using NAV are shares of mutual funds that invest in fixed\\-income instruments including bonds, debt securities, and other similar instruments issued by various U\\.S\\. and  non\\-U\\.S\\. public\\- or private\\-sector entities\\. The Company can redeem its shares at any time at NAV subject to a  three\\-day settlement period\\. |\n| *Long\\-term debt*                                                        |                                                                                                                                                                                                                                                                                                       Fair values were based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities\\.                                                                                                                                                                                                                                                                                                       |\n\n\n\n86"}
{"_id": "Delta-2019_6.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nOur most significant contract to sell miles relates to our co\\-brand credit card relationship with American Express\\. In early 2019, we amended our primary co\\-brand agreement and other related agreements with American Express\\. The new agreements increase the amount of total benefit that we receive and extend the duration of the relationship to 2029\\. In 2019, cash sales from American Express totaled $4 billion, which is expected to grow to nearly $7 billion by 2023\\.\n\nLoyalty program miles can be redeemed for air travel (including upgrades) on Delta and participating airlines, for membership in our Delta Sky Clubs\u00ae and for other awards\\. We are expanding redemption opportunities and recently began enabling customers to redeem miles for bag fees\\. We offer last\\-seat availability for travel awards on our own flights (including most Delta Connection flights)\\. Miles are subject to certain transfer restrictions and travel awards on partner airlines are subject to capacity\\-controlled seating\\. In 2019, 8\\.9% of revenue miles flown on Delta were from award travel, as program members redeemed miles in the loyalty program for 20 million award redemptions\\.\n\nJoint Ventures, Equity Investments and Alliances\n\nJoint Venture Agreements\\.  We have implemented four separate joint venture arrangements with foreign carriers, each of which has been granted antitrust immunity from the U\\.S\\. Department of Transportation (\"DOT\")\\. We have reinforced a number of the agreements through equity investments in those carriers\\.\n\nEach of our joint venture arrangements provides for joint commercial cooperation with the relevant partner within the geographic scope of the arrangement, including the sharing of revenues and/or profits and losses generated by the parties on the joint venture routes, as well as joint marketing and sales, coordinated pricing and revenue management, network and schedule planning and other coordinated activities with respect to the parties' operations on joint venture routes\\. Our implemented commercial joint ventures consist of the following:\n\n\u2022 A combined joint venture with Air France, KLM and Virgin Atlantic with respect to transatlantic traffic flows\\. In addition to the joint venture, we own a non\\-controlling 49% equity stake in Virgin Atlantic Limited, the parent company of Virgin Atlantic Airways and a non\\-controlling 9% ownership stake in the parent company of Air France and KLM\\.\n\n\u2022 A joint venture with Aerom\u00e9xico with respect to trans\\-border traffic flows between the U\\.S\\. and Mexico\\. In addition to the joint venture, we own a non\\-controlling 51% equity stake in Grupo Aerom\u00e9xico, S\\.A\\.B\\. de C\\.V\\., the parent company of Aerom\u00e9xico\\. In addition, we and Aerom\u00e9xico have established a joint venture relating to an airframe MRO operation located in Queretaro, Mexico\\.\n\n\u2022 A joint venture with Korean Air with respect to traffic flows between the United States and certain countries in Asia\\. In addition to the joint venture, we own a 10% equity stake in Hanjin\\-KAL, the largest shareholder of Korean Air\\.\n\n\u2022 A joint venture with Virgin Australia and its affiliated carriers with respect to traffic flows between North America and Australia/New Zealand\\.\n\nWe have entered into a joint venture agreement with WestJet with respect to trans\\-border traffic flows between the U\\.S\\. and Canada\\. Canadian authorities have approved the joint venture, but it remains subject to required approvals of the U\\.S\\. DOT\\.\n\nIn 2019, we entered into a framework agreement with LATAM Airlines Group S\\.A\\. (\u201cLATAM\u201d) to form a strategic alliance\\. Pursuant to that agreement, we acquired a non\\-controlling 20% equity stake in LATAM in January 2020\\. The parties are in the process of finalizing definitive agreements to implement the strategic alliance and once finalized, the agreements will be submitted for approval by regulatory authorities\\. Pursuant to the framework agreement, we agreed to make transition payments to LATAM totaling $350 million, $200 million of which was disbursed in 2019, and also agreed to acquire four A350 aircraft from LATAM and plan to assume ten of LATAM\u2019s A350 purchase commitments from Airbus, with deliveries through 2025\\.  In order to facilitate the formation of our strategic alliance with LATAM, we have sold our ownership stake in GOL and are winding down our commercial agreements\\.\n\nEnhanced Commercial Agreements with China Eastern\\.  We own a 3% equity interest in China Eastern, with whom we have a strategic joint marketing and commercial cooperation arrangement covering traffic flows between China and the U\\.S\\., which includes reciprocal codesharing, loyalty program participation, airport lounge access and joint sales cooperation\\.\n\n4"}
{"_id": "AmericanAirlines-2018_92.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nThe following is our total passenger revenue by geographic region (in millions):\n\n\n\n|                         |          |          |          |\n| ----------------------- | -------- | -------- | -------- |\n|                         | **2018** | **2017** | **2016** |\n| Domestic                | $29,573  | $28,749  | $27,202  |\n| Latin America           | 5,125    | 4,840    | 4,676    |\n| Atlantic                | 4,376    | 4,028    | 3,873    |\n| Pacific                 | 1,602    | 1,514    | 1,294    |\n| Total passenger revenue | $40,676  | $39,131  | $37,045  |\n\n\n\nWe attribute passenger revenue by geographic region based upon the origin and destination of each flight segment\\.\n\n**Passenger Revenue**\n\nWe recognize all revenues generated from transportation on American and our regional flights operated under the brand name American Eagle, including associated baggage fees, ticketing change fees and other inflight services, as passenger revenue when transportation is provided\\. Ticket and other related sales for transportation that has not yet been provided are initially deferred and recorded as air traffic liability on our consolidated balance sheets\\. The air traffic liability principally represents tickets sold for future travel on American and partner airlines, as well as estimated future refunds and exchanges of tickets sold for past travel\\. \n\nThe majority of tickets sold are nonrefundable\\. A small percentage of tickets, some of which are partially used tickets, expire unused\\. Due to complex pricing structures, refund and exchange policies, and interline agreements with other airlines, certain amounts are recognized in passenger revenue using estimates regarding both the timing of the revenue recognition and the amount of revenue to be recognized\\. These estimates are generally based on the analysis of our historical data\\. We have consistently applied this accounting method to estimate revenue from forfeited tickets at the date of travel\\. Estimated future refunds and exchanges included in the air traffic liability are routinely evaluated based on subsequent activity to validate the accuracy of our estimates\\. Any adjustments resulting from periodic evaluations of the estimated air traffic liability are included in passenger revenue during the period in which the evaluations are completed\\. \n\nVarious taxes and fees assessed on the sale of tickets to end customers are collected by us as an agent and remitted to taxing authorities\\. These taxes and fees have been presented on a net basis in the accompanying consolidated statements of operations and recorded as a liability until remitted to the appropriate taxing authority\\.\n\n**Loyalty Revenue**\n\nWe currently operate the loyalty program, AAdvantage\\. This program awards mileage credits to passengers who fly on American, any **one**world airline or other partner airlines, or by using the services of other program participants, such as the Citi and Barclaycard US co\\-branded credit cards, hotels and car rental companies\\. Mileage credits can be redeemed for travel on American and other participating partner airlines, as well as other non\\-air travel awards such as hotels and rental cars\\. For mileage credits earned by AAdvantage loyalty program members, we apply the deferred revenue method in accordance with the New Revenue Standard\\.\n\n*Mileage credits earned through travel*\n\nFor mileage credits earned through travel, we apply a relative selling price approach whereby the total amount collected from each passenger ticket sale is allocated between the air transportation and the mileage credits earned\\. The portion of each passenger ticket sale attributable to mileage credits earned is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided\\. The estimated selling price of mileage credits is determined using an equivalent ticket value approach, which uses historical data, including award redemption patterns by geographic region and class of service, as well as similar fares as those used to settle award redemptions\\. The estimated selling price of miles is adjusted for an estimate of miles that will not be redeemed based on historical redemption patterns\\. \n\n93"}
{"_id": "Southwest-2019_75.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n2 \\. NEW ACCOUNTING PRONOUNCEMENTS AND ACCOUNTING CHANGES\n\nOn August 29, 2018, the Financial Accounting Standards Board (the \"FASB\") issued ASU No\\. 2018\\-15, Intangibles\u2014Goodwill and Other\u2014Internal\\-Use Software\\. This new standard requires a customer in a cloud computing arrangement that is a service contract to follow the internal\\-use software guidance in ASC 350\\-40, Accounting for Internal\\-Use Software, to determine which implementation costs to (i) capitalize as assets and amortize over the term of the hosting arrangement or (ii) expense as incurred\\. This new standard is effective for public business entities in fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years\\. Entities have the option to apply this standard prospectively to all implementation costs incurred after the date of adoption or retrospectively\\. The Company will be adopting this ASU prospectively as of January 1, 2020\\. The adoption of the new standard will impact the presentation of these costs as prepaid assets (versus Property and equipment under the existing guidance), however the impacts are not expected to be material\\.\n\nOn August 28, 2018, the FASB issued ASU No\\. 2018\\-13, Fair Value Measurement\\. This standard is effective for public business entities in fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years\\. This new standard requires changes to the disclosure requirements for fair value measurements for certain Level 3 items, and specifies that some of the changes must be applied prospectively, while others should be applied retrospectively\\. The Company will be adopting this ASU as of January 1, 2020\\. While the Company is still evaluating this new standard, it does not expect it to have a significant impact on its financial statement disclosures\\. See Note  11  for further information on the Company's fair value measurements\\.\n\nOn August 28, 2017, the FASB issued the New Hedging Standard\\. The New Hedging Standard amended the hedge accounting model to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results\\. The New Hedging Standard also simplified the application of hedge accounting in certain situations\\. The New Hedging Standard was effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted in any interim or annual period\\. The Company elected to early adopt the New Hedging Standard as of January 1, 2018, utilizing a modified retrospective approach, as required\\. The most significant impacts of the New Hedging Standard on the Company's accounting were the elimination of the requirement to separately measure and record ineffectiveness for all cash flow hedges in a hedging relationship, as well as a change in classification of premium expense associated with option contracts\\. Such premium expense for the Company's fuel hedges was previously reflected as a component of Other (gains) losses, net, in the Consolidated Statement of Income, but under the New Hedging Standard is reflected as a component of the line item to which the hedge relates, which is Fuel and oil expense\\. As such, premium expense for the year ended December 31, 2017, was reclassified in order to be comparative with current period results in the accompanying Consolidated Statement of Income\\. The impact of the cumulative effect of the adjustment to move the reporting of ineffectiveness as of January 1, 2018, to AOCI from Retained earnings, was a   $20 million  loss, net of taxes\\. The adoption and resulting reclassification had no impact on the Company's Net income, earnings per share, or cash flows\\. As a result of the adoption of the New Hedging Standard, however, the Company incurred no gains or losses due to ineffectiveness in Other (gains) losses, net, in the Consolidated Statement of Income, during 2018\\.\n\nOn February 25, 2016, the FASB issued the New Lease Standard\\. The New Lease Standard requires lessees to recognize a right\\-of\\-use asset and a lease liability on the balance sheet for all leases (with the exception of short\\-term leases, as defined in the New Lease Standard) at the lease commencement date and recognize expenses on the income statement in a similar manner to the legacy guidance in ASC 840, Leases (\"ASC 840\")\\. \n\nThe Company adopted the provisions of the New Lease Standard effective January 1, 2019, using the modified retrospective adoption method, utilizing the simplified transition option available in the New Lease Standard, which allows entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption\\. The Company elected the package of practical expedients available under the transition provisions of the New Lease Standard, including (i) not reassessing whether expired or existing contracts contain leases, (ii) not reassessing lease classification, and (iii) not revaluing initial direct costs for existing leases\\. \n\n76"}
{"_id": "Alaska-2017_30.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|                                                    |\n| -------------------------------------------------- |\n| **ITEM 6\\. SELECTED FINANCIAL AND OPERATING DATA** |\n\n\n\nAs the acquisition of Virgin America closed on December 14, 2016, results below include Virgin America for the twelve months ended December 31, 2017, but only for the period December 14, 2016 through December 31, 2016 in the twelve months ended December 31, 2016\\. \n\n 31"}
{"_id": "Alaska-2017_65.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY**\n\n\n\n|                                               |                                |                  |                                    |                    |                                                   |                       |            |\n| --------------------------------------------- | ------------------------------ | ---------------- | ---------------------------------- | ------------------ | ------------------------------------------------- | --------------------- | ---------- |\n| ***(in millions)***                           | ***Common Stock Outstanding*** | **Common Stock** | **Capital in Excess of Par Value** | **Treasury Stock** | **Accumulated Other Comprehensive Income (Loss)** | **Retained Earnings** | **Total**  |\n| **Balances at December 31, 2014**             | *131\\.481*                     | $1               | $296                               | $(4)               | $(310)                                            | $2,144                | $2,127     |\n| 2015 net income                               | \u2014                              | \u2014                | \u2014                                  | \u2014                  | \u2014                                                 | 848                   | 848        |\n| Other comprehensive income (loss)             | \u2014                              | \u2014                | \u2014                                  | \u2014                  | 7                                                 | \u2014                     | 7          |\n| Common stock repurchase                       | *(7\\.208)*                     | \u2014                | (259)                              | (246)              | \u2014                                                 | \u2014                     | (505)      |\n| Stock\\-based compensation                     | \u2014                              | \u2014                | 17                                 | \u2014                  | \u2014                                                 | \u2014                     | 17         |\n| Cash dividend declared                        | *\u2014*                            | \u2014                | \u2014                                  | \u2014                  | \u2014                                                 | (102)                 | (102)      |\n| Stock issued for employee stock purchase plan | *0\\.281*                       | \u2014                | 13                                 | \u2014                  | \u2014                                                 | \u2014                     | 13         |\n| Stock issued under stock plans                | *0\\.621*                       | \u2014                | 6                                  | \u2014                  | \u2014                                                 | \u2014                     | 6          |\n| **Balances at December 31, 2015**             | *125\\.175*                     | 1                | 73                                 | (250)              | (303)                                             | 2,890                 | 2,411      |\n| 2016 net income                               | \u2014                              | \u2014                | \u2014                                  | \u2014                  | \u2014                                                 | 814                   | 814        |\n| Other comprehensive income (loss)             | \u2014                              | \u2014                | \u2014                                  | \u2014                  | (2)                                               | \u2014                     | (2)        |\n| Common stock repurchase                       | *(2\\.595)*                     | \u2014                | \u2014                                  | (193)              | \u2014                                                 | \u2014                     | (193)      |\n| Stock\\-based compensation                     | \u2014                              | \u2014                | 19                                 | \u2014                  | \u2014                                                 | \u2014                     | 19         |\n| Cash dividend declared                        | *\u2014*                            | \u2014                | \u2014                                  | \u2014                  | \u2014                                                 | (136)                 | (136)      |\n| Stock issued for employee stock purchase plan | *0\\.309*                       | \u2014                | 17                                 | \u2014                  | \u2014                                                 | \u2014                     | 17         |\n| Stock issued under stock plans                | *0\\.439*                       | \u2014                | 1                                  | \u2014                  | \u2014                                                 | \u2014                     | 1          |\n| **Balances at December 31, 2016**             | *123\\.328*                     | 1                | 110                                | (443)              | (305)                                             | 3,568                 | 2,931      |\n| 2017 net income                               | \u2014                              | \u2014                | \u2014                                  | \u2014                  | \u2014                                                 | 1,034                 | 1,034      |\n| Other comprehensive income (loss)             | \u2014                              | \u2014                | \u2014                                  | \u2014                  | (75)                                              | \u2014                     | (75)       |\n| Common stock repurchase                       | *(0\\.981)*                     | \u2014                | \u2014                                  | (75)               | \u2014                                                 | \u2014                     | (75)       |\n| Stock\\-based compensation                     | \u2014                              | \u2014                | 34                                 | \u2014                  | \u2014                                                 | \u2014                     | 34         |\n| Cash dividend declared                        | *\u2014*                            | \u2014                | \u2014                                  | \u2014                  | \u2014                                                 | (148)                 | (148)      |\n| Stock issued for employee stock purchase plan | *0\\.407*                       | \u2014                | 24                                 | \u2014                  | \u2014                                                 | \u2014                     | 24         |\n| Stock issued under stock plans                | *0\\.307*                       | \u2014                | (4)                                | \u2014                  | \u2014                                                 | \u2014                     | (4)        |\n| **Balances at December 31, 2017**             | ***123\\.061***                 | **$1**           | **$164**                           | **$(518)**         | **$(380)**                                        | **$4,454**            | **$3,721** |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n 66"}
{"_id": "United-2019_57.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nIn the years ended December 31,  2019 ,  2018  and  2017 , the Company recognized, in Other operating revenue,   $2\\.0 billion ,   $2\\.0 billion  (including a one\\-time   $50 million  payment) and   $1\\.8 billion , respectively, related to the marketing, advertising, non\\-travel miles redeemed (net of related costs) and other travel\\-related benefits of the mileage revenue associated with our various partner agreements including, but not limited to, our Chase co\\-brand agreement\\. The portion related to the MileagePlus miles awarded of the total amounts received is deferred and presented in the table above as an increase to the frequent flyer liability\\. \n\n\n\n|     |                                                                                                                                                                                              |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (e) | **Cash and Cash Equivalents and Restricted Cash\u2014** Highly liquid investments with a maturity of three months or less on their acquisition date are classified as cash and cash equivalents\\. |\n\n\n\nRestricted cash primarily includes cash collateral for letters of credit and collateral associated with obligations for facility leases and other insurance\\-related obligations\\.  Restricted cash is classified as short\\-term or long\\-term in the consolidated balance sheets based on the expected timing of return of the assets to the Company\\.\n\nThe following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statements of consolidated cash flows (in millions):\n\n\n\n|                                                                                                    |                                                                                                    |                                                                                                    |                     |                     |                     |                     |                     |                     |\n| -------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- | ------------------- |\n|                                                                                                    |                                                                                                    |                                                                                                    | **UAL**             | **UAL**             | **UAL**             | **United**          | **United**          | **United**          |\n|                                                                                                    |                                                                                                    |                                                                                                    | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** |\n|                                                                                                    |                                                                                                    |                                                                                                    | **2019**            | **2018**            | **2017**            | **2019**            | **2018**            | **2017**            |\n| Current assets:                                                                                    | Current assets:                                                                                    | Current assets:                                                                                    |                     |                     |                     |                     |                     |                     |\n| Cash and cash equivalents                                                                          | Cash and cash equivalents                                                                          | Cash and cash equivalents                                                                          | $2,762              | $1,694              | $1,482              | $2,756              | $1,688              | $1,476              |\n| Restricted cash included in Prepaid expenses and other                                             | Restricted cash included in Prepaid expenses and other                                             | Restricted cash included in Prepaid expenses and other                                             | \u2014                   | \u2014                   | 18                  | \u2014                   | \u2014                   | 18                  |\n| Other assets:                                                                                      | Other assets:                                                                                      | Other assets:                                                                                      |                     |                     |                     |                     |                     |                     |\n| Restricted cash                                                                                    | Restricted cash                                                                                    | Restricted cash                                                                                    | 106                 | 105                 | 91                  | 106                 | 105                 | 91                  |\n| Total cash, cash equivalents and restricted cash shown in the statement of consolidated cash flows | Total cash, cash equivalents and restricted cash shown in the statement of consolidated cash flows | Total cash, cash equivalents and restricted cash shown in the statement of consolidated cash flows | $2,868              | $1,799              | $1,591              | $2,862              | $1,793              | $1,585              |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (f)  | **Investments\u2014** Debt investments are classified as available\\-for\\-sale and are stated at fair value\\. Realized gains and losses on sales of these investments are reflected in Miscellaneous, net in the consolidated statements of operations\\. Unrealized gains and losses on available\\-for\\-sale securities are reflected as a component of accumulated other comprehensive income (loss)\\. Equity investments with readily determinable fair values are measured at fair value\\. Equity investments without readily determinable fair values are measured using the equity method, or measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative)\\. Changes in fair value are recorded in Unrealized gains (losses) on investments, net in the consolidated statements of operations\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (g) | **Accounts Receivable\u2014** Accounts receivable primarily consist of amounts due from credit card companies, non\\-airline partners, and cargo transportation customers\\. We provide an allowance for uncollectible accounts equal to the estimated losses expected to be incurred based on historical write\\-offs and other specific analyses\\. Bad debt expense and write\\-offs were not material for the year ended December 31,  2019  and  2018 \\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                          |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (h) | **Aircraft Fuel, Spare Parts and Supplies\u2014** The Company accounts for aircraft fuel, spare parts and supplies at average cost and provides an obsolescence allowance for aircraft spare parts with an assumed residual value of  10%  of original cost\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (i) | **Property and Equipment\u2014** The Company records additions to owned operating property and equipment at cost when acquired\\. Property under finance leases and the related obligation for future lease payments are recorded at an amount equal to the initial present value of those lease payments\\. Modifications that enhance the operating performance or extend the useful lives of airframes or engines are capitalized as property and equipment\\. It is the Company's policy to record contractual damages received related to delays in delivery of aircraft as a reduction of the cost of the related aircraft\\. |\n\n\n\nDepreciation and amortization of owned depreciable assets is based on the straight\\-line method over the assets' estimated useful lives\\. Leasehold improvements are amortized over the remaining term of the lease, including estimated facility renewal options when renewal is reasonably certain at key airports, or the estimated useful life of the related asset, whichever is less\\. Properties under finance leases are amortized on the straight\\-line method over the life of the lease or, in the case of certain aircraft, over their estimated useful lives, whichever is shorter\\. Amortization of finance lease assets is included in depreciation and amortization expense\\.The estimated useful lives of property and equipment    \n\n58"}
{"_id": "Alaska-2019_3.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nrisks and uncertainties that could cause actual results to differ materially from historical experience or the Company\u2019s present expectations\\.\n\nYou should not place undue reliance on our forward\\-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control\\.\n\nOur forward\\-looking statements are based on the information currently available to us and speak only as of the date on which this report was filed with the SEC\\. We expressly disclaim any obligation to issue any updates or revisions to our forward\\-looking statements, even if subsequent events cause our expectations to change regarding the matters discussed in those statements\\. Over time, our actual results, performance or achievements will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward\\-looking statements, and such differences might be significant and materially adverse to our shareholders\\. For a discussion of these and other risk factors in this Form 10\\-K, see \u201cItem 1A: Risk Factors\\.\u201d Please consider our forward\\-looking statements in light of those risks as you read this report\\.\n\n3"}
{"_id": "AmericanAirlines-2019_41.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nPART II\n\n\n\n|              |                                                                                                                              |\n| ------------ | ---------------------------------------------------------------------------------------------------------------------------- |\n| **ITEM 5\\.** | **MARKET FOR AMERICAN AIRLINES GROUP\u2019S COMMON STOCK, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES** |\n\n\n\nStock Exchange Listing\n\nOur common stock is listed on The Nasdaq Global Select Market under the symbol \u201cAAL\\.\u201d There is no trading market for the common stock of American, which is a wholly\\-owned subsidiary of AAG\\.\n\nAs of  February 14, 2020 , the closing price of our common stock was  $29\\.20  and there were  12,995  holders of record\\. However, because many of the shares of our common stock are held by brokers and other institutions on behalf of stockholders, we believe there are substantially more beneficial holders of our common stock than record holders\\. \n\nInformation on securities authorized for issuance under our equity compensation plans will be set forth in our Proxy Statement for the 2020 Annual Meeting of Stockholders of American Airlines Group Inc\\. (the Proxy Statement) under the caption \u201cEquity Compensation Plan Information\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\nDividends on Common Stock\n\nIn  January 2020 , we announced that our Board of Directors declared a  $0\\.10  per share cash dividend for stockholders of record on  February 5, 2020 , and payable on  February 19, 2020 \\.\n\nThe total cash payment for dividends during the years ended December 31,  2019  and  2018  was  $178 million  and  $186 million , respectively\\.  Any future dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to continue a dividend for any fixed period, and the payment of dividends may be suspended or discontinued at any time at our discretion and without prior notice\\.\n\nStock Performance Graph\n\nThe following stock performance graph and related information shall not be deemed \u201csoliciting material\u201d or \u201cfiled\u201d with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filings under the Securities Act of 1933 or the Exchange Act, each as amended, except to the extent that we specifically incorporate it by reference into such filing\\.\n\nThe following stock performance graph compares the cumulative total stockholder returns during the period from December 31, 2014 to  December 31, 2019  of our common stock to the New York Stock Exchange (NYSE) ARCA Airline Index and the Standard and Poor\u2019s (S&P) 500 Stock Index\\. The comparison assumes $100 was invested on December 31, 2014 in our common stock and in each of the foregoing indices and assumes that all dividends were reinvested\\. The stock performance shown on the following graph represents historical stock performance and is not necessarily indicative of future stock price performance\\.\n\n42"}
{"_id": "AmericanAirlines-2017_102.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nThe components of our deferred tax assets and liabilities were (in millions):\n\n\n\n|                                                    |                  |                  |\n| -------------------------------------------------- | ---------------- | ---------------- |\n|                                                    | **December 31,** | **December 31,** |\n|                                                    | **2017**         | **2016**         |\n| Deferred tax assets:                               |                  |                  |\n| Operating loss carryforwards                       | $2,281           | $3,853           |\n| Pensions                                           | 1,559            | 2,610            |\n| Loyalty program liability                          | 420              | 485              |\n| Alternative minimum tax (AMT) credit carryforwards | 344              | 344              |\n| Postretirement benefits other than pensions        | 170              | 291              |\n| Rent expense                                       | 160              | 256              |\n| Gains from lease transactions                      | 107              | 213              |\n| Reorganization items                               | 35               | 53               |\n| Other                                              | 678              | 972              |\n| Total deferred tax assets                          | 5,754            | 9,077            |\n| Valuation allowance                                | (36)             | (29)             |\n| Net deferred tax assets                            | 5,718            | 9,048            |\n| Deferred tax liabilities:                          |                  |                  |\n| Accelerated depreciation and amortization          | (5,045)          | (7,216)          |\n| Other                                              | (279)            | (345)            |\n| Total deferred tax liabilities                     | (5,324)          | (7,561)          |\n| Net deferred tax asset                             | $394             | $1,487           |\n\n\n\nAt December 31, 2017, we had approximately $10\\.0 billion of federal NOLs carried over from prior taxable years (NOL Carryforwards) to reduce future federal taxable income, substantially all of which we expect to be available for use in 2018\\. The federal NOL Carryforwards will expire beginning in 2022 if unused\\. We also had approximately $3\\.4 billion of NOL Carryforwards to reduce future state taxable income at December 31, 2017, which will expire in years 2018 through 2037 if unused\\. Our ability to deduct our NOL Carryforwards and to utilize certain other available tax attributes can be substantially constrained under the general annual limitation rules of Section 382 where an \u201cownership change\u201d has occurred\\. Substantially all of our remaining federal NOL Carryforwards attributable to US Airways Group are subject to limitation under Section 382; however, our ability to utilize such NOL Carryforwards is not anticipated to be effectively constrained as a result of such limitation\\. We elected to be covered by certain special rules for federal income tax purposes that permitted approximately $9\\.0 billion (with $8\\.4 billion of unlimited NOL still remaining at December 31, 2017) of our federal NOL Carryforwards to be utilized without regard to the annual limitation generally imposed by Section 382\\. Similar limitations may apply for state income tax purposes\\. Our ability to utilize any new NOL Carryforwards arising after the ownership changes is not affected by the annual limitation rules imposed by Section 382 unless another future ownership change occurs\\. Under the Section 382 limitation, cumulative stock ownership changes among material stockholders exceeding 50% during a rolling three\\-year period can potentially limit a company\u2019s future use of NOLs and tax credits\\. See Part I, Item 1A\\. Risk Factors *\u2013 \u201cOur ability to utilize our NOL Carryforwards may be limited\u201d* for unaudited additional discussion of this risk\\.\n\nAt December 31, 2017, we had an AMT credit carryforward of approximately $339 million available for federal income tax purposes, which is now expected to be refunded in 2019 and 2020 as a result of the repeal of corporate AMT\\.\n\nIn 2017, we recorded an income tax provision of $1\\.2 billion, with an effective rate of approximately 38%, which was substantially non\\-cash as we utilized our NOLs described above\\. Substantially all of our income before income taxes is attributable to the United States\\.\n\nWe file our tax returns as prescribed by the tax laws of the jurisdictions in which we operate\\. Our 2014 through 2016 tax years are still subject to examination by the Internal Revenue Service\\. Various state and foreign jurisdiction tax years remain open to examination and we are under examination, in administrative appeals, or engaged in tax litigation in certain jurisdictions\\. We believe that the effect of any assessments will not be material to our consolidated financial statements\\.\n\n103"}
{"_id": "AmericanAirlines-2019_185.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nKNOW ALL PERSONS BY THESE PRESENTS, that each individual whose signature appears below constitutes and appoints W\\. Douglas Parker and Derek J\\. Kerr and each or any of them, his or her true and lawful attorneys and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to the registrants\u2019 Annual Report on Form 10\\-K for the fiscal year ended  December 31, 2019 , and to file the same with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys and agents, and each or any of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys and agents, and each of them, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof\\.\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of American Airlines Group Inc\\. and in the capacities and on the dates noted:\n\n\n\n|                         |                                                      |\n| ----------------------- | ---------------------------------------------------- |\n| Date: February 19, 2020 | /s/ W\\. Douglas Parker                               |\n|                         | W\\. Douglas Parker                                   |\n|                         | Chairman and Chief Executive Officer                 |\n|                         | (Principal Executive Officer)                        |\n| Date: February 19, 2020 | /s/ Derek J\\. Kerr                                   |\n|                         | Derek J\\. Kerr                                       |\n|                         | Executive Vice President and Chief Financial Officer |\n|                         | (Principal Financial and Accounting Officer)         |\n| Date: February 19, 2020 | /s/ James F\\. Albaugh                                |\n|                         | James F\\. Albaugh, Director                          |\n| Date: February 19, 2020 | /s/ Jeffrey D\\. Benjamin                             |\n|                         | Jeffrey D\\. Benjamin, Director                       |\n| Date: February 19, 2020 | /s/ John T\\. Cahill                                  |\n|                         | John T\\. Cahill, Director                            |\n| Date: February 19, 2020 | /s/ Michael J\\. Embler                               |\n|                         | Michael J\\. Embler, Director                         |\n| Date: February 19, 2020 | /s/ Matthew J\\. Hart                                 |\n|                         | Matthew J\\. Hart, Director                           |\n\n\n\n186"}
{"_id": "Delta-2019_18.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nOur business and results of operations are dependent on the price of aircraft fuel\\. High fuel costs or cost increases, including in the cost of crude oil, could have a material adverse effect on our operating results\\. \n\nOur operating results are significantly impacted by changes in the price of aircraft fuel\\. Over the last decade, fuel prices have increased substantially at times and have been highly volatile\\. In 2019, our average fuel price per gallon, including the impact of fuel hedges, was $2\\.02, an 8\\.2% decrease from our average fuel price in 2018\\. In 2018, our average fuel price per gallon was $2\\.20, a 31\\.0% increase from our average fuel price in 2017 of $1\\.68\\. Fuel costs represented 21\\.1%, 23\\.0% and 19\\.2% of our operating expense in 2019, 2018 and 2017, respectively\\. \n\nWe acquire a significant amount of jet fuel from our wholly owned subsidiary, Monroe, and through strategic agreements that Monroe has with third parties\\. The cost of the fuel we purchase under these arrangements remains subject to volatility in the cost of crude oil and jet fuel\\. In addition, we continue to purchase a significant amount of aircraft fuel in addition to what we obtain from Monroe\\. Our aircraft fuel purchase contracts alone do not provide material protection against price increases as these contracts typically establish the price based on industry standard market price indices\\.\n\nThe competitive nature of the airline industry may affect our ability to pass along rapidly increasing fuel costs to our customers\\. In addition, because passengers often purchase tickets well in advance of their travel, a significant rapid increase in fuel price may result in the fare charged not covering that increase\\. At times in the past, we often were not able to increase our fares to offset fully the effect of increases in fuel costs, and we may not be able to do so in the future\\.\n\nSignificant extended disruptions in the supply of aircraft fuel, including from Monroe, could have a material adverse effect on our operations and operating results\\.\n\nWeather\\-related events, natural disasters, political disruptions or wars involving oil\\-producing countries, changes in governmental policy concerning aircraft fuel production, transportation or taxes, changes in refining capacity, environmental concerns and other unpredictable events may impact crude oil and fuel supply and could result in shortages in the future\\. Shortages in fuel supplies could have negative effects on our results of operations and financial condition\\.\n\nBecause we acquire a large amount of our jet fuel from Monroe, the disruption or interruption of production at the refinery could have an impact on our ability to acquire jet fuel needed for our operations\\. Disruptions or interruptions of production at the refinery could result from various sources including a major accident or mechanical failure, interruption of supply or delivery of crude oil, work stoppages relating to organized labor issues, or damage from severe weather or other natural or man\\-made disasters, including acts of terrorism\\. If the refinery were to experience an interruption in operations, disruptions in fuel supplies could have negative effects on our results of operations and financial condition\\. In addition, the financial benefits from the operation of the refinery could be materially adversely affected (to the extent not recoverable through insurance) because of lost production and repair costs\\.\n\nIf Monroe's cost of producing non\\-jet fuel products exceeds the value it receives for those products, the financial benefits we expect to achieve through the ownership of the refinery and our consolidated results of operations could be materially adversely affected\\.\n\nAn environmental or other incident associated with the operation of the Monroe refinery could have a material adverse effect on our consolidated financial results if insurance is unable to cover a significant liability\\. In addition, such an incident could damage our reputation\\.\n\nMonroe's refining operations are subject to various hazards unique to refinery operations, including explosions, fires, toxic emissions and natural catastrophes\\. Monroe could incur substantial losses, including cleanup costs, fines and other sanctions and third\\-party claims, and its operations could be interrupted, as a result of such an incident\\. Monroe's insurance coverage does not cover all potential losses, costs or liabilities, and Monroe could suffer losses for uninsurable or uninsured risks or in amounts greater than its insurance coverage\\. In addition, Monroe's ability to obtain and maintain adequate insurance may be affected by conditions in the insurance market over which it has no control\\. If Monroe were to incur a significant liability for which it is not fully insured or for which insurance companies do not or are unable to provide coverage, this could have a material adverse effect on our consolidated financial results of operations or consolidated financial position\\. In addition, because of our ownership of Monroe, the occurrence of an environmental or other incident could result in damage to our reputation, which could have a material adverse effect on our financial results\\.\n\n16"}
{"_id": "AmericanAirlines-2017_78.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***Interest***\n\nOur earnings and cash flow are also affected by changes in interest rates due to the impact those changes have on our interest expense from variable rate debt instruments and our interest income from short\\-term investments\\.\n\nOur largest exposure with respect to variable rate debt comes from changes in LIBOR\\. We had variable rate debt instruments representing approximately 40% of our total long\\-term debt at December 31, 2017\\. We currently do not have an interest rate hedge program\\. If annual interest rates increase 100 basis points, based on our December 31, 2017 variable\\-rate debt and short\\-term investments balances, annual interest expense on variable rate debt would increase by approximately $95 million and annual interest income on short\\-term investments would increase by approximately $51 million\\. Additionally, the fair value of fixed\\-rate debt would have decreased by approximately $691 million for AAG and $664 million for American\\.\n\n79"}
{"_id": "Alaska-2018_57.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS**\n\n\n\n|                                                                            |              |          |          |\n| -------------------------------------------------------------------------- | ------------ | -------- | -------- |\n| **Year Ended December 31**  ***(in millions, except per\\-share amounts)*** | **2018**     | **2017** | **2016** |\n| **Operating Revenues**                                                     |              |          |          |\n| Passenger revenue                                                          | **7,632**    | 7,301    | 5,392    |\n| Mileage Plan other revenue                                                 | **434**      | 418      | 370      |\n| Cargo and other                                                            | **198**      | 175      | 163      |\n| **Total Operating Revenues**                                               | **8,264**    | 7,894    | 5,925    |\n| **Operating Expenses**                                                     |              |          |          |\n| Wages and benefits                                                         | **2,190**    | 1,931    | 1,394    |\n| Variable incentive pay                                                     | **147**      | 135      | 127      |\n| Aircraft fuel, including hedging gains and losses                          | **1,936**    | 1,447    | 831      |\n| Aircraft maintenance                                                       | **435**      | 391      | 270      |\n| Aircraft rent                                                              | **315**      | 274      | 114      |\n| Landing fees and other rentals                                             | **499**      | 460      | 320      |\n| Contracted services                                                        | **306**      | 314      | 247      |\n| Selling expense                                                            | **326**      | 368      | 248      |\n| Depreciation and amortization                                              | **398**      | 372      | 363      |\n| Food and beverage service                                                  | **211**      | 195      | 126      |\n| Third\\-party regional carrier expense                                      | **154**      | 121      | 95       |\n| Other                                                                      | **572**      | 562      | 367      |\n| Special items \\- merger\\-related costs                                     | **87**       | 116      | 117      |\n| Special items \\- other                                                     | **45**       | \u2014        | \u2014        |\n| **Total Operating Expenses**                                               | **7,621**    | 6,686    | 4,619    |\n| **Operating Income**                                                       | **643**      | 1,208    | 1,306    |\n| **Nonoperating Income (Expense)**                                          |              |          |          |\n| Interest income                                                            | **38**       | 34       | 27       |\n| Interest expense                                                           | **(91)**     | (103)    | (55)     |\n| Interest capitalized                                                       | **18**       | 17       | 25       |\n| Other\u2014net                                                                  | **(23)**     | 3        | 13       |\n|                                                                            | **(58)**     | (49)     | 10       |\n| **Income Before Income Tax**                                               | **585**      | 1,159    | 1,316    |\n| Income tax expense                                                         | **148**      | 436      | 502      |\n| Special income tax expense (benefit)                                       | **\u2014**        | (237)    | 17       |\n| **Total Income Tax Expense**                                               | **$148**     | $199     | $519     |\n| **Net Income**                                                             | **$437**     | $960     | $797     |\n| **Basic Earnings Per Share**                                               | **$3\\.55**   | $7\\.79   | $6\\.45   |\n| **Diluted Earnings Per Share**                                             | **$3\\.52**   | $7\\.75   | $6\\.41   |\n| Shares used for computation:                                               |              |          |          |\n| Basic                                                                      | **123\\.230** | 123\\.211 | 123\\.557 |\n| Diluted                                                                    | **123\\.975** | 123\\.854 | 124\\.389 |\n| Cash dividend declared per share                                           | **$1\\.28**   | $1\\.20   | $1\\.10   |\n\n\n\nCertain historical information has been adjusted to reflect the adoption of new accounting standards\\. See accompanying notes to consolidated financial statements\\.\n\n 58"}
{"_id": "United-2019_23.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nFirm Order and Option Aircraft\\.  As of  December 31, 2019 , United had firm commitments and options to purchase new aircraft from Boeing, Airbus and Embraer as presented in the table below:\n\n\n\n|                   |                                         |                                   |                                   |\n| ----------------- | --------------------------------------- | --------------------------------- | --------------------------------- |\n|                   |                                         | **Scheduled Aircraft Deliveries** | **Scheduled Aircraft Deliveries** |\n| **Aircraft Type** | **Number of Firm  <br>Commitments (a)** | **2020**                          | **After 2020**                    |\n| Airbus A321XLR    | 50                                      | \u2014                                 | 50                                |\n| Airbus A350       | 45                                      | \u2014                                 | 45                                |\n| Boeing 737 MAX    | 171                                     | 44                                | 127                               |\n| Boeing 777\\-300ER | 2                                       | 2                                 | \u2014                                 |\n| Boeing 787        | 16                                      | 15                                | 1                                 |\n| Embraer E175      | 20                                      | 20                                | \u2014                                 |\n\n\n\n(a) United also has options and purchase rights for additional aircraft\\.\n\nThe aircraft listed in the table above are scheduled for delivery  through  2030 \\.  The Company expects to assign the purchase obligation for each of the  20  Embraer E175 aircraft to one of its regional partners at the time of such aircraft's delivery, subject to certain conditions\\.  To the extent the Company and the aircraft manufacturers with which the Company has existing orders for new aircraft agree to modify the contracts governing those orders, the amount and timing of the Company's future capital commitments could change\\.  United also has agreements to purchase  20  used Airbus A319 aircraft with expected delivery dates through  2022  and  19  used Boeing 737\\-700 aircraft with expected delivery dates through  2021 \\. \n\nThe 44 Boeing 737 MAX aircraft in the table above include 16 Boeing B737 MAX aircraft of which the Company planned to take delivery in 2019, and 28 aircraft of which the Company planned to take delivery of in 2020; however, following the FAA Order, Boeing suspended deliveries of new Boeing 737 MAX aircraft\\. The extent of the delay to the scheduled deliveries of new 737 MAX aircraft is expected to be impacted by the length of time the FAA Order remains in place, Boeing's production rate and the pace at which Boeing can deliver aircraft following the lifting of the FAA Order, among other factors\\. As a result, the Company is unable to estimate the number of Boeing 737 MAX aircraft of which it will take delivery in 2020\\.\n\nSee Notes 10 and 13 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\nFacilities\\.  United leases gates, hangar sites, terminal buildings and other airport facilities in the municipalities it serves\\. United has major terminal facility leases at SFO, Washington Dulles, Chicago O'Hare, LAX, Denver, Newark, Houston Bush and Guam with expiration dates ranging from  2020  through  2053 \\. Substantially all of these facilities are leased on a net\\-rental basis, resulting in the Company's responsibility for maintenance, insurance and other facility\\-related expenses and services\\.\n\nUnited also maintains administrative, catering, cargo, training, maintenance and other facilities to support its operations in the cities it serves\\. In addition, United has multiple leases, which expire from  2020  through  2033 , for its principal executive office and operations center in downtown Chicago and administrative offices in downtown Houston\\.\n\n\n\n|              |                         |\n| ------------ | ----------------------- |\n| **ITEM 3\\.** | **LEGAL PROCEEDINGS\\.** |\n\n\n\nOn June 30, 2015, UAL received a Civil Investigative Demand (\"CID\") from the Antitrust Division of the DOJ seeking documents and information from the Company in connection with a DOJ investigation related to statements and decisions about airline capacity\\. The Company has completed its response to the CID\\. The Company is not able to predict what action, if any, might be taken in the future by the DOJ or other governmental authorities as a result of the investigation\\. Beginning on July 1, 2015, subsequent to the announcement of the CID, UAL and United were named as defendants in multiple class action lawsuits that asserted claims under the Sherman Antitrust Act, which have been consolidated in the United States District Court for the District of Columbia\\. The complaints generally allege collusion among U\\.S\\. airlines on capacity impacting airfares and seek treble damages\\. The Company intends to vigorously defend against the class action lawsuits\\.\n\nOn October 13, 2015, United received a CID from the Civil Division of the DOJ\\. The CID requested documents and oral testimony from United in connection with an industry\\-wide DOJ investigation related to delivery scan and other data purportedly required for payment for the carriage of mail under United's International Commercial Air Contracts with the U\\.S\\. Postal Service\\. The Company has been responding to the DOJ's request and cooperating in the investigation since that time\\. On November 8, 2016, the DOJ Criminal Division met with representatives from the Company and advised they are conducting an industry\\-wide investigation into the same matter\\. The Company continues to cooperate with the government in their investigation and representatives from the Company have met with both the Civil and Criminal Divisions to provide additional information\\. The Company cannot predict what action, if any, might be taken in the future by the DOJ or other governmental authorities as a result of these investigations\\.\n\n24"}
{"_id": "Delta-2017_41.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nInvesting Activities \n\nCapital Expenditures\\.  Our capital expenditures were  $3\\.9 billion  in  2017 , $3\\.4 billion in  2016  and $2\\.9 billion in  2015 \\. Our capital expenditures during 2017 were primarily related to the purchase of B\\-737\\-900ER aircraft to replace a portion of our older B\\-757\\-200 aircraft, purchases of A321\\-200 and A330\\-300 aircraft, advanced deposit payments on future aircraft order commitments and seat density projects for our domestic fleet\\. Our capital expenditures during 2016 and 2015 were primarily for the purchase of aircraft and modifications to upgrade aircraft interiors that enhance our product offering\\.\n\nWe have committed to future aircraft purchases that will require significant capital investment and have obtained long\\-term financing commitments for a substantial portion of the purchase price of these aircraft\\. We expect that we will invest approximately $4\\.5 billion in 2018 primarily for (1) aircraft, including deliveries of B\\-737\\-900ERs, A321\\-200s and A350\\-900s, along with advance deposit payments for these and our new A330\\-900neo and CS100 orders as well as for (2) aircraft modifications, the majority of which relate to increasing the seat density and enhancing the cabins on our domestic fleet\\. We expect that the 2018 investments will be funded primarily through cash flows from operations\\.\n\nEquity Investments\\.  During 2017, we completed a $622 million tender offer and settled derivative contracts for $173 million  to obtain additional capital stock of Grupo Aerom\u00e9xico, increasing our ownership percentage to a non\\-controlling  49%  equity stake in Grupo Aerom\u00e9xico \\. During the December 2017 quarter, we acquired shares of Air France\\-KLM for $450 million, which provides us with a 10% ownership interest\\.\n\nLos Angeles International Airport Construction\\.  During 2016, we executed a new lease agreement with Los Angeles World Airports (\"LAWA\"), which owns and operates LAX, and announced plans to modernize, upgrade and connect Terminals 2 and 3 at LAX over the next seven years\\. Based on the lease agreement, we are designing and managing the construction of the initial investment of $350 million to renovate gate areas, support space and other amenities for passengers, upgrade the baggage handling systems in the terminals and facilitate the relocation of those airlines located in Terminals 2 and 3 to Terminals 5 and 6 and Tom Bradley International Terminal (\"TBIT\")\\. The relocation activities were completed during the June 2017 quarter\\. Subject to required approvals, we have an option to expand the project, which could cost an additional $1\\.5 billion and would include (1) redevelopment of Terminal 3 and enhancement of Terminal 2, (2) rebuild of the ticketing, arrival hall and security checkpoint, (3) construction of infrastructure for the planned airport people mover, (4) ramp improvements and (5) construction of a secure connector to the north side of TBIT\\. \n\nA substantial majority of the project costs will be funded through the Regional Airports Improvement Corporation (\"RAIC\"), a California public benefit corporation, using an $800 million revolving credit facility provided by a group of lenders\\. The credit facility was executed during 2017\\. Loans made under the credit facility will be repaid with the proceeds from LAWA\u2019s purchase of completed project assets\\. We have guaranteed the obligations of the RAIC under the credit facility\\. We expect to spend approximately $200 million on this project in 2018 using funding provided by the credit agreement and/or cash flows from operations\\.\n\nNew York\\-LaGuardia Redevelopment\\.  As part of the terminal redevelopment project at LaGuardia Airport, we are partnering with the Port Authority of New York and New Jersey (the \u201cPort Authority\u201d) to replace Terminals C and D with a new state\\-of\\-the\\-art terminal facility consisting of 37 gates across four concourses connected to a central headhouse\\. The terminal will feature a new, larger Delta Sky Club, wider concourses, more gate seating and 30 percent more concessions space than the existing terminals\\. The facility will also offer direct access between the parking garage and terminal and improved roadways and drop\\-off/pick\\-up areas\\. The design of the new terminal will integrate sustainable technologies and improvements in energy efficiency\\. Construction will be phased to limit passenger inconvenience and is expected to be completed by 2026\\.\n\nIn connection with the redevelopment, during 2017, we entered into an amended and restated terminal lease with the Port Authority with a term through 2050\\. Pursuant to the lease agreement we will (1) fund (through debt issuance and existing cash) and undertake the design, management and construction of the terminal and certain off\\-premises supporting facilities, (2) receive a Port Authority contribution of $600 million to facilitate construction of the terminal and other supporting infrastructure, (3) be responsible for all operations and maintenance during the term of the lease and (4) have preferential rights to all gates in the terminal subject to Port Authority requirements with respect to accommodation of designated carriers\\. We currently expect our costs for the project to be approximately $3\\.3 billion and we bear the risks of project construction, including if the project\u2019s actual costs exceed the projected costs\\. We expect to spend approximately $550 million on this project in 2018 using funding provided by cash flows from operations and/or financing arrangements\\.\n\n 37"}
{"_id": "AmericanAirlines-2017_196.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**ITEM 16\\. FORM 10\\-K SUMMARY**\n\nNone\\.\n\n197"}
{"_id": "Southwest-2019_94.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\ncounterparty, cash collateral amounts held are first netted against current outstanding derivative asset amounts associated with that counterparty until that balance is zero, and then any remainder is applied against the fair value of noncurrent outstanding derivative instruments\\.   No  cash collateral deposits were provided by or held by the Company based on its outstanding interest rate swap agreements\\.\n\nThe Company has the following recognized financial assets and financial liabilities resulting from those transactions that meet the scope of the disclosure requirements as necessitated by applicable accounting guidance for balance sheet offsetting: \n\n\n\n|                                     |                                           |                                        |                                               |                                                          |                                     |                                        |                                               |                                                          |     |\n| ----------------------------------- | ----------------------------------------- | -------------------------------------- | --------------------------------------------- | -------------------------------------------------------- | ----------------------------------- | -------------------------------------- | --------------------------------------------- | -------------------------------------------------------- | --- |\n| **Offsetting of derivative assets** | **Offsetting of derivative assets**       | **Offsetting of derivative assets**    | **Offsetting of derivative assets**           | **Offsetting of derivative assets**                      | **Offsetting of derivative assets** | **Offsetting of derivative assets**    | **Offsetting of derivative assets**           | **Offsetting of derivative assets**                      |     |\n| (in millions)                       | (in millions)                             | (in millions)                          | (in millions)                                 | (in millions)                                            | (in millions)                       | (in millions)                          | (in millions)                                 | (in millions)                                            |     |\n|                                     |                                           | (i)                                    | (ii)                                          | (iii) = (i) \\+ (ii)                                      |                                     | (i)                                    | (ii)                                          | (iii) = (i) \\+ (ii)                                      |     |\n|                                     |                                           | **December 31, 2019**                  | **December 31, 2019**                         | **December 31, 2019**                                    |                                     | **December 31, 2018**                  | **December 31, 2018**                         | **December 31, 2018**                                    |     |\n| **Description**                     | **Balance Sheet location**                | **Gross amounts of recognized assets** | **Gross amounts offset in the Balance Sheet** | **Net amounts of assets presented in the Balance Sheet** |                                     | **Gross amounts of recognized assets** | **Gross amounts offset in the Balance Sheet** | **Net amounts of assets presented in the Balance Sheet** |     |\n| Fuel derivative contracts           | Prepaid expenses and other current assets | $48                                    | $<br><br>(10<br><br>)                         | $38                                                      |                                     | $43                                    | $\u2014                                            | $43                                                      |     |\n| Fuel derivative contracts           | Other assets                              | $62                                    | $<br><br>(15<br><br>)                         | $47                                                      | (a)                                 | $95                                    | $\u2014                                            | $95                                                      | (a) |\n| Interest rate derivative contracts  | Other assets                              | $2                                     | $\u2014                                            | $2                                                       | (a)                                 | $\u2014                                     | $\u2014                                            | $\u2014                                                       | (a) |\n\n\n\n(a) The net amounts of derivative assets and liabilities are reconciled to the individual line item amounts presented in the Consolidated Balance Sheet in Note  15 \\.\n\n\n\n|                                          |                                           |                                             |                                               |                                                               |                                          |                                             |                                               |                                                               |     |\n| ---------------------------------------- | ----------------------------------------- | ------------------------------------------- | --------------------------------------------- | ------------------------------------------------------------- | ---------------------------------------- | ------------------------------------------- | --------------------------------------------- | ------------------------------------------------------------- | --- |\n| **Offsetting of derivative liabilities** | **Offsetting of derivative liabilities**  | **Offsetting of derivative liabilities**    | **Offsetting of derivative liabilities**      | **Offsetting of derivative liabilities**                      | **Offsetting of derivative liabilities** | **Offsetting of derivative liabilities**    | **Offsetting of derivative liabilities**      | **Offsetting of derivative liabilities**                      |     |\n| (in millions)                            | (in millions)                             | (in millions)                               | (in millions)                                 | (in millions)                                                 | (in millions)                            | (in millions)                               | (in millions)                                 | (in millions)                                                 |     |\n|                                          |                                           | (i)                                         | (ii)                                          | (iii) = (i) \\+ (ii)                                           |                                          | (i)                                         | (ii)                                          | (iii) = (i) \\+ (ii)                                           |     |\n|                                          |                                           | **December 31, 2019**                       | **December 31, 2019**                         | **December 31, 2019**                                         |                                          | **December 31, 2018**                       | **December 31, 2018**                         | **December 31, 2018**                                         |     |\n| **Description**                          | **Balance Sheet location**                | **Gross amounts of recognized liabilities** | **Gross amounts offset in the Balance Sheet** | **Net amounts of liabilities presented in the Balance Sheet** |                                          | **Gross amounts of recognized liabilities** | **Gross amounts offset in the Balance Sheet** | **Net amounts of liabilities presented in the Balance Sheet** |     |\n| Fuel derivative contracts                | Prepaid expenses and other current assets | $10                                         | $<br><br>(10<br><br>)                         | $\u2014                                                            |                                          | $\u2014                                          | $\u2014                                            | $\u2014                                                            |     |\n| Fuel derivative contracts                | Other assets                              | $15                                         | $<br><br>(15<br><br>)                         | $\u2014                                                            | (a)                                      | $\u2014                                          | $\u2014                                            | $\u2014                                                            | (a) |\n| Interest rate derivative contracts       | Accrued liabilities                       | $5                                          | $\u2014                                            | $5                                                            |                                          | $2                                          | $\u2014                                            | $2                                                            |     |\n| Interest rate derivative contracts       | Other noncurrent liabilities              | $1                                          | $\u2014                                            | $1                                                            |                                          | $12                                         | $\u2014                                            | $12                                                           |     |\n\n\n\n(a) The net amounts of derivative assets and liabilities are reconciled to the individual line item amounts presented in the Consolidated Balance Sheet in Note  15 \\.\n\n95"}
{"_id": "Delta-2018_26.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nIssuer Purchases of Equity Securities\n\nThe following table presents information with respect to purchases of common stock we made during the  December 2018  quarter\\. The total number of shares purchased includes shares repurchased pursuant to our $5 billion share repurchase program, which was publicly announced on May 11, 2017 and will terminate no later than December 31, 2020\\. Some purchases made in the  December 2018  quarter were made pursuant to a trading plan meeting the requirements of Rule 10b5\\-1 under the Securities Exchange Act of 1934\\.\n\nIn addition, the table includes shares withheld from employees to satisfy certain tax obligations due in connection with grants of stock under the Delta Air Lines, Inc\\. Performance Compensation Plan (the \"Plan\")\\. The Plan provides for the withholding of shares to satisfy tax obligations\\. It does not specify a maximum number of shares that can be withheld for this purpose\\. The shares of common stock withheld to satisfy tax withholding obligations may be deemed to be \"issuer purchases\" of shares that are required to be disclosed pursuant to this Item\\.\n\n\n\n|               |                                      |                                  |                                                                                      |                                                                                                           |\n| ------------- | ------------------------------------ | -------------------------------- | ------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------- |\n| **Period**    | **Total Number of Shares Purchased** | **Average Price Paid Per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Approximate Dollar Value (in millions) of Shares That May Yet Be Purchased Under the Plan or Programs** |\n| October 2018  | 1,538,432                            | $53\\.25                          | 1,538,432                                                                            | $3,350                                                                                                    |\n| November 2018 | 2,188,178                            | $56\\.38                          | 2,188,178                                                                            | $3,225                                                                                                    |\n| December 2018 | 2,221,305                            | $54\\.22                          | 2,221,305                                                                            | $3,100                                                                                                    |\n| Total         | 5,947,915                            |                                  | 5,947,915                                                                            |                                                                                                           |\n\n\n\n 24"}
{"_id": "Alaska-2018_76.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nLong\\-term debt principal payments for the next five years and thereafter (in millions):\n\n\n\n|                          |           |\n| ------------------------ | --------- |\n|                          | **Total** |\n| 2019                     | $488      |\n| 2020                     | 305       |\n| 2021                     | 263       |\n| 2022                     | 216       |\n| 2023                     | 262       |\n| Thereafter               | 579       |\n| Total principal payments | $2,113    |\n\n\n\nSubsequent to year end, the Company prepaid approximately $262 million of outstanding secured debt\\. This debt is classified as short\\-term in nature on our Consolidated Balance Sheet as of December 31, 2018\\. Also subsequent to year end, the Company obtained additional secured debt financing of $254 million from multiple lenders\\. The new debt is secured by a total of nine aircraft\\. \n\n***Bank Line of Credit***\n\nThe Company has three credit facilities with availability totaling $516 million\\. All three facilities have variable interest rates based on LIBOR plus a specified margin\\. One credit facility for $250 million expires in June 2021 and is secured by aircraft\\. A second credit facility increased from $75 million to $116 million in July 2018\\. It expires in July 2019, with a mechanism for annual renewal, and is secured by aircraft\\. A third credit facility for $150 million expires in March 2022 and is secured by certain accounts receivable, spare engines, spare parts and ground service equipment\\. The Company has secured letters of credit against the $116 million facility, but has no plans to borrow using either of the two other facilities\\. All three credit facilities have a requirement to maintain a minimum unrestricted cash and marketable securities balance of $500 million\\. The Company was in compliance with this covenant at December 31, 2018\\.\n\n**NOTE 7\\. INCOME TAXES**\n\n***Deferred Income Taxes***\n\nDeferred income taxes reflect the impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and such amounts for tax purposes\\. The Company has a net deferred tax liability, primarily due to differences in depreciation rates for federal income tax purposes and for financial reporting purposes\\.\n\nDeferred tax (assets) and liabilities comprise the following (in millions):\n\n\n\n|                                       |            |          |\n| ------------------------------------- | ---------- | -------- |\n|                                       | **2018**   | **2017** |\n| Excess of tax over book depreciation  | **$1,066** | $964     |\n| Intangibles\u2014net                       | **15**     | 14       |\n| Other\u2014net                             | **43**     | 88       |\n| Deferred tax liabilities              | **1,124**  | 1,066    |\n| Mileage Plan\u2122                         | **(315)**  | (337)    |\n| Inventory obsolescence                | **(15)**   | (16)     |\n| Deferred gains                        | **(5)**    | (5)      |\n| Employee benefits                     | **(172)**  | (154)    |\n| Acquired net operating losses         | **(64)**   | (127)    |\n| Other\u2014net                             | **(43)**   | (57)     |\n| Deferred tax assets                   | **(614)**  | (696)    |\n| Valuation allowance                   | **2**      | \u2014        |\n| Net deferred tax (assets) liabilities | **$512**   | $370     |\n\n\n\n 77"}
{"_id": "Alaska-2019_63.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nThe Company records a receivable for amounts due from the affinity card partner and from other partners as mileage credits are sold until the payments are collected\\. The Company had $105 million and $119 million of such receivables as of December 31, 2019 and December 31, 2018\\.\n\nMileage credits are combined into one homogeneous pool and are not specifically identifiable\\. As such, loyalty revenues disclosed earlier in this Note are comprised of miles that were part of the deferred revenue and liabilities balances at the beginning of the period and miles that were issued during the period\\. The table below presents a roll forward of the total frequent flyer liability (in millions):\n\n\n\n|                                                                        |                                                                        |                                                                        |                                  |                                  |                                  |                                  |                                  |  |  |  |  |  |  |\n|:---------------------------------------------------------------------- |:---------------------------------------------------------------------- |:---------------------------------------------------------------------- | --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:- |:- |:- |:- |:- |:- |\n|                                                                        |                                                                        |                                                                        | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |  |  |  |  |  |  |\n|                                                                        |                                                                        |                                                                        |                             2019 |                                  |                                  |                                  |                             2018 |\n| Total Deferred Revenue balance at January 1                            | Total Deferred Revenue balance at January 1                            | Total Deferred Revenue balance at January 1                            |                          $ 1,874 |                                  |                                  |                                  |                          $ 1,725 |\n| Travel miles and companion certificate redemption \\- Passenger revenue | Travel miles and companion certificate redemption \\- Passenger revenue | Travel miles and companion certificate redemption \\- Passenger revenue |                            (704) |                                  |                                  |                                  |                            (619) |\n| Miles redeemed on partner airlines \\- Other revenue                    | Miles redeemed on partner airlines \\- Other revenue                    | Miles redeemed on partner airlines \\- Other revenue                    |                            (111) |                                  |                                  |                                  |                             (90) |\n| Increase in liability for mileage credits issued                       | Increase in liability for mileage credits issued                       | Increase in liability for mileage credits issued                       |                              931 |                                  |                                  |                                  |                              858 |\n| Total Deferred Revenue balance at December 31                          | Total Deferred Revenue balance at December 31                          | Total Deferred Revenue balance at December 31                          |                          $ 1,990 |                                  |                                  |                                  |                          $ 1,874 |\n\n\n\nSelling Costs\n\nCertain costs such as credit card fees, travel agency and other commissions paid, as well as Global Distribution Systems (GDS) booking fees are incurred when the Company sells passenger tickets and ancillary services in advance of the travel date\\. The Company defers such costs and recognizes them as expenses when the travel occurs\\. Prepaid expense recorded on the consolidated balance sheets for such costs was $27 million and $23 million as of December 31, 2019 and December 31, 2018\\. The Company recorded related expense on the consolidated statement of operations of $208 million, $217 million and $238 million for the twelve months ended December 31, 2019, 2018 and 2017\\.\n\nNOTE 3\\. DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT\n\nFuel Hedge Contracts \n\nThe Company\u2019s operations are inherently dependent upon the price and availability of aircraft fuel\\. To manage economic risks associated with fluctuations in aircraft fuel prices, the Company periodically enters into call options for crude oil\\.\n\nAs of December 31, 2019, the Company had outstanding fuel hedge contracts covering 435 million gallons of crude oil that will be settled from January 2020 to June 2021\\. \n\nInterest Rate Swap Agreements\n\nThe Company is exposed to market risk from adverse changes in variable interest rates on long\\-term debt and certain aircraft lease agreements\\. To manage this risk, the Company periodically enters into interest rate swap agreements\\. As of December 31, 2019, the Company has outstanding interest rate swap agreements with a third party designed to hedge the volatility of the underlying variable interest rates on lease agreements for six B737\\-800 aircraft, as well as 13 interest rate swap agreements with third parties designed to hedge the volatility of the underlying variable interest rates on $717 million of debt\\. All of the interest rate swap agreements stipulate that the Company pay a fixed interest rate and receive a floating interest rate over the term of the underlying contracts\\. The interest rate swap agreements expire from February 2020 through March 2021, associated with lease terms, and December 2021 through August 2029 to coincide with the debt maturity dates\\. All significant terms of the swap agreements match the terms of the underlying hedged items and have been designated as qualifying hedging instruments, which are accounted for as cash flow hedges\\. \n\nAs qualifying cash flow hedges, the interest rate swaps are recognized at fair value on the balance sheet, and changes in the fair value are recognized in accumulated other comprehensive loss\\. The effective portion of the derivative represents the change in fair value of the hedge that offsets the change in fair value of the hedged item\\. To the extent the change in fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is recognized in interest expense, if material\\.\n\n63"}
{"_id": "United-2017_86.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**NOTE 10 \\- DEBT** \n\n\n\n|                                                                                                                                         |                     |                     |\n|:--------------------------------------------------------------------------------------------------------------------------------------- | -------------------:| -------------------:|\n| **(In millions)**                                                                                                                       | **At December 31,** | **At December 31,** |\n|                                                                                                                                         |            **2017** |            **2016** |\n| Secured                                                                                                                                 |                     |                     |\n| Notes payable, fixed interest rates of 2\\.88% to 9\\.52% (weighted average rate of 4\\.39% as of December 31, 2017), payable through 2028 |             $8,661  |             $7,586  |\n| Notes payable, floating interest rates of the London interbank offered rate (\u201cLIBOR\u201d) plus 0\\.2% to 2\\.25%, payable through 2028        |              1,880  |              1,546  |\n| Term loan, LIBOR plus 2\\.00%, or alternative rate based on certain market rates plus 1\\.00%, due 2024                                   |              1,489  |                  \u2014  |\n| Term loan, LIBOR subject to a 0\\.75% floor, plus 2\\.50%, or alternative rate based on certain market rates plus 1\\.50%, due 2019        |                  \u2014  |                866  |\n| Term loan, LIBOR subject to a 0\\.75% floor, plus 2\\.75%, or alternative rate based on certain market rates plus 1\\.75%, due 2021        |                  \u2014  |                192  |\n| Unsecured                                                                                                                               |                     |                     |\n| 6\\.375% Senior Notes due 2018 (a)                                                                                                       |                300  |                300  |\n| 6% Senior Notes due 2020 (a)                                                                                                            |                300  |                300  |\n| 4\\.25% Senior Notes due 2022 (a)                                                                                                        |                400  |                  \u2014  |\n| 5% Senior Notes due 2024 (a)                                                                                                            |                300  |                  \u2014  |\n| Other                                                                                                                                   |                101  |                101  |\n|                                                                                                                                         |             13,431  |             10,891  |\n| Less: unamortized debt discount, premiums and debt issuance costs                                                                       |               (163) |               (124) |\n| Less: current portion of long\\-term debt                                                                                                |             (1,565) |               (849) |\n| Long\\-term debt, net                                                                                                                    |           $ 11,703  |            $ 9,918  |\n\n\n\n(a) UAL is the issuer of this debt\\. United is a guarantor\\.\n\nThe table below presents the Company\u2019s contractual principal payments (not including debt discount or debt issuance costs) at December 31, 2017 under then\\-outstanding long\\-term debt agreements in each of the next five calendar years (in millions):\n\n\n\n|            |            |\n|:---------- | ----------:|\n| 2018       |    $1,565  |\n| 2019       |     1,165  |\n| 2020       |     1,170  |\n| 2021       |     1,157  |\n| 2022       |     1,492  |\n| After 2022 |     6,882  |\n|            |  $ 13,431  |\n\n\n\n*Secured debt* \n\n***2017 Credit and Guaranty Agreement\\.*** On March 29, 2017, United and UAL, as borrower and guarantor, respectively, entered into an Amended and Restated Credit and Guaranty Agreement (as amended by the First Amendment to the Amended and Restated Credit and Guaranty Agreement, dated as of November 15, 2017, the \u201cNovember 2017 Amendment,\u201d and as so amended, the \u201c2017 Credit Agreement\u201d)\\. The 2017 Credit Agreement consists of a $1\\.5 billion term loan due April 1, 2024, which was used to retire the entire principal balance of the term loans under the credit and guaranty agreement, dated March 27, 2013 (as amended, the \u201c2013 Credit Agreement\u201d), and increased the term loan balance by approximately $440 million\\. The 2017 Credit Agreement\n\n87"}
{"_id": "Southwest-2017_4.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nbase fare to compete with a ULCC base fare, but includes significant additional restrictions on amenities such as seat assignments (including restrictions on group and family seating), order of boarding, checked baggage and use of overhead bin space, flight changes and refunds, and eligibility for upgrades\\. Also in response to ULCC pricing, some legacy carriers have removed their fare floors for certain routes, leading to lower fares across the industry\\. Conversely, some legacy carriers offer a \"Premium Economy\" fare that targets consumers willing to pay extra for additional amenities such as more favorable seating options in segmented aircraft\\.\n\n**Company Operations** \n\n**Route Structure** \n\nSouthwest principally provides point\\-to\\-point service, rather than the \"hub\\-and\\-spoke\" service provided by most major U\\.S\\. airlines\\. The hub\\-and\\-spoke system concentrates most of an airline's operations at a limited number of central hub cities and serves most other destinations in the system by providing one\\-stop or connecting service through a hub\\. By not concentrating operations through one or more central transfer points, Southwest's point\\-to\\-point route structure has allowed for more direct nonstop routing than hub\\-and\\-spoke service\\. Approximately 76 percent of the Company's Customers flew nonstop during 2017, and, as of December 31, 2017, Southwest served 675 nonstop city pairs\\.\n\nSouthwest\u2019s point\\-to\\-point service has also enabled it to provide its markets with frequent, conveniently timed flights and low fares\\. For example, Southwest currently offers 19 weekday roundtrips between Dallas Love Field and Houston Hobby, 12 weekday roundtrips between Burbank and Oakland, 12 weekday roundtrips between San Diego and San Jose, eight weekday roundtrips between Denver and Chicago Midway, and 10 weekday roundtrips between Los Angeles International and Las Vegas\\.\n\nSouthwest complements its high\\-frequency short\\-haul routes with long\\-haul nonstop service between markets such as Los Angeles and Nashville, Las Vegas and Orlando, San Diego and Baltimore, Houston and New York LaGuardia, and Oakland and Baltimore\\. During 2017, the Company introduced the Boeing 737 Max 8 to its fleet and continued to incorporate the Boeing 737\\-800 aircraft into its fleet, both of which offer significantly more Customer seating capacity than the Company\u2019s other aircraft\\. This has enabled the Company to more economically serve long\\-haul routes, as well as high\\-demand, slot\\-controlled, and gate\\-restricted airports, by adding seats for such routes without increasing the number of flights (a \"slot\" is the right of an air carrier, pursuant to regulations of the FAA, to operate a takeoff or landing at a specific time at certain airports)\\. For 2017, the Company\u2019s average aircraft trip stage length was 754 miles, with an average duration of approximately 2\\.0 hours, as compared with an average aircraft trip stage length of 760 miles and an average duration of approximately 2\\.0 hours in 2016\\.\n\nThe Company continued its focus on California in 2017, and continues to invest significant resources to solidify its leadership position in California, including the planned addition of new domestic and international destination options and flights for California Customers, as well as additional marketing programs, loyalty incentives, and local outreach efforts designed to retain, engage, and acquire Customers\\. Based on the most recent data available from the DOT, for the year ending October 31, 2017, Southwest carried more domestic Revenue Passengers to, from, and within California than any other airline\\.\n\nThe Company ended 2017 with international service to 14 destinations through 16 international gateway cities within the 48 contiguous United States\\. During 2017, the Company commenced international service out of Oakland, San Diego, Nashville, and St\\. Louis\\. In addition, the Company announced commencement in 2018 of international service out of Indianapolis, San Jose, Sacramento, Columbus, New Orleans, Pittsburgh, and Raleigh\\-Durham\\. The Company has also concentrated its service to Cuba in Havana and ceased operations during 2017 to Varadero and Santa Clara, Cuba\\.\n\nIn 2017, to further support its near\\-international operations, the Company opened a new five\\-gate international concourse at Fort Lauderdale\\-Hollywood International Airport (FLL)\\. The Company expanded its international flight schedule for South Florida to a total of nine international nonstop destinations including Montego Bay, Jamaica; Belize City, Belize; Cancun, Mexico; Grand Cayman; Havana, Cuba; Nassau, The Bahamas; San Jose, Costa Rica; Punta Cana, Dominican Republic; and Turks and Caicos\\. Additional information regarding the Company\u2019s involvement with construction of the new concourse at FLL is provided below under \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" and in Note 4 to the Consolidated Financial Statements\\.\n\n5"}
{"_id": "AmericanAirlines-2019_57.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|   |                                                                                                                                                                                                                                                                                                                       |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Regional aircraft fuel and related taxes  increase d  1\\.4 % in  2019  as compared to  2018  primarily due to an  8\\.3%  increase  in gallons of fuel consumed, offset in part by a  6\\.4%  decrease  in the average price per gallon of fuel including related taxes to  $2\\.15  in  2019  from  $2\\.30  in  2018 \\. |\n\n\n\n\n\n|   |                                                                                                                                              |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Regional other operating expenses  increase d  8\\.2 % in  2019  as compared to  2018  primarily driven by an increase in regional capacity\\. |\n\n\n\nOperating Special Items, Net\n\n\n\n|                                                                    |                             |                             |\n| ------------------------------------------------------------------ | --------------------------- | --------------------------- |\n|                                                                    | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                    | **2019**                    | **2018**                    |\n|                                                                    | **(In millions)**           | **(In millions)**           |\n| Fleet restructuring expenses  ^(1)^                                | $271                        | $422                        |\n| Fleet impairment  ^(2)^                                            | 213                         | \u2014                           |\n| Merger integration expenses  ^(3)^                                 | 191                         | 268                         |\n| Litigation reserve adjustments                                     | (53)                        | 45                          |\n| Mark\\-to\\-market adjustments on bankruptcy obligations, net  ^(4)^ | (11)                        | (76)                        |\n| Severance expenses  ^(5)^                                          | 11                          | 58                          |\n| Intangible asset impairment  ^(6)^                                 | \u2014                           | 26                          |\n| Labor contract expenses                                            | \u2014                           | 13                          |\n| Other operating charges, net                                       | 13                          | 31                          |\n| Total mainline operating special items, net                        | $635                        | $787                        |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Fleet restructuring expenses principally included accelerated depreciation and rent expense for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                                |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Fleet impairment principally includes a non\\-cash write\\-down of aircraft related to the planned retirement of American's Embraer E190 fleet\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Merger integration expenses included costs associated with integration projects, principally American's technical operations, flight attendant, human resources and payroll systems\\. |\n\n\n\n\n\n|       |                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Bankruptcy obligations that will be settled in shares of AAG common stock are marked\\-to\\-market based on AAG\u2019s stock price\\. |\n\n\n\n\n\n|       |                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------- |\n| ^(5)^ | Severance expenses primarily included costs associated with reductions of management and support staff team members\\. |\n\n\n\n\n\n|       |                                                                                                                                                                  |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(6)^ | Intangible asset impairment includes a non\\-cash charge to write\\-off American\u2019s Brazil route authority as a result of the U\\.S\\.\\-Brazil open skies agreement\\. |\n\n\n\nNonoperating Results\n\n\n\n|                                 |                                              |                                              |                                              |                                                       |\n| ------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                 | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **2019**                                     | **2018**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Interest income                 | $515                                         | $330                                         | $185                                         | 56\\.1                                                 |\n| Interest expense, net           | (1,109)                                      | (1,028)                                      | (81)                                         | 7\\.8                                                  |\n| Other income, net               | 152                                          | 167                                          | (15)                                         | (9\\.3)                                                |\n| Total nonoperating expense, net | $(442)                                       | $(531)                                       | $89                                          | (16\\.9)                                               |\n\n\n\nInterest income  increase d  $185 million , or  56\\.1 %, due to higher interest\\-bearing related party receivables from American\u2019s parent company, AAG in  2019  as compared to  2018 \\.\n\n58"}
{"_id": "Alaska-2018_70.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nAs passenger tickets and related ancillary services are primarily sold via credit cards, certain amounts due from credit card processors are recorded as airline traffic receivables\\. These credit card receivables and receivables from our affinity credit card partner represent the majority of the receivables balance on the consolidated balance sheets\\. \n\nFor performance obligations with performance periods of less than one year, GAAP provides a practical expedient that allows the Company not to disclose the transaction price allocated to remaining performance obligations and the timing of related revenue recognition\\. As passenger tickets expire one year from ticketing, if unused or not exchanged, the Company elected to apply this practical expedient\\. \n\n**Mileage Plan\u2122 Loyalty Program**\n\n***Loyalty mileage credits***\n\nThe Company\u2019s Mileage Plan\u2122 loyalty program provides frequent flyer travel awards to program members based upon accumulated loyalty mileage credits\\. Mileage credits are earned through travel, purchases using the Mileage Plan\u2122 co\\-branded credit card and purchases from other participating partners\\. The program has a 24 month expiration period for unused mileage credits from the month of last account activity\\. The Company offers redemption of mileage credits through free, discounted or upgraded air travel on flights operated by Alaska and its regional partners or on one of its 17 airline partners, as well as redemption at partner hotels\\.\n\nThe Company uses a relative standalone selling price to allocate consideration to material performance obligations in contracts with customers that include loyalty mileage credits\\. As directly observable selling prices for mileage credits are not available, the Company determines the standalone selling price of mileage credits primarily using actual ticket purchase prices for similar tickets flown, adjusted for the likelihood of redemption, or breakage\\. In determining similar tickets flown, the Company considers current market prices, class of service, type of award, and other factors\\. For mileage credits accumulated through travel on partner airlines, the Company uses actual consideration received from the partners\\. \n\nRevenue related to air transportation is deferred in the amount of the relative standalone selling price allocated to the loyalty mileage credits as they are issued\\. The Company satisfies its performance obligation when the mileage credits are redeemed and the related air transportation is delivered\\.\n\nThe Company estimates breakage for the portion of loyalty mileage credits not expected to be redeemed using a statistical analysis of historical data, including actual mileage credits expiring, slow\\-moving and low\\-credit accounts, among other factors\\. The breakage rate for the twelve months ended December 31, 2018 and 2017 was 17\\.4%\\. The Company reviews the breakage rate used on an annual basis\\.\n\n***Co\\-brand credit card agreement and other***\n\nIn addition to mileage credits, the co\\-brand credit card agreement, referred to herein as the Agreement, also includes performance obligations for waived bag fees, Companion Fare\u2122 offers to purchase an additional ticket at a discount, marketing, and the use of intellectual property including the brand (unlimited access to the use of the Company\u2019s brand and frequent flyer member lists), which is the predominant element in the Agreement\\. The affinity card bank partner is the customer for some elements, including the brand and marketing, while the Mileage Plan\u2122 member is the customer for other elements such as mileage credits, bag waivers, and companion fares\\.\n\nAt the inception of the Agreement, management estimated the selling price of each of the performance obligations\\. The objective was to determine the price at which a sale would be transacted if the product or service was sold on a stand\\-alone basis\\. The Company determined its best estimate of selling price for each element by considering multiple inputs and methods including, but not limited to, the estimated selling price of comparable travel, discounted cash flows, brand value, published selling prices, number of miles awarded and number of miles redeemed\\. The Company estimated the selling prices and volumes over the term of the Agreement in order to determine the allocation of proceeds to each of the multiple deliverables\\. The estimates of the standalone selling prices of each element do not change subsequent to the original valuation of the contract unless the contract is materially modified, but the allocation between elements may change based upon the actual and updated projected volumes of each element delivered during the term of the contract\\.\n\nConsideration received from the bank is variable and is primarily from consumer spend on the card, among other items\\. The Company allocates consideration to each of the performance obligations, including mileage credits, waived bag fees, companion fares, and brand and marketing, using their relative standalone selling price\\. Because the performance obligation related to providing use of intellectual property including the brand is satisfied over time, it is recognized in Mileage Plan^TM^\n\n 71"}
{"_id": "United-2019_28.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nThe table below presents selected passenger revenue and operating data of the Company, broken out by geographic region, expressed as year\\-over\\-year changes:\n\n\n\n|                                                                                                            |                                                                                                            |                                                                                                            |                                        |                                        |                                        |\n| ---------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- |\n|                                                                                                            | **Increase (decrease) from 2018 (a):**                                                                     | **Increase (decrease) from 2018 (a):**                                                                     | **Increase (decrease) from 2018 (a):** | **Increase (decrease) from 2018 (a):** | **Increase (decrease) from 2018 (a):** |\n|                                                                                                            | **Domestic**                                                                                               | **Atlantic**                                                                                               | **Pacific**                            | **Latin**                              | **Total**                              |\n| Average fare per passenger                                                                                 | 3\\.4%                                                                                                      | (1\\.9)%                                                                                                    | (4\\.0)%                                | 5\\.9%                                  | 2\\.4%                                  |\n| Passengers                                                                                                 | 2\\.1%                                                                                                      | 6\\.5 %                                                                                                     | 4\\.0 %                                 | 3\\.9%                                  | 2\\.6%                                  |\n| RPMs (traffic)                                                                                             | 3\\.5%                                                                                                      | 6\\.9 %                                                                                                     | 2\\.4 %                                 | 4\\.0%                                  | 4\\.0%                                  |\n| ASMs (capacity)                                                                                            | 3\\.8%                                                                                                      | 5\\.8 %                                                                                                     | 0\\.5 %                                 | 2\\.9%                                  | 3\\.5%                                  |\n| Passenger load factor (points)                                                                             | (0\\.2)                                                                                                     | 0\\.8                                                                                                       | 1\\.5                                   | 0\\.9                                   | 0\\.4                                   |\n| (a) See Part II, Item 6\\. Selected Financial Data, of this report for the definition of these statistics\\. | (a) See Part II, Item 6\\. Selected Financial Data, of this report for the definition of these statistics\\. | (a) See Part II, Item 6\\. Selected Financial Data, of this report for the definition of these statistics\\. |                                        |                                        |                                        |\n\n\n\nPassenger revenue increased  $1\\.9 billion , or  5\\.1% , in  2019  as compared to  2018 , primarily due to a  4\\.0%  increase in traffic, continuing strong domestic demand, improvements in average fares in the Latin and Domestic markets, and increases in ancillary fees driven by improved product offerings\\. \n\nCargo revenue decreased  $58 million , or  4\\.7% , in  2019  as compared to  2018 , primarily due to an approximately 3% decrease in cargo ton miles and a 2% decline in cargo ton mile yield\\. \n\nIn December 2019, a novel strain of coronavirus (\"COVID\\-19\") was reported in Wuhan, China\\. The World Health Organization has declared COVID\\-19 to constitute a \"Public Health Emergency of International Concern\\.\" On January 30, 2020, the U\\.S\\. Department of State issued a Level 4 \"do not travel\" advisory for China\\. The U\\.S\\. government has also implemented enhanced screenings, quarantine requirements and travel restrictions in connection with the COVID\\-19 outbreak\\. The Company has suspended its flights between the United States and each of Beijing, Chengdu, Shanghai and Hong Kong through April 24, 2020\\. These routes represented approximately 5% of the Company's 2020 planned capacity and the Company's other trans\\-Pacific routes represented an additional 10% of the Company's 2020 planned capacity\\. As of the date of this report, the Company is experiencing an approximately 100% decline in near\\-term demand to China and an approximately 75% decline in near\\-term demand on the rest of the Company's trans\\-Pacific routes\\. The extent of the impact of the COVID\\-19 on the Company's operational and financial performance will depend on future developments, including the duration and spread of the outbreak and related travel advisories and restrictions and the impact of the COVID\\-19 on overall demand for air travel, all of which are highly uncertain and cannot be predicted\\. If traffic on the Company's trans\\-Pacific routes were to remain at these levels for an extended period, and/or routes in other parts of the Company's network begin to see significant declines in demand, our results of operations for full year 2020 may be materially adversely affected\\.\n\nOperating Expense\\.  The table below includes data related to the Company's operating expense for the years ended December 31 (in millions, except percentage changes): \n\n\n\n|                                                    |          |          |                         |              |\n| -------------------------------------------------- | -------- | -------- | ----------------------- | ------------ |\n|                                                    | **2019** | **2018** | **Increase (Decrease)** | **% Change** |\n| Salaries and related costs                         | $12,071  | $11,458  | $613                    | 5\\.3         |\n| Aircraft fuel                                      | 8,953    | 9,307    | (354)                   | (3\\.8)       |\n| Regional capacity purchase                         | 2,849    | 2,649    | 200                     | 7\\.6         |\n| Landing fees and other rent                        | 2,543    | 2,449    | 94                      | 3\\.8         |\n| Depreciation and amortization                      | 2,288    | 2,165    | 123                     | 5\\.7         |\n| Aircraft maintenance materials and outside repairs | 1,794    | 1,767    | 27                      | 1\\.5         |\n| Distribution expenses                              | 1,651    | 1,558    | 93                      | 6\\.0         |\n| Aircraft rent                                      | 288      | 433      | (145)                   | (33\\.5)      |\n| Special charges                                    | 246      | 487      | (241)                   | NM           |\n| Other operating expenses                           | 6,275    | 5,801    | 474                     | 8\\.2         |\n| Total operating expenses                           | $38,958  | $38,074  | $884                    | 2\\.3         |\n\n\n\nSalaries and related costs increased  $613 million , or  5\\.3% , in  2019  as compared to  2018 , primarily due to higher contractual pay rates, higher benefit expenses, higher employee incentives and a 4\\.0% increase in average full\\-time equivalent employees\\. Employee incentives included $157 million increase in profit sharing in  2019  as compared to  2018 \\.\n\nAircraft fuel expense decreased  $354 million , or  3\\.8% , in  2019  as compared to  2018 , primarily due to a  7\\.1%  decrease in fuel prices, partially offset by a  3\\.5%  increase in capacity\\. The table below presents the significant changes in aircraft fuel cost per \n\n29"}
{"_id": "Delta-2018_12.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nEmployee Matters\n\nRailway Labor Act\n\nOur relations with labor unions representing our airline employees in the U\\.S\\. are governed by the Railway Labor Act\\. Under the Railway Labor Act, a labor union seeking to represent an unrepresented craft or class of employees is required to file with the National Mediation Board (the \"NMB\") an application alleging a representation dispute, along with authorization cards signed by at least 50% of the employees in that craft or class\\. The NMB then investigates the dispute and, if it finds the labor union has obtained a sufficient number of authorization cards, conducts an election to determine whether to certify the labor union as the collective bargaining representative of that craft or class\\. A labor union will be certified as the representative of the employees in a craft or class if more than 50% of votes cast are for that union\\. A certified labor union would commence negotiations toward a collective bargaining agreement with the employer\\.\n\nUnder the Railway Labor Act, a collective bargaining agreement between an airline and a labor union does not expire, but instead becomes amendable as of a stated date\\. Either party may request that the NMB appoint a federal mediator to participate in the negotiations for a new or amended agreement\\. If no agreement is reached in mediation, the NMB may determine, at any time, that an impasse exists and offer binding arbitration\\. If either party rejects binding arbitration, a 30\\-day \"cooling off\" period begins\\. At the end of this 30\\-day period, the parties may engage in \u201cself help,\u201d unless the U\\.S\\. President appoints a Presidential Emergency Board (\"PEB\") to investigate and report on the dispute\\. The appointment of a PEB maintains the \"status quo\" for an additional 60 days\\. If the parties do not reach agreement during this period, the parties may then engage in self help\\. Self help includes, among other things, a strike by the union or the imposition of proposed changes to the collective bargaining agreement by the airline\\. Congress and the President have the authority to prevent self help by enacting legislation that, among other things, imposes a settlement on the parties\\.\n\nCollective Bargaining\n\nAs of  December 31, 2018 , we had approximately  89,000  full\\-time equivalent employees, approximately  19%  of whom were represented by unions\\. The following table shows our domestic airline employee groups that are represented by unions\\.\n\n\n\n|                                                  |                                                        |           |                                                                     |\n| ------------------------------------------------ | ------------------------------------------------------ | --------- | ------------------------------------------------------------------- |\n| **Employee Group**                               | **Approximate Number of Active Employees Represented** | **Union** | **Date on which Collective Bargaining Agreement Becomes Amendable** |\n| Delta Pilots                                     | 13,203                                                 | ALPA      | December 31, 2019                                                   |\n| Delta Flight Superintendents (Dispatchers) ^(1)^ | 432                                                    | PAFCA     | March 31, 2018                                                      |\n| Endeavor Air Pilots                              | 1,976                                                  | ALPA      | January 1, 2024                                                     |\n| Endeavor Air Flight Attendants ^(1)^             | 1,307                                                  | AFA       | December 31, 2018                                                   |\n| Endeavor Air Dispatchers ^(1)^                   | 60                                                     | PAFCA     | December 31, 2018                                                   |\n\n\n\n\n\n|       |                                                                                                                                     |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | We are in discussions with representatives of these employee groups regarding terms of amendable collective bargaining agreements\\. |\n\n\n\nIn addition to the domestic airline employee groups discussed above,  196  refinery employees of Monroe are represented by the United Steel Workers under an agreement that expires on February 28, 2019\\. This agreement is governed by the National Labor Relations Act  (\"NLRA\") , which generally allows either party to engage in self help upon the expiration of the agreement\\.\n\nLabor unions periodically engage in organizing efforts to represent various groups of our employees, including at our operating subsidiaries, that are not represented for collective bargaining purposes\\.\n\n 10"}
{"_id": "Southwest-2018_63.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nCompany also had agreements with counterparties in which cash deposits, letters of credit, and/or pledged aircraft are required to be posted as collateral whenever the net fair value of derivatives associated with those counterparties exceeds specific thresholds\\. Refer to the counterparty credit risk and collateral table provided in Note 10 to the Consolidated Financial Statements for the fair values of fuel derivatives, and applicable collateral posting threshold amounts as of December 31, 2018, at which such postings are triggered\\.\n\nDue to the Company's investment grade credit rating, terms of the Company\u2019s current fuel hedging agreements with counterparties, and the types of derivatives held as of December 31, 2018, in the Company's judgment, it does not have cash collateral exposure\\. See Note 10 to the Consolidated Financial Statements\\. The Company is also subject to the risk that the fuel derivatives it uses to hedge against fuel price volatility do not provide adequate protection\\. The Company has found that financial derivative instruments in commodities, such as West Texas Intermediate crude oil, Brent crude oil, and refined products, such as heating oil and unleaded gasoline, can be useful in decreasing its exposure to jet fuel price volatility\\. In addition, to add further protection, the Company may periodically enter into jet fuel derivatives for short\\-term timeframes\\. Jet fuel is not widely traded on an organized futures exchange and, therefore, there are limited opportunities to hedge directly in jet fuel for time horizons longer than approximately 24 months into the future\\.\n\nThe Company also has agreements with each of its counterparties associated with its outstanding interest rate swap agreements in which cash collateral may be required based on the fair value of outstanding derivative instruments, as well as the Company\u2019s and its counterparty\u2019s credit ratings\\. As of December 31, 2018, no cash collateral deposits were provided by or held by the Company based on its outstanding interest rate swap agreements\\.\n\nDue to the significance of the Company\u2019s fuel hedging program and the emphasis that the Company places on utilizing fuel derivatives to reduce its fuel price risk, the Company has created a system of governance and management oversight and has put in place a number of internal controls designed so that procedures are properly followed and accountability is present at the appropriate levels\\. For example, the Company has put in place controls designed to: (i) create and maintain a comprehensive risk management policy; (ii) provide for proper authorization by the appropriate levels of management; (iii) provide for proper segregation of duties; (iv) maintain an appropriate level of knowledge regarding the execution of and the accounting for derivative instruments; and (v) have key performance indicators in place in order to adequately measure the performance of its hedging activities\\. The Company believes the governance structure that it has in place is adequate given the size and sophistication of its hedging program\\.\n\n***Financial Market Risk***\n\nThe vast majority of the Company\u2019s tangible assets are aircraft, which are long\\-lived\\. The Company\u2019s strategy is to maintain a conservative balance sheet and grow capacity steadily and profitably under the right conditions\\. While the Company uses financial leverage, it strives to maintain a strong balance sheet and has a \"BBB\\+\" rating with Fitch, a \"BBB\\+\" rating with Standard & Poor\u2019s, and an \"A3\" credit rating with Moody\u2019s as of December 31, 2018, all of which are considered \"investment grade\\.\" As disclosed in Note 10 to the Consolidated Financial Statements, the Company has converted certain of its long\\-term debt to floating rate debt by entering into an interest rate swap agreement\\. See Note 6 to the Consolidated Financial Statements for more information on the material terms of the Company\u2019s short\\-term and long\\-term debt\\.\n\nAs of December 31, 2018, excluding the notes or debentures that have been converted to a floating rate, the Company\u2019s fixed\\-rate senior unsecured notes outstanding included its $300 million2\\.75% senior unsecured notes due 2022, its $300 million3\\.00% senior unsecured notes due 2026, its $100 million7\\.375% senior unsecured notes due 2027, and its $300 million3\\.45% senior unsecured notes due 2027\\. The $100 million7\\.375% senior unsecured notes due 2027 had at one point been converted to a floating rate, but the Company subsequently terminated the fixed\\-to\\-floating interest rate swap agreements related to it\\. The effect of this termination was that the interest associated with this debt prospectively reverted back to its original fixed rate\\. As a result of the gain realized on this transaction, which is being amortized over the remaining term of the corresponding notes, and based on projected interest rates at the date of termination, the Company does not believe its future interest expense, based on projected future interest rates at the date of termination, associated with these notes will significantly differ from the expense it would have recorded had \n\n64"}
{"_id": "Southwest-2018_42.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nefficient 737\\-800 and 737 MAX 8 aircraft\\. Fuel gallons consumed increased 2\\.4 percent, compared with 2017, while year\\-over\\-year capacity increased 3\\.9 percent\\. \n\nAs of January 18, 2019, on an economic basis, the Company had derivative contracts in place related to expected future fuel consumption as follows:\n\n\n\n|                 |                                                                                                                                                                                                              |                                                                                                                                                                                                              |                                                                                                                                                                                                              |                                                                                                                                                                                                              |                                                                                                                                                                                                              |\n| --------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| **Period**      | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** | **Maximum percent of estimated fuel consumption covered by fuel derivative contracts at varying West Texas Intermediate/Brent Crude Oil, Heating Oil, and Gulf Coast Jet Fuel\\-equivalent price levels (a)** |\n| **2019**        | 70%                                                                                                                                                                                                          | 70%                                                                                                                                                                                                          | 70%                                                                                                                                                                                                          | 70%                                                                                                                                                                                                          | 70%                                                                                                                                                                                                          |\n| **2020**        | 53%                                                                                                                                                                                                          | 53%                                                                                                                                                                                                          | 53%                                                                                                                                                                                                          | 53%                                                                                                                                                                                                          | 53%                                                                                                                                                                                                          |\n| **2021**        | 25%                                                                                                                                                                                                          | 25%                                                                                                                                                                                                          | 25%                                                                                                                                                                                                          | 25%                                                                                                                                                                                                          | 25%                                                                                                                                                                                                          |\n| **Beyond 2021** | less than 5%                                                                                                                                                                                                 | less than 5%                                                                                                                                                                                                 | less than 5%                                                                                                                                                                                                 | less than 5%                                                                                                                                                                                                 | less than 5%                                                                                                                                                                                                 |\n\n\n\n(a) The Company's hedge position can vary significantly at different price levels, including prices at which the Company considers \"catastrophic\" coverage\\. The percentages provided are not indicative of the Company's hedge coverage at every price, but represent the highest level of coverage at a single price\\. See Note 10 to the Consolidated Financial Statements for further information\\.\n\nAs a result of applying hedge accounting in prior periods, the Company has amounts in Accumulated other comprehensive income (loss) (\"AOCI\") that will be recognized in earnings in future periods when the underlying fuel derivative contracts settle\\. The following table displays the Company's estimated fair value of remaining fuel derivative contracts (not considering the impact of the cash collateral provided to or received from counterparties \\- see Note 10 to the Consolidated Financial Statements for further information), as well as the amount of deferred gains/losses in AOCI at December 31, 2018, and the expected future periods in which these items are expected to settle and/or be recognized in earnings (in millions):\n\n\n\n|          |                                                                                        |                                                                                               |\n| -------- | -------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------- |\n| **Year** | **Fair value of fuel**<br><br>**derivative contracts**<br><br>**at December 31, 2018** | **Amount of losses deferred**<br><br>**in AOCI at December 31,**<br><br>**2018 (net of tax)** |\n| 2019     | $43                                                                                    | $(36)                                                                                         |\n| 2020     | 65                                                                                     | (6)                                                                                           |\n| 2021     | 26                                                                                     | (1)                                                                                           |\n| 2022     | 4                                                                                      | \u2014                                                                                             |\n| Total    | $138                                                                                   | $(43)                                                                                         |\n\n\n\n Assuming no changes to the Company's current fuel derivative portfolio, but including all previous hedge activity for fuel derivatives that have not yet settled, and considering only the expected net cash receipts related to hedges that will settle, the Company is providing the below sensitivity table for first quarter 2019 and full year 2019 jet fuel prices at different crude oil assumptions as of January 18, 2019, and for expected premium costs associated with settling contracts each period, respectively\\.\n\n43"}
{"_id": "Delta-2019_19.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nThe operation of the refinery by Monroe is subject to significant environmental regulation\\. Failure to comply with environmental regulations or the enactment of additional regulation could have a material adverse effect on our consolidated financial results\\. \n\nMonroe's operations are subject to extensive environmental, health and safety laws and regulations, including those relating to the discharge of materials into the environment, waste management, pollution prevention measures and greenhouse gas emissions\\. Monroe could incur fines and other sanctions, cleanup costs and third\\-party claims as a result of violations of or liabilities under environmental, health and safety requirements, which if significant, could have a material adverse effect on our consolidated financial results\\. In addition, the enactment of new environmental laws and regulations, including any laws or regulations relating to greenhouse gas emissions, could significantly increase the level of expenditures required for Monroe or restrict its operations\\. \n\nIn particular, under the Energy Independence and Security Act of 2007, the EPA has adopted RFS that mandate the blending of renewable fuels into Transportation Fuels\\. RINs are assigned to renewable fuels produced or imported into the U\\.S\\. that are blended into Transportation Fuels to demonstrate compliance with this obligation\\. A refinery may meet its obligation under RFS by blending the necessary volumes of renewable fuels with Transportation Fuels or by purchasing RINs in the open market or through a combination of blending and purchasing RINs\\.\n\nBecause Monroe blends only a small amount of renewable fuels, it must purchase the majority of its RINs requirement in the secondary market or obtain a waiver from the EPA\\. As a result, Monroe is exposed to the market price of RINs\\. Market prices for RINs have been volatile, marked by periods of sharp increases and decreases\\. We cannot predict the future prices of RINs\\. Purchasing RINs at elevated prices could have a material impact on our consolidated results of operations and cash flows\\.\n\nExisting laws or regulations could change, and the minimum volumes of renewable fuels that must be blended with refined petroleum products may increase\\. Increases in the volume of renewable fuels that must be blended into Monroe's products could limit the refinery's production if sufficient numbers of RINs are not available for purchase or relief from this requirement is not obtained, which could have a material adverse effect on our consolidated financial results\\.\n\nIf we lose senior management and other key employees and they are not replaced by individuals with comparable skills, our operating results could be materially adversely affected\\.\n\nWe are dependent on the experience and industry knowledge of our officers and other key employees to design and execute our business plans\\. If we experience a substantial turnover in our leadership and other key employees, and these persons are not replaced by individuals with comparable skills, our performance could be materially adversely impacted\\. Furthermore, we may be unable to attract and retain additional qualified executives as needed in the future\\.\n\nOur reputation and brand could be damaged if we are exposed to significant adverse publicity\\.\n\nWe operate in a highly visible, public environment with significant exposure to traditional and social media\\. Adverse publicity, whether justified or not, can rapidly spread, including through social or digital media\\. In particular, passengers can use social media to provide feedback about their interaction with us in a manner that can be quickly and broadly disseminated\\. To the extent we are unable to respond timely and appropriately to adverse publicity, our brand and reputation may be damaged\\. Significant damage to our overall reputation and brand image could have a material adverse effect on our financial results\\. \n\n17"}
{"_id": "Delta-2017_74.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nPacific Facilities\\.  Our obligations under the Pacific Facilities are secured by a first lien on our Pacific route authorities and certain related assets\\. The Pacific Facilities include affirmative, negative and financial covenants that could restrict our ability to, among other things, make investments, sell or otherwise dispose of collateral if we are not in compliance with the collateral coverage ratio tests described below, pay dividends or repurchase stock\\. \n\n\n\n|                                                                                  |               |\n| -------------------------------------------------------------------------------- | ------------- |\n| Minimum fixed charge coverage ratio  ^(1)^                                       | 1\\.20:1       |\n| Minimum unrestricted liquidity                                                   |               |\n| Unrestricted cash, permitted investments and undrawn revolving credit facilities | $2\\.0 billion |\n| Minimum collateral coverage ratio  ^(2)^                                         | 1\\.60:1       |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Defined as the ratio of (a) earnings before interest, taxes, depreciation, amortization and aircraft rent and other adjustments to net income to (b) the sum of gross cash interest expense (including the interest portion of our capitalized lease obligations) and cash aircraft rent expense, for the 12\\-month period ending as of the last day of each fiscal quarter\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Defined as the ratio of (a) certain of the collateral that meet specified eligibility standards to (b) the sum of the aggregate outstanding obligations and certain other obligations\\.  |\n\n\n\n2015 Credit Facilities\\.  Our obligations under the 2015 Credit Facilities are secured by liens on certain of our and the Guarantors\u2019 assets, including accounts receivable, aircraft, spare engines, non\\-Pacific international routes, domestic slots and certain investment property\\. The 2015 Credit Facilities include affirmative, negative and financial covenants that may restrict our ability to, among other things, make investments, sell or otherwise dispose of assets if not in compliance with the collateral coverage ratio tests, pay dividends or repurchase stock\\. These covenants require us to maintain:\n\n\n\n|                                                                                  |               |\n| -------------------------------------------------------------------------------- | ------------- |\n| Minimum unrestricted liquidity                                                   |               |\n| Unrestricted cash, permitted investments and undrawn revolving credit facilities | $2\\.0 billion |\n| Minimum collateral coverage ratio ^(1)^                                          | 1\\.60:1       |\n\n\n\n\n\n|       |                                                                                                                                                                                                                           |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Defined as the ratio of (a) certain of the collateral that meet specified eligibility standards to (b) the sum of the aggregate outstanding obligations under the 2015 Credit Facilities and certain other obligations\\.  |\n\n\n\nUnder the 2015 Credit Facilities, if the Minimum Collateral Coverage Ratio is not maintained, we must either provide additional collateral to secure our obligations, or we must reduce the secured obligations under the facilities by an amount necessary to maintain compliance with the collateral coverage ratio\\. The 2015 Credit Facilities contain events of default customary for similar financings, including cross\\-defaults to other material indebtedness and certain change of control events\\. Upon the occurrence of an event of default, the outstanding obligations under the 2015 Credit Facilities may be accelerated and become due and payable immediately\\.\n\nAvailability Under Revolving Credit Facilities\n\nThe table below shows availability under revolving credit facilities, all of which were undrawn, as of  December 31, 2017 : \n\n\n\n|                                                      |        |\n| ---------------------------------------------------- | ------ |\n| **(in millions)**                                    |        |\n| Revolving Credit Facility                            | $1,500 |\n| Pacific Revolving Credit Facility                    | 415    |\n| Other revolving credit facilities                    | 535    |\n| Total availability under revolving credit facilities | $2,450 |\n\n\n\n 70"}
{"_id": "United-2019_80.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nThe table below presents supplemental cash flow information related to leases during the year ended December 31 (in millions):\n\n\n\n|                                                                         |          |          |          |\n| ----------------------------------------------------------------------- | -------- | -------- | -------- |\n|                                                                         | **2019** | **2018** | **2017** |\n| Cash paid for amounts included in the measurement of lease liabilities: |          |          |          |\n| Operating cash flows for operating leases                               | $902     | $1,078   | $1,451   |\n| Operating cash flows for finance leases                                 | 70       | 53       | 24       |\n| Financing cash flows for finance leases                                 | 151      | 79       | 84       |\n\n\n\nRegional CPAs\\.  United  has contractual relationships with various regional carriers to provide regional aircraft service branded as United Express\\.  Under these CPAs, the Company pays the regional carriers contractually agreed fees (carrier costs) for operating these flights plus a variable rate adjustment based on agreed performance metrics, subject to annual adjustments\\. The fees are based on specific rates multiplied by specific operating statistics (e\\.g\\., block hours, departures), as well as fixed monthly amounts\\. Under these CPAs, the Company is also responsible for all fuel costs incurred, as well as landing fees and other costs, which are either passed through by the regional carrier to the Company without any markup or directly incurred by the Company\\. In some cases, the Company owns some or all of the aircraft subject to the CPA and leases such aircraft to the regional carrier\\.  United's CPAs are for   581  regional aircraft as of  December 31, 2019 , and the CPAs have terms expiring through  2029 \\. Aircraft operated under CPAs include aircraft leased directly from the regional carriers and those owned by United and operated by the regional carriers\\. See Part I, Item 2\\. Properties, of this report for additional information\\.\n\nIn 2019, United amended an agreement with GoJet Airlines to operate up to   54  Bombardier CRJ\\-550s under a   10 \\-year CPA arrangement\\. United also amended an agreement with Mesa Airlines, which added   20  new Embraer E175 LL aircraft under a  12 \\-year CPA and also extended   42  United\\-owned Embraer E175 aircraft for an additional   5 years \\.\n\nUnited recorded approximately   $1 billion ,   $979 million  and   $907 million  in expenses related to its CPAs with its regional carriers in which United is a minority shareholder, for the years ended  December 31, 2019 ,  2018  and  2017 , respectively\\. There were approximately   $69 million  and   $53 million  in accounts payable due to these companies as of  December 31, 2019  and December 31,  2018 , respectively\\. There were no material accounts receivables due from these companies as of  December 31, 2019  and December 31,  2018 \\. The CPAs with these related parties were executed in the ordinary course of business\\.\n\nOur future commitments under our CPAs are dependent on numerous variables, and are, therefore, difficult to predict\\. The most important of these variables is the number of scheduled block hours\\. Although we are not required to purchase a minimum number of block hours under certain of our CPAs, we have set forth below estimates of our future payments under the CPAs based on our assumptions\\. United's estimates of its future payments under all of the CPAs do not include the portion of the underlying obligation for any aircraft leased to a regional carrier or deemed to be leased from other regional carriers and facility rent that are disclosed as part of operating leases above\\. For purposes of calculating these estimates, we have assumed (1) the number of block hours flown is based on our anticipated level of flight activity or at any contractual minimum utilization levels if applicable, whichever is higher, (2) that we will reduce the fleet as rapidly as contractually allowed under each CPA, (3) that aircraft utilization, stage length and load factors will remain constant, (4) that each carrier's operational performance will remain at historic levels and (5) an annual projected inflation rate\\. These amounts exclude variable pass\\-through costs such as fuel and landing fees, among others\\. Based on these assumptions as of  December 31, 2019 , our future payments through the end of the terms of our CPAs are presented in the table below (in billions):\n\n\n\n|            |        |\n| ---------- | ------ |\n| 2020       | $2\\.9  |\n| 2021       | 2\\.9   |\n| 2022       | 2\\.4   |\n| 2023       | 1\\.5   |\n| 2024       | 1\\.3   |\n| After 2024 | 4\\.7   |\n|            | $15\\.7 |\n\n\n\nThe actual amounts we pay to our regional operators under CPAs could differ materially from these estimates\\. For example, a   10%  increase or decrease in scheduled block hours for all of United's regional operators (whether as a result of changes in average daily utilization or otherwise) in  2020  would result in a corresponding change in annual cash obligations under the CPAs of approximately   $202 million \\.\n\n81"}
{"_id": "AmericanAirlines-2019_67.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nDuring  2019 , we reviewed and revised certain economic and demographic assumptions including the pension and retiree medical and other postretirement benefits discount rates and health care cost trend rates\\. The net effect of changing these assumptions for the pension plans resulted in an  increase  of  $2\\.1 billion  in the projected benefit obligation at  December 31, 2019 \\. The net effect of changing these assumptions for retiree medical and other postretirement benefits plans resulted in an  increase  of  $71 million  in the projected benefit obligation at  December 31, 2019 \\. We also revised our mortality assumptions to incorporate the new Pri\\-2012 mortality tables and improvement scale issued by the Society of Actuaries\\. This resulted in a  decrease  in the projected benefit obligations of our pension and retiree medical and other postretirement benefits plans of  $127 million  and  $11 million , respectively\\.\n\nSee Note 10 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 8 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information regarding our employee benefit plans\\.\n\nRecent Accounting Pronouncement\n\nASU 2016\\-13: Financial Instruments  \u2013  Credit Losses (Topic 326)\n\nThis ASU requires the use of an expected loss model for certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates\\. For trade receivables, loans and held\\-to \\- maturity debt securities, an estimate of lifetime expected credit losses is required\\. For available\\-for\\-sale debt securities, an allowance for credit losses will be required rather than a reduction to the carrying value of the asset\\. This standard is effective for interim and annual reporting periods beginning after December 15, 2019\\. While we have not completed our evaluation of the impact of adoption of this standard, we do not expect it to have a material impact on our consolidated financial statements\\.\n\nITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK\n\nThe risk inherent in our market risk sensitive instruments and positions is the potential loss arising from adverse changes in the price of fuel, foreign currency exchange rates and interest rates as discussed below\\. The sensitivity analyses presented do not consider the effects that such adverse changes may have on overall economic activity, nor do they consider additional actions we may take to mitigate our exposure to such changes\\. Therefore, actual results may differ\\. See Note 8 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 6 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional discussion regarding risk management matters\\.\n\nAircraft Fuel\n\nOur operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in our business\\. Because of the amount of fuel needed to operate our business, even a relatively small increase or decrease in the price of fuel can have a material effect on our costs and liquidity\\. Market prices for aircraft fuel can be volatile, with market spot prices ranging from a low of approximately  $1\\.24  per gallon to a high of approximately  $2\\.35  per gallon during the period from January 1, 2017 to  December 31, 2019 \\.\n\nAs of  December 31, 2019 , we did not have any fuel hedging contracts outstanding to hedge our fuel consumption\\. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review that policy from time to time based on market conditions and other factors\\. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices\\. Based on our  2020  forecasted fuel consumption, we estimate that a one cent per gallon increase in the price of aircraft fuel would increase our  2020  annual fuel expense by  $47 million \\.\n\nForeign Currency\n\nWe are exposed to the effect of foreign exchange rate fluctuations on the U\\.S\\. dollar value of foreign currency\\-denominated transactions\\. Our largest exposure comes from the British pound, Euro, Canadian dollar and various Latin American currencies, primarily the Brazilian real\\. We do not currently have a foreign currency hedge program\\. We estimate a uniform 10% strengthening in the value of the U\\.S\\. dollar from  2019  levels relative to each of the currencies in which we have foreign currency exposure would have resulted in a decrease in pre\\-tax income of approximately  $190 million  for the year ended  December 31, 2019 \\.\n\n68"}
{"_id": "Southwest-2018_109.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**12****\\. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)**\n\nComprehensive income includes changes in the fair value of certain financial derivative instruments that qualify for hedge accounting, unrealized gains and losses on certain investments, and actuarial gains/losses arising from the Company\u2019s postretirement benefit obligation\\. A rollforward of the amounts included in AOCI, net of taxes, is shown below for 2018 and 2017:\n\n\n\n|                                                    |                      |                               |                                |           |                         |                                                        |\n| -------------------------------------------------- | -------------------- | ----------------------------- | ------------------------------ | --------- | ----------------------- | ------------------------------------------------------ |\n| **(in millions)**                                  | **Fuel derivatives** | **Interest rate derivatives** | **Defined benefit plan items** | **Other** | **Deferred tax impact** | **Accumulated other  <br>comprehensive income (loss)** |\n| Balance at December 31, 2016                       | $(499)               | $(18)                         | $(14)                          | $20       | $188                    | $(323)                                                 |\n| Changes in fair value                              | (50)                 | \u2014                             | 5                              | 13        | 11                      | (21)                                                   |\n| Reclassification to earnings                       | 552                  | 11                            | \u2014                              | \u2014         | (207)                   | 356                                                    |\n| Balance at December 31, 2017                       | $3                   | $(7)                          | $(9)                           | $33       | $(8)                    | $12                                                    |\n| ASU 2017\\-12 adoption adjustment (a)               | (26)                 | \u2014                             | \u2014                              | \u2014         | 6                       | (20)                                                   |\n| ASU 2018\\-02 stranded AOCI adoption adjustment (b) | \u2014                    | \u2014                             | \u2014                              | \u2014         | 2                       | 2                                                      |\n| Changes in fair value                              | \u2014                    | 1                             | 67                             | (8)       | (14)                    | 46                                                     |\n| Reclassification to earnings                       | (33)                 | 6                             | \u2014                              | \u2014         | 7                       | (20)                                                   |\n| Balance at December 31, 2018                       | $(56)                | $\u2014                            | $58                            | $25       | $(7)                    | $20                                                    |\n\n\n\n(a) The Company adopted the New Hedging Standard as of January 1, 2018\\. See Note 2 for further information on this adoption\\.\n\n(b) The Company adopted the Reclassification of Certain Tax Effects from AOCI as of January 1, 2018, which allowed the Company to reclassify to Retained earnings any tax effects stranded in AOCI as a result of the Tax Cuts and Jobs Act enacted in December 2017\\. \n\nThe following table illustrates the significant amounts reclassified out of each component of AOCI for the year endedDecember 31, 2018: \n\n\n\n|                                                         |                                     |                                                                              |\n| ------------------------------------------------------- | ----------------------------------- | ---------------------------------------------------------------------------- |\n| **Year ended December 31, 2018**                        | **Year ended December 31, 2018**    | **Year ended December 31, 2018**                                             |\n| **(in millions)**                                       | **Amounts reclassified from AOCI**  | **Affected line item in the Consolidated Statement of Comprehensive Income** |\n| **AOCI components**                                     | **Amounts reclassified from AOCI**  | **Affected line item in the Consolidated Statement of Comprehensive Income** |\n| Unrealized gain on fuel derivative instruments          | $(33)                               | Fuel and oil expense                                                         |\n|                                                         | (8)                                 | Less: Tax expense                                                            |\n|                                                         | $(25)                               | Net of tax                                                                   |\n| Unrealized loss on interest rate derivative instruments | $6                                  | Interest expense                                                             |\n|                                                         | 1                                   | Less: Tax expense                                                            |\n|                                                         | $5                                  | Net of tax                                                                   |\n| Total reclassifications for the period                  | $(20)                               | Net of tax                                                                   |\n\n\n\n**13****\\. EMPLOYEE RETIREMENT PLANS**\n\n***Defined Contribution Plans***\n\nSouthwest has defined contribution plans covering substantially all of its Employees\\. Contributions under all defined contribution plans are primarily based on Employee compensation and performance of the Company\\. The Company sponsors Employee savings plans under section 401(k) of the Internal Revenue Code of 1986, as amended\\. The Southwest Airlines Co\\. 401(k) Plan includes Company matching contributions and the Southwest Airlines Pilots Retirement Saving Plan has non\\-elective Company contributions\\. In addition, the Southwest Airlines Co\\. ProfitSharing \n\n110"}
{"_id": "AmericanAirlines-2017_48.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**AAG\u2019s Results of Operations**\n\n***Operating Statistics***\n\nThe table below sets forth selected operating data for the years ended December 31, 2017, 2016 and 2015\\.\n\n\n\n|                                                                          |                             |                             |                             |                                    |                                    |\n| ------------------------------------------------------------------------ | --------------------------- | --------------------------- | --------------------------- | ---------------------------------- | ---------------------------------- |\n|                                                                          | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Increase (Decrease) 2017\\-2016** | **Increase (Decrease) 2016\\-2015** |\n|                                                                          | **2017**                    | **2016**                    | **2015**                    | **Increase (Decrease) 2017\\-2016** | **Increase (Decrease) 2016\\-2015** |\n| **Mainline**                                                             |                             |                             |                             |                                    |                                    |\n| Revenue passenger miles (millions)  ^(a)^                                | 201,351                     | 199,014                     | 199,467                     | 1\\.2%                              | (0\\.2)%                            |\n| Available seat miles (millions)  ^(b)^                                   | 243,806                     | 241,734                     | 239,375                     | 0\\.9%                              | 1\\.0%                              |\n| Passenger load factor (percent)  ^(c)^                                   | 82\\.6                       | 82\\.3                       | 83\\.3                       | 0\\.3pts                            | (1\\.0)pts                          |\n| Yield (cents)  ^(d)^                                                     | 14\\.52                      | 14\\.02                      | 14\\.56                      | 3\\.5%                              | (3\\.7)%                            |\n| Passenger revenue per available seat mile (cents)  ^(e)^                 | 11\\.99                      | 11\\.55                      | 12\\.13                      | 3\\.9%                              | (4\\.8)%                            |\n| Operating cost per available seat mile (cents)  ^(f)^                    | 12\\.96                      | 11\\.94                      | 12\\.03                      | 8\\.6%                              | (0\\.8)%                            |\n| Aircraft at end of period                                                | 948                         | 930                         | 946                         | 1\\.9%                              | (1\\.7)%                            |\n| Fuel consumption (gallons in millions)                                   | 3,579                       | 3,596                       | 3,611                       | (0\\.5)%                            | (0\\.4)%                            |\n| Average aircraft fuel price including related taxes (dollars per gallon) | 1\\.71                       | 1\\.41                       | 1\\.72                       | 21\\.4%                             | (18\\.2)%                           |\n| Full\\-time equivalent employees at end of period                         | 103,100                     | 101,500                     | 98,900                      | 1\\.6%                              | 2\\.6%                              |\n| **Total Mainline and Regional**                                          |                             |                             |                             |                                    |                                    |\n| Revenue passenger miles (millions)  ^(a)^                                | 226,346                     | 223,477                     | 223,010                     | 1\\.3%                              | 0\\.2%                              |\n| Available seat miles (millions)  ^(b)^                                   | 276,493                     | 273,410                     | 268,736                     | 1\\.1%                              | 1\\.7%                              |\n| Passenger load factor (percent)  ^(c)^                                   | 81\\.9                       | 81\\.7                       | 83\\.0                       | 0\\.2pts                            | (1\\.3)pts                          |\n| Yield (cents)  ^(d)^                                                     | 15\\.96                      | 15\\.47                      | 15\\.92                      | 3\\.2%                              | (2\\.8)%                            |\n| Passenger revenue per available seat mile (cents)  ^(e)^                 | 13\\.07                      | 12\\.65                      | 13\\.21                      | 3\\.3%                              | (4\\.3)%                            |\n| Total revenue per available seat mile (cents)  ^(g)^                     | 15\\.27                      | 14\\.70                      | 15\\.25                      | 3\\.9%                              | (3\\.7)%                            |\n| Aircraft at end of period                                                | 1,545                       | 1,536                       | 1,533                       | 0\\.6%                              | 0\\.2%                              |\n| Fuel consumption (gallons in millions)                                   | 4,352                       | 4,347                       | 4,323                       | 0\\.1%                              | 0\\.5%                              |\n| Average aircraft fuel price including related taxes (dollars per gallon) | 1\\.73                       | 1\\.42                       | 1\\.72                       | 21\\.4%                             | (17\\.6)%                           |\n| Full\\-time equivalent employees at end of period  ^(h)^                  | 126,600                     | 122,300                     | 118,500                     | 3\\.5%                              | 3\\.2%                              |\n\n\n\n\n\n|       |                                                                                                                    |\n| ----- | ------------------------------------------------------------------------------------------------------------------ |\n| ^(a)^ | Revenue passenger mile (RPM) \u2013 A basic measure of sales volume\\. One RPM represents one passenger flown one mile\\. |\n\n\n\n\n\n|       |                                                                                                          |\n| ----- | -------------------------------------------------------------------------------------------------------- |\n| ^(b)^ | Available seat mile (ASM) \u2013 A basic measure of production\\. One ASM represents one seat flown one mile\\. |\n\n\n\n\n\n|       |                                                                                                     |\n| ----- | --------------------------------------------------------------------------------------------------- |\n| ^(c)^ | Passenger load factor \u2013 The percentage of available seats that are filled with revenue passengers\\. |\n\n\n\n\n\n|       |                                                                                      |\n| ----- | ------------------------------------------------------------------------------------ |\n| ^(d)^ | Yield \u2013 A measure of airline revenue derived by dividing passenger revenue by RPMs\\. |\n\n\n\n\n\n|       |                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------- |\n| ^(e)^ | Passenger revenue per available seat mile (PRASM) \u2013 Passenger revenues divided by ASMs\\. |\n\n\n\n\n\n|       |                                                                                      |\n| ----- | ------------------------------------------------------------------------------------ |\n| ^(f)^ | Operating cost per available seat mile (CASM) \u2013 Operating expenses divided by ASMs\\. |\n\n\n\n\n\n|       |                                                                                                              |\n| ----- | ------------------------------------------------------------------------------------------------------------ |\n| ^(g)^ | Total revenue per available seat mile (TRASM) \u2013 Total revenues divided by total mainline and regional ASMs\\. |\n\n\n\n\n\n|       |                                                                                                                                  |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------- |\n| ^(h)^ | Regional full\\-time equivalent employees only include our wholly\\-owned regional airline subsidiaries, Envoy, Piedmont and PSA\\. |\n\n\n\n49"}
{"_id": "United-2017_4.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nventures with ANA for transpacific cargo services and continues to implement a cargo joint venture with Lufthansa for transatlantic cargo services\\. These cargo joint ventures offer expanded and more seamless access to cargo space across the carriers\u2019 respective combined networks\\.\n\n***Loyalty Program\\.*** United\u2019s MileagePlus program builds customer loyalty by offering awards, benefits and services to program participants\\. Members in this program earn miles for flights on United, United Express, Star Alliance members and certain other airlines that participate in the program\\. Members can also earn miles by purchasing the goods and services of our network of non\\-airline partners, such as domestic and international credit card issuers, retail merchants, hotels and car rental companies\\. Members can redeem miles for free (other than taxes and government imposed fees), discounted or upgraded travel and non\\-travel awards\\.\n\nUnited has an agreement with Chase Bank USA, N\\.A\\. (\u201cChase\u201d), pursuant to which members of United\u2019s MileagePlus loyalty program who are residents of the United States can earn miles for making purchases using a MileagePlus credit card issued by Chase\\. The agreement also provides for joint marketing and other support for the MileagePlus credit card and provides Chase with other benefits such as permission to market to the Company\u2019s customer database\\.\n\nApproximately 5\\.4 million and 5\\.2 million MileagePlus flight awards were used on United in 2017 and 2016, respectively\\. These awards represented 7\\.5% and 7\\.7% of United\u2019s total revenue passenger miles in 2017 and 2016, respectively\\. Total miles redeemed for flights on United in 2017, including class\\-of\\-service upgrades, represented approximately 85% of the total miles redeemed\\. In addition, excluding miles redeemed for flights on United, MileagePlus members redeemed miles for approximately 2\\.3 million other awards in 2017 as compared to 2\\.0 million in 2016\\. These awards include United Club memberships, car and hotel awards, merchandise and flights on other air carriers\\.\n\n***Aircraft Fuel\\.*** The table below summarizes UAL\u2019s aircraft fuel consumption and expense during the last three years\\.\n\n\n\n|           |                                                  |                                         |                                   |                                                          |  |\n|:---------:| ------------------------------------------------:| ---------------------------------------:| ---------------------------------:| --------------------------------------------------------:|:- |\n|  **Year** | **Gallons  <br>Consumed**  <br>**(in millions)** | **Fuel Expense**  <br>**(in millions)** | **Average Price  <br>Per Gallon** | **Percentage of  <br>Total  <br>Operating  <br>Expense** |  |\n|  **2017** |                                           3,978  |                                  $6,913 |                           $1\\.74  |                                                      20% |\n|  **2016** |                                           3,904  |                                  $5,813 |                           $1\\.49  |                                                      18% |\n|  **2015** |                                           3,886  |                                  $7,522 |                           $1\\.94  |                                                      23% |\n\n\n\nOur operational and financial results can be significantly impacted by changes in the price and availability of aircraft fuel\\. To provide adequate supplies of fuel, the Company routinely enters into purchase contracts that are customarily indexed to market prices for aircraft fuel, and the Company generally has some ability to cover short\\-term fuel supply and infrastructure disruptions at some major demand locations\\. The price of aircraft fuel has fluctuated substantially in the past several years\\. As of December 31, 2017, the Company did not have any outstanding fuel hedging contracts\\. The Company\u2019s current strategy is to not enter into transactions to hedge its fuel consumption, although the Company regularly reviews its strategy based on market conditions and other factors\\.\n\n***Third\\-Party Business\\.*** United generates third\\-party business revenue that includes frequent flyer award non\\-air redemptions, maintenance services, catering and ground handling\\. Third\\-party business revenue is recorded in Other operating revenue\\. Expenses associated with third\\-party business are recorded in Other operating expenses\\.\n\n***Distribution Channels\\.*** The Company\u2019s airline seat inventory and fares are distributed through the Company\u2019s direct channels, traditional travel agencies and on\\-line travel agencies\\. The use of the Company\u2019s direct sales website, www\\.united\\.com, the Company\u2019s mobile applications and alternative distribution systems provides the Company with an opportunity to de\\-commoditize its services, better present its content, make more targeted offerings, better retain its customers, enhance its brand and lower its ticket distribution costs\\. Agency sales are\n\n5"}
{"_id": "Alaska-2017_32.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|                                                                                                    |\n| -------------------------------------------------------------------------------------------------- |\n| **ITEM 7\\. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** |\n\n\n\n**OVERVIEW**\n\nThe following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand our company, our operations and our present business environment\\. MD&A is provided as a supplement to \u2013 and should be read in conjunction with \u2013 our consolidated financial statements and the accompanying notes\\. All statements in the following discussion that are not statements of historical information or descriptions of current accounting policy are forward\\-looking statements\\. Please consider our forward\\-looking statements in light of the risks referred to in this report\u2019s introductory cautionary note and the risks mentioned in Part I, \u201cItem 1A\\. Risk Factors\\.\u201d This overview summarizes the MD&A, which includes the following sections:\n\n\n\n|   |                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Year in Review* \u2014highlights from  2017  outlining some of the major events that happened during the year and how they affected our financial performance\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Results of Operations* \u2014an in\\-depth analysis of our revenues by segment and our expenses from a consolidated perspective for the three years presented in our consolidated financial statements\\. To the extent material to the understanding of segment profitability, we more fully describe the segment expenses per financial statement line item\\. Financial and statistical data is also included here\\. As Virgin America was acquired on December 14, 2016, its financial and operational results are reflected in the year ended December 31, 2017, but not in the comparative prior period\\. However, for comparability purposes, we have added \"Combined Comparative\" information for the prior year, which is more fully described below\\. This section includes forward\\-looking statements regarding our view of  2018 \\. Further information about the acquisition of Virgin America can be found in  Note 2  to the consolidated financial statements\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                           |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Liquidity and Capital Resources* \u2014an overview of our financial position, analysis of cash flows, sources and uses of cash, contractual obligations and commitments and off\\-balance sheet arrangements\\. |\n\n\n\n\n\n|     |                                                                                                                                 |\n| --- | ------------------------------------------------------------------------------------------------------------------------------- |\n| *\u2022* | *Critical Accounting Estimates* \u2014a discussion of our accounting estimates that involve significant judgment and uncertainties\\. |\n\n\n\n**YEAR IN REVIEW**\n\nIn 2017, we expanded our network at a record pace, adding 44 new markets across the network during the year\\. Additionally, we devoted a significant amount of energy and resources to integrating Alaska and Virgin America\\. We achieved many integration milestones, including merging many back\\-office functions, co\\-locating many stations, and launching technology for front\\-line employees to enable them to serve our customers seamlessly between carriers\\. \n\nIn 2017, we posted our 14th consecutive annual profit on an adjusted basis\\. Our pretax income was $1\\.2 billion, compared to $1\\.3 billion in 2016\\. Our 2017 pretax income on an adjusted basis (a non\\-GAAP financial measure) was $1\\.3 billion, a decrease of 9% from 2016\\. Adjusted pretax income for 2017 excludes $118 million of merger\\-related costs associated with our acquisition of Virgin America and $7 million of mark\\-to\\-market fuel hedge benefit\\.\n\nThe decrease in adjusted pretax income was driven largely by an increase in operating expenses, excluding fuel and special items, of $1\\.5 billion, and an increase in fuel expense of $616 million\\. The increase in operating expense was primarily due to the full\\-year impact of Virgin America in our financial results\\. The increased costs were partially offset by an increase in operating revenues of $2\\.0 billion\\.\n\nThe growth in revenues of $2\\.0 billion was driven by the growth in our business, attributable to the inclusion of Virgin America in our results for the full year, as well as our expansion into 44 new markets entered into during the year\\. On the regional side of our business, Horizon began flying the new Embraer E175 regional jets in 2017 \u2014 the first 10 of 33 aircraft scheduled for delivery over a three year period\\. We believe we have a strong future ahead of us and look forward to the many new opportunities our combined networks will bring our company\\. \n\nSee \u201cResults of Operations\u201d below for further discussion of changes in revenues and operating expenses and our reconciliation of Non\\-GAAP measures to the most directly comparable GAAP measure\\.\n\n 33"}
{"_id": "AmericanAirlines-2017_174.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**PART IV**\n\n**ITEM 15\\. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**\n\n**Consolidated Financial Statements**\n\nThe following consolidated financial statements of American Airlines Group Inc\\. and Independent Auditors\u2019 Report are filed as part of this report:\n\n\n\n|                                                                                                                                                                                             |                                                                                               |\n| ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------- |\n|                                                                                                                                                                                             | **Page**                                                                                      |\n| [Report of Independent Registered Public Accounting Firm](https://americanairlines.gcs-web.com/email-alerts#s58AD223309B859C99EEC644CADDBD4AA)                                              | <br>[80](https://americanairlines.gcs-web.com/email-alerts#s58AD223309B859C99EEC644CADDBD4AA) |\n| [Consolidated Statements of Operations for the Years Ended December 31, 2017, 2016 and 2015](https://americanairlines.gcs-web.com/email-alerts#s7BDA6DE372C3575D87266844C43581C9)           | <br>[81](https://americanairlines.gcs-web.com/email-alerts#s7BDA6DE372C3575D87266844C43581C9) |\n| [Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2017, 2016 and 2015](https://americanairlines.gcs-web.com/email-alerts#sA9330072FB535CF5AD96B4ED60464CD2) | <br>[82](https://americanairlines.gcs-web.com/email-alerts#sA9330072FB535CF5AD96B4ED60464CD2) |\n| [Consolidated Balance Sheets at December 31, 2017 and 2016](https://americanairlines.gcs-web.com/email-alerts#s0B3B0FCF1ADF50CCA0DF949274F5D7E4)                                            | <br>[83](https://americanairlines.gcs-web.com/email-alerts#s0B3B0FCF1ADF50CCA0DF949274F5D7E4) |\n| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2017, 2016 and 2015](https://americanairlines.gcs-web.com/email-alerts#sA4BAC43A341D5A92A99B16268BFD1F36)           | <br>[84](https://americanairlines.gcs-web.com/email-alerts#sA4BAC43A341D5A92A99B16268BFD1F36) |\n| [Consolidated Statements of Stockholders\u2019 Equity for the Years Ended December 31, 2017, 2016 and 2015](https://americanairlines.gcs-web.com/email-alerts#s2405F136176E5DD6B4FB3FFB5D4A3085) | <br>[85](https://americanairlines.gcs-web.com/email-alerts#s2405F136176E5DD6B4FB3FFB5D4A3085) |\n| [Notes to Consolidated Financial Statements](https://americanairlines.gcs-web.com/email-alerts#sF3A077E9AE5D5C96BA5A4C2BA114FBF3)                                                           | <br>[86](https://americanairlines.gcs-web.com/email-alerts#sF3A077E9AE5D5C96BA5A4C2BA114FBF3) |\n\n\n\nThe following consolidated financial statements of American Airlines, Inc\\. and Independent Auditors\u2019 Report are filed as part of this report:\n\n\n\n|                                                                                                                                                                                             |                                                                                                |\n| ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- |\n|                                                                                                                                                                                             | **Page**                                                                                       |\n| [Report of Independent Registered Public Accounting Firm](https://americanairlines.gcs-web.com/email-alerts#s2F15ED30F6F35A0C8AE6926E50F2D66D)                                              | <br>[125](https://americanairlines.gcs-web.com/email-alerts#s2F15ED30F6F35A0C8AE6926E50F2D66D) |\n| [Consolidated Statements of Operations for the Years Ended December 31, 2017, 2016 and 2015](https://americanairlines.gcs-web.com/email-alerts#s7B3CF705030E5663BD0AAFAFF4F008C3)           | <br>[126](https://americanairlines.gcs-web.com/email-alerts#s7B3CF705030E5663BD0AAFAFF4F008C3) |\n| [Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2017, 2016 and 2015](https://americanairlines.gcs-web.com/email-alerts#sCEE6CD2AD79C5E9DB1CC13FA45EC28F4) | <br>[127](https://americanairlines.gcs-web.com/email-alerts#sCEE6CD2AD79C5E9DB1CC13FA45EC28F4) |\n| [Consolidated Balance Sheets at December 31, 2017 and 2016](https://americanairlines.gcs-web.com/email-alerts#s70D5BEE9107853C4AEF55E5A291EBC93)                                            | <br>[128](https://americanairlines.gcs-web.com/email-alerts#s70D5BEE9107853C4AEF55E5A291EBC93) |\n| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2017, 2016 and 2015](https://americanairlines.gcs-web.com/email-alerts#s662D76AC82835F5E9AA7447F8B8E2D62)           | <br>[129](https://americanairlines.gcs-web.com/email-alerts#s662D76AC82835F5E9AA7447F8B8E2D62) |\n| [Consolidated Statements of Stockholder\u2019s Equity for the Years Ended December 31, 2017, 2016 and 2015](https://americanairlines.gcs-web.com/email-alerts#s757EBD33C90B5A0EB33C7F33ADD11338) | <br>[130](https://americanairlines.gcs-web.com/email-alerts#s757EBD33C90B5A0EB33C7F33ADD11338) |\n| [Notes to Consolidated Financial Statements](https://americanairlines.gcs-web.com/email-alerts#sDE212492AD2A509F808A326F6C923AF0)                                                           | <br>[131](https://americanairlines.gcs-web.com/email-alerts#sDE212492AD2A509F808A326F6C923AF0) |\n\n\n\nSchedules not included have been omitted because they are not applicable or because the required information is included in the Consolidated Financial Statements or notes thereto\\.\n\n175"}
{"_id": "Delta-2018_98.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nNOTE 16 \\. RESTRUCTURING\n\nThe following table shows the balances and activity for restructuring charges:\n\n\n\n|                                  |               |               |               |\n| -------------------------------- | ------------- | ------------- | ------------- |\n| **(in millions)**                | **2018**      | **2017**      | **2016**      |\n| Liability at beginning of period | $237          | $333          | $467          |\n| Reclassified to lease liability  | (195<br><br>) | \u2014             | \u2014             |\n| Payments                         | (5<br><br>)   | (103<br><br>) | (144<br><br>) |\n| Additional expenses and other    | 1             | 7             | 10            |\n| Liability at end of period       | $38           | $237          | $333          |\n\n\n\nRestructuring charges in 2017 and 2016 primarily include remaining lease payments for permanently grounded aircraft related to domestic and Pacific fleet restructurings\\. The domestic fleet restructuring involves replacing a portion of our   50 \\-seat regional fleet with more efficient and customer preferred aircraft and replacing older, less cost effective B\\-757\\-200 aircraft with B\\-737\\-900ER aircraft\\. The Pacific fleet restructuring resulted in the 2017 retirement of the B\\-747\\-400 fleet, which is being replaced with smaller\\-gauge, widebody aircraft to better match capacity with demand\\.\n\nAs a result of the implementation of the new lease accounting standard,   $195 million  of the lease restructuring liability related to aircraft and certain airport facilities was reclassified at adoption on January 1, 2018 to current and noncurrent operating lease liabilities\\. The remaining balance in the restructuring liability at  December 31, 2018  is primarily related to certain airport facilities with variable rates\\.\n\nNOTE 17 \\. EARNINGS PER SHARE\n\nWe calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding, excluding restricted shares\\. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share\\-based awards, including stock options and restricted stock awards\\. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material\\. The following table shows our computation of basic and diluted earnings per share:\n\n\n\n|                                             |                             |                             |                             |\n| ------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                             | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions, except per share data)**    | **2018**                    | **2017**                    | **2016**                    |\n| Net income                                  | $3,935                      | $3,205                      | $4,195                      |\n| Basic weighted average shares outstanding   | 691                         | 720                         | 751                         |\n| Dilutive effect of share\\-based awards      | 3                           | 3                           | 4                           |\n| Diluted weighted average shares outstanding | 694                         | 723                         | 755                         |\n| Basic earnings per share                    | $5\\.69                      | $4\\.45                      | $5\\.59                      |\n| Diluted earnings per share                  | $5\\.67                      | $4\\.43                      | $5\\.55                      |\n\n\n\n 96"}
{"_id": "AmericanAirlines-2019_79.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nThe following table provides information relating to our amortizable intangible assets as of  December 31, 2019  and  2018  (in millions):\n\n\n\n|                               |                  |                  |\n| ----------------------------- | ---------------- | ---------------- |\n|                               | **December 31,** | **December 31,** |\n|                               | **2019**         | **2018**         |\n| Domestic airport slots        | $365             | $365             |\n| Customer relationships        | 300              | 300              |\n| Marketing agreements          | 105              | 105              |\n| Tradenames                    | 35               | 35               |\n| Airport gate leasehold rights | 137              | 137              |\n| Accumulated amortization      | (704<br><br>)    | (663<br><br>)    |\n| Total                         | $238             | $279             |\n\n\n\nCertain domestic airport slots and airport gate leasehold rights are amortized on a straight\\-line basis over   25 years \\. The customer relationships and marketing agreements were identified as intangible assets subject to amortization and are amortized on a straight\\-line basis over approximately   nine years  and   30 years , respectively\\. Tradenames are fully amortized\\.\n\nWe recorded amortization expense related to these intangible assets of   $41 million  for both years ended  December 31, 2019  and  2018  and   $44 million  for  2017 \\. We expect to record annual amortization expense for these intangible assets as follows (in millions):\n\n\n\n|                     |      |\n| ------------------- | ---- |\n| 2020                | $41  |\n| 2021                | 41   |\n| 2022                | 41   |\n| 2023                | 7    |\n| 2024                | 7    |\n| 2025 and thereafter | 101  |\n| Total               | $238 |\n\n\n\nIndefinite\\-Lived Intangible Assets\n\nIndefinite\\-lived intangible assets include certain domestic airport slots and international slots and route authorities\\. Indefinite\\-lived intangible assets are not amortized but instead are assessed for impairment annually on October 1 or more frequently if events or circumstances indicate that the asset may be impaired\\. As of  December 31, 2019  and  2018 , we had   $1\\.8 billion  and   $1\\.9 billion , respectively, of indefinite\\-lived intangible assets on our consolidated balance sheets\\.\n\nIndefinite\\-lived intangible assets are assessed for impairment by initially performing a qualitative assessment to determine whether we believe it is more likely than not that an asset has been impaired\\. If we believe impairment has occurred, we then evaluate for impairment by comparing the estimated fair value of assets to the carrying value\\. An impairment charge is recognized if the asset\u2019s estimated fair value is less than its carrying value\\. Based upon our annual assessment, there were   no  material indefinite\\-lived intangible asset impairments in  2019 \\.\n\n80"}
{"_id": "Alaska-2019_37.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nOPERATING REVENUES\n\nTotal operating revenues increased $517 million, or 6%, during 2019 compared to the same period in 2018\\. The changes are summarized in the following table:\n\n\n\n|                            |                            |                            |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:-------------------------- |:-------------------------- |:-------------------------- | --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:| --------------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                            |                            |                            | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |\n| *(in millions)*            | *(in millions)*            | *(in millions)*            |                             2019 |                                  |                                  |                                  |                             2018 |                                  |                                  |                                  |                         % Change |                         % Change |\n| Passenger revenue          | Passenger revenue          | Passenger revenue          |                          $8,095  |                                  |                                  |                                  |                          $7,631  |                                  |                                  |                                  |                           6\\.1 % |                           6\\.1 % |\n| Mileage Plan other revenue | Mileage Plan other revenue | Mileage Plan other revenue |                             465  |                                  |                                  |                                  |                             434  |                                  |                                  |                                  |                           7\\.1 % |                           7\\.1 % |\n| Cargo and other            | Cargo and other            | Cargo and other            |                             221  |                                  |                                  |                                  |                             199  |                                  |                                  |                                  |                          11\\.1 % |                          11\\.1 % |\n| Total operating revenues   | Total operating revenues   | Total operating revenues   |                          $8,781  |                                  |                                  |                                  |                          $8,264  |                                  |                                  |                                  |                           6\\.3 % |                           6\\.3 % |\n\n\n\nPassenger Revenue\n\nOn a consolidated basis, passenger revenue for 2019 increased by $464 million, or 6%, on a 2% increase in capacity, and a 4\\.2% increase in unit revenues\\. The capacity increase was driven by the continued expansion of our network and fleet growth over the past year\\. Unit revenues increased largely due to our current year revenue initiatives, including our Saver Fare product, implemented as a part of a broader plan to drive revenue growth, and the realization of synergies from our acquisition of Virgin America\\. \n\nMileage Plan other revenue\n\nOn a consolidated basis, Mileage Plan other revenue increased $31 million, or 7%, as compared to 2018, primarily due to increased miles purchased by our affinity card partner consistent with the overall growth in cardholders\\. \n\nCargo and Other Revenue\n\nOn a consolidated basis, Cargo and other revenue increased $22 million, or 11%, from 2018 \\.  The increase is primarily attributable to increased freight and mail volumes from our three freighters as a result of the annualization of new contracts entered into late in 2018 and revenue from our subleased slots at LaGuardia and Reagan National airports\\. \n\nOPERATING EXPENSES\n\nTotal operating expenses increased $97 million, or 1%, compared to 2018\\. We consider it useful to summarize operating expenses as follows, which is consistent with the way expenses are reported internally and evaluated by management:\n\n\n\n|                                        |                                        |                                        |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:-------------------------------------- |:-------------------------------------- |:-------------------------------------- | --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:| --------------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                        |                                        |                                        | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |\n| *(in millions)*                        | *(in millions)*                        | *(in millions)*                        |                             2019 |                                  |                                  |                                  |                             2018 |                                  |                                  |                                  |                         % Change |                         % Change |\n| Fuel expense                           | Fuel expense                           | Fuel expense                           |                          $1,878  |                                  |                                  |                                  |                          $1,936  |                                  |                                  |                                  |                          (3\\.0)% |                          (3\\.0)% |\n| Non\\-fuel expenses                     | Non\\-fuel expenses                     | Non\\-fuel expenses                     |                           5,796  |                                  |                                  |                                  |                           5,553  |                                  |                                  |                                  |                           4\\.4 % |                           4\\.4 % |\n| Special items \\- merger\\-related costs | Special items \\- merger\\-related costs | Special items \\- merger\\-related costs |                              44  |                                  |                                  |                                  |                              87  |                                  |                                  |                                  |                         (49\\.4)% |                         (49\\.4)% |\n| Special items \\- other                 | Special items \\- other                 | Special items \\- other                 |                               \u2014  |                                  |                                  |                                  |                              45  |                                  |                                  |                                  |                              NM  |                              NM  |\n| Total Operating Expenses               | Total Operating Expenses               | Total Operating Expenses               |                          $7,718  |                                  |                                  |                                  |                          $7,621  |                                  |                                  |                                  |                           1\\.3 % |                           1\\.3 % |\n\n\n\nSignificant operating expense variances from 2018 are more fully described below\\.\n\nAircraft Fuel\n\nAircraft fuel expense includes both  raw fuel expense  (as defined below) and the effect of mark\\-to\\-market adjustments to our fuel hedge portfolio included in our consolidated statement of operations as the value of that portfolio increases and decreases\\. Aircraft fuel expense can be volatile, even between quarters, because it includes these gains or losses in the value of the underlying instrument as crude oil prices and refining margins increase or decrease\\. \n\nRaw fuel expense  is defined as the price that we generally pay at the airport, or the \u201cinto\\-plane\u201d price, including taxes and fees\\. Raw fuel prices are impacted by world oil prices and refining costs, which can vary by region in the U\\.S\\.  Raw fuel expense  approximates cash paid to suppliers and does not reflect the effect of our fuel hedges\\.\n\n37"}
{"_id": "AmericanAirlines-2017_37.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**PART II**\n\n\n\n|              |                                                                                                                              |\n| ------------ | ---------------------------------------------------------------------------------------------------------------------------- |\n| **ITEM 5\\.** | **MARKET FOR AMERICAN AIRLINES GROUP\u2019S COMMON STOCK, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES** |\n\n\n\n**Stock Exchange Listing**\n\nOur common stock is listed on the NASDAQ Global Select Market (NASDAQ) under the symbol \u201cAAL\\.\u201d There is no trading market for the common stock of American, which is a wholly\\-owned subsidiary of AAG\\.\n\nAs of February 16, 2018, the closing price of our common stock was $51\\.58 and there were 10,921 holders of record\\.\n\nInformation on securities authorized for issuance under our equity compensation plans will be set forth in our Proxy Statement for the 2018 Annual Meeting of Stockholders of American Airlines Group Inc\\. (the Proxy Statement) under the caption \u201cEquity Compensation Plan Information\u201d and is incorporated by reference into this Annual Report on Form 10\\-K\\.\n\n**Market Prices and Dividends of Common Stock**\n\nThe following table sets forth, for the periods indicated, the high and low sale prices of our common stock on NASDAQ and cash dividends declared by our Board of Directors:\n\n\n\n|                                       |                |                         |                         |                                                    |\n| ------------------------------------- | -------------- | ----------------------- | ----------------------- | -------------------------------------------------- |\n|                                       |                | **Common Stock Prices** | **Common Stock Prices** |                                                    |\n| **Year Ended**<br><br>**December 31** | **Period**     | **High**                | **Low**                 | **Cash Dividends**<br><br>**Declared (Per share)** |\n| **2017**                              | First Quarter  | $50\\.00                 | $39\\.21                 | $0\\.10                                             |\n|                                       | Second Quarter | 51\\.95                  | 40\\.82                  | 0\\.10                                              |\n|                                       | Third Quarter  | 54\\.48                  | 42\\.61                  | 0\\.10                                              |\n|                                       | Fourth Quarter | 53\\.74                  | 45\\.27                  | 0\\.10                                              |\n| **2016**                              | First Quarter  | 43\\.78                  | 34\\.76                  | 0\\.10                                              |\n|                                       | Second Quarter | 41\\.76                  | 24\\.85                  | 0\\.10                                              |\n|                                       | Third Quarter  | 39\\.52                  | 27\\.12                  | 0\\.10                                              |\n|                                       | Fourth Quarter | 50\\.64                  | 36\\.33                  | 0\\.10                                              |\n\n\n\nIn January 2018, we announced that our Board of Directors declared a $0\\.10 per share dividend for stockholders of record on February 6, 2018, and payable on February 20, 2018\\.\n\nThe total cash payment for dividends during the years ended December 31, 2017 and 2016 was $198 million and $224 million, respectively\\. Any future dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to continue a dividend for any fixed period, and the payment of dividends may be suspended at any time at our discretion\\.\n\n**Stock Performance Graph**\n\n*The following stock performance graph and related information shall not be deemed \u201csoliciting material\u201d or \u201cfiled\u201d with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filings under the Securities Act of 1933 or the Exchange Act, each as amended, except to the extent that we specifically incorporate it by reference into such filing\\.*\n\nThe following stock performance graph compares our cumulative total stockholder returns of our common stock to the Standard and Poor\u2019s (S&P) 500 Stock Index and the New York Stock Exchange (NYSE) ARCA Airline Index from December 9, 2013 (the first trading day of our common stock, AAL) through December 31, 2017\\. The comparison assumes $100 was invested on December 9, 2013 in our common stock and in each of the foregoing indices and assumes that all dividends were reinvested\\. The stock performance shown on the following graph represents historical stock performance and is not necessarily indicative of future stock price performance\\.\n\n38"}
{"_id": "Southwest-2019_12.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nprogram, the TSA requires airlines to collect a passenger's full name (as it appears on a government\\-issued ID), date of birth, gender, and Redress Number (if applicable)\\. Airlines must transmit this information to Secure Flight, which uses the information to perform matching against terrorist watch lists\\. After matching passenger information against the watch lists, Secure Flight transmits the matching results back to airlines\\. This serves to identify individuals for more extensive security screening and to prevent individuals on watch lists from boarding an aircraft\\. It also helps prevent the misidentification of passengers who have names similar to individuals on watch lists\\. The TSA's multi\\-layered approach to airport security also includes physical pat down procedures at security checkpoints\\. These procedures have raised privacy concerns by some air travelers, and have caused delays at screening checkpoints\\.\n\nPursuant to the Reauthorization Act, the FAA is required to issue an order requiring installation of a physical secondary cockpit barrier on \"each new aircraft that is manufactured\" for delivery to a passenger air carrier\\. The FAA has formed a working group comprised of industry technical experts to provide advice and recommendations on the most effective ways to implement the physical secondary cockpit barrier requirement\\. Depending on the advice and recommendations of the working group, as well as the FAA's interpretation and application of the statutory requirement, compliance with the future FAA order could impose a substantial cost on the Company\\.\n\nThe Company, in conjunction with the TSA, participates in TSA PreCheck\u2122, a pre\\-screening initiative that allows a select group of low risk passengers to move through security checkpoints with greater efficiency and ease when traveling\\. Eligible passengers may use dedicated screening lanes at certain airports the Company serves for screening benefits, which include leaving on shoes, light outerwear, and belts, as well as leaving laptops and permitted liquids in carryon bags\\. A similar CBP\\-administered program, Global Entry ^\u00ae^ , allows expedited clearance for pre\\-approved, low\\-risk international travelers upon arrival in the United States\\. The TSA has expressed its plans to leverage advanced transportation security screening technologies, including biometric solutions, to improve security effectiveness and operational efficiency, while also enhancing the passenger experience\\. The advanced technologies have prompted privacy, cost, and legal concerns from air carriers, travelers, and advocacy groups, which could affect the timing and viability of the TSA's plans\\. \n\nThe Company also participates in the TSA Known Crewmember ^\u00ae^  program, which is a risk\\-based screening system that enables TSA security officers to positively verify the identity and employment status of flight\\-crew members\\. The program expedites flight crew member access to sterile areas of airports\\.\n\nThe Company works collaboratively with TSA, foreign national governments, and airports to provide risk\\-based security measures at international locations served by the Company\\.\n\nThe Department of Homeland Security has granted the Company designation coverage under the Support Anti\\-Terrorism by Fostering Effective Technologies Act of 2002 (the \"SAFETY Act\") through September 29, 2022\\. Designation coverage affords the Company certain limitations of liability for claims arising out of an \"act of terrorism,\" as defined under the SAFETY Act\\. The designation is based on the security program used by the Company to protect its Employees, Customers, and assets from terrorists and other criminal activities\\. \n\nThe Company has made significant investments in facilities, equipment, and technology to process Customers, checked baggage, and cargo efficiently in compliance with applicable security regulations; however, the Company is not able to predict the impact, if any, that various security measures or the lack of TSA resources at certain airports will have on Passenger revenues and the Company\u2019s costs, either in the short\\-term or the long\\-term\\.\n\nEnvironmental Regulation\n\nThe Company is subject to various federal laws and regulations relating to the protection of the environment, including the Clean Air Act, the Resource Conservation and Recovery Act, the Clean Water Act, the Safe Drinking Water Act, and the Comprehensive Environmental Response, Compensation and Liability Act, as well as state and local laws and regulations\\. These laws and regulations govern aircraft drinking water, emissions, storm water discharges from operations, and the disposal of materials such as jet fuel, chemicals, hazardous waste, and aircraft deicing fluid\\.\n\nAdditionally, in conjunction with airport authorities, other airlines, and state and local environmental regulatory agencies, the Company, as a normal course of business, undertakes voluntary investigation or remediation of soil or groundwater contamination at various airport sites\\. The Company does not believe that any environmental liability associated with these airport sites will have a material adverse effect on the Company's operations, costs, or profitability, \n\n13"}
{"_id": "United-2018_62.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |\n| -------------------------------------------------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------------------------------------- | -------------------------------------------------------------------------- |\n| **Statements of Consolidated Operations for the Years Ended December 31,** | **Statements of Consolidated Operations for the Years Ended December 31,** | **Statements of Consolidated Operations for the Years Ended December 31,** | **Statements of Consolidated Operations for the Years Ended December 31,** | **Statements of Consolidated Operations for the Years Ended December 31,** | **Statements of Consolidated Operations for the Years Ended December 31,** | **Statements of Consolidated Operations for the Years Ended December 31,** |\n|                                                                            | **As Reported**                                                            | **As Reported**                                                            | **New Lease Standard Adjustments**                                         | **New Lease Standard Adjustments**                                         | **As Adjusted**                                                            | **As Adjusted**                                                            |\n|                                                                            | **2018**                                                                   | **2017**                                                                   | **2018**                                                                   | **2017**                                                                   | **2018**                                                                   | **2017**                                                                   |\n| Operating expense:                                                         |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |\n| Regional capacity purchase                                                 | $2,601                                                                     | $2,232                                                                     | $48                                                                        | $36                                                                        | $2,649                                                                     | $2,268                                                                     |\n| Landing fees and other rent                                                | 2,359                                                                      | 2,240                                                                      | 90                                                                         | 70                                                                         | 2,449                                                                      | 2,310                                                                      |\n| Depreciation and amortization                                              | 2,240                                                                      | 2,149                                                                      | (75)                                                                       | (53)                                                                       | 2,165                                                                      | 2,096                                                                      |\n| Total operating expenses                                                   | 38,011                                                                     | 34,113                                                                     | 63                                                                         | 53                                                                         | 38,074                                                                     | 34,166                                                                     |\n| Operating income                                                           | 3,292                                                                      | 3,671                                                                      | (63)                                                                       | (53)                                                                       | 3,229                                                                      | 3,618                                                                      |\n| Nonoperating income (expense):                                             |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |                                                                            |\n| Interest expense                                                           | (729)                                                                      | (671)                                                                      | 59                                                                         | 45                                                                         | (670)                                                                      | (626)                                                                      |\n| Interest capitalized                                                       | 70                                                                         | 84                                                                         | (5)                                                                        | (10)                                                                       | 65                                                                         | 74                                                                         |\n| Total nonoperating expense, net                                            | (634)                                                                      | (631)                                                                      | 53                                                                         | 36                                                                         | (581)                                                                      | (595)                                                                      |\n| Income before income taxes                                                 | 2,658                                                                      | 3,040                                                                      | (10)                                                                       | (17)                                                                       | 2,648                                                                      | 3,023                                                                      |\n| Income tax expense                                                         | 529                                                                        | 896                                                                        | (3)                                                                        | (16)                                                                       | 526                                                                        | 880                                                                        |\n| Net income                                                                 | $2,129                                                                     | $2,144                                                                     | $(7)                                                                       | $(1)                                                                       | $2,122                                                                     | $2,143                                                                     |\n| Earnings per share, basic                                                  | $7\\.73                                                                     | $7\\.08                                                                     | $(0\\.03)                                                                   | $\u2014                                                                         | $7\\.70                                                                     | $7\\.08                                                                     |\n| Earnings per share, diluted                                                | $7\\.70                                                                     | $7\\.06                                                                     | $(0\\.03)                                                                   | $\u2014                                                                         | $7\\.67                                                                     | $7\\.06                                                                     |\n\n\n\nThe expense for leases under the New Lease Standard will continue to be classified in their historical income statement captions (primarily in Aircraft rent, Landing fees and other rent and Regional capacity purchase in our statements of consolidated operations)\\. The adoption of the New Lease Standard also resulted in the recharacterization of certain leases from capital leases under Topic 840 to operating leases under the New Lease Standard\\. This change will result in less depreciation and amortization and interest expense associated with capital leases offset by higher lease expense associated with operating leases\\. The change is associated with leases of aircraft under certain CPAs and certain airport facilities\\. The reduction in capitalized interest is also associated with the same airport facilities\\.\n\n63"}
{"_id": "Alaska-2018_58.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS** \n\n\n\n|                                                                                                              |          |          |          |\n| ------------------------------------------------------------------------------------------------------------ | -------- | -------- | -------- |\n| **Year Ended December 31**  ***(in millions)***                                                              | **2018** | **2017** | **2016** |\n| **Net Income**                                                                                               | **$437** | $960     | $797     |\n| **Other Comprehensive Income (Loss):**                                                                       |          |          |          |\n| Related to marketable securities:                                                                            |          |          |          |\n| Unrealized holding gains (losses) arising during the period                                                  | **(14)** | (4)      | 1        |\n| Reclassification of (gains) losses into Other\\-net nonoperating income (expense)                             | **8**    | 1        | (1)      |\n| Income tax benefit                                                                                           | **2**    | 1        | \u2014        |\n| Total                                                                                                        | **(4)**  | (2)      | \u2014        |\n| Related to employee benefit plans:                                                                           |          |          |          |\n| Actuarial losses related to pension and other postretirement benefit plans                                   | **(34)** | (123)    | (43)     |\n| Reclassification of net pension expense into Wages and benefits and Other\\-net nonoperating income (expense) | **28**   | 22       | 20       |\n| Income tax benefit                                                                                           | **2**    | 24       | 12       |\n| Total                                                                                                        | **(4)**  | (77)     | (11)     |\n| Related to interest rate derivative instruments:                                                             |          |          |          |\n| Unrealized holding gains (losses) arising during the period                                                  | **\u2014**    | 1        | 8        |\n| Reclassification of losses into Aircraft rent                                                                | **3**    | 5        | 6        |\n| Income tax expense                                                                                           | **(1)**  | (2)      | (5)      |\n| Total                                                                                                        | **2**    | 4        | 9        |\n| **Other Comprehensive Loss**                                                                                 | **(6)**  | (75)     | (2)      |\n| **Comprehensive Income**                                                                                     | **$431** | $885     | $795     |\n\n\n\nCertain historical information has been adjusted to reflect the adoption of new accounting standards\\. See accompanying notes to consolidated financial statements\\.\n\n 59"}
{"_id": "AmericanAirlines-2019_27.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nWe cannot assure that our security measures, change control procedures or disaster recovery plans will be adequate to prevent disruptions or delays in connection with systems integration or replacement\\. Disruptions in or changes to these systems could result in a disruption to our business and the loss of important data\\. Any of the foregoing could result in a material adverse effect on our business, results of operations and financial condition\\.\n\nEvolving data security and privacy requirements could increase our costs, and any significant data security incident could disrupt our operations, harm our reputation, expose us to legal risks and otherwise materially adversely affect our business, results of operations and financial condition\\.\n\nOur business requires the secure processing and storage of sensitive information relating to our customers, employees, business partners and others\\. However, like any global enterprise operating in today\u2019s digital business environment, we are subject to threats to the security of our networks and data, including threats potentially involving criminal hackers, hacktivists, state\\-sponsored actors, corporate espionage, employee malfeasance, and human or technological error\\. These threats continue to increase as the frequency, intensity and sophistication of attempted attacks and intrusions increase around the world\\. We have been the target of cybersecurity attacks in the past and expect that we will continue to be in the future\\. \n\nFurthermore, in response to these threats there has been heightened legislative and regulatory focus on data privacy and cybersecurity in the U\\.S\\., the EU and elsewhere, particularly with respect to critical infrastructure providers, including those in the transportation sector\\. As a result, we must comply with a proliferating and fast\\-evolving set of legal requirements in this area, including substantive cybersecurity standards as well as requirements for notifying regulators and affected individuals in the event of a data security incident\\. This regulatory environment is increasingly challenging and may present material obligations and risks to our business, including significantly expanded compliance burdens, costs and enforcement risks\\. For example, in May 2018, the EU\u2019s new General Data Protection Regulation, commonly referred to as GDPR, came into effect, which imposes a host of new data privacy and security requirements, imposing significant costs on us and carrying substantial penalties for non\\-compliance\\. \n\nIn addition, many of our commercial partners, including credit card companies, have imposed data security standards that we must meet\\. In particular, we are required by the Payment Card Industry Security Standards Council, founded by the credit card companies, to comply with their highest level of data security standards\\. While we continue our efforts to meet these standards, new and revised standards may be imposed that may be difficult for us to meet and could increase our costs\\. \n\nA significant cybersecurity incident could result in a range of potentially material negative consequences for us, including unauthorized access to, disclosure, modification, misuse, loss or destruction of company systems or data; theft of sensitive, regulated or confidential data, such as personal identifying information or our intellectual property; the loss of functionality of critical systems through ransomware, denial of service or other attacks; a deterioration in our relationships with business partners and other third parties; and business delays, service or system disruptions, damage to equipment and injury to persons or property\\. The methods used to obtain unauthorized access, disable or degrade service or sabotage systems are constantly evolving and may be difficult to anticipate or to detect for long periods of time\\. The constantly changing nature of the threats means that we may not be able to prevent all data security breaches or misuse of data\\. Similarly, we depend on the ability of our key commercial partners, including our regional carriers, distribution partners and technology vendors, to conduct their businesses in a manner that complies with applicable security standards and assures their ability to perform on a timely basis\\. A security failure, including a failure to meet relevant payment security standards, breach or other significant cybersecurity incident affecting one of our partners could result in potentially material negative consequences for us\\.\n\nIn addition, the costs and operational consequences of defending against, preparing for, responding to and remediating an incident of cybersecurity breach may be substantial\\. As cybersecurity threats become more frequent, intense and sophisticated, costs of proactive defense measures are increasing\\. Further, we could be exposed to litigation, regulatory enforcement or other legal action as a result of an incident, carrying the potential for damages, fines, sanctions or other penalties, as well as injunctive relief and enforcement actions requiring costly compliance measures\\. A significant number of recent privacy and data security incidents, including those involving other large airlines, have resulted in very substantial adverse financial consequences to those companies\\. A cybersecurity incident could also impact our brand, harm our reputation and adversely impact our relationship with our customers, employees and stockholders\\. Accordingly, failure to appropriately address these issues could result in material financial and other liabilities and cause significant reputational harm to our company\\.\n\n28"}
{"_id": "AmericanAirlines-2017_142.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\ndate of issuance of the 2016\\-3 Class B EETCs to acquire Series B equipment notes issued by American in connection with the financing of the 2016\\-3 Aircraft\\.\n\nInterest and principal payments on equipment notes issued in connection with the 2016\\-3 EETCs are payable semi\\-annually in April and October of each year, with interest payments that began in April 2017 and principal payments that began in October 2017 for the Class AA and Class A EETCs and interest and principal payments beginning in April 2018 for the Class B EETCs\\. These equipment notes are secured by liens on the 2016\\-3 Aircraft\\.\n\nCertain information regarding the 2016\\-3 EETC equipment notes, as of December 31, 2017, is set forth in the table below\\.\n\n\n\n|                               |                   |                   |                   |\n| ----------------------------- | ----------------- | ----------------- | ----------------- |\n|                               | **2016\\-3 EETCs** | **2016\\-3 EETCs** | **2016\\-3 EETCs** |\n|                               | **Series AA**     | **Series A**      | **Series B**      |\n| Aggregate principal issued    | $558 million      | $256 million      | $193 million      |\n| Fixed interest rate per annum | 3\\.00%            | 3\\.25%            | 3\\.75%            |\n| Maturity date                 | October 2028      | October 2028      | October 2025      |\n\n\n\n*2017\\-1 EETCs*\n\nIn January 2017, American created three pass\\-through trusts which issued approximately $983 million aggregate principal amount of Series 2017\\-1 Class AA, Class A and Class B EETCs (the 2017\\-1 EETCs) in connection with the financing of 24 aircraft delivered to American through May 2017 (the 2017\\-1 Aircraft)\\.\n\nDuring the first six months of 2017, all of the net proceeds received from the sale of the 2017\\-1 EETCs were used to purchase equipment notes issued by American in connection with the financing of the 2017\\-1 Aircraft\\. Interest and principal payments on equipment notes issued in connection with the 2017\\-1 EETCs are payable semi\\-annually in February and August of each year, with interest payments that began in August 2017 and principal payments beginning in February 2018\\. These equipment notes are secured by liens on the 2017\\-1 Aircraft\\.\n\nCertain information regarding the 2017\\-1 EETC equipment notes, as of December 31, 2017, is set forth in the table below\\.\n\n\n\n|                               |                   |                   |                   |\n| ----------------------------- | ----------------- | ----------------- | ----------------- |\n|                               | **2017\\-1 EETCs** | **2017\\-1 EETCs** | **2017\\-1 EETCs** |\n|                               | **Series AA**     | **Series A**      | **Series B**      |\n| Aggregate principal issued    | $537 million      | $248 million      | $198 million      |\n| Fixed interest rate per annum | 3\\.65%            | 4\\.00%            | 4\\.95%            |\n| Maturity date                 | February 2029     | February 2029     | February 2025     |\n\n\n\n*2017\\-2 EETCs*\n\nIn August 2017, American created two pass\\-through trusts which issued approximately $797 million aggregate principal amount of Series 2017\\-2 Class AA and Class A EETCs (the 2017\\-2 EETCs) in connection with the financing of 30 aircraft previously delivered to American or scheduled to be delivered to American through April 2018 (the 2017\\-2 Aircraft)\\. A portion of the net proceeds received from the sale of the 2017\\-2 EETCs has been used to acquire Series AA and A equipment notes issued by American to the pass\\-through trusts and the balance of such proceeds is being held in escrow for the benefit of the holders of the 2017\\-2 EETCs until such time as American issues additional Series AA and A equipment notes to the pass\\-through trusts, which trusts will purchase such additional equipment notes with the escrowed funds\\. These escrowed funds are not guaranteed by American and are not reported as debt on American\u2019s consolidated balance sheet because the proceeds held by the depository are not American\u2019s assets\\.\n\n143"}
{"_id": "Delta-2017_23.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nEconomic conditions and regulatory changes leading up to and following the United Kingdom\u2019s exit from the European Union could have a material adverse effect on our business and results of operations\\.\n\nFollowing a referendum in June 2016 in which voters in the U\\.K\\. approved an exit from the European Union (\"EU\"), the\n\nU\\.K\\. government has initiated a process to leave the EU (often referred to as Brexit) and begun negotiating the terms of the U\\.K\\.\u2019s future relationship with the EU\\. The airline industry faces substantial uncertainty regarding the impact of the exit of the U\\.K\\. from the EU\\. Adverse consequences such as deterioration in economic conditions, volatility in currency exchange rates or adverse changes in regulation of the airline industry or bilateral agreements governing air travel could have a negative impact on our operations, financial condition and results of operations\\.\n\nThe rapid spread of contagious illnesses can have a material adverse effect on our business and results of operations\\.\n\nThe rapid spread of a contagious illness, or fear of such an event, can have a material adverse effect on the demand for worldwide air travel and therefore have a material adverse effect on our business and results of operations\\. Moreover, our operations could be negatively affected if employees are quarantined as the result of exposure to a contagious illness\\. Similarly, travel restrictions or operational issues resulting from the rapid spread of contagious illnesses in a part of the world in which we have significant operations may have a materially adverse impact on our business and results of operations\\.\n\nITEM 1B\\. UNRESOLVED STAFF COMMENTS \n\nNone\\.\n\n 19"}
{"_id": "Southwest-2019_21.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nsubject to the risk that cash collateral may be required to be posted to fuel hedge counterparties, which could have a significant impact on the Company's financial position and liquidity\\.\n\nIn addition, the Company is subject to the risk that its fuel derivatives will no longer qualify for hedge accounting under applicable accounting standards, which can create additional earnings volatility\\. Adjustments in the Company's overall fuel hedging strategy, as well as the ability of the commodities used in fuel hedging to qualify for special hedge accounting, could continue to affect the Company's results of operations\\. In addition, there can be no assurance that the Company will be able to cost\\-effectively hedge against increases in fuel prices\\. See Note 2 to the Consolidated Financial Statements for information on changes in applicable standards for hedge accounting\\.\n\nThe Company's fuel hedging arrangements and the various potential impacts of hedge accounting on the Company's financial position, cash flows, and results of operations are discussed in more detail under \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" \"Quantitative and Qualitative Disclosures About Market Risk,\" and in Note 1 and Note 10 to the Consolidated Financial Statements\\.\n\nThe Company is also reliant upon the readily available supply and timely delivery of jet fuel to the airports that it serves\\. A disruption in that supply could present significant challenges to the Company's operations and could ultimately cause the cancellation of flights and/or the inability of the Company to provide service to a particular airport\\.\n\nThe Company's low\\-cost structure has historically been one of its primary competitive advantages, and many factors have affected and could continue to affect the Company's ability to control its costs\\.\n\nThe Company's low\\-cost structure has historically been one of its primary competitive advantages, as it has enabled it to offer low fares, drive traffic volume, grow market share, and protect profits\\. The Company's low\\-cost position has become even more significant with the increased presence of ULCCs and changes to the fare offerings of other carriers, as discussed above; however, it has become increasingly difficult for the Company to improve upon its industry cost position\\. For example, labor and fuel costs, as well as other costs such as airport costs and regulatory compliance costs, can negatively affect the Company's ability to control its costs\\. Furthermore, the Company has limited control over many of these costs\\.\n\nJet fuel and oil constituted approximately 22 percent of the Company's operating expenses during 2019, and the Company's ability to control the cost of fuel is subject to the external factors discussed in the third Risk Factor above\\.\n\nSalaries, wages, and benefits constituted approximately 43 percent of the Company's operating expenses during 2019\\. The Company's ability to control labor costs is limited by the terms of its collective\\-bargaining agreements, and increased labor costs have negatively impacted the Company's low\\-cost competitive position\\. As discussed further under \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" the Company's unionized workforce, which makes up approximately 83 percent of its Employees, has had pay scale increases as a result of contractual rate increases, which has put pressure on the Company's labor costs\\. Additionally, as indicated above under \"Business \\- Employees,\" the majority of Southwest's unionized Employee work groups, including its Pilots; Flight Attendants; Customer Service Agents, Customer Representatives, and Source of Support Representatives; Aircraft Appearance Technicians; Dispatchers; Flight Crew Training Instructors; and Meteorologists, are in unions currently in negotiations for labor agreements or have labor agreements that become amendable in 2020, which could result in additional pressure on the Company's low\\-cost structure\\.\n\nAs discussed above under \"Business \\- Regulation,\" the airline industry is heavily regulated, and the Company's regulatory compliance costs are subject to potentially significant increases from time to time based on actions by regulatory agencies that are out of the Company's control\\. Additionally, because of airport infrastructure updates and other factors, the Company has experienced increased space rental rates at various airports in its network\\. Further, the Company cannot control decisions by other airlines to reduce their capacity\\. When this occurs, certain fixed airport costs are allocated among a fewer number of total flights,  which can result in increased landing fees and other costs for the Company\\. \n\nThe Company is reliant upon third party vendors and service providers, and the Company's low\\-cost advantage is dependent in part on its ability to obtain and maintain commercially reasonable terms with those parties\\. Disruptions to capital markets, shortages of skilled personnel, geopolitical developments, and/or adverse economic conditions could subject certain of the Company's third party vendors and service providers to significant financial pressures which could lead to performance problems, ceased operations, or bankruptcies among these third party vendors and \n\n22"}
{"_id": "Southwest-2019_101.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|                                                                              |                                                                             |                                                                             |\n| ---------------------------------------------------------------------------- | --------------------------------------------------------------------------- | --------------------------------------------------------------------------- |\n| **Fair value measurements using significant unobservable inputs (Level 3)**  | **Fair value measurements using significant unobservable inputs (Level 3)** | **Fair value measurements using significant unobservable inputs (Level 3)** |\n| (in millions)                                                                | **Fuel derivatives**                                                        |                                                                             |\n| Balance at December 31, 2017                                                 | $248                                                                        |                                                                             |\n| Total losses (realized or unrealized) included in other comprehensive income | (1<br><br>)                                                                 |                                                                             |\n| Purchases                                                                    | 66                                                                          | (a)                                                                         |\n| Sales                                                                        | (4<br><br>)                                                                 | (a)                                                                         |\n| Settlements                                                                  | (171<br><br>)                                                               |                                                                             |\n| Balance at December 31, 2018                                                 | $138                                                                        |   <br>                                                                      |\n\n\n\n(a) The purchase and sale of fuel derivatives are recorded gross based on the structure of the derivative instrument and \n\n whether a contract with multiple derivatives was purchased as a single instrument or separate instruments\\.\n\nThe significant unobservable input used in the fair value measurement of the Company\u2019s derivative option contracts is implied volatility\\. Holding other inputs constant, an increase (decrease) in implied volatility would result in a higher (lower) fair value measurement, respectively, for the Company\u2019s derivative option contracts\\. \n\nThe following table presents a range of the unobservable inputs utilized in the fair value measurements of the Company\u2019s fuel derivatives classified as Level 3 at  December 31, 2019 :\n\n\n\n|                                                                    |                                                                    |                                                                    |                                                                    |                                                                    |\n| ------------------------------------------------------------------ | ------------------------------------------------------------------ | ------------------------------------------------------------------ | ------------------------------------------------------------------ | ------------------------------------------------------------------ |\n| **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** |\n|                                                                    | **Valuation technique**                                            | **Unobservable input**                                             | **Period (by year)**                                               | **Range**                                                          |\n| Fuel derivatives                                                   | Option model                                                       | Implied volatility                                                 | 2020                                                               | 13\\-34%                                                            |\n|                                                                    |                                                                    |                                                                    | 2021                                                               | 17\\-23%                                                            |\n|                                                                    |                                                                    |                                                                    | 2022                                                               | 17\\-19%                                                            |\n|                                                                    |                                                                    |                                                                    | Beyond 2022                                                        | 18\\-19%                                                            |\n\n\n\nThe carrying amounts and estimated fair values of the Company\u2019s long\\-term debt (including current maturities), as well as the applicable fair value hierarchy tier, at  December 31, 2019 , are presented in the table below\\. The fair values of the Company\u2019s publicly held long\\-term debt are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets; therefore, the Company has categorized these agreements as Level 2\\. Debt under   three  of the Company\u2019s debt agreements is not publicly held\\. The Company has determined the estimated fair value of this debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable\\. The Company utilizes indicative pricing from counterparties and a discounted cash flow method to estimate the fair value of the Level 3 items\\.\n\n\n\n|                                                     |                     |                          |                                |\n| --------------------------------------------------- | ------------------- | ------------------------ | ------------------------------ |\n| **(in millions)**                                   |  **Carrying value** | **Estimated fair value** | **Fair value level hierarchy** |\n| 2\\.65% Notes due 2020                               | $500                | $503                     | Level 2                        |\n| Term Loan Agreement payable through 2020 \\- 5\\.223% | 134                 | 134                      | Level 3                        |\n| 737 Aircraft Notes payable through 2020             | 20                  | 20                       | Level 3                        |\n| 2\\.75% Notes due 2022                               | 300                 | 304                      | Level 2                        |\n| Pass Through Certificates due 2022 \\- 6\\.24%        | 197                 | 208                      | Level 2                        |\n| Term Loan Agreement payable through 2026 \\- 3\\.03%  | 178                 | 178                      | Level 3                        |\n| 3\\.00% Notes due 2026                               | 300                 | 308                      | Level 2                        |\n| 3\\.45% Notes due 2027                               | 300                 | 317                      | Level 2                        |\n| 7\\.375% Debentures due 2027                         | 122                 | 150                      | Level 2                        |\n\n\n\n102"}
{"_id": "Delta-2017_42.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nFinancing Activities\n\nDebt and Capital Leases\\.  The principal amount of debt and capital leases was  $8\\.9 billion  at  December 31, 2017 \\. Since December 31, 2009, we have reduced our principal amount of debt and capital leases by $9\\.4 billion\\. \n\nDuring the March 2017 quarter, we issued $2\\.0 billion in aggregate principal amount of unsecured notes, consisting of $1\\.0 billion of 2\\.785% Notes due 2020 and $1\\.0 billion of 3\\.625% Notes due 2022\\. As discussed above, we used the net proceeds from this issuance to make a cash contribution to our qualified defined benefit pension plans\\. During the December 2017 quarter, we issued $450 million in aggregate principal amount of 2\\.600% Notes due 2020\\.\n\nOur Pacific Facilities (including the Term Loan with a principal balance of  $1\\.0 billion ) mature in October 2018\\. We expect to repay this obligation with cash flows from operations, cash and cash equivalents and/or new financing arrangements\\.\n\nDuring 2017, we received an upgrade to our credit rating from Standard & Poor's to an investment\\-grade rating of BBB\\-\\. We now have investment\\-grade ratings from all three major credit rating agencies\\.\n\nAt December 31, 2017, our corporate ratings were: \n\n\n\n|                   |                    |             |\n| ----------------- | ------------------ | ----------- |\n| **Rating Agency** | **Current Rating** | **Outlook** |\n| Fitch             | BBB\\-              | Stable      |\n| Moody's           | Baa3               | Stable      |\n| Standard & Poor's | BBB\\-              | Stable      |\n\n\n\nCapital Returns to Shareholders\\.  Since first implementing our quarterly dividend in 2013, we have increased the dividend per share by 50% annually and paid $1\\.9 billion in total dividends, including $731 million in 2017\\. Through dividends and share repurchases, we have returned $9\\.8 billion to shareholders since 2013, while reducing outstanding shares by approximately 18% compared to the beginning of 2013\\. During 2017 alone, we repurchased and retired 33 million shares at a cost of $1\\.7 billion\\.\n\n\n\n|                                            |                                    |                              |                             |                             |\n| ------------------------------------------ | ---------------------------------- | ---------------------------- | --------------------------- | --------------------------- |\n| **(in millions, except repurchase price)** | **Share Repurchase Authorization** | **Average Repurchase Price** | **Planned Completion Date** | **Authorization Remaining** |\n| May 2014 Program                           | $2,000                             | $42\\.86                      | December 31, 2016           | Completed June 2015         |\n| May 2015 Program                           | $5,000                             | $45\\.32                      | December 31, 2017           | Completed September 2017    |\n| May 2017 Program                           | $5,000                             | $52\\.13                      | December 31, 2020           | $4,675                      |\n\n\n\nOn February 9, 2018, the Board of Directors declared a $0\\.3050 per share dividend for shareholders of record as of February 23, 2018\\.\n\nFuel Hedge Restructuring\\.  During 2016, we entered into transactions to defer settlement of a portion of our hedge portfolio until 2017\\. These deferral transactions, excluding market movements from the date of inception, provided approximately $300 million in cash receipts during the second half of 2016 and required approximately $300 million in cash payments in 2017\\. \n\nDuring the June 2016 quarter, we early terminated certain of our outstanding deferral transactions and made cash payments of $170 million, including normal settlements\\. As a result, during the year ended December 31, 2017, we reported  $20 million  in cash receipts and  $244 million  in cash payments associated with these transactions\\. For additional information regarding these transactions, see  Note 4  to the Notes to the Consolidated Financial Statements\\.\n\nUndrawn Lines of Credit\n\nWe have  $2\\.5 billion  available in undrawn revolving lines of credit\\. Our credit facilities have covenants, including minimum collateral coverage ratios\\. If we are not in compliance with these covenants, we may be required to repay amounts borrowed under the credit facilities or we may not be able to draw on them\\. We currently have a substantial amount of unencumbered assets available to pledge as collateral\\.\n\nCovenants\n\n We were in compliance with the covenants in our financing agreements at  December 31, 2017 \\. \n\n 38"}
{"_id": "AmericanAirlines-2019_112.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nAs of  December 31, 2019 , there was   $108 million  of unrecognized compensation cost related to RSUs\\. These costs are expected to be recognized over a weighted average period of   one year \\. The total fair value of RSUs vested during the years ended  December 31, 2019 ,  2018  and  2017  was   $68 million ,   $91 million  and   $123 million , respectively\\.\n\n16\\.  Valuation and Qualifying Accounts (in millions)\n\n\n\n|                                               |                                  |                                                           |                        |                                       |\n| --------------------------------------------- | -------------------------------- | --------------------------------------------------------- | ---------------------- | ------------------------------------- |\n|                                               | **Balance at Beginning of Year** | **Additions Charged to Statement of Operations Accounts** | **Deductions**         | **Balance at**<br><br>**End of Year** |\n| **Allowance for obsolescence of spare parts** |                                  |                                                           |                        |                                       |\n| Year ended December 31, 2019                  | $814                             | $91                                                       | $<br><br>(121<br><br>) | $784                                  |\n| Year ended December 31, 2018                  | 769                              | 70                                                        | (25<br><br>)           | 814                                   |\n| Year ended December 31, 2017                  | 765                              | 29                                                        | (25<br><br>)           | 769                                   |\n| **Allowance for uncollectible accounts**      |                                  |                                                           |                        |                                       |\n| Year ended December 31, 2019                  | $29                              | $19                                                       | $<br><br>(17<br><br>)  | $31                                   |\n| Year ended December 31, 2018                  | 24                               | 42                                                        | (37<br><br>)           | 29                                    |\n| Year ended December 31, 2017                  | 36                               | 43                                                        | (55<br><br>)           | 24                                    |\n\n\n\n17\\. Quarterly Financial Data (Unaudited)\n\nUnaudited summarized financial data by quarter for  2019  and  2018  (in millions, except share and per share amounts):\n\n\n\n|                                             |                   |                    |                   |                    |\n| ------------------------------------------- | ----------------- | ------------------ | ----------------- | ------------------ |\n|                                             | **First Quarter** | **Second Quarter** | **Third Quarter** | **Fourth Quarter** |\n| **2019**                                    |                   |                    |                   |                    |\n| Operating revenues                          | $10,584           | $11,960            | $11,911           | $11,313            |\n| Operating expenses                          | 10,209            | 10,807             | 11,103            | 10,584             |\n| Operating income                            | 375               | 1,153              | 808               | 729                |\n| Net income                                  | 185               | 662                | 425               | 414                |\n| Earnings per share:                         |                   |                    |                   |                    |\n| Basic                                       | $0\\.41            | $1\\.49             | $0\\.96            | $0\\.95             |\n| Diluted                                     | $0\\.41            | $1\\.49             | $0\\.96            | $0\\.95             |\n| Shares used for computation (in thousands): |                   |                    |                   |                    |\n| Basic                                       | 451,951           | 445,008            | 441,915           | 434,578            |\n| Diluted                                     | 453,429           | 445,587            | 442,401           | 435,659            |\n| **2018**                                    |                   |                    |                   |                    |\n| Operating revenues                          | $10,401           | $11,643            | $11,559           | $10,938            |\n| Operating expenses                          | 10,005            | 10,639             | 10,874            | 10,367             |\n| Operating income                            | 396               | 1,004              | 685               | 571                |\n| Net income                                  | 159               | 556                | 372               | 325                |\n| Earnings per share:                         |                   |                    |                   |                    |\n| Basic                                       | $0\\.34            | $1\\.20             | $0\\.81            | $0\\.71             |\n| Diluted                                     | $0\\.34            | $1\\.20             | $0\\.81            | $0\\.70             |\n| Shares used for computation (in thousands): |                   |                    |                   |                    |\n| Basic                                       | 472,297           | 463,533            | 460,526           | 460,589            |\n| Diluted                                     | 474,598           | 464,618            | 461,507           | 461,915            |\n\n\n\nOur fourth quarter  2019  results include   $108 million  of total pre\\-tax net special items that principally included   $85 million  of merger integration expenses and   $39 million  of fleet restructuring expenses, offset in part by   $42 million  of mark\\-to\\-market net unrealized gains associated with certain equity and other investments\\.\n\n113"}
{"_id": "Alaska-2019_10.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nGENERAL\n\nThe airline industry is highly competitive and subject to various uncertainties, including economic conditions, volatile fuel prices, a largely unionized work force, the need to finance large capital expenditures and the related availability of capital, government regulation\u2014including taxes and fees, and potential aircraft incidents\\. Airlines have high fixed costs, primarily for wages, aircraft fuel, aircraft ownership and facilities rents\\. Because expenses of a flight do not vary significantly based on the number of passengers carried, a relatively small change in the number of passengers or in pricing has a disproportionate effect on an airline\u2019s operating and financial results\\. In other words, a minor shortfall in expected revenue levels could cause a disproportionately negative impact to our operating and financial results\\. Passenger demand and ticket prices are, in large measure, influenced by the general state of the economy, current global economic and political events, and total available airline seat capacity\\.\n\nIn 2019, the airline industry posted another year of profits, and increases over 2018, primarily due to lower fuel prices\\. Although growth was impacted in 2019 following the grounding of the Boeing 737 MAX aircraft, airlines have continued to make significant investments in airports and new services to differentiate their customer service offering\\. Thus, the level of competition is expected to continue to increase\\. \n\nFUEL\n\nOur business and financial results are highly impacted by the price and the availability of aircraft fuel\\. Aircraft fuel expense includes raw fuel expense, or the price that we generally pay at the airport, including taxes and fees, plus the effect of mark\\-to\\-market adjustments to our fuel hedge portfolio as the value of that portfolio increases and decreases\\. The cost of aircraft fuel is volatile and outside of our control, and it can have a significant and immediate impact on our operating results\\. Over the past five years, aircraft fuel expense ranged from 18% to 25% of operating expenses\\. Fuel prices are impacted by changes in both the price of crude oil and refining costs and can vary by region in the U\\.S\\.\n\nThe price of crude oil on an average annual basis for the past five years has ranged from a low of $43 per barrel in 2016 to a high of $65 in 2018\\. For us, a $1 per barrel change in the price of oil equates to approximately $21 million of fuel cost annually\\. Said another way, a one\\-cent change in our fuel price per gallon will impact our expected annual fuel cost by approximately $9 million per year\\.\n\nRefining margins, which represent the price of refining crude oil into aircraft fuel, are a smaller portion of the overall price of jet fuel, but have also contributed to the price volatility in recent years\\. Over the last five years, average annual West Coast refining margin prices have fluctuated from a low of $13 per barrel in 2016 to a high of $26 per barrel in 2019\\.\n\nGenerally, West Coast jet fuel prices are somewhat higher and more volatile than prices in the Gulf Coast or on the East Coast\\. Our average raw fuel cost per gallon decreased 6% in 2019, after increasing 28% in 2018 and increasing 21% in 2017\\.\n\nThe percentages of our aircraft fuel expense by crude oil and refining margins, as well as the percentage of our aircraft fuel expense of operating expenses, are as follows:\n\n\n\n|                        |                        |       |       |  |  |  |       |       |  |  |  |       |       |  |  |  |           |           |  |  |  |       |       |\n|:---------------------- |:---------------------- | -----:| -----:|:- |:- |:- | -----:| -----:|:- |:- |:- | -----:| -----:|:- |:- |:- | ---------:| ---------:|:- |:- |:- | -----:| -----:|\n|                        |                        |  2019 |  2019 |  |  |  |  2018 |  2018 |  |  |  |  2017 |  2017 |  |  |  | 2016^(a)^ | 2016^(a)^ |  |  |  |  2015 |  2015 |\n| Crude oil              | Crude oil              |  62 % |  62 % |  |  |  |  68 % |  68 % |  |  |  |  66 % |  66 % |  |  |  |      69 % |      69 % |  |  |  |  62 % |  62 % |\n| Refining margins       | Refining margins       |  28 % |  28 % |  |  |  |  25 % |  25 % |  |  |  |  23 % |  23 % |  |  |  |      20 % |      20 % |  |  |  |  26 % |  26 % |\n| Other^(b)^             | Other^(b)^             |  10 % |  10 % |  |  |  |   7 % |   7 % |  |  |  |  11 % |  11 % |  |  |  |      11 % |      11 % |  |  |  |  12 % |  12 % |\n| Total                  | Total                  | 100 % | 100 % |  |  |  | 100 % | 100 % |  |  |  | 100 % | 100 % |  |  |  |     100 % |     100 % |  |  |  | 100 % | 100 % |\n| Aircraft fuel expense  | Aircraft fuel expense  |  24 % |  24 % |  |  |  |  25 % |  25 % |  |  |  |  22 % |  22 % |  |  |  |      18 % |      18 % |  |  |  |  22 % |  22 % |\n\n\n\n(a) Includes information for Virgin America for the period December 14, 2016 through December 31, 2016\\.\n\n(b) Other includes gains and losses on settled fuel hedges, unrealized mark\\-to\\-market fuel hedge gains or losses, taxes and other into\\-plane costs\\.\n\nWe use crude oil call options as hedges against our exposure to the volatility of jet fuel prices\\. Call options effectively cap our price for crude oil, limiting our exposure to increasing fuel prices for about half of our planned fuel consumption\\. With call options, we are hedged against spikes in crude oil prices, and during a period of declines in crude oil prices, we only forfeit cash previously paid for hedge premiums\\. We begin hedging approximately 18 months in advance of consumption\\.\n\n10"}
{"_id": "AmericanAirlines-2018_87.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***Impacts to*** ***2017*** ***Results***\n\nThe effects of the adoption of the New Revenue Standard and New Retirement Standard to our consolidated statement of operations for the twelve months ended December 31, 2017 were as follows (in millions):\n\n\n\n|                                       |                 |                             |                                         |                                   |                             |               |\n| ------------------------------------- | --------------- | --------------------------- | --------------------------------------- | --------------------------------- | --------------------------- | ------------- |\n|                                       |                 | **New Revenue Standard**    | **New Revenue Standard**                | **New Revenue Standard**          | **New Retirement Standard** |               |\n| **Year Ended  <br>December 31, 2017** | **As Reported** | **Deferred Revenue Method** | **Ancillary Revenue Reclassifications** | **Gross Versus Net Presentation** | **Reclassifications**       | **As Recast** |\n| Operating revenues:                   |                 |                             |                                         |                                   |                             |               |\n|  Passenger                            | $36,133         | $311                        | $2,648                                  | $39                               | $\u2014                          | $39,131       |\n|  Cargo                                | 800             | \u2014                           | 42                                      | 48                                | \u2014                           | 890           |\n|  Other                                | 5,274           | \u2014                           | (2,690)                                 | 17                                | \u2014                           | 2,601         |\n|  Total operating revenues             | 42,207          | 311                         | \u2014                                       | 104                               | \u2014                           | 42,622        |\n|  Total operating expenses             | 38,149          | \u2014                           | \u2014                                       | 104                               | 138                         | 38,391        |\n| Operating income                      | 4,058           | 311                         | \u2014                                       | \u2014                                 | (138)                       | 4,231         |\n| Total nonoperating expense, net       | (974)           | \u2014                           | \u2014                                       | \u2014                                 | 138                         | (836)         |\n| Income before income taxes            | 3,084           | 311                         | \u2014                                       | \u2014                                 | \u2014                           | 3,395         |\n| Income tax provision  ^(1)^           | 1,165           | 948                         | \u2014                                       | \u2014                                 | \u2014                           | 2,113         |\n| Net income                            | $1,919          | $(637)                      | $\u2014                                      | $\u2014                                | $\u2014                          | $1,282        |\n| Diluted earnings per common share     | $3\\.90          |                             |                                         |                                   |                             | $2\\.61        |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                      |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The adjustment to the 2017 income tax provision includes an  $823 million  special charge to reduce our deferred tax asset associated with loyalty program liabilities as a result of H\\.R\\. 1, the 2017 Tax Cuts and Jobs Act (the 2017 Tax Act), enacted in December 2017 that reduced the federal corporate income tax rate from  35%  to  21% \\. |\n\n\n\nThe effects of the adoption of the New Revenue Standard to our December 31, 2017 consolidated balance sheet were as follows (in millions):\n\n\n\n|                                      |                 |                          |               |\n| ------------------------------------ | --------------- | ------------------------ | ------------- |\n|                                      | **As Reported** | **New Revenue Standard** | **As Recast** |\n| Deferred tax asset                   | $427            | $1,389                   | $1,816        |\n| Air traffic liability                | 3,978           | 64                       | 4,042         |\n| Current loyalty program liability    | 2,791           | 330                      | 3,121         |\n| Noncurrent loyalty program liability | \u2014               | 5,701                    | 5,701         |\n| Total stockholders\u2019 equity (deficit) | 3,926           | (4,706)                  | (780)         |\n\n\n\n88"}
{"_id": "Southwest-2019_20.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nmaterial, adverse effect on the Company's business, operating results, and financial condition\\. The Company could also be materially adversely affected if the pricing or operational attributes of its aircraft were to become less competitive\\.\n\nFurther, even upon a rescission of the FAA order to ground the MAX aircraft, the Company will continue to be reliant on Boeing to provide necessary resources and support to return the MAX to service\\. Boeing has recommended that pilots receive special flight simulator training before operating the MAX aircraft, although the FAA is ultimately responsible for establishing the training requirements for operating the MAX\\. Special simulator training would further delay the MAX return to service\\. In addition, following the MAX return to service, the Company could face significant operational challenges in efficiently taking delivery of a large number of MAX aircraft from Boeing and reintroducing the MAX aircraft into the Company's network in a controlled and steady manner\\.\n\nThe airline industry is particularly sensitive to changes in economic conditions; in the event of unfavorable economic conditions or economic uncertainty, the Company's results of operations could be negatively affected, which could require the Company to adjust its business strategies\\.\n\nThe airline industry, which is subject to relatively high fixed costs and highly variable and unpredictable demand, is particularly sensitive to changes in economic conditions\\. Historically, unfavorable U\\.S\\. economic conditions have driven changes in travel patterns and have resulted in reduced spending for both leisure and business travel\\. For some consumers, leisure travel is a discretionary expense, and short\\-haul travelers, in particular, have the option to replace air travel with surface travel\\. Businesses are able to forego air travel by using communication alternatives such as videoconferencing and the Internet or may be more likely to purchase less expensive tickets to reduce costs, which can result in a decrease in average revenue per seat\\. Unfavorable economic conditions, when low fares are often used to stimulate traffic, have also historically hampered the ability of airlines to raise fares to counteract any increases in fuel, labor, and other costs\\. Although the U\\.S\\. economy has experienced modest growth over the course of the past several years, any continuing or future U\\.S\\. or global economic uncertainty could negatively affect the Company's results of operations and could cause the Company to adjust its business strategies\\. Further, because expenses of a flight do not vary significantly with the number of passengers carried, a relatively small change in the number of passengers can have a disproportionate effect on an airline\u2019s operating and financial results\\. Therefore, any general reduction in airline passenger traffic could adversely affect the Company's results of operations\\.\n\nThe Company's business can be significantly impacted by high and/or volatile fuel prices, and the Company's operations are subject to disruption in the event of any delayed supply of fuel; therefore, the Company's strategic plans and future profitability are likely to be impacted by the Company's ability to effectively address fuel price increases and fuel price volatility and availability\\.\n\nAirlines are inherently dependent upon energy to operate, and jet fuel and oil represented approximately 22 percent of the Company's operating expenses for 2019\\. As discussed above under \"Business \\- Cost Structure,\" the cost of fuel can be extremely volatile and unpredictable, and even a small change in market fuel prices can significantly affect profitability\\. Furthermore, volatility in fuel prices can be due to many external factors that are beyond the Company's control\\. For example, fuel prices can be impacted by political, environmental, and economic factors, such as (i) dependency on foreign imports of crude oil and the potential for hostilities or other conflicts in oil producing areas; (ii) disruptions in domestic refining or pipeline capacity due to weather, natural disasters, or other factors; (iii) worldwide demand for fuel, particularly in developing countries, which can result in inflated energy prices; (iv) changes in U\\.S\\. governmental policies on fuel production, transportation, taxes, and marketing; and (v) changes in currency exchange rates\\.\n\nThe Company's ability to effectively address fuel price increases could be limited by factors such as its historical low\\-fare reputation, the portion of its Customer base that purchases travel for leisure purposes, the competitive nature of  the airline industry generally, and the risk that higher fares will drive a decrease in demand\\. The Company attempts to manage its risk associated with volatile jet fuel prices by utilizing over\\-the\\-counter fuel derivative instruments to hedge a portion of its future jet fuel purchases\\. However, energy prices can fluctuate significantly in a relatively short amount of time\\. Because the Company uses a variety of different derivative instruments at different price points, the Company is subject to the risk that the fuel derivatives it uses will not provide adequate protection against significant increases in fuel prices and in some cases could in fact result in hedging losses, and the Company effectively paying higher than market prices for fuel, thus creating additional volatility in the Company's earnings\\. The Company is also \n\n21"}
{"_id": "Alaska-2017_44.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Selling Expenses***\n\nSelling expenses increased by $132 million, or 59%, compared to 2016\\. On a Combined Comparative basis, selling expenses increased$9 million, or 3%, mostly due to increased promotional and advertising activities, as well as new sponsorships which became effective in the current year\\.\n\nUnder the new revenue recognition standard, our 2017 recast selling expense will increase by approximately $13 million\\. We expect selling expense to decrease in 2018 on a recast basis, due primarily to a decrease in advertising spend forecasted as well as decreased Mileage Plan partner airline expense due to the termination of certain partnerships with other airlines\\. \n\n***Depreciation and Amortization***\n\nDepreciation and amortization expenses increased by $9 million, or 2%, compared to 2016\\. On a Combined Comparative basis, depreciation and amortization expense decreased$28 million, or 7%, primarily due to a change in the estimated useful lives of certain B737 operating aircraft and related parts from 20 years to 25 years, which was effective October 1, 2016, partially offset by the addition of 14 B737\\-900ERs and 10 E175s to our fleet since December 31, 2016\\. \n\nWe expect depreciation and amortization expense to increase in line with capacity growth in 2018 compared to 2017, primarily due to scheduled B737\\-900ER and E175 aircraft deliveries in 2018\\.\n\n***Food and Beverage Service***\n\nFood and beverage service expense increased by $69 million, or 55%, compared to 2016\\. On a Combined Comparative basis, food and beverage service expenses increased$20 million, or 11%, due to the increased number of passengers, premium class offerings and enhancements to our onboard menu offerings to provide higher quality food and beverage products\\. \n\nWe expect food and beverage expenses to increase in line with capacity growth in 2018 compared to 2017, primarily due to an expected increase in number of passengers as we continue to grow our network and higher product costs\\. \n\n***Third\\-party regional carrier expense***\n\nThird\\-party regional carrier expense, which represents payments made to SkyWest and PenAir under our CPA agreements, increased$26 million, or 27%, in 2017 compared to 2016\\. The increase is primarily due to the addition of eight E175 aircraft operated by SkyWest in the current year\\. \n\nWe expect third\\-party regional carrier expense to increase in 2018 as we add E175 aircraft to be operated by SkyWest and continue to expand our regional network\\.\n\n***Other Operating Expenses***\n\nOther operating expenses increased$200 million, or 55%, compared to 2016\\. On a Combined Comparative basis, other operating expenses increased$114 million, or 25%, primarily due to higher costs associated with crew costs such as hotels and per diems, training, higher IT costs, an increase in scrapped parts inventory, and higher property taxes\\. \n\nWe expect other operating expenses to increase consistent with capacity growth in 2018 driven primarily by increased personnel costs such as meals and hotels\\. \n\n***Special Items\u2014Merger\\-Related Costs and Other***\n\nWe recorded special items of $118 million for merger\\-related costs associated with our acquisition of Virgin America in 2017, compared to $117 million in 2016, which reflects the results of Virgin America from December 14, 2016 through December 31, 2016, and $138 million on a Combined Comparative basis in 2016\\. Costs incurred in 2017 consisted primarily of severance and retention costs, and IT integration costs\\. We expect to continue to incur merger\\-related costs through 2019\\.\n\n***Consolidated Nonoperating Income (Expense)***\n\nDuring 2017 we recorded nonoperating expense of $53 million, compared to nonoperating expense of $4 million in 2016\\. On a Combined Comparative basis, nonoperating expense increased by $30 million, primarily due to interest expense incurred in the current year on the debt issued in 2016 to finance the acquisition of Virgin America\\.\n\n 45"}
{"_id": "Delta-2018_41.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nInvesting Activities \n\nCapital Expenditures\\.  Our capital expenditures were  $5\\.2 billion  in  2018 , $3\\.9 billion in  2017  and $3\\.4 billion in  2016 \\. Our capital expenditures during 2018 were primarily related to the purchase of aircraft, (including A321\\-200, B\\-737\\-900ER, A350\\-900, A220\\-100 and CRJ\\-900 aircraft), advanced deposit payments on future aircraft order commitments and modifications to our domestic fleet\\. Our capital expenditures during 2017 and 2016 were primarily for the purchase of aircraft and modifications to upgrade aircraft interiors that enhance our product offering\\.\n\nAs part of a multi\\-year initiative, we are investing in aircraft intended to provide more premium products, improved customer experience and better operating economics\\. We have committed to future aircraft purchases that will require significant capital investment and have obtained, but are under no obligation to use, long\\-term financing commitments for a substantial portion of the purchase price of a significant number of these aircraft\\. We expect that we will invest approximately $4\\.7 billion in 2019 primarily for (1) aircraft, including deliveries of A321\\-200s, B\\-737\\-900ERs, A220\\-100s, A330\\-900neos, A350\\-900s and CRJ\\-900s, along with advance deposit payments for these and our new A321\\-200neos and A220\\-300s as well as (2) aircraft modifications, primarily related to cabin enhancements to improve the customer experience\\. We expect that the 2019 investments will be funded primarily through cash flows from operations\\.\n\nEquity Investments\\.  During 2017, we completed a $622 million tender offer and settled derivative contracts for $173 million to obtain additional capital stock of Grupo Aerom\u00e9xico\\. During 2017, we also acquired shares of Air France\\-KLM for $450 million\\. See  Note 4  of the Notes to the Consolidated Financial Statements for more information on our equity investments\\.\n\nLos Angeles International Airport (\"LAX\") Construction\\.  During 2016, we executed a modified lease agreement with Los Angeles World Airports (\"LAWA\"), which owns and operates LAX, and announced plans to modernize, upgrade and connect Terminals 2 and 3 at LAX by 2023\\. Based on the lease agreement, we are designing and managing the construction of the initial investment of  $350 million  to renovate gate areas, support space and other amenities for passengers, to upgrade the baggage handling systems in the terminals and to facilitate the relocation of those airlines located in Terminals 2 and 3 to Terminals 5 and 6 and Tom Bradley International Terminal (\"TBIT\")\\. The relocation was completed during 2017\\. We are also designing and managing the construction of an expansion of the project, which is expected to cost an additional  $1\\.5 billion , of which  $1\\.3 billion  has been approved by LAWA\\. The expanded project will include (1) redevelopment of Terminal 3 and enhancement of Terminal 2, (2) rebuilding the ticketing and arrival halls and security checkpoint, (3) construction of infrastructure for the planned airport people mover, (4) ramp improvements and (5) construction of a secure connector to the north side of TBIT\\.\n\nA substantial majority of the project costs will be funded through the Regional Airports Improvement Corporation (\"RAIC\"), a California public benefit corporation, using an  $800 million  revolving credit facility provided by a group of lenders\\. The credit facility was executed during 2017 and we have guaranteed the obligations of the RAIC under the credit facility\\. Loans made under the credit facility will be repaid with the proceeds from LAWA\u2019s purchase of completed project assets\\. Using funding provided by cash flows from operations and/or the credit facility, we spent approximately  $208 million  on this project during  2018  and expect to spend approximately $240 million during 2019\\.\n\nNew York\\-LaGuardia Redevelopment\\.  As part of the terminal redevelopment project at LaGuardia Airport, we are partnering with the Port Authority of New York and New Jersey (\"Port Authority\") to replace Terminals C and D with a new state\\-of\\-the\\-art terminal facility consisting of  37  gates across  4  concourses connected to a central headhouse\\. The terminal will feature a new, larger Delta Sky Club, wider concourses, more gate seating and  30 percent  more concessions space than the existing terminals\\. The facility will also offer direct access between the parking garage and terminal and improved roadways and drop\\-off/pick\\-up areas\\. The design of the new terminal will integrate sustainable technologies and improvements in energy efficiency\\. Construction will be phased to limit passenger inconvenience and is expected to be completed by 2026\\. \n\nIn connection with the redevelopment, during 2017, we entered into an amended and restated terminal lease with the Port Authority with a term through 2050\\. Pursuant to the lease agreement we will (1) fund (through debt issuance and existing cash) and undertake the design, management and construction of the terminal and certain off\\-premises supporting facilities, (2) receive a Port Authority contribution of  $600 million  to facilitate construction of the terminal and other supporting infrastructure, (3) be responsible for all operations and maintenance during the term of the lease and (4) have preferential rights to all gates in the terminal subject to Port Authority requirements with respect to accommodation of designated carriers\\. We currently expect our net project cost to be approximately  $3\\.3 billion  with Delta bearing the risks of project construction, including any potential cost over\\-runs\\. Using funding provided by cash flows from operations and/or financing arrangements, we spent approximately  $304 million  on this project during  2018  and expect to spend approximately $530 million during 2019\\.\n\n 39"}
{"_id": "Alaska-2019_18.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nAirport to strengthen the pathway to commercially viable sustainable aviation fuel, and through a partnership with Neste continues to assess the increased use of biofuels as an alternative fuel to reduce carbon dioxide emissions\\. In addition, Alaska Airlines and Horizon Air continue to utilize electric equipment at airports when we have the infrastructure to support it\\. \n\nOverall, the total Alaska mainline Greenhouse Gas emissions and intensity trend has decreased since 2009 and future goals have been set to continue reducing emissions intensity\\. More broadly, we know that being responsible for our impact is a critical part of delivering value for all those who depend on us \u2013 employees, communities, guests, and owners \u2013 over the long term\\. To that end, we focused on addressing the breadth of our most significant environmental impact across emissions and waste, as well as important social impacts\\. Alaska Airlines leads the industry in inflight recycling and has reduced waste to landfill by over 15,000 tons over the past decade\\. In 2018 we were the first US airlines to remove plastic straws and stir sticks from our aircraft and in 2019, we launched a campaign called \\#FillBeforeYouFly to engage our employees and guests in reducing plastic waste\\. For more details on Alaska\u2019s emission reductions programs as well as status on other key environmental initiatives, see Alaska\u2019s annual Sustainability Reports and environmental performance metrics on our website,\n\nwww\\.flysustainably\\.com/reports\\. The information contained on our sustainability website is not a part of this annual report on Form 10\\-K\\. \n\nAlthough we do not currently anticipate that specific environmental regulation will have a material effect on our financial condition, results of operations or cash flows, new regulations or compliance issues that we do not currently anticipate could have the potential to harm our financial condition, results of operations or cash flows in future periods\\.\n\nINSURANCE\n\nWe carry insurance of types customary in the airline industry and in amounts deemed adequate to protect our interests and property and to comply both with federal regulations and certain credit and lease agreements\\. The insurance policies principally provide coverage for Airline Hull, Spares and Comprehensive Legal Liability, War and Allied Perils, and Workers\u2019 Compensation\\. In addition, we currently carry a Cyber Insurance policy in the event of security breaches from malicious parties\\. \n\nWe believe that our emphasis on safety and our state\\-of\\-the\\-art flight deck safety technology help to control the cost of our insurance\\.\n\nWHERE YOU CAN FIND MORE INFORMATION\n\nOur filings with the Securities and Exchange Commission, including our annual report on Form 10\\-K, quarterly reports on Form 10\\-Q, current reports on Form 8\\-K and amendments to those reports are available on our website at  www\\.alaskaair\\.com,  free of charge, as soon as reasonably practicable after the electronic filing of these reports with the Securities and Exchange Commission\\. The information contained on our website is not a part of this annual report on Form 10\\-K\\.\n\nGLOSSARY OF TERMS\n\nAircraft Utilization  \\- block hours per day; this represents the average number of hours per day our aircraft are in transit\n\nAircraft Stage Length  \\- represents the average miles flown per aircraft departure\n\nASMs  \\- available seat miles, or \u201ccapacity\u201d; represents total seats available across the fleet multiplied by the number of miles flown\n\nCASM  \\- operating costs per ASM, or \"unit cost\"; represents all operating expenses including fuel and special items\n\nCASMex  \\- operating costs excluding fuel and special items per ASM; this metric is used to help track progress toward reduction of non\\-fuel operating costs since fuel is largely out of our control\n\nDebt\\-to\\-capitalization ratio  \\- represents adjusted debt (long\\-term debt plus capitalized operating lease liabilities) divided by total equity plus adjusted debt\n\nDiluted Earnings per Share  \\- represents earnings per share (EPS) using fully diluted shares outstanding\n\nDiluted Shares  \\- represents the total number of shares that would be outstanding if all possible sources of conversion, such as stock options, were exercised\n\n18"}
{"_id": "Southwest-2019_104.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nThe consolidated periodic postretirement benefit cost for the years ended  December 31, 2019 ,  2018 , and  2017 , included the following:\n\n\n\n|                                          |             |          |          |\n| ---------------------------------------- | ----------- | -------- | -------- |\n| **(in millions)**                        | **2019**    | **2018** | **2017** |\n| Service cost                             | $17         | $18      | $18      |\n| Interest cost                            | 10          | 9        | 11       |\n| Amortization of prior service cost       | 1           | 3        | 3        |\n| Amortization of net gain                 | (2<br><br>) | \u2014        | \u2014        |\n| Net periodic postretirement benefit cost | $26         | $30      | $32      |\n\n\n\nService cost is recognized within Salaries, wages, and benefits expense, and all other costs are recognized in Other (gains) losses, net in the Consolidated Statement of Income\\. Unrecognized prior service cost is expensed using a straight\\-line amortization of the cost over the average future service of Employees expected to receive benefits under the plans\\. Actuarial gains are amortized utilizing the minimum amortization method\\. The following actuarial assumptions were used to account for the Company\u2019s postretirement benefit plans at  December 31,  2019 ,  2018 , and  2017 :\n\n\n\n|                                        |          |          |          |\n| -------------------------------------- | -------- | -------- | -------- |\n|                                        | **2019** | **2018** | **2017** |\n| Weighted\\-average discount rate        | 3\\.30%   | 4\\.35%   | 3\\.65%   |\n| Assumed healthcare cost trend rate (a) | 7\\.13%   | 7\\.13%   | 7\\.08%   |\n\n\n\n\n\n|     |                                                                                                                                                            |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | The assumed healthcare cost trend rate is expected to be   6\\.79%  for  2020 , then decline gradually to   5\\.19%  by  2027  and remain level thereafter\\. |\n\n\n\nThe selection of a discount rate is made annually and is selected by the Company based upon comparison of the expected future cash flows associated with the Company\u2019s future payments under its consolidated postretirement obligations to a yield curve created using high quality bonds that closely match those expected future cash flows\\. This rate decreased during  2019  due to market conditions\\. The assumed healthcare trend rate is also reviewed at least annually and is determined based upon both historical experience with the Company\u2019s healthcare benefits paid and expectations of how those trends may or may not change in future years\\.\n\n105"}
{"_id": "Southwest-2017_101.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|                                         |                       |                                                                                |                                                               |                                                           |\n| --------------------------------------- | --------------------- | ------------------------------------------------------------------------------ | ------------------------------------------------------------- | --------------------------------------------------------- |\n|                                         |                       | **Fair value measurements at reporting date using:**                           | **Fair value measurements at reporting date using:**          | **Fair value measurements at reporting date using:**      |\n|                                         |                       | **Quoted prices in**<br><br>**active markets**<br><br>**for identical assets** | **Significant**<br><br>**other observable**<br><br>**inputs** | **Significant**<br><br>**unobservable**<br><br>**inputs** |\n| **Description**                         | **December 31, 2016** | **(Level 1)**                                                                  | **(Level 2)**                                                 | **(Level 3)**                                             |\n| **Assets**                              | (in millions)         | (in millions)                                                                  | (in millions)                                                 | (in millions)                                             |\n| Cash equivalents                        |                       |                                                                                |                                                               |                                                           |\n| Cash equivalents (a)                    | $1,344                | $1,344                                                                         | $\u2014                                                            | $\u2014                                                        |\n| Commercial paper                        | 325                   | \u2014                                                                              | 325                                                           | \u2014                                                         |\n| Certificates of deposit                 | 11                    | \u2014                                                                              | 11                                                            | \u2014                                                         |\n| Short\\-term investments:                |                       |                                                                                |                                                               |                                                           |\n| Treasury bills                          | 1,345                 | 1,345                                                                          | \u2014                                                             | \u2014                                                         |\n| Certificates of deposit                 | 280                   | \u2014                                                                              | 280                                                           | \u2014                                                         |\n| Fuel derivatives:                       |                       |                                                                                |                                                               |                                                           |\n| Swap contracts (c)                      | 42                    | \u2014                                                                              | 42                                                            | \u2014                                                         |\n| Option contracts (b)                    | 239                   | \u2014                                                                              | \u2014                                                             | 239                                                       |\n| Option contracts (c)                    | 163                   | \u2014                                                                              | \u2014                                                             | 163                                                       |\n| Other available\\-for\\-sale securities   | 83                    | 83                                                                             | \u2014                                                             | \u2014                                                         |\n| **Total assets**                        | $3,832                | $2,772                                                                         | $658                                                          | $402                                                      |\n| **Liabilities**                         |                       |                                                                                |                                                               |                                                           |\n| Fuel derivatives:                       |                       |                                                                                |                                                               |                                                           |\n| Swap contracts (c)                      | $(110)                | $\u2014                                                                             | $(110)                                                        | $\u2014                                                        |\n| Option contracts (b)                    | (96)                  | \u2014                                                                              | \u2014                                                             | (96)                                                      |\n| Option contracts (c)                    | (564)                 | \u2014                                                                              | \u2014                                                             | (564)                                                     |\n| Interest rate derivatives (see Note 10) | (35)                  | \u2014                                                                              | (35)                                                          | \u2014                                                         |\n| **Total liabilities**                   | $(805)                | $\u2014                                                                             | $(145)                                                        | $(660)                                                    |\n\n\n\n(a) Cash equivalents are primarily composed of money market investments\\.\n\n(b) In the Consolidated Balance Sheet amounts are presented as a net asset\\. See Note 10\\.\n\n(c) In the Consolidated Balance Sheet amounts are presented as a net liability\\. See Note 10\\.\n\nThe Company had no transfers of assets or liabilities between any of the above levels during the years ended December 31, 2017 or 2016\\. The Company did not have any assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2017 or 2016\\. The following tables present the Company\u2019s activity for items measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for 2017 and 2016:\n\n102"}
{"_id": "AmericanAirlines-2019_127.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nContract Balances\n\nAmerican\u2019s significant contract liabilities are comprised of (1) outstanding loyalty program mileage credits that may be redeemed for future travel and other non\\-air travel awards, reported as loyalty program liability on American\u2019s consolidated balance sheets and (2) ticket sales for transportation that has not yet been provided, reported as air traffic liability on American\u2019s consolidated balance sheets\\.\n\n\n\n|                           |                   |                   |\n| ------------------------- | ----------------- | ----------------- |\n|                           | **December 31,**  | **December 31,**  |\n|                           | **2019**          | **2018**          |\n|                           | **(in millions)** | **(in millions)** |\n| Loyalty program liability | $8,615            | $8,539            |\n| Air traffic liability     | 4,808             | 4,339             |\n| Total                     | $13,423           | $12,878           |\n\n\n\nThe balance of the loyalty program liability fluctuates based on seasonal patterns, which impact the volume of mileage credits issued through travel or sold to co\\-branded credit card and other partners (deferral of revenue) and mileage credits redeemed (recognition of revenue)\\.Changes in loyalty program liability are as follows (in millions):\n\n\n\n|                                     |                 |\n| ----------------------------------- | --------------- |\n| Balance at December 31, 2018        | $8,539          |\n| Deferral of revenue                 | 3,438           |\n| Recognition of revenue  ^(1)^       | (3,362<br><br>) |\n| Balance at December 31, 2019  ^(2)^ | $8,615          |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Principally relates to revenue recognized from the redemption of mileage credits for both air and non\\-air travel awards\\. Mileage credits are combined in one homogenous pool and are not separately identifiable\\. As such, the revenue is comprised of miles that were part of the loyalty program deferred revenue balance at the beginning of the period, as well as miles that were issued during the period\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Mileage credits can be redeemed at any time and do not expire as long as that AAdvantage member has any type of qualifying activity at least every   18 months \\. As of  December 31, 2019 , American\u2019s current loyalty program liability was   $3\\.2 billion  and represents American\u2019s current estimate of revenue expected to be recognized in the next 12 months based on historical trends, with the balance reflected in long\\-term loyalty program liability expected to be recognized as revenue in periods thereafter\\. |\n\n\n\nThe air traffic liability principally represents tickets sold for future travel on American and partner airlines, as well as estimated future refunds and exchanges of tickets sold for past travel\\. The balance in American\u2019s air traffic liability also fluctuates with seasonal travel patterns\\. The contract duration of passenger tickets is   one year \\. Accordingly, any revenue associated with tickets sold for future travel will be recognized within 12 months\\. For  2019 ,   $3\\.3 billion  of revenue was recognized in passenger revenue that was included in American\u2019s air traffic liability at  December 31, 2018 \\.\n\nWith respect to contract receivables, reflected as accounts receivable, net on the accompanying consolidated balance sheets, these primarily include receivables for tickets sold to individual passengers through the use of major credit cards\\. These receivables are short\\-term, mostly settled within   seven days  after sale\\. Bad debt losses, which have been minimal in the past, have been considered in establishing allowances for doubtful accounts\\.\n\n(l) Maintenance, Materials and Repairs\n\nMaintenance and repair costs for owned and leased flight equipment are charged to operating expense as incurred, except costs incurred for maintenance and repair under flight hour maintenance contract agreements, which are accrued based on contractual terms when an obligation exists\\.\n\n(m) Selling Expenses\n\nSelling expenses include credit card fees, commissions, computerized reservations systems fees and advertising\\. Selling expenses associated with passenger revenue are expensed when the transportation or service is provided\\. Advertising costs are expensed as incurred\\. Advertising expense was   $129 million ,   $128 million  and   $135 million  for the years ended  December 31, 2019 ,  2018  and  2017 , respectively\\.\n\n128"}
{"_id": "AmericanAirlines-2018_195.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ----------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 10\\.41                        | [Amendment No\\. 9, dated as of September 23, 2015, to the A320 Family Aircraft Purchase Agreement, dated as of July 20, 2011, between American Airlines, Inc\\. and Airbus S\\.A\\.S\\. (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515351246/d14219dex103.htm) \\*                                                                                                                        |\n| 10\\.42                        | [Amendment No\\. 10, dated as of July 16, 2018, to the A320 Family Aircraft Purchase Agreement, dated as of July 20, 2011, between American Airlines, Inc\\. and Airbus S\\.A\\.S\\. (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000039/ex10210qq318.htm) \\*                                                                                                                            |\n| 10\\.43                        | [Purchase Agreement No\\. 03735, dated as of February 1, 2013, between American Airlines, Inc\\., and The Boeing Company (incorporated by reference to Exhibit 10\\.7 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000040/d516424dex107.htm) \\*                                                                                                                                                                                        |\n| 10\\.44                        | [Supplemental Agreement No\\. 1, dated as of April 15, 2013, to Purchase Agreement No\\. 03735 between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.1 to AMR\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620113000067/d567093dex101.htm) \\*                                                                                                                                                           |\n| 10\\.45                        | [Supplemental Agreement No\\. 2, dated as of March 6, 2015, to Purchase Agreement No\\. 03735 between American Airlines, Inc\\. and The Boeing Company, dated as of February 1, 2013\\. Relating to Boeing Model 737 MAX Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515145178/d900175dex101.htm) \\* |\n| 10\\.46                        | [Supplemental Agreement No\\. 3, dated as of May 22, 2015, to Purchase Agreement No\\. 03735 between American Airlines, Inc\\. and The Boeing Company, dated as of February 1, 2013\\. Relating to Boeing Model 737 MAX Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex103.htm) \\*   |\n| 10\\.47                        | [Letter Agreement, dated as of January 14, 2016, to Purchase Agreement No\\. 03735 between American Airlines, Inc\\. and The Boeing Company, dated as of February 1, 2013\\. Relating to Boeing Model 737 MAX Aircraft, as amended, restated, amended and restated, supplemented or otherwise modified (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516551225/d164093dex102.htm) \\*           |\n| 10\\.48                        | [Supplemental Agreement No\\. 4, dated as of June 6, 2016, to Purchase Agreement No\\. 03735 dated as of February 1, 2016, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516654354/d204187dex103.htm) \\*                                                                                                                               |\n| 10\\.49                        | [Supplemental Agreement No\\. 5, dated as of August 8, 2016, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516742263/d247546dex102.htm) \\*                                                                                                                        |\n| 10\\.50                        | [Supplemental Agreement No\\. 6, dated as of November 15, 2016, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.33 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517051216/d286458dex1033.htm) \\*                                                                                                                          |\n| 10\\.51                        | [Supplemental Agreement No\\. 7, dated as of March 2, 2017, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex101.htm) \\*                                                                                                                             |\n| 10\\.52                        | [Supplemental Agreement No\\. 8, dated as of December 7, 2017, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.45 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000009/ex104510k2017.htm) \\*                                                                                                                            |\n| 10\\.53                        | [Supplemental Agreement No\\. 9, dated as of April 6, 2018, to Purchase Agreement No\\. 03735 dated as of February 1, 2013, by and between American Airlines, Inc\\. and The Boeing Company (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620118000027/ex10210qq218.htm) \\*                                                                                                                        |\n| 10\\.54                        | [Consent Agreement, dated as of October 5, 2015, between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), American Airlines, Inc\\. and Airbus S\\.A\\.S\\. (incorporated by reference to Exhibit 10\\.98 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516474605/d78287dex1098.htm) \\*                                                                                                                                |\n| 10\\.55                        | [Supplemental Executive Retirement Program for Officers of American Airlines, Inc\\., as amended and restated as of January 1, 2005 (incorporated by reference to Exhibit 10\\.127 to AMR\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620109000009/ex10127.htm) \u2020                                                                                                                                                                                    |\n| 10\\.56                        | [Trust Agreement Under Supplemental Retirement Program for Officers of American Airlines, Inc\\., as amended and restated as of June 1, 2007 (incorporated by reference to Exhibit 10\\.128 to AMR\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620109000009/ex10128.htm) \u2020                                                                                                                                                                           |\n\n\n\n196"}
{"_id": "Southwest-2019_90.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nAggregated information regarding the Company\u2019s RSUs and PBRSUs is summarized below:\n\n\n\n|                                         |                                |                                |                                                                |\n| --------------------------------------- | ------------------------------ | ------------------------------ | -------------------------------------------------------------- |\n|                                         | **All Restricted Stock Units** | **All Restricted Stock Units** | **All Restricted Stock Units**                                 |\n|                                         | **Units (000)**                |                                | **Wtd\\. Average**<br><br>**Fair Value**<br><br>**(per share)** |\n| Outstanding December 31, 2016           | 1,439                          |                                | $36\\.52                                                        |\n| Granted                                 | 717                            | (a)                            | 52\\.73                                                         |\n| Vested                                  | (806<br><br>)                  |                                | 30\\.23                                                         |\n| Surrendered                             | (56<br><br>)                   |                                | 43\\.86                                                         |\n| Outstanding December 31, 2017           | 1,294                          |                                | 45\\.32                                                         |\n| Granted                                 | 782                            | (b)                            | 60\\.80                                                         |\n| Vested                                  | (670<br><br>)                  |                                | 45\\.11                                                         |\n| Surrendered                             | (64<br><br>)                   |                                | 47\\.05                                                         |\n| Outstanding December 31, 2018, Unvested | 1,342                          |                                | 52\\.56                                                         |\n| Granted                                 | 994                            | (c)                            | 57\\.49                                                         |\n| Vested                                  | (744<br><br>)                  |                                | 42\\.42                                                         |\n| Surrendered                             | (47<br><br>)                   |                                | 57\\.72                                                         |\n| Outstanding December 31, 2019, Unvested | 1,545                          |                                | 57\\.65                                                         |\n\n\n\n(a) Includes   235 thousand  PBRSUs\n\n(b) Includes   308 thousand  PBRSUs\n\n(c) Includes   387 thousand  PBRSUs\n\nIn addition, the Company granted approximately   31 thousand  shares of unrestricted stock at a weighted average grant price of   $52\\.01  in  2019 , approximately   28 thousand  shares at a weighted average grant price of   $53\\.01  in  2018 , and approximately   26 thousand  shares at a weighted average grant price of   $57\\.04  in  2017 , to members of its Board of Directors\\. \n\nA remaining balance of up to   20 million  shares of the Company\u2019s common stock may be issued pursuant to grants under the 2007 Equity Plan\\. \n\nEmployee Stock Purchase Plan\n\nUnder the Amended and Restated 1991 Employee Stock Purchase Plan (\"ESPP\"), which has been approved by Shareholders, the Company is authorized to issue up to a remaining balance of   7 million  shares of the Company\u2019s common stock to Employees of the Company\\. These shares may be issued at a price equal to   90 percent  of the market value at the end of each monthly purchase period\\. Common stock purchases are paid for through periodic payroll deductions\\.\n\nThe following table provides information about the Company\u2019s ESPP activity during  2019 ,  2018 , and  2017 : \n\n\n\n|                                  |                                  |                                  |                                  |\n| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- |\n| **Employee Stock Purchase Plan** | **Employee Stock Purchase Plan** | **Employee Stock Purchase Plan** | **Employee Stock Purchase Plan** |\n|                                  |                                  |                                  | (a)                              |\n|                                  | **Total number**                 |                                  | **Weighted\\-average**            |\n|                                  | **of shares**                    | **Average**                      | **fair value of each**           |\n|                                  | **purchased**                    | **price paid**                   | **purchase right**               |\n| **Year ended**                   | (in thousands)                   | **per share**                    | **under the ESPP**               |\n| December 31, 2017                | 544                              | $50\\.13                          | $5\\.57                           |\n| December 31, 2018                | 661                              | $50\\.73                          | $5\\.64                           |\n| December 31, 2019                | 821                              | $47\\.60                          | $5\\.29                           |\n\n\n\n(a) The weighted\\-average fair value of each purchase right under the ESPP granted is equal to a   ten  percent discount from the market value of the Common Stock at the end of each monthly purchase period\\. \n\n91"}
{"_id": "AmericanAirlines-2017_170.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nAAG\u2019s and American\u2019s independent registered public accounting firm has issued an attestation report on the effectiveness of AAG\u2019s and American\u2019s internal control over financial reporting\\. That report has been included herein\\.\n\n171"}
{"_id": "Delta-2018_66.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nRetirement of Repurchased Shares\n\nWe immediately retire shares repurchased pursuant to our share repurchase program\\. We allocate the share purchase price in excess of par value between additional paid\\-in capital and retained earnings\\.\n\nManufacturers' Credits \n\nWe periodically receive credits in connection with the acquisition of aircraft and engines\\. These credits are deferred until the aircraft and engines are delivered, and then applied as a reduction to the cost of the related equipment\\.\n\nMaintenance Costs\n\nWe record maintenance costs to aircraft maintenance materials and outside repairs\\. Maintenance costs are expensed as incurred, except for costs incurred under power\\-by\\-the\\-hour contracts, which are expensed based on actual hours flown\\. Power\\-by\\-the\\-hour contracts transfer certain risk to third\\-party service providers and fix the amount we pay per flight hour to the service provider in exchange for maintenance and repairs under a predefined maintenance program\\. Modifications that enhance the operating performance or extend the useful lives of airframes or engines are capitalized and amortized over the remaining estimated useful life of the asset or the remaining lease term, whichever is shorter\\.\n\nAdvertising Costs\n\nWe expense advertising costs in passenger commissions and other selling expenses in the year the advertising first takes place\\. Advertising expense was   $267 million ,   $273 million  and   $267 million  for the years ended  December 31, 2018 ,  2017  and  2016 , respectively\\.\n\nCommissions\n\nPassenger sales commissions are recognized in operating expense when the related revenue is recognized\\.\n\n 64"}
{"_id": "Delta-2017_87.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nDeferred Taxes\n\nDeferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes\\. The following table shows significant components of our deferred tax assets and liabilities:\n\n\n\n|                                             |                  |                  |\n| ------------------------------------------- | ---------------- | ---------------- |\n|                                             | **December 31,** | **December 31,** |\n| **(in millions)**                           | **2017**         | **2016**         |\n| **Deferred tax assets:**                    |                  |                  |\n| Net operating loss carryforwards            | $1,440           | $2,485           |\n| Pension, postretirement and other benefits  | 2,545            | 5,259            |\n| Alternative minimum tax credit carryforward | 379              | 379              |\n| Deferred revenue                            | 1,024            | 1,544            |\n| Other                                       | 746              | 1,075            |\n| Valuation allowance                         | (19<br><br>)     | (40<br><br>)     |\n| Total deferred tax assets                   | $6,115           | $10,702          |\n| **Deferred tax liabilities:**               |                  |                  |\n| Depreciation                                | $3,936           | $5,701           |\n| Intangible assets                           | 1,070            | 1,691            |\n| Other                                       | 174              | 246              |\n| Total deferred tax liabilities              | $5,180           | $7,638           |\n| Net deferred tax assets                     | $935             | $3,064           |\n\n\n\nAt  December 31, 2017 , we had   $379 million  of federal alternative minimum tax credit carryforwards\\. As a result of the Tax Cuts and Jobs Act of 2017, this credit becomes refundable to us if not used by 2021\\. We have   $5\\.1 billion  of federal pre\\-tax net operating loss carryforwards, which will not begin to expire until  2027 \\.\n\nIncome Tax Allocation\n\nWe consider all income sources, including other comprehensive income, in determining the amount of tax benefit allocated to continuing operations (the \"Income Tax Allocation\")\\. At the end of 2017, the Tax Cut and Jobs Act of 2017 reduced the statutory tax rate in the U\\.S\\. from  35%  to  21% \\. GAAP requires that the tax expense related to tax law changes be recognized in current earnings, even when a portion of the related deferred tax asset originated through amounts recognized in AOCI\\. As a result,   $700 million  of income tax expense remains in AOCI, primarily related to pension obligations, and will not be recognized in net income until the pension obligations are fully extinguished, which will not occur for approximately   25  years\\.\n\nOther\n\nThe amount of, and changes to, our uncertain tax positions were not material in any of the years presented\\. We are currently under audit by the IRS for the 2017, 2016 and 2015 tax years\\.\n\n 83"}
{"_id": "United-2019_19.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nregulation or policy for any of the Company's international routes, such as Open Skies, could have a material adverse impact on the Company's financial condition and operating results and could result in the impairment of material amounts of related tangible and intangible assets\\. In addition, competition from revenue\\-sharing JBAs and other alliance arrangements by and among other airlines could impair the value of the Company's business and assets on the Open Skies routes\\. The Company's plans to enter into or expand U\\.S\\. antitrust immunized alliances and JBAs on various international routes are subject to receipt of approvals from applicable U\\.S\\. federal authorities and obtaining other applicable foreign government clearances or satisfying the necessary applicable regulatory requirements\\. There can be no assurance that such approvals and clearances will be granted or will continue in effect upon further regulatory review or that changes in regulatory requirements or standards can be satisfied\\.\n\nSee Part I, Item 1\\. Business\u2014Industry Regulation, of this report for additional information on government regulation impacting the Company\\.\n\nWe are subject to many forms of environmental regulation and liability and risks associated with climate change, and may incur substantial costs as a result\\.\n\nMany aspects of the Company's operations are subject to increasingly stringent federal, state, local and international laws protecting the environment, including those relating to emissions to the air, water discharges, safe drinking water and the use and management of hazardous materials and wastes\\. Compliance with existing and future environmental laws and regulations can require significant expenditures and violations can lead to significant fines and penalties\\. In addition, from time to time we are identified as a responsible party for environmental investigation and remediation costs under applicable environmental laws due to the disposal of hazardous substances generated by our operations\\. We could also be subject to environmental liability claims from various parties, including airport authorities, related to our operations at our owned or leased premises or the off\\-site disposal of waste generated at our facilities\\.\n\nWe may incur substantial costs as a result of changes in weather patterns due to climate change\\. Increases in the frequency, severity or duration of severe weather events such as thunderstorms, hurricanes, flooding, typhoons, tornados and other severe weather events could result in increases in delays and cancellations, turbulence\\-related injuries and fuel consumption to avoid such weather, any of which could result in significant loss of revenue and higher costs\\.\n\nTo mitigate climate change risks, CORSIA has been developed by ICAO, a UN specialized agency\\. CORSIA is intended to create a single global market\\-based measure to achieve carbon\\-neutral growth for international aviation after 2020 through airline purchases of carbon offset credits\\. Certain CORSIA program details remain to be developed and could potentially be affected by political developments in participating countries or the results of the pilot phase of the program, and thus the impact of CORSIA cannot be fully predicted\\. However, CORSIA is expected to result in increased operating costs for airlines that operate internationally, including the Company\\.\n\nIn addition to CORSIA, the EPA has begun preliminary work to adopt its own aircraft engine GHG emission standards, which were expected to be aligned with recent ICAO carbon dioxide emission standards\\. The timing of any U\\.S\\. EPA aircraft engine GHG emission standards is currently unknown, but some jurisdictions in which United operates have adopted or are considering GHG emission reduction initiatives, which could impact various aspects of the Company's business\\. The precise nature of future requirements and their applicability to the Company are difficult to predict, but the financial impact to the Company and the aviation industry would likely be adverse and could be significant\\.\n\nSee Part I, Item 1\\. Business\u2014Industry Regulation\u2014Environmental Regulation, of this report for additional information on environmental regulation impacting the Company\\.\n\nThe United Kingdom's withdrawal from the EU may adversely impact our operations in the United Kingdom and elsewhere\\.\n\nIn June 2016, United Kingdom (\"UK\") voters approved an advisory referendum for the UK to exit the EU\\. The UK parliament voted in favor of allowing the government to commence negotiations to determine the future terms of the UK's relationship with the EU, including the terms of trade between the UK and the EU and other nations\\. On January 31, 2020, the UK withdrew from the EU, and started a transition period that will potentially run through December 31, 2020\\. The nature and terms of the UK's relationship with the EU after the transition period remain uncertain\\.\n\nIn connection with a UK exit from the EU, we could face new challenges in our operations, such as instability in global financial and foreign exchange markets\\. This instability could result in market volatility, including in the value of the British pound and European euro, additional travel restrictions on passengers traveling between the UK and other EU countries, changes to the legal status of EU\\-resident employees, legal uncertainty and divergent national laws and regulations\\. At this time, we cannot predict the impact that the UK's exit from the EU will have on our business generally and our UK and \n\n20"}
{"_id": "Delta-2017_30.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nOther Financial and Statistical Data (Unaudited)\n\n\n\n|                                                |                             |                             |                             |                             |                             |\n| ---------------------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **Consolidated** **^(1)^**                     | **2017**                    | **2016**                    | **2015**                    | **2014**                    | **2013**                    |\n| Revenue passenger miles (in millions)          | 217,712                     | 213,098                     | 209,625                     | 202,925                     | 194,988                     |\n| Available seat miles (in millions)             | 254,325                     | 251,867                     | 246,764                     | 239,676                     | 232,740                     |\n| Passenger mile yield                           | 15\\.99\u00a2                     | 15\\.85\u00a2                     | 16\\.59\u00a2                     | 17\\.22\u00a2                     | 16\\.89\u00a2                     |\n| Passenger revenue per available seat mile      | 13\\.69\u00a2                     | 13\\.41\u00a2                     | 14\\.10\u00a2                     | 14\\.58\u00a2                     | 14\\.15\u00a2                     |\n| Total revenue per available seat mile          | 16\\.22\u00a2                     | 15\\.74\u00a2                     | 16\\.50\u00a2                     | 16\\.84\u00a2                     | 16\\.23\u00a2                     |\n| Operating cost per available seat mile         | 13\\.81\u00a2                     | 12\\.98\u00a2                     | 13\\.33\u00a2                     | 15\\.92\u00a2                     | 14\\.77\u00a2                     |\n| Passenger load factor                          | 85\\.6%                      | 84\\.6%                      | 84\\.9%                      | 84\\.7%                      | 83\\.8%                      |\n| Fuel gallons consumed (in millions)            | 4,032                       | 4,016                       | 3,988                       | 3,893                       | 3,828                       |\n| Average price per fuel gallon ^(2)^            | $1\\.68                      | $1\\.49                      | $1\\.90                      | $3\\.47                      | $3\\.00                      |\n| Full\\-time equivalent employees, end of period | 86,564                      | 83,756                      | 82,949                      | 79,655                      | 77,755                      |\n\n\n\n\n\n|       |                                                                                                                                                                                   |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Includes the operations of our regional carriers under capacity purchase agreements\\. Full\\-time equivalent employees exclude employees of regional carriers that we do not own\\. |\n\n\n\n\n\n|       |                                                                           |\n| ----- | ------------------------------------------------------------------------- |\n| ^(2)^ | Includes the impact of fuel hedge activity and refinery segment results\\. |\n\n\n\n 26"}
{"_id": "Alaska-2019_50.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nCONSOLIDATED BALANCE SHEETS\n\n\n\n|                                                |                                                |                                                |          |  |  |  |          |\n|:---------------------------------------------- |:---------------------------------------------- |:---------------------------------------------- | --------:|:- |:- |:- | --------:|\n| As of December 31  *(in millions)*             | As of December 31  *(in millions)*             | As of December 31  *(in millions)*             |     2019 |  |  |  |     2018 |\n| ASSETS                                         | ASSETS                                         | ASSETS                                         |          |  |  |  |          |\n| Current Assets                                 | Current Assets                                 | Current Assets                                 |          |  |  |  |          |\n| Cash and cash equivalents                      | Cash and cash equivalents                      | Cash and cash equivalents                      |    $ 221 |  |  |  |    $ 105 |\n| Marketable securities                          | Marketable securities                          | Marketable securities                          |    1,300 |  |  |  |    1,131 |\n| Total cash and marketable securities           | Total cash and marketable securities           | Total cash and marketable securities           |    1,521 |  |  |  |    1,236 |\n| Receivables \\- net                             | Receivables \\- net                             | Receivables \\- net                             |      323 |  |  |  |      366 |\n| Inventories and supplies \\- net                | Inventories and supplies \\- net                | Inventories and supplies \\- net                |       72 |  |  |  |       60 |\n| Prepaid expenses and other current assets      | Prepaid expenses and other current assets      | Prepaid expenses and other current assets      |      121 |  |  |  |      125 |\n| Total Current Assets                           | Total Current Assets                           | Total Current Assets                           |    2,037 |  |  |  |    1,787 |\n| Property and Equipment                         | Property and Equipment                         | Property and Equipment                         |          |  |  |  |          |\n| Aircraft and other flight equipment            | Aircraft and other flight equipment            | Aircraft and other flight equipment            |    8,549 |  |  |  |    8,221 |\n| Other property and equipment                   | Other property and equipment                   | Other property and equipment                   |    1,306 |  |  |  |    1,363 |\n| Deposits for future flight equipment           | Deposits for future flight equipment           | Deposits for future flight equipment           |      533 |  |  |  |      439 |\n|                                                |                                                |                                                |   10,388 |  |  |  |   10,023 |\n| Less accumulated depreciation and amortization | Less accumulated depreciation and amortization | Less accumulated depreciation and amortization |    3,486 |  |  |  |    3,242 |\n| Total Property and Equipment \\- Net            | Total Property and Equipment \\- Net            | Total Property and Equipment \\- Net            |    6,902 |  |  |  |    6,781 |\n| Other Assets                                   | Other Assets                                   | Other Assets                                   |          |  |  |  |          |\n| Operating lease assets                         | Operating lease assets                         | Operating lease assets                         |    1,711 |  |  |  |        \u2014 |\n| Goodwill                                       | Goodwill                                       | Goodwill                                       |    1,943 |  |  |  |    1,943 |\n| Intangible assets \\- net                       | Intangible assets \\- net                       | Intangible assets \\- net                       |      122 |  |  |  |      127 |\n| Other noncurrent assets                        | Other noncurrent assets                        | Other noncurrent assets                        |      278 |  |  |  |      274 |\n| Total Other Assets                             | Total Other Assets                             | Total Other Assets                             |    4,054 |  |  |  |    2,344 |\n| Total Assets                                   | Total Assets                                   | Total Assets                                   | $ 12,993 |  |  |  | $ 10,912 |\n\n\n\n50"}
{"_id": "AmericanAirlines-2019_1.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nIndicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2612 | No | \u2610 |\n| American Airlines, Inc\\.      | Yes | \u2612 | No | \u2610 |\n\n\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2610 | No | \u2612 |\n| American Airlines, Inc\\.      | Yes | \u2610 | No | \u2612 |\n\n\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2612 | No | \u2610 |\n| American Airlines, Inc\\.      | Yes | \u2612 | No | \u2610 |\n\n\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S\\-T (\u00a7232\\.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2612 | No | \u2610 |\n| American Airlines, Inc\\.      | Yes | \u2612 | No | \u2610 |\n\n\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, a smaller reporting company, or emerging growth company\\. See definitions of \u201clarge accelerated filer,\u201d \u201caccelerated filer,\u201d \u201csmaller reporting company,\u201d and \u201cemerging growth company\u201d in Rule 12b\\-2 of the Exchange Act\\.\n\n\n\n|                               |   |                         |   |                   |   |                        |   |                           |   |                         |\n| ----------------------------- | - | ----------------------- | - | ----------------- | - | ---------------------- | - | ------------------------- | - | ----------------------- |\n| American Airlines Group Inc\\. | \u2612 | Large accelerated filer | \u2610 | Accelerated filer | \u2610 | Non\\-accelerated filer | \u2610 | Smaller reporting company | \u2610 | Emerging growth company |\n| American Airlines, Inc\\.      | \u2610 | Large accelerated filer | \u2610 | Accelerated filer | \u2612 | Non\\-accelerated filer | \u2610 | Smaller reporting company | \u2610 | Emerging growth company |\n\n\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.\n\n\n\n|                               |   |\n| ----------------------------- | - |\n| American Airlines Group Inc\\. | \u2610 |\n| American Airlines, Inc\\.      | \u2610 |\n\n\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Act)\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2610 | No | \u2612 |\n| American Airlines, Inc\\.      | Yes | \u2610 | No | \u2612 |\n\n\n\nAs of  February 14, 2020 , there were   426,058,744  shares of American Airlines Group Inc\\. common stock outstanding\\. The aggregate market value of the voting stock held by non\\-affiliates of the registrant as of  June 30, 2019 , was approximately   $14\\.4 billion \\.\n\nAs of  February 14, 2020 , there were   1,000  shares of American Airlines, Inc\\. common stock outstanding, all of which were held by American Airlines Group Inc\\.\n\nOMISSION OF CERTAIN INFORMATION\n\nAmerican Airlines Group Inc\\. and American Airlines, Inc\\. meet the conditions set forth in General Instruction I(1)(a) and (b) of Form 10\\-K and have therefore omitted the information otherwise called for by Items 10\\-13 of Form 10\\-K as allowed under General Instruction I(2)(c)\\.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the proxy statement related to American Airlines Group Inc\\.\u2019s  2020  Annual Meeting of Stockholders, which proxy statement will be filed under the Securities Exchange Act of 1934 within 120 days of the end of American Airlines Group Inc\\.\u2019s fiscal year ended  December 31, 2019 , are incorporated by reference into Part III of this Annual Report on Form 10\\-K\\."}
{"_id": "AmericanAirlines-2019_92.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nSupplemental cash flow and other information related to leases was as follows (in millions):\n\n\n\n|                                                                         |                             |                             |\n| ----------------------------------------------------------------------- | --------------------------- | --------------------------- |\n|                                                                         | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                         | **2019**                    | **2018**                    |\n| Cash paid for amounts included in the measurement of lease liabilities: |                             |                             |\n| Operating cash flows from operating leases                              | $2,013                      | $1,931                      |\n| Operating cash flows from finance leases                                | 43                          | 48                          |\n| Financing cash flows from finance leases                                | 83                          | 78                          |\n| Non\\-cash transactions:                                                 |                             |                             |\n| ROU assets acquired through operating leases                            | 1,145                       | 1,292                       |\n| Operating lease conversion to finance lease                             | 41                          | \u2014                           |\n| Property and equipment acquired through finance leases                  | 20                          | \u2014                           |\n| Gain on sale leaseback transactions, net                                | 107                         | 59                          |\n\n\n\nMaturities of lease liabilities were as follows (in millions):\n\n\n\n|                              |                       |                       |\n| ---------------------------- | --------------------- | --------------------- |\n|                              | **December 31, 2019** | **December 31, 2019** |\n|                              | **Operating Leases**  | **Finance Leases**    |\n| 2020                         | $1,990                | $153                  |\n| 2021                         | 1,817                 | 128                   |\n| 2022                         | 1,620                 | 132                   |\n| 2023                         | 1,429                 | 110                   |\n| 2024                         | 1,030                 | 116                   |\n| 2025 and thereafter          | 3,276                 | 171                   |\n| Total lease payments         | 11,162                | 810                   |\n| Less: Imputed interest       | (2,033<br><br>)       | (140<br><br>)         |\n| Total lease obligations      | 9,129                 | 670                   |\n| Less: Current obligations    | (1,708<br><br>)       | (112<br><br>)         |\n| Long\\-term lease obligations | $7,421                | $558                  |\n\n\n\nAs of  December 31, 2019 , we have additional operating lease commitments that have not yet commenced of approximately   $2\\.0 billion  for   22  787\\-8 aircraft to be delivered in  2020  and  2021  with lease terms of   10 years \\.\n\n93"}
{"_id": "Southwest-2019_5.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nCompany's other aircraft; however, the MAX groundings resulted in the removal of these more fuel\\-efficient aircraft from the Company's schedule, which, in turn, drove a decline in the Company's overall fuel efficiency in 2019\\. The Company continues to undertake a number of other fuel conservation initiatives, which are discussed in detail under \"Regulation \\- Environmental Regulation\\.\"\n\nThe table below sets forth the Company's available seat miles produced per fuel gallon consumed over the last five years:\n\n\n\n|                                               |                             |                             |                             |                             |                             |\n| --------------------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                               | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                               | **2019**                    | **2018**                    | **2017**                    | **2016**                    | **2015**                    |\n| Available seat miles per fuel gallon consumed | 75\\.7                       | 76\\.3                       | 75\\.2                       | 74\\.4                       | 73\\.9                       |\n\n\n\nThe Company also enters into fuel derivative contracts to manage its risk associated with significant increases in fuel prices\\. The Company's fuel hedging activities, as well as the risks associated with high and/or volatile fuel prices, are discussed in more detail below under \"Risk Factors,\" \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" and Note 10 to the Consolidated Financial Statements\\.\n\nSalaries, wages, and benefits expense constituted approximately 42\\.6 percent of the Company's operating expenses during 2019 and was the Company's largest operating cost\\. The Company's ability to control labor costs is limited by the terms of its collective\\-bargaining agreements, and increased labor costs have negatively impacted the Company's low\\-cost competitive position\\. The Company's labor costs, and risks associated therewith, are discussed in more detail below under \"Risk Factors\" and \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\\.\"\n\nFare Structure\n\nGeneral\n\nSouthwest offers a relatively simple fare structure that features competitive fares and product benefits, including unrestricted fares, as well as lower fares available on a restricted basis\\. Southwest fare products include three major categories: \"Wanna Get Away ^\u00ae^ ,\" \"Anytime,\" and \"Business Select ^\u00ae^ ,\" with the goal of making it easier for Customers to choose the fare they prefer\\. All fare products include the privilege of two free checked bags (weight and size limits apply) and complimentary soft drinks and snacks, as well as free messaging, music, movies\\-on\\-demand, and live and on\\-demand television on WiFi\\-enabled aircraft\\. In addition, regardless of the fare product, Southwest does not charge fees for changes to flight reservations although fare differences may apply\\.\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | \"Wanna Get Away\" fares are generally the lowest fares and are typically subject to advance purchase requirements\\. They are nonrefundable, but, subject to Southwest's No Show Policy, funds may be applied towards future travel on Southwest\\. Wanna Get Away fares earn six Rapid Rewards ^\u00ae^  points, under Southwest's Rapid Rewards loyalty program, for each dollar spent on the base fare\\. The Company's loyalty program is discussed below under \"Rapid Rewards Loyalty Program\\.\" |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                        |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | \"Anytime\" fares are, subject to Southwest's No Show Policy, refundable if canceled, or funds may be applied towards future travel on Southwest\\. If this fare is purchased with nonrefundable funds, then the funds will be nonrefundable if travel is canceled\\. Anytime fares earn 10 Rapid Rewards points for each dollar spent on the base fare\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | \"Business Select\" fares are, subject to Southwest's No Show Policy, refundable if canceled, or funds may be applied towards future travel on Southwest\\. If this fare is purchased with nonrefundable funds, then the funds will be nonrefundable if travel is canceled\\. Business Select fares also include additional perks such as priority boarding with a boarding position in the first 15 boarding positions within boarding group \"A,\" 12 Rapid Rewards points per dollar spent on the base fare \\- the highest loyalty point multiplier of all Southwest fare products, \"Fly By ^\u00ae^ \" priority security and/or ticket counter access in participating airports, and one complimentary premium beverage coupon for the day of travel (Customers must be of legal drinking age to drink alcoholic beverages)\\. |\n\n\n\nSouthwest's No Show Policy applies if a Customer does not change or cancel a flight segment at least ten minutes prior to scheduled departure and the Customer does not travel on the scheduled flight\\. In such event, subject to certain \n\n6"}
{"_id": "Delta-2017_36.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nResults of Operations \\-  2016  Compared to  2015 \n\nOperating Revenue\n\n\n\n|                   |                             |                             |                         |                           |\n| ----------------- | --------------------------- | --------------------------- | ----------------------- | ------------------------- |\n|                   | **Year Ended December 31,** | **Year Ended December 31,** | **Increase (Decrease)** | **% Increase (Decrease)** |\n| **(in millions)** | **2016**                    | **2015**                    | **Increase (Decrease)** | **% Increase (Decrease)** |\n| Passenger         | 33,777                      | 34,782                      | (1,005)                 | (2\\.9)%                   |\n| Cargo             | 668                         | 813                         | (145)                   | (17\\.8)%                  |\n| Other             | 5,194                       | 5,109                       | 85                      | 1\\.7 %                    |\n| Total             | $39,639                     | $40,704                     | $(1,065)                | (2\\.6)%                   |\n\n\n\nPassenger Revenue\n\n\n\n|                   |                                  |                                                                      |                                                                      |                                                                      |                                                                      |                                                                      |                                                                      |                                                                      |\n| ----------------- | -------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- | -------------------------------------------------------------------- |\n|                   |                                  | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2015** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2015** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2015** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2015** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2015** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2015** | **Increase (Decrease)**<br><br>**vs\\. Year Ended December 31, 2015** |\n| **(in millions)** | **Year Ended December 31, 2016** | **Passenger Revenue**                                                | **RPMs**  **(Traffic)**                                              | **ASMs (Capacity)**                                                  | **Passenger Mile Yield**                                             | **PRASM**                                                            | **Load Factor**                                                      | **Load Factor**                                                      |\n| Mainline          | $17,932                          | \u2014 %                                                                  | 4\\.3 %                                                               | 5\\.2 %                                                               | (4\\.1)%                                                              | (5\\.0)%                                                              | (0\\.8)                                                               | pts                                                                  |\n| Regional carriers | 5,672                            | (3\\.6)%                                                              | 0\\.6 %                                                               | 1\\.0 %                                                               | (4\\.2)%                                                              | (4\\.6)%                                                              | (0\\.3)                                                               | pts                                                                  |\n| Domestic          | 23,604                           | (0\\.9)%                                                              | 3\\.6 %                                                               | 4\\.5 %                                                               | (4\\.4)%                                                              | (5\\.2)%                                                              | (0\\.6)                                                               | pts                                                                  |\n| Atlantic          | 5,185                            | (6\\.5)%                                                              | (1\\.7)%                                                              | 0\\.3 %                                                               | (4\\.9)%                                                              | (6\\.8)%                                                              | (1\\.7)                                                               | pts                                                                  |\n| Pacific           | 2,616                            | (12\\.8)%                                                             | (4\\.6)%                                                              | (6\\.6)%                                                              | (8\\.6)%                                                              | (6\\.7)%                                                              | 1\\.8                                                                 | pts                                                                  |\n| Latin America     | 2,372                            | (1\\.8)%                                                              | 3\\.5 %                                                               | 0\\.8 %                                                               | (5\\.1)%                                                              | (2\\.6)%                                                              | 2\\.3                                                                 | pts                                                                  |\n| Total             | $33,777                          | (2\\.9)%                                                              | 1\\.7 %                                                               | 2\\.1 %                                                               | (4\\.5)%                                                              | (4\\.9)%                                                              | (0\\.3)                                                               | pts                                                                  |\n\n\n\nPassenger revenue decreased $1\\.0 billion over the prior year\\. PRASM decreased 4\\.9% and passenger mile yield decreased 4\\.5% on 2\\.1% higher capacity\\. Load factor was 0\\.3 points lower than the prior year at 84\\.6%\\. \n\nUnit revenues of the domestic region decreased 5\\.2%, resulting from weakness in the close\\-in yield environment during most of the year despite strong volume\\.\n\nRevenues related to our international regions decreased 7\\.2% year\\-over\\-year primarily due to yield declines resulting from imbalances between supply and demand, principally in the Atlantic region and China, the impact of foreign currency fluctuations, continued reductions in international fuel surcharges and economic challenges in certain regions\\.\n\nIn the Atlantic, the unit revenue decline predominantly resulted from lower yields driven by industry capacity growth outpacing passenger demand and the strength of the U\\.S\\. dollar\\. In core European markets, U\\.S\\. point\\-of\\-sale demand was strong and recovered quickly following the Brussels airport terrorist attack in March 2016\\. However, Europe point\\-of sale demand was soft largely due to the impact of weaker Euro exchange rates\\.\n\nUnit revenue declines in the Pacific compared to 2015 primarily resulted from lower yen hedge gains, lower international fuel surcharges and yield declines resulting from industry capacity growth between the U\\.S\\. and China\\. During the September 2016 quarter, the U\\.S\\. Department of Transportation announced that we were awarded two daytime slot pairs at Tokyo's Haneda Airport (from Los Angeles and Minneapolis)\\. We commenced these routes and canceled other routes in the Pacific region during the December 2016 quarter as part of our ongoing optimization of the Pacific region\\. \n\nAlthough Latin America unit revenues declined compared to 2015, unit revenues improved in the second half of 2016 compared to the second half of 2015\\. An Open Skies agreement between the U\\.S\\. and Mexico took effect in August 2016 and our application for antitrust immunity with Aerom\u00e9xico was approved in the December 2016 quarter, which continued to strengthen our performance in the important Mexican business markets\\.\n\nCargo Revenue \n\nCargo revenue decreased $145 million, or 17\\.8%, primarily due to weaker international demand compared to the prior year\\.\n\n 32"}
{"_id": "Southwest-2018_104.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nin active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions\\.\n\nAs of December 31, 2018, the Company held certain items that are required to be measured at fair value on a recurring basis\\. These included cash equivalents, short\\-term investments (primarily treasury bills and certificates of deposit), interest rate derivative contracts, fuel derivative contracts, and available\\-for\\-sale securities\\. The majority of the Company\u2019s short\\-term investments consist of instruments classified as Level 1\\. However, the Company has certificates of deposit, commercial paper, and time deposits that are classified as Level 2, due to the fact that the fair value for these instruments is determined utilizing observable inputs in non\\-active markets\\. Other available\\-for\\-sale securities primarily consist of investments associated with the Company\u2019s excess benefit plan\\.\n\nThe Company\u2019s fuel and interest rate derivative instruments consist of over\\-the\\-counter contracts, which are not traded on a public exchange\\. Fuel derivative instruments currently consist solely of option contracts, whereas interest rate derivatives consist solely of swap agreements\\. See Note 10 for further information on the Company\u2019s derivative instruments and hedging activities\\. The fair values of swap contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets\\. Therefore, the Company has categorized these swap contracts as Level 2\\. The Company\u2019s Treasury Department, which reports to the Chief Financial Officer, determines the value of option contracts utilizing an option pricing model based on inputs that are either readily available in public markets, can be derived from information available in publicly quoted markets, or are provided by financial institutions that trade these contracts\\. The option pricing model used by the Company is an industry standard model for valuing options and is the same model used by the broker/dealer community (i\\.e\\., the Company\u2019s counterparties)\\. The inputs to this option pricing model are the option strike price, underlying price, risk free rate of interest, time to expiration, and volatility\\. Because certain inputs used to determine the fair value of option contracts are unobservable (principally implied volatility), the Company has categorized these option contracts as Level 3\\. Volatility information is obtained from external sources, but is analyzed by the Company for reasonableness and compared to similar information received from other external sources\\. The fair value of option contracts considers both the intrinsic value and any remaining time value associated with those derivatives that have not yet settled\\. The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values\\. To validate the reasonableness of the Company\u2019s option pricing model, on a monthly basis, the Company compares its option valuations to third party valuations\\. If any significant differences were to be noted, they would be researched in order to determine the reason\\. However, historically, no significant differences have been noted\\. The Company has consistently applied these valuation techniques in all periods presented and believes it has obtained the most accurate information available for the types of derivative contracts it holds\\.\n\nIncluded in Other available\\-for\\-sale securities are the Company's investments associated with its deferred compensation plans, which consist of mutual funds that are publicly traded and for which market prices are readily available\\. These plans are non\\-qualified deferred compensation plans designed to hold contributions in excess of limits established by the Internal Revenue Code of 1986, as amended\\. The distribution timing and payment amounts under these plans are made based on the participant's distribution election and plan balance\\. Assets related to the funded portions of the deferred compensation plans are held in a rabbi trust, and the Company remains liable to these participants for the unfunded portion of the plans\\. The Company records changes in the fair value of the assets in the Company's earnings\\. \n\n105"}
{"_id": "Southwest-2017_18.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nexposed to competition from surface transportation in these instances\\. The airline industry is also subject to competition from alternatives to travel such as videoconferencing and the Internet, which can increase in the event of travel inconveniences and economic downturns\\. The Company is subject to the risk that air travel inconveniences and economic downturns may, in some cases, result in permanent changes to consumer behavior in favor of surface transportation and electronic communications\\.\n\n**Seasonality**\n\nThe Company's business is seasonal\\. Generally, in most markets the Company serves, demand for air travel is greater during the summer months, and therefore, revenues in the airline industry tend to be stronger in the second (April 1 \\- June 30) and third (July 1 \\- September 30) quarters of the year than in the first (January 1 \\- March 31) and fourth (October 1 \\- December 31) quarters of the year\\. As a result, in many cases, the Company's results of operations reflect this seasonality\\. Factors that could alter this seasonality include, among others, the price of fuel, general economic conditions, extreme or severe weather and natural disasters, fears of terrorism or war, or changes in the competitive environment\\. Therefore, the Company's quarterly operating results are not necessarily indicative of operating results for the entire year, and historical operating results in a quarterly or annual period are not necessarily indicative of future operating results\\.\n\n**Employees**\n\nAt December 31, 2017, the Company had approximately 56,100 active fulltime equivalent Employees, consisting of approximately 23,600 flight, 3,000 maintenance, 20,000 ground, Customer, and fleet service, and 9,500 management, technology, finance, marketing, and clerical personnel (associated with non\\-operational departments)\\. Approximately 83 percent of these Employees were represented by labor unions\\. The Railway Labor Act establishes the right of airline employees to organize and bargain collectively\\. Under the Railway Labor Act, collective\\-bargaining agreements between an airline and a labor union generally do not expire, but instead become amendable as of an agreed date\\. By the amendable date, if either party wishes to modify the terms of the agreement, it must notify the other party in the manner required by the Railway Labor Act and/or described in the agreement\\. After receipt of the notice, the parties must meet for direct negotiations\\. If no agreement is reached, either party may request the National Mediation Board to appoint a federal mediator\\. If no agreement is reached in mediation, the National Mediation Board may determine an impasse exists and offer binding arbitration to the parties\\. If either party rejects binding arbitration, a 30\\-day \"cooling off\" period begins\\. At the end of this 30\\-day period, the parties may engage in \"self\\-help,\" unless a Presidential Emergency Board is established to investigate and report on the dispute\\. The appointment of a Presidential Emergency Board maintains the \"status quo\" for an additional period of time\\. If the parties do not reach agreement during this period, the parties may then engage in \"self\\-help\\.\" \"Self\\-help\" includes, among other things, a strike by the union or the airline\u2019s imposition of any or all of its proposed amendments and the hiring of new employees to replace any striking workers\\. The following table sets forth the Company's Employee groups subject to collective bargaining and the status of their respective collective\\-bargaining agreements as of December 31, 2017:\n\n19"}
{"_id": "AmericanAirlines-2017_188.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| 4\\.179                        | [Revolving Credit Agreement (2017\\-2A), dated as of August 14, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-2A, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex415.htm)                                                                                                                                                                                                           |\n| 4\\.180                        | [Trust Supplement No\\. 2016\\-3B, dated as of October 4, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex42.htm)                                                                                                                                                                                                                                                                                                  |\n| 4\\.181                        | [Amended and Restated Note Purchase Agreement, dated as of October 4, 2017, amending the Note Purchase Agreement, dated as of October 3, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex44.htm)                                                                                                                                                                        |\n| 4\\.182                        | [Form of First Amendment to Participation Agreement (First Amendment to Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit A to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex44.htm)                                                                                   |\n| 4\\.183                        | [Form of First Amendment to Indenture and Security Agreement (First Amendment to Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit E to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm#toc463889_35)                                                                                                                                                                                                                                                                                  |\n| 4\\.184                        | [Form of First Amendment to Indenture and Security Agreement (First Amendment to Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit B to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex44.htm)                                                                                                                                                                                                                                                                                               |\n| 4\\.185                        | [Form of Pass Through Trust Certificate, Series 2016\\-3B (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.186                        | [Revolving Credit Agreement (2016\\-3B), dated as of October 4, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-3B, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider 3B (incorporated by reference to Exhibit 4\\.8 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex42.htm)                                                                                                                                                                                                                      |\n| 4\\.187                        | [Trust Supplement No\\. 2017\\-2B, dated as of October 5, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex42.htm)                                                                                                                                                                                                                                                                                                  |\n| 4\\.188                        | [Amended and Restated Intercreditor Agreement (2017\\-2), dated as of October 5, 2017, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2017\\-2AA, as Trustee of the American Airlines Pass Through Trust 2017\\-2A and as Trustee of the American Airlines Pass Through Trust 2017\\-2B, National Australia Bank Limited, as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex43.htm) |\n| 4\\.189                        | [Deposit Agreement (Class B), dated as of October 5, 2017, between Wilmington Trust, National Association, as Escrow Agent, and Natixis S\\.A\\., acting through its New York Branch, as Depositary (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex44.htm)                                                                                                                                                                                                                                                                                                             |\n| 4\\.190                        | [Escrow and Paying Agent Agreement (Class B), dated as of October 5, 2017, among Wilmington Trust, National Association, as Escrow Agent, Deutsche Bank Securities Inc\\. and Credit Suisse Securities (USA) LLC, as the representatives of the underwriters named therein, Wilmington Trust Company, not in its individual capacity, but solely as Pass Through Trustee for and on behalf of American Airlines Pass Through Trust 2017\\-2B, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex45.htm)                     |\n| 4\\.191                        | [Amended and Restated Note Purchase Agreement, dated as of October 5, 2017, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm)                                                                                                                                       |\n\n\n\n189"}
{"_id": "United-2018_89.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|              |                                                                                            |\n| ------------ | ------------------------------------------------------------------------------------------ |\n| **ITEM 9\\.** | **CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE\\.** |\n\n\n\nNone\\.\n\n\n\n|               |                             |\n| ------------- | --------------------------- |\n| **ITEM 9A\\.** | **CONTROLS AND PROCEDURES** |\n\n\n\n***Evaluation of Disclosure Control and Procedures***\n\nUAL and United each maintain controls and procedures that are designed to ensure that information required to be disclosed in the reports filed or submitted by UAL and United to the SEC is recorded, processed, summarized and reported, within the time periods specified by the SEC's rules and forms, and is accumulated and communicated to management including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure\\. The management of UAL and United, including the Chief Executive Officer and Chief Financial Officer, performed an evaluation to conclude with reasonable assurance that UAL's and United's disclosure controls and procedures were designed and operating effectively to report the information each company is required to disclose in the reports they file with the SEC on a timely basis\\. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer of UAL and United have concluded that as of December 31, 2018, disclosure controls and procedures were effective\\. \n\n***Changes in Internal Control over Financial Reporting during the Quarter Ended*** ***December 31, 2018***\n\nDuring the three months ended December 31, 2018, there was no change in UAL's or United's internal control over financial reporting that materially affected, or is reasonably likely to materially affect, their internal control over financial reporting\\. \n\n90"}
{"_id": "AmericanAirlines-2018_99.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***(a) 2013, 2014, April 2016 and December 2016 Credit Facilities***\n\n*2013 Credit Facilities*\n\nIn May 2018, American and AAG entered into a Fourth Amendment (the Fourth Amendment to the 2013 Credit Agreement) to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement dated as of May 21, 2015, which amended and restated the Credit and Guaranty Agreement dated as of June 27, 2013 (as previously amended, the 2013 Credit Agreement, the revolving facility established thereunder, the 2013 Revolving Facility, the term loan facility established thereunder, the 2013 Term Loan Facility, and the 2013 Revolving Facility together with the 2013 Term Loan Facility, the 2013 Credit Facilities), pursuant to which American refinanced $1\\.8 billion of the existing term loans outstanding under the 2013 Credit Facilities with proceeds of term loans incurred under the Fourth Amendment to the 2013 Credit Agreement (the 2013 Replacement Term Loans)\\. The LIBOR margin on the 2013 Replacement Term Loans was reduced from 2\\.00% to 1\\.75% and the base rate margin on the 2013 Replacement Term Loans was reduced from 1\\.00% to 0\\.75%\\. Additionally, the maturity date of the 2013 Replacement Term Loans was extended to June 2025 pursuant to the Fourth Amendment to the 2013 Credit Agreement\\.\n\nIn December 2018, American and AAG entered into a Fifth Amendment (the Fifth Amendment to the 2013 Credit Agreement) to the 2013 Credit Agreement, as previously amended by the Fourth Amendment to the 2013 Credit Agreement\\. Pursuant to the Fifth Amendment to the 2013 Credit Agreement, adjustments to the 2013 Revolving Facility were made, including reducing the total aggregate commitments under the 2013 Revolving Facility by $200 million, extending the maturity date for the revolver loans thereunder from October 2022 to October 2023 and reducing the LIBOR margin from 2\\.25% to 2\\.00% and the base rate margin from 1\\.25% to 1\\.00% for certain of the lenders of the revolver loans thereunder\\. As of December 31, 2018, there were no borrowings or letters of credit outstanding under the 2013 Revolving Facility\\.\n\n*2014 Credit Facilities*\n\nIn September 2018, American and AAG entered into a Fifth Amendment (the Fifth Amendment to the 2014 Credit Agreement) to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement dated as of April 20, 2015, which amended and restated the Credit and Guaranty Agreement dated as of October 10, 2014 (as previously amended, the 2014 Credit Agreement, the revolving credit facility established thereunder, the 2014 Revolving Facility, the term loan facility established thereunder, the 2014 Term Loan Facility, and the 2014 Revolving Facility together with the 2014 Term Loan Facility, the 2014 Credit Facilities)\\. The Fifth Amendment to the 2014 Credit Agreement provides for incremental term loans in the amount of $500 million under the 2014 Term Loan Facility\\. The terms of such incremental term loans are substantially similar to the terms of the existing term loans under the 2014 Term Loan Facility, including those with regard to maturity and interest rate margins\\. As of December 31, 2018, approximately $1\\.2 billion was outstanding under the 2014 Term Loan Facility\\.\n\nIn December 2018, American and AAG entered into a Sixth Amendment (the Sixth Amendment to the 2014 Credit Agreement) to the 2014 Credit Agreement, as previously amended by the Fifth Amendment to the 2014 Credit Agreement\\. Pursuant to the Sixth Amendment to the 2014 Credit Agreement, adjustments to the 2014 Revolving Facility were made, including increasing the total aggregate commitments under the 2014 Revolving Facility by approximately $543 million, extending the maturity date for the revolver loans thereunder from October 2022 to October 2023 and reducing the LIBOR margin from 2\\.25% to 2\\.00% and the base rate margin from 1\\.25% to 1\\.00% for certain of the lenders of the revolver loans thereunder\\. In addition to the slots, gates and routes (SGR) between airports in the United States and LHR previously pledged as collateral for the 2014 Credit Facilities, SGR between airports in the United States and other countries in the European Union were added as collateral under the 2014 Credit Facilities pursuant to the Sixth Amendment to the 2014 Credit Agreement\\. As of December 31, 2018, there were no borrowings or letters of credit outstanding under the 2014 Revolving Facility\\.\n\n*April 2016 Credit Facilities*\n\nIn December 2018, American and AAG entered into a Fourth Amendment (the Fourth Amendment to the April 2016 Credit Agreement) to the Credit and Guaranty Agreement, amending the Credit and Guaranty Agreement dated as of April 29, 2016 (as previously amended, the April 2016 Credit Agreement, and the revolving credit facility established thereunder, the April 2016 Revolving Facility, the term loan facility established thereunder, the 2016 Term Loan Facility and the 2016 April Revolving Facility together with the 2016 Term Loan Facility, the April 2016 Credit Facilities)\\. Pursuant to the Fourth Amendment to the April 2016 Credit Agreement, adjustments to the April 2016 Revolving Facility were made, including extending the maturity date from October 2022 to October 2023 for the revolver loans established thereunder and reducing the LIBOR margin from 2\\.25% to 2\\.00% and the base rate margin from 1\\.25% to 1\\.00% for certain of the lenders of the revolver loans thereunder\\. As of December 31, 2018, there were no borrowings or letters of credit outstanding under the April 2016 Revolving Facility\\.\n\n100"}
{"_id": "Delta-2017_77.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nWe have an equity method investment in the entity which owns IAT, our sublessor at Terminal 4\\. The Sublease requires us to pay certain fixed management fees\\. We determined the investment is a variable interest entity and assessed whether we have a controlling financial interest in IAT\\. Our rights under the Sublease, with respect to management of Terminal 4, are consistent with rights granted to an anchor tenant under a standard airport lease\\. Accordingly, we do not consolidate the entity in which we have an investment in our Consolidated Financial Statements\\.\n\nLos Angeles International Airport\n\nDuring 2016, we announced plans to modernize, upgrade and connect Terminals 2 and 3 at Los Angeles International Airport (\u201cLAX\u201d) over the next seven years\\. A substantial majority of the project costs will be funded through the Regional Airports Improvement Corporation (\"RAIC\"), a California public benefit corporation, using an   $800 million  revolving credit facility provided by a group of lenders\\. The credit facility was executed during 2017\\. We have guaranteed the obligations of the RAIC under the credit facility\\. Because the RAIC remains in compliance with the terms of its credit facility, we have not recorded a liability on our Consolidated Balance Sheet as of  December 31, 2017 \\.\n\nNew York\\-LaGuardia Airport\n\nAs part of the terminal redevelopment project at LaGuardia Airport, we are partnering with the Port Authority of New York and New Jersey (the \u201cPort Authority\u201d) to replace Terminals C and D with a new state\\-of\\-the\\-art terminal facility consisting of   37  gates across   four  concourses connected to a central headhouse\\. The terminal will feature a new, larger Delta Sky Club, wider concourses, more gate seating and   30 percent  more concessions space than the existing terminals\\. The facility will also offer direct access between the parking garage and terminal with improved roadways and drop\\-off/pick\\-up areas\\. The design of the new terminal will integrate sustainable technologies and improved energy efficiency\\. Construction will be phased to limit passenger inconvenience and is expected to be completed by 2026\\.\n\nIn connection with the redevelopment, during 2017, we entered into an amended and restated terminal lease with the Port Authority with a term through 2050\\. Pursuant to the lease agreement we will (1) fund (through debt issuance and existing cash) and undertake the design, management and construction of the terminal and certain off\\-premises supporting facilities, (2) receive a Port Authority contribution of   $600 million  to facilitate construction of the terminal and other supporting infrastructure, (3) be responsible for all operations and maintenance during the term of the lease and (4) have preferential rights to all gates in the terminal subject to Port Authority requirements with respect to accommodation of designated carriers\\.\n\nNOTE 9 \\. EMPLOYEE BENEFIT PLANS\n\nWe sponsor defined benefit and defined contribution pension plans, healthcare plans and disability and survivorship plans for eligible employees and retirees and their eligible family members\\.\n\nDefined Benefit Pension Plans\\.  We sponsor defined benefit pension plans for eligible employees and retirees\\. These plans are closed to new entrants and frozen for future benefit accruals\\.  The Pension Protection Act of 2006 allows commercial airlines to elect alternative funding rules (\"Alternative Funding Rules\") for defined benefit plans that are frozen\\. We elected the Alternative Funding Rules under which the unfunded liability for a frozen defined benefit plan may be amortized over a fixed 17\\-year period and is calculated using an   8\\.85%  discount rate\\.  We have no minimum funding requirements in 2018\\. However, in January 2018, we voluntarily contributed approximately   $500 million  to these plans\\.\n\nDefined Contribution Pension Plans\\.  We sponsor several defined contribution plans\\. These plans generally cover different employee groups and employer contributions vary by plan\\. The costs associated with our defined contribution pension plans were   $875 million ,   $733 million  and   $592 million  for the years ended December 31, 2017, 2016 and 2015, respectively\\.\n\nPostretirement Healthcare Plans\\.  We sponsor healthcare plans that include providing benefits to eligible retirees and their dependents who are under age   65 \\. We have generally eliminated company\\-paid post age   65  healthcare coverage, except for (1) subsidies available to a limited group of retirees and their dependents and (2) a group of retirees who retired prior to 1987\\. Benefits under these plans are funded from current assets and employee contributions\\. \n\nPostemployment Plans\\.  We provide certain other welfare benefits to eligible former or inactive employees after employment but before retirement, primarily as part of the disability and survivorship plans\\. Substantially all employees are eligible for benefits under these plans in the event of death and/or disability\\.\n\n 73"}
{"_id": "Delta-2019_23.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nThe rapid spread of contagious illnesses can have a material adverse effect on our business and results of operations\\.\n\nThe rapid spread of a contagious illness such as a novel coronavirus, or fear of such an event, can have a material adverse effect on the demand for worldwide air travel and therefore have a material adverse effect on our business and results of operations\\. As a result of the outbreak of a novel coronavirus first identified in Wuhan, Hubei Province, China, we have temporarily ceased operations in China and the continued spread of the virus could have a significant adverse impact on the demand for air travel and, as a result, our financial results\\. Moreover, our operations could be negatively affected if employees are quarantined as the result of exposure to a contagious illness\\. Similarly, travel restrictions or operational issues resulting from the rapid spread of contagious illnesses in a part of the world in which we have significant operations may have a material adverse effect on our business and results of operations\\. \n\nITEM 1B\\. UNRESOLVED STAFF COMMENTS \n\nNone\\.\n\n21"}
{"_id": "Delta-2017_39.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nNon\\-Operating Results\n\n\n\n|                                   |                             |                             |                             |                             |                             |\n| --------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                   | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **(Unfavorable) Favorable** | **(Unfavorable) Favorable** |\n| **(in millions)**                 | **2017**                    | **2016**                    | **2015**                    |  **2017 vs\\. 2016**         |  **2016 vs\\. 2015**         |\n| Interest expense, net             | $(396)                      | $(388)                      | $(481)                      | $(8)                        | $93                         |\n| Miscellaneous, net                | (17)                        | 72                          | (164)                       | (89)                        | 236                         |\n| Total non\\-operating expense, net | $(413)                      | $(316)                      | $(645)                      | $(97)                       | $329                        |\n\n\n\nAt December 31, 2016, the principal amount of debt and capital leases was  $7\\.4 billion \\. During 2017, we issued $2\\.5 billion of unsecured notes\\. As a result of the debt issuances, partially offset by scheduled principal payments, the amount of debt and capital leases was  $8\\.9 billion  at  December 31, 2017 \\. \n\nMiscellaneous, net is primarily composed of our proportionate share of earnings from our equity investments in Virgin Atlantic and Grupo Aerom\u00e9xico, foreign exchange gains/losses and charitable contributions\\. Our equity investment earnings and foreign exchange gains/losses vary and impact the comparability of miscellaneous, net from period to period\\.\n\nIncome Taxes\n\nOur effective tax rate for 2017 was  37\\.2% \\. We recorded a provisional estimate of $150 million related to the Tax Cuts and Jobs Act of 2017, resulting in a 2\\.6% increase to our effective tax rate\\. We expect our annual effective tax rate to be between 21% and 23% for 2018\\. At  December 31, 2017 , we had approximately  $5\\.1 billion  of U\\.S\\. federal pre\\-tax net operating loss carryforwards, which do not begin to expire until  2027 \\. Accordingly, we believe we will not pay cash federal income taxes before 2019\\. See  Note 11  of the Notes to the Consolidated Financial Statements for more information\\. \n\nRefinery Segment\n\nThe refinery primarily produces gasoline, diesel and jet fuel\\.  Monroe exchanges the non\\-jet fuel products the refinery produces with third parties for jet fuel consumed in our airline operations\\.  The jet fuel produced and procured through exchanging gasoline and diesel fuel produced by the refinery provided approximately 200,000 barrels per day for use in our airline operations during  2017 \\. We believe that the jet fuel supply resulting from the refinery's operation has contributed to the reduction in the market price of jet fuel, and thus lowered our cost of jet fuel compared to what it otherwise would have been\\.\n\nThe refinery recorded operating revenues of  $5\\.0 billion  in  2017 , compared to  $3\\.8 billion  in  2016 \\. Operating revenues in  2017  were primarily composed of  $3\\.2 billion  of non\\-jet fuel products exchanged with third parties to procure jet fuel and  $886 million  of sales of jet fuel to the airline segment\\. Refinery revenues increased compared to the prior year due to higher product demand and an increase in margins during the second half of 2017 due to hurricanes that caused extensive refinery closures on the Gulf Coast for several weeks\\.\n\nThe refinery recorded income of  $110 million  in  2017 , compared to a loss of  $125 million  recorded in  2016 \\. The refinery's income  in  2017  was primarily due to higher refined product cracks, lower crude costs and higher throughput levels\\.\n\nA refinery is subject to annual EPA requirements to blend renewable fuels into the gasoline and on\\-road diesel fuel it produces\\. Alternatively, a refinery may purchase renewable energy credits, called RINs, from third parties in the secondary market\\. The refinery, operated by Monroe purchases the majority of its RINs requirement in the secondary market\\. We recognized  $159 million  and $171 million of expense related to the RINs requirement in  2017  and  2016 , respectively\\. RINs expense decreased during  2017  primarily as a result of a slight decrease in the unit cost of RINs during  2017  after a significant increase in the unit cost of RINs during 2016\\.\n\nThe Monroe refinery is planning for a shutdown of approximately 60 days in the December 2018 quarter\\. This planned outage, called a turnaround, is in accordance with the long term maintenance plan for the facility to allow for the safe completion of major repairs and upgrades\\. During that planned outage, we have identified other sources of fuel to maintain service levels and to mitigate the financial impact\\.\n\n For more information regarding the refinery's results, see  Note 14  of the Notes to the Consolidated Financial Statements\\.\n\n 35"}
{"_id": "AmericanAirlines-2019_114.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nITEM 8B\\. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA OF AMERICAN AIRLINES, INC\\.\n\nReport of Independent Registered Public Accounting Firm\n\nTo the Stockholder and Board of Directors\n\nAmerican Airlines, Inc\\.:\n\nOpinion on the Consolidated Financial Statements \n\nWe have audited the accompanying consolidated balance sheets of American Airlines, Inc\\. and subsidiaries (American) as of  December 31, 2019  and  2018 , the related consolidated statements of operations, comprehensive income, cash flows, and stockholder\u2019s equity for each of the years in the three\\-year period ended  December 31, 2019 , and the related notes (collectively, the consolidated financial statements)\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of American as of  December 31, 2019  and  2018 , and the results of its operations and its cash flows for each of the years in the three\\-year period ended  December 31, 2019 , in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), American\u2019s internal control over financial reporting as of  December 31, 2019 , based on criteria established in  Internal Control  \u2013  Integrated Framework (2013)  issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated  February 19, 2020  expressed an unqualified opinion on the effectiveness of American\u2019s internal control over financial reporting\\.\n\nChange in Accounting Principle \n\nAs discussed in Note 1 to the consolidated financial statements, American has changed its method of accounting for leases as of January 1, 2018 due to the modified retrospective adoption of Accounting Standards Update 2016\\-02,  Leases (Topic 842) ,  as amended\\.\n\nBasis for Opinion\n\nThese consolidated financial statements are the responsibility of American\u2019s management\\. Our responsibility is to express an opinion on these consolidated financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to American in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\n115"}
{"_id": "AmericanAirlines-2018_72.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n*Other Revenue*\n\nOther revenue includes revenue associated with our loyalty program, which is comprised principally of the marketing component of mileage sales to co\\-branded credit card and other partners and other marketing related payments\\. The accounting and recognition for the loyalty program marketing services are discussed above in \u201c*Loyalty Revenue*\\.\u201d The remaining amounts included within other revenue relate to airport clubs, advertising and vacation\\-related services\\.\n\n***Long\\-lived Assets***\n\nLong\\-lived assets consist of flight equipment, as well as other fixed assets and finite\\-lived intangible assets such as certain domestic airport slots, customer relationships, marketing agreements, tradenames and airport gate leasehold rights\\. In addition to the original cost, the recorded value of our fixed assets is impacted by a number of estimates made, including estimated useful lives, salvage values and our determination as to whether aircraft are temporarily or permanently grounded\\. Finite\\-lived intangible assets are originally recorded at their acquired fair values and are subsequently amortized over their estimated useful lives\\. See Note 1 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 1 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for further information\\.\n\nWe assess impairment on long\\-lived assets used in operations when events and circumstances indicate that the assets may be impaired\\. An asset or group of assets is considered impaired when the undiscounted cash flows estimated to be generated by the assets are less than the carrying amount of the assets and the net book value of the assets exceeds their estimated fair value\\. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets\\. Estimates of fair value represent management\u2019s best estimate based on appraisals, industry trends and reference to market rates and transactions\\.\n\nThe majority of American\u2019s aircraft fleet types are depreciated over 25\\-30 years\\. It is possible that the ultimate lives of our aircraft will be significantly different than the current estimate due to unforeseen events in the future that impact our fleet plan, including positive or negative developments in the areas described above\\. For example, operating the aircraft for a longer period will result in higher maintenance, fuel and other operating costs than if we replaced the aircraft\\.\n\n***Leases***\n\nWe adopted ASU 2016\\-02: Leases (Topic 842) (the New Lease Standard) as of January 1, 2018\\. See \u201c*Recent Accounting Pronouncements*\u201d below for further discussion about the New Lease Standard and its impact on our consolidated balance sheet\\. We determine if an arrangement is a lease at inception\\. Operating leases are included in operating lease right\\-of\\-use (ROU) assets, current operating lease liabilities and noncurrent operating lease liabilities in our consolidated balance sheet\\. Finance leases are included in property and equipment, current maturities of long\\-term debt and finance leases and long\\-term debt and finance leases, net of current maturities, in our consolidated balance sheet\\.\n\nROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease\\. ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term\\.\n\nWe use our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments\\. We give consideration to our recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates\\. A 100 basis point decrease in our estimate of the incremental borrowing rate at January 1, 2018 (the date of our adoption of the New Lease Standard) would increase our operating lease liability by approximately $275 million\\.\n\nOur lease term includes options to extend the lease when it is reasonably certain that we will exercise that option\\. Leases with a term of 12 months or less are not recorded on the balance sheet\\. Our lease agreements do not contain any residual value guarantees\\.\n\nUnder certain of our capacity purchase agreements with third\\-party regional carriers, we do not own the underlying aircraft\\. However, since we control the marketing, scheduling, ticketing, pricing and seat inventories of these aircraft and therefore control the asset, the aircraft is deemed to be leased for accounting purposes\\. For these capacity purchase agreements, we account for the lease and non\\-lease components separately\\. The lease component consists of the aircraft and the non\\-lease components consist of services, such as the crew and maintenance\\. We allocate the consideration in the capacity purchase agreements to the lease and non\\-lease components using their estimated relative standalone prices\\. See Note 12(b) to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 10(b) to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on our capacity purchase agreements\\.\n\nFor real estate, we account for the lease and non\\-lease components as a single lease component\\.\n\n73"}
{"_id": "Delta-2018_100.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND  FINANCIAL DISCLOSURE\n\nNone\\. \n\nITEM 9A\\. CONTROLS AND PROCEDURES \n\nDisclosure Controls and Procedures\n\nOur management, including our Chief Executive Officer and Chief Financial Officer, performed an evaluation of our disclosure controls and procedures, which have been designed to permit us to record, process, summarize and report, within time periods specified by the SEC's rules and forms, information required to be disclosed\\. Our management, including our Chief Executive Officer and Chief Financial Officer, concluded that the controls and procedures were effective as of  December 31, 2018  to ensure that material information was accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure\\.\n\nChanges in Internal Control\n\nExcept as set forth below, during the three months ended  December 31, 2018 , we did not make any changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting\\.\n\nDuring the three months ended  December 31, 2018 , we implemented a new lease accounting system and process in response to the adoption of ASU No\\. 2016\\-02, \"Leases (Topic 842),\" effective January 1, 2018\\. These implementations resulted in a material change in a component of our internal control over financial reporting\\. The operating effectiveness of these changes to our internal control over financial reporting were evaluated as part of our annual assessment of the effectiveness of internal control over financial reporting as of the end of 2018\\.\n\nManagement's Annual Report on Internal Control Over Financial Reporting \n\nManagement is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a\\-15(f) and 15d\\-15(f) under the Securities Exchange Act of 1934\\. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies may deteriorate\\.\n\nManagement conducted an evaluation of the effectiveness of our internal control over financial reporting as of  December 31, 2018  using the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission (\"COSO\") in the 2013 Internal Control\\-Integrated Framework\\. Based on that evaluation, management believes that our internal control over financial reporting was effective as of  December 31, 2018 \\.\n\nThe effectiveness of our internal control over financial reporting as of  December 31, 2018  has been audited by Ernst & Young LLP, an independent registered public accounting firm, which also audited our Consolidated Financial Statements for the year ended  December 31, 2018 \\. Ernst & Young LLP's report on our internal control over financial reporting is set forth below\\.\n\n 98"}
{"_id": "AmericanAirlines-2019_119.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAMERICAN AIRLINES, INC\\.\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n(In millions)\n\n\n\n|                                                                                       |                              |                              |                              |\n| ------------------------------------------------------------------------------------- | ---------------------------- | ---------------------------- | ---------------------------- |\n|                                                                                       |  **Year Ended December 31,** |  **Year Ended December 31,** |  **Year Ended December 31,** |\n|                                                                                       | **2019**                     | **2018**                     | **2017**                     |\n| **Cash flows from operating activities:**                                             |                              |                              |                              |\n| Net income                                                                            | $1,972                       | $1,658                       | $1,285                       |\n| Adjustments to reconcile net income to net cash provided by operating activities:     |                              |                              |                              |\n| Depreciation and amortization                                                         | 2,267                        | 2,108                        | 1,964                        |\n| Net loss (gains) from sale of property and equipment and sale\\-leaseback transactions | (109<br><br>)                | (57<br><br>)                 | 2                            |\n| Special items, net non\\-cash                                                          | 384                          | 458                          | 272                          |\n| Pension and postretirement                                                            | (178<br><br>)                | (302<br><br>)                | (132<br><br>)                |\n| Deferred income tax provision                                                         | 623                          | 503                          | 2,246                        |\n| Share\\-based compensation                                                             | 94                           | 86                           | 90                           |\n| Other, net                                                                            | (56<br><br>)                 | (102<br><br>)                | (146<br><br>)                |\n| **Changes in operating assets and liabilities:**                                      |                              |                              |                              |\n| Decrease (increase) in accounts receivable                                            | 130                          | 232                          | (189<br><br>)                |\n| Increase in other assets                                                              | (321<br><br>)                | (354<br><br>)                | (405<br><br>)                |\n| Increase (decrease) in accounts payable and accrued  liabilities                      | 273                          | (171<br><br>)                | 266                          |\n| Increase in air traffic liability                                                     | 469                          | 297                          | 65                           |\n| Increase in receivables from related parties, net                                     | (1,772<br><br>)              | (1,849<br><br>)              | (1,994<br><br>)              |\n| Increase (decrease) in loyalty program liability                                      | 76                           | (283<br><br>)                | (308<br><br>)                |\n| Contributions to pension plans                                                        | (1,224<br><br>)              | (472<br><br>)                | (286<br><br>)                |\n| Increase (decrease) in other liabilities                                              | (199<br><br>)                | 191                          | 140                          |\n| Net cash provided by operating activities                                             | 2,429                        | 1,943                        | 2,870                        |\n| **Cash flows from investing activities:**                                             |                              |                              |                              |\n| Capital expenditures and aircraft purchase deposits                                   | (4,156<br><br>)              | (3,677<br><br>)              | (5,881<br><br>)              |\n| Proceeds from sale\\-leaseback transactions                                            | 850                          | 1,096                        | 853                          |\n| Proceeds from sale of property and equipment                                          | 49                           | 106                          | 69                           |\n| Purchases of short\\-term investments                                                  | (3,184<br><br>)              | (3,412<br><br>)              | (4,633<br><br>)              |\n| Sales of short\\-term investments                                                      | 4,144                        | 3,705                        | 5,915                        |\n| Proceeds from vendor                                                                  | 250                          | \u2014                            | \u2014                            |\n| Decrease (increase) in restricted short\\-term investments                             | (3<br><br>)                  | 72                           | 309                          |\n| Proceeds from sale of investments                                                     | \u2014                            | 207                          | \u2014                            |\n| Purchase of equity investment                                                         | \u2014                            | \u2014                            | (203<br><br>)                |\n| Other investing activities                                                            | (96<br><br>)                 | (7<br><br>)                  | \u2014                            |\n| Net cash used in investing activities                                                 | (2,146<br><br>)              | (1,910<br><br>)              | (3,571<br><br>)              |\n| **Cash flows from financing activities:**                                             |                              |                              |                              |\n| Proceeds from issuance of long\\-term debt                                             | 3,210                        | 2,354                        | 3,058                        |\n| Payments on long\\-term debt and finance leases                                        | (3,440<br><br>)              | (2,442<br><br>)              | (2,332<br><br>)              |\n| Deferred financing costs                                                              | (52<br><br>)                 | (59<br><br>)                 | (85<br><br>)                 |\n| Other financing activities                                                            | \u2014                            | \u2014                            | 27                           |\n| Net cash provided by (used in) financing  activities                                  | (282<br><br>)                | (147<br><br>)                | 668                          |\n| Net increase (decrea se) in cash and restricted cash                                  | 1                            | (114<br><br>)                | (33<br><br>)                 |\n| Cash and restricted cash at beginning of year                                         | 276                          | 390                          | 423                          |\n| Cash and restricted cash at end of year  ^(a)^                                        | $277                         | $276                         | $390                         |\n\n\n\n^(a)^  The following table provides a reconciliation of cash and restricted cash to amounts reported within the consolidated balance sheets:\n\n\n\n|                                                                         |      |      |      |\n| ----------------------------------------------------------------------- | ---- | ---- | ---- |\n| Cash                                                                    | $267 | $265 | $287 |\n| Restricted cash included in restricted cash and short\\-term investments | 10   | 11   | 103  |\n| Total cash and restricted cash                                          | $277 | $276 | $390 |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n120"}
{"_id": "Southwest-2017_89.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**7****\\. LEASES**\n\nThe Company's fleet included 53 aircraft on operating lease and 69 aircraft on capital lease as of December 31, 2017, compared with 83 aircraft on operating lease and 51 aircraft on capital lease, as of December 31, 2016\\. Amounts applicable to these aircraft on capital lease that are included in property and equipment were:\n\n\n\n|                                |          |          |\n| ------------------------------ | -------- | -------- |\n| **(in millions)**              | **2017** | **2016** |\n| Flight equipment               | $1,207   | $923     |\n| Less: accumulated amortization | 172      | 82       |\n|                                | $1,035   | $841     |\n\n\n\nTotal rental expense for operating leases, both aircraft and other, charged to operations in 2017, 2016, and 2015 was $939 million, $932 million, and $909 million, respectively\\. The majority of the Company\u2019s terminal operations space, as well as 144 aircraft, including 76 B717s subleased to Delta and 15 Classic aircraft grounded in September 2017, were under operating leases at December 31, 2017\\. For aircraft operating leases and for terminal operations leases and other real estate leases, expense is recorded on a straight\u2013line basis and included in Aircraft rentals and in Landing fees and other rentals, respectively, in the Consolidated Statement of Income\\. The majority of the Company\u2019s terminal operations space was under operating leases at December 31, 2017; however, due to the nature of airport terminal lease arrangements, most of those future lease payments are considered variable, and thus excluded from the Company\u2019s disclosures of future minimum lease payments\\. Future minimum lease payments under capital leases and noncancelable operating leases and rentals to be received under subleases with initial or remaining terms in excess of one year at December 31, 2017, were: \n\n\n\n|                                             |                               |                                     |               |                                      |\n| ------------------------------------------- | ----------------------------- | ----------------------------------- | ------------- | ------------------------------------ |\n| **(in millions)**                           | **Capital**<br><br>**leases** | **Operating**<br><br>**leases (b)** | **Subleases** | **Operating**<br><br>**leases, net** |\n| 2018                                        | $107                          | $359                                | $(102)        | $257                                 |\n| 2019                                        | 106                           | 331                                 | (98)          | 233                                  |\n| 2020                                        | 105                           | 264                                 | (78)          | 186                                  |\n| 2021                                        | 100                           | 155                                 | (41)          | 114                                  |\n| 2022                                        | 96                            | 85                                  | (17)          | 68                                   |\n| Thereafter                                  | 416                           | 177                                 | (8)           | 169                                  |\n| Total minimum lease payments                | $930                          | $1,371                              | $(344)        | $1,027                               |\n| Less amount representing interest           | 150                           |                                     |               |                                      |\n| Present value of minimum lease payments (a) | 780                           |                                     |               |                                      |\n| Less current portion                        | 79                            |                                     |               |                                      |\n| Long\\-term portion                          | $701                          |                                     |               |                                      |\n| \\* See Note  4  for further details         |                               |                                     |               |                                      |\n\n\n\n(a) Excludes lease incentive obligation of $105 million\\.\n\n(b) Includes 15 remaining Classic aircraft on operating leases, which net remaining lease payments were included in the $63 million grounding charge recorded during 2017\\. \n\nThe aircraft leases generally can be renewed for one to five years at rates based on fair market value at the end of the lease term\\. Most aircraft leases have purchase options at or near the end of the lease term at fair market value, generally limited to a stated percentage of the lessor\u2019s defined cost of the aircraft\\.\n\nOn July 9, 2012, the Company signed an agreement with Delta Air Lines, Inc\\. and Boeing Capital Corp\\. to lease or sublease all 88 of AirTran Airways' B717s to Delta at agreed\\-upon lease rates\\. As of December 31, 2016, the Company had delivered all B717s to Delta\\. A total of 76 of the B717s are on operating lease, ten are owned, and two are on capital lease\\.\n\n90"}
{"_id": "Southwest-2018_120.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**PART III**\n\n**Item 10\\.** ***Directors, Executive Officers, and Corporate Governance***\n\n**Directors and Executive Officers**\n\nThe information required by this Item 10 regarding the Company\u2019s directors will be set forth under the heading \u201cProposal 1 \\- Election of Directors\u201d in the Proxy Statement for the Company\u2019s 2019 Annual Meeting of Shareholders and is incorporated herein by reference\\. The information required by this Item 10 regarding the Company\u2019s executive officers is set forth under the heading \u201cExecutive Officers of the Registrant\u201d in Part I of this Form 10\\-K and is incorporated herein by reference\\.\n\n**Section 16(a) Compliance**\n\nThe information required by this Item 10 regarding compliance with Section 16(a) of the Exchange Act will be set forth under the heading \u201cSection 16(a) Beneficial Ownership Reporting Compliance\u201d in the Proxy Statement for the Company\u2019s 2019 Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\n**Corporate Governance**\n\nExcept as set forth in the following paragraph, the remaining information required by this Item 10 will be set forth under the heading \u201cCorporate Governance\u201d in the Proxy Statement for the Company\u2019s 2019 Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\nThe Company has adopted a Code of Ethics that applies to its principal executive officer, principal financial officer, and principal accounting officer or controller\\. The Company\u2019s Code of Ethics, as well as its Corporate Governance Guidelines and the charters of its Audit, Compensation, and Nominating and Corporate Governance Committees, are available on the Company\u2019s website, www\\.southwest\\.com\\. Copies of these documents are also available upon request to Investor Relations, Southwest Airlines Co\\., P\\.O\\. Box 36611, Dallas, TX 75235\\. The Company intends to disclose any amendments to, or waivers from, its Code of Ethics that apply to the Company\u2019s principal executive officer, principal financial officer, and principal accounting officer or controller on the Company\u2019s website, www\\.southwest\\.com, under the \u201cAbout Southwest\u201d caption, promptly following the date of any such amendment or waiver\\.\n\n**Item 11\\.** ***Executive Compensation***\n\nThe information required by this Item 11 will be set forth under the headings \u201cCompensation of Executive Officers\u201d and \u201cCompensation of Directors\u201d in the Proxy Statement for the Company\u2019s 2019 Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\n**Item 12\\.** ***Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters***\n\nExcept as set forth below regarding securities authorized for issuance under equity compensation plans, the information required by this Item 12 will be set forth under the heading \u201cVoting Securities and Principal Shareholders\u201d in the Proxy Statement for the Company\u2019s 2019 Annual Meeting of Shareholders and is incorporated herein by reference\\.\n\n**Securities Authorized for Issuance under Equity Compensation Plans**\n\nThe following table provides information as of December 31, 2018, regarding compensation plans (including individual compensation arrangements) under which equity securities of the Company are authorized for issuance\\.\n\n121"}
{"_id": "United-2018_60.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nIn June 2016, the FASB issued Accounting Standards Update No\\. 2016\\-13, *Financial Instruments\u2014Credit Losses* (\"ASU 2016\\-13\")\\. The main objective is to provide financial statement users with more decision\\-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date\\. The amendments in this update replace the incurred loss methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates\\. For trade receivables, loans and held\\-to\\-maturity debt securities, entities will be required to estimate lifetime expected credit losses\\. For available\\-for\\-sale debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction to the carrying value of the asset\\. The amendments are effective for public business entities for fiscal years and interim periods beginning after December 15, 2019\\. The Company is evaluating the impact the adoption of ASU 2016\\-13 will have on its consolidated financial statements and believes that it will not have a material impact on its consolidated financial statements\\.\n\nIn 2016, the FASB amended the FASB Accounting Standards Codification and created a new Topic 842, *Leases* (the \"New Lease Standard\")\\. The guidance requires lessees to recognize a right\\-of\\-use asset and a lease liability for all leases (with the exception of short\\-term leases) at the commencement date and recognize expenses on their income statements similar to the current Topic 840, *Leases* (\"Topic 840\")\\. The New Lease Standard is effective for fiscal years and interim periods beginning after December 15, 2018\\. The Company adopted this standard on January 1, 2019 using a modified retrospective approach for all leases existing at or commencing after the date of initial application and utilizing certain practical expedients\\.\n\nThe adoption of the New Lease Standard is expected to impact our reported results as shown in the tables below (in millions, except per share amounts):\n\n61"}
{"_id": "AmericanAirlines-2018_102.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***(d) Senior Notes***\n\nThe details of our 5\\.50% and 4\\.625% senior notes are shown in the table below as of December 31, 2018:\n\n\n\n|                                            |                                                |                                                  |\n| ------------------------------------------ | ---------------------------------------------- | ------------------------------------------------ |\n|                                            | **5\\.50% Senior Notes**                        | **4\\.625% Senior Notes**                         |\n| Aggregate principal issued and outstanding | $750 million                                   | $500 million                                     |\n| Maturity date                              | October 2019                                   | March 2020                                       |\n| Fixed interest rate per annum              | 5\\.50%                                         | 4\\.625%                                          |\n| Interest payments                          | Semi\\-annually in arrears in April and October | Semi\\-annually in arrears in March and September |\n\n\n\nThe 5\\.50% and 4\\.625% senior notes are senior unsecured obligations of AAG\\. The senior notes are fully and unconditionally guaranteed by American\\. The indentures for the senior notes contain covenants and events of default generally customary for similar financings\\. In addition, if we experience specific kinds of changes of control, we must offer to repurchase the senior notes at a price of 101% of the principal amount plus accrued and unpaid interest, if any, to (but not including) the repurchase date\\. Upon the occurrence of certain events of default, the senior notes may be accelerated and become due and payable\\.\n\n***Guarantees***\n\nAs of December 31, 2018, AAG had issued guarantees covering approximately $769 million of American\u2019s special facility revenue bonds (and interest thereon) and $8\\.4 billion of American\u2019s secured debt (and interest thereon), including the Credit Facilities and certain EETC financings\\.\n\n***Collateral\\-Related Covenants***\n\nCertain of our debt financing agreements contain loan to value (LTV) ratio covenants and require us to annually appraise the related collateral\\. Pursuant to such agreements, if the LTV ratio exceeds a specified threshold, we are required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash collateral), or pay down such financing, in whole or in part\\.\n\nSpecifically, we are required to meet certain collateral coverage tests on an annual basis for our Credit Facilities, as described below:\n\n\n\n|                                                        |                                                                                                                                                             |                                                                                                                                                                                              |                                                                       |                                                                                                                                                                   |\n| ------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|                                                        | **2013 Credit Facilities**                                                                                                                                  | **2014 Credit Facilities**                                                                                                                                                                   | **April 2016** <br><br>**Credit Facilities**                          | **December 2016**<br><br>**Credit Facilities**                                                                                                                    |\n| Frequency of Appraisals<br><br>of Appraised Collateral | Annual                                                                                                                                                      | Annual                                                                                                                                                                                       | Annual                                                                | Annual                                                                                                                                                            |\n| 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)                                                                                             |\n| LTV as of Last Measurement Date                        | 34\\.8%                                                                                                                                                      | 18\\.8%                                                                                                                                                                                       | 40\\.9%                                                                | 57\\.5%                                                                                                                                                            |\n| 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 La Guardia Airport (LGA) slots, certain simulators and certain leasehold rights |\n\n\n\nAt December 31, 2018, we were in compliance with the applicable collateral coverage tests as of the most recent measurement dates\\.\n\n103"}
{"_id": "United-2017_97.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nthat the Company no longer uses and will continue to incur costs under the lease without economic benefit to the Company\\. This liability was measured and recorded at its fair value when the Company ceased its right to use such facilities leased to it pursuant to the lease\\. The Company recorded a net charge of $74 million ($47 million net of taxes) related to the amended lease\\.\n\nThe fleet service, passenger service, storekeeper and other employees represented by the International Association of Machinists and Aerospace Workers (the \u201cIAM\u201d) ratified seven new contracts with the Company which extended the contracts through 2021\\. The technicians and related employees represented by the IBT ratified a six\\-year joint collective bargaining agreement which extended the contract through 2022\\. During 2016, the Company recorded $171 million ($110 million net of taxes) of special charges primarily for payments in conjunction with the IAM and IBT agreements described above\\. As part of the ratified contract with the IBT, the Company amended some of its technicians and related employees\u2019 postretirement medical plans\\. The amendments triggered curtailment accounting, resulting in the recognition of a one\\-time $60 million gain ($38 million net of taxes) for accelerated recognition of a prior service credit in one of the plans\\. Also, as part of the ratified contract with the Association of Flight Attendants, the Company amended two of its flight attendant postretirement medical plans\\. The amendments triggered curtailment accounting, resulting in the recognition of a one\\-time $47 million gain ($30 million net of taxes) for accelerated recognition of a prior service credit\\.\n\nDuring 2016, the Company recorded $37 million ($24 million net of taxes) of severance and benefit costs related to a voluntary early\\-out program for the Company\u2019s flight attendants and other severance agreements\\. In 2014, more than 2,500 flight attendants elected to voluntarily separate from the Company for a severance payment, with a maximum value of $100,000 per participant, based on years of service, with retirement dates through the end of 2016\\.\n\n***2015*** \n\nDuring its annual assessment in the fourth quarter, the Company recorded $33 million ($22 million net of related income tax benefit) related to the impairment of its indefinite\\-lived intangible assets (certain domestic slots and international Pacific routes), $8 million for the write\\-off of unexercised aircraft purchase options and $7 million for inventory held for sale\\. For the full\\-year 2015, the Company also recorded other impairments, including $10 million for discontinued internal software projects and $10 million for the impairment of several engines held for sale\\.\n\nThe Company recorded $107 million of severance and benefit costs primarily related to a voluntary early\\-out program for its flight attendants\\. In 2014, more than 2,500 flight attendants elected to voluntarily separate from the Company for a severance payment, with a maximum value of $100,000 per participant, based on years of service, with retirement dates through the end of 2016\\.\n\nDuring 2015, the Company also recorded $18 million related to collective bargaining agreements, $60 million of integration\\-related costs primarily related to systems integration and training for employees, $32 million related to charges for settlements in connection with legal matters, $16 million for the cease use of an aircraft under lease and $14 million for losses on the sale of aircraft and other miscellaneous gains and losses\\.\n\nThe Company recorded $202 million of losses as part of Nonoperating income (expense): Miscellaneous, net due primarily to the write\\-off of $134 million related to the unamortized non\\-cash debt discount from the extinguishment of the 6% Notes due 2026 and the 6% Notes due 2028\\. During 2015, the Company also recorded a $61 million foreign exchange loss related to its cash holdings in Venezuela\\. The Venezuelan government has maintained currency controls and fixed official exchange rates (i\\.e\\. Sistema Complementario de Administracion de Divisas (\u201cSICAD\u201d), and Sistema Marginal de Divisas (\u201cSIMADI\u201d)) for many years\\. Previously, airlines were permitted to use the more favorable SICAD rate (13\\.5 Venezuelan bolivars to one U\\.S\\. dollar) if repatriating profits and for payments of local goods and services in Venezuela\\. During 2015, many of the payments for local goods and services transitioned to utilizing the SIMADI rate (200 Venezuelan bolivars to one U\\.S\\. dollar) or were required to be paid in U\\.S\\. dollars\\. Furthermore, the Venezuelan government has not permitted the exchange and repatriations of local currency since mid\\-2014\\. As a result, the Company changed the exchange\n\n98"}
{"_id": "United-2017_15.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nIn addition, the Company\u2019s operations may be adversely impacted due to the existing antiquated ATC system utilized by the U\\.S\\. government\\. During peak travel periods in certain markets, the current ATC system\u2019s inability to handle ATC demand has led to short\\-term capacity constraints imposed by government agencies and resulted in delays and disruptions of air traffic\\. In addition, the current system will not be able to effectively handle projected future air traffic growth\\. Imposition of these ATC constraints on a long\\-term basis may have a material adverse effect on the Company\u2019s operations\\. Failure to update the ATC system in a timely manner, and the substantial funding requirements of a modernized ATC system that may be imposed on air carriers may have an adverse impact on the Company\u2019s financial condition or results of operations\\.\n\nAccess to landing and take\\-off rights, or \u201cslots,\u201d at several major U\\.S\\. airports and many foreign airports served by the Company are, or recently have been, subject to government regulation\\. Certain of the Company\u2019s major hubs are among the most congested airports in the United States and have been or could be the subject of regulatory action that might limit the number of flights and/or increase costs of operations at certain times or throughout the day\\. The FAA may limit the Company\u2019s airport access by limiting the number of departure and arrival slots at high density traffic airports, which could affect the Company\u2019s ownership and transfer rights, and local airport authorities may have the ability to control access to certain facilities or the cost of access to their facilities, which could have an adverse effect on the Company\u2019s business\\. The FAA historically has taken actions with respect to airlines\u2019 slot holdings that airlines have challenged; if the FAA were to take actions that adversely affect the Company\u2019s slot holdings, the Company could incur substantial costs to preserve its slots or may lose slots\\. If slots are eliminated at an airport, or if the number of hours of operation governed by slots is reduced at an airport, the lack of controls on takeoffs and landings could result in greater congestion both at the affected airport or in the regional airspace (e\\.g\\., the New York City metropolitan region airspace) and could significantly impact the Company\u2019s operations\\. Further, the Company\u2019s operating costs at airports, including the Company\u2019s major hubs, may increase significantly because of capital improvements at such airports that the Company may be required to fund, directly or indirectly\\. Such costs could be imposed by the relevant airport authority without the Company\u2019s approval and may have a material adverse effect on the Company\u2019s financial condition\\.\n\nMany aspects of the Company\u2019s operations are also subject to increasingly stringent federal, state, local and international laws protecting the environment\\. Future environmental regulatory developments, such as climate change regulations in the United States and abroad could adversely affect operations and increase operating costs in the airline industry\\. In addition, there is the potential for additional regulatory actions in regard to the emission of GHGs by the aviation industry\\. The precise nature of future requirements and their applicability to the Company are difficult to predict, but the financial impact to the Company and the aviation industry would likely be adverse and could be significant\\.\n\nSee Part I, Item 1, Business\u2014Industry Regulation, of this report for additional information on government regulation impacting the Company\\.\n\n***Extensive government regulation on international routes could restrict the Company\u2019s ability to conduct its business and have a material adverse effect on the Company\u2019s financial position and results of operations\\.*** \n\nThe ability of carriers to operate flights on international routes between the United States and other countries may be subject to change\\. Applicable arrangements between the United States and foreign governments may be amended from time to time, government policies with respect to airport operations may be revised, and the availability of appropriate slots or facilities may change\\. The Company currently operates a number of flights on international routes under government arrangements, regulations or policies that designate the number of carriers permitted to operate on such routes, the capacity of the carriers providing services on such routes, the airports at which carriers may operate international flights, or the number of carriers allowed access to particular airports\\. Any further limitations, additions or modifications to such arrangements, regulations or policies could have a material adverse effect on the Company\u2019s financial position and results of operations\\. Additionally, a change in law, regulation or policy for any of the Company\u2019s international routes, such as Open Skies, could have a\n\n16"}
{"_id": "Southwest-2017_20.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**DISCLOSURE REGARDING FORWARD\\-LOOKING INFORMATION** \n\nThis Form 10\\-K contains \"forward\\-looking statements\" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934\\. Forward\\-looking statements are based on, and include statements about, the Company\u2019s estimates, expectations, beliefs, intentions, and strategies for the future, and the assumptions underlying these forward\\-looking statements\\. Specific forward\\-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as \"anticipates,\" \"believes,\" \"estimates,\" \"expects,\" \"intends,\" \"may,\" \"will,\" \"would,\" \"could,\" \"should,\" \"projects,\" \"plans,\" \"goal,\" and similar expressions\\. Although management believes these forward\\-looking statements are reasonable as and when made, forward\\-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict\\. Therefore, actual results may differ materially from what is expressed in or indicated by the Company's forward\\-looking statements or from historical experience or the Company's present expectations\\. Known material risk factors that could cause these differences are set forth below under \"Risk Factors\\.\" Additional risks or uncertainties (i) that are not currently known to the Company, (ii) that the Company currently deems to be immaterial, or (iii) that could apply to any company, could also materially adversely affect the Company's business, financial condition, or future results\\.\n\nCaution should be taken not to place undue reliance on the Company's forward\\-looking statements, which represent the Company's views only as of the date this Form 10\\-K is filed\\. The Company undertakes no obligation to update publicly or revise any forward\\-looking statement, whether as a result of new information, future events, or otherwise\\.\n\n**Item 1A\\.*****Risk Factors*** \n\n***The airline industry is particularly sensitive to changes in economic conditions; in the event of unfavorable economic conditions or economic uncertainty, the Company's results of operations could be negatively affected, which could require the Company to adjust its business strategies\\.***\n\nThe airline industry, which is subject to relatively high fixed costs and highly variable and unpredictable demand, is particularly sensitive to changes in economic conditions\\. Historically, unfavorable U\\.S\\. economic conditions have driven changes in travel patterns and have resulted in reduced spending for both leisure and business travel\\. For some consumers, leisure travel is a discretionary expense, and short\\-haul travelers, in particular, have the option to replace air travel with surface travel\\. Businesses are able to forego air travel by using communication alternatives such as videoconferencing and the Internet or may be more likely to purchase less expensive tickets to reduce costs, which can result in a decrease in average revenue per seat\\. Unfavorable economic conditions, when low fares are often used to stimulate traffic, have also historically hampered the ability of airlines to raise fares to counteract any increases in fuel, labor, and other costs\\. Although the U\\.S\\. economy has experienced modest economic growth over the course of the past several years, any continuing or future U\\.S\\. or global economic uncertainty could negatively affect the Company's results of operations and could cause the Company to adjust its business strategies\\.\n\n***The Company's business can be significantly impacted by high and/or volatile fuel prices, and the Company's operations are subject to disruption in the event of any delayed supply of fuel; therefore, the Company's strategic plans and future profitability are likely to be impacted by the Company's ability to effectively address fuel price increases and fuel price volatility and availability\\.***\n\nAirlines are inherently dependent upon energy to operate, and jet fuel and oil represented approximately 22 percent of the Company's operating expenses for 2017\\. Although 2017 fuel prices were moderately higher than 2016 fuel prices, as discussed above under \"Business \\- Cost Structure,\" the cost of fuel can be extremely volatile and unpredictable, and even a small change in market fuel prices can significantly affect profitability\\. Furthermore, volatility in fuel prices can be due to many external factors that are beyond the Company's control\\. For example, fuel prices can be impacted by political and economic factors, such as (i) dependency on foreign imports of crude oil and the potential for hostilities or other conflicts in oil producing areas; (ii) limited domestic refining or pipeline capacity due to weather, natural disasters, or other factors; (iii) worldwide demand for fuel, particularly in developing countries, which can result in inflated energy prices; (iv) changes in U\\.S\\. governmental policies on fuel production, transportation, taxes, and marketing; and (v) changes in currency exchange rates\\.\n\nThe Company's ability to effectively address fuel price increases could be limited by factors such as its historical low\\-fare reputation, the portion of its Customer base that purchases travel for leisure purposes, the competitive nature of \n\n21"}
{"_id": "AmericanAirlines-2017_36.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*General*\\. In addition to the specifically identified legal proceedings, we and our subsidiaries are also engaged in other legal proceedings from time to time\\. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within our control\\. Therefore, although we will vigorously defend ourselves in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on us are uncertain but could be material\\. See Part I, Item 1A\\. Risk Factors \u2013\u201c*We may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity*\u201d for additional discussion\\.\n\n**ITEM 4\\. MINE SAFETY DISCLOSURES**\n\nNot Applicable\\.\n\n37"}
{"_id": "Alaska-2017_19.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**RPMs** \\- revenue passenger miles, or \"traffic\"; represents the number of seats that were filled with paying passengers; one passenger traveling one mile is one RPM\n\n**Yield** \\- passenger revenue per RPM; represents the average revenue for flying one passenger one mile\n\n\n\n|                            |\n| -------------------------- |\n| **ITEM 1A\\. RISK FACTORS** |\n\n\n\nIf any of the following occurs, our business, financial condition and results of operations could suffer\\. The trading price of our common stock could also decline\\. We operate in a continually changing business environment\\. In this environment, new risks may emerge, and already identified risks may vary significantly in terms of impact and likelihood of occurrence\\. Management cannot predict such developments, nor can it assess the impact, if any, on our business of such new risk factors or of events described in any forward\\-looking statements\\. \n\nWe have adopted an enterprise\\-wide risk analysis and oversight program designed to identify the various risks faced by the organization, assign responsibility for managing those risks to individual executives as well as align these risks with Board oversight\\. These enterprise\\-wide risks have been aligned to the risk factors discussed below\\.\n\n***SAFETY, COMPLIANCE AND OPERATIONAL EXCELLENCE***\n\n***Our reputation and financial results could be harmed in the event of an airline accident or incident\\.***\n\nAn accident or incident involving one of our aircraft or an aircraft operated by one of our codeshare partners or CPA carriers could involve a significant loss of life and result in a loss of confidence in our Company by the flying public and/or aviation authorities\\. We could experience significant claims from injured passengers, bystanders and surviving relatives as well as costs for the repair or replacement of a damaged aircraft and temporary or permanent loss from service\\. We maintain liability insurance in amounts and of the type generally consistent with industry practice, as do our codeshare partners and CPA carriers\\. However, the amount of such coverage may not be adequate to fully cover all claims, and we may be forced to bear substantial economic losses from such event\\. Substantial claims resulting from an accident in excess of our related insurance coverage would harm our business and financial results\\. Moreover, any aircraft accident or incident, even if it is fully insured and does not involve one of our aircraft, could cause a public perception that our airlines or the aircraft we or our partners fly are less safe or reliable than other transportation alternatives\\. This would harm our business\\.\n\n***Our operations are often affected by factors beyond our control, including delays, cancellations and other conditions, which could harm our business, financial condition and results of operations\\.***\n\nAs is the case for all airlines, our operations often are affected by delays, cancellations and other conditions caused by factors largely beyond our control\\.\n\nFactors that might impact our operations include:\n\n\n\n|   |                                                                                                                                 |\n| - | ------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | congestion and/or space constraints at airports, specifically in our hub locations of Seattle, Los Angeles, and San Francisco;  |\n\n\n\n\n\n|   |                               |\n| - | ----------------------------- |\n| \u2022 | air traffic control problems; |\n\n\n\n\n\n|   |                                                                                |\n| - | ------------------------------------------------------------------------------ |\n| \u2022 | lack of operational approval (e\\.g\\. new routes, aircraft deliveries, etc\\.);  |\n\n\n\n\n\n|   |                             |\n| - | --------------------------- |\n| \u2022 | adverse weather conditions; |\n\n\n\n\n\n|   |                                                      |\n| - | ---------------------------------------------------- |\n| \u2022 | increased security measures or breaches in security; |\n\n\n\n\n\n|   |                                           |\n| - | ----------------------------------------- |\n| \u2022 | contagious illness and fear of contagion; |\n\n\n\n\n\n|   |                                                          |\n| - | -------------------------------------------------------- |\n| \u2022 | changes in international treaties concerning air rights; |\n\n\n\n\n\n|   |                                                                |\n| - | -------------------------------------------------------------- |\n| \u2022 | international or domestic conflicts or terrorist activity; and |\n\n\n\n 20"}
{"_id": "United-2017_38.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n***Off\\-Balance Sheet Arrangements\\.***An off\\-balance sheet arrangement is any transaction, agreement or other contractual arrangement involving an unconsolidated entity under which a company has (1) made guarantees, (2) a retained or a contingent interest in transferred assets, (3) an obligation under derivative instruments classified as equity, or (4) any obligation arising out of a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support, or that engages in leasing, hedging or research and development arrangements\\. The Company\u2019s primary off\\-balance sheet arrangements include operating leases, which are summarized in the contractual obligations table under *Contractual Obligations,* above,and certain municipal bond obligations, as discussed below\\.\n\nAs of December 31, 2017, United had cash collateralized $75 million of letters of credit\\. United also had $362 million of surety bonds securing various obligations at December 31, 2017\\. Most of the letters of credit have evergreen clauses and are expected to be renewed on an annual basis\\. The surety bonds have expiration dates through 2021\\.\n\nAs of December 31, 2017, United is the guarantor of approximately $1\\.8 billion in aggregate principal amount of tax\\-exempt special facilities revenue bonds and interest thereon\\. These bonds, issued by various airport municipalities, are payable solely from rentals paid under long\\-term agreements with the respective governing bodies\\. The leasing arrangements associated with a majority of these obligations are accounted for as operating leases\\. The leasing arrangements associated with a portion of these obligations are accounted for as capital leases\\. The annual lease payments for those obligations are included in the contractual obligations table under *Contractual Obligations,* above\\.\n\nAs of December 31, 2017, United is the guarantor of $157 million of aircraft mortgage debt issued by one of United\u2019s regional carriers\\. The aircraft mortgage debt is subject to increased cost provisions and the Company would potentially be responsible for those costs under the guarantees\\. The increased cost provisions in the $157 million of aircraft mortgage debt are similar to those in certain of the Company\u2019s debt agreements\\. See discussion under *Increased Cost Provisions,*below, for additional information on increased cost provisions related to the Company\u2019s debt\\.\n\n***EETCs\\.*** As of December 31, 2017, United had $8\\.6 billion principal amount of equipment notes outstanding issued under EETC financings\\. Generally, the structure of these EETC financings consists of pass\\-through trusts created by United to issue pass\\-through certificates, which represent fractional undivided interests in the respective pass\\-through trusts and are not obligations of United\\. The proceeds of the issuance of the pass\\-through certificates are used to purchase equipment notes which are issued by United and secured by its aircraft\\. The payment obligations under the equipment notes are those of United\\. Proceeds received from the sale of pass\\-through certificates are initially held by a depositary in escrow for the benefit of the certificate holders until United issues equipment notes to the trust, which purchases such notes with a portion of the escrowed funds\\. These escrowed funds are not guaranteed by United and are not reported as debt on United\u2019s consolidated balance sheet because the proceeds held by the depositary are not United\u2019s assets\\.\n\n***Increased Cost Provisions\\.*** In United\u2019s financing transactions that include loans, United typically agrees to reimburse lenders for any reduced returns with respect to the loans due to any change in capital requirements and, in the case of loans in which the interest rate is based on LIBOR, for certain other increased costs that the lenders incur in carrying these loans as a result of any change in law, subject, in most cases, to obligations of the lenders to take certain limited steps to mitigate the requirement for, or the amount of, such increased costs\\. At December 31, 2017, the Company had $3\\.4 billion of floating rate debt and $60 million of fixed rate debt, with remaining terms of up to 11 years, that are subject to these increased cost provisions\\. In several financing transactions involving loans or leases from non\\-U\\.S\\. entities, with remaining terms of up to 11 years and an aggregate balance of $3\\.3 billion, the Company bears the risk of any change in tax laws that would subject loan or lease payments thereunder to non\\-U\\.S\\. entities to withholding taxes, subject to customary exclusions\\.\n\n***Fuel Consortia\\.***United participates in numerous fuel consortia with other air carriers at major airports to reduce the costs of fuel distribution and storage\\. Interline agreements govern the rights and responsibilities of the consortia members and provide for the allocation of the overall costs to operate the consortia based on usage\\. The\n\n39"}
{"_id": "AmericanAirlines-2018_111.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***Benefit Obligations, Fair Value of Plan Assets and Funded Status***\n\nThe following tables provide a reconciliation of the changes in the pension and retiree medical and other postretirement benefits obligations, fair value of plan assets and a statement of funded status as of December 31, 2018 and 2017:\n\n\n\n|                                           |                      |                      |                                                                   |                                                                   |\n| ----------------------------------------- | -------------------- | -------------------- | ----------------------------------------------------------------- | ----------------------------------------------------------------- |\n|                                           | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** |\n|                                           | **2018**             | **2017**             | **2018**                                                          | **2017**                                                          |\n|                                           | **(In millions)**    | **(In millions)**    | **(In millions)**                                                 | **(In millions)**                                                 |\n| Benefit obligation at beginning of period | $18,275              | $17,238              | $1,011                                                            | $991                                                              |\n| Service cost                              | 3                    | 2                    | 5                                                                 | 4                                                                 |\n| Interest cost                             | 674                  | 721                  | 35                                                                | 39                                                                |\n| Actuarial (gain) loss  ^(1) (2)^          | (1,910)              | 1,016                | (133)                                                             | 49                                                                |\n| Settlements                               | (4)                  | (4)                  | \u2014                                                                 | \u2014                                                                 |\n| Benefit payments                          | (662)                | (726)                | (81)                                                              | (80)                                                              |\n| Other                                     | 2                    | 28                   | \u2014                                                                 | 8                                                                 |\n| Benefit obligation at end of period       | $16,378              | $18,275              | $837                                                              | $1,011                                                            |\n\n\n\n\n\n|                                                  |          |          |        |        |\n| ------------------------------------------------ | -------- | -------- | ------ | ------ |\n| Fair value of plan assets at beginning of period | $11,395  | $10,017  | $295   | $266   |\n| Actual return on plan assets                     | (1,151)  | 1,797    | (24)   | 37     |\n| Employer contributions  ^(3)^                    | 475      | 286      | 35     | 72     |\n| Settlements                                      | (4)      | (4)      | \u2014      | \u2014      |\n| Benefit payments                                 | (662)    | (726)    | (81)   | (80)   |\n| Other                                            | \u2014        | 25       | \u2014      | \u2014      |\n| Fair value of plan assets at end of period       | $10,053  | $11,395  | $225   | $295   |\n| Funded status at end of period                   | $(6,325) | $(6,880) | $(612) | $(716) |\n\n\n\n\n\n|       |                                                                                                                                                                                                                          |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | The  December 31, 2018  and  2017  pension actuarial (gain) loss primarily relates to changes in our weighted average discount rate and mortality assumptions and, in 2018, changes to our retirement rate assumptions\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                 |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | The  December 31, 2018  and  2017  retiree medical and other postretirement benefits actuarial (gain) loss primarily relates to weighted average discount rate assumption changes and, in 2018, changes to our medical trend and per capita claim assumptions\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | During  2018 , we contributed  $475 million  to our defined benefit pension plans, including supplemental contributions of  $433 million  in addition to a  $42 million  minimum required contribution\\. During  2017 , we contributed  $286 million  to our defined benefit pension plans, including supplemental contributions of  $261 million  in addition to a  $25 million  minimum required contribution\\. |\n\n\n\n112"}
{"_id": "AmericanAirlines-2017_110.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nof trust assets less liabilities, divided by the number of units outstanding\\. No changes in valuation techniques or inputs occurred during the year\\.\n\n***Benefit Plan Assets Measured at Fair Value on a Recurring Basis***\n\nThe fair value of our pension plan assets at December 31, 2017 and 2016, by asset category, are as follows (in millions):\n\n\n\n|                                                                                              |                                                                                                                |                                                                              |                                                                                |                                                     |\n| -------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                                                                                              | **Fair Value Measurements as of December 31, 2017**                                                            | **Fair Value Measurements as of December 31, 2017**                          | **Fair Value Measurements as of December 31, 2017**                            | **Fair Value Measurements as of December 31, 2017** |\n| **Asset Category**                                                                           | **Quoted Prices in**<br><br>**Active Markets**<br><br>**for Identical**<br><br>**Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Cash and cash equivalents                                                                    | $28                                                                                                            | $\u2014                                                                           | $\u2014                                                                             | $28                                                 |\n| Equity securities:                                                                           |                                                                                                                |                                                                              |                                                                                |   <br>                                              |\n| International markets  ^(a)^  ^(b)^                                                          | 3,837                                                                                                          | \u2014                                                                            | \u2014                                                                              | 3,837                                               |\n| Large\\-cap companies  ^(b)^                                                                  | 2,451                                                                                                          | \u2014                                                                            | \u2014                                                                              | 2,451                                               |\n| Mid\\-cap companies  ^(b)^                                                                    | 744                                                                                                            | \u2014                                                                            | \u2014                                                                              | 744                                                 |\n| Small\\-cap companies  ^(b)^                                                                  | 125                                                                                                            | \u2014                                                                            | \u2014                                                                              | 125                                                 |\n| Mutual funds  ^(c)^                                                                          | 55                                                                                                             | \u2014                                                                            | \u2014                                                                              | 55                                                  |\n| Fixed income:                                                                                |                                                                                                                |                                                                              |                                                                                |   <br>                                              |\n| Corporate bonds  ^(d)^                                                                       | \u2014                                                                                                              | 2,344                                                                        | \u2014                                                                              | 2,344                                               |\n| Government securities  ^(e)^                                                                 | \u2014                                                                                                              | 238                                                                          | \u2014                                                                              | 238                                                 |\n| U\\.S\\. municipal securities                                                                  | \u2014                                                                                                              | 39                                                                           | \u2014                                                                              | 39                                                  |\n| Alternative instruments:                                                                     |                                                                                                                |                                                                              |                                                                                |   <br>                                              |\n| Private equity partnerships  ^(f)^                                                           | \u2014                                                                                                              | \u2014                                                                            | 14                                                                             | 14                                                  |\n| Private equity partnerships measured at net asset value  ^(f) (h)^                           | \u2014                                                                                                              | \u2014                                                                            | \u2014                                                                              | 879                                                 |\n| Common/collective trusts  ^(g)^                                                              | \u2014                                                                                                              | 315                                                                          | \u2014                                                                              | 315                                                 |\n| Common/collective trusts and 103\\-12 Investment Trust measured at net asset value  ^(g) (h)^ | \u2014                                                                                                              | \u2014                                                                            | \u2014                                                                              | 283                                                 |\n| Insurance group annuity contracts                                                            | \u2014                                                                                                              | \u2014                                                                            | 2                                                                              | 2                                                   |\n| Dividend and interest receivable                                                             | 44                                                                                                             | \u2014                                                                            | \u2014                                                                              | 44                                                  |\n| Due to/from brokers for sale of securities \u2013 net                                             | 3                                                                                                              | \u2014                                                                            | \u2014                                                                              | 3                                                   |\n| Other liabilities \u2013 net                                                                      | (6)                                                                                                            | \u2014                                                                            | \u2014                                                                              | (6)                                                 |\n| Total                                                                                        | $7,281                                                                                                         | $2,936                                                                       | $16                                                                            | $11,395                                             |\n\n\n\n\n\n|      |                                                                                                                                                                                                                  |\n| ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^a)^ | Holdings are diversified as follows:  17%  United Kingdom,  11%  Japan,  9%  France,  6%  Switzerland,  16%  emerging markets and the remaining  41%  with no concentration greater than 5% in any one country\\. |\n\n\n\n\n\n|      |                                                                              |\n| ---- | ---------------------------------------------------------------------------- |\n| ^b)^ | There are no significant concentrations of holdings by company or industry\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                          |\n| ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^c)^ | Investment includes mutual funds invested  39%  in equity securities of large\\-cap, mid\\-cap and small\\-cap U\\.S\\. companies,  34%  in U\\.S\\. treasuries and corporate bonds and  27%  in equity securities of international companies\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                               |\n| ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^d)^ | Includes approximately  76%  investments in corporate debt with a S&P rating lower than A and  24%  investments in corporate debt with a S&P rating A or higher\\. Holdings include  85%  U\\.S\\. companies,  12%  international companies and  3%  emerging market companies\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                   |\n| ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^e)^ | Includes approximately  27%  investments in U\\.S\\. domestic government securities,  43%  in emerging market government securities and  30%  in international government securities\\. There are no significant foreign currency risks within this classification\\. |\n\n\n\n111"}
{"_id": "Delta-2018_14.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nITEM 1A\\. RISK FACTORS \n\nRisk Factors Relating to Delta\n\nOur business and results of operations are dependent on the price of aircraft fuel\\. High fuel costs or cost increases, including in the cost of crude oil, could have a material adverse effect on our operating results\\. \n\nOur operating results are significantly impacted by changes in the price of aircraft fuel\\. Over the last decade, fuel prices have increased substantially at times and have been highly volatile\\. In  2018 , our average fuel price per gallon, including the impact of fuel hedges, was  $2\\.20 , a 31\\.0% increase from our average fuel price in  2017 \\. In  2017 , our average fuel price per gallon was  $1\\.68 , a 12\\.8% increase from our average fuel price in  2016 \\. In  2016 , our average fuel price per gallon was  $1\\.49 , a 21\\.6% decrease from our average fuel price in 2015\\. Fuel costs represented  23\\.0% ,  19\\.2%  and  18\\.3%  of our operating expense in  2018 ,  2017  and  2016 , respectively\\. \n\nOur ability to pass along rapidly increasing fuel costs to our customers may be affected by the competitive nature of the airline industry\\. In addition, because passengers often purchase tickets well in advance of their travel, a significant rapid increase in fuel price may result in the fare charged not covering that increase\\. At times in the past, we often were not able to increase our fares to offset fully the effect of increases in fuel costs, and we may not be able to do so in the future\\. \n\nWe acquire a significant amount of jet fuel from our wholly owned subsidiary, Monroe, and through strategic agreements that Monroe has with third parties\\. The cost of the fuel we purchase under these arrangements remains subject to volatility in the cost of crude oil and jet fuel\\. In addition, we continue to purchase a significant amount of aircraft fuel in addition to what we obtain from Monroe\\. Our aircraft fuel purchase contracts alone do not provide material protection against price increases as these contracts typically establish the price based on industry standard market price indices\\.\n\nSignificant extended disruptions in the supply of aircraft fuel, including from Monroe, could have a material adverse effect on our operations and operating results\\.\n\nWeather\\-related events, natural disasters, political disruptions or wars involving oil\\-producing countries, changes in governmental policy concerning aircraft fuel production, transportation, taxes or marketing, changes in refining capacity, environmental concerns and other unpredictable events may impact crude oil and fuel supply and could result in shortages in the future\\. Shortages in fuel supplies could have negative effects on our results of operations and financial condition\\.\n\nBecause we acquire a large amount of our jet fuel from Monroe, the disruption or interruption of production at the refinery could have an impact on our ability to acquire jet fuel needed for our operations\\. Disruptions or interruptions of production at the refinery could result from various sources including a major accident or mechanical failure, interruption of supply or delivery of crude oil, work stoppages relating to organized labor issues, or damage from severe weather or other natural or man\\-made disasters, including acts of terrorism\\. If the refinery were to experience an interruption in operations, disruptions in fuel supplies could have negative effects on our results of operations and financial condition\\. In addition, the financial benefits from the operation of the refinery could be materially adversely affected (to the extent not recoverable through insurance) because of lost production and repair costs\\.\n\nIf Monroe's cost of producing non\\-jet fuel products exceeds the value it receives for those products, the financial benefits we expect to achieve through the ownership of the refinery and our consolidated results of operations could be materially adversely affected\\.\n\nFuel hedging activities are intended to manage the financial impact of the volatility in the price of jet fuel\\. The effects of rebalancing our hedge portfolio and mark\\-to\\-market adjustments may have a negative effect on our financial results\\.\n\nTo the extent that we may reduce the financial impact of changes in the price of jet fuel through a hedging program, we may utilize different contract and commodity types in the program and test their economic effectiveness against our financial targets\\. Any hedging program may not be successful in providing price protection due to market conditions and the choice of hedging instruments\\. We closely monitor any hedge portfolio and rebalance the portfolio based on market conditions, which may result in locking in gains or losses on hedge contracts prior to their settlement dates\\. In addition, we record mark\\-to\\-market adjustments (\"MTM adjustments\") on our fuel hedges\\. MTM adjustments are based on market prices at the end of the reporting period for contracts settling in future periods\\. Losses from rebalancing or MTM adjustments (or both) may have a negative impact on our financial results\\.\n\n 12"}
{"_id": "AmericanAirlines-2018_71.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\ncertain amounts are recognized in passenger revenue using estimates regarding both the timing of the revenue recognition and the amount of revenue to be recognized\\. These estimates are generally based on the analysis of our historical data\\. We have consistently applied this accounting method to estimate revenue from forfeited tickets at the date of travel\\. Estimated future refunds and exchanges included in the air traffic liability are routinely evaluated based on subsequent activity to validate the accuracy of our estimates\\. Any adjustments resulting from periodic evaluations of the estimated air traffic liability are included in passenger revenue during the period in which the evaluations are completed\\. \n\nVarious taxes and fees assessed on the sale of tickets to end customers are collected by us as an agent and remitted to taxing authorities\\. These taxes and fees have been presented on a net basis in the accompanying consolidated statements of operations and recorded as a liability until remitted to the appropriate taxing authority\\.\n\n***Loyalty Revenue***\n\nWe currently operate the loyalty program, AAdvantage\\. This program awards mileage credits to passengers who fly on American, any **one**world airline or other partner airlines, or by using the services of other program participants, such as the Citi and Barclaycard US co\\-branded credit cards, hotels and car rental companies\\. Mileage credits can be redeemed for travel on American and other participating partner airlines, as well as other non\\-air travel awards such as hotels and rental cars\\. For mileage credits earned by AAdvantage loyalty program members, we apply the deferred revenue method in accordance with the New Revenue Standard\\.\n\n***Mileage credits earned through travel***\n\nFor mileage credits earned through travel, we apply a relative selling price approach whereby the total amount collected from each passenger ticket sale is allocated between the air transportation and the mileage credits earned\\. The portion of each passenger ticket sale attributable to mileage credits earned is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided\\. The estimated selling price of mileage credits is determined using an equivalent ticket value approach, which uses historical data, including award redemption patterns by geographic region and class of service, as well as similar fares as those used to settle award redemptions\\. The estimated selling price of miles is adjusted for an estimate of miles that will not be redeemed based on historical redemption patterns\\. For the year ended December 31, 2018, a hypothetical 10% increase in the estimated selling price of miles would have decreased revenues by approximately $100 million as a result of additional amounts deferred from passenger ticket sales\\. \n\n***Mileage credits sold to co\\-branded credit cards and other partners*** \n\nWe sell mileage credits to participating airline partners and non\\-airline business partners including our co\\-branded credit card partners, under contracts with terms extending generally for one to nine years\\. Consideration received from the sale of mileage credits is variable and payment terms typically are within 30 days subsequent to the month of mileage sale\\. Sales of mileage credits to non\\-airline business partners are comprised of two components, transportation and marketing\\. We allocate the consideration received from these sales of mileage credits based on the relative selling price of each product or service delivered\\.\n\nOur most significant partner agreements are our co\\-branded credit card agreements with Citi and Barclaycard US that we entered into in 2016\\. We identified the following revenue elements in these co\\-branded credit card agreements: the transportation component; and the use of intellectual property, including the American brand and access to loyalty program member lists, which is the predominant element in the agreements, as well as advertising (collectively, the marketing component)\\. Accordingly, we recognize the marketing component in other revenue in the period of the mileage sale following the sales\\-based royalty method\\.\n\nThe transportation component represents the estimated selling price of future travel awards and is determined using the same equivalent ticket value approach described above\\. The portion of each mileage credit sold attributable to transportation is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided\\.\n\nFor the portion of our outstanding mileage credits that we estimate will not be redeemed, we recognize the associated value proportionally as the remaining mileage credits are redeemed\\. Our estimates are based on analysis of historical redemptions\\. For the year ended December 31, 2018, a hypothetical 10% increase in our estimate of miles not expected to be redeemed would have increased revenues by approximately $100 million\\.\n\n*Cargo Revenue*\n\nCargo revenue is recognized when we provide the transportation\\.\n\n72"}
{"_id": "AmericanAirlines-2019_98.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n\n\n|                                                  |                          |                          |                                                                   |                                                                   |\n| ------------------------------------------------ | ------------------------ | ------------------------ | ----------------------------------------------------------------- | ----------------------------------------------------------------- |\n|                                                  | **Pension Benefits**     | **Pension Benefits**     | **Retiree Medical and** <br><br>**Other Postretirement Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** |\n|                                                  | **2019**                 | **2018**                 | **2019**                                                          | **2018**                                                          |\n|                                                  | **(In millions)**        | **(In millions)**        | **(In millions)**                                                 | **(In millions)**                                                 |\n| Fair value of plan assets at beginning of period | $10,053                  | $11,395                  | $225                                                              | $295                                                              |\n| Actual return (loss) on plan assets              | 2,305                    | (1,151<br><br>)          | 41                                                                | (24<br><br>)                                                      |\n| Employer contributions  ^(3)^                    | 1,230                    | 475                      | 12                                                                | 35                                                                |\n| Settlements                                      | (2<br><br>)              | (4<br><br>)              | \u2014                                                                 | \u2014                                                                 |\n| Benefit payments                                 | (689<br><br>)            | (662<br><br>)            | (74<br><br>)                                                      | (81<br><br>)                                                      |\n| Fair value of plan assets at end of period       | $12,897                  | $10,053                  | $204                                                              | $225                                                              |\n| Funded status at end of period                   | $<br><br>(5,461<br><br>) | $<br><br>(6,325<br><br>) | $<br><br>(620<br><br>)                                            | $<br><br>(612<br><br>)                                            |\n\n\n\n\n\n|       |                                                                                                                                                                                                              |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | The  2019  and  2018  pension actuarial (gain) loss primarily relates to changes in our weighted average discount rate and mortality assumption and, in  2018 , changes to our retirement rate assumptions\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                              |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | The  2019  retiree medical and other postretirement benefits actuarial loss primarily relates to changes in our weighted average discount rate assumption and plan experience adjustments\\.  |\n\n\n\nThe  2018  retiree medical and other postretirement benefits actuarial gain primarily relates to changes in our weighted average discount rate, medical trend and per capita claims assumptions\\.\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | During  2019 , we contributed   $1\\.2 billion  to our defined benefit pension plans, including supplemental contributions of   $444 million  and a   $786 million  minimum required contribution\\. During  2018 , we contributed   $475 million  to our defined benefit pension plans, including supplemental contributions of   $433 million  and a   $42 million  minimum required contribution\\. |\n\n\n\nBalance Sheet Position\n\n\n\n|                      |                      |                      |                                                                   |                                                                   |\n| -------------------- | -------------------- | -------------------- | ----------------------------------------------------------------- | ----------------------------------------------------------------- |\n|                      | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** | **Retiree Medical and** <br><br>**Other Postretirement Benefits** |\n|                      | **2019**             | **2018**             | **2019**                                                          | **2018**                                                          |\n|                      | **(In millions)**    | **(In millions)**    | **(In millions)**                                                 | **(In millions)**                                                 |\n| As of December 31,   |                      |                      |                                                                   |                                                                   |\n| Current liability    | $5                   | $7                   | $24                                                               | $23                                                               |\n| Noncurrent liability | 5,456                | 6,318                | 596                                                               | 589                                                               |\n| Total liabilities    | $5,461               | $6,325               | $620                                                              | $612                                                              |\n\n\n\n\n\n|                                                               |        |        |                        |                        |\n| ------------------------------------------------------------- | ------ | ------ | ---------------------- | ---------------------- |\n| Net actuarial loss (gain)                                     | $5,680 | $5,356 | $<br><br>(426<br><br>) | $<br><br>(452<br><br>) |\n| Prior service cost (benefit)                                  | 104    | 131    | (120<br><br>)          | (362<br><br>)          |\n| Total accumulated other comprehensive loss (income), pre\\-tax | $5,784 | $5,487 | $<br><br>(546<br><br>) | $<br><br>(814<br><br>) |\n\n\n\n99"}
{"_id": "Southwest-2018_101.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe following tables present the impact of derivative instruments and their location within the Consolidated Statement of Income for the year ended December 31, 2018 and 2017:\n\n\n\n|                                                                                                               |                                                                                                               |                                                                                                               |                                                                                                               |                                                                                                               |\n| ------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------- |\n| **Location and amount of (gain) loss recognized in income on cash flow and fair value hedging relationships** | **Location and amount of (gain) loss recognized in income on cash flow and fair value hedging relationships** | **Location and amount of (gain) loss recognized in income on cash flow and fair value hedging relationships** | **Location and amount of (gain) loss recognized in income on cash flow and fair value hedging relationships** | **Location and amount of (gain) loss recognized in income on cash flow and fair value hedging relationships** |\n|                                                                                                               | **Year ended December 31, 2018**                                                                              | **Year ended December 31, 2018**                                                                              | **Year ended December 31, 2017**                                                                              | **Year ended December 31, 2017**                                                                              |\n| **(in millions)**                                                                                             | **Fuel and oil**                                                                                              | **Interest expense**                                                                                          | **Fuel and oil**                                                                                              | **Interest expense**                                                                                          |\n| Total                                                                                                         | $(33)                                                                                                         | $37                                                                                                           | $552                                                                                                          | $33                                                                                                           |\n| (Gain) loss on cash flow hedging relationships:                                                               |                                                                                                               |                                                                                                               |                                                                                                               |                                                                                                               |\n|  Commodity contracts:                                                                                         |                                                                                                               |                                                                                                               |                                                                                                               |                                                                                                               |\n|  Amount of (gain) loss reclassified from AOCI into income                                                     | (33)                                                                                                          | \u2014                                                                                                             | 552                                                                                                           | \u2014                                                                                                             |\n|  Interest contracts:                                                                                          |                                                                                                               |                                                                                                               |                                                                                                               |                                                                                                               |\n|  Amount of loss reclassified from AOCI into income                                                            | \u2014                                                                                                             | 6                                                                                                             | \u2014                                                                                                             | 11                                                                                                            |\n| Impact of fair value hedging relationships:                                                                   |                                                                                                               |                                                                                                               |                                                                                                               |                                                                                                               |\n|  Interest contracts:                                                                                          |                                                                                                               |                                                                                                               |                                                                                                               |                                                                                                               |\n|  Hedged items                                                                                                 | \u2014                                                                                                             | 23                                                                                                            | \u2014                                                                                                             | 23                                                                                                            |\n|  Derivatives designated as hedging instruments                                                                | \u2014                                                                                                             | 8                                                                                                             | \u2014                                                                                                             | (1)                                                                                                           |\n\n\n\n\n\n|                                                                             |                                                                             |                                                                             |                                                                             |                                                                             |                                                                              |                                                                              |\n| --------------------------------------------------------------------------- | --------------------------------------------------------------------------- | --------------------------------------------------------------------------- | --------------------------------------------------------------------------- | --------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ---------------------------------------------------------------------------- |\n| **Derivatives designated and qualified in cash flow hedging relationships** | **Derivatives designated and qualified in cash flow hedging relationships** | **Derivatives designated and qualified in cash flow hedging relationships** | **Derivatives designated and qualified in cash flow hedging relationships** | **Derivatives designated and qualified in cash flow hedging relationships** | **Derivatives designated and qualified in cash flow hedging relationships**  | **Derivatives designated and qualified in cash flow hedging relationships**  |\n|                                                                             | **(Gain) loss recognized in AOCI on derivatives**                           | **(Gain) loss recognized in AOCI on derivatives**                           | **(Gain) loss recognized in AOCI on derivatives**                           |                                                                             | **(Gain) loss recognized in income on derivatives (ineffective portion)(a)** | **(Gain) loss recognized in income on derivatives (ineffective portion)(a)** |\n|                                                                             | **Year ended**                                                              | **Year ended**                                                              | **Year ended**                                                              |                                                                             | **Year ended**                                                               | **Year ended**                                                               |\n|                                                                             | **December 31,**                                                            | **December 31,**                                                            | **December 31,**                                                            |                                                                             | **December 31,**                                                             | **December 31,**                                                             |\n| **(in millions)**                                                           | **2018**                                                                    |                                                                             | **2017**                                                                    |                                                                             | **2018**                                                                     | **2017**                                                                     |\n| Fuel derivative contracts                                                   | $1                                                                          | \\*                                                                          | $32                                                                         | \\*                                                                          | $\u2014                                                                           | $31                                                                          |\n| Interest rate derivatives                                                   | (1)                                                                         | \\*                                                                          | \u2014                                                                           | \\*                                                                          | \u2014                                                                            | 1                                                                            |\n| Total                                                                       | $\u2014                                                                          |                                                                             | $32                                                                         |                                                                             | $\u2014                                                                           | $32                                                                          |\n\n\n\n\\*Net of tax\n\n(a) Amounts are included in Other (gains) losses, net\\.\n\n\n\n|                                          |                                          |                                          |                                          |\n| ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | ---------------------------------------- |\n| **Derivatives not designated as hedges** | **Derivatives not designated as hedges** | **Derivatives not designated as hedges** | **Derivatives not designated as hedges** |\n|                                          | **(Gain) loss**                          | **(Gain) loss**                          |                                          |\n|                                          | **recognized in income on**              | **recognized in income on**              |                                          |\n|                                          | **derivatives**                          | **derivatives**                          |                                          |\n|                                          | **Year ended**                           | **Year ended**                           | **Location of (gain) loss**              |\n|                                          | **December 31,**                         | **December 31,**                         | **recognized in income**                 |\n| **(in millions)**                        | **2018**                                 | **2017**                                 | **on derivatives**                       |\n| Fuel derivative contracts                | $\u2014                                       | $75                                      | Other (gains) losses, net                |\n| Interest rate derivatives                | (2)                                      | (4)                                      | Interest Expense                         |\n| Total                                    | $(2)                                     | $71                                      |                                          |\n\n\n\nThe Company also recorded expense associated with premiums paid for fuel derivative contracts that settled/expired during 2018, 2017, and 2016 of $135 million, $136 million, and $154 million, respectively\\. These amounts are \n\n102"}
{"_id": "Delta-2018_88.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nCash Equivalents\\.  These investments primarily consist of high\\-quality, short\\-term obligations that are a part of institutional money market mutual funds that are valued using current market quotations or an appropriate substitute that reflects current market conditions\\. \n\nFixed Income and Fixed Income\\-Related Instruments\\.  These investments include corporate bonds, government bonds, collateralized mortgage obligations and other asset\\-backed securities, and are generally valued at the bid price or the average of the bid and ask price\\. Prices are based on pricing models, quoted prices of securities with similar characteristics, or broker quotes\\. Fixed income\\-related instruments include investments in securities traded on exchanges, including listed futures and options, which are valued at the last reported sale prices on the last business day of the year, or if not available, the last reported bid prices\\. Over\\-the\\-counter securities are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable, generally broker quotes\\.\n\nThe following table summarizes investments measured at fair value based on NAV per share as a practical expedient:\n\n\n\n|                                                                                |                       |                          |                              |                       |                          |                              |\n| ------------------------------------------------------------------------------ | --------------------- | ------------------------ | ---------------------------- | --------------------- | ------------------------ | ---------------------------- |\n|                                                                                | **December 31, 2018** | **December 31, 2018**    | **December 31, 2018**        | **December 31, 2017** | **December 31, 2017**    | **December 31, 2017**        |\n| **(in millions)**                                                              | **Fair Value**        | **Redemption Frequency** | **Redemption Notice Period** | **Fair Value**        | **Redemption Frequency** | **Redemption Notice Period** |\n| Hedge funds and hedge fund\\-related strategies                                 | $5,264                | (4)                      | 2\\-180 Days                  | $4,768                | (4)                      | 2\\-120 Days                  |\n| Commingled funds, private equity and private equity\\-related instruments ^(5)^ | 1,591                 | (4)                      | 2\\-30 Days                   | 1,375                 | (1) (3)                  | 10\\-30 Days                  |\n| Fixed income and fixed income\\-related instruments ^(5)^                       | 769                   | (2)                      | 15\\-90 Days                  | 311                   | (2)                      | 3\\-15 Days                   |\n| Real assets ^(5)^                                                              | 807                   | (3)                      | N/A                          | 924                   | (3)                      | N/A                          |\n| Other                                                                          | 705                   | (1) (2)                  | 2\\-90 Days                   | \u2014                     | (1)                      | 30 Days                      |\n| Total investments measured at NAV                                              | $9,136                |   <br>                   |   <br>                       | $7,378                |   <br>                   |   <br>                       |\n\n\n\n\n\n|       |         |\n| ----- | ------- |\n| ^(1)^ | Monthly |\n\n\n\n\n\n|       |               |\n| ----- | ------------- |\n| ^(2)^ | Semi\\-monthly |\n\n\n\n\n\n|       |                             |\n| ----- | --------------------------- |\n| ^(3)^ | Semi\\-annually and annually |\n\n\n\n\n\n|       |                                                                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Various\\. Includes funds with weekly, monthly, semi\\-monthly, quarterly and custom redemption frequencies as well as funds with a redemption window following the anniversary of the initial investment\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                            |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(5)^ | Unfunded commitments were   $490 million  for commingled funds, private equity and private equity\\-related instruments,   $256 million  for fixed income and fixed income\\-related instruments, and   $227 million  for real assets at December 31, 2018\\. |\n\n\n\nHedge Funds and Hedge Fund\\-Related Strategies\\.  These investments are primarily made through shares of limited partnerships or similar structures for which a liquid secondary market does not exist\\. Investments in these strategies are typically valued monthly by third\\-party administrators or valuation agents with an annual audit performed by an independent third party\\. \n\nCommingled Funds, Private Equity and Private Equity\\-Related Instruments\\.  These investments include commingled funds invested in common stock, as well as private equity and private equity\\-related instruments\\. Commingled funds are valued based on quoted market prices of the underlying assets owned by the fund\\. Private equity and private equity\\-related strategies are typically valued quarterly by the fund managers using valuation models where one or more of the significant inputs into the model cannot be observed and which require the development of assumptions\\. There is an annual audit performed by an independent third party\\.\n\nFixed Income and Fixed Income\\-Related Instruments\\.  These investments include commingled funds invested in debt obligations\\. Commingled funds are valued based on quoted market prices of the underlying assets owned by the fund\\. Private fixed income strategies are typically valued monthly or quarterly by the fund managers or third\\-party valuation agents using valuation models where one or more of significant inputs into the model cannot be observed and which require the development of assumptions\\. There is an annual audit performed by an independent third party\\.\n\nReal Assets\\.  These investments include real estate, energy, timberland, agriculture and infrastructure\\. The valuation of real assets requires significant judgment due to the absence of quoted market prices as well as the inherent lack of liquidity and the long\\-term nature of these assets\\. Real assets are typically valued quarterly by the fund managers using valuation models where one or more of the significant inputs into the model cannot be observed and which require the development of assumptions\\. There is an annual audit performed by an independent third party\\.\n\n 86"}
{"_id": "AmericanAirlines-2018_156.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nAssets measured at fair value on a recurring basis are summarized below (in millions):\n\n\n\n|                                                    |                                                     |                                                     |                                                     |                                                     |\n| -------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |\n|                                                    | **Fair Value Measurements as of December 31, 2018** | **Fair Value Measurements as of December 31, 2018** | **Fair Value Measurements as of December 31, 2018** | **Fair Value Measurements as of December 31, 2018** |\n|                                                    | **Total**                                           | **Level 1**                                         | **Level 2**                                         | **Level 3**                                         |\n| Short\\-term investments  ^(1)^  ^(2)^ :            |                                                     |                                                     |                                                     |                                                     |\n| Money market funds                                 | $14                                                 | $14                                                 | $\u2014                                                  | $\u2014                                                  |\n| Corporate obligations                              | 1,658                                               | \u2014                                                   | 1,658                                               | \u2014                                                   |\n| Bank notes/certificates of deposit/time deposits   | 2,435                                               | \u2014                                                   | 2,435                                               | \u2014                                                   |\n| Repurchase agreements                              | 375                                                 | \u2014                                                   | 375                                                 | \u2014                                                   |\n|                                                    | 4,482                                               | 14                                                  | 4,468                                               | \u2014                                                   |\n| Restricted cash and short\\-term investments  ^(1)^ | 154                                                 | 12                                                  | 142                                                 | \u2014                                                   |\n| Long\\-term investments  ^(3)^                      | 189                                                 | 189                                                 | \u2014                                                   | \u2014                                                   |\n| Total                                              | $4,825                                              | $215                                                | $4,610                                              | $\u2014                                                  |\n\n\n\n\n\n|       |                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Unrealized gains or losses on short\\-term investments are recorded in accumulated other comprehensive loss at each measurement date\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                         |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | All short\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. American\u2019s short\\-term investments mature in one year or less except for  $877 million  of bank notes/certificates of deposit/time deposits and  $101 million  of corporate obligations\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Long\\-term investments primarily include American's equity investment in China Southern Airlines, in which American presently owns a  2\\.2%  equity interest, and are classified in other assets on the consolidated balance sheets\\. |\n\n\n\n\n\n|                                                    |                                                     |                                                     |                                                     |                                                     |\n| -------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |\n|                                                    | **Fair Value Measurements as of December 31, 2017** | **Fair Value Measurements as of December 31, 2017** | **Fair Value Measurements as of December 31, 2017** | **Fair Value Measurements as of December 31, 2017** |\n|                                                    | **Total**                                           | **Level 1**                                         | **Level 2**                                         | **Level 3**                                         |\n| Short\\-term investments  ^(1)^  ^(2)^ :            |                                                     |                                                     |                                                     |                                                     |\n| Money market funds                                 | $186                                                | $186                                                | $\u2014                                                  | $\u2014                                                  |\n| Corporate obligations                              | 1,620                                               | \u2014                                                   | 1,620                                               | \u2014                                                   |\n| Bank notes/certificates of deposit/time deposits   | 2,662                                               | \u2014                                                   | 2,662                                               | \u2014                                                   |\n| Repurchase agreements                              | 300                                                 | \u2014                                                   | 300                                                 | \u2014                                                   |\n|                                                    | 4,768                                               | 186                                                 | 4,582                                               | \u2014                                                   |\n| Restricted cash and short\\-term investments  ^(1)^ | 318                                                 | 108                                                 | 210                                                 | \u2014                                                   |\n| Total                                              | $5,086                                              | $294                                                | $4,792                                              | $\u2014                                                  |\n\n\n\n\n\n|       |                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Unrealized gains or losses on short\\-term investments are recorded in accumulated other comprehensive loss at each measurement date\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                         |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | All short\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. American\u2019s short\\-term investments mature in one year or less except for  $700 million  of bank notes/certificates of deposit/time deposits and  $341 million  of corporate obligations\\. |\n\n\n\n***Fair Value of Debt***\n\nThe fair value of American\u2019s long\\-term debt was estimated using quoted market prices or discounted cash flow analyses, based on American\u2019s current estimated incremental borrowing rates for similar types of borrowing arrangements\\. If American\u2019s long\\-term debt was measured at fair value, it would have been classified as Level 2 in the fair value hierarchy\\.\n\n157"}
{"_id": "United-2018_98.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|          |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| -------- | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  \u202010\\.19 | UAL | [United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Exhibit 10\\.31 to UAL's Form 10\\-K for the year ended December 31, 2010, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312511042335/dex1031.htm)                                                                                                                     |\n|  \u202010\\.20 | UAL | [First Amendment to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (effective with respect to performance periods beginning on or after January 1, 2012) (filed as Exhibit 10\\.33 to UAL's Form 10\\-K for the year ended December 31, 2011, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312512073010/d260625dex1033.htm) |\n|  \u202010\\.21 | UAL | [Second Amendment to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Exhibit 10\\.29 to UAL's Form 10\\-K for the year ended December 31, 2012, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513074391/d436512dex1029.htm)                                                                                      |\n|  \u202010\\.22 | UAL | [Third Amendment to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended March 31, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex101.htm)                                                                                         |\n|  \u202010\\.23 | UAL | [Fourth Amendment to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Exhibit 10\\.22 to UAL's Form 10\\-K for the year ended December 31, 2015, Commission file number 1\\-6033 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516468479/d13806dex1022.htm)                                                                                        |\n|  \u202010\\.24 | UAL | [Form of Performance\\-Based Restricted Stock Unit Award Notice pursuant to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (ROIC awards) (filed as Exhibit 10\\.23 to UAL's Form 10\\-K for the year ended December 31, 2015, Commission file number 1\\-6033 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516468479/d13806dex1023.htm)                                                                                                                  |\n|  \u202010\\.25 | UAL | [Form of Performance\\-Based Restricted Stock Unit Award Notice pursuant to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (Relative Pre\\-tax Margin awards) (for performance periods beginning on or after January 1, 2015) (filed as Exhibit 10\\.2 to UAL's Form 10\\-Q for the quarter ended March 31, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex102.htm)                              |\n|  \u202010\\.26 | UAL | [United Continental Holdings, Inc\\. Incentive Plan 2010, as amended and restated February 17, 2011 (previously named the Continental Airlines, Inc\\. Incentive Plan 2010) (filed as Annex B to UAL's Definitive Proxy Statement filed April 26, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000104746913004972/a2214585zdef14a.htm#le45701_annex_b)                                                                                                             |\n|  \u202010\\.27 | UAL | [First Amendment to the United Continental Holdings, Inc\\. Incentive Plan 2010, as amended and restated February 17, 2011 (filed as Annex B to UAL's 2013 Definitive Proxy Statement filed on April 26, 2013, Commission file number 1\\-6033, incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000104746913004972/a2214585zdef14a.htm#le45701_annex_b)                                                                                                                                                         |\n|  \u202010\\.28 | UAL | [United Air Lines, Inc\\. Management Cash Direct & Cash Match Program (amended and restated effective January 1, 2016)](https://www.example.com/ual_12311810kex1028.htm)                                                                                                                                                                                                                                                                                                                                                                        |\n|  \u202010\\.29 | UAL | [United Continental Holdings, Inc\\. Executive Severance Plan (effective October 1, 2014) (filed as Exhibit 10\\.1 to UAL's Form 8\\-K filed June 20, 2014, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312514243977/d743918dex101.htm)                                                                                                                                                                                                                            |\n|  \u202010\\.30 | UAL | [United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan (filed as Exhibit 10\\.1 to UAL's Form 8\\-K filed on May 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517187534/d378920dex101.htm)                                                                                                                                                                                                                                              |\n|  \u202010\\.31 | UAL | [Form of Restricted Stock Unit Award Notice pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan (filed as Exhibit 10\\.6 to UAL's Form 10\\-Q for the quarter ended June 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex106.htm)                                                                                                                                                                    |\n|  \u202010\\.32 | UAL | [Form of Stock Option Award Notice pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan (filed as Exhibit 10\\.7 to UAL's Form 10\\-Q for the quarter ended June 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex107.htm)                                                                                                                                                                             |\n|  \u202010\\.33 | UAL | [United Continental Holdings, Inc\\. Performance\\-Based RSU Program (adopted pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan) (filed as Exhibit 10\\.8 to UAL's Form 10\\-Q for the quarter ended June 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex108.htm)                                                                                                                                   |\n\n\n\n99"}
{"_id": "Delta-2019_71.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nEquity Method Investments\n\nWe account for the investments listed below under the equity method of accounting\\. \n\n\n\n|                        |                        |                        |                    |                    |                    |                    |  |  |  |                   |                   |                |                |                |  |  |  |\n|:---------------------- |:---------------------- |:---------------------- | ------------------:| ------------------:| ------------------:| ------------------:|:- |:- |:- | -----------------:| -----------------:|:--------------:|:--------------:|:--------------:|:- |:- |:- |\n|                        |                        |                        | Ownership Interest | Ownership Interest | Ownership Interest | Ownership Interest |  |  |  |                   |    Carrying Value | Carrying Value | Carrying Value | Carrying Value |  |  |  |\n| (in millions)          | (in millions)          | (in millions)          |  December 31, 2019 |  December 31, 2019 |  December 31, 2018 |  December 31, 2018 |  |  |  | December 31, 2019 | December 31, 2018 |\n| Grupo Aerom\u00e9xico ^(1)^ | Grupo Aerom\u00e9xico ^(1)^ | Grupo Aerom\u00e9xico ^(1)^ |               51 % |               51 % |               51 % |               51 % |  |  |  |             $ 833 |             $ 897 |\n| Virgin Atlantic ^(2)^  | Virgin Atlantic ^(2)^  | Virgin Atlantic ^(2)^  |               49 % |               49 % |               49 % |               49 % |  |  |  |               375 |               383 |\n| AirCo                  | AirCo                  | AirCo                  |               49 % |               49 % |               49 % |               49 % |  |  |  |               142 |               109 |\n\n\n\n^(1)^ Grupo Aerom\u00e9xico's corporate bylaws (as authorized by the Mexican Foreign Investment Commission) limit our voting interest to a maximum of 49%\\. Therefore, we account for our investment under the equity method\\. Due to Aerom\u00e9xico's share repurchase program, our equity stake in Grupo Aerom\u00e9xico has increased to a non\\-controlling 51% interest\\. \n\n^(2)^ We have a non\\-controlling equity stake in Virgin Atlantic Limited, the parent company of Virgin Atlantic Airways, and similar non\\-controlling interests in certain affiliated Virgin Atlantic companies\\.\n\nOur portion of Grupo Aerom\u00e9xico's and Virgin Atlantic's financial results are recorded in miscellaneous, net in our income statement under non\\-operating expense, and our share of AirCo's financial results is recorded in contracted services in our income statement as this entity is integral to the operations of our business\\. We also have an investment in JFK IAT Member LLC which is accounted for under the equity method and is discussed further in Note 9, \"Airport Redevelopment\\.\" \n\nOur equity method investments are recorded in other noncurrent assets on our balance sheet\\. If an equity method investment experiences a loss in fair value that is determined to be other than temporary, we will reduce our basis in the investment to fair value and record the loss in gain/(loss) on investments\\.\n\nIn September 2019, we announced our plan to enter into a strategic alliance with LATAM Airlines Group S\\.A (\"LATAM\") as well as acquire up to a 20% interest through a tender offer\\. In January 2020, we acquired 20% of the shares of LATAM for $1\\.9 billion, or $16 per share\\.\n\nIn addition, to support the establishment of the strategic alliance, we will invest $350 million, $200 million of which was disbursed in 2019\\. As part of our planned strategic alliance with LATAM, we have also agreed to acquire four A350 aircraft from LATAM and plan to assume ten of LATAM's A350 purchase commitments from Airbus, with deliveries through 2025\\.\n\nIn January 2020, we combined Delta Private Jets, our wholly owned subsidiary which provides private jet operations, with Wheels Up\\. Upon closing, we received a 27% equity stake in Wheels Up, which will be accounted for under the equity method beginning in the March 2020 quarter\\.\n\nNOTE 5\\. DERIVATIVES AND RISK MANAGEMENT\n\nChanges in fuel prices, interest rates and foreign currency exchange rates impact our results of operations\\. In an effort to manage our exposure to these risks, we may enter into derivative contracts and adjust our derivative portfolio as market conditions change\\. We recognize derivative contracts at fair value on our balance sheets\\. \n\nFuel Price Risk\n\nOur derivative contracts to hedge the financial risk from changing fuel prices are primarily related to Monroe\u2019s inventory\\. During the years ended December 31, 2019, 2018 and 2017, fuel hedges did not have a significant impact in our income statement\\.\n\nInterest Rate Risk\n\nOur exposure to market risk from adverse changes in interest rates is primarily associated with our debt obligations\\. Market risk associated with our fixed and variable rate debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates\\. \n\n69"}
{"_id": "United-2019_99.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|          |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| -------- | --------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  ^10\\.54 | UAL  <br>United | [Supplemental Agreement No\\. 9, including exhibits and side letters, to Purchase Agreement No\\. 03776, dated June 15, 2017, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.4 to UAL's Form 10\\-Q for the quarter ended June 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex104.htm)                       |\n|  ^10\\.55 | UAL  <br>United | [Supplemental Agreement No\\. 10, including exhibits and side letters, to Purchase Agreement No\\. 03776, dated as of May 15, 2018, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.2 to UAL's Form 10\\-Q for the quarter ended June 30, 2018, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000010051718000012/ual_06301810qex102.htm)            |\n|  ^10\\.56 | UAL  <br>United | [Supplemental Agreement No\\. 11, including exhibits and side letters, to Purchase Agreement No\\. 03776, dated as of September 25, 2018, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended September 30, 2018, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000010051718000028/ual_09301810qex101.htm) |\n|  ^10\\.57 | UAL  <br>United | [Supplemental Agreement No\\. 12, including exhibits and side letters, to Purchase Agreement No\\. 03776, dated as of December 12, 2018, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.152 to UAL's Form 10\\-K for the year ended December 31, 2018, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000010051719000009/ual_12311810kex10152.htm)  |\n|  ^10\\.58 | UAL  <br>United | [Letter Agreement No\\. 6\\-1162\\-KKT\\-080, dated July 12, 2012, among Boeing, United Continental Holdings, Inc\\., United Air Lines, Inc\\., and Continental Airlines, Inc\\. (filed as Exhibit 10\\.4 to UAL's Form 10\\-Q for the quarter ended September 30, 2012, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex104.htm)                          |\n|  ^10\\.59 | UAL  <br>United | [Purchase Agreement No\\. 3860, dated September 27, 2012, between Boeing and United Air Lines, Inc\\. (filed as Exhibit 10\\.6 to UAL's Form 10\\-Q for the quarter ended September 30, 2012, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312512435658/d408868dex106.htm)                                                                                                |\n|  ^10\\.60 | UAL  <br>United | [Supplemental Agreement No\\. 1 to Purchase Agreement No\\. 3860, dated June 17, 2013 (filed as Exhibit 10\\.6 to UAL's Form 10\\-Q for the quarter ended June 30, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex106.htm)                                                                                                                     |\n|  ^10\\.61 | UAL  <br>United | [Supplemental Agreement No\\. 2 to Purchase Agreement No\\. 3860, dated December 16, 2013 (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended June 30, 2014, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312514278970/d732259dex101.htm)                                                                                                                 |\n|  ^10\\.62 | UAL  <br>United | [Supplemental Agreement No\\. 3 to Purchase Agreement No\\. 3860, dated as of July 22, 2014 (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended September 30, 2014, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312514380216/d787177dex103.htm)                                                                                                          |\n|  ^10\\.63 | UAL  <br>United | [Supplemental Agreement No\\. 4 to Purchase Agreement No\\. 3860, dated as of January 14, 2015 (filed as Exhibit 10\\.6 to UAL's Form 10\\-Q for the quarter ended March 31, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex106.htm)                                                                                                           |\n|  ^10\\.64 | UAL  <br>United | [Supplemental Agreement No\\. 5 to Purchase Agreement No\\. 3860, dated as of April 30, 2015 (filed as Exhibit 10\\.8 to UAL's Form 10\\-Q for the quarter ended June 30, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex108.htm)                                                                                                              |\n|  ^10\\.65 | UAL  <br>United | [Supplemental Agreement No\\. 6 to Purchase Agreement No\\. 3860, dated as of December 31, 2015 (filed as Exhibit 10\\.178 to UAL's Form 10\\-K for the year ended December 31, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516468479/d13806dex10178.htm)                                                                                                       |\n|  ^10\\.66 | UAL  <br>United | [Supplemental Agreement No\\. 7 to Purchase Agreement No\\. 3860, dated March 7, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended March 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex105.htm)                                                             |\n|  ^10\\.67 | UAL  <br>United | [Letter Agreement to Purchase Agreement No\\. 3860, dated May 5, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended June 30, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516651221/d188420dex105.htm)                                                                             |\n|  ^10\\.68 | UAL  <br>United | [Supplemental Agreement No\\. 8, including exhibits and side letters, to Purchase Agreement No\\. 3860, Dated June 15, 2017, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended June 30, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex105.htm)                        |\n|  ^10\\.69 | UAL  <br>United | [Letter Agreement No\\. UAL\\-LA\\-1604287 to Purchase Agreement Nos\\. 3776, 3784 and 3860, dated December 27, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.194 to UAL's Form 10\\-K for the year ended December 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex10194.htm)                            |\n\n\n\n100"}
{"_id": "Delta-2017_75.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nFuture Maturities\n\nThe following table summarizes scheduled maturities of our debt for the years succeeding  December 31, 2017 :\n\n\n\n|                             |                |                                                                          |        |\n| --------------------------- | -------------- | ------------------------------------------------------------------------ | ------ |\n|   <br><br>**(in millions)** | **Total Debt** | **Amortization of**<br><br>**Debt Discount and Debt Issuance Cost, net** |        |\n| 2018                        | $2,183         | $<br><br>(42<br><br>)                                                    |        |\n| 2019                        | 1,359          | (30<br><br>)                                                             |        |\n| 2020                        | 1,983          | (8<br><br>)                                                              |        |\n| 2021                        | 345            | (6<br><br>)                                                              |        |\n| 2022                        | 2,009          | (7<br><br>)                                                              |        |\n| Thereafter                  | 660            | (6<br><br>)                                                              |        |\n| Total                       | $8,539         | $<br><br>(99<br><br>)                                                    | $8,440 |\n\n\n\nFair Value of Debt\n\nMarket risk associated with our fixed\\- and variable\\-rate long\\-term debt relates to the potential reduction in fair value and negative impact to future earnings, respectively, from an increase in interest rates\\. The fair value of debt, shown below, is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral\\. Long\\-term debt is primarily classified as Level 2 within the fair value hierarchy\\.\n\n\n\n|                                                  |                  |                  |\n| ------------------------------------------------ | ---------------- | ---------------- |\n|                                                  | **December 31,** | **December 31,** |\n| **(in millions)**                                | **2017**         | **2016**         |\n| Total debt at par value                          | $8,539           | $7,112           |\n| Unamortized discount and debt issuance cost, net | (99<br><br>)     | (104<br><br>)    |\n| Net carrying amount                              | $8,440           | $7,008           |\n| Fair value                                       | $8,700           | $7,300           |\n\n\n\nNOTE 7 \\. LEASE OBLIGATIONS\n\nWe lease aircraft, airport terminals, maintenance facilities, ticket offices and other property and equipment from third parties\\. Rental expense for operating leases, which is recorded on a straight\\-line basis over the life of the lease term, totaled   $1\\.3 billion  for the years ended  December 31, 2017  and 2016 and   $1\\.2 billion  for the year ended December 31, 2015\\. Amounts due under capital leases are recorded as liabilities, while assets acquired under capital leases are recorded as property and equipment\\. Amortization of assets recorded under capital leases is included in depreciation and amortization expense\\. Our airport terminal leases include contingent rents, which vary based upon facility usage, enplanements, aircraft weight and other factors\\. Many of our aircraft, facility and equipment leases include rental escalation clauses and/or renewal options\\. Our leases do not include residual value guarantees and we are not the primary beneficiary in or have other forms of variable interest with the lessor of the leased assets\\. As a result, we have not consolidated any of the entities that lease to us\\.\n\n 71"}
{"_id": "Southwest-2019_22.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nservice providers\\. If a third party vendor or service provider is unable to fulfill its commitments to the Company, the Company may be unable to replace that third party vendor or service provider in a short period of time, or at competitive terms, which could have a material adverse effect on the Company's results of operations\\. \n\nAs discussed above under \"Business \\- Insurance,\" the Company carries insurance of types customary in the airline industry\\. Although the Company has been able to purchase aviation, property, liability, and professional insurance via the commercial insurance marketplace, available commercial insurance could be more expensive in the future and/or have material differences in coverage than insurance that has historically been provided and may not be adequate to protect against the Company's risk of loss from future events, including acts of terrorism\\. Further, available cyber\\-security insurance with regards to data protection and business interruption could be more expensive in the future and/or have material differences in coverage than insurance that has historically been provided and may not be adequate to protect the Company's risk of loss\\. With respect to any insurance claims, policy coverages and claims are subject to acceptance by the many insurers involved and may require arbitration and/or mediation to effectively settle the claims over prolonged periods of time\\. In addition, an accident or other incident involving Southwest aircraft could result in costs in excess of its related insurance coverage, which costs could be substantial\\. Any aircraft accident or other incident, even if fully insured, could also have a material adverse effect on the public's perception of the Company, which could harm its reputation and business\\.\n\nThe Company cannot guarantee it will be able to maintain or improve upon its current level of low\\-cost advantage over many of its airline competitors\\. ULCCs, which have increased capacity in the Company's markets, have surpassed the Company's cost advantage\\. When competitors grow their fleets and expand their networks, they are potentially able to better control costs per available seat mile\\. In addition, like Southwest, some competitors have added a significant number of new and different aircraft to their fleets, which could potentially decrease their operating costs through better fuel efficiencies and lower maintenance costs\\. Further, some of the Company's competitors have launched multi\\-year cost savings efforts to meet specific financial and growth targets\\. Common efforts include fleet transformation to gain fuel efficiencies, fleet simplification, and increasing the number of seats per trip through seat retrofits and the use of larger aircraft\\. \n\nAs discussed below under \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" the Company experienced significant unit cost pressure in 2019 following the MAX groundings\\.  Historically, except for changes in the price of fuel, changes in operating expenses for airlines have been largely driven by changes in capacity\\. However, the Company's operating expenses are largely fixed once flight schedules are published; and the Company experienced lower than expected capacity during 2019 due to the MAX groundings\\.  Throughout the duration of the MAX groundings, the Company has made schedule adjustments and canceled flights based on guidance from Boeing estimating the timing of MAX return to service\\. Further changes to guidance relating to the expected duration of the MAX groundings could require the Company to make additional schedule adjustments and drive additional unit cost pressure and negatively affect fuel efficiency\\. The Company offers no assurances that current estimations and timelines related to the MAX groundings are correct\\. \n\nThe Company is increasingly dependent on technology to operate its business and continues to implement substantial changes to its information systems; any failure, disruption, breach, or delay in implementation of the Company's information systems could materially adversely affect its operations\\.\n\nThe Company is increasingly dependent on the use of complex technology and systems to run its ongoing operations and support its strategic objectives\\. These technologies and systems include, among others, the Company's website and reservation system, flight dispatch and tracking systems, flight simulators, check\\-in kiosks, maintenance record keeping management systems, telecommunications systems, flight planning and scheduling systems, crew scheduling systems, and financial planning, management, and accounting systems\\. The performance, reliability, and security of the Company's technology infrastructure and supporting systems are critical to the Company's operations and initiatives\\. \n\nImplementation and integration of complex systems and technology present significant challenges in terms of costs, human resources, and development of effective internal controls\\. Implementation and integration require a balancing between the introduction of new capabilities and the managing of existing systems, and present the risk of operational or security inadequacy or interruption, which could materially affect the Company's ability to effectively operate its business and/or could negatively impact the Company's results of operations\\. \n\n23"}
{"_id": "AmericanAirlines-2017_158.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nThe fair value of American\u2019s retiree medical and other postretirement benefits plans assets at December 31, 2017 by asset category, were as follows (in millions):\n\n\n\n|                          |                                                                                                     |                                                                              |                                                                                |                                                     |\n| ------------------------ | --------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                          | **Fair Value Measurements as of December 31, 2017**                                                 | **Fair Value Measurements as of December 31, 2017**                          | **Fair Value Measurements as of December 31, 2017**                            | **Fair Value Measurements as of December 31, 2017** |\n| **Asset Category**       | **Quoted Prices in**<br><br>**Active Markets for**<br><br>**Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Money market fund        | $5                                                                                                  | $\u2014                                                                           | $\u2014                                                                             | $5                                                  |\n| Mutual funds \u2013 AAL Class | \u2014                                                                                                   | 290                                                                          | \u2014                                                                              | 290                                                 |\n| Total                    | $5                                                                                                  | $290                                                                         | $\u2014                                                                             | $295                                                |\n\n\n\nThe fair value of American\u2019s retiree medical and other postretirement benefits plans assets at December 31, 2016 by asset category, were as follows (in millions):\n\n\n\n|                                    |                                                                                                     |                                                                              |                                                                                |                                                     |\n| ---------------------------------- | --------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                                    | **Fair Value Measurements as of December 31, 2016**                                                 | **Fair Value Measurements as of December 31, 2016**                          | **Fair Value Measurements as of December 31, 2016**                            | **Fair Value Measurements as of December 31, 2016** |\n| **Asset Category**                 | **Quoted Prices in**<br><br>**Active Markets for**<br><br>**Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Money market fund                  | $5                                                                                                  | $\u2014                                                                           | $\u2014                                                                             | $5                                                  |\n| Mutual funds \u2013 Institutional Class | 261                                                                                                 | \u2014                                                                            | \u2014                                                                              | 261                                                 |\n| Total                              | $266                                                                                                | $\u2014                                                                           | $\u2014                                                                             | $266                                                |\n\n\n\nInvestments in the retiree medical and other postretirement benefits plans\u2019 mutual funds are valued by quoted prices on the active market, which is fair value and represents the net asset value of the shares of such funds as of the close of business at the end of the period\\. At December 31, 2017, these funds were invested in an AAL Class mutual fund, in which trading is restricted only to American, resulting in a fair value classification of Level 2\\. At December 31, 2016, these investments were part of an Institutional Class of mutual funds and were actively traded on the open market resulting in a fair value classification of Level 1\\. Investments include approximately 30% and 27% of investments in non\\-U\\.S\\. common stocks in 2017 and 2016, respectively\\. Net asset value is based on the fair market value of the funds\u2019 underlying assets and liabilities at the date of determination\\.\n\n***Profit Sharing Program***\n\nAmerican accrues 5% of its pre\\-tax income excluding special items for its profit sharing program\\. For the year ended December 31, 2017, American accrued $241 million for this program, which will be distributed to employees in the first quarter of 2018\\.\n\n159"}
{"_id": "United-2018_43.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**UNITED CONTINENTAL HOLDINGS, INC\\.**\n\n**CONSOLIDATED BALANCE SHEETS**\n\n**(In millions, except shares)**\n\n\n\n|                                                                                             |                     |                     |\n| ------------------------------------------------------------------------------------------- | ------------------- | ------------------- |\n|                                                                                             | **At December 31,** | **At December 31,** |\n| **ASSETS**                                                                                  | **2018**            | **2017 (a)**        |\n| Current assets:                                                                             |                     |                     |\n| Cash and cash equivalents                                                                   | $1,694              | $1,482              |\n| Short\\-term investments                                                                     | 2,256               | 2,316               |\n| Receivables, less allowance for doubtful accounts (2018\u2014$8; 2017\u2014$7)                        | 1,346               | 1,340               |\n| Aircraft fuel, spare parts and supplies, less obsolescence allowance (2018\u2014$412; 2017\u2014$354) | 985                 | 924                 |\n| Prepaid expenses and other                                                                  | 913                 | 1,071               |\n| Total current assets                                                                        | 7,194               | 7,133               |\n| Operating property and equipment:                                                           |                     |                     |\n| Owned\u2014                                                                                      |                     |                     |\n| Flight equipment                                                                            | 31,607              | 28,692              |\n| Other property and equipment                                                                | 7,919               | 6,946               |\n| Total owned property and equipment                                                          | 39,526              | 35,638              |\n| Less\u2014Accumulated depreciation and amortization                                              | (12,760)            | (11,159)            |\n| Total owned property and equipment, net                                                     | 26,766              | 24,479              |\n| Purchase deposits for flight equipment                                                      | 1,177               | 1,344               |\n| Capital leases\u2014                                                                             |                     |                     |\n| Flight equipment                                                                            | 1,029               | 1,151               |\n| Other property and equipment                                                                | 11                  | 11                  |\n| Total capital leases                                                                        | 1,040               | 1,162               |\n| Less\u2014Accumulated amortization                                                               | (654)               | (777)               |\n| Total capital leases, net                                                                   | 386                 | 385                 |\n| Total operating property and equipment, net                                                 | 28,329              | 26,208              |\n| Other assets:                                                                               |                     |                     |\n| Goodwill                                                                                    | 4,523               | 4,523               |\n| Intangibles, less accumulated amortization (2018\u2014$1,380; 2017\u2014$1,313)                       | 3,159               | 3,539               |\n| Restricted cash                                                                             | 105                 | 91                  |\n| Notes receivable, net                                                                       | 516                 | 46                  |\n| Investments in affiliates and other, net                                                    | 966                 | 806                 |\n| Total other assets                                                                          | 9,269               | 9,005               |\n| Total assets                                                                                | $44,792             | $42,346             |\n\n\n\n(continued on next page)\n\n44"}
{"_id": "AmericanAirlines-2018_141.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nAmerican attributes passenger revenue by geographic region based upon the origin and destination of each flight segment\\.\n\n**Passenger Revenue**\n\nAmerican recognizes all revenues generated from transportation on American and its regional flights operated under the brand name American Eagle, including associated baggage fees, ticketing change fees and other inflight services, as passenger revenue when transportation is provided\\. Ticket and other related sales for transportation that has not yet been provided are initially deferred and recorded as air traffic liability on American\u2019s consolidated balance sheets\\. The air traffic liability principally represents tickets sold for future travel on American and partner airlines, as well as estimated future refunds and exchanges of tickets sold for past travel\\. \n\nThe majority of tickets sold are nonrefundable\\. A small percentage of tickets, some of which are partially used tickets, expire unused\\. Due to complex pricing structures, refund and exchange policies, and interline agreements with other airlines, certain amounts are recognized in passenger revenue using estimates regarding both the timing of the revenue recognition and the amount of revenue to be recognized\\. These estimates are generally based on the analysis of American\u2019s historical data\\. American has consistently applied this accounting method to estimate revenue from forfeited tickets at the date of travel\\. Estimated future refunds and exchanges included in the air traffic liability are routinely evaluated based on subsequent activity to validate the accuracy of American\u2019s estimates\\. Any adjustments resulting from periodic evaluations of the estimated air traffic liability are included in passenger revenue during the period in which the evaluations are completed\\. \n\nVarious taxes and fees assessed on the sale of tickets to end customers are collected by American as an agent and remitted to taxing authorities\\. These taxes and fees have been presented on a net basis in the accompanying consolidated statements of operations and recorded as a liability until remitted to the appropriate taxing authority\\.\n\n**Loyalty Revenue**\n\nAmerican currently operates the loyalty program, AAdvantage\\. This program awards mileage credits to passengers who fly on American, any **one**world airline or other partner airlines, or by using the services of other program participants, such as the Citi and Barclaycard US co\\-branded credit cards, hotels and car rental companies\\. Mileage credits can be redeemed for travel on American and other participating partner airlines, as well as other non\\-air travel awards such as hotels and rental cars\\. For mileage credits earned by AAdvantage loyalty program members, American applies the deferred revenue method in accordance with the New Revenue Standard\\.\n\n*Mileage credits earned through travel*\n\nFor mileage credits earned through travel, American applies a relative selling price approach whereby the total amount collected from each passenger ticket sale is allocated between the air transportation and the mileage credits earned\\. The portion of each passenger ticket sale attributable to mileage credits earned is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided\\. The estimated selling price of mileage credits is determined using an equivalent ticket value approach, which uses historical data, including award redemption patterns by geographic region and class of service, as well as similar fares as those used to settle award redemptions\\. The estimated selling price of miles is adjusted for an estimate of miles that will not be redeemed based on historical redemption patterns\\. \n\n*Mileage credits sold to co\\-branded credit cards and other partners* \n\nAmerican sells mileage credits to participating airline partners and non\\-airline business partners including American\u2019s co\\-branded credit card partners, under contracts with terms extending generally for one to nine years\\. Consideration received from the sale of mileage credits is variable and payment terms typically are within 30 days subsequent to the month of mileage sale\\. Sales of mileage credits to non\\-airline business partners are comprised of two components, transportation and marketing\\. American allocates the consideration received from these sales of mileage credits based on the relative selling price of each product or service delivered\\.\n\nAmerican\u2019s most significant partner agreements are its co\\-branded credit card agreements with Citi and Barclaycard US that American entered into in 2016\\. American identified the following revenue elements in these co\\-branded credit card agreements: the transportation component; and the use of intellectual property, including the American brand and access to loyalty program member lists, which is the predominant element in the agreements, as well as advertising (collectively, the marketing component)\\. Accordingly, American recognizes the marketing component in other revenue in the period of the mileage sale following the sales\\-based royalty method\\.\n\n142"}
{"_id": "Southwest-2018_102.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nrecognized through changes in fair value within AOCI for designated hedges, and are ultimately recorded as a component of Fuel and oil in the Consolidated Statement of Income during the period the contracts settle\\.\n\nThe fair values of the derivative instruments, depending on the type of instrument, were determined by the use of present value methods or option value models with assumptions about commodity prices based on those observed in underlying markets or provided by third parties\\. Included in the Company\u2019s cumulative net unrealized losses from fuel hedges as of December 31, 2018, recorded in AOCI, were approximately $36 million in unrealized losses, net of taxes, which are expected to be realized in earnings during the twelve months subsequent to December 31, 2018\\. \n\n***Interest Rate Swaps***\n\nThe Company is party to certain interest rate swap agreements that are accounted for as either fair value hedges or cash flow hedges, as defined in the applicable accounting guidance for derivative instruments and hedging\\. The New Hedging Standard also addresses targeted improvements to special hedge accounting for interest rate hedges\\. Though the Company did not make any changes to the accounting for its current interest rate hedges as of the January 2018 adoption date, the New Hedging Standard provides the Company with more opportunities to achieve special hedge accounting for potential interest rate hedges in the future\\. Several of the Company's interest rate swap agreements qualify for the \"shortcut\" method of accounting for hedges, which dictates that the hedges are assumed to be perfectly effective, and, thus, there is no ineffectiveness to be recorded in earnings\\. For the Company\u2019s interest rate swap agreements that do not qualify for the \"shortcut\" method of accounting, ineffectiveness is required to be measured at each reporting period\\. The ineffectiveness associated with all of the Company\u2019s interest rate swap agreements for all periods presented was not material\\. \n\nThe fair values of the interest rate swap agreements, which are adjusted regularly, have been aggregated by counterparty for classification in the Consolidated Balance Sheet\\. Agreements totaling a net liability of $14 million are fair value hedges, cash flow hedges, and interest rate derivatives not utilizing hedge accounting, and are classified as components of Accrued liabilities and Other noncurrent liabilities\\. The corresponding adjustment related to the net liability associated with the Company\u2019s cash flow hedges is to AOCI, fair value hedges is to the carrying value of the long\\-term debt, and interest rate derivatives not utilizing hedge accounting is to Interest expense\\. See Note 12\\.\n\nThe Company has fixed\\-to\\-floating interest rate swap agreements in place associated with its $500 million2\\.65 percent Notes due 2020 and its $300 million2\\.75 percent Notes due 2019 that are accounted for as fair value hedges\\. As a result of the fixed\\-to\\-floating interest rate swap agreements in place, the average floating rate recognized during 2018 was approximately 3\\.58 percent on the $500 million Notes, and approximately 3\\.40 percent on the $300 million Notes, based on actual and forward rates as of December 31, 2018\\.\n\nThe Company has floating\\-to\\-fixed interest rate swap agreements associated with its $600 million floating\\-rate term loan agreement due 2020 and its $332 million term loan agreement due 2019 that are accounted for as cash flow hedges\\. These interest rate hedges have fixed the interest rate on the $600 million floating\\-rate term loan agreement at 5\\.223 percent until maturity, and for the $332 million term loan agreement at 6\\.315 percent until maturity\\.\n\nThere are also a number of interest rate swap agreements, which convert a portion of AirTran Holdings' floating\\-rate debt to a fixed\\-rate basis for the remaining life of the debt, thus reducing the impact of interest rate changes on future interest expense and cash flows\\. Under these agreements, which expire between 2019 and 2020, AirTran Holdings pays fixed rates between 4\\.35 percent and 5\\.91 percent and receives either three\\-month or six\\-month LIBOR on the notional values\\. The notional amount of outstanding debt related to interest rate swaps as of December 31, 2018, was $57 million\\. The mark\\-to\\-market impact associated with these hedges for all periods presented was not material\\.\n\n***Credit Risk and Collateral***\n\nCredit exposure related to fuel derivative instruments is represented by the fair value of contracts that are an asset to the Company at the reporting date\\. At such times, these outstanding instruments expose the Company to credit loss in \n\n103"}
{"_id": "Southwest-2018_46.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nbargaining agreements reached with multiple unionized workgroups\\. Operating expenses per ASM for 2017, excluding Fuel and oil expense and special items (a non\\-GAAP financial measure), increased 4\\.3 percent year\\-over\\-year, primarily due to wage rate increases\\. See Note Regarding Use of Non\\-GAAP Financial Measures and the Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures for additional detail regarding non\\-GAAP financial measures\\. \n\nSalaries, wages, and benefits expense for 2017 increased by $519 million, or 7\\.6 percent, compared with 2016\\. Salaries, wages, and benefits expense per ASM for 2017 increased 3\\.7 percent, compared with 2016\\. On both a dollar and per ASM basis, the majority of the increases were the result of higher salaries and resulting Company contributions to the Company sponsored 401(k) plans, primarily driven by wage rate increases\\. In addition, the Company announced a $1,000 per Employee bonus as a result of the 2017 tax reform, which comprised approximately $70 million of the increase in Salaries, wages, and benefits expense\\. Salaries, wages, and benefits expense in 2016 included $356 million of accrued ratification bonuses, associated with collective\\-bargaining agreements reached with multiple unionized workgroups\\. \n\nFuel and oil expense for 2017 increased by $275 million, or 7\\.2 percent, compared with 2016\\. On a per ASM basis, Fuel and oil expense for 2017 increased 3\\.5 percent, compared with 2016\\. On both a dollar and per ASM basis, the increases were attributable to higher market jet fuel prices, partially offset by a decrease in net hedging losses recognized compared to 2016\\. See Note Regarding Use of Non\\-GAAP Financial Measures and the Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures for additional detail regarding non\\-GAAP financial measures\\. The Company's average economic jet fuel price per gallon increased 3\\.0 percent, year\\-over\\-year, to $2\\.06 during 2017 from $2\\.00 during 2016\\. These figures include premium expense associated with the Company's fuel hedges, which on a per gallon basis equated to approximately $0\\.07 and $0\\.08 for 2017 and 2016, respectively\\. The Company also improved its fuel efficiency during 2017, compared with 2016, when measured on the basis of ASMs generated per gallon of fuel\\. Fuel gallons consumed increased 2\\.5 percent, compared with 2016, while year\\-over\\-year capacity increased 3\\.6 percent\\. As a result of the Company's fuel hedging program, the Company recognized net losses totaling $416 million in Fuel and oil expense for 2017, compared with net losses totaling $820 million for 2016\\. These totals include cash settlements realized from the settlement of fuel derivative contracts associated with the Company's economic fuel hedge totaling $572 million paid to counterparties for 2017, compared with $1\\.0 billion paid to counterparties for 2016\\. These cash settlement totals exclude gains and/or losses recognized from hedge ineffectiveness for both years and from derivatives that did not qualify for hedge accounting for both periods\\. Those items are recorded as a component of Other (gains) losses, net\\.\n\nMaintenance materials and repairs expense for 2017 decreased by $44 million, or 4\\.2 percent, compared with 2016\\. On a per ASM basis, Maintenance materials and repairs expense for 2017 decreased 7\\.1 percent, compared with 2016\\. On both a dollar and per ASM basis, the majority of the decreases were attributable to a decrease in airframe maintenance expenses primarily as a result of the retirement of the Company's Classic fleet, partially offset by increases in Boeing 737\\-700 engine maintenance due to increased utilization of that fleet to replace a portion of the retired Classic aircraft\\. \n\nLanding fees and airport rentals expense for 2017 increased by $81 million, or 6\\.7 percent, compared with 2016\\. On a per ASM basis, Landing fees and airport rentals expense for 2017 increased 2\\.4 percent, compared with 2016\\. On a dollar basis, approximately 50 percent of the increase was due to an increase in Landing fees as a result of the 2\\.8 percent increase in Trips flown and a change in fleet mix to larger capacity aircraft\\. Approximately 25 percent of the increase on a dollar basis was an increase in space rentals related to rate escalations and capital projects at many airports across the Company's network\\. The remaining increase was due to growth in international markets which gives rise to additional fees\\. The increase per ASM was primarily due to rate escalations at many airports across the Company's network\\. \n\nDepreciation and amortization expense for 2017 decreased by $3 million, or 0\\.2 percent, compared with 2016\\. On a per ASM basis, Depreciation and amortization expense decreased 3\\.7 percent, compared with 2016\\. On both a dollar and per ASM basis, the majority of the decreases were associated with a net decrease in depreciation expense related to the Company's flight equipment, as the decrease from the retirement of the Company's Classic fleet exceeded the additional depreciation from the addition of new 737 MAX 8 aircraft, new 737\\-800 aircraft, and pre\\-owned 737\\-700 aircraft on capital leases\\. These decreases were partially offset by the deployment of new technology assets\\. \n\n47"}
{"_id": "AmericanAirlines-2017_1.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2610 | No | \u2612 |\n| American Airlines, Inc\\.      | Yes | \u2610 | No | \u2612 |\n\n\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2612 | No | \u2610 |\n| American Airlines, Inc\\.      | Yes | \u2612 | No | \u2610 |\n\n\n\nIndicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S\\-T (\u00a7232\\.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2612 | No | \u2610 |\n| American Airlines, Inc\\.      | Yes | \u2612 | No | \u2610 |\n\n\n\nIndicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K (\u00a7 229\\.405) is not contained herein, and will not be contained, to the best of registrant\u2019s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K\\.\n\n\n\n|                               |   |\n| ----------------------------- | - |\n| American Airlines Group Inc\\. | \u2612 |\n| American Airlines, Inc\\.      | \u2612 |\n\n\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, a smaller reporting company, or emerging growth company\\. See definitions of \u201clarge accelerated filer,\u201d \u201caccelerated filer,\u201d \u201csmaller reporting company,\u201d and \u201cemerging growth company\u201d in Rule 12b\\-2 of the Exchange Act\\.\n\n\n\n|                               |                           |                     |                          |                             |                           |\n| ----------------------------- | ------------------------- | ------------------- | ------------------------ | --------------------------- | ------------------------- |\n| American Airlines Group Inc\\. | \u2612 Large Accelerated Filer | \u2610 Accelerated Filer | \u2610 Non\\-accelerated Filer | \u2610 Smaller Reporting Company | \u2610 Emerging Growth Company |\n| American Airlines, Inc\\.      | \u2610 Large Accelerated Filer | \u2610 Accelerated Filer | \u2612 Non\\-accelerated Filer | \u2610 Smaller Reporting Company | \u2610 Emerging Growth Company |\n\n\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.\n\n\n\n|                               |   |\n| ----------------------------- | - |\n| American Airlines Group Inc\\. | \u2610 |\n| American Airlines, Inc\\.      | \u2610 |\n\n\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Act)\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2610 | No | \u2612 |\n| American Airlines, Inc\\.      | Yes | \u2610 | No | \u2612 |\n\n\n\nIndicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court\\.\n\n\n\n|                               |     |   |    |   |\n| ----------------------------- | --- | - | -- | - |\n| American Airlines Group Inc\\. | Yes | \u2612 | No | \u2610 |\n| American Airlines, Inc\\.      | Yes | \u2612 | No | \u2610 |\n\n\n\nAs of February 16, 2018, there were 473,138,683 shares of American Airlines Group Inc\\. common stock outstanding\\. The aggregate market value of the voting stock held by non\\-affiliates of the registrant as of June 30, 2017, was approximately $24 billion\\.\n\nAs of February 16, 2018, there were 1,000 shares of American Airlines, Inc\\. common stock outstanding, all of which were held by American Airlines Group Inc\\.\n\n**OMISSION OF CERTAIN INFORMATION**\n\nAmerican Airlines Group Inc\\. and American Airlines, Inc\\. meet the conditions set forth in General Instruction I(1)(a) and (b) of Form 10\\-K and have therefore omitted the information otherwise called for by Items 10\\-13 of Form 10\\-K as allowed under General Instruction I(2)(c)\\.\n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\nPortions of the proxy statement related to American Airlines Group Inc\\.\u2019s 2018 Annual Meeting of Stockholders, which proxy statement will be filed under the Securities Exchange Act of 1934 within 120 days of the end of American Airlines Group Inc\\.\u2019s fiscal year ended December 31, 2017, are incorporated by reference into Part III of this Annual Report on Form 10\\-K\\."}
{"_id": "AmericanAirlines-2019_124.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nThe following table provides information relating to American\u2019s amortizable intangible assets as of  December 31, 2019  and  2018  (in millions):\n\n\n\n|                               |                  |                  |\n| ----------------------------- | ---------------- | ---------------- |\n|                               | **December 31,** | **December 31,** |\n|                               | **2019**         | **2018**         |\n| Domestic airport slots        | $365             | $365             |\n| Customer relationships        | 300              | 300              |\n| Marketing agreements          | 105              | 105              |\n| Tradenames                    | 35               | 35               |\n| Airport gate leasehold rights | 137              | 137              |\n| Accumulated amortization      | (704<br><br>)    | (663<br><br>)    |\n| Total                         | $238             | $279             |\n\n\n\nCertain domestic airport slots and airport gate leasehold rights are amortized on a straight\\-line basis over   25 years \\. The customer relationships and marketing agreements were identified as intangible assets subject to amortization and are amortized on a straight\\-line basis over approximately   nine years  and   30 years , respectively\\. Tradenames are fully amortized\\.\n\nAmerican recorded amortization expense related to these intangible assets of   $41 million  for both years ended  December 31, 2019  and  2018  and   $44 million  for  2017 \\. American expects to record annual amortization expense for these intangible assets as follows (in millions):\n\n\n\n|                     |      |\n| ------------------- | ---- |\n| 2020                | $41  |\n| 2021                | 41   |\n| 2022                | 41   |\n| 2023                | 7    |\n| 2024                | 7    |\n| 2025 and thereafter | 101  |\n| Total               | $238 |\n\n\n\nIndefinite\\-Lived Intangible Assets\n\nIndefinite\\-lived intangible assets include certain domestic airport slots and international slots and route authorities\\. Indefinite\\-lived intangible assets are not amortized but instead are assessed for impairment annually on October 1 or more frequently if events or circumstances indicate that the asset may be impaired\\. As of  December 31, 2019  and  2018 , American had   $1\\.8 billion  and   $1\\.9 billion , respectively, of indefinite\\-lived intangible assets on its consolidated balance sheets\\.\n\nIndefinite\\-lived intangible assets are assessed for impairment by initially performing a qualitative assessment to determine whether American believes it is more likely than not that an asset has been impaired\\. If American believes impairment has occurred, American then evaluates for impairment by comparing the estimated fair value of assets to the carrying value\\. An impairment charge is recognized if the asset\u2019s estimated fair value is less than its carrying value\\. Based upon American\u2019s annual assessment, there were   no  material indefinite\\-lived intangible asset impairments in  2019 \\.\n\n125"}
{"_id": "Alaska-2019_21.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nto our competitors\\. In recent years, the airline industry has experienced an increase in litigation over the application of state and local employment laws, particularly in California\\.  Application of these laws may result in operational disruption, increased litigation risk, and impact on negotiated labor agreements\\.\n\nAlmost all commercial service airports are owned and/or operated by units of local or state governments\\. Airlines are largely dependent on these governmental entities to provide adequate airport facilities and capacity at an affordable cost\\. Many airports have increased their rates and charges to air carriers to reflect higher costs of security, updates to infrastructure and other\\. Additional laws, regulations, taxes, airport rates and airport charges may be occasionally proposed that could significantly increase the cost of airline operations or reduce the demand for air travel\\. Although lawmakers may impose these additional fees and view them as \u201cpass\\-through\u201d costs, we believe that a higher total ticket price will influence consumer purchase and travel decisions and may result in an overall decline in passenger traffic, which would harm our business\\. Additionally, changes in laws and regulations at the local level may be difficult to track and maintain compliance\\. Any instances of non\\-compliance could result in additional fines and fees\\. \n\nThe airline industry continues to face potential security concerns and related costs\\.\n\nTerrorist attacks, the fear of such attacks or other hostilities involving the U\\.S\\. could have a significant negative effect on the airline industry, including us, and could:\n\n\u2022 significantly reduce passenger traffic and yields as a result of a dramatic drop in demand for air travel;\n\n\u2022 significantly increase security and insurance costs;\n\n\u2022 make war risk or other insurance unavailable or extremely expensive;\n\n\u2022 increase fuel costs and the volatility of fuel prices;\n\n\u2022 increase costs from airport shutdowns, flight cancellations and delays resulting from security breaches and perceived safety threats; and\n\n\u2022 result in a grounding of commercial air traffic by the FAA\\.\n\nThe occurrence of any of these events would harm our business, financial condition and results of operations\\.\n\nWe rely on third\\-party vendors for certain critical activities, which could expose us to disruptions in our operation or unexpected cost increases\\.\n\nWe rely on outside vendors for a variety of services and functions critical to our business, including airframe and engine maintenance, regional flying, ground handling, fueling, computer reservation system hosting, telecommunication systems, information technology infrastructure and services, and deicing, among others\\. \n\nEven though we strive to formalize agreements with these vendors that define expected service levels, our use of outside vendors increases our exposure to several risks\\. In the event that one or more vendors go into bankruptcy, ceases operation or fails to perform as promised, replacement services may not be readily available at competitive rates, or at all\\. If one of our vendors fails to perform adequately, we may experience increased costs, delays, maintenance issues, safety issues or negative public perception of our airline\\. Vendor bankruptcies, unionization, regulatory compliance issues or significant changes in the competitive marketplace among suppliers could adversely affect vendor services or force us to renegotiate existing agreements on less favorable terms\\. These events could result in disruptions in our operations or increases in our cost structure\\.\n\nOperation of a multi\\-aircraft type fleet may present standardization and training challenges\\. \n\nWe strive for operational efficiency, which has historically been aided by our operation of a single aircraft type fleet at each operating company\\.  With our acquisition of Virgin America, we added additional aircraft types to our mainline fleet\\.  Certain procedures and training remain to be completed in order to ensure standardized operations for our crews and technicians as well as a seamless experience for our guests\\.  Any failure to complete these procedures and training may create adverse impacts on guests, employees, and our ability to run an operationally efficient airline\\.\n\n21"}
{"_id": "United-2017_90.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nAt December 31, 2017, United\u2019s scheduled future minimum lease payments under operating leases having initial or remaining noncancelable lease terms of more than one year, aircraft leases, including aircraft rent under CPAs and capital leases (substantially all of which are for aircraft) were as follows (in millions):\n\n\n\n|                                             |                        |                                              |                                    |\n|:------------------------------------------- | ----------------------:| --------------------------------------------:| ----------------------------------:|\n|                                             | **Capital Leases (a)** | **Facility and Other  <br>Operating Leases** | **Aircraft Operating  <br>Leases** |\n|  2018                                       |                  $200  |                                      $1,234  |                            $1,038  |\n|  2019                                       |                   133  |                                       1,075  |                               855  |\n|  2020                                       |                   113  |                                       1,169  |                               628  |\n|  2021                                       |                   110  |                                         935  |                               510  |\n|  2022                                       |                   105  |                                         797  |                               388  |\n|  After 2022                                 |                 1,156  |                                       6,109  |                             1,513  |\n|  Minimum lease payments                     |                $1,817  |                                     $11,319  |                            $4,932  |\n| Imputed interest                            |                  (693) |                                              |                                    |\n| Present value of minimum lease payments     |                 1,124  |                                              |                                    |\n| Current portion                             |                  (128) |                                              |                                    |\n| Long\\-term obligations under capital leases |                  $996  |                                              |                                    |\n\n\n\n(a) Includes airport construction projects managed by United in which United has construction risk, including project cost overruns\\. The Company recorded an asset for project costs and a related liability equal to project costs funded by parties other than United\\. As of December 31, 2017, United had an asset balance of $814 million recorded in operating property and equipment and $777 million recorded in current and long\\-term obligations under capital leases for these airport construction projects\\.\n\nAs of December 31, 2017, United\u2019s aircraft capital lease minimum payments relate to leases of 31 mainline and 43 regional aircraft as well as to leases of nonaircraft assets\\. Imputed interest rate ranges are 3\\.5% to 20\\.8%\\.\n\nAircraft operating leases have initial terms of five to 26 years, with expiration dates ranging from 2018 through 2029\\. Under the terms of most leases, United has the right to purchase the aircraft at the end of the lease term, in some cases, at fair market value, and in others, at fair market value or a percentage of cost\\.\n\nDuring 2015, the Company reached an agreement with AerCap Holdings N\\.V\\., a major aircraft leasing company, to lease used Airbus S\\.A\\.S (\u201cAirbus\u201d) A319s\\. Eleven aircraft have been delivered since the inception of this agreement, and seven more aircraft are expected to be delivered between 2019 and 2020\\. In addition, United has options for seven more A319 aircraft, subject to certain conditions\\.\n\nUnited is the lessee of real property under long\\-term operating leases at a number of airports where we are also the guarantor of approximately $1\\.4 billion of underlying debt and interest thereon as of December 31, 2017\\. These leases are typically with municipalities or other governmental entities, which are excluded from the consolidation requirements concerning a variable interest entity (\u201cVIE\u201d)\\. To the extent United\u2019s leases and related guarantees are with a separate legal entity other than a governmental entity, United is not the primary beneficiary because the lease terms are consistent with market terms at the inception of the lease and the lease does not include a residual value guarantee, fixed\\-price purchase option, or similar feature\\. United has facility operating leases that extend to 2054\\.\n\nUnited\u2019s nonaircraft rent expense was approximately $1\\.3 billion, $1\\.2 billion and $1\\.3 billion for the years ended December 31, 2017, 2016 and 2015, respectively\\.\n\nIn addition to nonaircraft rent and aircraft rent, which is separately presented in the consolidated statements of operations, United had aircraft rent related to regional aircraft operating leases, which is included as part of Regional capacity purchase expense in United\u2019s consolidated statement of operations, of $458 million, $439 million and $461 million for the years ended December 31, 2017, 2016 and 2015, respectively\\.\n\nIn connection with UAL Corporation\u2019s and United Air Lines, Inc\\.\u2019s (predecessors to UAL and United) fresh\\-start reporting requirements upon their exit from Chapter 11 bankruptcy protection in 2006 and the Company\u2019s\n\n91"}
{"_id": "Delta-2017_12.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nRoute Authority\n\nOur flight operations are authorized by certificates of public convenience and necessity and also by exemptions and limited\\-entry frequency awards issued by the DOT\\. The requisite approvals of other governments for international operations are controlled by bilateral agreements (and a multilateral agreement in the case of the U\\.S\\. and the European Union) with, or permits or approvals issued by, foreign countries\\. Because international air transportation is governed by bilateral or other agreements between the U\\.S\\. and the foreign country or countries involved, changes in U\\.S\\. or foreign government aviation policies could result in the alteration or termination of such agreements, diminish the value of our international route authorities or otherwise affect our international operations\\. Bilateral agreements between the U\\.S\\. and various foreign countries served by us are subject to renegotiation from time to time\\. The U\\.S\\. government has negotiated \"Open Skies\" agreements with many countries, which allow unrestricted access between the U\\.S\\. and the foreign markets\\. These agreements include separate agreements with the European Union and Japan\\.\n\nCertain of our international route authorities are subject to periodic renewal requirements\\. We request extension of these authorities when and as appropriate\\. While the DOT usually renews temporary authorities on routes where the authorized carrier is providing a reasonable level of service, there is no assurance this practice will continue in general or with respect to a specific renewal\\. Dormant route authorities may not be renewed in some cases, especially where another U\\.S\\. carrier indicates a willingness to provide service\\.\n\nAirport Access\n\nOperations at three major domestic airports and certain foreign airports served by us are regulated by governmental entities through allocations of \"slots\" or similar regulatory mechanisms which limit the rights of carriers to conduct operations at those airports\\. Each slot represents the authorization to land at or take off from the particular airport during a specified time period\\.\n\nIn the U\\.S\\., the FAA currently regulates the allocation of slots, slot exemptions, operating authorizations, or similar capacity allocation mechanisms at Reagan National in Washington, D\\.C\\. and LaGuardia and JFK in the New York City area\\. Our operations at these airports generally require the allocation of slots or analogous regulatory authorizations\\. Similarly, our operations at Tokyo's Narita and Haneda airports, London's Heathrow airport and other international airports are regulated by local slot coordinators pursuant to the International Air Transport Association's Worldwide Scheduling Guidelines and applicable local law\\. We currently have sufficient slots or analogous authorizations to operate our existing flights, and we have generally been able to obtain the rights to expand our operations and to change our schedules\\. There is no assurance, however, that we will be able to do so in the future because, among other reasons, such allocations are subject to changes in governmental policies\\.\n\nEnvironmental Matters\n\nOur operations are subject to a number of international, federal, state and local laws and regulations governing protection of the environment, including regulation of greenhouse gases and other air emissions, noise reduction, water discharges, aircraft drinking water, storage and use of petroleum and other regulated substances, and the management and disposal of hazardous waste, substances and materials\\. \n\nEmissions \\. Greenhouse gas emissions by the aviation industry and their impact on climate change have become a particular focus in the international community and within the U\\.S\\. For several years, the European Union has required its member states to implement regulations to include aviation in its Emissions Trading Scheme (\"ETS\")\\. Under these regulations, any airline with flights originating or landing in the European Union is subject to the ETS and, beginning in 2012, was required to purchase emissions allowances if the airline exceeds the number of free allowances allocated to it under the ETS\\. The ETS was amended to apply only to flights within the European Economic Area from 2013 through 2016\\. In 2017, the EU extended the exemption for foreign flights through 2023 given the International Civil Aviation Organization\u2019s (\"ICAO\") adoption of a global market\\-based program\\. \n\n 8"}
{"_id": "Southwest-2019_72.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nOperating revenues, approximately   $21\\.8 billion , approximately   $21\\.4 billion , and approximately   $20\\.7 billion  in  2019 ,  2018 , and  2017 , respectively, were attributable to domestic operations\\.\n\nLoyalty Program\n\nThe Company records a liability for the relative fair value of providing free travel under its loyalty program for all points earned from flight activity or sold to companies participating in the Company\u2019s Rapid Rewards loyalty program as business partners that are expected to be redeemed for future travel\\. The loyalty liability represents performance obligations that will be satisfied when a Rapid Rewards loyalty member redeems points for travel or other goods and services\\. Points earned from flight activity are valued at their relative standalone selling price by applying fair value based on historical redemption patterns\\. Points earned from business partner activity, which primarily consist of points sold, along with related marketing services, to companies participating in the Rapid Rewards loyalty program, are valued using a relative fair value methodology based on the contractual rate which partners pay to Southwest to award Rapid Rewards points to the business partner\u2019s customers\\. For points that are expected to remain unused, the Company recognizes spoilage in proportion to the pattern of points used by the Customer, which approximates the average period over which the population of Rapid Reward Members redeem their points\\. The Company records passenger revenue related to air transportation when the transportation is delivered\\. The marketing elements are recognized as Other \\- net revenue when earned\\. The Company\u2019s liability for loyalty benefits includes a portion that is expected to be redeemed during the following twelve months (classified as a component of Air traffic liability), and a portion that is not expected to be redeemed during the following twelve months (classified as Air traffic liability \\- noncurrent)\\. The Company continually updates this analysis and adjusts the split between current and non\\-current liabilities as appropriate\\. See Note  5  for further information\\. \n\nAdvertising\n\nAdvertising costs are charged to expense as incurred\\. Advertising and promotions expense for the years ended  December 31, 2019 ,  2018 , and  2017  was   $212 million ,   $215 million , and   $224 million , respectively, and is included as a component of Other operating expense in the accompanying Consolidated Statement of Income\\.\n\nShare\\-based Employee Compensation\n\nThe Company has share\\-based compensation plans covering certain Employees, including a plan that also covers the Company\u2019s Board of Directors\\. The Company accounts for share\\-based compensation based on its grant date fair value\\. See  Note 9  for further information\\.\n\nFinancial Derivative Instruments\n\nThe Company accounts for financial derivative instruments at fair value and applies hedge accounting rules where appropriate\\. The Company utilizes various derivative instruments, including jet fuel, crude oil, unleaded gasoline, and heating oil\\-based derivatives, to attempt to reduce the risk of its exposure to jet fuel price increases\\. These instruments are accounted for as cash flow hedges upon proper qualification\\. The Company also has interest rate swap agreements to convert a portion of its fixed\\-rate debt to floating rates and has swap agreements that convert certain floating\\-rate debt to a fixed\\-rate\\. The Company has forward\\-starting interest rate swap agreements, the primary objective of which is to hedge forecasted debt issuances and aircraft leases\\. The majority of these interest rate hedges are appropriately designated as either fair value hedges or as cash flow hedges\\.\n\nSince the majority of the Company\u2019s financial derivative instruments are not traded on a market exchange, the Company estimates their fair values\\. Depending on the type of instrument, the values are determined by the use of present value methods or option value models with assumptions about commodity prices based on those observed in underlying markets\\. \n\n73"}
{"_id": "AmericanAirlines-2018_161.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***Benefit Plan Assets Measured at Fair Value on a Recurring Basis***\n\nThe fair value of American\u2019s pension plan assets at December 31, 2018 and 2017, by asset category, are as follows (in millions):\n\n\n\n|                                                                                              |                                                                                                       |                                                                              |                                                                                |                                                     |\n| -------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                                                                                              | **Fair Value Measurements as of December 31, 2018**                                                   | **Fair Value Measurements as of December 31, 2018**                          | **Fair Value Measurements as of December 31, 2018**                            | **Fair Value Measurements as of December 31, 2018** |\n| **Asset Category**                                                                           | **Quoted Prices in** <br><br>**Active Markets** <br><br>**for Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Cash and cash equivalents                                                                    | $23                                                                                                   | $\u2014                                                                           | $\u2014                                                                             | $23                                                 |\n| Equity securities:                                                                           |                                                                                                       |                                                                              |                                                                                |                                                     |\n| International markets  ^(a) (b)^                                                             | 3,181                                                                                                 | \u2014                                                                            | \u2014                                                                              | 3,181                                               |\n| Large\\-cap companies  ^(b)^                                                                  | 2,021                                                                                                 | \u2014                                                                            | \u2014                                                                              | 2,021                                               |\n| Mid\\-cap companies  ^(b)^                                                                    | 583                                                                                                   | \u2014                                                                            | \u2014                                                                              | 583                                                 |\n| Small\\-cap companies  ^(b)^                                                                  | 122                                                                                                   | \u2014                                                                            | \u2014                                                                              | 122                                                 |\n| Fixed income:                                                                                |                                                                                                       |                                                                              |                                                                                |                                                     |\n| Corporate debt  ^(c)^                                                                        | \u2014                                                                                                     | 2,116                                                                        | \u2014                                                                              | 2,116                                               |\n| Government securities  ^(d)^                                                                 | \u2014                                                                                                     | 228                                                                          | \u2014                                                                              | 228                                                 |\n| U\\.S\\. municipal securities                                                                  | \u2014                                                                                                     | 40                                                                           | \u2014                                                                              | 40                                                  |\n| Alternative instruments:                                                                     |                                                                                                       |                                                                              |                                                                                |                                                     |\n| Private market partnerships  ^(e)^                                                           | \u2014                                                                                                     | \u2014                                                                            | 7                                                                              | 7                                                   |\n| Private market partnerships measured at net asset value  ^(e) (g)^                           | \u2014                                                                                                     | \u2014                                                                            | \u2014                                                                              | 1,188                                               |\n| Common/collective trusts  ^(f)^                                                              | \u2014                                                                                                     | 218                                                                          | \u2014                                                                              | 218                                                 |\n| Common/collective trusts and 103\\-12 Investment Trust measured at net asset value  ^(f) (g)^ | \u2014                                                                                                     | \u2014                                                                            | \u2014                                                                              | 227                                                 |\n| Insurance group annuity contracts                                                            | \u2014                                                                                                     | \u2014                                                                            | 2                                                                              | 2                                                   |\n| Dividend and interest receivable                                                             | 47                                                                                                    | \u2014                                                                            | \u2014                                                                              | 47                                                  |\n| Due to/from brokers for sale of securities \u2013 net                                             | 5                                                                                                     | \u2014                                                                            | \u2014                                                                              | 5                                                   |\n| Other liabilities \u2013 net                                                                      | (7)                                                                                                   | \u2014                                                                            | \u2014                                                                              | (7)                                                 |\n| Total                                                                                        | $5,975                                                                                                | $2,602                                                                       | $9                                                                             | $10,001                                             |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(a)^ | Holdings are diversified as follows:  17%  United Kingdom,  10%  Japan,  8%  France,  7%  Switzerland,  6%  Ireland,  17%  emerging markets and the remaining  35%  with no concentration greater than 5% in any one country\\. |\n\n\n\n\n\n|       |                                                                              |\n| ----- | ---------------------------------------------------------------------------- |\n| ^(b)^ | There are no significant concentrations of holdings by company or industry\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(c)^ | Includes approximately  77%  investments in corporate debt with a S&P rating lower than A and  23%  investments in corporate debt with a S&P rating A or higher\\. Holdings include  85%  U\\.S\\. companies,  12%  international companies and  3%  emerging market companies\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                   |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(d)^ | Includes approximately  32%  investments in U\\.S\\. domestic government securities,  37%  in emerging market government securities and  31%  in international government securities\\. There are no significant foreign currency risks within this classification\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(e)^ | Includes limited partnerships that invest primarily in U\\.S\\. ( 94% ) and European ( 6% ) buyout opportunities of a range of privately held companies\\. The pension plan\u2019s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated\\. It is estimated that the underlying assets of these funds will be gradually liquidated over the next  one  to  ten years \\. Additionally, the pension plan\u2019s master trust has future funding commitments of approximately  $1\\.0 billion  over the next  ten years \\.  |\n\n\n\n162"}
{"_id": "Alaska-2017_56.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nbenefit obligation and the interest and service cost\\. Changes in these assumptions can result in different expense and liability amounts, and future actual experience can differ from these assumptions\\.\n\nPension liability and future pension expense decrease as the discount rate used for the obligation increases\\. We discounted future pension obligations using rates between 3\\.69% and 3\\.78% at December 31, 2017 and between 4\\.29% and 4\\.50% at December 31, 2016\\. The discount rates were determined using current rates earned on high\\-quality, long\\-term bonds with maturities that correspond with the estimated cash distributions from each one of the defined\\-benefit pension plans\\. The discount rates we use are based on a yield curve that uses a pool of higher\\-yielding bonds estimated to be more in line with settlement rates, as we have taken steps to ultimately terminate or settle plans that are frozen and move toward freezing benefits in active plans in the future\\. If the discount rate decreased by 0\\.5%, our projected benefit obligation at December 31, 2017 would increase by approximately $163 million\\. \n\nPension expense normally increases as the expected rate of return on pension plan assets decreases\\. As of December 31, 2017, we estimate that the pension plan assets will generate long\\-term rates of return between 4\\.25% and 5\\.50%, which compares to 5\\.5% and 6\\.00% at December 31, 2016\\. We regularly review the actual asset allocation and periodically rebalance investments as appropriate\\. This expected long\\-term rate of return on plan assets at December 31, 2017 is based on an allocation of U\\.S\\. and non\\-U\\.S\\. equities, U\\.S\\. fixed\\-income securities, and real estate\\. A decrease in the expected long\\-term rate of return of 0\\.5% would increase our estimated 2018 pension expense by approximately $10 million\\.\n\nAll of our defined\\-benefit pension plans are now closed to new entrants\\. Additionally, benefits in our non\\-union defined\\-benefit plans were frozen January 1, 2014\\. \n\nFuture changes in plan asset returns, assumed discount rates and various other factors related to the participants in our pension plans will impact our future pension expense and liabilities\\. We cannot predict what these factors will be in the future\\.\n\nSee further discussion below for the impact to the accounting of pension plans due to the new retirement benefits accounting standard\\. \n\n**BUSINESS COMBINATION ACCOUNTING, GOODWILL AND INTANGIBLES**\n\nTo record the value of assets acquired and liabilities assumed as a result of our acquisition of Virgin America on December 14, 2016, we have performed a purchase price allocation utilizing the best information available to management\\. The purchase price allocation is final as of December 14, 2017\\. The fair values of the assets acquired and liabilities assumed were determined using market, income or cost methods\\. Our consolidated balance sheet reflects goodwill in the amount of $1\\.9 billion at December 31, 2017, representing the excess of the purchase price over the fair value of Virgin America\u2019s tangible and identifiable intangible assets and liabilities\\. Identifiable intangible assets recorded totaled approximately $141 million at December 31, 2017 and consisted of customer relationships, airport slots and gates\\. With the exception of airport slots, all of the identified intangible assets are finite\\-lived and are being amortized over their estimated economic useful lives\\. Goodwill and indefinite\\-lived intangible assets are not amortized, but will be tested for impairment at least annually (in the fourth quarter), or more frequently if events or circumstances indicate that an impairment may exist\\. \n\nOur impairment analysis may include a qualitative assessment to determine whether it is more likely than not that a reporting unit or intangible asset group is impaired\\. If we do not perform a qualitative assessment, or if we determine it is more likely than not that the fair value of the reporting unit or intangible asset group exceeds its carrying amount, we will calculate the estimated fair value of the reporting unit or intangible asset group and an impairment charge would be recorded to reduce the carrying value to the estimated fair value\\. \n\nQualitative factors that might indicate a need to perform an impairment analysis outside of the regular annual assessment could include, but are not limited to: 1) reduced passenger demand as a result of domestic or global economic conditions; 2) significantly ongoing higher prices for jet fuel; 3) significant ongoing lower fares or passenger yields as a result of increased competition or lower demand; 4) a significant increase in future capital expenditure commitments; and 5) significant disruptions to our operations as a result of both internal and external events such as terrorist activities, actual or threatened war, labor actions by employees, or further industry regulation\\.\n\nOur business combination accounting, as well as future impairment analyses, require management to make assumptions and apply judgment\\. Key assumptions include, but are not limited to, estimating future cash flows, selecting discount rates and selecting valuation methodologies\\. These estimates and assumptions are highly subjective and our ability to realize the future cash flows used in our fair value calculations may be affected by changes in economic condition, our economic performance or business strategies\\. \n\n 57"}
{"_id": "United-2019_78.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nAs of  December 31, 2019 , UAL and United were in compliance with their respective debt covenants\\. The collateral, covenants and cross default provisions of the Company's principal debt instruments that contain such provisions are summarized in the table below: \n\n\n\n|                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| --------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Debt Instrument**                                                                                                               | **Collateral, Covenants and Cross Default Provisions**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| Various equipment notes and other notes payable                                                                                   | Secured by certain aircraft\\. The indentures contain events of default that are customary for aircraft financing, including in certain cases cross default to other related aircraft\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| Credit Agreement<br><br>  <br>                                                                                                    | Secured by certain of United's international route authorities, specified take\\-off and landing slots at certain airports and certain other assets\\.  <br>  <br>The Credit Agreement requires the Company to maintain at least $2\\.0 billion of unrestricted liquidity at all times, which includes unrestricted cash, short\\-term investments and any undrawn amounts under any revolving credit facility, and to maintain a minimum ratio of appraised value of collateral to the outstanding obligations under the Credit Agreement of 1\\.6 to 1\\.0 at all times\\. The Credit Agreement contains covenants that, among other things, restrict the ability of UAL and its restricted subsidiaries (as defined in the Credit Agreement) to incur additional indebtedness and to pay dividends on or repurchase stock, although, as of December 31, 2019, the Company had ample ability under these restrictions to repurchase stock under the Company's share repurchase programs\\.  <br>  <br>The Credit Agreement contains events of default customary for this type of financing, including a cross default and cross acceleration provision to certain other material indebtedness of the Company\\. |\n| 6% Senior Notes due 2020<br><br>4\\.25% Senior Notes due 2022<br><br>5% Senior Notes due 2024<br><br>4\\.875% Senior Notes due 2025 | The indentures for these notes contain covenants that, among other things, restrict the ability of the Company and its restricted subsidiaries (as defined in the indentures) to incur additional indebtedness and pay dividends on or repurchase stock, although the Company currently has ample ability under these restrictions to repurchase stock under the Company's share repurchase programs\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n\n\n\nNOTE 11 \\- LEASES AND CAPACITY PURCHASE AGREEMENTS\n\nUnited leases aircraft, airport passenger terminal space, aircraft hangars and related maintenance facilities, cargo terminals, other airport facilities, other commercial real estate, office and computer equipment and vehicles, among other items\\. Certain of these leases include provisions for variable lease payments which are based on several factors, including, but not limited to, relative leased square footage, available seat miles, enplaned passengers, passenger facility charges, terminal equipment usage fees, departures, and airports' annual operating budgets\\. Due to the variable nature of the rates, these leases are not recorded on our balance sheet as a right\\-of\\-use asset and lease liability\\.\n\nFor leases with terms greater than 12 months, we record the related right\\-of\\-use asset and lease liability at the present value of fixed lease payments over the lease term\\. To the extent a lease agreement includes an extension option that is reasonably certain to be exercised, we have recognized those amounts as part of our right\\-of\\-use assets and lease liabilities\\. Leases with an initial term of 12 months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the balance sheet; we recognize lease expense for these leases on a straight\\-line basis over the term of the lease\\. We combine lease and non\\-lease components, such as common area maintenance costs, in calculating the right\\-of\\-use assets and lease liabilities for all asset groups except for our CPAs, which contain embedded leases for regional aircraft\\. In addition to the lease component cost for regional aircraft, our CPAs also include non\\-lease components primarily related to the regional carriers' operating costs incurred in providing regional aircraft services\\. We allocate consideration for the lease components and non\\-lease components of each CPA based on their relative standalone values\\.\n\n79"}
{"_id": "Delta-2018_5.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nGlobal Network \n\nInternational Alliances\n\nOur international alliance relationships are an important part of our business as they improve our access to international markets and enable us to market globally integrated air transportation services\\. The most significant of these arrangements are commercial joint ventures that include joint sales and marketing coordination, co\\-location of airport facilities and other commercial cooperation arrangements\\. Our alliance arrangements also include reciprocal codesharing and reciprocal loyalty program participation and airport lounge access arrangements\\. These alliance relationships also may present opportunities in other areas, such as airport ground handling arrangements, aircraft maintenance insourcing and joint procurement\\.\n\nJoint Venture Agreements\\.  We have implemented five separate joint venture arrangements with foreign carriers, each of which has been granted antitrust immunity from the U\\.S\\. Department of Transportation (\"DOT\")\\. Each of our joint venture arrangements provides for joint commercial cooperation with the relevant partner within the geographic scope of the arrangement, including the sharing of revenues and/or profits and losses generated by the parties on the joint venture routes, as well as joint marketing and sales, coordinated pricing and revenue management, network and schedule planning and other coordinated activities with respect to the parties' operations on joint venture routes\\. Our implemented commercial joint ventures consist of the following:\n\n\n\n|   |                                                                                                                                                                                                                                                                                              |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | A joint venture with Virgin Atlantic with respect to operations on non\\-stop routes between the United Kingdom and North America\\. In addition to the joint venture, we own a non\\-controlling 49% equity stake in Virgin Atlantic Limited, the parent company of Virgin Atlantic Airways\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | A transatlantic joint venture with Air France and KLM, both of which are subsidiaries of the same holding company, and Alitalia\\. In addition to the joint venture, we own a non\\-controlling 9% ownership stake in the parent company of Air France and KLM\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | A joint venture with Aerom\u00e9xico with respect to trans\\-border operations on flights between the U\\.S\\. and Mexico\\. In addition to the joint venture, we own a non\\-controlling 51% equity stake in Grupo Aerom\u00e9xico, S\\.A\\.B\\. de C\\.V\\., the parent company of Aerom\u00e9xico\\.  In addition, we and Aerom\u00e9xico have established a joint venture relating to an airframe maintenance, repair and overhaul operation located in Queretaro, Mexico\\. |\n\n\n\n\n\n|   |                                                                                                                                                                       |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | A joint venture with Virgin Australia and its affiliated carriers with respect to operations on transpacific routes between North America and Australia/New Zealand\\. |\n\n\n\n\n\n|   |                                                                                                                                                                         |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | In 2018, we launched a joint venture with Korean Air Lines with respect to operations on transpacific routes between the United States and certain countries in Asia\\.  |\n\n\n\nIn 2018, we entered into a joint venture agreement with WestJet with respect to trans\\-border routes between the U\\.S\\. and Canada, as well as an agreement with Air France\\-KLM and Virgin Atlantic to combine our separate existing transatlantic joint ventures into a single three\\-party transatlantic joint venture\\. Both of these agreements remain subject to required regulatory approvals\\. \n\nEnhanced Commercial Agreements with Foreign Carriers\\.  We have a 9% non\\-controlling ownership stake in GOL Linhas A\u00e9reas Inteligentes, S\\.A\\., the parent company of Gol Linhas A\u00e9reas (a Brazilian air carrier), with whom we have a strategic joint marketing and commercial cooperation arrangement, which includes reciprocal codesharing, loyalty program participation, airport lounge access and joint sales cooperation\\.\n\nWe also own a 3% equity interest in China Eastern, with whom we have a strategic joint marketing and commercial cooperation arrangement, which also includes reciprocal codesharing, loyalty program participation, airport lounge access and joint sales cooperation\\.\n\n 3"}
{"_id": "AmericanAirlines-2018_27.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\ngovernmental or regulatory actions taken by the United Kingdom or the EU in connection with or subsequent to Brexit, cannot be predicted, including whether or not regulators will continue to approve or impose material conditions on our business activities\\. Any of these effects, and others we cannot anticipate, could materially adversely affect our business, results of operations and financial condition\\.\n\n***We are subject to many forms of environmental and noise regulation and may incur substantial costs as a result\\.***\n\nWe are subject to increasingly stringent federal, state, local and foreign laws, regulations and ordinances relating to the protection of the environment and noise reduction, including those relating to emissions to the air, discharges to surface and subsurface waters, safe drinking water, and the management of hazardous substances, oils and waste materials\\. Compliance with environmental laws and regulations can require significant expenditures, and violations can lead to significant fines and penalties\\.\n\nWe are also subject to other environmental laws and regulations, including those that require us to investigate and remediate soil or groundwater to meet certain remediation standards\\. Under federal law, generators of waste materials, and current and former owners or operators of facilities, can be subject to liability for investigation and remediation costs at locations that have been identified as requiring response actions\\. Liability under these laws may be strict, joint and several, meaning that we could be liable for the costs of cleaning up environmental contamination regardless of fault or the amount of waste directly attributable to us\\. We have liability for investigation and remediation costs at various sites, although such costs currently are not expected to have a material adverse effect on our business\\.\n\nWe have various leases and agreements with respect to real property, tanks and pipelines with airports and other operators\\. Under these leases and agreements, we have agreed to indemnify the lessor or operator against environmental liabilities associated with the real property or operations described under the agreement, in some cases even if we are not the party responsible for the initial event that caused the environmental damage\\. We also participate in leases with other airlines in fuel consortiums and fuel committees at airports, where such indemnities are generally joint and several among the participating airlines\\.\n\nGovernmental authorities in several U\\.S\\. and foreign cities are also considering, or have already implemented, aircraft noise reduction programs, including the imposition of nighttime curfews and limitations on daytime take offs and landings\\. We have been able to accommodate local noise restrictions imposed to date, but our operations could be adversely affected if locally\\-imposed regulations become more restrictive or widespread\\.\n\n***Our intellectual property rights, particularly our branding rights, are valuable, and any inability to protect them may adversely affect our business and financial results\\.*** \n\nWe consider our intellectual property rights, particularly our branding rights such as our trademarks applicable to our airline and AAdvantage loyalty program, to be a significant and valuable aspect of our business\\. We protect our intellectual property rights through a combination of trademark, copyright and other forms of legal protection, contractual agreements and policing of third\\-party misuses of our intellectual property\\. Our failure to obtain or adequately protect our intellectual property or any change in law that lessens or removes the current legal protections of our intellectual property may diminish our competitiveness and adversely affect our business and financial results\\. Any litigation or disputes regarding intellectual property may be costly and time\\-consuming and may divert the attention of our management and key personnel from our business operations, either of which may adversely affect our business and financial results\\.\n\n***We are subject to risks associated with climate change, including increased regulation to reduce emissions of greenhouse gases\\.***\n\nThere is increasing global regulatory focus on climate change and GHG emissions\\. Efforts by the EU in 2009 to regulate flights arriving from or departing for airports outside of the EU have been postponed as members of ICAO are negotiating a global agreement on GHG emissions from the aviation sector\\. In 2016, ICAO passed a resolution adopting CORSIA, which is a global, market\\-based emissions offset program intended to encourage carbon\\-neutral growth beyond 2020\\. CORSIA was supported by the board of Airlines for America (the principal U\\.S\\. airline trade association) and IATA (the principal international airline trade association), and by American and many other U\\.S\\. and foreign airlines\\. In March 2017, ICAO also adopted new aircraft certification standards to reduce carbon dioxide emissions from aircraft, which will apply to new aircraft type designs in 2020, and to aircraft type designs already in production as of 2023\\. On June 27, 2018, ICAO adopted standards pertaining to the collection and sharing of information on international aviation emissions beginning in 2019\\. Airline operators must prepare GHG monitoring plans by February 2019\\. CORSIA will increase operating costs for American and most other airlines, including other U\\.S\\. airlines that operate internationally, but the implementation of a global program, as compared to regional emission reduction schemes, should ensure that these costs will be more evenly applied to American and its \n\n28"}
{"_id": "AmericanAirlines-2018_121.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nWe are managing this project and have legal title to the assets during their construction\\. As each phase is completed, the assets will be sold and transferred to LAWA, including the site improvements and non\\-proprietary improvements\\. As we control the assets during construction, they are recognized on our balance sheet until legal title has transferred\\. For 2018, we incurred approximately $7 million in costs relating to the LAX modernization project, which are included within operating property and equipment on our consolidated balance sheet as of December 31, 2018\\.\n\n***(d) Off\\-Balance Sheet Arrangements***\n\n*Aircraft*\n\nAmerican currently operates 389 owned aircraft and 88 leased aircraft which were financed with EETCs issued by pass\\-through trusts\\. These trusts are off\\-balance sheet entities, the primary purpose of which is to finance the acquisition of flight equipment\\. Rather than finance each aircraft separately when such aircraft is purchased, delivered or refinanced, these trusts allow American to raise the financing for a number of aircraft at one time and, if applicable, place such funds in escrow pending a future purchase, delivery or refinancing of the relevant aircraft\\. The trusts were also structured to provide for certain credit enhancements, such as liquidity facilities to cover certain interest payments, that reduce the risks to the purchasers of the trust certificates and, as a result, reduce the cost of aircraft financing to American\\.\n\nEach trust covers a set number of aircraft scheduled to be delivered or refinanced upon the issuance of the EETC or within a specific period of time thereafter\\. At the time of each covered aircraft financing, the relevant trust used the proceeds of the issuance of the EETC (which may have been available at the time of issuance thereof or held in escrow until financing of the applicable aircraft following its delivery) to purchase equipment notes relating to the financed aircraft\\. The equipment notes are issued, at American\u2019s election, in connection with a mortgage financing of the aircraft or, in certain cases, by a separate owner trust in connection with a leveraged lease financing of the aircraft\\. In the case of a leveraged lease financing, the owner trust then leases the aircraft to American\\. In both cases, the equipment notes are secured by a security interest in the aircraft\\. The pass\\-through trust certificates are not direct obligations of, nor are they guaranteed by, AAG or American\\. However, in the case of mortgage financings, the equipment notes issued to the trusts are direct obligations of American and, in certain instances, have been guaranteed by AAG\\. As of December 31, 2018, $11\\.6 billion associated with these mortgage financings is reflected as debt in the accompanying consolidated balance sheet\\.\n\nWith respect to leveraged leases, American evaluated whether the leases had characteristics of a variable interest entity\\. American concluded the leasing entities met the criteria for variable interest entities\\. American generally is not the primary beneficiary of the leasing entities if the lease terms are consistent with market terms at the inception of the lease and do not include a residual value guarantee, fixed\\-price purchase option or similar feature that obligates American to absorb decreases in value or entitles American to participate in increases in the value of the aircraft\\. American does not provide residual value guarantees to the bondholders or equity participants in the trusts\\. Some leases have a fair market value or a fixed price purchase option that allows American to purchase the aircraft at or near the end of the lease term\\. However, the option price approximates an estimate of the aircraft\u2019s fair value at the option date\\. Under this feature, American does not participate in any increases in the value of the aircraft\\. American concluded it is not the primary beneficiary under these arrangements\\. Therefore, American accounts for the majority of its EETC leveraged lease financings as operating leases\\. American\u2019s total future payments to the trusts of each of the relevant EETCs under these leveraged lease financings are$352 million as of December 31, 2018, which are reflected in the operating lease obligations in Note 6\\.\n\n*Letters of Credit and Other*\n\nWe provide financial assurance, such as letters of credit, surety bonds or restricted cash and investments, primarily to support projected workers\u2019 compensation obligations and airport commitments\\. As of December 31, 2018, we had $460 million of letters of credit and surety bonds securing various obligations\\. The letters of credit and surety bonds that are subject to expiration will expire on various dates through 2022\\.\n\n***(e) Legal Proceedings***\n\n*Chapter 11 Cases*\\. On November 29, 2011, AMR, American, and certain of AMR\u2019s other direct and indirect domestic subsidiaries (the Debtors) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court)\\. On October 21, 2013, the Bankruptcy Court entered an order approving and confirming the Debtors\u2019 fourth amended joint plan of reorganization (as amended, the Plan)\\. On the Effective Date, December 9, 2013, the Debtors consummated their reorganization pursuant to the Plan and completed the Merger\\.\n\nPursuant to rulings of the Bankruptcy Court, the Plan established the Disputed Claims Reserve to hold shares of AAG common stock reserved for issuance to disputed claimholders at the Effective Date that ultimately become holders of allowed \n\n122"}
{"_id": "Delta-2018_95.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nStock Options\\.  Stock options are granted with an exercise price equal to the closing price of Delta common stock on the grant date and generally have a 10\\-year term\\. We determine the fair value of stock options at the grant date using an option pricing model\\. As of  December 31, 2018 , there were   2\\.5 million  outstanding stock option awards with a weighted average exercise price of   $48\\.99  and   616,000  were exercisable\\. \n\nPerformance Awards\\.  Performance awards are long\\-term incentive opportunities, which are payable in common stock or cash, and are generally contingent upon our achieving certain financial goals\\.\n\nOther\\.  During  2018  and  2017 , we recognized   $7 million  and   $21 million , respectively, of excess tax benefits in our income tax provision\\.\n\nNOTE 14 \\. ACCUMULATED OTHER COMPREHENSIVE LOSS\n\nThe following table shows the components of accumulated other comprehensive loss:\n\n\n\n|                                                                           |                                                      |                                    |                                      |                          |\n| ------------------------------------------------------------------------- | ---------------------------------------------------- | ---------------------------------- | ------------------------------------ | ------------------------ |\n| **(in millions)**                                                         | **Pension and Other Benefits Liabilities** **^(3)^** | **Derivative Contracts and Other** | **Available\\-for\\-Sale Investments** | **Total**                |\n| Balance at January 1, 2016 (net of tax effect of $1,222)                  | $<br><br>(7,354<br><br>)                             | $151                               | $<br><br>(72<br><br>)                | $<br><br>(7,275<br><br>) |\n| Changes in value (net of tax effect of $293)                              | (482<br><br>)                                        | (13<br><br>)                       | 36                                   | (459<br><br>)            |\n| Reclassifications into earnings (net of tax effect of $57) ^(1)^          | 122                                                  | (24<br><br>)                       | \u2014                                    | 98                       |\n| Balance at December 31, 2016 (net of tax effect of $1,458)                | (7,714<br><br>)                                      | 114                                | (36<br><br>)                         | (7,636<br><br>)          |\n| Changes in value (net of tax effect of $32)                               | (264<br><br>)                                        | (23<br><br>)                       | 150                                  | (137<br><br>)            |\n| Reclassifications into earnings (net of tax effect of $90) ^(1)^          | 166                                                  | (6<br><br>)                        | (8<br><br>)                          | 152                      |\n| Balance at December 31, 2017 (net of tax effect of $1,400)                | (7,812<br><br>)                                      | 85                                 | 106                                  | (7,621<br><br>)          |\n| Changes in value (net of tax effect of $88)                               | (294<br><br>)                                        | 7                                  | \u2014                                    | (287<br><br>)            |\n| Reclassifications into retained earnings (net of tax effect of $61) ^(2)^ | \u2014                                                    | \u2014                                  | (106<br><br>)                        | (106<br><br>)            |\n| Reclassifications into earnings (net of tax effect of $57)**^(1)^**      | 181                                                  | 8                                  | \u2014                                    | 189                      |\n| Balance at December 31, 2018 (net of tax effect of $1,492)                | $<br><br>(7,925<br><br>)                             | $100                               | $\u2014                                   | $<br><br>(7,825<br><br>) |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Amounts reclassified from AOCI for pension and other benefits liabilities and for derivative contracts designated as foreign currency cash flow hedges are recorded in miscellaneous and in passenger revenue, respectively, in the income statement\\. The 2017 reclassification into earnings for available\\-for\\-sale investments relates to our investment in Grupo Aerom\u00e9xico and the related conversion to accounting under the equity method\\. The reclassification of the unrealized gain was recorded to non\\-operating expense in our income statement\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                             |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | The reclassification into retained earnings relates to our investments in GOL, China Eastern and other previously designated available\\-for\\-sale investments, and the related conversion to accounting for changes in fair value of these investments from AOCI to the income statement\\. See Note 1, \"Summary of Significant Accounting Policies,\" for more information\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                   |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Includes   $688 million  of deferred income tax expense primarily related to pension and other benefit obligations that will not be recognized in net income until these obligations are fully extinguished\\. We consider all income sources, including other comprehensive income, in determining the amount of tax benefit allocated to continuing operations\\. |\n\n\n\n 93"}
{"_id": "Alaska-2018_20.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***We rely on third\\-party vendors for certain critical activities, which could expose us to disruptions in our operation or unexpected cost increases\\.***\n\nWe rely on outside vendors for a variety of services and functions critical to our business, including airframe and engine maintenance, regional flying, ground handling, fueling, computer reservation system hosting, telecommunication systems, information technology infrastructure and services, and deicing, among others\\. \n\nEven though we strive to formalize agreements with these vendors that define expected service levels, our use of outside vendors increases our exposure to several risks\\. In the event that one or more vendors go into bankruptcy, ceases operation or fails to perform as promised, replacement services may not be readily available at competitive rates, or at all\\. If one of our vendors fails to perform adequately, we may experience increased costs, delays, maintenance issues, safety issues or negative public perception of our airline\\. Vendor bankruptcies, unionization, regulatory compliance issues or significant changes in the competitive marketplace among suppliers could adversely affect vendor services or force us to renegotiate existing agreements on less favorable terms\\. These events could result in disruptions in our operations or increases in our cost structure\\.\n\n***Completion of remaining Virgin America integration activities may continue to incur substantial expenses\\.*** \n\nAlthough the majority of our integration efforts have been completed, we continue to devote management attention, resources, and costs to integrating the business practices and operations of Virgin America\\. Certain milestones must still be completed, which will lead to additional costs\\. Any failure to complete these milestones in a seamless manner may create adverse impacts on guests, suppliers, employees, and other constituents\\. \n\nSuccess of the merger is also dependent on cultivating a united culture with cohesive values and goals\\. Much of our continued success is tied to our guest loyalty\\. Failure to maintain and grow the Alaska culture could strain our ability to maintain relationships with guests, suppliers, employees and other constituencies\\. As part of this process, we may continue to incur substantial costs for employee programs\\. \n\n***Our plans to discontinue use of the Virgin America brand in 2019 are subject to an agreement with certain entities affiliated with the Virgin Group\\.*** \n\nWe are in the process of discontinuing all uses of the Virgin America brand in our operations, and anticipate the process will be complete in 2019\\. The Virgin Group licensor may terminate the agreement upon the occurrence of a number of specified events, including if we commit a material breach of our obligations under the agreement that is uncured for more than 10 business days\\. If we lose our rights to use the Virgin America brand before we have discontinued all uses of the brand, our current plan would need to be accelerated, which could have an adverse impact on our financial condition\\. \n\n***STRATEGY***\n\n***The airline industry is highly competitive and susceptible to price discounting and changes in capacity, which could have a material adverse effect on our business\\. If we cannot successfully compete in the marketplace, our business, financial condition, and operating results will be materially adversely affected\\.***\n\nThe U\\.S\\. airline industry is characterized by substantial price competition\\. In recent years, the market share held by low\\-cost carriers and ultra low\\-cost carriers has increased significantly and is expected to continue to increase\\. Airlines also compete for market share by increasing or decreasing their capacity, route systems, and the number of markets served\\. Several of our competitors have increased their capacity in markets we serve, particularly in our key West Coast markets\\. The resulting increased competition in both domestic and international markets may have a material adverse effect on our results of operations, financial condition, or liquidity\\. \n\nWe continue to strive toward maintaining and improving our competitive cost structure by setting aggressive unit cost\\-reduction goals\\. This is an important part of our business strategy of offering the best value to our guests through low fares while achieving acceptable profit margins and return on capital\\. If we are unable to maintain our cost advantage over the long\\-term and achieve sustained targeted returns on invested capital, we will likely not be able to grow our business in the future or weather industry downturns\\. Therefore, our financial results may suffer\\.\n\n 21"}
{"_id": "Southwest-2018_84.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nis estimated to be completed during 2020\\. The Company has determined that due to its agreed upon role in overseeing and managing these projects, it is considered the owner of these projects for accounting purposes\\. LAWA is reimbursing the Company (through the RAIC credit facilities) for the site improvements and non\\-proprietary improvements, while proprietary improvements will not be reimbursed\\. As a result, the costs incurred to fund these projects are included within ACFO and all amounts that have been or will be reimbursed will be included within Construction obligation on the accompanying Consolidated Balance Sheet\\. This transaction has no impact on the Company's Consolidated Statement of Cash Flows\\.\n\n**Dallas Love Field**\n\nDuring 2008, the City of Dallas approved the Love Field Modernization Program (the \"LFMP\"), a project to reconstruct Dallas Love Field with modern, convenient air travel facilities\\. Pursuant to a Program Development Agreement with the City of Dallas and the Love Field Airport Modernization Corporation (or the \"LFAMC,\" a Texas non\\-profit \"local government corporation\" established by the City of Dallas to act on the City of Dallas' behalf to facilitate the development of the LFMP), the Company managed this project\\.\n\nAlthough the City of Dallas received commitments from various sources that helped to fund portions of the LFMP project, including the Federal Aviation Administration, the Transportation Security Administration, and the City of Dallas' Aviation Fund, the majority of the funds used were from the issuance of bonds\\. The Company guaranteed principal and interest payments on $456 million of such bonds issued by the LFAMC\\. As of December 31, 2018, $416 million of principal remained outstanding\\. The Company utilized the accounting guidance provided for lessees involved in asset construction\\. Upon completion of different phases of the LFMP project, the Company has placed the associated assets in service and has begun depreciating the assets over their estimated useful lives\\. The corresponding LFMP liabilities are being reduced primarily through the Company's airport rental payments to the City of Dallas, as the construction costs of this project are passed through to the Company via recurring airport rates and charges\\. Major construction was effectively completed by December 31, 2014\\. During second quarter 2017, the City of Dallas approved using the remaining bond funds for additional terminal construction projects which were effectively completed in 2018\\.\n\nDuring 2015, the City of Dallas issued additional bonds for the construction of a new parking garage at Dallas Love Field, which was completed and operational in fourth quarter 2018\\. The Company has not guaranteed the principal or interest payments on these bonds, but remains the accounting owner of this project\\. \n\nConstruction costs recorded in ACFO for the Company's various projects as of December 31, 2018, and December 31, 2017, were as follows:\n\n\n\n|                            |     |                       |                              |                                 |                       |                              |                                 |\n| -------------------------- | --- | --------------------- | ---------------------------- | ------------------------------- | --------------------- | ---------------------------- | ------------------------------- |\n|                            |     | **December 31, 2018** | **December 31, 2018**        | **December 31, 2018**           | **December 31, 2017** | **December 31, 2017**        | **December 31, 2017**           |\n| (in millions)              |     | **ACFO**              | **ACFO,**<br><br>**Net (a)** | **Construction Obligation (b)** | **ACFO**              | **ACFO,**<br><br>**Net (a)** | **Construction Obligation (b)** |\n| FLL Terminal               |     | $313                  | $304                         | $308                            | $258                  | $256                         | $258                            |\n| LAX Terminal 1             |     | 485                   | 459                          | 476                             | 433                   | 417                          | 433                             |\n| LAX Terminal 1\\.5          | (c) | 99                    | 99                           | 99                              | 31                    | 31                           | 31                              |\n| LFMP \\- Terminal           |     | 545                   | 460                          | 502                             | 543                   | 474                          | 516                             |\n| LFMP \\- Parking Garage     |     | 200                   | 200                          | 200                             | 152                   | 152                          | 152                             |\n| HOU International Terminal | (d) | 126                   | 115                          | 116                             | 126                   | 118                          | \u2014                               |\n|                            |     | $1,768                | $1,637                       | $1,701                          | $1,543                | $1,448                       | $1,390                          |\n\n\n\n(a) Net of accumulated depreciation\\.\n\n(b) Construction obligation will be reduced through future facility rent payments\\. These future payments are not fixed per the lease agreement, but are variable and fluctuate based on various market and other factors outside the control of the Company\\.\n\n(c) Project still in progress\\.\n\n(d) Project completed in 2015 at Houston William P\\. Hobby Airport (\"HOU\")\\.\n\n85"}
{"_id": "Alaska-2019_19.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nEconomic Fuel  \\- best estimate of the cash cost of fuel, net of the impact of our fuel\\-hedging program\n\nFree Cash Flow \\-  total operating cash flow generated less cash paid for capital expenditures\n\nFree Cash Flow Conversion  \\- free cash flow as a percentage of adjusted net income\n\nLoad Factor  \\- RPMs as a percentage of ASMs; represents the number of available seats that were filled with paying passengers\n\nMainline  \\- represents flying Boeing 737, Airbus 320 family and Airbus 321neo jets and all associated revenues and costs\n\nNet adjusted debt  \\- long\\-term debt, including current portion, plus capitalized operating leases, less cash and marketable securities\n\nNet adjusted debt to EBITDAR  \\- represents net adjusted debt divided by EBITDAR (trailing twelve months earnings before interest, taxes, depreciation, amortization, special items and rent)\n\nProductivity  \\- number of revenue passengers per full\\-time equivalent employee\n\nRASM  \\- operating revenue per ASMs, or \"unit revenue\"; operating revenue includes all passenger revenue, freight & mail, Mileage Plan\u2122 and other ancillary revenue; represents the average total revenue for flying one seat one mile\n\nRegional  \\- represents capacity purchased by Alaska from Horizon, SkyWest and PenAir\\. In this segment, Regional records actual on\\-board passenger revenue, less costs such as fuel, distribution costs, and payments made to Horizon, SkyWest and PenAir under the respective capacity purchased arrangement (CPA)\\. Additionally, Regional includes an allocation of corporate overhead such as IT, finance, and other administrative costs incurred by Alaska and on behalf of Horizon\n\nRPMs  \\- revenue passenger miles, or \"traffic\"; represents the number of seats that were filled with paying passengers; one passenger traveling one mile is one RPM\n\nYield  \\- passenger revenue per RPM; represents the average revenue for flying one passenger one mile\n\n\n\n|                        |                        |                        |\n| ---------------------- | ---------------------- | ---------------------- |\n| ITEM 1A\\. RISK FACTORS | ITEM 1A\\. RISK FACTORS | ITEM 1A\\. RISK FACTORS |\n\n\n\nIf any of the following occurs, our business, financial condition and results of operations could be harmed\\. The trading price of our common stock could also decline\\. We operate in a continually changing business environment\\. In this environment, new risks may emerge, and already identified risks may vary significantly in terms of impact and likelihood of occurrence\\. Management cannot predict such developments, nor can it assess the impact, if any, on our business of such new risk factors or of events described in any forward\\-looking statements\\. \n\nWe have adopted an enterprise\\-wide risk analysis and oversight program designed to identify the various risks faced by the organization, assign responsibility for managing those risks to individual executives as well as align these risks with Board oversight\\. These enterprise\\-wide risks have been aligned to the risk factors discussed below\\.\n\n19"}
{"_id": "United-2018_108.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**SIGNATURES**\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized\\.\n\n\n\n|      |                                                                                       |\n| ---- | ------------------------------------------------------------------------------------- |\n|      | UNITED CONTINENTAL HOLDINGS, INC\\.<br><br>UNITED AIRLINES, INC\\.<br><br>(Registrants) |\n|  By: | /s/ Gerald Laderman                                                                   |\n|      | Gerald Laderman                                                                       |\n|      | Executive Vice President and Chief Financial Officer                                  |\n\n\n\nDate: February 28, 2019\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of United Continental Holdings, Inc\\. and in the capacities and on the date indicated\\.\n\n\n\n|                        |                                                      |\n| ---------------------- | ---------------------------------------------------- |\n| Signature              | Capacity                                             |\n| /s/ Oscar Munoz        | Chief Executive Officer, Director                    |\n| Oscar Munoz            | (Principal Executive Officer)                        |\n| /s/ Gerald Laderman    | Executive Vice President and Chief Financial Officer |\n| Gerald Laderman        | (Principal Financial Officer)                        |\n| /s/ Chris Kenny        | Vice President and Controller                        |\n| Chris Kenny            | (Principal Accounting Officer)                       |\n| /s/ Carolyn Corvi      | Director                                             |\n| Carolyn Corvi          |                                                      |\n| /s/ Jane C\\. Garvey    | Director                                             |\n| Jane C\\. Garvey        |                                                      |\n| /s/ Barney Harford     | Director                                             |\n| Barney Harford         |                                                      |\n| /s/ Michele J\\. Hooper | Director                                             |\n| Michele J\\. Hooper     |                                                      |\n| /s/ Todd M\\. Insler    | Director                                             |\n| Todd M\\. Insler        |                                                      |\n\n\n\n109"}
{"_id": "Alaska-2018_11.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nWe believe that the following principal competitive factors are important to our guests:\n\n\n\n|   |                              |\n| - | ---------------------------- |\n| \u2022 | Fares and ancillary services |\n\n\n\nTicket and other fee pricing is a significant competitive factor in the airline industry, and the increased availability of fare information on the Internet allows travelers to easily compare fares and identify competitor promotions and discounts\\. Pricing is driven by a variety of factors including, but not limited to, market\\-specific capacity, market share per route/geographic area, cost structure, fare vs\\. ancillary revenue strategies, and demand\\. \n\nFor example, airlines often discount fares to drive traffic in new markets or to stimulate traffic when necessary to improve load factors\\. In addition, traditional network carriers have been able to reduce their operating costs through bankruptcies and mergers, while low\\-cost carriers have continued to grow their fleets and expand their networks, potentially enabling them to better control costs per available seat mile (the average cost to fly an aircraft seat one mile), which in turn may enable them to lower their fares\\. These factors can reduce our pricing power and that of the airline industry as a whole\\.\n\nDomestic airline capacity is dominated by four large carriers, representing over 80% of total seats\\. One of our advantages is our low fare with high value position in the industry\\. However, given the large concentration of industry capacity, some carriers in our markets may discount their fares substantially to develop or increase market share\\. Fares that are substantially below our cost to operate can be harmful if sustained over a long period of time\\. We will defend our core markets and, if necessary, redeploy capacity to better match supply with demand\\. We believe our strong financial position and low cost advantage enables us to offer competitive fares while still earning returns for our shareholders\\.\n\n\n\n|   |        |\n| - | ------ |\n| \u2022 | Safety |\n\n\n\nSafety is our top priority and is at the core of everything we do\\. In 2018, we were again ranked by AirlineRatings\\.com as one of only two U\\.S\\. airlines in the Top 20 safest airlines in the world\\. We also received our 17th Diamond Award of Excellence from the Federal Aviation Administration, recognizing both Alaska and Horizon aircraft technicians for their commitment to training\\.\n\n\n\n|   |                                 |\n| - | ------------------------------- |\n| \u2022 | Customer service and reputation |\n\n\n\nWe compete with other airlines in areas of customer service such as on\\-time performance, guest amenities\u2014including first class and other premium seating, quality of on\\-board products, aircraft type and comfort\\. In 2018, Alaska Airlines ranked highest in customer satisfaction among traditional network carriers by J\\.D\\. Power and Associates for the 11th year in a row\\. Additionally, in 2018 we completed installation of Premium Class service on our B737 aircraft which provides extra legroom, early boarding, premium snacks and a complimentary alcoholic beverage\\.\n\nWe also began reconfiguring the interior and livery of our Airbus fleet in 2018\\. The new livery and interior reconfiguration will provide guests with one consistent brand experience across the Mainline fleet\\. Airbus livery updates are expected to be complete in 2019, while the interior reconfiguration is expected to wrap up in early 2020\\. We also began installation of next\\-generation Gogo inflight satellite based Wi\\-Fi on our entire Boeing and Airbus fleets, which is also planned to be complete in 2020\\.\n\nOur employees are a key element of our product\\. We have a highly engaged workforce that strives to provide genuine and caring service to our guests both at the airport and onboard\\. We heavily emphasize our service standards with our employees through training and education programs and monetary incentives related to operational performance and guest surveys\\.\n\n\n\n|   |                                                                                                       |\n| - | ----------------------------------------------------------------------------------------------------- |\n| \u2022 | Routes served, flight schedules, codesharing and interline relationships, and frequent flyer programs |\n\n\n\nWe also compete with other airlines based on markets served, the frequency of service to those markets and frequent flyer opportunities\\. Some airlines have more extensive route structures than we do and they offer significantly more international routes\\. In order to expand opportunities for our guests, we enter into codesharing and interline relationships with other airlines that provide reciprocal frequent flyer mileage credit and redemption privileges\\. These relationships allow us to offer our guests access to more destinations than we can on our own, gain exposure in markets we do not serve and allow our guests more opportunities to earn and redeem frequent flyer miles\\. Our Mileage Plan\u2122 offers some of the most comprehensive benefits to our members with the ability to earn and redeem miles on 17 partner carriers\\. In 2018, we added Finnair to our list of codeshare partners, and a number of new interline partners\\.\n\n 12"}
{"_id": "Southwest-2019_103.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nPlan (ProfitSharing Plan) is a defined contribution plan to which the Company may contribute a percentage of its eligible pre\\-tax profits, as defined, on an annual basis\\. No Employee contributions to the ProfitSharing Plan are allowed\\. \n\nAmounts associated with the Company's defined contribution plans expensed in  2019 ,  2018 , and  2017 , reflected as a component of Salaries, wages, and benefits, were   $1\\.2 billion ,   $1\\.0 billion , and   $1\\.0 billion , respectively\\.\n\nPostretirement Benefit Plans\n\nThe Company provides postretirement benefits to qualified retirees in the form of medical and dental coverage\\. Employees must meet minimum levels of service and age requirements as set forth by the Company, or as specified in collective\\-bargaining agreements with specific workgroups\\. Employees meeting these requirements, as defined, may use accrued unused sick time to pay for medical and dental premiums from the age of retirement until age   65 \\.\n\nThe following table shows the change in the accumulated postretirement benefit obligation (\"APBO\") for the years ended  December 31, 2019  and  2018 :\n\n\n\n|                             |             |              |\n| --------------------------- | ----------- | ------------ |\n| **(in millions)**           | **2019**    | **2018**     |\n| APBO at beginning of period | $232        | $275         |\n| Service cost                | 17          | 18           |\n| Interest cost               | 10          | 9            |\n| Benefits paid               | (9<br><br>) | (5<br><br>)  |\n| Actuarial (gain)/loss       | 38          | (69<br><br>) |\n|  Plan amendments            | \u2014           | 4            |\n| APBO at end of period       | $288        | $232         |\n\n\n\nDuring  2019 , the Company recorded a   $38 million  actuarial loss as an increase to the APBO with an offset to AOCI\\. This actuarial loss is reflected above and resulted from changes in certain key assumptions used to determine the Company\u2019s year\\-end obligation\\. The assumption change that resulted in the largest portion of the actuarial loss was the change in the discount rate used\\.\n\nAll plans are unfunded, and benefits are paid as they become due\\. Estimated future benefit payments expected to be paid are   $9 million  in  2020 ,   $10 million  in  2021 ,   $12 million  in  2022 ,   $13 million  in  2023 ,   $15 million  in  2024 , and   $107 million  for the next five years thereafter\\.\n\nThe funded status (the difference between the fair value of plan assets and the projected benefit obligations) of the Company\u2019s consolidated benefit plans are recognized in the Consolidated Balance Sheet, with a corresponding adjustment to AOCI\\. The following table reconciles the funded status of the plans to the accrued postretirement benefit cost recognized in Other non\\-current liabilities on the Company\u2019s Consolidated Balance Sheet at  December 31, 2019  and  2018 \\.\n\n\n\n|                                               |                        |                        |\n| --------------------------------------------- | ---------------------- | ---------------------- |\n| **(in millions)**                             | **2019**               | **2018**               |\n| Funded status                                 | $<br><br>(288<br><br>) | $<br><br>(232<br><br>) |\n| Unrecognized net actuarial gain               | (24<br><br>)           | (64<br><br>)           |\n| Unrecognized prior service cost               | 4                      | 5                      |\n| Accumulated other comprehensive income        | 20                     | 59                     |\n| Cost recognized on Consolidated Balance Sheet | $<br><br>(288<br><br>) | $<br><br>(232<br><br>) |\n\n\n\n104"}
{"_id": "AmericanAirlines-2018_10.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nexposed to fluctuations in fuel prices\\. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review that policy from time to time based on market conditions and other factors\\.\n\nFuel prices have fluctuated substantially over the past several years\\. We cannot predict the future availability, price volatility or cost of aircraft fuel\\. Natural disasters (including hurricanes or similar events in the U\\.S\\. Southeast and on the Gulf Coast where a significant portion of domestic refining capacity is located), political disruptions or wars involving oil\\-producing countries, economic sanctions imposed against oil\\-producing countries or specific industry participants, changes in fuel\\-related governmental policy, the strength of the U\\.S\\. dollar against foreign currencies, changes in the cost to transport or store petroleum products, changes in access to petroleum product pipelines and terminals, speculation in the energy futures markets, changes in aircraft fuel production capacity, environmental concerns and other unpredictable events may result in fuel supply shortages, distribution challenges, additional fuel price volatility and cost increases in the future\\. See Part I, Item 1A\\. Risk Factors \u2013 \u201c*Our business is very dependent on the price and availability of aircraft fuel\\. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on our operating results and liquidity*\\.\u201d\n\n**Seasonality and Other Factors**\n\nDue to the greater demand for air travel during the summer months, revenues in the airline industry in the second and third quarters of the year tend to be greater than revenues in the first and fourth quarters of the year\\. General economic conditions, fears of terrorism or war, fare initiatives, fluctuations in fuel prices, labor actions, weather, natural disasters, outbreaks of disease and other factors could impact this seasonal pattern\\. Therefore, our quarterly results of operations are not necessarily indicative of operating results for the entire year, and historical operating results in a quarterly or annual period are not necessarily indicative of future operating results\\.\n\n**Domestic and Global Regulatory Landscape**\n\n***General***\n\nAirlines are subject to extensive domestic and international regulatory requirements\\. Domestically, the DOT and the Federal Aviation Administration (FAA) exercise significant regulatory authority over air carriers\\.\n\nThe DOT, among other things, oversees domestic and international codeshare agreements, international route authorities, competition and consumer protection matters such as advertising, denied boarding compensation and baggage liability\\. The Antitrust Division of the Department of Justice (DOJ), along with the DOT in certain instances, have jurisdiction over airline antitrust matters\\.\n\nThe FAA similarly exercises safety oversight and regulates most operational matters of our business, including how we operate and maintain our aircraft\\. FAA requirements cover, among other things, required technology and necessary onboard equipment; systems, procedures and training necessary to ensure the continuous airworthiness of our fleet of aircraft; safety measures and equipment; crew scheduling limitations and experience requirements; and many other technical aspects of airline operations\\. Additionally, our pilots and other employees are subject to rigorous certification standards, and our pilots and other crew members must adhere to flight time and rest requirements\\. \n\nThe FAA also controls the national airspace system, including operational rules and fees for air traffic control (ATC) services\\. The efficiency, reliability and capacity of the ATC network has a significant impact on our costs and on the timeliness of our operations\\.\n\nThe U\\.S\\. Postal Service has jurisdiction over certain aspects of the transportation of mail and related services\\.\n\n***Airport Access and Operations***\n\nDomestically, any U\\.S\\. airline authorized by the DOT is generally free to operate scheduled passenger service between any two points within the U\\.S\\. and its territories, with the exception of certain airports that require landing and take\\-off rights and authorizations (slots) and other facilities, and certain airports that impose geographic limitations on operations or curtail operations based on the time of day\\. Operations at three major domestic airports we serve (John F\\. Kennedy International Airport (JFK) and La Guardia Airport (LGA) in New York City, and Ronald Reagan Washington National Airport (DCA) in Washington, D\\.C\\.) and many foreign airports we serve (including LHR) are regulated by governmental entities through allocations of slots or similar regulatory mechanisms that limit the rights of carriers to conduct operations at those airports\\. Each slot represents the authorization to land at or take off from the particular airport during a specified time period\\. In addition to slot restrictions, operations at LGA and DCA are also limited based on a so\\-called \u201cperimeter rule\u201d which generally limits the stage length of the flights that can be operated from those airports to 1,500 and 1,250 miles, respectively\\. \n\n11"}
{"_id": "AmericanAirlines-2017_193.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 10\\.51                        | [Amendment No\\. 5, dated as of December 20, 2013, to the Amended and Restated Airbus A350 XWB Purchase Agreement dated as of October 2, 2007 between Airbus S\\.A\\.S\\. and American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), including Amended and Restated Letter Agreement No\\. 2, Amended and Restated Letter Agreement No\\. 4, Third Amended and Restated Letter Agreement No\\. 5, Amended and Restated Letter Agreement No\\. 6, Amended and Restated Letter Agreement No\\. 7, Amended and Restated Letter Agreement No\\. 8\\-2, Second Amended and Restated Letter Agreement No\\. 9, Amended and Restated Letter Agreement No\\. 12, Amended and Restated Letter Agreement No\\. 13 and Amended and Restated Letter Agreement No\\. 14 to the Amended and Restated Airbus A350 XWB Purchase Agreement dated as of October 2, 2007 between Airbus S\\.A\\.S\\. and American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.) (incorporated by reference to Exhibit 10\\.43 to US Airways Group\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312514074631/d671157dex1043.htm) \\* |\n| 10\\.52                        | [Second Amended and Restated Letter Agreement No\\. 6, dated as of July 7, 2015 to the Amended and Restated Airbus A350 XWB Purchase Agreement, dated as of October 2, 2007, between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.) and Airbus S\\.A\\.S\\. (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515351246/d14219dex101.htm) \\*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| 10\\.53                        | [Third Amended and Restated Letter Agreement No\\. 9, dated as of April 24, 2017 to the Amended and Restated Airbus A350 XWB Purchase Agreement, dated as of October 2, 2007, by and between American Airlines, Inc\\. and Airbus S\\.A\\.S (incorporated by reference to Exhibit 10\\.4 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517239325/d416225dex104.htm) \\*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 10\\.54                        | [Amendment No\\. 6, dated as of December 15, 2015, to the Amended and Restated Airbus A350 XWB Purchase Agreement dated as of October 2, 2007 between Airbus S\\.A\\.S\\. and American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.) (incorporated by reference to Exhibit 10\\.97 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516474605/d78287dex1097.htm) \\*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| 10\\.55                        | [Amendment No\\. 7, dated as of February 24, 2016 , to the Amended and Restated Airbus A350 XWB Purchase Agreement dated as of October 2, 2007 between Airbus S\\.A\\.S\\. and American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.) (incorporated by reference to Exhibit 10\\.1 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516551225/d164093dex101.htm) \\*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 10\\.56                        | [Amendment No\\. 8, dated as of July 18, 2016, to the Amended and Restated Airbus A350 XWB Purchase Agreement, dated as of October 2, 2007, between American Airlines, Inc\\. and Airbus S\\.A\\.S (incorporated by reference to Exhibit 10\\.4 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516742263/d247546dex104.htm) \\*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 10\\.57                        | [Amendment No\\. 9, dated as of April 24, 2017, to the Amended and Restated Airbus A350 XWB Purchase Agreement, dated as of October 2, 2007, by and between American Airlines, Inc\\. and Airbus S\\.A\\.S\\. (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517239325/d416225dex103.htm) \\*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 10\\.58                        | [Consent Agreement, dated as of October 5, 2015, between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), American Airlines, Inc\\. and Airbus S\\.A\\.S\\. (incorporated by reference to Exhibit 10\\.98 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516474605/d78287dex1098.htm) \\*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 10\\.59                        | [AMR Corporation Amended and Restated Directors Pension Benefits Plan, effective as of January 1, 2005 (incorporated by reference to Exhibit 10\\.149 to AMR\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620109000009/0000006201-09-000009-index.htm) \u2020                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 10\\.60                        | [Supplemental Executive Retirement Program for Officers of American Airlines, Inc\\., as amended and restated as of January 1, 2005 (incorporated by reference to Exhibit 10\\.127 to AMR\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620109000009/ex10127.htm) \u2020                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| 10\\.61                        | [Trust Agreement Under Supplemental Retirement Program for Officers of American Airlines, Inc\\., as amended and restated as of June 1, 2007 (incorporated by reference to Exhibit 10\\.128 to AMR\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620109000009/ex10128.htm) \u2020                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 10\\.62                        | [Trust Agreement Under Supplemental Executive Retirement Program for Officers of American Airlines, Inc\\. Participating in the Super Saver Plus Plan, as amended and restated as of June 1, 2007 (incorporated by reference to Exhibit 10\\.129 to AMR\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2008 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000000620109000009/ex10129.htm) \u2020                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| 10\\.63                        | [American Airlines Group Inc\\. 2013 Incentive Award Plan (incorporated by reference to Exhibit 4\\.1 of AAG\u2019s Form S\\-8 Registration Statement, filed on December 4, 2013)\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312513462268/d639480dex41.htm) \u2020                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 10\\.64                        | [First Amendment to the American Airlines Group Inc\\. 2013 Incentive Award Plan\\.](https://americanairlines.gcs-web.com/email-alerts/ex106410k2017.htm) \u2020                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| 10\\.65                        | [Form of American Airlines Group Inc\\. 2013 Incentive Award Plan Restricted Stock Unit (Cash\\-Settled) Award Grant Notice and Award Agreement (incorporated by reference to Exhibit 10\\.125 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex10125.htm) \u2020                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n\n\n\n194"}
{"_id": "United-2017_73.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|                                                                          |                                                  |                                                  |                                                  |                                                                                 |\n|:------------------------------------------------------------------------ | ------------------------------------------------:| ------------------------------------------------:| ------------------------------------------------:|:-------------------------------------------------------------------------------:|\n| **Details about AOCI Components**                                        | **Amount Reclassified from AOCI to  <br>Income** | **Amount Reclassified from AOCI to  <br>Income** | **Amount Reclassified from AOCI to  <br>Income** | **Affected Line Item in  <br>the Statement Where  <br>Net Income is Presented** |\n|                                                                          |                      **Year Ended December 31,** |                      **Year Ended December 31,** |                      **Year Ended December 31,** |                                                                                 |\n|                                                                          |                                         **2017** |                                         **2016** |                                         **2015** |                                                                                 |\n| Fuel derivative contracts                                                |                                                  |                                                  |                                                  |                                                                                 |\n| Fuel contracts\\-reclassifications of losses into earnings (d)            |                                              $2  |                                            $217  |                                            $604  |                                  Aircraft fuel                                  |\n| Pension and Postretirement liabilities                                   |                                                  |                                                  |                                                  |                                                                                 |\n| Amortization of unrecognized (gains) losses and prior service cost (e)   |                                              58  |                                              26  |                                              31  |                           Salaries and related costs                            |\n| Investments and other                                                    |                                                  |                                                  |                                                  |                                                                                 |\n| Available\\-for\\-sale securities\u2014reclassifications of gains into earnings |                                               \u2014  |                                               (2 |                                               \u2014  |                               Miscellaneous, net                                |\n\n\n\n(a) Prior service credits increased by $0 million, $30 million and $0 million and actuarial losses increased by approximately $306 million, $560 million and $78 million for 2017, 2016 and 2015, respectively\\.\n\n(b) This amount represents the reclassification from AOCI to RE of the stranded tax effects resulting from the enactment of the Tax Act\\.\n\n(c) Deferred tax balance relates mainly to Pension and Other Postretirement Liabilities\\.\n\n(d) The last of the Company\u2019s fuel hedge derivatives designated for cash flow hedge accounting expired in December 2016\\. The 2017 amount reclassified from AOCI into fuel expense represents hedge losses on December 2016 settled trades, but for which the associated fuel purchased in December 2016 was not consumed until January 2017\\. The Company\u2019s current strategy is to not enter into transactions to hedge its fuel consumption, although the Company regularly reviews its strategy based on market conditions and other factors\\.\n\n(e) This AOCI component is included in the computation of net periodic pension and other postretirement costs (see Note 8 of this report for additional information)\\.\n\nPrior to the release of the deferred income tax valuation allowance in the third quarter of 2015, the Company recorded approximately $465 million of valuation allowance adjustments in AOCI\\. Subsequent to the release of the deferred income tax valuation allowance in 2015, the $465 million debit remained within AOCI, of which $180 million related to losses on fuel hedges designated for hedge accounting and $285 million related to pension and other postretirement liabilities\\. Accounting rules required the adjustments to remain in AOCI as long as the Company had fuel derivatives designated for cash flow hedge accounting and the Company continues to provide pension and postretirement benefits\\. In 2016, the Company settled all of its fuel hedges and has not entered into any new fuel derivative contracts for hedge accounting\\. Accordingly, the Company reclassified the $180 million to income tax expense in 2016\\.\n\n74"}
{"_id": "AmericanAirlines-2019_62.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nWith respect to leveraged leases, American evaluated whether the leases had characteristics of a variable interest entity\\. American concluded the leasing entities met the criteria for variable interest entities; however, American concluded it is not the primary beneficiary under these leasing arrangements and accounts for the majority of its EETC leveraged lease financings as operating leases\\. American\u2019s total future payments to the trusts of each of the relevant EETCs under these leveraged lease financings are  $177 million  as of  December 31, 2019 \\. \n\nLetters of Credit and Other\n\nWe provide financial assurance, such as letters of credit, surety bonds or restricted cash and investments, primarily to support projected workers\u2019 compensation obligations and airport commitments\\. As of  December 31, 2019 , we had  $572 million  of letters of credit and surety bonds securing various obligations\\. The letters of credit and surety bonds that are subject to expiration will expire on various dates through  2022 \\.\n\nContractual Obligations\n\nThe following table provides details of our future cash contractual obligations as of  December 31, 2019 \\. Except to the extent set forth in the applicable accompanying footnotes, this table does not include commitments that are contingent on events or other factors that are uncertain or unknown at this time\\.\n\n\n\n|                                                                   |                            |                            |                            |                            |                            |                            |                            |\n| ----------------------------------------------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- |\n|                                                                   | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |\n|                                                                   | **2020**                   | **2021**                   | **2022**                   | **2023**                   | **2024**                   | **2025 and Thereafter**    | **Total**                  |\n| *American*  *^(a)^*                                               |                            |                            |                            |                            |                            |                            |                            |\n| Long\\-term debt:                                                  |                            |                            |                            |                            |                            |                            |                            |\n| Principal amount  ^(b), (d)^  (See Note 3)                        | $2,293                     | $3,508                     | $1,551                     | $4,072                     | $1,521                     | $9,632                     | $22,577                    |\n| Interest obligations  ^(c), (d)^                                  | 830                        | 721                        | 596                        | 510                        | 388                        | 885                        | 3,930                      |\n| Finance lease obligations (See Note 4)                            | 153                        | 128                        | 132                        | 110                        | 116                        | 171                        | 810                        |\n| Aircraft and engine purchase commitments  ^(e)^  (See Note 10(a)) | 1,629                      | 750                        | 1,599                      | 1,543                      | 2,574                      | 4,855                      | 12,950                     |\n| Operating lease commitments  (See Note 4)                         | 2,013                      | 1,979                      | 1,807                      | 1,623                      | 1,227                      | 4,451                      | 13,100                     |\n| Regional capacity purchase agreements  ^(f)^  (See Note 10(b))    | 1,115                      | 1,185                      | 1,126                      | 1,077                      | 1,077                      | 3,402                      | 8,982                      |\n| Minimum pension obligations  ^(g)^  (See Note 8)                  | 193                        | 493                        | 607                        | 618                        | 654                        | 413                        | 2,978                      |\n| Retiree medical and other postretirement benefits (See Note 8)    | 24                         | 18                         | 18                         | 17                         | 29                         | 265                        | 371                        |\n| Other purchase obligations  ^(h)^  (See Note 10(a))               | 3,546                      | 3,508                      | 1,328                      | 130                        | 81                         | 77                         | 8,670                      |\n| Total American Contractual Obligations                            | $11,796                    | $12,290                    | $8,764                     | $9,700                     | $7,667                     | $24,151                    | $74,368                    |\n| *AAG Parent and Other AAG Subsidiaries*  *^(a)^*                  |                            |                            |                            |                            |                            |                            |                            |\n| Long\\-term debt:                                                  |                            |                            |                            |                            |                            |                            |                            |\n| Principal amount  ^(b)^  (See Note 5)                             | $505                       | $2                         | $752                       | $2                         | $2                         | $16                        | $1,279                     |\n| Interest obligations  ^(c)^                                       | 51                         | 39                         | 21                         | 1                          | 1                          | 3                          | 116                        |\n| Operating lease commitments (See Note 6)                          | 16                         | 13                         | 12                         | 5                          | 2                          | 8                          | 56                         |\n| Minimum pension obligations  ^(g)^  (See Note 10)                 | 3                          | 4                          | 4                          | 4                          | 5                          | 13                         | 33                         |\n| Total AAG Contractual Obligations                                 | $12,371                    | $12,348                    | $9,553                     | $9,712                     | $7,677                     | $24,191                    | $75,852                    |\n\n\n\n\n\n|       |                                                                                                                                                                                |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(a)^ | For additional information, see the Notes to AAG\u2019s and American\u2019s Consolidated Financial Statements in Part II, Items 8A and 8B, respectively, referenced in the table above\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                     |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(b)^ | Amounts represent contractual amounts due\\. Excludes  $205 million  and  $6 million  of unamortized debt discount, premium and issuance costs as of  December 31, 2019  for American and AAG Parent, respectively\\. |\n\n\n\n\n\n|       |                                                                                                                             |\n| ----- | --------------------------------------------------------------------------------------------------------------------------- |\n| ^(c)^ | For variable\\-rate debt, future interest obligations are estimated using the current forward rates at  December 31, 2019 \\. |\n\n\n\n63"}
{"_id": "Southwest-2018_98.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\ntransaction will not occur, any gains and/or losses that have been recorded to AOCI would be required to be immediately reclassified into earnings\\. The Company did not have any such situations occur during 2018, 2017, or 2016\\. \n\nAccounting pronouncements pertaining to derivative instruments and hedging are complex with stringent requirements, including the documentation of a Company hedging strategy, statistical analysis to qualify a commodity for hedge accounting both on a historical and a prospective basis, and strict contemporaneous documentation that is required at the time each hedge is designated by the Company\\. This statistical analysis involves utilizing regression analyses that compare changes in the price of jet fuel to changes in the prices of the commodities used for hedging purposes\\.\n\nAll cash flows associated with purchasing and selling fuel derivatives are classified as Other operating cash flows in the Consolidated Statement of Cash Flows\\. The following table presents the location of all assets and liabilities associated with the Company\u2019s derivative instruments within the Consolidated Balance Sheet:\n\n\n\n|                                                |                                            |                       |                       |                           |                           |\n| ---------------------------------------------- | ------------------------------------------ | --------------------- | --------------------- | ------------------------- | ------------------------- |\n|                                                |                                            | **Asset derivatives** | **Asset derivatives** | **Liability derivatives** | **Liability derivatives** |\n|                                                | **Balance Sheet**                          | **Fair value at**     | **Fair value at**     | **Fair value at**         | **Fair value at**         |\n| **(in millions)**                              | **location**                               | **12/31/2018**        | **12/31/2017**        | **12/31/2018**            | **12/31/2017**            |\n| **Derivatives designated as hedges (a)**       |                                            |                       |                       |                           |                           |\n| Fuel derivative contracts (gross)              | Prepaid expenses and other current assets  | $43                   | $112                  | $\u2014                        | $\u2014                        |\n| Fuel derivative contracts (gross)              | Other assets                               | 95                    | 136                   | \u2014                         | \u2014                         |\n| Interest rate derivative contracts             | Accrued liabilities                        | \u2014                     | \u2014                     | 2                         | \u2014                         |\n| Interest rate derivative contracts             | Other noncurrent liabilities               | \u2014                     | \u2014                     | 12                        | 20                        |\n| **Total derivatives designated as hedges**     | **Total derivatives designated as hedges** | $138                  | $248                  | $14                       | $20                       |\n| **Derivatives not designated as hedges (a)**   |                                            |                       |                       |                           |                           |\n| Fuel derivative contracts (gross)              | Prepaid expenses and other current assets  | $\u2014                    | $35                   | $\u2014                        | $35                       |\n| Interest rate derivative contracts             | Accrued liabilities                        | \u2014                     | \u2014                     | \u2014                         | 1                         |\n| Interest rate derivative contracts             | Other noncurrent liabilities<br><br>  <br> | \u2014                     | \u2014                     | \u2014                         | 1                         |\n| **Total derivatives not designated as hedges** |                                            | $\u2014                    | $35                   | $\u2014                        | $37                       |\n| **Total derivatives**                          |                                            | $138                  | $283                  | $14                       | $57                       |\n\n\n\n(a) Represents the position of each trade before consideration of offsetting positions with each counterparty and does not include the impact of cash collateral deposits provided to or received from counterparties\\. See discussion of credit risk and collateral following in this Note\\.\n\nThe following table presents the amounts recorded on the Consolidated Balance Sheet related to fair value hedges:\n\n\n\n|                                           |                                               |                                               |                                                                                                                      |                                                                                                                      |\n| ----------------------------------------- | --------------------------------------------- | --------------------------------------------- | -------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------- |\n| **Balance Sheet location of hedged item** | **Carrying amount of the hedged liabilities** | **Carrying amount of the hedged liabilities** | **Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (a)** | **Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (a)** |\n|                                           | **December 31,**                              | **December 31,**                              | **December 31,**                                                                                                     | **December 31,**                                                                                                     |\n| **(in millions)**                         | **2018**                                      | **2017**                                      | **2018**                                                                                                             | **2017**                                                                                                             |\n| Long\\-term debt less current maturities   | $791                                          | $791                                          | $11                                                                                                                  | $12                                                                                                                  |\n\n\n\n(a) At December 31, 2018 and 2017, these amounts include the cumulative amount of fair value hedging adjustments remaining for which hedge accounting has been discontinued of $20 million and $21 million, respectively\\.\n\n99"}
{"_id": "Southwest-2018_23.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nevents could cause system interruptions, delays, and loss of critical data, and could prevent the Company from processing Customer transactions or providing services, which could make the Company's business and services less attractive and subject the Company to liability\\. Any of these events could damage the Company's reputation and be expensive to remedy\\.\n\n***The Company's business is labor intensive; therefore, the Company would be adversely affected if it were unable to maintain satisfactory relations with its Employees or its Employees' Representatives\\.***\n\nThe airline business is labor intensive\\. Salaries, wages, and benefits represented approximately 41 percent of the Company's operating expenses for the year ended December 31, 2018\\. In addition, as of December 31, 2018, approximately 83 percent of the Company's Employees were represented for collective bargaining purposes by labor unions, making the Company particularly exposed in the event of labor\\-related job actions\\. Employment\\-related issues that have impacted, and continue to impact, the Company's results of operations, some of which are negotiated items, include hiring/retention rates, pay rates, outsourcing, work rules, health care costs, and retirement benefits\\.\n\n***The Company is currently dependent on single aircraft and engine suppliers, as well as single suppliers of certain other parts; therefore, the Company would be materially adversely affected (i) if it were unable to obtain timely or sufficient delivery of aircraft or other equipment from Boeing or other suppliers or adequate maintenance or other support from any of these suppliers, (ii) in the event of a mechanical or regulatory issue associated with the Company's aircraft or equipment, or (iii) in the event the pricing and operational attributes of the Company's aircraft or equipment become less competitive\\.***\n\nThe Company is dependent on Boeing as its sole supplier for aircraft and many of its aircraft parts and is dependent on other suppliers for certain other aircraft parts or other services\\. Although the Company is able to purchase some aircraft from parties other than Boeing, most of its purchases are directly from Boeing\\. Therefore, if the Company were unable to acquire additional aircraft from Boeing, or if Boeing were unable or unwilling to make timely or adequate deliveries of aircraft or to provide adequate support for its products, the Company's operations would be materially adversely affected\\. In addition, the Company would be materially adversely affected in the event of a mechanical or regulatory issue associated with the Boeing 737 aircraft type, whether as a result of downtime for part or all of the Company's fleet, increased maintenance costs, or because of a negative perception by the flying public\\. The Company believes, however, that its years of experience with the Boeing 737 aircraft type, as well as the efficiencies Southwest has historically achieved by operating with a single aircraft type, continue to outweigh the risks associated with its single aircraft supplier strategy\\. The Company is also dependent on sole or limited suppliers for aircraft engines and certain other aircraft parts and services and would, therefore, also be materially adversely affected in the event of the unavailability of, inadequate support for, or a mechanical or regulatory issue associated with, engines and other parts\\. The Company could also be materially adversely affected if the pricing or operational attributes of its equipment were to become less competitive\\.\n\n***Developing and expanding data security and privacy requirements could increase the Company's operating costs, and any failure of the Company to maintain the security of certain Customer, Employee, and business\\-related information could result in damage to the Company's reputation and could be costly to remediate\\.***\n\nThe Company must receive information related to its Customers in order to run its business, and the Company's operations depend upon secure retention and the secure transmission of information over public networks, including information permitting cashless payments\\. This information is subject to the continually evolving risk of intrusion, tampering, and theft\\. Although the Company maintains systems to prevent or defend against these risks, these systems require ongoing monitoring and updating as technologies change, and security could be compromised, personal or confidential information could be misappropriated, or system disruptions could occur\\. In the ordinary course of its business, the Company also provides certain confidential, proprietary, and personal information to third parties\\. While the Company seeks to obtain assurances that these third parties will protect this information, there is a risk the security of data held by third parties could be breached\\. A compromise of the Company's security systems could adversely affect the Company's reputation and disrupt its operations and could also result in litigation against the Company or the imposition of penalties\\. In addition, it could be costly to remediate\\. Although the Company has not experienced cyber incidents that are individually, or in the aggregate, material, the Company has experienced cyber\\-attacks in the past, which have thus far been mitigated by preventative, detective, and responsive measures put in place by the Company\\.\n\n24"}
{"_id": "Southwest-2019_32.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nINFORMATION ABOUT OUR EXECUTIVE OFFICERS \n\nThe following information regarding the Company\u2019s executive officers is as of February 1, 2020\\.\n\n\n\n|                        |                                                                           |         |\n| ---------------------- | ------------------------------------------------------------------------- | ------- |\n| **Name**               | **Position**                                                              | **Age** |\n| Gary C\\. Kelly         | Chairman of the Board & Chief Executive Officer                           | 64      |\n| Thomas M\\. Nealon      | President                                                                 | 58      |\n| Michael G\\. Van de Ven | Chief Operating Officer                                                   | 58      |\n| Robert E\\. Jordan      | Executive Vice President Corporate Services                               | 59      |\n| Tammy Romo             | Executive Vice President & Chief Financial Officer                        | 57      |\n| Mark R\\. Shaw          | Executive Vice President & Chief Legal & Regulatory Officer<br><br>  <br> | 57      |\n| Andrew M\\. Watterson   | Executive Vice President & Chief Commercial Officer                       | 53      |\n| Gregory D\\. Wells      | Executive Vice President Daily Operations                                 | 61      |\n\n\n\nSet forth below is a description of the background of each of the Company\u2019s executive officers\\.\n\nGary C\\. Kelly  has served as the Company's Chairman of the Board since May 2008 and as its Chief Executive Officer since July 2004\\. Mr\\. Kelly also served as President from July 2008 to January 2017, Executive Vice President & Chief Financial Officer from June 2001 to July 2004, and Vice President Finance & Chief Financial Officer from 1989 to 2001\\. Mr\\. Kelly joined the Company in 1986 as its Controller\\.\n\nThomas M\\. Nealon  has served as the Company's President since January 2017\\. Mr\\. Nealon also served as Executive Vice President Strategy & Innovation from January 2016 to January 2017\\. Prior to becoming an executive officer of the Company, Mr\\. Nealon served on the Company\u2019s Board of Directors from December 2010 until November 2015\\. Mr\\. Nealon has also served as Group Executive Vice President of J\\.C\\. Penney Company, Inc\\., a retail company, from August 2010 until December 2011\\. In this role Mr\\. Nealon was responsible for Strategy, jcp\\.com, Information Technology, Customer Insights, and Digital Ventures\\. Mr\\. Nealon also served as J\\.C\\. Penney\u2019s Executive Vice President & Chief Information Officer from September 2006 until August 2010\\. Prior to joining J\\.C\\. Penney, Mr\\. Nealon was a partner with The Feld Group, a provider of information technology consulting services, where he served in a consultant capacity as Senior Vice President & Chief Information Officer for the Company from 2002 to 2006\\. Mr\\. Nealon also served as Chief Information Officer for Frito\\-Lay, a division of PepsiCo, Inc\\., from 1996 to 2000, and in various software engineering, systems engineering, and management positions for Frito\\-Lay from 1983 to 1996\\.\n\nMichael G\\. Van de Ven  has served as the Company's Chief Operating Officer since May 2008\\. Mr\\. Van de Ven also served as Executive Vice President & Chief Operating Officer from May 2008 to January 2017, Chief of Operations from September 2006 to May 2008, Executive Vice President Aircraft Operations from November 2005 through August 2006, Senior Vice President Planning from August 2004 to November 2005, Vice President Financial Planning & Analysis from 2001 to 2004, Senior Director Financial Planning & Analysis from 2000 to 2001, and Director Financial Planning & Analysis from 1997 to 2000\\. Mr\\. Van de Ven joined the Company in 1993 as its Director Internal Audit\\.\n\nRobert E\\. Jordan  has served as the Company's Executive Vice President Corporate Services since July 2017\\. Mr\\. Jordan also served as Executive Vice President & Chief Commercial Officer from September 2011 to July 2017, Executive Vice President Strategy & Planning from May 2008 to September 2011, Executive Vice President Strategy & Technology from September 2006 to May 2008, Senior Vice President Enterprise Spend Management from August 2004 to September 2006, Vice President Technology from 2002 to 2004, Vice President Purchasing from 2001 to 2002, Controller from 1997 to 2001, Director Revenue Accounting from 1994 to 1997, and Manager Sales Accounting from 1990 to 1994\\. Mr\\. Jordan joined the Company in 1988 as a programmer\\.\n\nTammy Romo  has served as the Company's Executive Vice President & Chief Financial Officer since July 2015\\. Ms\\. Romo also served as Senior Vice President Finance & Chief Financial Officer from September 2012 to July 2015, Senior Vice President of Planning from February 2010 to September 2012, Vice President of Financial Planning from September 2008 to February 2010, Vice President Controller from February 2006 to August 2008, Vice President Treasurer from September 2004 to February 2006, Senior Director of Investor Relations from March 2002 to September  2004, Director of Investor Relations from December 1994 to March 2002, Manager of Investor Relations from September 1994 to December 1994, and Manager of Financial Reporting from September 1991 to September 1994\\.\n\n33"}
{"_id": "Delta-2018_11.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nWe may face additional regulation of aircraft emissions in the U\\.S\\. and abroad and become subject to further taxes, charges or additional requirements to obtain permits or purchase allowances or emission credits for greenhouse gas emissions in various jurisdictions\\. Additional regulation could result in taxation, regulatory or permitting requirements from multiple jurisdictions for the same operations and significant costs for us and the airline industry\\. In addition to direct costs, such regulation could result in increased fuel costs passed through from fuel suppliers affected by any such regulations\\. We are monitoring and evaluating the potential impact of such legislative and regulatory developments\\.\n\nWe seek to minimize the impact of carbon emissions from our operations through reductions in our fuel consumption and other efforts, and have realized reductions in our carbon emission levels since 2005\\. We have reduced the fuel needs of our aircraft fleet through the retirement of older aircraft and replacement with newer, more fuel efficient aircraft\\. In addition, we have implemented fuel saving procedures in our flight and ground support operations that further reduce carbon emissions\\. We are also supporting efforts to develop alternative fuels and efforts to modernize the air traffic control system in the U\\.S\\. as part of our efforts to reduce our emissions and minimize our impact on the environment\\.\n\nNoise \\. The Airport Noise and Capacity Act of 1990 recognizes the rights of operators of airports with noise problems to implement local noise abatement programs so long as such programs do not interfere unreasonably with interstate or foreign commerce or the national air transportation system\\. This statute generally provides that local noise restrictions on Stage 3 aircraft first effective after October 1, 1990, require FAA approval\\. While we have had sufficient scheduling flexibility to accommodate local noise restrictions in the past, our operations could be adversely impacted if locally\\-imposed regulations become more restrictive or widespread\\. In addition, foreign governments may allow airports to enact similar restrictions, which could adversely impact our international operations or require significant expenditure in order for our aircraft to comply with the restrictions\\.\n\nRefinery Matters \\. Monroe's operation of the Trainer refinery is subject to numerous environmental laws and extensive regulations, including those relating to the discharge of materials into the environment, waste management, pollution prevention measures and greenhouse gas and other air emissions\\.\n\nUnder the Energy Independence and Security Act of 2007, the EPA has adopted Renewable Fuel Standards (\"RFS\") that mandate the blending of renewable fuels into gasoline and on\\-road diesel (\"Transportation Fuels\")\\. Renewable Identification Numbers (\"RINs\") are assigned to renewable fuels produced or imported into the U\\.S\\. that are blended into Transportation Fuels to demonstrate compliance with this obligation\\. A refiner may meet its obligation under RFS by blending the necessary volumes of renewable fuels with Transportation Fuels or by purchasing RINs in the open market or through a combination of blending and purchasing RINs\\. Because Monroe blends only a small amount of renewable fuels, it must purchase the majority of its RINs requirement in the secondary market or obtain a waiver from the EPA\\. Market prices for RINs have been volatile, marked by periods of sharp increases and decreases\\.\n\nOther Environmental Matters \\. We are subject to certain environmental laws and contractual obligations governing the management and release of regulated substances, which may require the investigation and remediation of affected sites\\. Soil and/or ground water impacts have been identified at certain of our current or former leaseholds at several domestic airports\\. To address these impacts, we have a program in place to investigate and, if appropriate, remediate these sites\\. Although the ultimate outcome of these matters cannot be predicted with certainty, we believe that the resolution of these matters will not have a material adverse effect on our Consolidated Financial Statements\\.\n\nCivil Reserve Air Fleet Program\n\nWe participate in the Civil Reserve Air Fleet program (the \"CRAF Program\"), which permits the U\\.S\\. military to use the aircraft and crew resources of participating U\\.S\\. airlines during airlift emergencies, national emergencies or times of war\\. We have agreed to make available under the CRAF Program a portion of our international aircraft during the contract period ending September 30, 2020\\. The CRAF Program has only been activated twice since it was created in 1951\\.\n\n 9"}
{"_id": "AmericanAirlines-2017_29.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***Our ability to utilize our NOL Carryforwards may be limited\\.***\n\nUnder the Internal Revenue Code of 1986, as amended (the Code), a corporation is generally allowed a deduction for NOLs carried over from prior taxable years (NOL Carryforwards)\\. As of December 31, 2017, we had available NOL Carryforwards of approximately $10\\.0 billion for regular federal income tax purposes that will expire, if unused, beginning in 2022, and approximately $3\\.4 billion for state income tax purposes that will expire, if unused, between 2018 and 2037\\. Our NOL Carryforwards are subject to adjustment on audit by the Internal Revenue Service and the respective state taxing authorities\\.\n\nA corporation\u2019s ability to deduct its federal NOL Carryforwards and to utilize certain other available tax attributes can be substantially constrained under the general annual limitation rules of Section 382 of the Code (Section 382) if it undergoes an \u201cownership change\u201d as defined in Section 382 (generally where cumulative stock ownership changes among material stockholders exceed 50 percent during a rolling three\\-year period)\\. We experienced an ownership change in connection with our emergence from the Chapter 11 Cases and US Airways Group experienced an ownership change in connection with the Merger\\. The general limitation rules for a debtor in a bankruptcy case are liberalized where the ownership change occurs upon emergence from bankruptcy\\. We elected to be covered by certain special rules for federal income tax purposes that permitted approximately $9\\.0 billion (with $8\\.4 billion of unlimited NOL still remaining at December 31, 2017) of our federal NOL Carryforwards to be utilized without regard to the annual limitation generally imposed by Section 382\\. If the special rules are determined not to apply, our ability to utilize such federal NOL Carryforwards may be subject to limitation\\. Substantially all of our remaining federal NOL Carryforwards (attributable to US Airways Group and its subsidiaries) are subject to limitation under Section 382 as a result of the Merger; however, our ability to utilize such NOL Carryforwards is not anticipated to be effectively constrained as a result of such limitation\\. Similar limitations may apply for state income tax purposes\\.\n\nNotwithstanding the foregoing, an ownership change subsequent to our emergence from the Chapter 11 Cases may severely limit or effectively eliminate our ability to utilize our NOL Carryforwards and other tax attributes\\. To reduce the risk of a potential adverse effect on our ability to utilize our NOL Carryforwards, our Restated Certificate of Incorporation (Certificate of Incorporation) contains transfer restrictions applicable to certain substantial stockholders\\. These restrictions may adversely affect the ability of certain holders of AAG common stock to dispose of or acquire shares of AAG common stock\\. Although the purpose of these transfer restrictions is to prevent an ownership change from occurring, no assurance can be given that an ownership change will not occur even with these restrictions in place\\.\n\nOur ability to use our NOL Carryforwards also will depend on the amount of taxable income generated in future periods\\. The NOL Carryforwards may expire before we can generate sufficient taxable income to use them\\.\n\n***We have a significant amount of goodwill, which is assessed for impairment at least annually\\. In addition, we may never realize the full value of our intangible assets or long\\-lived assets, causing us to record material impairment charges\\.***\n\nGoodwill and indefinite\\-lived intangible assets are not amortized, but are assessed for impairment at least annually, or more frequently if conditions indicate that an impairment may have occurred\\. In accordance with applicable accounting standards, we first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test\\. In addition, we are required to assess certain of our other long\\-lived assets for impairment if conditions indicate that an impairment may have occurred\\.\n\nFuture impairment of goodwill or other long\\-lived assets could be recorded in results of operations as a result of changes in assumptions, estimates, or circumstances, some of which are beyond our control\\. There can be no assurance that a material impairment charge of goodwill or tangible or intangible assets will be avoided\\. The value of our aircraft could be impacted in future periods by changes in supply and demand for these aircraft\\. Such changes in supply and demand for certain aircraft types could result from grounding of aircraft by us or other airlines\\. An impairment charge could have a material adverse effect on our business, results of operations and financial condition\\.\n\n***The price of AAG common stock has recently been and may in the future be volatile\\.***\n\nThe market price of AAG common stock may fluctuate substantially due to a variety of factors, many of which are beyond our control, including:\n\n\n\n|   |                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------- |\n| \u2022 | AAG\u2019s operating and financial results failing to meet the expectations of securities analysts or investors; |\n\n\n\n\n\n|   |                                                                           |\n| - | ------------------------------------------------------------------------- |\n| \u2022 | changes in financial estimates or recommendations by securities analysts; |\n\n\n\n\n\n|   |                                                  |\n| - | ------------------------------------------------ |\n| \u2022 | material announcements by us or our competitors; |\n\n\n\n30"}
{"_id": "Southwest-2017_88.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nOn October 3, 2007, grantor trusts established by the Company issued $500 million Pass Through Certificates consisting of $412 million6\\.15 percent Series A certificates and $88 million6\\.65 percent Series B certificates\\. A separate trust was established for each class of certificates\\. The trusts used the proceeds from the sale of certificates to acquire equipment notes in the same amounts, which were issued by the Company on a full recourse basis\\. Payments on the equipment notes held in each trust will be passed through to the holders of certificates of such trust\\. The equipment notes were issued for each of 16 Boeing 737\\-700 aircraft owned by the Company and are secured by a mortgage on each aircraft\\. Beginning February 1, 2008, principal and interest payments on the equipment notes held for both series of certificates are due semi\\-annually until the balance of the certificates mature on August 1, 2022\\. Prior to their issuance, the Company also entered into swap agreements to hedge the variability in interest rates on the Pass Through Certificates\\. The swap agreements were accounted for as cash flow hedges, and resulted in a payment by the Company of $20 million upon issuance of the Pass Through Certificates\\. The effective portion of the hedge is being amortized to interest expense concurrent with the amortization of the debt and is reflected in the above table as a reduction in the debt balance\\. The ineffectiveness of the hedge transaction was immaterial\\.\n\nDuring February 2005, the Company issued $300 million senior unsecured notes due 2017\\. The notes bore interest at 5\\.125 percent, payable semi\\-annually in arrears\\. The notes matured and were redeemed in full on March 1, 2017, utilizing available cash on hand\\.\n\nIn fourth quarter 2004, the Company entered into four identical 13\\-year floating\\-rate financing arrangements, whereby it borrowed a total of $112 million from French banking partnerships\\. Although the interest rates on the borrowings float, the Company estimated at inception that, considering the full effect of the \"net present value benefits\" included in the transactions, the effective economic yield over the 13\\-year term of the loans will be approximately LIBOR minus 45 basis points\\. Principal and interest are payable semi\\-annually on June 30 and December 31 for each of the loans, and the Company may terminate the arrangements in any year on either of those dates, under certain conditions\\. The Company pledged four aircraft as collateral for the transactions\\.\n\nOn February 28, 1997, the Company issued $100 million of senior unsecured 7\\.375 percent debentures due March 1, 2027\\. Interest is payable semi\\-annually on March 1 and September 1\\. The debentures may be redeemed, at the option of the Company, in whole at any time or in part from time to time, at a redemption price equal to the greater of the principal amount of the debentures plus accrued interest at the date of redemption or the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the date of redemption at the comparable treasury rate plus20 basis points, plus accrued interest at the date of redemption\\. \n\nThe Company is required to provide standby letters of credit to support certain obligations that arise in the ordinary course of business\\. Although the letters of credit are an off\\-balance sheet item, the majority of the obligations to which they relate are reflected as liabilities in the Consolidated Balance Sheet\\. Outstanding letters of credit totaled $167 million at December 31, 2017\\.\n\nThe Company has pledged a total of up to 77 of its Boeing 737\\-700 and 7 of its Boeing 737\\-800 aircraft at a net book value of $1\\.8 billion, as collateral for the Company\u2019s secured borrowings at December 31, 2017\\. In addition, the Company has pledged a total of up to 82 of its Boeing 737\\-700 and 37 of its Boeing 737\\-800 aircraft at a net book value of $2\\.8 billion, in the case that it has obligations related to its fuel derivative instruments with counterparties that exceed certain thresholds\\. See Note 10 for further information on these collateral arrangements\\.\n\nAs of December 31, 2017, aggregate annual principal maturities of debt and capital leases (not including amounts associated with interest rate swap agreements, interest on capital leases, amortization of capital lease incentives, and amortization of purchase accounting adjustments) for the five\\-year period ending December 31, 2022, and thereafter, were $335 million in 2018, $586 million in 2019, $817 million in 2020, $169 million in 2021, $473 million in 2022, and $1\\.2 billion thereafter\\.\n\n89"}
{"_id": "AmericanAirlines-2019_69.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nITEM 8A\\. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA OF AMERICAN AIRLINES GROUP INC\\.\n\nReport of Independent Registered Public Accounting Firm\n\nTo the Stockholders and Board of Directors\n\nAmerican Airlines Group Inc\\.:\n\nOpinion on the Consolidated Financial Statements \n\nWe have audited the accompanying consolidated balance sheets of American Airlines Group Inc\\. and subsidiaries (the Company) as of  December 31, 2019  and  2018 , the related consolidated statements of operations, comprehensive income, cash flows, and stockholders\u2019 equity (deficit) for each of the years in the three\\-year period ended  December 31, 2019 , and the related notes (collectively, the consolidated financial statements)\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of  December 31, 2019  and  2018 , and the results of its operations and its cash flows for each of the years in the three\\-year period ended  December 31, 2019 , in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company\u2019s internal control over financial reporting as of  December 31, 2019 , based on criteria established in  Internal Control  \u2013  Integrated Framework (2013)  issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated  February 19, 2020  expressed an unqualified opinion on the effectiveness of the Company\u2019s internal control over financial reporting\\.\n\nChange in Accounting Principle \n\nAs discussed in Note 1 to the consolidated financial statements, the Company has changed its method of accounting for leases as of January 1, 2018 due to the modified retrospective adoption of Accounting Standards Update 2016\\-02, Leases (Topic 842), as amended\\.\n\nBasis for Opinion\n\nThese consolidated financial statements are the responsibility of the Company\u2019s management\\. Our responsibility is to express an opinion on these consolidated financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\n70"}
{"_id": "Southwest-2019_86.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nAs of  December 31, 2019 , the Company held aircraft leases with remaining terms ranging from   one month  to   12 years \\. The aircraft leases generally can be renewed for  one  to   six years  at rates based on fair market value at the end of the lease term\\. Residual value guarantees included in the Company's lease agreements are not material\\. On July 9, 2012, the Company signed an agreement with Delta Air Lines, Inc\\. and Boeing Capital Corp\\. to lease or sublease   88  AirTran Airways, Inc\\. Boeing 717\\-200 aircraft (\"B717s\") to Delta at agreed\\-upon lease rates\\.   Three  operating leases expired during 2018\\. Of the   85  B717s remaining at the beginning of 2019,   ten  owned B717s were sold in 2019\\. The proceeds from the sale, which were not material, were netted within Capital expenditures in the Consolidated Statement of Cash Flows\\. Excluding the   eight  aircraft for which operating leases expired during 2019, the following remained:   65  on operating leases and   two  on finance leases\\. The sublease terms for the   65  B717s on operating lease and the   two  B717s on finance lease coincide with the Company's remaining lease terms for these aircraft from the original lessor, which have remaining lease terms ranging from approximately   one month  to   five years \\. The Company's future sublease income associated with the   65  B717s on operating lease as of  December 31, 2019  was as follows:   $78 million  in 2020,   $41 million  in 2021,   $17 million  in 2022,   $7 million  in 2023, and   $1 million  in 2024\\. The   two  B717s classified by the Company as finance leases are accounted for as direct financing leases, and the remaining   65  subleases are accounted for as operating leases\\. There are   no  contingent payments and   no  significant residual value conditions associated with the transaction\\.\n\nAt each airport where the Company conducts flight operations, the Company has lease agreements, generally with a governmental unit or authority, for the use of airport terminals, airfields, office space, cargo warehouses, gates, and/or maintenance facilities\\. These leases are classified as operating lease agreements and have lease terms remaining ranging from   one month  to   27 years \\. Certain leases can be renewed from one to   ten years \\. The majority of the airport terminal leases contain certain provisions for periodic adjustments to rates that depend upon airport operating costs or use of the facilities, and are reset at least annually\\. Due to the nature and variability of the rates, the majority of these leases are not recorded on the Consolidated Balance Sheet\\.\n\nThe Company also leases certain technology assets, fuel storage tanks, and various other equipment that qualify as leases under the New Lease Standard\\. The remaining lease terms range from   two months  to   seven years \\. Certain leases can be renewed from   six months  to   five years \\.\n\nLease\\-related assets and liabilities recorded on the Consolidated Balance Sheet were as follows:\n\n\n\n|                         |                                                                                     |                       |\n| ----------------------- | ----------------------------------------------------------------------------------- | --------------------- |\n| **(** **in millions)**  | **Balance Sheet location**                                                          | **December 31, 2019** |\n| **Assets**              |                                                                                     |                       |\n| Operating               | Operating lease right\\-of\\-use assets (net)                                         | $1,349                |\n| Finance                 | Property and equipment (net of allowance for depreciation and amortization of $455) | 779                   |\n| Total lease assets      |                                                                                     | $2,128                |\n| **Liabilities**         |                                                                                     |                       |\n| Current                 |                                                                                     |                       |\n| Operating               | Current operating lease liabilities                                                 | $353                  |\n| Finance                 | Current maturities of long\\-term debt                                               | 85                    |\n| Noncurrent              |                                                                                     |                       |\n| Operating               | Noncurrent operating lease liabilities                                              | 978                   |\n| Finance                 | Long\\-term debt less current maturities                                             | 542                   |\n| Total lease liabilities |                                                                                     | $1,958                |\n\n\n\n87"}
{"_id": "AmericanAirlines-2019_140.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n\n\n|       |                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Unrealized gains and losses on short\\-term investments are recorded in accumulated other comprehensive loss at each measurement date\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                      |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | All short\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. American\u2019s short\\-term investments as of  December 31, 2019  mature in one year or less except for   $1\\.1 billion  of bank notes/certificates of deposit/time deposits and   $95 million  of corporate obligations\\.  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Long\\-term investments primarily include American's equity investment in China Southern Airlines, in which American presently owns a   2\\.2%  equity interest, and are classified in other assets on the consolidated balance sheets\\. |\n\n\n\nFair Value of Debt\n\nThe fair value of American\u2019s long\\-term debt was estimated using quoted market prices or discounted cash flow analyses, based on American\u2019s current estimated incremental borrowing rates for similar types of borrowing arrangements\\. If American\u2019s long\\-term debt was measured at fair value, it would have been classified as Level 2 in the fair value hierarchy\\.\n\nThe carrying value and estimated fair value of American\u2019s long\\-term debt, including current maturities, were as follows (in millions):\n\n\n\n|                                               |                               |                           |                               |                           |\n| --------------------------------------------- | ----------------------------- | ------------------------- | ----------------------------- | ------------------------- |\n|                                               | **December 31, 2019**         | **December 31, 2019**     | **December 31, 2018**         | **December 31, 2018**     |\n|                                               | **Carrying**<br><br>**Value** | **Fair**<br><br>**Value** | **Carrying**<br><br>**Value** | **Fair**<br><br>**Value** |\n| Long\\-term debt, including current maturities | $22,372                       | $23,196                   | $22,503                       | $22,497                   |\n\n\n\n8\\. Employee Benefit Plans\n\nAmerican sponsors defined benefit and defined contribution pension plans for eligible employees\\. The defined benefit pension plans provide benefits for participating employees based on years of service and average compensation for a specified period of time before retirement\\. Effective November 1, 2012, substantially all of American\u2019s defined benefit pension plans were frozen and American began providing enhanced benefits under its defined contribution pension plans for certain employee groups\\. American uses a December 31 measurement date for all of its defined benefit pension plans\\. American also provides certain retiree medical and other postretirement benefits, including health care and life insurance benefits, to retired employees\\. Effective November 1, 2012, American modified its retiree medical and other postretirement benefits plans to eliminate the company subsidy for employees who retire on or after November 1, 2012\\. As a result of modifications to its retiree medical and other postretirement benefits plans in 2012, American recognized a negative plan amendment of   $1\\.9 billion , which is included as a component of prior service benefit in accumulated other comprehensive income (loss) (AOCI) and will be amortized over the future service life of the active plan participants for whom the benefit was eliminated, or approximately   eight years \\. As of  December 31, 2019 ,   $150 million  of prior service benefit remains, which will be fully amortized in 2020\\. \n\n141"}
{"_id": "Alaska-2018_34.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**ADOPTION OF NEW ACCOUNTING STANDARDS**\n\nWe adopted the new revenue recognition and retirement benefit accounting standards on January 1, 2018, utilizing a full retrospective transition method\\. Accordingly, information for 2017 and 2016 in the following comparative discussions have been recast to reflect the new standards\\. \n\n**2018** **COMPARED WITH** **2017**\n\nOur consolidated net income for 2018 was $437 million, or $3\\.52 per diluted share, compared to net income of $960 million, or $7\\.75 per diluted share, in 2017\\. \n\nExcluding the impact of merger\\-related costs, mark\\-to\\-market fuel hedge adjustments, a contract termination fee, and one\\-time bonuses paid to employees as a result of tax reform, our adjusted consolidated net income for 2018 was $554 million, or $4\\.46 per diluted share, compared to an adjusted consolidated net income of $791 million, or $6\\.38 per share, in 2017\\. The following table reconciles our adjusted net income and earnings per diluted share (EPS) during the full year 2018 and 2017 to amounts as reported in accordance with GAAP\\.\n\n\n\n|                                                               |                                      |                                      |                                      |                                      |\n| ------------------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                               | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                               | **2018**                             | **2018**                             | **2017**                             | **2017**                             |\n| ***(in millions, except per\\-share amounts)***                | **Dollars**                          | **Diluted EPS**                      | **Dollars**                          | **Diluted EPS**                      |\n| Reported GAAP net income and diluted EPS                      | **$437**                             | **$3\\.52**                           | $960                                 | $7\\.75                               |\n| Mark\\-to\\-market fuel hedge (benefit)/expense                 | **22**                               | **0\\.18**                            | (7)                                  | (0\\.06)                              |\n| Special items\u2014merger\\-related costs ^(a)^                     | **87**                               | **0\\.70**                            | 116                                  | 0\\.94                                |\n| Special items \\- other  ^(a)^                                 | **45**                               | **0\\.36**                            | \u2014                                    | \u2014                                    |\n| Income tax effect on special items and fuel hedge adjustments | **(37)**                             | **(0\\.30)**                          | (41)                                 | (0\\.33)                              |\n| Special tax (benefit)/expense ^(b)^                           | **\u2014**                                | **\u2014**                                | (237)                                | (1\\.92)                              |\n| Non\\-GAAP adjusted net income and diluted EPS                 | **$554**                             | **$4\\.46**                           | $791                                 | $6\\.38                               |\n\n\n\n\n\n|     |                                                                                                       |\n| --- | ----------------------------------------------------------------------------------------------------- |\n| (a) | Refer to  **Note 11**  to the consolidated financial statement for the description of special items\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                            |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | Special tax (benefit)/expense in 2017 is due to the remeasurement of deferred tax liabilities as a result of the Tax Cuts and Jobs Act signed into law on December 22, 2017, offset by certain state tax law enactments\\.  |\n\n\n\nCASM is summarized below:\n\n\n\n|                                                   |                                      |                                      |                                      |\n| ------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                   | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                   | **2018**                             | **2017**                             | **% Change**                         |\n| **Consolidated:**                                 |                                      |                                      |                                      |\n| Total CASM                                        | **11\\.66\u00a2**                          | 10\\.77\u00a2                              | 8\\.3 %                               |\n| Less the following components:                    |                                      |                                      |                                      |\n| Aircraft fuel, including hedging gains and losses | **2\\.96**                            | 2\\.33                                | 27\\.0 %                              |\n| Special items\u2014merger\\-related costs ^(a)^         | **0\\.13**                            | 0\\.19                                | (31\\.6)%                             |\n| Special items\u2014other ^(a)^                         | **0\\.07**                            | \u2014                                    | NM                                   |\n| CASM, excluding fuel and special items            | **8\\.50\u00a2**                           | 8\\.25\u00a2                               | 3\\.0 %                               |\n| **Mainline:**                                     |                                      |                                      |                                      |\n| Total CASM                                        | **10\\.78\u00a2**                          | 9\\.94\u00a2                               | 8\\.5 %                               |\n| Less the following components:                    |                                      |                                      |                                      |\n| Aircraft fuel, including hedging gains and losses | **2\\.83**                            | 2\\.24                                | 26\\.3 %                              |\n| Special items\u2014merger\\-related costs ^(a)^         | **0\\.14**                            | 0\\.20                                | (30\\.0)%                             |\n| Special items\u2014other ^(a)^                         | **0\\.08**                            | \u2014                                    | NM                                   |\n| CASM, excluding fuel and special items            | **7\\.73\u00a2**                           | 7\\.50\u00a2                               | 3\\.1 %                               |\n\n\n\n\n\n|     |                                                                                                       |\n| --- | ----------------------------------------------------------------------------------------------------- |\n| (a) | Refer to  **Note 11**  to the consolidated financial statement for the description of special items\\. |\n\n\n\n 35"}
{"_id": "United-2018_3.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nto annual adjustments\\. The fees for carrier costs are based on specific rates for various operating expenses of the regional carriers, such as crew expenses, maintenance and aircraft ownership, some of which are multiplied by specific operating statistics (e\\.g\\., block hours, departures), while others are fixed monthly amounts\\. Under these CPAs, the Company is responsible for all fuel costs incurred, as well as landing fees and other costs, which are either passed through by the regional carrier to the Company without any markup or directly incurred by the Company, and, in some cases, the Company owns or leases some or all of the aircraft subject to the CPA, and leases or subleases, as applicable, such aircraft to the regional carrier\\. In return, the regional carriers operate the capacity of the aircraft included within the scope of such CPA exclusively for United, on schedules determined by the Company\\. The Company also determines pricing and revenue management, assumes the inventory and distribution risk for the available seats and permits mileage accrual and redemption for regional flights through its MileagePlus^\u00ae^ loyalty program\\. \n\n***Alliances\\.*** United is a member of Star Alliance, a global integrated airline network and the largest and most comprehensive airline alliance in the world\\. As of January 1, 2019, Star Alliance carriers served over 1,300 airports in 193 countries with 18,800 daily departures\\. Star Alliance members, in addition to United, are Adria Airways, Aegean Airlines, Air Canada, Air China, Air India, Air New Zealand, All Nippon Airways (\"ANA\"), Asiana Airlines, Austrian Airlines, Aerov\u00edas del Continente Americano S\\.A\\. (\"Avianca\"), Avianca Brasil, Brussels Airlines, Copa Airlines, Croatia Airlines, EGYPTAIR, Ethiopian Airlines, EVA Air, LOT Polish Airlines, Lufthansa, SAS Scandinavian Airlines, Shenzhen Airlines, Singapore Airlines, South African Airways, SWISS, TAP Air Portugal, THAI Airways International and Turkish Airlines\\. In addition to its members, Star Alliance includes Shanghai\\-based Juneyao Airlines as a connecting partner\\.\n\nUnited has a variety of bilateral commercial alliance agreements and obligations with Star Alliance members, addressing, among other things, reciprocal earning and redemption of frequent flyer miles, access to airport lounges and, with certain Star Alliancemembers, codesharing of flight operations (whereby one carrier's selected flights can be marketed under the brand name of another carrier)\\. In addition to the alliance agreements with Star Alliance members, United currently maintains independent marketing alliance agreements with other air carriers, including Aeromar, Aer Lingus, Air Dolomiti, Azul Linhas A\u00e9reas Brasileiras S\\.A\\. (\"Azul\"), Boutique Air, Cape Air, Eurowings, Hawaiian Airlines, and Silver Airways\\. In addition to the marketing alliance agreements with air partners, United also offers a train\\-to\\-plane codeshare and frequent flyer alliance with Amtrak from Newark on select city pairs in the northeastern United States\\. \n\nUnited also participates in four passenger joint business arrangements (\"JBAs\"): one with Air Canada and the Lufthansa Group (which includes Lufthansa and its affiliates Austrian Airlines, Brussels Airlines, Eurowings and SWISS) covering transatlantic routes, one with ANA covering certain transpacific routes, one with Air New Zealand covering certain routes between the United States and New Zealand and one with Avianca and Copa Airlines, which, upon receipt of regulatory approvals will cover routes between the United States and Central and South America, excluding Brazil\\. These passenger JBAs enable the participating carriers to integrate the services they provide in the respective regions, capturing revenue synergies and delivering enhanced customer benefits, such as highly competitive flight schedules, fares and services\\. United also participates in cargo JBAs with ANA for transpacific cargo services and with Lufthansa for transatlantic cargo services\\. These cargo JBAs offer expanded and more seamless access to cargo space across the carriers' respective combined networks\\.\n\n***Loyalty Program\\.*** United's MileagePlus loyalty program builds customer loyalty by offering awards, benefits and services to program participants\\. Members in this program earn miles for flights on United, United Express, Star Alliance members and certain other airlines that participate in the program\\. Members can also earn miles by purchasing the goods and services of our network of non\\-airline partners, such as domestic and international credit card issuers, retail merchants, hotels and car rental companies\\. Members can redeem miles for free (other than taxes and government imposed fees), discounted or upgraded travel and non\\-travel awards\\.\n\nUnited has an agreement with Chase Bank USA, N\\.A\\. (\"Chase\"), pursuant to which members of United's MileagePlus loyalty program who are residents of the United States can earn miles for making purchases using a MileagePlus credit card issued by Chase (the \"Co\\-Brand Agreement\")\\. The Co\\-Brand Agreement also provides for joint marketing and other support for the MileagePlus credit card and provides Chase with other benefits such as permission to market to the Company's customer database\\.\n\nApproximately 5\\.6 million and 5\\.4 million MileagePlus flight awards were used on United in 2018 and 2017, respectively\\. These awards represented 7\\.1% and 7\\.5% of United's total revenue passenger miles in 2018 and 2017, respectively\\. Total miles redeemed for flights on United in 2018, including class\\-of\\-service upgrades, represented approximately 86% of the total miles redeemed\\. In addition, excluding miles redeemed for flights on United, MileagePlus members redeemed miles for approximately 2\\.4 million other awards in 2018 as compared to 2\\.3 million other awards in 2017\\. These awards include United Club memberships, car and hotel awards, merchandise and flights on other air carriers\\. \n\n4"}
{"_id": "United-2018_10.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n***The Company's business relies extensively on third\\-party service providers, including certain technology providers\\. Failure of these parties to perform as expected, or interruptions in the Company's relationships with these providers or their provision of services to the Company, could have an adverse effect on the Company's business, operating results and financial condition\\.***\n\nThe Company has engaged third\\-party service providers to perform a large number of functions that are integral to its business, including regional operations, operation of customer service call centers, distribution and sale of airline seat inventory, provision of information technology infrastructure and services, transmitting or uploading of data, provision of aircraft maintenance and repairs, provision of various utilities, performance of aircraft fueling operations and catering services, among other vital functions and services\\. The Company does not directly control these third\\-party service providers, although it does enter into agreements that define expected service performance\\. \n\nAny of these third\\-party service providers, however, may materially fail to meet its service performance commitments to the Company or may suffer disruptions to its systems that could impact its services\\. For example, failures in certain third\\-party technology or communications systems may cause flight delays or cancellations\\. The failure of any of the Company's third\\-party service providers to perform its service obligations adequately, or other interruptions of services, may reduce the Company's revenues and increase its expenses, prevent the Company from operating its flights and providing other services to its customers or result in adverse publicity or harm to its brand\\. In addition, the Company's business and financial performance could be materially harmed if its customers believe that its services are unreliable or unsatisfactory\\. \n\nThe Company may also have disagreements with such providers or such contracts may be terminated or may not be extended or renewed\\. For example, the number of flight reservations booked through third\\-party GDSs or online travel agents (\"OTAs\") may be adversely affected by disruptions in the business relationships between the Company and these suppliers\\. Such disruptions, including a failure to agree upon acceptable contract terms when contracts expire or otherwise become subject to renegotiation, may cause the Company's flight information to be limited or unavailable for display by the affected GDS or OTA operator, significantly increase fees for both the Company and GDS/OTA users and impair the Company's relationships with its customers and travel agencies\\. Any such disruptions or contract terminations may adversely impact our operations and financial results\\. \n\nIf we are not able to negotiate or renew agreements with third\\-party service providers, or if we renew existing agreements on less favorable terms, our operations and financial results may be adversely affected\\.\n\n***The Company could experience adverse publicity, harm to its brand, reduced travel demand and potential tort liability as a result of an accident, catastrophe or incident involving its aircraft or its operations, the aircraft or operations of its regional carriers, the aircraft or operations of its codeshare partners, or the aircraft or operations of another airline, which may result in a material adverse effect on the Company's business, operating results and financial condition\\.***\n\nAn accident, catastrophe or incident involving an aircraft that the Company operates, or an aircraft that is operated by a codeshare partner, one of the Company's regional carriers or another airline, or an incident involving the Company's operations, or the operations of a codeshare partner, one of the Company's regional carriers or of another airline, could have a material adverse effect on the Company if such accident, catastrophe or incident created a public perception that the Company's operations, or the operations of its codeshare partners or regional carriers, are not safe or reliable, or are less safe or reliable than other airlines\\. Such public perception could, in turn, result in adverse publicity for the Company, cause harm to the Company's brand and reduce travel demand on the Company's flights, or the flights of its codeshare partners or regional carriers\\. \n\nIn addition, any such accident, catastrophe or incident involving the Company, its regional carriers or its codeshare partners could expose the Company to significant tort liability\\. Although the Company currently maintains liability insurance in amounts and of the type the Company believes to be consistent with industry practice to cover damages arising from any such accident, catastrophe or incident, and the Company's codeshare partners and regional carriers carry similar insurance and generally indemnify the Company for their operations, if the Company's liability exceeds the applicable policy limits or the ability of another carrier to indemnify it, the Company could incur substantial losses from an accident, catastrophe or incident which may result in a material adverse effect on the Company's operating results and financial condition\\.\n\n***Terrorist attacks, international hostilities or other security events, or the fear of terrorist attacks or hostilities, even if not made directly on the airline industry, could negatively affect the Company and the airline industry\\.***\n\nTerrorist attacks or international hostilities, even if not made on or targeted directly at the airline industry, or the fear of or the precautions taken in anticipation of such attacks (including elevated national threat warnings, travel restrictions, selective cancellation or redirection of flights and new security regulations) could materially and adversely affect the Company and the airline industry\\. Security events pose a significant risk to our passenger and cargo operations\\. These events could include acts of violence in public areas that we cannot control\\. The Company's financial resources may not be sufficient to absorb the \n\n11"}
{"_id": "Alaska-2019_45.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nDeferred Income Taxes\n\nFor federal income tax purposes, the majority of our assets are fully depreciated over a seven\\-year life using an accelerated depreciation method or bonus depreciation, if available\\. For financial reporting purposes, the majority of our assets are depreciated over 15 to 25 years to an estimated salvage value using the straight\\-line basis\\. This difference has created a significant deferred tax liability\\. At some point in the future the depreciation basis will reverse, potentially resulting in an increase in income taxes paid\\. \n\nWhile it is possible that we could have material cash obligations for this deferred liability at some point in the future, we cannot estimate the timing of long\\-term cash flows with reasonable accuracy\\. Taxable income and cash taxes payable in the short\\-term are impacted by many items, including the amount of book income generated (which can be volatile depending on revenue and fuel prices), usage of net operating losses, whether bonus depreciation provisions are available, any future tax reform efforts at the federal level, as well as other legislative changes that are beyond our control\\. \n\nIn 2019, we made tax payments, net of refunds, totaling $31 million, and had an effective tax rate of 24\\.3%\\. We believe that we will have the liquidity available to make our future tax payments\\.\n\n45"}
{"_id": "Southwest-2017_3.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**PART I**\n\n\n\n|               |                 |\n| ------------- | --------------- |\n|  **Item 1\\.** | ***Business***  |\n\n\n\n**Company Overview** \n\nSouthwest Airlines Co\\. (the \"Company\" or \"Southwest\") operates Southwest Airlines, a major passenger airline that provides scheduled air transportation in the United States and near\\-international markets\\. For the 45th consecutive year, the Company was profitable, earning $3\\.5 billion in net income\\. \n\nSouthwest commenced service on June 18, 1971, with three Boeing 737 aircraft serving three Texas cities: Dallas, Houston, and San Antonio\\. At December 31, 2017, Southwest operated a total of 706 Boeing 737 aircraft and served 100 destinations in 40 states, the District of Columbia, the Commonwealth of Puerto Rico, and ten near\\-international countries: Mexico, Jamaica, The Bahamas, Aruba, Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos\\.\n\nThe Company expanded its international footprint during 2017, with the commencement of service to Owen Roberts International Airport in Grand Cayman and Providenciales International Airport in Turks and Caicos, both from Fort Lauderdale\\-Hollywood International Airport\\. The Company also commenced service to Cincinnati/Northern Kentucky International Airport in 2017, giving the Company\u2019s Customers access to a full complement of the top 50 markets across the 48 contiguous United States\\.\n\nDuring 2017, the Company announced plans to begin selling tickets in 2018 for service to Hawaii, subject to requisite governmental approvals, including approval from the Federal Aviation Administration (\"FAA\") for Extended Operations (\"ETOPS\"), a regulatory requirement to operate between the U\\.S\\. mainland and the Hawaiian Islands\\. The Company further announced its decision to cease service at Bishop International Airport in Flint, Michigan, with the last day of service on June 6, 2018\\. In January 2018, the Company announced its intent to begin service at a new commercial aircraft facility at Paine Field in Everett, Washington, scheduled to be completed in 2018\\.\n\nIn 2017, the Company completed its deployment of a new single reservation system, the largest technology project in the Company's history\\. The new reservation system was designed to improve flight scheduling and inventory management, enable revenue enhancements, support additional international growth, and enable other foundational and operational capabilities\\.\n\nFurther, in 2017, the Company became the first airline in North America to offer scheduled service utilizing Boeing's new, more fuel efficient, 737 MAX 8 aircraft\\. The Company also retired its remaining Boeing 737\\-300 aircraft\\. \n\nBased on the most recent data available from the U\\.S\\. Department of Transportation (the \"DOT\"), as of September 30, 2017, Southwest was the largest domestic air carrier in the United States, as measured by the number of domestic originating passengers boarded\\.\n\n**Industry** \n\nThe airline industry has historically been an extremely volatile industry subject to numerous challenges\\. Among other things, it has been cyclical, energy intensive, labor intensive, capital intensive, technology intensive, highly regulated, heavily taxed, and extremely competitive\\. The airline industry has also been particularly susceptible to detrimental events such as acts of terrorism, poor weather, and natural disasters\\.\n\nThe U\\.S\\. airline industry benefited from modest economic growth during 2017 and was further aided by a relatively stable fuel environment\\. In recent years, the U\\.S\\. airline industry, including Southwest, has increased available seat miles (also referred to as \"capacity,\" an available seat mile is one seat, empty or full, flown one mile and is a measure of space available to carry passengers in a given period), and has increased the number of seats per trip (or \"gauge\") through slimline seat retrofits and the use of larger aircraft\\. Strategic capacity increases are expected to continue in 2018\\.\n\nIn 2017, the airline industry continued to be impacted by the significant growth of \"Ultra\\-Low Cost Carriers\" (\"ULCCs\")\\. ULCCs offer \"unbundled\" service offerings, which enable them to appeal to price\\-sensitive travelers through promotion to consumers of an extremely low relative base fare for a seat, while separately charging for related services and products\\. In response, certain major U\\.S\\. airlines (sometimes referred to as \"legacy\" or \"network\" carriers) have introduced new fare products, such as a \"Basic Economy\" product\\. The Basic Economy product provides for a lower \n\n4"}
{"_id": "Alaska-2019_4.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n[Table of Contents](https://www.example.com#i_0_7)\n\nPART I  \n\n\n\n|                       |                       |                       |\n| --------------------- | --------------------- | --------------------- |\n| ITEM 1\\. OUR BUSINESS | ITEM 1\\. OUR BUSINESS | ITEM 1\\. OUR BUSINESS |\n\n\n\nAlaska Air Group is a Delaware corporation incorporated in 1985 that operates two airlines, Alaska and Horizon\\. Alaska was organized in 1932 and incorporated in 1937 in the state of Alaska\\. Horizon is a Washington corporation that was incorporated and began service in 1981, and was acquired by Air Group in 1986\\. Virgin America was a member of Air Group since it was acquired in 2016 until 2018, when Alaska and Virgin America combined operating certificates to become a single airline, and legally merged into a single entity\\. The Company also includes McGee Air Services, an aviation services provider that was established as a wholly\\-owned subsidiary of Alaska in 2016\\. \n\nAlaska and Horizon operate as separate airlines, with individual business plans, competitive factors and economic risks\\. Together with our regional airline partners, we fly to 115 destinations with over 1,300 daily departures through an expansive network across the U\\.S\\., Mexico, Canada, and Costa Rica\\. With global airline partners, we provide our guests with a network of more than 800 destinations worldwide\\. During 2019, we carried an all\\-time high 47 million guests and earned consolidated net income under Generally Accepted Accounting Principles (GAAP) of $769 million compared to net income of $437 million in 2018\\. Our adjusted net income was $798 million, which excludes merger\\-related costs and mark\\-to\\-market fuel hedge adjustments\\. Refer to \"Results of Operations\" in Management's Discussion and Analysis for our reconciliation of Non\\-GAAP measures to the most directly comparable GAAP measure\\. \n\nWe organize the business and review financial operating performance by aggregating our business in three operating segments, which are as follows:\n\n\u2022 Mainline  \\- includes scheduled air transportation on Alaska's Boeing and Airbus jet aircraft for passengers and cargo throughout the U\\.S\\., and in parts of Mexico, and Costa Rica\\. \n\n\u2022 Regional  \\- includes Horizon's and other third\\-party carriers\u2019 scheduled air transportation for passengers across a shorter distance network within the U\\.S\\. under capacity purchase agreements (CPA)\\. This segment includes the actual revenues and expenses associated with regional flying, as well as an allocation of corporate overhead incurred by Air Group on behalf of the regional operations\\. \n\n\u2022 Horizon  \\- includes the capacity sold to Alaska under a CPA\\. Expenses include those typically borne by regional airlines such as crew costs, ownership costs and maintenance costs\\. \n\nOur purpose is \"creating an airline people love\\.\" The \"ing\" is to recognize that we are never done; we are continually working to improve\\. We believe our success depends on our ability to provide safe air transportation, develop relationships with guests by providing exceptional customer service and low fares, and maintain a low cost structure to compete effectively\\. It is important to us that we achieve our objective as a socially responsible company that values not just performance, but also our people, the communities we serve, and the environment\\. \n\nWe marked the 16th consecutive year of profitability on an adjusted basis in 2019\\. Our liquidity and capital position remain strong, positioning us among other high\\-quality industrial companies\\. Due to our strong financial health and outlook, we are one of only three U\\.S\\. airlines with investment grade credit ratings\\. The cash generated by our continued success enables us to invest in our business to deliver profitable growth, enhance our guests' experience, and improve our financial position\\. \n\nWe are active in the communities we serve and strive to be an industry leader in environmental and community stewardship\\. In 2019, Air Group donated $15 million in cash and in\\-kind travel to over 1,200 charitable organizations, and our employees volunteered more than 41,000 hours of community service related to youth and education, medical research and transportation\\. One of our leadership principles is to \"give back\" and we are proud of the efforts and voluntarism of our employees\\. Also in 2019, we launched LIFT, our social and environmental impact program aimed at uniting all of our social and environmental impact efforts\\. Through this program, our guests also showed great generosity, donating 72 million miles in 2019 for donation to charitable organizations\\. As recognition of our community leadership, financial stability and the fact that our combined fleet is one of the youngest and most fuel\\-efficient in North America, we ranked higher than any other North American airline for the third year in a row on the Dow Jones Sustainability Index\\. \n\nIn 2019, we completed the majority of the remaining integration milestones from our acquisition of Virgin America\\. During the year, Alaska flight attendants began flying as integrated crews and our pilots adopted an integrated seniority list\\. In July 2019, Alaska aircraft maintenance technicians, represented by the Aircraft Mechanics Fraternal Association (AMFA), ratified an \n\n4"}
{"_id": "Alaska-2017_36.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|                                                                     |                                      |                                      |                                      |                                      |\n| ------------------------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                                     | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                                     | **2017**                             | **2017**                             | **2016**                             | **2016**                             |\n| ***(in millions, except per\\-share amounts)***                      | **Dollars**                          | **Diluted EPS**                      | **Dollars**                          | **Diluted EPS**                      |\n| Reported GAAP net income and diluted EPS                            | **$1,034**                           | **$8\\.35**                           | $814                                 | $6\\.54                               |\n| Mark\\-to\\-market fuel hedge (benefit)/expense                       | **(7)**                              | **(0\\.06)**                          | (13)                                 | (0\\.11)                              |\n| Special items\u2014merger\\-related costs and other ^(a)^                 | **118**                              | **0\\.95**                            | 117                                  | 0\\.94                                |\n| Income tax effect on special items and fuel hedge adjustments ^(b)^ | **(42)**                             | **(0\\.34)**                          | (24)                                 | (0\\.19)                              |\n| Special tax (benefit)/expense ^(c)^                                 | **(280)**                            | **(2\\.26)**                          | 17                                   | 0\\.14                                |\n| Non\\-GAAP adjusted net income and diluted EPS                       | **$823**                             | **$6\\.64**                           | $911                                 | $7\\.32                               |\n\n\n\n\n\n|     |                                                                                                   |\n| --- | ------------------------------------------------------------------------------------------------- |\n| (a) | Refer to  Note 10  to the consolidated financial statement for the description of special items\\. |\n\n\n\n\n\n|     |                                                                                                                                          |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | Certain merger\\-related costs are non\\-deductible for tax purposes, resulting in a smaller income tax effect for 2016 adjusting items\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                        |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (c) | Special tax (benefit)/expense in 2017 is due to the remeasurement of deferred tax liabilities as a result of the Tax Cuts and Jobs Act signed into law on December 22, 2017, offset by certain state tax law enactments\\. In 2016 it represents discrete impacts of adjustments to our position on income sourcing in various states\\. |\n\n\n\nCASM is summarized below:\n\n\n\n|                                                     |                                      |                                      |                                      |\n| --------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                     | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                     | **2017**                             | **2016**                             | **% Change**                         |\n| **Consolidated:**                                   |                                      |                                      |                                      |\n| Total CASM                                          | **10\\.75\u00a2**                          | 10\\.38\u00a2                              | 3\\.6 %                               |\n| Less the following components:                      |                                      |                                      |                                      |\n| Aircraft fuel, including hedging gains and losses   | **2\\.33**                            | 1\\.88                                | 23\\.9 %                              |\n| Special items\u2014merger\\-related costs and other ^(a)^ | **0\\.19**                            | 0\\.27                                | (29\\.6)%                             |\n| CASM, excluding fuel and special items              | **8\\.23\u00a2**                           | 8\\.23\u00a2                               | \u2014 %                                  |\n| **Mainline:**                                       |                                      |                                      |                                      |\n| Total CASM                                          | **9\\.92\u00a2**                           | 9\\.39\u00a2                               | 5\\.6 %                               |\n| Less the following components:                      |                                      |                                      |                                      |\n| Aircraft fuel, including hedging gains and losses   | **2\\.24**                            | 1\\.79                                | 25\\.1 %                              |\n| Special items\u2014merger\\-related costs and other ^(a)^ | **0\\.21**                            | 0\\.30                                | (30\\.0)%                             |\n| CASM, excluding fuel and special items              | **7\\.47\u00a2**                           | 7\\.30\u00a2                               | 2\\.3 %                               |\n\n\n\n\n\n|     |                                                                                                   |\n| --- | ------------------------------------------------------------------------------------------------- |\n| (a) | Refer to  Note 10  to the consolidated financial statement for the description of special items\\. |\n\n\n\n**Impact of Accounting Changes**\n\nThe following discussion of 2017 compared with 2016 results reflects balances as reported within this 10\\-K\\. On January 1, 2018 we will implement ASU 2014\\-09, \"Revenue from Contracts with Customers,\" and ASU 2017\\-07, \"Compensation\\- Retirement Benefits\\.\" We have elected to apply both standards using the full retrospective approach, which will require us to restate prior period financial information under the new standards\\. When providing forward looking guidance on line items that will be recast under the new standards, we have included provisional recast amounts herein\\.\n\nUnder the new revenue recognition standard, the primary changes to our financial information relate to Mileage Plan\u2122 accounting, ticket breakage, and ancillary revenue geography\\. \n\n\n\n|   |                                                                                                                                                                                                                    |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Mileage Plan\u2122 miles earned through travel have historically been accounted for using the incremental cost approach\\. Under the new standard, we will allocate a portion of the ticket price to deferred revenue\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                     |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Ticket breakage was historically recognized at time of expiration\\. Under the new standard, ticket breakage will be recorded based on an estimate at the original departure date\\.  |\n\n\n\n\n\n|   |                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Ancillary revenues related to passenger travel, which were historically presented as Other revenue, will be reclassified to Passenger Revenue\\.  |\n\n\n\nAs a result of the new revenue recognition standard, we expect to restate 2017 and 2016 financial information in our future filings\\. We expect 2017 reported revenues will be reduced by approximately $41 million, and reported non\\-fuel operating costs will increase by approximately $13 million, resulting in a net reduction of $54 million to reported adjusted pretax profit\\. We expect a similar impact in 2018\\.\n\n 37"}
{"_id": "AmericanAirlines-2018_43.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nThe following table presents the components of our total special items and the reconciliation of pre\\-tax income and net income (GAAP measures) to pre\\-tax income excluding special items and net income excluding special items (non\\-GAAP measures)\\. Management uses pre\\-tax income excluding special items and net income excluding special items to evaluate our current operating performance and to allow for period\\-to\\-period comparisons\\. As special items may vary from period\\-to\\-period in nature and amount, the adjustment to exclude special items allows management an additional tool to understand our core operating performance\\.\n\n\n\n|                                                                    |                             |                             |                             |\n| ------------------------------------------------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                    | **2018**                    | **2017**                    | **2016**                    |\n|                                                                    | **(In millions)**           | **(In millions)**           | **(In millions)**           |\n| **Components of Total Special Items, Net:**  **^(1)^**             |                             |                             |                             |\n| Fleet restructuring expenses  ^(2)^                                | $422                        | $232                        | $177                        |\n| Merger integration expenses  ^(3)^                                 | 268                         | 273                         | 514                         |\n| Severance expenses  ^(4)^                                          | 58                          | \u2014                           | \u2014                           |\n| Litigation settlement  ^(5)^                                       | 45                          | \u2014                           | \u2014                           |\n| Intangible asset impairment  ^(6)^                                 | 26                          | \u2014                           | \u2014                           |\n| Labor contract expenses                                            | 13                          | 46                          | \u2014                           |\n| Mark\\-to\\-market adjustments on bankruptcy obligations, net  ^(7)^ | (76)                        | 27                          | 25                          |\n| Employee 2017 Tax Act bonus expense  ^(8)^                         | \u2014                           | 123                         | \u2014                           |\n| Other operating charges (credits), net                             | 31                          | 11                          | (7)                         |\n| Mainline operating special items, net                              | 787                         | 712                         | 709                         |\n| Regional operating special items, net                              | 6                           | 22                          | 14                          |\n| Operating special items, net                                       | 793                         | 734                         | 723                         |\n| Mark\\-to\\-market adjustments on equity investments, net  ^(9)^     | 104                         | \u2014                           | \u2014                           |\n| Debt refinancing and extinguishment charges                        | 13                          | 22                          | 49                          |\n| Other nonoperating credits, net                                    | (4)                         | \u2014                           | \u2014                           |\n| Nonoperating special items, net                                    | 113                         | 22                          | 49                          |\n| Pre\\-tax special items, net                                        | 906                         | 756                         | 772                         |\n| Income tax special items  ^(10)^                                   | 18                          | \u2014                           | \u2014                           |\n| Impact of the 2017 Tax Act  ^(11)^                                 | \u2014                           | 823                         | \u2014                           |\n| Income tax special items, net                                      | 18                          | 823                         | \u2014                           |\n| Total special items, net                                           | $924                        | $1,579                      | $772                        |\n| **Reconciliation of Pre\\-Tax Income Excluding Special Items:**     |                             |                             |                             |\n| Pre\\-tax income \u2013 GAAP                                             | $1,884                      | $3,395                      | $4,152                      |\n| Adjusted for: Pre\\-tax special items, net                          | 906                         | 756                         | 772                         |\n| Pre\\-tax income excluding special items                            | $2,790                      | $4,151                      | $4,924                      |\n| **Reconciliation of Net Income Excluding Special Items:**          |                             |                             |                             |\n| Net income \u2013 GAAP                                                  | $1,412                      | $1,282                      | $2,584                      |\n| Adjusted for: Total special items, net                             | 924                         | 1,579                       | 772                         |\n| Adjusted for: Net tax effect of special items                      | (219)                       | (269)                       | (275)                       |\n| Net income excluding special items                                 | $2,117                      | $2,592                      | $3,081                      |\n\n\n\n\n\n|       |                                                                                                                      |\n| ----- | -------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | See Note 2 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for further information on special items\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Fleet restructuring expenses principally included accelerated depreciation and rent expense for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Merger integration expenses included costs associated with integration projects, principally our flight attendant, human resources and payroll, and technical operations systems\\. |\n\n\n\n44"}
{"_id": "Alaska-2019_60.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nThe Company disaggregates revenue by segment in Note 13\\. The level of detail within the Company\u2019s statements of operations, segment disclosures, and in this footnote depict the nature, amount, timing and uncertainty of revenue and how cash flows are affected by economic and other factors\\. \n\nPassenger Ticket and Ancillary Services Revenue\n\nThe primary performance obligation on a typical passenger ticket is to provide air travel to the passenger\\. Ticket revenue is collected in advance of travel and recorded as Air Traffic Liability (ATL) on the consolidated balance sheets\\. The Company satisfies its performance obligation and recognizes ticket revenue for each flight segment when the transportation is provided\\. \n\nAncillary passenger revenues relate to items such as checked\\-bag fees, ticket change fees, and on\\-board food and beverage sales, all of which are provided at time of flight\\. As such, the obligation to perform these services is satisfied at the time of travel and is recorded with ticket revenue in Passenger revenue\\.\n\nRevenue is also recognized for tickets that are expected to expire unused, a concept referred to as \u201cpassenger ticket breakage\\.\u201d Passenger ticket breakage is recorded at the flight date using estimates made at the time of sale based on the Company\u2019s historical experience of expired tickets, and other facts such as program changes and modifications\\.\n\nIn addition to selling tickets on its own marketed flights, Alaska has interline agreements with partner airlines under which it sells multi\\-city tickets with one or more segments of the trip flown by a partner airline, or it operates a connecting flight sold by a partner airline\\. Each segment in a connecting flight represents a separate performance obligation\\. Revenue on segments sold and operated by the Company is recognized as Passenger revenue in the gross amount of the allocated ticket price when the travel occurs, while the commission paid to the partner airline is recognized as a selling expense when the related transportation is provided\\. Revenue on segments operated by a partner airline is deferred for the full amount of the consideration received at the time the ticket is sold and, once the segment has been flown the Company records the net amount, after compensating the partner airline, as Cargo and other revenue\\. \n\nA portion of revenue from the Mileage Plan\u2122 program is recorded in Passenger revenue\\. As members are awarded mileage credits on flown tickets, these credits become a distinct performance obligation to the Company\\. The Company allocates the transaction price to each performance obligation identified in a passenger ticket contract on a relative standalone selling price basis\\. The standalone selling price for loyalty mileage credits issued is discussed in the  Loyalty  Mileage Credits  section of this Note below\\. The amount allocated to the mileage credits is deferred on the balance sheet\\. Once a member travels using a travel award redeemed with mileage credits on one of the Company's airline carriers, the revenue associated with those mileage credits is recorded as Passenger revenue\\.\n\nTaxes collected from passengers, including transportation excise taxes, airport and security fees and other fees, are recorded on a net basis within passenger revenue in the consolidated statements of operations\\. \n\nPassenger revenue recognized in the consolidated statements of operations (in millions):\n\n\n\n|                                                                               |                                                                               |                                                                               |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:----------------------------------------------------------------------------- |:----------------------------------------------------------------------------- |:----------------------------------------------------------------------------- | --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                                                               |                                                                               |                                                                               | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |\n|                                                                               |                                                                               |                                                                               |                             2019 |                                  |                                  |                                  |                             2018 |                                  |                                  |                                  |                             2017 |\n| Passenger ticket revenue, including ticket breakage and net of taxes and fees | Passenger ticket revenue, including ticket breakage and net of taxes and fees | Passenger ticket revenue, including ticket breakage and net of taxes and fees |                          $ 6,824 |                                  |                                  |                                  |                          $ 6,482 |                                  |                                  |                                  |                          $ 6,246 |\n| Passenger ancillary revenue                                                   | Passenger ancillary revenue                                                   | Passenger ancillary revenue                                                   |                              567 |                                  |                                  |                                  |                              530 |                                  |                                  |                                  |                              514 |\n| Mileage Plan passenger revenue                                                | Mileage Plan passenger revenue                                                | Mileage Plan passenger revenue                                                |                              704 |                                  |                                  |                                  |                              619 |                                  |                                  |                                  |                              541 |\n| Total passenger revenue                                                       | Total passenger revenue                                                       | Total passenger revenue                                                       |                          $ 8,095 |                                  |                                  |                                  |                          $ 7,631 |                                  |                                  |                                  |                          $ 7,301 |\n\n\n\nAs passenger tickets and related ancillary services are primarily sold via credit cards, certain amounts due from credit card processors are recorded as airline traffic receivables\\. These credit card receivables and receivables from our affinity credit card partner represent the majority of the receivables balance on the consolidated balance sheets\\. \n\nFor performance obligations with performance periods of less than one year, GAAP provides a practical expedient that allows the Company not to disclose the transaction price allocated to remaining performance obligations and the timing of related revenue recognition\\. As passenger tickets expire one year from ticketing, if unused or not exchanged, the Company elected to apply this practical expedient\\. \n\n60"}
{"_id": "Delta-2017_7.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nEnhanced Commercial Agreements with Foreign Carriers\\.  We have a strategic equity investment in GOL Linhas A\u00e9reas Inteligentes, S\\.A\\., the parent company of Gol Linhas A\u00e9reas (a Brazilian air carrier), and an exclusive commercial cooperation relationship with GOL, which includes reciprocal codesharing and frequent flyer program participation, airport lounge access arrangements and joint sales cooperation\\.\n\nWe also own shares of China Eastern and entered into a joint marketing agreement with China Eastern in 2015 to expand our commercial cooperation and better connect the networks of the two airlines\\. \n\nSkyTeam \\. In addition to our marketing alliance agreements with individual foreign airlines, we are a member of the SkyTeam global airline alliance\\. The other members of SkyTeam are Aeroflot, Aerol\u00edneas Argentinas, Aerom\u00e9xico, Air Europa, Air France, Alitalia, China Airlines, China Eastern, China Southern, CSA Czech Airlines, Garuda Indonesia, Kenya Airways, KLM, Korean Air, Middle East Airlines, Saudi Arabian Airlines, Tarom, Vietnam Airlines and Xiamen Airlines\\. Through alliance arrangements with other SkyTeam carriers, Delta is able to link its network with the route networks of the other member airlines, providing opportunities for increased connecting traffic while offering enhanced customer service through reciprocal codesharing and frequent flyer arrangements, airport lounge access programs and coordinated cargo operations\\.\n\nRegional Carriers\n\nWe have air service agreements with domestic regional air carriers that feed traffic to our route system by serving passengers primarily in small and medium\\-sized cities\\. These arrangements enable us to better match capacity with demand in these markets\\. Approximately  16%  of our passenger revenue in 2017 was related to flying by these regional air carriers\\.\n\nThrough our regional carrier program, Delta Connection, we have contractual arrangements with regional carriers to operate aircraft using our \"DL\" designator code\\. We have contractual arrangements with:\n\n\n\n|   |                                                                                              |\n| - | -------------------------------------------------------------------------------------------- |\n| \u2022 | ExpressJet Airlines, Inc\\. and SkyWest Airlines, Inc\\., both subsidiaries of SkyWest, Inc\\.; |\n\n\n\n\n\n|   |                                                                                         |\n| - | --------------------------------------------------------------------------------------- |\n| \u2022 | Republic Airline, Inc\\. (\"Republic\"), a subsidiary of Republic Airways Holdings, Inc\\.; |\n\n\n\n\n\n|   |                                                                                                                                    |\n| - | ---------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Compass Airlines, LLC (\"Compass\") and GoJet Airlines, LLC, both subsidiaries of Trans States Holdings, Inc\\. (\"Trans States\"); and |\n\n\n\n\n\n|   |                                                                   |\n| - | ----------------------------------------------------------------- |\n| \u2022 | Endeavor Air, Inc\\., which is a wholly owned subsidiary of ours\\. |\n\n\n\nOur contractual agreements with regional carriers primarily are capacity purchase arrangements, under which we control the scheduling, pricing, reservations, ticketing and seat inventories for the regional carriers' flights operating under our \"DL\" designator code\\. We are entitled to all ticket, cargo, mail, in\\-flight and ancillary revenues associated with these flights\\. We pay those airlines an amount, as defined in the applicable agreement, which is based on a determination of their cost of operating those flights and other factors intended to approximate market rates for those services\\. These capacity purchase agreements are long\\-term agreements, usually with initial terms of at least 10 years, which grant us the option to extend the initial term\\. Certain of these agreements provide us the right to terminate the entire agreement, or in some cases remove some of the aircraft from the scope of the agreement, for convenience at certain future dates\\.\n\nSkyWest Airlines operates some flights for us under a revenue proration agreement\\. This proration agreement establishes a fixed dollar or percentage division of revenues for tickets sold to passengers traveling on connecting flight itineraries\\.\n\n 3"}
{"_id": "Alaska-2017_34.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nSince 2007, we have repurchased 60 million shares of common stock for $1\\.6 billion for an average price of approximately $26\\.72 per share\\. In 2017, we increased our quarterly dividend 9% from $0\\.275 per share to $0\\.300 per share, and, subsequent to December 31, 2017, we announced a 7% increase to $0\\.32 per share for 2018\\. Overall, we returned $223 million to shareholders during 2017\\. We expect to continue to return capital to shareholders in 2018, primarily in the form of dividends\\.\n\n***Outlook***\n\nIn 2018 and beyond, we are focused on successfully completing the integration of Virgin America with Alaska\\. In January 2018 Alaska and Virgin America received a Single Operating Certificate (SOC), our most significant integration milestone to date\\. The integration milestones achieved thus far will help to ease our transition to a single Passenger Service System (PSS) on April 25, 2018\\. This will allow us to provide one reservation system, one website and one inventory of flights to our guests, which will help unlock many of the revenue synergies expected from the acquisition\\. In conjunction with PSS, at all gates, ticketing and check\\-in areas, guests will be greeted with Alaska branding\\. \n\nWe will continue to make investments to enhance our onboard guest experience\\. Some of the more notable projects underway include adding satellite connectivity to our entire Boeing and Airbus fleets to offer high\\-speed satellite Wi\\-Fi, further upgrades to our onboard menu offerings, updating and expanding airport lounges in the JFK and Seattle airports, and investment in our Seattle hub airport to open a state\\-of\\-the\\-art 20\\-gate North Terminal facility\\. \n\nIn 2018, we expect to continue to experience cost pressure, due in large part to pilot wage increases, which became effective in the fourth quarter of 2017, and a new maintenance cost\\-per\\-hour agreement that will result in higher maintenance costs in 2018, but will help to reduce the volatility of maintenance expense over the next several years\\. We also expect to continue to incur further costs associated with the ongoing integration of Virgin America\\. For the first quarter of 2018, we expect unit revenues (RASM) to decline 3\\.5% \\- 4\\.5% and unit costs, excluding fuel and special items (CASM, ex fuel) to increase approximately 6%\\. In addition, we expect the price per gallon of jet fuel to increase approximately 21% from the prior\\-year period\\. Based on these current estimates, we are likely to report a loss in the first quarter although we expect our unit costs and unit revenues to improve throughout 2018\\.\n\nOur priority throughout the integration process is to run two great airlines and to maintain safe and compliant operations, while providing a great experience for our guests\\. We are particularly focused on merging the Alaska and Virgin America cultures and brands that our guests respect and trust\\. We intend to minimize any disruption to our guests during our integration efforts by being transparent about our progress and how the changes may affect them\\. Employee engagement throughout the integration will remain a top priority as well, ensuring that employees remain engaged, informed and excited about the new Company's future\\. Additionally, we will remain focused on capturing the value and synergies created by combining these two great airlines\\. \n\nWe expect to grow our combined network capacity in 2018 by approximately 7\\.5%, compared to a 7\\.1% combined growth in 2017\\. Current schedules indicate competitive capacity will be roughly 6 points higher in the first quarter of 2018\\. We believe that our product, our operation, our engaged employees, our award\\-winning service, and our competitive Mileage Plan\u2122, combined with our strong balance sheet, give us the ability to compete vigorously in our markets\\.\n\n 35"}
{"_id": "AmericanAirlines-2019_113.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nOur fourth quarter  2018  results include   $195 million  of total pre\\-tax net special items that principally included   $94 million  of fleet restructuring expenses,   $81 million  of merger integration expenses,   $37 million  of severance costs associated with reductions of management and support staff team members,   $22 million  of mark\\-to\\-market net unrealized losses associated with certain equity investments, offset in part by a   $37 million  net credit resulting from mark\\-to\\-market adjustments on bankruptcy obligations\\.\n\n18\\. Subsequent Events\n\nDividend Declaration\n\nIn  January 2020 , we announced that our Board of Directors declared a   $0\\.10  per share cash dividend for stockholders of record on  February 5, 2020 , and payable on  February 19, 2020 \\.  Any future dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to continue a dividend for any fixed period, and the payment of dividends may be suspended or discontinued at any time at our discretion and without prior notice\\.\n\n2014 Credit Facilities Refinancing\n\nIn January 2020, American and AAG entered into the Eighth Amendment (the Eighth Amendment) to Amended and Restated Credit and Guaranty Agreement, amending the 2014 Credit Agreement, pursuant to which American refinanced the 2014 Term Loan Facility, increasing the total aggregate principal outstanding to   $1\\.22 billion , reducing LIBOR margin from   2\\.00%  to   1\\.75% , with a LIBOR floor of   0% , and reducing the base rate margin from   1\\.00%  to   0\\.75% \\. In addition, the maturity date for the 2014 Term Loan Facility was extended to January 2027 from October 2021\\. The 2014 Revolving Facility remains unchanged and, as of January 29, 2020, the effective date of the Eighth Amendment, there were no borrowings or letters of credit outstanding thereunder\\.\n\n114"}
{"_id": "Southwest-2019_45.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n(e) The Company's current hedge positions contain a combination of instruments based in West Texas Intermediate and Brent crude oil; however, the economic fuel price per gallon sensitivities provided assume the relationship between Brent crude oil and refined products based on market prices as of  January 17, 2020 \\.\n\nMaintenance materials and repairs expense for  2019  increase d by $ 116 million , or  10\\.5  percent, compared with  2018 \\. On a per ASM basis, Maintenance materials and repairs expense  increase d  13\\.0  percent, compared with  2018 \\. On both a dollar and per ASM basis, the majority of the increases were due to the timing and scope of regular airframe maintenance checks\\. The Company currently expects Maintenance materials and repairs expense per ASM for  first quarter 2020  to increase, compared with  first quarter 2019 \\.\n\nLanding fees and airport rentals expense for  2019  increase d by $ 29 million , or  2\\.2  percent, compared with  2018 \\. On a per ASM basis, Landing fees and airport rentals expense  increase d  4\\.8 percent , compared with  2018 \\. On both a dollar and per ASM basis, the majority of the increases were due to an increase in space rental rates and usage at various stations throughout the network, partially offset by higher settlements and credits from various airports received in  2019 \\. The Company currently expects Landing fees and airport rentals expense per ASM for  first quarter 2020  to increase, compared with  first quarter 2019 \\.\n\nDepreciation and amortization expense for  2019  increase d by $ 18 million , or  1\\.5  percent, compared with  2018 \\. On a per ASM basis, Depreciation and amortization expense  increase d  4\\.0 percent , compared with  2018 \\. On both a dollar and per ASM basis, the majority of the increases were associated with the deployment of new technology assets\\. Based on the application of  2019  Boeing settlement proceeds against the cost basis of owned 737 MAX aircraft in the Company's fleet, the Company estimates an approximate  $5 million  benefit to depreciation expense for 2020\\. See Note  16  to the Consolidated Financial Statements for further information\\. The Company currently expects Depreciation and amortization expense per ASM for  first quarter 2020  to increase, compared with  first quarter 2019 \\.\n\nOther operating expenses for  2019  increase d by $ 174 million , or  6\\.1  percent, compared with  2018 \\. On a per ASM basis, Other operating expenses  increase d  7\\.3 percent , compared with  2018 \\. On both a dollar and per ASM basis, the increases in Other operating expenses were partially due to a $25 million gain recognized during first quarter 2018 from the sale of 39 Boeing 737\\-300 aircraft and a number of spare engines to a third party, which reduced Other operating expenses for first quarter 2018\\. This gain on sale of retired Boeing 737\\-300 aircraft was considered a special item and thus excluded from the Company's non\\-GAAP results\\. See Note Regarding Use of Non\\-GAAP Financial Measures and the Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures for additional detail regarding non\\-GAAP financial measures\\. Excluding this item, approximately  40 percent  of the increases were due to technology project\\-related expenses, approximately  20 percent  of the increases were due to insurance recoveries from the impacts of irregular operations, which were received in first quarter 2018 and reduced Other operating expenses for first quarter 2018, and the biggest portion of the remainder was due to expenses related to the grounding of the MAX aircraft, such as additional compensation issued to inconvenienced Passengers associated with flight cancellations\\. The Company currently expects Other operating expenses per ASM for  first quarter 2020  to increase, compared with  first quarter 2019 \\.\n\nOther \n\nOther expenses (income) include interest expense, capitalized interest, interest income, and other gains and losses\\. Total other expenses (income) for  2019   decrease d by  $42 million  primarily due to higher interest income as a result of higher interest rates, and lower interest expense as a result of lower debt balances\\.\n\nIncome Taxes\n\nThe Company's effective tax rate was  22\\.2  percent for  2019 , compared with  22\\.1  percent for  2018 \\. The Company currently projects the first quarter and full year  2020  effective tax rate to be in the 23 to 24 percent range based on currently forecasted financial results\\.\n\n46"}
{"_id": "AmericanAirlines-2019_25.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nFinally, the potential physical effects of climate change, such as increased frequency and severity of storms, floods, fires, sea\\-level rise and other climate\\-related events, could affect our operations, infrastructure and financial results\\. Operational impacts, such as the canceling of flights, could result in loss of revenue\\. We could incur significant costs to improve the climate resiliency of our infrastructure and otherwise prepare for, respond to, and mitigate such physical effects of climate change\\. We are not able to accurately predict the materiality of any potential losses or costs associated with the physical effects of climate change\\.\n\nWe are subject to many forms of environmental and noise regulation and may incur substantial costs as a result\\.\n\nWe are subject to a number of increasingly stringent federal, state, local and foreign laws, regulations and ordinances relating to the protection of the environment and noise reduction, including those relating to emissions to the air, discharges to surface and subsurface waters, safe drinking water, and the management of hazardous substances, oils and waste materials\\. Compliance with environmental laws and regulations can require significant expenditures, and violations can lead to significant fines and penalties\\.\n\nWe are also subject to other environmental laws and regulations, including those that require us to investigate and remediate soil or groundwater to meet certain remediation standards\\. Under federal law, generators of waste materials, and current and former owners or operators of facilities, can be subject to liability for investigation and remediation costs at locations that have been identified as requiring response actions\\. Liability under these laws may be strict, joint and several, meaning that we could be liable for the costs of cleaning up environmental contamination regardless of fault or the amount of waste directly attributable to us\\. We have liability for investigation and remediation costs at various sites, although such costs currently are not expected to have a material adverse effect on our business\\.\n\nWe have various leases and agreements with respect to real property, tanks and pipelines with airports and other operators\\. Under these leases and agreements, we have agreed to indemnify the lessor or operator against environmental liabilities associated with the real property or operations described under the agreement, even in certain cases where we are not the party responsible for the initial event that caused the environmental damage\\. We also participate in leases with other airlines in fuel consortiums and fuel committees at airports, and such indemnities are generally joint and several among the participating airlines\\.\n\nGovernmental authorities in several U\\.S\\. and foreign cities are also considering, or have already implemented, aircraft noise reduction programs, including the imposition of nighttime curfews and limitations on daytime take offs and landings\\. We have been able to accommodate local noise restrictions imposed to date, but our operations could be adversely affected if locally\\-imposed regulations become more restrictive or widespread\\.\n\nWe depend on a limited number of suppliers for aircraft, aircraft engines and parts\\.\n\nWe depend on a limited number of suppliers for aircraft, aircraft engines and many aircraft and engine parts\\. For example, under our current fleet plan, by the end of 2020 all of our mainline aircraft will have been manufactured by either Airbus or Boeing and all of our regional aircraft will have been manufactured by either Bombardier or Embraer\\. Further, our supplier base continues to consolidate as evidenced by the recent acquisition of Rockwell Collins by United Technologies, the recent transactions involving Airbus and Bombardier and the pending transactions involving Boeing and Embraer, and Bombardier and Mitsubishi\\. Due to the limited number of these suppliers, we are vulnerable to any problems associated with the performance of their obligation to supply key aircraft, parts and engines, including design defects, mechanical problems, contractual performance by suppliers, adverse perception by the public that would result in customer avoidance of any of our aircraft or any action by the FAA or any other regulatory authority resulting in an inability to operate our aircraft, even temporarily\\. In particular, in March 2019, the FAA ordered the grounding of all Boeing 737 MAX aircraft, which remains in place as of the date of this report\\.\n\nDelays in scheduled aircraft deliveries or other loss of anticipated fleet capacity, and failure of new aircraft to perform as expected, may adversely impact our business, results of operations and financial condition\\.\n\nThe success of our business depends on, among other things, effectively managing the number and types of aircraft we operate\\. If, for any reason, we are unable to accept or secure deliveries of new aircraft on contractually scheduled delivery dates, this could have negative impacts on our business, results of operations and financial condition\\. Our failure to integrate newly purchased aircraft into our fleet as planned might require us to seek extensions of the terms for some leased aircraft or otherwise delay the exit of certain aircraft from our fleet\\. Such unanticipated extensions or delays may require us to operate existing aircraft beyond the point at which it is economically optimal to retire them, resulting in increased maintenance costs, or reductions to our schedule, thereby reducing revenues\\. If new aircraft orders are not filled on a timely basis, we could face higher financing and operating costs than planned\\. In addition, if the aircraft we \n\n26"}
{"_id": "AmericanAirlines-2017_16.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\naffect our ability to attract and retain customers, increase usage of our loyalty program and maximize the revenue generated by our loyalty program\\.\n\n***Evolving data security and privacy requirements could increase our costs, and any significant data security incident could disrupt our operations, harm our reputation, expose us to legal risks and otherwise materially adversely affect our business, results of operations and financial condition\\.***\n\nOur business requires the secure processing and storage of sensitive information relating to our customers, employees, business partners and others\\. However, like any global enterprise operating in today\u2019s digital business environment, we are subject to threats to the security of our networks and data, including threats potentially involving criminal hackers, hacktivists, state\\-sponsored actors, corporate espionage, employee malfeasance, and human or technological error\\. These threats continue to increase as the frequency, intensity and sophistication of attempted attacks and intrusions increase around the world\\. We have been the target of cybersecurity attacks in the past and expect that we will continue to be in the future\\. \n\nFurthermore, in response to these threats there has been heightened legislative and regulatory focus on data privacy and security in the U\\.S\\., the EU and elsewhere, particularly with respect to critical infrastructure providers, including those in the transportation sector\\. As a result, we must comply with a growing and fast\\-evolving set of legal requirements in this area, including substantive cybersecurity standards as well as requirements for notifying regulators and affected individuals in the event of a data security incident\\. This regulatory environment is increasingly challenging and may present material obligations and risks to our business, including significantly expanded compliance burdens, costs and enforcement risks\\. For example, in May 2018, the EU\u2019s new General Data Protection Regulation, commonly referred to as GPDR, will come into effect, which will impose a host of new data privacy and security requirements, imposing significant costs on us and carrying substantial penalties for non\\-compliance\\. \n\nIn addition, many of our commercial partners, including credit card companies, have imposed data security standards that we must meet\\. In particular, we are required by the Payment Card Industry Security Standards Council, founded by the credit card companies, to comply with their highest level of data security standards\\. While we continue our efforts to meet these standards, new and revised standards may be imposed that may be difficult for us to meet and could increase our costs\\.\n\nA significant cybersecurity incident could result in a range of potentially material negative consequences for us, including unauthorized access to, disclosure, modification, misuse, loss or destruction of company systems or data; theft of sensitive, regulated or confidential data, such as personal identifying information or our intellectual property; the loss of functionality of critical systems through ransomware, denial of service or other attacks; and business delays, service or system disruptions, damage to equipment and injury to persons or property\\. The costs and operational consequences of responding to and remediating an incident may be substantial\\. Further, we could be exposed to litigation, regulatory enforcement or other legal action as a result of an incident, carrying the potential for damages, fines, sanctions or other penalties, as well injunctive relief requiring costly compliance measures\\. A cybersecurity incident could also impact our brand, harm our reputation and adversely impact our relationship with our customers, employees and stockholders\\. Failure to appropriately address these issues could also give rise to potentially material legal risks and liabilities\\. \n\n***Our high level of debt and other obligations may limit our ability to fund general corporate requirements and obtain additional financing, may limit our flexibility in responding to competitive developments and cause our business to be vulnerable to adverse economic and industry conditions\\.***\n\nWe have significant amounts of indebtedness and other obligations, including pension obligations, obligations to make future payments on flight equipment and property leases, and substantial non\\-cancelable obligations under aircraft and related spare engine purchase agreements\\. Moreover, currently a substantial portion of our assets are pledged to secure our indebtedness\\. Our substantial indebtedness and other obligations could have important consequences\\. For example, they:\n\n\n\n|   |                                                                                      |\n| - | ------------------------------------------------------------------------------------ |\n| \u2022 | may make it more difficult for us to satisfy our obligations under our indebtedness; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | may limit our ability to obtain additional funding for working capital, capital expenditures, acquisitions, investments, integration costs, and general corporate purposes, and adversely affect the terms on which such funding can be obtained; |\n\n\n\n\n\n|   |                                                                                                                                                                                               |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness and other obligations, thereby reducing the funds available for other purposes; |\n\n\n\n\n\n|   |                                                                                                                                                                                             |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | make us more vulnerable to economic downturns, industry conditions and catastrophic external events, particularly relative to competitors with lower relative levels of financial leverage; |\n\n\n\n17"}
{"_id": "Delta-2017_86.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nNOTE 11 \\. INCOME TAXES\n\nIncome Tax Provision \n\nOur income tax provision consisted of the following:\n\n\n\n|                                  |                             |                             |                             |\n| -------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions)**                | **2017**                    | **2016**                    | **2015**                    |\n| Current tax (provision) benefit: |   <br>                      |   <br>                      |   <br>                      |\n| Federal                          | $<br><br>(4<br><br>)        | $\u2014                          | $<br><br>(23<br><br>)       |\n| State and local                  | 5                           | (28<br><br>)                | (25<br><br>)                |\n| International                    | (54<br><br>)                | (12<br><br>)                | (2<br><br>)                 |\n| Deferred tax provision:          |   <br>                      |   <br>                      |   <br>                      |\n| Federal                          | (1,911<br><br>)             | (2,080<br><br>)             | (2,409<br><br>)             |\n| State and local                  | (160<br><br>)               | (143<br><br>)               | (172<br><br>)               |\n| Income tax provision             | $<br><br>(2,124<br><br>)    | $<br><br>(2,263<br><br>)    | $<br><br>(2,631<br><br>)    |\n\n\n\nThe following table presents the principal reasons for the difference between the effective tax rate and the U\\.S\\. federal statutory income tax rate:\n\n\n\n|                                          |                             |                             |                             |\n| ---------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                          | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                          | **2017**                    | **2016**                    | **2015**                    |\n| U\\.S\\. federal statutory income tax rate | 35\\.0 %                     | 35\\.0 %                     | 35\\.0 %                     |\n| State taxes, net of federal benefit      | 1\\.8                        | 1\\.8                        | 1\\.8                        |\n| Decrease in valuation allowance          | \u2014                           | \u2014                           | (0\\.2<br><br>)              |\n| Foreign tax rate differential            | (2\\.2<br><br>)              | (2\\.0<br><br>)              | \u2014                           |\n| Tax Cuts and Jobs Act adjustment         | 2\\.6                        | \u2014                           | \u2014                           |\n| Other                                    | \u2014                           | (0\\.7<br><br>)              | 0\\.2                        |\n| Effective income tax rate                | 37\\.2 %                     | 34\\.1 %                     | 36\\.8 %                     |\n\n\n\nFollowing the enactment of the Tax Cuts and Jobs Act of 2017, we recorded a provisional tax expense estimate of   $150 million  resulting in a   2\\.6%  increase in our effective tax rate\\. The provisional estimate includes recognition of tax expense related to certain of our undistributed foreign earnings and tax expense to decrease our federal net deferred tax asset to a  21%  statutory tax rate\\. We are evaluating our share of undistributed earnings from certain of our foreign investments and will reflect the impact, if any, in 2018 when such impact is finalized\\.\n\nAs a result of the Tax Cuts and Jobs Act of 2017, we assessed tax on   $732 million  of foreign earnings which would have otherwise been indefinitely reinvested outside the U\\.S\\. At December 31, 2016, we had   $379 million  of undistributed foreign earnings\\.\n\n 82"}
{"_id": "United-2018_80.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n(substantially all of which are for aircraft) were as follows (in millions): \n\n\n\n|                                             |                        |                                         |                               |\n| ------------------------------------------- | ---------------------- | --------------------------------------- | ----------------------------- |\n|                                             | **Capital Leases (b)** | **Facility and Other Operating Leases** | **Aircraft Operating Leases** |\n| 2019                                        | $308                   | $1,330                                  | $845                          |\n| 2020                                        | 170                    | 1,351                                   | 682                           |\n| 2021                                        | 147                    | 1,107                                   | 583                           |\n| 2022                                        | 123                    | 970                                     | 407                           |\n| 2023                                        | 104                    | 953                                     | 379                           |\n| After 2023                                  | 1,268                  | 7,029                                   | 1,160                         |\n| Minimum lease payments (a)                  | $2,120                 | $12,740                                 | $4,056                        |\n| Imputed interest                            | (837)                  |                                         |                               |\n| Present value of minimum lease payments     | 1,283                  |                                         |                               |\n| Current portion                             | (149)                  |                                         |                               |\n| Long\\-term obligations under capital leases | $1,134                 |                                         |                               |\n\n\n\n(a) Includes fair value lease and deferred financing fee balances, which are being amortized over the terms of their respective leases\\. \n\n(b) Includes airport construction projects managed by United in which United has construction risk, including project cost overruns\\. The Company recorded an asset for project costs and a related liability equal to project costs funded by parties other than United\\. As of December 31, 2018, United had an asset balance of $886 million recorded in operating property and equipment and $920 million recorded in current and long\\-term obligations under capital leases for these airport construction projects\\.\n\nAs of December 31, 2018, United's aircraft capital lease minimum payments relate to leases of 28 mainline and 90 regional aircraft as well as to leases of nonaircraft assets\\. Imputed interest rate ranges are 3\\.5% to 115\\.1%\\.\n\nAircraft operating leases have initial terms of five to 26 years, with expiration dates ranging from 2019 through 2029\\. Under the terms of most leases, United has the right to purchase the aircraft at the end of the lease term, in some cases, at fair market value, and in others, at fair market value or a percentage of cost\\.\n\nUnited is the lessee of real property under long\\-term operating leases at a number of airports where we are also the guarantor of approximately $1\\.3 billion of underlying debt and interest thereon as of December 31, 2018\\. These leases are typically with municipalities or other governmental entities, which are excluded from the consolidation requirements concerning a variable interest entity (\"VIE\")\\. To the extent United's leases and related guarantees are with a separate legal entity other than a governmental entity, United is not the primary beneficiary because the lease terms are consistent with market terms at the inception of the lease and the lease does not include a residual value guarantee, fixed\\-price purchase option, or similar feature\\. United has facility operating leases that extend to 2055\\.\n\nUnited's nonaircraft rent expense was approximately $1\\.3 billion, $1\\.3 billion and $1\\.2 billion for the years ended December 31, 2018, 2017 and 2016, respectively\\.\n\nIn addition to nonaircraft rent and aircraft rent, which is separately presented in the consolidated statements of operations, United had aircraft rent related to regional aircraft operating leases, which is included as part of Regional capacity purchase expense in United's consolidated statement of operations, of $505 million, $458 million and $439 million for the years ended December 31, 2018, 2017 and 2016, respectively\\.\n\nIn connection with UAL Corporation's and United Air Lines, Inc\\.'s (predecessors to UAL and United) fresh\\-start reporting requirements upon their exit from Chapter 11 bankruptcy protection in 2006 and the Company's acquisition accounting adjustments related to the Company's merger transaction in 2010, lease valuation adjustments for operating leases were initially recorded in the consolidated balance sheet, representing the net present value of the differences between contractual lease rates and the fair market lease rates for similar leased assets at the time\\. An asset (liability) results when the contractual lease rates are more (less) favorable than market lease terms at the valuation date\\. The lease valuation adjustment is amortized on a straight\\-line basis as an increase (decrease) to rent expense over the individual applicable remaining lease terms, resulting in recognition of rent expense as if United had entered into the leases at market rates\\. The related remaining lease terms, primarily related to aircraft which make up the majority of the fair value lease adjustment balance, are one to six years for United\\. The lease valuation adjustments are classified within other noncurrent liabilities and the net accretion amounts are $60 million, $79 million and $82 million for the years ended December 31, 2018, 2017 and 2016, respectively\\.\n\n**Regional CPAs**\n\nUnited has contractual relationships with various regional carriers to provide regional aircraft service branded as United Express\\.Under these CPAs, the Company pays the regional carriers contractually agreed fees (carrier costs) for operating these \n\n81"}
{"_id": "United-2017_22.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nOn October 13, 2015, United received a CID from the Civil Division of the DOJ\\. The CID requested documents and oral testimony from United in connection with an industry\\-wide DOJ investigation related to delivery scan and other data purportedly required for payment for the carriage of mail under United\u2019s International Commercial Air Contracts with the U\\.S\\. Postal Service\\. The Company has been responding to the DOJ\u2019s request and cooperating in the investigation since that time\\. On November 8, 2016, the DOJ Criminal Division met with representatives from the Company and advised they are conducting an industry\\-wide investigation into the same matter\\. The Company is also cooperating with the government in this aspect of their investigation and, on December 21, 2016, representatives from the Company met with both the Civil and Criminal Divisions to provide additional information\\. The Company cannot predict what action, if any, might be taken in the future by the DOJ or other governmental authorities as a result of these investigations\\.\n\n***Other Legal Proceedings*** \n\nThe Company is involved in various other claims and legal actions involving passengers, customers, suppliers, employees and government agencies arising in the ordinary course of business\\. Additionally, from time to time, the Company becomes aware of potential non\\-compliance with applicable environmental regulations, which have either been identified by the Company (through internal compliance programs such as its environmental compliance audits) or through notice from a governmental entity\\. In some instances, these matters could potentially become the subject of an administrative or judicial proceeding and could potentially involve monetary sanctions\\. After considering a number of factors, including (but not limited to) the views of legal counsel, the nature of contingencies to which the Company is subject and prior experience, management believes that the ultimate disposition of these other claims and legal actions will not materially affect its consolidated financial position or results of operations\\. However, the ultimate resolutions of these matters are inherently unpredictable\\. As such, the Company\u2019s financial condition and results of operations could be adversely affected in any particular period by the unfavorable resolution of one or more of these matters\\.\n\n\n\n|               |                                |\n| ------------- | ------------------------------ |\n|  **ITEM 4\\.** | **MINE SAFETY DISCLOSURES\\.**  |\n\n\n\nNot applicable\\.\n\n23"}
{"_id": "AmericanAirlines-2018_147.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nPursuant to the Sixth Amendment to the 2014 Credit Agreement, adjustments to the 2014 Revolving Facility were made, including increasing the total aggregate commitments under the 2014 Revolving Facility by approximately $543 million, extending the maturity date for the revolver loans thereunder from October 2022 to October 2023 and reducing the LIBOR margin from 2\\.25% to 2\\.00% and the base rate margin from 1\\.25% to 1\\.00% for certain of the lenders of the revolver loans thereunder\\. In addition to the slots, gates and routes (SGR) between airports in the United States and LHR previously pledged as collateral for the 2014 Credit Facilities, SGR between airports in the United States and other countries in the European Union were added as collateral under the 2014 Credit Facilities pursuant to the Sixth Amendment to the 2014 Credit Agreement\\. As of December 31, 2018, there were no borrowings or letters of credit outstanding under the 2014 Revolving Facility\\.\n\n*April 2016 Credit Facilities*\n\nIn December 2018, American and AAG entered into a Fourth Amendment (the Fourth Amendment to the April 2016 Credit Agreement) to the Credit and Guaranty Agreement, amending the Credit and Guaranty Agreement dated as of April 29, 2016 (as previously amended, the April 2016 Credit Agreement, and the revolving credit facility established thereunder, the April 2016 Revolving Facility, the term loan facility established thereunder, the 2016 Term Loan Facility and the 2016 April Revolving Facility together with the 2016 Term Loan Facility, the April 2016 Credit Facilities)\\. Pursuant to the Fourth Amendment to the April 2016 Credit Agreement, adjustments to the April 2016 Revolving Facility were made, including extending the maturity date from October 2022 to October 2023 for the revolver loans established thereunder and reducing the LIBOR margin from 2\\.25% to 2\\.00% and the base rate margin from 1\\.25% to 1\\.00% for certain of the lenders of the revolver loans thereunder\\. As of December 31, 2018, there were no borrowings or letters of credit outstanding under the April 2016 Revolving Facility\\.\n\n*December 2016 Credit Facilities*\n\nIn November 2017, American and AAG entered into the First Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of December 15, 2016, pursuant to which American refinanced the $1\\.3 billion term loan facility due December 2023 established thereunder (the December 2016 Term Loan Facility, and together with a revolving credit facility that may be established thereunder in the future, the December 2016 Credit Facilities), to reduce the LIBOR margin from 2\\.50% to 2\\.00% and the base rate margin from 1\\.50% to 1\\.00%\\.\n\nCertain details of American\u2019s 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, 2018:\n\n\n\n|                                                                          |                                |                                  |                            |                                  |                                  |                                        |                                     |\n| ------------------------------------------------------------------------ | ------------------------------ | -------------------------------- | -------------------------- | -------------------------------- | -------------------------------- | -------------------------------------- | ----------------------------------- |\n|                                                                          | **2013 Credit Facilities**     | **2013 Credit Facilities**       | **2014 Credit Facilities** | **2014 Credit Facilities**       | **April 2016 Credit Facilities** | **April 2016 Credit Facilities**       | **December 2016 Credit Facilities** |\n|                                                                          | **2013 Replacement Term Loan** | **2013  <br>Revolving Facility** | **2014 Term  <br>Loan**    | **2014  <br>Revolving Facility** | **April 2016  <br>Term Loan**    | **April 2016  <br>Revolving Facility** | **December 2016 Term Loan**         |\n| Aggregate principal issued or credit facility availability (in millions) | $1,900                         | $1,000                           | $1,250                     | $1,543                           | $1,000                           | $300                                   | $1,250                              |\n| Principal outstanding or drawn (in millions)                             | $1,825                         | $\u2014                               | $1,215                     | $\u2014                               | $980                             | $\u2014                                     | $1,225                              |\n| Maturity date                                                            | June 2025                      | October 2023                     | October 2021               | October 2023                     | April 2023                       | October 2023                           | December 2023                       |\n| LIBOR margin                                                             | 1\\.75%                         | 2\\.00%                           | 2\\.00%                     | 2\\.00%                           | 2\\.00%                           | 2\\.00%                                 | 2\\.00%                              |\n\n\n\nThe term loans under each of the Credit Facilities are repayable in annual installments in an amount equal to 1\\.00% of the aggregate principal amount issued, with any unpaid balance due on the respective maturity dates\\. Voluntary prepayments may be made by American at any time\\.\n\nThe 2013 Revolving Facility, 2014 Revolving Facility and April 2016 Revolving Facility provide that American may from time to time borrow, repay and reborrow loans thereunder\\. The 2013 Revolving Facility and 2014 Revolving Facility have the ability to issue letters of credit thereunder in an aggregate amount outstanding at any time up to $100 million and $200 million, respectively\\. The 2013 Revolving Facility, 2014 Revolving Facility and April 2016 Revolving Facility are each subject to an undrawn annual fee of 0\\.63%\\. As of December 31, 2018, there were no borrowings or letters of credit outstanding under the 2013 Revolving Facility, 2014 Revolving Facility or April 2016 Revolving Facility\\. The December 2016 Credit Facilities provide for a revolving credit facility that may be established thereunder in the future\\.\n\n148"}
{"_id": "Southwest-2017_50.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|                                                                                                  |                             |                             |             |\n| ------------------------------------------------------------------------------------------------ | --------------------------- | --------------------------- | ----------- |\n|                                                                                                  | **Year ended December 31,** | **Year ended December 31,** | **Percent** |\n|                                                                                                  | **2017**                    | **2016**                    | **Change**  |\n| **Net income per share, diluted, as reported**                                                   | $5\\.79                      | $3\\.55                      |             |\n| Deduct: Net impact to net income above from fuel contracts divided by<br><br> dilutive shares    | (0\\.08)                     | (0\\.31)                     |             |\n| Add: Impact of special items                                                                     | 0\\.16                       | 0\\.63                       |             |\n| Deduct: Net income tax impact of fuel and special items, excluding Tax reform<br><br> impact (b) | (0\\.03)                     | (0\\.12)                     |             |\n| Deduct: Tax reform impact (c)                                                                    | (2\\.34)                     | \u2014                           |             |\n| **Net income per share, diluted, excluding special items**                                       | $3\\.50                      | $3\\.75                      | (6\\.7)%     |\n| **Operating expenses per ASM (cents)**                                                           | 11\\.48\u00a2                     | 11\\.22\u00a2                     |             |\n| Deduct: Fuel expense divided by ASMs                                                             | (2\\.56)                     | (2\\.46)                     |             |\n| Deduct: Impact of special items                                                                  | (0\\.07)                     | (0\\.27)                     |             |\n| **Operating expenses per ASM, excluding Fuel and oil and special items (cents)**                 | 8\\.85\u00a2                      | 8\\.49\u00a2                      | 4\\.2 %      |\n\n\n\n(a) As a result of prior hedge ineffectiveness and/or contracts marked to market through earnings\\.\n\n(b) Tax amounts for each individual special item are calculated at the Company's effective rate for the applicable period and totaled in this line item\\.\n\n(c) Adjustment related to the Tax Cuts and Jobs Act legislation enacted in December 2017, which resulted in a re\\-measurement of the Company's deferred tax assets and liabilities at the new federal corporate tax rate of 21 percent\\.\n\n51"}
{"_id": "United-2018_78.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n***EETCs\\.*** As of December 31, 2018, United had $8\\.8 billion principal amount of equipment notes outstanding issued under EETC financings included in notes payable in the table of outstanding debt above\\.Generally, the structure of these EETC financings consists of pass\\-through trusts created by United to issue pass\\-through certificates, which represent fractional undivided interests in the respective pass\\-through trusts and are not obligations of United\\. The proceeds of the issuance of the pass\\-through certificates are used to purchase equipment notes which are issued by United and secured by its aircraft\\. The payment obligations under the equipment notes are those of United\\. Proceeds received from the sale of pass\\-through certificates are initially held by a depositary in escrow for the benefit of the certificate holders until United issues equipment notes to the trust, which purchases such notes with a portion of the escrowed funds\\. These escrowed funds are not guaranteed by United and are not reported as debt on United's consolidated balance sheet because the proceeds held by the depositary are not United's assets\\.\n\nIn February 2018, May 2018 and February 2019, United created separate EETC pass\\-through trusts, each of which issued pass\\-through certificates\\. The proceeds of the issuance of the pass\\-through certificates are used to purchase equipment notes issued by United and secured by its aircraft\\. The Company records the debt obligation upon issuance of the equipment notes rather than upon the initial issuance of the pass\\-through certificates\\. Certain details of the pass\\-through trusts with proceeds received from issuance of debt in 2018 are as follows (in millions, except stated interest rate):\n\n\n\n|               |           |               |                                      |                          |                                                      |                                                         |                                                                               |\n| ------------- | --------- | ------------- | ------------------------------------ | ------------------------ | ---------------------------------------------------- | ------------------------------------------------------- | ----------------------------------------------------------------------------- |\n| **EETC Date** | **Class** | **Principal** | **Final expected distribution date** | **Stated interest rate** | **Total debt recorded  <br>as of December 31, 2018** | **Proceeds received from issuance of debt during 2018** | **Remaining proceeds from issuance of debt to be received in future periods** |\n| February 2019 | AA        | $717          | August 2031                          | 4\\.15%                   | $\u2014                                                   | $\u2014                                                      | $717                                                                          |\n| February 2019 | A         | 296           | August 2031                          | 4\\.55%                   | \u2014                                                    | \u2014                                                       | 296                                                                           |\n| May 2018      | B         | 226           | March 2026                           | 4\\.60%                   | 226                                                  | 226                                                     | \u2014                                                                             |\n| February 2018 | AA        | 677           | March 2030                           | 3\\.50%                   | 677                                                  | 677                                                     | \u2014                                                                             |\n| February 2018 | A         | 258           | March 2030                           | 3\\.70%                   | 258                                                  | 258                                                     | \u2014                                                                             |\n|               |           | $2,174        |                                      |                          | $1,161                                               | $1,161                                                  | $1,013                                                                        |\n\n\n\nIn 2018, United borrowed approximately $424 million aggregate principal amount from various financial institutions to finance the purchase of several aircraft delivered in 2018\\. The notes evidencing these borrowings, which are secured by the related aircraft, mature in 2030 and have interest rates comprised of LIBOR plus a specified margin\\.\n\n*Unsecured debt*\n\n***4\\.25% Senior Notes due 2022\\.*** In September 2017, UAL issued $400 million aggregate principal amount of 4\\.25% Senior Notes due October 1, 2022 (the \"4\\.25% Senior Notes due 2022\")\\. These notes are fully and unconditionally guaranteed and recorded by United on its balance sheet as debt\\. The indenture for the 4\\.25% Senior Notes due 2022 requires UAL to offer to repurchase the notes for cash if certain changes of control of UAL occur at a purchase price equal to 101% of the principal amount of notes repurchased plus accrued and unpaid interest\\.\n\n***5% Senior Notes due 2024\\.*** In January 2017, UAL issued $300 million aggregate principal amount of 5% Senior Notes due February 1, 2024 (the \"5% Senior Notes due 2024\")\\. These notes are fully and unconditionally guaranteed and recorded by United on its balance sheet as debt\\. The indenture for the 5% Senior Notes due 2024 requires UAL to offer to repurchase the notes for cash if certain changes of control of UAL occur at a purchase price equal to 101% of the principal amount of notes repurchased plus accrued and unpaid interest\\.\n\n79"}
{"_id": "AmericanAirlines-2017_139.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n**3\\. Debt**\n\nLong\\-term debt and capital lease obligations included in the consolidated balance sheets consisted of (in millions):\n\n\n\n|                                                                                                                                                                 |                  |                  |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                                                                                                 | **December 31,** | **December 31,** |\n|                                                                                                                                                                 | **2017**         | **2016**         |\n| *Secured*                                                                                                                                                       |                  |                  |\n| 2013 Credit Facilities, variable interest rate of 3\\.55%, installments through 2020  ^(a)^                                                                      | $1,825           | $1,843           |\n| 2014 Credit Facilities, variable interest rate of 3\\.43%, installments through 2021  ^(a)^                                                                      | 728              | 735              |\n| April 2016 Credit Facilities, variable interest rate of 3\\.57%, installments through 2023  ^(a)^                                                                | 990              | 1,000            |\n| December 2016 Credit Facilities, variable interest rate of 3\\.48%, installments through 2023  ^(a)^                                                             | 1,238            | 1,250            |\n| 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           |\n| 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            |\n| Special facility revenue bonds, fixed interest rates ranging from 5\\.00% to 5\\.50%, maturing from 2018 to 2035                                                  | 828              | 862              |\n| Other secured obligations, fixed interest rates ranging from 3\\.81% to 12\\.24%, maturing from 2018 to 2028                                                      | 772              | 848              |\n| Total long\\-term debt and capital lease obligations                                                                                                             | 23,521           | 22,793           |\n| Less: Total unamortized debt discount, premium and issuance costs                                                                                               | 227              | 216              |\n| Less: Current maturities                                                                                                                                        | 2,058            | 1,859            |\n| Long\\-term debt and capital lease obligations, net of current maturities                                                                                        | $21,236          | $20,718          |\n\n\n\nThe table below shows the maximum availability under revolving credit facilities, all of which were undrawn, as of December 31, 2017 (in millions):\n\n\n\n|                               |        |\n| ----------------------------- | ------ |\n| 2013 Revolving Facility       | $1,200 |\n| 2014 Revolving Facility       | 1,000  |\n| April 2016 Revolving Facility | 300    |\n| Total                         | $2,500 |\n\n\n\nSecured financings are collateralized by assets, primarily aircraft, engines, simulators, aircraft spare parts, airport gate leasehold rights, route authorities and airport slots\\. At December 31, 2017, American was operating 33 aircraft under capital leases\\. Leases can generally be renewed at rates based on fair market value at the end of the lease term for a number of additional years\\.\n\nAt December 31, 2017, the maturities of long\\-term debt and capital lease obligations are as follows (in millions):\n\n\n\n|                     |         |\n| ------------------- | ------- |\n| 2018                | $2,098  |\n| 2019                | 2,118   |\n| 2020                | 3,563   |\n| 2021                | 2,854   |\n| 2022                | 1,286   |\n| 2023 and thereafter | 11,602  |\n| Total               | $23,521 |\n\n\n\n140"}
{"_id": "Delta-2017_100.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\n\n\n|          |                                                                                                                                                                   |\n| -------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 101\\.INS | XBRL Instance Document \\- The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document\\. |\n\n\n\n\n\n|          |                                         |\n| -------- | --------------------------------------- |\n| 101\\.SCH | XBRL Taxonomy Extension Schema Document |\n\n\n\n\n\n|          |                                                       |\n| -------- | ----------------------------------------------------- |\n| 101\\.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |\n\n\n\n\n\n|          |                                                      |\n| -------- | ---------------------------------------------------- |\n| 101\\.DEF | XBRL Taxonomy Extension Definition Linkbase Document |\n\n\n\n\n\n|          |                                                  |\n| -------- | ------------------------------------------------ |\n| 101\\.LAB | XBRL Taxonomy Extension Labels Linkbase Document |\n\n\n\n\n\n|          |                                                        |\n| -------- | ------------------------------------------------------ |\n| 101\\.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |\n\n\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\n\n\n|    |                              |\n| -- | ---------------------------- |\n| \\* | Incorporated by reference\\.  |\n\n\n\n\n\n|      |                                                                                                                                                               |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*\\* | Portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission pursuant to requests for confidential treatment\\. |\n\n\n\nITEM 16\\. FORM 10\\-K SUMMARY\n\nNot applicable\\.\n\n 96"}
{"_id": "AmericanAirlines-2017_65.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***Share Repurchase Programs***\n\nSince July 2014, our Board of Directors has approved six share repurchase programs aggregating $11\\.0 billion of authority\\. As of December 31, 2017, $450 million remained unused under a repurchase program that expires on December 31, 2018\\. Share repurchases under our repurchase programs may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades or accelerated share repurchase transactions\\. Any such repurchases will be made from time to time subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to repurchase any specific number of shares and our repurchase of common stock may be limited, suspended or discontinued at any time at our discretion\\.\n\nDuring the year ended December 31, 2017, we repurchased 33\\.9 million shares of AAG common stock for $1\\.6 billion at a weighted average cost per share of $45\\.68\\. Since the inception of our share repurchase programs in July 2014 through December 31, 2017, we have repurchased 262\\.3 million shares of AAG common stock for $10\\.6 billion at a weighted average cost per share of $40\\.22\\.\n\n***Cash Dividends***\n\nOur Board of Directors declared the following cash dividends during 2017:\n\n\n\n|                |               |                                      |                   |                                  |\n| -------------- | ------------- | ------------------------------------ | ----------------- | -------------------------------- |\n| **Period**     | **Per share** | **For stockholders of record as of** | **Payable on**    | **Total** <br><br>**(millions)** |\n| First Quarter  | $0\\.10        | February 13, 2017                    | February 27, 2017 | $51                              |\n| Second Quarter | 0\\.10         | May 16, 2017                         | May 30, 2017      | 50                               |\n| Third Quarter  | 0\\.10         | August 14, 2017                      | August 28, 2017   | 49                               |\n| Fourth Quarter | 0\\.10         | November 13, 2017                    | November 27, 2017 | 48                               |\n| Total          | $0\\.40        |                                      |                   | $198                             |\n\n\n\nIn January 2018, we announced that our Board of Directors declared a $0\\.10 per share dividend for stockholders of record on February 6, 2018, and payable on February 20, 2018\\.\n\nAny future dividends that may be declared and paid from time to time will be subject to market and economic conditions, applicable legal requirements and other relevant factors\\. We are not obligated to continue a dividend for any fixed period, and the payment of dividends may be suspended at any time at our discretion\\.\n\n***Sources and Uses of Cash***\n\n***AAG***\n\n*2017* *Compared to* *2016*\n\n*Operating Activities*\n\nOur net cash provided by operating activities was $4\\.7 billion and $6\\.5 billion in 2017 and 2016, respectively, a year\\-over\\-year decrease of $1\\.8 billion\\. This decrease in operating cash flows from 2017 to 2016 was primarily due to lower profitability in 2017 driven by higher fuel costs and wage rates, which were offset in part by higher revenues\\.\n\n*Investing Activities*\n\nOur net cash used in investing activities was $3\\.6 billion and $5\\.7 billion in 2017 and 2016, respectively\\.\n\nOur principal investing activities in 2017 included expenditures of $6\\.0 billion for property and equipment, including 20 Airbus A321 aircraft, 20 Boeing 737\\-800 aircraft, 16 Embraer E175 aircraft, 13 Boeing 787 Family aircraft and four Boeing 737\\-8 MAX aircraft\\. We also made a $203 million equity investment in China Southern Airlines\\. These cash outflows were offset in part by $1\\.3 billion in net sales of short\\-term investments, $947 million of net proceeds from the sale of property and equipment, primarily representing cash proceeds from aircraft sale\\-leaseback transactions, and a $319 million decrease in restricted cash and short\\-term investments\\.\n\nOur principal investing activities in 2016 included expenditures of $5\\.7 billion for property and equipment, including 25 Airbus A321 aircraft, 24 Embraer E175 aircraft, 20 Boeing 737\\-800 aircraft, 18 Bombardier CRJ 900 aircraft, eight Boeing 787 aircraft and two Boeing 777 aircraft\\.\n\n66"}
{"_id": "AmericanAirlines-2018_18.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nof critical systems through ransomware, denial of service or other attacks; and business delays, service or system disruptions, damage to equipment and injury to persons or property\\. The methods used to obtain unauthorized access, disable or degrade service or sabotage systems are constantly evolving and may be difficult to anticipate or to detect for long periods of time\\. The constantly changing nature of the threats means that we may not be able to prevent all data security breaches or misuse of data\\. Similarly, we depend on the ability of our key commercial partners, including our regional carriers, distribution partners and technology vendors, to conduct their businesses in a manner that complies with applicable security standards and assures their ability to perform on a timely basis\\.\n\nIn addition, the costs and operational consequences of defending against, preparing for, responding to and remediating an incident of cybersecurity breach may be substantial\\. As cybersecurity threats become more frequent, intense and sophisticated, costs of proactive defense measures may increase\\. Further, we could be exposed to litigation, regulatory enforcement or other legal action as a result of an incident, carrying the potential for damages, fines, sanctions or other penalties, as well as injunctive relief requiring costly compliance measures\\. A cybersecurity incident could also impact our brand, harm our reputation and adversely impact our relationship with our customers, employees and stockholders\\. Failure to appropriately address these issues could also give rise to potentially material legal risks and liabilities\\.\n\n***Our high level of debt and other obligations may limit our ability to fund general corporate requirements and obtain additional financing, may limit our flexibility in responding to competitive developments and cause our business to be vulnerable to adverse economic and industry conditions\\.***\n\nWe have significant amounts of indebtedness and other obligations, including pension obligations, obligations to make future payments on flight equipment and property leases related to airport and other facilities, and substantial non\\-cancelable obligations under aircraft and related spare engine purchase agreements\\. Moreover, currently a substantial portion of our assets are pledged to secure our indebtedness\\. Our substantial indebtedness and other obligations, which are generally greater than the indebtedness and other obligations of our competitors, could have important consequences\\. For example, they:\n\n\n\n|   |                                                                                      |\n| - | ------------------------------------------------------------------------------------ |\n| \u2022 | may make it more difficult for us to satisfy our obligations under our indebtedness; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | may limit our ability to obtain additional funding for working capital, capital expenditures, acquisitions, investments, integration costs, and general corporate purposes, and adversely affect the terms on which such funding can be obtained; |\n\n\n\n\n\n|   |                                                                                                                                                                                               |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness and other obligations, thereby reducing the funds available for other purposes; |\n\n\n\n\n\n|   |                                                                                                                                                                                             |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | make us more vulnerable to economic downturns, industry conditions and catastrophic external events, particularly relative to competitors with lower relative levels of financial leverage; |\n\n\n\n\n\n|   |                                                                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | contain covenants requiring us to maintain an aggregate of at least $2\\.0 billion of unrestricted cash and cash equivalents and amounts available to be drawn under revolving credit facilities; |\n\n\n\n\n\n|   |                                                               |\n| - | ------------------------------------------------------------- |\n| \u2022 | contain restrictive covenants that could, among other things: |\n\n\n\n\n\n|   |                                                                                                                                                 |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | limit our ability to merge, consolidate, sell assets, incur additional indebtedness, issue preferred stock, make investments and pay dividends; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | significantly constrain our ability to respond, or respond quickly, to unexpected disruptions in our own operations, the U\\.S\\. or global economies, or the businesses in which we operate, or to take advantage of opportunities that would improve our business, operations, or competitive position versus other airlines; |\n\n\n\n\n\n|   |                                                                                                                                                 |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | limit our ability to withstand competitive pressures and reduce our flexibility in responding to changing business and economic conditions; and |\n\n\n\n\n\n|   |                                                        |\n| - | ------------------------------------------------------ |\n| \u2022 | result in an event of default under our indebtedness\\. |\n\n\n\nFurther, a substantial portion of our long\\-term indebtedness bears interest at fluctuating interest rates, primarily based on the London interbank offered rate (LIBOR) for deposits of U\\.S\\. dollars\\. LIBOR tends to fluctuate based on general short\\-term interest rates, rates set by the U\\.S\\. Federal Reserve and other central banks, the supply of and demand for credit in the London interbank market and general economic conditions\\. We have not hedged our interest rate exposure with respect to our floating rate debt\\. Accordingly, our interest expense for any particular period will fluctuate based on LIBOR and other \n\n19"}
{"_id": "AmericanAirlines-2019_168.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.67                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2011\\-1 Pass Through Certificates (incorporated by reference to Exhibit 10\\.2 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex102.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 4\\.68                         | [Form of Participation Agreement (Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee and Subordination Agent) (incorporated by reference to Exhibit 4\\.18 to US Airways Group\u2019s Current Report on Form 8\\-K filed on May 16, 2012 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312512236751/d354045dex418.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| 4\\.69                         | [Form of Indenture (Trust Indenture and Security Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee) (incorporated by reference to Exhibit 4\\.19 to US Airways Group\u2019s Current Report on Form 8\\-K filed on May 16, 2012 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312512236751/d354045dex419.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n| 4\\.70                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2012\\-1 Pass Through Certificates (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex103.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 4\\.71                         | [Form of Participation Agreement (Participation Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee and Subordination Agent) (incorporated by reference to Exhibit B to Exhibit 4\\.12 to US Airways Group\u2019s Current Report on Form 8\\-K filed on December 13, 2012 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312512501957/d452985dex412.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.72                         | [Form of Indenture (Trust Indenture and Security Agreement between American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), as Owner, and Wilmington Trust Company, as Indenture Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.12 to US Airways Group\u2019s Current Report on Form 8\\-K filed on December 13, 2012 (Commission File No\\. 1\\-08444))\\.](http://www.sec.gov/Archives/edgar/data/701345/000119312512501957/d452985dex412.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.73                         | [Amended and Restated Guarantee, dated as of March 31, 2014, from American Airlines Group Inc\\. (as successor in interest to US Airways Group, Inc\\.) relating to obligations of US Airways under the equipment notes relating to its Series 2012\\-2 Pass Through Certificates (incorporated by reference to Exhibit 10\\.4 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000011/d715288dex104.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 4\\.74                         | [Form of Assumption Agreement, dated as of December 30, 2015, by American Airlines, Inc\\. for the benefit of Wilmington Trust Company, as Indenture Trustee, to (i) each Participation Agreement between, among others, American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.) and Wilmington Trust Company, as Indenture Trustee, entered into pursuant to the 2010\\-1, 2011\\-1, 2012\\-1, 2012\\-2 and 2013\\-1 EETC note purchase agreements and (ii) each Trust Indenture and Security Agreement, between, among others, American Airlines, Inc\\. (as successor in interest to US Airways, Inc\\.), and Wilmington Trust Company, as Indenture Trustee entered into pursuant to the 2010\\-1, 2011\\-1, 2012\\-1, 2012\\-2 and 2013\\-1 EETC note purchase agreements (incorporated by reference to Exhibit 10\\.3 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex103.htm) |\n| 4\\.75                         | [Trust Supplement No\\. 2016\\-1AA, dated as of January 19, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| 4\\.76                         | [Trust Supplement No\\. 2016\\-1A, dated as of January 19, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| 4\\.77                         | [Trust Supplement No\\. 2016\\-1B, dated as of January 19, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex44.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| 4\\.78                         | [Intercreditor Agreement (2016\\-1), dated as of January 19, 2016, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-1AA, as Trustee of the American Airlines Pass Through Trust 2016\\-1A and as Trustee of the American Airlines Pass Through Trust 2016\\-1B, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to exhibit 4\\.5 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex45.htm)                                                                                                                                                                                                                                                                                                    |\n| 4\\.79                         | [Note Purchase Agreement, dated as of January 19, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex46.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n\n\n\n169"}
{"_id": "Delta-2017_99.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\n10\\.15(a) [Delta Air Lines, Inc\\. 2016 Long Term Incentive Program (Filed as Exhibit 10\\.16 to Delta's Annual Report on Form 10\\- K for the year ended December 31, 2015)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000018/dal12312015ex1016.htm)\n\n10\\.15(b) [First Amendment to the Delta Air Lines, Inc\\. 2016 Long Term Incentive Program\\.](http://ir.delta.com/dal12312017ex1015b.htm)\n\n10\\.15(c) [Model Award Agreement for the Delta Air Lines, Inc\\. 2016 Long Term Incentive Program (Filed as Exhibit 10\\.1 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000022/dal3312016ex101.htm)\n\n\n\n|           |                                                                                                                                                                                                                                                              |\n| --------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.16(a) | [Delta Air Lines, Inc\\. 2017 Long\\-Term Incentive Program (Filed as Exhibit 10\\.15 to Delta's Annual Report on Form 10\\- K for the year ended December 31, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000004/dal12312016ex1015.htm) |\n\n\n\n\n\n|           |                                                                                                                                                                                                                                                                                   |\n| --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.16(b) | [First Amendment to the Delta Air Lines, Inc\\. 2017 Long\\-Term Incentive Program (Filed as Exhibit 10\\.3 to Delta\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex103.htm) |\n\n\n\n10\\.16(c) [Second Amendment to the Delta Air Lines, Inc\\. 2017 Long\\-Term Incentive Program\\.](http://ir.delta.com/dal12312017ex1016c.htm)\n\n\n\n|           |                                                                                                                                                                                                                                                                                           |\n| --------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.16(d) | [Model Award Agreement for the Delta Air Lines, Inc\\. 2017 Long\\-Term Incentive Program (Filed as Exhibit 10\\.3 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000008/dal3312017ex103.htm) |\n\n\n\n\n\n|        |                                                                                                         |\n| ------ | ------------------------------------------------------------------------------------------------------- |\n| 10\\.17 | [Delta Air Lines, Inc\\. 2018 Long\\-Term Incentive Program\\.](http://ir.delta.com/dal12312017ex1017.htm) |\n\n\n\n\n\n|           |                                                                                                                                                                                                                                                          |\n| --------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.18(a) | [Delta Air Lines, Inc\\. 2017 Management Incentive Plan (Filed as Exhibit 10\\.17 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000004/dal12312016ex1017.htm) |\n\n\n\n10\\.18(b) [First Amendment to the Delta Air Lines, Inc\\. 2017 Management Incentive Plan\\.](http://ir.delta.com/dal12312017ex1018b.htm)\n\n\n\n|        |                                                                                                       |\n| ------ | ----------------------------------------------------------------------------------------------------- |\n| 10\\.19 | [Delta Air Lines, Inc\\. 2018 Management Incentive Plan\\.](http://ir.delta.com/dal12312017ex1019.htm)  |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                                                                                                                                     |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.20 | [Letter Agreement dated as of June 11, 2008 between counsel for and on behalf of Mickey P\\. Foret and Aviation Consultants, LLC, and counsel for and on behalf of Northwest Airlines, Inc\\. (Filed as Exhibit 10\\.22 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2008)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000119312509042726/dex1022.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                 |\n| ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.21 | [Delta Air Lines, Inc\\. Restoration Long Term Disability Plan (Filed as Exhibit 10\\.24 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2011)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000144530512000272/dal12312011ex1024.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                     |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.22 | [Terms of 2016 Restricted Stock Awards for Non\\-Employee Directors (Filed as Exhibit 10\\.4 to Delta\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000026/dal6302016ex104.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                     |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.23 | [Terms of 2017 Restricted Stock Awards for Non\\-Employee Directors (Filed as Exhibit 10\\.4 to Delta\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex104.htm) |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 12\\.1 | [Statement regarding computation of ratio of earnings to fixed charges for each fiscal year in the five\\-year period ended December 31, 2017\\.](http://ir.delta.com/dal12312017ex121.htm) |\n\n\n\n\n\n|       |                                                                              |\n| ----- | ---------------------------------------------------------------------------- |\n| 21\\.1 | [Subsidiaries of the Registrant\\.](http://ir.delta.com/dal12312017ex211.htm) |\n\n\n\n\n\n|       |                                                                            |\n| ----- | -------------------------------------------------------------------------- |\n| 23\\.1 | [Consent of Ernst & Young LLP\\.](http://ir.delta.com/dal12312017ex231.htm) |\n\n\n\n\n\n|       |                                                                                                                   |\n| ----- | ----------------------------------------------------------------------------------------------------------------- |\n| 31\\.1 | [Rule 13a\\-14(a)/15d\\-14(a) Certification of Chief Executive Officer\\.](http://ir.delta.com/dal12312017ex311.htm) |\n\n\n\n\n\n|       |                                                                                                                   |\n| ----- | ----------------------------------------------------------------------------------------------------------------- |\n| 31\\.2 | [Rule 13a\\-14(a)/15d\\-14(a) Certification of Chief Financial Officer\\.](http://ir.delta.com/dal12312017ex312.htm) |\n\n\n\n\n\n|    |                                                                                                                                                                      |\n| -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 32 | [Certification pursuant to 18 U\\.S\\.C\\. Section 1350, as adopted pursuant to Section 906 of the Sarbanes\\-Oxley Act 2002\\.](http://ir.delta.com/dal12312017ex32.htm) |\n\n\n\n 95"}
{"_id": "Alaska-2017_97.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|                                                                                         |\n| --------------------------------------------------------------------------------------- |\n| **ITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE** |\n\n\n\nThe information required by this item is incorporated herein by reference from our 2018 Proxy Statement\\.\n\n\n\n|                                                      |\n| ---------------------------------------------------- |\n| **ITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES** |\n\n\n\nThe information required by this item is incorporated herein by reference from our 2018 Proxy Statement\\.\n\n**PART IV**\n\n\n\n|                        |\n| ---------------------- |\n| **ITEM 15\\. EXHIBITS** |\n\n\n\nThe following documents are filed as part of this report:\n\n\n\n|     |                                  |\n| --- | -------------------------------- |\n| 1\\. | *Exhibits:*  See Exhibit Index\\. |\n\n\n\n 98"}
{"_id": "Delta-2018_44.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nEmployee Benefit Obligations\\.  Represents primarily (1) our estimated minimum required funding for our qualified defined benefit pension plans based on actuarially determined estimates and (2) projected future benefit payments from our unfunded postretirement and postemployment plans\\. For additional information about our defined benefit pension plan obligations, see \"Critical Accounting Policies and Estimates\\.\"\n\nOther Obligations\\.  Represents estimated purchase obligations under which we are required to make minimum payments for goods and services, including, but not limited to, aviation\\-related, maintenance, professional security, insurance, marketing, technology, sponsorships and other third\\-party services and products\\. \n\n 42"}
{"_id": "Alaska-2018_55.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**CONSOLIDATED BALANCE SHEETS**\n\n\n\n|                                                               |             |          |\n| ------------------------------------------------------------- | ----------- | -------- |\n| **As of December 31**  ***(in millions)***                    | **2018**    | **2017** |\n| **ASSETS**                                                    |             |          |\n| **Current Assets**                                            |             |          |\n| Cash and cash equivalents                                     | **$105**    | $194     |\n| Marketable securities                                         | **1,131**   | 1,427    |\n| Total cash and marketable securities                          | **1,236**   | 1,621    |\n| Receivables\u2014less allowance for doubtful accounts of $1 and $1 | **366**     | 341      |\n| Inventories and supplies\u2014net                                  | **60**      | 57       |\n| Prepaid expenses and other current assets                     | **125**     | 133      |\n| **Total Current Assets**                                      | **1,787**   | 2,152    |\n| **Property and Equipment**                                    |             |          |\n| Aircraft and other flight equipment                           | **8,221**   | 7,559    |\n| Other property and equipment                                  | **1,363**   | 1,222    |\n| Deposits for future flight equipment                          | **439**     | 494      |\n|                                                               | **10,023**  | 9,275    |\n| Less accumulated depreciation and amortization                | **3,242**   | 2,991    |\n| **Total Property and Equipment\u2014Net**                          | **6,781**   | 6,284    |\n| **Other Assets**                                              |             |          |\n| Goodwill                                                      | **1,943**   | 1,943    |\n| Intangible assets\u2014net                                         | **127**     | 133      |\n| Other noncurrent assets                                       | **274**     | 234      |\n| **Total Other Assets**                                        | **2,344**   | 2,310    |\n| **Total Assets**                                              | **$10,912** | $10,746  |\n\n\n\nCertain historical information has been adjusted to reflect the adoption of new accounting standards\\. See accompanying notes to consolidated financial statements\\.\n\n 56"}
{"_id": "Delta-2017_6.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nPart I\n\nITEM 1\\. BUSINESS\n\nGeneral\n\nWe provide scheduled air transportation for passengers and cargo throughout the United States (\"U\\.S\\.\") and around the world\\. Our global route network gives us a presence in every major domestic and international market\\. Our route network is centered around a system of hub, international gateway and key airports that we operate in Amsterdam, Atlanta, Boston, Detroit, London\\-Heathrow, Los Angeles, Minneapolis\\-St\\. Paul, New York\\-LaGuardia, New York\\-JFK, Paris\\-Charles de Gaulle, Salt Lake City, Seattle and Tokyo\\-Narita\\. Each of these operations includes flights that gather and distribute traffic from markets in the geographic region surrounding the hub or gateway to domestic and international cities and to other hubs or gateways\\. Our network is supported by a fleet of aircraft that is varied in size and capabilities, giving us flexibility to adjust aircraft to the network\\. Other important characteristics of our route network include our international joint ventures, our alliances with other foreign airlines, our membership in SkyTeam and agreements with multiple domestic regional carriers that operate as Delta Connection ^\u00ae^ \\.\n\nWe are incorporated under the laws of the State of Delaware\\. Our principal executive offices are located at Hartsfield\\-Jackson Atlanta International Airport in Atlanta, Georgia\\. Our telephone number is (404) 715\\-2600 and our Internet address is www\\.delta\\.com\\. Information contained on our website is not part of, and is not incorporated by reference in, this Form 10\\-K\\.\n\nInternational Alliances \n\nOur international alliance relationships with foreign carriers are an important part of our business as they improve our access to international markets and enable us to market globally integrated air transportation services\\. The most significant of these arrangements are commercial joint ventures that include joint sales and marketing coordination, co\\-location of airport facilities and other commercial cooperation arrangements\\. Our alliance arrangements also include reciprocal codesharing and reciprocal frequent flyer program participation and airport lounge access arrangements\\. These alliance relationships also may present opportunities in other areas, such as airport ground handling arrangements, aircraft maintenance insourcing and joint procurement\\.\n\nJoint Venture Agreements\\.  We currently operate four joint ventures with foreign carriers and have entered into an agreement to form a fifth\\. These arrangements, for which we have received antitrust immunity from the U\\.S\\. Department of Transportation (\"DOT\"), provide for joint commercial cooperation with our partners within the geographic scope of those arrangements, including the sharing of revenues and/or profits and losses generated by the parties on the joint venture routes, as well as joint marketing and sales, coordinated pricing and revenue management, network planning and scheduling and other coordinated activities with respect to the parties' operations on joint venture routes\\. Our commercial joint ventures are:\n\n\n\n|   |                                                                                                                                    |\n| - | ---------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | A transatlantic joint venture with Air France and KLM, both of which are subsidiaries of the same holding company, and Alitalia\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | A joint venture with Virgin Atlantic Airways with respect to operations on non\\-stop routes between the United Kingdom and North America\\. In addition to the joint venture, we own a non\\-controlling 49% equity stake in Virgin Atlantic Limited, the parent company of Virgin Atlantic Airways\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | A joint venture with Aerom\u00e9xico with respect to trans\\-border operations on flights between the U\\.S\\. and Mexico\\. In addition to the joint venture, we acquired a non\\-controlling 49% equity stake in Grupo Aerom\u00e9xico, S\\.A\\.B\\. de C\\.V\\., the parent company of Aerom\u00e9xico\\.  In addition, we and Aerom\u00e9xico have established a joint venture relating to an airframe maintenance, repair and overhaul operation located in Queretaro, Mexico\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | A joint venture with Virgin Australia Airlines and its affiliated carriers with respect to operations on transpacific routes between North America and Australia/New Zealand\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                        |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | In 2017, we entered into a joint venture with Korean Air Lines with respect to operations on transpacific routes between the United States and certain countries in Asia\\. We have not yet implemented this joint venture as it remains subject to receipt of required regulatory approvals in Korea\\. |\n\n\n\n 2"}
{"_id": "Alaska-2019_34.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n\u2022 CASM excluding fuel and certain special items is a measure commonly used by industry analysts and we believe it is an important metric by which they compare our airlines to others in the industry\\. The measure is also the subject of frequent questions from investors\\.\n\n\u2022 Disclosure of the individual impact of certain noted items provides investors the ability to measure and monitor performance both with and without these special items\\. We believe that disclosing the impact of certain items, such as merger\\-related costs and mark\\-to\\-market hedging adjustments, is important because it provides information on significant items that are not necessarily indicative of future performance\\. Industry analysts and investors consistently measure our performance without these items for better comparability between periods and among other airlines\\.\n\n\u2022 Although we disclose our passenger unit revenues, we do not (nor are we able to) evaluate unit revenues excluding the impact that changes in fuel costs have had on ticket prices\\. Fuel expense represents a large percentage of our total operating expenses\\. Fluctuations in fuel prices often drive changes in unit revenues in the mid\\-to\\-long term\\. Although we believe it is useful to evaluate non\\-fuel unit costs for the reasons noted above, we would caution readers of these financial statements not to place undue reliance on unit costs excluding fuel as a measure or predictor of future profitability because of the significant impact of fuel costs on our business\\.\n\nAlthough we are presenting these non\\-GAAP amounts for the reasons above, investors and other readers should not necessarily conclude that these amounts are non\\-recurring, infrequent, or unusual in nature\\.\n\n2019 COMPARED WITH 2018 \n\nOur consolidated net income for 2019 was $769 million, or $6\\.19 per diluted share, compared to net income of $437 million, or $3\\.52 per diluted share, in 2018\\. \n\nExcluding the impact of merger\\-related costs and mark\\-to\\-market fuel hedge adjustments, our adjusted consolidated net income for 2019 was $798 million, or $6\\.42 per diluted share, compared to an adjusted consolidated net income of $554 million, or $4\\.46 per share, in 2018\\. The following table reconciles our adjusted net income and earnings per diluted share (EPS) during the full year 2019 and 2018 to amounts as reported in accordance with GAAP\\.\n\n\n\n|                                                               |                                                               |                                                               |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |      |      |      |      |      |      |  |  |  |  |  |  |  |  |  |  |  |  |\n|:------------------------------------------------------------- |:------------------------------------------------------------- |:------------------------------------------------------------- | --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:----:|:----:|:----:|:----:|:----:|:----:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                                               |                                                               |                                                               | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |      |      |      |      |      |      |  |  |  |  |  |  |  |  |  |  |  |  |\n|                                                               |                                                               |                                                               |                             2019 |               2019               |               2019               |               2019               |                             2019 |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                             2018 | 2018 | 2018 | 2018 | 2018 | 2018 | 2018 |  |  |  |  |  |  |\n| *(in millions, except per\\-share amounts)*                    | *(in millions, except per\\-share amounts)*                    | *(in millions, except per\\-share amounts)*                    |                          Dollars |                                  |                                  |                                  |                     Diluted EPS  |                                  |                                  |                                  |                          Dollars |                                  |                                  |                                  |                      Diluted EPS |\n| Reported GAAP net income and diluted EPS                      | Reported GAAP net income and diluted EPS                      | Reported GAAP net income and diluted EPS                      |                            $769  |                                  |                                  |                                  |                          $6\\.19  |                                  |                                  |                                  |                            $437  |                                  |                                  |                                  |                          $3\\.52  |\n| Mark\\-to\\-market fuel hedge adjustments                       | Mark\\-to\\-market fuel hedge adjustments                       | Mark\\-to\\-market fuel hedge adjustments                       |                              (6) |                                  |                                  |                                  |                          (0\\.05) |                                  |                                  |                                  |                              22  |                                  |                                  |                                  |                           0\\.18  |\n| Special items \\- merger\\-related costs                        | Special items \\- merger\\-related costs                        | Special items \\- merger\\-related costs                        |                              44  |                                  |                                  |                                  |                           0\\.35  |                                  |                                  |                                  |                              87  |                                  |                                  |                                  |                           0\\.70  |\n| Special items \\- other ^(a)^                                  | Special items \\- other ^(a)^                                  | Special items \\- other ^(a)^                                  |                               \u2014  |                                  |                                  |                                  |                               \u2014  |                                  |                                  |                                  |                              45  |                                  |                                  |                                  |                           0\\.36  |\n| Income tax effect on special items and fuel hedge adjustments | Income tax effect on special items and fuel hedge adjustments | Income tax effect on special items and fuel hedge adjustments |                              (9) |                                  |                                  |                                  |                          (0\\.07) |                                  |                                  |                                  |                             (37) |                                  |                                  |                                  |                          (0\\.30) |\n| Non\\-GAAP adjusted net income and diluted EPS                 | Non\\-GAAP adjusted net income and diluted EPS                 | Non\\-GAAP adjusted net income and diluted EPS                 |                            $798  |                                  |                                  |                                  |                          $6\\.42  |                                  |                                  |                                  |                            $554  |                                  |                                  |                                  |                          $4\\.46  |\n\n\n\n(a) Special items \\- other relates to the employee tax reform bonus awarded in January 2018 and a $20 million contract termination fee incurred in December 2018\\. \n\n34"}
{"_id": "United-2019_104.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of United Airlines, Inc\\. and in the capacities and on the date indicated\\.\n\n\n\n|                      |                                                                |\n| -------------------- | -------------------------------------------------------------- |\n| Signature            | Capacity                                                       |\n| /s/ Oscar Munoz      | Chief Executive Officer, Director                              |\n| Oscar Munoz          | (Principal Executive Officer)                                  |\n| /s/ Gerald Laderman  | Executive Vice President and Chief Financial Officer, Director |\n| Gerald Laderman      | (Principal Financial Officer)                                  |\n| /s/ Chris Kenny      | Vice President and Controller                                  |\n| Chris Kenny          | (Principal Accounting Officer)                                 |\n| /s/ Gregory L\\. Hart | Director                                                       |\n| Gregory L\\. Hart     |                                                                |\n| /s/ J\\. Scott Kirby  | Director                                                       |\n| J\\. Scott Kirby      |                                                                |\n\n\n\n\n\n|       |                   |\n| ----- | ----------------- |\n| Date: | February 24, 2020 |\n\n\n\n105"}
{"_id": "United-2018_25.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n***Operating Expense***\n\nThe table below includes data related to the Company's operating expense for the years ended December 31 (in millions, except percentage changes): \n\n\n\n|                                                    |          |          |                         |              |\n| -------------------------------------------------- | -------- | -------- | ----------------------- | ------------ |\n|                                                    | **2018** | **2017** | **Increase (Decrease)** | **% Change** |\n| Salaries and related costs                         | $11,458  | $10,941  | $517                    | 4\\.7         |\n| Aircraft fuel                                      | 9,307    | 6,913    | 2,394                   | 34\\.6        |\n| Regional capacity purchase                         | 2,601    | 2,232    | 369                     | 16\\.5        |\n| Landing fees and other rent                        | 2,359    | 2,240    | 119                     | 5\\.3         |\n| Depreciation and amortization                      | 2,240    | 2,149    | 91                      | 4\\.2         |\n| Aircraft maintenance materials and outside repairs | 1,767    | 1,856    | (89)                    | (4\\.8)       |\n| Distribution expenses                              | 1,558    | 1,435    | 123                     | 8\\.6         |\n| Aircraft rent                                      | 433      | 621      | (188)                   | (30\\.3)      |\n| Special charges                                    | 487      | 176      | 311                     | NM           |\n| Other operating expenses                           | 5,801    | 5,550    | 251                     | 4\\.5         |\n| Total operating expenses                           | $38,011  | $34,113  | $3,898                  | 11\\.4        |\n\n\n\nSalaries and related costs increased $517 million, or 4\\.7%, in 2018 as compared to 2017, primarily due to higher pay rates, higher benefit expenses (primarily health and pension costs), and a 0\\.7% increase in average full\\-time employees\\.\n\nAircraft fuel expense increased $2\\.4 billion, or 34\\.6%, in 2018 as compared to 2017, primarily due to increased fuel prices and a 4\\.9% increase in capacity\\. The table below presents the significant changes in aircraft fuel cost per gallon for the years ended December 31 (in millions, except percentage changes and per gallon data): \n\n\n\n|                                  |          |          |                         |\n| -------------------------------- | -------- | -------- | ----------------------- |\n|                                  | **2018** | **2017** | **%**<br><br>**Change** |\n| Fuel expense                     | $9,307   | $6,913   | 34\\.6                   |\n| Total fuel consumption (gallons) | 4,137    | 3,978    | 4\\.0                    |\n| Average price per gallon         | $2\\.25   | $1\\.74   | 29\\.3                   |\n\n\n\nRegional capacity purchase costs increased $369 million, or 16\\.5%, in 2018 as compared to 2017, primarily due to increased flying related to the Company's initiative to improve connectivity at its domestic hubs, as well as rate increases under various capacity purchase agreements (\"CPAs\") with regional carriers\\.\n\nLanding fees and other rent increased $119 million, or 5\\.3%, in 2018 as compared to 2017, primarily due to increased rates and our capacity growth\\.\n\nDepreciation and amortization increased $91 million, or 4\\.2%, in 2018 as compared to 2017, primarily due to additions of new and used aircraft, aircraft improvements and increases in information technology infrastructure and application development projects\\.\n\nAircraft maintenance materials and outside repairs decreased $89 million, or 4\\.8%, in 2018 as compared to 2017, primarily due to optimization of fleet retirement schedules and related maintenance costs for those aircraft and timing of certain maintenance events\\.\n\nDistribution expenses increased $123 million, or 8\\.6%, in 2018 as compared to 2017, primarily due to higher credit card and travel agency booking fees as a result of the overall increase in passenger revenue\\.\n\nAircraft rent decreased $188 million, or 30\\.3%, in 2018 as compared to 2017, primarily due to the purchase of leased aircraft, conversion of certain operating leases to capital leases and lease term expirations\\.\n\nThe table below presents special charges incurred by the Company during the years ended December 31 (in millions):\n\n26"}
{"_id": "Alaska-2017_47.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***OPERATING REVENUES***\n\nTotal operating revenues increased$333 million, or 6%, during 2016 compared to the same period in 2015\\. The changes are summarized in the following table:\n\n\n\n|                          |                                      |                                      |                                      |\n| ------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                          | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n| ***(in millions)***      | **2016**                             | **2015**                             | **% Change**                         |\n| Passenger                |                                      |                                      |                                      |\n| Mainline                 | **$4,098**                           | $3,939                               | 4\\.0%                                |\n| Regional                 | **908**                              | 854                                  | 6\\.3%                                |\n| Total passenger revenue  | **$5,006**                           | $4,793                               | 4\\.4%                                |\n| Freight and mail         | **108**                              | 108                                  | \u2014%                                   |\n| Other\u2014net                | **817**                              | 697                                  | 17\\.2%                               |\n| Total operating revenues | **$5,931**                           | $5,598                               | 5\\.9%                                |\n\n\n\n***Passenger Revenue\u2014Mainline***\n\nMainline passenger revenue for 2016increased by 4% due to a 10% increase in capacity, partially offset by a 5% decrease in PRASM compared to 2015\\. The increase in capacity was driven by new routes and growth in our operating fleet\\. Virgin America capacity from the acquisition date through December 31, 2016 represented approximately 2 points of capacity increase from 2015\\. The decrease in PRASM was driven by a 6% decrease in ticket yield due to competitive pressures and our own growth, offset by a slight increase in load factor\\. Furthermore, the decline in fuel prices during 2016 contributed to lower ticket prices\\.\n\n***Passenger Revenue\u2014Regional***\n\nRegional passenger revenue increased by $54 million, or 6%, compared to 2015 due to a 17% increase in capacity, partially offset by a 9% decrease in PRASM compared to 2015\\. The increase in capacity was due to an increase in departures from new E175 deliveries, an increase in average aircraft stage length and the annualization of new routes introduced over the past twelve months\\. The decrease in PRASM was due to a 7% decrease in ticket yield, as well as a decrease in load factor of 1\\.1 points\\. The decrease in yield was due to an increase in competitive capacity in our regional markets and our own growth, as well as an increase in the average trip length of our regional flights\\. \n\n***Other\u2014Net***\n\nOther***\u2014***net revenue increased$120 million, or 17%, from 2015, primarily due to increases in Mileage Plan\u2122 revenue\\. Mileage Plan\u2122 revenue increased $100 million, or 30%, due to increased miles sold and improved compensation terms with our Mileage Plan\u2122 affinity credit card partner as a result of a contract extension effective January 1, 2016\\. Additionally, Mileage Plan\u2122 revenue earned from our partner airlines increased as compared to the prior year\\. \n\n***OPERATING EXPENSES***\n\nTotal operating expenses increased$282 million, or 7%, compared to 2015, primarily as a result of higher wages and benefits and $117 million of merger\\-related costs, partially offset by lower fuel costs\\. We believe it is useful to summarize operating expenses as follows, which is consistent with the way expenses are reported internally and evaluated by management: \n\n\n\n|                          |                                      |                                      |                                      |\n| ------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                          | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n| ***(in millions)***      | **2016**                             | **2015**                             | **% Change**                         |\n| Fuel expense             | **$831**                             | $954                                 | (12\\.9)%                             |\n| Non\\-fuel expenses       | **3,634**                            | 3,314                                | 9\\.7 %                               |\n| Special items            | **117**                              | 32                                   | 265\\.6 %                             |\n| Total Operating Expenses | **$4,582**                           | $4,300                               | 6\\.6 %                               |\n\n\n\nSignificant operating expense variances from 2015 are more fully described below\\.\n\n 48"}
{"_id": "United-2017_116.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|           |                 |                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| ---------:|:--------------- |:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*\u202010\\.62 | UAL             | [Form of Performance\\-Based RSU Award Notice pursuant to the United Continental Holdings, Inc\\. Performance\\-Based RSU Program (Relative  Pre\\-tax Margin awards) (filed as Exhibit 10\\.9 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex109.htm) |\n|   \u202010\\.63 | UAL             | [United Continental Holdings, Inc\\. Annual Incentive Program (adopted pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan) ](https://www.example.com/d471340dex1063.htm)                                                                                                                                                                                                         |\n|   \u202010\\.64 | UAL             | [Form of Annual Incentive Plan Award Notice pursuant to the United Continental Holdings, Inc\\. Annual Incentive Program (adopted pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan) ](https://www.example.com/d471340dex1064.htm)                                                                                                                                              |\n| \\*^10\\.65 | UAL  <br>United | [Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, by and among Airbus S\\.A\\.S and United Air Lines\\. Inc\\. (filed as Exhibit 10\\.27 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510094960/dex1027.htm)                                                |\n| \\*^10\\.66 | UAL  <br>United | [Letter Agreement No\\. 1 to the Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, by and among Airbus S\\.A\\.S and United Air Lines\\. Inc\\. (filed as Exhibit 10\\.28 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510094960/dex1028.htm)                 |\n| \\*^10\\.67 | UAL  <br>United | [Letter Agreement No\\. 2 to the Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, by and among Airbus S\\.A\\.S and United Air Lines\\. Inc\\. (filed as Exhibit 10\\.29 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510094960/dex1029.htm)                 |\n| \\*^10\\.68 | UAL  <br>United | [Amended and Restated Letter Agreement No\\. 2 to the Airbus A350\\-900XWB Purchase Agreement, dated June 19, 2013 (filed as Exhibit 10\\.9 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex109.htm)                                                  |\n| \\*^10\\.69 | UAL  <br>United | [Letter Agreement No\\. 3 to the Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, by and among Airbus S\\.A\\.S and United Air Lines\\. Inc\\. (filed as Exhibit 10\\.30 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312510094960/dex1030.htm)                  |\n| \\*^10\\.70 | UAL  <br>United | [Amended and Restated Letter Agreement No\\. 3 to the Airbus A350\\-900XWB Purchase Agreement, dated June 19, 2013 (filed as Exhibit 10\\.10 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex1010.htm)                                                |\n| \\*^10\\.71 | UAL  <br>United | [Letter Agreement No\\. 4 to the Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, by and among Airbus S\\.A\\.S and United Air Lines\\. Inc\\. (filed as Exhibit 10\\.31 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510094960/dex1031.htm)                 |\n| \\*^10\\.72 | UAL  <br>United | [Amended and Restated Letter Agreement No\\. 4 to the Airbus A350\\-900XWB Purchase Agreement, dated June 19, 2013 (filed as Exhibit 10\\.11 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex1011.htm)                                                |\n| \\*^10\\.73 | UAL  <br>United | [Letter Agreement No\\. 5 to the Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, by and among Airbus S\\.A\\.S and United Air Lines\\. Inc\\. (filed as Exhibit 10\\.32 to UAL\u2019s  Form 10\\-Q for the quarter ended March 31, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510094960/dex1032.htm)                 |\n\n\n\n117"}
{"_id": "Southwest-2019_66.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nSouthwest Airlines Co\\.\n\nConsolidated Statement of Stockholders' Equity\n\n(in millions, except per share amounts)\n\n\n\n|                                                                                                                                                                                                                      |                                                  |                                                          |                                                  |                                                                                    |                                                  |                                                  |\n| -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------ | -------------------------------------------------------- | ------------------------------------------------ | ---------------------------------------------------------------------------------- | ------------------------------------------------ | ------------------------------------------------ |\n|                                                                                                                                                                                                                      | **Year ended December 31, 2019, 2018, and 2017** | **Year ended December 31, 2019, 2018, and 2017**         | **Year ended December 31, 2019, 2018, and 2017** | **Year ended December 31, 2019, 2018, and 2017**                                   | **Year ended December 31, 2019, 2018, and 2017** | **Year ended December 31, 2019, 2018, and 2017** |\n|                                                                                                                                                                                                                      | **Common**<br><br>**Stock**                      | **Capital in**<br><br>**excess of**<br><br>**par value** | **Retained**<br><br>**earnings**                 | **Accumulated**<br><br>**other**<br><br>**comprehensive**<br><br>**income (loss)** | **Treasury**<br><br>**stock**                    | **Total**                                        |\n| Balance at December 31, 2016                                                                                                                                                                                         | $808                                             | $1,410                                                   | $10,761                                          | $<br><br>(323<br><br>)                                                             | $<br><br>(4,872<br><br>)                         | $7,784                                           |\n| Repurchase of common stock                                                                                                                                                                                           | \u2014                                                | \u2014                                                        | \u2014                                                | \u2014                                                                                  | (1,600<br><br>)                                  | (1,600<br><br>)                                  |\n| Issuance of common and treasury stock pursuant to Employee stock plans                                                                                                                                               | \u2014                                                | 4                                                        | \u2014                                                | \u2014                                                                                  | 10                                               | 14                                               |\n| Share\\-based compensation                                                                                                                                                                                            | \u2014                                                | 37                                                       | \u2014                                                | \u2014                                                                                  | \u2014                                                | 37                                               |\n| Cash dividends, $\\.475 per share                                                                                                                                                                                     | \u2014                                                | \u2014                                                        | (286<br><br>)                                    | \u2014                                                                                  | \u2014                                                | (286<br><br>)                                    |\n| Comprehensive income                                                                                                                                                                                                 | \u2014                                                | \u2014                                                        | 3,357                                            | 335                                                                                | \u2014                                                | 3,692                                            |\n| Balance at December 31, 2017 (as reported)                                                                                                                                                                           | $808                                             | $1,451                                                   | $13,832                                          | $12                                                                                | $<br><br>(6,462<br><br>)                         | $9,641                                           |\n| Cumulative effect of adopting Accounting Standards Update No\\. 2017\\-12, Targeted Improvements to Accounting for Hedging Activities (See Note 2 to the Consolidated Financial Statements for additional information) | \u2014                                                | \u2014                                                        | 18                                               | (18<br><br>)                                                                       | \u2014                                                | \u2014                                                |\n| Balance after adjustment for the new accounting standard                                                                                                                                                             | $808                                             | $1,451                                                   | $13,850                                          | $<br><br>(6<br><br>)                                                               | $<br><br>(6,462<br><br>)                         | $9,641                                           |\n| Repurchase of common stock                                                                                                                                                                                           | \u2014                                                | \u2014                                                        | \u2014                                                | \u2014                                                                                  | (2,000<br><br>)                                  | (2,000<br><br>)                                  |\n| Issuance of common and treasury stock pursuant to Employee stock plans                                                                                                                                               | \u2014                                                | 13                                                       | \u2014                                                | \u2014                                                                                  | 10                                               | 23                                               |\n| Share\\-based compensation                                                                                                                                                                                            | \u2014                                                | 46                                                       | \u2014                                                | \u2014                                                                                  | \u2014                                                | 46                                               |\n| Cash dividends, $\\.605 per share                                                                                                                                                                                     | \u2014                                                | \u2014                                                        | (348<br><br>)                                    | \u2014                                                                                  | \u2014                                                | (348<br><br>)                                    |\n| Comprehensive income                                                                                                                                                                                                 | \u2014                                                | \u2014                                                        | 2,465                                            | 26                                                                                 | \u2014                                                | 2,491                                            |\n| Balance at December 31, 2018 (as reported)                                                                                                                                                                           | $808                                             | $1,510                                                   | $15,967                                          | $20                                                                                | $<br><br>(8,452<br><br>)                         | $9,853                                           |\n| Cumulative effect of adopting Accounting Standards Update No\\. 2016\\-02, Leases, codified in Accounting Standards Codification 842 (See Note 2 to the Consolidated Financial Statements for additional information)  | \u2014                                                | \u2014                                                        | 55                                               | \u2014                                                                                  | \u2014                                                | 55                                               |\n| Balance after adjustment for the new accounting standard                                                                                                                                                             | $808                                             | $1,510                                                   | $16,022                                          | $20                                                                                | $<br><br>(8,452<br><br>)                         | $9,908                                           |\n| Repurchase of common stock                                                                                                                                                                                           | \u2014                                                | \u2014                                                        | \u2014                                                | \u2014                                                                                  | (2,000<br><br>)                                  | (2,000<br><br>)                                  |\n| Issuance of common and treasury stock pursuant to Employee stock plans                                                                                                                                               | \u2014                                                | 16                                                       | \u2014                                                | \u2014                                                                                  | 11                                               | 27                                               |\n| Share\\-based compensation                                                                                                                                                                                            | \u2014                                                | 55                                                       | \u2014                                                | \u2014                                                                                  | \u2014                                                | 55                                               |\n| Cash dividends, $\\.700 per share                                                                                                                                                                                     | \u2014                                                | \u2014                                                        | (377<br><br>)                                    | \u2014                                                                                  | \u2014                                                | (377<br><br>)                                    |\n| Comprehensive income                                                                                                                                                                                                 | \u2014                                                | \u2014                                                        | 2,300                                            | (81<br><br>)                                                                       | \u2014                                                | 2,219                                            |\n| Balance at December 31, 2019                                                                                                                                                                                         | $808                                             | $1,581                                                   | $17,945                                          | $<br><br>(61<br><br>)                                                              | $<br><br>(10,441<br><br>)                        | $9,832                                           |\n\n\n\nSee accompanying notes\\.\n\n67"}
{"_id": "AmericanAirlines-2018_37.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***Aircraft and Engine Purchase Commitments***\n\nAs of December 31, 2018, we had definitive purchase agreements with Airbus, Boeing, Embraer and Bombardier for the acquisition of the following mainline and regional aircraft:\n\n\n\n|                |          |          |          |          |          |                         |           |\n| -------------- | -------- | -------- | -------- | -------- | -------- | ----------------------- | --------- |\n|                | **2019** | **2020** | **2021** | **2022** | **2023** | **2024 and Thereafter** | **Total** |\n| **Airbus**     |          |          |          |          |          |                         |           |\n| A320neo Family | 17       | 15       | 18       | 20       | 8        | 22                      | 100       |\n| **Boeing**     |          |          |          |          |          |                         |           |\n| 737 MAX Family | 20       | 10       | 10       | \u2014        | \u2014        | 40                      | 80        |\n| 787 Family     | 2        | 12       | 10       | \u2014        | 6        | 19                      | 49        |\n| **Embraer**    |          |          |          |          |          |                         |           |\n| E175           | 20       | 15       | \u2014        | \u2014        | \u2014        | \u2014                       | 35        |\n| **Bombardier** |          |          |          |          |          |                         |           |\n| CRJ900         | 11       | 4        | \u2014        | \u2014        | \u2014        | \u2014                       | 15        |\n| Total          | 70       | 56       | 38       | 20       | 14       | 81                      | 279       |\n\n\n\nWe also have agreements for 35 spare engines to be delivered in 2019 and beyond\\.\n\nWe have financing commitments for all aircraft currently on order and scheduled to be delivered through June 2019\\. We do not have financing commitments for the following aircraft currently on order and scheduled to be delivered in the second half of 2019: seven Embraer E175 aircraft, five Airbus A320neo Family aircraft and three Boeing 737 MAX Family aircraft\\. We do not have financing commitments in place for remaining aircraft currently on order and scheduled to be delivered in 2020 and beyond, with the exception of four Bombardier CRJ900 aircraft\\. See Part I, Item 1A\\. Risk Factors \u2013*\u201cWe will need to obtain sufficient financing or other capital to operate successfully\u201d* for additional discussion\\.\n\nSee Note 12 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 10 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on aircraft and engine acquisition commitments\\.\n\n**Ground Properties**\n\nAt each airport where we conduct flight operations, we have agreements, generally with a governmental unit or authority, for the use of passenger, operations and baggage handling space as well as runways and taxiways\\. These agreements, particularly in the U\\.S\\., often contain provisions for periodic adjustments to rates and charges applicable under such agreements\\. These rates and charges also vary with our level of operations and the operations of the airport\\. Additionally, at our hub locations and in certain other cities we serve, we lease administrative offices, catering, cargo, training, maintenance and other facilities\\.\n\nWe own our corporate headquarters buildings in Fort Worth, Texas\\. We lease or have built on leased property our training facilities in Fort Worth, Texas, our principal overhaul and maintenance base in Tulsa, Oklahoma, our regional reservation offices, and administrative offices throughout the U\\.S\\. and abroad\\. Construction continues on a new, five\\-building headquarters on the corporate campus in Fort Worth, Texas, which is scheduled for completion and move\\-in in phases over the second half of 2019\\.\n\n38"}
{"_id": "AmericanAirlines-2017_54.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Operating Revenues*\n\n\n\n|                          |                                              |                                              |                                              |                                                       |\n| ------------------------ | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                          | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **2016**                                     | **2015**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Mainline passenger       | $27,909                                      | $29,037                                      | $(1,128)                                     | (3\\.9)                                                |\n| Regional passenger       | 6,670                                        | 6,475                                        | 195                                          | 3\\.0                                                  |\n| Cargo                    | 700                                          | 760                                          | (60)                                         | (7\\.9)                                                |\n| Other                    | 4,901                                        | 4,718                                        | 183                                          | 3\\.9                                                  |\n| Total operating revenues | $40,180                                      | $40,990                                      | $(810)                                       | (2\\.0)                                                |\n\n\n\nThis table presents our total passenger revenues and the year\\-over\\-year change in certain operating statistics:\n\n\n\n|                          |                                       |                                                                |                                                                |                                                                |                                                                |                                                                |                                                                |\n| ------------------------ | ------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- |\n|                          |                                       | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2015** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2015** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2015** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2015** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2015** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2015** |\n|                          | **Year Ended  <br>December 31, 2016** | **Passenger  <br>Revenue**                                     | **RPMs**                                                       | **ASMs**                                                       | **Load  <br>Factor**                                           | **Passenger  <br>Yield**                                       | **PRASM**                                                      |\n|                          | **(In millions)**                     |                                                                |                                                                |                                                                |                                                                |                                                                |                                                                |\n| Mainline passenger       | $27,909                               | (3\\.9)%                                                        | (0\\.2)%                                                        | 1\\.0%                                                          | (1\\.0)pts                                                      | (3\\.7)%                                                        | (4\\.8)%                                                        |\n| Regional passenger       | 6,670                                 | 3\\.0%                                                          | 3\\.9%                                                          | 7\\.9%                                                          | (3\\.0)pts                                                      | (0\\.9)%                                                        | (4\\.5)%                                                        |\n| Total passenger revenues | $34,579                               | (2\\.6)%                                                        | 0\\.2%                                                          | 1\\.7%                                                          | (1\\.3)pts                                                      | (2\\.8)%                                                        | (4\\.3)%                                                        |\n\n\n\nTotal passenger revenues declined $933 million, or 2\\.6%, in 2016 from 2015 driven by a 2\\.8% decrease in consolidated passenger yields due to competitive capacity growth, macroeconomic softness outside of the United States and foreign currency weakness\\.\n\nCargo revenue decreased $60 million, or 7\\.9%, in 2016 from 2015 driven primarily by a decrease in domestic and international freight yields\\.\n\nOther revenue primarily includes revenue associated with our loyalty program, baggage fees, ticketing change fees, airport clubs and inflight services\\. Other revenue increased $183 million, or 3\\.9%, in 2016 from 2015 driven by higher revenues associated with our loyalty program\\. In 2016 and 2015, loyalty program revenue was $2\\.1 billion and $1\\.9 billion, respectively\\. Of this, $1\\.9 billion and $1\\.7 billion related to the marketing component of mileage sales and other marketing related payments, respectively\\.\n\nTotal operating revenues in 2016decreased $810 million, or 2\\.0%, from 2015 driven by lower passenger revenues offset in part by higher other revenue as described above\\. Our TRASM was 14\\.70 cents in 2016, a 3\\.7% decrease as compared to 15\\.25 cents in 2015\\.\n\n55"}
{"_id": "AmericanAirlines-2018_190.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| 4\\.150                        | [Form of Pass Through Trust Certificate, Series 2017\\-2AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 4\\.151                        | [Form of Pass Through Trust Certificate, Series 2017\\-2A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex43.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.152                        | [Revolving Credit Agreement (2017\\-2AA), dated as of August 14, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-2AA, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex414.htm)                                                                                                                                                                                                         |\n| 4\\.153                        | [Revolving Credit Agreement (2017\\-2A), dated as of August 14, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-2A, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.15 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex415.htm)                                                                                                                                                                                                           |\n| 4\\.154                        | [Trust Supplement No\\. 2016\\-3B, dated as of October 4, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex42.htm)                                                                                                                                                                                                                                                                                                  |\n| 4\\.155                        | [Amended and Restated Note Purchase Agreement, dated as of October 4, 2017, amending the Note Purchase Agreement, dated as of October 3, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex44.htm)                                                                                                                                                                        |\n| 4\\.156                        | [Form of First Amendment to Participation Agreement (First Amendment to Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit A to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex44.htm)                                                                                   |\n| 4\\.157                        | [Form of First Amendment to Indenture and Security Agreement (First Amendment to Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit E to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm#toc463889_35)                                                                                                                                                                                                                                                                                  |\n| 4\\.158                        | [Form of First Amendment to Indenture and Security Agreement (First Amendment to Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit B to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex44.htm)                                                                                                                                                                                                                                                                                               |\n| 4\\.159                        | [Form of Pass Through Trust Certificate, Series 2016\\-3B (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 4\\.160                        | [Revolving Credit Agreement (2016\\-3B), dated as of October 4, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-3B, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider 3B (incorporated by reference to Exhibit 4\\.8 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex48.htm)                                                                                                                                                                                                                      |\n| 4\\.161                        | [Trust Supplement No\\. 2017\\-2B, dated as of October 5, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex42.htm)                                                                                                                                                                                                                                                                                                  |\n| 4\\.162                        | [Amended and Restated Intercreditor Agreement (2017\\-2), dated as of October 5, 2017, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2017\\-2AA, as Trustee of the American Airlines Pass Through Trust 2017\\-2A and as Trustee of the American Airlines Pass Through Trust 2017\\-2B, National Australia Bank Limited, as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex43.htm) |\n| 4\\.163                        | [Amended and Restated Note Purchase Agreement, dated as of October 5, 2017, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on October 6, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517305920/d463889dex46.htm)                                                                                                                                       |\n\n\n\n191"}
{"_id": "AmericanAirlines-2019_182.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                            |\n| ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\#   | Pursuant to Item 601(b)(2) of Regulation S\\-K promulgated by the Securities and Exchange Commission, certain exhibits and schedules to this agreement have been omitted\\. Such exhibits and schedules are described in the referenced agreement\\. AAG and American hereby agree to furnish to the Securities and Exchange Commission, upon its request, any or all of such omitted exhibits or schedules\\. | Pursuant to Item 601(b)(2) of Regulation S\\-K promulgated by the Securities and Exchange Commission, certain exhibits and schedules to this agreement have been omitted\\. Such exhibits and schedules are described in the referenced agreement\\. AAG and American hereby agree to furnish to the Securities and Exchange Commission, upon its request, any or all of such omitted exhibits or schedules\\. | Pursuant to Item 601(b)(2) of Regulation S\\-K promulgated by the Securities and Exchange Commission, certain exhibits and schedules to this agreement have been omitted\\. Such exhibits and schedules are described in the referenced agreement\\. AAG and American hereby agree to furnish to the Securities and Exchange Commission, upon its request, any or all of such omitted exhibits or schedules\\. | Pursuant to Item 601(b)(2) of Regulation S\\-K promulgated by the Securities and Exchange Commission, certain exhibits and schedules to this agreement have been omitted\\. Such exhibits and schedules are described in the referenced agreement\\. AAG and American hereby agree to furnish to the Securities and Exchange Commission, upon its request, any or all of such omitted exhibits or schedules\\. |\n| \\*   | Confidential treatment has been granted with respect to certain portions of this agreement\\.                                                                                                                                                                                                                                                                                                               | Confidential treatment has been granted with respect to certain portions of this agreement\\.                                                                                                                                                                                                                                                                                                               | Confidential treatment has been granted with respect to certain portions of this agreement\\.                                                                                                                                                                                                                                                                                                               | Confidential treatment has been granted with respect to certain portions of this agreement\\.                                                                                                                                                                                                                                                                                                               |\n| \\*\\* | Certain confidential information contained in this agreement has been omitted because it (i) is not material and (ii) would be competitively harmful if publicly disclosed\\.                                                                                                                                                                                                                               | Certain confidential information contained in this agreement has been omitted because it (i) is not material and (ii) would be competitively harmful if publicly disclosed\\.                                                                                                                                                                                                                               | Certain confidential information contained in this agreement has been omitted because it (i) is not material and (ii) would be competitively harmful if publicly disclosed\\.                                                                                                                                                                                                                               | Certain confidential information contained in this agreement has been omitted because it (i) is not material and (ii) would be competitively harmful if publicly disclosed\\.                                                                                                                                                                                                                               |\n| \u2020    | Management contract or compensatory plan or arrangement\\.                                                                                                                                                                                                                                                                                                                                                  | Management contract or compensatory plan or arrangement\\.                                                                                                                                                                                                                                                                                                                                                  | Management contract or compensatory plan or arrangement\\.                                                                                                                                                                                                                                                                                                                                                  | Management contract or compensatory plan or arrangement\\.                                                                                                                                                                                                                                                                                                                                                  |\n\n\n\n183"}
{"_id": "Alaska-2017_39.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nWe believe that analysis of specific financial and operational results on a combined basis provides more meaningful year\\-over\\-year comparisons\\. The discussion below includes \"Combined Comparative\" results for 2016, determined as the sumof the historical consolidated results of Air Group and Virgin America\\. Virgin America's financial information has been conformed to reflect Air Group's historical financial statement presentation\\. This information does not purport to reflect what our financial and operational results would have been had the acquisition been consummated at the beginning of the periods presented\\.\n\n**COMBINED COMPARATIVE OPERATING STATISTICS**\n\n\n\n|                             |                                      |                                      |                                      |                                      |                                      |\n| --------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                             | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                             | **2017**                             | **2016 as Reported**                 | **2016 Virgin America**              | **2016 Combined**                    | **Change**                           |\n| **Consolidated:**           |                                      |                                      |                                      |                                      |                                      |\n| Revenue passengers (in 000) | **44,034**                           | 34,289                               | 7,658                                | 41,947                               | 5\\.0%                                |\n| RPMs (in 000,000)           | **52,338**                           | 37,209                               | 11,545                               | 48,754                               | 7\\.4%                                |\n| ASMs (in 000,000)           | **62,072**                           | 44,135                               | 13,818                               | 57,953                               | 7\\.1%                                |\n| Load Factor                 | **84\\.3%**                           | 84\\.3%                               | (a)                                  | 84\\.1%                               | 0\\.2 pts                             |\n| PRASM                       | **10\\.98\u00a2**                          | 11\\.34\u00a2                              | (a)                                  | 11\\.08\u00a2                              | (0\\.9)%                              |\n| RASM                        | **12\\.78\u00a2**                          | 13\\.44\u00a2                              | (a)                                  | 12\\.93\u00a2                              | (1\\.2)%                              |\n| CASMex                      | **8\\.23\u00a2**                           | 8\\.23\u00a2                               | (a)                                  | 8\\.04\u00a2                               | 2\\.4%                                |\n| FTEs                        | **20,183**                           | 14,760                               | 2,618                                | 17,378                               | 16\\.1%                               |\n| **Mainline:**               |                                      |                                      |                                      |                                      |                                      |\n| RPMs (in 000,000)           | **48,238**                           | 33,489                               | 11,545                               | 45,034                               | 7\\.1%                                |\n| ASMs (in 000,000)           | **56,945**                           | 39,473                               | 13,818                               | 53,291                               | 6\\.9%                                |\n| Load Factor                 | **84\\.7%**                           | 84\\.8%                               | (a)                                  | 84\\.5%                               | 0\\.2 pts                             |\n| PRASM                       | **10\\.29\u00a2**                          | 10\\.38\u00a2                              | (a)                                  | 10\\.34\u00a2                              | (0\\.5)%                              |\n\n\n\n\n\n|       |                                                                                        |\n| ----- | -------------------------------------------------------------------------------------- |\n| ^(a)^ | 2016 Combined operating statistics have been recalculated using the combined results\\. |\n\n\n\n***OPERATING REVENUES***\n\nTotal operating revenues increased$2\\.0 billion, or 34%, during 2017 compared to the same period in 2016\\. On a Combined Comparative basis, total operating revenues increased$438 million or 6%\\. The changes, including the reconciliation of the impact of Virgin America on the comparative results, are summarized in the following table:\n\n\n\n|                          |                                      |                                      |                                          |                                      |                |                |\n| ------------------------ | ------------------------------------ | ------------------------------------ | ---------------------------------------- | ------------------------------------ | -------------- | -------------- |\n|                          | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,**     | **Twelve Months Ended December 31,** | **Change**     | **Change**     |\n| ***(in millions)***      | **2017**                             | **2016 as Reported**                 | **2016 Pre\\-Acquisition Virgin America** | **2016 Combined**                    | **$ Combined** | **% Combined** |\n| Passenger                |                                      |                                      |                                          |                                      |                |                |\n| Mainline                 | **$5,858**                           | $4,098                               | $1,414                                   | $5,512                               | $346           | 6\\.3%          |\n| Regional                 | **960**                              | 908                                  | \u2014                                        | 908                                  | 52             | 5\\.7%          |\n| Total passenger revenue  | **$6,818**                           | $5,006                               | $1,414                                   | $6,420                               | $398           | 6\\.2%          |\n| Freight and mail         | **114**                              | 108                                  | \u2014                                        | 108                                  | 6              | 5\\.6%          |\n| Other\u2014net                | **1,001**                            | 817                                  | 150                                      | 967                                  | 34             | 3\\.5%          |\n| Total operating revenues | **$7,933**                           | $5,931                               | $1,564                                   | $7,495                               | $438           | 5\\.8%          |\n\n\n\n***Passenger Revenue***\u2014***Mainline***\n\nOn a consolidated basis, Mainline passenger revenue for 2017increased by $1\\.8 billion, or 43% on a 44%increase in capacity driven by the acquisition of Virgin America, partially offset by a 1%decrease in unit revenues compared to 2016\\. On a Combined Comparative basis, Mainline passenger revenue increased by $346 million or 6%, due to a 7% increase in capacity, partially offset by a 1% decrease in unit revenue compared to the combined Mainline results for 2016\\. The increase in capacity was driven by our continued network expansion and aircraft added to our fleet in the current year\\. The decrease in PRASM was \n\n 40"}
{"_id": "Delta-2019_90.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nLegal Contingencies\n\nWe are involved in various legal proceedings related to employment practices, environmental issues, antitrust matters and other matters concerning our business\\. We record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount of loss can be reasonably estimated\\. Although the outcome of the legal proceedings in which we are involved cannot be predicted with certainty, we believe that the resolution of current matters will not have a material adverse effect on our Consolidated Financial Statements\\.\n\nCredit Card Processing Agreements\n\nOur VISA/MasterCard and American Express credit card processing agreements provide that no cash reserve (\"Reserve\") is required, and no withholding of payment related to receivables collected will occur, except in certain circumstances, including when we do not maintain a required level of liquidity as outlined in the merchant processing agreements\\. In circumstances in which the credit card processor can establish a Reserve or withhold payments, the amount of the Reserve or payments that may be withheld would be equal to the potential liability of the credit card processor for tickets purchased with VISA/MasterCard or American Express credit cards, as applicable, that had not yet been used for travel\\. We did not have a Reserve or an amount withheld as of December 31, 2019 or 2018\\.\n\nOther Contingencies\n\nGeneral Indemnifications\n\nWe are the lessee under many commercial real estate leases\\. It is common in these transactions for us, as the lessee, to agree to indemnify the lessor and the lessor's related parties for tort, environmental and other liabilities that arise out of or relate to our use or occupancy of the leased premises\\. This type of indemnity would typically make us responsible to indemnified parties for liabilities arising out of the conduct of, among others, contractors, licensees and invitees at, or in connection with, the use or occupancy of the leased premises\\. This indemnity often extends to related liabilities arising from the negligence of the indemnified parties, but usually excludes any liabilities caused by either their sole or gross negligence or their willful misconduct\\. \n\nOur aircraft and other equipment lease and financing agreements typically contain provisions requiring us, as the lessee or obligor, to indemnify the other parties to those agreements, including certain of those parties' related persons, against virtually any liabilities that might arise from the use or operation of the aircraft or other equipment\\.\n\nWe believe that our insurance would cover most of our exposure to liabilities and related indemnities associated with the commercial real estate leases and aircraft and other equipment lease and financing agreements described above\\. While our insurance does not typically cover environmental liabilities, we have insurance policies in place as required by applicable environmental laws\\.\n\nSome of our aircraft and other financing transactions include provisions that require us to make payments to preserve an expected economic return to the lenders if that economic return is diminished due to specified changes in law or regulations\\. In some of these financing transactions, we also bear the risk of changes in tax laws that would subject payments to non\\-U\\.S\\. lenders to withholding taxes\\.\n\nWe cannot reasonably estimate our potential future payments under the indemnities and related provisions described above because we cannot predict (1) when and under what circumstances these provisions may be triggered and (2) the amount that would be payable if the provisions were triggered because the amounts would be based on facts and circumstances existing at such time\\.\n\n88"}
{"_id": "United-2018_96.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|         |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ------- | ----------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 4\\.3    | UAL<br><br>United | [Second Supplemental Indenture, dated as of September 13, 2013, by and among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as trustee, to the Amended and Restated Indenture, dated as of January 11, 2013 (filed as Exhibit 4\\.1 to UAL's Form 8\\-K filed September 19, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015513000046/e62572234ex4_1.htm) |\n|  4\\.4   | UAL<br><br>United | [Indenture, dated as of May 7, 2013, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee (filed as Exhibit 4\\.1 to UAL's Form 8\\-K filed on May 10, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015513000024/e62332806ex4_1.htm)                                                                                                           |\n|  4\\.5   | UAL<br><br>United | [First Supplemental Indenture, dated as of May 7, 2013, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee, providing for the issuance of 6\\.375% Senior Notes due 2018 (filed as Exhibit 4\\.2 to UAL's Form 8\\-K filed on May 10, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015513000024/e62332806ex4_2.htm)                           |\n|  4\\.6   | UAL<br><br>United | [Form of 6\\.375% Senior Notes due 2018 (filed as Exhibit A to Exhibit 4\\.2 to UAL's Form 8\\-K filed on May 10, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015513000024/e62332806ex4_2.htm#a)                                                                                                                                                                                                                             |\n|  4\\.7   | UAL<br><br>United | [Form of Notation of Note Guarantee (filed as Exhibit B to Exhibit 4\\.2 to UAL's Form 8\\-K filed on May 10, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015513000024/e62332806ex4_2.htm#b)                                                                                                                                                                                                                                |\n|  4\\.8   | UAL<br><br>United | [Second Supplemental Indenture, dated as of November 8, 2013, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee, providing for the issuance of 6\\.000% Senior Notes due 2020 (filed as Exhibit 4\\.2 to UAL's Form 8\\-K filed on November 12, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015513000051/e62651277ex4_2.htm)                |\n|  4\\.9   | UAL<br><br>United | [Form of 6\\.000% Senior Notes due 2020 (filed as Exhibit 4\\.3 to UAL's Form 8\\-K filed on November 12, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015513000051/e62651277ex4_3.htm)                                                                                                                                                                                                                                       |\n|  4\\.10  | UAL<br><br>United | [Form of Notation of Note Guarantee (filed as Exhibit 4\\.4 to UAL's Form 8\\-K filed on November 12, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015513000051/e62651277ex4_4.htm)                                                                                                                                                                                                                                          |\n|  4\\.11  | UAL  <br>United   | [Third Supplemental Indenture, dated as of January 26, 2017, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee, providing for the issuance of 5\\.000% Senior Notes due 2024 (filed as Exhibit 4\\.2 to UAL's Form 8\\-K filed January 27, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015517000004/e75742257ex4_2.htm)                     |\n|  4\\.12  | UAL  <br>United   | [Form of 5\\.000% Senior Notes due 2024 (filed as Exhibit A to Exhibit 4\\.2 to UAL's Form 8\\-K filed January 27, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015517000004/e75742257ex4_2.htm)                                                                                                                                                                                                                              |\n|  4\\.13  | UAL  <br>United   | [Form of Notation of Note Guarantee (filed as Exhibit B to Exhibit 4\\.2 to UAL's Form 8\\-K filed January 27, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015517000004/e75742257ex4_2.htm)                                                                                                                                                                                                                                 |\n|  4\\.14  | UAL  <br>United   | [Fourth Supplemental Indenture, dated as of September 29, 2017, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee, providing for the issuance of 4\\.250% Senior Notes due 2022 (filed as Exhibit 4\\.2 to UAL's Form 8\\-K filed October 4, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517302468/d463744dex42.htm)                     |\n|  4\\.15  | UAL  <br>United   | [Form of 4\\.250% Senior Notes due 2022 (filed as Exhibit A to Exhibit 4\\.2 to UAL's Form 8\\-K filed October 4, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517302468/d463744dex42.htm)                                                                                                                                                                                                                                 |\n|  4\\.16  | UAL  <br>United   | [Form of Notation of Note Guarantee (filed as Exhibit B to Exhibit 4\\.2 to UAL's Form 8\\-K filed October 4, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517302468/d463744dex42.htm)                                                                                                                                                                                                                                    |\n|         |                   | **Material Contracts**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n|  \u202010\\.1 | UAL               | [Agreement, dated April 19, 2016, by and among PAR Capital Management, Inc\\., Altimeter Capital Management, LP, United Continental Holdings, Inc\\. and the other signatories listed on the signature page thereto (filed as Exhibit 10\\.1 to UAL's Form 8\\-K filed April 20, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000110465916112937/a16-8741_2ex10d1.htm)                                                               |\n|  \u202010\\.2 | UAL               | [United Continental Holdings, Inc\\. Profit Sharing Plan (amended and restated effective January 1, 2016) (Filed as Exhibit 10\\.2 to UAL's Form 10\\-K for the year ended December 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex102.htm)                                                                                                                                                          |\n\n\n\n97"}
{"_id": "AmericanAirlines-2018_175.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Stockholders and Board of Directors\n\nAmerican Airlines Group Inc\\.:\n\n*Opinion on Internal Control Over Financial Reporting*\n\nWe have audited American Airlines Group Inc\\.\u2019s and subsidiaries\u2019 (the Company) internal control over financial reporting as of December 31, 2018, based on criteria established in *Internal Control \\- Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission\\. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018, based on criteria established in *Internal Control \\- Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2018 and 2017, the related consolidated statements of operations, comprehensive income, cash flows, and stockholders\u2019 equity for each of the years in the three\u2011year period ended December 31, 2018, and the related notes (collectively, the consolidated financial statements), and our report dated February 25, 2019 expressed an unqualified opinion on those consolidated financial statements\\.\n\n*Basis for Opinion*\n\nThe Company\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management\u2019s Annual Report on Internal Control over Financial Reporting\\. Our responsibility is to express an opinion on the Company\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk\\. Our audit also included performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\n*Definition and Limitations of Internal Control Over Financial Reporting*\n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n/s/ KPMG LLP\n\nDallas, Texas\n\nFebruary 25, 2019\n\n176"}
{"_id": "United-2017_42.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\ncontributing at least $420 million to our pension plans\\. The fair value of the plans\u2019 assets was $3\\.9 billion at December 31, 2017\\.\n\nWhen calculating pension expense for 2018, the Company assumed that its plans\u2019 assets would generate a long\\-term rate of return of approximately 7\\.3%\\. The expected long\\-term rate of return assumption was developed based on historical experience and input from the trustee managing the plans\u2019 assets\\. The expected long\\-term rate of return on plan assets is based on a target allocation of assets, which is based on a goal of earning the highest rate of return while maintaining risk at acceptable levels\\. Our projected long\\-term rate of return reflects the active management of our plans\u2019 assets\\. The plans strive to have assets sufficiently diversified so that adverse or unexpected results from one security class will not have an unduly detrimental impact on the entire portfolio\\. Plan fiduciaries regularly review actual asset allocation and the pension plans\u2019 investments are periodically rebalanced to the targeted allocation when considered appropriate\\.\n\nThe defined benefit pension plans\u2019 assets consist of return generating investments and risk mitigating investments which are held through direct ownership or through interests in common collective trusts\\. Return generating investments include primarily equity securities, fixed\\-income securities and alternative investments (e\\.g\\. private equity and hedge funds)\\. Risk mitigating investments include primarily U\\.S\\. government and investment grade corporate fixed\\-income securities\\. The allocation of assets was as follows at December 31, 2017:\n\n\n\n|                           |                  |                                         |\n|:------------------------- | ----------------:| ---------------------------------------:|\n|                           | Percent of Total | Expected Long\\-Term  <br>Rate of Return |\n|  Equity securities        |             36 % |                                  9\\.5 % |\n|  Fixed\\-income securities |              37  |                                   5\\.5  |\n|  Alternatives             |              16  |                                   7\\.3  |\n|  Other                    |              11  |                                   7\\.3  |\n\n\n\nPension expense increases as the expected rate of return on plan assets decreases\\. Lowering the expected long\\-term rate of return on plan assets by 50 basis points (from 7\\.3% to 6\\.8%) would increase estimated 2018 pension expense by approximately $20 million\\. Future pension obligations for United\u2019s plans were discounted using a weighted average rate of 3\\.65% at December 31, 2017\\. The Company selected the discount rate for substantially all of its plans by using a hypothetical portfolio of high quality bonds at December 31, 2017 that would provide the necessary cash flows to match the projected benefit payments\\. The pension liability and future pension expense both increase as the discount rate is reduced\\. Lowering the discount rate by 50 basis points (from 3\\.65% to 3\\.15%) would increase the pension liability at December 31, 2017 by approximately $651 million and increase the estimated 2018 pension expense by approximately $80 million\\. Future changes in plan asset returns, plan provisions, assumed discount rates, pension funding law and various other factors related to the participants in our pension plans will impact our future pension expense and liabilities\\. We cannot predict with certainty what these factors will be in the future\\.\n\nActuarial gains or losses are triggered by changes in assumptions or experience that differ from the original assumptions\\. Under the applicable accounting standards for defined benefit pension plans, those gains and losses are not required to be recognized currently as pension benefit expense, but instead may be deferred as part of accumulated other comprehensive income and amortized into expense over the average remaining service life of the covered active employees\\. All gains and losses in accumulated other comprehensive income are amortized to expense over the remaining years of service of the covered active employees\\. At December 31, 2017 and 2016, the Company had unrecognized actuarial losses for pension benefit plans of $1\\.6 billion and $1\\.5 billion, respectively, recorded in accumulated other comprehensive income\\.\n\n***Other Postretirement Benefit Plan Accounting\\.*** United\u2019s postretirement plan provides certain health care benefits, primarily in the United States, to retirees and eligible dependents, as well as certain life insurance benefits to certain retirees reflected as \u201cOther Benefits\\.\u201d United also has retiree medical programs that permit retirees who meet certain age and service requirements to continue medical coverage between retirement and\n\n43"}
{"_id": "Delta-2018_33.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nIn addition to investing in our fleet, we have also increased our technology investments in an effort to enhance interactions with our customers and allow us to deliver more personalized service, further enhancing the customer experience and strengthening our brand and competitive position\\. During 2018, we delivered several capabilities that enable our front\\-line employees to personalize their interactions with our customers, added self\\-service features on both the mobile app and delta\\.com and launched the first facial recognition biometric terminal for international travelers at the Atlanta airport\\.\n\nAncillary Businesses and Refinery\\.  Ancillary businesses and refinery includes expenses associated with aircraft maintenance and staffing services we provide to third parties, our vacation wholesale operations, our private jet operations and refinery sales to third parties\\. Expenses related to refinery sales to third parties, which are at or near cost, increased  $46 million  compared to the prior year, primarily resulting from higher sales volume\\. The remainder of the increase in ancillary businesses and refinery primarily resulted from growth in our aircraft maintenance business\\.\n\nIn December 2018, we sold our staffing services business, DGS, to a subsidiary of Argenbright Holdings, LLC\\. Therefore, in 2019, this business will no longer be reflected within ancillary businesses and refinery\\. During 2018 and 2017, DGS incurred expenses of approximately $200 million per year related to services performed for third parties\\. \n\nIn addition, during 2018 and 2017, DGS incurred expenses of approximately $350 million related to internal Delta services that were primarily recorded in salaries and related costs\\. After the sale of DGS to a third party, Delta will record these expenses and our portion of the new entity's financial results under the equity method of accounting, in contracted services\\.\n\nProfit Sharing\\.  Profit sharing expense increased  $236 million  to  $1\\.3 billion , marking the fifth consecutive year that Delta employees will receive over $1 billion in recognition of their contributions to the company's performance\\. The increase in profit sharing is related to the alignment of our profit sharing programs under a single formula, which was implemented October 1, 2017\\. Under this formula, our profit sharing program pays 10% to all eligible employees for the first $2\\.5 billion of annual profit (as defined by the terms of the program) and 20% of annual profit above $2\\.5 billion\\. Prior to October 1, 2017, the profit sharing program for merit, ground and flight attendant employees paid 10% of annual profit and, if we exceeded our prior\\-year results, the program paid 20% of the year\\-over\\-year increase in profit to eligible employees\\. \n\n 31"}
{"_id": "Delta-2019_87.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nCash Equivalents\\.  These investments primarily consist of high\\-quality, short\\-term obligations that are a part of institutional money market mutual funds that are valued using current market quotations or an appropriate substitute that reflects current market conditions\\. \n\nFixed Income and Fixed Income\\-Related Instruments\\.  These investments include corporate bonds, government bonds, collateralized mortgage obligations and other asset\\-backed securities, and are generally valued at the bid price or the average of the bid and ask price\\. Prices are based on pricing models, quoted prices of securities with similar characteristics or broker quotes\\. Fixed income\\-related instruments include investments in securities traded on exchanges, including listed futures and options, which are valued at the last reported sale prices on the last business day of the year, or if not available, the last reported bid prices\\. Over\\-the\\-counter securities are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable, generally broker quotes\\.\n\nThe following table summarizes investments measured at fair value based on NAV per share as a practical expedient:\n\n\n\n|                                                                               |                                                                               |                                                                               |                   |                      |                      |                      |                          |                          |  |  |  |            |                      |                      |                      |                          |                          |                   |                   |                   |                   |                   |                   |  |  |  |  |  |  |\n|:----------------------------------------------------------------------------- |:----------------------------------------------------------------------------- |:----------------------------------------------------------------------------- | -----------------:|:--------------------:|:--------------------:|:--------------------:|:------------------------:|:------------------------:|:- |:- |:- | ----------:|:--------------------:|:--------------------:|:--------------------:|:------------------------:|:------------------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:-----------------:|:- |:- |:- |:- |:- |:- |\n|                                                                               |                                                                               |                                                                               | December 31, 2019 |  December 31, 2019   |  December 31, 2019   |  December 31, 2019   |    December 31, 2019     |    December 31, 2019     |  |  |  |            |                      |                      |                      |    December 31, 2018     |    December 31, 2018     | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 | December 31, 2018 |  |  |  |  |  |  |\n| (in millions)                                                                 | (in millions)                                                                 | (in millions)                                                                 |        Fair Value | Redemption Frequency | Redemption Frequency | Redemption Frequency | Redemption Notice Period | Redemption Notice Period |  |  |  | Fair Value | Redemption Frequency | Redemption Frequency | Redemption Frequency | Redemption Notice Period | Redemption Notice Period |\n| Hedge funds and hedge fund\\-related strategies^(5)^                           | Hedge funds and hedge fund\\-related strategies^(5)^                           | Hedge funds and hedge fund\\-related strategies^(5)^                           |           $ 5,588 |         (4)          |         (4)          |         (4)          |       2\\-180 Days        |       2\\-180 Days        |  |  |  |    $ 5,264 |         (4)          |         (4)          |         (4)          |       2\\-180 Days        |       2\\-180 Days        |\n| Commingled funds, private equity and private equity\\-related instruments^(5)^ | Commingled funds, private equity and private equity\\-related instruments^(5)^ | Commingled funds, private equity and private equity\\-related instruments^(5)^ |             1,834 |         (4)          |         (4)          |         (4)          |        2\\-30 Days        |        2\\-30 Days        |  |  |  |      1,591 |         (4)          |         (4)          |         (4)          |        2\\-30 Days        |        2\\-30 Days        |\n| Fixed income and fixed income\\-related instruments^(5)^                       | Fixed income and fixed income\\-related instruments^(5)^                       | Fixed income and fixed income\\-related instruments^(5)^                       |               958 |         (4)          |         (4)          |         (4)          |       15\\-90 Days        |       15\\-90 Days        |  |  |  |        769 |         (2)          |         (2)          |         (2)          |       15\\-90 Days        |       15\\-90 Days        |\n| Real assets^(5)^                                                              | Real assets^(5)^                                                              | Real assets^(5)^                                                              |               758 |         (3)          |         (3)          |         (3)          |           N/A            |           N/A            |  |  |  |        807 |         (3)          |         (3)          |         (3)          |           N/A            |           N/A            |\n| Other                                                                         | Other                                                                         | Other                                                                         |               716 |       (1) (2)        |       (1) (2)        |       (1) (2)        |        2\\-90 Days        |        2\\-90 Days        |  |  |  |        705 |       (1) (2)        |       (1) (2)        |       (1) (2)        |        2\\-90 Days        |        2\\-90 Days        |\n| Total investments measured at NAV                                             | Total investments measured at NAV                                             | Total investments measured at NAV                                             |           $ 9,854 |                      |                      |                      |                          |                          |  |  |  |    $ 9,136 |                      |                      |                      |                          |                          |\n\n\n\n^(1)^ Monthly\n\n^(2)^ Semi\\-monthly\n\n^(3)^ Semi\\-annually and annually\n\n^(4)^ Various\\. Includes funds with weekly, monthly, semi\\-monthly, quarterly and custom redemption frequencies as well as funds with a redemption window following the anniversary of the initial investment\\.\n\n^(5)^ Unfunded commitments were $393 million for commingled funds, private equity and private equity\\-related instruments, $254 million for fixed income and fixed income\\-related instruments, $203 million for real assets and $76 million for hedge funds and hedge fund\\-related strategies at December 31, 2019\\.\n\nHedge Funds and Hedge Fund\\-Related Strategies\\.  These investments are primarily made through shares of limited partnerships or similar structures for which a liquid secondary market does not exist\\. Investments in these strategies are typically valued monthly by third\\-party administrators or valuation agents with an annual audit performed by an independent third party\\. \n\nCommingled Funds, Private Equity and Private Equity\\-Related Instruments\\.  These investments include commingled funds invested in common stock, as well as private equity and private equity\\-related instruments\\. Commingled funds are valued based on quoted market prices of the underlying assets owned by the fund\\. Private equity and private equity\\-related strategies are typically valued quarterly by the fund managers using valuation models where one or more of the significant inputs into the model cannot be observed and which require the development of assumptions\\. There is an annual audit performed by an independent third party\\.\n\nFixed Income and Fixed Income\\-Related Instruments\\.  These investments include commingled funds invested in debt obligations\\. Commingled funds are valued based on quoted market prices of the underlying assets owned by the fund\\. Private fixed income strategies are typically valued monthly or quarterly by the fund managers or third\\-party valuation agents using valuation models where one or more of significant inputs into the model cannot be observed and which require the development of assumptions\\. There is an annual audit performed by an independent third party\\.\n\nReal Assets\\.  These investments include real estate, energy, timberland, agriculture and infrastructure\\. The valuation of real assets requires significant judgment due to the absence of quoted market prices as well as the inherent lack of liquidity and the long\\-term nature of these assets\\. Real assets are typically valued quarterly by the fund managers using valuation models where one or more of the significant inputs into the model cannot be observed and which require the development of assumptions\\. There is an annual audit performed by an independent third party\\.\n\n85"}
{"_id": "AmericanAirlines-2017_5.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nwere enplaned by third\\-party regional carriers\\. All American Eagle carriers use logos, service marks, aircraft paint schemes and uniforms similar to our mainline operations\\.\n\nOur regional carrier arrangements are principally in the form of capacity purchase agreements\\. The capacity purchase agreements provide that all revenues, including passenger, in\\-flight, ancillary, mail and freight revenues, go to us\\. In return, we agree to pay predetermined fees to these airlines for operating an agreed\\-upon number of aircraft, without regard to the number of passengers on board\\. In addition, these agreements provide that we reimburse 100% of certain variable costs, such as airport landing fees and passenger liability insurance\\. We control marketing, scheduling, ticketing, pricing and seat inventories\\.\n\n***Cargo***\n\nOur cargo division provides a wide range of freight and mail services, with facilities and interline connections available across the globe\\. In 2017, we were named the Cargo Airline of the Year for the third consecutive year and Best Cargo Airline from the Americas for the tenth consecutive year by *Air Cargo News*\\.\n\n**Ticket Distribution and Marketing Agreements**\n\nPassengers can purchase tickets for travel on American through several distribution channels, including our website (*www\\.aa\\.com*), our reservations centers and third\\-party distribution channels, including those provided by or through global distribution systems (e\\.g\\., Amadeus, Sabre and Travelport), conventional travel agents and online travel agents (e\\.g\\., Expedia, Orbitz and Travelocity)\\. To remain competitive, we need to successfully manage our distribution costs and rights, increase our distribution flexibility and improve the functionality of third\\-party distribution channels, while maintaining an industry\\-competitive cost structure\\. For more discussion, see Part I, Item 1A\\. Risk Factors \u2013 \u201c*We rely on third\\-party distribution channels and must manage effectively the costs, rights and functionality of these channels*\\.\u201d\n\nIn general, beyond nonstop city pairs, carriers that have the greatest ability to seamlessly connect passengers to and from markets have a competitive advantage\\. In some cases, however, foreign governments limit U\\.S\\. air carriers\u2019 rights to transport passengers beyond designated gateway cities in foreign countries\\. In order to improve access to domestic and foreign markets, we have arrangements with other airlines including the **one**world alliance, other cooperation agreements, joint business agreements (JBAs), and marketing relationships, as further discussed below\\.\n\n***Member of oneworld Alliance***\n\nAmerican is a founding member of the **one**world alliance, which includes British Airways, Cathay Pacific Airways, Finnair, Iberia, Japan Airlines, LATAM Airlines Group, Malaysia Airlines, Qantas Airways, Qatar Airways, Royal Jordanian, S7 Airlines and SriLankan Airlines\\. The **one**world alliance links the networks of the member carriers to enhance customer service and smooth connections to the destinations served by the alliance, including linking the carriers\u2019 loyalty programs and access to the carriers\u2019 airport lounge facilities\\.\n\n***Cooperation and Joint Business Agreements***\n\nAmerican has established antitrust\\-immunized JBAs with British Airways, Iberia and Finnair, and separately with Japan Airlines, that enable the carriers to cooperate on flights between particular destinations and allow pooling and sharing of certain revenues and costs, enhanced loyalty program reciprocity and cooperation in other areas\\. American and its joint business partners received regulatory approval to enter into these JBAs and cooperation agreements\\.\n\nIn October 2017, American and its transatlantic partners executed an amended and restated JBA which, among other things, extends the term of the agreement\\. Also, we had previously signed a revised JBA with Qantas Airways and applied for antitrust immunity with the U\\.S\\. Department of Transportation (DOT) for the revised relationship, but we withdrew that application in November 2016 after it was tentatively denied by the DOT\\. We intend to file a new application for antitrust immunity with the DOT this year, which, if granted, would allow us to further expand our relationship with Qantas Airways\\. In addition, we have signed JBAs with certain air carriers of the LATAM Airlines Group and have applied for antitrust immunity in the relevant jurisdictions affected by such agreements, which applications have been approved in some jurisdictions, but are still pending in other jurisdictions, including the United States and Chile\\.\n\nIn the third quarter of 2017, we acquired 2\\.7% of the outstanding shares of China Southern Airlines Company Limited (China Southern Airlines) for $203 million in order to begin a strategic relationship with the largest airline in China\\.\n\n6"}
{"_id": "Delta-2017_61.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nInventories\n\nSpare Parts\\.  Inventories of expendable parts related to flight equipment, which cannot be economically repaired, reconditioned or reused after removal from the aircraft, are carried at moving average cost and charged to operations as consumed\\. An allowance for obsolescence is provided over the remaining useful life of the related fleet\\. We also provide allowances for parts identified as excess or obsolete to reduce the carrying costs to the lower of cost or net realizable value\\. These parts are assumed to have an estimated residual value of   5%  of the original cost\\.\n\nRefinery\\.  Refined product, feedstock and blendstock inventories, all of which are finished goods, are carried at recoverable cost\\. We use jet fuel in our airline operations that is produced by the refinery and procured through the exchange with third parties of gasoline, diesel and other refined products (\"non\\-jet fuel products\") the refinery produces\\. Cost is determined using the first\\-in, first\\-out method\\. Costs include the raw material consumed plus direct manufacturing costs (such as labor, utilities and supplies) incurred and an applicable portion of manufacturing overhead\\. \n\nAccounting for Refinery Related Buy/Sell Agreements\n\nTo the extent that we receive jet fuel for non\\-jet fuel products exchanged under buy/sell agreements, we account for these transactions as nonmonetary exchanges\\. We have recorded these nonmonetary exchanges at the carrying amount of the non\\-jet fuel products transferred within aircraft fuel and related taxes on the Consolidated Statements of Operations\\.\n\nDerivatives\n\nChanges in fuel prices, interest rates and foreign currency exchange rates impact our results of operations\\.  In an effort to manage our exposure to these risks, we may enter into derivative contracts and adjust our derivative portfolio as market conditions change\\.  We recognize derivative contracts at fair value on our Consolidated Balance Sheets\\. \n\nNot Designated as Accounting Hedges\\.  We do not designate our fuel derivative contracts as accounting hedges\\. We recorded changes in the fair value of our fuel hedges in aircraft fuel and related taxes\\. These changes in fair value include settled gains and losses as well as mark\\-to\\-market adjustments (\"MTM adjustments\")\\. MTM adjustments are defined as fair value changes recorded in periods other than the settlement period\\. Such fair value changes are not necessarily indicative of the actual settlement value of the underlying hedge in the contract settlement period\\. \n\nDesignated as Cash Flow Hedges\\.  For derivative contracts designated as cash flow hedges (interest rate contracts and foreign currency exchange contracts), the effective portion of the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period in which the hedged transaction affects earnings\\. The effective portion of the derivative represents the change in fair value of the hedge that offsets the change in fair value of the hedged item\\. To the extent the change in the fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is immediately recognized in non\\-operating expense\\. \n\nDesignated as Fair Value Hedges\\.  For derivative contracts designated as fair value hedges (interest rate contracts), the gain or loss on the derivative is reported in earnings and an equivalent amount is reflected as a change in the carrying value of long\\-term debt and capital leases, with an offsetting loss or gain recognized in current earnings\\. We include the gain or loss on the hedged item in the same account as the offsetting loss or gain on the related derivative contract, resulting in no impact to our Consolidated Statements of Operations\\.\n\nThe following table summarizes the risk each type of derivative contract is hedging and the classification of related gains and losses on our Consolidated Statements of Operations: \n\n\n\n|                                     |                                                 |                                        |\n| ----------------------------------- | ----------------------------------------------- | -------------------------------------- |\n| **Derivative Type**                 |  **Hedged Risk**                                | **Classification of Gains and Losses** |\n| Fuel hedge contracts                | Fluctuations in fuel prices                     | Aircraft fuel and related taxes        |\n| Interest rate contracts             | Increases in interest rates                     | Interest expense, net                  |\n| Foreign currency exchange contracts | Fluctuations in foreign currency exchange rates | Passenger revenue                      |\n\n\n\n 57"}
{"_id": "Delta-2019_106.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on the 12th day of February, 2020 by the following persons on behalf of the registrant and in the capacities indicated\\.\n\n\n\n|                              |                              |                              |  |  |  |                                                                                         |                                                                                         |                                                                                         |  |  |  |\n|:----------------------------:|:----------------------------:|:----------------------------:|:- |:- |:- |:---------------------------------------------------------------------------------------:|:---------------------------------------------------------------------------------------:|:---------------------------------------------------------------------------------------:|:- |:- |:- |\n|          Signature           |          Signature           |          Signature           |  |  |  |                                          Title                                          |                                          Title                                          |                                          Title                                          |\n|    /s/ Edward H\\. Bastian    |    /s/ Edward H\\. Bastian    |    /s/ Edward H\\. Bastian    |  |  |  |         Chief Executive Officer and Director  <br>(Principal Executive Officer)         |         Chief Executive Officer and Director  <br>(Principal Executive Officer)         |         Chief Executive Officer and Director  <br>(Principal Executive Officer)         |\n|      Edward H\\. Bastian      |      Edward H\\. Bastian      |      Edward H\\. Bastian      |  |  |  |         Chief Executive Officer and Director  <br>(Principal Executive Officer)         |         Chief Executive Officer and Director  <br>(Principal Executive Officer)         |         Chief Executive Officer and Director  <br>(Principal Executive Officer)         |  |  |  |\n|    /s/ Paul A\\. Jacobson     |    /s/ Paul A\\. Jacobson     |    /s/ Paul A\\. Jacobson     |  |  |  | Executive Vice President and Chief Financial Officer  <br>(Principal Financial Officer) | Executive Vice President and Chief Financial Officer  <br>(Principal Financial Officer) | Executive Vice President and Chief Financial Officer  <br>(Principal Financial Officer) |\n|      Paul A\\. Jacobson       |      Paul A\\. Jacobson       |      Paul A\\. Jacobson       |  |  |  | Executive Vice President and Chief Financial Officer  <br>(Principal Financial Officer) | Executive Vice President and Chief Financial Officer  <br>(Principal Financial Officer) | Executive Vice President and Chief Financial Officer  <br>(Principal Financial Officer) |  |  |  |\n|   /s/ William C\\. Carroll    |   /s/ William C\\. Carroll    |   /s/ William C\\. Carroll    |  |  |  |   Senior Vice President \\- Finance and Controller  <br>(Principal Accounting Officer)   |   Senior Vice President \\- Finance and Controller  <br>(Principal Accounting Officer)   |   Senior Vice President \\- Finance and Controller  <br>(Principal Accounting Officer)   |\n|     William C\\. Carroll      |     William C\\. Carroll      |     William C\\. Carroll      |  |  |  |   Senior Vice President \\- Finance and Controller  <br>(Principal Accounting Officer)   |   Senior Vice President \\- Finance and Controller  <br>(Principal Accounting Officer)   |   Senior Vice President \\- Finance and Controller  <br>(Principal Accounting Officer)   |  |  |  |\n|    /s/ Francis S\\. Blake     |    /s/ Francis S\\. Blake     |    /s/ Francis S\\. Blake     |  |  |  |                                  Chairman of the Board                                  |                                  Chairman of the Board                                  |                                  Chairman of the Board                                  |\n|      Francis S\\. Blake       |      Francis S\\. Blake       |      Francis S\\. Blake       |  |  |  |                                  Chairman of the Board                                  |                                  Chairman of the Board                                  |                                  Chairman of the Board                                  |  |  |  |\n|     /s/ Daniel A\\. Carp      |     /s/ Daniel A\\. Carp      |     /s/ Daniel A\\. Carp      |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |\n|       Daniel A\\. Carp        |       Daniel A\\. Carp        |       Daniel A\\. Carp        |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |  |  |  |\n|    /s/ Ashton B\\. Carter     |    /s/ Ashton B\\. Carter     |    /s/ Ashton B\\. Carter     |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |\n|      Ashton B\\. Carter       |      Ashton B\\. Carter       |      Ashton B\\. Carter       |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |  |  |  |\n|     /s/ David G\\. DeWalt     |     /s/ David G\\. DeWalt     |     /s/ David G\\. DeWalt     |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |\n|       David G\\. DeWalt       |       David G\\. DeWalt       |       David G\\. DeWalt       |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |  |  |  |\n|  /s/ William H\\. Easter III  |  /s/ William H\\. Easter III  |  /s/ William H\\. Easter III  |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |\n|    William H\\. Easter III    |    William H\\. Easter III    |    William H\\. Easter III    |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |  |  |  |\n| /s/ Christopher A\\. Hazleton | /s/ Christopher A\\. Hazleton | /s/ Christopher A\\. Hazleton |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |\n|   Christopher A\\. Hazleton   |   Christopher A\\. Hazleton   |   Christopher A\\. Hazleton   |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |  |  |  |\n|    /s/ Michael P\\. Huerta    |    /s/ Michael P\\. Huerta    |    /s/ Michael P\\. Huerta    |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |\n|      Michael P\\. Huerta      |      Michael P\\. Huerta      |      Michael P\\. Huerta      |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |  |  |  |\n|    /s/ Jeanne P\\. Jackson    |    /s/ Jeanne P\\. Jackson    |    /s/ Jeanne P\\. Jackson    |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |\n|      Jeanne P\\. Jackson      |      Jeanne P\\. Jackson      |      Jeanne P\\. Jackson      |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |  |  |  |\n|    /s/ George N\\. Mattson    |    /s/ George N\\. Mattson    |    /s/ George N\\. Mattson    |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |\n|      George N\\. Mattson      |      George N\\. Mattson      |      George N\\. Mattson      |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |  |  |  |\n|    /s/ Sergio A\\.L\\. Rial    |    /s/ Sergio A\\.L\\. Rial    |    /s/ Sergio A\\.L\\. Rial    |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |\n|      Sergio A\\.L\\. Rial      |      Sergio A\\.L\\. Rial      |      Sergio A\\.L\\. Rial      |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |  |  |  |\n|     /s/ David S\\. Taylor     |     /s/ David S\\. Taylor     |     /s/ David S\\. Taylor     |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |\n|       David S\\. Taylor       |       David S\\. Taylor       |       David S\\. Taylor       |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |  |  |  |\n|     /s/ Kathy N\\. Waller     |     /s/ Kathy N\\. Waller     |     /s/ Kathy N\\. Waller     |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |\n|       Kathy N\\. Waller       |       Kathy N\\. Waller       |       Kathy N\\. Waller       |  |  |  |                                        Director                                         |                                        Director                                         |                                        Director                                         |  |  |  |\n\n\n\n104"}
{"_id": "Southwest-2019_122.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|        |                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.14 | [Southwest Airlines Co\\. Amended and Restated 2007 Equity Incentive Plan Form of Notice of Grant and Terms and Conditions for Restricted Stock Unit grants (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238014000117/luv-6302014xex103.htm)  (2) |\n\n\n\n\n\n|            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                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----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.15     | [$1,000,000,000 Revolving Credit Facility Agreement among the Company, the Banks party thereto, Barclays Bank PLC, as Syndication Agent, Bank of America, N\\.A\\., BNP Paribas, Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc\\., U\\.S\\. Bank National Association, and Wells Fargo Bank, N\\.A\\., as Documentation Agents, JPMorgan Chase Bank, N\\.A\\. and Citibank, N\\.A\\., as Co\\-Administrative Agents, and JPMorgan Chase Bank, N\\.A\\., as Paying Agent, dated as of August 3, 2016 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Current Report on Form 8\\-K filed August 9, 2016 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312516676282/d223237dex101.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 10\\.16     | [Purchase Agreement No\\. 3729 and Aircraft General Terms Agreement, dated December 13, 2011, between The Boeing Company and the Company (incorporated by reference to Exhibit 10\\.28 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2011 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000119312512049647/d293991dex1028.htm) [Supplemental Agreement No\\. 1 (incorporated by reference to Exhibits 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000097/sa-1topa3729_redacted.htm) [Supplemental Agreement No\\. 2 (incorporated by reference to Exhibit 10\\.4 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000097/sa-2topa3792_redacted.htm) [Supplemental Agreement No\\. 3 (incorporated by reference to Exhibit 10\\.27(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000010/luv-12312013xex1027a.htm) [Supplemental Agreement No\\. 4 (incorporated by reference to Exhibit 10\\.18(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (File No\\. 1\\-7259)); ](http://www.sec.gov/Archives/edgar/data/92380/000009238016000175/luv-12312015xex1018a.htm)[Supplemental Agreement No\\. 5 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238016000252/luv-6302016xex102.htm) ; [Supplemental Agreement No\\. 6 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex102.htm) [Supplemental Agreement No\\. 7 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex103.htm) ; [Supplemental Letter Agreement No\\. 6\\-1162\\-KLK\\-0059R3 (incorporated by reference to Exhibit 10\\.4 to the Company's Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex104.htm) ; [Supplemental Agreement No\\. 8 (incorporated by reference to Exhibit 10\\.16(a) to the Company's Annual Report on Form 10\\-K for the year ended December 31, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238018000031/luv-12312017xex101.htm) ; [Supplemental Agreement No\\. 9 (incorporated by reference to Exhibit 10\\.2 to the Company's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2018 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238018000073/luv-3312018xex102.htm) [Supplemental Agreement No\\. 10 (incorporated by reference to Exhibit 10\\.3 to the Company's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2018 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238018000073/luv-3312018xex103.htm) ; [Supplemental Letter Agreement No\\. 03729\\-LA\\-1808800 (incorporated by reference to Exhibit 10\\.16(a) to the Company's Annual Report on Form 10\\-K for the year ended December 31, 2018 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238019000022/luv-12312018xex1016a.htm)  (1) |\n| 10\\.16 (a) | [Supplemental Agreement No\\. 11 to Purchase Agreement No\\. 3729, dated December 13, 2011, between The Boeing Company and the Company\\.](https://www.example.com/luv-12312019xex1016a.htm)  (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 10\\.17     | [Southwest Airlines Co\\. Senior Executive Short Term Incentive Plan (incorporated by reference to Exhibit 99\\.1 to the Company\u2019s Current Report on Form 8\\-K filed January 30, 2013 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312513030183/d476691dex991.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| 10\\.18     | [Southwest Airlines Co\\. Deferred Compensation Plan for Senior Leadership and Non\\-Employee Members of the Southwest Airlines Co\\. Board of Directors (as amended and restated, effective as of January 1, 2018) (incorporated by reference to Exhibit 10\\.6 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017ex106.htm)  (2)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 10\\.19     | [Southwest Airlines Co\\. Amended and Restated 2007 Equity Incentive Plan Form of Notice of Grant and Terms and Conditions for Performance\\-Based Restricted Stock Unit grants (incorporated by reference to Exhibit 10\\.4 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (File No\\. 1\\-7259))\\. ](http://www.sec.gov/Archives/edgar/data/92380/000009238014000117/luv-6302014xex104.htm) (2)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n\n\n\n123"}
{"_id": "United-2017_71.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nThe table below summarizes UAL\u2019s RSUs and restricted stock activity for the years ended December 31 (shares in millions):\n\n\n\n|                                  |          |                      |                                              |\n|:-------------------------------- | --------:| --------------------:| --------------------------------------------:|\n|                                  | **RSUs** | **Restricted Stock** | **Weighted\\-  <br>Average  <br>Grant Price** |\n| Outstanding at December 31, 2014 |    3\\.8  |                0\\.7  |                                     $32\\.55  |\n| Granted                          |    1\\.0  |                0\\.2  |                                      66\\.53  |\n| Vested                           |   (1\\.6) |               (0\\.4) |                                      31\\.14  |\n| Forfeited                        |   (0\\.6) |               (0\\.2) |                                      46\\.23  |\n| Outstanding at December 31, 2015 |    2\\.6  |                0\\.3  |                                      48\\.68  |\n| Granted                          |    1\\.9  |                0\\.4  |                                      50\\.63  |\n| Vested                           |   (1\\.4) |               (0\\.1) |                                      41\\.47  |\n| Forfeited                        |   (0\\.2) |               (0\\.1) |                                      53\\.42  |\n| Outstanding at December 31, 2016 |    2\\.9  |                0\\.5  |                                      52\\.00  |\n| Granted                          |    1\\.6  |                   \u2014  |                                           \u2014  |\n| Vested                           |   (1\\.0) |               (0\\.2) |                                      51\\.60  |\n| Forfeited                        |   (0\\.3) |                   \u2014  |                                      51\\.88  |\n| Outstanding at December 31, 2017 |    3\\.2  |                0\\.3  |                                      52\\.30  |\n\n\n\nThe fair value of RSUs and restricted stock that vested in 2017, 2016 and 2015 was $76 million, $80 million and $92 million, respectively\\. The fair value of the restricted stock and the stock\\-settled RSUs was based upon the UAL common stock price on the date of grant\\. These awards are accounted for as equity awards\\. The fair value of the cash\\-settled RSUs was based on the UAL common stock price as of the last day preceding the settlement date\\. These awards are accounted for as liability awards\\. Restricted stock vesting and the recognition of the expense is similar to the stock option vesting described below\\.\n\nStock Options\\. During 2017, UAL granted approximately 36,000 stock options with exercise prices equal to the fair market value of UAL\u2019s common stock on the date of grant with a weighted\\-average exercise price of $77\\.56 and a weighted\\-average grant date fair value of approximately $0\\.7 million\\. In 2016, UAL granted approximately 0\\.1 million stock options with exercise prices equal to the fair market value of UAL\u2019s common stock on the date of grant and an additional approximately 0\\.3 million stock options with exercise prices at a 25% premium of the grant date fair market value resulting in a weighted\\-average exercise price of $56\\.19 and a weighted\\-average grant date fair value of approximately $2\\.3 million\\. UAL did not grant any stock options in 2015\\. Expense related to each portion of an option grant is recognized on a straight\\-line basis over the specific vesting period for those options\\.\n\nThe Company determined the grant date fair value of stock options using a Black Scholes option pricing model, which requires the use of several assumptions\\. The risk\\-free interest rate is based on the U\\.S\\. treasury yield curve in effect for the expected term of the option at the time of grant\\. The dividend yield on UAL\u2019s common stock was assumed to be zero since UAL did not have any plans to pay dividends at the time of the option grants\\. The volatility assumptions were based upon historical volatilities of UAL using daily stock price returns equivalent to the expected term of the option\\. The expected term of the options was determined based upon a simplified assumption that the option will be exercised evenly from vesting to expiration due to the Company\u2019s lack of relevant historical data related to stock options\\.\n\n72"}
{"_id": "Alaska-2019_16.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nJuly 2009 to February 2011 and, subsequently, as Deputy General Counsel and Managing Director of Legal at Alaska Airlines from February 2011 to January 2016\\. He was appointed Assistant Corporate Secretary of Horizon Air in August 2017 and was Assistant Corporate Secretary of Virgin America from November 2017 to July 2018, when Virgin America was merged into Alaska\\. \n\nMr\\. Minicucci  was elected President of Alaska Airlines in May 2016\\. Prior to that he was Executive Vice President/Operations of Alaska Airlines from December 2008 to May 2016, and was Alaska\u2019s Chief Operating Officer from December 2008 until November 2019\\. He was Chief Executive Officer of Virgin America Inc\\. from December 2016 to July 2018, when Virgin America was merged into Alaska\\. He is a member of Air Group\u2019s Management Executive Committee\\.\n\nMr\\. Sprague  was elected President of Horizon Air effective November 6, 2019 and is a member of Air Group\u2019s Management Executive Committee\\. Mr\\. Sprague previously served as Senior Vice President External Relations of Alaska Airlines from May 2014 until his resignation in September 2017\\. Mr\\. Sprague also served Alaska Airlines as Vice President of Marketing from March 2010 to April 2014 and Vice President of Alaska Air Cargo from April 2008 to March 2010\\.\n\nMr\\. Harrison  joined Alaska Airlines in 2003 as the Managing Director of Internal Audit and was elected Vice President of Planning and Revenue Management in 2008\\. He was elected Senior Vice President of Planning and Revenue Management in 2014\\. He was elected Executive Vice President and Chief Revenue Officer in February 2015 and named Executive Vice President and Chief Commercial Officer in August 2015\\. He is a member of Air Group's Management Executive Committee\\.\n\nMr\\. Beck  was elected Executive Vice President and Chief Operating Officer of Alaska Airlines effective November 6, 2019 and is a member of Air Group\u2019s Management Executive Committee\\. Prior to that he served as President and CEO of Horizon Air from January 2018 \u2013 November 2019\\. Mr\\. Beck previously served as Vice President, Flight Operations at Alaska Airlines, Inc\\. until retiring in June 2015\\. Following that date, he provided consulting services to Alaska Airlines, Inc\\. in connection with the integration to a single operating certificate with Virgin America Inc\\.\n\nMr\\. Tackett  was elected Executive Vice President of Planning and Strategy in September 2018 and is a member of Air Group\u2019s Management Executive Committee\\. Mr\\. Tackett previously served as Senior Vice President of Revenue and E\\-commerce from August 2017 to September 2018 and has served a number of capacities since joining Alaska Airlines in 2000, including Managing Director Financial Planning and Analysis, (2008\\-2010), Vice President Labor Relations (2010\\-2015) and Vice President Revenue Management in 2016\\. Mr\\. Tackett will assume the role of Chief Financial Officer concurrent with Mr\\. Pedersen's retirement in March 2020\\. \n\nMs\\. Schneider  was elected Senior Vice President of People at Alaska Airlines in June 2019 and is a member of Air Group\u2019s Management Executive Committee\\. Ms\\. Schneider was previously Vice President of People at Alaska (August 2017\\-May 2019) Vice President of Inflight Services at Alaska (2011\\-2017), later also taking responsibility for Call Centers at Alaska (February 2017)\\. She began her career at Alaska as Manager of Financial Accounting in 1989\\. Since that time, she has held a number of positions\\.\n\nMs\\. Birkett\\-Rakow  was elected Vice President of External Relations at Alaska Airlines in September 2017 and became a member of Air Group\u2019s Management Executive Committee at that time\\. \n\nREGULATION\n\nGENERAL\n\nThe airline industry is highly regulated, most notably by the federal government\\. The Department of Transportation (DOT), the the Transportation Security Administration (TSA) and the FAA exercise significant regulatory authority over air carriers\\.\n\n\u2022 DOT:  A domestic airline is required to hold a certificate of public convenience and necessity issued by the DOT in order to provide passenger and cargo air transportation in the U\\.S\\. Subject to certain individual airport capacity, noise and other restrictions, this certificate permits an air carrier to operate between any two points in the U\\.S\\. Certificates do not expire, but may be revoked for failure to comply with federal aviation statutes, regulations, orders or the terms of the certificates\\. While airlines are permitted to establish their own fares without government regulation,  the DOT has jurisdiction over the approval of international codeshare agreements, marketing alliance agreements between major domestic carriers, international and some domestic route authorities, Essential Air Service market subsidies, carrier liability for personal or property damage, and certain airport rates and charges disputes\\. International treaties may also contain restrictions or requirements for flying outside of the U\\.S\\. and impose different carrier liability limits than those applicable to domestic flights\\. The DOT has been active in implementing a variety of \u201cconsumer protection\u201d regulations, covering subjects such \n\n16"}
{"_id": "United-2018_94.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nFor recurring services, the Audit Committee reviews and pre\\-approves the independent registered public accounting firm's annual audit services in conjunction with the annual appointment of the outside auditors\\. The reviewed materials include a description of the services along with related fees\\. The Audit Committee also reviews and pre\\-approves other classes of recurring services along with fee thresholds for pre\\-approved services\\. In the event that the additional services are required prior to the next scheduled Audit Committee meeting, pre\\-approvals of additional services follow the process described below\\.\n\nAny requests for audit, audit related, tax and other services not contemplated with the recurring services approval described above must be submitted to the Audit Committee for specific pre\\-approval and cannot commence until such approval has been granted\\. Normally, pre\\-approval is provided at regularly scheduled meetings\\. However, the authority to grant specific pre\\-approval between meetings, as necessary, has been delegated to the Chair of the Audit Committee\\. The Chair must update the Audit Committee at the next regularly scheduled meeting of any services that were granted specific pre\\-approval\\.\n\nOn a periodic basis, the Audit Committee reviews the status of services and fees incurred year\\-to\\-date and a list of newly pre\\-approved services since its last regularly scheduled meeting\\. The Audit Committee has considered whether the 2018 and 2017 non\\-audit services provided by Ernst & Young LLP, the Company's independent registered public accounting firm, are compatible with maintaining auditor independence\\.\n\nAll of the services in 2018 and 2017 under the Audit Fees, Audit Related Fees, Tax Fees and All Other Fees categories below have been approved by the Audit Committee pursuant to paragraph (c)(7) of Rule 2\\-01 of Regulation S\\-X of the Exchange Act\\.\n\nThe aggregate fees billed for professional services rendered by the Company's independent auditors in 2018 and 2017 are as follows (in thousands):\n\n\n\n|                                              |          |          |\n| -------------------------------------------- | -------- | -------- |\n| **Service**                                  | **2018** | **2017** |\n| Audit Fees                                   | $3,992   | $4,548   |\n| Audit Related Fees                           | 375      | 565      |\n| Tax Fees                                     | 166      | 584      |\n| All Other Fees                               | 2        | 2        |\n| Total Fees                                   | $4,535   | $5,699   |\n| Note: UAL and United amounts are the same\\.  |          |          |\n\n\n\n***AUDIT FEES***\n\nFor 2018 and 2017, audit fees consist primarily of the audit and quarterly reviews of the consolidated financial statements and the audit of the effectiveness of internal control over financial reporting of United Continental Holdings, Inc\\. and its wholly\\-owned subsidiaries\\. Audit fees also include the audit of the consolidated financial statements of United, employee benefit plan audits, attestation services required by statute or regulation, comfort letters, consents, assistance with and review of documents filed with the SEC, and accounting and financial reporting consultations and research work necessary to comply with generally accepted auditing standards\\.\n\n***AUDIT RELATED FEES***\n\nFor 2018 and 2017, fees for audit related services primarily consisted of professional services related to due diligence and consultations related to the adoption of new accounting standards\\.\n\n***TAX FEES***\n\nTax fees for 2018 and 2017 relate to professional services provided for research and consultations regarding tax accounting and tax compliance matters and review of U\\.S\\. and international tax impacts of certain transactions, exclusive of tax services rendered in connection with the audit\\.\n\n***ALL OTHER FEES***\n\nFees for all other services billed in 2018 and 2017 consist of subscriptions to Ernst & Young LLP's on\\-line accounting research tool\\.\n\n95"}
{"_id": "United-2018_67.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|                                                       |          |              |              |\n| ----------------------------------------------------- | -------- | ------------ | ------------ |\n| **UAL**                                               | **2018** | **2017 (a)** | **2016 (a)** |\n| Income tax provision at statutory rate                | $558     | $1,064       | $1,320       |\n| State income taxes, net of federal income tax benefit | 29       | 30           | 38           |\n| Foreign tax rate differential                         | (84)     | (43)         | \u2014            |\n| Global intangible low\\-taxed income                   | 4        | \u2014            | \u2014            |\n| Foreign income taxes                                  | 2        | 3            | 3            |\n| Nondeductible employee meals                          | 12       | 17           | 16           |\n| Impact of Tax Act                                     | (5)      | (179)        | \u2014            |\n| Income tax adjustment from AOCI (b)                   | \u2014        | \u2014            | 180          |\n| State rate change                                     | 3        | 12           | (12)         |\n| Valuation allowance                                   | (3)      | (16)         | 20           |\n| Other, net                                            | 13       | 8            | (26)         |\n|                                                       | $529     | $896         | $1,539       |\n| Current                                               | $14      | $(77)        | $(92)        |\n| Deferred                                              | 515      | 973          | 1,631        |\n|                                                       | $529     | $896         | $1,539       |\n| **United**                                            | **2018** | **2017 (a)** | **2016 (a)** |\n| Income tax provision at statutory rate                | $559     | $1,065       | $1,321       |\n| State income taxes, net of federal income tax         | 29       | 30           | 38           |\n| Foreign tax rate differential                         | (84)     | (43)         | \u2014            |\n| Global intangible low\\-taxed income                   | 4        | \u2014            | \u2014            |\n| Foreign income taxes                                  | 2        | 3            | 3            |\n| Nondeductible employee meals                          | 12       | 17           | 16           |\n| Impact of Tax Act                                     | (5)      | (196)        | \u2014            |\n| Income tax adjustment from AOCI (b)                   | \u2014        | \u2014            | 180          |\n| State rate change                                     | 3        | 12           | (12)         |\n| Valuation allowance                                   | (3)      | (16)         | 20           |\n| Other, net                                            | 12       | 7            | (25)         |\n|                                                       | $529     | $879         | $1,541       |\n| Current                                               | $14      | $(77)        | $(92)        |\n| Deferred                                              | 515      | 956          | 1,633        |\n|                                                       | $529     | $879         | $1,541       |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\n(b) Prior to the release of the deferred income tax valuation allowance in the third quarter of 2015, the Company recorded approximately $465 million of valuation allowance adjustments in AOCI\\. Subsequent to the release of the deferred income tax valuation allowance in 2015, the $465 million debit remained within AOCI, of which $180 million related to losses on fuel hedges designated for hedge accounting and $285 million related to pension and other postretirement liabilities\\. Accounting rules required the adjustments to remain in AOCI as long as the Company had fuel derivatives designated for cash flow hedge accounting and the Company continues to provide pension and postretirement benefits\\. In 2016, the Company settled all of its fuel hedges and has not entered into any new fuel derivative contracts for hedge accounting\\. Accordingly, the Company reclassified the $180 million to income tax expense in 2016\\.\n\nThe Company's effective tax rate for the year ended December 31, 2018 differed from the federal statutory rate of 21% due to a blend of federal, state and foreign taxes as well as the impact of certain nondeductible items\\.\n\nOn December 22, 2017, Congress enacted the Tax Act, which made significant changes to U\\.S\\. federal income tax laws, including reducing the corporate rate from 35% to 21% effective January 1, 2018\\. In December 2017, the SEC issued Staff Accounting Bulletin No\\. 118 (\"SAB 118\"), which allowed the Company to record provisional amounts related to the impact of \n\n68"}
{"_id": "Delta-2019_25.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nThe following table summarizes the aircraft fleet operated by regional carriers on our behalf at December 31, 2019:\n\n\n\n|                               |                               |                               |            |            |            |            |            |            |             |             |             |             |       |       |  |  |  |  |  |  |  |  |  |  |  |  |\n|:----------------------------- |:----------------------------- |:----------------------------- |:----------:|:----------:|:----------:|:----------:|:----------:|:----------:|:-----------:|:-----------:|:-----------:|:-----------:|:-----:|:-----:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                               |                               |                               | Fleet Type | Fleet Type | Fleet Type | Fleet Type | Fleet Type | Fleet Type | Fleet Type  | Fleet Type  | Fleet Type  | Fleet Type  |       |       |  |  |  |  |  |  |  |  |  |  |  |  |\n| Carrier                       | Carrier                       | Carrier                       |  CRJ\\-200  |  CRJ\\-200  |  CRJ\\-700  |  CRJ\\-700  |  CRJ\\-900  |  CRJ\\-900  | Embraer 170 | Embraer 170 | Embraer 175 | Embraer 175 | Total | Total |\n| Endeavor Air, Inc\\. ^(1)^     | Endeavor Air, Inc\\. ^(1)^     | Endeavor Air, Inc\\. ^(1)^     |    42      |    42      |    11      |    11      |    111     |    111     |     \u2014       |     \u2014       |     \u2014       |     \u2014       | 164   | 164   |\n| SkyWest Airlines, Inc\\.       | SkyWest Airlines, Inc\\.       | SkyWest Airlines, Inc\\.       |    75      |    75      |    11      |    11      |    43      |    43      |     \u2014       |     \u2014       |     56      |     56      | 185   | 185   |\n| Republic Airline, Inc\\.       | Republic Airline, Inc\\.       | Republic Airline, Inc\\.       |     \u2014      |     \u2014      |     \u2014      |     \u2014      |     \u2014      |     \u2014      |     22      |     22      |     28      |     28      |  50   |  50   |\n| Compass Airlines, Inc\\. ^(2)^ | Compass Airlines, Inc\\. ^(2)^ | Compass Airlines, Inc\\. ^(2)^ |     \u2014      |     \u2014      |     \u2014      |     \u2014      |     \u2014      |     \u2014      |     \u2014       |     \u2014       |     24      |     24      |  24   |  24   |\n| GoJet Airlines, LLC ^(3)^     | GoJet Airlines, LLC ^(3)^     | GoJet Airlines, LLC ^(3)^     |     \u2014      |     \u2014      |    12      |    12      |     7      |     7      |     \u2014       |     \u2014       |     \u2014       |     \u2014       |  19   |  19   |\n| Total                         | Total                         | Total                         |    117     |    117     |    34      |    34      |    161     |    161     |     22      |     22      |    108      |    108      | 442   | 442   |\n\n\n\n^(1)^ Endeavor Air, Inc\\. is a wholly owned subsidiary of Delta\\.\n\n^(2)^ In 2019, we and Compass Airlines, Inc\\., agreed not to renew our contract and to end our relationship by the end of 2020\\.\n\n^(3)^ In 2019, we and GoJet Airlines, LLC, agreed not to renew our CRJ\\-700 contract and to end those operations by the end of 2020\\. In addition, in January 2020, we agreed not to renew our CRJ\\-900 contract and to end those operations by the end of 2020\\.\n\nAircraft Purchase Commitments\n\nAs part of a multi\\-year effort, we have been investing in new aircraft to provide more premium products, an improved customer experience, greater fuel efficiency and better operating economics\\. Our purchase commitments for additional aircraft at December 31, 2019 are detailed in the following table:\n\n\n\n|                               |                               |                                   |                                   |                                   |                                   |                                   |                                   |                                   |                                   |                                   |                                   |  |  |  |  |  |  |  |  |  |  |  |  |\n|:----------------------------- |:----------------------------- |:---------------------------------:|:---------------------------------:|:---------------------------------:|:---------------------------------:|:---------------------------------:|:---------------------------------:|:---------------------------------:|:---------------------------------:|:---------------------------------:|:---------------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                               |                               | Delivery in Calendar Years Ending | Delivery in Calendar Years Ending | Delivery in Calendar Years Ending | Delivery in Calendar Years Ending | Delivery in Calendar Years Ending | Delivery in Calendar Years Ending | Delivery in Calendar Years Ending | Delivery in Calendar Years Ending | Delivery in Calendar Years Ending | Delivery in Calendar Years Ending |  |  |  |  |  |  |  |  |  |  |  |  |\n| Aircraft Purchase Commitments | Aircraft Purchase Commitments |               2020                |               2020                |               2021                |               2021                |               2022                |               2022                |            After 2022             |            After 2022             |               Total               |               Total               |\n| A220\\-100                     | A220\\-100                     |                17                 |                17                 |                \u2014                  |                \u2014                  |                \u2014                  |                \u2014                  |                \u2014                  |                \u2014                  |                17                 |                17                 |\n| A220\\-300                     | A220\\-300                     |                6                  |                6                  |                12                 |                12                 |                18                 |                18                 |                14                 |                14                 |                50                 |                50                 |\n| A321\\-200                     | A321\\-200                     |                31                 |                31                 |                \u2014                  |                \u2014                  |                \u2014                  |                \u2014                  |                \u2014                  |                \u2014                  |                31                 |                31                 |\n| A321\\-200neo                  | A321\\-200neo                  |                1                  |                1                  |                41                 |                41                 |                40                 |                40                 |                18                 |                18                 |               100                 |               100                 |\n| A330\\-900neo ^(1)^            | A330\\-900neo ^(1)^            |                7                  |                7                  |                11                 |                11                 |                8                  |                8                  |                7                  |                7                  |                33                 |                33                 |\n| A350\\-900                     | A350\\-900                     |                4                  |                4                  |                2                  |                2                  |                \u2014                  |                \u2014                  |                10                 |                10                 |                16                 |                16                 |\n| CRJ\\-900                      | CRJ\\-900                      |                6                  |                6                  |                \u2014                  |                \u2014                  |                \u2014                  |                \u2014                  |                \u2014                  |                \u2014                  |                6                  |                6                  |\n| Total                         | Total                         |                72                 |                72                 |                66                 |                66                 |                66                 |                66                 |                49                 |                49                 |               253                 |               253                 |\n\n\n\n^(1)^ Includes two A330\\-900neo lease commitments with one in each of 2020 and 2021\\.\n\nGround Facilities\n\nAirline Operations\n\nWe lease most of the land and buildings that we occupy\\. Our largest aircraft maintenance base, various equipment maintenance, cargo, flight kitchen and training facilities and most of our principal offices are located at or near the Atlanta airport on land leased from the City of Atlanta\\. We lease ticket counters, gate areas, operating facilities and other terminal space in most of the airports that we serve\\. At most airports, we have entered into use agreements which provide for the non\\-exclusive use of runways, taxiways and other improvements and facilities; landing fees under these agreements normally are based on the number of landings and weight of aircraft\\. These leases and use agreements generally run for periods of less than one year to 30 years or more, and often contain provisions for periodic adjustments of lease rates, landing fees and other charges applicable under that type of agreement\\. We also lease aircraft maintenance, equipment maintenance and air cargo facilities at several airports\\. Our facility leases generally require us to pay the cost of providing, operating and maintaining such facilities, including, in some cases, amounts necessary to pay debt service on special facility bonds issued to finance their construction\\. We also lease computer facilities, marketing offices, reservations offices and other off\\-airport facilities in certain locations for varying terms\\.\n\nWe own our Atlanta reservations center, other real property in Atlanta, and reservations centers in Minot, North Dakota and Chisholm, Minnesota\\. \n\n23"}
{"_id": "AmericanAirlines-2019_61.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAmerican\u2019s principal financing activities in  2019  included  $3\\.4 billion  in debt repayments, consisting of  $2\\.1 billion  in scheduled debt repayments and the prepayment of  $1\\.3 billion  of secured loans\\. These cash outflows were offset in part by  $3\\.2 billion  in proceeds from the issuance of debt for equipment notes related to EETCs and the financing of certain aircraft and other flight equipment\\.\n\nAmerican\u2019s principal financing activities in  2018  included  $2\\.4 billion  in debt repayments, consisting of  $1\\.9 billion  in scheduled debt repayments and the prepayment of  $513 million  of secured loans\\. These cash outflows were offset by  $2\\.4 billion  in proceeds from the issuance of debt, consisting of  $1\\.9 billion  in connection with the issuance of equipment notes related to EETCs and the financing of certain aircraft and pre\\-delivery purchase deposits, as well as an incremental  $500 million  on a term loan facility\\.\n\nCommitments\n\nFor further information regarding our commitments, see the Notes to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and the Notes to American\u2019s Consolidated Financial Statements in Part II, Item 8B at the referenced footnotes below\\.\n\n\n\n|                                           |         |              |\n| ----------------------------------------- | ------- | ------------ |\n|                                           | **AAG** | **American** |\n| Long\\-term debt and debt covenants        | Note 5  | Note 3       |\n| Leases                                    | Note 6  | Note 4       |\n| Employee benefit plans                    | Note 10 | Note 8       |\n| Commitments, contingencies and guarantees | Note 12 | Note 10      |\n\n\n\nOff\\-Balance Sheet Arrangements\n\nAn off\\-balance sheet arrangement is any transaction, agreement or other contractual arrangement involving an unconsolidated entity under which a company has (1) made guarantees, (2) a retained or a contingent interest in transferred assets, (3) an obligation under derivative instruments classified as equity or (4) any obligation arising out of a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or that engages in leasing, hedging or research and development arrangements with us\\.\n\nWe have no off\\-balance sheet arrangements of the types described in the first three categories above that we believe may have a material current or future effect on financial condition, liquidity or results of operations\\. \n\nPass\\-Through Trusts\n\nAmerican currently operates  382  owned aircraft and  69  leased aircraft, and owns  79  spare aircraft engines, which in each case were financed with EETCs issued by pass\\-through trusts\\. These trusts are off\\-balance sheet entities, the primary purpose of which is to finance the acquisition of flight equipment or to permit issuance of debt backed by existing flight equipment\\. In the case of aircraft EETCs, rather than finance each aircraft separately when such aircraft is purchased, delivered or refinanced, these trusts allow American to raise the financing for a number of aircraft at one time and, if applicable, place such funds in escrow pending a future purchase, delivery or refinancing of the relevant aircraft\\. Similarly, in the case of the spare engine EETCs, the trusts allow American to use its existing pool of spare engines to raise financing under a single facility\\. The trusts have also been structured to provide for certain credit enhancements, such as liquidity facilities to cover certain interest payments, that reduce the risks to the purchasers of the trust certificates and, as a result, reduce the cost of aircraft financing to American\\.\n\nEach trust covers a set number of aircraft or spare engines scheduled to be delivered, financed or refinanced upon the issuance of the EETC or within a specific period of time thereafter\\. At the time of each covered aircraft or spare engine financing, the relevant trust used the proceeds of the issuance of the EETC (which may have been available at the time of issuance thereof or held in escrow until financing of the applicable aircraft following its delivery) to purchase equipment notes relating to the financed aircraft or engines\\. The equipment notes are issued, at American\u2019s election, in connection with a mortgage financing of the aircraft or spare engines or, in certain cases, by a separate owner trust in connection with a leveraged lease financing of the aircraft\\. In the case of a leveraged lease financing, the owner trust then leases the aircraft to American\\. In both cases, the equipment notes are secured by a security interest in the aircraft or engines, as applicable\\. The pass\\-through trust certificates are not direct obligations of, nor are they guaranteed by, AAG or American\\. However, in the case of mortgage financings, the equipment notes issued to the trusts are direct obligations of American and, in certain instances, have been guaranteed by AAG\\. As of  December 31, 2019 ,  $11\\.9 billion  associated with these mortgage financings is reflected as debt in the accompanying consolidated balance sheet\\.\n\n62"}
{"_id": "Delta-2019_73.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nHedge Position as of December 31, 2018 \n\n\n\n|                                             |                                             |                                             |                            |                            |                            |                                            |                                            |                     |                     |                     |                            |                         |                           |                              |                        |      |\n|:------------------------------------------- |:------------------------------------------- |:------------------------------------------- | --------------------------:| --------------------------:| --------------------------:|:------------------------------------------ |:------------------------------------------ |:-------------------:|:-------------------:|:-------------------:| --------------------------:| -----------------------:| -------------------------:| ----------------------------:| ----------------------:| ----:|\n| (in millions)                               | (in millions)                               | (in millions)                               |                     Volume |                     Volume |                     Volume |                                            |                                            | Final Maturity Date | Final Maturity Date | Final Maturity Date | Prepaid Expenses and Other | Other Noncurrent Assets | Other Accrued Liabilities | Other Noncurrent Liabilities | Hedge Derivatives, net |\n| *Designated as hedges*                      | *Designated as hedges*                      | *Designated as hedges*                      |                            |                            |                            |                                            |                                            |                     |                     |                     |                            |                         |                           |                              |                        |\n| Interest rate contracts (fair value hedges) | Interest rate contracts (fair value hedges) | Interest rate contracts (fair value hedges) |                      1,893 |                      1,893 |                      1,893 | U\\.S\\. dollars                             | U\\.S\\. dollars                             |     April 2028      |     April 2028      |     April 2028      |                        $ \u2014 |                     $ 8 |                     $ (7) |                          $ \u2014 |                    $ 1 |\n| Foreign currency exchange contracts         | Foreign currency exchange contracts         | Foreign currency exchange contracts         |                      6,934 |                      6,934 |                      6,934 | Japanese yen                               | Japanese yen                               |    November 2019    |    November 2019    |    November 2019    |                          1 |                       \u2014 |                         \u2014 |                            \u2014 |                      1 |\n| *Not designated as hedges*                  | *Not designated as hedges*                  | *Not designated as hedges*                  | *Not designated as hedges* | *Not designated as hedges* | *Not designated as hedges* |                                            |                                            |                     |                     |                     |                            |                         |                           |                              |                        |      |\n| Foreign currency exchange contract          | Foreign currency exchange contract          | Foreign currency exchange contract          |                        397 |                        397 |                        397 | Euros                                      | Euros                                      |    December 2020    |    December 2020    |    December 2020    |                         13 |                       \u2014 |                         \u2014 |                         (17) |                    (4) |\n| Fuel hedge contracts                        | Fuel hedge contracts                        | Fuel hedge contracts                        |                        219 |                        219 |                        219 | gallons \\- crude oil and refined products  | gallons \\- crude oil and refined products  |    December 2019    |    December 2019    |    December 2019    |                         30 |                       \u2014 |                      (15) |                            \u2014 |                     15 |\n| Total derivative contracts                  | Total derivative contracts                  | Total derivative contracts                  | Total derivative contracts | Total derivative contracts | Total derivative contracts |                                            |                                            |                     |                     |                     |                            |                    $ 44 |                       $ 8 |                       $ (22) |                 $ (17) | $ 13 |\n\n\n\nBalance Sheet Location of Hedged Item in Fair Value Hedges\n\n\n\n|                                               |                                               |                                               |                                      |                                      |  |  |  |                   |                                                   |                                                   |                                                   |                                                   |  |  |  |\n|:--------------------------------------------- |:--------------------------------------------- |:--------------------------------------------- | ------------------------------------:| ------------------------------------:|:- |:- |:- | -----------------:| -------------------------------------------------:|:-------------------------------------------------:|:-------------------------------------------------:|:-------------------------------------------------:|:- |:- |:- |\n|                                               |                                               |                                               | Carrying Amount of Hedge Instruments | Carrying Amount of Hedge Instruments |  |  |  |                   | Cumulative Amount of Fair Value Hedge Adjustments | Cumulative Amount of Fair Value Hedge Adjustments | Cumulative Amount of Fair Value Hedge Adjustments | Cumulative Amount of Fair Value Hedge Adjustments |  |  |  |\n| (in millions)                                 | (in millions)                                 | (in millions)                                 |                    December 31, 2019 |                    December 31, 2018 |  |  |  | December 31, 2019 |                                 December 31, 2018 |\n| Current maturities of debt and finance leases | Current maturities of debt and finance leases | Current maturities of debt and finance leases |                               $ (19) |                               $ (11) |  |  |  |               $ 8 |                                               $ 7 |\n| Debt and finance leases                       | Debt and finance leases                       | Debt and finance leases                       |                              (1,783) |                              (1,870) |  |  |  |                53 |                                               (8) |\n\n\n\nOffsetting Assets and Liabilities\n\nWe have master netting arrangements with our counterparties giving us the right to offset hedge assets and liabilities\\. However, we have elected not to offset the fair value positions recorded on our balance sheets\\. The following table shows the net fair value of our counterparty positions had we elected to offset\\.\n\n\n\n|                          |                          |                          |                            |                         |                           |                              |                        |\n|:------------------------ |:------------------------ |:------------------------ | --------------------------:| -----------------------:| -------------------------:| ----------------------------:| ----------------------:|\n| (in millions)            | (in millions)            | (in millions)            | Prepaid Expenses and Other | Other Noncurrent Assets | Other Accrued Liabilities | Other Noncurrent Liabilities | Hedge Derivatives, Net |\n| December 31, 2019        | December 31, 2019        | December 31, 2019        |                            |                         |                           |                              |                        |\n| Net derivative contracts | Net derivative contracts | Net derivative contracts |                       $ 24 |                    $ 53 |                     $ (5) |                        $ (4) |                   $ 68 |\n| December 31, 2018        | December 31, 2018        | December 31, 2018        |                            |                         |                           |                              |                        |\n| Net derivative contracts | Net derivative contracts | Net derivative contracts |                       $ 35 |                     $ \u2014 |                    $ (13) |                        $ (9) |                   $ 13 |\n\n\n\n71"}
{"_id": "Delta-2017_101.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nSIGNATURES\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the  23rd day of  February, 2018 \\.\n\n\n\n|                        |                         |\n| ---------------------- | ----------------------- |\n| DELTA AIR LINES, INC\\. | DELTA AIR LINES, INC\\.  |\n| By:                    | /s/ Edward H\\. Bastian  |\n|                        | Edward H\\. Bastian      |\n|                        | Chief Executive Officer |\n\n\n\n 97"}
{"_id": "Delta-2019_42.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nCovenants\n\nWe were in compliance with the covenants in our financing agreements at December 31, 2019\\. \n\nContractual Obligations\n\nThe following table summarizes our contractual obligations at December 31, 2019 that we expect will be paid in cash\\. The table does not include amounts that are contingent on events or other factors that are uncertain or unknown at this time, including legal contingencies, uncertain tax positions and amounts payable under collective bargaining arrangements, among others\\. In addition, the table does not include expected significant cash payments representing obligations that arise in the ordinary course of business that do not include contractual commitments\\.\n\nThe amounts presented are based on various estimates, including estimates regarding the timing of payments, prevailing interest rates, volumes purchased, the occurrence of certain events and other factors\\. Accordingly, the actual results may vary materially from the amounts presented in the table\\.\n\n\n\n|                                             |                                             |                                             |                                      |                                      |                                      |                                      |                                      |                                      |                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:------------------------------------------- |:------------------------------------------- |:------------------------------------------- | ------------------------------------:| ------------------------------------:| ------------------------------------:| ------------------------------------:| ------------------------------------:| ------------------------------------:| ------------------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                             |                                             |                                             | Contractual Obligations by Year^(1)^ | Contractual Obligations by Year^(1)^ | Contractual Obligations by Year^(1)^ | Contractual Obligations by Year^(1)^ | Contractual Obligations by Year^(1)^ | Contractual Obligations by Year^(1)^ | Contractual Obligations by Year^(1)^ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n| (in millions)                               | (in millions)                               | (in millions)                               |                                 2020 |                                 2021 |                                 2022 |                                 2023 |                                 2024 |                           Thereafter |                                Total |\n| Debt (see Note 7)                           | Debt (see Note 7)                           | Debt (see Note 7)                           |                                      |                                      |                                      |                                      |                                      |                                      |                                      |\n| Principal amount                            | Principal amount                            | Principal amount                            |                              $2,060  |                              $1,094  |                              $1,708  |                                $932  |                              $1,508  |                              $2,689  |                              $9,991  |\n| Interest payments                           | Interest payments                           | Interest payments                           |                                 307  |                                 295  |                                 246  |                                 185  |                                 154  |                                 635  |                               1,822  |\n| Finance lease obligations (see Note 8)      | Finance lease obligations (see Note 8)      | Finance lease obligations (see Note 8)      |                                      |                                      |                                      |                                      |                                      |                                      |                                      |\n| Principal amount                            | Principal amount                            | Principal amount                            |                                 233  |                                 213  |                                 156  |                                 111  |                                 171  |                                 169  |                               1,053  |\n| Interest payments                           | Interest payments                           | Interest payments                           |                                  31  |                                  26  |                                  18  |                                  13  |                                   9  |                                  10  |                                 107  |\n| Operating lease obligations (see Note 8)    | Operating lease obligations (see Note 8)    | Operating lease obligations (see Note 8)    |                               1,031  |                                 913  |                                 825  |                                 803  |                                 738  |                               4,293  |                               8,603  |\n| Aircraft purchase commitments (see Note 11) | Aircraft purchase commitments (see Note 11) | Aircraft purchase commitments (see Note 11) |                               2,980  |                               3,740  |                               3,390  |                               1,640  |                                 500  |                               1,440  |                              13,690  |\n| Contract carrier obligations (see Note 11)  | Contract carrier obligations (see Note 11)  | Contract carrier obligations (see Note 11)  |                               1,750  |                               1,432  |                               1,377  |                               1,132  |                               1,002  |                               2,349  |                               9,042  |\n| Employee benefit obligations (see Note 10)  | Employee benefit obligations (see Note 10)  | Employee benefit obligations (see Note 10)  |                                 134  |                                 133  |                                 119  |                                 110  |                                 102  |                               4,650  |                               5,248  |\n| Other obligations                           | Other obligations                           | Other obligations                           |                               2,993  |                                 919  |                               1,137  |                                 807  |                                 596  |                               5,904  |                              12,356  |\n| Total                                       | Total                                       | Total                                       |                             $11,519  |                              $8,765  |                              $8,976  |                              $5,733  |                              $4,780  |                             $22,139  |                             $61,912  |\n\n\n\n^(1)^ For additional information, see the Notes to the Consolidated Financial Statements referenced in the table above\\.\n\nDebt, Principal Amount\\.  Represents scheduled principal payments on debt\\. \n\nDebt, Interest Payments\\.  Represents estimated interest payments based on interest rates specified in our applicable debt agreements\\. Interest payments on variable interest rate debt were calculated using LIBOR at December 31, 2019\\. \n\nFinance and Operating Lease Obligations\\.  Refer to Note 8 of the Notes to the Consolidated Financial Statements for additional information regarding finance and operating leases\\. \n\nAircraft Purchase Commitments\\.  Refer to the aircraft purchase commitments table in Item 2 for additional information about our future aircraft purchases\\.\n\nContract Carrier Obligations\\.  Represents our estimated minimum fixed obligations under capacity purchase agreements with third\\-party regional carriers\\. The reported amounts are based on (1) the required minimum levels of flying by our contract carriers under the applicable agreements and (2) assumptions regarding the costs associated with such minimum levels of flying\\.\n\nEmployee Benefit Obligations\\.  Represents primarily (1) projected future benefit payments from our unfunded postretirement and postemployment plans and (2) our estimated minimum required funding for our qualified defined benefit pension plans based on actuarially determined estimates\\. For additional information about our defined benefit pension plan obligations, see \"Critical Accounting Policies and Estimates\\.\"\n\nOther Obligations\\.  Represents estimated purchase obligations under which we are required to make minimum payments for goods and services, including, but not limited to, aviation\\-related, maintenance, professional security, insurance, marketing, technology, sponsorships and other third\\-party services and products\\. This also includes obligations related to our investment in and planned strategic alliance with LATAM\\.\n\n40"}
{"_id": "AmericanAirlines-2017_153.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***Assumptions***\n\nThe following actuarial assumptions were used to determine American\u2019s benefit obligations and net periodic benefit cost for the periods presented:\n\n\n\n|                                |                      |                      |                                                                  |                                                                  |\n| ------------------------------ | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                | **2017**             | **2016**             | **2017**                                                         | **2016**                                                         |\n| Benefit obligations:           |                      |                      |                                                                  |                                                                  |\n| Weighted average discount rate | 3\\.80%               | 4\\.30%               | 3\\.60%                                                           | 4\\.10%                                                           |\n\n\n\n\n\n|                                                                           |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| ------------------------------------------------------------------------- | -------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                                                           | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                                                           | **2017**             | **2016**             | **2015**             | **2017**                                                         | **2016**                                                         | **2015**                                                         |\n| Net periodic benefit cost:                                                |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| Weighted average discount rate                                            | 4\\.30%               | 4\\.70%               | 4\\.30%               | 4\\.10%                                                           | 4\\.42%                                                           | 4\\.00%                                                           |\n| Weighted average expected rate of return on plan assets                   | 8\\.00%               | 8\\.00%               | 8\\.00%               | 8\\.00%                                                           | 8\\.00%                                                           | 8\\.00%                                                           |\n| Weighted average health care cost trend rate assumed for next year  ^(1)^ | N/A                  | N/A                  | N/A                  | 4\\.19%                                                           | 4\\.25%                                                           | 5\\.21%                                                           |\n\n\n\n\n\n|       |                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The weighted average health care cost trend rate at  December 31, 2017  is assumed to decline gradually to  3\\.76%  by 2025 and remain level thereafter\\. |\n\n\n\nAs of December 31, 2017, American\u2019s estimate of the long\\-term rate of return on plan assets was 8% based on the target asset allocation\\. Expected returns on long duration bonds are based on yields to maturity of the bonds held at year\\-end\\. Expected returns on other assets are based on a combination of long\\-term historical returns, actual returns on plan assets achieved over the last ten years, current and expected market conditions, and expected value to be generated through active management, currency overlay and securities lending programs\\.\n\nA one percentage point change in the assumed health care cost trend rates would have the following effects on American\u2019s retiree medical and other postretirement benefits plans (in millions):\n\n\n\n|                                                                   |                 |                 |\n| ----------------------------------------------------------------- | --------------- | --------------- |\n|                                                                   | **1% Increase** | **1% Decrease** |\n| Increase (decrease) on 2017 service and interest cost             | $2              | $(2)            |\n| Increase (decrease) on benefit obligation as of December 31, 2017 | 54              | (51)            |\n\n\n\n***Minimum Contributions***\n\nAmerican is required to make minimum contributions to its defined benefit pension plans under the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and various other laws for U\\.S\\. based plans as well as under funding rules specific to countries where American maintains defined benefit plans\\. Based on current funding assumptions, American has minimum required contributions of $39 million for 2018\\. American expects to make supplemental contributions of $425 million to its U\\.S\\. based defined benefit pension plans in 2018\\. The minimum funding obligation for American\u2019s U\\.S\\. based defined benefit pension plans was subject to temporary favorable rules that expired at the end of 2017\\. American\u2019s pension funding obligations are likely to increase materially beginning in 2019, when American will be required to make contributions relating to the 2018 fiscal year\\. The amount of these obligations will depend on the performance of American\u2019s investments held in trust by the pension plans, interest rates for determining liabilities, the amount of and timing of any supplemental contributions and American\u2019s actuarial experience\\.\n\n154"}
{"_id": "Alaska-2017_67.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**NOTE 1\\. GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n\n***Organization and Basis of Presentation***\n\nThe consolidated financial statements include the accounts of Air Group, or the Company, and its primary subsidiaries, Alaska, Horizon, and Virgin America\\. Our consolidated financial statements also include McGee Air Services, a subsidiary of Alaska\\. The Company conducts substantially all of its operations through these subsidiaries\\. All significant intercompany balances and transactions have been eliminated\\. These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and their preparation requires the use of management\u2019s estimates\\. Actual results may differ from these estimates\\. \n\nCertain reclassifications have been made to prior year financial statements to conform to classifications used in the current year\\.\n\n***Cash and Cash Equivalents***\n\nCash equivalents consist of highly liquid investments with original maturities of three months or less, such as money market funds, commercial paper and certificates of deposit\\. They are carried at cost, which approximates market value\\. The Company reduces cash balances when funds are disbursed\\. Due to the time delay in funds clearing the banks, the Company normally maintains a negative balance in its cash disbursement accounts, which is reported as a current liability\\. The amount of the negative cash balance was $10 million and $15 million at December 31, 2017 and 2016 respectively, and is included in accounts payable, with the change in the balance during the year included in other financing activities in the consolidated statements of cash flows\\.\n\nThe Company's restricted cash balances are primarily used to guarantee various letters of credit, self\\-insurance programs or other contractual rights\\. Restricted cash consists of highly liquid securities with original maturities of three months or less\\. They are carried at cost, which approximates fair value\\.\n\n***Marketable Securities***\n\nInvestments with original maturities of greater than three months and remaining maturities of less than one year are classified as short\\-term investments\\. Investments with maturities beyond one year may be classified as short\\-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations\\. All cash equivalents and short\\-term investments are classified as available\\-for\\-sale and realized gains and losses are recorded using the specific identification method\\. Changes in market value, excluding other\\-than\\-temporary impairments, are reflected in accumulated other comprehensive loss (AOCL)\\.\n\nInvestments are considered to be impaired when a decline in fair value is judged to be other\\-than\\-temporary\\. The Company uses a systematic methodology that considers available quantitative and qualitative evidence in evaluating potential impairment\\. If the cost of an investment exceeds its fair value, management evaluates, among other factors, general market conditions, credit quality of debt instrument issuers, the duration and extent to which the fair value is less than cost, the Company's intent and ability to hold, or plans to sell, the investment\\. Once a decline in fair value is determined to be other\\-than\\-temporary, an impairment charge is recorded to Other\u2014net in the consolidated statements of operations and a new cost basis in the investment is established\\.\n\n***Inventories and Supplies\u2014net***\n\nExpendable aircraft parts, materials and supplies are stated at average cost and are included in inventories and supplies***\u2014***net\\. An obsolescence allowance for expendable parts is accrued based on estimated lives of the corresponding fleet type and salvage values\\. The allowance for expendable inventories was $38 million and $36 million at December 31, 2017 and 2016, respectively\\. Inventory and supplies***\u2014***net also includes fuel inventory of $23 million and $16 million at December 31, 2017 and 2016, respectively\\. Repairable and rotable aircraft parts inventories are included in flight equipment\\.\n\n 68"}
{"_id": "United-2018_65.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nThe table below summarizes UAL's unearned compensation and weighted\\-average remaining period to recognize costs for all outstanding share\\-based awards that are probable of being achieved as of December 31, 2018 (in millions, except as noted): \n\n\n\n|               |                           |                                                                                      |\n| ------------- | ------------------------- | ------------------------------------------------------------------------------------ |\n|               | **Unearned Compensation** | **Weighted\\-**<br><br>**Average**<br><br>**Remaining Period** <br><br>**(in years)** |\n| RSUs          | $66                       | 1\\.6                                                                                 |\n| Stock options | 2                         | 2\\.6                                                                                 |\n| Total         | $68                       |                                                                                      |\n\n\n\nRSUs and Restricted Stock\\. All performance\\-based RSUs, as well as a portion of the outstanding time\\-vested RSUs, will be settled in cash\\. As of December 31, 2018, UAL had recorded a liability of $51 million related to its RSUs\\. UAL paid $28 million, $50 million and $69 million related to its RSUs during 2018, 2017 and 2016, respectively\\. \n\nThe table below summarizes UAL's RSUs and restricted stock activity for the years ended December 31 (shares in millions):\n\n\n\n|                                  |                      |                    |                                                          |                                  |                                                          |\n| -------------------------------- | -------------------- | ------------------ | -------------------------------------------------------- | -------------------------------- | -------------------------------------------------------- |\n|                                  | **Liability Awards** | **Equity Awards**  | **Equity Awards**                                        | **Equity Awards**                | **Equity Awards**                                        |\n|                                  | **RSUs**             |   <br><br>**RSUs** | **Weighted\\-**<br><br>**Average**<br><br>**Grant Price** | **Restricted** <br><br>**Stock** | **Weighted\\-**<br><br>**Average**<br><br>**Grant Price** |\n| Outstanding at December 31, 2015 | 2\\.6                 | \u2014                  | $\u2014                                                       | 0\\.3                             | $48\\.68                                                  |\n| Granted                          | 1\\.0                 | 0\\.9               | 51\\.60                                                   | 0\\.4                             | 50\\.63                                                   |\n| Vested                           | (1\\.4)               | \u2014                  | \u2014                                                        | (0\\.1)                           | 41\\.47                                                   |\n| Forfeited                        | (0\\.1)               | (0\\.1)             | 50\\.57                                                   | (0\\.1)                           | 53\\.42                                                   |\n| Outstanding at December 31, 2016 | 2\\.1                 | 0\\.8               | 51\\.67                                                   | 0\\.5                             | 52\\.00                                                   |\n| Granted                          | 0\\.6                 | 1\\.0               | 71\\.68                                                   | \u2014                                | \u2014                                                        |\n| Vested                           | (0\\.7)               | (0\\.3)             | 51\\.81                                                   | (0\\.2)                           | 51\\.60                                                   |\n| Forfeited                        | (0\\.2)               | (0\\.1)             | 57\\.49                                                   | \u2014                                | \u2014                                                        |\n| Outstanding at December 31, 2017 | 1\\.8                 | 1\\.4               | 63\\.99                                                   | 0\\.3                             | 52\\.30                                                   |\n| Granted                          | 0\\.7                 | 1\\.1               | 67\\.74                                                   | \u2014                                | \u2014                                                        |\n| Vested                           | (0\\.5)               | (0\\.5)             | 63\\.02                                                   | (0\\.2)                           | 53\\.24                                                   |\n| Forfeited                        | (0\\.1)               | (0\\.2)             | 67\\.34                                                   | \u2014                                | \u2014                                                        |\n| Outstanding at December 31, 2018 | 1\\.9                 | 1\\.8               | 66\\.29                                                   | 0\\.1                             | 51\\.17                                                   |\n\n\n\nThe fair value of RSUs and restricted stock that vested in 2018, 2017 and 2016 was $70 million, $76 million and $80 million, respectively\\. The fair value of the restricted stock and the stock\\-settled RSUs was based upon the UAL common stock price on the date of grant\\. These awards are accounted for as equity awards\\. The fair value of the cash\\-settled RSUs was based on the UAL common stock price as of the last day preceding the settlement date\\. These awards are accounted for as liability awards\\. Restricted stock vesting and the recognition of the expense is similar to the stock option vesting described below\\.\n\nStock Options\\. During 2018, UAL did not grant any stock option awards\\. In 2017, UAL granted approximately 36,000 stock options with exercise prices equal to the fair market value of UAL's common stock on the date of grant with a weighted\\-average exercise price of $77\\.56 and a weighted\\-average grant date fair value of approximately $0\\.7 million\\. In 2016, UAL granted approximately 0\\.1 million stock options with exercise prices equal to the fair market value of UAL's common stock on the date of grant and an additional approximately 0\\.3 million stock options with exercise prices at a 25% premium of the grant date fair market value resulting in a weighted\\-average exercise price of $56\\.19 and a weighted\\-average grant date fair value of approximately $2\\.3 million\\. Expense related to each portion of an option grant is recognized on a straight\\-line basis over the specific vesting period for those options\\.\n\nThe Company determined the grant date fair value of stock options using a Black\\-Scholes option pricing model, which requires the use of several assumptions\\. The risk\\-free interest rate is based on the U\\.S\\. treasury yield curve in effect for the expected term of the option at the time of grant\\. The dividend yield on UAL's common stock was assumed to be zero since UAL did not have any plans to pay dividends at the time of the option grants\\. The volatility assumptions were based upon historical volatilities of UAL using daily stock price returns equivalent to the expected term of the option\\. The expected term of the \n\n66"}
{"_id": "Southwest-2017_37.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (g) | Calculated as operating revenues divided by available seat miles\\. Also referred to as \"operating unit revenues\" or \"RASM,\" this is a measure of operating revenue production based on the total available seat miles flown during a particular period\\. Year ended 2015 RASM excludes a $172 million one\\-time special revenue adjustment\\. Including the special revenue adjustment, RASM would have been 14\\.11 cents for the year ended 2015\\. Additional information regarding this special item is provided in the  Note Regarding Use of Non\\-GAAP Financial Measures \\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                               |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (h) | Calculated as passenger revenue divided by available seat miles\\. Also referred to as \"passenger unit revenues,\" this is a measure of passenger revenue production based on the total available seat miles flown during a particular period\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                             |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (i) | Calculated as operating expenses divided by available seat miles\\. Also referred to as \"unit costs\" or \"cost per available seat mile,\" this is the average cost to fly an aircraft seat (empty or full) one mile, which is a measure of cost efficiencies\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                             |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (j) | Refer to Note 1 to the Consolidated Financial Statements for additional information regarding the impact from the Company's July 2015 amended co\\-branded credit card agreement with Chase Bank USA, N\\.A\\. |\n\n\n\n38"}
{"_id": "Alaska-2017_48.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Wages and Benefits***\n\nWages and benefits increased during 2016 by $128 million, or 10%, compared to 2015\\. The primary components of wages and benefits are shown in the following table:\n\n\n\n|                               |                                      |                                      |                                      |\n| ----------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                               | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n| ***(in millions)***           | **2016**                             | **2015**                             | **% Change**                         |\n| Wages                         | **$1,022**                           | $945                                 | 8\\.1 %                               |\n| Medical and other benefits    | **192**                              | 153                                  | 25\\.5 %                              |\n| Defined contribution plans    | **67**                               | 60                                   | 11\\.6 %                              |\n| Pension\u2014defined benefit plans | **25**                               | 28                                   | (10\\.7)%                             |\n| Payroll taxes                 | **76**                               | 68                                   | 11\\.8 %                              |\n| Total wages and benefits      | **$1,382**                           | $1,254                               | 10\\.2 %                              |\n\n\n\nWages increased8% on a 7% increase in FTEs\\. The increase in wages was primarily attributable to FTE growth to support our growth and an increase in the average wages per employee\\. \n\nMedical and other benefits increased 25% compared to the prior year\\. The increase was primarily due to an increase in the number of employees and high\\-cost medical claims\\.\n\nDefined contribution plans increased 12% due to FTE growth and increased participation throughout all labor groups\\. \n\nPension expense decreased 11%, compared to the same period in the prior year\\. The decrease was due to a change in several assumptions used at December 31, 2015, including a higher discount rate, updated retirement age assumptions, future salary increase assumptions and others that resulted in lower expense recognition in 2016\\. \n\n***Variable Incentive Pay***\n\nVariable incentive pay expense increased to $127 million in 2016 from $120 million in 2015\\. The increase was primarily due to a higher wage base\\. \n\n***Aircraft Fuel***\n\nAircraft fuel expense decreased$123 million, or 13%, compared to 2015\\. The elements of the change are summarized in the following table: \n\n\n\n|                                                    |                                      |                                      |                                      |                                      |\n| -------------------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                                    | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n|                                                    | **2016**                             | **2016**                             | **2015**                             | **2015**                             |\n| ***(in millions, except for per gallon amounts)*** | **Dollars**                          | **Cost/Gal**                         | **Dollars**                          | **Cost/Gal**                         |\n| Raw or \"into\\-plane\" fuel cost                     | **$828**                             | **$1\\.49**                           | $935                                 | $1\\.84                               |\n| Losses on settled hedges                           | **16**                               | **0\\.03**                            | 19                                   | 0\\.04                                |\n| Consolidated economic fuel expense                 | **$844**                             | **$1\\.52**                           | $954                                 | $1\\.88                               |\n| Mark\\-to\\-mark fuel hedge adjustments              | **(13)**                             | **(0\\.02)**                          | \u2014                                    | \u2014                                    |\n| GAAP fuel expense                                  | **$831**                             | **$1\\.50**                           | $954                                 | $1\\.88                               |\n| Fuel gallons                                       | **554**                              |                                      | 508                                  |                                      |\n\n\n\nFuel gallons consumed increased 9% in line with the 11% increase capacity, partially offset by a 1% improvement in fuel efficiency as measured by ASMs per gallon\\. \n\nThe raw fuel price per gallon decreased 19% as a result of lower West Coast jet fuel prices\\. West Coast jet fuel prices are impacted by both the price of crude oil and the refining margins associated with the conversion of crude oil to jet fuel\\. The decrease in raw fuel price per gallon during 2016 was due to a decline in crude oil prices of 11% and a decrease in refining margins of 36%, when compared to the prior year\\. \n\n 49"}
{"_id": "Southwest-2019_95.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nThe following tables present the impact of derivative instruments and their location within the Consolidated Statement of Income for the year ended  December 31, 2019  and  2018 :\n\n\n\n|                                                                                                |                                                                                                |                                                                                                |                                                                                                |                                                                                                |\n| ---------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- |\n| **Location and amount recognized in income on cash flow and fair value hedging relationships** | **Location and amount recognized in income on cash flow and fair value hedging relationships** | **Location and amount recognized in income on cash flow and fair value hedging relationships** | **Location and amount recognized in income on cash flow and fair value hedging relationships** | **Location and amount recognized in income on cash flow and fair value hedging relationships** |\n|                                                                                                | **Year ended December 31, 2019**                                                               | **Year ended December 31, 2019**                                                               | **Year ended December 31, 2018**                                                               | **Year ended December 31, 2018**                                                               |\n| **(in millions)**                                                                              | **Fuel and oil**                                                                               | **Interest expense**                                                                           | **Fuel and oil**                                                                               | **Interest expense**                                                                           |\n| Total                                                                                          | $48                                                                                            | $29                                                                                            | $<br><br>(33<br><br>)                                                                          | $37                                                                                            |\n| (Gain) loss on cash flow hedging relationships:                                                |                                                                                                |                                                                                                |                                                                                                |                                                                                                |\n|  Commodity contracts:                                                                          |                                                                                                |                                                                                                |                                                                                                |                                                                                                |\n|  Amount of (gain) loss reclassified from AOCI into income                                      | 48                                                                                             | \u2014                                                                                              | (33<br><br>)                                                                                   | \u2014                                                                                              |\n|  Interest contracts:                                                                           |                                                                                                |                                                                                                |                                                                                                |                                                                                                |\n|  Amount of loss reclassified from AOCI into income                                             | \u2014                                                                                              | 5                                                                                              | \u2014                                                                                              | 6                                                                                              |\n| Impact of fair value hedging relationships:                                                    |                                                                                                |                                                                                                |                                                                                                |                                                                                                |\n|  Interest contracts:                                                                           |                                                                                                |                                                                                                |                                                                                                |                                                                                                |\n|  Hedged items                                                                                  | \u2014                                                                                              | 22                                                                                             | \u2014                                                                                              | 23                                                                                             |\n|  Derivatives designated as hedging instruments                                                 | \u2014                                                                                              | 2                                                                                              | \u2014                                                                                              | 8                                                                                              |\n\n\n\n\n\n|                                                                             |                                                                |                                                                |\n| --------------------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- |\n| **Derivatives designated and qualified in cash flow hedging relationships** |                                                                |                                                                |\n|                                                                             | **(Gain) loss recognized in AOCI on derivatives, net of tax**  | **(Gain) loss recognized in AOCI on derivatives, net of tax**  |\n|                                                                             | **Year ended**                                                 | **Year ended**                                                 |\n|                                                                             | **December 31,**                                               | **December 31,**                                               |\n| **(in millions)**                                                           | **2019**                                                       | **2018**                                                       |\n| Fuel derivative contracts                                                   | $90                                                            | $1                                                             |\n| Interest rate derivatives                                                   | 29                                                             | (1<br><br>)                                                    |\n| Total                                                                       | $119                                                           | $\u2014                                                             |\n\n\n\n\n\n|                                          |                                          |                                          |                                          |\n| ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | ---------------------------------------- |\n| **Derivatives not designated as hedges** | **Derivatives not designated as hedges** | **Derivatives not designated as hedges** | **Derivatives not designated as hedges** |\n|                                          | **(Gain) loss**                          | **(Gain) loss**                          |                                          |\n|                                          | **recognized in income on**              | **recognized in income on**              |                                          |\n|                                          | **derivatives**                          | **derivatives**                          |                                          |\n|                                          | **Year ended**                           | **Year ended**                           | **Location of (gain) loss**              |\n|                                          | **December 31,**                         | **December 31,**                         | **recognized in income**                 |\n| **(in millions)**                        | **2019**                                 | **2018**                                 | **on derivatives**                       |\n| Interest rate derivatives                | $\u2014                                       | $<br><br>(2<br><br>)                     | Interest Expense                         |\n\n\n\nThe Company also recorded expense associated with premiums paid for fuel derivative contracts that settled/expired during  2019 ,  2018 , and  2017  of $  95 million , $  135 million , and $  136 million , respectively\\. These amounts are recognized through changes in fair value within AOCI for designated hedges, and are ultimately recorded as a component of Fuel and oil in the Consolidated Statement of Income during the period the contracts settle\\.\n\nThe fair values of the derivative instruments, depending on the type of instrument, were determined by the use of present value methods or option value models with assumptions about commodity prices based on those observed in \n\n96"}
{"_id": "United-2019_54.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUNITED AIRLINES HOLDINGS, INC\\.\n\nUNITED AIRLINES, INC\\.\n\nCOMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n\nOverview\n\nUnited Airlines Holdings, Inc\\. (together with its consolidated subsidiaries, \"UAL\" or the \"Company\") is a holding company and its principal, wholly\\-owned subsidiary is United Airlines, Inc\\. (together with its consolidated subsidiaries, \"United\")\\. As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted\\. United's operating revenues and operating expenses comprise nearly 100% of UAL's revenues and operating expenses\\. In addition, United comprises approximately the entire balance of UAL's assets, liabilities and operating cash flows\\. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures and any significant differences between the operations and results of UAL and United are separately disclosed and explained\\. We sometimes use the words \"we,\" \"our,\" \"us,\" and the \"Company\" in this report for disclosures that relate to all of UAL and United\\. \n\nNOTE 1 \\- SIGNIFICANT ACCOUNTING POLICIES\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                     |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | **Use of Estimates\u2014** The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (\"GAAP\") requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes\\. Actual results could differ from those estimates\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                 |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | **Revenue Recognition\u2014** The Company presents Passenger revenue, Cargo revenue and Other operating revenue on its income statement\\. Passenger revenue is recognized when transportation is provided and Cargo revenue is recognized when shipments arrive at their destination\\. Other operating revenue is recognized as the related performance obligations are satisfied\\.  |\n\n\n\nPassenger tickets and related ancillary services sold by the Company for mainline and regional flights are purchased primarily via credit card transactions, with payments collected by the Company in advance of the performance of related services\\. The Company initially records ticket sales in its Advance ticket sales liability, deferring revenue recognition until the travel occurs\\. For travel that has more than one flight segment, the Company deems each segment as a separate performance obligation and recognizes revenue for each segment as travel occurs\\. Tickets sold by other airlines where the Company provides the transportation are recognized as passenger revenue at the estimated value to be billed to the other airline when travel is provided\\. Differences between amounts billed and the actual amounts may be rejected and rebilled or written off if the amount recorded was different from the original estimate\\. When necessary, the Company records a reserve against its billings and payables with other airlines based on historical experience\\. \n\nThe Company sells certain tickets with connecting flights with one or more segments operated by its other airline partners\\. For segments operated by its other airline partners, the Company has determined that it is acting as an agent on behalf of the other airlines as they are responsible for their portion of the contract (i\\.e\\. transportation of the passenger)\\. The Company, as the agent, recognizes revenue within Other operating revenue at the time of the travel for the net amount representing commission to be retained by the Company for any segments flown by other airlines\\. \n\nRefundable tickets expire after one year from the date of issuance\\. Non\\-refundable tickets generally expire on the date of the intended travel, unless the date is extended by notification from the customer on or before the intended travel date\\.  The Company records breakage revenue on the travel date for its estimate of tickets that will expire unused\\. To determine breakage, the Company uses its historical experience with refundable and nonrefundable expired tickets and other facts, such as recent aging trends, program changes and modifications that could affect the ultimate expiration patterns of tickets\\. Fees charged in association with changes or extensions to non\\-refundable tickets are considered part of the Company's passenger travel obligation\\. As such, those fees are deferred at the time of collection and recognized at the time the travel is provided\\.  \n\nUnited initially capitalizes the costs of selling airline travel tickets and then recognizes those costs as Distribution expense at the time of travel\\. Passenger ticket costs include credit card fees, travel agency and other commissions paid, as well as global distribution systems booking fees\\. \n\nAdvance Ticket Sales\\.  Advance ticket sales represent the Company's liability to provide air transportation in the future\\. In the years ended December 31,  2019  and  2018 , the Company recognized approximately   $3\\.4 billion  and   $3\\.1 billion , respectively, of passenger revenue for tickets that were included in Advance ticket sales at the beginning of those \n\n55"}
{"_id": "AmericanAirlines-2018_169.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***(g) Credit Card Processing Agreements***\n\nAmerican has agreements with companies that process customer credit card transactions for the sale of air travel and other services\\. American\u2019s agreements allow these credit card processing companies, under certain conditions, to hold an amount of its cash (referred to as a holdback) equal to a portion of advance ticket sales that have been processed by that company, but for which American has not yet provided the air transportation\\. Additional holdback requirements in the event of material adverse changes in American\u2019s financial condition will reduce its liquidity in the form of unrestricted cash by the amount of the holdbacks\\. These credit card processing companies are not currently entitled to maintain any holdbacks pursuant to these requirements\\.\n\n***(h) Labor Negotiations***\n\nAs of December 31, 2018, American employed approximately 102,900 active full\\-time equivalent employees\\. Approximately 84% of employees are covered by collective bargaining agreements (CBAs) with various labor unions and approximately 24% of employees are covered by CBAs that will become amendable within one year\\. Negotiations are continuing for joint collective bargaining agreements (JCBAs) covering American\u2019s maintenance, fleet service, stock clerks, maintenance control technicians and maintenance training instructors\\. Additionally, the post\\-Merger JCBAs covering American\u2019s pilots and flight attendants, while not yet amendable, provide the unions with the right to elect to commence negotiations for new collective bargaining agreements in advance of each JCBA\u2019s amendable date\\. Each of the unions has exercised these rights and negotiations are underway for new agreements as described in Part I, Item 1\\. Business \\- \u201c*Employees and Labor Relations*\u201d\\. There is no assurance that a successful or timely resolution of these labor negotiations will be achieved\\.\n\n**11\\. Supplemental Cash Flow Information**\n\nSupplemental disclosure of cash flow information and non\\-cash investing and financing activities are as follows (in millions):\n\n\n\n|                                               |                             |                             |                             |\n| --------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                               | **2018**                    | **2017**                    | **2016**                    |\n| Non\\-cash investing and financing activities: |                             |                             |                             |\n| Equity investment                             | $\u2014                          | $120                        | $\u2014                          |\n| Settlement of bankruptcy obligations          | \u2014                           | 15                          | 3                           |\n| Supplemental information:                     |                             |                             |                             |\n| Interest paid, net                            | 1,009                       | 942                         | 867                         |\n| Income taxes paid                             | 16                          | 18                          | 14                          |\n\n\n\n**12\\. Operating Segments and Related Disclosures**\n\nAmerican is managed as a single business unit that provides air transportation for passengers and cargo\\. This allows it to benefit from an integrated revenue pricing and route network that includes American and AAG\u2019s wholly\\-owned and third\\-party regional carriers that fly under capacity purchase agreements operating as American Eagle\\. The flight equipment of all these carriers is combined to form one fleet that is deployed through a single route scheduling system\\. Financial information and annual operational plans and forecasts are prepared and reviewed by the chief operating decision maker at the consolidated level\\. When making operational decisions, the chief operating decision maker evaluates flight profitability data, which considers aircraft type and route economics, but is indifferent to the results of the individual regional carriers\\. The objective in making operational decisions is to maximize consolidated financial results, not the individual results of American or American Eagle\\.\n\nSee Note 1(k) for American\u2019s passenger revenues by geographic region\\. American\u2019s tangible assets consist primarily of flight equipment, which are mobile across geographic markets and, therefore, have not been allocated\\. \n\n**13\\. Share\\-based Compensation**\n\nThe 2013 AAG Incentive Award Plan (the 2013 Plan) provides that awards may be in the form of an option, restricted stock award, restricted stock unit award, performance award, dividend equivalent award, deferred stock award, deferred stock unit award, stock payment award or stock appreciation right\\. The 2013 Plan initially authorized the grant of awards for the issuance of up to 40 million shares\\. Any shares underlying awards granted under the 2013 Plan, or any pre\\-existing US Airways Group plan, that are forfeited, terminate or are settled in cash (in whole or in part) without the delivery of shares will again be available for grant\\.\n\n170"}
{"_id": "Southwest-2018_107.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|                                                                                                                                                                                                     |                                                                             |                                                                             |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------- | --------------------------------------------------------------------------- |\n| **Fair value measurements using significant unobservable inputs (Level 3)**                                                                                                                         | **Fair value measurements using significant unobservable inputs (Level 3)** | **Fair value measurements using significant unobservable inputs (Level 3)** |\n|                                                                                                                                                                                                     | **Fuel**                                                                    |                                                                             |\n| (in millions)                                                                                                                                                                                       | **derivatives**                                                             |                                                                             |\n| Balance at December 31, 2016                                                                                                                                                                        | $(258)                                                                      |                                                                             |\n| Total losses (realized or unrealized)                                                                                                                                                               |                                                                             |                                                                             |\n| Included in earnings                                                                                                                                                                                | (125)                                                                       |                                                                             |\n| Included in other comprehensive income                                                                                                                                                              | (50)                                                                        |                                                                             |\n| Purchases                                                                                                                                                                                           | 142                                                                         | (a)                                                                         |\n| Sales                                                                                                                                                                                               | \u2014                                                                           | (a)                                                                         |\n| Settlements                                                                                                                                                                                         | 539                                                                         |                                                                             |\n| Balance at December 31, 2017                                                                                                                                                                        | $248                                                                        |   <br>                                                                      |\n| The amount of total losses for the period<br><br> included in earnings attributable to the <br><br> change in unrealized gains or losses relating<br><br> to assets still held at December 31, 2016 | $(42)                                                                       |                                                                             |\n\n\n\n(a) The purchase and sale of fuel derivatives are recorded gross based on the structure of the derivative instrument and \n\n whether a contract with multiple derivatives is purchased as a single instrument or separate instruments\\.\n\nThe significant unobservable input used in the fair value measurement of the Company\u2019s derivative option contracts is implied volatility\\. Holding other inputs constant, an increase (decrease) in implied volatility would result in a higher (lower) fair value measurement, respectively, for the Company\u2019s derivative option contracts\\. \n\nThe following table presents a range of the unobservable inputs utilized in the fair value measurements of the Company\u2019s fuel derivatives classified as Level 3 at December 31, 2018:\n\n\n\n|                                                                    |                                                                    |                                                                    |                                                                    |                                                                    |\n| ------------------------------------------------------------------ | ------------------------------------------------------------------ | ------------------------------------------------------------------ | ------------------------------------------------------------------ | ------------------------------------------------------------------ |\n| **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** |\n|                                                                    | **Valuation technique**                                            | **Unobservable input**                                             | **Period (by year)**                                               | **Range**                                                          |\n| Fuel derivatives                                                   | Option model                                                       | Implied volatility                                                 | 2019                                                               | 29\\-49%                                                            |\n|                                                                    |                                                                    |                                                                    | 2020                                                               | 22\\-31%                                                            |\n|                                                                    |                                                                    |                                                                    | 2021                                                               | 19\\-24%                                                            |\n|                                                                    |                                                                    |                                                                    | 2022                                                               | 20\\-21%                                                            |\n\n\n\nThe carrying amounts and estimated fair values of the Company\u2019s long\\-term debt (including current maturities), as well as the applicable fair value hierarchy tier, at December 31, 2018, are presented in the table below\\. The fair values of the Company\u2019s publicly held long\\-term debt are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets; therefore, the Company has categorized these agreements as Level 2\\. Debt under five of the Company\u2019s debt agreements is not publicly held\\. The Company has determined the estimated fair value of this debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable\\. The Company utilizes indicative pricing from counterparties and a discounted cash flow method to estimate the fair value of the Level 3 items\\.\n\n108"}
{"_id": "Delta-2018_94.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nIncome Tax Allocation\n\nWe consider all income sources, including other comprehensive income, in determining the amount of tax benefit allocated to continuing operations (the \"Income Tax Allocation\")\\. The 2017 tax reform reduced the statutory tax rate in the U\\.S\\. from  35%  to  21%  during the prior year\\. GAAP requires that the tax expense related to tax law changes be recognized in current earnings, even when a portion of the related deferred tax asset originated through amounts recognized in AOCI\\. As a result,   $688 million  of income tax expense remains in AOCI, primarily related to pension obligations, and will not be recognized in net income until the pension obligations are fully extinguished, which will not occur for approximately   25  years\\.\n\nOther\n\nThe amount of, and changes to, our uncertain tax positions were not material in any of the years presented\\. We are currently under audit by the IRS for the 2018, 2017, 2016 and 2015 tax years\\.\n\nNOTE 13 \\. EQUITY AND EQUITY COMPENSATION\n\nEquity\n\nWe are authorized to issue   2\\.0 billion  shares of capital stock, of which up to   1\\.5 billion  may be shares of common stock, par value   $0\\.0001  per share, and up to   500 million  may be shares of preferred stock\\.\n\nPreferred Stock\\.  We may issue preferred stock in one or more series\\. The Board of Directors is authorized (1) to fix the descriptions, powers (including voting powers), preferences, rights, qualifications, limitations and restrictions with respect to any series of preferred stock and (2) to specify the number of shares of any series of preferred stock\\. We have not issued any preferred stock\\.\n\nTreasury Stock\\.  We generally withhold shares of Delta common stock to cover employees' portion of required tax withholdings when employee equity awards are issued or vest\\. These shares are valued at cost, which equals the market price of the common stock on the date of issuance or vesting\\. The weighted average cost per share held in treasury was   $24\\.14  and   $21\\.19  as of  December 31, 2018  and  2017 , respectively\\.\n\nEquity Compensation\n\nOur broad\\-based equity and cash compensation plan provides for grants of restricted stock, stock options, performance awards, including cash incentive awards and other equity\\-based awards (the \"Plan\")\\. Shares of common stock issued under the Plan may be made available from authorized, but unissued, common stock or common stock we acquire\\. If any shares of our common stock are covered by an award that expires, is canceled, forfeited or otherwise terminates without delivery of shares (including shares surrendered or withheld for payment of taxes related to an award), such shares will again be available for issuance under the Plan except for (i) any shares tendered in payment of an option, (ii) shares withheld to satisfy any tax withholding obligation with respect to the exercise of an option or stock appreciation right (\"SAR\") or (iii) shares covered by a stock\\-settled SAR or other awards that were not issued upon the settlement of the award\\. The Plan authorizes the issuance of up to   163 million  shares of common stock\\. As of  December 31, 2018 , there were   27 million  shares available for future grants\\.\n\n We make long\\-term incentive awards annually to eligible employees under the Plan\\. Generally, awards vest over time, subject to the employee's continued employment\\. Equity compensation expense, including awards payable in common stock or cash, is recognized in salaries and related costs over the employee's requisite service period (generally, the vesting period of the award) and totaled   $159 million ,   $169 million  and   $154 million  for the years ended  December 31, 2018 ,  2017  and  2016 , respectively\\. We record expense on a straight\\-line basis for awards with installment vesting\\. As of  December 31, 2018 , unrecognized costs related to unvested shares and stock options totaled   $81 million \\. We expect substantially all unvested awards to vest and recognize forfeitures as they occur\\.\n\nRestricted Stock \\. Restricted stock is common stock that may not be sold or otherwise transferred for a period of time and is subject to forfeiture in certain circumstances\\. The fair value of restricted stock awards is based on the closing price of the common stock on the grant date\\. As of  December 31, 2018 , there were   2\\.4  million unvested restricted stock awards\\. \n\n 92"}
{"_id": "AmericanAirlines-2019_58.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nInterest expense, net  increase d  $81 million , or  7\\.8 %, in  2019  as compared to  2018 , primarily due to higher\\-interest bearing related party payables to other AAG subsidiaries and lower capitalized interest \\.\n\nIn  2019 , other nonoperating income, net principally included  $183 million  of non\\-service related pension and other postretirement benefit plan income\\. This income was offset in part by  $32 million  of net foreign currency losses principally associated with losses from Latin American currencies\\.\n\nIn  2018 , other nonoperating income, net principally included  $309 million  of non\\-service related pension and other postretirement benefit plan income\\. This income was offset in part by a  $104 million  net special charge for mark\\-to\\-market unrealized losses primarily associated with American\u2019s equity investment in China Southern Airlines and  $54 million  of net foreign currency losses from Latin American currencies\\.\n\nThe decrease in non\\-service related pension and other postretirement benefit plan income in  2019  as compared to  2018  is principally due to a decrease in the expected return on pension plan assets\\.\n\nIncome Taxes\n\nAmerican is part of the AAG consolidated income tax return\\.\n\nIn  2019 , American recorded an income tax provision of  $633 million  at an effective rate of approximately  24% , which was substantially non\\-cash due to utilization of its NOLs\\. Substantially all of American\u2019s income before income taxes is attributable to the United States\\. At  December 31, 2019 , American had approximately  $9\\.2 billion  of federal NOLs and  $2\\.9 billion  of state NOLs, substantially all of which American expects to be available in 2020 to reduce future federal and state taxable income\\.\n\nIn  2018 , American recorded an income tax provision of  $534 million  at an effective rate of approximately 24%, which was substantially non\\-cash\\. This provision included an  $18 million  special income tax charge related to an international income tax matter\\.\n\nSee Note 5 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on income taxes\\.\n\nLiquidity and Capital Resources\n\nLiquidity\n\nAs of  December 31, 2019 , AAG had approximately  $7\\.0 billion  in total available liquidity and  $158 million  in restricted cash and short\\-term investments\\. Additional detail regarding our available liquidity is provided in the table below (in millions):\n\n\n\n|                                            |                  |                  |                  |                  |\n| ------------------------------------------ | ---------------- | ---------------- | ---------------- | ---------------- |\n|                                            | **AAG**          | **AAG**          | **American**     | **American**     |\n|                                            | **December 31,** | **December 31,** | **December 31,** | **December 31,** |\n|                                            | **2019**         | **2018**         | **2019**         | **2018**         |\n| Cash                                       | $280             | $275             | $267             | $265             |\n| Short\\-term investments                    | 3,546            | 4,485            | 3,543            | 4,482            |\n| Undrawn revolving credit facilities  ^(1)^ | 3,243            | 2,843            | 3,243            | 2,843            |\n| Total available liquidity                  | $7,069           | $7,603           | $7,053           | $7,590           |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | For 2019, this amount includes $400 million in borrowing capacity under a short\\-term revolving line of credit we arranged in December 2019 due to uncertainty surrounding the timing of the Boeing 737 MAX aircraft return to service\\. We have no present intention to borrow any amounts under this facility, which matures in September 2020 with an optional extension to December 2020\\. For additional discussion of this facility see Note 5 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 3 to American\u2019s Consolidated Financial Statements in Part II, Item 8B\\. |\n\n\n\n59"}
{"_id": "AmericanAirlines-2018_122.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nclaims\\. The shares of AAG common stock issued to the Disputed Claims Reserve were originally issued on December 13, 2013 and have at all times since been included in the number of shares issued and outstanding as reported from time to time in our quarterly and annual reports, including for purposes of calculating earnings per share\\. As disputed claims are resolved, the claimants will receive distributions of shares from the Disputed Claims Reserve\\. However, we are not required to distribute additional shares above the limits contemplated by the Plan, even if the shares remaining for distribution in the Disputed Claims Reserve are not sufficient to fully pay any additional allowed unsecured claims\\. To the extent that any of the reserved shares remain undistributed upon resolution of all remaining disputed claims, such shares will not be returned to us but rather will be distributed to former AMR stockholders and former convertible noteholders treated as stockholders under the Plan\\. On February 12, 2019, in accordance with the approval granted by the Bankruptcy Court on December 6, 2018, an aggregate of approximately 17\\.3 million shares of AAG common stock were distributed from the Disputed Claims Reserve to former AMR shareholders and convertible noteholders\\. After giving effect to this distribution, the Disputed Claims Reserve holds approximately 7\\.2 million shares of AAG common stock\\.\n\n*Private Party Antitrust Action Related to Passenger Capacity\\.* We, along with Delta Air Lines, Inc\\., Southwest Airlines Co\\., United Airlines, Inc\\. and, in the case of litigation filed in Canada, Air Canada, have been named as defendants in approximately 100 putative class action lawsuits alleging unlawful agreements with respect to air passenger capacity\\. The U\\.S\\. lawsuits have been consolidated in the Federal District Court for the District of Columbia (the DC Court)\\. On June 15, 2018, we reached a preliminary settlement agreement with the plaintiffs in the amount of $45 million that, once approved, will resolve all claims in the U\\.S\\. lawsuits\\. That settlement received preliminary approval from the DC Court on June 18, 2018\\. \n\n*Private Party Antitrust Action Related to the Merger*\\. On August 6, 2013, a lawsuit captioned Carolyn Fjord, et al\\., v\\. AMR Corporation, et al\\., was filed in the United States Bankruptcy Court for the Southern District of New York\\. The complaint named as defendants US Airways Group, US Airways, AMR and American, alleged that the effect of the Merger may be to create a monopoly in violation of Section 7 of the Clayton Antitrust Act, and sought injunctive relief and/or divestiture\\. On November 27, 2013, the Bankruptcy Court denied plaintiffs\u2019 motion to preliminarily enjoin the Merger\\. On August 29, 2018, the Court denied in part defendants' motion for summary judgment, and fully denied plaintiffs' cross\\-motion for summary judgment\\. A bench trial is presently scheduled for March 2019\\. We believe this lawsuit is without merit and intend to vigorously defend against the allegations\\.\n\n*DOJ Investigation Related to the United States Postal Service*\\. In April 2015, the Department of Justice (DOJ) informed us of an inquiry regarding American\u2019s 2009 and 2011 contracts with the United States Postal Service for the international transportation of mail by air\\. In October 2015, we received a Civil Investigative Demand from the DOJ seeking certain information relating to these contracts and the DOJ has also sought information concerning certain of the airlines that transport mail on a codeshare basis\\. The DOJ has indicated it is investigating potential violations of the False Claims Act or other statutes\\. We are cooperating fully with the DOJ with regard to its investigation\\.\n\n*General*\\. In addition to the specifically identified legal proceedings, we and our subsidiaries are also engaged in other legal proceedings from time to time\\. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within our control\\. Therefore, although we will vigorously defend ourselves in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on us are uncertain but could be material\\. See Part I, Item 1A\\. Risk Factors \u2013*\u201cWe may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity\u201d* for additional discussion\\.\n\n***(f) Guarantees and Indemnifications***\n\nWe are party to many routine contracts in which we provide general indemnities in the normal course of business to third parties for various risks\\. We are not able to estimate the potential amount of any liability resulting from the indemnities\\. These indemnities are discussed in the following paragraphs\\.\n\nIn our aircraft financing agreements, we generally indemnify the financing parties, trustees acting on their behalf and other relevant parties against liabilities (including certain taxes) resulting from the financing, manufacture, design, ownership, operation and maintenance of the aircraft regardless of whether these liabilities (including certain taxes) relate to the negligence of the indemnified parties\\.\n\nOur loan agreements and other LIBOR\\-based financing transactions (including certain leveraged aircraft leases) generally obligate us to reimburse the applicable lender for incremental costs due to a change in law that imposes (i) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (ii) any tax, duty or other charge with respect to the loan (except standard income tax) or (iii) capital adequacy requirements\\. In addition, our loan agreements and other financing arrangements typically contain a withholding tax provision that requires \n\n123"}
{"_id": "AmericanAirlines-2017_19.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***The inability to maintain labor costs at competitive levels would harm our financial performance\\.***\n\nCurrently, we believe our labor costs are competitive relative to the other large network carriers\\. However, we cannot provide assurance that labor costs going forward will remain competitive because we are in negotiations for some new agreements now and other agreements may become amendable, competitors may significantly reduce their labor costs or we may agree to higher\\-cost provisions unilaterally or in connection with our current or future labor negotiations, such as the employee profit sharing program we instituted effective January 1, 2016, the mid\\-contract adjustment we provided to our flight attendants and pilots in 2017 and the $1,000 per employee one\\-time bonus we announced on January 2, 2018\\. As of December 31, 2017, approximately 85% of our employees were represented for collective bargaining purposes by labor unions\\. Some of our unions have brought and may continue to bring grievances to binding arbitration, including those related to wages\\. Unions may also bring court actions and may seek to compel us to engage in bargaining processes where we believe we have no such obligation\\. If successful, there is a risk these judicial or arbitral avenues could create material additional costs that we did not anticipate\\.\n\n***Interruptions or disruptions in service at one of our key facilities could have a material adverse impact on our operations\\.***\n\nWe operate principally through hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D\\.C\\. Substantially all of our flights either originate in or fly into one of these locations\\. A significant interruption or disruption in service at one of our hubs or other airports where we have a significant presence, such as London Heathrow, resulting from ATC delays, weather conditions, natural disasters, growth constraints, relations with third\\-party service providers (such as electric utility or telecommunications providers), failure of computer systems, disruptions at airport facilities or other key facilities used by us to manage our operations, labor relations, power supplies, fuel supplies, terrorist activities, or otherwise could result in the cancellation or delay of a significant portion of our flights and, as a result, could have a severe impact on our business, results of operations and financial condition\\. We have minimal control over the operation, quality or maintenance of these services or whether vendors will improve or continue to provide services that are essential to our business\\.\n\n***If we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots, we may be unable to operate our existing flight schedule and to expand or change our route network in the future, which may have a material adverse impact on our operations\\.***\n\nIn order to operate our existing and proposed flight schedule and, where desirable, add service along new or existing routes, we must be able to maintain and/or obtain adequate gates, check\\-in counters, operations areas, operations control facilities and administrative support space\\. As airports around the world become more congested, we are not always able to ensure that our plans for new service can be implemented in a commercially viable manner, given operating constraints at airports throughout our network, including due to inadequate facilities at desirable airports\\. Further, our operating costs at airports at which we operate, including our hubs, may increase significantly because of capital improvements at such airports that we may be required to fund, directly or indirectly\\. Additionally, there is presently a significant amount of capital spending underway at major airports in the United States that we serve, and that spending is expected to result in increased costs to airlines and the traveling public that use those facilities as the airports seek to recover these investments through increased rental, landing and other facility costs\\. In some circumstances, such costs could be imposed by the relevant airport authority without our approval\\.\n\nIn addition, operations at three major domestic airports, certain smaller domestic airports and many foreign airports served by us are regulated by governmental entities through the use of slots or similar regulatory mechanisms that limit the rights of carriers to conduct operations at those airports\\. Each slot represents the authorization to land at or take off from the particular airport during a specified time period and may have other operational restrictions as well\\. In the U\\.S\\., the DOT and the FAA currently regulate the allocation of slots or slot exemptions at DCA and two New York City airports: JFK and LGA\\. In addition to slot restrictions, operations at LGA and DCA are also limited based on the stage length of the flight\\. Our operations at these airports generally require the allocation of slots or similar regulatory authority\\. Similarly, our operations at international airports in Beijing, Frankfurt, London Heathrow, Paris, Tokyo and other airports outside the U\\.S\\. are regulated by local slot authorities pursuant to the IATA Worldwide Scheduling Guidelines and/or applicable local law\\. Termination of slot controls at some or all of the foregoing airports could affect our operational performance and competitive position\\. We currently have sufficient slots or analogous authorizations to operate our existing flights and we have generally, but not always, been able to obtain the rights to expand our operations and to change our schedules\\. However, there is no assurance that we will be able to obtain sufficient slots or analogous authorizations in the future or as to the cost of acquiring such rights because, among other reasons, such allocations are often sought after by other airlines and are subject to changes in governmental policies\\. We cannot provide any assurance that regulatory changes regarding the allocation of slots or similar regulatory authority will not have a material adverse impact on our operations\\.\n\n20"}
{"_id": "United-2019_32.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n|                                                    |          |          |          |          |          |                |           |\n| -------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | -------------- | --------- |\n|                                                    | **2020** | **2021** | **2022** | **2023** | **2024** | **After 2024** | **Total** |\n| Long\\-term debt (a)                                | $1\\.4    | $1\\.4    | $1\\.8    | $0\\.8    | $3\\.1    | $6\\.2          | $14\\.7    |\n| Finance lease obligations\u2014principal portion        | 0\\.1     | 0\\.1     | \u2014        | \u2014        | \u2014        | 0\\.1           | 0\\.3      |\n| Total debt and finance lease obligations           | 1\\.5     | 1\\.5     | 1\\.8     | 0\\.8     | 3\\.1     | 6\\.3           | 15\\.0     |\n| Interest on debt and finance lease obligations (b) | 0\\.6     | 0\\.5     | 0\\.4     | 0\\.4     | 0\\.3     | 0\\.7           | 2\\.9      |\n| Operating lease obligations                        | 0\\.9     | 0\\.8     | 0\\.6     | 0\\.6     | 0\\.6     | 4\\.2           | 7\\.7      |\n| Regional CPAs (c)                                  | 2\\.9     | 2\\.9     | 2\\.4     | 1\\.5     | 1\\.3     | 4\\.7           | 15\\.7     |\n| Postretirement obligations (d)                     | 0\\.1     | 0\\.1     | 0\\.1     | 0\\.1     | 0\\.1     | 0\\.3           | 0\\.8      |\n| Pension obligations (e)                            | \u2014        | \u2014        | \u2014        | \u2014        | 0\\.4     | 0\\.6           | 1\\.0      |\n| Capital purchase obligations (f)                   | 6\\.9     | 4\\.3     | 2\\.0     | 1\\.0     | 1\\.2     | 11\\.3          | 26\\.7     |\n| Total contractual obligations                      | $12\\.9   | $10\\.1   | $7\\.3    | $4\\.4    | $7\\.0    | $28\\.1         | $69\\.8    |\n\n\n\n(a) Long\\-term debt presented in the Company's financial statements is net of  $181 million  of debt discount, premiums and debt issuance costs which are being amortized over the debt terms\\. Contractual payments do not include the debt discount, premiums and debt issuance costs\\.\n\n(b) Includes interest portion of finance lease obligations of $14 million in  2020 , $11 million in  2021 , $8 million in  2022 , $6 million in  2023 , $4 million in  2024  and $5 million thereafter\\. Interest payments on variable interest rate debt were calculated using London interbank offered rates (\"LIBOR\") applicable at December 31, 2019\\.\n\n(c) Represents our estimates of future minimum noncancelable commitments under our CPAs and does not include the portion of the underlying obligations for aircraft and facility rent that is disclosed as part of operating lease obligations\\. Amounts also exclude a portion of United's finance lease obligation recorded for certain of its CPAs\\. See Note 11 to the financial statements included in Part II, Item 8 of this report for the significant assumptions used to estimate the payments\\.\n\n(d) Amounts represent postretirement benefit payments through 2029\\. Benefit payments approximate plan contributions as plans are substantially unfunded\\. \n\n(e) Represents an estimate of the minimum funding requirements as determined by government regulations for United's U\\.S\\. pension plans\\. Amounts are subject to change based on numerous assumptions, including the performance of assets in the plans and bond rates\\.\n\n(f) Represents contractual commitments for firm order aircraft, spare engines and other capital purchase commitments\\. See Note 13 to the financial statements included in Part II, Item 8 of this report for a discussion of our purchase commitments\\.\n\nOff\\-Balance Sheet Arrangements\\.  An off\\-balance sheet arrangement is any transaction, agreement or other contractual arrangement involving an unconsolidated entity under which a company has (1) made guarantees, (2) a retained or a contingent interest in transferred assets, (3) an obligation under derivative instruments classified as equity, or (4) any obligation arising out of a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support, or that engages in leasing, hedging or research and development arrangements\\. The Company's primary off\\-balance sheet arrangements include guarantees that are discussed below and variable\\-rate operating leases\\. See Note 11 to the financial statements included in Part II, Item 8 of this report for more information related to variable\\-rate operating leases\\.\n\nLetters of Credit and Surety Bonds\\.  As of December 31, 2019, United had cash collateralized  $73 million  of letters of credit, which generally have evergreen clauses and are expected to be renewed on an annual basis\\. As of December 31, 2019, United also had  $414 million  of surety bonds securing various obligations with expiration dates through 2023\\.\n\nGuarantee of BRW Commitment\\.  In connection with funding the BRW Term Loan Agreement, the Company entered into an agreement with Kingsland, pursuant to which, in return for Kingsland's pledge of its 144\\.8 million common shares of AVH (which are eligible to be converted into the same number of preferred shares, which may be deposited with the depositary for AVH's ADRs, the class of AVH securities that trades on the NYSE, in exchange for 18\\.1 million ADRs) and its consent to BRW's pledge of its AVH common shares to United under the BRW Term Loan Agreement and related agreements, United (1) granted to Kingsland the right to put its AVH common shares to United at market price on the fifth anniversary of the BRW Term Loan Agreement or upon certain sales of AVH common shares owned by BRW, including upon a foreclosure, and (2) guaranteed BRW's obligation to pay Kingsland the difference (which amount, if paid by United, will increase the BRW Term Loan by such amount) if the market price of AVH common shares on the fifth anniversary, or upon any such sale, as applicable, is less than $12 per ADR, for an aggregate maximum possible combined put payment and guarantee amount on the fifth anniversary, or upon such sale, as applicable, of $217 million\\. In 2018, the Company recorded a liability of $31 million for the fair value of its guarantee to loan additional funds to BRW if required\\. Any such additional loans to BRW would be collateralized by BRW's AVH shares and other collateral\\. \n\nGuarantee of Debt of Others\\.  As of  December 31, 2019 , United is the guarantor of  $132 million  of aircraft mortgage debt issued by one of United's regional carriers\\. The aircraft mortgage debt is subject to increased cost provisions and the Company would potentially be responsible for those costs under the guarantees\\. The increased cost provisions in the  $132 million  of aircraft mortgage debt are similar to those in certain of the Company's debt agreements\\. See discussion under Increased Cost Provisions,  below, for additional information on increased cost provisions related to the Company's debt\\.\n\n33"}
{"_id": "AmericanAirlines-2017_13.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***Impact of Regulatory Requirements on Our Business***\n\nRegulatory requirements, including but not limited to those discussed above, affect operations and increase operating costs for the airline industry, including our airline subsidiaries, and future regulatory developments may continue to do the same in the future\\. See Part I, Item 1A\\. Risk Factors \u2013 \u201c*Evolving data security and privacy requirements could increase our costs, and any significant data security incident could disrupt our operations, harm our reputation, expose us to legal risks and otherwise materially adversely affect our business, results of operations and financial condition,\u201d \u201cIf we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots, we may be unable to operate our existing flight schedule and to expand or change our route network in the future, which may have a material adverse impact on our operations,\u201d \u201cOur business is subject to extensive government regulation, which may result in increases in our costs, disruptions to our operations, limits on our operating flexibility, reductions in the demand for air travel, and competitive disadvantages,\u201d \u201cThe airline industry is heavily taxed,*\u201d *\u201cWe are subject to many forms of environmental and noise regulation and may incur substantial costs as a result\u201d* and *\u201cWe are subject to risks associated with climate change, including increased regulation to reduce emissions of greenhouse gases\u201d* for additional information\\.\n\n**Available Information**\n\n***Use of Websites to Disclose Information***\n\nOur website is located at *www\\.aa\\.com*\\. We have made and expect in the future to make public disclosures to investors and the general public of information regarding AAG and its subsidiaries by means of the investor relations section of our website as well as through the use of our social media sites, including Facebook and Twitter\\. In order to receive notification regarding new postings to our website, investors are encouraged to enroll on our website to receive automatic email alerts (see *https://americanairlines\\.gcs\\-web\\.com/email\\-alerts*), \u201cfollow\u201d American (@AmericanAir) on Twitter and \u201clike\u201d American on its Facebook page (*www\\.facebook\\.com/AmericanAirlines*)\\. None of the information or contents of our website or social media postings is incorporated into this Annual Report on Form 10\\-K\\.\n\n***Availability of SEC Reports***\n\nA copy of this Annual Report on Form 10\\-K, Quarterly Reports on Form 10\\-Q, Current Reports on Form 8\\-K and amendments to those reports are available free of charge on our website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC\\. The SEC also maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at *www\\.sec\\.gov*\\. The public may also read and copy materials we file with the SEC at the SEC\u2019s Public Reference Room at 100 F\\. Street, NE, Washington, DC 20549\\. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1\\-800\\-SEC\\-0330\\.\n\n14"}
{"_id": "Alaska-2019_51.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nCONSOLIDATED BALANCE SHEETS  (continued)\n\n\n\n|                                                                                                                                                                                                     |                                                                                                                                                                                                     |                                                                                                                                                                                                     |          |  |  |  |          |\n|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------:|:- |:- |:- | --------:|\n| As of December 31  *(in millions except share amounts)*                                                                                                                                             | As of December 31  *(in millions except share amounts)*                                                                                                                                             | As of December 31  *(in millions except share amounts)*                                                                                                                                             |     2019 |  |  |  |     2018 |\n| LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                                                                                                | LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                                                                                                | LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                                                                                                |          |  |  |  |          |\n| Current Liabilities                                                                                                                                                                                 | Current Liabilities                                                                                                                                                                                 | Current Liabilities                                                                                                                                                                                 |          |  |  |  |          |\n| Accounts payable                                                                                                                                                                                    | Accounts payable                                                                                                                                                                                    | Accounts payable                                                                                                                                                                                    |    $ 146 |  |  |  |    $ 132 |\n| Accrued wages, vacation and payroll taxes                                                                                                                                                           | Accrued wages, vacation and payroll taxes                                                                                                                                                           | Accrued wages, vacation and payroll taxes                                                                                                                                                           |      470 |  |  |  |      415 |\n| Air traffic liability                                                                                                                                                                               | Air traffic liability                                                                                                                                                                               | Air traffic liability                                                                                                                                                                               |      900 |  |  |  |      788 |\n| Other accrued liabilities                                                                                                                                                                           | Other accrued liabilities                                                                                                                                                                           | Other accrued liabilities                                                                                                                                                                           |      431 |  |  |  |      416 |\n| Deferred revenue                                                                                                                                                                                    | Deferred revenue                                                                                                                                                                                    | Deferred revenue                                                                                                                                                                                    |      750 |  |  |  |      705 |\n| Current portion of operating lease liabilities                                                                                                                                                      | Current portion of operating lease liabilities                                                                                                                                                      | Current portion of operating lease liabilities                                                                                                                                                      |      269 |  |  |  |        \u2014 |\n| Current portion of long\\-term debt                                                                                                                                                                  | Current portion of long\\-term debt                                                                                                                                                                  | Current portion of long\\-term debt                                                                                                                                                                  |      235 |  |  |  |      486 |\n| Total Current Liabilities                                                                                                                                                                           | Total Current Liabilities                                                                                                                                                                           | Total Current Liabilities                                                                                                                                                                           |    3,201 |  |  |  |    2,942 |\n| Long\\-Term Debt, Net of Current Portion                                                                                                                                                             | Long\\-Term Debt, Net of Current Portion                                                                                                                                                             | Long\\-Term Debt, Net of Current Portion                                                                                                                                                             |    1,264 |  |  |  |    1,617 |\n| Other Liabilities and Credits                                                                                                                                                                       | Other Liabilities and Credits                                                                                                                                                                       | Other Liabilities and Credits                                                                                                                                                                       |          |  |  |  |          |\n| Long\\-term operating lease liabilities, net of current portion                                                                                                                                      | Long\\-term operating lease liabilities, net of current portion                                                                                                                                      | Long\\-term operating lease liabilities, net of current portion                                                                                                                                      |    1,439 |  |  |  |        \u2014 |\n| Deferred income taxes                                                                                                                                                                               | Deferred income taxes                                                                                                                                                                               | Deferred income taxes                                                                                                                                                                               |      715 |  |  |  |      512 |\n| Deferred revenue                                                                                                                                                                                    | Deferred revenue                                                                                                                                                                                    | Deferred revenue                                                                                                                                                                                    |    1,240 |  |  |  |    1,169 |\n| Obligation for pension and postretirement medical benefits                                                                                                                                          | Obligation for pension and postretirement medical benefits                                                                                                                                          | Obligation for pension and postretirement medical benefits                                                                                                                                          |      571 |  |  |  |      503 |\n| Other liabilities                                                                                                                                                                                   | Other liabilities                                                                                                                                                                                   | Other liabilities                                                                                                                                                                                   |      232 |  |  |  |      418 |\n| Total Other Liabilities and Credits                                                                                                                                                                 | Total Other Liabilities and Credits                                                                                                                                                                 | Total Other Liabilities and Credits                                                                                                                                                                 |    4,197 |  |  |  |    2,602 |\n| Commitments and Contingencies (Note 9)                                                                                                                                                              | Commitments and Contingencies (Note 9)                                                                                                                                                              | Commitments and Contingencies (Note 9)                                                                                                                                                              |          |  |  |  |          |\n| Shareholders' Equity                                                                                                                                                                                | Shareholders' Equity                                                                                                                                                                                | Shareholders' Equity                                                                                                                                                                                |          |  |  |  |          |\n| Preferred stock, $0\\.01 par value, Authorized: 5,000,000 shares, none issued or outstanding                                                                                                         | Preferred stock, $0\\.01 par value, Authorized: 5,000,000 shares, none issued or outstanding                                                                                                         | Preferred stock, $0\\.01 par value, Authorized: 5,000,000 shares, none issued or outstanding                                                                                                         |        \u2014 |  |  |  |        \u2014 |\n| Common stock, $0\\.01 par value, Authorized: 400,000,000 shares, Issued: 2019 \\- 131,812,173 shares; 2018 \\- 130,813,476 shares, Outstanding: 2019 \\- 123,000,307 shares; 2018 \\- 123,194,430 shares | Common stock, $0\\.01 par value, Authorized: 400,000,000 shares, Issued: 2019 \\- 131,812,173 shares; 2018 \\- 130,813,476 shares, Outstanding: 2019 \\- 123,000,307 shares; 2018 \\- 123,194,430 shares | Common stock, $0\\.01 par value, Authorized: 400,000,000 shares, Issued: 2019 \\- 131,812,173 shares; 2018 \\- 130,813,476 shares, Outstanding: 2019 \\- 123,000,307 shares; 2018 \\- 123,194,430 shares |        1 |  |  |  |        1 |\n| Capital in excess of par value                                                                                                                                                                      | Capital in excess of par value                                                                                                                                                                      | Capital in excess of par value                                                                                                                                                                      |      305 |  |  |  |      232 |\n| Treasury stock (common), at cost: 2019 \\- 8,811,866 shares; 2018 \\- 7,619,046 shares                                                                                                                | Treasury stock (common), at cost: 2019 \\- 8,811,866 shares; 2018 \\- 7,619,046 shares                                                                                                                | Treasury stock (common), at cost: 2019 \\- 8,811,866 shares; 2018 \\- 7,619,046 shares                                                                                                                |    (643) |  |  |  |    (568) |\n| Accumulated other comprehensive loss                                                                                                                                                                | Accumulated other comprehensive loss                                                                                                                                                                | Accumulated other comprehensive loss                                                                                                                                                                |    (465) |  |  |  |    (448) |\n| Retained earnings                                                                                                                                                                                   | Retained earnings                                                                                                                                                                                   | Retained earnings                                                                                                                                                                                   |    5,133 |  |  |  |    4,534 |\n|                                                                                                                                                                                                     |                                                                                                                                                                                                     |                                                                                                                                                                                                     |    4,331 |  |  |  |    3,751 |\n| Total Liabilities and Shareholders' Equity                                                                                                                                                          | Total Liabilities and Shareholders' Equity                                                                                                                                                          | Total Liabilities and Shareholders' Equity                                                                                                                                                          | $ 12,993 |  |  |  | $ 10,912 |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n51"}
{"_id": "Alaska-2017_18.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**INSURANCE**\n\nWe carry insurance of types customary in the airline industry and in amounts deemed adequate to protect our interests and property and to comply both with federal regulations and certain credit and lease agreements\\. The insurance policies principally provide coverage for Airline Hull, Spares and Comprehensive Legal Liability, War and Allied Perils, and Workers\u2019 Compensation\\. In addition, we currently carry a Cyber Insurance policy in the event of security breaches from malicious parties\\. \n\nWe believe that our emphasis on safety and our state\\-of\\-the\\-art flight deck safety technology help to control the cost of our insurance\\.\n\n**WHERE YOU CAN FIND MORE INFORMATION**\n\nOur filings with the Securities and Exchange Commission, including our annual report on Form 10\\-K, quarterly reports on Form 10\\-Q, current reports on Form 8\\-K and amendments to those reports are available on our website at *www\\.alaskaair\\.com,* free of charge, as soon as reasonably practicable after the electronic filing of these reports with the Securities and Exchange Commission\\. The information contained on our website is not a part of this annual report on Form 10\\-K\\.\n\n**GLOSSARY OF TERMS**\n\n**Aircraft Utilization** \\- block hours per day; this represents the average number of hours per day our aircraft are in transit\n\n**Aircraft Stage Length** \\- represents the average miles flown per aircraft departure\n\n**ASMs** \\- available seat miles, or \u201ccapacity\u201d; represents total seats available across the fleet multiplied by the number of miles flown\n\n**CASM** \\- operating costs per ASM, or \"unit cost\"; represents all operating expenses including fuel and special items\n\n**CASMex** \\- operating costs excluding fuel and special items per ASM; this metric is used to help track progress toward reduction of non\\-fuel operating costs since fuel is largely out of our control\n\n**Debt\\-to\\-capitalization ratio** \\- represents adjusted debt (long\\-term debt plus the present value of future operating lease payments) divided by total equity plus adjusted debt\n\n**Diluted Earnings per Share** \\- represents earnings per share (EPS) using fully diluted shares outstanding\n\n**Diluted Shares** \\- represents the total number of shares that would be outstanding if all possible sources of conversion, such as stock options, were exercised\n\n**Economic Fuel** \\- best estimate of the cash cost of fuel, net of the impact of our fuel\\-hedging program\n\n**Free Cash Flow \\-** total operating cash flow generated less cash paid for capital expenditures\n\n**Load Factor** \\- RPMs as a percentage of ASMs; represents the number of available seats that were filled with paying passengers\n\n**Mainline** \\- represents flying Boeing 737 and Airbus 320 family jets and all associated revenues and costs\n\n**PRASM** \\- passenger revenue per ASM; commonly called \u201cpassenger unit revenue\u201d\n\n**Productivity** \\- number of revenue passengers per full\\-time equivalent employee\n\n**RASM** \\- operating revenue per ASMs, or \"unit revenue\"; operating revenue includes all passenger revenue, freight & mail, Mileage Plan\u2122 and other ancillary revenue; represents the average total revenue for flying one seat one mile\n\n**Regional** \\- represents capacity purchased by Alaska from Horizon, SkyWest and PenAir\\. In this segment, Regional records actual on\\-board passenger revenue, less costs such as fuel, distribution costs, and payments made to Horizon, SkyWest and PenAir under the respective capacity purchased arrangement (CPAs)\\. Additionally, Regional includes an allocation of corporate overhead such as IT, finance, and other administrative costs incurred by Alaska and on behalf of Horizon\\.\n\n 19"}
{"_id": "United-2019_1.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUnited Airlines Holdings, Inc\\. and Subsidiary Companies\n\nUnited Airlines, Inc\\. and Subsidiary Companies\n\nAnnual Report on Form 10\\-K\n\nFor the Year Ended  December 31, 2019 \n\n\n\n|              |                                                                                                                                                                           |                                                                     |\n| ------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------- |\n|              |                                                                                                                                                                           | **Page**                                                            |\n| **PART I**   | **PART I**                                                                                                                                                                | **PART I**                                                          |\n| Item 1\\.     | [Business](https://www.example.com#s886BA93CFB125BDBB73333E4FB42D0DD)                                                                                                     | <br>[3](https://www.example.com#s886BA93CFB125BDBB73333E4FB42D0DD)  |\n| Item 1A\\.    | [Risk Factors](https://www.example.com#sAF0CCB60D20A5F3AA0A03548E66DD8DF)                                                                                                 | <br>[10](https://www.example.com#sAF0CCB60D20A5F3AA0A03548E66DD8DF) |\n| Item 1B\\.    | [Unresolved Staff Comments](https://www.example.com#sE9ECE51D7C66546B80259583067DE9FC)                                                                                    | <br>[22](https://www.example.com#sE9ECE51D7C66546B80259583067DE9FC) |\n| Item 2\\.     | [Properties](https://www.example.com#s8BC33E255E3950AE8F14A5823D10A04F)                                                                                                   | <br>[23](https://www.example.com#s8BC33E255E3950AE8F14A5823D10A04F) |\n| Item 3\\.     | [Legal Proceedings](https://www.example.com#sE42243AF8333521F949D759203A01142)                                                                                            | <br>[24](https://www.example.com#sE42243AF8333521F949D759203A01142) |\n| Item 4\\.     | [Mine Safety Disclosures](https://www.example.com#s407E0EEEFCD6581A9C3A37EFC227BBD6)                                                                                      | <br>[25](https://www.example.com#s407E0EEEFCD6581A9C3A37EFC227BBD6) |\n| **PART II**  | **PART II**                                                                                                                                                               | **PART II**                                                         |\n| Item 5\\.     | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](https://www.example.com#s0D22DB6704FF5F2D9219C586148EE6F6) | <br>[25](https://www.example.com#s0D22DB6704FF5F2D9219C586148EE6F6) |\n| Item 6\\.     | [Selected Financial Data](https://www.example.com#s94EC015AD3AF53A89A3A950E6D5BA836)                                                                                      | <br>[26](https://www.example.com#s94EC015AD3AF53A89A3A950E6D5BA836) |\n| Item 7\\.     | [Management's Discussion and Analysis of Financial Condition and Results of Operations](https://www.example.com#s18F9FD71350C5819904532C56B8CB746)                        | <br>[28](https://www.example.com#s18F9FD71350C5819904532C56B8CB746) |\n| Item 7A\\.    | [Quantitative and Qualitative Disclosures About Market Risk](https://www.example.com#s9D7E0893074C5C4B8F247F0DF92B258B)                                                   | <br>[38](https://www.example.com#s9D7E0893074C5C4B8F247F0DF92B258B) |\n| Item 8\\.     | [Financial Statements and Supplementary Data](https://www.example.com#s710C1CCDDDC35A489943CA170E3395A0)                                                                  | <br>[39](https://www.example.com#s710C1CCDDDC35A489943CA170E3395A0) |\n|              | [Combined Notes to Consolidated Financial Statements](https://www.example.com#s146A0E5234F25AAA8011B51507A9B66E)                                                          | <br>[55](https://www.example.com#s146A0E5234F25AAA8011B51507A9B66E) |\n| Item 9\\.     | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](https://www.example.com#s846BF6E23ACD57DDA91DF85DB11E359D)                         | <br>[90](https://www.example.com#s846BF6E23ACD57DDA91DF85DB11E359D) |\n| Item 9A\\.    | [Controls and Procedures](https://www.example.com#s52A25F4325EB55F99ABEB87C88921213)                                                                                      | <br>[90](https://www.example.com#s52A25F4325EB55F99ABEB87C88921213) |\n| Item 9B\\.    | [Other Information](https://www.example.com#sE29947610AF6534B84C8BD3F254C88AC)                                                                                            | <br>[93](https://www.example.com#sE29947610AF6534B84C8BD3F254C88AC) |\n| **PART III** | **PART III**                                                                                                                                                              | **PART III**                                                        |\n| Item 10\\.    | [Directors, Executive Officers and Corporate Governance](https://www.example.com#s8C7D4BBAE66E50E9867B5C0383ACB532)                                                       | <br>[93](https://www.example.com#s8C7D4BBAE66E50E9867B5C0383ACB532) |\n| Item 11\\.    | [Executive Compensation](https://www.example.com#s99BC42F7849A59449E9314124E62C64A)                                                                                       | <br>[93](https://www.example.com#s99BC42F7849A59449E9314124E62C64A) |\n| Item 12\\.    | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](https://www.example.com#s4E4A77B20F0A543E88957D2CDE96500E)               | <br>[93](https://www.example.com#s4E4A77B20F0A543E88957D2CDE96500E) |\n| Item 13\\.    | [Certain Relationships and Related Transactions, and Director Independence](https://www.example.com#s934DBD1E3EE95DB79E3D5858E8EAF2CB)                                    | <br>[93](https://www.example.com#s934DBD1E3EE95DB79E3D5858E8EAF2CB) |\n| Item 14\\.    | [Principal Accountant Fees and Services](https://www.example.com#s8B699BE2F332594199715C611974641D)                                                                       | <br>[94](https://www.example.com#s8B699BE2F332594199715C611974641D) |\n| **PART IV**  | **PART IV**                                                                                                                                                               | **PART IV**                                                         |\n| Item 15\\.    | [Exhibits and Financial Statement Schedules](https://www.example.com#s4586CE06FE875C00BA7101FB8D49E687)                                                                   | <br>[95](https://www.example.com#s4586CE06FE875C00BA7101FB8D49E687) |\n| Item 16\\.    | [Form 10\\-K Summary](https://www.example.com#sAC99318DC3FD5BB3AFBF200330B83B3D)                                                                                           | <br>[95](https://www.example.com#sAC99318DC3FD5BB3AFBF200330B83B3D) |"}
{"_id": "AmericanAirlines-2019_134.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nSpecifically, American is required to meet certain collateral coverage tests on an annual basis for its Credit Facilities, as described below:\n\n\n\n|                                                         |                                                                                                                                                             |                                                                                                                                                                                              |                                                                       |                                                                                                                                                                   |\n| ------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|                                                         | **2013 Credit Facilities**                                                                                                                                  | **2014 Credit Facilities**                                                                                                                                                                   | **April 2016 Credit**<br><br>**Facilities**                           | **December 2016**<br><br>**Credit Facilities**                                                                                                                    |\n| Frequency of Appraisals of<br><br> Appraised Collateral | Annual                                                                                                                                                      | Annual                                                                                                                                                                                       | Annual                                                                | Annual                                                                                                                                                            |\n| 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)                                                                                             |\n| LTV as of Last Measurement<br><br> Date                 | 36\\.2%                                                                                                                                                      | 17\\.7%                                                                                                                                                                                       | 36\\.2%                                                                | 53\\.6%                                                                                                                                                            |\n| 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 La Guardia Airport (LGA) slots, certain simulators and certain leasehold rights |\n\n\n\nAt  December 31, 2019 , American was in compliance with the applicable collateral coverage tests as of the most recent measurement dates\\.\n\n4\\. Leases\n\nAmerican leases certain aircraft and engines, including aircraft under capacity purchase agreements\\. As of  December 31, 2019 , American had   636  leased aircraft, with remaining terms ranging from less than   one year  to   12 years \\.\n\nAt each airport where American conducts flight operations, American has agreements, generally with a governmental unit or authority, for the use of passenger, operations and baggage handling space as well as runways and taxiways\\. These agreements, particularly in the U\\.S\\., often contain provisions for periodic adjustments to rates and charges applicable under such agreements\\. These rates and charges also vary with American\u2019s level of operations and the operations of the airport\\. Because of the variable nature of these rates, these leases are not recorded on American\u2019s balance sheet as a ROU asset or a lease liability\\. Additionally, at American\u2019s hub locations and in certain other cities it serves, American leases administrative offices, catering, cargo, training, maintenance and other facilities\\.\n\nThe components of lease expense were as follows (in millions):\n\n\n\n|                               |                             |                             |\n| ----------------------------- | --------------------------- | --------------------------- |\n|                               | **Year Ended December 31,** | **Year Ended December 31,** |\n|                               | **2019**                    | **2018**                    |\n| Operating lease cost          | $2,012                      | $1,889                      |\n| Finance lease cost:           |                             |                             |\n| Amortization of assets        | 79                          | 78                          |\n| Interest on lease liabilities | 43                          | 48                          |\n| Variable lease cost           | 2,542                       | 2,353                       |\n| Total net lease cost          | $4,676                      | $4,368                      |\n\n\n\nIncluded in the table above is   $236 million  and   $226 million  of operating lease cost under American\u2019s capacity purchase agreement with Republic for the years ended  December 31, 2019  and  2018 , respectively\\. American holds a   25%  equity interest in Republic Holdings, the parent company of Republic\\. \n\n135"}
{"_id": "AmericanAirlines-2017_198.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nKNOW ALL PERSONS BY THESE PRESENTS, that each individual whose signature appears below constitutes and appoints W\\. Douglas Parker and Derek J\\. Kerr and each or any of them, his or her true and lawful attorneys and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to the Registrants\u2019 Annual Report on Form 10\\-K for the fiscal year ended December 31, 2017, and to file the same with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys and agents, and each or any of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys and agents, and each of them, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof\\.\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of American Airlines Group Inc\\. and in the capacities and on the dates noted:\n\n\n\n|                         |                                                      |\n| ----------------------- | ---------------------------------------------------- |\n| Date: February 21, 2018 | /s/ W\\. Douglas Parker                               |\n|                         | W\\. Douglas Parker                                   |\n|                         | Chairman and Chief Executive Officer                 |\n|                         | (Principal Executive Officer)                        |\n| Date: February 21, 2018 | /s/ Derek J\\. Kerr                                   |\n|                         | Derek J\\. Kerr                                       |\n|                         | Executive Vice President and Chief Financial Officer |\n|                         | (Principal Financial and Accounting Officer)         |\n| Date: February 21, 2018 | /s/ James F\\. Albaugh                                |\n|                         | James F\\. Albaugh, Director                          |\n| Date: February 21, 2018 | /s/ Jeffrey D\\. Benjamin                             |\n|                         | Jeffrey D\\. Benjamin, Director                       |\n| Date: February 21, 2018 | /s/ John T\\. Cahill                                  |\n|                         | John T\\. Cahill, Director                            |\n| Date: February 21, 2018 | /s/ Michael J\\. Embler                               |\n|                         | Michael J\\. Embler, Director                         |\n| Date: February 21, 2018 | /s/ Matthew J\\. Hart                                 |\n|                         | Matthew J\\. Hart, Director                           |\n| Date: February 21, 2018 | /s/ Alberto Ibarg\u00fcen                                 |\n|                         | Alberto Ibarg\u00fcen, Director                           |\n| Date: February 21, 2018 | /s/ Richard C\\. Kraemer                              |\n|                         | Richard C\\. Kraemer, Director                        |\n\n\n\n199"}
{"_id": "Southwest-2019_85.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nPursuant to the terms of the term loan agreement, the Company entered into an interest rate swap agreement to convert the variable rate on the term loan to a fixed   5\\.223 percent  until maturity\\.\n\nOn  October 3, 2007 , grantor trusts established by the Company issued   $500 million  Pass Through Certificates consisting of   $412 million   6\\.15 percent  Series A certificates and   $88 million   6\\.65 percent  Series B certificates\\. A separate trust was established for each class of certificates\\. The trusts used the proceeds from the sale of certificates to acquire equipment notes in the same amounts, which were issued by the Company on a full recourse basis\\. Payments on the equipment notes held in each trust are passed through to the holders of certificates of such trust\\. The equipment notes were issued for each of   16  Boeing 737\\-700 aircraft owned by the Company and are secured by a mortgage on each aircraft\\. Beginning  February 1, 2008,  principal and interest payments on the equipment notes held for both series of certificates became due semi\\-annually until the balance of the certificates mature on  August 1, 2022 \\. Prior to their issuance, the Company also entered into swap agreements to hedge the variability in interest rates on the Pass Through Certificates\\. The swap agreements were accounted for as cash flow hedges, and resulted in a payment by the Company of   $20 million  upon issuance of the Pass Through Certificates\\. The effective portion of the hedge is being amortized to interest expense concurrent with the amortization of the debt and is reflected in the above table as a reduction in the debt balance\\. The ineffectiveness of the hedge transaction was immaterial\\.\n\nOn  February 28, 1997 , the Company issued   $100 million  of senior unsecured   7\\.375 percent  debentures due  March 1, 2027 \\. Interest is payable semi\\-annually on  March 1 and September 1 \\. The debentures may be redeemed, at the option of the Company, in whole at any time or in part from time to time, at a redemption price equal to the greater of the principal amount of the debentures plus accrued interest at the date of redemption or the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the date of redemption at the comparable  treasury rate plus   20  basis points, plus accrued interest at the date of redemption\\. \n\nThe Company is required to provide standby letters of credit to support certain obligations that arise in the ordinary course of business\\. Although the letters of credit are an off\\-balance sheet item, the majority of the obligations to which they relate are reflected as liabilities in the Consolidated Balance Sheet\\. Outstanding letters of credit totaled   $148 million  at  December 31, 2019 \\.\n\nThe Company has access to a   $1\\.0 billion  unsecured revolving credit facility expiring in  August 2022 \\. The revolving credit agreement has an accordion feature that would allow the Company, subject to, among other things, the procurement of incremental commitments, to increase the size of the facility to   $1\\.5 billion \\. Interest on the facility is based on the Company's credit ratings at the time of borrowing\\. At the Company's current ratings, the interest cost would be LIBOR plus a spread of   100\\.0  basis points\\. The facility contains a financial covenant requiring a minimum coverage ratio of adjusted pre\\-tax income to fixed obligations, as defined\\. As of  December 31, 2019 , the Company was in compliance with this covenant and there were   no  amounts outstanding under the revolving credit facility\\.\n\nThe net book value of the assets pledged as collateral for the Company\u2019s secured borrowings, primarily aircraft, was   $990 million  at  December 31, 2019 \\. In addition, the Company has pledged a total of up to   12  of its Boeing 737\\-700 and   37  of its Boeing 737\\-800 aircraft at a net book value of   $1\\.2 billion , in the case that it has obligations related to its fuel derivative instruments with counterparties that exceed certain thresholds\\. See  Note 10  for further information on these collateral arrangements\\.\n\nAs of  December 31, 2019 , aggregate annual principal maturities of debt and finance leases (not including amounts associated with interest rate swap agreements, interest on finance leases, and amortization of purchase accounting adjustments) for the five\\-year period ending December 31, 2024, and thereafter, were   $819 million  in 2020,   $170 million  in 2021,   $475 million  in 2022,   $103 million  in 2023,   $103 million  in 2024, and   $990 million  thereafter\\.\n\n7 \\. LEASES\n\nThe Company enters into leases for aircraft, property, and other types of equipment in the normal course of business\\. The accounting for these leases follows the requirements of the New Lease Standard, which the Company adopted as of January 1, 2019\\. See Note  2  for further information\\. \n\n86"}
{"_id": "AmericanAirlines-2017_45.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Ensure Long\\-Term Financial Strength*\n\nWe are focused on capturing efficiencies created by our merger, delivering on our earnings potential and creating value for our stockholders\\. During 2017, we:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Returned $1\\.7 billion to our stockholders ,  including quarterly dividend payments of $198 million and the repurchase of $1\\.6 billion of common stock, or 33\\.9 million shares\\. Since our capital return program commenced in mid\\-2014, we have returned $11\\.4 billion to stockholders, including $835 million in quarterly dividend payments and $10\\.6 billion in share repurchases, or 262\\.3 million shares\\. In January 2018, we announced that our Board of Directors declared a $0\\.10 per share dividend for stockholders of record on February 6, 2018, and payable on February 20, 2018\\. |\n\n\n\n\n\n|   |                                                                                                                                   |\n| - | --------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Completed several transactions that provided efficient financing\\. See discussion within \u201cLiquidity\u201d below for more information\\. |\n\n\n\n\n\n|   |                                                                                                                                       |\n| - | ------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Announced revenue and cost initiatives to improve the customer experience, drive revenue improvements and deliver cost efficiencies\\. |\n\n\n\n*Think Forward, Lead Forward*\n\nWe are committed to re\\-establishing ourselves as an industry leader by creating an action\\-oriented culture that moves quickly to bring products to market, embraces technological change and quickly seizes upon new opportunities for our network and our product\\. During 2017, we:\n\n\n\n|   |                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------- |\n| \u2022 | Acquired 2\\.7% of the outstanding shares of China Southern Airlines, the largest airline in China \\. |\n\n\n\n\n\n|   |                                                                                                                                        |\n| - | -------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Executed a new Trans\\-Atlantic joint business agreement that extends the term of our prior Trans\\-Atlantic joint business agreement \\. |\n\n\n\n\n\n|   |                                                                                                                                                                                              |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Announced a commitment for more than $1\\.6 billion for improvements of LAX Terminals 4 and 5, setting the stage for us to receive additional gate space and strengthen our Pacific gateway\\. |\n\n\n\n\n\n|   |                                                                                           |\n| - | ----------------------------------------------------------------------------------------- |\n| \u2022 | Built a five\\-gate expansion at ORD Terminal 3, which is expected to open in April 2018\\. |\n\n\n\n**2017 Financial Overview**\n\n*The U\\.S\\. Airline Industry*\n\nThe industry remained profitable in 2017\\. Despite an improving economy and strong demand environment, year\\-over\\-year revenue results by carrier were varied\\. This was in part due to competitive pricing actions and the effects of competitive capacity growth in certain markets, as well as the three major hurricanes that negatively impacted commercial flights in Texas, Florida, the Caribbean islands and Puerto Rico\\. With respect to fuel costs, the price of Brent crude oil per barrel, which jet fuel prices tend to follow, was on average approximately 23%higher in 2017 as compared to 2016\\. The average daily spot price for Brent crude oil during 2017 was $54 per barrel as compared to an average daily spot price of $44 per barrel during 2016\\. On a daily basis, Brent crude oil prices fluctuated during 2017 between a high of $67 per barrel to a low of $44 per barrel, and closed the year on December 31, 2017 at $67 per barrel\\. Brent crude oil prices were higher in 2017 due principally to reductions of global inventories driven by strong demand and continued production restraint\\. Jet fuel prices during 2017 were also impacted by hurricane disruptions and increased refinery costs\\.\n\nSee Part I, Item 1A\\. Risk Factors \u2013 *\u201cDownturns in economic conditions could adversely affect our business,\u201d**\u201cOur business is very dependent on the price and availability of aircraft fuel\\. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on our operating results and liquidity\u201d* and *\u201cOur business has been and will continue to be affected by many changing economic and other conditions beyond our control, including global events that affect travel behavior, and our results of operations could be volatile and fluctuate due to seasonality\\.\u201d*\n\n46"}
{"_id": "AmericanAirlines-2019_162.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nPART IV\n\nITEM 15\\. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES\n\nConsolidated Financial Statements\n\nThe following consolidated financial statements of American Airlines Group Inc\\. and Independent Auditors\u2019 Report are filed as part of this report:\n\n\n\n|                                                                                                                                                                                                       |                                                                                               |\n| ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------- |\n|                                                                                                                                                                                                       | **Page**                                                                                      |\n| [Report of Independent Registered Public Accounting Firm](https://americanairlines.gcs-web.com/email-alerts#sFBAF70E840725CAA8BB53D94506D1677)                                                        | <br>[70](https://americanairlines.gcs-web.com/email-alerts#sFBAF70E840725CAA8BB53D94506D1677) |\n| [Consolidated Statements of Operations for the Years Ended December 31, 2019, 2018 and 2017](https://americanairlines.gcs-web.com/email-alerts#sDC79B337356B5D478F1B445F8AFD3EE6)                     | <br>[72](https://americanairlines.gcs-web.com/email-alerts#sDC79B337356B5D478F1B445F8AFD3EE6) |\n| [Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2019, 2018 and 2017](https://americanairlines.gcs-web.com/email-alerts#s20F71A5FBFF55C218B7B832D173E656D)           | <br>[73](https://americanairlines.gcs-web.com/email-alerts#s20F71A5FBFF55C218B7B832D173E656D) |\n| [Consolidated Balance Sheets at December 31, 2019 and 2018](https://americanairlines.gcs-web.com/email-alerts#s114AEF2992435285B352927F35BBB4E6)                                                      | <br>[74](https://americanairlines.gcs-web.com/email-alerts#s114AEF2992435285B352927F35BBB4E6) |\n| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2019, 2018 and 2017](https://americanairlines.gcs-web.com/email-alerts#sC108AFF930EA52F5B22FDF51C9DF4D73)                     | <br>[75](https://americanairlines.gcs-web.com/email-alerts#sC108AFF930EA52F5B22FDF51C9DF4D73) |\n| [Consolidated Statements of Stockholders\u2019 Equity (Deficit) for the Years Ended December 31, 2019, 2018 and 2017](https://americanairlines.gcs-web.com/email-alerts#s83D77C2381DA5561A975DCB156EFDBFC) | <br>[76](https://americanairlines.gcs-web.com/email-alerts#s83D77C2381DA5561A975DCB156EFDBFC) |\n| [Notes to Consolidated Financial Statements](https://americanairlines.gcs-web.com/email-alerts#s41217F693E2559FBAD1A441297EE0E67)                                                                     | <br>[77](https://americanairlines.gcs-web.com/email-alerts#s41217F693E2559FBAD1A441297EE0E67) |\n\n\n\nThe following consolidated financial statements of American Airlines, Inc\\. and Independent Auditors\u2019 Report are filed as part of this report:\n\n\n\n|                                                                                                                                                                                             |                                                                                                |\n| ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- |\n|                                                                                                                                                                                             | **Page**                                                                                       |\n| [Report of Independent Registered Public Accounting Firm](https://americanairlines.gcs-web.com/email-alerts#sF654EA2EA5E05489A53C095E0EB97B61)                                              | <br>[115](https://americanairlines.gcs-web.com/email-alerts#sF654EA2EA5E05489A53C095E0EB97B61) |\n| [Consolidated Statements of Operations for the Years Ended December 31, 2019, 2018 and 2017](https://americanairlines.gcs-web.com/email-alerts#s7A65E6895EA25503A7FB7E14AA2D15F1)           | <br>[117](https://americanairlines.gcs-web.com/email-alerts#s7A65E6895EA25503A7FB7E14AA2D15F1) |\n| [Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2019, 2018 and 2017](https://americanairlines.gcs-web.com/email-alerts#sD606CCBC20CC59EC91842F5152DA3E1F) | <br>[118](https://americanairlines.gcs-web.com/email-alerts#sD606CCBC20CC59EC91842F5152DA3E1F) |\n| [Consolidated Balance Sheets at December 31, 2019 and 2018](https://americanairlines.gcs-web.com/email-alerts#sB0CCBAB126A355179E615B580D36134E)                                            | <br>[119](https://americanairlines.gcs-web.com/email-alerts#sB0CCBAB126A355179E615B580D36134E) |\n| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2019, 2018 and 2017](https://americanairlines.gcs-web.com/email-alerts#s90C6E9677CF25645A4612D9EB5DC79E4)           | <br>[120](https://americanairlines.gcs-web.com/email-alerts#s90C6E9677CF25645A4612D9EB5DC79E4) |\n| [Consolidated Statements of Stockholder\u2019s Equity for the Years Ended December 31, 2019, 2018 and 2017](https://americanairlines.gcs-web.com/email-alerts#sEA99E913CAA75BA88C9AF005A229EE75) | <br>[121](https://americanairlines.gcs-web.com/email-alerts#sEA99E913CAA75BA88C9AF005A229EE75) |\n| [Notes to Consolidated Financial Statements](https://americanairlines.gcs-web.com/email-alerts#s945D66BC357E5A17B30C1A461148EE92)                                                           | <br>[122](https://americanairlines.gcs-web.com/email-alerts#s945D66BC357E5A17B30C1A461148EE92) |\n\n\n\nSchedules not included have been omitted because they are not applicable or because the required information is included in the Consolidated Financial Statements or notes thereto\\.\n\n163"}
{"_id": "Southwest-2018_76.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nrespectively\\. Computer software depreciation expense was $155 million, $168 million, and $111 million for the years ended December 31, 2018, 2017, and 2016, respectively, and is included as a component of Depreciation and amortization expense in the accompanying Consolidated Statement of Income\\. The Company evaluates internal use software for impairment on a quarterly basis; if it is determined the value of an asset was not recoverable or it qualifies for impairment, a charge will be recorded to write down the software to the lower of its carrying value or fair value\\. The Company had no significant impairments during 2018, 2017, or 2016\\.\n\n***Income Taxes***\n\nThe Company accounts for deferred income taxes utilizing an asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effect of temporary differences between the financial statements and the tax basis of assets and liabilities, as measured by current enacted tax rates\\. The Company also evaluates the need for a valuation allowance to reduce deferred tax assets to estimated recoverable amounts\\. \n\nThe Company\u2019s policy for recording interest and penalties associated with uncertain tax positions is to record such items as a component of income before income taxes\\. Penalties are recorded in Other (gains) losses, net, and interest paid or received is recorded in Interest expense or Interest income, respectively, in the accompanying Consolidated Statement of Income\\. There were no material amounts recorded for penalties and interest related to uncertain tax positions for all years presented\\. See Note 14 for further information\\.\n\n***Concentration Risk***\n\nApproximately 83 percent of the Company\u2019s full\\-time equivalent Employees are unionized and are covered by collective\\-bargaining agreements\\. A percentage of the Company's unionized Employees, including its Flight Attendants, Customer Service Agents, Mechanics, Flight Simulator Technicians, and Material Specialists, are in discussions on labor agreements\\. Those unionized Employee groups in discussions represent approximately 43 percent of the Company\u2019s full\\-time equivalent Employees as of December 31, 2018\\. \n\nThe Company attempts to minimize its concentration risk with regards to its cash, cash equivalents, and its investment portfolio\\. This is accomplished by diversifying and limiting amounts among different counterparties, the type of investment, and the amount invested in any individual security or money market fund\\.\n\nTo manage risk associated with financial derivative instruments held, the Company selects and will periodically review counterparties based on credit ratings, limits its exposure to a single counterparty, and monitors the market position of the program and its relative market position with each counterparty\\. The Company also has agreements with counterparties containing early termination rights and/or bilateral collateral provisions whereby security is required if market risk exposure exceeds a specified threshold amount or credit ratings fall below certain levels\\. Collateral deposits provided to or held from counterparties serve to decrease, but not totally eliminate, the credit risk associated with the Company\u2019s hedging program\\. See Note 10 for further information\\.\n\nAs of December 31, 2018, the Company operated an all\\-Boeing fleet, all of which are variations of the Boeing 737\\. If the Company were unable to acquire additional aircraft or associated aircraft parts from Boeing, or Boeing were unable or unwilling to make timely deliveries of aircraft or associated parts, or to provide adequate support for its products, the Company\u2019s operations would be materially adversely impacted\\. In addition, the Company would be materially adversely impacted in the event of a mechanical or regulatory issue associated with the Boeing 737 aircraft type, whether as a result of downtime for part or all of the Company\u2019s fleet, increased maintenance costs, or because of a negative perception by the flying public\\. The Company is also dependent on sole or limited suppliers for aircraft engines and certain other aircraft parts and services and would, therefore, also be materially adversely impacted in the event of the unavailability of, inadequate support for, or a mechanical or regulatory issue associated with, engines and other parts\\.\n\n77"}
{"_id": "AmericanAirlines-2018_91.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n\n\n|                     |      |\n| ------------------- | ---- |\n| 2019                | $41  |\n| 2020                | 41   |\n| 2021                | 41   |\n| 2022                | 41   |\n| 2023                | 7    |\n| 2024 and thereafter | 108  |\n| Total               | $279 |\n\n\n\n*Indefinite\\-Lived Intangible Assets*\n\nIndefinite\\-lived intangible assets include certain domestic airport slots at our hubs and international slots and route authorities\\. Indefinite\\-lived intangible assets are not amortized but instead are assessed for impairment annually on October 1^st^ or more frequently if events or circumstances indicate that the asset may be impaired\\. For both periods as of December 31, 2018 and 2017, we had $1\\.9 billion of indefinite\\-lived intangible assets on our consolidated balance sheets\\.\n\nIn the second quarter of 2018, we recorded a $26 million impairment charge on a Brazil route authority as a result of the U\\.S\\.\\-Brazil open skies agreement, which is included within special items, net on our consolidated statement of operations\\.\n\nIndefinite\\-lived intangible assets are assessed for impairment by initially performing a qualitative assessment to determine whether we believe it is more likely than not that an asset has been impaired\\. If we believe impairment has occurred, we then evaluate for impairment by comparing the estimated fair value of assets to the carrying value\\. An impairment charge is recognized if the asset\u2019s estimated fair value is less than its carrying value\\. Based upon our annual assessment, there were no additional indefinite\\-lived intangible asset impairments in 2018 other than the Brazil route authority described above\\.\n\n***(k) Revenue Recognition***\n\n*Revenue*\n\nEffective January 1, 2018, we adopted the New Revenue Standard using the full retrospective method, which resulted in the recast of prior reporting periods\\. Refer to \u201c*Recent Accounting Pronouncements\u201d* in Note 1(b) for the effects of the adoption on our consolidated statements of operations for the years ended December 31, 2017 and 2016 and on our consolidated balance sheet as of December 31, 2017\\.Under the New Revenue Standard, revenue is recognized upon the transfer of control of promised products or services to our customers in an amount that reflects the consideration we expect to receive in exchange for those products or services\\.\n\nThe following are the significant categories comprising our reported operating revenues (in millions):\n\n\n\n|                                       |          |          |          |\n| ------------------------------------- | -------- | -------- | -------- |\n|                                       | **2018** | **2017** | **2016** |\n| Passenger revenue:                    |          |          |          |\n| Passenger travel                      | $37,457  | $36,152  | $34,278  |\n| Loyalty revenue \\- travel  ^(1)^      | 3,219    | 2,979    | 2,767    |\n| Total passenger revenue               | 40,676   | 39,131   | 37,045   |\n| Cargo                                 | 1,013    | 890      | 785      |\n| Other:                                |          |          |          |\n| Loyalty revenue \\- marketing services | 2,352    | 2,124    | 1,872    |\n| Other revenue                         | 500      | 477      | 440      |\n| Total other revenue                   | 2,852    | 2,601    | 2,312    |\n| Total operating revenues              | $44,541  | $42,622  | $40,142  |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Loyalty revenue included in passenger revenue is principally comprised of mileage credit redemptions earned through travel and mileage credits sold to co\\-branded credit card and other partners\\. See \u201c *Loyalty Revenue* \u201d below for further discussion on these mileage credits\\. |\n\n\n\n92"}
{"_id": "Southwest-2019_77.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n3 \\. NET INCOME PER SHARE\n\nThe following table sets forth the computation of basic and diluted net income per share (in millions except per share amounts):\n\n\n\n|                                                        |                             |                             |                             |\n| ------------------------------------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                                                        | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |\n|                                                        | **2019**                    | **2018**                    | **2017**                    |\n| **NUMERATOR:**                                         |                             |                             |                             |\n| Net income                                             | $2,300                      | $2,465                      | $3,357                      |\n| **DENOMINATOR:**                                       |                             |                             |                             |\n| Weighted\\-average shares outstanding, basic            | 538                         | 573                         | 601                         |\n| Dilutive effect of restricted stock units              | 1                           | 1                           | 2                           |\n| Adjusted weighted\\-average shares outstanding, diluted | 539                         | 574                         | 603                         |\n| **NET INCOME PER SHARE:**                              |                             |                             |                             |\n| Basic                                                  | $4\\.28                      | $4\\.30                      | $5\\.58                      |\n| Diluted                                                | $4\\.27                      | $4\\.29                      | $5\\.57                      |\n\n\n\n78"}
{"_id": "Southwest-2019_110.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| ------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|                                            | ***Southwest Rapid Rewards loyalty program spoilage***<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| *Description of the Matter*                | As explained in Notes 1 and 5 to the consolidated financial statements, the Company recognizes revenue associated with award flights taken by Southwest Rapid Rewards loyalty program members upon the redemption of loyalty points\\. The Company estimates the portion of loyalty points that will not be redeemed (spoilage) in estimating the revenue to recognize each period\\. The Company uses a predictive statistical model that considers the member\u2019s past behavior, as well as several other factors related to the member\u2019s account that management believes are expected to be indicative of the likelihood of future point redemption, to estimate the amount of spoilage\\. These factors include, but are not limited to, tenure with the program, points accrued in the program, and points redeemed in the program\\. <br><br>Auditing the Company\u2019s estimate of spoilage for loyalty points requires significant judgment due to the complexity of the predictive statistical model and the subjectivity related to the assumptions that are used by management to estimate the likelihood of a member\u2019s future point redemption\\. Additionally, due to the magnitude of the Company\u2019s liability for loyalty benefits, changes in customer behavior and/or expected future redemption patterns could result in significant variations in the amount of passenger revenue recognized\\.<br><br>  <br> |\n| *How We Addressed the Matter in Our Audit* | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over management\u2019s determination of the spoilage estimate, including the statistical model, significant underlying assumptions selected by management and the data inputs used in the statistical model\\.<br><br>To test the Company\u2019s use of the predictive statistical model, among other procedures, we involved our internal specialists to assist in our evaluation of the Company\u2019s methodology and the predictive factors described above\\. Our internal specialists also performed corroborative calculations of the resulting estimated spoilage rates\\. Additionally, we tested the completeness and accuracy of the data used in the predictive statistical model\\.<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n|                                            | ***Valuation of financial derivative instruments***<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| *Description of the Matter*                | As explained in Notes 1, 10, and 11 to the financial statements, the Company\u2019s fuel derivative instruments consist of over\\-the\\-counter contracts, which are not traded on a public exchange and require the Company to estimate their fair values\\. The fair value of fuel derivative option contracts are determined using option pricing models with inputs about commodity prices, strike prices, risk\\-free interest rates, term to expiration, and volatility\\. Because certain inputs used to determine the fair value of option contracts are unobservable (principally implied volatility), the Company has categorized these option contracts as Level 3 fair value measures\\. The Company analyzes volatility information for reasonableness and compares it to similar information received from external sources\\. The fair value of the option contracts considers both the intrinsic value and any remaining time value associated with the derivatives that have not settled\\. Auditing the fair value measurement of fuel option contracts is complex and requires significant judgment in order to evaluate the application of the option pricing model and evaluating the unobservable input of implied volatility used in the fair value measurement of the Company\u2019s fuel option contracts\\.<br><br>  <br>                                                                                     |\n| *How We Addressed the Matter in Our Audit* | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company\u2019s process to calculate the fair value of fuel option derivative contracts, including controls that related to the volatility input\\. <br><br>Among other procedures, we involved internal valuation specialists to assist in the testing of the significant inputs in the option pricing model by comparing the market data inputs, including volatility, to external sources\\. With the support of our specialists, we also tested the application of and the computational accuracy of the option pricing model by performing independent corroborative calculations\\. Additionally, we compared the Company\u2019s fuel option contract valuations to the counterparty valuations, which were independently obtained as part of our audit procedures\\.<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n\n\n\n/s/ Ernst & Young LLP\n\nWe have served as the Company\u2019s auditor since 1971\\.\n\nDallas, Texas\n\nFebruary 3, 2020 \n\n111"}
{"_id": "Delta-2019_44.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nWe account for marketing agreements, including those with American Express, by allocating the consideration received to the individual products and services delivered\\. We allocate the value based on the relative selling prices of those products and services, which generally consist of award travel, priority boarding, baggage fee waivers, lounge access and the use of our brand\\. We determine our best estimate of the selling prices by using a discounted cash flow analysis using multiple inputs and assumptions, including: (1) the expected number of miles awarded and number of miles redeemed, (2) ETV for the award travel obligation adjusted for breakage, (3) published rates on our website for baggage fees, discounted access to Delta Sky Club lounges and other benefits while traveling on Delta, (4) brand value (using estimated royalties generated from the use of our brand) and (5) volume discounts provided to certain partners\\.\n\nEffective January 1, 2019, we amended our co\\-brand agreement with American Express, and we also amended other agreements with American Express during the current year\\. The new agreements increase the value we receive and extend the terms to 2029\\. The products and services delivered are consistent with previous agreements, and we continue to allocate the consideration received based on the relative selling prices of those products and services\\.\n\nWe defer the amount for award travel obligation as part of loyalty program deferred revenue and recognize loyalty travel awards in passenger revenue as the miles are used for travel\\. Revenue allocated to services performed in conjunction with a passenger\u2019s flight, such as baggage fee waivers, is recognized as travel\\-related services in passenger revenue when the related service is performed\\. Revenue allocated to access Delta Sky Club lounges is recognized as miscellaneous in other revenue as access is provided\\. Revenue allocated to the remaining performance obligations, primarily brand value, is recorded as loyalty program in other revenue as miles are delivered\\. \n\nGoodwill and Indefinite\\-Lived Intangible Assets\n\n We apply a fair value\\-based impairment test to the carrying value of goodwill and indefinite\\-lived intangible assets on an annual basis (as of October 1) and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis\\. We assess the value of our goodwill and indefinite\\-lived assets under either a qualitative or quantitative approach\\. Under a qualitative approach, we consider various market factors, including certain of the key assumptions listed below\\. We analyze these factors to determine if events and circumstances have affected the fair value of goodwill and indefinite\\-lived intangible assets\\. If we determine that it is more likely than not that the asset may be impaired, we use the quantitative approach to assess the asset's fair value and the amount of the impairment\\. Under a quantitative approach, we calculate the fair value of the asset incorporating the key assumptions listed below into our calculation\\.\n\nWhen we evaluate goodwill for impairment using a quantitative approach, we estimate the fair value of the reporting unit by considering both comparable public company multiples (a market approach) and projected discounted future cash flows (an income approach)\\. When we perform a quantitative impairment assessment of our indefinite\\-lived intangible assets, fair value is estimated based on (1) recent market transactions, where available, (2) the royalty method for the Delta tradename (which assumes hypothetical royalties generated from using our tradename) or (3) projected discounted future cash flows (an income approach)\\. \n\nKey Assumptions\\.  The key assumptions in our impairment tests include: (1) forecasted revenues, expenses and cash flows, (2) terminal period revenue growth and cash flows, (3) an estimated weighted average cost of capital, (4) assumed discount rates depending on the asset and (5) a tax rate\\. These assumptions are consistent with those that hypothetical market participants would use\\. Because we are required to make estimates and assumptions when evaluating goodwill and indefinite\\-lived intangible assets for impairment, actual transaction amounts may differ materially from these estimates\\. In addition, when performing a qualitative valuation, we consider the amount by which the intangible assets' fair values exceeded their respective carrying values in the most recent fair value measurements calculated using a quantitative approach\\.\n\nChanges in certain events and circumstances could result in impairment or a change from indefinite\\-lived to definite\\-lived\\. Factors which could cause impairment include, but are not limited to, (1) negative trends in our market capitalization, (2) reduced profitability resulting from lower passenger mile yields or higher input costs (primarily related to fuel and employees), (3) lower passenger demand as a result of weakened U\\.S\\. and global economies, (4) interruption to our operations due to a prolonged employee strike, terrorist attack or other reasons, (5) changes to the regulatory environment (e\\.g\\., diminished slot access or additional Open Skies agreements), (6) competitive changes by other airlines and (7) strategic changes to our operations leading to diminished utilization of the intangible assets\\. \n\nWe assessed each of the above assumptions in our most recent impairment analyses\\. The combination of our most recently completed annual results and our projected revenues, expenses and cash flows more than offset any negative events and circumstances\\. \n\n42"}
{"_id": "United-2019_11.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nto pay upon settlement if fuel prices decline significantly, such hedge contracts may limit the Company's ability to benefit fully from lower fuel prices in the future\\. If fuel prices decline significantly from the levels existing at the time the Company enters into a hedge contract, the Company may be required to post collateral (margin) beyond certain thresholds\\. There can be no assurance that the Company's hedging arrangements, if any, will provide any particular level of protection against rises in fuel prices or that its counterparties will be able to perform under the Company's hedging arrangements\\. Additionally, deterioration in the Company's financial condition could negatively affect its ability to enter into new hedge contracts in the future\\.\n\nThe Company relies heavily on technology and automated systems to operate its business and any significant failure or disruption of the technology or these systems could materially harm its business\\.\n\nThe Company depends on automated systems and technology to operate its business, including, but not limited to, computerized airline reservation systems, demand prediction software, flight operations systems, revenue management systems, accounting systems, technical and business operations systems, telecommunication systems and commercial websites and applications, including www\\.united\\.com and the United Airlines app\\. United's website and other automated systems must be able to accommodate a high volume of traffic, maintain secure information and deliver important flight and schedule information, as well as process critical financial transactions\\. These systems could suffer substantial or repeated disruptions due to various events, some of which are beyond the Company's control, including natural disasters, power failures, terrorist attacks, equipment or software failures or cyber security attacks\\. We have initiatives in place to prevent disruptions and disaster recovery plans, and we continue to invest in improvements to these initiatives and plans; however, these measures may not be adequate to prevent or mitigate disruptions\\. Substantial or repeated systems failures or disruptions, including failures or disruptions related to the Company's complex integration of systems, could reduce the attractiveness of the Company's services versus those of its competitors, materially impair its ability to market its services and operate its flights, result in the unauthorized release of confidential or otherwise protected information, result in increased costs, lost revenue and the loss or compromise of important data, and may adversely affect the Company's business, operating results and financial condition\\. \n\nThe Company's business relies extensively on third\\-party service providers, including certain technology providers\\. Failure of these parties to perform as expected, or interruptions in the Company's relationships with these providers or their provision of services to the Company, could have a material adverse effect on the Company's business, operating results and financial condition\\.\n\nThe Company has engaged third\\-party service providers to perform a large number of functions that are integral to its business, including regional operations, operation of customer service call centers, distribution and sale of airline seat inventory, provision of information technology infrastructure and services, transmitting or uploading of data, provision of aircraft maintenance and repairs, provision of various utilities, performance of aircraft fueling operations and catering services, among other vital functions and services\\. The Company does not directly control these third\\-party service providers, although generally it does enter into agreements that define expected service performance and compliance requirements, such as compliance with legal requirements, including anti\\-corruption laws; however, there can be no assurance that our third\\-party service providers will adhere to these requirements\\. \n\nAny of these third\\-party service providers, however, may materially fail to meet its service performance commitments to the Company or may suffer disruptions to its systems that could impact its services\\. For example, failures in certain third\\-party technology or communications systems may cause flight delays or cancellations\\. The failure of any of the Company's third\\-party service providers to perform its service obligations adequately, or other interruptions of services, may reduce the Company's revenues and increase its expenses, prevent the Company from operating its flights and providing other services to its customers or result in adverse publicity or harm to our brand\\. We may also be subject to consequences from any illegal conduct of our third\\-party service providers, including for their failure to comply with anti\\-corruption laws, such as the U\\.S\\. Foreign Corrupt Practices Act\\. In addition, the Company's business and financial performance could be materially harmed if its customers believe that its services are unreliable or unsatisfactory\\. \n\nThe Company may also have disagreements with such providers or such contracts may be terminated or may not be extended or renewed\\. For example, the number of flight reservations booked through third\\-party GDSs or online travel agents (\"OTAs\") may be adversely affected by disruptions in the business relationships between the Company and these suppliers\\. Such disruptions, including a failure to agree upon acceptable contract terms when contracts expire or otherwise become subject to renegotiation, may cause the Company's flight information to be limited or unavailable for display by the affected GDS or OTA operator, significantly increase fees for both the Company and GDS/OTA users and impair the Company's relationships with its customers and travel agencies\\. Any such disruptions or contract terminations may adversely impact our operations and financial results\\. \n\nIf we are not able to negotiate or renew agreements with third\\-party service providers, or if we renew existing agreements on less favorable terms, our operations and financial results may be adversely affected\\.\n\n12"}
{"_id": "AmericanAirlines-2018_3.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**General**\n\nThis report is filed by American Airlines Group Inc\\. (AAG) and its wholly\\-owned subsidiary American Airlines, Inc\\. (American)\\. References in this Annual Report on Form 10\\-K to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d and similar terms refer to AAG and its consolidated subsidiaries\\. \u201cAMR\u201d or \u201cAMR Corporation\u201d refers to the Company during the period of time prior to its emergence from Chapter 11 and its acquisition of US Airways Group, Inc\\. (US Airways Group) on December 9, 2013 (the Merger)\\. References to US Airways Group and US Airways, Inc\\., a subsidiary of US Airways Group (US Airways), represent the entities during the period of time prior to the dissolution of those entities in connection with AAG\u2019s internal corporate restructuring on December 30, 2015\\. References in this report to \u201cmainline\u201d refer to the operations of American only and exclude regional operations\\.\n\n**Note Concerning Forward\\-Looking Statements**\n\nCertain of the statements contained in this report should be considered forward\\-looking statements within the meaning of the Securities Act of 1933, as amended (the Securities Act), the Securities Exchange Act of 1934, as amended (the Exchange Act), and the Private Securities Litigation Reform Act of 1995\\. These forward\\-looking statements may be identified by words such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201ccontinue,\u201d \u201cseek,\u201d \u201ctarget,\u201d \u201cguidance,\u201d \u201coutlook,\u201d \u201cif current trends continue,\u201d \u201coptimistic,\u201d \u201cforecast\u201d and other similar words\\. Such statements include, but are not limited to, statements about our plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts\\. These forward\\-looking statements are based on our current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward\\-looking statements\\. These risks and uncertainties include, but are not limited to, those described below under Part I, Item 1A\\. Risk Factors, Part II, Item 7\\. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and other risks and uncertainties listed from time to time in our filings with the Securities and Exchange Commission (the SEC)\\.\n\nAll of the forward\\-looking statements are qualified in their entirety by reference to the factors discussed in Part I, Item 1A\\. Risk Factors and elsewhere in this report\\. There may be other factors of which we are not currently aware that may affect matters discussed in the forward\\-looking statements and may also cause actual results to differ materially from those discussed\\. We do not assume any obligation to publicly update or supplement any forward\\-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting such statements other than as required by law\\. Forward\\-looking statements speak only as of the date of this report or as of the dates indicated in the statements\\.\n\n4"}
{"_id": "United-2019_37.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|               |                                                                  |\n| ------------- | ---------------------------------------------------------------- |\n| **ITEM 7A\\.** | **QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK\\.** |\n\n\n\nInterest Rates\\.  Our net income is affected by fluctuations in interest rates (e\\.g\\. interest expense on variable rate debt and interest income earned on short\\-term investments)\\. The Company's policy is to manage interest rate risk through a combination of fixed and variable rate debt\\. The following table summarizes information related to the Company's interest rate market risk at December 31 (in millions):\n\n\n\n|                                                                                         |          |          |\n| --------------------------------------------------------------------------------------- | -------- | -------- |\n|                                                                                         | **2019** | **2018** |\n| **Variable rate debt**                                                                  |          |          |\n| Carrying value of variable rate debt at December 31                                     | $3,408   | $3,500   |\n| Impact of 100 basis point increase on projected interest expense for the following year | 33       | 35       |\n| **Fixed rate debt**                                                                     |          |          |\n| Carrying value of fixed rate debt at December 31                                        | 11,144   | 9,945    |\n| Fair value of fixed rate debt at December 31                                            | 11,736   | 9,901    |\n| Impact of 100 basis point increase in market rates on fair value                        | (458)    | (378)    |\n\n\n\nAs announced in July 2017, LIBOR is expected to be phased out by the end of 2021\\. Uncertainty as to the nature of alternative reference rates and as to potential changes or other reforms to LIBOR may adversely impact our interest rates and related interest expense\\. As of December 31, 2019, the Company had  $3\\.4 billion  in variable rate indebtedness\\. See Part II, Item 7\\. Management's Discussion and Analysis of Financial Condition and Results of Operations\u2014Other Liquidity Matters, of this report, for more information on interest expense\\. \n\nA change in market interest rates would also impact interest income earned on our cash, cash equivalents and short\\-term investments\\. Assuming our cash, cash equivalents and short\\-term investments remain at their average  2019  levels, a 100 basis point increase in interest rates would result in a corresponding increase in the Company's interest income of approximately $47 million during  2020 \\. \n\nCommodity Price Risk (Aircraft Fuel)\\.  The price of aircraft fuel can significantly affect the Company's operations, results of operations, financial position and liquidity\\.\n\nOur operational and financial results can be significantly impacted by changes in the price and availability of aircraft fuel\\. To provide adequate supplies of fuel, the Company routinely enters into purchase contracts that are customarily indexed to market prices for aircraft fuel, and the Company generally has some ability to cover short\\-term fuel supply and infrastructure disruptions at some major demand locations\\. The Company's current strategy is to not enter into transactions to hedge fuel price volatility, although the Company regularly reviews its policy based on market conditions and other factors\\. The Company's  2020  forecasted fuel consumption is presently approximately 4\\.5 billion gallons, and based on this forecast, a one\\-dollar change in the price of a barrel of crude oil would change the Company's annual fuel expense by approximately $108 million\\.\n\nForeign Currency\\.  The Company generates revenues and incurs expenses in numerous foreign currencies\\. Changes in foreign currency exchange rates impact the Company's results of operations through changes in the dollar value of foreign currency\\-denominated operating revenues and expenses\\. Some of the Company's more significant foreign currency exposures include the Canadian dollar, Chinese renminbi, European euro, British pound and Japanese yen\\. The Company's current strategy is to not enter into transactions to hedge its foreign currency sales, although the Company regularly reviews its policy based on market conditions and other factors\\.\n\nThe result of a uniform 1% strengthening in the value of the U\\.S\\. dollar from  December 31, 2019  levels relative to each of the currencies in which the Company has foreign currency exposure would result in a decrease in pre\\-tax income of approximately $23 million for the year ending December 31,  2020 \\. This sensitivity analysis was prepared based upon projected  2020  foreign currency\\-denominated revenues and expenses as of  December 31, 2019 \\.\n\n38"}
{"_id": "Delta-2019_29.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nITEM 6\\. SELECTED FINANCIAL DATA\n\nThe following tables are derived from our audited Consolidated Financial Statements and present selected financial and operating data as of and for the five years ended December 31, 2019\\.\n\nWe adopted Accounting Standards Update No\\. 2014\\-09, \u201cRevenue from Contracts with Customers (Topic 606)\u201d using the full retrospective transition method in 2018 and recast results from 2016 and 2017 including interim periods therein\\. Results from 2015 have not been recast for the adoption of this standard\\.\n\nConsolidated Summary of Operations\n\n\n\n|                                   |                                   |                                   |                         |                         |                         |                         |                         |  |  |  |  |  |  |  |  |  |  |  |  |\n|:--------------------------------- |:--------------------------------- |:--------------------------------- | -----------------------:| -----------------------:| -----------------------:| -----------------------:| -----------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                   |                                   |                                   | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |\n| (in millions, except share data)  | (in millions, except share data)  | (in millions, except share data)  |                    2019 |                    2018 |                    2017 |                    2016 |                    2015 |\n| Operating revenue                 | Operating revenue                 | Operating revenue                 |                $47,007  |                $44,438  |                $41,138  |                $39,450  |                $40,704  |\n| Operating expense                 | Operating expense                 | Operating expense                 |                 40,389  |                 39,174  |                 35,172  |                 32,454  |                 32,902  |\n| Operating income                  | Operating income                  | Operating income                  |                  6,618  |                  5,264  |                  5,966  |                  6,996  |                  7,802  |\n| Non\\-operating expense, net       | Non\\-operating expense, net       | Non\\-operating expense, net       |                   (420) |                   (113) |                   (466) |                   (643) |                   (645) |\n| Income before income taxes        | Income before income taxes        | Income before income taxes        |                  6,198  |                  5,151  |                  5,500  |                  6,353  |                  7,157  |\n| Income tax provision              | Income tax provision              | Income tax provision              |                 (1,431) |                 (1,216) |                 (2,295) |                 (2,158) |                 (2,631) |\n| Net income                        | Net income                        | Net income                        |                 $4,767  |                 $3,935  |                 $3,205  |                 $4,195  |                 $4,526  |\n| Basic earnings per share          | Basic earnings per share          | Basic earnings per share          |                 $7\\.32  |                 $5\\.69  |                 $4\\.45  |                 $5\\.59  |                 $5\\.68  |\n| Diluted earnings per share        | Diluted earnings per share        | Diluted earnings per share        |                 $7\\.30  |                 $5\\.67  |                 $4\\.43  |                 $5\\.55  |                 $5\\.63  |\n| Cash dividends declared per share | Cash dividends declared per share | Cash dividends declared per share |                 $1\\.51  |                 $1\\.31  |                 $1\\.02  |                 $0\\.68  |                 $0\\.45  |\n\n\n\nSupplemental Information\n\nThe supplemental information below represents the adjustments used in our non\\-GAAP financial measures\\. See \"Item 7\\. Management's Discussion and Analysis of Financial Condition and Results of Operations\" where our non\\-GAAP financial measures are defined and reconciled\\. Amounts presented below are stated before consideration of income taxes, except for the impact of the Tax Cuts and Jobs Act\\.\n\n\n\n|                                           |                                           |                                           |                         |                         |                         |                         |                         |  |  |  |  |  |  |  |  |  |  |  |  |\n|:----------------------------------------- |:----------------------------------------- |:----------------------------------------- | -----------------------:| -----------------------:| -----------------------:| -----------------------:| -----------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                           |                                           |                                           | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |\n| (in millions)                             | (in millions)                             | (in millions)                             |                    2019 |                    2018 |                    2017 |                    2016 |                    2015 |\n| MTM adjustments and settlements on hedges | MTM adjustments and settlements on hedges | MTM adjustments and settlements on hedges |                    $14  |                   $(53) |                   $259  |                   $450  |                 $1,301  |\n| Restructuring and other                   | Restructuring and other                   | Restructuring and other                   |                      \u2014  |                      \u2014  |                      \u2014  |                      \u2014  |                    (35) |\n| Equity investment MTM adjustments         | Equity investment MTM adjustments         | Equity investment MTM adjustments         |                    (14) |                     29  |                     (8) |                    115  |                     26  |\n| MTM adjustments on investments            | MTM adjustments on investments            | MTM adjustments on investments            |                     13  |                    (14) |                      \u2014  |                      \u2014  |                      \u2014  |\n| Tax Cuts and Jobs Act                     | Tax Cuts and Jobs Act                     | Tax Cuts and Jobs Act                     |                      \u2014  |                      \u2014  |                   (394) |                      \u2014  |                      \u2014  |\n\n\n\nConsolidated Balance Sheet Data\n\nWe adopted Accounting Standards Update No\\. 2016\\-02, \"Leases (Topic 842),\" using the modified retrospective approach in 2018\\. Financial statements prior to 2018 were not recast for the adoption of this standard\\. \n\n\n\n|                                                        |                                                        |                                                        |              |              |              |              |              |  |  |  |  |  |  |  |  |  |  |  |  |\n|:------------------------------------------------------ |:------------------------------------------------------ |:------------------------------------------------------ | ------------:| ------------:| ------------:| ------------:| ------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                                        |                                                        |                                                        | December 31, | December 31, | December 31, | December 31, | December 31, |  |  |  |  |  |  |  |  |  |  |  |  |\n| (in millions)                                          | (in millions)                                          | (in millions)                                          |         2019 |         2018 |         2017 |         2016 |         2015 |\n| Total assets                                           | Total assets                                           | Total assets                                           |     $64,532  |     $60,266  |     $53,671  |     $51,850  |     $53,134  |\n| Debt and finance leases (including current maturities) | Debt and finance leases (including current maturities) | Debt and finance leases (including current maturities) |      11,160  |       9,771  |       8,834  |       7,332  |       8,329  |\n| Stockholders' equity                                   | Stockholders' equity                                   | Stockholders' equity                                   |      15,358  |      13,687  |      12,530  |      11,277  |      10,850  |\n\n\n\n27"}
{"_id": "AmericanAirlines-2018_187.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| 4\\.106                        | [Amended and Restated Intercreditor Agreement (2016\\-2), dated as of July 8, 2016, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-2AA, as Trustee of the American Airlines Pass Through Trust 2016\\-2A and as Trustee of the American Airlines Pass Through Trust 2016\\-2B, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex43.htm)      |\n| 4\\.107                        | [Amended and Restated Note Purchase Agreement, dated as of July 8, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                                                                                |\n| 4\\.108                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (included in Exhibit B to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                                                                                |\n| 4\\.109                        | [Form of First Amendment to Participation Agreement (First Amendment to Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (included in Exhibit D to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                                          |\n| 4\\.110                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (included in Exhibit C to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.111                        | [Form of First Amendment to Indenture and Security Agreement (First Amendment to Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (included in Exhibit E to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex46.htm)                                                                                                                                                                                                                                                                                                      |\n| 4\\.112                        | [Form of Pass Through Trust Certificate, Series 2016\\-2B (included in Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex42.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 4\\.113                        | [Revolving Credit Agreement (2016\\-2B), dated as of July 8, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-2B, as Borrower, and KfW IPEX Bank GmbH, as liquidity Provider (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on July 12, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516646353/d210431dex412.htm)                                                                                                                                                                                                                 |\n| 4\\.114                        | [Trust Supplement No\\. 2016\\-3AA, dated as of October 3, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex42.htm)                                                                                                                                                                                                                                                                                     |\n| 4\\.115                        | [Trust Supplement No\\. 2016\\-3A, dated as of October 3, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex43.htm)                                                                                                                                                                                                                                                                                      |\n| 4\\.116                        | [Intercreditor Agreement (2016\\-3), dated as of October 3, 2016, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-3AA and as Trustee of the American Airlines Pass Through Trust 2016\\-3A, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider and Class A Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex44.htm)                                                                                                                   |\n| 4\\.117                        | [Amended and Restated Intercreditor Agreement (2016\\-3), dated as of October 4, 2017, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-3AA, as Trustee of the American Airlines Pass Through Trust 2016\\-3A and as Trustee of the American Airlines Pass Through Trust 2016\\-3B, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider, Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on October 5, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517304687/d466899dex43.htm) |\n| 4\\.118                        | [Note Purchase Agreement, dated as of October 3, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on October 4, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516730454/d359659dex49.htm)                                                                                                                                                |\n\n\n\n188"}
{"_id": "Southwest-2018_92.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nIn fourth quarter 2004, the Company entered into four identical 13\\-year floating\\-rate financing arrangements, whereby it borrowed a total of $112 million from French banking partnerships\\. The borrowings matured and were redeemed in full on June 30, 2018, utilizing available cash on hand\\. \n\nOn February 28, 1997, the Company issued $100 million of senior unsecured 7\\.375 percent debentures due March 1, 2027\\. Interest is payable semi\\-annually on March 1 and September 1\\. The debentures may be redeemed, at the option of the Company, in whole at any time or in part from time to time, at a redemption price equal to the greater of the principal amount of the debentures plus accrued interest at the date of redemption or the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the date of redemption at the comparable treasury rate plus20 basis points, plus accrued interest at the date of redemption\\. \n\nThe Company is required to provide standby letters of credit to support certain obligations that arise in the ordinary course of business\\. Although the letters of credit are an off\\-balance sheet item, the majority of the obligations to which they relate are reflected as liabilities in the Consolidated Balance Sheet\\. Outstanding letters of credit totaled $170 million at December 31, 2018\\.\n\nThe net book value of the assets pledged as collateral for the Company\u2019s secured borrowings, primarily aircraft, was $1\\.5 billion at December 31, 2018\\. In addition, the Company has pledged a total of up to 74 of its Boeing 737\\-700 and 24 of its Boeing 737\\-800 aircraft at a net book value of $2\\.1 billion, in the case that it has obligations related to its fuel derivative instruments with counterparties that exceed certain thresholds\\. See Note 10 for further information on these collateral arrangements\\.\n\nAs of December 31, 2018, aggregate annual principal maturities of debt and capital leases (not including amounts associated with interest rate swap agreements, interest on capital leases, amortization of capital lease incentives, and amortization of purchase accounting adjustments) for the five\\-year period ending December 31, 2023, and thereafter, were $590 million in 2019, $821 million in 2020, $172 million in 2021, $477 million in 2022, $105 million in 2023, and $1\\.1 billion thereafter\\.\n\n93"}
{"_id": "AmericanAirlines-2019_95.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nThe amount of, and changes to, our uncertain tax positions were not material in any of the years presented\\. We accrue interest and penalties related to unrecognized tax benefits in interest expense and operating expense, respectively\\.\n\nThe 2017 Tax Act was enacted on December 22, 2017 and is the most comprehensive tax change in more than 30 years\\. We completed our evaluation of the 2017 Tax Act and we reflected the impact of its effects, including the impact of a lower corporate income tax rate (21% vs\\. 35%) on our deferred tax assets and liabilities and the one\\-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred\\. For the year ended December 31 2017, we recognized a special income tax provision of   $823 million  to reflect these impacts of the 2017 Tax Act\\.\n\n8\\. Risk Management\n\nOur economic prospects are heavily dependent upon two variables we cannot control: the health of the economy and the price of fuel\\.\n\nDue to the discretionary nature of business and leisure travel spending and the highly competitive nature of the airline industry, our revenues are heavily influenced by the condition of the U\\.S\\. economy and economies in other regions of the world\\. Unfavorable conditions in these broader economies have resulted, and may result in the future, in decreased passenger demand for air travel, changes in booking practices and related reactions by our competitors, all of which in turn have had, and may have in the future, a negative effect on our business\\. In addition, during challenging economic times, actions by our competitors to increase their revenues can have an adverse impact on our revenues\\.\n\nOur operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in our business\\. Aircraft fuel prices have in the past, and may in the future, experience substantial volatility\\. Because of the amount of fuel needed to operate our business, even a relatively small increase or decrease in the price of aircraft fuel can have a material effect on our operating results and liquidity\\.\n\nThese additional factors could impact our results of operations, financial performance and liquidity:\n\n(a) Credit Risk\n\nMost of our receivables relate to tickets sold to individual passengers through the use of major credit cards or to tickets sold by other airlines and used by passengers on American\\. These receivables are short\\-term, mostly settled within seven days after sale\\. Bad debt losses, which have been minimal in the past, have been considered in establishing allowances for doubtful accounts\\. We do not believe we are subject to any significant concentration of credit risk\\.\n\n(b) Interest Rate Risk\n\nWe have exposure to market risk associated with changes in interest rates related primarily to our variable\\-rate debt obligations\\. Interest rates on   $9\\.6 billion  principal amount of long\\-term debt as of  December 31, 2019  are subject to adjustment to reflect changes in floating interest rates\\. The weighted average effective interest rate on our variable\\-rate debt was   3\\.6%  at  December 31, 2019 \\. We currently do not have an interest rate hedge program to hedge our exposure to floating interest rates on our variable\\-rate debt obligations\\.\n\n(c) Foreign Currency Risk\n\nWe are exposed to the effect of foreign exchange rate fluctuations on the U\\.S\\. dollar value of foreign currency\\-denominated transactions\\. Our largest exposure comes from the British pound, Euro, Canadian dollar and various Latin American currencies, primarily the Brazilian real\\. We do not currently have a foreign currency hedge program\\.\n\n96"}
{"_id": "Delta-2018_59.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Statements of Stockholders' Equity \n\n\n\n|                                                                                                                                                                |                  |                  |                                      |                             |                                                    |                    |                        |                 |\n| -------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- | ------------------------------------ | --------------------------- | -------------------------------------------------- | ------------------ | ---------------------- | --------------- |\n|                                                                                                                                                                | **Common Stock** | **Common Stock** | **Additional  <br>Paid\\-In Capital** |  **Retained  <br>Earnings** | **Accumulated  <br>Other  <br>Comprehensive Loss** | **Treasury Stock** | **Treasury Stock**     |                 |\n| **(in millions, except per share data)**                                                                                                                       | **Shares**       | **Amount**       | **Additional  <br>Paid\\-In Capital** |  **Retained  <br>Earnings** | **Accumulated  <br>Other  <br>Comprehensive Loss** | **Shares**         | **Amount**             | **Total**       |\n| Balance at January 1, 2016                                                                                                                                     | 800              | $\u2014               | $12,936                              | $5,562                      | $<br><br>(7,275<br><br>)                           | 21                 | $<br><br>(373<br><br>) | $10,850         |\n| Net income                                                                                                                                                     | \u2014                | \u2014                | \u2014                                    | 4,195                       | \u2014                                                  | \u2014                  | \u2014                      | 4,195           |\n| Change in accounting principle                                                                                                                                 | \u2014                | \u2014                | \u2014                                    | (735<br><br>)               | \u2014                                                  | \u2014                  | \u2014                      | (735<br><br>)   |\n| Dividends declared                                                                                                                                             | \u2014                | \u2014                | \u2014                                    | (509<br><br>)               | \u2014                                                  | \u2014                  | \u2014                      | (509<br><br>)   |\n| Other comprehensive loss                                                                                                                                       | \u2014                | \u2014                | \u2014                                    | \u2014                           | (361<br><br>)                                      | \u2014                  | \u2014                      | (361<br><br>)   |\n| Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $44\\.27 ^(1)^  per share) | 2                | \u2014                | 105                                  | \u2014                           | \u2014                                                  | 1                  | (40<br><br>)           | 65              |\n| Stock options exercised                                                                                                                                        | 3                | \u2014                | 32                                   | \u2014                           | \u2014                                                  | \u2014                  | \u2014                      | 32              |\n| Treasury stock, net, contributed to our qualified defined benefit pension plans                                                                                | \u2014                | \u2014                | 204                                  | \u2014                           | \u2014                                                  | (8<br><br>)        | 139                    | 343             |\n| Stock purchased and retired                                                                                                                                    | (60<br><br>)     | \u2014                | (983<br><br>)                        | (1,618<br><br>)             | \u2014                                                  | \u2014                  | \u2014                      | (2,601<br><br>) |\n| Balance at December 31, 2016                                                                                                                                   | 745              | \u2014                | 12,294                               | 6,895                       | (7,636<br><br>)                                    | 14                 | (274<br><br>)          | 11,279          |\n| Net income                                                                                                                                                     | \u2014                | \u2014                | \u2014                                    | 3,205                       | \u2014                                                  | \u2014                  | \u2014                      | 3,205           |\n| Dividends declared                                                                                                                                             | \u2014                | \u2014                | \u2014                                    | (731<br><br>)               | \u2014                                                  | \u2014                  | \u2014                      | (731<br><br>)   |\n| Other comprehensive income                                                                                                                                     | \u2014                | \u2014                | \u2014                                    | \u2014                           | 15                                                 | \u2014                  | \u2014                      | 15              |\n| Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $48\\.31 ^(1)^  per share) | 1                | \u2014                | 107                                  | \u2014                           | \u2014                                                  | 1                  | (39<br><br>)           | 68              |\n| Stock options exercised                                                                                                                                        | 2                | \u2014                | 28                                   | \u2014                           | \u2014                                                  | \u2014                  | \u2014                      | 28              |\n| Treasury stock, net, contributed to our qualified defined benefit pension plans                                                                                | \u2014                | \u2014                | 188                                  | \u2014                           | \u2014                                                  | (8<br><br>)        | 155                    | 343             |\n| Stock purchased and retired                                                                                                                                    | (33<br><br>)     | \u2014                | (564<br><br>)                        | (1,113<br><br>)             | \u2014                                                  | \u2014                  | \u2014                      | (1,677<br><br>) |\n| Balance at December 31, 2017                                                                                                                                   | 715              | \u2014                | 12,053                               | 8,256                       | (7,621<br><br>)                                    | 7                  | (158<br><br>)          | 12,530          |\n| Net income                                                                                                                                                     | \u2014                | \u2014                | \u2014                                    | 3,935                       | \u2014                                                  | \u2014                  | \u2014                      | 3,935           |\n| Change in accounting principle and other                                                                                                                       | \u2014                | \u2014                | \u2014                                    | (154<br><br>)               | (106<br><br>)                                      | \u2014                  | \u2014                      | (260<br><br>)   |\n| Dividends declared                                                                                                                                             | \u2014                | \u2014                | \u2014                                    | (909<br><br>)               | \u2014                                                  | \u2014                  | \u2014                      | (909<br><br>)   |\n| Other comprehensive loss                                                                                                                                       | \u2014                | \u2014                | \u2014                                    | \u2014                           | (98<br><br>)                                       | \u2014                  | \u2014                      | (98<br><br>)    |\n| Shares of common stock issued and compensation expense associated with equity awards (Treasury shares withheld for payment of taxes, $54\\.90 ^(1)^  per share) | 1                | \u2014                | 91                                   | \u2014                           | \u2014                                                  | 1                  | (40<br><br>)           | 51              |\n| Stock options exercised                                                                                                                                        | 1                | \u2014                | 13                                   | \u2014                           | \u2014                                                  | \u2014                  | \u2014                      | 13              |\n| Stock purchased and retired                                                                                                                                    | (29<br><br>)     | \u2014                | (486<br><br>)                        | (1,089<br><br>)             | \u2014                                                  | \u2014                  | \u2014                      | (1,575<br><br>) |\n| Balance at December 31, 2018                                                                                                                                   | 688              | $\u2014               | $11,671                              | $10,039                     | $<br><br>(7,825<br><br>)                           | 8                  | $<br><br>(198<br><br>) | $13,687         |\n\n\n\n\n\n|       |                                    |\n| ----- | ---------------------------------- |\n| ^(1)^ | Weighted average price per share\\. |\n\n\n\nThe accompanying notes are an integral part of these Consolidated Financial Statements\\.\n\n 57"}
{"_id": "United-2017_51.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**UNITED CONTINENTAL HOLDINGS, INC\\.** \n\n**CONSOLIDATED BALANCE SHEETS** \n\n**(In millions, except shares)** \n\n\n\n|                                                                                                                                                                    |                     |                     |\n|:------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------:| -------------------:|\n|                                                                                                                                                                    | **At December 31,** | **At December 31,** |\n| **LIABILITIES AND STOCKHOLDERS\u2019 EQUITY**                                                                                                                           |            **2017** |            **2016** |\n| Current liabilities:                                                                                                                                               |                     |                     |\n| Advance ticket sales                                                                                                                                               |             $3,876  |             $3,730  |\n| Frequent flyer deferred revenue                                                                                                                                    |              2,176  |              2,135  |\n| Accounts payable                                                                                                                                                   |              2,196  |              2,139  |\n| Accrued salaries and benefits                                                                                                                                      |              2,166  |              2,307  |\n| Current maturities of long\\-term debt                                                                                                                              |              1,565  |                849  |\n| Current maturities of capital leases                                                                                                                               |                128  |                116  |\n| Other                                                                                                                                                              |                569  |              1,010  |\n| Total current liabilities                                                                                                                                          |             12,676  |             12,286  |\n| Long\\-term debt                                                                                                                                                    |             11,703  |              9,918  |\n| Long\\-term obligations under capital leases                                                                                                                        |                996  |                822  |\n| Other liabilities and deferred credits:                                                                                                                            |                     |                     |\n| Frequent flyer deferred revenue                                                                                                                                    |              2,565  |              2,748  |\n| Postretirement benefit liability                                                                                                                                   |              1,602  |              1,581  |\n| Pension liability                                                                                                                                                  |              1,921  |              1,892  |\n| Advanced purchase of miles                                                                                                                                         |                  \u2014  |                430  |\n| Deferred income taxes                                                                                                                                              |                225  |                  \u2014  |\n| Lease fair value adjustment, net                                                                                                                                   |                198  |                277  |\n| Other                                                                                                                                                              |              1,634  |              1,527  |\n| Total other liabilities and deferred credits                                                                                                                       |              8,145  |              8,455  |\n| Commitments and contingencies                                                                                                                                      |                     |                     |\n| Stockholders\u2019 equity:                                                                                                                                              |                     |                     |\n| Preferred stock                                                                                                                                                    |                  \u2014  |                  \u2014  |\n| Common stock at par, $0\\.01 par value; authorized 1,000,000,000 shares; outstanding 286,973,195 and 314,612,744 shares at December 31, 2017 and 2016, respectively |                  3  |                  3  |\n| Additional capital invested                                                                                                                                        |              6,098  |              6,569  |\n| Retained earnings                                                                                                                                                  |              4,621  |              3,427  |\n| Stock held in treasury, at cost                                                                                                                                    |               (769) |               (511) |\n| Accumulated other comprehensive loss                                                                                                                               |             (1,147) |               (829) |\n| Total stockholders\u2019 equity                                                                                                                                         |              8,806  |              8,659  |\n| Total liabilities and stockholders\u2019 equity                                                                                                                         |            $42,326  |            $40,140  |\n\n\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n52"}
{"_id": "Southwest-2017_92.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nendeavors to acquire jet fuel at the lowest possible cost and to reduce volatility in operating expenses through its fuel hedging program\\. Although the Company may periodically enter into jet fuel derivatives for short\\-term timeframes, because jet fuel is not widely traded on an organized futures exchange, there are limited opportunities to hedge directly in jet fuel for time horizons longer than approximately 24 months into the future\\. However, the Company has found that financial derivative instruments in other commodities, such as West Texas Intermediate (\"WTI\") crude oil, Brent crude oil, and refined products, such as heating oil and unleaded gasoline, can be useful in decreasing its exposure to jet fuel price volatility\\. The Company does not purchase or hold any financial derivative instruments for trading or speculative purposes\\.\n\nThe Company has used financial derivative instruments for both short\\-term and long\\-term time frames, and primarily uses a mixture of purchased call options, collar structures (which include both a purchased call option and a sold put option), call spreads (which include a purchased call option and a sold call option), put spreads (which include a purchased put option and a sold put option), and fixed price swap agreements in its portfolio\\. Although the use of collar structures and swap agreements can reduce the overall cost of hedging, these instruments carry more risk than purchased call options in that the Company could end up in a liability position when the collar structure or swap agreement settles\\. With the use of purchased call options and call spreads, the Company cannot be in a liability position at settlement, but does not have coverage once market prices fall below the strike price of the purchased call option\\.\n\nFor the purpose of evaluating its net cash spend for jet fuel and for forecasting its future estimated jet fuel expense, the Company evaluates its hedge volumes strictly from an \"economic\" standpoint and thus does not consider whether the hedges have qualified or will qualify for hedge accounting\\. The Company defines its \"economic\" hedge as the net volume of fuel derivative contracts held, including the impact of positions that have been offset through sold positions, regardless of whether those contracts qualify for hedge accounting\\. The level at which the Company is economically hedged for a particular period is also dependent on current market prices for that period, as well as the types of derivative instruments held and the strike prices of those instruments\\. For example, the Company may enter into \"out\\-of\\-the\\-money\" option contracts (including catastrophic protection), which may not generate intrinsic gains at settlement if market prices do not rise above the option strike price\\. Therefore, even though the Company may have an economic hedge in place for a particular period, that hedge may not produce any hedging gains at settlement and may even produce hedging losses depending on market prices, the types of instruments held, and the strike prices of those instruments\\.\n\nFor 2017, the Company had fuel derivative instruments in place for up to 63 percent of its fuel consumption\\. As of December 31, 2017, the Company also had fuel derivative instruments in place to provide coverage at varying price levels, but up to a maximum of approximately 78 percent of its 2018 estimated fuel consumption, depending on where market prices settle\\. The following table provides information about the Company\u2019s volume of fuel hedging on an economic basis considering current market prices:\n\n\n\n|                      |                               |                                                |\n| -------------------- | ----------------------------- | ---------------------------------------------- |\n|                      | **Maximum fuel hedged as of** |                                                |\n|                      | **December 31, 2017**         | **Derivative underlying commodity type as of** |\n| **Period (by year)** | **(gallons in millions) (a)** | **December 31, 2017**                          |\n| 2018                 | 1,647                         | WTI crude and Brent crude oil                  |\n| 2019                 | 1,377                         | WTI crude and Brent crude oil                  |\n| 2020                 | 685                           | WTI crude oil                                  |\n| Beyond 2020          | 315                           | WTI crude oil                                  |\n\n\n\n(a) Due to the types of derivatives utilized by the Company and different price levels of those contracts, these volumes represent the maximum economic hedge in place and may vary significantly as market prices fluctuate\\.\n\nUpon proper qualification, the Company accounts for its fuel derivative instruments as cash flow hedges\\. Generally, utilizing hedge accounting, all periodic changes in fair value of the derivatives designated as hedges that are considered to be effective are recorded in Accumulated other comprehensive income (loss) (\"AOCI\") until the underlying jet fuel is consumed\\. See Note 12\\. The Company\u2019s results are subject to the possibility that periodic changes will not be \n\n93"}
{"_id": "AmericanAirlines-2019_169.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| ----------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| 4\\.80                         | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex46.htm) |\n| 4\\.81                         | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.6 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex46.htm)                                                                                                                                                                                                             |\n| 4\\.82                         | [Form of Pass Through Trust Certificate, Series 2016\\-1AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex42.htm)                                                                                                                                                                                                                                                                                                                |\n| 4\\.83                         | [Form of Pass Through Trust Certificate, Series 2016\\-1A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex43.htm)                                                                                                                                                                                                                                                                                                                 |\n| 4\\.84                         | [Form of Pass Through Trust Certificate, Series 2016\\-1B (incorporated by reference to Exhibit A to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex44.htm)                                                                                                                                                                                                                                                                                                                 |\n| 4\\.85                         | [Revolving Credit Agreement (2016\\-1AA), dated as of January 19, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-1AA, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.12 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex412.htm)                                                                                            |\n| 4\\.86                         | [Revolving Credit Agreement (2016\\-1A), dated as of January 19, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-1A, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.13 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex413.htm)                                                                                              |\n| 4\\.87                         | [Revolving Credit Agreement (2016\\-1B), dated as of January 19, 2016, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2016\\-1B, as Borrower, and KfW IPEX\\-Bank GmbH, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on January 21, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516433815/d126794dex414.htm)                                                                                              |\n| 4\\.88                         | [Trust Supplement No\\. 2016\\-2AA, dated as of May 16, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex42.htm)                                                                                                                                                                                |\n| 4\\.89                         | [Trust Supplement No\\. 2016\\-2A, dated as of May 16, 2016, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex43.htm)                                                                                                                                                                                 |\n| 4\\.90                         | [Intercreditor Agreement (2016\\-2), dated as of May 16, 2016, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2016\\-2AA and as Trustee of the American Airlines Pass Through Trust 2016\\-2A, KfW IPEX\\-Bank GmbH, as Class AA Liquidity Provider and Class A Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex44.htm)              |\n| 4\\.91                         | [Note Purchase Agreement, dated as of May 16, 2016, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex49.htm)                                           |\n| 4\\.92                         | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex49.htm)     |\n| 4\\.93                         | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex49.htm)                                                                                                                                                                                                                 |\n| 4\\.94                         | [Form of Pass Through Trust Certificate, Series 2016\\-2AA (incorporated by reference to Exhibit A to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex42.htm)                                                                                                                                                                                                                                                                                                                    |\n| 4\\.95                         | [Form of Pass Through Trust Certificate, Series 2016\\-2A (incorporated by reference to Exhibit A to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on May 17, 2016 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312516592083/d177635dex43.htm)                                                                                                                                                                                                                                                                                                                     |\n\n\n\n170"}
{"_id": "United-2017_128.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|            |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| ----------:|:--------------- |:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*^10\\.205 | UAL  <br>United | [Supplemental Agreement No\\. 5 to Purchase Agreement No\\. 3860, dated as of April 30, 2015 (filed as Exhibit 10\\.8 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2015, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312515261239/d941677dex108.htm)                                                                                                                                                                                                                                                                                                                                               |\n| \\*^10\\.206 | UAL  <br>United | [Supplemental Agreement No\\. 6 to Purchase Agreement No\\. 3860, dated as of December 31, 2015 (filed as Exhibit 10\\.178 to UAL\u2019s Form  10\\-K for the year ended December 31, 2015, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516468479/d13806dex10178.htm)                                                                                                                                                                                                                                                                                                                                         |\n| \\*^10\\.207 | UAL  <br>United | [Supplemental Agreement No\\. 7 to Purchase Agreement No\\. 3860, dated March 7, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.5 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex105.htm)                                                                                                                                                                                                                                                                                               |\n| \\*^10\\.208 | UAL  <br>United | [Letter Agreement to Purchase Agreement No\\. 3860, dated May 5, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.5 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516651221/d188420dex105.htm)                                                                                                                                                                                                                                                                                                               |\n| \\*^10\\.209 | UAL  <br>United | [Supplemental Agreement No\\. 8, including exhibits and side letters, to Purchase Agreement No\\. 3860, Dated June 15, 2017, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.5 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517231250/d414345dex105.htm)                                                                                                                                                                                                                                                          |\n| \\*^10\\.210 | UAL  <br>United | [Letter Agreement No\\.   UAL\\-LA\\-1604287 to Purchase Agreement Nos\\. 3776, 3784 and 3860, dated December 27, 2016, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.194 to UAL\u2019s Form  10\\-K for the year ended December 31, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex10194.htm)                                                                                                                                                                                                                                                            |\n| \\*^10\\.211 | UAL  <br>United | [Amendment No\\. 3, dated March 14, 2017, to Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, between Airbus S\\.A\\.S\\. and United Airlines, Inc\\. (filed as Exhibit 10\\.1 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517127429/d334701dex101.htm)                                                                                                                                                                                                                                                                             |\n| \\*^10\\.212 | UAL  <br>United | [Amended and  Restated A350\\-900 Purchase Agreement, dated September 1, 2017, including letter agreements related thereto, between Airbus S\\.A\\.S\\. and United Airlines, Inc\\. (filed as Exhibit 10\\.1 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517313831/d437791dex101.htm)                                                                                                                                                                                                                                                       |\n|  \\*10\\.213 | UAL  <br>United | [Credit and Guaranty Agreement, dated as of March 27, 2013, among Continental Airlines, Inc\\. and United Air Lines, Inc\\., as  co\\-borrowers, United Continental Holdings, Inc\\., as parent and a guarantor, the subsidiaries of United Continental Holdings, Inc\\. other than the  co\\-borrowers party thereto from time to time, as guarantors, the lenders party thereto from time to time, and JPMorgan Chase Bank, N\\.A\\., as administrative agent (filed as Exhibit 10\\.1 to UAL\u2019s Form  8\\-K filed March 28, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015513000010/e62283952ex10_1.htm) |\n|  \\*10\\.214 | UAL  <br>United | [First Amendment to Credit and Guaranty Agreement, dated as of March 27, 2014 (filed as Exhibit 10\\.1 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2014, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312514157115/d695457dex101.htm)                                                                                                                                                                                                                                                                                                                                                            |\n\n\n\n129"}
{"_id": "AmericanAirlines-2019_137.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nAmerican provides a valuation allowance for its deferred tax assets, which include the net operating losses (NOLs), when it is more likely than not that some portion, or all of its deferred tax assets, will not be realized\\. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income\\. American considers all available positive and negative evidence and makes certain assumptions in evaluating the realizability of its deferred tax assets\\. Many factors are considered that impact American\u2019s assessment of future profitability, including conditions which are beyond its control, such as the health of the economy, the availability and price volatility of aircraft fuel and travel demand\\.\n\nThe components of American\u2019s deferred tax assets and liabilities were (in millions):\n\n\n\n|                                                    |                  |                  |\n| -------------------------------------------------- | ---------------- | ---------------- |\n|                                                    | **December 31,** | **December 31,** |\n|                                                    | **2019**         | **2018**         |\n| Deferred tax assets:                               |                  |                  |\n| Operating loss carryforwards                       | $2,115           | $2,420           |\n| Leases                                             | 2,067            | 2,176            |\n| Loyalty program liability                          | 1,755            | 1,770            |\n| Pensions                                           | 1,219            | 1,421            |\n| Postretirement benefits other than pensions        | 145              | 145              |\n| Rent expense                                       | 126              | 136              |\n| Alternative minimum tax (AMT) credit carryforwards | 118              | 231              |\n| Reorganization items                               | 30               | 33               |\n| Other                                              | 569              | 588              |\n| Total deferred tax assets                          | 8,144            | 8,920            |\n| Valuation allowance                                | (24<br><br>)     | (19<br><br>)     |\n| Net deferred tax assets                            | 8,120            | 8,901            |\n| Deferred tax liabilities:                          |                  |                  |\n| Accelerated depreciation and amortization          | (5,153<br><br>)  | (5,243<br><br>)  |\n| Leases                                             | (1,968<br><br>)  | (2,068<br><br>)  |\n| Other                                              | (340<br><br>)    | (321<br><br>)    |\n| Total deferred tax liabilities                     | (7,461<br><br>)  | (7,632<br><br>)  |\n| Net deferred tax asset                             | $659             | $1,269           |\n\n\n\nAt  December 31, 2019 , American had approximately   $9\\.2 billion  of federal NOLs carried over from prior taxable years (NOL Carryforwards) to reduce future federal taxable income, substantially all of which American expects to be available for use in 2020\\. American is a member of AAG\u2019s consolidated federal and certain state income tax returns\\. The amount of federal NOL Carryforwards available in those returns is   $9\\.1 billion , substantially all of which is expected to be available for use in 2020\\. The federal NOL Carryforwards will expire beginning in 2023 if unused\\. American also had approximately   $2\\.9 billion  of NOL Carryforwards to reduce future state taxable income at  December 31, 2019 , which will expire in years 2020 through 2039 if unused\\. American\u2019s ability to deduct its NOL Carryforwards and to utilize certain other available tax attributes can be substantially constrained under the general annual limitation rules of Section 382 where an \u201cownership change\u201d has occurred\\. Substantially all of American\u2019s remaining federal NOL Carryforwards attributable to US Airways Group are subject to limitation under Section 382; however, American\u2019s ability to utilize such NOL Carryforwards is not anticipated to be effectively constrained as a result of such limitation\\. American elected to be covered by certain special rules for federal income tax purposes that permitted approximately   $9\\.5 billion  (with   $7\\.2 billion  of unlimited NOL still remaining at  December 31, 2019 ) of its federal NOL Carryforwards to be utilized without regard to the annual limitation generally imposed by Section 382\\. Similar limitations may apply for state income tax purposes\\. American\u2019s ability to utilize any new NOL Carryforwards arising after the ownership changes is not affected by the annual limitation rules imposed by Section 382 unless another future ownership change occurs\\. Under the Section 382 limitation, cumulative stock ownership changes among material stockholders exceeding 50% during a rolling three\\-year period can potentially limit a company\u2019s future use of NOLs and tax credits\\.\n\nAt  December 31, 2019 , American had an AMT credit carryforward of approximately   $226 million  available for federal income tax purposes, which is presently expected to be fully refundable over the next several years as a result of the repeal of corporate AMT as part of the 2017 Tax Act\\.\n\n138"}
{"_id": "Delta-2019_48.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nSupplemental Information\n\nWe sometimes use information (\"non\\-GAAP financial measures\") that is derived from the Consolidated Financial Statements, but that is not presented in accordance with GAAP\\. Under the U\\.S\\. Securities and Exchange Commission rules, non\\-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results\\. Reconciliations below may not calculate exactly due to rounding\\.\n\nTRASM, adjusted\n\nThe following table shows a reconciliation of TRASM (a GAAP measure) to TRASM, adjusted (a non\\-GAAP financial measure)\\. We adjust TRASM for the following items to determine TRASM, adjusted for the reasons described below\n\n\u2022 Third\\-party refinery sales\\.  We adjust TRASM for refinery sales to third parties because these revenues are not related to our airline segment\\. TRASM, adjusted therefore provides a more meaningful comparison of revenue from our airline operations to the rest of the airline industry\\. \n\n\u2022 DGS sale adjustment\\.  Because we sold DGS in December 2018, we have excluded the impact of DGS from 2018 results for comparability\\.\n\n\n\n|                             |                             |                             |                         |                         |                         |                         |  |  |  |\n|:--------------------------- |:--------------------------- |:--------------------------- | -----------------------:| -----------------------:| -----------------------:| -----------------------:|:- |:- |:- |\n|                             |                             |                             | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |\n|                             |                             |                             |                    2019 |                    2019 |                    2018 |                    2018 |\n| TRASM (cents)               | TRASM (cents)               | TRASM (cents)               |                17\\.07 \u00a2 |                17\\.07 \u00a2 |                16\\.87 \u00a2 |                16\\.87 \u00a2 |\n| Adjusted for:               | Adjusted for:               | Adjusted for:               |                         |                         |                         |                         |\n| Third\\-party refinery sales | Third\\-party refinery sales | Third\\-party refinery sales |                 (0\\.04) |                 (0\\.04) |                 (0\\.21) |                 (0\\.21) |\n| DGS sale adjustment         | DGS sale adjustment         | DGS sale adjustment         |                      \u2014  |                      \u2014  |                 (0\\.09) |                 (0\\.09) |\n| TRASM, adjusted             | TRASM, adjusted             | TRASM, adjusted             |                17\\.03 \u00a2 |                17\\.03 \u00a2 |                16\\.57 \u00a2 |                16\\.57 \u00a2 |\n\n\n\nCASM\\-Ex\n\nThe following table shows a reconciliation of CASM (a GAAP measure) to CASM\\-Ex (a non\\-GAAP financial measure)\\. We adjust CASM for the following items to determine CASM\\-Ex for the reasons described below:\n\n\u2022 Aircraft fuel and related taxes\\.  The volatility in fuel prices impacts the comparability of year\\-over\\-year financial performance\\. The adjustment for aircraft fuel and related taxes allows investors to understand and analyze our non\\-fuel costs and year\\-over\\-year financial performance\\.\n\n\u2022 Ancillary businesses and refinery\\.  We adjust for expenses related to aircraft maintenance we provide to third parties, our vacation wholesale operations, our private jet operations as well as refinery cost of sales to third parties\\. 2018 results also include staffing services performed by DGS\\. Because these businesses are not related to the generation of a seat mile, we adjust for the costs related to these areas to provide a more meaningful comparison of the costs of our airline operations to the rest of the airline industry\\.\n\n\u2022 Profit sharing\\.  We adjust for profit sharing because this adjustment allows investors to better understand and analyze our recurring cost performance and provides a more meaningful comparison of our core operating costs to the airline industry\\.\n\n\n\n|                                   |                                   |                                   |                         |                         |                         |                         |  |  |  |\n|:--------------------------------- |:--------------------------------- |:--------------------------------- | -----------------------:| -----------------------:| -----------------------:| -----------------------:|:- |:- |:- |\n|                                   |                                   |                                   | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |\n|                                   |                                   |                                   |                    2019 |                    2019 |                    2018 |                    2018 |\n| CASM (cents)                      | CASM (cents)                      | CASM (cents)                      |                14\\.67 \u00a2 |                14\\.67 \u00a2 |                14\\.87 \u00a2 |                14\\.87 \u00a2 |\n| Adjusted for:                     | Adjusted for:                     | Adjusted for:                     |                         |                         |                         |                         |\n| Aircraft fuel and related taxes   | Aircraft fuel and related taxes   | Aircraft fuel and related taxes   |                 (3\\.10) |                 (3\\.10) |                 (3\\.43) |                 (3\\.43) |\n| Ancillary businesses and refinery | Ancillary businesses and refinery | Ancillary businesses and refinery |                 (0\\.45) |                 (0\\.45) |                 (0\\.64) |                 (0\\.64) |\n| Profit sharing                    | Profit sharing                    | Profit sharing                    |                 (0\\.60) |                 (0\\.60) |                 (0\\.49) |                 (0\\.49) |\n| CASM\\-Ex                          | CASM\\-Ex                          | CASM\\-Ex                          |                10\\.52 \u00a2 |                10\\.52 \u00a2 |                10\\.31 \u00a2 |                10\\.31 \u00a2 |\n\n\n\n46"}
{"_id": "Alaska-2019_66.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nMaturities for marketable securities (in millions):\n\n\n\n|                                       |                                       |                                       |            |  |  |  |            |\n|:------------------------------------- |:------------------------------------- |:------------------------------------- | ----------:|:- |:- |:- | ----------:|\n| December 31, 2019                     | December 31, 2019                     | December 31, 2019                     | Cost Basis |  |  |  | Fair Value |\n| Due in one year or less               | Due in one year or less               | Due in one year or less               |      $ 164 |  |  |  |      $ 165 |\n| Due after one year through five years | Due after one year through five years | Due after one year through five years |      1,102 |  |  |  |      1,114 |\n| Due after five years through 10 years | Due after five years through 10 years | Due after five years through 10 years |         16 |  |  |  |         16 |\n| Total                                 | Total                                 | Total                                 |    $ 1,282 |  |  |  |    $ 1,295 |\n\n\n\nFair Value of Other Financial Instruments\n\nThe Company used the following methods and assumptions to determine the fair value of financial instruments that are not recognized at fair value on the consolidated balance sheets\\.\n\nCash and Cash Equivalents : Carried at amortized costs which approximate fair value\\.\n\nDebt : Debt assumed in the acquisition of Virgin America was subject to a non\\-recurring fair valuation adjustment as part of purchase price accounting\\. The adjustment is amortized over the life of the associated debt\\. All other fixed\\-rate debt is carried at cost\\. To estimate the fair value of all fixed\\-rate debt as of December 31, 2019, the Company uses the income approach by discounting cash flows using borrowing rates for comparable debt over the weighted life of the outstanding debt\\. The estimated fair value of the fixed\\-rate debt is Level 3 as certain inputs used are unobservable\\.\n\nFixed\\-rate debt on the consolidated balance sheet and the estimated fair value of long\\-term fixed\\-rate debt (in millions):\n\n\n\n|                                                                |                                                                |                                                                |                   |  |  |  |                   |\n|:-------------------------------------------------------------- |:-------------------------------------------------------------- |:-------------------------------------------------------------- | -----------------:|:- |:- |:- | -----------------:|\n|                                                                |                                                                |                                                                | December 31, 2019 |  |  |  | December 31, 2018 |\n| Fixed rate debt at cost                                        | Fixed rate debt at cost                                        | Fixed rate debt at cost                                        |             $ 473 |  |  |  |             $ 639 |\n| Non\\-recurring purchase price accounting fair value adjustment | Non\\-recurring purchase price accounting fair value adjustment | Non\\-recurring purchase price accounting fair value adjustment |                 2 |  |  |  |                 3 |\n| Total fixed rate debt                                          | Total fixed rate debt                                          | Total fixed rate debt                                          |             $ 475 |  |  |  |             $ 642 |\n| Estimated fair value                                           | Estimated fair value                                           | Estimated fair value                                           |             $ 483 |  |  |  |             $ 641 |\n\n\n\nNOTE 5\\. LONG\\-TERM DEBT\n\nLong\\-term debt obligations (in millions):\n\n\n\n|                                               |                                               |                                               |         |  |  |  |         |\n|:--------------------------------------------- |:--------------------------------------------- |:--------------------------------------------- | -------:|:- |:- |:- | -------:|\n|                                               |                                               |                                               |    2019 |  |  |  |    2018 |\n| Fixed\\-rate notes payable due through 2029    | Fixed\\-rate notes payable due through 2029    | Fixed\\-rate notes payable due through 2029    |   $ 475 |  |  |  |   $ 642 |\n| Variable\\-rate notes payable due through 2029 | Variable\\-rate notes payable due through 2029 | Variable\\-rate notes payable due through 2029 |   1,032 |  |  |  |   1,473 |\n| Less debt issuance costs                      | Less debt issuance costs                      | Less debt issuance costs                      |     (8) |  |  |  |    (12) |\n| Total debt                                    | Total debt                                    | Total debt                                    |   1,499 |  |  |  |   2,103 |\n| Less current portion                          | Less current portion                          | Less current portion                          |     235 |  |  |  |     486 |\n| Long\\-term debt, less current portion         | Long\\-term debt, less current portion         | Long\\-term debt, less current portion         | $ 1,264 |  |  |  | $ 1,617 |\n| Weighted\\-average fixed\\-interest rate        | Weighted\\-average fixed\\-interest rate        | Weighted\\-average fixed\\-interest rate        |  3\\.3 % |  |  |  |  4\\.1 % |\n| Weighted\\-average variable\\-interest rate     | Weighted\\-average variable\\-interest rate     | Weighted\\-average variable\\-interest rate     |  2\\.9 % |  |  |  |  3\\.9 % |\n\n\n\nApproximately $717 million of the Company's total variable\\-rate notes payable are effectively fixed via interest rate swaps at December 31, 2019, bringing the weighted\\-average interest rate for the full debt portfolio to 3%\\. \n\nDuring 2019, the Company's total debt decreased $604 million, primarily due to payments of $1\\.1 billion, including the prepayment of $779 million of debt\\. These reductions in debt were offset by the addition of secured debt financing from multiple lenders of $450 million\\. All outstanding debt is secured by aircraft\\. \n\nThe Company's variable\\-rate debt bears interest at a floating rate per annum equal to a margin plus the three or six\\-month LIBOR in effect at the commencement of each three or six\\-month period, as applicable\\. As of December 31, 2019, none of the Company's borrowings were restricted by financial covenants\\.\n\n66"}
{"_id": "AmericanAirlines-2019_104.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n\n\n|       |                                                                                                                                                                                                                                                                                    |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(d)^ | Includes approximately   77%  investments in corporate debt with a S&P rating lower than A and   23%  investments in corporate debt with a S&P rating A or higher\\. Holdings include   85%  U\\.S\\. companies,   12%  international companies and   3%  emerging market companies\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                      |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(e)^ | Includes approximately   32%  investments in U\\.S\\. domestic government securities,   37%  in emerging market government securities and   31%  in international government securities\\. There are no significant foreign currency risks within this classification\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(f)^ | Includes limited partnerships that invest primarily in U\\.S\\. (  94% ) and European (  6% ) buyout opportunities of a range of privately held companies\\. The pension plan\u2019s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated\\. It is estimated that the underlying assets of these funds will be gradually liquidated over the next  one  to   ten years \\. Additionally, the pension plan\u2019s master trust has future funding commitments of approximately   $1\\.0 billion  over the next   ten years \\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                            |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(g)^ | Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy\\. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(h)^ | Investment includes   45%  in an emerging market 103\\-12 Investment Trust with investments in emerging country equity securities,   37%  in a collective interest trust investing primarily in short\\-term securities,   12%  in Canadian segregated balanced value, income growth and diversified pooled funds and   6%  in a common/collective trust investing in securities of smaller companies located outside the U\\.S\\., including developing markets\\. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred\\. |\n\n\n\nChanges in fair value measurements of Level 3 investments during the year ended  December 31, 2019 , were as follows (in millions):\n\n\n\n|                                        |                                 |                                                  |\n| -------------------------------------- | ------------------------------- | ------------------------------------------------ |\n|                                        | **Private Market Partnerships** | **Insurance Group**<br><br>**Annuity Contracts** |\n| Beginning balance at December 31, 2018 | $7                              | $2                                               |\n| Purchases                              | 3                               | \u2014                                                |\n| Ending balance at December 31, 2019    | $10                             | $2                                               |\n\n\n\nChanges in fair value measurements of Level 3 investments during the year ended  December 31, 2018 , were as follows (in millions):\n\n\n\n|                                                     |                                            |                                                  |\n| --------------------------------------------------- | ------------------------------------------ | ------------------------------------------------ |\n|                                                     | **Private Market**<br><br>**Partnerships** | **Insurance Group**<br><br>**Annuity Contracts** |\n| Beginning balance at December 31, 2017              | $14                                        | $2                                               |\n| Actual loss on plan assets:                         |                                            |                                                  |\n| Relating to assets still held at the reporting date | (2<br><br>)                                | \u2014                                                |\n| Purchases                                           | 1                                          | \u2014                                                |\n| Sales                                               | (6<br><br>)                                | \u2014                                                |\n| Ending balance at December 31, 2018                 | $7                                         | $2                                               |\n\n\n\n105"}
{"_id": "Southwest-2017_45.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nthe increase on a dollar basis was primarily due to increased personnel expenses due to higher travel expenses for Flight Crews and higher hotel rates, as well as new Heart\\-themed uniforms for the Company's operations personnel\\. The Company currently expects Other operating expenses per ASM for first quarter 2018 to increase slightly, compared with first quarter 2017\\.\n\n**Other** \n\nOther expenses (income) include interest expense, capitalized interest, interest income, and other gains and losses\\.  \n  \nInterest expense for 2017decreased by $8 million, or 6\\.6 percent, compared with 2016, primarily due to the timing of debt activity\\. The Company had three debt facilities mature during or since 2016 with higher interest expense than the four debt facilities issued during or since 2016\\. The three debt facilities that matured during or since 2016 included the Company's remaining 5\\.25% convertible senior notes in October 2016, $300 million of 5\\.75% senior unsecured notes in December 2016, and $300 million of 5\\.125% senior unsecured notes in March 2017\\. The four debt facilities issued during or since 2016 included a $215 million floating rate term loan in October 2016, $300 million of 3\\.00% senior unsecured notes in November 2016, $300 million of 2\\.75% senior unsecured notes in November 2017, and $300 million of 3\\.45% senior unsecured notes in November 2017\\.\n\nCapitalized interest for 2017increased by $2 million, or 4\\.3 percent, compared with 2016, primarily due to interest on facility construction projects\\.\n\nInterest income for 2017increased by $11 million, or 45\\.8 percent, compared with 2016, primarily due to higher interest rates\\.\n\nOther (gains) losses, net, primarily includes amounts recorded as a result of the Company's hedging activities\\. See Note 10 to the Consolidated Financial Statements for further information on the Company's hedging activities\\. The following table displays the components of Other (gains) losses, net, for the years ended December 31, 2017, and 2016:\n\n\n\n|                                                                        |                             |                             |\n| ---------------------------------------------------------------------- | --------------------------- | --------------------------- |\n|                                                                        | **Year ended December 31,** | **Year ended December 31,** |\n| (in millions)                                                          | **2017**                    | **2016**                    |\n| Mark\\-to\\-market impact from fuel contracts settling in future periods | $69                         | $9                          |\n| Ineffectiveness from fuel hedges settling in future periods            | 31                          | (11)                        |\n| Realized ineffectiveness and mark\\-to\\-market (gains) or losses        | 6                           | 5                           |\n| Premium cost of fuel contracts                                         | 135                         | 153                         |\n| Other                                                                  | (7)                         | 6                           |\n|                                                                        | $234                        | $162                        |\n\n\n\n**Income Taxes**\n\nThe Company's effective tax rate was (7\\.3) percent for 2017, compared with 36\\.8 percent for 2016\\. The decrease in rate was driven by a $1\\.4 billion reduction in Provision for income taxes related to the Tax Cuts and Jobs Act legislation enacted in December 2017, which resulted in a re\\-measurement of the Company's deferred tax assets and liabilities at the new federal corporate tax rate of 21 percent\\. The Company currently projects a full year 2018 effective tax rate to be in the 23 to 23\\.5 percent range, as a result of a lower federal corporate tax rate, and including the estimated impact of state taxes\\.\n\n***2016 Compared with 2015***\n\n**Operating Revenues**\n\nPassenger revenues for 2016 increased by $295 million, or 1\\.6 percent, compared with 2015\\. Holding Load factor and Passenger yield constant, the increase was primarily attributable to a 5\\.7 percent increase in capacity as strong \n\n46"}
{"_id": "United-2017_118.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|           |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| ---------:|:--------------- |:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \\*^10\\.86 | UAL  <br>United | [Amended and Restated Letter Agreement No\\. 7 to the Airbus A350\\-900XWB Purchase Agreement, dated June 19, 2013 (filed as Exhibit 10\\.14 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex1014.htm)                                                                  |\n| \\*^10\\.87 | UAL  <br>United | [Amended and Restated Letter Agreement No\\. 10 to the Airbus A350\\-900XWB Purchase Agreement, dated June 19, 2013 (filed as Exhibit 10\\.15 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex1015.htm)                                                                  |\n| \\*^10\\.88 | UAL  <br>United | [Amended and Restated Letter Agreement No\\. 12 to the Airbus A350\\-900XWB Purchase Agreement, dated June 19, 2013 (filed as Exhibit 10\\.16 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2013, Commission file number  1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513302696/d552832dex1016.htm)                                                                  |\n| \\*^10\\.89 | UAL  <br>United | [Letter Agreement No\\. 14 to the Airbus A350\\-900XWB Purchase Agreement, dated May 6, 2016, between Airbus S\\.A\\.S\\. and United Airlines, Inc\\. (filed as Exhibit 10\\.6 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516651221/d188420dex106.htm)                                     |\n| \\*^10\\.90 | UAL  <br>United | [Amendment No\\. 3, dated March 14, 2017, to Airbus A350\\-900XWB Purchase Agreement, dated March 5, 2010, between Airbus S\\.A\\.S\\. and United Airlines, Inc\\. (filed as Exhibit 10\\.1 to UAL\u2019s Form  10\\-Q for the quarter ended March 31, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517127429/d334701dex101.htm)                       |\n| \\*^10\\.91 | UAL  <br>United | [Amended and  Restated A350\\-900 Purchase Agreement, dated September 1, 2017, including letter agreements related thereto, between Airbus S\\.A\\.S\\. and United Airlines, Inc\\. (filed as Exhibit 10\\.1 to UAL\u2019s Form  10\\-Q for the quarter ended September 30, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312517313831/d437791dex101.htm) |\n| \\*^10\\.92 | UAL  <br>United | [Purchase Agreement No\\. 1951, including exhibits and side letters thereto, dated July 23, 1996, by and among Continental and Boeing (filed as Exhibit 10\\.8 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 1996, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000319687-96-000025.txt)                                                   |\n| \\*^10\\.93 | UAL  <br>United | [Supplemental Agreement No\\. 1 to Purchase Agreement No\\. 1951, dated October 10, 1996 (filed as Exhibit 10\\.14(a) to Continental\u2019s Form  10\\-K for the year ended December 31, 1996, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000319687-97-000002.txt)                                                                                            |\n| \\*^10\\.94 | UAL  <br>United | [Supplemental Agreement No\\. 2 to Purchase Agreement No\\. 1951, dated March 5, 1997 (filed as Exhibit 10\\.3 to Continental\u2019s Form  10\\-Q for the quarter ended March 31, 1997, Commission file number  1\\-10323 and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000319687-97-000019.txt)                                                                                                    |\n| \\*^10\\.95 | UAL  <br>United | [Supplemental Agreement No\\. 3, including exhibit and side letter, to Purchase Agreement No\\. 1951, dated July 17, 1997 (filed as Exhibit 10\\.14(c) to Continental\u2019s Form  10\\-K for the year ended December 31, 1997, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000319687-98-000003.txt)                                                           |\n| \\*^10\\.96 | UAL  <br>United | [Supplemental Agreement No\\. 4, including exhibits and side letters, to Purchase Agreement No\\. 1951, dated October 10, 1997 (filed as Exhibit 10\\.14(d) to Continental\u2019s Form  10\\-K for the year ended December 31, 1997, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000319687-98-000003.txt)                                                      |\n| \\*^10\\.97 | UAL  <br>United | [Supplemental Agreement No\\. 5, including exhibits and side letters, to Purchase Agreement No\\. 1951, dated October 10, 1997 (filed as Exhibit 10\\.1 to Continental\u2019s Form  10\\-Q for the quarter ended June 30, 1998, Commission file number  1\\-10323, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/319687/0000319687-98-000010.txt)                                                           |\n\n\n\n119"}
{"_id": "Southwest-2018_115.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Shareholders and the Board of Directors of Southwest Airlines Co\\.\n\n**Opinion on Internal Control over Financial Reporting**\n\nWe have audited Southwest Airlines Co\\.\u2019s internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework), (the COSO criteria)\\. In our opinion, Southwest Airlines Co\\. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018, based on the COSO criteria\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Southwest Airlines Co\\. as of December 31, 2018 and 2017, the related consolidated statements of income, comprehensive income, stockholders\u2019 equity and cash flows for each of the three years in the period ended December 31, 2018, and the related notes (collectively referred to as the \u201cfinancial statements\u201d) of the Company and our report dated February 5, 2019 expressed an unqualified opinion thereon\\.\n\n**Basis for Opinion**\n\nThe Company\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying \u201cManagement\u2019s Annual Report on Internal Control Over Financial Reporting\u201d\\. Our responsibility is to express an opinion on the Company\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. \n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\n**Definition and Limitations of Internal Control over Financial Reporting**\n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\n116"}
{"_id": "AmericanAirlines-2017_122.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**15\\. Valuation and Qualifying Accounts (in millions)**\n\n\n\n|                                               |                                  |                                                         |                                                 |                                      |                            |\n| --------------------------------------------- | -------------------------------- | ------------------------------------------------------- | ----------------------------------------------- | ------------------------------------ | -------------------------- |\n|                                               | **Balance at Beginning of Year** | **Changes Charged to Statement of Operations Accounts** | **Write\\-offs** <br><br>**(Net of Recoveries)** | **Sales, Retirements and Transfers** | **Balance at End of Year** |\n| **Allowance for obsolescence of spare parts** |                                  |                                                         |                                                 |                                      |                            |\n| Year ended December 31, 2017                  | $765                             | $29                                                     | $(4)                                            | $(21)                                | $769                       |\n| Year ended December 31, 2016                  | 728                              | 37                                                      | (3)                                             | 3                                    | 765                        |\n| Year ended December 31, 2015                  | 673                              | 50                                                      | (4)                                             | 9                                    | 728                        |\n| **Allowance for uncollectible accounts**      |                                  |                                                         |                                                 |                                      |                            |\n| Year ended December 31, 2017                  | $36                              | $43                                                     | $(55)                                           | $\u2014                                   | $24                        |\n| Year ended December 31, 2016                  | 41                               | 47                                                      | (52)                                            | \u2014                                    | 36                         |\n| Year ended December 31, 2015                  | 17                               | 46                                                      | (22)                                            | \u2014                                    | 41                         |\n\n\n\n**16\\. Quarterly Financial Data (Unaudited)**\n\nUnaudited summarized financial data by quarter for 2017 and 2016 (in millions, except share and per share amounts):\n\n\n\n|                                             |                              |                               |                              |                               |\n| ------------------------------------------- | ---------------------------- | ----------------------------- | ---------------------------- | ----------------------------- |\n|                                             | **First**<br><br>**Quarter** | **Second**<br><br>**Quarter** | **Third**<br><br>**Quarter** | **Fourth**<br><br>**Quarter** |\n| **2017**                                    |                              |                               |                              |                               |\n| Operating revenues                          | $9,624                       | $11,105                       | $10,878                      | $10,600                       |\n| Operating expenses                          | 9,023                        | 9,570                         | 9,646                        | 9,910                         |\n| Operating income                            | 601                          | 1,535                         | 1,232                        | 690                           |\n| Net income                                  | 234                          | 803                           | 624                          | 258                           |\n| Earnings per share:                         |                              |                               |                              |                               |\n| Basic                                       | $0\\.46                       | $1\\.64                        | $1\\.29                       | $0\\.54                        |\n| Diluted                                     | $0\\.46                       | $1\\.63                        | $1\\.28                       | $0\\.54                        |\n| Shares used for computation (in thousands): |                              |                               |                              |                               |\n| Basic                                       | 503,902                      | 490,818                       | 484,772                      | 477,165                       |\n| Diluted                                     | 507,797                      | 492,965                       | 486,625                      | 479,382                       |\n| **2016**                                    |                              |                               |                              |                               |\n| Operating revenues                          | $9,435                       | $10,363                       | $10,594                      | $9,789                        |\n| Operating expenses                          | 8,100                        | 8,612                         | 9,163                        | 9,022                         |\n| Operating income                            | 1,335                        | 1,751                         | 1,431                        | 767                           |\n| Net income                                  | 700                          | 950                           | 737                          | 289                           |\n| Earnings per share:                         |                              |                               |                              |                               |\n| Basic                                       | $1\\.15                       | $1\\.69                        | $1\\.40                       | $0\\.56                        |\n| Diluted                                     | $1\\.14                       | $1\\.68                        | $1\\.40                       | $0\\.56                        |\n| Shares used for computation (in thousands): |                              |                               |                              |                               |\n| Basic                                       | 606,245                      | 563,000                       | 525,415                      | 514,571                       |\n| Diluted                                     | 611,488                      | 566,040                       | 528,510                      | 518,358                       |\n\n\n\nOur fourth quarter 2017 results include $307 million of total net special items that principally included a $149 million charge for the $1,000 cash bonus and associated payroll taxes granted to our employees as of December 31, 2017 in recognition of the 2017 Tax Act, $81 million of Merger integration expenses, $58 million of fleet restructuring expenses, a $20 million net charge resulting from fair value adjustments to bankruptcy obligations and a $7 million special non\\-cash benefit to income tax expense to reflect the impact on our deferred tax assets and liabilities resulting from the 2017 Tax Act\\.\n\n123"}
{"_id": "AmericanAirlines-2019_51.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAAG\u2019s Results of Operations\n\nFor a comparison of the  2018  to  2017  reporting periods, see Part II, Item 7\\. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 \u201c AAG\u2019s Results of Operations  \u2013  2018 Compared to 2017\u201d  of our 2018 Form 10\\-K\\.\n\nOperating Statistics\n\nThe table below sets forth selected operating data for the years ended December 31,  2019  and  2018 \\.\n\n\n\n|                                                                          |                             |                             |                          |\n| ------------------------------------------------------------------------ | --------------------------- | --------------------------- | ------------------------ |\n|                                                                          | **Year Ended December 31,** | **Year Ended December 31,** | **Increase (Decrease)**  |\n|                                                                          | **2019**                    | **2018**                    | **Increase (Decrease)**  |\n| Revenue passenger miles (millions)  ^(a)^                                | 241,252                     | 231,160                     | 4\\.4%                    |\n| Available seat miles (millions)  ^(b)^                                   | 285,088                     | 282,054                     | 1\\.1%                    |\n| Passenger load factor (percent)  ^(c)^                                   | 84\\.6                       | 82\\.0                       | 2\\.6pts                  |\n| Yield (cents)  ^(d)^                                                     | 17\\.41                      | 17\\.60                      | (1\\.0)%                  |\n| Passenger revenue per available seat mile (cents)  ^(e)^                 | 14\\.74                      | 14\\.42                      | 2\\.2%                    |\n| Total revenue per available seat mile (cents)  ^(f)^                     | 16\\.05                      | 15\\.79                      | 1\\.7%                    |\n| Aircraft at end of period  ^(g)^                                         | 1,547                       | 1,551                       | (0\\.3)%                  |\n| Fuel consumption (gallons in millions)                                   | 4,537                       | 4,447                       | 2\\.0%                    |\n| Average aircraft fuel price including related taxes (dollars per gallon) | 2\\.07                       | 2\\.23                       | (6\\.9)%                  |\n| Full\\-time equivalent employees at end of period                         | 133,700                     | 128,900                     | 3\\.7%                    |\n| Operating cost per available seat mile (cents)  ^(h)^                    | 14\\.98                      | 14\\.85                      | 0\\.9%                    |\n\n\n\n\n\n|       |                                                                                                                    |\n| ----- | ------------------------------------------------------------------------------------------------------------------ |\n| ^(a)^ | Revenue passenger mile (RPM) \u2013 A basic measure of sales volume\\. One RPM represents one passenger flown one mile\\. |\n\n\n\n\n\n|       |                                                                                                          |\n| ----- | -------------------------------------------------------------------------------------------------------- |\n| ^(b)^ | Available seat mile (ASM) \u2013 A basic measure of production\\. One ASM represents one seat flown one mile\\. |\n\n\n\n\n\n|       |                                                                                                     |\n| ----- | --------------------------------------------------------------------------------------------------- |\n| ^(c)^ | Passenger load factor \u2013 The percentage of available seats that are filled with revenue passengers\\. |\n\n\n\n\n\n|       |                                                                                      |\n| ----- | ------------------------------------------------------------------------------------ |\n| ^(d)^ | Yield \u2013 A measure of airline revenue derived by dividing passenger revenue by RPMs\\. |\n\n\n\n\n\n|       |                                                                                         |\n| ----- | --------------------------------------------------------------------------------------- |\n| ^(e)^ | Passenger revenue per available seat mile (PRASM) \u2013 Passenger revenue divided by ASMs\\. |\n\n\n\n\n\n|       |                                                                                  |\n| ----- | -------------------------------------------------------------------------------- |\n| ^(f)^ | Total revenue per available seat mile (TRASM) \u2013 Total revenues divided by ASMs\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(g)^ | Includes aircraft owned and leased by American as well as aircraft operated by third\\-party regional carriers under capacity purchase agreements\\. Excludes 12 Embraer E140 regional aircraft that are in temporary storage\\. |\n\n\n\n\n\n|       |                                                                                      |\n| ----- | ------------------------------------------------------------------------------------ |\n| ^(h)^ | Operating cost per available seat mile (CASM) \u2013 Operating expenses divided by ASMs\\. |\n\n\n\nResults of Operations \u2013  2019  Compared to  2018\n\nOperating Revenues\n\n\n\n|                          |                                              |                                              |                                              |                                                       |\n| ------------------------ | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                          | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **2019**                                     | **2018**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Passenger                | $42,010                                      | $40,676                                      | $1,334                                       | 3\\.3                                                  |\n| Cargo                    | 863                                          | 1,013                                        | (150)                                        | (14\\.8)                                               |\n| Other                    | 2,895                                        | 2,852                                        | 43                                           | 1\\.5                                                  |\n| Total operating revenues | $45,768                                      | $44,541                                      | $1,227                                       | 2\\.8                                                  |\n\n\n\n52"}
{"_id": "Delta-2019_28.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nIssuer Purchases of Equity Securities\n\nThe following table presents information with respect to purchases of common stock we made during the December 2019 quarter\\. The total number of shares purchased includes shares repurchased pursuant to our $5 billion share repurchase program, which was publicly announced on May 11, 2017 and will terminate no later than December 31, 2020\\. Some purchases made in the December 2019 quarter were made pursuant to a trading plan meeting the requirements of Rule 10b5\\-1 under the Securities Exchange Act of 1934\\.\n\nIn addition, the table includes shares withheld from employees to satisfy certain tax obligations due in connection with grants of stock under the Delta Air Lines, Inc\\. Performance Compensation Plan (the \"Plan\")\\. The Plan provides for the withholding of shares to satisfy tax obligations\\. It does not specify a maximum number of shares that can be withheld for this purpose\\. The shares of common stock withheld to satisfy tax withholding obligations may be deemed to be \"issuer purchases\" of shares that are required to be disclosed pursuant to this Item\\.\n\n\n\n|               |               |               |                                  |                                  |                              |                                                                                  |                                                                                  |                                                                                                       |                                                                                                       |                                                                                                       |                                                                                                       |  |  |  |\n|:------------- |:------------- |:------------- | --------------------------------:| --------------------------------:| ----------------------------:| --------------------------------------------------------------------------------:| --------------------------------------------------------------------------------:|:-----------------------------------------------------------------------------------------------------:|:-----------------------------------------------------------------------------------------------------:|:-----------------------------------------------------------------------------------------------------:| -----------------------------------------------------------------------------------------------------:|:- |:- |:- |\n| Period        | Period        | Period        | Total Number of Shares Purchased | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value (in millions) of Shares That May Yet Be Purchased Under the Plan or Programs | Approximate Dollar Value (in millions) of Shares That May Yet Be Purchased Under the Plan or Programs | Approximate Dollar Value (in millions) of Shares That May Yet Be Purchased Under the Plan or Programs | Approximate Dollar Value (in millions) of Shares That May Yet Be Purchased Under the Plan or Programs |  |  |  |\n| October 2019  | October 2019  | October 2019  |                       1,601,569  |                       1,601,569  |                     $54\\.35  |                                                                       1,601,569  |                                                                       1,601,569  |                                                                                                       |                                                                                                       |                                                                                                       |                                                                                               $1,210  |\n| November 2019 | November 2019 | November 2019 |                       1,280,509  |                       1,280,509  |                     $56\\.64  |                                                                       1,280,509  |                                                                       1,280,509  |                                                                                                       |                                                                                                       |                                                                                                       |                                                                                               $1,135  |\n| December 2019 | December 2019 | December 2019 |                       1,149,975  |                       1,149,975  |                     $57\\.35  |                                                                       1,149,975  |                                                                       1,149,975  |                                                                                                       |                                                                                                       |                                                                                                       |                                                                                               $1,070  |\n| Total         | Total         | Total         |                       4,032,053  |                       4,032,053  |                              |                                                                       4,032,053  |                                                                       4,032,053  |                                                                                                       |                                                                                                       |                                                                                                       |                                                                                                       |\n\n\n\n26"}
{"_id": "Alaska-2019_53.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nCONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS \n\n\n\n|                                                                                                       |                                                                                                       |       |  |  |  |       |  |  |  |       |\n|:----------------------------------------------------------------------------------------------------- |:----------------------------------------------------------------------------------------------------- | -----:|:- |:- |:- | -----:|:- |:- |:- | -----:|\n| Year Ended December 31  *(in millions)*                                                               | Year Ended December 31  *(in millions)*                                                               |  2019 |  |  |  |  2018 |  |  |  |  2017 |\n| Net Income                                                                                            | Net Income                                                                                            | $ 769 |  |  |  | $ 437 |  |  |  | $ 960 |\n| Other Comprehensive Income (Loss):                                                                    | Other Comprehensive Income (Loss):                                                                    |       |  |  |  |       |  |  |  |       |\n| Related to marketable securities:                                                                     | Related to marketable securities:                                                                     |       |  |  |  |       |  |  |  |       |\n| Unrealized holding gains (losses) arising during the period                                           | Unrealized holding gains (losses) arising during the period                                           |    31 |  |  |  |  (14) |  |  |  |   (4) |\n| Reclassification of (gains) losses into Other\\-net non\\-operating income (expense)                    | Reclassification of (gains) losses into Other\\-net non\\-operating income (expense)                    |   (5) |  |  |  |     8 |  |  |  |     1 |\n| Income tax benefit (expense)                                                                          | Income tax benefit (expense)                                                                          |   (6) |  |  |  |     2 |  |  |  |     1 |\n| Total                                                                                                 | Total                                                                                                 |    20 |  |  |  |   (4) |  |  |  |   (2) |\n| Related to employee benefit plans:                                                                    | Related to employee benefit plans:                                                                    |       |  |  |  |       |  |  |  |       |\n| Actuarial losses related to pension and other postretirement benefit plans                            | Actuarial losses related to pension and other postretirement benefit plans                            |  (71) |  |  |  |  (34) |  |  |  | (123) |\n| Reclassification of net pension expense into Wages and benefits and Other\\-net non\\-operating income  | Reclassification of net pension expense into Wages and benefits and Other\\-net non\\-operating income  |    32 |  |  |  |    28 |  |  |  |    22 |\n| Income tax benefit (expense)                                                                          | Income tax benefit (expense)                                                                          |    10 |  |  |  |     2 |  |  |  |    24 |\n| Total                                                                                                 | Total                                                                                                 |  (29) |  |  |  |   (4) |  |  |  |  (77) |\n| Related to interest rate derivative instruments:                                                      | Related to interest rate derivative instruments:                                                      |       |  |  |  |       |  |  |  |       |\n| Unrealized holding gains (losses) arising during the period                                           | Unrealized holding gains (losses) arising during the period                                           |  (13) |  |  |  |     \u2014 |  |  |  |     1 |\n| Reclassification of losses into Aircraft rent                                                         | Reclassification of losses into Aircraft rent                                                         |     3 |  |  |  |     3 |  |  |  |     5 |\n| Income tax benefit (expense)                                                                          | Income tax benefit (expense)                                                                          |     2 |  |  |  |   (1) |  |  |  |   (2) |\n| Total                                                                                                 | Total                                                                                                 |   (8) |  |  |  |     2 |  |  |  |     4 |\n| Other Comprehensive Loss                                                                              | Other Comprehensive Loss                                                                              |  (17) |  |  |  |   (6) |  |  |  |  (75) |\n| Comprehensive Income                                                                                  | Comprehensive Income                                                                                  | $ 752 |  |  |  | $ 431 |  |  |  | $ 885 |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n53"}
{"_id": "United-2017_78.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|                                                |                                       |                                       |\n|:---------------------------------------------- | -------------------------------------:| -------------------------------------:|\n|                                                |     **Other Postretirement Benefits** |     **Other Postretirement Benefits** |\n|                                                | **Year Ended  <br>December 31, 2017** | **Year Ended  <br>December 31, 2016** |\n| Change in benefit obligation:                  |                                       |                                       |\n| Benefit obligation at beginning of year        |                               $1,687  |                               $2,002  |\n| Service cost                                   |                                   13  |                                   19  |\n| Interest cost                                  |                                   66  |                                   86  |\n| Plan participants\u2019 contributions               |                                   68  |                                   69  |\n| Benefits paid                                  |                                 (178) |                                 (191) |\n| Actuarial loss (gain)                          |                                   40  |                                 (165) |\n| Plan amendments                                |                                    \u2014  |                                 (138) |\n| Other                                          |                                   14  |                                    5  |\n| Benefit obligation at end of year              |                               $1,710  |                               $1,687  |\n| Change in plan assets:                         |                                       |                                       |\n| Fair value of plan assets at beginning of year |                                  $55  |                                  $56  |\n| Actual return on plan assets                   |                                    1  |                                    2  |\n| Employer contributions                         |                                  108  |                                  119  |\n| Plan participants\u2019 contributions               |                                   68  |                                   69  |\n| Benefits paid                                  |                                 (178) |                                 (191) |\n| Fair value of plan assets at end of year       |                                   54  |                                   55  |\n| Funded status\u2014Net amount recognized            |                              $(1,656) |                              $(1,632) |\n\n\n\n\n\n|                                                                          |                                   |                                   |\n|:------------------------------------------------------------------------ | ---------------------------------:| ---------------------------------:|\n|                                                                          | **Other Postretirement Benefits** | **Other Postretirement Benefits** |\n|                                                                          |             **December 31, 2017** |             **December 31, 2016** |\n| Amounts recognized in the consolidated balance sheets consist of:        |                                   |                                   |\n| Current liability                                                        |                             $(54) |                             $(51) |\n| Noncurrent liability                                                     |                           (1,602) |                           (1,581) |\n| Total liability                                                          |                          $(1,656) |                          $(1,632) |\n| Amounts recognized in accumulated other comprehensive income consist of: |                                   |                                   |\n| Net actuarial gain                                                       |                             $301  |                             $384  |\n| Prior service credit                                                     |                              208  |                              245  |\n| Total accumulated other comprehensive income                             |                             $509  |                             $629  |\n\n\n\nThe following information relates to all pension plans with an accumulated benefit obligation and a projected benefit obligation in excess of plan assets at December 31 (in millions):\n\n\n\n|                                |            |            |\n|:------------------------------ | ----------:| ----------:|\n|                                |  **2017**  |  **2016**  |\n| Projected benefit obligation   |    $5,637  |    $5,025  |\n| Accumulated benefit obligation |     4,567  |     3,985  |\n| Fair value of plan assets      |     3,709  |     3,164  |\n\n\n\n79"}
{"_id": "Southwest-2017_27.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Item 2\\.** ***Properties***\n\n**Aircraft** \n\nSouthwest operated a total of 706 Boeing 737 aircraft as of December 31, 2017, of which 53 and 69 were under operating and capital leases, respectively\\. The following table details information on the 706 aircraft as of December 31, 2017: \n\n\n\n|           |           |                                             |                                   |                                 |                              |\n| --------- | --------- | ------------------------------------------- | --------------------------------- | ------------------------------- | ---------------------------- |\n| **Type**  | **Seats** | **Average**<br><br>**Age**<br><br>**(Yrs)** | **Number of**<br><br>**Aircraft** | **Number**<br><br>**Owned (a)** | **Number**<br><br>**Leased** |\n| 737\\-700  | 143       | 14                                          | 512                               | 397                             | 115                          |\n| 737\\-800  | 175       | 3                                           | 181                               | 174                             | 7                            |\n| 737 MAX 8 | 175       | \u2014                                           | 13                                | 13                              | \u2014                            |\n| Totals    |           | 11                                          | 706                               | 584                             | 122                          |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                             |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | As discussed further in Note  6  to the Consolidated Financial Statements,  203  of the Company's aircraft were pledged as collateral as of  December 31, 2017 , for secured borrowings and/or in the case that the Company has obligations related to its fuel derivative instruments with counterparties that exceed certain thresholds\\. |\n\n\n\nAs of December 31, 2017, the Company had firm deliveries and options for Boeing 737\\-700, 737\\-800, 737 MAX 7, and 737 MAX 8 aircraft as follows:\n\n\n\n|      |                        |                        |                        |                        |                        |                       |         |           |\n| ---- | ---------------------- | ---------------------- | ---------------------- | ---------------------- | ---------------------- | --------------------- | ------- | --------- |\n|      | **The Boeing Company** | **The Boeing Company** | **The Boeing Company** | **The Boeing Company** | **The Boeing Company** |                       |         |           |\n|      | **\\-800 Firm Orders**  | **MAX 7 Firm Orders**  | **MAX 8 Firm Orders**  |                        | **MAX 8 Options**      | **Additional \\-700s** |         | **Total** |\n| 2018 | 26                     | \u2014                      | 14                     |                        | \u2014                      | 4                     |         | 44        |\n| 2019 | \u2014                      | 7                      | 15                     |                        | \u2014                      | \u2014                     |         | 22        |\n| 2020 | \u2014                      | \u2014                      | 25                     |                        | \u2014                      | \u2014                     |         | 25        |\n| 2021 | \u2014                      | \u2014                      | 34                     |                        | \u2014                      | \u2014                     |         | 34        |\n| 2022 | \u2014                      | \u2014                      | 17                     |                        | 14                     | \u2014                     |         | 31        |\n| 2023 | \u2014                      | 12                     | 22                     |                        | 23                     | \u2014                     |         | 57        |\n| 2024 | \u2014                      | 11                     | 30                     |                        | 23                     | \u2014                     |         | 64        |\n| 2025 | \u2014                      | \u2014                      | 40                     |                        | 36                     | \u2014                     |         | 76        |\n| 2026 | \u2014                      | \u2014                      | \u2014                      |                        | 36                     | \u2014                     |         | 36        |\n| 2027 | \u2014                      | \u2014                      | \u2014                      |                        | 23                     | \u2014                     |         | 23        |\n|      | 26                     | 30                     | 197                    | **(a)**                | 155                    | 4                     | **(b)** | 412       |\n\n\n\n(a) The Company has flexibility to substitute 737 MAX 7 in lieu of 737 MAX 8 firm orders beginning in 2019\\.\n\n(b) To be acquired in leases from various third parties\\.\n\n**Ground Facilities and Services**\n\nSouthwest either leases or pays a usage fee for terminal passenger service facilities at each of the airports it serves, to which various leasehold improvements have been made\\. The Company leases the land and/or structures on a long\\-term basis for its aircraft maintenance centers (located at Dallas Love Field, Houston Hobby, Phoenix Sky Harbor, Chicago Midway, Hartsfield\\-Jackson Atlanta International Airport, and Orlando International Airport) and its main corporate headquarters building, also located near Dallas Love Field\\. The Company also leases a warehouse and engine repair facility in Atlanta\\.\n\nThe Company has commitments associated with various airport improvement projects, including ongoing construction at Los Angeles International Airport\\. These projects include the construction of new facilities and the rebuilding or modernization of existing facilities\\. Additional information regarding these projects is provided below under \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" and in Note 4 to the Consolidated Financial Statements\\.\n\n28"}
{"_id": "AmericanAirlines-2018_14.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***Availability of SEC Reports***\n\nA copy of this Annual Report on Form 10\\-K, Quarterly Reports on Form 10\\-Q, Current Reports on Form 8\\-K and amendments to those reports are available free of charge on our website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC\\. The SEC also maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at *www\\.sec\\.gov*\\.\n\n15"}
{"_id": "Southwest-2018_66.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Item 8\\.*****Financial Statements and Supplementary Data***\n\n**Southwest Airlines Co\\.**\n\n**Consolidated Balance Sheet**\n\n(in millions, except share data)\n\n\n\n|                                                                                                                      |                       |                       |\n| -------------------------------------------------------------------------------------------------------------------- | --------------------- | --------------------- |\n|                                                                                                                      | **December 31, 2018** | **December 31, 2017** |\n|                                                                                                                      |                       | **As Recast**         |\n| **ASSETS**                                                                                                           |                       |                       |\n| Current assets:                                                                                                      |                       |                       |\n| Cash and cash equivalents                                                                                            | $1,854                | $1,495                |\n| Short\\-term investments                                                                                              | 1,835                 | 1,778                 |\n| Accounts and other receivables                                                                                       | 568                   | 662                   |\n| Inventories of parts and supplies, at cost                                                                           | 461                   | 420                   |\n| Prepaid expenses and other current assets                                                                            | 310                   | 460                   |\n| Total current assets                                                                                                 | 5,028                 | 4,815                 |\n| Property and equipment, at cost:                                                                                     |                       |                       |\n| Flight equipment                                                                                                     | 21,753                | 21,368                |\n| Ground property and equipment                                                                                        | 4,960                 | 4,399                 |\n| Deposits on flight equipment purchase contracts                                                                      | 775                   | 919                   |\n| Assets constructed for others                                                                                        | 1,768                 | 1,543                 |\n|                                                                                                                      | 29,256                | 28,229                |\n| Less allowance for depreciation and amortization                                                                     | 9,731                 | 9,690                 |\n|                                                                                                                      | 19,525                | 18,539                |\n| Goodwill                                                                                                             | 970                   | 970                   |\n| Other assets                                                                                                         | 720                   | 786                   |\n|                                                                                                                      | $26,243               | $25,110               |\n| **LIABILITIES AND STOCKHOLDERS' EQUITY**                                                                             |                       |                       |\n| Current liabilities:                                                                                                 |                       |                       |\n| Accounts payable                                                                                                     | $1,416                | $1,320                |\n| Accrued liabilities                                                                                                  | 1,749                 | 1,700                 |\n| Air traffic liability                                                                                                | 4,134                 | 3,495                 |\n| Current maturities of long\\-term debt                                                                                | 606                   | 348                   |\n| Total current liabilities                                                                                            | 7,905                 | 6,863                 |\n| Long\\-term debt less current maturities                                                                              | 2,771                 | 3,320                 |\n| Air traffic liability \\- noncurrent                                                                                  | 936                   | 1,070                 |\n| Deferred income taxes                                                                                                | 2,427                 | 2,119                 |\n| Construction obligation                                                                                              | 1,701                 | 1,390                 |\n| Other noncurrent liabilities                                                                                         | 650                   | 707                   |\n| Stockholders' equity:                                                                                                |                       |                       |\n| Common stock, $1\\.00 par value: 2,000,000,000 shares authorized; <br><br> 807,611,634 shares issued in 2018 and 2017 | 808                   | 808                   |\n| Capital in excess of par value                                                                                       | 1,510                 | 1,451                 |\n| Retained earnings                                                                                                    | 15,967                | 13,832                |\n| Accumulated other comprehensive income                                                                               | 20                    | 12                    |\n| Treasury stock, at cost: 255,008,275 and 219,060,856 shares<br><br> in 2018 and 2017 respectively                    | (8,452)               | (6,462)               |\n| Total stockholders' equity                                                                                           | 9,853                 | 9,641                 |\n|                                                                                                                      | $26,243               | $25,110               |\n\n\n\nSee accompanying notes\\.\n\n67"}
{"_id": "AmericanAirlines-2019_15.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nITEM 1A\\. RISK FACTORS\n\nBelow are certain risk factors that may affect our business, results of operations and financial condition, or the trading price of our common stock or other securities\\. We caution the reader that these risk factors may not be exhaustive\\. We operate in a continually changing business environment, and new risks and uncertainties emerge from time to time\\. Management cannot predict such new risks and uncertainties, nor can it assess the extent to which any of the risk factors below or any such new risks and uncertainties, or any combination thereof, may impact our business\\.\n\nThe airline industry is intensely competitive and dynamic\\.\n\nOur competitors include other major domestic airlines and foreign, regional and new entrant airlines, as well as joint ventures formed by some of these airlines, many of which have more financial or other resources and/or lower cost structures than ours, as well as other forms of transportation, including rail and private automobiles\\. In many of our markets we compete with at least one low\\-cost carrier (including so\\-called ultra\\-low cost carriers)\\. Our revenues are sensitive to the actions of other carriers in many areas including pricing, scheduling, capacity, amenities, loyalty benefits and promotions, which can have a substantial adverse impact not only on our revenues, but on overall industry revenues\\. These factors may become even more significant in periods when the industry experiences large losses, as airlines under financial stress, or in bankruptcy, may institute pricing structures intended to achieve near\\-term survival rather than long\\-term viability\\.\n\nLow\\-cost carriers (including so\\-called ultra\\-low\\-cost carriers) have a profound impact on industry revenues\\. Using the advantage of low unit costs, these carriers offer lower fares in order to shift demand from larger, more established airlines, and represent significant competitors, particularly for customers who fly infrequently, are price sensitive and therefore tend not to be loyal to any one particular carrier\\. A number of these low\\-cost carriers have announced growth strategies including commitments to acquire significant numbers of new aircraft for delivery in the next few years\\. These low\\-cost carriers are attempting to continue to increase their market share through growth and, potentially, consolidation, and are expected to continue to have an impact on our revenues and overall performance\\. We and several other large network carriers have implemented \u201cBasic Economy\u201d fares designed to more effectively compete against low\\-cost carriers ,  but we cannot predict whether these initiatives will be successful\\. While historically these carriers have provided competition in domestic markets, we have recently experienced new competition from low\\-cost carriers on international routes, including low\\-cost airlines executing international long\\-haul expansion strategies\\. The actions of existing or future low\\-cost carriers, including those described above, could have a material adverse effect on our operations and financial performance\\.\n\nWe provide air travel internationally, directly as well as through joint business, alliance, codeshare and similar arrangements to which we are a party\\. While our network is comprehensive, compared to some of our key global competitors, we generally have somewhat greater relative exposure to certain regions (for example, Latin America) and somewhat lower relative exposures to others (for example, China)\\. Our financial performance relative to our key competitors will therefore be influenced significantly by macro\\-economic conditions in particular regions around the world and the relative exposure of our network to the markets in those regions\\. \n\nIn providing international air transportation, we compete to provide scheduled passenger and cargo service between the U\\.S\\. and various overseas locations with U\\.S\\. airlines, foreign investor\\-owned airlines and foreign state\\-owned or state\\-affiliated airlines\\. Competition is increasing from foreign state\\-owned and state\\-affiliated airlines in the Gulf region, including Emirates, Etihad Airways and Qatar Airways\\. These carriers have large numbers of international widebody aircraft in service and on order and are increasing service to the U\\.S\\. from locations both in and outside the Middle East\\. Service to and from locations outside of the Middle East is provided by some of these carriers under so\\-called \u201cfifth freedom\u201d rights permitted under international treaties which allow service to and from stopover points between an airline\u2019s home country and the ultimate destination\\. Such flights, such as a stopover in Europe on flights to the United States, allow the carrier to sell tickets for travel between the stopover point and the United States in competition with service provided by us\\. We believe these state\\-owned and state\\-affiliated carriers in the Gulf region, including their affiliated carriers, benefit from significant government subsidies, which have allowed them to grow quickly, reinvest in their product and expand their global presence\\.\n\nOur international service exposes us to foreign economies and the potential for reduced demand when any foreign country we serve suffers adverse local economic conditions\\. In addition, open skies agreements, which are now in place with a substantial number of countries around the world, provide international airlines with open access to U\\.S\\. markets, potentially subjecting us to increased competition on our international routes\\. See also  \u201cOur business is subject to extensive government regulation, which may result in increases in our costs, disruptions to our operations, limits on our operating flexibility, reductions in the demand for air travel, and competitive disadvantages\\.\u201d\n\n16"}
{"_id": "Alaska-2017_42.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Non\\-fuel Expense and Non\\-special items***\n\nThe table below provides the reconciliation of the impact of Virgin America on the comparative results for each of our operating expense line items, excluding fuel and special items\\. \n\n\n\n|                                                  |                                      |                                      |                                          |                                      |                |                |\n| ------------------------------------------------ | ------------------------------------ | ------------------------------------ | ---------------------------------------- | ------------------------------------ | -------------- | -------------- |\n|                                                  | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,**     | **Twelve Months Ended December 31,** | **Change**     | **Change**     |\n| ***(in millions)***                              | **2017**                             | **2016 as Reported**                 | **2016 Pre\\-acquisition Virgin America** | **2016 Combined**                    | **$ Combined** | **% Combined** |\n| Wages and benefits                               | **$1,924**                           | $1,382                               | 284                                      | 1,666                                | 258            | 15\\.5 %        |\n| Variable incentive pay                           | **135**                              | 127                                  | 32                                       | 159                                  | (24)           | (15\\.1)%       |\n| Aircraft maintenance                             | **391**                              | 270                                  | 80                                       | 350                                  | 41             | 11\\.7 %        |\n| Aircraft rent                                    | **274**                              | 114                                  | 170                                      | 284                                  | (10)           | (3\\.5)%        |\n| Landing fees and other rentals                   | **460**                              | 320                                  | 107                                      | 427                                  | 33             | 7\\.7 %         |\n| Contracted services                              | **314**                              | 247                                  | 60                                       | 307                                  | 7              | 2\\.3 %         |\n| Selling expenses                                 | **357**                              | 225                                  | 123                                      | 348                                  | 9              | 2\\.6 %         |\n| Depreciation and amortization                    | **372**                              | 363                                  | 37                                       | 400                                  | (28)           | (7\\.0)%        |\n| Food and beverage service                        | **195**                              | 126                                  | 49                                       | 175                                  | 20             | 11\\.4 %        |\n| Third\\-party regional carrier expense            | **121**                              | 95                                   | \u2014                                        | 95                                   | 26             | 27\\.4 %        |\n| Other                                            | **565**                              | 365                                  | 86                                       | 451                                  | 114            | 25\\.3 %        |\n| Total non\\-fuel, non\\-special operating expenses | **$5,108**                           | $3,634                               | $1,028                                   | $4,662                               | $446           | 9\\.6 %         |\n\n\n\n***Wages and Benefits***\n\nWages and benefits increased during 2017 by $542 million, or 39%, compared to 2016\\. On a Combined Comparative basis, total wages and benefits increased by $258 million or 15%\\. The primary components of wages and benefits, including a reconciliation of 2016 on a Combined Comparative basis, are shown in the following table:\n\n\n\n|                               |                                      |                                      |                                          |                                      |                |                |\n| ----------------------------- | ------------------------------------ | ------------------------------------ | ---------------------------------------- | ------------------------------------ | -------------- | -------------- |\n|                               | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,**     | **Twelve Months Ended December 31,** | **Change**     | **Change**     |\n| ***(in millions)***           | **2017**                             | **2016 as Reported**                 | **2016 Pre\\-acquisition Virgin America** | **2016 Combined**                    | **$ Combined** | **% Combined** |\n| Wages                         | $1,468                               | $1,022                               | $224                                     | $1,246                               | $222           | 17\\.8%         |\n| Medical and other benefits    | 216                                  | 192                                  | 23                                       | 215                                  | 1              | 0\\.5%          |\n| Defined contribution plans    | 103                                  | 67                                   | 22                                       | 89                                   | 14             | 15\\.7%         |\n| Pension\u2014Defined benefit plans | 32                                   | 25                                   | \u2014                                        | 25                                   | 7              | 28\\.0%         |\n| Payroll taxes                 | 105                                  | 76                                   | 15                                       | 91                                   | 14             | 15\\.4%         |\n| Total wages and benefits      | $1,924                               | $1,382                               | $284                                     | $1,666                               | $258           | 15\\.5%         |\n\n\n\nOn a Combined Comparative basis, wages increased$222 million with a 16% increase in FTEs\\. The increase in FTEs is attributable to the growth in our business and the growth in McGee Air Services, which has brought certain airport ground service positions in\\-house that were previously reflected in Contracted Services expense\\. Additionally, wage rates for pilots at Alaska and Virgin America increased significantly in November 2017 as a result of new contract rates stemming from a decision reached by a third\\-party arbitration panel during the fourth quarter of 2017\\. \n\nCosts associated with our defined contribution plans increased$14 million, or 16%, on a Combined Comparative basis, due to FTE growth and increased participation throughout all labor groups\\. Additionally, due to the arbitration decision reached in the fourth quarter of 2017, pilots at Alaska and Virgin America began receiving contributions at a higher rate\\.\n\n 43"}
{"_id": "AmericanAirlines-2018_149.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n\n\n|                               |                       |\n| ----------------------------- | --------------------- |\n|                               | **2012\\-2C(R) EETCs** |\n|                               | **Series C(R)**       |\n| Aggregate principal issued    | $100 million          |\n| Fixed interest rate per annum | 4\\.70%                |\n| Maturity date                 | June 2021             |\n\n\n\n***(c) Equipment Loans and Other Notes Payable Issued in*** ***2018***\n\nIn 2018, American entered into agreements under which it borrowed $1\\.5 billion in connection with the financing of certain aircraft and certain pre\\-delivery purchase deposits\\. Debt incurred under these agreements matures in 2021 through 2030 and bears interest at fixed and variable rates of LIBOR plus an applicable margin averaging 4\\.28% at December 31, 2018\\.\n\n***Guarantees***\n\nAs of December 31, 2018, American had issued guarantees covering AAG\u2019s $750 million aggregate principal amount of 5\\.50% senior notes due 2019 and $500 million aggregate principal amount of 4\\.625% senior notes due 2020\\.\n\n***Collateral\\-Related Covenants***\n\nCertain of American\u2019s debt financing agreements contain loan to value (LTV) ratio covenants and require American to annually appraise the related collateral\\. Pursuant to such agreements, if the LTV ratio exceeds a specified threshold, American is required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash collateral), or pay down such financing, in whole or in part\\.\n\nSpecifically, American is required to meet certain collateral coverage tests on an annual basis for its Credit Facilities, as described below:\n\n\n\n|                                                        |                                                                                                                                                             |                                                                                                                                                                                              |                                                                       |                                                                                                                                                                   |\n| ------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|                                                        | **2013 Credit Facilities**                                                                                                                                  | **2014 Credit Facilities**                                                                                                                                                                   | **April 2016 Credit**<br><br>**Facilities**                           | **December 2016**<br><br>**Credit Facilities**                                                                                                                    |\n| Frequency of Appraisals<br><br>of Appraised Collateral | Annual                                                                                                                                                      | Annual                                                                                                                                                                                       | Annual                                                                | Annual                                                                                                                                                            |\n| 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)                                                                                             |\n| LTV as of Last<br><br>Measurement Date                 | 34\\.8%                                                                                                                                                      | 18\\.8%                                                                                                                                                                                       | 40\\.9%                                                                | 57\\.5%                                                                                                                                                            |\n| 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 La Guardia Airport (LGA) slots, certain simulators and certain leasehold rights |\n\n\n\nAt December 31, 2018, American was in compliance with the applicable collateral coverage tests as of the most recent measurement dates\\.\n\n**4\\. Leases**\n\nAmerican leases certain aircraft and engines, including aircraft under capacity purchase agreements\\. As of December 31, 2018, American had 660 leased aircraft, with remaining terms ranging from less than one year to 12 years\\.\n\nAt each airport where American conducts flight operations, American has agreements, generally with a governmental unit or authority, for the use of passenger, operations and baggage handling space as well as runways and taxiways\\. These \n\n150"}
{"_id": "Alaska-2018_18.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nPenAir under the respective capacity purchased arrangement (CPAs)\\. Additionally, Regional includes an allocation of corporate overhead such as IT, finance, and other administrative costs incurred by Alaska and on behalf of Horizon\\.\n\n**RPMs** \\- revenue passenger miles, or \"traffic\"; represents the number of seats that were filled with paying passengers; one passenger traveling one mile is one RPM\n\n**Yield** \\- passenger revenue per RPM; represents the average revenue for flying one passenger one mile\n\n\n\n|                            |\n| -------------------------- |\n| **ITEM 1A\\. RISK FACTORS** |\n\n\n\nIf any of the following occurs, our business, financial condition and results of operations could be harmed\\. The trading price of our common stock could also decline\\. We operate in a continually changing business environment\\. In this environment, new risks may emerge, and already identified risks may vary significantly in terms of impact and likelihood of occurrence\\. Management cannot predict such developments, nor can it assess the impact, if any, on our business of such new risk factors or of events described in any forward\\-looking statements\\. \n\nWe have adopted an enterprise\\-wide risk analysis and oversight program designed to identify the various risks faced by the organization, assign responsibility for managing those risks to individual executives as well as align these risks with Board oversight\\. These enterprise\\-wide risks have been aligned to the risk factors discussed below\\.\n\n***SAFETY, COMPLIANCE AND OPERATIONAL EXCELLENCE***\n\n***Our reputation and financial results could be harmed in the event of an airline accident or incident\\.***\n\nAn accident or incident involving one of our aircraft or an aircraft operated by one of our codeshare partners or CPA carriers could involve a significant loss of life and result in a loss of confidence in our Company by the flying public and/or aviation authorities\\. We could experience significant claims from injured passengers, bystanders and surviving relatives as well as costs for the repair or replacement of a damaged aircraft and temporary or permanent loss from service\\. We maintain liability insurance in amounts and of the type generally consistent with industry practice, as do our codeshare partners and CPA carriers\\. However, the amount of such coverage may not be adequate to fully cover all claims, and we may be forced to bear substantial economic losses from such an event\\. Substantial claims resulting from an accident in excess of our related insurance coverage would harm our business and financial results\\. Moreover, any aircraft accident or incident, even if it is fully insured and does not involve one of our aircraft, could cause a public perception that our airlines or the aircraft we or our partners fly are less safe or reliable than other transportation alternatives\\. This would harm our business\\.\n\n***Our operations are often affected by factors beyond our control, including delays, cancellations and other conditions, which could harm our business, financial condition and results of operations\\.***\n\nAs is the case for all airlines, our operations often are affected by delays, cancellations and other conditions caused by factors largely beyond our control\\.\n\nFactors that might impact our operations include:\n\n\n\n|   |                                                                                                                                 |\n| - | ------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | congestion and/or space constraints at airports, specifically in our hub locations of Seattle, Los Angeles, and San Francisco;  |\n\n\n\n\n\n|   |                               |\n| - | ----------------------------- |\n| \u2022 | air traffic control problems; |\n\n\n\n\n\n|   |                             |\n| - | --------------------------- |\n| \u2022 | adverse weather conditions; |\n\n\n\n\n\n|   |                                                                                |\n| - | ------------------------------------------------------------------------------ |\n| \u2022 | lack of operational approval (e\\.g\\. new routes, aircraft deliveries, etc\\.);  |\n\n\n\n\n\n|   |                                                      |\n| - | ---------------------------------------------------- |\n| \u2022 | increased security measures or breaches in security; |\n\n\n\n\n\n|   |                                           |\n| - | ----------------------------------------- |\n| \u2022 | contagious illness and fear of contagion; |\n\n\n\n\n\n|   |                                                          |\n| - | -------------------------------------------------------- |\n| \u2022 | changes in international treaties concerning air rights; |\n\n\n\n 19"}
{"_id": "AmericanAirlines-2019_16.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nCertain airline alliances, joint ventures and joint businesses have been, or may in the future be, granted immunity from antitrust regulations by governmental authorities for specific areas of cooperation, such as joint pricing decisions\\. To the extent alliances formed by our competitors can undertake activities that are not available to us, our ability to effectively compete may be hindered\\. Our ability to attract and retain customers is dependent upon, among other things, our ability to offer our customers convenient access to desired markets\\. Our business could be adversely affected if we are unable to maintain or obtain alliance and marketing relationships with other air carriers in desired markets\\.\n\nAmerican has established a transatlantic JBA with British Airways, Iberia and Finnair, a transpacific JBA with Japan Airlines and a JBA relating to Australia and New Zealand with Qantas Airways, each of which has been granted antitrust immunity\\. The transatlantic JBA relationship benefits from a grant of antitrust immunity from the DOT and was reviewed by the EC in July 2010\\. In connection with this review, we provided certain commitments to the EC regarding, among other things, the availability of take\\-off and landing slots at LHR or LGW airports\\. The commitments accepted by the EC are binding for 10 years\\. In October 2018, in anticipation of Brexit and the expiry of the EC commitments in July 2020, the CMA opened an investigation into the transatlantic JBA\\. We continue to fully cooperate with the CMA\\. An application for antitrust immunity is also pending with the DOT to add Aer Lingus, which is owned by the parent company of British Airways and Iberia, to the transatlantic JBA\\. The foregoing arrangements are important aspects of our international network and we are dependent on the performance and continued cooperation of the other airlines party to those agreements\\. No assurances can be given as to any benefits that we may derive from such arrangements or any other arrangements that may ultimately be implemented, or whether or not regulators will, or if granted continue to, approve or impose material conditions on our business activities\\.\n\nAdditional mergers and other forms of industry consolidation, including antitrust immunity grants, may take place and may not involve us as a participant\\. Depending on which carriers combine and which assets, if any, are sold or otherwise transferred to other carriers in connection with any such combinations, our competitive position relative to the post\\-combination carriers or other carriers that acquire such assets could be harmed\\. In addition, as carriers combine through traditional mergers or antitrust immunity grants, their route networks will grow, and that growth will result in greater overlap with our network, which in turn could decrease our overall market share and revenues\\. Such consolidation is not limited to the U\\.S\\., but could include further consolidation among international carriers in Europe and elsewhere\\.\n\nAdditionally, our AAdvantage loyalty program, which is an important element of our sales and marketing programs, faces significant and increasing competition from the loyalty programs offered by other travel companies, as well as from similar loyalty benefits offered by banks and other financial services companies\\. Competition among loyalty programs is intense regarding the rewards, fees, required usage, and other terms and conditions of these programs\\. These competitive factors affect our ability to attract and retain customers, increase usage of our loyalty program and maximize the revenue generated by our loyalty program\\.\n\nDownturns in economic conditions could adversely affect our business \\. \n\nDue to the discretionary nature of business and leisure travel spending and the highly competitive nature of the airline industry, our revenues are heavily influenced by the condition of the U\\.S\\. economy and economies in other regions of the world\\. Unfavorable conditions in these broader economies have resulted, and may result in the future, in decreased passenger demand for air travel, changes in booking practices and related reactions by our competitors, all of which in turn have had, and may have in the future, a strong negative effect on our business\\. See also  \u201cThe airline industry is intensely competitive and dynamic\\.\u201d \n\nOur business has been and will continue to be affected by many changing economic and other conditions beyond our control, including global events that affect travel behavior, and our results of operations could be volatile and fluctuate due to seasonality\\. \n\nOur business, results of operations and financial condition have been and will continue to be affected by many changing economic and other conditions beyond our control, including, among others:\n\n\n\n|   |                                                                                                                                                                                                                                   |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | actual or potential changes in international, national, regional and local economic, business and financial conditions, including recession, inflation, higher interest rates, wars, terrorist attacks and political instability; |\n\n\n\n\n\n|   |                                                                                         |\n| - | --------------------------------------------------------------------------------------- |\n| \u2022 | changes in consumer preferences, perceptions, spending patterns and demographic trends; |\n\n\n\n\n\n|   |                                                                                                                                    |\n| - | ---------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in the competitive environment due to industry consolidation, changes in airline alliance affiliations, and other factors; |\n\n\n\n17"}
{"_id": "Southwest-2018_11.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|   |                                                                                                                                                                                               |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | the DOT has been given the authority to impose triple the maximum fines for damages to passengers' wheelchairs or other mobility aids, as well as for injury to passengers with disabilities; |\n\n\n\n\n\n|   |                                                                                                                                                                                    |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | the DOT has been directed to implement a rulemaking to require air carriers to promptly provide a refund for any ancillary fee paid for services a passenger does not receive; and |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                      |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | the Reauthorization Act makes it an unfair and deceptive practice to involuntarily deplane a revenue passenger onboard an aircraft if that passenger is traveling on a confirmed reservation and is checked\\-in for the relevant flight prior to the applicable check\\-in deadline\\. |\n\n\n\n***Aviation Taxes and Fees***\n\nThe statutory authority for the federal government to collect most types of aviation taxes, which are used, in part, to finance programs administered by the FAA, must be periodically reauthorized by the U\\.S\\. Congress\\. The Reauthorization Act extends most commercial aviation taxes for five years through September 30, 2023\\. \n\nIn addition to FAA\\-related taxes, there are additional federal taxes related to the U\\.S\\. Department of Homeland Security\\. These taxes do not need to be reauthorized periodically\\. Congress has set the Transportation Security Fee paid by passengers at $5\\.60 per one\\-way passenger trip\\. In addition, inbound international passengers are subject to immigration and customs fees that are indexed to inflation\\. These fees are used to support the operations of U\\.S\\. Customs and Border Protection (\"CBP\")\\. Finally, the U\\.S\\. Department of Agriculture's Animal and Plant Health Inspection Service imposes an agriculture inspection fee on arriving international passengers\\.\n\nIn 2019, the Company expects to continue to benefit from the comprehensive U\\.S\\. tax reform legislation enacted by Congress in late 2017, which includes, among other items, a reduced federal corporate tax rate\\. At the same time, the legislation eliminates certain tax deductions and preferences\\. These changes not only impact the Company directly, but could be impacting the U\\.S\\. economy as a whole, including consumer demand\\.\n\nIn 2019, Congress is expected to consider legislation to boost federal spending on public infrastructure, including at airports\\. This legislation could result in an increase in the maximum Passenger Facility Charge, which is assessed by airports and collected by airlines, currently capped at $4\\.50 per passenger enplanement (with a maximum of two Passenger Facility Charges on a one\\-way trip or four Passenger Facility Charges on a roundtrip, for a maximum of $18\\.00 total)\\. Conversely, this legislation could also result in an infusion of federal investment in public infrastructure that may benefit all modes of transportation\\.\n\nFinally, the annual congressional budget process is another legislative vehicle by which new aviation taxes or regulations may be imposed\\. The annual appropriations bill funds the federal government \\- including the DOT, the FAA, the Transportation Security Administration (the \"TSA\"), and CBP\\. Passage of the fiscal year 2020 appropriations bill will be considered throughout 2019 and could result in an increase in one or more of the taxes and fees discussed above, as well as new mandates on the DOT to begin or complete rulemakings related to airline consumer protection\\. \n\n**Operational, Safety, and Health Regulation**\n\nThe FAA has the authority to regulate safety aspects of civil aviation operations\\. Specifically, the Company and certain of its third\\-party service providers are subject to the jurisdiction of the FAA with respect to aircraft maintenance and operations, including equipment, ground facilities, dispatch, communications, training, and other matters affecting air safety\\. The FAA, acting through its own powers or through the appropriate U\\.S\\. Attorney, has the power to bring proceedings for the imposition and collection of civil penalties for violation of the FAA regulations\\.\n\nThe FAA requires airlines to obtain and maintain an Air Carrier Operating Certificate, as well as other certificates, approvals, and authorities\\. These certificates, approvals, and authorities are subject to suspension or revocation for cause\\.\n\nThe FAA has rules in effect with respect to flight, duty, and rest regulations\\. Among other things, the rules (i) require a ten hour minimum rest period prior to a pilot\u2019s flight duty period; (ii) mandate that a pilot must have an opportunity for eight hours of uninterrupted sleep within the rest period; and (iii) impose pilot \"flight time\" and \"duty time\" limitations based upon report times, the number of scheduled flight segments, and other operational factors\\. The Reauthorization Act contains a provision requiring the implementation of an FAA rule mandating a rest period of at \n\n12"}
{"_id": "United-2018_85.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**NOTE 14 \\- SPECIAL CHARGES**\n\nSpecial charges in the statements of consolidated operations consisted of the following for the years ended December 31 (in millions):\n\n\n\n|                                                                                                               |          |              |              |\n| ------------------------------------------------------------------------------------------------------------- | -------- | ------------ | ------------ |\n| Operating:                                                                                                    | **2018** | **2017 (a)** | **2016 (a)** |\n| Impairment of assets                                                                                          | $377     | $25          | $412         |\n| Termination of an engine maintenance service agreement                                                        | 64       | \u2014            | \u2014            |\n| Severance and benefit costs                                                                                   | 41       | 116          | 37           |\n| Cleveland airport lease restructuring                                                                         | \u2014        | \u2014            | 74           |\n| Labor agreement costs                                                                                         | \u2014        | \u2014            | 171          |\n| (Gains) losses on sale of assets and other special charges                                                    | 5        | 35           | 51           |\n| Total operating special charges                                                                               | 487      | 176          | 745          |\n| Nonoperating:                                                                                                 |          |              |              |\n| Postretirement curtailment gain                                                                               | \u2014        | \u2014            | (107)        |\n| Gains on extinguishment of debt and other                                                                     | \u2014        | \u2014            | (1)          |\n| Total operating and nonoperating special charges before income taxes                                          | 487      | 176          | 637          |\n| Nonoperating mark\\-to\\-market (\"MTM\") losses on financial instruments                                         | 5        | \u2014            | \u2014            |\n| Total special charges and MTM losses on financial instruments                                                 | 492      | 176          | 637          |\n| Income tax benefit                                                                                            | (110)    | (63)         | (229)        |\n| Income tax adjustments (Note 7)                                                                               | (5)      | (179)        | 180          |\n| Total special charges and MTM losses on financial instruments, net of income taxes and income tax adjustments | $377     | $(66)        | $588         |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)* andAccounting Standards Update No\\. 2017\\-07, *Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\n***2018***\n\nThe Company conducted its annual impairment review of intangible assets in the fourth quarter of 2018, which consisted of a comparison of the book value of specific assets to the fair value of those assets\\. Due to increased costs without sufficient corresponding increases in revenue in the Hong Kong market, the Company determined that the value of its Hong Kong routes had been impaired\\. Accordingly, in the fourth quarter of 2018, the Company recorded a special non\\-cash impairment charge of $206 million ($160 million net of taxes) associated with its Hong Kong routes\\. The collateral pledged under the Company's term loan, including the Hong Kong routes, continues to be sufficient to satisfy the loan covenants\\. The Company determined the fair value of the Hong Kong routes using a variation of the income approach known as the excess earnings method, which discounts an asset's projected future net cash flows to determine the current fair value\\. Assumptions used in the discounted cash flow methodology include a discount rate, which is based upon the Company's current weighted average cost of capital plus an asset\\-specific risk factor, and a projection of sales, expenses, gross margin, tax rates and contributory asset charges for four future years and a terminal growth rate\\. The assumptions used for future projections are determined based upon the Company's asset\\-specific forecasts along with the Company's strategic plan\\. These assumptions are inherently uncertain as they relate to future events and circumstances\\. Actual results will be influenced by the competitive environment, fuel costs and other expenses, and potentially other unforeseen events or circumstances that could have a material negative impact on future results\\.\n\nIn May 2018, the Brazil\u2013United States open skies agreement was ratified, which provides air carriers with unrestricted access between the United States and Brazil\\. The Company determined that the approval of the open skies agreement impaired the entire value of its Brazil route authorities because the agreement removes all limitations or reciprocity requirements for flights between the United States and Brazil\\. Accordingly, the Company recorded a $105 million special charge ($82 million net of taxes) to write off the entire value of the intangible asset associated with its Brazil routes\\. This asset is not part of any collateral pledged against any of the Company's borrowings\\. The Company continues to maintain its slot assets related to Brazil since airport access is still regulated by slot allocations that are limited by airport facility constraints\\. \n\nDuring 2018, the Company also recorded $66 million ($51 million net of taxes) of fair value adjustments related to aircraft purchased off lease, write\\-offs of unexercised aircraft purchase options and other impairments related to certain fleet types and international slots no longer in use\\.\n\n86"}
{"_id": "AmericanAirlines-2017_25.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\naviation, labor, environmental, data protection/privacy, competition and other matters applicable to the provision of air transportation services by us or our alliance, joint business or codeshare partners\\. The impact on our business of any treaties, laws and regulations that replace the existing EU counterparts cannot be predicted\\. Any of these effects, and others we cannot anticipate, could materially adversely affect our business, results of operations and financial condition\\.\n\n***We are subject to many forms of environmental and noise regulation and may incur substantial costs as a result\\.***\n\nWe are subject to increasingly stringent federal, state, local and foreign laws, regulations and ordinances relating to the protection of the environment and noise reduction, including those relating to emissions to the air, discharges to surface and subsurface waters, safe drinking water, and the management of hazardous substances, oils and waste materials\\. Compliance with environmental laws and regulations can require significant expenditures, and violations can lead to significant fines and penalties\\.\n\nWe are also subject to other environmental laws and regulations, including those that require us to investigate and remediate soil or groundwater to meet certain remediation standards\\. Under federal law, generators of waste materials, and current and former owners or operators of facilities, can be subject to liability for investigation and remediation costs at locations that have been identified as requiring response actions\\. Liability under these laws may be strict, joint and several, meaning that we could be liable for the costs of cleaning up environmental contamination regardless of fault or the amount of waste directly attributable to us\\. We have liability for investigation and remediation costs at various sites, although such costs currently are not expected to have a material adverse effect on our business\\.\n\nWe have various leases and agreements with respect to real property, tanks and pipelines with airports and other operators\\. Under these leases and agreements, we have agreed to indemnify the lessor or operator against environmental liabilities associated with the real property or operations described under the agreement, in some cases even if we are not the party responsible for the initial event that caused the environmental damage\\. We also participate in leases with other airlines in fuel consortiums and fuel committees at airports, where such indemnities are generally joint and several among the participating airlines\\.\n\nGovernmental authorities in several U\\.S\\. and foreign cities are also considering, or have already implemented, aircraft noise reduction programs, including the imposition of nighttime curfews and limitations on daytime take offs and landings\\. We have been able to accommodate local noise restrictions imposed to date, but our operations could be adversely affected if locally\\-imposed regulations become more restrictive or widespread\\.\n\n***We are subject to risks associated with climate change, including increased regulation to reduce emissions of greenhouse gases\\.***\n\nThere is increasing global regulatory focus on climate change and GHG emissions\\. For example, in October 2016, ICAO passed a resolution adopting the ICAO CORSIA, which is a global, market\\-based emissions offset program to encourage carbon\\-neutral growth beyond 2020\\. The CORSIA was supported by the board of Airlines for America (the principal U\\.S\\. airline trade association) and IATA (the principal international airline trade association), and by American and many other U\\.S\\. and foreign airlines\\. The CORSIA will increase operating costs for American and most other airlines, including other U\\.S\\. airlines that operate internationally, but the implementation of a global program, as compared to regional emission reduction schemes, should ensure that these costs will be more predictable and more evenly applied to American and its competitors since there will be a common global regulatory regime\\. The CORSIA is expected to be implemented in phases, beginning in 2021\\. Certain details still need to be developed and the impact of the CORSIA cannot be fully predicted\\. While we do not anticipate any significant emissions allowance expenditures in 2018, compliance with the CORSIA or similar emissions\\-related requirements could significantly increase our operating costs beyond 2018\\. Further, the potential impact of the CORSIA or other emissions\\-related requirements on our costs will ultimately depend on a number of factors, including baseline emissions, the price of emission allowances or offsets and the number of future flights subject to such emissions\\-related requirements\\. These costs have not been completely defined and could fluctuate\\.\n\nIn addition, in December 2015, at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change, over 190 countries, including the United States, reached an agreement (the Paris Agreement) to reduce GHG emissions\\. While the United States has since announced that it will withdraw from the Paris Agreement and there is no express reference to aviation in that agreement, to the extent countries implement that agreement or impose other climate change regulations, either with respect to the aviation industry or with respect to related industries such as the aviation fuel industry, it could have an adverse direct or indirect effect on our business\\.\n\nIn 2018, the EPA is expected to finalize a rule implementing aircraft engine GHG emission standards\\. It is anticipated that the EPA rule will closely align with recent ICAO carbon dioxide emission standards\\. The new standards, which were supported \n\n26"}
{"_id": "Alaska-2019_86.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the Shareholders and Board of Directors\n\nAlaska Air Group, Inc\\.:\n\nOpinion on Internal Control Over Financial Reporting \n\nWe have audited Alaska Air Group, Inc\\. and subsidiaries\u2019 (the Company) internal control over financial reporting as of December 31, 2019, based on criteria established in  Internal Control \\- Integrated Framework (2013)  issued by the Committee of Sponsoring Organizations of the Treadway Commission\\. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on criteria established in  Internal Control \\- Integrated Framework (2013)  issued by the Committee of Sponsoring Organizations of the Treadway Commission\\. \n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2019 and 2018, the related consolidated statements of operations, comprehensive operations, shareholders\u2019 equity, and cash flows for each of the years in the three\\-year period ended December 31, 2019, and the related notes (collectively, the consolidated financial statements), and our report dated February 12, 2020 expressed an unqualified opinion on those consolidated financial statements\\.\n\nBasis for Opinion \n\nThe Company\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management\u2019s Report on Internal Control Over Financial Reporting\\. Our responsibility is to express an opinion on the Company\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk\\. Our audit also included performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\nDefinition and Limitations of Internal Control Over Financial Reporting \n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n/s/ KPMG LLP\n\nSeattle, Washington\n\nFebruary 12, 2020 \n\n86"}
{"_id": "AmericanAirlines-2017_166.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nStock\\-settled RSU award activity for all plans for the years ended December 31, 2017, 2016 and 2015 is as follows:\n\n\n\n|                                  |                      |                                                                             |\n| -------------------------------- | -------------------- | --------------------------------------------------------------------------- |\n|                                  | **Number of Shares** | **Weighted**<br><br>**Average Grant**<br><br>**Date Fair**<br><br>**Value** |\n|                                  | **(In thousands)**   |                                                                             |\n| Outstanding at December 31, 2014 | 21,342               | $26\\.43                                                                     |\n| Granted                          | 2,213                | 46\\.62                                                                      |\n| Vested and released              | (17,163)             | 25\\.20                                                                      |\n| Forfeited                        | (785)                | 27\\.12                                                                      |\n| Outstanding at December 31, 2015 | 5,607                | $38\\.08                                                                     |\n| Granted                          | 2,655                | 41\\.34                                                                      |\n| Vested and released              | (2,754)              | 34\\.83                                                                      |\n| Forfeited                        | (321)                | 40\\.15                                                                      |\n| Outstanding at December 31, 2016 | 5,187                | $41\\.48                                                                     |\n| Granted                          | 2,309                | 48\\.58                                                                      |\n| Vested and released              | (2,708)              | 39\\.63                                                                      |\n| Forfeited                        | (464)                | 44\\.48                                                                      |\n| Outstanding at December 31, 2017 | 4,324                | $46\\.94                                                                     |\n\n\n\nAs of December 31, 2017, there was $121 million of unrecognized compensation cost related to stock\\-settled RSUs\\. These costs are expected to be recognized over a weighted average period of one year\\. The total fair value of stock\\-settled RSUs vested during the years ended December 31, 2017, 2016 and 2015 was $123 million, $107 million and $750 million, respectively\\.\n\n***(b) Stock Appreciation Rights (SARs)***\n\nAAG assumed US Airways Group\u2019s outstanding SARs in connection with the Merger using an exchange ratio of one to one\\. These SARs were granted with an exercise price equal to the underlying common stock\u2019s fair value at the date of each grant, have service conditions, become exercisable over a three\\-year vesting period and expire if unexercised at the end of their term, which ranges from seven to ten years\\. During 2017, 2016 and 2015, 0\\.8 million, 1\\.7 million and 3\\.0 million SARs, respectively, were exercised at weighted average exercise prices of $15\\.71, $14\\.49 and $12\\.09, respectively, for a total intrinsic value of $27 million, $49 million and $102 million, respectively\\. As of December 31, 2017, AAG had 1\\.2 million SARs outstanding with an aggregate intrinsic value of $54 million and weighted average exercise price of $8\\.08 that expire between 2018 and 2020 if unexercised\\.\n\n***(c) ASU 2016\\-09: Compensation \\- Stock Compensation (Topic 718): Improvements to Employee Share\\-Based Payment Accounting***\n\nThis ASU simplified the accounting for share\\-based payment award transactions including the financial statement presentation of excess tax benefits and deficiencies\\. American adopted this ASU during the second quarter of 2016, which resulted in the recognition of $418 million of previously unrecognized excess tax benefits in deferred tax assets and an increase to retained earnings on the consolidated balance sheet as of the beginning of 2016\\.\n\n167"}
{"_id": "AmericanAirlines-2017_98.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n***(b) EETCs***\n\n*2016\\-3 EETCs*\n\nDuring the first quarter of 2017, all remaining net proceeds of the Series 2016\\-3 Class AA and Class A EETCs (the 2016\\-3 EETCs), in the amount of $109 million, were used to purchase equipment notes issued by American in connection with the financing of two of the 25 aircraft financed under the 2016\\-3 EETCs (such 25 aircraft, the 2016\\-3 Aircraft)\\. \n\nIn October 2017, American created one additional pass\\-through trust which issued approximately $193 million aggregate principal amount of Series 2016\\-3 Class B EETCs (the 2016\\-3 Class B EETCs) in connection with the financing of the 2016\\-3 Aircraft\\. The proceeds received from the sale of the 2016\\-3 Class B EETCs were used on the date of issuance of the 2016\\-3 Class B EETCs to acquire Series B equipment notes issued by American in connection with the financing of the 2016\\-3 Aircraft\\.\n\nInterest and principal payments on equipment notes issued in connection with the 2016\\-3 EETCs are payable semi\\-annually in April and October of each year, with interest payments that began in April 2017 and principal payments that began in October 2017 for the Class AA and Class A EETCs and interest and principal payments beginning in April 2018 for the Class B EETCs\\. These equipment notes are secured by liens on the 2016\\-3 Aircraft\\.\n\nCertain information regarding the 2016\\-3 EETC equipment notes, as of December 31, 2017, is set forth in the table below\\.\n\n\n\n|                               |                   |                   |                   |\n| ----------------------------- | ----------------- | ----------------- | ----------------- |\n|                               | **2016\\-3 EETCs** | **2016\\-3 EETCs** | **2016\\-3 EETCs** |\n|                               | **Series AA**     | **Series A**      | **Series B**      |\n| Aggregate principal issued    | $558 million      | $256 million      | $193 million      |\n| Fixed interest rate per annum | 3\\.00%            | 3\\.25%            | 3\\.75%            |\n| Maturity date                 | October 2028      | October 2028      | October 2025      |\n\n\n\n*2017\\-1 EETCs*\n\nIn January 2017, American created three pass\\-through trusts which issued approximately $983 million aggregate principal amount of Series 2017\\-1 Class AA, Class A and Class B EETCs (the 2017\\-1 EETCs) in connection with the financing of 24 aircraft delivered to American through May 2017 (the 2017\\-1 Aircraft)\\.\n\nDuring the first six months of 2017, all of the net proceeds received from the sale of the 2017\\-1 EETCs were used to purchase equipment notes issued by American in connection with the financing of the 2017\\-1 Aircraft\\. Interest and principal payments on equipment notes issued in connection with the 2017\\-1 EETCs are payable semi\\-annually in February and August of each year, with interest payments that began in August 2017 and principal payments beginning in February 2018\\. These equipment notes are secured by liens on the 2017\\-1 Aircraft\\.\n\nCertain information regarding the 2017\\-1 EETC equipment notes, as of December 31, 2017, is set forth in the table below\\.\n\n\n\n|                               |                   |                   |                   |\n| ----------------------------- | ----------------- | ----------------- | ----------------- |\n|                               | **2017\\-1 EETCs** | **2017\\-1 EETCs** | **2017\\-1 EETCs** |\n|                               | **Series AA**     | **Series A**      | **Series B**      |\n| Aggregate principal issued    | $537 million      | $248 million      | $198 million      |\n| Fixed interest rate per annum | 3\\.65%            | 4\\.00%            | 4\\.95%            |\n| Maturity date                 | February 2029     | February 2029     | February 2025     |\n\n\n\n99"}
{"_id": "AmericanAirlines-2017_34.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***Aircraft and Engine Purchase Commitments***\n\nAs of December 31, 2017, we had definitive purchase agreements with Airbus, Boeing and Embraer for the acquisition of the following mainline and regional aircraft:\n\n\n\n|                |          |          |          |          |          |                                    |           |\n| -------------- | -------- | -------- | -------- | -------- | -------- | ---------------------------------- | --------- |\n|                | **2018** | **2019** | **2020** | **2021** | **2022** | **2023 and**<br><br>**Thereafter** | **Total** |\n| **Airbus**     |          |          |          |          |          |                                    |           |\n| A320neo Family | \u2014        | 25       | 25       | 25       | 20       | 5                                  | 100       |\n| A350 XWB       | \u2014        | \u2014        | 2        | 5        | 5        | 10                                 | 22        |\n| **Boeing**     |          |          |          |          |          |                                    |           |\n| 737 MAX Family | 16       | 20       | 19       | 21       | 20       | \u2014                                  | 96        |\n| 787 Family     | 6        | 2        | \u2014        | \u2014        | \u2014        | \u2014                                  | 8         |\n| **Embraer**    |          |          |          |          |          |                                    |           |\n| E175  ^(1)^    | 5        | 5        | \u2014        | \u2014        | \u2014        | \u2014                                  | 10        |\n| Total          | 27       | 52       | 46       | 51       | 45       | 15                                 | 236       |\n\n\n\n\n\n|       |                                                                                                                                               |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | These aircraft may be operated by wholly\\-owned regional subsidiaries which would operate the aircraft under capacity purchase arrangements\\. |\n\n\n\nWe also have agreements for 37 spare engines to be delivered in 2018 and beyond\\.\n\nAs of December 31, 2017, we had financing commitments for all of the aircraft currently on order and scheduled to be delivered through April 2018\\. We do not have financing commitments for the following aircraft currently on order and scheduled to be delivered through the end of 2018: 11 Boeing 737 MAX Family aircraft, five Boeing 787 Family aircraft and five Embraer E175 regional aircraft\\. In addition, we do not have financing commitments in place for substantially all aircraft currently on order and scheduled to be delivered in 2019 and beyond\\. See Part I, Item 1A\\. Risk Factors \u2013*\u201cWe will need to obtain sufficient financing or other capital to operate successfully\u201d* for additional discussion\\.\n\nSee Note 11 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 9 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on aircraft and engine acquisition commitments\\.\n\n***Other Information***\n\nFor information concerning the estimated useful lives and residual values for owned aircraft and terms for leased aircraft, see Note 1 and Note 11 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 1 and Note 9 to American\u2019s Consolidated Financial Statements in Part II, Item 8B\\.\n\n**Ground Properties**\n\nAt each airport where we conduct flight operations, we lease passenger, operations and baggage handling space, generally from the airport operator, and in some cases on a subleased basis from other airlines\\. Our agreements with airports also provide for the non\\-exclusive use of runways, taxiways and other improvements and facilities; landing fees under these agreements typically are based on the number of landings and weight of aircraft\\. These leases and use agreements generally contain provisions for periodic adjustments of lease rates, landing fees and other charges applicable under that type of agreement\\. Additionally, our main operational facilities are associated with our hubs\\. At these locations and in other cities we serve, we maintain administrative offices, catering, cargo, training, maintenance and other facilities, in each case as necessary to support our operations in the particular city\\.\n\nWe own our corporate headquarters buildings in Fort Worth, Texas\\. We lease or have built on leased property our training facilities in Fort Worth, Texas, our principal overhaul and maintenance base in Tulsa, Oklahoma, our regional reservation offices, and administrative offices throughout the U\\.S\\. and abroad\\. Construction continues on a new, five\\-building headquarters on the corporate campus in Fort Worth, Texas, which is scheduled for completion and move\\-in in phases over the second half of 2019\\.\n\nFor information concerning the estimated lives for owned ground properties and terms for lease properties, see Note 1 and Note 11 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 1 and Note 9 to American\u2019s Consolidated Financial Statements in Part II, Item 8B\\.\n\n35"}
{"_id": "AmericanAirlines-2018_82.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**AMERICAN AIRLINES GROUP INC\\.**\n\n**CONSOLIDATED BALANCE SHEETS**\n\n**(In millions, except shares and par value)**\n\n\n\n|                                                                                                                                                                                                 |                  |                  |\n| ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                                                                                                                                 | **December 31,** | **December 31,** |\n|                                                                                                                                                                                                 | **2018**         | **2017**         |\n| **ASSETS**                                                                                                                                                                                      |                  |                  |\n| **Current assets**                                                                                                                                                                              |                  |                  |\n| Cash                                                                                                                                                                                            | $275             | $295             |\n| Short\\-term investments                                                                                                                                                                         | 4,485            | 4,771            |\n| Restricted cash and short\\-term investments                                                                                                                                                     | 154              | 318              |\n| Accounts receivable, net                                                                                                                                                                        | 1,706            | 1,752            |\n| Aircraft fuel, spare parts and supplies, net                                                                                                                                                    | 1,522            | 1,359            |\n| Prepaid expenses and other                                                                                                                                                                      | 495              | 651              |\n| Total current assets                                                                                                                                                                            | 8,637            | 9,146            |\n| **Operating property and equipment**                                                                                                                                                            |                  |                  |\n| Flight equipment                                                                                                                                                                                | 41,499           | 40,318           |\n| Ground property and equipment                                                                                                                                                                   | 8,764            | 8,267            |\n| Equipment purchase deposits                                                                                                                                                                     | 1,278            | 1,217            |\n| Total property and equipment, at cost                                                                                                                                                           | 51,541           | 49,802           |\n| Less accumulated depreciation and amortization                                                                                                                                                  | (17,443)         | (15,646)         |\n| Total property and equipment, net                                                                                                                                                               | 34,098           | 34,156           |\n| **Operating lease right\\-of\\-use assets**                                                                                                                                                       | 9,151            | \u2014                |\n| **Other assets**                                                                                                                                                                                |                  |                  |\n| Goodwill                                                                                                                                                                                        | 4,091            | 4,091            |\n| Intangibles, net of accumulated amortization of $663 and $622, respectively                                                                                                                     | 2,137            | 2,203            |\n| Deferred tax asset                                                                                                                                                                              | 1,145            | 1,816            |\n| Other assets                                                                                                                                                                                    | 1,321            | 1,373            |\n| Total other assets                                                                                                                                                                              | 8,694            | 9,483            |\n| **Total assets**                                                                                                                                                                                | $60,580          | $52,785          |\n| **LIABILITIES AND STOCKHOLDERS\u2019 EQUITY (DEFICIT)**                                                                                                                                              |                  |                  |\n| **Current liabilities**                                                                                                                                                                         |                  |                  |\n| Current maturities of long\\-term debt and finance leases                                                                                                                                        | $3,294           | $2,554           |\n| Accounts payable                                                                                                                                                                                | 1,773            | 1,688            |\n| Accrued salaries and wages                                                                                                                                                                      | 1,427            | 1,672            |\n| Air traffic liability                                                                                                                                                                           | 4,339            | 4,042            |\n| Loyalty program liability                                                                                                                                                                       | 3,267            | 3,121            |\n| Operating lease liabilities                                                                                                                                                                     | 1,654            | \u2014                |\n| Other accrued liabilities                                                                                                                                                                       | 2,342            | 2,281            |\n| Total current liabilities                                                                                                                                                                       | 18,096           | 15,358           |\n| **Noncurrent liabilities**                                                                                                                                                                      |                  |                  |\n| Long\\-term debt and finance leases, net of current maturities                                                                                                                                   | 21,179           | 22,511           |\n| Pension and postretirement benefits                                                                                                                                                             | 6,907            | 7,497            |\n| Loyalty program liability                                                                                                                                                                       | 5,272            | 5,701            |\n| Operating lease liabilities                                                                                                                                                                     | 7,902            | \u2014                |\n| Other liabilities                                                                                                                                                                               | 1,393            | 2,498            |\n| Total noncurrent liabilities                                                                                                                                                                    | 42,653           | 38,207           |\n| **Commitments and contingencies (Note 12)**                                                                                                                                                     |                  |                  |\n| **Stockholders' equity (deficit)**                                                                                                                                                              |                  |                  |\n| Common stock, $0\\.01 par value; 1,750,000,000 shares authorized, 460,610,870 shares issued and outstanding at December 31, 2018; 475,507,887 shares issued and outstanding at December 31, 2017 | 5                | 5                |\n| Additional paid\\-in capital                                                                                                                                                                     | 4,964            | 5,714            |\n| Accumulated other comprehensive loss                                                                                                                                                            | (5,274)          | (5,154)          |\n| Retained earnings (deficit)                                                                                                                                                                     | 136              | (1,345)          |\n| Total stockholders' deficit                                                                                                                                                                     | (169)            | (780)            |\n| **Total liabilities and stockholders\u2019 equity (deficit)**                                                                                                                                        | $60,580          | $52,785          |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n83"}
{"_id": "AmericanAirlines-2018_84.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**AMERICAN AIRLINES GROUP INC\\.**\n\n**CONSOLIDATED STATEMENTS OF STOCKHOLDERS\u2019 EQUITY**\n\n**(In millions, except share amounts)**\n\n\n\n|                                                                                                       |                             |                                                       |                                                                           |                                                       |           |\n| ----------------------------------------------------------------------------------------------------- | --------------------------- | ----------------------------------------------------- | ------------------------------------------------------------------------- | ----------------------------------------------------- | --------- |\n|                                                                                                       | **Common**<br><br>**Stock** | **Additional**<br><br>**Paid\\-in**<br><br>**Capital** | **Accumulated**<br><br>**Other**<br><br>**Comprehensive**<br><br>**Loss** | **Retained**<br><br>**Earnings**<br><br>**(Deficit)** | **Total** |\n| **Balance at December 31, 2015**                                                                      | $6                          | $11,591                                               | $(4,732)                                                                  | $(1,230)                                              | $5,635    |\n| Net income                                                                                            | \u2014                           | \u2014                                                     | \u2014                                                                         | 2,584                                                 | 2,584     |\n| Other comprehensive loss                                                                              | \u2014                           | \u2014                                                     | (351)                                                                     | \u2014                                                     | (351)     |\n| Cash tax withholding on shares issued                                                                 | \u2014                           | (56)                                                  | \u2014                                                                         | \u2014                                                     | (56)      |\n| Purchase and retirement of 119,823,621 shares of AAG common stock                                     | (1)                         | (4,415)                                               | \u2014                                                                         | \u2014                                                     | (4,416)   |\n| Dividends declared on AAG common stock ($0\\.40 per share)                                             | \u2014                           | \u2014                                                     | \u2014                                                                         | (224)                                                 | (224)     |\n| Issuance of 2,506,067 shares of AAG common stock pursuant to employee stock plans                     | \u2014                           | \u2014                                                     | \u2014                                                                         | \u2014                                                     | \u2014         |\n| Settlement of single\\-dip unsecured claims held in distributed claims reserve                         | \u2014                           | 3                                                     | \u2014                                                                         | \u2014                                                     | 3         |\n| Share\\-based compensation expense                                                                     | \u2014                           | 100                                                   | \u2014                                                                         | \u2014                                                     | 100       |\n| Impact of adoption of Accounting Standards Update (ASU) 2016\\-09 related to share\\-based compensation | \u2014                           | \u2014                                                     | \u2014                                                                         | 418                                                   | 418       |\n| Impact of adoption of ASU 2014\\-09 related to revenue recognition (See Note 1(b))                     | \u2014                           | \u2014                                                     | \u2014                                                                         | (3,977)                                               | (3,977)   |\n| **Balance at December 31, 2016**                                                                      | 5                           | 7,223                                                 | (5,083)                                                                   | (2,429)                                               | (284)     |\n| Net income                                                                                            | \u2014                           | \u2014                                                     | \u2014                                                                         | 1,282                                                 | 1,282     |\n| Other comprehensive loss                                                                              | \u2014                           | \u2014                                                     | (71)                                                                      | \u2014                                                     | (71)      |\n| Cash tax withholding on shares issued                                                                 | \u2014                           | (51)                                                  | \u2014                                                                         | \u2014                                                     | (51)      |\n| Purchase and retirement of 33,953,127 shares of AAG common stock                                      | \u2014                           | (1,563)                                               | \u2014                                                                         | \u2014                                                     | (1,563)   |\n| Dividends declared on AAG common stock ($0\\.40 per share)                                             | \u2014                           | \u2014                                                     | \u2014                                                                         | (198)                                                 | (198)     |\n| Issuance of 2,166,861 shares of AAG common stock pursuant to employee stock plans                     | \u2014                           | \u2014                                                     | \u2014                                                                         | \u2014                                                     | \u2014         |\n| Settlement of single\\-dip unsecured claims held in distributed claims reserve                         | \u2014                           | 15                                                    | \u2014                                                                         | \u2014                                                     | 15        |\n| Share\\-based compensation expense                                                                     | \u2014                           | 90                                                    | \u2014                                                                         | \u2014                                                     | 90        |\n| **Balance at December 31, 2017**                                                                      | 5                           | 5,714                                                 | (5,154)                                                                   | (1,345)                                               | (780)     |\n| Net income                                                                                            | \u2014                           | \u2014                                                     | \u2014                                                                         | 1,412                                                 | 1,412     |\n| Other comprehensive loss                                                                              | \u2014                           | \u2014                                                     | (120)                                                                     | \u2014                                                     | (120)     |\n| Cash tax withholding on shares issued                                                                 | \u2014                           | (37)                                                  | \u2014                                                                         | \u2014                                                     | (37)      |\n| Purchase and retirement of 16,606,157 shares of AAG common stock                                      | \u2014                           | (799)                                                 | \u2014                                                                         | \u2014                                                     | (799)     |\n| Dividends declared on AAG common stock ($0\\.40 per share)                                             | \u2014                           | \u2014                                                     | \u2014                                                                         | (188)                                                 | (188)     |\n| Issuance of 1,709,140 shares of AAG common stock pursuant to employee stock plans                     | \u2014                           | \u2014                                                     | \u2014                                                                         | \u2014                                                     | \u2014         |\n| Share\\-based compensation expense                                                                     | \u2014                           | 86                                                    | \u2014                                                                         | \u2014                                                     | 86        |\n| Impact of adoption of ASU 2016\\-01 related to financial instruments (See Note 1(b))                   | \u2014                           | \u2014                                                     | \u2014                                                                         | 60                                                    | 60        |\n| Impact of adoption of ASU 2016\\-02 related to leases (See Note 1(b))                                  | \u2014                           | \u2014                                                     | \u2014                                                                         | 197                                                   | 197       |\n| **Balance at December 31, 2018**                                                                      | $5                          | $4,964                                                | $(5,274)                                                                  | $136                                                  | $(169)    |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n85"}
{"_id": "Southwest-2019_68.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nSouthwest Airlines Co\\.\n\nNotes to Consolidated Financial Statements\n\n1 \\. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES\n\nBasis of Presentation\n\nSouthwest Airlines Co\\. (the \"Company\") operates Southwest Airlines, a major domestic airline\\. The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, which include AirTran Holdings, LLC, the successor to AirTran Holdings, Inc\\. (\"AirTran Holdings\"), the former parent company of AirTran Airways, Inc\\. (\"AirTran Airways\")\\. The accompanying Consolidated Financial Statements include the results of operations and cash flows for all periods presented and all significant inter\\-entity balances and transactions have been eliminated\\. The preparation of financial statements in conformity with generally accepted accounting principles in the United States (\"GAAP\") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes\\. Actual results could differ from these estimates\\.\n\nEffective as of January 1, 2019, the Company adopted Accounting Standards Update (\"ASU\") No\\. 2016\\-02, Leases,\n\ncodified in Accounting Standards Codification (\"ASC\") 842 (the \"New Lease Standard\")\\. All amounts and disclosures\n\nset forth in this Form 10\\-K for the year ended December 31, 2019, reflect the adoption of this ASU, while all periods prior to 2019 remain in accordance with prior accounting requirements\\. See Note  2  for further information\\. \n\nEffective as of January 1, 2018, the Company adopted ASU No\\. 2017\\-12, Targeted Improvements to Accounting for Hedging Activities (the \"New Hedging Standard\")\\. All amounts and disclosures set forth in this Form 10\\-K reflect the adoption of this ASU\\. See Note 2 for further information\\.\n\nCash and Cash Equivalents\n\nCash in excess of that necessary for operating requirements is invested in short\\-term, highly liquid, income\\-producing investments\\. Investments with original maturities of three months or less when purchased are classified as cash and cash equivalents, which primarily consist of certificates of deposit, money market funds, and investment grade commercial paper issued by major corporations and financial institutions\\. Cash and cash equivalents are stated at cost, which approximates fair value\\.\n\nAs of  December 31, 2019 ,   $25 million  in cash collateral deposits were held by the Company from its fuel hedge counterparties, and   no  cash collateral deposits were held by or provided by the Company to its interest rate hedge counterparties\\. As of  December 31, 2018 ,   no  cash collateral deposits were held by or provided by the Company from its fuel hedge counterparties, and   no  cash collateral deposits were held by or provided by the Company to its interest rate hedge counterparties\\. Cash collateral amounts provided or held associated with fuel and interest rate derivative instruments are not restricted in any way and earn interest income at an agreed upon rate that approximates the rates earned on short\\-term securities issued by the U\\.S\\. Government\\. Depending on the fair value of the Company\u2019s fuel and interest rate derivative instruments, the amounts of collateral deposits held or provided at any point in time can fluctuate significantly\\. See  Note 10  for further information on these collateral deposits and fuel derivative instruments\\.\n\nShort\\-term and Noncurrent Investments\n\nShort\\-term investments consist of investments with original maturities of greater than three months but less than twelve months when purchased\\. These are primarily short\\-term securities issued by the U\\.S\\. Government and certificates of deposit issued by domestic banks\\. All of these investments are classified as available\\-for\\-sale securities and are stated at fair value, which approximates cost\\. For all short\\-term investments, at each reset period or upon reinvestment, the Company accounts for the transaction as Proceeds from sales of short\\-term investments for the security relinquished, and Purchases of short\\-investments for the security purchased, in the accompanying Consolidated Statement of Cash Flows\\. Unrealized gains and losses, net of tax, if any, are recognized in Accumulated other comprehensive income (loss) (\"AOCI\") in the accompanying Consolidated Balance Sheet\\. Realized net gains and losses on specific \n\n69"}
{"_id": "United-2018_1.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**United Continental Holdings, Inc\\. and Subsidiary Companies**\n\n**United Airlines, Inc\\. and Subsidiary Companies**\n\n**Annual Report on Form 10\\-K**\n\n**For the Year Ended** **December 31, 2018**\n\n\n\n|           |                                                                                                                                                                           |                                                                     |\n| --------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------- |\n|           |                                                                                                                                                                           | **Page**                                                            |\n|           | **PART I**                                                                                                                                                                |                                                                     |\n| Item 1\\.  | [Business](https://www.example.com#s372A919C3CE8530A9582FFA5A3EB7145)                                                                                                     | <br>[3](https://www.example.com#s372A919C3CE8530A9582FFA5A3EB7145)  |\n| Item 1A\\. | [Risk Factors](https://www.example.com#s7D7213CD83D25F9C825DC9A941B5EFB6)                                                                                                 | <br>[8](https://www.example.com#s7D7213CD83D25F9C825DC9A941B5EFB6)  |\n| Item 1B\\. | [Unresolved Staff Comments](https://www.example.com#sB14B42AFD634581F94B11405ADC7B1BA)                                                                                    | <br>[18](https://www.example.com#sB14B42AFD634581F94B11405ADC7B1BA) |\n| Item 2\\.  | [Properties](https://www.example.com#sE4729869CC26580CAF90338A21E4EB19)                                                                                                   | <br>[19](https://www.example.com#sE4729869CC26580CAF90338A21E4EB19) |\n| Item 3\\.  | [Legal Proceedings](https://www.example.com#s2AEC3C130DCC56F3AF61CBF7D0824B86)                                                                                            | <br>[20](https://www.example.com#s2AEC3C130DCC56F3AF61CBF7D0824B86) |\n| Item 4\\.  | [Mine Safety Disclosures](https://www.example.com#s9E6A4B0C58285584AC9F04426519A130)                                                                                      | <br>[21](https://www.example.com#s9E6A4B0C58285584AC9F04426519A130) |\n|           | **PART II**                                                                                                                                                               |                                                                     |\n| Item 5\\.  | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](https://www.example.com#sB2B3167EBDA252278FEA7B3AF0FBCF38) | <br>[21](https://www.example.com#sB2B3167EBDA252278FEA7B3AF0FBCF38) |\n| Item 6\\.  | [Selected Financial Data](https://www.example.com#sFDD3A9712BC95BB5955EB7F689909477)                                                                                      | <br>[22](https://www.example.com#sFDD3A9712BC95BB5955EB7F689909477) |\n| Item 7\\.  | [Management's Discussion and Analysis of Financial Condition and Results of Operations](https://www.example.com#s6AAD7DFC68A8550D8AA80AB6ACE30C74)                        | <br>[24](https://www.example.com#s6AAD7DFC68A8550D8AA80AB6ACE30C74) |\n| Item 7A\\. | [Quantitative and Qualitative Disclosures About Market Risk](https://www.example.com#s0848C5E9A7F8543280206A3411CBB400)                                                   | <br>[39](https://www.example.com#s0848C5E9A7F8543280206A3411CBB400) |\n| Item 8\\.  | [Financial Statements and Supplementary Data](https://www.example.com#s81B616CED4765B5DB3A3CB0AA2544931)                                                                  | <br>[40](https://www.example.com#s81B616CED4765B5DB3A3CB0AA2544931) |\n|           | [Combined Notes to Consolidated Financial Statements](https://www.example.com#s1B55AB41B6B95A44B99E4068B99A77DF)                                                          | <br>[54](https://www.example.com#s1B55AB41B6B95A44B99E4068B99A77DF) |\n| Item 9\\.  | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](https://www.example.com#sA79AAF3C74765F349FBD81944B2E0914)                         | <br>[90](https://www.example.com#sA79AAF3C74765F349FBD81944B2E0914) |\n| Item 9A\\. | [Controls and Procedures](https://www.example.com#sEBEE37F2920051EFBF80574DCD99E560)                                                                                      | <br>[90](https://www.example.com#sEBEE37F2920051EFBF80574DCD99E560) |\n| Item 9B\\. | [Other Information](https://www.example.com#sDE4561568FFF56A5AE3D9FEBC9ABDED7)                                                                                            | <br>[93](https://www.example.com#sDE4561568FFF56A5AE3D9FEBC9ABDED7) |\n|           | **PART III**                                                                                                                                                              |                                                                     |\n| Item 10\\. | [Directors, Executive Officers and Corporate Governance](https://www.example.com#s44B033B10E195022B93D50540F9A7DFA)                                                       | <br>[93](https://www.example.com#s44B033B10E195022B93D50540F9A7DFA) |\n| Item 11\\. | [Executive Compensation](https://www.example.com#s92AAA3C6B40058C0AD0DF3E43B216941)                                                                                       | <br>[94](https://www.example.com#s92AAA3C6B40058C0AD0DF3E43B216941) |\n| Item 12\\. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](https://www.example.com#s24AAF78CAF19583DB0A4E12DFB7705CB)               | <br>[94](https://www.example.com#s24AAF78CAF19583DB0A4E12DFB7705CB) |\n| Item 13\\. | [Certain Relationships and Related Transactions, and Director Independence](https://www.example.com#s17688E4312235AC782AA0CD4B45BE0E8)                                    | <br>[94](https://www.example.com#s17688E4312235AC782AA0CD4B45BE0E8) |\n| Item 14\\. | [Principal Accountant Fees and Services](https://www.example.com#sD20B96356758528C82E2CE16D5E06892)                                                                       | <br>[94](https://www.example.com#sD20B96356758528C82E2CE16D5E06892) |\n|           | **PART IV**                                                                                                                                                               |                                                                     |\n| Item 15\\. | [Exhibits and Financial Statement Schedules](https://www.example.com#s7CECE35A07405BD695FCCA7DC42A264A)                                                                   | <br>[96](https://www.example.com#s7CECE35A07405BD695FCCA7DC42A264A) |\n| Item 16\\. | [Form 10\\-K Summary](https://www.example.com#sBFC0593441965E69916B94634F735D2A)                                                                                           | <br>[96](https://www.example.com#sBFC0593441965E69916B94634F735D2A) |"}
{"_id": "Southwest-2017_86.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**6****\\. LONG\\-TERM DEBT**\n\n\n\n|                                                               |                       |                       |\n| ------------------------------------------------------------- | --------------------- | --------------------- |\n| **(in millions)**                                             | **December 31, 2017** | **December 31, 2016** |\n| 5\\.125% Notes due March 2017                                  | $\u2014                    | $301                  |\n| French Credit Agreements due 2018 \\- 2\\.54%                   | 1                     | 14                    |\n| Fixed\\-rate 737 Aircraft Notes payable through 2018 \\- 7\\.03% | 3                     | 8                     |\n| 2\\.75% Notes due 2019                                         | 300                   | 301                   |\n| Term Loan Agreement payable through 2019 \\- 6\\.315%           | 66                    | 106                   |\n| Term Loan Agreement payable through 2019 \\- 4\\.84%            | 19                    | 28                    |\n| 2\\.65% Notes due 2020                                         | 491                   | 492                   |\n| Term Loan Agreement payable through 2020 \\- 5\\.223%           | 237                   | 284                   |\n| 737 Aircraft Notes payable through 2020                       | 155                   | 206                   |\n| Term Loan Agreements payable through 2021 \\- 7\\.94%           | \u2014                     | 20                    |\n| 2\\.75% Notes due 2022                                         | 300                   | \u2014                     |\n| Pass Through Certificates due 2022 \\- 6\\.24%                  | 294                   | 324                   |\n| Term Loan Agreement payable through 2026 \\- 2\\.67%            | 215                   | 215                   |\n| 3\\.00% Notes due 2026                                         | 300                   | 300                   |\n| 3\\.45% Notes due 2027                                         | 300                   | \u2014                     |\n| 7\\.375% Debentures due 2027                                   | 127                   | 130                   |\n| Capital leases                                                | 885                   | 681                   |\n|                                                               | $3,693                | $3,410                |\n| Less current maturities                                       | 348                   | 566                   |\n| Less debt discount and issuance costs                         | 25                    | 23                    |\n|                                                               | $3,320                | $2,821                |\n\n\n\nAirTran Holdings is party to aircraft purchase financing facilities, and as of December 31, 2017, 17 Boeing 737 aircraft remained that were financed under floating\\-rate facilities\\. Each note is secured by a first mortgage on the aircraft to which it relates\\. The notes bear interest at a floating rate per annum equal to a margin plus the three or six\\-month LIBOR in effect at the commencement of each semi\\-annual or three\\-month period, as applicable\\. As of December 31, 2017, the weighted average interest rate was 4\\.81 percent\\. Principal and interest under the notes are payable semi\\-annually or every three months as applicable\\. As of December 31, 2017, the remaining debt outstanding may be prepaid without penalty under all aircraft loans provided under such facilities\\. The remaining notes mature in years 2018 to 2020\\. As discussed further in Note 10, a portion of the above floating\\-rate debt has been effectively converted to a fixed rate via interest rate swap agreements which expire as the underlying notes mature\\.\n\nAt December 31, 2017, AirTran Holdings was party to an additional aircraft purchase financing facility, and one Boeing 737 aircraft was financed under the fixed\\-rate facility\\. The note is secured by a first mortgage on the aircraft to which it relates\\. As of December 31, 2017, the interest rate was 7\\.03 percent\\. The remaining note matured on January 11, 2018\\.\n\nIn October 2009, AirTran Holdings completed a public offering of $115 million of convertible senior notes due November 1, 2016\\. Such notes bore interest at 5\\.25 percent payable semi\\-annually, in arrears, on May 1 and November 1\\. As a result of the Company's acquisition of AirTran in 2011 and subsequent dividends declared by the Company, the convertible senior notes were convertible into AirTran conversion units of 169\\.8265 per $1,000 in principal amount of such notes\\. Based on the terms of the merger agreement, the holders of these notes could receive shares of the Company\u2019s common stock at a conversion rate of 54\\.5143 shares and $615\\.16 in cash per $1,000 in principal amount of such notes\\. During 2016, all the bonds matured, the majority of which had been converted prior to the maturity date, with approximately 6 million shares issued and cash paid of approximately $68 million\\.\n\n87"}
{"_id": "Southwest-2018_13.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe Company works collaboratively with foreign national governments and airports to provide risk\\-based security measures at international departure locations\\.\n\nIn September 2017, the Department of Homeland Security granted the Company designation coverage under the Support Anti\\-Terrorism by Fostering Effective Technologies Act of 2002 (the \"SAFETY Act\") through September 29, 2022\\. The designation is based on the security program utilized by the Company to protect its Employees, Customers, and assets from terrorists and other criminal activities\\. Designation coverage affords the Company certain limitations of liability for claims arising out of an \"act of terrorism,\" as defined under the SAFETY Act\\.\n\nThe Company has also made significant investments to address the effect of security regulations, including investments in facilities, equipment, and technology to process Customers, checked baggage, and cargo efficiently; however, the Company is not able to predict the impact, if any, that various security measures or the lack of TSA resources at certain airports will have on Passenger revenues and the Company\u2019s costs, either in the short\\-term or the long\\-term\\.\n\n**Environmental Regulation**\n\nThe Company is subject to various federal laws and regulations relating to the protection of the environment, including the Clean Air Act, the Resource Conservation and Recovery Act, the Clean Water Act, the Safe Drinking Water Act, and the Comprehensive Environmental Response, Compensation and Liability Act, as well as state and local laws and regulations\\. These laws and regulations govern aircraft drinking water, emissions, storm water discharges from operations, and the disposal of materials such as jet fuel, chemicals, hazardous waste, and aircraft deicing fluid\\.\n\nAdditionally, in conjunction with airport authorities, other airlines, and state and local environmental regulatory agencies, the Company, as a normal course of business, undertakes voluntary investigation or remediation of soil or groundwater contamination at various airport sites\\. The Company does not believe that any environmental liability associated with these airport sites will have a material adverse effect on the Company's operations, costs, or profitability, nor has it experienced any such liability in the past that has had a material adverse effect on its operations, costs, or profitability\\.\n\nFurther regulatory developments pertaining to the control of engine exhaust emissions from ground support equipment could increase operating costs in the airline industry\\. The Company does not believe, however, that pendingenvironmental regulatory developments in this area will have a material effect on the Company's capital expenditures or otherwise materially adversely affect its operations, operating costs, or competitive position\\.\n\nThe federal government, as well as several state and local governments, the governments of other countries, and the United Nations\u2019 International Civil Aviation Organization (\"ICAO\") are considering legislative and regulatory proposals and voluntary measures to address climate change by reducing green\\-house gas emissions\\. At the federal level, in July 2016, the Environmental Protection Agency (the \"EPA\") issued a final endangerment finding for greenhouse gas emissions from certain types of aircraft engines, which the agency determined contribute to the pollution that causes climate change and endangers public health and the environment\\. Following this endangerment finding, per the federal Clean Air Act, the EPA is required to promulgate new regulations for controlling greenhouse gas emissions from aircraft, including potential new carbon\\-efficiency standards on aircraft and engine manufacturers\\.\n\nThe EPA's endangerment finding preceded adoption by the ICAO Assembly of a new \"global market\\-based measure\" framework in an effort to control carbon dioxide emissions from international aviation\\. The focal point of this framework is a carbon offsetting system on aircraft operators designed to cap the growth of emissions related to international aviation emissions\\. Assuming the U\\.S\\. Government remains committed to the ICAO framework agreement and adopts terms for implementing it into U\\.S\\. law, this system is scheduled to be phased in beginning in 2021\\. Regardless of the method of regulation, policy changes with regard to climate change are possible, which could significantly increase operating costs in the airline industry and, as a result, adversely affect operations\\.\n\nIn addition to climate change, aircraft noise continues to be an environmental focus, especially as the FAA implements new flight procedures as part of its NextGen airspace modernization program discussed above\\. The Airport Noise and Capacity Act of 1990 gives airport operators the right, under certain circumstances, to implement local noise abatement programs, provided they do not unreasonably interfere with interstate or foreign commerce or the national air transportation system\\. Some airports have established airport restrictions to limit noise, including restrictions on aircraft types to be used and limits on the number of hourly or daily operations or the time of operations\\. These types of \n\n14"}
{"_id": "United-2019_79.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nLease Cost \\. The Company's lease cost for the years ended December 31 included the following components (in millions):\n\n\n\n|                                       |              |              |              |\n| ------------------------------------- | ------------ | ------------ | ------------ |\n|                                       | **2019**     | **2018**     | **2017**     |\n| Operating lease cost                  | $1,038       | $1,213       | $1,433       |\n| Variable and short\\-term lease cost   | 2,548        | 2,569        | 2,209        |\n| Amortization of finance lease assets  | 68           | 75           | 77           |\n| Interest on finance lease liabilities | 85           | 44           | 24           |\n| Sublease income                       | (32<br><br>) | (38<br><br>) | (36<br><br>) |\n| Total lease cost                      | $3,707       | $3,863       | $3,707       |\n\n\n\nLease terms and commitments \\. United's leases include aircraft leases for aircraft that are directly leased by United and aircraft that are operated by regional carriers on United's behalf under CPAs (but excluding aircraft owned by United) and non\\-aircraft leases\\. Aircraft operating leases relate to leases of   114  mainline and   325  regional aircraft while finance leases relate to leases of   28  mainline and   17  regional aircraft\\. United's aircraft leases have remaining lease terms of   one month  to   10 years  with expiration dates ranging from  2020  through  2029 \\. Under the terms of most aircraft leases, United has the right to purchase the aircraft at the end of the lease term, in some cases at fair market value, and in others, at a percentage of cost\\.\n\nNon\\-aircraft leases have remaining lease terms of   one month  to   34 years , with expiration dates ranging from  2020  through  2053 \\.\n\nThe table below summarizes the Company's scheduled future minimum lease payments under operating and finance leases, recorded on the balance sheet, as of  December 31, 2019  (in millions):\n\n\n\n|                                               |                      |                    |\n| --------------------------------------------- | -------------------- | ------------------ |\n|                                               | **Operating Leases** | **Finance Leases** |\n| 2020                                          | $920                 | $62                |\n| 2021                                          | 754                  | 75                 |\n| 2022                                          | 591                  | 49                 |\n| 2023                                          | 633                  | 38                 |\n| 2024                                          | 626                  | 35                 |\n| After 2024                                    | 4,214                | 57                 |\n| Minimum lease payments                        | 7,738                | 316                |\n| Imputed interest                              | (2,106<br><br>)      | (50<br><br>)       |\n| Present value of minimum lease payments       | 5,632                | 266                |\n| Less: current maturities of lease obligations | (686<br><br>)        | (46<br><br>)       |\n| Long\\-term lease obligations                  | $4,946               | $220               |\n\n\n\nAs of  December 31, 2019 , we have additional leases of approximately   $500 million  for several mainline aircraft, regional jets under a CPA and airport facilities and office space leases that have not yet commenced\\. These leases will commence in  2020  and  2021  with lease terms of up to   13 years \\.\n\nOur lease agreements do not provide a readily determinable implicit rate nor is it available to us from our lessors\\. Instead, we estimate United's incremental borrowing rate based on information available at lease commencement in order to discount lease payments to present value\\. The table below presents additional information related to our leases as of December 31:\n\n\n\n|                                                            |          |          |\n| ---------------------------------------------------------- | -------- | -------- |\n|                                                            | **2019** | **2018** |\n| Weighted\\-average remaining lease term \\- operating leases | 11 years | 10 years |\n| Weighted\\-average remaining lease term \\- finance leases   | 6 years  | 5 years  |\n| Weighted\\-average discount rate \\- operating leases        | 5\\.2%    | 5\\.2%    |\n| Weighted\\-average discount rate \\- finance leases          | 5\\.7%    | 45\\.8%   |\n\n\n\n80"}
{"_id": "Alaska-2019_49.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nCritical Audit Matter\n\nThe critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgment\\. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates\\.\n\nAssessment of Mileage Plan\u2122 Model\n\nAs discussed in Note 2 to the consolidated financial statements, the Company has a Mileage Plan\u2122 loyalty program which provides frequent flyer travel awards to program members based upon accumulated loyalty mileage credits\\. The Company utilizes a complex model to account for the Mileage Plan\u2122 program, which involves numerous inputs and assumptions\\. Deferred revenues related to the Mileage Plan\u2122 program were $2\\.0 billion as of December 31, 2019\\. Associated Mileage Plan\u2122 revenues recognized from deferred revenue and recorded in passenger revenue were $704 million for the year ended December 2019\\. \n\nWe identified the assessment of the Mileage Plan\u2122 model as a critical audit matter\\. This was due to the high degree of auditor judgment to assess that sufficient audit evidence was obtained over the complex design of the model as well as the key inputs and assumptions used to develop the estimates\\. Key inputs include miles credited and miles redeemed and key assumptions include estimated breakage and the standalone selling price of a mile\\.\n\nThe primary procedures we performed to address this critical audit matter included the following\\. We tested certain internal controls over the Company\u2019s Mileage Plan\u2122 process, including controls over the integrity of the model as well as key inputs and key assumptions utilized in the model\\. We reperformed key calculations utilized in the Mileage Plan\u2122 accounting model\\. We tested that the miles credited and miles redeemed inputs matched information technology system data\\. We inspected that the Company\u2019s methodology to develop key assumptions was consistent with historical methods\\. We compared the breakage rate assumption to historical breakage and breakage rates used by others in the airline industry\\. We considered changes in the Mileage Plan\u2122 program terms and customer behavior for potential changes in the breakage rate\\. We evaluated the fluctuation in the standalone selling price of a mile assumption by comparing it to changes in passenger ticket fares\\. We compared the standalone selling price of a mile assumption to other data points including miles sold on the Company\u2019s website and the contractual rates that miles are sold to other airline and bank partners\\. We evaluated fluctuations in Mileage Plan\u2122 balances in relation to program changes, economic conditions, and observed industry trends and events\\.\n\nIn addition, we evaluated the overall sufficiency of audit evidence obtained over the Mileage Plan\u2122 model\\.\n\n/s/ KPMG LLP\n\nWe have served as the Company\u2019s auditor since 2004\\.\n\nSeattle ,  Washington\n\nFebruary 12, 2020 \n\n49"}
{"_id": "Southwest-2017_55.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nwould be LIBOR plus a spread of 100\\.0 basis points\\. The facility contains a financial covenant requiring a minimum coverage ratio of adjusted pre\\-tax income to fixed obligations, as defined\\. As of December 31, 2017, the Company was in compliance with this covenant and there were no amounts outstanding under the revolving credit facility\\.\n\nDuring November 2017, the Company launched the Fourth Quarter 2017 ASR Program by advancing $250 million to a financial institution in a privately negotiated transaction\\. The Company received 4\\.1 million shares in total under the Fourth Quarter 2017 ASR Program, which was completed in January 2018\\. The purchase was recorded as a treasury share purchase for purposes of calculating earnings per share\\. Following the launch of the Fourth Quarter 2017 ASR Program, during the period from November 29, 2017 to December 15, 2017, the Company repurchased 1\\.6 million shares of its common stock on the open market\\. See Part II, Item 5 for further information on the Company's share repurchase authorizations\\.\n\nDuring second quarter 2017, the Company completed its previously authorized $2\\.0 billion share repurchase program, bringing in a total of 41\\.3 million shares over the course of the program\\. On May 17, 2017, the Company's Board of Directors approved a new $2\\.0 billion share repurchase program\\. Following the Board of Directors' authorization of the Company's new $2\\.0 billion share repurchase program, the Company entered into the following share repurchases:\n\n\n\n|                                                                       |                     |               |\n| --------------------------------------------------------------------- | ------------------- | ------------- |\n| **Share repurchases (in millions)**                                   | **Shares received** | **Cash paid** |\n| Third Quarter 2017 Accelerated Share Repurchase Program<br><br>  <br> | 5\\.3                | $300          |\n| Fourth Quarter 2017 Accelerated Share Repurchase Program              | 4\\.1                | 250           |\n| Open Market Share Repurchases                                         | 1\\.6                | 100           |\n| Total                                                                 | 11\\.0               | $650          |\n\n\n\nOn June 1, 2017, Moody's upgraded the Company's secured equipment trust certificates and its senior unsecured debt rating to \"A3\" from \"Baa1\\.\" The upgrade of the Company's senior unsecured debt rating was based on the Company's strong liquidity, manageable funded debt, competitive fares, and expanding network\\. Also on August 14, 2017, Standard & Poor's upgraded the Company's investment grade credit ratings to \"BBB\\+\" from \"BBB\\.\" The upgrade of the Company's investment grade rating was based on the Company's consistent profitability and cost advantage, exceptional liquidity, and manageable funded debt\\. The Company maintained its investment grade credit ratings of \"BBB\\+\" with Fitch\\. \n\nThe Company routinely carries a working capital deficit, in which its current liabilities exceed its current assets\\. This is common within the airline industry and is primarily due to the nature of the Air traffic liability account, which is related to advance ticket sales and frequent flyer deferred revenue, which are performance obligations for future customer flights, do not require future settlement in cash, and are mostly nonrefundable\\. The Company believes that its current liquidity position, including unrestricted cash and short\\-term investments of $3\\.3 billion as of December 31, 2017, anticipated future internally generated funds from operations, and its fully available, unsecured revolving credit facility of $1\\.0 billion that expires in August 2022, will enable it to meet its future known obligations in the ordinary course of business\\. However, if a liquidity need were to arise, the Company believes it has access to financing arrangements because of its investment grade credit ratings, large value of unencumbered assets, and modest leverage, which should enable it to meet its ongoing capital, operating, and other liquidity requirements\\. The Company will continue to consider various borrowing or leasing options to maximize liquidity and supplement cash requirements, as necessary\\.\n\nThe Company has a large net deferred tax liability on its Consolidated Balance Sheet\\. The deferral of income taxes has resulted in a significant benefit to the Company and its liquidity position\\. Since the Company purchases the majority of the aircraft it acquires, it has been able to utilize accelerated depreciation methods (including bonus depreciation) available under the Internal Revenue Code of 1986, as amended, in 2017 and in previous years, which has enabled the Company to defer the cash tax payments associated with these depreciable assets to future years\\. Based on the Company\u2019s scheduled future aircraft deliveries from Boeing and existing tax laws in effect, the Company will continue to defer a portion of cash income taxes to future years\\. The Company has paid in the past, and will continue to pay in the future, significant cash taxes to the various taxing jurisdictions where it operates\\. The Company expects to be able \n\n56"}
{"_id": "Alaska-2019_56.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n\nNOTE 1\\. GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES\n\nOrganization and Basis of Presentation\n\nThe consolidated financial statements include the accounts of Air Group, or the Company, and its primary subsidiaries, Alaska and Horizon\\. Our consolidated financial statements also include McGee Air Services, a ground services subsidiary of Alaska\\. The Company conducts substantially all of its operations through these subsidiaries\\. All significant intercompany balances and transactions have been eliminated\\. These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and their preparation requires the use of management\u2019s estimates\\. Actual results may differ from these estimates\\. \n\nCertain reclassifications have been made to prior year financial statements to conform to classifications used in the current year\\.\n\nCash and Cash Equivalents\n\nCash equivalents consist of highly liquid investments with original maturities of three months or less, such as money market funds, commercial paper and certificates of deposit\\. They are carried at cost, which approximates market value\\. The Company reduces cash balances when funds are disbursed\\. Due to the time delay in funds clearing the banks, the Company normally maintains a negative balance in its cash disbursement accounts, which is reported as a current liability\\. The amount of the negative cash balance was $7 million and $5 million at December 31, 2019 and 2018, and is included in accounts payable, with the change in the balance during the year included in other financing activities in the consolidated statements of cash flows\\.\n\nThe Company's restricted cash balances are not material and are classified as Other noncurrent assets\\. Restricted cash balances are primarily used to guarantee various letters of credit, self\\-insurance programs or other contractual rights\\. They consist of highly liquid securities with original maturities of three months or less\\. They are carried at cost, which approximates fair value\\.\n\nMarketable Securities\n\nInvestments with original maturities of greater than three months and remaining maturities of less than one year are classified as short\\-term investments\\. Investments with maturities beyond one year may be classified as short\\-term based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations\\. All cash equivalents and short\\-term investments are classified as available\\-for\\-sale and realized gains and losses are recorded using the specific identification method\\. Changes in market value, excluding other\\-than\\-temporary impairments, are reflected in accumulated other comprehensive loss (AOCL)\\.\n\nInvestments are considered to be impaired when a decline in fair value is judged to be other\\-than\\-temporary\\. The Company uses a systematic methodology that considers available quantitative and qualitative evidence in evaluating potential impairment\\. If the cost of an investment exceeds its fair value, management evaluates, among other factors, general market conditions, credit quality of debt instrument issuers, the duration and extent to which the fair value is less than cost, the Company's intent and ability to hold, or plans to sell, the investment\\. Once a decline in fair value is determined to be other\\-than\\-temporary, an impairment charge is recorded to Other\u2014net in the consolidated statements of operations and a new cost basis in the investment is established\\.\n\nInventories and Supplies\u2014net\n\nExpendable aircraft parts, materials and supplies are stated at average cost and are included in Inventories and supplies \u2014 net\\. An obsolescence allowance for expendable parts is accrued based on estimated lives of the corresponding fleet type and salvage values\\. The allowance for expendable inventories was $41 million and $39 million at December 31, 2019 and 2018\\. Inventory and supplies \u2014 net also includes fuel inventory of $28 million and $24 million at December 31, 2019 and 2018\\. Repairable and rotable aircraft parts inventories are included in flight equipment\\.\n\n56"}
{"_id": "Alaska-2017_45.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***ADDITIONAL SEGMENT INFORMATION***\n\nRefer to Note 12 of the consolidated financial statements for a detailed description of each segment\\. Below is a summary of each segment's profitability\\.\n\n***Mainline***\n\nMainline adjusted pretax profit was $1\\.3 billion in 2017 compared to $1\\.3 billion in 2016\\. On a Combined Comparative basis, Mainline adjusted pretax profit decreased by $253 million\\. The table below provides the reconciliation of the impact of Virgin America on the comparative results for our Mainline segment, excluding merger\\-related costs and mark\\-to\\-market fuel\\-hedge accounting charges:\n\n\n\n|                                            |                                      |                                      |                                          |                                      |                |\n| ------------------------------------------ | ------------------------------------ | ------------------------------------ | ---------------------------------------- | ------------------------------------ | -------------- |\n|                                            | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,**     | **Twelve Months Ended December 31,** | **Change**     |\n| ***(in millions)***                        | **2017**                             | **2016 as Reported**                 | **2016 Pre\\-acquisition Virgin America** | **2016 Combined**                    | **$ Combined** |\n| **Mainline**                               |                                      |                                      |                                          |                                      |                |\n| Operating revenues                         | $6,890                               | $4,940                               | $1,564                                   | $6,504                               | $386           |\n| Non\\-fuel, non\\-special operating expenses | 4,257                                | 2,883                                | 1,028                                    | 3,911                                | 346            |\n| Economic fuel                              | 1,282                                | 719                                  | 293                                      | 1,012                                | 270            |\n| Operating income                           | 1,351                                | 1,338                                | 243                                      | 1,581                                | (230)          |\n| Nonoperating income (expense)              | (39)                                 | 3                                    | (19)                                     | (16)                                 | (23)           |\n| Pretax profit                              | $1,312                               | $1,341                               | $224                                     | $1,565                               | $(253)         |\n\n\n\nThe $253 million decrease in Combined Comparative pretax profit was driven by a $270 millionincrease in Mainline fuel expense, a $346 million increase in Mainline non\\-fuel operating expenses, and a $23 million increase in nonoperating expense\\. These increases were partially offset by a $386 million increase in Mainline passenger revenue\\. Higher raw fuel prices and an increase in gallons consumed to support additional flying, drove the increase in Mainline fuel expense\\. Non\\-fuel operating expenses increased due to higher wages to support our growth, and higher operating expenses as described above\\. Nonoperating expense increased primarily due to increased interest expense\\. Mainline revenue increased due to higher capacity from new routes added over the past twelve months\\.\n\n***Regional***\n\nOur Regional operations contributed a pretax profit of $15 million in 2017 compared to $93 million in 2016\\. The $78 million decrease in pretax profit was attributable to $82 million higher non\\-fuel operating expense due in large part to increased capacity, and higher raw fuel costs, partially offset by a $51 million increase in operating revenues as described in Passenger Revenue\u2014Regional\\.\n\n***Horizon***\n\nHorizon incurred a pretax loss of $8 million in 2017 compared to pretax profit of $14 million in 2016\\. The change was primarily driven by $20 million higher non\\-fuel expenses\\. Non\\-fuel expenses increased primarily due to higher wage and training expense as a result of the increase in FTE\u2019s, increased costs associated with flight cancellations, and a $9 million ratification bonus expense in connection with the agreement reached with Horizon's pilots\\.\n\n 46"}
{"_id": "Delta-2017_93.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND  FINANCIAL DISCLOSURE\n\nNone\\.\n\nITEM 9A\\. CONTROLS AND PROCEDURES \n\nDisclosure Controls and Procedures\n\nOur management, including our Chief Executive Officer and Chief Financial Officer, performed an evaluation of our disclosure controls and procedures, which have been designed to permit us to record, process, summarize and report, within time periods specified by the SEC's rules and forms, information required to be disclosed\\. Our management, including our Chief Executive Officer and Chief Financial Officer, concluded that the controls and procedures were effective as of  December 31, 2017  to ensure that material information was accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure\\.\n\nChanges in Internal Control\n\nDuring the three months ended  December 31, 2017 , we did not make any changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting\\.\n\nManagement's Annual Report on Internal Control Over Financial Reporting \n\nManagement is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a\\-15(f) and 15d\\-15(f) under the Securities Exchange Act of 1934\\. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies may deteriorate\\.\n\nManagement conducted an evaluation of the effectiveness of our internal control over financial reporting as of  December 31, 2017  using the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission (\"COSO\") in the 2013 Internal Control\\-Integrated Framework\\. Based on that evaluation, management believes that our internal control over financial reporting was effective as of  December 31, 2017 \\.\n\nThe effectiveness of our internal control over financial reporting as of  December 31, 2017  has been audited by Ernst & Young LLP, an independent registered public accounting firm, which also audited our Consolidated Financial Statements for the year ended  December 31, 2017 \\. Ernst & Young LLP's report on our internal control over financial reporting is set forth below\\.\n\n 89"}
{"_id": "Alaska-2019_38.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nAircraft fuel expense decreased $58 million, or 3%, compared to 2018\\. The elements of the change are illustrated in the following table: \n\n\n\n|                                                |                                                |                                                |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |      |      |      |      |      |      |  |  |  |  |  |  |  |  |  |  |  |  |\n|:---------------------------------------------- |:---------------------------------------------- |:---------------------------------------------- | --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:----:|:----:|:----:|:----:|:----:|:----:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                                |                                                |                                                | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |      |      |      |      |      |      |  |  |  |  |  |  |  |  |  |  |  |  |\n|                                                |                                                |                                                |                             2019 |               2019               |               2019               |               2019               |                             2019 |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                             2018 | 2018 | 2018 | 2018 | 2018 | 2018 | 2018 |  |  |  |  |  |  |\n| *(in millions, except for per gallon amounts)* | *(in millions, except for per gallon amounts)* | *(in millions, except for per gallon amounts)* |                          Dollars |                                  |                                  |                                  |                         Cost/Gal |                                  |                                  |                                  |                          Dollars |                                  |                                  |                                  |                         Cost/Gal |\n| Raw or \"into\\-plane\" fuel cost                 | Raw or \"into\\-plane\" fuel cost                 | Raw or \"into\\-plane\" fuel cost                 |                          $1,868  |                                  |                                  |                                  |                          $2\\.17  |                                  |                                  |                                  |                          $1,938  |                                  |                                  |                                  |                          $2\\.31  |\n| (Gain)/loss on settled hedges                  | (Gain)/loss on settled hedges                  | (Gain)/loss on settled hedges                  |                              16  |                                  |                                  |                                  |                           0\\.02  |                                  |                                  |                                  |                             (24) |                                  |                                  |                                  |                          (0\\.03) |\n| Consolidated economic fuel expense             | Consolidated economic fuel expense             | Consolidated economic fuel expense             |                          $1,884  |                                  |                                  |                                  |                          $2\\.19  |                                  |                                  |                                  |                          $1,914  |                                  |                                  |                                  |                          $2\\.28  |\n| Mark\\-to\\-market fuel hedge adjustments        | Mark\\-to\\-market fuel hedge adjustments        | Mark\\-to\\-market fuel hedge adjustments        |                              (6) |                                  |                                  |                                  |                          (0\\.01) |                                  |                                  |                                  |                              22  |                                  |                                  |                                  |                           0\\.03  |\n| GAAP fuel expense                              | GAAP fuel expense                              | GAAP fuel expense                              |                          $1,878  |                                  |                                  |                                  |                          $2\\.18  |                                  |                                  |                                  |                          $1,936  |                                  |                                  |                                  |                          $2\\.31  |\n| Fuel gallons                                   | Fuel gallons                                   | Fuel gallons                                   |                             862  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                             839  |                                  |                                  |                                  |                                  |\n\n\n\nRaw fuel expense per gallon decreased 6% due to lower West Coast jet fuel prices\\. West Coast jet fuel prices are impacted by both the price of crude oil, as well as the refining costs associated with the conversion of crude oil to jet fuel\\. The decrease in raw fuel price per gallon during 2019 was driven by a 12% decrease in crude oil prices, partially offset by a 9% increase in refining margins, as compared to the prior year\\. Fuel gallons consumed increased by 23 million, or 3%, consistent with the increase in capacity of 2%, and a 3% increase in block hours\\. \n\nWe also evaluate economic fuel expense, which we define as raw fuel expense adjusted for the cash we receive from hedge counterparties for hedges that settle during the period, and for the premium expense that we paid for those contracts\\. A key difference between aircraft fuel expense and economic fuel expense is the timing of gain or loss recognition on our hedge portfolio\\. When we refer to economic fuel expense, we include gains and losses only when they are realized for those contracts that were settled during the period based on their original contract terms\\. We believe this is the best measure of the effect that fuel prices have on our business because it most closely approximates the net cash outflow associated with purchasing fuel for our operations\\. Accordingly, many industry analysts evaluate our results using this measure, and it is the basis for most internal management reporting and incentive pay plans\\.\n\nLosses recognized for hedges that settled during the year were $16 million in 2019, compared to gains of $24 million in 2018\\. These amounts represent cash paid for premium expense, offset by any cash received from those hedges at settlement\\. \n\nAs of the date of this filing, we expect our economic fuel price per gallon to increase approximately 4% in the first quarter of 2020, as compared to the first quarter of 2019 due to increasing crude oil prices, offset by a slight decrease in refining margins\\. As both oil prices and refining margins are volatile, we are unable to forecast the full\\-year cost with any certainty\\.\n\nWages and Benefits\n\nWages and benefits increased during 2019 by $180 million, or 8%, compared to 2018\\. The primary components of wages and benefits are shown in the following table:\n\n\n\n|                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |                                  |  |  |  |  |  |  |  |  |  |  |  |  |\n|:-------------------------------- |:-------------------------------- |:-------------------------------- | --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:|:--------------------------------:|:--------------------------------:|:--------------------------------:| --------------------------------:| --------------------------------:|:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |:- |\n|                                  |                                  |                                  | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |\n| *(in millions)*                  | *(in millions)*                  | *(in millions)*                  |                             2019 |                                  |                                  |                                  |                             2018 |                                  |                                  |                                  |                         % Change |                         % Change |\n| Wages                            | Wages                            | Wages                            |                          $1,760  |                                  |                                  |                                  |                          $1,658  |                                  |                                  |                                  |                           6\\.2 % |                           6\\.2 % |\n| Pension \\- Defined benefit plans | Pension \\- Defined benefit plans | Pension \\- Defined benefit plans |                              42  |                                  |                                  |                                  |                              48  |                                  |                                  |                                  |                         (12\\.5)% |                         (12\\.5)% |\n| Defined contribution plans       | Defined contribution plans       | Defined contribution plans       |                             132  |                                  |                                  |                                  |                             126  |                                  |                                  |                                  |                           4\\.8 % |                           4\\.8 % |\n| Medical and other benefits       | Medical and other benefits       | Medical and other benefits       |                             311  |                                  |                                  |                                  |                             245  |                                  |                                  |                                  |                          26\\.9 % |                          26\\.9 % |\n| Payroll taxes                    | Payroll taxes                    | Payroll taxes                    |                             125  |                                  |                                  |                                  |                             113  |                                  |                                  |                                  |                          10\\.6 % |                          10\\.6 % |\n| Total wages and benefits         | Total wages and benefits         | Total wages and benefits         |                          $2,370  |                                  |                                  |                                  |                          $2,190  |                                  |                                  |                                  |                           8\\.2 % |                           8\\.2 % |\n\n\n\nWages and payroll taxes increased by a combined $114 million on a 2\\.2% increase in FTEs\\. The increase in FTEs is attributable to the growth in our business\\. Additionally, the increase in wages is driven by the recognition of approximately $24 million in one\\-time costs following the ratification of the AMFA and IAM contracts in the third quarter, as well as the impact of increased wage rates for our labor groups as compared to the prior\\-year period\\. \n\n38"}
{"_id": "Alaska-2017_35.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**RESULTS****OF OPERATIONS**\n\n**ADJUSTED (NON\\-GAAP) RESULTS AND****PER\\-SHARE AMOUNTS**\n\nWe believe disclosure of earnings excluding the impact of merger\\-related costs, mark\\-to\\-market gains or losses or other individual special revenues or expenses is useful information to investors because:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | By excluding fuel expense and certain special items (including merger\\-related costs) from our unit metrics, we believe that we have better visibility into the results of operations and our non\\-fuel cost initiatives\\. Our industry is highly competitive and is characterized by high fixed costs, so even a small reduction in non\\-fuel operating costs can lead to a significant improvement in operating results\\. In addition, we believe that all domestic carriers are similarly impacted by changes in jet fuel costs over the long run, so it is important for management (and investors) to understand the impact of (and trends in) company\\-specific cost drivers, such as labor rates and productivity, airport costs, maintenance costs, etc\\., which are more controllable by management\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                    |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Cost per ASM (CASM) excluding fuel and certain special items, such as merger\\-related costs, is one of the most important measures used by management and by the Air Group Board of Directors in assessing quarterly and annual cost performance\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                          |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Adjusted income before income tax and CASM excluding fuel (and other items as specified in our plan documents) are important metrics for the employee incentive plan, which covers the majority of Air Group employees\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                              |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | CASM excluding fuel and certain special items is a measure commonly used by industry analysts and we believe it is an important metric by which they compare our airlines to others in the industry\\. The measure is also the subject of frequent questions from investors\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **\u2022** | Disclosure of the individual impact of certain noted items provides investors the ability to measure and monitor performance both with and without these special items\\. We believe that disclosing the impact of certain items, such as merger\\-related costs and mark\\-to\\-market hedging adjustments, is important because it provides information on significant items that are not necessarily indicative of future performance\\. Industry analysts and investors consistently measure our performance without these items for better comparability between periods and among other airlines\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | Although we disclose our passenger unit revenues, we do not (nor are we able to) evaluate unit revenues excluding the impact that changes in fuel costs have had on ticket prices\\. Fuel expense represents a large percentage of our total operating expenses\\. Fluctuations in fuel prices often drive changes in unit revenues in the mid\\-to\\-long term\\. Although we believe it is useful to evaluate non\\-fuel unit costs for the reasons noted above, we would caution readers of these financial statements not to place undue reliance on unit costs excluding fuel as a measure or predictor of future profitability because of the significant impact of fuel costs on our business\\. |\n\n\n\nAlthough we are presenting these non\\-GAAP amounts for the reasons above, investors and other readers should not necessarily conclude that these amounts are non\\-recurring, infrequent, or unusual in nature\\.\n\n**2017** **COMPARED WITH** **2016**\n\nOur consolidated net income for 2017 was $1 billion, or $8\\.35 per diluted share, compared to net income of $814 million, or $6\\.54 per diluted share, in 2016\\. As the acquisition of Virgin America closed on December 14, 2016, our 2016 financial results include Virgin America for the period of December 14, 2016 through December 31, 2016 and the impact of purchase accounting as of December 14, 2016\\. Refer to the \"Critical Accounting Estimates\" section for further information regarding purchase accounting\\. \n\nExcluding the impact of merger\\-related costs, mark\\-to\\-market fuel hedge adjustments and a special tax benefit as a result of tax reform, our adjusted consolidated net income for 2017 was $823 million, or $6\\.64 per diluted share, compared to an adjusted consolidated net income of $911 million, or $7\\.32 per share, in 2016\\. The following table reconciles our adjusted net income and earnings per diluted share (EPS) during the full year 2017 and 2016 to amounts as reported in accordance with GAAP\\.\n\n 36"}
{"_id": "AmericanAirlines-2017_162.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n*Letters of Credit and Other*\n\nAmerican provides financial assurance, such as letters of credit, surety bonds or restricted cash and investments, to primarily support projected workers\u2019 compensation obligations and airport commitments\\. As of December 31, 2017, American had $448 million of letters of credit and surety bonds securing various obligations, of which $88 million is collateralized with its restricted cash\\. The letters of credit and surety bonds that are subject to expiration will expire on various dates through 2022\\.\n\n***(e) Legal Proceedings***\n\n*Chapter 11 Cases*\\. On November 29, 2011, AMR, American, and certain of AMR\u2019s other direct and indirect domestic subsidiaries (the Debtors) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court)\\. On October 21, 2013, the Bankruptcy Court entered an order approving and confirming the Debtors\u2019 fourth amended joint plan of reorganization (as amended, the Plan)\\. On the Effective Date, December 9, 2013, the Debtors consummated their reorganization pursuant to the Plan and completed the Merger\\.\n\nPursuant to rulings of the Bankruptcy Court, the Plan established the Disputed Claims Reserve to hold shares of AAG common stock reserved for issuance to disputed claimholders at the Effective Date that ultimately become holders of allowed claims\\. As of December 31, 2017, there were approximately 24\\.5 million shares of AAG common stock remaining in the Disputed Claims Reserve\\. As disputed claims are resolved, the claimants will receive distributions of shares from the Disputed Claims Reserve on the same basis as if such distributions had been made on or about the Effective Date\\. However, American is not required to distribute additional shares above the limits contemplated by the Plan, even if the shares remaining for distribution are not sufficient to fully pay any additional allowed unsecured claims\\. To the extent that any of the reserved shares remain undistributed upon resolution of all remaining disputed claims, such shares will not be returned to American but rather will be distributed to former AMR stockholders\\.\n\nThere is also pending in the Bankruptcy Court an adversary proceeding relating to an action brought by American to seek a determination that certain non\\-pension, postemployment benefits are not vested benefits and thus may be modified or terminated without liability to American\\. On April 18, 2014, the Bankruptcy Court granted American\u2019s motion for summary judgment with respect to certain non\\-union employees, concluding that their benefits were not vested and could be terminated\\. The summary judgment motion was denied with respect to all other retirees\\. The Bankruptcy Court has not yet scheduled a trial on the merits concerning whether those retirees\u2019 benefits are vested, and American cannot predict whether it will receive relief from obligations to provide benefits to any of those retirees\\. American\u2019s financial statements presently reflect these retirement programs without giving effect to any modification or termination of benefits that may ultimately be implemented based upon the outcome of this proceeding\\.\n\n*DOJ Antitrust Civil Investigative Demand*\\. In June 2015, American received a Civil Investigative Demand (CID) from the United States Department of Justice (DOJ) as part of an investigation into whether there have been illegal agreements or coordination of air passenger capacity\\. The CID seeks documents and other information from American, and other airlines have announced that they have received similar requests\\. American is cooperating fully with the DOJ investigation\\. \n\n*Private Party Antitrust Action*\\. Subsequent to announcement of the delivery of CIDs by the DOJ, American, along with Delta Air Lines, Inc\\., Southwest Airlines Co\\., United Airlines, Inc\\. and, in the case of litigation filed in Canada, Air Canada, have been named as defendants in approximately 100 putative class action lawsuits alleging unlawful agreements with respect to air passenger capacity, although Southwest has entered into a settlement with the plaintiffs that is pending approval by the court\\. The U\\.S\\. lawsuits have been consolidated in the Federal District Court for the District of Columbia\\. On October 28, 2016, the Court denied a motion by the airline defendants to dismiss all claims in the class actions\\. These lawsuits are in their relatively early stages and American intends to defend these matters vigorously\\.\n\n*Private Party Antitrust Action Related to the Merger*\\. On July 2, 2013, a lawsuit captioned Carolyn Fjord, et al\\., v\\. US Airways Group, Inc\\., et al\\., was filed in the United States District Court for the Northern District of California\\. The complaint named as defendants US Airways Group and US Airways, Inc\\., alleged that the effect of the Merger may be to create a monopoly in violation of Section 7 of the Clayton Antitrust Act, and sought injunctive relief and/or divestiture\\. On August 6, 2013, the plaintiffs re\\-filed their complaint in the Bankruptcy Court, adding AMR and American as defendants\\. On November 27, 2013, the Bankruptcy Court denied plaintiffs\u2019 motion to preliminarily enjoin the Merger\\. On May 12, 2017, defendants filed a motion for summary judgment\\. On June 23, 2017, plaintiffs filed an opposition to \n\n163"}
{"_id": "AmericanAirlines-2018_51.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nThis table presents our total passenger revenue and the year\\-over\\-year change in certain operating statistics:\n\n\n\n|                   |                                  |                                                                |                                                                |                                                                |                                                                |                                                                |                                                                |\n| ----------------- | -------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- |\n|                   |                                  | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2017** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2017** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2017** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2017** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2017** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2017** |\n|                   | **Year Ended December 31, 2018** | **Passenger**<br><br>**Revenue**                               | **RPMs**                                                       | **ASMs**                                                       | **Load**<br><br>**Factor**                                     | **Passenger**<br><br>**Yield**                                 | **PRASM**                                                      |\n|                   | **(In millions)**                |                                                                |                                                                |                                                                |                                                                |                                                                |                                                                |\n| Passenger revenue | $40,676                          | 3\\.9%                                                          | 2\\.1%                                                          | 2\\.0%                                                          | 0\\.1pts                                                        | 1\\.8%                                                          | 1\\.9%                                                          |\n\n\n\nPassenger revenue increased $1\\.5 billion, or 3\\.9%, in 2018 from 2017 due to a 2\\.1%year\\-over\\-year increase in RPMs and a1\\.8% increase in yields driven by continued strong demand\\. Domestic yield increased 0\\.9% and international yields increased 4\\.2%, led by a 5\\.3% increase in yield in the Atlantic market\\. \n\nCargo revenue increased $123 million, or 13\\.8%, from 2017 driven primarily by increases in domestic and international freight yields and international freight volume\\.\n\nOther revenue increased $251 million, or 9\\.7%, in 2018 from 2017 primarily driven by higher revenue associated with our loyalty program\\. In 2018 and 2017, loyalty revenue included in other revenue was $2\\.4 billion and $2\\.1 billion, respectively\\. \n\nTotal operating revenues in 2018increased $1\\.9 billion, or 4\\.5%, from 2017 driven principally by a 3\\.9% increase in passenger revenue as described above\\. Our TRASM was 15\\.79 cents in 2018, a 2\\.4% increase as compared to 15\\.42 cents in 2017\\.\n\n*Operating Expenses*\n\n\n\n|                                    |                                              |                                              |                                              |                                              |\n| ---------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- |\n|                                    | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase  <br>(Decrease)**                 | **Percent  <br>Increase  <br>(Decrease)**    |\n|                                    | **2018**                                     | **2017**                                     | **Increase  <br>(Decrease)**                 | **Percent  <br>Increase  <br>(Decrease)**    |\n|                                    | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** |\n| Aircraft fuel and related taxes    | $8,053                                       | $6,128                                       | $1,925                                       | 31\\.4                                        |\n| Salaries, wages and benefits       | 12,251                                       | 11,954                                       | 297                                          | 2\\.5                                         |\n| Maintenance, materials and repairs | 2,050                                        | 1,959                                        | 91                                           | 4\\.7                                         |\n| Other rent and landing fees        | 1,900                                        | 1,806                                        | 94                                           | 5\\.2                                         |\n| Aircraft rent                      | 1,264                                        | 1,197                                        | 67                                           | 5\\.6                                         |\n| Selling expenses                   | 1,520                                        | 1,477                                        | 43                                           | 2\\.9                                         |\n| Depreciation and amortization      | 1,839                                        | 1,702                                        | 137                                          | 8\\.1                                         |\n| Special items, net                 | 787                                          | 712                                          | 75                                           | 10\\.5                                        |\n| Other                              | 5,088                                        | 4,910                                        | 178                                          | 3\\.6                                         |\n| Regional expenses:                 |                                              |                                              |                                              |                                              |\n| Aircraft fuel and related taxes    | 1,843                                        | 1,382                                        | 461                                          | 33\\.4                                        |\n| Other                              | 5,290                                        | 5,164                                        | 126                                          | 2\\.5                                         |\n| Total operating expenses           | $41,885                                      | $38,391                                      | $3,494                                       | 9\\.1                                         |\n\n\n\nTotal operating expenses increased $3\\.5 billion, or 9\\.1%, in 2018 from 2017\\. The increase in operating expenses was primarily driven by an increase in fuel costs\\. See detailed explanations below relating to changes in total CASM\\.\n\n*Total CASM*\n\nWe sometimes use financial measures that are derived from the consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate our current operating performance to allow for period\\-to\\-period comparisons\\. We believe these non\\-GAAP financial measures may also provide useful information to investors and others\\. These non\\-GAAP measures may not be comparable to similarly titled non\\-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP\\. We are providing a reconciliation of reported non\\-GAAP financial measures to their comparable financial measures on a GAAP basis\\.\n\n52"}
{"_id": "Southwest-2019_97.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\ntable provides the fair values of fuel derivatives, amounts posted as collateral, and applicable collateral posting threshold amounts as of  December 31, 2019 , at which such postings are triggered:\n\n\n\n|                                                                                                                      |                           |                       |                               |                                |                       |                       |           |\n| -------------------------------------------------------------------------------------------------------------------- | ------------------------- | --------------------- | ----------------------------- | ------------------------------ | --------------------- | --------------------- | --------- |\n|                                                                                                                      | **Counterparty (CP)**     | **Counterparty (CP)** | **Counterparty (CP)**         | **Counterparty (CP)**          | **Counterparty (CP)** | **Counterparty (CP)** |           |\n| (in millions)                                                                                                        | **A**                     | **B**                 | **C**                         | **D**                          | **E**                 | **Other** (a)         | **Total** |\n| Fair value of fuel derivatives                                                                                       | $22                       | $16                   | $36                           | $12                            | $8                    | $16                   | $110      |\n| Cash collateral held from CP                                                                                         | 25                        | \u2014                     | \u2014                             | \u2014                              | \u2014                     | \u2014                     | 25        |\n| Aircraft collateral pledged to CP                                                                                    | \u2014                         | \u2014                     | \u2014                             | \u2014                              | \u2014                     | \u2014                     | \u2014         |\n| Letters of credit (LC)                                                                                               | \u2014                         | \u2014                     | \u2014                             | \u2014                              | \u2014                     | \u2014                     | \u2014         |\n| Option to substitute LC for aircraft                                                                                 | (200) to (600)(b)         | N/A                   | (150) to (550)(c)             | (150) to (550)(c)              | N/A                   |                       |           |\n| Option to substitute LC for cash                                                                                     | N/A                       | N/A                   | (75) to (150) or >(550)(c) | (125) to (150) or >(550)(d) | (d)                   |                       |           |\n| **If credit rating is investment** <br><br>**grade, fair value of fuel** <br><br>**derivative level at which:**      |                           |                       |                               |                                |                       |                       |           |\n| Cash is provided to CP                                                                                               | >(100)                 | >(50)              | (75) to (150) or >(550)(e) | (125) to (150) or >(550)(e) | >(40)              |                       |           |\n| Cash is received from CP                                                                                             | >0(e)                  | >150(e)            | >250(e)                    | >125(e)                     | >100(e)            |                       |           |\n| Aircraft or cash can be pledged to <br><br> CP as collateral                                                         | (200) to (600)(f)         | N/A                   | (150) to (550)(c)             | (150) to (550)(c)              | N/A                   |                       |           |\n| **If credit rating is non\\-investment** <br><br>**grade, fair value of fuel derivative** <br><br>**level at which:** |                           |                       |                               |                                |                       |                       |           |\n| Cash is provided to CP                                                                                               | (0) to (200) or >(600) | (g)                   | (0) to (150) or >(550)     | (0) to (150) or >(550)      | (g)                   |                       |           |\n| Cash is received from CP                                                                                             | (g)                       | (g)                   | (g)                           | (g)                            | (g)                   |                       |           |\n| Aircraft or cash can be pledged to <br><br> CP as collateral                                                         | (200) to (600)            | N/A                   | (150) to (550)                | (150) to (550)                 | N/A                   |                       |           |\n\n\n\n(a) Individual counterparties with fair value of fuel derivatives <  $7 million \\.\n\n(b) The Company has the option of providing letters of credit in addition to aircraft collateral if the appraised value of the aircraft does not meet the collateral requirements\\. \n\n(c) The Company has the option of providing cash, letters of credit, or pledging aircraft as collateral\\.\n\n(d) The Company has the option to substitute letters of credit for   100 percent  of cash collateral requirement\\.\n\n(e) Thresholds may vary based on changes in credit ratings within investment grade\\.\n\n(f) The Company has the option of providing cash or pledging aircraft as collateral\\. \n\n(g) Cash collateral is provided at   100 percent  of fair value of fuel derivative contracts\\.\n\n11 \\. FAIR VALUE MEASUREMENTS\n\nAccounting standards pertaining to fair value measurements establish a three\\-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value\\. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions\\.\n\nAs of  December 31, 2019 , the Company held certain items that are required to be measured at fair value on a recurring basis\\. These included cash equivalents, short\\-term investments (primarily treasury bills and certificates of deposit), interest rate derivative contracts, fuel derivative contracts, and available\\-for\\-sale securities\\. The majority of the Company\u2019s short\\-term investments consist of instruments classified as Level 1\\. However, the Company has certificates of deposit, commercial paper, and time deposits that are classified as Level 2, due to the fact that the fair value for \n\n98"}
{"_id": "AmericanAirlines-2017_117.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n*Letters of Credit and Other*\n\nWe provide financial assurance, such as letters of credit, surety bonds or restricted cash and investments, to primarily support projected workers\u2019 compensation obligations and airport commitments\\. As of December 31, 2017, we had $448 million of letters of credit and surety bonds securing various obligations, of which $88 million is collateralized with our restricted cash\\. The letters of credit and surety bonds that are subject to expiration will expire on various dates through 2022\\.\n\n***(e) Legal Proceedings***\n\n*Chapter 11 Cases*\\. On November 29, 2011, AMR, American, and certain of AMR\u2019s other direct and indirect domestic subsidiaries (the Debtors) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court)\\. On October 21, 2013, the Bankruptcy Court entered an order approving and confirming the Debtors\u2019 fourth amended joint plan of reorganization (as amended, the Plan)\\. On the Effective Date, December 9, 2013, the Debtors consummated their reorganization pursuant to the Plan and completed the Merger\\.\n\nPursuant to rulings of the Bankruptcy Court, the Plan established the Disputed Claims Reserve to hold shares of AAG common stock reserved for issuance to disputed claimholders at the Effective Date that ultimately become holders of allowed claims\\. As of December 31, 2017, there were approximately 24\\.5 million shares of AAG common stock remaining in the Disputed Claims Reserve\\. As disputed claims are resolved, the claimants will receive distributions of shares from the Disputed Claims Reserve on the same basis as if such distributions had been made on or about the Effective Date\\. However, we are not required to distribute additional shares above the limits contemplated by the Plan, even if the shares remaining for distribution are not sufficient to fully pay any additional allowed unsecured claims\\. To the extent that any of the reserved shares remain undistributed upon resolution of all remaining disputed claims, such shares will not be returned to us but rather will be distributed to former AMR stockholders\\.\n\nThere is also pending in the Bankruptcy Court an adversary proceeding relating to an action brought by American to seek a determination that certain non\\-pension, postemployment benefits are not vested benefits and thus may be modified or terminated without liability to American\\. On April 18, 2014, the Bankruptcy Court granted American\u2019s motion for summary judgment with respect to certain non\\-union employees, concluding that their benefits were not vested and could be terminated\\. The summary judgment motion was denied with respect to all other retirees\\. The Bankruptcy Court has not yet scheduled a trial on the merits concerning whether those retirees\u2019 benefits are vested, and American cannot predict whether it will receive relief from obligations to provide benefits to any of those retirees\\. Our financial statements presently reflect these retirement programs without giving effect to any modification or termination of benefits that may ultimately be implemented based upon the outcome of this proceeding\\.\n\n*DOJ Antitrust Civil Investigative Demand*\\. In June 2015, we received a Civil Investigative Demand (CID) from the United States Department of Justice (DOJ) as part of an investigation into whether there have been illegal agreements or coordination of air passenger capacity\\. The CID seeks documents and other information from us, and other airlines have announced that they have received similar requests\\. We are cooperating fully with the DOJ investigation\\. \n\n*Private Party Antitrust Action*\\. Subsequent to announcement of the delivery of CIDs by the DOJ, we, along with Delta Air Lines, Inc\\., Southwest Airlines Co\\., United Airlines, Inc\\. and, in the case of litigation filed in Canada, Air Canada, have been named as defendants in approximately 100 putative class action lawsuits alleging unlawful agreements with respect to air passenger capacity, although Southwest has entered into a settlement with the plaintiffs that is pending approval by the court\\. The U\\.S\\. lawsuits have been consolidated in the Federal District Court for the District of Columbia\\. On October 28, 2016, the Court denied a motion by the airline defendants to dismiss all claims in the class actions\\. These lawsuits are in their relatively early stages and we intend to defend these matters vigorously\\.\n\n*Private Party Antitrust Action Related to the Merger*\\. On July 2, 2013, a lawsuit captioned Carolyn Fjord, et al\\., v\\. US Airways Group, Inc\\., et al\\., was filed in the United States District Court for the Northern District of California\\. The complaint named as defendants US Airways Group and US Airways, Inc\\., alleged that the effect of the Merger may be to create a monopoly in violation of Section 7 of the Clayton Antitrust Act, and sought injunctive relief and/or divestiture\\. On August 6, 2013, the plaintiffs re\\-filed their complaint in the Bankruptcy Court, adding AMR and American as defendants\\. On November 27, 2013, the Bankruptcy Court denied plaintiffs\u2019 motion to preliminarily enjoin the Merger\\. On May 12, 2017, defendants filed a motion for summary judgment\\. On June 23, 2017, plaintiffs filed an opposition to defendants\u2019 motion and cross\\-motion for summary judgment\\. Briefing of the parties\u2019 respective motions concluded on \n\n118"}
{"_id": "Alaska-2017_16.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nOfficer of both entities in 2014\\. In December 2016, he was named Chief Financial Officer of Virgin America Inc\\. He is a member of Air Group's Management Executive Committee\\.\n\n*Mr\\. Harrison* joined Alaska Airlines in 2003 as the Managing Director of Internal Audit and was elected Vice President of Planning and Revenue Management in 2008\\. He was elected Senior Vice President of Planning and Revenue Management in 2014\\. He was elected Executive Vice President and Chief Revenue Officer in February 2015 and named Executive Vice President and Chief Commercial Officer in August 2015\\. He is a member of Air Group's Management Executive Committee\\.\n\n*Mr\\. Campbell* resigned as President and CEO of Horizon Air Industries, Inc\\. effective January 5, 2018\\. He joined Horizon Air in 2014 as President and Chief Operating Officer and was named President and Chief Executive Officer in May 2016\\. Prior to joining Horizon Air, Mr\\. Campbell served more than 25 years in maintenance and flight operations\\. He was a member of Air Group's Management Executive Committee\\. \n\n*Mr\\. Levine* was elected Vice President Legal and General Counsel of Alaska Air Group and Alaska Airlines in January 2016 and is a member of Air Group\u2019s Management Executive Committee\\. He was elected Corporate Secretary of Alaska Air Group and Alaska Airlines in August 2017\\. Mr\\. Levine joined Alaska Airlines in February 2006 as a Senior Attorney\\. He also served as Associate General Counsel and Managing Director Commercial Law and General Litigation from July 2009 to February 2011 and, subsequently, as Deputy General Counsel and Managing Director of Legal at Alaska Airlines from February 2011 to January 2016\\. He was appointed Assistant Corporate Secretary of Horizon Air in August 2017 and Virgin America in November 2017\\. \n\n*Mr\\. Beck* was elected President and CEO of Horizon Air effective January 15, 2018 and is a member of Air Group\u2019s Management Executive Committee\\. Mr\\. Beck previously served as Vice President, Flight Operations at Alaska Airlines, Inc\\. until retiring in June 2015\\. Since then, he has provided consulting services to Alaska Airlines, Inc\\. in connection with the integration to a single operating certificate with Virgin America Inc\\.\n\n*Mr\\. Hunt* was elected President and Chief Operating Officer of Virgin America Inc\\. in December 2016, effective with the merger of Alaska Airlines, Inc\\. and Virgin America Inc\\. He became a member of Air Group\u2019s Management Executive Committee in January 2017\\. Mr\\. Hunt previously served as Senior Vice President and Chief Financial Officer at Virgin America (2011 \\- 2016)\\. Prior to joining Virgin America, Mr\\. Hunt was Vice President and CFO of Pinnacle Airlines Corp\\. (2004\\-2011)\\.\n\n*Mr\\. Tackett* was elected Senior Vice President of Revenue and E\\-commerce in August 2017 and became a member of Air Group\u2019s Management Executive Committee at that time\\. Mr\\. Tackett previously served in a number of capacities since joining Alaska Airlines in 2000, including Managing Director Financial Planning and Analysis, (2008\\-2010), Vice President Labor Relations (2010\\-2015) and Vice President Revenue Management in 2016\\.\n\n*Ms\\. Schneider* was elected Vice President of People at Alaska Airlines in August 2017 and became a member of Air Group\u2019s Management Executive Committee at that time\\. Ms\\. Schneider was previously Vice President of Inflight Services at Alaska (2011\\-2017), later also taking responsibility for Call Centers at Alaska (February 2017)\\. She began her career at Alaska as Manager of Financial Accounting in 1989\\. Since that time, she has held a number of positions, including Senior Vice President of People and Customer Services at Horizon Air Industries (2009\\-2011)\\.\n\n*Ms\\. Birkett Rakow* was elected Vice President of External Relations at Alaska Airlines in September 2017 and became a member of Air Group\u2019s Management Executive Committee at that time\\. She was previously Vice President of Public Affairs, Communications and Brand Management for Kaiser Permanente (2017)\\. From 2006\\-2017, Ms\\. Birkett Rakow held a number of positions at Group Health Cooperative, including Executive Vice President, Marketing and Public Affairs (2014\\-2017), Vice President Marketing and Public Affairs (2014) and Vice President Public Affairs (2013\\-2014)\\. From 2003\\-2006, Ms\\. Birkett Rakow was a member of the United States Senate Finance Committee as its Health Policy Advisor\\.\n\n**REGULATION**\n\n**GENERAL**\n\nThe airline industry is highly regulated, most notably by the federal government\\. The Department of Transportation (DOT), the Federal Aviation Administration (FAA) and the Transportation Security Administration (TSA) exercise significant regulatory authority over air carriers\\.\n\n 17"}
{"_id": "Delta-2019_67.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nWe defer the amount for award travel obligation as part of loyalty program deferred revenue and recognize loyalty travel awards in passenger revenue as the miles are used for travel\\. Revenue allocated to services performed in conjunction with a passenger\u2019s flight, such as baggage fee waivers, is recognized as travel\\-related services in passenger revenue when the related service is performed\\. Revenue allocated to access Delta Sky Club lounges is recognized as miscellaneous in other revenue as access is provided\\. Revenue allocated to the remaining performance obligations, primarily brand value, is recorded as loyalty program in other revenue as miles are delivered\\. \n\nCurrent Activity of the Loyalty Program\\.  Miles are combined in one homogeneous pool and are not separately identifiable\\. As such, the revenue is comprised of miles that were part of the loyalty program deferred revenue balance at the beginning of the period as well as miles that were issued during the period\\. \n\nThe table below presents the activity of the current and noncurrent loyalty program liability, and includes miles earned through travel and miles sold to participating companies, which are primarily through marketing agreements\\.\n\n\n\n|                            |                            |                            |         |         |\n|:-------------------------- |:-------------------------- |:-------------------------- | -------:| -------:|\n| (in millions)              | (in millions)              | (in millions)              |    2019 |    2018 |\n| Balance at January 1       | Balance at January 1       | Balance at January 1       | $ 6,641 | $ 6,321 |\n| Miles earned               | Miles earned               | Miles earned               |   3,156 |   3,142 |\n| Travel miles redeemed      | Travel miles redeemed      | Travel miles redeemed      | (2,900) | (2,651) |\n| Non\\-travel miles redeemed | Non\\-travel miles redeemed | Non\\-travel miles redeemed |   (169) |   (171) |\n| Balance at December 31     | Balance at December 31     | Balance at December 31     | $ 6,728 | $ 6,641 |\n\n\n\nThe timing of mile redemptions can vary widely; however, the majority of new miles are redeemed within two years\\.\n\nRevenue by Geographic Region\n\nOperating revenue for the airline segment is recognized in a specific geographic region based on the origin, flight path and destination of each flight segment\\. The majority of the revenues of the refinery, consisting of fuel sales to the airline, have been eliminated in the Consolidated Financial Statements\\. The remaining operating revenue for the refinery segment is included in the domestic region\\. Our passenger and operating revenue by geographic region is summarized in the following table:\n\n\n\n|               |               |               |                         |                         |                         |  |  |  |          |          |                         |                         |                         |                         |                         |                         |                         |  |  |  |  |  |  |\n|:------------- |:------------- |:------------- | -----------------------:| -----------------------:| -----------------------:|:- |:- |:- | --------:| --------:| -----------------------:|:-----------------------:|:-----------------------:|:-----------------------:|:-----------------------:|:-----------------------:|:-----------------------:|:- |:- |:- |:- |:- |:- |\n|               |               |               |       Passenger Revenue |       Passenger Revenue |       Passenger Revenue |  |  |  |          |          |       Operating Revenue |    Operating Revenue    |    Operating Revenue    |    Operating Revenue    |    Operating Revenue    |    Operating Revenue    |    Operating Revenue    |  |  |  |  |  |  |\n|               |               |               | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |          |          | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |  |  |  |\n| (in millions) | (in millions) | (in millions) |                    2019 |                    2018 |                    2017 |  |  |  |     2019 |     2018 |                    2017 |\n| Domestic      | Domestic      | Domestic      |                $ 30,367 |                $ 28,159 |                $ 26,079 |  |  |  | $ 33,284 | $ 31,233 |                $ 28,850 |\n| Atlantic      | Atlantic      | Atlantic      |                   6,381 |                   6,165 |                   5,537 |  |  |  |    7,363 |    7,042 |                   6,297 |\n| Latin America | Latin America | Latin America |                   3,002 |                   2,888 |                   2,862 |  |  |  |    3,343 |    3,181 |                   3,133 |\n| Pacific       | Pacific       | Pacific       |                   2,527 |                   2,543 |                   2,469 |  |  |  |    3,017 |    2,982 |                   2,858 |\n| Total         | Total         | Total         |                $ 42,277 |                $ 39,755 |                $ 36,947 |  |  |  | $ 47,007 | $ 44,438 |                $ 41,138 |\n\n\n\nCargo Revenue\n\nCargo revenue is recognized when we provide the transportation\\. \n\nOther Revenue\n\n\n\n|                                   |                                   |                                   |                         |                         |                         |  |  |  |  |  |  |\n|:--------------------------------- |:--------------------------------- |:--------------------------------- | -----------------------:| -----------------------:| -----------------------:|:- |:- |:- |:- |:- |:- |\n|                                   |                                   |                                   | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |  |  |  |  |  |  |\n| (in millions)                     | (in millions)                     | (in millions)                     |                    2019 |                    2018 |                    2017 |\n| Loyalty program                   | Loyalty program                   | Loyalty program                   |                 $ 1,962 |                 $ 1,459 |                 $ 1,269 |\n| Ancillary businesses and refinery | Ancillary businesses and refinery | Ancillary businesses and refinery |                   1,297 |                   1,801 |                   1,591 |\n| Miscellaneous                     | Miscellaneous                     | Miscellaneous                     |                     718 |                     558 |                     587 |\n| Total other revenue               | Total other revenue               | Total other revenue               |                 $ 3,977 |                 $ 3,818 |                 $ 3,447 |\n\n\n\nLoyalty Program\\.  Loyalty program revenues relate primarily to brand usage by third parties and include the redemption of miles for non\\-travel awards\\. These revenues are included within the total cash sales from marketing agreements, discussed above\\.\n\n65"}
{"_id": "AmericanAirlines-2017_71.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|       |                                                                                                                                                                                                                                                                                                                       |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(h)^ | Includes minimum pension contributions based on actuarially determined estimates and is based on estimated payments through 2027\\. The total expected pension contribution of $467 million in 2018 assumes a supplemental contribution of $425 million in addition to the $42 million minimum required contribution\\. |\n\n\n\n\n\n|       |                                                                                                                 |\n| ----- | --------------------------------------------------------------------------------------------------------------- |\n| ^(i)^ | Includes purchase commitments for jet fuel, facility construction projects and information technology support\\. |\n\n\n\n**Capital Raising Activity and Other Possible Actions**\n\nIn light of our significant financial commitments related to, among other things, new aircraft, the servicing and amortization of existing debt and equipment leasing arrangements, and future pension funding obligations, we and our subsidiaries will regularly consider, and enter into negotiations related to, capital raising activity, which may include the entry into leasing transactions and future issuances of secured or unsecured debt obligations or additional equity securities in public or private offerings or otherwise\\. The cash available from operations and these sources, however, may not be sufficient to cover cash contractual obligations because economic factors may reduce the amount of cash generated by operations or increase costs\\. For instance, an economic downturn or general global instability caused by military actions, terrorism, disease outbreaks or natural disasters could reduce the demand for air travel, which would reduce the amount of cash generated by operations\\. An increase in costs, either due to an increase in borrowing costs caused by a reduction in credit ratings or a general increase in interest rates, or due to an increase in the cost of fuel, maintenance, or aircraft, aircraft engines or parts, could decrease the amount of cash available to cover cash contractual obligations\\. Moreover, certain of our financing arrangements contain significant minimum cash balance requirements\\. As a result, we cannot use all of our available cash to fund operations, capital expenditures and cash obligations without violating these requirements\\. See Note 5 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 3 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for information regarding our financing arrangements\\.\n\nIn the past, we have from time to time refinanced, redeemed or repurchased our debt and taken other steps to reduce or otherwise manage the aggregate amount and cost of our debt or lease obligations or otherwise improve our balance sheet\\. Going forward, depending on market conditions, our cash position and other considerations, we may continue to take such actions\\.\n\nOur Board of Directors has from time to time authorized programs to repurchase shares of our common stock, one of which is currently in effect, and may authorize additional share repurchase programs in the future\\.\n\n**OTHER INFORMATION**\n\n**Basis of Presentation**\n\nSee Note 1 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 1 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for information regarding the basis of presentation\\.\n\n**Critical Accounting Policies and Estimates**\n\nThe preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements\\. We believe our estimates and assumptions are reasonable; however, actual results could differ from those estimates\\. Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties and could potentially result in materially different results under different assumptions and conditions\\. We have identified the following critical accounting policies that impact the preparation of our consolidated financial statements\\. See the \u201cBasis of Presentation and Summary of Significant Accounting Policies\u201d included in Note 1 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 1 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional discussion of the application of these estimates and other accounting policies\\.\n\n***Passenger Revenue***\n\nPassenger revenue is recognized when transportation is provided\\. Ticket sales for transportation that has not yet been provided are initially deferred and recorded as air traffic liability on the consolidated balance sheets\\. The air traffic liability represents tickets sold for future travel dates and estimated future refunds and exchanges of tickets sold for past travel dates\\. The balance in the air traffic liability fluctuates throughout the year based on seasonal travel patterns\\. Our air traffic liability was $4\\.0 billion and $3\\.9 billion as of December 31, 2017 and 2016, respectively\\.\n\nThe majority of tickets sold are nonrefundable\\. A small percentage of tickets, some of which are partially used tickets, expire unused\\. Due to complex pricing structures, refund and exchange policies, and interline agreements with other airlines, certain amounts are recognized in passenger revenue using estimates regarding both the timing of the revenue recognition \n\n72"}
{"_id": "Southwest-2019_92.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|                      |                               |                                                 |\n| -------------------- | ----------------------------- | ----------------------------------------------- |\n|                      | **Maximum fuel hedged as of** |                                                 |\n|                      | **December 31, 2019**         | **Derivative underlying commodity type as of**  |\n| **Period (by year)** | **(gallons in millions) (a)** | **December 31, 2019**                           |\n| 2020                 | 1,301                         | WTI crude oil, Brent crude oil, and Heating oil |\n| 2021                 | 1,169                         | WTI crude and Brent crude oil                   |\n| 2022                 | 603                           | WTI crude and Brent crude oil                   |\n| Beyond 2022          | 32                            | WTI crude oil                                   |\n\n\n\n(a) Due to the types of derivatives utilized by the Company and different price levels of those contracts, these volumes represent the maximum economic hedge in place and may vary significantly as market prices fluctuate\\.\n\nUpon proper qualification, the Company accounts for its fuel derivative instruments as cash flow hedges\\. All periodic changes in fair value of the derivatives designated as hedges are recorded in AOCI until the underlying jet fuel is consumed\\. See  Note 12 \\. \n\nThe Company's results are subject to the possibility that the derivatives will no longer qualify for hedge accounting, in which case any change in the fair value of derivative instruments since the last reporting period would be recorded in Other (gains) losses, net, in the Consolidated Statement of Income in the period of the change; however, any amounts previously recorded to AOCI would remain there until such time as the original forecasted transaction occurs, at which time these amounts would be reclassified to Fuel and oil expense\\. Factors that have and may continue to lead to the loss of hedge accounting include: significant fluctuation in energy prices, significant weather events affecting refinery capacity and the production of refined products, and the volatility of the different types of products the Company uses in hedging\\. Increased volatility in these commodity markets for an extended period of time, especially if such volatility were to worsen, could cause the Company to lose hedge accounting altogether for the commodities used in its fuel hedging program, which would create further volatility in the Company\u2019s GAAP financial results\\. However, even though derivatives may not qualify for hedge accounting, the Company continues to hold the instruments as management believes derivative instruments continue to afford the Company the opportunity to stabilize jet fuel costs\\. When the Company has sold derivative positions in order to effectively \"close\" or offset a derivative already held as part of its fuel derivative instrument portfolio, any subsequent changes in fair value of those positions are marked to market through earnings\\. Likewise, any changes in fair value of those positions that were offset by entering into the sold positions and were de\\-designated as hedges are concurrently marked to market through earnings\\. However, any changes in value related to hedges that were deferred as part of AOCI while designated as a hedge would remain until the originally forecasted transaction occurs\\. In a situation where it becomes probable that a fuel hedged forecasted transaction will not occur, any gains and/or losses that have been recorded to AOCI would be required to be immediately reclassified into earnings\\. The Company did not have any such situations occur during  2019 ,  2018 , or  2017 \\. \n\nAccounting pronouncements pertaining to derivative instruments and hedging are complex with stringent requirements, including the documentation of a Company hedging strategy, statistical analysis to qualify a commodity for hedge accounting both on a historical and a prospective basis, and strict contemporaneous documentation that is required at the time each hedge is designated by the Company\\. This statistical analysis involves utilizing regression analyses that compare changes in the price of jet fuel to changes in the prices of the commodities used for hedging purposes\\.\n\nAll cash flows associated with purchasing and selling fuel derivatives are classified as Other operating cash flows in the Consolidated Statement of Cash Flows\\. The following table presents the location of all assets and liabilities associated with the Company\u2019s derivative instruments within the Consolidated Balance Sheet:\n\n93"}
{"_id": "Southwest-2017_120.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|        |                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.14 | [Southwest Airlines Co\\. Amended and Restated 2007 Equity Incentive Plan Form of Notice of Grant and Terms and Conditions for Restricted Stock Unit grants (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238014000117/luv-6302014xex103.htm)  (2) |\n\n\n\n\n\n|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| --------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.15    | [$1,000,000,000 Revolving Credit Facility Agreement among the Company, the Banks party thereto, Barclays Bank PLC, as Syndication Agent, Bank of America, N\\.A\\., BNP Paribas, Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc\\., U\\.S\\. Bank National Association, and Wells Fargo Bank, N\\.A\\., as Documentation Agents, JPMorgan Chase Bank, N\\.A\\. and Citibank, N\\.A\\., as Co\\-Administrative Agents, and JPMorgan Chase Bank, N\\.A\\., as Paying Agent, dated as of August 3, 2016 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Current Report on Form 8\\-K filed August 9, 2016 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312516676282/d223237dex101.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| 10\\.16    | [Purchase Agreement No\\. 3729 and Aircraft General Terms Agreement, dated December 13, 2011, between The Boeing Company and the Company (incorporated by reference to Exhibit 10\\.28 to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2011 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000119312512049647/d293991dex1028.htm) [Supplemental Agreement No\\. 1 (incorporated by reference to Exhibits 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000097/sa-1topa3729_redacted.htm) [Supplemental Agreement No\\. 2 (incorporated by reference to Exhibit 10\\.4 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000097/sa-2topa3792_redacted.htm) [Supplemental Agreement No\\. 3 (incorporated by reference to Exhibit 10\\.27(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000010/luv-12312013xex1027a.htm) [Supplemental Agreement No\\. 4 (incorporated by reference to Exhibit 10\\.18(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (File No\\. 1\\-7259)); ](http://www.sec.gov/Archives/edgar/data/92380/000009238016000175/luv-12312015xex1018a.htm)[Supplemental Agreement No\\. 5 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238016000252/luv-6302016xex102.htm) ; [Supplemental Agreement No\\. 6 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex102.htm) [Supplemental Agreement No\\. 7 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex103.htm) ; [Supplemental Letter Agreement No\\. 6\\-1162\\-KLK\\-0059R3 (incorporated by reference to Exhibit 10\\.4 to the Company's Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017xex104.htm)  (1) |\n| 10\\.16(a) | [Supplemental Agreement No\\. 8 to Purchase Agreement No\\. 3729, dated December 13, 2011, between The Boeing Company and the Company\\. ](https://www.example.com/luv-12312017xex101.htm) (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| 10\\.17    | [Southwest Airlines Co\\. Senior Executive Short Term Incentive Plan (incorporated by reference to Exhibit 99\\.1 to the Company\u2019s Current Report on Form 8\\-K filed January 30, 2013 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312513030183/d476691dex991.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 10\\.18    | [Southwest Airlines Co\\. Deferred Compensation Plan for Senior Leadership and Non\\-Employee Members of the Southwest Airlines Co\\. Board of Directors (as amended and restated, effective as of January 1, 2018) (incorporated by reference to Exhibit 10\\.6 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017 (File No\\. 1\\-7259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000009238017000167/luv-9302017ex106.htm)  (2)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| 10\\.19    | [Southwest Airlines Co\\. Amended and Restated 2007 Equity Incentive Plan Form of Notice of Grant and Terms and Conditions for Performance\\-Based Restricted Stock Unit grants (incorporated by reference to Exhibit 10\\.4 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (File No\\. 1\\-7259))\\. ](http://www.sec.gov/Archives/edgar/data/92380/000009238014000117/luv-6302014xex104.htm) (2)<br><br>  <br>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| 10\\.20    | [Consulting Agreement, dated as of June 30, 2017, by and between Arthur Jefferson Lamb III and Southwest Airlines Co\\. (incorporated by reference to Exhibit 10\\.1 to the Company's Current Report on Form 8\u2013K filed July 3, 2017 (File No\\. 1\u20137259))\\.](http://www.sec.gov/Archives/edgar/data/92380/000119312517220944/d408249dex101.htm)  (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n\n\n\n121"}
{"_id": "AmericanAirlines-2017_119.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nAs of December 31, 2017, AAG had issued guarantees covering approximately $810 million principal amount of American\u2019s special facility revenue bonds (and interest thereon) and $8\\.5 billion principal amount of American\u2019s secured debt (and interest thereon), including the Credit Facilities and certain EETC financings\\.\n\n***(g) Credit Card Processing Agreements***\n\nWe have agreements with companies that process customer credit card transactions for the sale of air travel and other services\\. Our agreements allow these processing companies, under certain conditions, to hold an amount of our cash (referred to as a holdback) equal to a portion of advance ticket sales that have been processed by that company, but for which we have not yet provided the air transportation\\. Additional holdback requirements in the event of material adverse changes in our financial condition will reduce our liquidity in the form of unrestricted cash by the amount of the holdbacks\\. We are not currently required to maintain any holdbacks pursuant to these requirements\\.\n\n***(h) Labor Negotiations***\n\nAs of December 31, 2017, we employed approximately 126,600 active full\\-time equivalent employees, of which 23,500 were employed by our regional operations\\. Approximately 85% of employees are covered by collective bargaining agreements with various labor unions\\. Negotiations for joint collective bargaining agreements covering our mainline maintenance, fleet service, stock clerks, maintenance control technicians and maintenance training instructors employees as well as for certain employee groups at our wholly\\-owned regional subsidiaries are continuing\\. There is no assurance that a successful or timely resolution of these labor negotiations will be achieved\\.\n\n***(i) Other***\n\nAs a result of the terrorist attacks of September 11, 2001 and the subsequent liability protections provided for by the Air Transportation Safety and System Stabilization Act (the Stabilization Act), we recorded a liability for these terrorist attacks claims equal to the related insurance receivable due to us\\. The Stabilization Act provides that, notwithstanding any other provision of law, liability for all claims, whether compensatory or punitive, arising from these terrorist attacks, against any air carrier shall not exceed the liability coverage maintained by the air carrier\\. As of December 31, 2017, claims relating to this matter have been substantially resolved and the remaining liability and the amount of the offsetting receivable are not material\\.\n\n**12\\. Supplemental Cash Flow Information**\n\nSupplemental disclosure of cash flow information and non\\-cash investing and financing activities are as follows (in millions):\n\n\n\n|                                               |                             |                             |                             |\n| --------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                               | **2017**                    | **2016**                    | **2015**                    |\n| Non\\-cash investing and financing activities: |                             |                             |                             |\n| Equity investment                             | $120                        | $\u2014                          | $\u2014                          |\n| Settlement of bankruptcy obligations          | 15                          | 3                           | 63                          |\n| Capital lease obligations                     | \u2014                           | \u2014                           | 5                           |\n| Supplemental information:                     |                             |                             |                             |\n| Interest paid, net                            | 1,040                       | 964                         | 873                         |\n| Income taxes paid                             | 20                          | 16                          | 20                          |\n\n\n\n**13\\. Operating Segments and Related Disclosures**\n\nWe are managed as a single business unit that provides air transportation for passengers and cargo\\. This allows us to benefit from an integrated revenue pricing and route network that includes American and our wholly\\-owned and third\\-party regional carriers that fly under capacity purchase agreements operating as American Eagle\\. The flight equipment of all these carriers is combined to form one fleet that is deployed through a single route scheduling system\\. Financial information and annual operational plans and forecasts are prepared and reviewed by the chief operating decision maker at the consolidated level\\. When making operational decisions, the chief operating decision maker evaluates flight profitability data, which considers aircraft type and route economics, but is indifferent to the results of the individual wholly\\-owned regional carriers\\. The objective in making operational decisions is to maximize consolidated financial results, not the individual results of American or American Eagle\\.\n\n120"}
{"_id": "AmericanAirlines-2018_57.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n*Operating Special Items, Net*\n\n\n\n|                                                                    |                              |                              |\n| ------------------------------------------------------------------ | ---------------------------- | ---------------------------- |\n|                                                                    | **Year Ended December 31,**  | **Year Ended December 31,**  |\n|                                                                    | **2017**                     | **2016**                     |\n|                                                                    | **(In millions)**            | **(In millions)**            |\n| Merger integration expenses  ^(1)^                                 | $273                         | $514                         |\n| Fleet restructuring expenses  ^(2)^                                | 232                          | 177                          |\n| Employee 2017 Tax Act bonus expense  ^(3)^                         | 123                          | \u2014                            |\n| Labor contract expenses                                            | 46                           | \u2014                            |\n| Mark\\-to\\-market adjustments on bankruptcy obligations, net  ^(4)^ | 27                           | 25                           |\n| Other operating charges (credits), net                             | 11                           | (7)                          |\n| Total mainline operating special items, net                        | 712                          | 709                          |\n| Regional operating special items, net                              | 22                           | 14                           |\n| Total operating special items, net                                 | $734                         | $723                         |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                          |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | Merger integration expenses included costs related to information technology, professional fees, re\\-branding of aircraft and airport facilities and training, and in 2016, also included costs related to alignment of labor union contracts and the launch of re\\-branded uniforms, both of which drove the $241 million year\\-over\\-year decrease in these expenses\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                       |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Fleet restructuring expenses principally included accelerated depreciation and remaining lease payments for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Employee bonus expense included costs related to the $1,000 cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of the 2017 Tax Act\\. |\n\n\n\n\n\n|       |                                                                                                                             |\n| ----- | --------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Bankruptcy obligations that will be settled in shares of our common stock are marked\\-to\\-market based on our stock price\\. |\n\n\n\n*Nonoperating Results*\n\n\n\n|                                 |                                              |                                              |                                              |                                                       |\n| ------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                 | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **2017**                                     | **2016**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Interest income                 | $94                                          | $63                                          | $31                                          | 47\\.8                                                 |\n| Interest expense, net           | (1,053)                                      | (991)                                        | (62)                                         | 6\\.2                                                  |\n| Other income, net               | 123                                          | 20                                           | 103                                          | nm                                                    |\n| Total nonoperating expense, net | $(836)                                       | $(908)                                       | $72                                          | (7\\.9)                                                |\n\n\n\nOur short\\-term investments in each period consisted of highly liquid investments that provided nominal returns\\. Interest income increased $31 million, or 47\\.8%, principally due to a 50 basis point increase in average yields in 2017 as compared to 2016\\.\n\nInterest expense, net increased $62 million in 2017 primarily due to higher outstanding debt as a result of aircraft financings associated with our fleet renewal program\\.\n\nOther nonoperating income, net in 2017 and 2016, principally included $138 million and $77 million, respectively, of non\\-service related pension and other postretirement benefit plan income, which reflects an increase in the expected return on pension plan assets in 2017 as compared to 2016\\. In 2017 and 2016, this income was offset in part by $22 million and $49 million, respectively, of net special charges associated with debt refinancings and extinguishments\\. \n\n58"}
{"_id": "United-2019_51.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUNITED AIRLINES, INC\\. \n\nCONSOLIDATED BALANCE SHEETS\n\n(In millions, except shares)\n\n\n\n|                                                                                                                                   |                     |                     |\n| --------------------------------------------------------------------------------------------------------------------------------- | ------------------- | ------------------- |\n|                                                                                                                                   | **At December 31,** | **At December 31,** |\n| **LIABILITIES AND STOCKHOLDER'S EQUITY**                                                                                          | **2019**            | **2018 (a)**        |\n| Current liabilities:                                                                                                              |                     |                     |\n| Advance ticket sales                                                                                                              | $4,819              | $4,381              |\n| Accounts payable                                                                                                                  | 2,703               | 2,363               |\n| Frequent flyer deferred revenue                                                                                                   | 2,440               | 2,286               |\n| Accrued salaries and benefits                                                                                                     | 2,271               | 2,184               |\n| Current maturities of long\\-term debt                                                                                             | 1,407               | 1,230               |\n| Current maturities of finance leases                                                                                              | 46                  | 123                 |\n| Current maturities of operating leases                                                                                            | 686                 | 719                 |\n| Other                                                                                                                             | 571                 | 558                 |\n| Total current liabilities                                                                                                         | 14,943              | 13,844              |\n| Long\\-term debt                                                                                                                   | 13,145              | 12,215              |\n| Long\\-term obligations under finance leases                                                                                       | 220                 | 224                 |\n| Long\\-term obligations under operating leases                                                                                     | 4,946               | 5,276               |\n| Other liabilities and deferred credits:                                                                                           |                     |                     |\n| Frequent flyer deferred revenue                                                                                                   | 2,836               | 2,719               |\n| Postretirement benefit liability                                                                                                  | 789                 | 1,295               |\n| Pension liability                                                                                                                 | 1,446               | 1,576               |\n| Deferred income taxes                                                                                                             | 1,763               | 855                 |\n| Other                                                                                                                             | 1,025               | 1,010               |\n| Total other liabilities and deferred credits                                                                                      | 7,859               | 7,455               |\n| Commitments and contingencies                                                                                                     |   <br>              |   <br>              |\n| Stockholder's equity:                                                                                                             |                     |                     |\n| Common stock at par, $0\\.01 par value; authorized 1,000 shares; issued and outstanding 1,000 shares at December 31, 2019 and 2018 | \u2014                   | \u2014                   |\n| Additional capital invested                                                                                                       | \u2014                   | 598                 |\n| Retained earnings                                                                                                                 | 12,353              | 10,319              |\n| Accumulated other comprehensive loss                                                                                              | (718<br><br>)       | (803<br><br>)       |\n| Receivable from related parties                                                                                                   | (143<br><br>)       | (110<br><br>)       |\n| Total stockholder's equity                                                                                                        | 11,492              | 10,004              |\n| Total liabilities and stockholder's equity                                                                                        | $52,605             | $49,018             |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2016\\-02,  Leases (Topic 842) \\. See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n52"}
{"_id": "AmericanAirlines-2017_101.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**6\\. Income Taxes**\n\nThe significant components of the income tax provision (benefit) were (in millions):\n\n\n\n|                                          |                             |                             |                             |\n| ---------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                          | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                          | **2017**                    | **2016**                    | **2015**                    |\n| Current income tax provision:            |                             |                             |                             |\n| Federal                                  | $\u2014                          | $\u2014                          | $\u2014                          |\n| State and Local                          | 24                          | 12                          | 20                          |\n| Current income tax provision             | 24                          | 12                          | 20                          |\n| Deferred income tax provision (benefit): |                             |                             |                             |\n| Federal                                  | 1,085                       | 1,508                       | (2,884)                     |\n| State and Local                          | 56                          | 103                         | (130)                       |\n| Deferred income tax provision (benefit)  | 1,141                       | 1,611                       | (3,014)                     |\n| Total income tax provision (benefit)     | $1,165                      | $1,623                      | $(2,994)                    |\n\n\n\nThe income tax provision (benefit) differed from amounts computed at the statutory federal income tax rate as follows (in millions):\n\n\n\n|                                                       |                             |                             |                             |\n| ----------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                       | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                       | **2017**                    | **2016**                    | **2015**                    |\n| Statutory income tax provision                        | $1,079                      | $1,505                      | $1,616                      |\n| State income tax provision, net of federal tax effect | 61                          | 63                          | 72                          |\n| Book expenses not deductible for tax purposes         | 33                          | 34                          | 57                          |\n| Bankruptcy administration expenses                    | 1                           | 1                           | 3                           |\n| 2017 Tax Act                                          | (7)                         | \u2014                           | \u2014                           |\n| Change in valuation allowance                         | (3)                         | 7                           | (4,742)                     |\n| Other, net                                            | 1                           | 13                          | \u2014                           |\n| Income tax provision (benefit)                        | $1,165                      | $1,623                      | $(2,994)                    |\n\n\n\nWe provide a valuation allowance for our deferred tax assets, which include our net operating losses (NOLs), when it is more likely than not that some portion, or all of our deferred tax assets, will not be realized\\. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income\\. We consider all available positive and negative evidence and make certain assumptions in evaluating the realizability of our deferred tax assets\\. Many factors are considered that impact our assessment of future profitability, including conditions which are beyond our control, such as the health of the economy, the level and volatility of fuel prices and travel demand\\.\n\nIn connection with the preparation of our financial statements at the end of 2015, we determined that after considering all positive and negative evidence, including the completion of certain critical Merger integration milestones as well as our financial performance, it was more likely than not that substantially all of our deferred income tax assets, which include our NOLs, would be realized\\. Accordingly, during the year ended December 31, 2015, we reversed $3\\.0 billion of the valuation allowance, which resulted in a special non\\-cash tax benefit recorded in the consolidated statement of operations\\.\n\nIn addition to the changes in the valuation allowance from operations described above, the valuation allowance was also impacted by the changes in the components of accumulated other comprehensive income (loss), described in Note 10\\. The total increase to the valuation allowance was $7 million in 2017, $10 million of which is included in the 2017 Tax Act amount in the table above\\. In 2016, the total increase to the valuation allowance was $7 million and in 2015, the total decrease to the valuation allowance was $4\\.8 billion\\.\n\n102"}
{"_id": "Alaska-2019_0.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, DC 20549\n\nFORM 10\\-K\n\n\u2612  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended December 31, 2019\n\nOR\n\n\u2610  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n  For the transition period from to \n\nCommission File Number 1\\-8957\n\nALASKA AIR GROUP, INC\\.\n\n\n\n|                          |                          |                          |  |  |  |                                          |                                          |                                          |\n|:------------------------:|:------------------------:|:------------------------:|:- |:- |:- |:----------------------------------------:|:----------------------------------------:|:----------------------------------------:|\n|         Delaware         |         Delaware         |         Delaware         |  |  |  |               91\\-1292054                |               91\\-1292054                |               91\\-1292054                |\n| (State of Incorporation) | (State of Incorporation) | (State of Incorporation) |  |  |  | (I\\.R\\.S\\. Employer Identification No\\.) | (I\\.R\\.S\\. Employer Identification No\\.) | (I\\.R\\.S\\. Employer Identification No\\.) |\n\n\n\n\n\n|                                                          |                                                          |                                                          |\n| -------------------------------------------------------- | -------------------------------------------------------- | -------------------------------------------------------- |\n| 19300 International Boulevard, Seattle, Washington 98188 | 19300 International Boulevard, Seattle, Washington 98188 | 19300 International Boulevard, Seattle, Washington 98188 |\n| Telephone: (206) 392\\-5040                               | Telephone: (206) 392\\-5040                               | Telephone: (206) 392\\-5040                               |\n\n\n\nSecurities registered pursuant to section 12(b) of the Act:\n\n\n\n|                                |                                |                                |                                      |                                      |                                      |               |               |               |\n|:------------------------------:|:------------------------------:|:------------------------------:|:------------------------------------:|:------------------------------------:|:------------------------------------:|:-------------:|:-------------:|:-------------:|\n|      Title of each class       |      Title of each class       |      Title of each class       | Name of exchange on which registered | Name of exchange on which registered | Name of exchange on which registered | Ticker symbol | Ticker symbol | Ticker symbol |\n| Common Stock, $0\\.01 Par Value | Common Stock, $0\\.01 Par Value | Common Stock, $0\\.01 Par Value |       New York Stock Exchange        |       New York Stock Exchange        |       New York Stock Exchange        |      ALK      |      ALK      |      ALK      |\n\n\n\n Securities registered pursuant to Section 12(g) of the Act:\n\nNone\n\nIndicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\. Yes   \u2612 No \u2610 \n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act\\. Yes \u2610 No    \u2612\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\. Yes    \u2612 No \u2610\n\nIndicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S\\-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files)\\. Yes \u2612 No \u2610\n\nIndicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K is not contained herein, and will not be contained, to the best of registrant\u2019s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K\\. \u2612\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer or a smaller reporting company\\. See definitions of \u201clarge accelerated filer\u201d, \"accelerated filer\" and \"smaller reporting company\" in Rule 12b\\-2 of the Exchange Act: \n\n\n\n|                         |                         |                         |   |   |   |                   |                   |                   |   |   |   |                        |                        |                        |   |   |   |                           |                           |                           |   |   |   |                         |                         |                         |   |   |   |\n| ----------------------- | ----------------------- | ----------------------- | - | - | - | ----------------- | ----------------- | ----------------- | - | - | - | ---------------------- | ---------------------- | ---------------------- | - | - | - | ------------------------- | ------------------------- | ------------------------- | - | - | - | ----------------------- | ----------------------- | ----------------------- | - | - | - |\n| Large accelerated filer | Large accelerated filer | Large accelerated filer | \u2612 | \u2612 | \u2612 | Accelerated filer | Accelerated filer | Accelerated filer | \u2610 | \u2610 | \u2610 | Non\\-accelerated filer | Non\\-accelerated filer | Non\\-accelerated filer | \u2610 | \u2610 | \u2610 | Smaller reporting company | Smaller reporting company | Smaller reporting company | \u2610 | \u2610 | \u2610 | Emerging Growth Company | Emerging Growth Company | Emerging Growth Company | \u2610 | \u2610 | \u2610 |\n\n\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\. \u2610\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Exchange Act\\.): Yes  \u2610  No \u2612\n\n1"}
{"_id": "AmericanAirlines-2018_25.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***Recent U\\.S\\. tax legislation may adversely affect our financial condition, results of operations and cash flows\\.***\n\nRecently enacted U\\.S\\. tax legislation has significantly changed the U\\.S\\. federal income taxation of U\\.S\\. corporations, including by reducing the U\\.S\\. corporate income tax rate, limiting interest deductions, permitting immediate expensing of certain capital expenditures, adopting elements of a territorial tax system, revising the rules governing net operating losses (NOLs) and the rules governing foreign tax credits and introducing new anti\\-base erosion provisions\\. Many of these changes became effective immediately, without any transition periods or grandfathering for existing transactions\\. The legislation is unclear in many respects and could be subject to potential amendments and technical corrections, as well as interpretations and implementation regulations by the Treasury and Internal Revenue Service, any of which could materially affect the impacts of the legislation\\. In addition, it is unclear how these U\\.S\\. federal income tax changes will affect state and local taxation, which often uses federal taxable income as a starting point for computing state and local tax liabilities\\. While some of the changes made by the tax legislation may adversely affect us in one or more reporting periods and prospectively, other changes may be beneficial on a going forward basis\\. \n\nSee Note 7 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 5 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional information on income taxes\\.\n\n***Changes to our business model that are designed to increase revenues may not be successful and may cause operational difficulties or decreased demand\\.***\n\nWe have recently instituted, and intend to institute in the future, changes to our business model designed to increase revenues and offset costs\\. These measures include further segmentation of the classes of services we offer, such as Premium Economy service and Basic Economy service, enhancements to our AAdvantage loyalty program, charging separately for services that had previously been included within the price of a ticket, increasing other pre\\-existing fees, reconfiguration of our aircraft cabins, and efforts to optimize our network including by focusing growth on a limited number of large hubs\\. We may introduce additional initiatives in the future; however, as time goes on, we expect that it will be more difficult to identify and implement additional initiatives\\. We cannot assure you that these measures or any future initiatives will be successful in increasing our revenues\\. Additionally, the implementation of these initiatives may create logistical challenges that could harm the operational performance of our airline or result in decreased demand\\. Also, our implementation of any new or increased fees might reduce the demand for air travel on our airline or across the industry in general, particularly if weakened economic conditions make our customers more sensitive to increased travel costs or provide a significant competitive advantage to other carriers that determine not to institute similar charges\\.\n\n***The loss of key personnel upon whom we depend to operate our business or the inability to attract additional qualified personnel could adversely affect our business\\.***\n\nWe believe that our future success will depend in large part on our ability to retain or attract highly qualified management, technical and other personnel\\. We may not be successful in retaining key personnel or in attracting other highly qualified personnel\\. Any inability to retain or attract significant numbers of qualified management and other personnel would have a material adverse effect on our business, results of operations and financial condition\\.\n\n***We may be adversely affected by conflicts overseas or terrorist attacks; the travel industry continues to face ongoing security concerns\\.***\n\nActs of terrorism or fear of such attacks, including elevated national threat warnings, wars or other military conflicts, may depress air travel, particularly on international routes, and cause declines in revenues and increases in costs\\. The attacks of September 11, 2001 and continuing terrorist threats, attacks and attempted attacks materially impacted and continue to impact air travel\\. Increased security procedures introduced at airports since the attacks of September 11, 2001 and any other such measures that may be introduced in the future generate higher operating costs for airlines\\. The Aviation and Transportation Security Act mandated improved flight deck security, deployment of federal air marshals on board flights, improved airport perimeter access security, airline crew security training, enhanced security screening of passengers, baggage, cargo, mail, employees and vendors, enhanced training and qualifications of security screening personnel, additional provision of passenger data to the U\\.S\\. Customs and Border Protection Agency and enhanced background checks\\. A concurrent increase in airport security charges and procedures, such as restrictions on carry\\-on baggage, has also had and may continue to have a disproportionate impact on short\\-haul travel, which constitutes a significant portion of our flying and revenue\\. Implementation of and compliance with increasingly\\-complex security and customs requirements will continue to result in increased costs for us and our passengers, and have caused and likely will continue to cause periodic service disruptions and delays\\. We have at times found it necessary or desirable to make significant expenditures to comply with security\\-related requirements while seeking to reduce their impact on our customers, such as expenditures for automated security screening lines at airports\\. As a result of competitive pressure, and the need to improve security screening throughput \n\n26"}
{"_id": "AmericanAirlines-2017_26.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nby the airline industry and manufacturers, would apply to new type aircraft certified beginning in 2020, and would be phased in for newly manufactured existing aircraft type designs starting in 2023\\.\n\nIn addition, several states have adopted or are considering initiatives to regulate emissions of GHGs, primarily through the planned development of GHG emissions inventories and/or regional GHG cap and trade programs\\. Depending on the scope of such regulation, certain of our facilities and operations, or the operations of our suppliers, may be subject to additional operating and other permit requirements, likely resulting in increased operating costs\\.\n\nThese regulatory efforts, both internationally and in the U\\.S\\. at the federal and state levels, are still developing, and we cannot yet determine what the final regulatory programs or their impact will be in the U\\.S\\., the EU or in other areas in which we do business\\. However, such climate change\\-related regulatory activity in the future may adversely affect our business and financial results by requiring us to reduce our emissions, purchase allowances or otherwise pay for our emissions\\. Such activity may also impact us indirectly by increasing our operating costs, including fuel costs\\.\n\n***We face challenges in integrating our computer, communications and other technology systems\\.*** \n\nAmong the principal risks of integrating our businesses and operations are the risks relating to integrating various computer, communications and other technology systems that will be necessary to operate US Airways and American as a single airline and to achieve cost synergies by eliminating redundancies in the businesses\\. While we have to date successfully integrated several of our systems, including our customer reservations system and our pilot and fleet scheduling system, we still have to complete several additional important system integration projects\\. The integration of these systems in a number of prior airline mergers has taken longer, been more disruptive and cost more than originally forecast\\. The implementation process to integrate these various systems will involve a number of risks that could adversely impact our business, results of operations and financial condition\\. New systems will replace multiple legacy systems and the related implementation will be a complex and time\\-consuming project involving substantial expenditures for implementation consultants, system hardware, software and implementation activities, as well as the transformation of business and financial processes\\.\n\nWe cannot assure you that our security measures, change control procedures or disaster recovery plans will be adequate to prevent disruptions or delays in connection with systems integration or replacement\\. Disruptions in or changes to these systems could result in a disruption to our business and the loss of important data\\. Any of the foregoing could result in a material adverse effect on our business, results of operations and financial condition\\.\n\n***We rely heavily on technology and automated systems to operate our business, and any failure of these technologies or systems could harm our business, results of operations and financial condition\\.***\n\nWe are highly dependent on existing and emerging technology and automated systems to operate our business\\. These technologies and systems include our computerized airline reservation system, flight operations systems, financial planning, management and accounting systems, telecommunications systems, website, maintenance systems and check\\-in kiosks\\. In order for our operations to work efficiently, our website and reservation system must be able to accommodate a high volume of traffic, maintain secure information and deliver flight information, as well as issue electronic tickets and process critical financial information in a timely manner\\. Substantially all of our tickets are issued to passengers as electronic tickets\\. We depend on our reservation system, which is hosted and maintained under a long\\-term contract by a third\\-party service provider, to be able to issue, track and accept these electronic tickets\\. If our technologies or automated systems are not functioning or if our third\\-party service providers were to fail to adequately provide technical support, system maintenance or timely software upgrades for any one of our key existing systems, we could experience service disruptions or delays, which could harm our business and result in the loss of important data, increase our expenses and decrease our revenues\\. In the event that one or more of our primary technology or systems vendors goes into bankruptcy, ceases operations or fails to perform as promised, replacement services may not be readily available on a timely basis, at competitive rates or at all, and any transition time to a new system may be significant\\.\n\nOur technologies and automated systems cannot be completely protected against events that are beyond our control, including natural disasters, power failures, terrorist attacks, cyber\\-attacks, data theft, equipment and software failures, computer viruses or telecommunications failures\\. Substantial or sustained system failures could cause service delays or failures and result in our customers purchasing tickets from other airlines\\. We cannot assure you that our security measures, change control procedures or disaster recovery plans are adequate to prevent disruptions or delays\\. Disruption in or changes to these technologies or systems could result in a disruption to our business and the loss of important data\\. Any of the foregoing could result in a material adverse effect on our business, results of operations and financial condition\\.\n\n27"}
{"_id": "AmericanAirlines-2017_88.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nAs of December 31, 2017 and 2016, the liability for outstanding mileage credits accounted for under the incremental cost method was $677 million and $669 million, respectively, and is included on the consolidated balance sheets within loyalty program liability\\.\n\nWe also sell loyalty program mileage credits to participating airline partners and non\\-airline business partners, such as the Citi and Barclaycard US co\\-branded credit cards\\. Sales of mileage credits to non\\-airline business partners is comprised of two components, transportation and marketing\\. We account for mileage sales under our agreements with non\\-airline business partners in accordance with ASU 2009\\-13, \u201cRevenue Recognition (Topic 605) \u2013 Multiple\\-Deliverable Revenue Arrangements\\.\u201d In accordance with ASU 2009\\-13, we allocate the consideration received from the sale of mileage credits based on the relative selling price of each product or service delivered\\.\n\nAs a result of our co\\-branded credit card program agreements with Citi and Barclaycard US that we entered into in 2016, we identified the following revenue elements in these co\\-branded credit card agreements: the transportation component; and the use of the American brand including access to loyalty program member lists, advertising and other travel related benefits (collectively, the marketing component)\\.\n\nThe transportation component represents the estimated selling price of future travel awards and is determined using historical transaction information, including information related to customer redemption patterns\\. The transportation component is deferred based on its relative selling price and is amortized into passenger revenue on a straight\\-line basis over the period in which the mileage credits are expected to be redeemed for travel\\. As of December 31, 2017 and 2016, we had $2\\.1 billion in deferred revenue from the sale of mileage credits recorded within loyalty program liability on our consolidated balance sheets\\.\n\nThe services under the marketing component are provided periodically, but no less than monthly\\. Accordingly, the marketing component is considered earned and recognized in other revenues in the period of the mileage sale\\. For the years ended December 31, 2017, 2016 and 2015, the marketing component of mileage sales and other marketing related payments included in other revenues was approximately $2\\.2 billion, $1\\.9 billion and $1\\.7 billion, respectively\\.\n\nEffective January 1, 2018, we are adopting ASU 2014\\-09: Revenue from Contracts with Customers (Topic 606)\\. See Recent Accounting Pronouncements in Note 1(r) below for further discussion\\.\n\n***(j) Revenue***\n\n*Passenger Revenue*\n\nPassenger revenue is recognized when transportation is provided\\. Ticket sales for transportation that has not yet been provided are initially deferred and recorded as air traffic liability on the consolidated balance sheets\\. The air traffic liability represents tickets sold for future travel dates and estimated future refunds and exchanges of tickets sold for past travel dates\\. The balance in the air traffic liability fluctuates throughout the year based on seasonal travel patterns\\. Our air traffic liability was $4\\.0 billion and $3\\.9 billion as of December 31, 2017 and 2016, respectively\\.\n\nThe majority of tickets sold are nonrefundable\\. A small percentage of tickets, some of which are partially used tickets, expire unused\\. Due to complex pricing structures, refund and exchange policies, and interline agreements with other airlines, certain amounts are recognized in passenger revenue using estimates regarding both the timing of the revenue recognition and the amount of revenue to be recognized\\. These estimates are generally based on the analysis of our historical data\\. We and other airline industry participants have consistently applied this accounting method to estimate revenue from forfeited tickets at the date of travel\\. Estimated future refunds and exchanges included in the air traffic liability are routinely evaluated based on subsequent activity to validate the accuracy of our estimates\\. Any adjustments resulting from periodic evaluations of the estimated air traffic liability are included in passenger revenue during the period in which the evaluations are completed\\.\n\nRegional carriers provide scheduled air transportation under the brand name American Eagle\\. We classify revenues generated from transportation on these carriers as regional passenger revenues\\. Liabilities related to tickets sold by us for travel on these air carriers is also included in our air traffic liability and are subsequently recognized as revenue in the same manner as described above\\.\n\n89"}
{"_id": "Southwest-2019_102.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n12 \\. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)\n\nComprehensive income includes changes in the fair value of certain financial derivative instruments that qualify for hedge accounting, unrealized gains and losses on certain investments, and actuarial gains/losses arising from the Company\u2019s postretirement benefit obligation\\. A rollforward of the amounts included in AOCI, net of taxes, is shown below for  2019  and  2018 :\n\n\n\n|                                                    |                        |                               |                                |             |                         |                                                        |\n| -------------------------------------------------- | ---------------------- | ----------------------------- | ------------------------------ | ----------- | ----------------------- | ------------------------------------------------------ |\n| **(in millions)**                                  | **Fuel derivatives**   | **Interest rate derivatives** | **Defined benefit plan items** | **Other**   | **Deferred tax impact** | **Accumulated other  <br>comprehensive income (loss)** |\n| Balance at December 31, 2017                       | $3                     | $<br><br>(7<br><br>)          | $<br><br>(9<br><br>)           | $33         | $<br><br>(8<br><br>)    | $12                                                    |\n| ASU 2017\\-12 adoption adjustment (a)               | (26<br><br>)           | \u2014                             | \u2014                              | \u2014           | 6                       | (20<br><br>)                                           |\n| ASU 2018\\-02 stranded AOCI adoption adjustment (b) | \u2014                      | \u2014                             | \u2014                              | \u2014           | 2                       | 2                                                      |\n| Changes in fair value                              | \u2014                      | 1                             | 67                             | (8<br><br>) | (14<br><br>)            | 46                                                     |\n| Reclassification to earnings                       | (33<br><br>)           | 6                             | \u2014                              | \u2014           | 7                       | (20<br><br>)                                           |\n| Balance at December 31, 2018                       | $<br><br>(56<br><br>)  | $\u2014                            | $58                            | $25         | $<br><br>(7<br><br>)    | $20                                                    |\n| Changes in fair value                              | (117<br><br>)          | (38<br><br>)                  | (38<br><br>)                   | 34          | 37                      | (122<br><br>)                                          |\n| Reclassification to earnings                       | 48                     | 5                             | \u2014                              | \u2014           | (12<br><br>)            | 41                                                     |\n| Balance at December 31, 2019                       | $<br><br>(125<br><br>) | $<br><br>(33<br><br>)         | $20                            | $59         | $18                     | $<br><br>(61<br><br>)                                  |\n\n\n\n(a) The Company adopted the New Hedging Standard as of January 1, 2018\\. See Note 2 for further information on this adoption\\.\n\n(b) The Company adopted the Reclassification of Certain Tax Effects from AOCI as of January 1, 2018, which allowed the Company to reclassify to Retained earnings any tax effects stranded in AOCI as a result of the Tax Cuts and Jobs Act enacted in December 2017\\.\n\nThe following table illustrates the significant amounts reclassified out of each component of AOCI for the  year ended  December 31, 2019 : \n\n\n\n|                                                         |                                     |                                                                              |\n| ------------------------------------------------------- | ----------------------------------- | ---------------------------------------------------------------------------- |\n| **Year ended December 31, 2019**                        | **Year ended December 31, 2019**    | **Year ended December 31, 2019**                                             |\n| **(in millions)**                                       | **Amounts reclassified from AOCI**  | **Affected line item in the Consolidated Statement of Comprehensive Income** |\n| **AOCI components**                                     | **Amounts reclassified from AOCI**  | **Affected line item in the Consolidated Statement of Comprehensive Income** |\n| Unrealized loss on fuel derivative instruments          | $48                                 | Fuel and oil expense                                                         |\n|                                                         | 11                                  | Less: Tax expense                                                            |\n|                                                         | $37                                 | Net of tax                                                                   |\n| Unrealized loss on interest rate derivative instruments | $5                                  | Interest expense                                                             |\n|                                                         | 1                                   | Less: Tax expense                                                            |\n|                                                         | $4                                  | Net of tax                                                                   |\n| Total reclassifications for the period                  | $41                                 | Net of tax                                                                   |\n\n\n\n13 \\. EMPLOYEE RETIREMENT PLANS\n\nDefined Contribution Plans\n\nSouthwest has defined contribution plans covering substantially all of its Employees\\. Contributions under all defined contribution plans are primarily based on Employee compensation and performance of the Company\\. The Company sponsors Employee savings plans under section 401(k) of the Internal Revenue Code of 1986, as amended\\. The Southwest Airlines Co\\. 401(k) Plan includes Company matching contributions and the Southwest Airlines Pilots Retirement Saving Plan has non\\-elective Company contributions\\. In addition, the Southwest Airlines Co\\. ProfitSharing \n\n103"}
{"_id": "AmericanAirlines-2019_75.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nAMERICAN AIRLINES GROUP INC\\.\n\nCONSOLIDATED STATEMENTS OF STOCKHOLDERS\u2019 EQUITY (DEFICIT)\n\n(In millions, except share amounts)\n\n\n\n|                                                                                                                                |                             |                                                       |                                                                           |                                                       |                        |\n| ------------------------------------------------------------------------------------------------------------------------------ | --------------------------- | ----------------------------------------------------- | ------------------------------------------------------------------------- | ----------------------------------------------------- | ---------------------- |\n|                                                                                                                                | **Common**<br><br>**Stock** | **Additional**<br><br>**Paid\\-in**<br><br>**Capital** | **Accumulated**<br><br>**Other**<br><br>**Comprehensive**<br><br>**Loss** | **Retained**<br><br>**Earnings**<br><br>**(Deficit)** | **Total**              |\n| **Balance at December 31, 2016**                                                                                               | $5                          | $7,223                                                | $<br><br>(5,083<br><br>)                                                  | $<br><br>(2,429<br><br>)                              | $<br><br>(284<br><br>) |\n| Net income                                                                                                                     | \u2014                           | \u2014                                                     | \u2014                                                                         | 1,282                                                 | 1,282                  |\n| Other comprehensive loss, net                                                                                                  | \u2014                           | \u2014                                                     | (71<br><br>)                                                              | \u2014                                                     | (71<br><br>)           |\n| Issuance of 2,166,861 shares of AAG common stock pursuant to<br><br>employee stock plans net of shares withheld for cash taxes | \u2014                           | (51<br><br>)                                          | \u2014                                                                         | \u2014                                                     | (51<br><br>)           |\n| Purchase and retirement of 33,953,127 shares of AAG common stock                                                               | \u2014                           | (1,563<br><br>)                                       | \u2014                                                                         | \u2014                                                     | (1,563<br><br>)        |\n| Dividends declared on AAG common stock ($0\\.40 per share)                                                                      | \u2014                           | \u2014                                                     | \u2014                                                                         | (198<br><br>)                                         | (198<br><br>)          |\n| Settlement of single\\-dip unsecured claims held in Disputed Claims<br><br>Reserve                                              | \u2014                           | 15                                                    | \u2014                                                                         | \u2014                                                     | 15                     |\n| Share\\-based compensation expense                                                                                              | \u2014                           | 90                                                    | \u2014                                                                         | \u2014                                                     | 90                     |\n| Impact of adoption of Accounting Standards Update (ASU) 2018\\-02<br><br>related to comprehensive income (See Note 1(b))        | \u2014                           | \u2014                                                     | (622<br><br>)                                                             | 622                                                   | \u2014                      |\n| **Balance at December 31, 2017**                                                                                               | 5                           | 5,714                                                 | (5,776<br><br>)                                                           | (723<br><br>)                                         | (780<br><br>)          |\n| Net income                                                                                                                     | \u2014                           | \u2014                                                     | \u2014                                                                         | 1,412                                                 | 1,412                  |\n| Other comprehensive loss, net                                                                                                  | \u2014                           | \u2014                                                     | (120<br><br>)                                                             | \u2014                                                     | (120<br><br>)          |\n| Issuance of 1,709,140 shares of AAG common stock pursuant to<br><br>employee stock plans net of shares withheld for cash taxes | \u2014                           | (37<br><br>)                                          | \u2014                                                                         | \u2014                                                     | (37<br><br>)           |\n| Purchase and retirement of 16,606,157 shares of AAG common stock                                                               | \u2014                           | (799<br><br>)                                         | \u2014                                                                         | \u2014                                                     | (799<br><br>)          |\n| Dividends declared on AAG common stock ($0\\.40 per share)                                                                      | \u2014                           | \u2014                                                     | \u2014                                                                         | (188<br><br>)                                         | (188<br><br>)          |\n| Share\\-based compensation expense                                                                                              | \u2014                           | 86                                                    | \u2014                                                                         | \u2014                                                     | 86                     |\n| Impact of adoption of ASU 2016\\-01 related to financial instruments                                                            | \u2014                           | \u2014                                                     | \u2014                                                                         | 60                                                    | 60                     |\n| Impact of adoption of ASU 2016\\-02 related to leases                                                                           | \u2014                           | \u2014                                                     | \u2014                                                                         | 197                                                   | 197                    |\n| **Balance at December 31, 2018**                                                                                               | 5                           | 4,964                                                 | (5,896<br><br>)                                                           | 758                                                   | (169<br><br>)          |\n| Net income                                                                                                                     | \u2014                           | \u2014                                                     | \u2014                                                                         | 1,686                                                 | 1,686                  |\n| Other comprehensive loss, net                                                                                                  | \u2014                           | \u2014                                                     | (435<br><br>)                                                             | \u2014                                                     | (435<br><br>)          |\n| Issuance of 1,682,202 shares of AAG common stock pursuant to<br><br>employee stock plans net of shares withheld for cash taxes | \u2014                           | (25<br><br>)                                          | \u2014                                                                         | \u2014                                                     | (25<br><br>)           |\n| Purchase and retirement of 34,090,566 shares of AAG common stock                                                               | (1<br><br>)                 | (1,095<br><br>)                                       | \u2014                                                                         | \u2014                                                     | (1,096<br><br>)        |\n| Dividends declared on AAG common stock ($0\\.40 per share)                                                                      | \u2014                           | \u2014                                                     | \u2014                                                                         | (180<br><br>)                                         | (180<br><br>)          |\n| Settlement of single\\-dip unsecured claims held in Disputed Claims Reserve                                                     | \u2014                           | 7                                                     | \u2014                                                                         | \u2014                                                     | 7                      |\n| Share\\-based compensation expense                                                                                              | \u2014                           | 94                                                    | \u2014                                                                         | \u2014                                                     | 94                     |\n| **Balance at December 31, 2019**                                                                                               | $4                          | $3,945                                                | $<br><br>(6,331<br><br>)                                                  | $2,264                                                | $<br><br>(118<br><br>) |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n76"}
{"_id": "Alaska-2017_85.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nThe Company also has a noncontributory, unfunded defined\\-contribution plan for certain elected officers of the Company who are ineligible for the nonqualified defined\\-benefit pension plan\\. Amounts recorded as liabilities under the plan are not material to the consolidated balance sheets at December 31, 2017 and 2016\\.\n\n***Pilot Long\\-term Disability Benefits***\n\nAlaska maintains a long\\-term disability plan for its pilots\\. The long\\-term disability plan does not have a service requirement\\. Therefore, the liability is calculated based on estimated future benefit payments associated with pilots that were assumed to be disabled on a long\\-term basis as of December 31, 2017 and does not include any assumptions for future disability\\. The liability includes the discounted expected future benefit payments and medical costs\\. The total liability was $28 million and $25 million, which was recorded net of a prefunded trust account of $3 million and $3 million, and included in long\\-term other liabilities on the consolidated balance sheets as of December 31, 2017 and December 31, 2016, respectively\\.\n\n***Employee Incentive\\-Pay Plans***\n\nThe Company has employee incentive plans that pay employees based on certain financial and operational metrics\\. These metrics are set and approved annually by the Compensation Committee of the Board of Directors\\. The aggregate expense under these plans in 2017, 2016 and 2015 was $135 million, $127 million and $120 million\\. The Air Group plans are summarized below\\.\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                       |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Performance\\-Based Pay*  (PBP) is a program that rewards the majority of Air Group employees\\. The program is based on six separate metrics related to Air Group profitability, safety, loyalty Mileage Plan\u2122 and credit card growth, achievement of unit\\-cost goals and employee engagement as measured by customer satisfaction\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                               |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | The  *Operational Performance Rewards Program*  entitles the majority of Air Group employees to quarterly payouts of up to  $300  per person if certain operational and customer service objectives are met\\. |\n\n\n\n**NOTE 8\\. COMMITMENTS AND CONTINGENCIES**\n\nFuture minimum payments for commitments as of December 31, 2017 (in millions):\n\n\n\n|            |                     |                     |                                   |                                             |                                   |                                               |\n| ---------- | ------------------- | ------------------- | --------------------------------- | ------------------------------------------- | --------------------------------- | --------------------------------------------- |\n|            | **Aircraft Leases** | **Facility Leases** | **Aircraft Purchase Commitments** | **Capacity Purchase Agreements**  **^(a)^** | **Aircraft Maintenance Deposits** | **Aircraft Maintenance and Parts Management** |\n| 2018       | $354                | $77                 | $955                              | $129                                        | $61                               | $98                                           |\n| 2019       | 356                 | 67                  | 816                               | 151                                         | 65                                | 102                                           |\n| 2020       | 330                 | 61                  | 377                               | 159                                         | 68                                | 105                                           |\n| 2021       | 285                 | 53                  | 268                               | 165                                         | 64                                | 121                                           |\n| 2022       | 262                 | 34                  | 193                               | 173                                         | 52                                | 76                                            |\n| Thereafter | 1,021               | 142                 | 145                               | 1,079                                       | 39                                | 80                                            |\n| Total      | $2,608              | $434                | $2,754                            | $1,856                                      | $349                              | $582                                          |\n\n\n\n\n\n|       |                                                                                       |\n| ----- | ------------------------------------------------------------------------------------- |\n| ^(a)^ | Includes all non\\-aircraft lease costs associated with capacity purchase agreements\\. |\n\n\n\n***Lease Commitments***\n\nAircraft lease commitments include future obligations for all of the Company's operating airlines\u2014Alaska, Virgin America and Horizon, as well as aircraft leases operated by third parties\\. At December 31, 2017, the Company had lease contracts for 10 B737 (B737) aircraft, 57 Airbus aircraft, 15 Bombardier Q400 aircraft, and 23 Embraer 175 (E175) aircraft with SkyWest Airlines, Inc\\. (SkyWest)\\. The Company has an additional six scheduled lease deliveries of A321neo aircraft through 2018, as well as 12 scheduled lease deliveries of E175 aircraft through 2018 to be operated by SkyWest\\. All lease contracts have remaining non\\-cancelable lease terms ranging from 2018 to 2030\\. The Company has the option to increase capacity flown by SkyWest with eight additional E175 aircraft with deliveries in 2020\\. Options to lease are not reflected in the commitments table above\\. \n\nFacility lease commitments primarily include airport and terminal facilities and building leases\\. Total rent expense for aircraft and facility leases was $552 million, $315 million and $295 million, in 2017, 2016 and 2015\\. \n\n 86"}
{"_id": "AmericanAirlines-2018_110.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n\n\n|                                                    |                                                     |                                                     |                                                     |                                                     |\n| -------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |\n|                                                    | **Fair Value Measurements as of December 31, 2017** | **Fair Value Measurements as of December 31, 2017** | **Fair Value Measurements as of December 31, 2017** | **Fair Value Measurements as of December 31, 2017** |\n|                                                    | **Total**                                           | **Level 1**                                         | **Level 2**                                         | **Level 3**                                         |\n| Short\\-term investments  ^(1) (2)^ :               |                                                     |                                                     |                                                     |                                                     |\n| Money market funds                                 | $188                                                | $188                                                | $\u2014                                                  | $\u2014                                                  |\n| Corporate obligations                              | 1,620                                               | \u2014                                                   | 1,620                                               | \u2014                                                   |\n| Bank notes/certificates of deposit/time deposits   | 2,663                                               | \u2014                                                   | 2,663                                               | \u2014                                                   |\n| Repurchase agreements                              | 300                                                 | \u2014                                                   | 300                                                 | \u2014                                                   |\n|                                                    | 4,771                                               | 188                                                 | 4,583                                               | \u2014                                                   |\n| Restricted cash and short\\-term investments  ^(1)^ | 318                                                 | 108                                                 | 210                                                 | \u2014                                                   |\n| Total                                              | $5,089                                              | $296                                                | $4,793                                              | $\u2014                                                  |\n\n\n\n\n\n|       |                                                                                                                                       |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Unrealized gains or losses on short\\-term investments are recorded in accumulated other comprehensive loss at each measurement date\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                  |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | All short\\-term investments are classified as available\\-for\\-sale and stated at fair value\\. Our short\\-term investments mature in one year or less except for  $700 million  of bank notes/certificates of deposit/time deposits and  $341 million  of corporate obligations\\. |\n\n\n\n***Fair Value of Debt***\n\nThe fair value of our long\\-term debt was estimated using quoted market prices or discounted cash flow analyses, based on our current estimated incremental borrowing rates for similar types of borrowing arrangements\\. If our long\\-term debt was measured at fair value, it would have been classified as Level 2 in the fair value hierarchy\\.\n\nThe carrying value and estimated fair value of our long\\-term debt, including current maturities, were as follows (in millions):\n\n\n\n|                                               |                               |                           |                               |                           |\n| --------------------------------------------- | ----------------------------- | ------------------------- | ----------------------------- | ------------------------- |\n|                                               | **December 31, 2018**         | **December 31, 2018**     | **December 31, 2017**         | **December 31, 2017**     |\n|                                               | **Carrying**<br><br>**Value** | **Fair**<br><br>**Value** | **Carrying**<br><br>**Value** | **Fair**<br><br>**Value** |\n| Long\\-term debt, including current maturities | $23,779                       | $23,775                   | $24,294                       | $24,985                   |\n\n\n\n**10\\. Employee Benefit Plans**\n\nWe sponsor defined benefit and defined contribution pension plans for eligible employees\\. The defined benefit pension plans provide benefits for participating employees based on years of service and average compensation for a specified period of time before retirement\\. Effective November 1, 2012, substantially all of our defined benefit pension plans were frozen and we began providing enhanced benefits under our defined contribution pension plans for certain employee groups\\. We use a December 31 measurement date for all of our defined benefit pension plans\\. We also provide certain retiree medical and other postretirement benefits, including health care and life insurance benefits, to retired employees\\. Effective November 1, 2012, we modified our retiree medical and other postretirement benefits plans to eliminate the company subsidy for employees who retire on or after November 1, 2012\\. As a result of modifications to our retiree medical and other postretirement benefits plans in 2012, we recognized a negative plan amendment of $1\\.9 billion, which is included as a component of prior service benefit in accumulated other comprehensive income (loss) (AOCI) and will be amortized over the future service life of the active plan participants for whom the benefit was eliminated, or approximately eight years\\. As of December 31, 2018, $390 million of prior service benefit remains to be amortized\\.\n\n111"}
{"_id": "United-2019_100.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|          |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| -------- | ----------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  ^10\\.70 | UAL  <br>United   | [Supplemental Agreement No\\. 9, including exhibits and side letters, to Purchase Agreement No\\. 3860, dated as of May 31, 2018, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended June 30, 2018, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000010051718000012/ual_06301810qex103.htm)                                                                                                                                                                                                                                                      |\n|  ^10\\.71 | UAL  <br>United   | [Supplemental Agreement No\\. 10, including exhibits and side letters, to Purchase Agreement No\\. 3860, dated as of November 1, 2018, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.166 to UAL's Form 10\\-K for the year ended December 31, 2018, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000010051719000009/ual_12311810kex10166.htm)                                                                                                                                                                                                                                            |\n| ^10\\.72  | UAL  <br>United   | [Supplemental Agreement No\\. 11, including exhibits and side letters, to Purchase Agreement No\\. 3860, dated as of December 12, 2018, between The Boeing Company and United Airlines, Inc\\. (filed as Exhibit 10\\.167 to UAL's Form 10\\-K for the year ended December 31, 2018, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000010051719000009/ual_12311810kex10167.htm)                                                                                                                                                                                                                                           |\n| 10\\.73   | UAL  <br>United   | [Amended and Restated Credit and Guaranty Agreement, dated as of March 29, 2017, among United Airlines, Inc\\., as borrower, United Continental Holdings, Inc\\., as parent and a guarantor, the subsidiaries of United Continental Holdings, Inc\\. from time to time party thereto other than the borrower party thereto from time to time, as guarantors, the lenders from time to time party thereto and JPMorgan Chase Bank, N\\.A\\., as administrative agent (filed as Exhibit 10\\.1 to UAL's Form 8\\-K filed April 3, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015517000006/e77015399ex10_1.htm) |\n| 10\\.74   | UAL  <br>United   | [First Amendment, dated as of November 15, 2017, to Amended and Restated Credit Guaranty Agreement (filed as Exhibit 10\\.219 to UAL's Form 10\\-K for the year ended December 31, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312518054235/d471340dex10219.htm)                                                                                                                                                                                                                                                                                                                                         |\n| 10\\.75   | UAL  <br>United   | [Second Amendment, dated as of May 16, 2018, to Amended and Restated Credit Guaranty Agreement filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended June 30, 2018, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000010051718000012/ual_06301810qex101.htm)                                                                                                                                                                                                                                                                                                                                              |\n|          |                   | **List of Subsidiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| 21       | UAL<br><br>United | [List of United Airlines Holdings, Inc\\. and United Airlines, Inc\\. Subsidiaries](https://www.example.com/ual12311910kex21.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n|          |                   | **Consents of Experts and Counsel**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| 23\\.1    | UAL               | [Consent of Independent Registered Public Accounting Firm (Ernst & Young LLP) for United Airlines Holdings, Inc\\.](https://www.example.com/ual12311910kex231.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 23\\.2    | United            | [Consent of Independent Registered Public Accounting Firm (Ernst & Young LLP) for United Airlines, Inc\\.](https://www.example.com/ual12311910kex232.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n|          |                   | **Rule 13a\\-14(a)/15d\\-14(a) Certifications**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| 31\\.1    | UAL               | [Certification of the Principal Executive Officer of United Airlines Holdings, Inc\\. pursuant to 15 U\\.S\\.C\\. 78m(a) or 78o(d) (Section 302 of the Sarbanes\\-Oxley Act of 2002)](https://www.example.com/ual12311910kex311.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 31\\.2    | UAL               | [Certification of the Principal Financial Officer of United Airlines Holdings, Inc\\. pursuant to 15 U\\.S\\.C\\. 78m(a) or 78o(d) (Section 302 of the Sarbanes\\-Oxley Act of 2002)](https://www.example.com/ual12311910kex312.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 31\\.3    | United            | [Certification of the Principal Executive Officer of United Airlines, Inc\\. pursuant to 15 U\\.S\\.C\\. 78m(a) or 78o(d) (Section 302 of the Sarbanes\\-Oxley Act of 2002)](https://www.example.com/ual12311910kex313.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| 31\\.4    | United            | [Certification of the Principal Financial Officer of United Airlines, Inc\\. pursuant to 15 U\\.S\\.C\\. 78m(a) or 78o(d) (Section 302 of the Sarbanes\\-Oxley Act of 2002)](https://www.example.com/ual12311910kex314.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n|          |                   | **Section 1350 Certifications**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| 32\\.1    | UAL               | [Certification of the Chief Executive Officer and Chief Financial Officer of United Airlines Holdings, Inc\\. pursuant to 18 U\\.S\\.C\\. 1350 (Section 906 of the Sarbanes\\-Oxley Act of 2002)](https://www.example.com/ual12311910kex321.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| 32\\.2    | United            | [Certification of the Chief Executive Officer and Chief Financial Officer of United Airlines, Inc\\. pursuant to 18 U\\.S\\.C\\. 1350 (Section 906 of the Sarbanes\\-Oxley Act of 2002)](https://www.example.com/ual12311910kex322.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n\n\n\n101"}
{"_id": "Southwest-2018_62.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe Company has interest rate risk in its floating\\-rate debt obligations and interest rate swaps, commodity price risk in jet fuel required to operate its aircraft fleet, and market risk in the derivatives used to manage its fuel hedging program and in the form of fixed\\-rate debt instruments\\. As of December 31, 2018, the Company operated a total of 123 aircraft under operating and capital lease\\. However, except for a small number of aircraft that have lease payments that fluctuate based in part on changes in market interest rates, the remainder of the leases are not considered market sensitive financial instruments and, therefore, are not included in the interest rate sensitivity analysis below\\. The Company also has 75 aircraft under operating and capital lease that have been subleased to another carrier\\. Further information about these leases is disclosed in Note 7 to the Consolidated Financial Statements\\. The Company does not purchase or hold any derivative financial instruments for trading purposes\\. See Note 10 to the Consolidated Financial Statements for information on the Company\u2019s accounting for its hedging program and for further details on the Company\u2019s financial derivative instruments\\.\n\n***Hedging***\n\nThe Company purchases jet fuel at prevailing market prices, but seeks to manage market risk through execution of a documented hedging strategy\\. The Company utilizes financial derivative instruments, on both a short\\-term and a long\\-term basis, as a form of insurance against the potential for significant increases in fuel prices\\. The Company believes there can be significant risk in not hedging against the possibility of such fuel price increases, especially in energy markets in which prices are high and/or rising\\. The Company expects to consume approximately 2\\.2 billion gallons of jet fuel in 2019\\. Based on this anticipated usage, a change in jet fuel prices of just one cent per gallon would impact the Company\u2019s Fuel and oil expense by approximately $22 million for 2019, excluding any impact associated with fuel derivative instruments held\\.\n\nAs of December 31, 2018, the Company held a net position of fuel derivative instruments that represented a hedge for a portion of its anticipated jet fuel purchases for future periods\\. See Note 10 to the Consolidated Financial Statements for further information\\. The Company may increase or decrease the size of its fuel hedge based on its expectation of future market prices, as well as its perceived exposure to cash collateral requirements contained in the agreements it has signed with various counterparties, while considering the significant cost that can be associated with different types of hedging strategies\\. The gross fair value of outstanding financial derivative instruments related to the Company\u2019s jet fuel market price risk at December 31, 2018, was an asset of $138 million\\. No cash collateral deposits were provided by or held by the Company in connection with these instruments based on their fair value as of December 31, 2018\\. The fair values of the derivative instruments, depending on the type of instrument, were determined by use of present value methods or standard option value models with assumptions about commodity prices based on those observed in underlying markets\\. An immediate 10 percent increase or decrease in underlying fuel\\-related commodity prices from the December 31, 2018, prices would correspondingly change the fair value of the commodity derivative instruments in place by approximately $114 million\\. Fluctuations in the related commodity derivative instrument cash flows may change by more or less than this amount based upon further fluctuations in futures prices, as well as related income tax effects\\. In addition, this does not consider changes in cash, aircraft, or letters of credit utilized as collateral provided to or by counterparties, which would fluctuate in an amount equal to or less than this amount, depending on the type of collateral arrangement in place with each counterparty\\. This sensitivity analysis uses industry standard valuation models and holds all inputs constant at December 31, 2018, levels, except underlying futures prices\\.\n\nThe Company\u2019s credit exposure related to fuel derivative instruments is represented by the fair value of contracts that are in an asset position to the Company\\. At such times, these outstanding instruments expose the Company to credit loss in the event of nonperformance by the counterparties to the agreements\\. As of December 31, 2018, the Company had eight counterparties in which the derivatives held were an asset\\. To manage credit risk, the Company selects and periodically reviews counterparties based on credit ratings, limits its exposure with respect to each counterparty, and monitors the market position of the fuel hedging program and its relative market position with each counterparty\\. However, if one or more of these counterparties were in a liability position to the Company and were unable to meet their obligations, any open derivative contracts with the counterparty could be subject to early termination, which could result in substantial losses for the Company\\. At December 31, 2018, the Company had agreements with all of its active counterparties containing early termination rights and/or bilateral collateral provisions whereby security is required if market risk exposure exceeds a specified threshold amount based on the counterparty\u2019s credit rating\\. The \n\n63"}
{"_id": "Alaska-2018_81.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nThe following table sets forth the status of the qualified defined\\-benefit pension plans (in millions):\n\n\n\n|                                        |            |          |\n| -------------------------------------- | ---------- | -------- |\n|                                        | **2018**   | **2017** |\n| **Projected benefit obligation (PBO)** |            |          |\n| Beginning of year                      | **$2,387** | $2,043   |\n| Service cost                           | **48**     | 39       |\n| Interest cost                          | **79**     | 74       |\n| Actuarial (gain)/loss                  | **(191)**  | 300      |\n| Benefits paid                          | **(98)**   | (69)     |\n| End of year                            | **$2,225** | $2,387   |\n| **Plan assets at fair value**          |            |          |\n| Beginning of year                      | **$2,083** | $1,846   |\n| Actual return on plan assets           | **(127)**  | 291      |\n| Employer contributions                 | **\u2014**      | 15       |\n| Benefits paid                          | **(98)**   | (69)     |\n| End of year                            | **$1,858** | $2,083   |\n| Unfunded status                        | **$(367)** | $(304)   |\n| Percent funded                         | **84%**    | 87%      |\n\n\n\nThe accumulated benefit obligation for the combined qualified defined\\-benefit pension plans was $2\\.1 billion and $2\\.2 billion at December 31, 2018 and 2017\\. \n\nThe amounts recognized in the consolidated balance sheets (in millions): \n\n\n\n|                                                         |          |          |\n| ------------------------------------------------------- | -------- | -------- |\n|                                                         | **2018** | **2017** |\n| Accrued benefit liability\\-long term                    | **$392** | $335     |\n| Plan assets\\-long term (within Other noncurrent assets) | **(25)** | (31)     |\n| Total liability recognized                              | **$367** | $304     |\n\n\n\nThe amounts not yet reflected in net periodic benefit cost and included in AOCL (in millions):\n\n\n\n|                                    |          |          |\n| ---------------------------------- | -------- | -------- |\n|                                    | **2018** | **2017** |\n| Prior service credit               | **$(8)** | $(9)     |\n| Net loss                           | **607**  | 597      |\n| Amount recognized in AOCL (pretax) | **$599** | $588     |\n\n\n\nThe expected amortization of prior service credit and net loss from AOCL in 2019 is $1 million and $37 million, respectively, for the qualified defined\\-benefit pension plans\\. \n\nNet pension expense for the qualified defined\\-benefit plans included the following components (in millions): \n\n\n\n|                                      |           |          |          |\n| ------------------------------------ | --------- | -------- | -------- |\n|                                      | **2018**  | **2017** | **2016** |\n| Service cost                         | **$48**   | $39      | $37      |\n| Interest cost                        | **79**    | 74       | 73       |\n| Expected return on assets            | **(107)** | (106)    | (108)    |\n| Amortization of prior service credit | **(1)**   | (1)      | (1)      |\n| Recognized actuarial loss            | **33**    | 26       | 25       |\n| Net pension expense                  | **$52**   | $32      | $26      |\n\n\n\n 82"}
{"_id": "Southwest-2018_79.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe Company plans to elect the package of practical expedients available under the transition provisions of the New Lease Standard, including (i) not reassessing whether expired or existing contracts contain leases, (ii) lease classification, and (iii) not revaluing initial direct costs for existing leases\\. Also, the Company plans to elect the practical expedient which will allow aggregation of non\\-lease components with the related lease components when evaluating accounting treatment\\. Lastly, the Company currently plans to apply the modified retrospective adoption method, utilizing the simplified transition option available in the New Lease Standard, which allows entities to continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption\\. The Company will adopt the New Lease Standard on January 1, 2019\\. \n\nThe expected impact of applying the New Lease Standard effective as of January 1, 2019, to the Company\u2019s results of operations and cash flows is not expected to be significant\\. The expected major impacts to the balance sheet will be 1) the removal of approximately $1\\.5 billion in Assets constructed for others, net, and related Construction obligations, and 2) the addition of approximately $1\\.4 billion in Operating lease right of use assets and lease liabilities, which includes approximately $700 million from operating lease aircraft, approximately $450 million from the Company\u2019s remaining obligations associated with the LFMP bonds, and approximately $220 million from other operating leases\\.\n\nOn May 28, 2014, the FASB issued the New Revenue Standard, also referred to as ASC 606, Revenue From Contracts With Customers (\"ASC 606\"), which replaces numerous revenue recognition requirements in GAAP, including industry\\-specific requirements, and provides companies with a single revenue recognition model for recognizing revenue from contracts with Customers\\. The New Revenue Standard establishes a five\\-step model whereby revenue is recognized as performance obligations within a contract are satisfied in an amount that reflects the consideration the Company expects to receive in exchange for satisfaction of those performance obligations, or standalone selling price\\. The New Revenue Standard also requires new, expanded disclosures regarding revenue recognition\\. See Note 5 for further information\\. The Company adopted the provisions of the New Revenue Standard effective January 1, 2018, using the full retrospective method\\. As such, results for the years ended December 31, 2017 and 2016, have been recast under the New Revenue Standard in order to be comparative with current period results in the accompanying Consolidated Statements of Income and Cash Flows\\. The amounts in the accompanying Consolidated Balance Sheet as of December 31, 2017, have also been recast\\.\n\nThe most significant impact of the New Revenue Standard relates to the accounting for the Company\u2019s loyalty program\\. The New Revenue Standard eliminated the incremental cost method for flight points awarded, which was previously allowed in prior accounting guidance\\. The Company now accounts for the revenue and liability for loyalty points earned through flight activity using a relative fair value approach\\.\n\nThe New Revenue Standard also resulted in different income statement classification for certain types of revenues (primarily ancillary revenues) which were previously classified as Other revenues, but under the New Revenue Standard are included in Passenger revenues, and certain expenses, which were previously classified as Other operating expenses, but under the New Revenue Standard are offset against Passenger revenues\\. \n\n80"}
{"_id": "Southwest-2018_27.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nThe Company operates in a public\\-facing industry with significant exposure to social media\\. Negative publicity, whether or not justified, can spread rapidly through social media\\. To the extent that the Company is unable to respond timely and appropriately to negative publicity, the Company\u2019s reputation and brand can be harmed\\. Damage to the Company\u2019s overall reputation and brand could have a negative impact on its financial results\\.\n\n**Item 1B\\.** ***Unresolved Staff Comments***\n\nNone\\.\n\n28"}
{"_id": "Delta-2017_82.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nThe following table summarizes investments measured at fair value based on NAV per share as a practical expedient:\n\n\n\n|                                                                          |                       |                          |                              |                          |                       |                          |                              |                          |\n| ------------------------------------------------------------------------ | --------------------- | ------------------------ | ---------------------------- | ------------------------ | --------------------- | ------------------------ | ---------------------------- | ------------------------ |\n|                                                                          | **December 31, 2017** | **December 31, 2017**    | **December 31, 2017**        | **December 31, 2017**    | **December 31, 2016** | **December 31, 2016**    | **December 31, 2016**        | **December 31, 2016**    |\n| **(in millions)**                                                        | **Fair Value**        | **Redemption Frequency** | **Redemption Notice Period** | **Unfunded Commitments** | **Fair Value**        | **Redemption Frequency** | **Redemption Notice Period** | **Unfunded Commitments** |\n| Hedge funds and hedge fund\\-related strategies                           | $4,768                | (5)                      | 2\\-120 Days                  | $\u2014                       | $3,308                | (5)                      | 4\\-120 Days                  | $\u2014                       |\n| Commingled funds, private equity and private equity\\-related instruments | 1,375                 | (1) (3) (4)              | 10\\-30 Days                  | \u2014                        | 1,214                 | (1) (3) (4)              | 15\\-30 Days                  | 525                      |\n| Fixed income and fixed income\\-related instruments                       | 311                   | (2)                      | 3\\-15 Days                   | \u2014                        | 270                   | (2)                      | 5 Days                       | \u2014                        |\n| Real assets                                                              | 924                   | (3) (4)                  | N/A                          | 94                       | 698                   | (3) (4)                  | N/A                          | 529                      |\n| Other                                                                    | \u2014                     | (1)                      | 30 Days                      | \u2014                        | 234                   | (2)                      | 2 Days                       | \u2014                        |\n| Total investments measured at NAV                                        | $7,378                |   <br>                   |   <br>                       | $94                      | $5,724                |   <br>                   |   <br>                       | $1,054                   |\n\n\n\n\n\n|       |         |\n| ----- | ------- |\n| ^(1)^ | Monthly |\n\n\n\n\n\n|       |               |\n| ----- | ------------- |\n| ^(2)^ | Semi\\-monthly |\n\n\n\n\n\n|       |                |\n| ----- | -------------- |\n| ^(3)^ | Semi\\-annually |\n\n\n\n\n\n|       |          |\n| ----- | -------- |\n| ^(4)^ | Annually |\n\n\n\n\n\n|       |                                                                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(5)^ | Various\\. Includes funds with weekly, monthly, semi\\-monthly, quarterly and custom redemption frequencies as well as funds with a redemption window following the anniversary of the initial investment\\. |\n\n\n\nHedge Funds and Hedge Fund\\-Related Strategies\\.  These investments are primarily made through shares of limited partnerships or similar structures for which a liquid secondary market does not exist\\. These funds are typically valued monthly by third\\-party administrators that have been appointed by the funds' general partners\\. \n\nCommingled Funds, Private Equity and Private Equity\\-Related Instruments\\.  Investments include commingled funds invested in common stock, as well as private equity and private equity\\-related instruments\\. Commingled funds are based on quoted market prices of the underlying assets owned by the fund\\. Private equity and private equity\\-related strategies are valued based on valuation models where one or more of the significant inputs into the model cannot be observed and which require the development of assumptions\\.\n\nFixed Income and Fixed Income\\-Related Instruments\\.  Investments include commingled funds invested in debt obligations\\. Commingled funds are based on quoted market prices of the underlying assets owned by the fund\\. \n\nReal Assets\\.  These investments include real estate, energy, timberland, agriculture and infrastructure\\. The valuation of real assets requires significant judgment due to the absence of quoted market prices as well as the inherent lack of liquidity and the long\\-term nature of these assets\\. Investments are valued based on valuation models where one or more of the significant inputs into the model cannot be observed and which require the development of assumptions\\.\n\nOther\\.  Primarily includes globally\\-diversified, risk\\-managed commingled funds consisting mainly of equity, fixed income and commodity exposures\\. \n\nOn an annual basis we assess the potential for adjustments to the fair value of all investments\\. Certain of our investments are valued using NAV as a practical expedient due to the lag in the availability of data\\. This primarily applies to private equity, private equity\\-related strategies and real assets\\. We solicit valuation updates from the investment mangers and use their information and corroborating data from public markets to determine any needed fair value adjustments\\.\n\nOther\n\nWe also sponsor defined benefit pension plans for eligible employees in certain foreign countries\\. These plans did not have a material impact on our Consolidated Financial Statements in any period presented\\.\n\n 78"}
{"_id": "AmericanAirlines-2018_22.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nof these service providers cease operations, and there is no guarantee that we could replace these providers on a timely basis with comparably priced providers, or at all\\. Any material problems with the efficiency and timeliness of contract services, resulting from financial hardships or otherwise, could have a material adverse effect on our business, results of operations and financial condition\\.\n\n***The commercial relationships that we have with airlines, including any related equity investment, may not produce the returns or results we expect\\.***\n\nAn important part of our strategy to expand our network has been to expand our commercial relationships with other airlines, such as by entering into global alliance, joint business and codeshare relationships, and, in one recent instance involving China Southern Airlines, by making a significant equity investment in another airline in connection with initiating such a commercial relationship\\. We may explore similar non\\-controlling investments in, and joint ventures and strategic alliances with, other carriers as part of our global business strategy\\. We face competition in forming these commercial relationships since there are a limited number of potential arrangements and other airlines are looking to enter into similar relationships\\. Any such existing or future investment could involve significant challenges and risks, including that we may not realize a satisfactory return on our investment or that they may not generate the expected revenue synergies\\. These events could have a material adverse effect on our business, results of operations and financial condition\\.\n\n***We rely on third\\-party distribution channels and must manage effectively the costs, rights and functionality of these channels\\.***\n\nWe rely on third\\-party distribution channels, including those provided by or through global distribution systems (GDSs) (e\\.g\\., Amadeus, Sabre and Travelport), conventional travel agents, travel management companies and online travel agents (OTAs) (e\\.g\\., Expedia, including its booking sites Orbitz and Travelocity, and The Priceline Group), to distribute a significant portion of our airline tickets, and we expect in the future to continue to rely on these channels\\. We are also dependent upon the ability and willingness of these distribution channels to expand their ability to distribute and collect revenues for ancillary products (e\\.g\\., fees for selective seating)\\. These distribution channels are more expensive and at present have less functionality in respect of ancillary product offerings than those we operate ourselves, such as our website at *www\\.aa\\.com*\\. Certain of these distribution channels also effectively restrict the manner in which we distribute our products generally\\. To remain competitive, we will need to manage successfully our distribution costs and rights, increase our distribution flexibility and improve the functionality of our distribution channels, while maintaining an industry\\-competitive cost structure\\. Further, as distribution technology changes we will need to continue to update our technology by acquiring new technology from third parties, building the functionality ourselves, or a combination, which in any event will likely entail significant technological and commercial risk and involve potentially material investments\\. These imperatives may affect our relationships with conventional travel agents, travel management companies, GDSs and OTAs, including if consolidation of conventional travel agents, travel management companies, GDSs or OTAs continues, or should any of these parties seek to acquire other technology providers thereby potentially limiting our technology alternatives, such as the proposed acquisition of Farelogix by Sabre\\. Any inability to manage our third\\-party distribution costs, rights and functionality at a competitive level or any material diminishment or disruption in the distribution of our tickets could have a material adverse effect on our business, results of operations and financial condition\\.\n\n***Our business is subject to extensive government regulation, which may result in increases in our costs, disruptions to our operations, limits on our operating flexibility, reductions in the demand for air travel, and competitive disadvantages\\.***\n\nAirlines are subject to extensive domestic and international regulatory requirements\\. In the last several years, Congress has passed laws, and the DOT, the FAA, the TSA and the DHS have issued a number of directives and other regulations, that affect the airline industry\\. These requirements impose substantial costs on us and restrict the ways we may conduct our business\\.\n\nFor example, the FAA from time to time issues directives and other regulations relating to the maintenance and operation of aircraft that require significant expenditures or operational restrictions\\. These requirements can be issued with little or no notice, or can otherwise impact our ability to efficiently or fully utilize our aircraft, and in some instances have resulted in the temporary grounding of aircraft types altogether, or otherwise caused substantial disruption and resulted in material costs to us and lost revenues\\. The FAA also exercises comprehensive regulatory authority over nearly all technical aspects of our operations\\. Our failure to comply with such requirements has in the past and may in the future result in fines and other enforcement actions by the FAA or other regulators\\. In the future, any new regulatory requirements, particularly requirements that limit our ability to operate or price our products, could have a material adverse effect on us and the industry\\.\n\n23"}
{"_id": "United-2019_39.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| ------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|                                            | ***Frequent Flyer Deferred Revenue Estimate of Miles not Expected to be Redeemed***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| *Description of the Matter*                | At December 31, 2019, the Company's frequent flyer deferred revenue liability was $5\\.3 billion\\. As described in Note 1 of the consolidated financial statements, members of the Company's MileagePlus program earn miles through the Company's flights, purchases with other airlines or non\\-airline partners or through co\\-branded credit card partnerships\\. Consideration is attributed to the miles earned or sold and deferred until the miles are redeemed and air travel is completed, or non\\-air awards are shipped\\. Miles can be redeemed for air travel and non\\-travel awards\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| *Description of the Matter*                |  Auditing management's breakage estimate (the estimate of miles earned that will not be redeemed) was complex and highly judgmental due to the significant assumptions used in the estimate\\. Breakage is estimated annually using prior years' data and a regression analysis to estimate future breakage, which can be impacted by changes in customer behavior driven by program changes or redemption opportunities that would not be reflected in historical redemption data\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| *How We Addressed the Matter in Our Audit* | We tested the Company's design and operating effectiveness of internal controls that address the risk of material misstatement relating to the breakage estimate\\. This included testing controls over management's review of the significant assumptions and other inputs used in the estimate, including redemption patterns of various customer groups\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| *How We Addressed the Matter in Our Audit* | Our audit procedures included, among others, testing the methodology and assumptions used to develop the breakage estimate, including testing the completeness and accuracy of the underlying data used to develop these assumptions\\. In addition, we assessed the trending of the breakage rate over time to ensure changes were in line with expectations\\. We involved a valuation specialist to test management's statistical analysis supporting the breakage assumption\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n|                                            | ***BRW Term Loan Impairment Analysis***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| *Description of the Matter*                | At December 31, 2019, the Company had a term loan agreement with, among others, BRW Aviation Holdings LLC and BRW Aviation LLC, dated as of November 29, 2018 (the \"BRW Term Loan\"), which had a carrying value of $499 million\\. The BRW Term Loan is collateralized by common shares of Avianca Holdings S\\.A\\. (\"AVH\") and the equity of BRW (such shares and equity, collectively, the \"BRW Loan Collateral\")\\. As discussed in Note 8 of the consolidated financial statements, the fair market value of the BRW Loan Collateral is estimated using an income approach and a market approach, with equal weight applied to each approach\\. Under the income approach, the value was estimated by discounting expected future cash flows to a single present value amount\\. Under the market approach, the value was estimated by reference to multiples of enterprise value to earnings before interest, taxes, depreciation, amortization and rent (\"EBITDAR\") for a group of publicly\\-traded market comparable companies, along with AVH's own EBITDAR levels\\. |\n| *Description of the Matter*                | Auditing management's valuation of the BRW Loan Collateral was highly judgmental due to the significant estimation required in determining the fair value\\. The fair value estimate was sensitive to significant assumptions such as multiples of enterprise value to EBITDAR, revenue and cost growth rates and the discount rate, each of which is affected by expectations about future market or economic conditions\\. As a result of the subjectivity of the assumptions, adverse changes to management's estimates could reduce the underlying cash flows used to estimate fair value and trigger impairment of the loan\\.                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| *How We Addressed the Matter in Our Audit* | We tested the Company's design and operating effectiveness of internal controls that address the risk of material misstatement relating to the fair market value of the BRW Loan Collateral\\. This included testing controls over management's review of the significant assumptions used in the income approach and market approach such as multiples of enterprise value to EBITDAR, revenue growth rates, costs per available seat kilometer and the discount rate, which is affected by expectations about future market or economic conditions\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| *How We Addressed the Matter in Our Audit* | To test the estimated fair value of the BRW Loan Collateral, we performed audit procedures that included, among others, assessing the fair value methodology used by management and evaluating the significant assumptions used in the valuation model\\. We compared significant assumptions to current industry, market and economic trends, and to AVH's historical results and/or other guideline companies within the same industry\\. We performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the BRW Loan Collateral that would result from changes in assumptions\\. We also involved a valuation specialist to assist in our evaluation of the Company's valuation methodology and discount rate\\.                                                                                                                                                                                                                                                                                                              |\n\n\n\n40"}
{"_id": "AmericanAirlines-2018_9.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                                                                   |                                  |                          |                                  |\n| ----------------------------------------------------------------- | -------------------------------- | ------------------------ | -------------------------------- |\n| **Union**                                                         | **Class or Craft**               | **Employees**  **^(1)^** | **Contract  <br>Amendable Date** |\n| **Piedmont:**                                                     |                                  |                          |                                  |\n| ALPA                                                              | Pilots                           | 630                      | 2024                             |\n| AFA                                                               | Flight Attendants                | 300                      | 2019                             |\n| International Brotherhood of Teamsters (IBT)                      | Mechanics                        | 375                      | 2021                             |\n| IBT                                                               | Stock Clerks                     | 60                       | 2021                             |\n| CWA                                                               | Fleet and Passenger Service      | 3,650                    | 2023                             |\n| IBT                                                               | Dispatchers                      | 30                       | 2019                             |\n| ALPA                                                              | Flight Crew Training Instructors | 40                       | 2024                             |\n| **PSA:**                                                          |                                  |                          |                                  |\n| ALPA                                                              | Pilots                           | 1,650                    | 2023                             |\n| AFA                                                               | Flight Attendants                | 1,250                    | 2017                             |\n| International Association of Machinists & Aerospace Workers (IAM) | Mechanics                        | 470                      | 2022                             |\n| TWU                                                               | Dispatchers                      | 60                       | 2022                             |\n\n\n\n\n\n|       |                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------- |\n| ^(1)^ | Approximate number of active full\\-time equivalent employees as of  December 31, 2018 \\. |\n\n\n\nJoint collective bargaining agreements (JCBAs) have been reached with post\\-Merger employee groups, except for contracts with the TWU\\-IAM Association which represents the maintenance, fleet service, stock clerks, maintenance control technicians and maintenance training instructors whose contracts became amendable in the third quarter of 2018\\. Negotiations designed to reach JCBAs involving all of these workgroups continue\\. Additionally, the post\\-Merger JCBAs covering our pilots and flight attendants, while not yet amendable, provide the unions with the right to elect to commence negotiations for new collective bargaining agreements in advance of each JCBA\u2019s amendable date\\. Both of the unions have exercised these rights and negotiations are underway for new agreements\\.\n\nAmong our wholly\\-owned regional subsidiaries, the PSA flight attendants have an agreement that is now amendable and are engaged in traditional RLA negotiations\\. In January 2019, the Envoy passenger service employees reached a tentative seven\\-year labor agreement subject to membership ratification\\. \n\nFor more discussion, see Part I, Item 1A\\. Risk Factors \u2013 \u201c*Union disputes, employee strikes and other labor\\-related disruptions, or our inability to otherwise maintain labor costs at competitive levels may adversely affect our operations and financial performance*\\.\u201d\n\n**Aircraft Fuel**\n\nOur operations and financial results are significantly affected by the availability and price of jet fuel, which is our second largest expense\\. Based on our 2019 forecasted mainline and regional fuel consumption, we estimate that a one cent per gallon increase in aviation fuel price would increase our 2019 annual fuel expense by $45 million\\.\n\nThe following table shows annual aircraft fuel consumption and costs, including taxes, for our mainline and regional operations for 2018, 2017 and 2016 (gallons and aircraft fuel expense in millions)\\.\n\n\n\n|          |             |                                         |                                      |                                                    |\n| -------- | ----------- | --------------------------------------- | ------------------------------------ | -------------------------------------------------- |\n| **Year** | **Gallons** | **Average Price**<br><br>**per Gallon** | **Aircraft Fuel**<br><br>**Expense** | **Percent of Total**<br><br>**Operating Expenses** |\n| 2018     | 4,447       | $2\\.23                                  | $9,896                               | 23\\.6%                                             |\n| 2017     | 4,352       |  1\\.73                                  |  7,510                               | 19\\.6%                                             |\n| 2016     | 4,347       |  1\\.42                                  |  6,180                               | 17\\.6%                                             |\n\n\n\nAs of December 31, 2018, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption\\. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully \n\n10"}
{"_id": "United-2018_7.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**Employees**\n\nAs of December 31, 2018, UAL, including its subsidiaries, had approximately 92,000 employees\\. Approximately 83% of the Company's employees were represented by various U\\.S\\. labor organizations\\.\n\nCollective bargaining agreements between the Company and its represented employee groups are negotiated under the RLA\\. Such agreements typically do not contain an expiration date and instead specify an amendable date, upon which the agreement is considered \"open for amendment\\.\" \n\nThe following table reflects the Company's represented employee groups, the number of employees per represented group, union representation for each of United's employee groups, and the amendable date for each employee group's collective bargaining agreement as of December 31, 2018: \n\n\n\n|                                                            |                              |                                                                           |                                       |\n| ---------------------------------------------------------- | ---------------------------- | ------------------------------------------------------------------------- | ------------------------------------- |\n| **Employee** <br><br>**Group**                             | **Number of**  **Employees** | **Union**                                                                 | **Agreement Open for**  **Amendment** |\n| **Flight Attendants**                                      | 23,193                       | Association of Flight Attendants (the \"AFA\")                              | August 2021                           |\n| **Fleet Service**                                          | 13,077                       | International Association of Machinists and Aerospace Workers (the \"IAM\") | December 2021                         |\n| **Passenger Service**                                      | 11,932                       | IAM                                                                       | December 2021                         |\n| **Pilots**                                                 | 11,742                       | Air Line Pilots Association, International                                | January 2019                          |\n| **Technicians and Related & Flight Simulator Technicians** | 9,236                        | International Brotherhood of Teamsters (the \"IBT\")                        | December 2022                         |\n| **Passenger Service \\- United Ground Express, Inc\\.**      | 2,923                        | IAM                                                                       | March 2025                            |\n| **Catering Operations**                                    | 2,668                        | UNITE HERE                                                                | (a)                                   |\n| **Storekeeper Employees**                                  | 1,012                        | IAM                                                                       | December 2021                         |\n| **Dispatchers**                                            | 399                          | Professional Airline Flight Control Association                           | December 2021                         |\n| **Fleet Tech Instructors**                                 | 131                          | IAM                                                                       | December 2021                         |\n| **Load Planners**                                          | 64                           | IAM                                                                       | December 2021                         |\n| **Security Officers**                                      | 48                           | IAM                                                                       | December 2021                         |\n| **Maintenance Instructors**                                | 41                           | IAM                                                                       | December 2021                         |\n\n\n\n(a) On October 23, 2018, United's Catering Operations employees voted to unionize under the RLA\\. In an election overseen by the National Mediation Board, UNITE HERE received the majority of the votes and was officially certified to represent United's frontline Catering Operations employees\\. The Company expects contract negotiations to begin in 2019\\.\n\n\n\n|               |                    |\n| ------------- | ------------------ |\n| **ITEM 1A\\.** | **RISK FACTORS\\.** |\n\n\n\n*The following risk factors should be read carefully when evaluating the Company's business and the forward\\-looking statements contained in this report and other statements the Company or its representatives make from time to time\\. Any of the following risks could materially and adversely affect the Company's business, operating results, financial condition and the actual outcome of matters as to which forward\\-looking statements are made in this report\\.*\n\n***If we do not successfully execute our strategic operating plan, or if our strategic operating plan is unsuccessful, our business, operating results and financial condition could be materially and adversely affected\\.***\n\nWe have announced several strategic plans in recent years, including several revenue\\-generating initiatives and plans to optimize our revenue, such as our plans to add capacity, including international expansion and new or increased service to mid\\-size airports, and initiatives and plans to optimize and control our costs\\. We also continue to explore opportunities to enhance our segmentation, including the introduction of Polaris, Basic Economy and United Premium Plus, and are implementing many programs and policies to improve the customer experience at all points in air travel\\. In developing our strategic operating plan, we make certain assumptions including, but not limited to, those related to customer demand, competition, market consolidation and the global economy\\. Actual economic, market and other conditions may be different from our assumptions and we may not be able to successfully execute our strategic operating plan\\. If we do not successfully execute our strategic operating plan, or if actual results vary significantly from our assumptions, our business, operating results and financial condition could be materially and adversely impacted\\.\n\n8"}
{"_id": "Southwest-2019_35.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nStock Performance Graph\n\nThe following Performance Graph and related information shall not be deemed \"soliciting material\" or \"filed\" with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934\\.\n\nThe following graph compares the cumulative total shareholder return on the Company\u2019s common stock over the five\\-year period ended  December 31, 2019 , with the cumulative total return during such period of the Standard and Poor\u2019s 500 Stock Index and the NYSE ARCA Airline Index\\. The comparison assumes $100 was invested on December 31,  2014 , in the Company\u2019s common stock and in each of the foregoing indices and assumes reinvestment of dividends\\. The stock performance shown on the graph below represents historical stock performance and is not necessarily indicative of future stock price performance\\. \n\nCOMPARISON OF FIVE YEAR CUMULATIVE TOTAL RETURN AMONG SOUTHWEST AIRLINES CO\\., S&P 500 INDEX, AND NYSE ARCA AIRLINE INDEX \n\n![chart\\-1\\.jpg](https://www.example.com/chart-1.jpg)\n\n\n\n|                             |                |                |                |                |                |                |\n| --------------------------- | -------------- | -------------- | -------------- | -------------- | -------------- | -------------- |\n|                             | **12/31/2014** | **12/31/2015** | **12/31/2016** | **12/31/2017** | **12/31/2018** | **12/31/2019** |\n| **Southwest Airlines Co\\.** | $100           | $102           | $120           | $158           | $114           | $134           |\n| **S&P 500**                 | $100           | $101           | $113           | $138           | $132           | $174           |\n| **NYSE ARCA Airline**       | $100           | $85            | $109           | $116           | $91            | $112           |\n\n\n\n36"}
{"_id": "Delta-2018_9.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nIn addition, several joint ventures among U\\.S\\. and foreign carriers, including our transatlantic and transpacific joint ventures, have received grants of antitrust immunity allowing the participating carriers to coordinate schedules, pricing, sales and inventory\\. Other joint ventures that have received antitrust immunity include a transatlantic alliance among United Airlines, Air Canada and Lufthansa German Airlines, a transpacific joint venture between United Airlines and All Nippon Airways, a transatlantic joint venture among American Airlines, British Airways and Iberia and a transpacific joint venture between American Airlines and Japan Air Lines\\.\n\nRegulatory Matters\n\nThe DOT and the Federal Aviation Administration (the \"FAA\") exercise regulatory authority over air transportation in the U\\.S\\. The DOT has authority to issue certificates of public convenience and necessity required for airlines to provide domestic air transportation\\. An air carrier that the DOT finds fit to operate is given authority to operate domestic and international air transportation (including the carriage of passengers and cargo)\\. Except for constraints imposed by regulations regarding \"Essential Air Services,\" which are applicable to certain small communities, airlines may terminate service to a city without restriction\\.\n\nThe DOT has jurisdiction over certain economic and consumer protection matters, such as unfair or deceptive practices and methods of competition, advertising, denied boarding compensation, baggage liability and disabled passenger transportation\\. The DOT also has authority to review certain joint venture agreements between domestic and international carriers and engages in regulation of economic matters such as transactions involving allocation of \"slots\" or similar regulatory mechanisms which limit the rights of carriers to conduct operations at those airports\\. The FAA has primary responsibility for matters relating to the safety of air carrier flight operations, including airline operating certificates, control of navigable air space, flight personnel, aircraft certification and maintenance and other matters affecting air safety\\.\n\nAuthority to operate international routes and international codesharing arrangements is regulated by the DOT and by the governments of the foreign countries involved\\. International certificate authorities are also subject to the approval of the U\\.S\\. President for conformance with national defense and foreign policy objectives\\.\n\nThe Transportation Security Administration and the U\\.S\\. Customs and Border Protection, each a division of the Department of Homeland Security, are responsible for certain civil aviation security matters, including passenger and baggage screening at U\\.S\\. airports and international passenger prescreening prior to entry into or departure from the U\\.S\\.\n\nAirlines are also subject to various other federal, state, local and foreign laws and regulations\\. For example, the U\\.S\\. Department of Justice has jurisdiction over airline competition matters\\. The U\\.S\\. Postal Service has authority over certain aspects of the transportation of mail\\. Labor relations in the airline industry, as discussed below, are generally governed by the Railway Labor Act with oversight by the National Mediation Board\\. Environmental matters are regulated by various federal, state, local and foreign governmental entities\\. Privacy of passenger and employee data is regulated by domestic and foreign laws and regulations\\.\n\nFares and Rates\n\nAirlines set ticket prices in all domestic and most international city pairs with minimal governmental regulation, and the industry is characterized by significant price competition\\. Certain international fares and rates are subject to the jurisdiction of the DOT and the governments of the foreign countries involved\\. Many of our tickets are sold by travel agents, and fares are subject to commissions, overrides and discounts paid to travel agents, brokers and wholesalers\\.\n\nRoute Authority\n\nOur flight operations are authorized by certificates of public convenience and necessity and also by exemptions and limited\\-entry frequency awards issued by the DOT\\. The requisite approvals of other governments for international operations are controlled by bilateral agreements (and a multilateral agreement in the case of the U\\.S\\. and the European Union) with, or permits or approvals issued by, foreign countries\\. Because international air transportation is governed by bilateral or other agreements between the U\\.S\\. and the foreign country or countries involved, changes in U\\.S\\. or foreign government aviation policies could result in the alteration or termination of such agreements, diminish the value of our international route authorities or otherwise affect our international operations\\. Bilateral agreements between the U\\.S\\. and various foreign countries served by us are subject to renegotiation from time to time\\. The U\\.S\\. government has negotiated \"Open Skies\" agreements with many countries, which allow unrestricted access between the U\\.S\\. and the foreign markets\\. These agreements include separate agreements with the European Union and Japan\\.\n\n 7"}
{"_id": "United-2018_87.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**Accrual Activity**\n\nActivity related to the accruals for severance and medical costs and future lease payments on permanently grounded aircraft is as follows (in millions): \n\n\n\n|                                 |                              |                                   |\n| ------------------------------- | ---------------------------- | --------------------------------- |\n|                                 | **Severance/ Benefit Costs** | **Permanently Grounded Aircraft** |\n| Balance at December 31, 2015    | $27                          | $78                               |\n| Accrual and related adjustments | 37                           | (17)                              |\n| Payments                        | (50)                         | (20)                              |\n| Balance at December 31, 2016    | 14                           | 41                                |\n| Accrual                         | 116                          | (4)                               |\n| Payments                        | (93)                         | (15)                              |\n| Balance at December 31, 2017    | 37                           | 22                                |\n| Accrual                         | 41                           | (7)                               |\n| Payments                        | (53)                         | (3)                               |\n| Balance at December 31, 2018    | $25                          | $12                               |\n\n\n\n**NOTE 15 \\- SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)**\n\n\n\n|                                             |                   |                   |                   |                   |\n| ------------------------------------------- | ----------------- | ----------------- | ----------------- | ----------------- |\n| **UAL**                                     | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |\n| **(In millions, except per share amounts)** | **March 31**      | **June 30**       | **September 30**  | **December 31**   |\n| **2018**                                    |                   |                   |                   |                   |\n| Operating revenue                           | $9,032            | $10,777           | $11,003           | $10,491           |\n| Income from operations                      | 276               | 1,161             | 1,203             | 652               |\n| Net income                                  | 147               | 684               | 836               | 462               |\n| Basic earnings per share                    | 0\\.52             | 2\\.49             | 3\\.07             | 1\\.71             |\n| Diluted earnings per share                  | 0\\.52             | 2\\.48             | 3\\.06             | 1\\.70             |\n| **2017 (a)**                                |                   |                   |                   |                   |\n| Operating revenue                           | $8,426            | $10,008           | $9,899            | $9,451            |\n| Income from operations                      | 320               | 1,437             | 1,138             | 776               |\n| Net income                                  | 99                | 821               | 645               | 579               |\n| Basic earnings per share                    | 0\\.32             | 2\\.67             | 2\\.15             | 1\\.99             |\n| Diluted earnings per share                  | 0\\.32             | 2\\.67             | 2\\.15             | 1\\.98             |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)* andAccounting Standards Update No\\. 2017\\-07, *Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nUAL's quarterly financial data is subject to seasonal fluctuations and historically its second and third quarter financial results, which reflect higher travel demand, are better than its first and fourth quarter financial results\\. UAL's quarterly results were \n\n88"}
{"_id": "Southwest-2017_108.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Shareholders and the Board of Directors of Southwest Airlines Co\\.\n\n**Opinion on the Financial Statements**\n\nWe have audited the accompanying consolidated balance sheets of Southwest Airlines Co\\. (the Company) as of December 31, 2017 and 2016, the related consolidated statements of income, comprehensive income, stockholders\u2019 equity and cash flows for each of the three years in the period ended December 31, 2017, and the related notes (collectively referred to as the \u201cfinancial statements\u201d)\\. In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company at December 31, 2017 and 2016, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2017, in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company\u2019s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 7, 2018 expressed an unqualified opinion thereon\\.\n\n**Adoption of ASU No\\. 2009\\-13**\n\nAs discussed in Note 1 to the consolidated financial statements, the Company changed its method of accounting for its co\\-brand credit card agreement in 2015 due to the adoption of ASU No\\. 2009\\-13, *Multiple Deliverable Revenue Arrangements*\\.\n\n**Basis for Opinion**\n\nThese financial statements are the responsibility of the Company\u2019s management\\. Our responsibility is to express an opinion on the Company\u2019s financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to fraud or error, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\n/s/ Ernst & Young LLP\n\nWe have served as the Company\u2019s auditor since 1971\\.\n\nDallas, Texas\n\nFebruary 7, 2018\n\n109"}
{"_id": "AmericanAirlines-2019_126.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nVarious taxes and fees assessed on the sale of tickets to end customers are collected by American as an agent and remitted to taxing authorities\\. These taxes and fees have been presented on a net basis in the accompanying consolidated statements of operations and recorded as a liability until remitted to the appropriate taxing authority\\.\n\nLoyalty Revenue\n\nAmerican currently operates the loyalty program, AAdvantage\\. This program awards mileage credits to passengers who fly on American, any  one world airline or other partner airlines, or by using the services of other program participants, such as the Citi and Barclaycard US co\\-branded credit cards, and certain hotels and car rental companies\\. Mileage credits can be redeemed for travel on American and other participating partner airlines, as well as other non\\-air travel awards such as hotels and rental cars\\. For mileage credits earned by AAdvantage loyalty program members, American applies the deferred revenue method\\.\n\nMileage credits earned through travel\n\nFor mileage credits earned through travel, American applies a relative selling price approach whereby the total amount collected from each passenger ticket sale is allocated between the air transportation and the mileage credits earned\\. The portion of each passenger ticket sale attributable to mileage credits earned is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided\\. The estimated selling price of mileage credits is determined using an equivalent ticket value approach, which uses historical data, including award redemption patterns by geographic region and class of service, as well as similar fares as those used to settle award redemptions\\. The estimated selling price of miles is adjusted for an estimate of miles that will not be redeemed based on historical redemption patterns\\. \n\nMileage credits sold to co\\-branded credit cards and other partners \n\nAmerican sells mileage credits to participating airline partners and non\\-airline business partners, including American\u2019s co\\-branded credit card partners, under contracts with terms extending generally for   one to seven  years\\. Consideration received from the sale of mileage credits is variable and payment terms typically are within   30 days  subsequent to the month of mileage sale\\. Sales of mileage credits to non\\-airline business partners are comprised of   two  components, transportation and marketing\\. American allocates the consideration received from these sales of mileage credits based on the relative selling price of each product or service delivered\\.\n\nAmerican\u2019s most significant partner agreements are its co\\-branded credit card agreements with Citi and Barclaycard US that American entered into in 2016\\. American identified the following revenue elements in these co\\-branded credit card agreements: the transportation component; and the use of intellectual property, including the American brand and access to loyalty program member lists, which is the predominant element in the agreements, as well as advertising (collectively, the marketing component)\\. Accordingly, American recognizes the marketing component in other revenue in the period of the mileage sale following the sales\\-based royalty method\\.\n\nThe transportation component represents the estimated selling price of future travel awards and is determined using the same equivalent ticket value approach described above\\. The portion of each mileage credit sold attributable to transportation is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided\\.\n\nFor the portion of American\u2019s outstanding mileage credits that it estimates will not be redeemed, American recognizes the associated value proportionally as the remaining mileage credits are redeemed\\. American\u2019s estimates are based on analysis of historical redemptions\\.\n\nCargo Revenue\n\nCargo revenue is recognized when American provides the transportation\\.\n\nOther Revenue\n\nOther revenue includes revenue associated with American\u2019s loyalty program, which is comprised principally of the marketing component of mileage sales to co\\-branded credit card and other partners and other marketing related payments\\. Loyalty revenue included in other revenue was   $2\\.4 billion  for both years ended  December 31, 2019  and  2018  and   $2\\.1 billion  for  2017 \\. The accounting and recognition for the loyalty program marketing services are discussed above in \u201c Loyalty Revenue \\.\u201d The remaining amounts included within other revenue relate to airport clubs, advertising and vacation\\-related services\\.\n\n127"}
{"_id": "AmericanAirlines-2019_81.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nVarious taxes and fees assessed on the sale of tickets to end customers are collected by us as an agent and remitted to taxing authorities\\. These taxes and fees have been presented on a net basis in the accompanying consolidated statements of operations and recorded as a liability until remitted to the appropriate taxing authority\\.\n\nLoyalty Revenue\n\nWe currently operate the loyalty program, AAdvantage\\. This program awards mileage credits to passengers who fly on American, any  one world airline or other partner airlines, or by using the services of other program participants, such as the Citi and Barclaycard US co\\-branded credit cards, and certain hotels and car rental companies\\. Mileage credits can be redeemed for travel on American and other participating partner airlines, as well as other non\\-air travel awards such as hotels and rental cars\\. For mileage credits earned by AAdvantage loyalty program members, we apply the deferred revenue method\\.\n\nMileage credits earned through travel\n\nFor mileage credits earned through travel, we apply a relative selling price approach whereby the total amount collected from each passenger ticket sale is allocated between the air transportation and the mileage credits earned\\. The portion of each passenger ticket sale attributable to mileage credits earned is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided\\. The estimated selling price of mileage credits is determined using an equivalent ticket value approach, which uses historical data, including award redemption patterns by geographic region and class of service, as well as similar fares as those used to settle award redemptions\\. The estimated selling price of miles is adjusted for an estimate of miles that will not be redeemed based on historical redemption patterns\\. \n\nMileage credits sold to co\\-branded credit cards and other partners \n\nWe sell mileage credits to participating airline partners and non\\-airline business partners, including our co\\-branded credit card partners, under contracts with terms extending generally for   one to seven  years\\. Consideration received from the sale of mileage credits is variable and payment terms typically are within   30  days subsequent to the month of mileage sale\\. Sales of mileage credits to non\\-airline business partners are comprised of   two  components, transportation and marketing\\. We allocate the consideration received from these sales of mileage credits based on the relative selling price of each product or service delivered\\.\n\nOur most significant partner agreements are our co\\-branded credit card agreements with Citi and Barclaycard US that we entered into in 2016\\. We identified the following revenue elements in these co\\-branded credit card agreements: the transportation component; and the use of intellectual property, including the American brand and access to loyalty program member lists, which is the predominant element in the agreements, as well as advertising (collectively, the marketing component)\\. Accordingly, we recognize the marketing component in other revenue in the period of the mileage sale following the sales\\-based royalty method\\.\n\nThe transportation component represents the estimated selling price of future travel awards and is determined using the same equivalent ticket value approach described above\\. The portion of each mileage credit sold attributable to transportation is initially deferred and then recognized in passenger revenue when mileage credits are redeemed and transportation is provided\\.\n\nFor the portion of our outstanding mileage credits that we estimate will not be redeemed, we recognize the associated value proportionally as the remaining mileage credits are redeemed\\. Our estimates are based on analysis of historical redemptions\\.\n\nCargo Revenue\n\nCargo revenue is recognized when we provide the transportation\\.\n\nOther Revenue\n\nOther revenue includes revenue associated with our loyalty program, which is comprised principally of the marketing component of mileage sales to co\\-branded credit card and other partners and other marketing related payments\\. Loyalty revenue included in other revenue was   $2\\.4 billion  for both years ended  December 31, 2019  and  2018  and   $2\\.1 billion  for  2017 \\. The accounting and recognition for the loyalty program marketing services are discussed above in \u201c Loyalty Revenue \\.\u201d The remaining amounts included within other revenue relate to airport clubs, advertising and vacation\\-related services\\.\n\n82"}
{"_id": "AmericanAirlines-2017_58.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nInterest expense, net increased in 2016 primarily due to higher outstanding debt as a result of aircraft financings associated with our fleet renewal program\\.\n\nIn 2016, other nonoperating expense, net primarily included $49 million of net special charges associated with debt refinancings and extinguishments\\.\n\nIn 2015, other nonoperating expense, net primarily included a $592 million special charge to write off all of the value of Venezuelan bolivars held by us due to continued lack of repatriations and deterioration of economic conditions in Venezuela\\. We also incurred $159 million of net foreign currency losses\\. The foreign currency losses in 2015 were driven primarily by the strengthening of the U\\.S\\. dollar relative to other currencies, principally in Latin American and European markets\\.\n\n*Income Taxes*\n\nIn 2016, we recorded an income tax provision of $1\\.6 billion at an effective rate of approximately 38%, which was substantially non\\-cash due to our utilization of NOLs\\. Substantially all of our income before income taxes was attributable to the United States\\.\n\nIn 2015, we reversed $3\\.0 billion of the valuation allowance on our deferred tax assets, which resulted in a special non\\-cash tax benefit recorded in our consolidated statement of operations\\.\n\nSee Note 6 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for additional information on income taxes\\.\n\n**American\u2019s Results of Operations**\n\n***Results of Operations \u2013*** ***2017*** ***Compared to*** ***2016***\n\nAmerican realized pre\\-tax income of $3\\.2 billion and net income of $1\\.9 billion in 2017\\. This compares to 2016 pre\\-tax income of $4\\.4 billion and net income of $2\\.8 billion\\.\n\nThe year\\-over\\-year decline in American\u2019s pre\\-tax income was principally driven by higher fuel costs and wage rates\\.\n\n*Operating Revenues*\n\n\n\n|                          |                                              |                                              |                                              |                                                       |\n| ------------------------ | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                          | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **2017**                                     | **2016**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Mainline passenger       | $29,238                                      | $27,909                                      | $1,329                                       | 4\\.8                                                  |\n| Regional passenger       | 6,895                                        | 6,670                                        | 225                                          | 3\\.4                                                  |\n| Cargo                    | 800                                          | 700                                          | 100                                          | 14\\.3                                                 |\n| Other                    | 5,262                                        | 4,884                                        | 378                                          | 7\\.7                                                  |\n| Total operating revenues | $42,195                                      | $40,163                                      | $2,032                                       | 5\\.1                                                  |\n\n\n\nTotal passenger revenues increased $1\\.6 billion, or 4\\.5%, in 2017 from 2016 primarily due to a year\\-over\\-year increase in consolidated passenger yields driven by strong demand\\.\n\nCargo revenue increased $100 million, or 14\\.3%, in 2017 from 2016 primarily driven by an increase in freight volume\\.\n\nOther revenue primarily includes revenue associated with American\u2019s loyalty program, baggage fees, ticketing change fees, airport clubs and inflight services\\. Other revenue increased $378 million, or 7\\.7%, in 2017 from 2016 primarily driven by higher revenues associated with American\u2019s loyalty program\\. In 2017 and 2016, loyalty program revenue was $2\\.4 billion and $2\\.1 billion, respectively\\. Of this, $2\\.2 billion and $1\\.9 billion related to the marketing component of mileage sales and other marketing related payments, respectively\\.\n\nTotal operating revenues in 2017increased $2\\.0 billion, or 5\\.1%, from 2016 driven principally by a 4\\.5% increase in total passenger revenues as described above\\.\n\n59"}
{"_id": "United-2017_129.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n\n\n|            |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ----------:|:--------------- |:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  \\*10\\.215 | UAL  <br>United | [Second Amendment to Credit and Guaranty Agreement, dated as of July 25, 2014 (filed as Exhibit 10\\.1 to UAL\u2019s Form  8\\-K filed September 19, 2014, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015514000039/e64788095ex10_1.htm)                                                                                                                                                                                                                                                                                                                                                                             |\n|  \\*10\\.216 | UAL  <br>United | [Third Amendment to Credit and Guaranty Agreement, dated as of September 15, 2014 (filed as Exhibit 10\\.2 to UAL\u2019s Form  8\\-K filed September 19, 2014, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015514000039/e64788095ex10_2.htm)                                                                                                                                                                                                                                                                                                                                                                         |\n|  \\*10\\.217 | UAL  <br>United | [Fourth Amendment to Credit and Guaranty Agreement, dated as of May 24, 2016 (filed as Exhibit 10\\.4 to UAL\u2019s Form  10\\-Q for the quarter ended June 30, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516651221/d188420dex104.htm)                                                                                                                                                                                                                                                                                                                                                                    |\n|  \\*10\\.218 | UAL  <br>United | [Amended and Restated Credit and Guaranty Agreement, dated as of March 29, 2017, among United Airlines, Inc\\., as borrower, United Continental Holdings, Inc\\., as parent and a guarantor, the subsidiaries of United Continental Holdings, Inc\\. from time to time party thereto other than the borrower party thereto from time to time, as guarantors, the lenders from time to time party thereto and JPMorgan Chase Bank, N\\.A\\., as administrative agent (filed as Exhibit 10\\.1 to UAL\u2019s Form  8\\-K filed April 3, 2017, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015517000006/e77015399ex10_1.htm) |\n|    10\\.219 | UAL  <br>United | [First Amendment, dated as of November 15, 2017, to Amended and Restated Credit Guaranty Agreement ](https://www.example.com/d471340dex10219.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n|            |                 | **Computation of Ratios**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n|      12\\.1 | UAL             | [United Continental Holdings, Inc\\. and Subsidiary Companies Computation of Ratio of Earnings to Fixed Charges ](https://www.example.com/d471340dex121.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n|      12\\.2 | United          | [United Airlines, Inc\\. and Subsidiary Companies Computation of Ratio of Earnings to Fixed Charges ](https://www.example.com/d471340dex122.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n|            |                 | **List of Subsidiaries**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n|         21 | UAL United      | [List of United Continental Holdings, Inc\\. and United Airlines, Inc\\. Subsidiaries ](https://www.example.com/d471340dex211.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n|            |                 | **Consents of Experts and Counsel**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n|      23\\.1 | UAL             | [Consent of Independent Registered Public Accounting Firm (Ernst & Young LLP) for United Continental Holdings, Inc\\. ](https://www.example.com/d471340dex231.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |\n|      23\\.2 | United          | [Consent of Independent Registered Public Accounting Firm (Ernst & Young LLP) for United Airlines, Inc\\. ](https://www.example.com/d471340dex232.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n|            |                 | **Rule   13a\\-14(a)/15d\\-14(a) Certifications**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n|      31\\.1 | UAL             | [Certification of the Principal Executive Officer of United Continental Holdings, Inc\\. pursuant to 15 U\\.S\\.C\\. 78m(a) or 78o(d) (Section 302 of the Sarbanes\\-Oxley Act of 2002) ](https://www.example.com/d471340dex311.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n|      31\\.2 | UAL             | [Certification of the Principal Financial Officer of United Continental Holdings, Inc\\. pursuant to 15 U\\.S\\.C\\. 78m(a) or 78o(d) (Section 302 of the Sarbanes\\-Oxley Act of 2002) ](https://www.example.com/d471340dex312.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n|      31\\.3 | United          | [Certification of the Principal Executive Officer of United Airlines, Inc\\. pursuant to 15 U\\.S\\.C\\. 78m(a) or 78o(d) (Section 302 of the Sarbanes\\-Oxley Act of 2002) ](https://www.example.com/d471340dex313.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n|      31\\.4 | United          | [Certification of the Principal Financial Officer of United Airlines, Inc\\. pursuant to 15 U\\.S\\.C\\. 78m(a) or 78o(d) (Section 302 of the Sarbanes\\-Oxley Act of 2002) ](https://www.example.com/d471340dex314.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n\n\n\n130"}
{"_id": "AmericanAirlines-2019_18.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nOur high level of debt and other obligations may limit our ability to fund general corporate requirements and obtain additional financing, may limit our flexibility in responding to competitive developments and cause our business to be vulnerable to adverse economic and industry conditions\\.\n\nWe have significant amounts of indebtedness and other obligations, including pension obligations, obligations to make future payments on flight equipment and property leases related to airport and other facilities, and substantial non\\-cancelable obligations under aircraft and related spare engine purchase agreements\\. Moreover, currently a substantial portion of our assets are pledged to secure our indebtedness\\. Our substantial indebtedness and other obligations, which are generally greater than the indebtedness and other obligations of our competitors, could have important consequences\\. For example, they:\n\n\n\n|   |                                                                                      |\n| - | ------------------------------------------------------------------------------------ |\n| \u2022 | may make it more difficult for us to satisfy our obligations under our indebtedness; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | may limit our ability to obtain additional funding for working capital, capital expenditures, acquisitions, investments, integration costs and general corporate purposes, and adversely affect the terms on which such funding can be obtained; |\n\n\n\n\n\n|   |                                                                                                                                                                                               |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness and other obligations, thereby reducing the funds available for other purposes; |\n\n\n\n\n\n|   |                                                                                                                                                                                             |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | make us more vulnerable to economic downturns, industry conditions and catastrophic external events, particularly relative to competitors with lower relative levels of financial leverage; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | significantly constrain our ability to respond, or respond quickly, to unexpected disruptions in our own operations, the U\\.S\\. or global economies, or the businesses in which we operate, or to take advantage of opportunities that would improve our business, operations, or competitive position versus other airlines; |\n\n\n\n\n\n|   |                                                                                                                                             |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | limit our ability to withstand competitive pressures and reduce our flexibility in responding to changing business and economic conditions; |\n\n\n\n\n\n|   |                                                                                                                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | contain covenants requiring us to maintain an aggregate of at least $2\\.0 billion of unrestricted cash and cash equivalents and amounts available to be drawn under revolving credit facilities; and |\n\n\n\n\n\n|   |                                                               |\n| - | ------------------------------------------------------------- |\n| \u2022 | contain restrictive covenants that could, among other things: |\n\n\n\n\n\n|   |                                                                                                                                                     |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u25e6 | limit our ability to merge, consolidate, sell assets, incur additional indebtedness, issue preferred stock, make investments and pay dividends; and |\n\n\n\n\n\n|   |                                                                     |\n| - | ------------------------------------------------------------------- |\n| \u25e6 | if breached, result in an event of default under our indebtedness\\. |\n\n\n\nThese obligations could also impact our ability to obtain additional financing, if needed, and our flexibility in the conduct of our business, and could materially adversely affect our liquidity, results of operations and financial condition\\.\n\nFurther, a substantial portion of our long\\-term indebtedness bears interest at fluctuating interest rates, primarily based on the London interbank offered rate (LIBOR) for deposits of U\\.S\\. dollars\\. LIBOR tends to fluctuate based on general short\\-term interest rates, rates set by the U\\.S\\. Federal Reserve and other central banks, the supply of and demand for credit in the London interbank market and general economic conditions\\. We have not hedged our interest rate exposure with respect to our floating rate debt\\. Accordingly, our interest expense for any particular period will fluctuate based on LIBOR and other variable interest rates\\. To the extent the interest rates applicable to our floating rate debt increase, our interest expense will increase, in which event we may have difficulties making interest payments and funding our other fixed costs, and our available cash flow for general corporate requirements may be adversely affected\\. \n\nOn July 27, 2017, the U\\.K\\. Financial Conduct Authority (the authority that regulates LIBOR) announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021\\. It is unclear whether new methods of calculating LIBOR will be established such that it continues to exist after 2021\\. Similarly, it is not possible to predict whether LIBOR will continue to be viewed as an acceptable market benchmark, what rate or rates may become acceptable alternatives to LIBOR, or what effect these changes in views or alternatives may have on financial markets for LIBOR\\-linked financial instruments\\. While the U\\.S\\. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, is considering replacing U\\.S\\. dollar LIBOR with a newly created index, calculated based on repurchase agreements backed by treasury securities, we cannot currently predict whether this index will gain widespread acceptance as a replacement for LIBOR\\. It is not possible to predict the effect of these changes, other reforms or the establishment \n\n19"}
{"_id": "AmericanAirlines-2019_143.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nAssumptions\n\nThe following actuarial assumptions were used to determine American\u2019s benefit obligations and net periodic benefit cost (income) for the periods presented:\n\n\n\n|                                |                      |                      |                                                                  |                                                                  |\n| ------------------------------ | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                | **2019**             | **2018**             | **2019**                                                         | **2018**                                                         |\n| Benefit obligations:           |                      |                      |                                                                  |                                                                  |\n| Weighted average discount rate | 3\\.4%                | 4\\.4%                | 3\\.3%                                                            | 4\\.3%                                                            |\n\n\n\n\n\n|                                                                           |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| ------------------------------------------------------------------------- | -------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                                                           | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                                                           | **2019**             | **2018**             | **2017**             | **2019**                                                         | **2018**                                                         | **2017**                                                         |\n| Net periodic benefit cost (income):                                       |                      |                      |                      |                                                                  |                                                                  |                                                                  |\n| Weighted average discount rate                                            | 4\\.4%                | 3\\.8%                | 4\\.3%                | 4\\.3%                                                            | 3\\.6%                                                            | 4\\.1%                                                            |\n| Weighted average expected rate of return on plan assets                   | 8\\.0%                | 8\\.0%                | 8\\.0%                | 8\\.0%                                                            | 8\\.0%                                                            | 8\\.0%                                                            |\n| Weighted average health care cost trend rate assumed for next year  ^(1)^ | N/A                  | N/A                  | N/A                  | 3\\.7%                                                            | 3\\.9%                                                            | 4\\.2%                                                            |\n\n\n\n\n\n|       |                                                                                                                                                           |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The weighted average health care cost trend rate at  December 31, 2019  is assumed to decline gradually to   3\\.3%  by 2027 and remain level thereafter\\. |\n\n\n\nAs of  December 31, 2019 , American\u2019s estimate of the long\\-term rate of return on plan assets was   8\\.0%  based on the target asset allocation\\. Expected returns on long duration bonds are based on yields to maturity of the bonds held at year\\-end\\. Expected returns on other assets are based on a combination of long\\-term historical returns, actual returns on plan assets achieved over the last ten years, current and expected market conditions, and expected value to be generated through active management and securities lending programs\\.\n\nA one percentage point change in the assumed health care cost trend rates would have the following approximate effects on American\u2019s retiree medical and other postretirement benefits plans (in millions):\n\n\n\n|                                                                   |                 |                      |\n| ----------------------------------------------------------------- | --------------- | -------------------- |\n|                                                                   | **1% Increase** | **1% Decrease**      |\n| Increase (decrease) on 2019 service and interest cost             | $1              | $<br><br>(1<br><br>) |\n| Increase (decrease) on benefit obligation as of December 31, 2019 | 40              | (40<br><br>)         |\n\n\n\nMinimum Contributions\n\nAmerican is required to make minimum contributions to its defined benefit pension plans under the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and various other laws for U\\.S\\. based plans as well as underfunding rules specific to countries where American maintains defined benefit plans\\. Based on current funding assumptions, American has minimum required contributions of   $193 million  for  2020 \\. American\u2019s funding obligations will depend on the performance of American\u2019s investments held in trust by the pension plans, interest rates for determining liabilities, the amount of and timing of any supplemental contributions and American\u2019s actuarial experience\\.\n\nBenefit Payments\n\nThe following benefit payments, which reflect expected future service as appropriate, are expected to be paid (approximately, in millions):\n\n\n\n|                                                   |          |          |          |          |          |                |\n| ------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | -------------- |\n|                                                   | **2020** | **2021** | **2022** | **2023** | **2024** | **2025\\-2029** |\n| Pension benefits                                  | $749     | $788     | $827     | $869     | $910     | $5,017         |\n| Retiree medical and other postretirement benefits | 80       | 71       | 66       | 64       | 61       | 265            |\n\n\n\n144"}
{"_id": "Delta-2017_71.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nHedge Position as of  December 31, 2017\n\n\n\n|                                     |                                |                                           |                         |                             |                             |                                 |                                  |                            |\n| ----------------------------------- | ------------------------------ | ----------------------------------------- | ----------------------- | --------------------------- | --------------------------- | ------------------------------- | -------------------------------- | -------------------------- |\n| **(in millions)**                   | **Volume**                     | **Volume**                                | **Final Maturity Date** | **Hedge Derivatives Asset** | **Other Noncurrent Assets** | **Hedge Derivatives Liability** | **Other Noncurrent Liabilities** | **Hedge Derivatives, net** |\n| ***Designated as hedges***          | ***Designated as hedges***     |                                           |                         |                             |                             |                                 |                                  |                            |\n| Foreign currency exchange contracts | 23,512                         | Japanese yen                              | November 2019           | 1                           | 1                           | (13<br><br>)                    | (6<br><br>)                      | (17<br><br>)               |\n| Foreign currency exchange contracts | 490                            | Canadian dollars                          | May 2020                | 1                           | 1                           | (13<br><br>)                    | (6<br><br>)                      | (17<br><br>)               |\n| ***Not designated as hedges***      | ***Not designated as hedges*** |                                           |                         |                             |                             |                                 |                                  |                            |\n| Fuel hedge contracts                | 249                            | gallons \\- crude oil and refined products | May 2019                | 638                         | 8                           | (694<br><br>)                   | (18<br><br>)                     | (66<br><br>)               |\n| Total derivative contracts          | Total derivative contracts     |                                           |                         | $639                        | $9                          | $<br><br>(707<br><br>)          | $<br><br>(24<br><br>)            | $<br><br>(83<br><br>)      |\n\n\n\nHedge Position as of  December 31, 2016 \n\n\n\n|                                     |                                |                                           |                         |                             |                             |                                 |                                  |                            |\n| ----------------------------------- | ------------------------------ | ----------------------------------------- | ----------------------- | --------------------------- | --------------------------- | ------------------------------- | -------------------------------- | -------------------------- |\n| **(in millions)**                   | **Volume**                     | **Volume**                                | **Final Maturity Date** | **Hedge Derivatives Asset** | **Other Noncurrent Assets** | **Hedge Derivatives Liability** | **Other Noncurrent Liabilities** | **Hedge Derivatives, net** |\n| ***Designated as hedges***          | ***Designated as hedges***     |                                           |                         |                             |                             |                                 |                                  |                            |\n| Foreign currency exchange contracts | 54,853                         | Japanese yen                              | February 2019           | 31                          | 3                           | (4<br><br>)                     | (3<br><br>)                      | 27                         |\n| Foreign currency exchange contracts | 335                            | Canadian dollars                          | January 2019            | 31                          | 3                           | (4<br><br>)                     | (3<br><br>)                      | 27                         |\n| ***Not designated as hedges***      | ***Not designated as hedges*** |                                           |                         |                             |                             |                                 |                                  |                            |\n| Fuel hedge contracts  ^(1)^         | 197                            | gallons \\- crude oil and refined products | January 2018            | 360                         | \u2014                           | (684<br><br>)                   | \u2014                                | (324<br><br>)              |\n| Total derivative contracts          | Total derivative contracts     |                                           |                         | $391                        | $3                          | $<br><br>(688<br><br>)          | $<br><br>(3<br><br>)             | $<br><br>(297<br><br>)     |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                         |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | As discussed above, we early settled   $455 million  of our airline segment's 2016 fuel hedge positions and entered into hedges designed to offset and effectively neutralize our 2017 airline segment hedge positions\\. The dollar amounts shown above primarily represent the offsetting derivatives that were used to neutralize the 2016 and 2017 airline segment hedge portfolio\\. |\n\n\n\nOffsetting Assets and Liabilities\n\nWe have master netting arrangements with our counterparties giving us the right to offset hedge assets and liabilities\\. However, we have elected not to offset the fair value positions recorded on our Consolidated Balance Sheets\\. The following table shows the net fair value of our counterparty positions had we elected to offset\\.\n\n\n\n|                          |                             |                             |                                 |                                  |                            |\n| ------------------------ | --------------------------- | --------------------------- | ------------------------------- | -------------------------------- | -------------------------- |\n| **(in millions)**        | **Hedge Derivatives Asset** | **Other Noncurrent Assets** | **Hedge Derivatives Liability** | **Other Noncurrent Liabilities** | **Hedge Derivatives, Net** |\n| **December 31, 2017**    |                             |                             |                                 |                                  |                            |\n| Net derivative contracts | $\u2014                          | $1                          | $<br><br>(68<br><br>)           | $<br><br>(16<br><br>)            | $<br><br>(83<br><br>)      |\n| **December 31, 2016**    |                             |                             |                                 |                                  |                            |\n| Net derivative contracts | $29                         | $2                          | $<br><br>(326<br><br>)          | $<br><br>(2<br><br>)             | $<br><br>(297<br><br>)     |\n\n\n\nDesignated Hedge Gains (Losses)\n\nGains (losses) related to our designated hedge contracts during the years ended December 31,  2017 ,  2016  and  2015  are as follows:\n\n\n\n|                                     |                                                          |                                                          |                                                          |                                                                       |                                                                       |                                                                       |\n| ----------------------------------- | -------------------------------------------------------- | -------------------------------------------------------- | -------------------------------------------------------- | --------------------------------------------------------------------- | --------------------------------------------------------------------- | --------------------------------------------------------------------- |\n|                                     | **Effective Portion Reclassified from AOCI to Earnings** | **Effective Portion Reclassified from AOCI to Earnings** | **Effective Portion Reclassified from AOCI to Earnings** | **Effective Portion Recognized in Other Comprehensive (Loss) Income** | **Effective Portion Recognized in Other Comprehensive (Loss) Income** | **Effective Portion Recognized in Other Comprehensive (Loss) Income** |\n| **(in millions)**                   | **2017**                                                 | **2016**                                                 | **2015**                                                 | **2017**                                                              | **2016**                                                              | **2015**                                                              |\n| Foreign currency exchange contracts | 10                                                       | 37                                                       | 198                                                      | (43<br><br>)                                                          | (68<br><br>)                                                          | (130<br><br>)                                                         |\n\n\n\n 67"}
{"_id": "Delta-2018_103.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES\n\nInformation required by this item is set forth under the heading \"Proposal 3 \\- Ratification of the Appointment of Independent Auditors\" in our Proxy Statement and is incorporated by reference\\.\n\nPART IV\n\nITEM 15\\. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES\n\n(a) (1)\\. The following is an index of the financial statements required by this item that are included in this Form 10\\-K:\n\nReport of Independent Registered Public Accounting Firm \n\nConsolidated Balance Sheets\u2014 December 31, 2018  and  2017 \n\nConsolidated Statements of Operations for the years ended  December 31, 2018 ,  2017  and  2016 \n\nConsolidated Statements of Comprehensive Income for the years ended  December 31, 2018 ,  2017  and  2016\n\nConsolidated Statements of Cash Flows for the years ended  December 31, 2018 ,  2017  and  2016 \n\nConsolidated Statements of Stockholders' Equity for the years ended  December 31, 2018 ,  2017  and  2016 \n\nNotes to the Consolidated Financial Statements \n\n(2)\\. The schedule required by this item is included in Notes  12  and  16  to the Consolidated Financial Statements\\. All other financial statement schedules are not required or are inapplicable and therefore have been omitted\\.\n\n(3)\\. Exhibit List\\.\n\nThe exhibits required by this item are listed below\\. The management contracts and compensatory plans or arrangements required to be filed as an exhibit to this Form 10\\-K are listed as Exhibits 10\\.10 through 10\\.22\\.\n\nNote to Exhibits : Any representations and warranties of a party set forth in any agreement (including all exhibits and schedules thereto) filed with this Annual Report on Form 10\\-K have been made solely for the benefit of the other party to the agreement\\. Some of those representations and warranties were made only as of the date of the agreement or such other date as specified in the agreement, may be subject to a contractual standard of materiality different from what may be viewed as material to stockholders, or may have been used for the purpose of allocating risk between the parties rather than establishing matters as facts\\. Such agreements are included with this filing only to provide investors with information regarding the terms of the agreements, and not to provide investors with any other factual or disclosure information regarding the registrant or its business\\.\n\n\n\n|         |                                                                                                                                                                                                                                       |\n| ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 3\\.1(a) | [Delta's Amended and Restated Certificate of Incorporation (Filed as Exhibit 3\\.1 to Delta's Current Report on Form 8\\-K as filed on April 30, 2007)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000118811207001266/ex3-1.htm)  |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                    |\n| -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 3\\.1 (b) | [Amendment to Amended and Restated Certificate of Incorporation (Filed as Exhibit 3\\.1 to Delta's Current Report on Form 8\\-K as filed on June 27, 2014)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000101968714002579/delta_8k-ex0301.htm) |\n\n\n\n\n\n|      |                                                                                                                                                                                                        |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 3\\.2 | [Delta's Bylaws (Filed as Exhibit 3\\.1 to Delta's Current Report on Form 8\\-K as filed on February 8, 2019)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000168316819000302/delta_8k-ex0301.htm)  |\n\n\n\n 101"}
{"_id": "United-2018_81.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nflights plus a variable reimbursement (incentive payment for operational performance) based on agreed performance metrics, subject to annual adjustments\\. The fees for carrier costs are based on specific rates for various operating expenses of the regional carriers, such as crew expenses, maintenance and aircraft ownership, some of which are multiplied by specific operating statistics (e\\.g\\., block hours, departures), while others are fixed monthly amounts\\. Under these CPAs, the Company is responsible for all fuel costs incurred, as well as landing fees and other costs, which are either passed through by the regional carrier to the Company without any markup or directly incurred by the Company, and, in some cases, the Company owns or leases some or all of the aircraft subject to the CPA, and leases or subleases, as applicable, such aircraft to the regional carrier\\. United's CPAs are for 559 regional aircraft as of December 31, 2018, and the CPAs have terms expiring through 2029\\. Aircraft operated under CPAs include aircraft leased directly from the regional carriers and those owned by United or leased from third\\-party lessors and operated by the regional carriers\\. See Part I, Item 2, Properties, of this report for additional information\\.\n\nIn 2017, United entered into a five\\-year CPA with Air Wisconsin Airlines for regional service under the United Express brand to operate up to 65 CRJ200 aircraft\\. In addition, United extended the term of its existing CPA with ExpressJet Airlines to operate up to approximately 125 aircraft through December 31, 2022\\.\n\nUnited recorded approximately $979 million, $907 million and $935 million in expenses related to its CPAs with its regional carriers, in which United is a minority shareholder, for the years ended December 31, 2018, 2017 and 2016, respectively\\. There were approximately $53 million and $24 million in accounts payable due to these companies as of December 31, 2018 and December 31, 2017, respectively\\. There were no material accounts receivables due from these companies as of December 31, 2018 and December 31, 2017\\. The CPAs with these related parties were executed in the ordinary course of business\\.\n\nOur future commitments under our CPAs are dependent on numerous variables, and are, therefore, difficult to predict\\. The most important of these variables is the number of scheduled block hours\\. Although we are not required to purchase a minimum number of block hours under certain of our CPAs, we have set forth below estimates of our future payments under the CPAs based on our assumptions\\. United's estimates of its future payments under all of the CPAs do not include the portion of the underlying obligation for any aircraft leased to a regional carrier or deemed to be leased from other regional carriers and facility rent that are disclosed as part of aircraft and nonaircraft operating leases\\. For purposes of calculating these estimates, we have assumed (1) the number of block hours flown is based on our anticipated level of flight activity or at any contractual minimum utilization levels if applicable, whichever is higher, (2) that we will reduce the fleet as rapidly as contractually allowed under each CPA, (3) that aircraft utilization, stage length and load factors will remain constant, (4) that each carrier's operational performance will remain at historic levels and (5) an annual projected inflation rate\\. These amounts exclude variable pass\\-through costs such as fuel and landing fees, among others\\. Based on these assumptions as of December 31, 2018, our future payments through the end of the terms of our CPAs are presented in the table below (in billions):\n\n\n\n|            |        |\n| ---------- | ------ |\n| 2019       | $2\\.2  |\n| 2020       | 2\\.0   |\n| 2021       | 1\\.8   |\n| 2022       | 1\\.4   |\n| 2023       | 0\\.8   |\n| After 2023 | 3\\.1   |\n|            | $11\\.3 |\n\n\n\nThe actual amounts we pay to our regional operators under CPAs could differ materially from these estimates\\. For example, a 10% increase or decrease in scheduled block hours for all of United's regional operators (whether as a result of changes in average daily utilization or otherwise) in 2019 would result in a corresponding change in annual cash obligations under the CPAs of approximately $160 million\\.\n\n**NOTE 12 \\- VARIABLE INTEREST ENTITIES**\n\nVariable interests are contractual, ownership or other monetary interests in an entity that change with fluctuations in the fair value of the entity's net assets exclusive of variable interests\\. A VIE can arise from items such as lease agreements, loan arrangements, guarantees or service contracts\\. An entity is a VIE if (a) the entity lacks sufficient equity or (b) the entity's equity holders lack power or the obligation and right as equity holders to absorb the entity's expected losses or to receive its expected residual returns\\. \n\nIf an entity is determined to be a VIE, the entity must be consolidated by the primary beneficiary\\. The primary beneficiary is the holder of the variable interests that has the power to direct the activities of a VIE that (i) most significantly impact the VIE's economic performance and (ii) has the obligation to absorb losses of or the right to receive benefits from the VIE that could \n\n82"}
{"_id": "Southwest-2018_114.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Shareholders and the Board of Directors of Southwest Airlines Co\\.\n\n**Opinion on the Financial Statements**\n\nWe have audited the accompanying consolidated balance sheets of Southwest Airlines Co\\. (the Company) as of December 31, 2018 and 2017, the related consolidated statements of income, comprehensive income, stockholders\u2019 equity and cash flows for each of the three years in the period ended December 31, 2018, and the related notes (collectively referred to as the \u201cfinancial statements\u201d)\\. In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company at December 31, 2018 and 2017, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2018, in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company\u2019s internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 5, 2019 expressed an unqualified opinion thereon\\.\n\n**Adoption of New Accounting Standards**\n\nAs discussed in Note 2 to the consolidated financial statements, the Company changed its method of accounting for its revenue from contracts with customers, postretirement benefit cost and financial derivatives instruments in 2018 due to the full retrospective adoption of ASU No\\. 2014\\-09, *Revenue from Contracts with Customers*, retrospective adoption of ASU No\\. 2017\\-07, *Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost*, and modified retrospective adoption of ASU No\\. 2017\\-12, T*argeted Improvements to Accounting for Hedging Activities*\\. \n\n**Basis for Opinion**\n\nThese financial statements are the responsibility of the Company\u2019s management\\. Our responsibility is to express an opinion on the Company\u2019s financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to fraud or error, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\n/s/ Ernst & Young LLP\n\nWe have served as the Company\u2019s auditor since 1971\\.\n\nDallas, Texas\n\nFebruary 5, 2019\n\n115"}
{"_id": "Alaska-2019_85.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nMANAGEMENT\u2019S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING\n\nOur management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a\\-15(f)\\. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the 2013 framework in Internal Control \u2013 Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO Framework)\\. Based on our evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2019\\.\n\nWe intend to review and evaluate the design and effectiveness of our disclosure controls and procedures and internal control over financial reporting on an ongoing basis, improve these controls and procedures over time, and correct any deficiencies that we may discover in the future\\. While we believe the present design of our disclosure controls and procedures and internal control over financial reporting are effective, future events affecting our business may cause us to modify our controls and procedures\\.\n\nThe Company's independent registered public accounting firm has issued an attestation report regarding its assessment of the effectiveness of the Company's internal control over financial reporting as of December 31, 2019\\.\n\n85"}
{"_id": "United-2017_43.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nMedicare eligibility\\. Eligible employees are required to pay a portion of the costs of their retiree medical benefits, which in some cases may be offset by accumulated unused sick time at the time of their retirement\\. Plan benefits are subject to co\\-payments, deductibles and other limits as described in the plans\\.\n\nThe Company accounts for other postretirement benefits by recognizing the difference between plan assets and obligations, or the plan\u2019s funded status, in its financial statements\\. Other postretirement benefit expense is recognized on an accrual basis over employees\u2019 approximate service periods and is generally calculated independently of funding decisions or requirements\\. United has not been required to pre\\-fund its plan obligations, which has resulted in a significant net obligation, as discussed below\\. The Company\u2019s benefit obligation was $1\\.7 billion for the other postretirement benefit plans at December 31, 2017 and 2016\\.\n\nThe calculation of other postretirement benefit expense and obligations requires the use of a number of assumptions, including the assumed discount rate for measuring future payment obligations and the health care cost trend rate\\. The Company determines the appropriate discount rate for each of the plans based on current rates on high quality corporate bonds that would generate the cash flow necessary to pay plan benefits when due\\. The Company\u2019s weighted average discount rate to determine its benefit obligations as of December 31, 2017 was 3\\.63%, as compared to 4\\.07% for December 31, 2016\\. The health care cost trend rate assumed for 2017 was 6\\.50%, declining to 5\\.0% in 2023, as compared to assumed trend rate for 2018 of 6\\.25%, declining to 5\\.0% in 2023\\. A 1% increase in assumed health care trend rates would increase the Company\u2019s total service and interest cost for the year ended December 31, 2017 by $11 million; whereas, a 1% decrease in assumed health care trend rates would decrease the Company\u2019s total service and interest cost for the year ended December 31, 2017 by $8 million\\. A one percentage point decrease in the weighted average discount rate would increase the Company\u2019s postretirement benefit liability by approximately $185 million and increase the estimated 2017 benefits expense by approximately $8 million\\.\n\nActuarial gains or losses are triggered by changes in assumptions or experience that differ from the original assumptions and prior service credits result from a retroactive reduction in benefits due under the plans\\. Under the applicable accounting standards for postretirement welfare benefit plans, actuarial gains and losses and prior service credits are not required to be recognized currently, but instead may be deferred as part of accumulated other comprehensive income and amortized into expense over the average remaining service life of the covered active employees or the average life expectancy of inactive participants\\. At December 31, 2017 and 2016, the Company had unrecognized actuarial gains for postretirement welfare benefit plans of $301 million and $384 million, respectively, recorded in accumulated other comprehensive income\\.\n\n***Income Taxes\\.*** The Tax Act, among other changes, reduces the federal corporate income tax rate to 21% beginning in 2018, requires companies to pay a one\\-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings\\. As of December 31, 2017, we had not completed our analysis of all aspects of the Tax Act\\. However, we have made a provisional estimate for its effect on our existing deferred tax balances and the one\\-time transition tax\\. We remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%\\. We are still analyzing certain aspects of the Tax Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts\\.\n\n**Forward\\-Looking Information** \n\nCertain statements throughout Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, and elsewhere in this report are forward\\-looking and thus reflect the Company\u2019s current expectations and beliefs with respect to certain current and future events and anticipated financial and operating performance\\. Such forward\\-looking statements are and will be subject to many risks and uncertainties relating to the Company\u2019s operations and business environment that may cause actual results to differ materially from any future results expressed or implied in such forward\\-looking statements\\. Words such as \u201cexpects,\u201d \u201cwill,\u201d \u201cplans,\u201d \u201canticipates,\u201d \u201cindicates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cforecast,\u201d \u201cguidance,\u201d \u201coutlook,\u201d \u201cgoals\u201d and similar expressions are intended to identify forward\\-looking statements\\.\n\n44"}
{"_id": "Delta-2019_47.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nRecently Adopted Standards\n\nComprehensive Income\\.  In February 2018, the FASB issued ASU No\\. 2018\\-02, \"Income Statement\u2014Reporting Comprehensive Income (Topic 220)\\.\" This standard provides an option to reclassify stranded tax effects within accumulated other comprehensive income/(loss) (\"AOCI\") to retained earnings due to the U\\.S\\. federal corporate income tax rate change in the Tax Cuts and Jobs Act of 2017\\. We adopted this standard effective January 1, 2019 with the election not to reclassify $1\\.2 billion of stranded tax effects, primarily related to our pension plans, from AOCI to retained earnings\\. \n\n45"}
{"_id": "AmericanAirlines-2017_95.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n**5\\. Debt**\n\nLong\\-term debt and capital lease obligations included in the consolidated balance sheets consisted of (in millions):\n\n\n\n|                                                                                                                                                                 |                  |                  |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ---------------- |\n|                                                                                                                                                                 | **December 31,** | **December 31,** |\n|                                                                                                                                                                 | **2017**         | **2016**         |\n| *Secured*                                                                                                                                                       |                  |                  |\n| 2013 Credit Facilities, variable interest rate of 3\\.55%, installments through 2020  ^(a)^                                                                      | $1,825           | $1,843           |\n| 2014 Credit Facilities, variable interest rate of 3\\.43%, installments through 2021  ^(a)^                                                                      | 728              | 735              |\n| April 2016 Credit Facilities, variable interest rate of 3\\.57%, installments through 2023  ^(a)^                                                                | 990              | 1,000            |\n| December 2016 Credit Facilities, variable interest rate of 3\\.48%, installments through 2023  ^(a)^                                                             | 1,238            | 1,250            |\n| 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           |\n| 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            |\n| Special facility revenue bonds, fixed interest rates ranging from 5\\.00% to 8\\.00%, maturing from 2018 to 2035                                                  | 857              | 891              |\n| Other secured obligations, fixed interest rates ranging from 3\\.81% to 12\\.24%, maturing from 2018 to 2028                                                      | 773              | 849              |\n|                                                                                                                                                                 | 23,551           | 22,823           |\n| *Unsecured*                                                                                                                                                     |                  |                  |\n| 5\\.50% senior notes, interest only payments until due in 2019  ^(d)^                                                                                            | 750              | 750              |\n| 6\\.125% senior notes, interest only payments until due in 2018  ^(d)^                                                                                           | 500              | 500              |\n| 4\\.625% senior notes, interest only payments until due in 2020  ^(d)^                                                                                           | 500              | 500              |\n|                                                                                                                                                                 | 1,750            | 1,750            |\n| Total long\\-term debt and capital lease obligations                                                                                                             | 25,301           | 24,573           |\n| Less: Total unamortized debt discount, premium and issuance costs                                                                                               | 236              | 229              |\n| Less: Current maturities                                                                                                                                        | 2,554            | 1,855            |\n| Long\\-term debt and capital lease obligations, net of current maturities                                                                                        | $22,511          | $22,489          |\n\n\n\nThe table below shows the maximum availability under revolving credit facilities, all of which were undrawn, as of December 31, 2017 (in millions):\n\n\n\n|                               |        |\n| ----------------------------- | ------ |\n| 2013 Revolving Facility       | $1,200 |\n| 2014 Revolving Facility       | 1,000  |\n| April 2016 Revolving Facility | 300    |\n| Total                         | $2,500 |\n\n\n\nSecured financings are collateralized by assets, primarily aircraft, engines, simulators, aircraft spare parts, airport gate leasehold rights, route authorities and airport slots\\. At December 31, 2017, we were operating 33 aircraft under capital leases\\. Leases can generally be renewed at rates based on fair market value at the end of the lease term for a number of additional years\\.\n\n96"}
{"_id": "Alaska-2019_8.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nThe percentage of regional passenger capacity by region and average stage length is presented below:\n\n\n\n|                              |                              |                              |       |       |  |  |  |       |       |  |  |  |       |       |  |  |  |       |       |  |  |  |       |       |\n|:---------------------------- |:---------------------------- |:---------------------------- | -----:| -----:|:- |:- |:- | -----:| -----:|:- |:- |:- | -----:| -----:|:- |:- |:- | -----:| -----:|:- |:- |:- | -----:| -----:|\n|                              |                              |                              |  2019 |  2019 |  |  |  |  2018 |  2018 |  |  |  |  2017 |  2017 |  |  |  |  2016 |  2016 |  |  |  |  2015 |  2015 |\n| West Coast                   | West Coast                   | West Coast                   |  61 % |  61 % |  |  |  |  53 % |  53 % |  |  |  |  59 % |  59 % |  |  |  |  60 % |  60 % |  |  |  |  62 % |  62 % |\n| Pacific Northwest            | Pacific Northwest            | Pacific Northwest            |  10 % |  10 % |  |  |  |  11 % |  11 % |  |  |  |  13 % |  13 % |  |  |  |  16 % |  16 % |  |  |  |  19 % |  19 % |\n| Canada                       | Canada                       | Canada                       |   3 % |   3 % |  |  |  |   3 % |   3 % |  |  |  |   4 % |   4 % |  |  |  |   5 % |   5 % |  |  |  |   7 % |   7 % |\n| Alaska                       | Alaska                       | Alaska                       |   1 % |   1 % |  |  |  |   2 % |   2 % |  |  |  |   3 % |   3 % |  |  |  |   4 % |   4 % |  |  |  |   5 % |   5 % |\n| Midcon                       | Midcon                       | Midcon                       |  25 % |  25 % |  |  |  |  30 % |  30 % |  |  |  |  21 % |  21 % |  |  |  |  15 % |  15 % |  |  |  |   6 % |   6 % |\n| Mexico                       | Mexico                       | Mexico                       |    \u2014  |    \u2014  |  |  |  |   1 % |   1 % |  |  |  |   \u2014 % |   \u2014 % |  |  |  |   \u2014 % |   \u2014 % |  |  |  |   1 % |   1 % |\n| Total                        | Total                        | Total                        | 100 % | 100 % |  |  |  | 100 % | 100 % |  |  |  | 100 % | 100 % |  |  |  | 100 % | 100 % |  |  |  | 100 % | 100 % |\n| Average Stage Length (miles) | Average Stage Length (miles) | Average Stage Length (miles) |  490  |  490  |  |  |  |  468  |  468  |  |  |  |  422  |  422  |  |  |  |  381  |  381  |  |  |  |  348  |  348  |\n\n\n\nFREQUENT FLYER PROGRAM \n\nAlaska Airlines Mileage Plan\u2122 provides a comprehensive suite of frequent flyer benefits\\. Miles can be earned by flying on our airlines or on one of our 18 airline partners, by using an Alaska Airlines credit card, or through other non\\-airline partners\\. Alaska's extensive list of airline partners includes carriers associated with each of the three major global alliances, making it easier for our members to earn miles and reach elite status in our frequent flyer program\\. Through Alaska and our global partners, Mileage Plan\u2122 members have access to a large network of over 800 worldwide travel destinations\\. Further, members can receive up to 40,000 bonus miles upon signing up for the Alaska Airlines Visa Signature card and meeting a minimum spend threshold, and earn triple miles on Alaska Airlines purchases\\. Alaska Airlines Visa Signature cardholders and small business cardholders in the U\\.S\\., and Platinum and World Elite Mastercard cardholders in Canada, also receive an annual companion ticket that allows members to purchase an additional ticket for $99 plus taxes, with no restrictions or black\\-out dates, and a free first checked bag for up to six people traveling on the same itinerary\\. Earned miles can be redeemed for flights on our airlines, or our partner airlines, for hotel stays via mileageplanhotels\\.com, or for upgrades to First Class on Alaska Airlines\\. We believe all of these benefits give our Mileage Plan\u2122 members more value than competing programs\\.\n\nMileage Plan\u2122 revenues, including those in the Passenger revenue income statement line item, represented approximately 13% of Air Group's total revenues in 2019\\. Mileage Plan\u2122 helps drive revenue growth by attracting new customers, keeping existing customers actively engaged, and building customer loyalty through the benefits that we provide\\. \n\nAGREEMENTS WITH OTHER AIRLINES\n\nOur agreements fall into three different categories: frequent flyer, codeshare and interline agreements\\. Frequent flyer agreements enable our Mileage Plan^TM^  members to earn mileage credits and make redemptions on one of our 18 domestic and international partner airlines\\. \n\nCodeshare agreements allow one or more marketing carriers to sell seats on a single operating carrier that services passengers under multiple flight numbers\\. The sale of codeshare seats can vary depending on the sale arrangement\\. For example, in a free\\-sale arrangement, the marketing carrier sells the operating carrier's inventory without any restriction; whereas in a block\\-space arrangement, a fixed amount of seats are sold to the marketing carrier by the operating carrier\\. The interchangeability of the flight code between carriers provides a greater selection of flights for customers, along with increased flexibility for mileage accrual and redemption\\. \n\nInterline agreements allow airlines to jointly offer a competitive, single\\-fare itinerary to customers traveling via multiple carriers to a final destination\\. An interline itinerary offered by one airline may not necessarily be offered by the other, and the fares collected from passengers are prorated and distributed to interline partners according to preexisting agreements between the carriers\\. Frequent flyer, codeshare and interline agreements help increase our traffic and revenue by providing a more diverse network and schedule options to our guests\\. \n\nAlaska has marketing alliances with a number of airlines that provide frequent flyer and codesharing opportunities\\. Alliances are an important part of our strategy and enhance our revenues by:\n\n\u2022 offering our guests more travel destinations and better mileage credit/redemption opportunities, including elite qualifying miles on U\\.S\\. and international airline partners;\n\n8"}
{"_id": "AmericanAirlines-2017_125.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**AMERICAN AIRLINES, INC\\.**\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS**\n\n**(In millions)**\n\n\n\n|                                    |                             |                             |                             |\n| ---------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                    | **2017**                    | **2016**                    | **2015**                    |\n| **Operating revenues:**            |                             |                             |                             |\n| Mainline passenger                 | $29,238                     | $27,909                     | $29,037                     |\n| Regional passenger                 | 6,895                       | 6,670                       | 6,475                       |\n| Cargo                              | 800                         | 700                         | 760                         |\n| Other                              | 5,262                       | 4,884                       | 4,666                       |\n| Total operating revenues           | 42,195                      | 40,163                      | 40,938                      |\n| **Operating expenses:**            |                             |                             |                             |\n| Aircraft fuel and related taxes    | 6,128                       | 5,071                       | 6,226                       |\n| Salaries, wages and benefits       | 11,804                      | 10,881                      | 9,514                       |\n| Regional expenses                  | 6,572                       | 6,009                       | 5,952                       |\n| Maintenance, materials and repairs | 1,959                       | 1,834                       | 1,889                       |\n| Other rent and landing fees        | 1,806                       | 1,772                       | 1,731                       |\n| Aircraft rent                      | 1,197                       | 1,203                       | 1,250                       |\n| Selling expenses                   | 1,477                       | 1,323                       | 1,394                       |\n| Depreciation and amortization      | 1,702                       | 1,525                       | 1,364                       |\n| Special items, net                 | 712                         | 709                         | 1,051                       |\n| Other                              | 4,806                       | 4,532                       | 4,378                       |\n| Total operating expenses           | 38,163                      | 34,859                      | 34,749                      |\n| **Operating income**               | 4,032                       | 5,304                       | 6,189                       |\n| **Nonoperating income (expense):** |                             |                             |                             |\n| Interest income                    | 215                         | 104                         | 49                          |\n| Interest expense, net              | (988)                       | (906)                       | (796)                       |\n| Other, net                         | (15)                        | (59)                        | (774)                       |\n| Total nonoperating expense, net    | (788)                       | (861)                       | (1,521)                     |\n| **Income before income taxes**     | 3,244                       | 4,443                       | 4,668                       |\n| Income tax provision (benefit)     | 1,322                       | 1,662                       | (3,452)                     |\n| **Net income**                     | $1,922                      | $2,781                      | $8,120                      |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n126"}
{"_id": "Delta-2019_2.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\n|                                                                                                                                                                                   |                                                                                                                                                                                   |                                                                                                                                                                                   |                                      |                                      |                                      |\n|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |:------------------------------------:|:------------------------------------:|:------------------------------------:|\n|                                                                                                                                                                                   |                                                                                                                                                                                   |                                                                                                                                                                                   |                 Page                 |                 Page                 |                 Page                 |\n| [ITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND](http://ir.delta.com/.#i_0_295)<br><br>[RELATED STOCKHOLDER MATTERS](http://ir.delta.com/.#i_0_295) | [ITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND](http://ir.delta.com/.#i_0_295)<br><br>[RELATED STOCKHOLDER MATTERS](http://ir.delta.com/.#i_0_295) | [ITEM 12\\. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND](http://ir.delta.com/.#i_0_295)<br><br>[RELATED STOCKHOLDER MATTERS](http://ir.delta.com/.#i_0_295) | [98](http://ir.delta.com/.#i_0_295)  | [98](http://ir.delta.com/.#i_0_295)  | [98](http://ir.delta.com/.#i_0_295)  |\n| [ITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR](http://ir.delta.com/.#i_0_298)<br><br>INDEPENDENCE                                                       | [ITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR](http://ir.delta.com/.#i_0_298)<br><br>INDEPENDENCE                                                       | [ITEM 13\\. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR](http://ir.delta.com/.#i_0_298)<br><br>INDEPENDENCE                                                       | [98](http://ir.delta.com/.#i_0_298)  | [98](http://ir.delta.com/.#i_0_298)  | [98](http://ir.delta.com/.#i_0_298)  |\n| [ITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES](http://ir.delta.com/.#i_0_301)                                                                                                 | [ITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES](http://ir.delta.com/.#i_0_301)                                                                                                 | [ITEM 14\\. PRINCIPAL ACCOUNTANT FEES AND SERVICES](http://ir.delta.com/.#i_0_301)                                                                                                 | [99](http://ir.delta.com/.#i_0_301)  | [99](http://ir.delta.com/.#i_0_301)  | [99](http://ir.delta.com/.#i_0_301)  |\n| PART IV                                                                                                                                                                           | PART IV                                                                                                                                                                           | PART IV                                                                                                                                                                           |                                      |                                      |                                      |\n| [ITEM 15\\. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES](http://ir.delta.com/.#i_0_307)                                                                                             | [ITEM 15\\. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES](http://ir.delta.com/.#i_0_307)                                                                                             | [ITEM 15\\. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES](http://ir.delta.com/.#i_0_307)                                                                                             | [99](http://ir.delta.com/.#i_0_307)  | [99](http://ir.delta.com/.#i_0_307)  | [99](http://ir.delta.com/.#i_0_307)  |\n| [ITEM 16\\. FORM 10\\-K SUMMARY](http://ir.delta.com/.#i_0_310)                                                                                                                     | [ITEM 16\\. FORM 10\\-K SUMMARY](http://ir.delta.com/.#i_0_310)                                                                                                                     | [ITEM 16\\. FORM 10\\-K SUMMARY](http://ir.delta.com/.#i_0_310)                                                                                                                     | [102](http://ir.delta.com/.#i_0_310) | [102](http://ir.delta.com/.#i_0_310) | [102](http://ir.delta.com/.#i_0_310) |\n| [SIGNATURES](http://ir.delta.com/.#i_0_313)                                                                                                                                       | [SIGNATURES](http://ir.delta.com/.#i_0_313)                                                                                                                                       | [SIGNATURES](http://ir.delta.com/.#i_0_313)                                                                                                                                       | [103](http://ir.delta.com/.#i_0_313) | [103](http://ir.delta.com/.#i_0_313) | [103](http://ir.delta.com/.#i_0_313) |"}
{"_id": "AmericanAirlines-2018_135.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***ASU 2016\\-02: Leases (Topic 842) (the New Lease Standard)***\n\nThe New Lease Standard requires lessees to recognize a lease liability and a right\\-of\\-use (ROU) asset on the balance sheet for operating leases\\. Accounting for finance leases is substantially unchanged\\. The New Lease Standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years\\. Early adoption is permitted\\.\n\nIn the fourth quarter of 2018, American elected to early adopt the New Lease Standard as of January 1, 2018 using a modified retrospective transition, with the cumulative\\-effect adjustment to the opening balance of retained earnings as of the effective date (the effective date method)\\. Under the effective date method, financial results reported in periods prior to 2018 are unchanged\\. American also elected the package of practical expedients, which among other things, does not require reassessment of lease classification\\.\n\nThe adoption of the New Lease Standard had a significant impact on American\u2019s consolidated balance sheet due to the recognition of approximately $10 billion of lease liabilities with corresponding right\\-of\\-use assets for operating leases\\. \n\nAdditionally, American recognized a $197 million cumulative effect adjustment credit, net of tax, to retained earnings\\. The adjustment to retained earnings was driven principally by sale\\-leaseback transactions including the recognition of unamortized deferred aircraft sale\\-leaseback gains\\. Prior to the adoption of the New Lease Standard, gains on sale\\-leaseback transactions were generally deferred and recognized in the income statement over the lease term\\. Under the New Lease Standard, gains on sale\\-leaseback transactions (subject to adjustment for off\\-market terms) are recognized immediately\\. \n\n***ASU 2016\\-01: Financial Instruments \\- Overall (Subtopic 825\\-10)***\n\nThis ASU made several modifications to Subtopic 825\\-10, including the elimination of the available\\-for\\-sale classification of equity investments, and it required equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in net income\\. This standard was adopted prospectively as of January 1, 2018 and resulted in a $60 million cumulative effect adjustment credit to retained earnings, net of tax, related to American's investment in China Southern Airlines Company Limited (China Southern Airlines), which was previously accounted for under the cost method\\.\n\n***ASU 2016\\-18: Statement of Cash Flows (Topic 230): Restricted Cash***\n\nThis ASU required that the change in the total cash balance, cash at the beginning of the period and cash at the end of the period on the statement of cash flows include restricted cash, and also required companies that report cash and restricted cash separately on the balance sheet to reconcile those amounts to the statement of cash flows\\. This standard was applied retrospectively, which resulted in the recast of prior reporting periods in the statement of cash flows\\. For the years ended December 31, 2018, 2017 and 2016, $11 million, $103 million and $113 million, respectively, of restricted cash is included in the total cash and restricted cash balance at the end of the period\\. A reconciliation of cash and restricted cash reported on American's consolidated statements of cash flows to the amounts reported on its consolidated balance sheets is provided in a table below the Consolidated Statements of Cash Flows\\.\n\n136"}
{"_id": "Delta-2017_10.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nWe have transformed distribution to a more retail oriented, merchandised approach by introducing well\\-defined and differentiated products for our customers\\. We offer distinct travel experiences with clear value propositions that enable customer choice\\. Delta One ^TM^ , Delta Premium Select, First Class and Delta Comfort\\+ ^TM^  include varying premium amenities and services while Main Cabin and Basic Economy allow varying levels of pre\\-travel flexibility as well as exceptional service once onboard the aircraft\\. We expect that these merchandising initiatives as implemented across all of Delta's distribution channels will allow customers to better understand our product offerings, make it easier to buy the products they desire and increase customer satisfaction\\. This merchandising effort is most effective in Delta's digital channels where customers can compare all product options in a single, easy to understand display\\.\n\nTechnology Transformation\n\nSignificant progress was made in 2017 in the transformation of our information technology function to improve operational reliability and enhance disaster recovery capabilities\\. Most significantly, we opened a new data center to provide redundancy for our key systems and continue the enhancement of that facility\\. We also reduced the risk of technology system failures to our operations through additional disaster recovery processes and heightened emphasis on our information security program including through the hiring of an experienced information security professional as our Chief Information Security Officer\\.\n\nWe are engaged in a digital transformation by continuing to invest in technology that supports our operations and provides tools for our employees, with our long term goal to convert our technology into a competitive advantage\\. These investments include improvements to infrastructure and technology architecture to unify and improve access to data sources and continue innovations in customer facing applications\\. This digital transformation will enhance interactions with our customers and allow us to deliver more personalized service, further enhancing the customer experience and strengthening our brand and competitive position\\.\n\nCompetition\n\nThe airline industry is highly competitive, marked by significant competition with respect to routes, fares, schedules (both timing and frequency), services, products, customer service and frequent flyer programs\\. The industry has evolved through mergers and new entry, both domestically and internationally, and changes in international alliances\\. Consolidation in the airline industry, the rise of well\\-funded government sponsored international carriers, changes in international alliances and the creation of immunized joint ventures have altered, and will continue to alter, the competitive landscape in the industry, resulting in the formation of airlines and alliances with increased financial resources, more extensive global networks and more competitive cost structures\\.\n\nDomestic\n\nOur domestic operations are subject to competition from traditional network carriers, including American Airlines and United Airlines, national point\\-to\\-point carriers, including Alaska Airlines, JetBlue Airways and Southwest Airlines, and discount carriers, some of which may have lower costs than we do and provide service at low fares to destinations served by us\\. Point\\-to\\-point, discount and ultra low\\-cost carriers, including Spirit Airlines and Allegiant Air, place significant competitive pressure on network carriers in the domestic market\\. In particular, we face significant competition at our domestic hub and gateway airports either directly at those airports or at the hubs of other airlines that are located in close proximity to our hubs and gateways\\. We also face competition in smaller to medium\\-sized markets from regional jet operations of other carriers\\. \n\nInternational\n\nOur international operations are subject to competition from both foreign and domestic carriers\\. Competition is increasing from government\\-owned and \\-funded carriers in the Gulf region, including Emirates, Etihad Airways and Qatar Airways\\. These carriers have large numbers of international widebody aircraft on order and are increasing service to the U\\.S\\. These carriers are government\\-subsidized, which has allowed them to grow quickly, reinvest in their product and expand their global presence at the expense of U\\.S\\. airlines\\.\n\nThrough alliance and other marketing and codesharing agreements with foreign carriers, U\\.S\\. carriers have increased their ability to sell international transportation, such as services to and beyond traditional European and Asian gateway cities\\. Similarly, foreign carriers have obtained increased access to interior U\\.S\\. passenger traffic beyond traditional U\\.S\\. gateway cities through these relationships\\. In particular, alliances formed by domestic and foreign carriers, including SkyTeam, the Star Alliance (among United Airlines, Lufthansa German Airlines, Air Canada and others) and the oneworld alliance (among American Airlines, British Airways, Qantas and others) have enhanced competition in international markets\\.\n\n 6"}
{"_id": "Southwest-2019_33.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nMark R\\. Shaw  has served as the Company's Executive Vice President & Chief Legal & Regulatory Officer since November 2018\\. Mr\\. Shaw also served as Executive Vice President, Chief Legal & Regulatory Officer, & Corporate Secretary from August 2018 to November 2018, Senior Vice President, General Counsel, & Corporate Secretary from July 2015 to August 2018, Vice President, General Counsel, & Corporate Secretary from February 2013 to July 2015, and as Associate General Counsel \\- Corporate & Transactions from February 2008 to February 2013\\. Mr\\. Shaw joined the Company in 2000 as an Attorney in the General Counsel Department\\.\n\nAndrew M\\. Watterson  has served as the Company's Executive Vice President & Chief Commercial Officer since January 2020\\. Mr\\. Watterson also served as Executive Vice President & Chief Revenue Officer from July 2017 to January 2020, Senior Vice President & Chief Revenue Officer from January 2017 to July 2017, Senior Vice President of Network & Revenue from January 2016 to January 2017, and as Vice President of Network Planning & Performance from October 2013 to January 2016\\. \n\nGregory D\\. Wells  has served as the Company's Executive Vice President Daily Operations since January 2017\\. Mr\\. Wells also served as Senior Vice President Operational Performance from October 2013 to January 2017, Senior Vice President Operations from September 2006 to October 2013, Senior Vice President Ground Operations from November 2005 to September 2006, Vice President Ground Operations from September 2004 to November 2005, Vice President Safety, Security, and Flight Dispatch from October 2001 to September 2004, Director Flight Dispatch from February 1999 to October 2001, Senior Director Ground Operations from August 1998 to February 1999, and Director Ground Operations from August 1996 to August 1998\\. Prior to August 1996, Mr\\. Wells had various other operational experience with the Company including as Station Manager in both San Jose and Phoenix\\. Mr\\. Wells has over 37 years of experience with the Company\\.\n\n34"}
{"_id": "AmericanAirlines-2019_141.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\nBenefit Obligations, Fair Value of Plan Assets and Funded Status\n\nThe following tables provide a reconciliation of the changes in the pension and retiree medical and other postretirement benefits obligations, fair value of plan assets and a statement of funded status as of  December 31, 2019  and  2018 :\n\n\n\n|                                           |                      |                      |                                                                  |                                                                  |\n| ----------------------------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                           | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                           | **2019**             | **2018**             | **2019**                                                         | **2018**                                                         |\n|                                           | **(In millions)**    | **(In millions)**    | **(In millions)**                                                | **(In millions)**                                                |\n| Benefit obligation at beginning of period | $16,282              | $18,175              | $837                                                             | $1,010                                                           |\n| Service cost                              | 2                    | 2                    | 3                                                                | 5                                                                |\n| Interest cost                             | 699                  | 670                  | 33                                                               | 35                                                               |\n| Actuarial (gain) loss  ^(1), (2)^         | 1,951                | (1,905<br><br>)      | 20                                                               | (132<br><br>)                                                    |\n| Settlements                               | (2<br><br>)          | (4<br><br>)          | \u2014                                                                | \u2014                                                                |\n| Benefit payments                          | (686<br><br>)        | (659<br><br>)        | (74<br><br>)                                                     | (81<br><br>)                                                     |\n| Other                                     | \u2014                    | 3                    | 5                                                                | \u2014                                                                |\n| Benefit obligation at end of period       | $18,246              | $16,282              | $824                                                             | $837                                                             |\n\n\n\n\n\n|                                                  |                          |                          |                                                                  |                                                                  |\n| ------------------------------------------------ | ------------------------ | ------------------------ | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                                  | **Pension Benefits**     | **Pension Benefits**     | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                                  | **2019**                 | **2018**                 | **2019**                                                         | **2018**                                                         |\n|                                                  | **(In millions)**        | **(In millions)**        | **(In millions)**                                                | **(In millions)**                                                |\n| Fair value of plan assets at beginning of period | $10,001                  | $11,340                  | $225                                                             | $295                                                             |\n| Actual return (loss) on plan assets              | 2,292                    | (1,148<br><br>)          | 41                                                               | (24<br><br>)                                                     |\n| Employer contributions  ^(3)^                    | 1,224                    | 472                      | 12                                                               | 35                                                               |\n| Settlements                                      | (2<br><br>)              | (4<br><br>)              | \u2014                                                                | \u2014                                                                |\n| Benefit payments                                 | (686<br><br>)            | (659<br><br>)            | (74<br><br>)                                                     | (81<br><br>)                                                     |\n| Fair value of plan assets at end of period       | $12,829                  | $10,001                  | $204                                                             | $225                                                             |\n| Funded status at end of period                   | $<br><br>(5,417<br><br>) | $<br><br>(6,281<br><br>) | $<br><br>(620<br><br>)                                           | $<br><br>(612<br><br>)                                           |\n\n\n\n\n\n|       |                                                                                                                                                                                                                            |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The  2019  and  2018  pension actuarial (gain) loss primarily relates to changes in American\u2019s weighted average discount rate and mortality assumption and, in  2018 , changes to American\u2019s retirement rate assumptions\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                    |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | The  2019  retiree medical and other postretirement benefits actuarial loss primarily relates to changes in American\u2019s weighted average discount rate assumption and plan experience adjustments\\. |\n\n\n\nThe  2018  retiree medical and other postretirement benefits actuarial gain primarily relates to changes in American\u2019s weighted average discount rate, medical trend and per capita claims assumptions\\.\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | During  2019 , American contributed   $1\\.2 billion  to its defined benefit pension plans, including supplemental contributions of   $444 million  and a   $780 million  minimum required contribution\\. During  2018 , American contributed   $472 million  to its defined benefit pension plans, including supplemental contributions of   $433 million  and a   $39 million  minimum required contribution\\. |\n\n\n\n142"}
{"_id": "AmericanAirlines-2018_189.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| 4\\.135                        | [Revolving Credit Agreement (2017\\-1AA), dated as of January 13, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1AA, as Borrower, and Citibank N\\.A\\., as Liquidity Provider (incorporated by reference to Exhibit 4\\.18 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex418.htm)                                                                                                    |\n| 4\\.136                        | [Revolving Credit Agreement (2017\\-1A), dated as of January 13, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1A, as Borrower, and Citibank N\\.A\\., as Liquidity Provider (incorporated by reference to Exhibit 4\\.19 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex419.htm)                                                                                                      |\n| 4\\.137                        | [Revolving Credit Agreement (2017\\-1B), dated as of January 13, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1B, as Borrower, and Citibank N\\.A\\., as Liquidity Provider (incorporated by reference to Exhibit 4\\.20 to American\u2019s Current Report on Form 8\\-K filed on January 17, 2017 (Commission File No\\. 1\\-02691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517011067/d319419dex420.htm)                                                                                                      |\n| 4\\.138                        | [Acknowledgment and Agreement (2017\\-1), dated as of March 31, 2017, by and among American Airlines Inc\\., Citibank, N\\.A\\., as initial Liquidity Provider, National Australia Bank Limited, as Replacement Liquidity Provider, and Wilmington Trust Company, as Subordination Agent and trustee (incorporated by reference to Exhibit 4\\.20 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex420.htm)                                                                                |\n| 4\\.139                        | [Revolving Credit Agreement (2017\\-1AA), dated as of March 31, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1AA, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.21 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex421.htm)                                                                              |\n| 4\\.140                        | [Revolving Credit Agreement (2017\\-1A), dated as of March 31, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1A, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.22 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex422.htm)                                                                                |\n| 4\\.141                        | [Revolving Credit Agreement (2017\\-1B), dated as of March 31, 2017, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2017\\-1B, as Borrower, and National Australia Bank Limited, as Liquidity Provider (incorporated by reference to Exhibit 4\\.23 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517140927/d358913dex423.htm)                                                                                |\n| 4\\.142                        | [Form of American Airlines Group Inc\\. Indenture for Debt Securities (incorporated by reference to Exhibit 4\\.1 to AAG\u2019s Registration Statement on Form S\\-3ASR filed on February 22, 2017 (Commission File No\\. 333\\-216167)\\. ](http://www.sec.gov/Archives/edgar/data/4515/000119312517052055/d366751dex41.htm)                                                                                                                                                                                                                                                                                                            |\n| 4\\.143                        | [Form of American Airlines, Inc\\. Indenture for Debt Securities (incorporated by reference to Exhibit 4\\.2 to AAG\u2019s Registration Statement on Form S\\-3ASR filed on February 22, 2017 (Commission File No\\. 333\\-216167)\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517052055/d366751dex42.htm)                                                                                                                                                                                                                                                                                                                  |\n| 4\\.144                        | [Trust Supplement No\\. 2017\\-2AA, dated as of August 14, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex42.htm)                                                                                                                                                                               |\n| 4\\.145                        | [Trust Supplement No\\. 2017\\-2A, dated as of August 14, 2017, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex43.htm)                                                                                                                                                                                |\n| 4\\.146                        | [Intercreditor Agreement (2017\\-2), dated as of August 14, 2017, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2017\\-2AA and as Trustee of the American Airlines Pass Through Trust 2017\\-2A, National Australia Bank Limited, as Class AA Liquidity Provider and Class A Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex44.htm) |\n| 4\\.147                        | [Note Purchase Agreement, dated as of August 14, 2017, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex49.htm)                                          |\n| 4\\.148                        | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (incorporated by reference to Exhibit B to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex49.htm)       |\n| 4\\.149                        | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (incorporated by reference to Exhibit C to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on August 14, 2017 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312517257245/d376721dex49.htm)                                                                                                                                                                                                                   |\n\n\n\n190"}
{"_id": "Delta-2018_56.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nDELTA AIR LINES, INC\\.\n\nConsolidated Statements of Operations\n\n\n\n|                                                                                          |                                                                                          |                                                                                          |                                                                                          |\n| ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- |\n|                                                                                          | **Year Ended December 31,**                                                              | **Year Ended December 31,**                                                              | **Year Ended December 31,**                                                              |\n| **(in millions, except per share data)**                                                 | **2018**                                                                                 | **2017**                                                                                 | **2016**                                                                                 |\n| **Operating Revenue:**                                                                   |                                                                                          |                                                                                          |                                                                                          |\n| Passenger                                                                                | $39,755                                                                                  | $36,947                                                                                  | $35,814                                                                                  |\n| Cargo                                                                                    | 865                                                                                      | 744                                                                                      | 684                                                                                      |\n| Other                                                                                    | 3,818                                                                                    | 3,447                                                                                    | 2,952                                                                                    |\n|  Total operating revenue                                                                 | 44,438                                                                                   | 41,138                                                                                   | 39,450                                                                                   |\n| **Operating Expense:**                                                                   |                                                                                          |                                                                                          |                                                                                          |\n| Salaries and related costs                                                               | 10,743                                                                                   | 10,058                                                                                   | 9,394                                                                                    |\n| Aircraft fuel and related taxes                                                          | 9,020                                                                                    | 6,756                                                                                    | 5,985                                                                                    |\n| Regional carriers expense, excluding fuel                                                | 3,438                                                                                    | 3,466                                                                                    | 3,447                                                                                    |\n| Depreciation and amortization                                                            | 2,329                                                                                    | 2,222                                                                                    | 1,886                                                                                    |\n| Contracted services                                                                      | 2,175                                                                                    | 2,108                                                                                    | 1,918                                                                                    |\n| Passenger commissions and other selling expenses                                         | 1,941                                                                                    | 1,827                                                                                    | 1,751                                                                                    |\n| Ancillary businesses and refinery                                                        | 1,695                                                                                    | 1,495                                                                                    | 1,182                                                                                    |\n| Landing fees and other rents                                                             | 1,662                                                                                    | 1,501                                                                                    | 1,472                                                                                    |\n| Aircraft maintenance materials and outside repairs                                       | 1,575                                                                                    | 1,591                                                                                    | 1,434                                                                                    |\n| Profit sharing                                                                           | 1,301                                                                                    | 1,065                                                                                    | 1,115                                                                                    |\n| Passenger service                                                                        | 1,178                                                                                    | 1,123                                                                                    | 964                                                                                      |\n| Aircraft rent                                                                            | 394                                                                                      | 351                                                                                      | 285                                                                                      |\n| Other                                                                                    | 1,723                                                                                    | 1,609                                                                                    | 1,621                                                                                    |\n| Total operating expense                                                                  | 39,174                                                                                   | 35,172                                                                                   | 32,454                                                                                   |\n| **Operating Income**                                                                     | 5,264                                                                                    | 5,966                                                                                    | 6,996                                                                                    |\n| **Non\\-Operating Expense:**                                                              |                                                                                          |                                                                                          |                                                                                          |\n| Interest expense, net                                                                    | (311<br><br>)                                                                            | (396<br><br>)                                                                            | (388<br><br>)                                                                            |\n| Unrealized gain/(loss) on investments, net                                               | 14                                                                                       | \u2014                                                                                        | \u2014                                                                                        |\n| Miscellaneous, net                                                                       | 184                                                                                      | (70<br><br>)                                                                             | (255<br><br>)                                                                            |\n| Total non\\-operating expense, net                                                        | (113<br><br>)                                                                            | (466<br><br>)                                                                            | (643<br><br>)                                                                            |\n| **Income Before Income Taxes**                                                           | 5,151                                                                                    | 5,500                                                                                    | 6,353                                                                                    |\n| **Income Tax Provision**                                                                 | (1,216<br><br>)                                                                          | (2,295<br><br>)                                                                          | (2,158<br><br>)                                                                          |\n| **Net Income**                                                                           | $3,935                                                                                   | $3,205                                                                                   | $4,195                                                                                   |\n| **Basic Earnings Per Share**                                                             | $5\\.69                                                                                   | $4\\.45                                                                                   | $5\\.59                                                                                   |\n| **Diluted Earnings Per Share**                                                           | $5\\.67                                                                                   | $4\\.43                                                                                   | $5\\.55                                                                                   |\n| **Cash Dividends Declared Per Share**                                                    | $1\\.31                                                                                   | $1\\.02                                                                                   | $0\\.68                                                                                   |\n| The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. | The accompanying notes are an integral part of these Consolidated Financial Statements\\. |\n\n\n\n 54"}
{"_id": "AmericanAirlines-2017_77.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*Standards Effective for 2019 Reporting Periods*\n\n***ASU 2016\\-02: Leases (Topic 842) (the New Lease Standard)***\n\nThe New Lease Standard requires lessees to recognize a lease liability and a right\\-of\\-use asset on the balance sheet and aligns many of the underlying principles of the new lessor model with those in the New Revenue Standard\\. The New Lease Standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years\\. Early adoption is permitted\\. We expect we will adopt the New Lease Standard effective January 1, 2019\\. Entities are required to adopt the New Lease Standard using a modified retrospective approach, which results in the recast of each prior reporting period presented, for all leases existing at or commencing after the date of initial application with an option to use certain practical expedients\\. We are currently evaluating how the adoption of the New Lease Standard will impact our consolidated financial statements\\. Interpretations are on\\-going and could have a material impact on our implementation\\. Currently, we expect that the adoption of the New Lease Standard will have a material impact on our consolidated balance sheet due to the recognition of right\\-of\\-use assets and lease liabilities principally for certain leases currently accounted for as operating leases\\.\n\n**ITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**\n\nThe risk inherent in our market risk sensitive instruments and positions is the potential loss arising from adverse changes in the price of fuel, foreign currency exchange rates and interest rates as discussed below\\. The sensitivity analyses presented do not consider the effects that such adverse changes may have on overall economic activity, nor do they consider additional actions we may take to mitigate our exposure to such changes\\. Therefore, actual results may differ\\. See Note 7 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 5 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for additional discussion regarding risk management matters\\.\n\n***Aircraft Fuel***\n\nOur operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in our business\\. Because of the amount of fuel needed to operate our airlines, even a relatively small increase or decrease in the price of fuel can have a material effect on our costs and liquidity\\. Jet fuel market prices have fluctuated substantially over the past several years with market spot prices ranging from a low of approximately $0\\.80 per gallon to a high of approximately $2\\.00 per gallon during the period from January 1, 2015 to December 31, 2017\\.\n\nAs of December 31, 2017, we did not have any fuel hedging contracts outstanding to hedge our fuel consumption\\. As such, and assuming we do not enter into any future transactions to hedge our fuel consumption, we will continue to be fully exposed to fluctuations in fuel prices\\. Our current policy is not to enter into transactions to hedge our fuel consumption, although we review that policy from time to time based on market conditions and other factors\\. Based on our 2018 forecasted mainline and regional fuel consumption, we estimate that a one cent per gallon increase in aviation fuel price would increase our 2018 annual fuel expense by $45 million\\.\n\n***Foreign Currency***\n\nWe are exposed to the effect of foreign exchange rate fluctuations on the U\\.S\\. dollar value of foreign currency\\-denominated operating revenues and expenses\\. Our largest exposure comes from the British pound, Euro, Canadian dollar and various Latin American currencies, primarily the Brazilian real\\. We do not currently have a foreign currency hedge program\\. A uniform 10% strengthening in the value of the U\\.S\\. dollar from 2017 levels relative to each of the currencies in which we have foreign currency exposure would have resulted in a decrease in operating income of approximately $203 million for the year ended December 31, 2017\\.\n\nGenerally, fluctuations in foreign currencies, including devaluations, cannot be predicted by us and can significantly affect the value of our assets located outside the United States\\. These conditions, as well as any further delays, devaluations or imposition of more stringent repatriation restrictions, may materially adversely affect our business, results of operations and financial condition\\. See Part I, Item 1A\\. Risk Factors \u2013*\u201cWe operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control\u201d* for additional discussion of this and other currency risks\\.\n\n78"}
{"_id": "Delta-2017_65.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nFrequent Flyer Program\n\nOur SkyMiles program offers incentives to travel on Delta\\. This program allows customers to earn mileage credits by flying on Delta, Delta Connection and airlines that participate in the SkyMiles program, as well as through participating companies such as credit card companies, hotels and car rental agencies\\. We sell mileage credits to non\\-airline businesses, customers and other airlines\\. Effective January 1, 2015, the SkyMiles program was modified from a model in which customers earn redeemable mileage credits based on distance traveled to a model based on ticket price\\. This award change did not affect the way we account for the program\\. \n\nThe SkyMiles program includes two types of transactions that are considered revenue arrangements with multiple deliverables\\. As discussed below, these are (1) passenger ticket sales earning mileage credits and (2) the sale of mileage credits to participating companies with which we have marketing agreements\\. Mileage credits are a separate unit of accounting as they can be redeemed by customers in future periods for air travel on Delta and participating airlines, membership in our Sky Club and other program awards\\. \n\nPassenger Ticket Sales Earning Mileage Credits\\.  Passenger ticket sales earning mileage credits under our SkyMiles program provide customers with (1) mileage credits earned and (2) air transportation\\. We value each deliverable on a standalone basis\\. Our estimate of the selling price of a mileage credit is based on an analysis of our sales of mileage credits to other airlines and customers, which is re\\-evaluated at least annually\\. We use established ticket prices to determine the estimated selling price of air transportation\\. We allocate the total amount collected from passenger ticket sales between the deliverables based on their relative selling prices\\.\n\nWe defer revenue for the mileage credits related to passenger ticket sales when the credits are earned and recognize it as passenger revenue when miles are redeemed and services are provided\\. We record the air transportation portion of the passenger ticket sales in air traffic liability and recognize these amounts in passenger revenue when we provide transportation or when the ticket expires unused\\. \n\nSale of Mileage Credits\\.  Customers may earn mileage credits through participating companies such as credit card companies, hotels and car rental agencies with which we have marketing agreements to sell mileage credits\\. Our contracts to sell mileage credits under these marketing agreements have multiple deliverables, as defined below\\.\n\nOur most significant contract to sell mileage credits relates to our co\\-brand credit card relationship with American Express\\. Our agreements with American Express provide for joint marketing, grant certain benefits to Delta\\-American Express co\\-branded credit card holders (\"Cardholders\") and American Express Membership Rewards program participants and allow American Express to market using our customer database\\. Cardholders earn mileage credits for making purchases using co\\-branded cards, may check their first bag for free, are granted discounted access to Delta Sky Club lounges and receive other benefits while traveling on Delta\\. These benefits that we provide in the form of separate products and services under the SkyMiles agreements are referred to as \"deliverables\\.\" Additionally, participants in the American Express Membership Rewards program may exchange their points for mileage credits under the SkyMiles program\\. As a result, we sell mileage credits at agreed\\-upon rates to American Express for provision to their customers under the co\\-brand credit card program and the Membership Rewards program\\.\n\nOur marketing agreements with American Express extend to 2022\\. We account for the agreements consistent with the accounting method that allocates the consideration received to the individual products and services delivered based on their relative selling prices\\. We determined our best estimate of the selling prices by considering discounted cash flow analysis using multiple inputs and assumptions, including: (1) the expected number of miles awarded and number of miles redeemed, (2) the rate at which we sell mileage credits to other airlines, (3) published rates on our website for baggage fees, discounted access to Delta Sky Club lounges and other benefits while traveling on Delta and (4) brand value\\.\n\nWe recognize revenue as we deliver each sales element\\. We defer the travel deliverable (mileage credits) as part of frequent flyer deferred revenue and recognize passenger revenue as the mileage credits are used for travel\\. The revenue allocated to the remaining deliverables is recorded in other revenue\\. We recognize the revenue for these services as they are performed\\.\n\nBreakage\\.  For mileage credits that we estimate are not likely to be redeemed (\"breakage\"), we recognize the associated value proportionally during the period in which the remaining mileage credits are expected to be redeemed\\. Management uses statistical models to estimate breakage based on historical redemption patterns\\. A change in assumptions as to the period over which mileage credits are expected to be redeemed, the actual redemption activity for mileage credits or the estimated fair value of mileage credits expected to be redeemed could have a material impact on our revenue in the year in which the change occurs and in future years\\. \n\n 61"}
{"_id": "Delta-2019_22.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nThe airline industry is subject to many forms of environmental regulation, including increased regulation to reduce emissions\\. Failure to comply with environmental regulations or the enactment of additional regulation could have a material adverse effect on our financial results\\. \n\nMany aspects of our operations are subject to increasingly stringent federal, state, local and international laws governing the protection of the environment\\. Compliance with existing and future environmental laws and regulations can require significant expenditures and violations can lead to significant fines and penalties\\. \n\nFuture regulatory action concerning climate change, aircraft emissions and noise emissions could have a significant effect on the airline industry\\. In order to address aircraft emissions, ICAO, a UN specialized agency, formally adopted a global, market\\-based emission offset program known as CORSIA\\. This program establishes a medium\\-term goal for the aviation industry of achieving carbon\\-neutral growth in international aviation beginning in 2021, based on a 2019\\-2020 baseline\\. Certain CORSIA program details remain to be developed and could potentially be affected by political developments in participating countries or the results of the pilot phase of the program, and thus the impact of CORSIA cannot be fully predicted\\. However, CORSIA is expected to increase operating costs for airlines that operate internationally\\. \n\nIn addition to CORSIA, we may face additional regulation of aircraft emissions in the U\\.S\\. and abroad and become subject to further taxes, charges or additional requirements to obtain permits or purchase allowances or emission credits for greenhouse gas emissions in various jurisdictions\\. Additional regulation could result in taxation, regulatory or permitting requirements from multiple jurisdictions for the same operations and significant costs for us and the airline industry\\. In addition to direct costs, such regulation could result in increased fuel costs passed through from fuel suppliers affected by any such regulations\\. While the specific nature of future actions is hard to predict, new laws or regulations related to environmental matters adopted in the U\\.S\\. or other countries could impose significant additional costs on our operations\\.\n\nBecause of the global nature of our business, unfavorable global economic conditions or volatility in currency exchange rates could have a material adverse effect on our business, financial condition and operating results\\. \n\nAs a result of the discretionary nature of air travel, the airline industry has been cyclical and particularly sensitive to changes in economic conditions\\. Because we operate globally, with approximately 30% of our revenues from operations outside of the U\\.S\\., our business is subject to economic conditions throughout the world\\. During periods of unfavorable or volatile economic conditions in the global economy, demand for air travel can be significantly impacted as business and leisure travelers choose not to travel, seek alternative forms of transportation for short trips or conduct business using technological alternatives\\. If unfavorable economic conditions occur, particularly for an extended period, our business, financial condition and results of operations may be adversely affected\\. In addition, significant or volatile changes in exchange rates between the U\\.S\\. dollar and other currencies, and the imposition of exchange controls or other currency restrictions, may have a material adverse effect on our liquidity, financial conditions and results of operations\\.\n\nEconomic conditions following the United Kingdom\u2019s exit from the European Union could have a material adverse effect on our business\\.\n\nFollowing a referendum in June 2016 in which voters in the U\\.K\\. approved an exit (often referred to as Brexit) from the European Union, the U\\.K\\.\u2019s withdrawal became effective on January 31, 2020\\. A transition period will apply until the end of 2020 (or later, if extended) during which the pre\\-Brexit legal regime will continue to apply (including with respect to aviation) while the U\\.K\\. and European Union negotiate rules that will apply to their future relationship\\. It is unknown how that future relationship will be structured\\. Regardless of what happens between the U\\.K\\. and European Union, the U\\.S\\. \\- European Union Open Skies air services agreement will continue to apply to air services between the U\\.S\\. and the European Union and a new U\\.S\\.\\-U\\.K\\. Open Skies agreement will apply to air services between the U\\.S\\. and the U\\.K\\.\n\nCurrently, it is uncertain what will be the terms of the future relationship between the U\\.K\\. and the European Union on matters such as trade, customs, financial services and the movement of goods and people\\. Furthermore, post\\-Brexit ambiguity or changes in regulations could diminish the value of route authorities, slots or other assets owned by us or our joint venture partners and, therefore, could have a material adverse effect on our business and results of operations and financial condition\\.\n\n20"}
{"_id": "AmericanAirlines-2017_131.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nis measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets\\. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the cost to sell\\.\n\nTotal depreciation and amortization expense was $2\\.1 billion, $1\\.8 billion and $1\\.6 billion for the years ended December 31, 2017, 2016 and 2015, respectively\\.\n\n***(f) Income Taxes***\n\nIncome taxes are accounted for under the asset and liability method\\. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards\\. Deferred tax assets and liabilities are recorded net as noncurrent deferred income taxes\\.\n\nAmerican provides a valuation allowance for its deferred tax assets when it is more likely than not that some portion, or all of its deferred tax assets, will not be realized\\. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income\\. American considers all available positive and negative evidence and makes certain assumptions in evaluating the realizability of its deferred tax assets\\. Many factors are considered that impact American\u2019s assessment of future profitability, including conditions which are beyond American\u2019s control, such as the health of the economy, the level and volatility of fuel prices and travel demand\\.\n\n***(g) Goodwill***\n\nGoodwill represents the excess of the purchase price over the fair value of the net assets acquired and liabilities assumed\\. Goodwill is not amortized but assessed for impairment annually on October 1^st^ or more frequently if events or circumstances indicate that goodwill may be impaired\\. American has one consolidated reporting unit\\.\n\nGoodwill is assessed for impairment by initially performing a qualitative assessment and, if necessary, then comparing the fair value of the reporting unit to its carrying value, including goodwill\\. If the fair value of the reporting unit is less than the carrying value, a second step is performed to determine the implied fair value of goodwill\\. If the implied fair value of goodwill is lower than its carrying value, an impairment charge equal to the difference is recorded\\. Based upon American\u2019s annual assessment, there was no goodwill impairment in 2017\\. The carrying value of the goodwill on American\u2019s consolidated balance sheets was $4\\.1 billion as of December 31, 2017 and 2016\\.\n\n***(h) Other Intangibles, Net***\n\nIntangible assets consist primarily of domestic airport slots, customer relationships, marketing agreements, international slots and route authorities, airport gate leasehold rights and tradenames\\.\n\n*Finite\\-Lived Intangible Assets*\n\nFinite\\-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable\\.\n\nThe following table provides information relating to American\u2019s amortizable intangible assets as of December 31, 2017 and 2016 (in millions):\n\n\n\n|                               |                  |                  |\n| ----------------------------- | ---------------- | ---------------- |\n|                               | **December 31,** | **December 31,** |\n|                               | **2017**         | **2016**         |\n| Domestic airport slots        | $365             | $365             |\n| Customer relationships        | 300              | 300              |\n| Marketing agreements          | 105              | 105              |\n| Tradenames                    | 35               | 35               |\n| Airport gate leasehold rights | 137              | 137              |\n| Accumulated amortization      | (622)            | (578)            |\n| Total                         | $320             | $364             |\n\n\n\nCertain domestic airport slots and airport gate leasehold rights are amortized on a straight\\-line basis over 25 years\\. The customer relationships and marketing agreements were identified as intangible assets subject to amortization and \n\n132"}
{"_id": "AmericanAirlines-2019_96.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\n9\\.  Fair Value Measurements and Other Investments\n\nAssets Measured at Fair Value on a Recurring Basis\n\nFair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i\\.e\\. an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability\\. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy\\. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market\\. Each fair value measurement is reported in one of three levels:\n\n\n\n|   |                                                                      |\n| - | -------------------------------------------------------------------- |\n| \u2022 | Level 1 \u2013 Observable inputs such as quoted prices in active markets; |\n\n\n\n\n\n|   |                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Level 2 \u2013 Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |\n\n\n\n\n\n|   |                                                                                                                                               |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Level 3 \u2013 Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions\\. |\n\n\n\nWhen available, we use quoted market prices to determine the fair value of our financial assets\\. If quoted market prices are not available, we measure fair value using valuation techniques that use, when possible, current market\\-based or independently\\-sourced market parameters, such as interest rates and currency rates\\.\n\nWe utilize the market approach to measure the fair value of our financial assets\\. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets\\. Our short\\-term investments classified as Level 2 primarily utilize broker quotes in a non\\-active market for valuation of these securities\\. No changes in valuation techniques or inputs occurred during the year ended  December 31, 2019 \\.\n\nAssets measured at fair value on a recurring basis are summarized below (in millions):\n\n\n\n|                                                    |                                                     |                                                     |                                                     |                                                     |\n| -------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |\n|                                                    | **Fair Value Measurements as of December 31, 2019** | **Fair Value Measurements as of December 31, 2019** | **Fair Value Measurements as of December 31, 2019** | **Fair Value Measurements as of December 31, 2019** |\n|                                                    | **Total**                                           | **Level 1**                                         | **Level 2**                                         | **Level 3**                                         |\n| Short\\-term investments  ^(1),^  ^(2)^ :           |                                                     |                                                     |                                                     |                                                     |\n| Money market funds                                 | $333                                                | $333                                                | $\u2014                                                  | $\u2014                                                  |\n| Bank notes/certificates of deposit/time deposits   | 2,107                                               | \u2014                                                   | 2,107                                               | \u2014                                                   |\n| Corporate obligations                              | 1,021                                               | \u2014                                                   | 1,021                                               | \u2014                                                   |\n| Repurchase agreements                              | 85                                                  | \u2014                                                   | 85                                                  | \u2014                                                   |\n|                                                    | 3,546                                               | 333                                                 | 3,213                                               | \u2014                                                   |\n| Restricted cash and short\\-term investments  ^(1)^ | 158                                                 | 10                                                  | 148                                                 | \u2014                                                   |\n| Long\\-term investments  ^(3)^                      | 204                                                 | 204                                                 | \u2014                                                   | \u2014                                                   |\n| Total                                              | $3,908                                              | $547                                                | $3,361                                              | $\u2014                                                  |\n\n\n\n\n\n|                                                    |                                                     |                                                     |                                                     |                                                     |\n| -------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- | --------------------------------------------------- |\n|                                                    | **Fair Value Measurements as of December 31, 2018** | **Fair Value Measurements as of December 31, 2018** | **Fair Value Measurements as of December 31, 2018** | **Fair Value Measurements as of December 31, 2018** |\n|                                                    | **Total**                                           | **Level 1**                                         | **Level 2**                                         | **Level 3**                                         |\n| Short\\-term investments  ^(1)^ :                   |                                                     |                                                     |                                                     |                                                     |\n| Money market funds                                 | $16                                                 | $16                                                 | $\u2014                                                  | $\u2014                                                  |\n| Bank notes/certificates of deposit/time deposits   | 2,436                                               | \u2014                                                   | 2,436                                               | \u2014                                                   |\n| Corporate obligations                              | 1,658                                               | \u2014                                                   | 1,658                                               | \u2014                                                   |\n| Repurchase agreements                              | 375                                                 | \u2014                                                   | 375                                                 | \u2014                                                   |\n|                                                    | 4,485                                               | 16                                                  | 4,469                                               | \u2014                                                   |\n| Restricted cash and short\\-term investments  ^(1)^ | 154                                                 | 12                                                  | 142                                                 | \u2014                                                   |\n| Long\\-term investments  ^(3)^                      | 189                                                 | 189                                                 | \u2014                                                   | \u2014                                                   |\n| Total                                              | $4,828                                              | $217                                                | $4,611                                              | $\u2014                                                  |\n\n\n\n97"}
{"_id": "Delta-2019_102.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nDelta is not filing any instruments evidencing any indebtedness because the total amount of securities authorized under any single such instrument does not exceed 10% of the total assets of Delta and its subsidiaries on a consolidated basis\\. Copies of such instruments will be furnished to the Securities and Exchange Commission upon request\\.\n\n10\\.1  [Credit Agreement, dated as of April 19, 2018, among Delta Air Lines, Inc\\., as Borrower and The Lenders and JP Morgan Chase Bank, N\\.A\\., as Administrative Agent, Barclays Bank PLC, BNP Paribas, Citigroup Global Markets Inc\\., Compass Bank, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank Securities Inc\\., Fifth Third Bank, Goldman Sachs Bank USA, Industrial and Commercial Bank of China Limited, New York Branch, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Senior Funding, Inc\\., PNC Bank, National Association, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, U\\.S\\. Bank National Association and Wells Fargo Bank, N\\.A\\., as Co\\-Syndication Agents, and JP Morgan Chase Bank, N\\.A\\., Barclays Bank PLC, BNP Paribas, Citigroup Global Markets Inc\\., Compass Bank, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank Securities Inc\\., Fifth Third Bank, Goldman Sachs Bank USA, Industrial and Commercial Bank of China Limited, New York Branch, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Senior Funding, Inc\\., PNC Capital Markets LLC, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, U\\.S\\. Bank National Association, Wells Fargo Bank, N\\.A\\., Credit Agricole Corporate and Investment Bank and Natixis, New York Branch, as Joint Lead Arrangers and Joint Bookrunners (Filed as Exhibit 10\\.1 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2018)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790418000016/dal6302018ex101.htm)\n\n10\\.2  [Anchor Tenant Agreement dated as of December 9, 2010 between JFK International Air Terminal LLC and Delta Air Lines, Inc\\. (Filed as Exhibit 10\\.4 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2010)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000095012311014364/g24877exv10w4.htm)\n\n10\\.3  [Amended and Restated Agreement of Lease by and between The Port Authority of New York and New Jersey and Delta Air Lines, Inc\\., dated as of September 13, 2017 (Filed as Exhibit 10\\.1 to Delta\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000017/dal9302017ex101.htm)\n\n10\\.4(a)  [Airbus A330\\-900neo Aircraft and A350\\-900 Aircraft Purchase Agreement dated as of November 24, 2014 between Airbus S\\.A\\.S and Delta Air Lines, Inc\\. (Filed as Exhibit 10\\.9 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2014)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790415000003/dal12312014ex109.htm)\n\n10\\.4(b)  [Amendment No\\. 3, dated May 10, 2017, to Airbus A330\\-900 Aircraft and A350\\-900 Aircraft Purchase Agreement dated as of November 24, 2014 between Airbus S\\.A\\.S\\. and Delta Air Lines, Inc\\. (\u201cAmendment No\\. 3\u201d) (Filed as Exhibit 10\\.2(a) to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex102a.htm)\n\n10\\.4(c)  [Letter Agreements, dated May 10, 2017, relating to Amendment No\\. 3 (Filed as Exhibit 10\\.2(b) to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex102b.htm)\n\n10\\.4(d)  [Amendment No\\. 8, dated as of October 30, 2018, to Airbus A330\\-900 Aircraft and A350\\-900 Aircraft Purchase Agreement dated as of November 24, 2014 between Airbus S\\.A\\.S\\. and Delta Air Lines, Inc\\. (\u201cAmendment No\\. 8\u201d) (Filed as Exhibit 10\\.7(d) to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2018)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790419000003/dal12312018ex107d.htm)\n\n10\\.4(e)  [Letter Agreements, dated as of October 30, 2018, relating to Amendment No\\. 8 (Filed as Exhibit 10\\.7(e) to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2018)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790419000003/dal12312018ex107e.htm)\n\n10\\.5(a)  [Airbus A321 Aircraft and A330 Aircraft Purchase Agreement dated as of September 3, 2013 between Airbus S\\.A\\.S\\. and Delta Air Lines, Inc\\., as amended through April 29, 2016 (Filed as Exhibit 10\\.1 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000026/dal6302016ex101.htm)\n\n10\\.5(b)  [Amendment No\\. 9, dated May 10, 2017, to Airbus A321 Aircraft and A330 Aircraft Purchase Agreement dated as of September 3, 2013 between Airbus S\\.A\\.S\\. and Delta Air Lines, Inc\\. (\u201cAmendment No\\. 9\u201d) (Filed as Exhibit 10\\.1(a) to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex101a.htm)\n\n10\\.5(c)  [Letter Agreements, dated May 10, 2017, relating to Amendment No\\. 9 (Filed as Exhibit 10\\.1(b) to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex101b.htm)\n\n100"}
{"_id": "Delta-2018_105.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\n|          |                                                                                                                                                                                                                                                                                                                                                                         |\n| -------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.6(b) | [Letter Agreement, dated August 24, 2011, relating to Revisions to Aircraft General Terms Agreement dated October 21, 1997 and Supplemental Agreement 13 (Filed as Exhibit 10\\.3(b) to Delta's Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2011)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000144530511003058/dal9302011ex103b.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                     |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.6(c) | [Letter Agreement, dated December 16, 2015, relating to Revisions to Aircraft General Terms Agreement dated October 21, 1997 and Supplemental Agreement 17 (Filed as Exhibit 10\\.8(c) to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000018/dal12312015ex108c.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                              |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.7(a) | [Airbus A330\\-900neo Aircraft and A350\\-900 Aircraft Purchase Agreement dated as of November 24, 2014 between Airbus S\\.A\\.S and Delta Air Lines, Inc\\. (Filed as Exhibit 10\\.9 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2014)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790415000003/dal12312014ex109.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.7(b) | [Amendment No\\. 3, dated May 10, 2017, to Airbus A330\\-900 Aircraft and A350\\-900 Aircraft Purchase Agreement dated as of November 24, 2014 between Airbus S\\.A\\.S\\. and Delta Air Lines, Inc\\. (\u201cAmendment No\\. 3\u201d) (Filed as Exhibit 10\\.2(a) to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex102a.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.7(c) | [Letter Agreements, dated May 10, 2017, relating to Amendment No\\. 3 (Filed as Exhibit 10\\.2(b) to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex102b.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                  |\n| -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.7(d) | [Amendment No\\. 8, dated as of October 30, 2018, to Airbus A330\\-900 Aircraft and A350\\-900 Aircraft Purchase Agreement dated as of November 24, 2014 between Airbus S\\.A\\.S\\. and Delta Air Lines, Inc\\. (\u201cAmendment No\\. 8\u201d)\\.\\*\\*](http://ir.delta.com/dal12312018ex107d.htm) |\n\n\n\n\n\n|          |                                                                                                                                  |\n| -------- | -------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.7(e) | [Letter Agreements, dated as of October 30, 2018, relating to Amendment No\\. 8\\.\\*\\*](http://ir.delta.com/dal12312018ex107e.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                                       |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.8(a) | [Airbus A321 Aircraft and A330 Aircraft Purchase Agreement dated as of September 3, 2013 between Airbus S\\.A\\.S\\. and Delta Air Lines, Inc\\., as amended through April 29, 2016 (Filed as Exhibit 10\\.1 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000026/dal6302016ex101.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| -------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.8(b) | [Amendment No\\. 9, dated May 10, 2017, to Airbus A321 Aircraft and A330 Aircraft Purchase Agreement dated as of September 3, 2013 between Airbus S\\.A\\.S\\. and Delta Air Lines, Inc\\. (\u201cAmendment No\\. 9\u201d) (Filed as Exhibit 10\\.1(a) to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex101a.htm) |\n\n\n\n\n\n|          |                                                                                                                                                                                                                                                                                |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.8(c) | [Letter Agreements, dated May 10, 2017, relating to Amendment No\\. 9 (Filed as Exhibit 10\\.1(b) to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex101b.htm) |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                      |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.9 | [Airbus A321neo Aircraft Purchase Agreement dated as of December 15, 2017 between Airbus S\\.A\\.S\\. and Delta Air Lines, Inc\\. (Filed as Exhibit 10\\.10 to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790418000006/dal12312017ex1010.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                        |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 10\\.10 | [Delta Air Lines, Inc\\. Performance Compensation Plan (Filed as Exhibit 10\\.2 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000026/dal6302016ex102.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                                                          |\n| ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.11 | [Delta Air Lines, Inc\\. Officer and Director Severance Plan, as amended and restated as of June 1, 2016 (Filed as Exhibit 10\\.3 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000026/dal6302016ex103.htm) |\n\n\n\n\n\n|        |                                                                                                                                                                                                                                                                                                |\n| ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 10\\.12 | [Description of Certain Benefits of Members of the Board of Directors and Executive Officers (Filed as Exhibit 10\\.11 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000004/dal12312016ex1011.htm) |\n\n\n\n10\\.13(a) [Delta Air Lines, Inc\\. 2016 Long\\-Term Incentive Program (Filed as Exhibit 10\\.16 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2015)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000018/dal12312015ex1016.htm)\n\n10\\.13(b) [First Amendment to the Delta Air Lines, Inc\\. 2016 Long Term Incentive Program (Filed as Exhibit 10\\.15(b) to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790418000006/dal12312017ex1015b.htm)\n\n10\\.13(c) [Model Award Agreement for the Delta Air Lines, Inc\\. 2016 Long\\-Term Incentive Program (Filed as Exhibit 10\\.1 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000022/dal3312016ex101.htm)\n\n 103"}
{"_id": "AmericanAirlines-2018_153.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nThe income tax provision differed from amounts computed at the statutory federal income tax rate as follows (in millions):\n\n\n\n|                                                       |                             |                             |                             |\n| ----------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                       | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                       | **2018**                    | **2017**                    | **2016**                    |\n| Statutory income tax provision                        | $460                        | $1,244                      | $1,504                      |\n| State income tax provision, net of federal tax effect | 46                          | 53                          | 61                          |\n| Foreign income taxes, net of federal tax effect       | 22                          | 6                           | 6                           |\n| Book expenses not deductible for tax purposes         | 10                          | 30                          | 32                          |\n| Bankruptcy administration expenses                    | \u2014                           | 1                           | 1                           |\n| 2017 Tax Act                                          | \u2014                           | 924                         | \u2014                           |\n| Change in valuation allowance                         | (6)                         | 4                           | (1)                         |\n| Other, net                                            | 2                           | 8                           | 4                           |\n| Income tax provision                                  | $534                        | $2,270                      | $1,607                      |\n\n\n\nAmerican provides a valuation allowance for its deferred tax assets, which include the net operating losses (NOLs), when it is more likely than not that some portion, or all of its deferred tax assets, will not be realized\\. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income\\. American considers all available positive and negative evidence and makes certain assumptions in evaluating the realizability of its deferred tax assets\\. Many factors are considered that impact American\u2019s assessment of future profitability, including conditions which are beyond its control, such as the health of the economy, the level and volatility of fuel prices and travel demand\\.\n\nThe total decrease to the valuation allowance was $6 million in 2018\\. In 2017, the total increase to the valuation allowance was $12 million, $8 million of which is included in the 2017 Tax Act amount in the table above\\. In 2016, the total decrease to the valuation allowance was $1 million\\.\n\nThe components of American\u2019s deferred tax assets and liabilities were (in millions):\n\n\n\n|                                                    |                  |                  |\n| -------------------------------------------------- | ---------------- | ---------------- |\n|                                                    | **December 31,** | **December 31,** |\n|                                                    | **2018**         | **2017**         |\n| Deferred tax assets:                               |                  |                  |\n| Operating loss carryforwards                       | $2,420           | $2,409           |\n| Leases                                             | 2,176            | 107              |\n| Pensions                                           | 1,421            | 1,549            |\n| Loyalty program liability                          | 1,770            | 1,809            |\n| Alternative minimum tax (AMT) credit carryforwards | 231              | 457              |\n| Postretirement benefits other than pensions        | 145              | 170              |\n| Rent expense                                       | 136              | 160              |\n| Reorganization items                               | 33               | 35               |\n| Other                                              | 588              | 638              |\n| Total deferred tax assets                          | 8,920            | 7,334            |\n| Valuation allowance                                | (19)             | (25)             |\n| Net deferred tax assets                            | 8,901            | 7,309            |\n| Deferred tax liabilities:                          |                  |                  |\n| Accelerated depreciation and amortization          | (5,243)          | (4,999)          |\n| Leases                                             | (2,068)          | \u2014                |\n| Other                                              | (321)            | (274)            |\n| Total deferred tax liabilities                     | (7,632)          | (5,273)          |\n| Net deferred tax asset                             | $1,269           | $2,036           |\n\n\n\n154"}
{"_id": "Southwest-2017_49.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures** **(unaudited) (in millions, except per share and per ASM amounts)**\n\n\n\n|                                                                                                                                          |                             |                             |             |\n| ---------------------------------------------------------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | ----------- |\n|                                                                                                                                          | **Year ended December 31,** | **Year ended December 31,** | **Percent** |\n|                                                                                                                                          | **2017**                    | **2016**                    | **Change**  |\n| **Fuel and oil expense, unhedged**                                                                                                       | $3,524                      | $2,827                      |             |\n| Add: Fuel hedge (gains) losses included in Fuel and oil expense, net                                                                     | 416                         | 820                         |             |\n| **Fuel and oil expense, as reported**                                                                                                    | $3,940                      | $3,647                      |             |\n| Add: Net impact from fuel contracts                                                                                                      | 156                         | 202                         |             |\n| **Fuel and oil expense, excluding special items (economic)**                                                                             | $4,096                      | $3,849                      | 6\\.4 %      |\n| **Total operating expenses, as reported**                                                                                                | $17,656                     | $16,665                     |             |\n| Deduct: Contract ratification bonuses                                                                                                    | \u2014                           | (356)                       |             |\n| Add: Reclassification between Fuel and oil and Other (gains) losses, net,<br><br> associated with current period settled contracts       | 6                           | 5                           |             |\n| Add: Contracts settling in the current period, but for which gains and/or (losses) <br><br> have been recognized in a prior period (a)   | 150                         | 197                         |             |\n| Deduct: Asset impairment                                                                                                                 | \u2014                           | (21)                        |             |\n| Deduct: Lease termination expense                                                                                                        | (33)                        | (22)                        |             |\n| Deduct: Aircraft grounding charge                                                                                                        | (63)                        | \u2014                           |             |\n| **Total operating expenses, excluding special items**                                                                                    | $17,716                     | $16,468                     | 7\\.6 %      |\n| **Operating income, as reported**                                                                                                        | $3,515                      | $3,760                      |             |\n| Add: Contract ratification bonuses                                                                                                       | \u2014                           | 356                         |             |\n| Deduct: Reclassification between Fuel and oil and Other (gains) losses, net,<br><br> associated with current period settled contracts    | (6)                         | (5)                         |             |\n| Deduct: Contracts settling in the current period, but for which gains and/or (losses)<br><br> have been recognized in a prior period (a) | (150)                       | (197)                       |             |\n| Add: Asset impairment                                                                                                                    | \u2014                           | 21                          |             |\n| Add: Lease termination expense                                                                                                           | 33                          | 22                          |             |\n| Add: Aircraft grounding charge                                                                                                           | 63                          | \u2014                           |             |\n| **Operating income, excluding special items**                                                                                            | $3,455                      | $3,957                      | (12\\.7)%    |\n| **Provision for income taxes, as reported**                                                                                              | $(237)                      | $1,303                      |             |\n| Add: Income tax impact of fuel and special items, excluding Tax reform <br><br> impact (b)                                               | 17                          | 74                          |             |\n| Add: Tax reform impact (c)                                                                                                               | 1,410                       | \u2014                           |             |\n| **Provision for income taxes, excluding special items**                                                                                  | $1,190                      | $1,377                      | (13\\.6)%    |\n| **Net income, as reported**                                                                                                              | $3,488                      | $2,244                      |             |\n| Add: Contract ratification bonuses                                                                                                       | \u2014                           | 356                         |             |\n| Add: Mark\\-to\\-market impact from fuel contracts settling in future periods                                                              | 69                          | 9                           |             |\n| Add (Deduct): Ineffectiveness from fuel hedges settling in future periods                                                                | 31                          | (11)                        |             |\n| Deduct: Other net impact of fuel contracts settling in the current or a prior period<br><br> (excluding reclassifications)               | (150)                       | (197)                       |             |\n| Add: Asset impairment                                                                                                                    | \u2014                           | 21                          |             |\n| Add: Lease termination expense                                                                                                           | 33                          | 22                          |             |\n| Add: Aircraft grounding charge                                                                                                           | 63                          | \u2014                           |             |\n| Deduct: Net income tax impact from fuel and special items (b)                                                                            | (17)                        | (74)                        |             |\n| Deduct: Tax reform impact (c)                                                                                                            | (1,410)                     | \u2014                           |             |\n| **Net income, excluding special items**                                                                                                  | $2,107                      | $2,370                      | (11\\.1)%    |\n\n\n\n50"}
{"_id": "Delta-2017_11.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nIn addition, several joint ventures among U\\.S\\. and foreign carriers, including our transatlantic and transpacific joint ventures, have received grants of antitrust immunity allowing the participating carriers to coordinate schedules, pricing, sales and inventory\\. Other joint ventures that have received antitrust immunity include a transatlantic alliance among United Airlines, Air Canada and Lufthansa German Airlines, a transpacific joint venture between United Airlines and All Nippon Airways, a transatlantic joint venture among American Airlines, British Airways and Iberia and a transpacific joint venture between American Airlines and Japan Air Lines\\.\n\nRegulatory Matters\n\nThe DOT and the Federal Aviation Administration (the \"FAA\") exercise regulatory authority over air transportation in the U\\.S\\. The DOT has authority to issue certificates of public convenience and necessity required for airlines to provide domestic air transportation\\. An air carrier that the DOT finds fit to operate is given authority to operate domestic and international air transportation (including the carriage of passengers and cargo)\\. Except for constraints imposed by regulations regarding \"Essential Air Services,\" which are applicable to certain small communities, airlines may terminate service to a city without restriction\\.\n\nThe DOT has jurisdiction over certain economic and consumer protection matters, such as unfair or deceptive practices and methods of competition, advertising, denied boarding compensation, baggage liability and disabled passenger transportation\\. The DOT also has authority to review certain joint venture agreements between domestic and international carriers and engages in regulation of economic matters such as slot transactions\\. The FAA has primary responsibility for matters relating to the safety of air carrier flight operations, including airline operating certificates, control of navigable air space, flight personnel, aircraft certification and maintenance and other matters affecting air safety\\.\n\nAuthority to operate international routes and international codesharing arrangements is regulated by the DOT and by the governments of the foreign countries involved\\. International certificate authorities are also subject to the approval of the U\\.S\\. President for conformance with national defense and foreign policy objectives\\.\n\nThe Transportation Security Administration and the U\\.S\\. Customs and Border Protection, each a division of the Department of Homeland Security, are responsible for certain civil aviation security matters, including passenger and baggage screening at U\\.S\\. airports and international passenger prescreening prior to entry into or departure from the U\\.S\\.\n\nAirlines are also subject to various other federal, state, local and foreign laws and regulations\\. For example, the U\\.S\\. Department of Justice has jurisdiction over airline competition matters\\. The U\\.S\\. Postal Service has authority over certain aspects of the transportation of mail\\. Labor relations in the airline industry, as discussed below, are generally governed by the Railway Labor Act\\. Environmental matters are regulated by various federal, state, local and foreign governmental entities\\. Privacy of passenger and employee data is regulated by domestic and foreign laws and regulations\\.\n\nFares and Rates\n\nAirlines set ticket prices in all domestic and most international city pairs with minimal governmental regulation, and the industry is characterized by significant price competition\\. Certain international fares and rates are subject to the jurisdiction of the DOT and the governments of the foreign countries involved\\. Many of our tickets are sold by travel agents, and fares are subject to commissions, overrides and discounts paid to travel agents, brokers and wholesalers\\.\n\n 7"}
{"_id": "Alaska-2018_27.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**PERFORMANCE GRAPH**\n\nThe following graph compares our cumulative total stockholder return since December 31, 2013 with the S&P 500 Index and the Dow Jones U\\.S\\. Airlines Index\\. The graph assumes that the value of the investment in our common stock and each index (including reinvestment of dividends) was $100 on December 31, 2013\\.\n\n![alk10\\-k123\\_chartx57832a02\\.jpg](https://www.example.com/alk10-k123_chartx57832a02.jpg)\n\n 28"}
{"_id": "United-2018_45.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**UNITED CONTINENTAL HOLDINGS, INC\\.** \n\n**STATEMENTS OF CONSOLIDATED CASH FLOWS**\n\n**(In millions)**\n\n\n\n|                                                                                     |                             |                             |                             |\n| ----------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                     | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                                     | **2018**                    | **2017 (a)**                | **2016 (a)**                |\n| Operating Activities:                                                               |                             |                             |                             |\n| Net income                                                                          | $2,129                      | $2,144                      | $2,234                      |\n| Adjustments to reconcile net income to net cash provided by operating activities \\- |                             |                             |                             |\n| Deferred income taxes                                                               | 515                         | 973                         | 1,631                       |\n| Depreciation and amortization                                                       | 2,240                       | 2,149                       | 1,977                       |\n| Special charges, non\\-cash portion                                                  | 416                         | 35                          | 391                         |\n| Other operating activities                                                          | 170                         | 141                         | 109                         |\n| Changes in operating assets and liabilities \\-                                      |                             |                             |                             |\n| Increase in receivables                                                             | (29)                        | (183)                       | (16)                        |\n| (Increase) decrease in other assets                                                 | 29                          | (533)                       | (296)                       |\n| Increase (decrease) in advance ticket sales                                         | 441                         | 145                         | (28)                        |\n| Increase (decrease) in frequent flyer deferred revenue                              | 222                         | (107)                       | (55)                        |\n| Increase in accounts payable                                                        | 130                         | 66                          | 239                         |\n| Decrease in advanced purchase of miles                                              | \u2014                           | (942)                       | (206)                       |\n| Decrease in other liabilities                                                       | (82)                        | (475)                       | (438)                       |\n| Net cash provided by operating activities                                           | 6,181                       | 3,413                       | 5,542                       |\n| Investing Activities:                                                               |                             |                             |                             |\n| Capital expenditures                                                                | (4,177)                     | (3,998)                     | (3,223)                     |\n| Purchases of short\\-term and other investments                                      | (2,552)                     | (3,241)                     | (2,768)                     |\n| Proceeds from sale of short\\-term and other investments                             | 2,616                       | 3,177                       | 2,712                       |\n| Loans made to others                                                                | (466)                       | (30)                        | (56)                        |\n| Investment in affiliates                                                            | (139)                       | (2)                         | (14)                        |\n| Other, net                                                                          | 155                         | 164                         | 111                         |\n| Net cash used in investing activities                                               | (4,563)                     | (3,930)                     | (3,238)                     |\n| Financing Activities:                                                               |                             |                             |                             |\n| Proceeds from issuance of long\\-term debt and airport construction financing        | 1,740                       | 2,765                       | 808                         |\n| Payments of long\\-term debt                                                         | (1,727)                     | (901)                       | (1,215)                     |\n| Repurchases of common stock                                                         | (1,235)                     | (1,844)                     | (2,614)                     |\n| Principal payments under capital leases                                             | (134)                       | (124)                       | (136)                       |\n| Capitalized financing costs                                                         | (37)                        | (80)                        | (64)                        |\n| Other, net                                                                          | (17)                        | (11)                        | 8                           |\n| Net cash used in financing activities                                               | (1,410)                     | (195)                       | (3,213)                     |\n| Net increase (decrease) in cash, cash equivalents and restricted cash               | 208                         | (712)                       | (909)                       |\n| Cash, cash equivalents and restricted cash at beginning of year                     | 1,591                       | 2,303                       | 3,212                       |\n| Cash, cash equivalents and restricted cash at end of year                           | $1,799                      | $1,591                      | $2,303                      |\n| Investing and Financing Activities Not Affecting Cash:                              |                             |                             |                             |\n| Property and equipment acquired through the issuance of debt and capital leases     | $174                        | $935                        | $386                        |\n| Debt associated with termination of a maintenance service agreement                 | 163                         | \u2014                           | \u2014                           |\n| Investment in Republic Airways Holdings, Inc\\. received from bankruptcy claims      | \u2014                           | 92                          | \u2014                           |\n| Airport construction financing                                                      | 12                          | 42                          | 91                          |\n| Operating lease conversions to capital lease                                        | 52                          | \u2014                           | 12                          |\n| Cash Paid During the Period for:                                                    |                             |                             |                             |\n| Interest                                                                            | $651                        | $571                        | $584                        |\n| Income taxes                                                                        | 19                          | 20                          | 14                          |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n46"}
{"_id": "Southwest-2018_69.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Southwest Airlines Co\\.**\n\n**Consolidated Statement of Stockholders' Equity**\n\n(in millions, except per share amounts)\n\n\n\n|                                                                        |                                                  |                                                          |                                                  |                                                                                    |                                                  |                                                  |\n| ---------------------------------------------------------------------- | ------------------------------------------------ | -------------------------------------------------------- | ------------------------------------------------ | ---------------------------------------------------------------------------------- | ------------------------------------------------ | ------------------------------------------------ |\n|                                                                        | **Year ended December 31, 2018, 2017, and 2016** | **Year ended December 31, 2018, 2017, and 2016**         | **Year ended December 31, 2018, 2017, and 2016** | **Year ended December 31, 2018, 2017, and 2016**                                   | **Year ended December 31, 2018, 2017, and 2016** | **Year ended December 31, 2018, 2017, and 2016** |\n|                                                                        | **Common**<br><br>**Stock**                      | **Capital in**<br><br>**excess of**<br><br>**par value** | **Retained**<br><br>**earnings**                 | **Accumulated**<br><br>**other**<br><br>**comprehensive**<br><br>**income (loss)** | **Treasury**<br><br>**stock**                    | **Total**                                        |\n| Balance at December 31, 2015 (as reported)                             | $808                                             | $1,374                                                   | $9,409                                           | $(1,051)                                                                           | $(3,182)                                         | $7,358                                           |\n| Cumulative effect of new accounting standards (see Note 2)             | \u2014                                                | \u2014                                                        | (596)                                            | \u2014                                                                                  | \u2014                                                | (596)                                            |\n| Balance at December 31, 2015 (as recast)                               | $808                                             | $1,374                                                   | $8,813                                           | $(1,051)                                                                           | $(3,182)                                         | $6,762                                           |\n| Repurchase of common stock                                             | \u2014                                                | \u2014                                                        | \u2014                                                | \u2014                                                                                  | (1,750)                                          | (1,750)                                          |\n| Issuance of common and treasury stock pursuant to Employee stock plans | \u2014                                                | 8                                                        | \u2014                                                | \u2014                                                                                  | 12                                               | 20                                               |\n| Conversion of 5\\.25% senior notes to common stock<br><br>  <br>        | \u2014                                                | (5)                                                      | \u2014                                                | \u2014                                                                                  | 48                                               | 43                                               |\n| Share\\-based compensation                                              | \u2014                                                | 33                                                       | \u2014                                                | \u2014                                                                                  | \u2014                                                | 33                                               |\n| Cash dividends, $\\.3750 per share                                      | \u2014                                                | \u2014                                                        | (235)                                            | \u2014                                                                                  | \u2014                                                | (235)                                            |\n| Comprehensive income                                                   | \u2014                                                | \u2014                                                        | 2,183                                            | 728                                                                                | \u2014                                                | 2,911                                            |\n| Balance at December 31, 2016 as recast                                 | $808                                             | $1,410                                                   | $10,761                                          | $(323)                                                                             | $(4,872)                                         | $7,784                                           |\n| Repurchase of common stock                                             | \u2014                                                | \u2014                                                        | \u2014                                                | \u2014                                                                                  | (1,600)                                          | (1,600)                                          |\n| Issuance of common and treasury stock pursuant to Employee stock plans | \u2014                                                | 4                                                        | \u2014                                                | \u2014                                                                                  | 10                                               | 14                                               |\n| Share\\-based compensation                                              | \u2014                                                | 37                                                       | \u2014                                                | \u2014                                                                                  | \u2014                                                | 37                                               |\n| Cash dividends, $\\.4750 per share                                      | \u2014                                                | \u2014                                                        | (286)                                            | \u2014                                                                                  | \u2014                                                | (286)                                            |\n| Comprehensive income                                                   | \u2014                                                | \u2014                                                        | 3,357                                            | 335                                                                                | \u2014                                                | 3,692                                            |\n| Balance at December 31, 2017 as recast                                 | $808                                             | $1,451                                                   | $13,832                                          | $12                                                                                | $(6,462)                                         | $9,641                                           |\n| Cumulative effect of new accounting standards (see Note 2)             | \u2014                                                | \u2014                                                        | 18                                               | (18)                                                                               | \u2014                                                | \u2014                                                |\n| Repurchase of common stock                                             | \u2014                                                | \u2014                                                        | \u2014                                                | \u2014                                                                                  | (2,000)                                          | (2,000)                                          |\n| Issuance of common and treasury stock pursuant to Employee stock plans | \u2014                                                | 13                                                       | \u2014                                                | \u2014                                                                                  | 10                                               | 23                                               |\n| Share\\-based compensation                                              | \u2014                                                | 46                                                       | \u2014                                                | \u2014                                                                                  | \u2014                                                | 46                                               |\n| Cash dividends, $\\.6050 per share                                      | \u2014                                                | \u2014                                                        | (348)                                            | \u2014                                                                                  | \u2014                                                | (348)                                            |\n| Comprehensive income                                                   | \u2014                                                | \u2014                                                        | 2,465                                            | 26                                                                                 | \u2014                                                | 2,491                                            |\n| Balance at December 31, 2018                                           | $808                                             | $1,510                                                   | $15,967                                          | $20                                                                                | $(8,452)                                         | $9,853                                           |\n\n\n\nSee accompanying notes\\.\n\n70"}
{"_id": "United-2019_41.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the Stockholder and the Board of Directors of United Airlines, Inc\\.\n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated balance sheets of United Airlines, Inc\\. (the \"Company\") as of  December 31, 2019  and  2018 , and the related statements of consolidated operations, comprehensive income (loss), cash flows, and stockholder's equity, for each of the three years in the period ended  December 31, 2019 , and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the \"consolidated financial statements\")\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at  December 31, 2019  and  2018 , and the results of its operations and its cash flows for each of the three years in the period ended  December 31, 2019 , in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nAdoption of ASU No\\. 2016\\-02\n\nAs discussed in Note 1 to the consolidated financial statements, the Company changed its method of accounting for leases in 2019, 2018 and 2017 due to the adoption of ASU 2016\\-02,  Leases (Topic 842)\\.\n\nBasis for Opinion\n\nThese financial statements are the responsibility of the Company's management\\. Our responsibility is to express an opinion on the Company's financial statements based on our audits\\. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (\"PCAOB\") and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud\\. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting\\. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting\\. Accordingly, we express no such opinion\\.\n\nOur audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\. \n\n/s/ Ernst & Young LLP\n\nWe have served as the Company's auditor since 2009\\.\n\nChicago, Illinois\n\nFebruary 24, 2020\n\n42"}
{"_id": "AmericanAirlines-2018_55.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nPassenger revenue increased $2\\.1 billion, or 5\\.6%, in 2017 from 2016 primarily due to a 4\\.3% year\\-over\\-year increase in yields driven by strong demand\\. Domestic yield increased 4\\.8% and international yields rose 4\\.0%, due principally to improved performance in Latin America\\.\n\nCargo revenue increased $105 million, or 13\\.3%, in 2017 from 2016 driven primarily by an increase in freight volume\\.\n\nOther revenue increased $289 million, or 12\\.5%, in 2017 from 2016 driven by higher revenue associated with our loyalty program\\. In 2017 and 2016, loyalty revenue included in other revenue was $2\\.1 billion and $1\\.9 billion, respectively\\. \n\nTotal operating revenues in 2017increased $2\\.5 billion, or 6\\.2%, from 2016 driven principally by a 5\\.6% increase in passenger revenue as described above\\. Our TRASM was 15\\.42 cents in 2017, a 5\\.0%increase as compared to 14\\.68 cents in 2016\\.\n\n*Operating Expenses*\n\n\n\n|                                    |                                              |                                              |                                              |                                                       |\n| ---------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                    | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                    | **2017**                                     | **2016**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                    | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Aircraft fuel and related taxes    | $6,128                                       | $5,071                                       | $1,057                                       | 20\\.8                                                 |\n| Salaries, wages and benefits       | 11,954                                       | 10,967                                       | 987                                          | 9\\.0                                                  |\n| Maintenance, materials and repairs | 1,959                                        | 1,834                                        | 125                                          | 6\\.8                                                  |\n| Other rent and landing fees        | 1,806                                        | 1,772                                        | 34                                           | 1\\.9                                                  |\n| Aircraft rent                      | 1,197                                        | 1,203                                        | (6)                                          | (0\\.4)                                                |\n| Selling expenses                   | 1,477                                        | 1,323                                        | 154                                          | 11\\.6                                                 |\n| Depreciation and amortization      | 1,702                                        | 1,525                                        | 177                                          | 11\\.6                                                 |\n| Special items, net                 | 712                                          | 709                                          | 3                                            | 0\\.5                                                  |\n| Other                              | 4,910                                        | 4,634                                        | 276                                          | 5\\.9                                                  |\n| Regional expenses:                 |                                              |                                              |                                              |                                                       |\n| Aircraft fuel and related taxes    | 1,382                                        | 1,109                                        | 273                                          | 24\\.6                                                 |\n| Other                              | 5,164                                        | 4,935                                        | 229                                          | 4\\.6                                                  |\n| Total operating expenses           | $38,391                                      | $35,082                                      | $3,309                                       | 9\\.4                                                  |\n\n\n\nTotal operating expenses increased $3\\.3 billion, or 9\\.4%, in 2017 from 2016\\. The increase in operating expenses was primarily driven by an increase in fuel costs and higher wage rates\\. See detailed explanations below relating to changes in total CASM\\.\n\n*Total CASM*\n\nWe sometimes use financial measures that are derived from the consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate our current operating performance to allow for period\\-to\\-period comparisons\\. We believe these non\\-GAAP financial measures may also provide useful information to investors and others\\. These non\\-GAAP measures may not be comparable to similarly titled non\\-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP\\. We are providing a reconciliation of reported non\\-GAAP financial measures to their comparable financial measures on a GAAP basis\\.\n\nThe table below presents the reconciliation of total operating expenses (GAAP measure) to total operating costs excluding special items and fuel (non\\-GAAP measure)\\. Management uses total operating costs excluding special items and fuel to evaluate our current operating performance and for period\\-to\\-period comparisons\\. The price of fuel, over which we have no control, impacts the comparability of period\\-to\\-period financial performance\\. The adjustment to exclude aircraft fuel and special items allows management an additional tool to understand and analyze our non\\-fuel costs and core operating performance\\.\n\n56"}
{"_id": "Alaska-2017_91.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nOperating segment information is as follows (in millions): \n\n\n\n|                                     |              |              |             |                                     |                                  |                             |                  |\n| ----------------------------------- | ------------ | ------------ | ----------- | ----------------------------------- | -------------------------------- | --------------------------- | ---------------- |\n| **Year Ended December 31, 2017**    | **Mainline** | **Regional** | **Horizon** | **Consolidating & Other** **^(b)^** | **Air Group Adjusted** **^(c)^** | **Special Items** **^(d)^** | **Consolidated** |\n| **Operating revenues**              |              |              |             |                                     |                                  |                             |                  |\n| Passenger                           |              |              |             |                                     |                                  |                             |                  |\n| Mainline                            | $5,858       | $\u2014           | $\u2014          | $\u2014                                  | $5,858                           | $\u2014                          | $5,858           |\n| Regional                            | \u2014            | 960          | \u2014           | \u2014                                   | 960                              | \u2014                           | 960              |\n| Total passenger revenues            | 5,858        | 960          | \u2014           | \u2014                                   | 6,818                            | \u2014                           | 6,818            |\n| CPA revenues                        | \u2014            | \u2014            | 426         | (426)                               | \u2014                                | \u2014                           | \u2014                |\n| Freight and mail                    | 110          | 4            | \u2014           | \u2014                                   | 114                              | \u2014                           | 114              |\n| Other\\-net                          | 922          | 74           | 4           | 1                                   | 1,001                            | \u2014                           | 1,001            |\n| **Total operating revenues**        | 6,890        | 1,038        | 430         | (425)                               | 7,933                            | \u2014                           | 7,933            |\n| **Operating expenses**              |              |              |             |                                     |                                  |                             |                  |\n| Operating expenses, excluding fuel  | 4,257        | 851          | 427         | (427)                               | 5,108                            | 118                         | 5,226            |\n| Fuel expense                        | 1,282        | 172          | \u2014           | \u2014                                   | 1,454                            | (7)                         | 1,447            |\n| **Total operating expenses**        | 5,539        | 1,023        | 427         | (427)                               | 6,562                            | 111                         | 6,673            |\n| **Nonoperating income (expense)**   |              |              |             |                                     |                                  |                             |                  |\n| Interest income                     | 39           | \u2014            | \u2014           | (5)                                 | 34                               | \u2014                           | 34               |\n| Interest expense                    | (92)         | \u2014            | (13)        | 2                                   | (103)                            | \u2014                           | (103)            |\n| Other                               | 14           | \u2014            | 2           | \u2014                                   | 16                               | \u2014                           | 16               |\n|                                     | (39)         | \u2014            | (11)        | (3)                                 | (53)                             | \u2014                           | (53)             |\n| **Income (loss) before income tax** | $1,312       | $15          | $(8)        | $(1)                                | $1,318                           | $(111)                      | $1,207           |\n\n\n\n\n\n|                                     |                        |              |             |                                     |                                  |                             |                  |\n| ----------------------------------- | ---------------------- | ------------ | ----------- | ----------------------------------- | -------------------------------- | --------------------------- | ---------------- |\n| **Year Ended December 31, 2016**    | **Mainline** **^(a)^** | **Regional** | **Horizon** | **Consolidating & Other** **^(b)^** | **Air Group Adjusted** **^(c)^** | **Special Items** **^(d)^** | **Consolidated** |\n| **Operating revenues**              |                        |              |             |                                     |                                  |                             |                  |\n| Passenger                           |                        |              |             |                                     |                                  |                             |                  |\n| Mainline                            | $4,098                 | $\u2014           | $\u2014          | $\u2014                                  | $4,098                           | $\u2014                          | $4,098           |\n| Regional                            | \u2014                      | 908          | \u2014           | \u2014                                   | 908                              | \u2014                           | 908              |\n| Total passenger revenues            | 4,098                  | 908          | \u2014           | \u2014                                   | 5,006                            | \u2014                           | 5,006            |\n| CPA revenues                        | \u2014                      | \u2014            | 424         | (424)                               | \u2014                                | \u2014                           | \u2014                |\n| Freight and mail                    | 104                    | 5            | \u2014           | (1)                                 | 108                              | \u2014                           | 108              |\n| Other\\-net                          | 738                    | 74           | 4           | 1                                   | 817                              | \u2014                           | 817              |\n| **Total operating revenues**        | 4,940                  | 987          | 428         | (424)                               | 5,931                            | \u2014                           | 5,931            |\n| **Operating expenses**              |                        |              |             |                                     |                                  |                             |                  |\n| Operating expenses, excluding fuel  | 2,883                  | 769          | 407         | (425)                               | 3,634                            | 117                         | 3,751            |\n| Fuel expense                        | 719                    | 125          | \u2014           | \u2014                                   | 844                              | (13)                        | 831              |\n| **Total operating expenses**        | 3,602                  | 894          | 407         | (425)                               | 4,478                            | 104                         | 4,582            |\n| **Nonoperating income (expense)**   |                        |              |             |                                     |                                  |                             |                  |\n| Interest income                     | 26                     | \u2014            | 1           | \u2014                                   | 27                               | \u2014                           | 27               |\n| Interest expense                    | (42)                   | \u2014            | (9)         | (4)                                 | (55)                             | \u2014                           | (55)             |\n| Other                               | 19                     | \u2014            | 1           | 4                                   | 24                               | \u2014                           | 24               |\n|                                     | 3                      | \u2014            | (7)         | \u2014                                   | (4)                              | \u2014                           | (4)              |\n| **Income (loss) before income tax** | $1,341                 | $93          | $14         | $1                                  | $1,449                           | $(104)                      | $1,345           |\n\n\n\n 92"}
{"_id": "Alaska-2017_12.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nthat is charged to the airline\\. Many of our large corporate customers require us to use these agencies\\. Some of our competitors do not use this distribution channel and, as a result, have lower ticket distribution costs\\.\n\n\n\n|   |                                                                                                                                                                                        |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Reservation call centers:*  Our call centers are located in Phoenix, AZ, Kent, WA, and Boise, ID\\. We generally charge a $15 fee for booking reservations through the call centers\\.  |\n\n\n\nOur sales by channel are as follows: \n\n\n\n|                          |          |                     |          |          |          |\n| ------------------------ | -------- | ------------------- | -------- | -------- | -------- |\n|                          | **2017** | **2016**  **^(a)^** | **2015** | **2014** | **2013** |\n| Direct to customer       | 62%      | 61%                 | 60%      | 57%      | 55%      |\n| Traditional agencies     | 22%      | 23%                 | 23%      | 25%      | 27%      |\n| Online travel agencies   | 11%      | 11%                 | 11%      | 12%      | 13%      |\n| Reservation call centers | 5%       | 5%                  | 6%       | 6%       | 5%       |\n| Total                    | 100%     | 100%                | 100%     | 100%     | 100%     |\n\n\n\n\n\n|     |                                                                                                   |\n| --- | ------------------------------------------------------------------------------------------------- |\n| (a) | Includes results for Virgin America for the period December 14, 2016 through December 31, 2016\\.  |\n\n\n\n**SEASONALITY AND OTHER FACTORS**\n\nOur results of operations for any interim period are not necessarily indicative of those for the entire year because our business is subject to seasonal fluctuations\\. Our profitability is generally lowest during the first and fourth quarters due principally to fewer departures and passengers\\. Profitability typically increases in the second quarter and then reaches its highest level during the third quarter as a result of vacation travel, including increased activity in the state of Alaska\\. However, we have significantly improved the seasonality of our operations by our continued growth from the West Coast to leisure destinations, like Hawaii and Costa Rica, and expansion to leisure and business destinations in the mid\\-continental and eastern U\\.S\\.\n\nIn addition to passenger loads, factors that could cause our quarterly operating results to vary include: \n\n\n\n|   |                                               |\n| - | --------------------------------------------- |\n| \u2022 | pricing initiatives by us or our competitors, |\n\n\n\n\u2022 changes in fuel costs, \n\n\n\n|   |                                                   |\n| - | ------------------------------------------------- |\n| \u2022 | increases in competition at our primary airports, |\n\n\n\n\n\n|   |                                                                            |\n| - | -------------------------------------------------------------------------- |\n| \u2022 | general economic conditions and resulting changes in passenger demand, and |\n\n\n\n\n\n|   |                                                                         |\n| - | ----------------------------------------------------------------------- |\n| \u2022 | increases or decreases in passenger and volume\\-driven variable costs\\. |\n\n\n\nMany of the markets we serve experience inclement weather conditions in the winter, causing increased costs associated with deicing aircraft, canceling flights and accommodating displaced passengers\\. Due to our geographic area of operations, we can be more susceptible to adverse weather conditions, particularly in the state of Alaska and the Pacific Northwest, than some of our competitors who may be better able to spread weather\\-related risks over larger route systems\\. We also are susceptible to Air Traffic Control due to our heavy concentration of departures from Seattle and San Francisco\\. \n\nNo material part of our business, or that of our subsidiaries, is dependent upon a single customer, or upon a few high\\-volume customers\\.\n\n**EMPLOYEES**\n\nOur business is labor intensive\\. As of December 31, 2017, we employed 23,156 (13,896 at Alaska, 3,538 at Virgin America, 3,943 at Horizon, and 1,779 at McGee Air Services) active full\\-time and part\\-time employees\\. Wages and benefits, including variable incentive pay, represented approximately 39% of our total non\\-fuel operating expenses in 2017 and 40% in 2016\\.\n\nMost major airlines, including Alaska, Virgin America, and Horizon, have employee groups that are covered by collective bargaining agreements (CBA)\\. Airlines with unionized work forces generally have higher labor costs than carriers without unionized work forces, and they may not have the ability to adjust labor costs downward quickly enough to respond to new competition or slowing demand\\. \n\n 13"}
{"_id": "Alaska-2018_3.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n[Table of Contents](https://www.example.com#s224F7B9EEB1BD1A21ECD5D19E2663F6A)\n\n**PART I**\n\n\n\n|                           |\n| ------------------------- |\n| **ITEM 1\\. OUR BUSINESS** |\n\n\n\nAlaska Air Group is a Delaware corporation incorporated in 1985 that operates two airlines, Alaska and Horizon\\. Alaska was organized in 1932 and incorporated in 1937 in the state of Alaska\\. Horizon Air is a Washington corporation that was incorporated and began service in 1981\\. It was acquired by Air Group in 1986\\. Virgin America has been a member of Air Group since it was acquired in 2016\\. In 2018, Virgin America and Alaska combined operating certificates to become a single airline, and legally merged into a single entity\\. The Company also includes McGee Air Services, an aviation services provider that was established as a wholly\\-owned subsidiary of Alaska in 2016\\. \n\nAlaska and Horizon operate as separate airlines, with individual business plans, competitive factors and economic risks\\. Together with our regional partner airlines, we fly to 115 destinations with over 1,200 daily departures through an expansive network across the United States, Mexico, Canada, and Costa Rica\\. With global airline partners, we provide our guests with a network of more than 900 destinations worldwide\\. During 2018, we carried an all\\-time high 46 million guests and earned consolidated net income under Generally Accepted Accounting Principles (GAAP) of $437 million compared to net income of $960 million in 2017\\. Our adjusted net income was $554 million, which excludes merger\\-related costs, special items and mark\\-to\\-market fuel hedge adjustments\\. Refer to \"Results of Operations\" in Management's Discussion and Analysis for our reconciliation of Non\\-GAAP measures to the most directly comparable GAAP measure\\. \n\nWe organize the business and review financial operating performance by aggregating our business in three operating segments, which are as follows:\n\n\n\n|   |                                                                                                                                                                                                    |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | **Mainline**  \\- includes scheduled air transportation on Alaska's Boeing or Airbus jet aircraft for passengers and cargo throughout the U\\.S\\., and in parts of Canada, Mexico, and Costa Rica\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | **Regional**  \\- includes Horizon's and other third\\-party carriers\u2019 scheduled air transportation for passengers across a shorter distance network within the U\\.S\\. under capacity purchase agreements (CPA)\\. This segment includes the actual revenues and expenses associated with regional flying, as well as an allocation of corporate overhead incurred by Air Group on behalf of the regional operations\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                           |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | **Horizon**  \\- includes the capacity sold to Alaska under CPA\\. Expenses include those typically borne by regional airlines such as crew costs, ownership costs and maintenance costs\\.  |\n\n\n\nOur purpose is \"creating an airline people love\\.\" The \"ing\" is to recognize that we are never done; we are continually working to improve\\. We believe our success depends on our ability to provide safe air transportation, develop relationships with guests by providing exceptional customer service and low fares, and maintain a low cost structure to compete effectively\\. It is important to us that we achieve our objective as a socially responsible company that values not just performance, but also our people, the communities we serve, and the environment\\. \n\nIn 2018, we focused much of our energy on the integration of Virgin America, completing over 95% of our integration milestones\\. In January 2018, Alaska and Virgin America received a Single Operating Certificate (SOC) from the Federal Aviation Administration (FAA), which recognizes Alaska and Virgin America as one airline\\. In April 2018, we transitioned to a single Passenger Service System (PSS), which allows us to provide one reservation system, one website and one inventory of flights to our guests\\. This transition to a single PSS enables us to unlock many of the revenue synergies expected from the acquisition, and to provide consistent branding to our guests at all airport gates, ticketing, and check\\-in areas\\.\n\nThe two most important milestones we have yet to complete include combining the maintenance operations of Boeing and Airbus, and reconfiguring our Airbus fleet\\. In 2018, we painted 33 Airbus aircraft with the Alaska livery and we are in process of reconfiguring all Airbus aircraft to achieve a cabin experience for our guests that is consistent with our Boeing fleet\\. In early 2019, we will also complete the integration of our crew management systems and aim to reach a collective bargaining agreement with our aircraft technicians, the last remaining labor group that has not yet reached a joint collective bargaining agreement\\.\n\nWith the integration largely behind us, we remain committed to our vision to become the favorite airline for people on the West Coast\\. The acquisition of Virgin America positioned us as the fifth largest airline in the U\\.S\\., with an unparalleled ability to serve West Coast travelers\\. To do so, we believe we need to meet our guests' evolving needs by offering a relevant network and schedule, upgrading our onboard offerings, and retaining our unique West Coast vibe\\. Some of the more notable product enhancements underway include adding high\\-speed satellite connectivity to our entire Boeing and Airbus fleets, updating and expanding our airport lounges, and working with the Port of Seattle to open a state\\-of\\-the\\-art 20\\-gate North Satellite Concourse \n\n 4"}
{"_id": "Delta-2019_103.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\n10\\.6  [Airbus A321neo Aircraft Purchase Agreement dated as of December 15, 2017 between Airbus S\\.A\\.S\\. and Delta Air Lines, Inc\\.](http://www.sec.gov/Archives/edgar/data/27904/000002790418000006/dal12312017ex1010.htm)[ (Filed as Exhibit 10\\.10 to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790418000006/dal12312017ex1010.htm)\n\n10\\.7  [Framework Agreement, dated as of September 26, 2019, by and between LATAM Airlines Group S\\.A\\. and Delta Air Lines, Inc\\. (Filed as Exhibit 10\\.1 to Delta Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2019)\\.\\*/\\*\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790419000012/dal9302019ex101.htm)\n\n10\\.8  [Delta Air Lines, Inc\\. Performance Compensation Plan (Filed as Exhibit 10\\.2 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000026/dal6302016ex102.htm)\n\n10\\.9  [Delta Air Lines, Inc\\. Officer and Director Severance Plan, as amended and restated as of June 1, 2016 (Filed as Exhibit 10\\.3 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790416000026/dal6302016ex103.htm)\n\n10\\.10  [Description of Certain Benefits of Members of the Board of Directors and Executive Officers (Filed as Exhibit 10\\.11 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000004/dal12312016ex1011.htm)\n\n10\\.11(a)  [Delta Air Lines, Inc\\. 2017 Long\\-Term Incentive Program (Filed as Exhibit 10\\.15 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2016)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000004/dal12312016ex1015.htm)\n\n10\\.11(b)  [First Amendment to the Delta Air Lines, Inc\\. 2017 Long\\-Term Incentive Program (Filed as Exhibit 10\\.3 to Delta\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000013/dal6302017ex103.htm)\n\n10\\.11(c)  [Second Amendment to the Delta Air Lines, Inc\\. 2017 Long\\-Term Incentive Program (Filed as Exhibit 10\\.16(c) to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790418000006/dal12312017ex1016c.htm)\n\n10\\.11(d)  [Model Award Agreement for the Delta Air Lines, Inc\\. 2017 Long\\-Term Incentive Program (Filed as Exhibit 10\\.3 to Delta's Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790417000008/dal3312017ex103.htm)\n\n10\\.12(a)  [Delta Air Lines, Inc\\. 2018 Long\\-Term Incentive Program (Filed as Exhibit 10\\.17 to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2017)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790418000006/dal12312017ex1017.htm)\n\n10\\.12(b)  [Model Award Agreement for the Delta Air Lines, Inc\\. 2018 Long\\-Term Incentive Program (Filed as Exhibit 10\\.1 to Delta\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2018)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790418000013/dal3312018ex101.htm)\n\n10\\.13(a) [Delta Air Lines, Inc\\. 2019 Long\\-Term Incentive Program (Filed as Exhibit 10\\.16 to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2018)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790419000003/dal12312018ex1016.htm)\n\n10\\.13(b) [Model Award Agreement for the Delta Air Lines, Inc\\. 2019 Long\\-Term Incentive Program (Filed as Exhibit 10\\.1 to Delta\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2019)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790419000005/dal3312019ex101.htm)\n\n10\\.14  [Delta](http://ir.delta.com/dal12312019ex1014.htm)[ Air Lines, Inc\\. ](http://ir.delta.com/dal12312019ex1014.htm)[2020 Long\\-Term Incentive Program\\.](http://ir.delta.com/dal12312019ex1014.htm)\n\n10\\.15  [Delta Air Lines, Inc\\. 2019 Management Incentive Plan (Filed as Exhibit 10\\.18 to Delta\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2018)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790419000003/dal12312018ex1018.htm)\n\n10\\.16  [Delta](http://ir.delta.com/dal12312019ex1016.htm)[ Air Lines, Inc\\. 2020](http://ir.delta.com/dal12312019ex1016.htm)[ Management Incentive Plan\\.](http://ir.delta.com/dal12312019ex1016.htm)\n\n10\\.17  [Delta Air Lines, Inc\\. Restoration Long Term Disability Plan (Filed as Exhibit 10\\.24 to Delta's Annual Report on Form 10\\-K for the year ended December 31, 2011)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000144530512000272/dal12312011ex1024.htm)\n\n10\\.18  [Terms of 2019 Restricted Stock Award for Non\\-Employee Directors (filed as Ex](http://www.sec.gov/Archives/edgar/data/27904/000002790419000008/dal6302019ex101.htm)[h](http://www.sec.gov/Archives/edgar/data/27904/000002790419000008/dal6302019ex101.htm)[i](http://www.sec.gov/Archives/edgar/data/27904/000002790419000008/dal6302019ex101.htm)[bit 10\\.1 to Delta\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2019)\\.\\*](http://www.sec.gov/Archives/edgar/data/27904/000002790419000008/dal6302019ex101.htm)\n\n21\\.1  [Subsidiaries of the Registrant\\.](http://ir.delta.com/dal12312019ex211.htm)\n\n23\\.1  [Consent of Ernst & Young LLP\\.](http://ir.delta.com/dal12312019ex231.htm)\n\n101"}
{"_id": "United-2018_97.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|          |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| -------- | --------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  \u202010\\.3  | UAL             | [First Amendment, dated January 29, 2018, to United Continental Holdings, Inc Profit Sharing Plan (Filed as Exhibit 10\\.3 to UAL's Form 10\\-K for the year ended December 31, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312518054235/d471340dex103.htm)                                                                                                     |\n|  \u202010\\.4  | UAL  <br>United | [Employment Agreement, dated December 31, 2015, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and Oscar Munoz (filed as Exhibit 10\\.1 to UAL's Form 8\\-K/A filed January 7, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000110465916088696/a16-1427_1ex10d1.htm)                                                                                 |\n|  \u202010\\.5  | UAL  <br>United | [Amendment to Employment Agreement, dated April 19, 2016, by and among United Continental Holdings, Inc\\., United Airlines, Inc\\. and Oscar Munoz (filed as Exhibit 10\\.1 to UAL's Form 8\\-K filed April 20, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000110465916112678/a16-8741_1ex10d1.htm)                                                                   |\n|  \u202010\\.6  | UAL  <br>United | [Second Amendment to Employment Agreement, dated April 21, 2017, by and among United Continental Holdings, Inc\\., United Airlines, Inc\\. and Oscar Munoz (incorporated by reference to Exhibit 10\\.1 to the Registrant's Current Report on Form 8\\-K filed on April 21, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000110465917025203/a17-11675_1ex10d1.htm)       |\n|  \u202010\\.7  | UAL  <br>United | [SERP Agreement, dated as of October 1, 2010, by and among United Continental Holdings, Inc\\., Continental Airlines, Inc\\. and Gerald Laderman (filed as Exhibit 10\\.2 to UAL's Form 10\\-Q for the quarter ended September 30, 2015, Commission file number 1\\-10323, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515350093/d63220dex102.htm)                                                    |\n|  \u202010\\.8  | UAL  <br>United | [Performance Award Agreement, dated May 5, 2016, by and among United Continental Holdings, Inc\\., United Airlines, Inc\\. and Brett J\\. Hart (filed as Exhibit 10\\.3 to UAL's Form 10\\-Q for the quarter ended June 30, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516651221/d188420dex103.htm)                                                            |\n|  \u202010\\.9  | UAL             | [Form of Stock Option Award Notice pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended September 30, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516739859/d259980dex101.htm)                                                                            |\n|  \u202010\\.10 | UAL             | [Form of Restricted Stock Unit Award Notice pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Exhibit 10\\.2 to UAL's Form 10\\-Q for the quarter ended September 30, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516739859/d259980dex102.htm)                                                                   |\n|  \u202010\\.11 | UAL  <br>United | [Description of Benefits for Officers of United Continental Holdings, Inc\\. and United Airlines, Inc\\. (filed as Exhibit 10\\.11 to UAL's Form 10\\-K for the year ended December 31, 2015, Commission file number 1\\-6033 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516468479/d13806dex1011.htm)                                                                                                |\n|  \u202010\\.12 | UAL             | [United Continental Holdings, Inc\\. Officer Travel Policy (filed as Exhibit 10\\.24 to UAL's Form 10\\-K for the year ended December 31, 2010, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312511042335/dex1024.htm)                                                                                                                                                  |\n|  \u202010\\.13 | UAL             | [United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Annex A to UAL Corporation's 2013 Definitive Proxy Statement filed on April 26, 2013, Commission file number 1\\-6033, and incorporated herein by reference) (now named the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan)](http://www.sec.gov/Archives/edgar/data/100517/000104746913004972/a2214585zdef14a.htm#la45701_annex_a)              |\n|  \u202010\\.14 | UAL             | [First Amendment to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (changing the name to United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Annex A to UAL's Definitive Proxy Statement filed on April 26, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000104746913004972/a2214585zdef14a.htm#la45701_annex_a) |\n|  \u202010\\.15 | UAL             | [Second Amendment to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Exhibit 10\\.19 to UAL's Form 10\\-K for the year ended December 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex1019.htm)                                                                                                        |\n|  \u202010\\.16 | UAL             | [Form of Stock Option Award Notice pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended June 30, 2008, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000104746908008342/a2186941zex-10_5.htm)                                                                              |\n|  \u202010\\.17 | UAL             | [Form of Restricted Stock Unit Award Notice pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (stock settled) (filed as Exhibit 10\\.21 to UAL's Form 10\\-K for the year ended December 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex1021.htm)                                                     |\n|  \u202010\\.18 | UAL             | [Form of Restricted Share Award Notice pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (awards during and after 2014) (filed as Exhibit 10\\.27 to UAL's Form 10\\-K for the year ended December 31, 2013, Commission file number 1\\-6033, and incorporated by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312514060695/d624298dex1027.htm)                                                  |\n\n\n\n98"}
{"_id": "Delta-2019_15.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nITEM 1A\\. RISK FACTORS \n\nRisk Factors Relating to Delta\n\nWe are at risk of losses and adverse publicity stemming from a serious accident involving our aircraft or aircraft of our airline partners\\.\n\nAn aircraft crash or other serious accident could expose us to significant liability\\. Although we believe that our insurance coverage is appropriate, we may be forced to bear substantial losses from an accident in the event that the coverage was not sufficient\\. \n\nIn addition, any accident involving an aircraft that we operate or an aircraft that is operated by an airline that is one of our regional carriers or codeshare, alliance or joint venture partners could create a negative public perception about safety, which could harm our reputation, resulting in air travelers being reluctant to fly on our aircraft and therefore harm our business\\.\n\nBreaches or lapses in the security of our technology systems and the data we store could compromise passenger or employee information and expose us to liability, possibly having a material adverse effect on our business\\.\n\nAs a regular part of our ordinary business operations, we collect and store sensitive data, including information necessary for our operations, personal information of our passengers and employees and information of our business partners\\. The secure operation of the networks and systems on which this type of information is stored, processed and maintained is critical to our business operations and strategy\\. \n\nOur information systems and those of our service providers are subject to an increasing threat of continually evolving cybersecurity risks\\. Unauthorized parties may attempt to gain access to our systems or information, or those of our service providers, including through fraud or other means of deception\\. Hardware or software we develop, acquire or use in connection with our systems may contain defects that could unexpectedly compromise information security\\. For example, we were notified in 2018 that a third\\-party vendor of chat services for Delta and other companies determined it had been involved in a cyber incident for a short period in 2017\\. We have incurred remedial, legal and other costs in connection with this incident but the costs are not material to our financial position or results of operations\\.\n\nThe methods used to obtain unauthorized access, disable or degrade service or sabotage systems are constantly evolving and may be difficult to anticipate or to detect for long periods of time\\. As a result of these types of risks and regular attacks on our systems, we regularly review and update procedures and processes to prevent and protect against unauthorized access to our systems and information and inadvertent misuse of data\\. In addition to continuously risk assessing and reviewing our procedures, processes and technologies, we also continue to monitor, review and update the process and control requirements we expect our third parties and vendors to leverage and implement for the protection of Delta information that is in their care\\. However, the constantly changing nature of the threats means that we may not be able to prevent all information security breaches or misuse of data\\. \n\nThe compromise of our technology systems resulting in the loss, disclosure, misappropriation of, or access to, our information or that of our customers, employees or business partners or failure to comply with regulatory or contractual obligations with respect to such information could result in legal claims or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information, disruption to our operations and damage to our reputation, any or all of which could adversely affect our business\\. The costs to remediate breaches and similar system compromises that do occur could be material\\. In addition, as cybercriminals become more sophisticated, the cost of proactive defensive measures may increase\\.\n\n13"}
{"_id": "AmericanAirlines-2017_103.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\nThe amount of, and changes to, our uncertain tax positions were not material in any of the years presented\\. We accrue interest and penalties related to unrecognized tax benefits in interest expense and operating expense, respectively\\.\n\nThe 2017 Tax Act was enacted on December 22, 2017\\. The 2017 Tax Act is the most comprehensive tax change in more than 30 years\\. As of December 31, 2017, we have not completed our evaluation of the 2017 Tax Act; however, to the extent possible, we have made a reasonable estimate of its effects, including the impact of lower corporate income tax rates (21% vs\\. 35%) on our deferred tax assets and liabilities and the one\\-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred\\. For the year ended December 31, 2017, we recognized a special income tax benefit of $7 million to reflect these impacts of the 2017 Tax Act\\.\n\nThe 2017 Tax Act is unclear in many respects and could be subject to potential amendments and technical corrections, as well as interpretations and implementation regulations by the Treasury and Internal Revenue Service\\. In addition, it is unclear how these U\\.S\\. federal income tax changes will affect state and local taxation, which often uses federal taxable income as a starting point for computing state and local tax liabilities\\. Accordingly, we have not yet been able to make a reasonable estimate of the impact of certain items and continue to account for those items based on the tax laws in effect prior to the 2017 Tax Act\\. \n\nAs further interpretations, clarifications and amendments to the 2017 Tax Act are made, our future financial statements could be materially impacted\\.\n\n**7\\. Risk Management**\n\nOur economic prospects are heavily dependent upon two variables we cannot control: the health of the economy and the price of fuel\\.\n\nDue to the discretionary nature of business and leisure travel spending and the highly competitive nature of the airline industry, our revenues are heavily influenced by the condition of the U\\.S\\. economy and economies in other regions of the world\\. Unfavorable conditions in these broader economies have resulted, and may result in the future, in decreased passenger demand for air travel, changes in booking practices and related reactions by our competitors, all of which in turn have had, and may have in the future, a negative effect on our business\\. In addition, during challenging economic times, actions by our competitors to increase their revenues can have an adverse impact on our revenues\\.\n\nOur operating results are materially impacted by changes in the availability, price volatility and cost of aircraft fuel, which represents one of the largest single cost items in our business\\. Jet fuel market prices have fluctuated substantially over the past several years and prices continue to be highly volatile\\. Because of the amount of fuel needed to operate our business, even a relatively small increase or decrease in the price of fuel can have a material effect on our operating results and liquidity\\.\n\nThese additional factors could impact our results of operations, financial performance and liquidity:\n\n***(a) Credit Risk***\n\nMost of our receivables relate to tickets sold to individual passengers through the use of major credit cards or to tickets sold by other airlines and used by passengers on American\\. These receivables are short\\-term, mostly settled within seven days after sale\\. Bad debt losses, which have been minimal in the past, have been considered in establishing allowances for doubtful accounts\\. We do not believe we are subject to any significant concentration of credit risk\\.\n\n***(b) Interest Rate Risk***\n\nWe have exposure to market risk associated with changes in interest rates related primarily to our variable rate debt obligations\\. Interest rates on $9\\.6 billion principal amount of long\\-term debt as of December 31, 2017 are subject to adjustment to reflect changes in floating interest rates\\. The weighted average effective interest rate on our variable rate debt was 3\\.4% at December 31, 2017\\. We do not currently have an interest rate hedge program\\.\n\n104"}
{"_id": "Delta-2017_84.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nContract Carrier Agreements\n\nWe have contract carrier agreements with regional carriers expiring from  2018  to  2027 \\.\n\nCapacity Purchase Agreements \\. Most of our contract carriers operate for us under capacity purchase agreements\\. Under these agreements, the contract carriers operate some or all of their aircraft using our flight designator codes, and we control the scheduling, pricing, reservations, ticketing and seat inventories of those aircraft and retain the revenues associated with those flights\\. We pay those airlines an amount, as defined in the applicable agreement, which is based on a determination of their cost of operating those flights and other factors intended to approximate market rates for those services\\.\n\nThe following table shows our minimum fixed obligations under our existing capacity purchase agreements with third\\-party regional carriers\\. The obligations set forth in the table contemplate minimum levels of flying by the contract carriers under the respective agreements and also reflect assumptions regarding certain costs associated with the minimum levels of flying such as the cost of fuel, labor, maintenance, insurance, catering, property tax and landing fees\\. Accordingly, our actual payments under these agreements could differ materially from the minimum fixed obligations set forth in the table below\\.\n\n\n\n|                   |                      |\n| ----------------- | -------------------- |\n| **(in millions)** | **Amount** **^(1)^** |\n| 2018              | $1,772               |\n| 2019              | 1,603                |\n| 2020              | 1,320                |\n| 2021              | 793                  |\n| 2022              | 723                  |\n| Thereafter        | 1,975                |\n| Total             | $8,186               |\n\n\n\n\n\n|       |                                                                                                                                   |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | These amounts exclude contract carrier payments accounted for as operating leases of aircraft, which are described in  Note 7 \\.  |\n\n\n\nRevenue Proration Agreement \\. As of  December 31, 2017 , a portion of our contract carrier agreement with SkyWest Airlines, Inc\\. is structured as a revenue proration agreement\\. This revenue proration agreement establishes a fixed dollar or percentage division of revenues for tickets sold to passengers traveling on connecting flight itineraries\\.\n\nLegal Contingencies\n\nWe are involved in various legal proceedings related to employment practices, environmental issues, antitrust matters and other matters concerning our business\\. We record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount of loss can be reasonably estimated\\. Although the outcome of the legal proceedings in which we are involved cannot be predicted with certainty, we believe that the resolution of current matters will not have a material adverse effect on our Consolidated Financial Statements\\.\n\nCredit Card Processing Agreements\n\nOur VISA/MasterCard and American Express credit card processing agreements provide that no cash reserve (\"Reserve\") is required, and no withholding of payment related to receivables collected will occur, except in certain circumstances, including when we do not maintain a required level of liquidity as outlined in the merchant processing agreements\\. In circumstances in which the credit card processor can establish a Reserve or withhold payments, the amount of the Reserve or payments that may be withheld would be equal to the potential liability of the credit card processor for tickets purchased with VISA/MasterCard or American Express credit cards, as applicable, that had not yet been used for travel\\. We did not have a Reserve or an amount withheld as of  December 31, 2017  or  2016 \\.\n\n 80"}
{"_id": "AmericanAirlines-2019_4.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nPART I  \n\nITEM 1\\. BUSINESS\n\nOverview\n\nAmerican Airlines Group Inc\\. (AAG), a Delaware corporation, is a holding company and its principal, wholly\\-owned subsidiaries are American Airlines, Inc\\. (American), Envoy Aviation Group Inc\\. (Envoy), PSA Airlines, Inc\\. (PSA) and Piedmont Airlines, Inc\\. (Piedmont)\\. AAG was formed in 1982 under the name AMR Corporation (AMR) as the parent company of American, which was founded in 1934\\. \n\nAAG\u2019s and American\u2019s principal executive offices are located at 1 Skyview Drive, Fort Worth, Texas 76155 and their telephone number is 817\\-963\\-1234\\.\n\nAirline Operations\n\nOur primary business activity is the operation of a major network carrier, providing scheduled air transportation for passengers and cargo\\.\n\nTogether with our wholly\\-owned regional airline subsidiaries and third\\-party regional carriers operating as American Eagle, our airline operates an average of 6,800 flights per day to more than 365 destinations in 61 countries through our hubs and gateways in Charlotte, Chicago, Dallas/Fort Worth, London Heathrow, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D\\.C\\. In  2019 , approximately  215 million  passengers boarded our flights\\. During  2019 , we launched new seasonal nonstop service to transatlantic markets Dubrovnik, Croatia and Berlin, Germany from Philadelphia International Airport (PHL)\\. We also announced an international expansion beginning in summer 2020 that will, among other things, introduce new seasonal nonstop service between PHL and Casablanca, Morocco, representing our entry into the African market, new seasonal nonstop service between Chicago O\u2019Hare International Airport (ORD) and Krakow, Poland, Prague, Czech Republic and Budapest, Hungary, and the return of service to Tel Aviv, Israel, with year\\-round nonstop service from Dallas/Fort Worth International Airport (DFW)\\. Beginning in October 2020, we also plan to operate new seasonal nonstop service between Los Angeles International Airport (LAX) and Christchurch, New Zealand and from DFW to Auckland, New Zealand, to which we currently operate seasonal service from LAX\\. \n\nAs of  December 31, 2019 , we operated  942  mainline aircraft supported by our regional airline subsidiaries and third\\-party regional carriers, which operated an additional  605  regional aircraft\\. See Part I, Item 2\\. Properties for further discussion on our mainline and regional aircraft and \u201c Regional \u201d below for further discussion on our regional operations\\.\n\nAmerican is a founding member of the  one world ^\u00ae^  alliance, whose members serve 1,100 destinations in 180 countries and territories\\. See below for further discussion on the  one world alliance and other agreements with domestic and international airlines\\.\n\nSee Part II, Item 7\\. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 \u201c 2019  Financial Overview ,\u201d \u201cAAG\u2019s Results of Operations\u201d  and  \u201cAmerican\u2019s Results of Operations\u201d  for further discussion of AAG\u2019s and American\u2019s operating results and operating performance\\. Also, see Note 14 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 12 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for information regarding operating segments and see Note 1(k) to each of AAG\u2019s and American\u2019s Consolidated Financial Statements in Part II, Items 8A and 8B, respectively, for passenger revenue by geographic region\\. \n\nRegional\n\nOur regional carriers provide scheduled air transportation under the brand name \u201cAmerican Eagle\\.\u201d The American Eagle carriers include our wholly\\-owned regional carriers Envoy, PSA and Piedmont, as well as third\\-party regional carriers including Republic Airline Inc\\. (Republic), Mesa Airlines, Inc\\. (Mesa), SkyWest Airlines, Inc\\. (SkyWest) and Compass Airlines, LLC (Compass)\\. Our regional carriers are an integral component of our operating network\\. We rely heavily on regional carriers to drive feeder traffic to our hubs from low\\-density markets that are not economical for us to serve with larger, mainline aircraft\\. In addition, regional carriers offer complementary service in many of our mainline markets\\. During  2019 , approximately  59 million  passengers boarded our regional carriers\u2019 planes, approximately  43%  of whom connected to or from our mainline flights\\. All American Eagle carriers use logos, service marks, aircraft paint schemes and uniforms similar to those of our mainline operations\\.\n\n5"}
{"_id": "Delta-2018_1.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\n|                                                                                                                                                                                                                                                            |                                                                    |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------ |\n| **Table of Contents**                                                                                                                                                                                                                                      | **Table of Contents**                                              |\n|                                                                                                                                                                                                                                                            | **Page**                                                           |\n| [Forward\\-Looking Statements](http://ir.delta.com/.#s992AE06DC10A5115AB0073AC799CC986)                                                                                                                                                                     | <br>[ 1](http://ir.delta.com/.#s992AE06DC10A5115AB0073AC799CC986)  |\n| **PART I**                                                                                                                                                                                                                                                 |                                                                    |\n| [**ITEM 1\\. BUSINESS**](http://ir.delta.com/.#s951939D656A15495A4F8A79DA3064AE2)                                                                                                                                                                           | <br>[ 2](http://ir.delta.com/.#s951939D656A15495A4F8A79DA3064AE2)  |\n| [General](http://ir.delta.com/.#sB06D4D18CA6F5C638B45DB60E036DA0C)                                                                                                                                                                                         | <br>[ 2](http://ir.delta.com/.#sB06D4D18CA6F5C638B45DB60E036DA0C)  |\n| [Loyalty Program](http://ir.delta.com/.#sFB5D2C88205A5A9682C09F8B28BDC9BA)                                                                                                                                                                                 | <br>[ 4](http://ir.delta.com/.#sFB5D2C88205A5A9682C09F8B28BDC9BA)  |\n| [Fuel](http://ir.delta.com/.#s40C5E1D23A455059B4FA4CB869C3D356)                                                                                                                                                                                            | <br>[ 5](http://ir.delta.com/.#s40C5E1D23A455059B4FA4CB869C3D356)  |\n| [Other Businesses](http://ir.delta.com/.#sA1381EE1928F5F8D8DBFF607E5485799)                                                                                                                                                                                | <br>[ 5](http://ir.delta.com/.#sA1381EE1928F5F8D8DBFF607E5485799)  |\n| [Competition](http://ir.delta.com/.#s92C437AD391C517BA0176A9882DE3EA4)                                                                                                                                                                                     | <br>[ 6](http://ir.delta.com/.#s92C437AD391C517BA0176A9882DE3EA4)  |\n| [Regulatory Matters](http://ir.delta.com/.#sE92B11F905C554719034E8F607390536)                                                                                                                                                                              | <br>[ 7](http://ir.delta.com/.#sE92B11F905C554719034E8F607390536)  |\n| [Employee Matters](http://ir.delta.com/.#s0DB44555F9605C7C847B038F9521A76B)                                                                                                                                                                                | <br>[ 10](http://ir.delta.com/.#s0DB44555F9605C7C847B038F9521A76B) |\n| [Executive Officers of the Registrant](http://ir.delta.com/.#s2E49E5AF1ADE58ED928257385F14CF33)                                                                                                                                                            | <br>[ 11](http://ir.delta.com/.#s2E49E5AF1ADE58ED928257385F14CF33) |\n| [Additional Information](http://ir.delta.com/.#sCC85457095DD5CAB8222E2CC970AE619)                                                                                                                                                                          | <br>[ 11](http://ir.delta.com/.#sCC85457095DD5CAB8222E2CC970AE619) |\n| [**ITEM 1A\\. RISK FACTORS**](http://ir.delta.com/.#sCABCD48666205E0AA9B39B7B979151B1)                                                                                                                                                                      | <br>[ 12](http://ir.delta.com/.#sCABCD48666205E0AA9B39B7B979151B1) |\n| [Risk Factors Relating to Delta](http://ir.delta.com/.#sA7505CCFC67C537C8E22AACAC281DB74)                                                                                                                                                                  | <br>[ 12](http://ir.delta.com/.#sA7505CCFC67C537C8E22AACAC281DB74) |\n| [Risk Factors Relating to the Airline Industry](http://ir.delta.com/.#s2464DEA1A1785C3D855CC8C880B9C4B6)                                                                                                                                                   | <br>[ 17](http://ir.delta.com/.#s2464DEA1A1785C3D855CC8C880B9C4B6) |\n| [**ITEM 1B\\. UNRESOLVED STAFF COMMENTS**](http://ir.delta.com/.#s1EC570684CE05EBDAAB75E51DB39FB1A)                                                                                                                                                         | <br>[ 19](http://ir.delta.com/.#s1EC570684CE05EBDAAB75E51DB39FB1A) |\n| [**ITEM 2\\. PROPERTIES**](http://ir.delta.com/.#sC73BCBAC6072565E8038553B69452194)                                                                                                                                                                         | <br>[ 20](http://ir.delta.com/.#sC73BCBAC6072565E8038553B69452194) |\n| [Flight Equipment](http://ir.delta.com/.#sA1DD9FDB21EC5F9286E8FADC7AF615FE)                                                                                                                                                                                | <br>[ 20](http://ir.delta.com/.#sA1DD9FDB21EC5F9286E8FADC7AF615FE) |\n| [Ground Facilities](http://ir.delta.com/.#sFED3F16F23DF5FFF804BEC12FBBAC7D2)                                                                                                                                                                               | <br>[ 21](http://ir.delta.com/.#sFED3F16F23DF5FFF804BEC12FBBAC7D2) |\n| [**ITEM 3\\. LEGAL PROCEEDINGS**](http://ir.delta.com/.#s75100405F0735ECDA2365C696E2CC5A3)                                                                                                                                                                  | <br>[ 22](http://ir.delta.com/.#s75100405F0735ECDA2365C696E2CC5A3) |\n| [**ITEM 4\\. MINE SAFETY DISCLOSURES**](http://ir.delta.com/.#s24C07B83713D5ECE9263429205106D20)                                                                                                                                                            | <br>[ 22](http://ir.delta.com/.#s24C07B83713D5ECE9263429205106D20) |\n| **PART II**                                                                                                                                                                                                                                                |                                                                    |\n| [**ITEM 5\\. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER**](http://ir.delta.com/.#s40BB2DD6A68B57E7BE9ED799E6854A9D)<br><br>[**MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**](http://ir.delta.com/.#s40BB2DD6A68B57E7BE9ED799E6854A9D) | <br>[ 23](http://ir.delta.com/.#s40BB2DD6A68B57E7BE9ED799E6854A9D) |\n| [**ITEM 6\\. SELECTED FINANCIAL DATA**](http://ir.delta.com/.#s29B3E21F72545EBAB0B798847370F388)                                                                                                                                                            | <br>[ 25](http://ir.delta.com/.#s29B3E21F72545EBAB0B798847370F388) |\n| [**ITEM 7\\. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND**](http://ir.delta.com/.#sF9178631131555C3ACFFA1302F494D71)<br><br>[**RESULTS OF OPERATION**](http://ir.delta.com/.#sF9178631131555C3ACFFA1302F494D71)**S**                   | <br>[ 27](http://ir.delta.com/.#sF9178631131555C3ACFFA1302F494D71) |\n| [Financial Highlights \\- 2018 Compared to 2017](http://ir.delta.com/.#sAC71E9E86EE1563FB49C4A2FF4AE660C)                                                                                                                                                   | <br>[ 27](http://ir.delta.com/.#sAC71E9E86EE1563FB49C4A2FF4AE660C) |\n| [Results of Operations \\- 2018 Compared to 2017](http://ir.delta.com/.#sB1C075CEFDCE5C209E68C6420354B0EC)                                                                                                                                                  | <br>[ 28](http://ir.delta.com/.#sB1C075CEFDCE5C209E68C6420354B0EC) |\n| [Results of Operations \\- 2017 Compared to 2016](http://ir.delta.com/.#s37C7A0BF28F15DC680491D7D01D919F8)                                                                                                                                                  | <br>[ 32](http://ir.delta.com/.#s37C7A0BF28F15DC680491D7D01D919F8) |\n| [Non\\-Operating Results](http://ir.delta.com/.#sDB4C82A4EC7F586F82CDA47E9700C836)                                                                                                                                                                          | <br>[ 36](http://ir.delta.com/.#sDB4C82A4EC7F586F82CDA47E9700C836) |\n| [Income Taxes](http://ir.delta.com/.#s8BBAB25EE8DB5AF39058258F0D6D4D2A)                                                                                                                                                                                    | <br>[ 36](http://ir.delta.com/.#s8BBAB25EE8DB5AF39058258F0D6D4D2A) |\n| [Refinery Segment](http://ir.delta.com/.#sD8625C5429955E819F66BB1508D86705)                                                                                                                                                                                | <br>[ 37](http://ir.delta.com/.#sD8625C5429955E819F66BB1508D86705) |\n| [Financial Condition and Liquidity](http://ir.delta.com/.#sC75F3EB758995CFA97709E27EEE2EC10)                                                                                                                                                               | <br>[ 38](http://ir.delta.com/.#sC75F3EB758995CFA97709E27EEE2EC10) |\n| [Contractual Obligations](http://ir.delta.com/.#s88ED45F54B1A51A19F1ADBF9DCEDA98B)                                                                                                                                                                         | <br>[ 41](http://ir.delta.com/.#s88ED45F54B1A51A19F1ADBF9DCEDA98B) |\n| [Critical Accounting Policies and Estimates](http://ir.delta.com/.#s17BE6D937AD252E5A9DEF51567CFFE0F)                                                                                                                                                      | <br>[ 43](http://ir.delta.com/.#s17BE6D937AD252E5A9DEF51567CFFE0F) |\n| [Supplemental Information](http://ir.delta.com/.#s395D4BF7969E556EBDD44F06CEDCB6E9)                                                                                                                                                                        | <br>[ 48](http://ir.delta.com/.#s395D4BF7969E556EBDD44F06CEDCB6E9) |\n| [Glossary of Defined Terms](http://ir.delta.com/.#s2BAD2936462F568180B4874C54FDD165)                                                                                                                                                                       | <br>[ 49](http://ir.delta.com/.#s2BAD2936462F568180B4874C54FDD165) |\n| [**ITEM 7A\\. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**](http://ir.delta.com/.#sBF7B5E7769935B81878F022C78613B0A)                                                                                                                        | <br>[ 50](http://ir.delta.com/.#sBF7B5E7769935B81878F022C78613B0A) |\n| [**ITEM 8\\. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**](http://ir.delta.com/.#sCAECD40F9F7754A88DF5F962B4B58248)                                                                                                                                        | <br>[ 51](http://ir.delta.com/.#sCAECD40F9F7754A88DF5F962B4B58248) |\n| [**ITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND**](http://ir.delta.com/.#s6827A436637D578E9366E1AE5C504BFA)<br><br>[**FINANCIAL DISCLOSURE**](http://ir.delta.com/.#s6827A436637D578E9366E1AE5C504BFA)                         | <br>[ 98](http://ir.delta.com/.#s6827A436637D578E9366E1AE5C504BFA) |\n| [**ITEM 9A\\. CONTROLS AND PROCEDURES**](http://ir.delta.com/.#sDD35F13317EA512098B6F2BD8FB4DD95)                                                                                                                                                           | <br>[ 98](http://ir.delta.com/.#sDD35F13317EA512098B6F2BD8FB4DD95) |"}
{"_id": "Southwest-2018_49.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n**Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures** **(excluding special items)(unaudited) (in millions, except per share amounts and per ASM amounts)**\n\n\n\n|                                                                                                                                          |                             |                             |             |\n| ---------------------------------------------------------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | ----------- |\n|                                                                                                                                          | **Year ended December 31,** | **Year ended December 31,** |             |\n|                                                                                                                                          | **2018**                    | **2017**                    | **Percent** |\n|                                                                                                                                          |                             | **As Recast**               | **Change**  |\n| **Fuel and oil expense, unhedged**                                                                                                       | $4,649                      | $3,524                      |             |\n| Premium cost of fuel contracts                                                                                                           | 135                         | 136                         |             |\n| Add (Deduct): Fuel hedge (gains) losses included in Fuel and oil expense, net                                                            | (168)                       | 416                         |             |\n| **Fuel and oil expense, as reported**                                                                                                    | $4,616                      | $4,076                      |             |\n| Add: Net impact from fuel contracts                                                                                                      | 14                          | 156                         |             |\n| **Fuel and oil expense, excluding special items (economic)**                                                                             | $4,630                      | $4,232                      | 9\\.4 %      |\n| **Total operating expenses, as reported**                                                                                                | $18,759                     | $17,739                     |             |\n| Add: Reclassification between Fuel and oil and Other (gains) losses, net,<br><br> associated with current period settled contracts       | \u2014                           | 6                           |             |\n| Add: Contracts settling in the current period, but for which gains and/or (losses) <br><br> have been recognized in a prior period (a)   | 14                          | 150                         |             |\n| Deduct: Lease termination expense                                                                                                        | \u2014                           | (33)                        |             |\n| Deduct: Aircraft grounding charge                                                                                                        | \u2014                           | (63)                        |             |\n| Add: Gain on sale of grounded aircraft                                                                                                   | 25                          | \u2014                           |             |\n| **Total operating expenses, excluding special items**                                                                                    | $18,798                     | $17,799                     | 5\\.6 %      |\n| **Operating income, as reported**                                                                                                        | $3,206                      | $3,407                      |             |\n| Deduct: Reclassification between Fuel and oil and Other (gains) losses, net,<br><br> associated with current period settled contracts    | \u2014                           | (6)                         |             |\n| Deduct: Contracts settling in the current period, but for which gains and/or (losses)<br><br> have been recognized in a prior period (a) | (14)                        | (150)                       |             |\n| Add: Lease termination expense                                                                                                           | \u2014                           | 33                          |             |\n| Add: Aircraft grounding charge                                                                                                           | \u2014                           | 63                          |             |\n| Deduct: Gain on sale of grounded aircraft                                                                                                | (25)                        | \u2014                           |             |\n| **Operating income, excluding special items**                                                                                            | $3,167                      | $3,347                      | (5\\.4)%     |\n| **Provision (benefit) for income taxes, as reported**                                                                                    | $699                        | $(92)                       |             |\n| Add (Deduct): Net income tax impact of special items, excluding Tax reform <br><br> impact (b)                                           | (9)                         | 17                          |             |\n| Add: Tax reform impact (c)                                                                                                               | \u2014                           | 1,270                       |             |\n| **Provision for income taxes, excluding special items**                                                                                  | $690                        | $1,195                      | (42\\.3)%    |\n| **Net income, as reported**                                                                                                              | $2,465                      | $3,357                      |             |\n| Add: Mark\\-to\\-market impact from fuel contracts settling in future periods                                                              | \u2014                           | 69                          |             |\n| Add: Ineffectiveness from fuel hedges settling in future periods                                                                         | \u2014                           | 31                          |             |\n| Deduct: Other net impact of fuel contracts settling in the current or a prior period<br><br> (excluding reclassifications)               | (14)                        | (150)                       |             |\n| Add: Lease termination expense                                                                                                           | \u2014                           | 33                          |             |\n| Add: Aircraft grounding charge                                                                                                           | \u2014                           | 63                          |             |\n| Deduct: Gain on sale of grounded aircraft                                                                                                | (25)                        | \u2014                           |             |\n| Add (Deduct): Net income tax impact of special items, excluding Tax reform impact (b)                                                    | 9                           | (17)                        |             |\n| Deduct: Tax reform impact (c)                                                                                                            | \u2014                           | (1,270)                     |             |\n| **Net income, excluding special items**                                                                                                  | $2,435                      | $2,116                      | 15\\.1 %     |\n\n\n\n50"}
{"_id": "United-2019_12.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nThe Company could experience adverse publicity, harm to its brand, reduced travel demand and potential tort liability as a result of an accident, catastrophe or incident involving its aircraft or its operations, the aircraft or operations of its regional carriers, the aircraft or operations of its codeshare partners, or the aircraft or operations of another airline, which may result in a material adverse effect on the Company's business, operating results and financial condition\\.\n\nAn accident, catastrophe or incident involving an aircraft that the Company operates, or an aircraft that is operated by a codeshare partner, one of the Company's regional carriers or another airline, or an incident involving the Company's operations, or the operations of a codeshare partner, one of the Company's regional carriers or of another airline, could have a material adverse effect on the Company if such accident, catastrophe or incident created a public perception that the Company's operations, or the operations of its codeshare partners or regional carriers, are not safe or reliable, or are less safe or reliable than other airlines\\. Additionally, any accident, catastrophe or incident involving an aircraft type that is operated by the Company, its codeshare partners or regional carriers could have a material adverse effect on the Company if such accident, catastrophe or incident creates a public perception that such aircraft type was not safe or reliable\\. Such public perception could, in turn, result in adverse publicity for the Company, cause harm to the Company's brand and reduce travel demand on the Company's flights, or the flights of its codeshare partners or regional carriers\\. \n\nIn addition, any such accident, catastrophe or incident involving the Company, its regional carriers or its codeshare partners could expose the Company to significant tort liability\\. Although the Company currently maintains liability insurance in amounts and of the type the Company believes to be consistent with industry practice to cover damages arising from any such accident, catastrophe or incident, and the Company's codeshare partners and regional carriers carry similar insurance and generally indemnify the Company for their operations, if the Company's liability exceeds the applicable policy limits or the ability of another carrier to indemnify it, the Company could incur substantial losses from an accident, catastrophe or incident which may result in a material adverse effect on the Company's operating results and financial condition\\.\n\nTerrorist attacks, international hostilities or other security events, or the fear of terrorist attacks or hostilities, even if not made directly on the airline industry, could negatively affect the Company and the airline industry\\.\n\nTerrorist attacks or international hostilities, even if not made on or targeted directly at the airline industry, or the fear of or the precautions taken in anticipation of such attacks (including elevated national threat warnings, travel restrictions, selective cancellation or redirection of flights and new security regulations) could materially and adversely affect the Company and the airline industry\\. Security events pose a significant risk to our passenger and cargo operations\\. These events could include acts of violence in public areas that we cannot control\\. The Company's financial resources may not be sufficient to absorb the adverse effects of any future terrorist attacks, international hostilities or other security events\\. Any such events could have a material adverse impact on the Company's financial condition, liquidity and operating results\\.\n\nIncreasing privacy and data security obligations or a significant data breach may adversely affect the Company's business\\. \n\nIn our regular business operations, we collect, transmit, process and store sensitive data, including personal information of our customers and employees such as payment processing information and information of our business partners\\. The Company depends on the ability to use information we collect to provide our services and operate our business\\.\n\nThe Company must manage increasing legislative, regulatory and consumer focus on privacy issues and data security\\. For example, in May 2018, the EU's General Data Protection Regulation became effective, which imposes significant privacy and data security requirements, as well as potential for substantial penalties for non\\-compliance\\. Recent penalties imposed by regulators have resulted in substantial adverse financial consequences to those companies\\. Also, some of the Company's commercial partners, such as credit card companies, have imposed data security standards that the Company must meet\\. These standards continue to evolve\\. The Company will continue its efforts to meet its privacy and data security obligations; however, it is possible that certain new obligations or customer expectations may be difficult to meet and could increase the Company's costs\\. \n\nAdditionally, the Company must manage evolving cybersecurity risks\\. Our network systems and storage applications, and those systems and storage and other business applications maintained by our third\\-party providers, may be subject to attempts to gain unauthorized access, breach, malfeasance or other system disruptions\\. In some cases, it is difficult to anticipate or to detect immediately such incidents and the damage caused thereby\\. In addition, as attacks by cybercriminals become more sophisticated, frequent and intense, the costs of proactive defense measures may increase\\. While we continually work to safeguard our internal network systems, including through risk assessments, system monitoring, information security policies and employee awareness and training, and review and validate our third\\-party security standards, there is no assurance that such actions will be sufficient to prevent cyber\\-attacks or data breaches\\. \n\nThe loss, disclosure, misappropriation of or access to customers', employees' or business partners' information or the Company's failure to meet its obligations could result in legal claims or proceedings, penalties and remediation costs\\. A \n\n13"}
{"_id": "United-2018_28.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nLanding fees and other rent increased $75 million, or 3\\.5%, in 2017 as compared to the year\\-ago period due to higher rental and landing fee rates\\.\n\nRegional capacity purchase costs increased $35 million, or 1\\.6%, in 2017 as compared to the year\\-ago period despite regional capacity being down 3\\.8% in 2017 as compared to 2016 due to increases in annual rates, maintenance cycle\\-related costs and lease return costs\\.\n\nDepreciation and amortization increased $172 million, or 8\\.7%, in 2017 as compared to 2016, primarily due to additions of new and used aircraft, aircraft improvements and increases in information technology infrastructure and application development projects\\.\n\nAircraft maintenance materials and outside repairs increased $107 million, or 6\\.1%, in 2017 as compared to 2016, primarily due to an increase in airframe and engine maintenance visits and additional repairs to wireless and inflight entertainment equipment\\.\n\nAircraft rent decreased $59 million, or 8\\.7%, in 2017 as compared to 2016, primarily due to the purchase of leased aircraft and lower lease renewal rates\\.\n\nThe table below presents special charges incurred by the Company during the years ended December 31 (in millions):\n\n\n\n|                                                            |          |          |\n| ---------------------------------------------------------- | -------- | -------- |\n|                                                            | **2017** | **2016** |\n| Severance and benefit costs                                | $116     | $37      |\n| Impairment of assets                                       | 25       | 412      |\n| Cleveland airport lease restructuring                      | \u2014        | 74       |\n| Labor agreement costs                                      | \u2014        | 171      |\n| (Gains) losses on sale of assets and other special charges | 35       | 51       |\n| Total special charges                                      | $176     | $745     |\n\n\n\nSee Note 14 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\nOther operating expenses increased $233 million, or 4\\.4%, in 2017 as compared to 2016, primarily due to increased costs in food, marketing and technology associated with the Company's enhanced customer experience initiatives, and due to volume\\-driven increases in cargo trucking and handling costs\\. \n\n***Nonoperating Income (Expense)***\n\nThe following table illustrates the year\\-over\\-year dollar and percentage changes in the Company's nonoperating income (expense) for the years ended December 31 (in millions, except percentage changes):\n\n\n\n|                                 |          |          |                         |              |\n| ------------------------------- | -------- | -------- | ----------------------- | ------------ |\n|                                 | **2017** | **2016** | **Increase (Decrease)** | **% Change** |\n| Interest expense                | $(671)   | $(674)   | $(3)                    | (0\\.4)       |\n| Interest capitalized            | 84       | 72       | 12                      | 16\\.7        |\n| Interest income                 | 57       | 42       | 15                      | 35\\.7        |\n| Miscellaneous, net              | (101)    | (11)     | 90                      | NM           |\n| Total nonoperating expense, net | $(631)   | $(571)   | $60                     | 10\\.5        |\n\n\n\nMiscellaneous, net increased $90 million in 2017 as compared to 2016 primarily due to 2016 curtailments gains related to changes in the new labor agreements\\. See Note 14 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\n***Liquidity and Capital Resources*** \n\nAs of December 31, 2018, the Company had $4\\.0 billion in unrestricted cash, cash equivalents and short\\-term investments, an increase of $0\\.2 billion from December 31, 2017\\. The Company had its entire commitment capacity of $2\\.0 billion under the revolving credit facility of the Credit Agreement available for borrowings as of December 31, 2018\\. \n\nWe have a significant amount of fixed obligations, including debt, aircraft leases and financings, leases of airport property and other facilities and pension funding obligations\\. At December 31, 2018, the Company had approximately $14\\.7 billion of debt and capital lease obligations, including $1\\.4 billion that are due within the next 12 months\\. In addition, we have substantial noncancelable commitments for capital expenditures, including the acquisition of new aircraft and related spare engines\\. As of \n\n29"}
{"_id": "Southwest-2019_34.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nPART II\n\nItem 5\\.   Market for Registrant\u2019s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities\n\nThe Company\u2019s common stock is listed on the New York Stock Exchange (\"NYSE\") and is traded under the symbol \"LUV\\.\" The Company currently intends to continue declaring dividends on a quarterly basis for the foreseeable future; however, the Company\u2019s Board of Directors may elect to alter the timing, amount, and payment of dividends on the basis of operational results, financial condition, cash requirements, future prospects, and other factors deemed relevant by the Board\\. As of  January 30, 2020 , there were approximately  11,920  holders of record of the Company\u2019s common stock\\.\n\n35"}
{"_id": "United-2017_37.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nThese credit ratings are below investment grade levels\\. Downgrades from these rating levels, among other things, could restrict the availability, or increase the cost, of future financing for the Company\\.\n\n**Other Liquidity Matters** \n\nBelow is a summary of additional liquidity matters\\. See the indicated notes to our consolidated financial statements included in Part II, Item 8 of this report for additional details related to these and other matters affecting our liquidity and commitments\\.\n\n\n\n|                                         |         |\n| --------------------------------------- | ------- |\n| Pension and other postretirement plans  | Note 8  |\n| Long\\-term debt and debt covenants      | Note 10 |\n| Leases and capacity purchase agreements | Note 11 |\n| Commitments and contingencies           | Note 13 |\n\n\n\n***Contractual Obligations\\.*** The Company\u2019s business is capital intensive, requiring significant amounts of capital to fund the acquisition of assets, particularly aircraft\\. In the past, the Company has funded the acquisition of aircraft through outright purchase, by issuing debt, by entering into capital or operating leases, or through vendor financings\\. The Company also often enters into long\\-term lease commitments with airports to ensure access to terminal, cargo, maintenance and other required facilities\\.\n\nThe table below provides a summary of the Company\u2019s material contractual obligations as of December 31, 2017 (in billions):\n\n\n\n|                                                    |          |          |          |          |          |                     |           |\n|:-------------------------------------------------- | --------:| --------:| --------:| --------:| --------:| -------------------:| ---------:|\n|                                                    | **2018** | **2019** | **2020** | **2021** | **2022** | **After  <br>2022** | **Total** |\n| Long\\-term debt (a)                                |   $1\\.6  |   $1\\.2  |   $1\\.2  |   $1\\.2  |   $1\\.5  |              $6\\.9  |   $13\\.4  |\n| Capital lease obligations\u2014principal portion        |    0\\.1  |    0\\.1  |    0\\.1  |    0\\.1  |    0\\.1  |               0\\.8  |     1\\.1  |\n| Total debt and capital lease obligations           |    1\\.7  |    1\\.3  |    1\\.3  |    1\\.3  |    1\\.6  |               7\\.7  |    14\\.5  |\n| Interest on debt and capital lease obligations (b) |    0\\.6  |    0\\.5  |    0\\.5  |    0\\.4  |    0\\.4  |               1\\.0  |     3\\.4  |\n| Aircraft operating lease obligations               |    1\\.0  |    0\\.9  |    0\\.6  |    0\\.5  |    0\\.4  |               1\\.5  |     4\\.9  |\n| Regional CPAs (c)                                  |    2\\.0  |    1\\.8  |    1\\.6  |    1\\.5  |    1\\.4  |               3\\.2  |    11\\.5  |\n| Other operating lease obligations                  |    1\\.2  |    1\\.1  |    1\\.2  |    0\\.9  |    0\\.8  |               6\\.1  |    11\\.3  |\n| Postretirement obligations (d)                     |    0\\.1  |    0\\.1  |    0\\.1  |    0\\.1  |    0\\.1  |               0\\.6  |     1\\.1  |\n| Pension obligations (e)                            |       \u2014  |       \u2014  |       \u2014  |       \u2014  |    0\\.1  |               0\\.7  |     0\\.8  |\n| Capital purchase obligations (f)                   |    3\\.2  |    2\\.9  |    2\\.1  |    2\\.4  |    1\\.8  |               9\\.8  |    22\\.2  |\n| Total contractual obligations                      |   $9\\.8  |   $8\\.6  |   $7\\.4  |   $7\\.1  |   $6\\.6  |             $30\\.6  |   $69\\.7  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                      |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (a) | Long\\-term debt presented in the Company\u2019s financial statements is net of $163 million of debt discount, premiums and debt issuance costs which are being amortized over the debt terms\\. Contractual payments are not net of the debt discount, premiums and debt issuance costs\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                    |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | Includes interest portion of capital lease obligations of $72 million in 2018, $63 million in 2019, $59 million in 2020, $56 million in 2021, $52 million in 2022 and $391 million thereafter\\. Interest payments on variable interest rate debt were calculated using London interbank offered rates (\u201cLIBOR\u201d) applicable at December 31, 2017\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (c) | Represents our estimates of future minimum noncancelable commitments under our CPAs and does not include the portion of the underlying obligations for aircraft and facility rent that is disclosed as part of aircraft and nonaircraft operating leases\\. Amounts also exclude a portion of United\u2019s capital lease obligation recorded for certain of its CPAs\\. See Note 11 to the financial statements included in Part II, Item 8 of this report for the significant assumptions used to estimate the payments\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                   |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (d) | Amounts represent postretirement benefit payments, net of subsidy receipts, through 2026\\. Benefit payments approximate plan contributions as plans are substantially unfunded\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                       |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (e) | Represents an estimate of the minimum funding requirements as determined by government regulations for United\u2019s U\\.S\\. pension plans\\. Amounts are subject to change based on numerous assumptions, including the performance of assets in the plans and bond rates\\. See *Critical Accounting Policies*, below, for a discussion of our current year assumptions regarding United\u2019s pension plans\\.  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                       |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (f) | Represents contractual commitments for firm order aircraft, spare engines and other capital purchase commitments\\. See Note 13 to the financial statements included in Part II, Item 8 of this report for a discussion of our purchase commitments\\.  |\n\n\n\n38"}
{"_id": "Alaska-2018_1.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n**ALASKA AIR GROUP, INC\\.**\n\n**ANNUAL REPORT ON FORM 10\\-K FOR THE YEAR ENDED** **DECEMBER 31, 2018**\n\n**TABLE OF CONTENTS**\n\n\n\n|                                                                        |                                                                                                                                                                                |                                                                      |\n| ---------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------- |\n| [PART I](https://www.example.com#sA5D1B22A3DAF6C4179F85D19E29969AE)    |                                                                                                                                                                                | <br>[ 4](https://www.example.com#sA5D1B22A3DAF6C4179F85D19E29969AE)  |\n| [ITEM 1\\.](https://www.example.com#s3D650B7CBDB9FFA84B035D19E2B934C5)  | [OUR BUSINESS](https://www.example.com#s3D650B7CBDB9FFA84B035D19E2B934C5)                                                                                                      | <br>[ 4](https://www.example.com#s3D650B7CBDB9FFA84B035D19E2B934C5)  |\n| [ITEM 1A\\.](https://www.example.com#sD600DDF767DC588F86DE5D19E5FD72E3) | [RISK FACTORS](https://www.example.com#sD600DDF767DC588F86DE5D19E5FD72E3)                                                                                                      | <br>[ 19](https://www.example.com#sD600DDF767DC588F86DE5D19E5FD72E3) |\n| [ITEM 1B\\.](https://www.example.com#sAB6BE31F6E86F15B7AE85D19E6389452) | [UNRESOLVED STAFF COMMENTS](https://www.example.com#sAB6BE31F6E86F15B7AE85D19E6389452)                                                                                         | <br>[ 25](https://www.example.com#sAB6BE31F6E86F15B7AE85D19E6389452) |\n| [ITEM 2\\.](https://www.example.com#sA69A80D8BE46BCA7353E5D19E64F8DD3)  | [PROPERTIES](https://www.example.com#sA69A80D8BE46BCA7353E5D19E64F8DD3)                                                                                                        | <br>[ 25](https://www.example.com#sA69A80D8BE46BCA7353E5D19E64F8DD3) |\n| [ITEM 3\\.](https://www.example.com#s10126C0C4F9833F41C325D19E6D67A1F)  | [LEGAL PROCEEDINGS](https://www.example.com#s10126C0C4F9833F41C325D19E6D67A1F)                                                                                                 | <br>[ 26](https://www.example.com#s10126C0C4F9833F41C325D19E6D67A1F) |\n| [ITEM 4\\.](https://www.example.com#s32D68F92D014BA0A5F0F5D19E6F8C98A)  | [MINE SAFETY DISCLOSURES](https://www.example.com#s32D68F92D014BA0A5F0F5D19E6F8C98A)                                                                                           | <br>[ 27](https://www.example.com#s32D68F92D014BA0A5F0F5D19E6F8C98A) |\n| [PART II](https://www.example.com#sD9125574169F225650FB5D19E7287FB9)   |                                                                                                                                                                                | <br>[ 27](https://www.example.com#sD9125574169F225650FB5D19E7287FB9) |\n| [ITEM 5\\.](https://www.example.com#s3677B141B1DB8978B3895D19E7496719)  | [MARKET FOR THE REGISTRANT\u2019S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES](https://www.example.com#s3677B141B1DB8978B3895D19E7496719) | <br>[ 27](https://www.example.com#s3677B141B1DB8978B3895D19E7496719) |\n| [ITEM 6\\.](https://www.example.com#s3126538E130F3A4935605D19E7F120CD)  | [SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA](https://www.example.com#s3126538E130F3A4935605D19E7F120CD)                                                                | <br>[ 29](https://www.example.com#s3126538E130F3A4935605D19E7F120CD) |\n| [ITEM 7\\.](https://www.example.com#sB8C69A7F2294DDD169B25D19E85F3334)  | [MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](https://www.example.com#sB8C69A7F2294DDD169B25D19E85F3334)                             | <br>[ 31](https://www.example.com#sB8C69A7F2294DDD169B25D19E85F3334) |\n| [ITEM 7A\\.](https://www.example.com#s252275E89F31D084C3D05D19EB915733) | [QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK](https://www.example.com#s252275E89F31D084C3D05D19EB915733)                                                         | <br>[ 52](https://www.example.com#s252275E89F31D084C3D05D19EB915733) |\n| [ITEM 8\\.](https://www.example.com#s34AC1FC357CC03E3FEF15D19EBB72055)  | [CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](https://www.example.com#s34AC1FC357CC03E3FEF15D19EBB72055)                                                          | <br>[ 53](https://www.example.com#s34AC1FC357CC03E3FEF15D19EBB72055) |\n| [ITEM 9\\.](https://www.example.com#s12671DA7BE3E55F21FF35D19F0BA4AD5)  | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](https://www.example.com#s12671DA7BE3E55F21FF35D19F0BA4AD5)                              | <br>[ 91](https://www.example.com#s12671DA7BE3E55F21FF35D19F0BA4AD5) |\n| [ITEM 9A\\.](https://www.example.com#s6E84CAB6888CCF43FDFE5D19F0C1D496) | [CONTROLS AND PROCEDURES](https://www.example.com#s6E84CAB6888CCF43FDFE5D19F0C1D496)                                                                                           | <br>[ 92](https://www.example.com#s6E84CAB6888CCF43FDFE5D19F0C1D496) |\n| [ITEM 9B\\.](https://www.example.com#s401D7A1F9BD14473CA595D19F19311A8) | [OTHER INFORMATION](https://www.example.com#s401D7A1F9BD14473CA595D19F19311A8)                                                                                                 | <br>[ 95](https://www.example.com#s401D7A1F9BD14473CA595D19F19311A8) |\n| [PART III](https://www.example.com#s274255E8C3244945D0CE5D19F1B679F6)  |                                                                                                                                                                                | <br>[ 95](https://www.example.com#s274255E8C3244945D0CE5D19F1B679F6) |\n| [ITEM 10\\.](https://www.example.com#s6DFEA91F38DBAADF01C75D19F1E68E8A) | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE](https://www.example.com#s6DFEA91F38DBAADF01C75D19F1E68E8A)                                                            | <br>[ 95](https://www.example.com#s6DFEA91F38DBAADF01C75D19F1E68E8A) |\n| [ITEM 11\\.](https://www.example.com#s8FD677DAECC54F68AACA5D19F207CBD9) | [EXECUTIVE COMPENSATION](https://www.example.com#s8FD677DAECC54F68AACA5D19F207CBD9)                                                                                            | <br>[ 95](https://www.example.com#s8FD677DAECC54F68AACA5D19F207CBD9) |\n| [ITEM 12\\.](https://www.example.com#sA90DBF528EA91F14A9CF5D19BDDFD585) | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, AND RELATED STOCKHOLDER MATTERS](https://www.example.com#sA90DBF528EA91F14A9CF5D19BDDFD585)                   | <br>[ 95](https://www.example.com#sA90DBF528EA91F14A9CF5D19BDDFD585) |\n| [ITEM 13\\.](https://www.example.com#sFD3FB2FBA4EF0849D2795D19F25B4546) | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](https://www.example.com#sFD3FB2FBA4EF0849D2795D19F25B4546)                                         | <br>[ 96](https://www.example.com#sFD3FB2FBA4EF0849D2795D19F25B4546) |\n| [ITEM 14\\.](https://www.example.com#s477E09E7B675A0D2D2385D19F28DD879) | [PRINCIPAL ACCOUNTANT FEES AND SERVICES ](https://www.example.com#s477E09E7B675A0D2D2385D19F28DD879)                                                                           | <br>[ 96](https://www.example.com#s477E09E7B675A0D2D2385D19F28DD879) |\n| [PART IV](https://www.example.com#sE1B730F2B093BD464AAA5D19F2B01986)   |                                                                                                                                                                                | <br>[ 96](https://www.example.com#sE1B730F2B093BD464AAA5D19F2B01986) |\n| [ITEM 15\\.](https://www.example.com#s1755EF1BA3D4EDA0DC485D19F2E29E1C) | [EXHIBITS](https://www.example.com#s1755EF1BA3D4EDA0DC485D19F2E29E1C)                                                                                                          | <br>[ 96](https://www.example.com#s1755EF1BA3D4EDA0DC485D19F2E29E1C) |\n|                                                                        | [SIGNATURES](https://www.example.com#s1C76220E19BED7D080555D19F302C47B)                                                                                                        | <br>[ 97](https://www.example.com#s1C76220E19BED7D080555D19F302C47B) |\n\n\n\n**As used in this Form 10\\-K, the terms \u201cAir Group,\u201d the \"Company,\" \u201cour,\u201d \u201cwe\u201d and \"us,\" refer to Alaska Air Group, Inc\\. and its subsidiaries, unless the context indicates otherwise\\. Alaska Airlines, Inc\\., Virgin America Inc\\. (through July 20, 2018, at which point it was legally merged into Alaska Airlines, Inc\\.), and Horizon Air Industries, Inc\\. are referred to as \u201cAlaska,\u201d \"Virgin America\" and \u201cHorizon,\u201d respectively, and together as our \u201cairlines\\.\u201d**\n\n**CAUTIONARY NOTE REGARDING FORWARD\\-LOOKING STATEMENTS**\n\nIn addition to historical information, this Form 10\\-K contains forward\\-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995\\. Forward\\-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters\\. You can generally identify forward\\-looking statements as statements containing the words \u201cbelieve,\u201d \u201cexpect,\u201d \u201cwill,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cassume\u201d or other similar expressions, although not all forward\\-looking statements contain these identifying words\\. Forward\\-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or the Company\u2019s present expectations\\.\n\n 2"}
{"_id": "AmericanAirlines-2019_163.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nExhibits\n\nExhibits required to be filed by Item 601 of Regulation S\\-K: Where the amount of securities authorized to be issued under any of our long\\-term debt agreements does not exceed 10 percent of our assets, pursuant to paragraph (b)(4) of Item 601 of Regulation S\\-K, in lieu of filing such as an exhibit, we hereby agree to furnish to the Commission upon request a copy of any agreement with respect to such long\\-term debt\\.\n\n\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| 2\\.1                          | [Confirmation Order and Plan (incorporated by reference to Exhibit 2\\.1 to AMR\u2019s Current Report on Form 8\\-K filed on October 23, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513408263/d605556dex21.htm)                                                                                                                                                                                                                                                                                                                                                                                      |\n| 2\\.2                          | [Agreement and Plan of Merger, dated as of December 28, 2015, between American Airlines, Inc\\. and US Airways, Inc\\. (incorporated by reference to Exhibit 2\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on December 31, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515418305/d110614dex21.htm)                                                                                                                                                                                                                                                                                             |\n| 3\\.1                          | [Restated Certificate of Incorporation of American Airlines Group Inc\\., including the Certificate of Designations, Powers, Preferences and Rights of the American Airlines Group Inc\\. Series A Convertible Preferred Stock attached as Annex I thereto (incorporated by reference to Exhibit 3\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on December 9, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513466973/d640718dex31.htm)                                                                                                                                                          |\n| 3\\.2                          | [Certificate of Amendment of Restated Certificate of Incorporation of American Airlines Group Inc\\. (incorporated by reference to Exhibit 3\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on June 13, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312518191662/d594984dex31.htm)                                                                                                                                                                                                                                                                                                                  |\n| 3\\.3                          | [Third Amended and Restated Bylaws of American Airlines Group Inc\\. (incorporated by reference to Exhibit 3\\.2 to AAG\u2019s Current Report on Form 8\\-K filed on June 13, 2018 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312518191662/d594984dex32.htm)                                                                                                                                                                                                                                                                                                                                                  |\n| 3\\.4                          | [Amended and Restated Certificate of Incorporation of American Airlines, Inc\\. (incorporated by reference to Exhibit 3\\.3 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex33.htm)                                                                                                                                                                                                                                                                                                                         |\n| 3\\.5                          | [Amended and Restated Bylaws of American Airlines, Inc\\. (incorporated by reference to Exhibit 3\\.4 to AAG\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000000620114000004/d682697dex34.htm)                                                                                                                                                                                                                                                                                                                                               |\n| 4\\.1                          | [Description of securities registered under Section 12 of the Exchange Act\\.](https://americanairlines.gcs-web.com/email-alerts/ex4110k2019.htm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| 4\\.2                          | [Pass Through Trust Agreement, dated as of March 12, 2013, between American Airlines, Inc\\. and Wilmington Trust Company (incorporated by reference to Exhibit 4\\.1 to AMR\u2019s Current Report on Form 8\\-K filed on March 12, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/6201/000119312513103330/d501326dex41.htm)                                                                                                                                                                                                                                                                                            |\n| 4\\.3                          | [Trust Supplement No\\. 2013\\-2B, dated as of November 27, 2013, among American Airlines, Inc\\. and Wilmington Trust Company, as Class B Trustee, to the Pass Through Trust Agreement, dated as of March 12, 2013 (incorporated by reference to Exhibit 4\\.2 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex42.htm)                                                                                                                                                                                                 |\n| 4\\.4                          | [Form of Pass Through Trust Certificate, Series 2013\\-2B (incorporated by reference to Exhibit A to Exhibit 4\\.2 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex42.htm)                                                                                                                                                                                                                                                                                                                                            |\n| 4\\.5                          | [Revolving Credit Agreement (2013\\-2B), dated as of November 27, 2013, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for Trustee of American Airlines Pass Through Trust 2013\\-2B and as Borrower, and Morgan Stanley Bank, N\\.A\\., as Class B Liquidity Provider (incorporated by reference to Exhibit 4\\.5 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex45.htm)                                                                                                               |\n| 4\\.6                          | [Participation Agreement (N907AN), dated as of September 9, 2013, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements in effect as of the date thereof, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein (incorporated by reference to Exhibit 4\\.6 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex46.htm) |\n| 4\\.7                          | [Indenture and Security Agreement (N907AN), dated as of September 9, 2013, between American Airlines, Inc\\. and Wilmington Trust Company, as Loan Trustee (incorporated by reference to Exhibit 4\\.7 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex47.htm)                                                                                                                                                                                                                                                        |\n| 4\\.8                          | [First Amendment to Participation Agreement (N907AN), dated as of November 27, 2013, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein (incorporated by reference to Exhibit 4\\.8 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex48.htm)               |\n| 4\\.9                          | [First Amendment to Indenture and Security Agreement (N907AN), dated as of November 27, 2013, between American Airlines, Inc\\. and Wilmington Trust Company, as Loan Trustee (incorporated by reference to Exhibit 4\\.9 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex49.htm)                                                                                                                                                                                                                                     |\n| 4\\.10                         | [Series 2013\\-2A N907AN Equipment Note No\\. 1, dated as of September 9, 2013 (incorporated by reference to Exhibit 4\\.10 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex410.htm)                                                                                                                                                                                                                                                                                                                                   |\n\n\n\n164"}
{"_id": "AmericanAirlines-2018_30.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\naircraft or those of our regional operators or codeshare partners, and adversely impact our business, results of operations and financial condition\\.\n\n***Delays in scheduled aircraft deliveries or other loss of anticipated fleet capacity, and failure of new aircraft to perform as expected, may adversely impact our business, results of operations and financial condition\\.***\n\nThe success of our business depends on, among other things, effectively managing the number and types of aircraft we operate\\. If for any reason we are unable to accept or secure deliveries of new aircraft on contractually scheduled delivery dates, this could have a negative impact on our business, results of operations and financial condition\\. Our failure to integrate newly purchased aircraft into our fleet as planned might require us to seek extensions of the terms for some leased aircraft or otherwise delay the exit of certain aircraft from our fleet\\. Such unanticipated extensions or delays may require us to operate existing aircraft beyond the point at which it is economically optimal to retire them, resulting in increased maintenance costs\\. If new aircraft orders are not filled on a timely basis, we could face higher operating costs than planned\\. In addition, if the aircraft we receive do not meet expected performance or quality standards, including with respect to fuel efficiency and reliability, our business, results of operations and financial condition could be adversely impacted\\.\n\n***We depend on a limited number of suppliers for aircraft, aircraft engines and parts\\.***\n\nWe depend on a limited number of suppliers for aircraft, aircraft engines and many aircraft and engine parts\\. For example, under our current fleet plan, by 2020 all of our mainline aircraft will have been manufactured by either Airbus or Boeing and all of our regional aircraft will have been manufactured by either Bombardier or Embraer\\. Further, our supplier base continues to consolidate as evidenced by the recent acquisition of Rockwell Collins by United Technologies, the recently completed transaction involving Airbus and Bombardier and the pending transaction involving Boeing and Embraer\\. Due to the limited number of these suppliers, we are vulnerable to any problems associated with the performance of their obligation to supply key aircraft, parts and engines, including design defects, mechanical problems, contractual performance by suppliers, adverse perception by the public that would result in customer avoidance of any of our aircraft or any action by the FAA or any other regulatory authority resulting in an inability to operate our aircraft, even temporarily\\.\n\n***Our business has been and will continue to be affected by many changing economic and other conditions beyond our control, including global events that affect travel behavior, and our results of operations could be volatile and fluctuate due to seasonality\\.***\n\nOur business, results of operations and financial condition have been and will continue to be affected by many changing economic and other conditions beyond our control, including, among others:\n\n\n\n|   |                                                                                                                                                                                                                                   |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | actual or potential changes in international, national, regional and local economic, business and financial conditions, including recession, inflation, higher interest rates, wars, terrorist attacks and political instability; |\n\n\n\n\n\n|   |                                                                                         |\n| - | --------------------------------------------------------------------------------------- |\n| \u2022 | changes in consumer preferences, perceptions, spending patterns and demographic trends; |\n\n\n\n\n\n|   |                                                                                                                                    |\n| - | ---------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in the competitive environment due to industry consolidation, changes in airline alliance affiliations, and other factors; |\n\n\n\n\n\n|   |                                                     |\n| - | --------------------------------------------------- |\n| \u2022 | actual or potential disruptions to the ATC systems; |\n\n\n\n\n\n|   |                                                                     |\n| - | ------------------------------------------------------------------- |\n| \u2022 | increases in costs of safety, security, and environmental measures; |\n\n\n\n\n\n|   |                                                        |\n| - | ------------------------------------------------------ |\n| \u2022 | outbreaks of diseases that affect travel behavior; and |\n\n\n\n\n\n|   |                                                                                                                                              |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | weather and natural disasters, including increases in such disasters and related costs caused by more severe weather due to climate change\\. |\n\n\n\nIn particular, an outbreak of a contagious disease such as the Ebola virus, Middle East Respiratory Syndrome, Severe Acute Respiratory Syndrome, H1N1 influenza virus, avian flu, Zika virus or any other similar illness, if it were to become associated with air travel or persist for an extended period, could materially affect the airline industry and us by reducing revenues and adversely impacting our operations and passengers\u2019 travel behavior\\. As a result of these or other conditions beyond our control, our results of operations could be volatile and subject to rapid and unexpected change\\. In addition, due to generally weaker demand for air travel during the winter, our revenues in the first and fourth quarters of the year could be weaker than revenues in the second and third quarters of the year\\.\n\n31"}
{"_id": "Delta-2018_70.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nAncillary Businesses and Refinery\\.  Ancillary businesses and refinery includes aircraft maintenance and staffing services provided to third parties, our vacation wholesale operations, our private jet operations and refinery sales to third parties\\.  Third\\-party refinery production sales are at or near cost; accordingly, the margin on these sales is de minimis\\. See  Note 15 , \"Segments and Geographic Information,\" for more information on revenue recognition within our refinery segment\\.\n\nIn December 2018, we sold DAL Global Services, LLC (\u201cDGS\u201d), which provides aviation\\-related, ground support equipment maintenance and professional security services, to a new subsidiary of Argenbright Holdings, LLC\\. We received a non\\-controlling   49%  equity stake in the new company and   $40 million  cash\\. The new company will continue to service our customers and third parties, and is expected to continue operating at the same airport locations it currently serves\\. In 2019, DGS will no longer be reflected within ancillary businesses and refinery\\.\n\nLoyalty Program\\.  Loyalty program revenues relate to brand usage by third parties and other performance obligations embedded in mileage credits sold, including redemption of mileage credits for non\\-travel awards\\.  These revenues are included within the total cash sales from marketing agreements, discussed above\\.\n\nMiscellaneous\\.  Miscellaneous revenue is primarily composed of lounge access and codeshare revenues\\.  \n\nAccounts Receivable\n\nAccounts receivable primarily consist of amounts due from credit card companies from the sale of passenger tickets, ancillary businesses and refinery sales, and other companies for the purchase of mileage credits under the loyalty program\\. We provide an allowance for uncollectible accounts equal to the estimated losses expected to be incurred based on historical chargebacks, write\\-offs, bankruptcies and other specific analyses\\. Bad debt expense was not material in any period presented\\. \n\nPassenger Taxes and Fees\n\nWe are required to charge certain taxes and fees on our passenger tickets, including U\\.S\\. federal transportation taxes, federal security charges, airport passenger facility charges and foreign arrival and departure taxes\\. These taxes and fees are assessments on the customer for which we act as a collection agent\\. Because we are not entitled to retain these taxes and fees, we do not include such amounts in passenger revenue\\. We record a liability when the amounts are collected and reduce the liability when payments are made to the applicable government agency or operating carrier (i\\.e\\., for codeshare\\-related fees)\\. \n\nNOTE 3 \\. FAIR VALUE MEASUREMENTS\n\nFair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants\\. Fair value is a market\\-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability\\.\n\n\n\n|   |                                                                          |\n| - | ------------------------------------------------------------------------ |\n| \u2022 | *Level 1\\.*  Observable inputs such as quoted prices in active markets;  |\n\n\n\n\n\n|   |                                                                                                                         |\n| - | ----------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Level 2* \\. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |\n\n\n\n\n\n|   |                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | *Level 3* \\. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions\\. |\n\n\n\nAssets and liabilities measured at fair value are based on the valuation techniques identified in the tables below\\. The valuation techniques are as follows:\n\n\n\n|     |                                                                                                                                                              |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (a) | *Market Approach* \\. Prices and other relevant information generated by observable transactions involving identical or comparable assets or liabilities; and |\n\n\n\n\n\n|     |                                                                                                                                                                                           |\n| --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (b) | *Income Approach\\.*  Techniques to convert future amounts to a single present value amount based on market expectations (including present value techniques and option\\-pricing models)\\. |\n\n\n\n 68"}
{"_id": "United-2019_38.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nITEM 8\\. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA\\. \n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM \n\nTo the Stockholders and the Board of Directors of United Airlines Holdings, Inc\\.\n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated balance sheets of United Airlines Holdings, Inc\\. (the \"Company\") as of  December 31, 2019  and  2018 , the related statements of consolidated operations, comprehensive income (loss), cash flows, and stockholders' equity for each of the three years in the period ended  December 31, 2019 , and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the \"consolidated financial statements\")\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at  December 31, 2019  and  2018 , and the results of its operations and its cash flows for each of the three years in the period ended  December 31, 2019 , in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (\"PCAOB\"), the Company's internal control over financial reporting as of  December 31, 2019 , based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated  February 24, 2020 , expressed an unqualified opinion thereon\\.\n\nAdoption of ASU No\\. 2016\\-02\n\nAs discussed in Note 1 to the consolidated financial statements, the Company changed its method of accounting for leases in 2019, 2018 and 2017 due to the adoption of ASU No\\. 2016\\-02,  Leases (Topic 842)\\.\n\nBasis for Opinion\n\nThese financial statements are the responsibility of the Company's management\\. Our responsibility is to express an opinion on the Company's financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\. \n\nCritical Audit Matters\n\nThe critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments\\. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate\\.\n\n39"}
{"_id": "Southwest-2017_41.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|                                    |                             |                             |             |             |\n| ---------------------------------- | --------------------------- | --------------------------- | ----------- | ----------- |\n|                                    | **Year ended December 31,** | **Year ended December 31,** | **Per ASM** | **Percent** |\n| (in cents, except for percentages) | **2017**                    | **2016**                    | **change**  | **change**  |\n| Salaries, wages, and benefits      | 4\\.76\u00a2                      | 4\\.57\u00a2                      | 0\\.19\u00a2      | 4\\.2 %      |\n| Fuel and oil                       | 2\\.56                       | 2\\.46                       | 0\\.10       | 4\\.1        |\n| Maintenance materials and repairs  | 0\\.65                       | 0\\.70                       | (0\\.05)     | (7\\.1)      |\n| Aircraft rentals                   | 0\\.13                       | 0\\.15                       | (0\\.02)     | (13\\.3)     |\n| Landing fees and other rentals     | 0\\.84                       | 0\\.82                       | 0\\.02       | 2\\.4        |\n| Depreciation and amortization      | 0\\.79                       | 0\\.82                       | (0\\.03)     | (3\\.7)      |\n| Other operating expenses           | 1\\.75                       | 1\\.70                       | 0\\.05       | 2\\.9        |\n| Total                              | 11\\.48\u00a2                     | 11\\.22\u00a2                     | 0\\.26\u00a2      | 2\\.3 %      |\n\n\n\nOperating expenses per ASM for 2017increased 2\\.3 percent, compared with 2016, primarily due to wage rate increases, increases in market jet fuel prices, and charges associated with the grounding of the Company's remaining Classic aircraft\\. Prior year results included $356 million of ratification bonuses accrued during 2016, associated with collective\\-bargaining agreements reached with multiple unionized workgroups\\. Operating expenses per ASM for 2017, excluding Fuel and oil expense and special items (a non\\-GAAP financial measure), increased 4\\.2 percent year\\-over\\-year, primarily due to wage rate increases\\. See Note Regarding Use of Non\\-GAAP Financial Measures and the Reconciliation of Reported Amounts to Non\\-GAAP Financial Measures for additional detail regarding non\\-GAAP financial measures\\. Based on current trends and excluding Fuel and oil expense, special items, and profitsharing expense, the Company expects its first quarter 2018 unit costs to increase in the range of 0\\.5 to 1\\.5 percent, compared with first quarter 2017\\. The year\\-over\\-year projections do not reflect the potential impact of Fuel and oil expense, special items, and profitsharing expense in both years because the Company cannot reliably predict or estimate those items or expenses or their impact to its financial statements in future periods, especially considering the significant volatility of the Fuel and oil expense line item\\. Accordingly, the Company believes a reconciliation of non\\-GAAP financial measures to the equivalent GAAP financial measures for projected results is not meaningful or available without unreasonable effort\\. \n\nSalaries, wages, and benefits expense for 2017increased by $521 million, or 7\\.7 percent, compared with 2016\\. Salaries, wages, and benefits expense per ASM for 2017increased4\\.2 percent, compared with 2016\\. On both a dollar and per ASM basis, the majority of the increases were the result of higher salaries and resulting Company contributions to the Company sponsored 401(k) plans, primarily driven by wage rate increases\\. In addition, the Company announced a $1,000 per Employee bonus as a result of the 2017 tax reform, which comprised approximately $70 million of the increase in Salaries, wages, and benefits expense\\. Prior year results included $356 million of ratification bonuses accrued during 2016, associated with collective\\-bargaining agreements reached with multiple unionized workgroups\\. Based on current cost trends and anticipated capacity, the Company expects first quarter 2018 Salaries, wages, and benefits expense per ASM, excluding profitsharing expense, to increase, compared with first quarter 2017\\. The year\\-over\\-year projection does not reflect the potential impact of profitsharing expense in both years because the Company cannot reliably predict or estimate that expense or its impact to the Company's financial statements in future periods\\. Accordingly, the Company believes a reconciliation of non\\-GAAP financial measures to the equivalent GAAP financial measures for projected results is not meaningful or available without unreasonable effort\\.\n\nDuring 2017, the Company conducted negotiations with various unionized Employee groups\\. See the above discussion in Company Overview regarding an agreement reached during the year\\. The following table sets forth the Company\u2019s unionized Employee groups that are currently in negotiations on collective\\-bargaining agreements:\n\n\n\n|                                                                 |                                     |                                                             |                    |\n| --------------------------------------------------------------- | ----------------------------------- | ----------------------------------------------------------- | ------------------ |\n| **Employee Group**                                              | **Approximate Number of Employees** | **Representatives**                                         | **Amendable Date** |\n| Southwest Material Specialists (formerly known as Stock Clerks) | 300                                 | International Brotherhood of Teamsters, Local 19 (\"IBT 19\") | August 2013        |\n| Southwest Mechanics                                             | 2,400                               | Aircraft Mechanics Fraternal Association (\"AMFA\")           | August 2012        |\n\n\n\n42"}
{"_id": "Southwest-2018_4.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nto\\-point route structure includes service to and from many secondary or downtown airports such as Dallas Love Field, Houston Hobby, Chicago Midway, Baltimore\\-Washington International, Burbank, Manchester, Oakland, San Jose, Providence, and Ft\\. Lauderdale\\-Hollywood\\. These conveniently located airports are typically less congested than other airlines' hub airports, which has contributed to Southwest's ability to achieve high asset utilization because aircraft can be scheduled to minimize the amount of time they are on the ground\\. This, in turn, has reduced the number of aircraft and gate facilities that would otherwise be required and allows for high Employee productivity (lower headcount per aircraft)\\.\n\nThe Company's focus on controlling costs also includes a continued commitment to pursuing, implementing, and enhancing initiatives to reduce fuel consumption and improve fuel efficiency\\. Fuel and oil expense remained the Company's second largest operating cost for 2018, which increased compared with 2017, primarily due to higher market jet fuel prices\\. As evidenced by the table below, energy prices can fluctuate significantly in a relatively short amount of time\\. The table below shows the Company's average cost of jet fuel for each year beginning in 2003 and during each quarter of 2018\\.\n\n\n\n|                     |                                |                                                   |                                                             |\n| ------------------- | ------------------------------ | ------------------------------------------------- | ----------------------------------------------------------- |\n| **Year**            | **Cost**<br><br>**(Millions)** | **Average**<br><br>**Cost Per**<br><br>**Gallon** | **Percentage of** <br><br>**Operating**<br><br>**Expenses** |\n| 2003                | $920                           | $0\\.80                                            | 16\\.5%                                                      |\n| 2004                | $1,106                         | $0\\.92                                            | 18\\.1%                                                      |\n| 2005                | $1,470                         | $1\\.13                                            | 21\\.4%                                                      |\n| 2006                | $2,284                         | $1\\.64                                            | 28\\.0%                                                      |\n| 2007                | $2,690                         | $1\\.80                                            | 29\\.7%                                                      |\n| 2008                | $3,713                         | $2\\.44                                            | 35\\.1%                                                      |\n| 2009\\*              | $3,193                         | $2\\.22                                            | 31\\.2%                                                      |\n| 2010\\*              | $3,755                         | $2\\.61                                            | 33\\.4%                                                      |\n| 2011\\*              | $5,751                         | $3\\.25                                            | 38\\.2%                                                      |\n| 2012\\*              | $6,156                         | $3\\.32                                            | 37\\.3%                                                      |\n| 2013\\*              | $5,823                         | $3\\.19                                            | 35\\.3%                                                      |\n| 2014\\*              | $5,355                         | $2\\.97                                            | 32\\.6%                                                      |\n| 2015\\*              | $3,740                         | $1\\.96                                            | 23\\.6%                                                      |\n| 2016\\*              | $3,801                         | $1\\.90                                            | 22\\.7%                                                      |\n| 2017\\*              | $4,076                         | $1\\.99                                            | 23\\.0%                                                      |\n| 2018                | $4,616                         | $2\\.20                                            | 24\\.6%                                                      |\n| First Quarter 2018  | $1,018                         | $2\\.07                                            | 23\\.5%                                                      |\n| Second Quarter 2018 | $1,202                         | $2\\.21                                            | 25\\.2%                                                      |\n| Third Quarter 2018  | $1,205                         | $2\\.24                                            | 25\\.2%                                                      |\n| Fourth Quarter 2018 | $1,192                         | $2\\.25                                            | 24\\.4%                                                      |\n\n\n\n\\*Effective as of January 1, 2018, the Company adopted Accounting Standards Update (\"ASU\") No\\. 2017\\-12, Targeted Improvements to Accounting for Hedging Activities, and ASU No\\. 2017\\-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost\\. See Note 2 to the Consolidated Financial Statements for further information\\.\n\nThe Company focuses on reducing fuel consumption and improving fuel efficiency through fleet modernization and other fuel initiatives\\. For example, the Company previously retired all Boeing 737\\-300 aircraftfrom its fleet and has begun scheduled service with the Boeing 737 MAX 8 aircraft\\. The Boeing 737 MAX 8 is expected to continue to significantly reduce fuel use and CO^2^ emissions, as compared with the Company's other aircraft\\. The Company added 18 Boeing 737 MAX 8 aircraft to its fleet in 2018 and ended 2018 with 31 Boeing 737 MAX 8 aircraft in its fleet\\. In 2019, the Company expects to continue its fleet modernization initiative through the scheduled delivery of an additional 37 Boeing 737 MAX 8 aircraft and the Company's initial delivery of seven Boeing 737 MAX 7 aircraft\\. The Company's fleet composition and delivery schedules are discussed in more detail below under \"Properties \\- Aircraft\\.\" The Company has also undertaken a number of other fuel conservation initiatives which are discussed in detail under \"Regulation \\- Environmental Regulation\\.\"\n\n5"}
{"_id": "United-2017_87.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nalso includes a $2\\.0 billion revolving credit facility available for drawing until April 1, 2022, which increased the available capacity under the revolving credit facility by $650 million as compared to that in the 2013 Credit Agreement\\. The primary purpose of the November 2017 Amendment was to reduce the interest rate on borrowings by 0\\.25%\\. The obligations of United under the amended 2017 Credit Agreement are secured by liens on certain international route authorities, certain take\\-off and landing rights and related assets of United\\.\n\nBorrowings under the 2017 Credit Agreement bear interest at a variable rate equal to LIBOR plus a margin of 2\\.00% per annum, or another rate based on certain market interest rates, plus a margin of 1\\.00% per annum\\. The principal amount of the term loan must be repaid in consecutive quarterly installments of 0\\.25% of the original principal amount thereof, commencing on June 30, 2017, with any unpaid balance due on April 1, 2024\\. United may prepay all or a portion of the loan from time to time, at par plus accrued and unpaid interest\\. United pays a commitment fee equal to 0\\.75% per annum on the undrawn amount available under the revolving credit facility\\.\n\nAs of December 31, 2017, United had its entire capacity of $2\\.0 billion available under the revolving credit facility of the Company\u2019s 2017 Credit Agreement\\.\n\nAs of December 31, 2017, United had cash collateralized $75 million of letters of credit\\. United also had $362 million of surety bonds securing various obligations at December 31, 2017\\. Most of the letters of credit have evergreen clauses and are expected to be renewed on an annual basis\\. The surety bonds have expiration dates through 2021\\.\n\n***EETCs\\.*** As of December 31, 2017, United had $8\\.6 billion principal amount of equipment notes outstanding issued under EETC financings included in notes payable in the table of outstanding debt above\\. Generally, the structure of these EETC financings consists of pass\\-through trusts created by United to issue pass\\-through certificates, which represent fractional undivided interests in the respective pass\\-through trusts and are not obligations of United\\. The proceeds of the issuance of the pass\\-through certificates are used to purchase equipment notes which are issued by United and secured by its aircraft\\. The payment obligations under the equipment notes are those of United\\. Proceeds received from the sale of pass\\-through certificates are initially held by a depositary in escrow for the benefit of the certificate holders until United issues equipment notes to the trust, which purchases such notes with a portion of the escrowed funds\\. These escrowed funds are not guaranteed by United and are not reported as debt on United\u2019s consolidated balance sheet because the proceeds held by the depositary are not United\u2019s assets\\.\n\nIn February 2018, November 2017, September 2016 and June 2016, United created separate EETC pass\\-through trusts, each of which issued pass\\-through certificates\\. The proceeds of the issuance of the pass\\-through certificates are used to purchase equipment notes issued by United and secured by its aircraft\\. The Company records the debt obligation upon issuance of the equipment notes rather than upon the initial issuance of the pass\\-through certificates\\. Certain details of the pass\\-through trusts with proceeds received from issuance of debt in 2017 are as follows (in millions, except stated interest rate):\n\n\n\n|                |           |               |                                                |                                    |                                                                    |                                                                             |                                                                                                        |\n|:--------------:|:---------:| -------------:|:----------------------------------------------:| ----------------------------------:| ------------------------------------------------------------------:| ---------------------------------------------------------------------------:| ------------------------------------------------------------------------------------------------------:|\n| **EETC Date**  | **Class** | **Principal** | **Final expected  <br>distribution  <br>date** | **Stated  <br>interest  <br>rate** | **Total debt**  <br>**recorded  <br>as of December 31,  <br>2017** | **Proceeds  <br>received from  <br>issuance of  <br>debt during  <br>2017** | **Remaining  <br>proceeds from  <br>issuance of debt  <br>to be received  <br>in future  <br>periods** |\n| February 2018  |    AA     |         $677  |                   March 2030                   |                             3\\.50% |                                                                $\u2014  |                                                                         $\u2014  |                                                                                                  $677  |\n| February 2018  |     A     |          258  |                   March 2030                   |                             3\\.70% |                                                                 \u2014  |                                                                          \u2014  |                                                                                                   258  |\n| November 2017  |     B     |          258  |                  January 2026                  |                             3\\.65% |                                                               258  |                                                                        258  |                                                                                                     \u2014  |\n| November 2017  |     B     |          236  |                  October 2025                  |                             3\\.65% |                                                               236  |                                                                        236  |                                                                                                     \u2014  |\n| September 2016 |    AA     |          637  |                  October 2028                  |                            2\\.875% |                                                               637  |                                                                        557  |                                                                                                     \u2014  |\n| September 2016 |     A     |          283  |                  October 2028                  |                             3\\.10% |                                                               283  |                                                                        247  |                                                                                                     \u2014  |\n|   June 2016    |    AA     |          729  |                   July 2028                    |                             3\\.10% |                                                               729  |                                                                        319  |                                                                                                     \u2014  |\n|   June 2016    |     A     |          324  |                   July 2028                    |                             3\\.45% |                                                               324  |                                                                        142  |                                                                                                     \u2014  |\n|                |           |       $3,402  |                                                |                                    |                                                            $2,467  |                                                                     $1,759  |                                                                                                  $935  |\n\n\n\n88"}
{"_id": "AmericanAirlines-2017_79.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**ITEM 8A\\. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA OF AMERICAN AIRLINES GROUP INC\\.**\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Stockholders and Board of Directors\n\nAmerican Airlines Group Inc\\.:\n\n*Opinion on the Consolidated Financial Statements* \n\nWe have audited the accompanying consolidated balance sheets of American Airlines Group Inc\\. and subsidiaries (the Company) as of December 31, 2017 and 2016, the related consolidated statements of operations, comprehensive income, cash flows, and stockholders\u2019 equity for each of the years in the three\\-year period ended December 31, 2017, and the related notes (collectively, the consolidated financial statements)\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the years in the three\\-year period ended December 31, 2017, in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company\u2019s internal control over financial reporting as of December 31, 2017, based on criteria established in *Internal Control \u2013 Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 21, 2018 expressed an unqualified opinion on the effectiveness of the Company\u2019s internal control over financial reporting\\. \n\n*Basis for Opinion* \n\nThese consolidated financial statements are the responsibility of the Company\u2019s management\\. Our responsibility is to express an opinion on these consolidated financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\n/s/ KPMG LLP\n\nWe have served as the Company\u2019s auditor since 2014\\. \n\nDallas, Texas\n\nFebruary 21, 2018\n\n80"}
{"_id": "Southwest-2017_15.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|   |                                                                                                                      |\n| - | -------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | adjustment of the timing of auxiliary power unit starts on originating flights to reduce auxiliary power unit usage; |\n\n\n\n\n\n|   |                                                                                      |\n| - | ------------------------------------------------------------------------------------ |\n| \u2022 | implementation of fuel planning initiatives to safely reduce loading of excess fuel; |\n\n\n\n\n\n|   |                                                        |\n| - | ------------------------------------------------------ |\n| \u2022 | aircraft cabin interior retrofitting to reduce weight; |\n\n\n\n\n\n|   |                                                                                                |\n| - | ---------------------------------------------------------------------------------------------- |\n| \u2022 | reduction of aircraft engine idle speed while on the ground, which also increases engine life; |\n\n\n\n\n\n|   |                                                   |\n| - | ------------------------------------------------- |\n| \u2022 | galley refreshes with dry goods weight reduction; |\n\n\n\n\n\n|   |                                                                                                                 |\n| - | --------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Company optimized routes (flying the best wind routes to take advantage of tailwinds or to minimize headwinds); |\n\n\n\n\n\n|   |                                                                                                                                                                                       |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | improvements in flight planning algorithms to better match the Company's aircraft flight management system (and thereby enabling the Company to fly at the most efficient altitudes); |\n\n\n\n\n\n|   |                                                                                                        |\n| - | ------------------------------------------------------------------------------------------------------ |\n| \u2022 | substitution of Pilot and Flight Attendant flight bags with lighter Electronic Flight Bag tablets; and |\n\n\n\n\n\n|   |                                                                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | implementation of Real Time Descent Winds (automatic uplinking of up\\-to\\-date wind data to the aircraft allowing crews to time the descent to minimize thrust inputs)\\.  |\n\n\n\nThe Company has also participated in Required Navigation Performance (\"RNP\") operations as part of the FAA's Performance Based Navigation program, which is intended to modernize the U\\.S\\. air traffic control system by addressing limitations on air transportation capacity and making more safe and efficient use of airspace\\. RNP combines the capabilities of advanced aircraft avionics, Global Positioning System (\"GPS\") satellite navigation (instead of less precise ground\\-based navigation), and new flight procedures to (i) enable aircraft to carry navigation capabilities rather than relying on airports; (ii) improve operational capabilities by opening up many new and more direct airport approach paths to produce safer and more efficient flight patterns; and (iii) conserve fuel and reduce carbon emissions\\. Since its first use of RNP in 2011, Southwest has conducted approximately 58,000 RNP approaches, including over 19,000 in 2017\\. Southwest must rely on RNP approaches published by the FAA, and the rate of introduction and utilization of RNP approaches continues to be slower than expected, with fuel efficient RNP approaches currently available at only 50 of Southwest's airports\\. In addition, even at airports with approved RNP approaches, the clearance required from air traffic controllers to perform RNP approaches is sometimes not granted\\. Southwest continues to work with the FAA to develop and seek more use of RNP approaches and to evolve air traffic control rules to support greater utilization of RNP\\.\n\nAs part of its commitment to corporate sustainability, the Company has published the Southwest One Report^TM^ describing the Company's sustainability strategies, which include the foregoing and other efforts to reduce greenhouse gas emissions and address other environmental matters such as energy and water conservation, waste minimization, and recycling\\. Information contained in the Southwest One Report is not incorporated by reference into, and does not constitute a part of, this Form 10\\-K\\.\n\n**International Regulation**\n\nAll international air service is subject to certain U\\.S\\. federal requirements and approvals, as well as the regulatory requirements of the appropriate authorities of the foreign countries involved\\. The Company has obtained the necessary economic authority from the DOT, as well as approvals required by the FAA and applicable foreign government entities, to conduct operations, under certain circumstances, to points outside of the continental United States currently served by the Company\\. Certain international authorities and approvals held by the Company are subject to periodic renewal requirements\\. The Company requests extensions of such authorities and approvals when and as appropriate\\. To the extent the Company seeks to serve additional foreign destinations in the future, or to renew its authority to serve certain routes, it may be required to obtain necessary authority from the DOT and/or approvals from the FAA, as well as any applicable foreign government entity\\.\n\nCertain international route authorities are governed by bilateral air transportation agreements between the United States and foreign countries\\. Changes in U\\.S\\. or foreign government aviation policies could result in the alteration or termination of such agreements, diminish the value of the Company's existing international authorities, present barriers to renewing existing or securing new authorities, or otherwise affect the Company's international operations\\. In particular, there is still a degree of uncertainty about the future of scheduled commercial flight operations between the \n\n16"}
{"_id": "United-2018_2.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n*This Annual Report on Form 10\\-K (\"Form 10\\-K\") contains various \"forward\\-looking statements\" within the meaning of Section 27A of the Securities Act of 1933, as amended (the \"Securities Act\"), and Section 21E of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\")\\. Forward\\-looking statements represent our expectations and beliefs concerning future events, based on information available to us on the date of the filing of this Form 10\\-K, and are subject to various risks and uncertainties\\. Factors that could cause actual results to differ materially from those referenced in the forward\\-looking statements are listed in Part I, Item 1A, Risk Factors and in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations\\. We disclaim any intent or obligation to update or revise any of the forward\\-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise, except as required by applicable law\\.* \n\n**PART I**\n\n**ITEM 1\\. BUSINESS\\.**\n\n**Overview**\n\nUnited Continental Holdings, Inc\\. (together with its consolidated subsidiaries, \"UAL\" or the \"Company\") is a holding company and its principal, wholly\\-owned subsidiary is United Airlines, Inc\\. (together with its consolidated subsidiaries, \"United\")\\. As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted\\. United's operating revenues and operating expenses comprise nearly 100% of UAL's revenues and operating expenses\\. In addition, United comprises approximately the entire balance of UAL's assets, liabilities and operating cash flows\\. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures and any significant differences between the operations and results of UAL and United are separately disclosed and explained\\. We sometimes use the words \"we,\" \"our,\" \"us,\" and the \"Company\" in this report for disclosures that relate to all of UAL and United\\.\n\nUAL was incorporated under the laws of the State of Delaware on December 30, 1968\\. Our principal executive office is located at 233 South Wacker Drive, Chicago, Illinois 60606 (telephone number (872) 825\\-4000)\\.\n\nThe Company's website is located at www\\.united\\.com and its investor relations website is located at ir\\.united\\.com\\. The information contained on or connected to the Company's websites is not incorporated by reference into this Annual Report on Form 10\\-K and should not be considered part of this or any other report filed with the U\\.S\\. Securities and Exchange Commission (\"SEC\")\\. The Company's filings with the SEC, including annual reports on Form 10\\-K, quarterly reports on Form 10\\-Q, current reports on Form 8\\-K, and all amendments to those reports, as well as UAL's proxy statement for its annual meeting of stockholders, are accessible without charge on the Company's investor relations website, as soon as reasonably practicable, after such material is electronically filed with, or furnished to, the SEC\\. Such filings are also available on the SEC's website at www\\.sec\\.gov\\. \n\n**Operations**\n\nThe Company transports people and cargo throughout North America and to destinations in Asia, Europe, the Middle East and Latin America\\. UAL, through United and its regional carriers, operates more than 4,800 flights a day to 353 airports across five continents, with hubs at Newark Liberty International Airport (\"Newark\"), Chicago O'Hare International Airport (\"Chicago O'Hare\"), Denver International Airport (\"Denver\"), George Bush Intercontinental Airport (\"Houston Bush\"), Los Angeles International Airport (\"LAX\"), A\\.B\\. Won Pat International Airport (\"Guam\"), San Francisco International Airport (\"SFO\") and Washington Dulles International Airport (\"Washington Dulles\")\\. \n\nAll of the Company's domestic hubs are located in large business and population centers, contributing to a large amount of \"origin and destination\" traffic\\. The hub and spoke system allows us to transport passengers between a large number of destinations with substantially more frequent service than if each route were served directly\\. The hub system also allows us to add service to a new destination from a large number of cities using only one or a limited number of aircraft\\. As discussed under *Alliances* below, United is a member of Star Alliance, the world's largest alliance network\\.\n\n***Regional\\.*** The Company has contractual relationships with various regional carriers to provide regional aircraft service branded as United Express\\. This regional service complements our operations by carrying traffic that connects to our hubs and allows flights to smaller cities that cannot be provided economically with mainline aircraft\\. Republic Airlines (\"Republic\"), Champlain Enterprises, LLC d/b/a CommutAir (\"CommutAir\"), ExpressJet Airlines (\"ExpressJet\"), GoJet Airlines (\"GoJet\"), Mesa Airlines (\"Mesa\"), SkyWest Airlines (\"SkyWest\"), Air Wisconsin Airlines (\"Air Wisconsin\"), and Trans States Airlines (\"Trans States\") are all regional carriers that operate with capacity contracted to United under capacity purchase agreements (\"CPAs\")\\. Under these CPAs, the Company pays the regional carriers contractually agreed fees (carrier costs) for operating these flights plus a variable reimbursement (incentive payment for operational performance) based on agreed performance metrics, subject \n\n3"}
{"_id": "Delta-2017_45.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nBreakage\\.  For mileage credits that we estimate are not likely to be redeemed (\"breakage\"), we recognize the associated value proportionally during the period in which the remaining mileage credits are expected to be redeemed\\. We use statistical models to estimate breakage based on historical redemption patterns\\. A change in assumptions as to the period over which mileage credits are expected to be redeemed, the actual redemption activity for mileage credits or the estimated fair value of mileage credits expected to be redeemed could have a material impact on our revenue in the year in which the change occurs and in future years\\. At  December 31, 2017 , the aggregate deferred revenue balance associated with the SkyMiles program was  $4\\.1 billion \\. A hypothetical 1% change in the number of outstanding miles estimated to be redeemed would result in a $34 million impact on our deferred revenue liability at  December 31, 2017 \\.\n\nGoodwill and Indefinite\\-Lived Intangible Assets\n\nWe apply a fair value\\-based impairment test to the carrying value of goodwill and indefinite\\-lived intangible assets on an annual basis (as of October 1) and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis\\. We assess the value of our goodwill and indefinite\\-lived assets under either a qualitative or quantitative approach\\. Under a qualitative approach, we consider various market factors, including the key assumptions listed below\\. We analyze these factors to determine if events and circumstances have affected the fair value of goodwill and indefinite\\-lived intangible assets\\. If we determine that it is more likely than not that the asset may be impaired, we use the quantitative approach to assess the asset's fair value and the amount of the impairment\\. Under a quantitative approach, we calculate the fair value of the asset using the key assumptions listed below\\.\n\nWhen we evaluate goodwill for impairment using a quantitative approach, we estimate the fair value of the reporting unit by considering both market capitalization and projected discounted future cash flows (an income approach)\\.  When we perform a quantitative impairment assessment of our indefinite\\-lived intangible assets, fair value  is estimated based on (1) recent market transactions, where available, (2) the royalty method for the Delta tradename (which assumes hypothetical royalties generated from using our tradename) or (3) projected discounted future cash flows (an income approach)\\. \n\nKey Assumptions\\.  The key assumptions in our impairment tests include:  (1) forecasted revenues, expenses and cash flows, (2) terminal period revenue growth and cash flows, (3) an estimated weighted average cost of capital, (4) assumed discount rates depending on the asset and (5) a tax rate\\. These assumptions are consistent with those hypothetical market participants would use\\. Since we are required to make estimates and assumptions when evaluating goodwill and indefinite\\-lived intangible assets for impairment, actual transaction amounts may differ materially from these estimates\\.  In addition, we consider the amount by which the intangible assets' fair values exceeded their respective carrying values in the most recent fair value measurements calculated using a quantitative approach\\.\n\nChanges in certain events and circumstances could result in impairment or a change from indefinite\\-lived to definite\\-lived\\. Factors which could cause impairment include, but are not limited to, (1) negative trends in our market capitalization, (2) reduced profitability resulting from lower passenger mile yields or higher input costs (primarily related to fuel and employees), (3) lower passenger demand as a result of weakened U\\.S\\. and global economies, (4) interruption to our operations due to a prolonged employee strike, terrorist attack or other reasons, (5) changes to the regulatory environment (e\\.g\\., diminished slot restrictions or additional Open Skies agreements), (6) competitive changes by other airlines and (7) strategic changes to our operations leading to diminished utilization of the intangible assets\\. \n\nWe assessed each of the above assumptions in our most recent impairment analyses\\. The combination of our most recently completed annual results and our projected revenues, expenses and cash flows more than offset any negative events and circumstances\\. The stabilized operating environment for U\\.S\\. airlines has also contributed to improved financial results\\.\n\nGoodwill \\.  Our goodwill balance, which is related to the airline segment, was  $9\\.8 billion  at  December 31, 2017 \\. Based upon our qualitative assessment of all relevant factors, including applicable factors noted in \" Key Assumptions \" above, we determined that there was no indication that goodwill was impaired\\. \n\nIdentifiable Intangible Assets\\.  Our identifiable intangible assets, which are related to the airline segment, had a net carrying amount of  $4\\.8 billion  at  December 31, 2017 , of which  $4\\.7 billion  related to indefinite\\-lived intangible assets\\.  Indefinite\\-lived assets are not amortized and consist primarily of routes, slots, the Delta tradename and assets related to SkyTeam and collaborative arrangements\\. Definite\\-lived assets consist primarily of marketing and maintenance service agreements\\. \n\nWe performed qualitative assessments of our indefinite\\-lived intangible assets, including applicable factors noted in \" Key Assumptions \" above, and determined that there was no indication that the assets were impaired\\. Our qualitative assessments include analyses and weighting of all relevant factors, which impact the fair value of our indefinite\\-lived intangible assets\\.\n\n 41"}
{"_id": "AmericanAirlines-2017_97.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n*December 2016 Credit Facilities*\n\nIn November 2017, American and AAG entered into the First Amendment to the Amended and Restated Credit and Guaranty Agreement, amending the Amended and Restated Credit and Guaranty Agreement, dated as of December 15, 2016, pursuant to which AAG refinanced the $1\\.25 billion term loan facility due December 2023 established thereunder (the December 2016 Term Loan Facility), to reduce the LIBOR margin from 2\\.50% to 2\\.00% and the base rate margin from 1\\.50% to 1\\.00%\\.\n\nCertain 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:\n\n\n\n|                                                                                 |                               |                                        |                               |                                        |                                     |                                              |                                                    |\n| ------------------------------------------------------------------------------- | ----------------------------- | -------------------------------------- | ----------------------------- | -------------------------------------- | ----------------------------------- | -------------------------------------------- | -------------------------------------------------- |\n|                                                                                 | **2013 Credit Facilities**    | **2013 Credit Facilities**             | **2014 Credit Facilities**    | **2014 Credit Facilities**             | **April 2016 Credit Facilities**    | **April 2016 Credit Facilities**             | **December 2016 Credit Facilities**                |\n|                                                                                 | **2013 Term**<br><br>**Loan** | **2013 Revolving**<br><br>**Facility** | **2014 Term**<br><br>**Loan** | **2014 Revolving**<br><br>**Facility** | **April 2016**<br><br>**Term Loan** | **April 2016**<br><br>**Revolving Facility** | **December** <br><br>**2016**<br><br>**Term Loan** |\n| Aggregate principal issued or credit facility availability<br><br>(in millions) | $1,900                        | $1,200                                 | $750                          | $1,000                                 | $1,000                              | $300                                         | $1,250                                             |\n| Principal outstanding or drawn (in millions)                                    | $1,825                        | $\u2014                                     | $728                          | $\u2014                                     | $990                                | $\u2014                                           | $1,238                                             |\n| Maturity date                                                                   | June 2020                     | October 2022                           | October 2021                  | October 2022                           | April 2023                          | October 2022                                 | December 2023                                      |\n| LIBOR margin                                                                    | 2\\.00%                        | 2\\.25%                                 | 2\\.00%                        | 2\\.25%                                 | 2\\.00%                              | 2\\.25%                                       | 2\\.00%                                             |\n\n\n\nThe Term Loans are repayable in annual installments in an amount equal to 1\\.00% of the aggregate principal amount issued, with any unpaid balance due on the respective maturity dates\\. Voluntary prepayments may be made by American at any time\\.\n\nThe 2013, 2014 and April 2016 Revolving Facilities provide that American may from time to time borrow, repay and reborrow loans thereunder\\. The 2013 and 2014 Revolving Facilities have the ability to issue letters of credit thereunder in an aggregate amount outstanding at any time up to $150 million and $300 million, respectively\\. The 2013, 2014 and April 2016 Revolving Facilities are each subject to an undrawn annual fee of 0\\.75%\\. As of December 31, 2017, there were no borrowings or letters of credit outstanding under the 2013, 2014 or April 2016 Revolving Facilities\\. The December 2016 Credit Facilities provide for a revolving credit facility that may be established in the future\\.\n\nSubject to certain limitations and exceptions, the Credit Facilities are secured by collateral, including certain spare parts, certain slots, certain route authorities, certain simulators and certain leasehold rights\\. American has the ability to make future modifications to the collateral pledged, subject to certain restrictions\\. American\u2019s obligations under the Credit Facilities are guaranteed by AAG\\. American is required to maintain a certain minimum ratio of appraised value of the collateral to the outstanding loans as further described below in *\u201cCollateral\\-Related Covenants\\.\u201d*\n\nThe Credit Facilities contain events of default customary for similar financings, including cross default to other material indebtedness\\. Upon the occurrence of an event of default, the outstanding obligations may be accelerated and become due and payable immediately\\. In addition, if a \u201cchange of control\u201d occurs, American will (absent an amendment or waiver) be required to repay at par the loans outstanding under the Credit Facilities and terminate the 2013, 2014 and April 2016 Revolving Facilities and any revolving credit facilities established under the December 2016 Credit Facilities\\. The Credit Facilities also include covenants that, among other things, require AAG to maintain a minimum aggregate liquidity (as defined in the Credit Facilities) of not less than $2\\.0 billion, and limit the ability of AAG and its restricted subsidiaries to pay dividends and make certain other payments, make certain investments, incur additional indebtedness, incur liens on the collateral, dispose of the collateral, enter into certain affiliate transactions and engage in certain business activities, in each case subject to certain exceptions\\.\n\n98"}
{"_id": "Southwest-2018_75.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nprice by applying fair value based on historical redemption patterns\\. Points earned from business partner activity, which primarily consist of points sold, along with related services, to companies participating in the Rapid Rewards loyalty program, are valued using a relative fair value methodology based on the contractual rate which partners pay to Southwest to award Rapid Rewards points to the business partner\u2019s customers\\. For points that are expected to expire unused, the Company recognizes spoilage in proportion to the pattern of points used by the Customer, which approximates the average period over which the population of Rapid Reward Members redeem their points\\. The Company records passenger revenue related to air transportation when the transportation is delivered\\. The marketing elements are recognized as Other \\- net revenue when earned\\. See Note 5 for further information\\. \n\n***Advertising***\n\nAdvertising costs are charged to expense as incurred\\. Advertising and promotions expense for the years ended December 31, 2018, 2017, and 2016 was $215 million, $224 million, and $232 million, respectively, and is included as a component of Other operating expense in the accompanying Consolidated Statement of Income\\.\n\n***Share\\-based Employee Compensation***\n\nThe Company has share\\-based compensation plans covering certain Employees, including a plan that also covers the Company\u2019s Board of Directors\\. The Company accounts for share\\-based compensation based on its grant date fair value\\. See Note 9 for further information\\.\n\n***Financial Derivative Instruments***\n\nThe Company accounts for financial derivative instruments at fair value and applies hedge accounting rules where appropriate\\. The Company utilizes various derivative instruments, including jet fuel, crude oil, unleaded gasoline, and heating oil\\-based derivatives, to attempt to reduce the risk of its exposure to jet fuel price increases\\. These instruments are accounted for as cash flow hedges upon proper qualification\\. The Company also has interest rate swap agreements to convert a portion of its fixed\\-rate debt to floating rates and has swap agreements that convert certain floating\\-rate debt to a fixed\\-rate\\. The majority of these interest rate hedges are appropriately designated as either fair value hedges or as cash flow hedges\\.\n\nSince the majority of the Company\u2019s financial derivative instruments are not traded on a market exchange, the Company estimates their fair values\\. Depending on the type of instrument, the values are determined by the use of present value methods or option value models with assumptions about commodity prices based on those observed in underlying markets\\. \n\nThe Company adopted the New Hedging Standard as of January 1, 2018\\. See Note 2 for further information on this adoption\\.\n\nAll cash flows associated with purchasing and selling derivatives are classified as operating cash flows in the Consolidated Statement of Cash Flows, within Changes in certain assets and liabilities\\. The Company classifies its cash collateral provided to or held from counterparties in a \"net\" presentation on the Consolidated Balance Sheet against the fair value of the derivative positions with those counterparties\\. See Note 10 for further information\\.\n\n***Software Capitalization***\n\nThe Company capitalizes certain internal and external costs related to the acquisition and development of internal use software during the application development stages of projects\\. The Company amortizes these costs using the straight\\-line method over the estimated useful life of the software, which is typically five to fifteen years\\. Costs incurred during the preliminary project or the post\\-implementation/operation stages of the project are expensed as incurred\\. Capitalized computer software, included as a component of Ground property and equipment in the accompanying Consolidated Balance Sheet, net of accumulated depreciation, was $674 million and $654 million at December 31, 2018, and 2017, \n\n76"}
{"_id": "AmericanAirlines-2017_99.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n*2017\\-2 EETCs*\n\nIn August 2017, American created two pass\\-through trusts which issued approximately $797 million aggregate principal amount of Series 2017\\-2 Class AA and Class A EETCs (the 2017\\-2 EETCs) in connection with the financing of 30 aircraft previously delivered to American or scheduled to be delivered to American through April 2018 (the 2017\\-2 Aircraft)\\. A portion of the net proceeds received from the sale of the 2017\\-2 EETCs has been used to acquire Series AA and A equipment notes issued by American to the pass\\-through trusts and the balance of such proceeds is being held in escrow for the benefit of the holders of the 2017\\-2 EETCs until such time as American issues additional Series AA and A equipment notes to the pass\\-through trusts, which trusts will purchase such additional equipment notes with the escrowed funds\\. These escrowed funds are not guaranteed by American and are not reported as debt on our consolidated balance sheet because the proceeds held by the depository are not American\u2019s assets\\.\n\nIn October 2017, American created one additional pass\\-through trust which issued approximately $221 million aggregate principal amount of Series 2017\\-2 Class B EETCs (the 2017\\-2 Class B EETCs) in connection with the financing of the 2017\\-2 Aircraft\\. A portion of the net proceeds received from the sale of the Series 2017\\-2 Class B EETCs was used on the date of issuance of the 2017\\-2 Class B EETCs to acquire Series B equipment notes issued by American in connection with the financing of certain 2017\\-2 Aircraft, and the balance of such proceeds is being held in escrow for the benefit of the holders of the 2017\\-2 Class B EETCs until such time as American issues additional Series B equipment notes to the pass\\-through trust, which will purchase such additional equipment notes with a portion of the escrowed funds\\. These escrowed funds are not guaranteed by American and are not reported as debt on our consolidated balance sheet because the proceeds held by the depository are not American\u2019s assets\\. \n\nAs of December 31, 2017, approximately $735 million of the escrowed proceeds from the 2017\\-2 EETCs have been used to purchase equipment notes issued by American\\. Interest and principal payments on equipment notes issued in connection with the 2017\\-2 EETCs are payable semi\\-annually in April and October of each year, with interest payments beginning in April 2018 and principal payments beginning in October 2018\\. These equipment notes are secured by liens on the aircraft financed with the proceeds of the 2017\\-2 EETCs\\.\n\nCertain 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\\.\n\n\n\n|                               |                   |                   |                   |\n| ----------------------------- | ----------------- | ----------------- | ----------------- |\n|                               | **2017\\-2 EETCs** | **2017\\-2 EETCs** | **2017\\-2 EETCs** |\n|                               | **Series AA**     | **Series A**      | **Series B**      |\n| Aggregate principal issued    | $545 million      | $252 million      | $221 million      |\n| Remaining escrowed proceeds   | $152 million      | $70 million       | $61 million       |\n| Fixed interest rate per annum | 3\\.35%            | 3\\.60%            | 3\\.70%            |\n| Maturity date                 | October 2029      | October 2029      | October 2025      |\n\n\n\n***(c) Equipment Loans and Other Notes Payable Issued in 2017***\n\nIn 2017, American entered into agreements under which it borrowed $1\\.0 billion in connection with the financing of certain aircraft\\. Debt incurred under these agreements matures in 2027 through 2029 and bears interest at fixed and variable rates of LIBOR plus an applicable margin averaging 3\\.08% at December 31, 2017\\.\n\n***(d) Senior Notes***\n\nThe details of our 6\\.125%, 5\\.50% and 4\\.625% senior notes are shown in the table below as of December 31, 2017:\n\n\n\n|                                            |                                                |                                                |                                                  |\n| ------------------------------------------ | ---------------------------------------------- | ---------------------------------------------- | ------------------------------------------------ |\n|                                            | **6\\.125% Senior Notes**                       | **5\\.50% Senior Notes**                        | **4\\.625% Senior Notes**                         |\n| Aggregate principal issued and outstanding | $500 million                                   | $750 million                                   | $500 million                                     |\n| Maturity date                              | June 2018                                      | October 2019                                   | March 2020                                       |\n| Fixed interest rate per annum              | 6\\.125%                                        | 5\\.50%                                         | 4\\.625%                                          |\n| 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 |\n\n\n\n100"}
{"_id": "Alaska-2019_32.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n2019 Accomplishments and Highlights\n\nRecognition and Awards\n\n\u2022 Ranked \"Highest in Customer Satisfaction Among Traditional Carriers\" in 2019 by J\\.D\\. Power for the 12^th^  year in a row\\.\n\n\u2022 Named \"Best U\\.S\\. Airline\" by Cond\u00e9 Nast Traveler in their 2019 Readers Choice Awards for the second consecutive year\\.\n\n\u2022 Mileage Plan\u2122 ranked first in U\\.S\\. News & World Report's list of Best Travel Rewards Programs for the fifth time\\.\n\n\u2022 Ranked as top U\\.S\\. airline in Newsweek's 2020 Best Customer Service awards\\. \n\n\u2022 Named \"Best Mid\\-Size Airline\" by TripAdvisor in their 2019 Travelers Choice awards\\. \n\n\u2022 Earned top spot for customer satisfaction on the American Customer Satisfaction Index Travel Report for 2018\\-2019\\. \n\n\u2022 Named \"Best Airline\" by Kayak in their 2019 Travel Hacker Awards\\.\n\n\u2022 Ranked the best U\\.S\\. airline in Money Magazine for the second year in a row\\. \n\n\u2022 Ranked as the top U\\.S\\. airline in the Dow Jones Sustainability Index (DJSI) for the third consecutive year\\.\n\nOur People and Communities \n\n\u2022 Ranked among Forbes' 2019 global list for \"World's Best Employers\" for the fifth year in a row\\. \n\n\u2022 Completed Flight Path, our leader\\-led program aimed at informing and engaging our employees, bringing over 95% of Air Group employees together to discuss our culture and future\\.\n\n\u2022 Awarded $163 million in incentive pay for 2019\\. \n\n\u2022 Launched LIFT, Alaska's newly renamed social and environmental impact program, complete with a week of employee volunteer events in eight cities across our network\\.\n\n\u2022 Donated over $15 million and contributed more than 41,000 volunteer hours to support nonprofits in our local communities, focusing on youth and education, medical (research/transportation) and community outreach\\.\n\nShareholder Return\n\nIn 2019, we paid cash dividends of $173 million and repurchased 1,192,820 shares of our common stock for $75 million under the $1 billion share repurchase program authorized by our Board of Directors in August 2015\\. As of December 31, 2019, the Company has repurchased approximately 7\\.1 million shares for $513 million under this program\\. \n\nSince 2007, we have repurchased 62 million shares of common stock for $1\\.7 billion for an average price of approximately $27\\.89 per share\\. In 2019, we increased our quarterly dividend 9% from $0\\.32 per share to $0\\.35 per share, and, subsequent to December 31, 2019, we announced a 7% increase to $0\\.375 per share for 2020\\. Overall, we returned $248 million to shareholders during 2019\\. We currently expect to increase capital returns to shareholders in 2020 to approximately $430 million, of which approximately $250 million will be from share repurchases\\.\n\nLabor Update\n\nIn July 2019, our aircraft technicians, represented by AMFA, ratified an agreement to integrate Airbus technicians into the collective bargaining agreement with Boeing technicians, as well as extend the contract term by two years\\. The ratification of the agreement brings all of our labor groups under single collective bargaining agreements, an important milestone less than three years after the merger with Virgin America\\. In September 2019, Alaska's clerical, office, passenger service, ramp service and stores agents, represented by the IAM, ratified new five\\-year contracts\\. Both the IAM and AMFA agreements included signing bonuses and wage rate increases, which were implemented in the third quarter\\. \n\n32"}
{"_id": "AmericanAirlines-2018_5.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\nthese airlines for operating an agreed\\-upon number of aircraft, without regard to the number of passengers on board\\. In addition, these agreements provide that we either reimburse or pay 100% of certain variable costs, such as airport landing fees, fuel and passenger liability insurance\\. \n\n***Cargo***\n\nOur cargo division provides a wide range of freight and mail services, with facilities and interline connections available across the globe\\.\n\n**Distribution and Marketing Agreements**\n\nPassengers can purchase tickets for travel on American through several distribution channels, including our website (*www\\.aa\\.com*), our reservations centers and third\\-party distribution channels, including those provided by or through global distribution systems (e\\.g\\., Amadeus, Sabre and Travelport), conventional travel agents, travel management companies and online travel agents (e\\.g\\., Expedia, including its booking sites Orbitz and Travelocity, and The Priceline Group)\\. To remain competitive, we need to successfully manage our distribution costs and rights, increase our distribution flexibility and improve the functionality of third\\-party distribution channels, while maintaining an industry\\-competitive cost structure\\. For more discussion, see Part I, Item 1A\\. Risk Factors \u2013 \u201c*We rely on third\\-party distribution channels and must manage effectively the costs, rights and functionality of these channels*\\.\u201d\n\nIn general, beyond nonstop city pairs, carriers that have the greatest ability to seamlessly connect passengers to and from markets have a competitive advantage\\. In some cases, however, foreign governments limit U\\.S\\. air carriers\u2019 rights to transport passengers beyond designated gateway cities in foreign countries\\. In order to improve access to domestic and foreign markets, we have arrangements with other airlines including through the **one**world alliance, other cooperation agreements, joint business agreements (JBAs), and marketing relationships, as further discussed below\\.\n\n***Member of oneworld Alliance***\n\nAmerican is a founding member of the **one**world alliance, which includes British Airways, Cathay Pacific Airways, Finnair, Iberia, Japan Airlines, LATAM Airlines Group, Malaysia Airlines, Qantas Airways, Qatar Airways, Royal Jordanian, S7 Airlines and SriLankan Airlines\\. The **one**world alliance links the networks of the member carriers and their respective affiliates to enhance customer service and smooth connections to the destinations served by the alliance, including linking the carriers\u2019 loyalty programs and access to the carriers\u2019 airport lounge facilities\\.\n\n***Cooperation and Joint Business Agreements***\n\nAmerican has established a transatlantic JBA with British Airways, Iberia and Finnair, and separately, a transpacific JBA with Japan Airlines, each of which has been granted antitrust immunity\\. Joint business agreements enable the carriers party to the relevant agreement to cooperate on flights between particular destinations and allow pooling and sharing of certain revenues and costs, enhanced loyalty program reciprocity and cooperation in other areas\\. Accordingly, American and its joint business partners received regulatory approval to enter into these JBAs and cooperation agreements\\. Joint business agreements have become common approaches to address key regulatory restrictions typically applicable to international airline service, including limitations on the foreign ownership of airlines and national laws prohibiting foreign airlines from carrying passengers beyond specific gateway cities\\. Our competitors, including Delta Air Lines and United Airlines, are party to similar arrangements\\.\n\nIn October 2017, American and its transatlantic partners executed an amended and restated JBA which, among other things, extends the term of the agreement\\. An application is pending with the U\\.S\\. Department of Transportation (DOT) to add Aer Lingus, which is now owned by the parent company of British Airways and Iberia, to the transatlantic JBA\\. \n\nThe transatlantic joint business relationship benefits from a grant of antitrust immunity from the DOT and was reviewed by the European Commission (EC) in July 2010\\. In connection with this review, we provided certain commitments to the EC regarding, among other things, the availability of take\\-off and landing slots at London Heathrow (LHR) or London Gatwick (LGW) airports\\. The commitments accepted by the EC are binding for 10 years with the possibility of renewal by the EC\\. However, in light of the impending exit of the United Kingdom from the European Union (EU) (Brexit) and the related possibility that the EC would no longer have regulatory responsibility for the United Kingdom when the commitments expire in July 2020, the United Kingdom Competition and Markets Authority (CMA) in October 2018 opened an investigation into the transatlantic JBA\\. We are cooperating fully with the CMA\\.\n\nWe have also signed a JBA with Qantas Airways and in 2015 applied for antitrust immunity with the DOT for the revised relationship, but we withdrew that application in November 2016 after it was tentatively denied by the DOT\\. In February 2018, we filed a new application for antitrust immunity with the DOT, which, if granted, would allow us to further expand our \n\n6"}
{"_id": "Southwest-2017_58.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nto the Company under the Revenue Credit Agreement originates from (i) use and lease agreements with other airlines, (ii) various concession agreements, and (iii) other airport miscellaneous revenues\\.\n\nThe Company\u2019s liquidity could be impacted by this project to the extent there are timing differences between the Company\u2019s payment of the Facilities Payments pursuant to the Facilities Agreement and the transfer of monies back to the Company pursuant to the Revenue Credit Agreement; however, the Company does not currently expect that to occur\\. The project has not had a significant impact on the Company\u2019s capital resources or financial position\\. \n\n**Fort Lauderdale\\-Hollywood International Airport**\n\nThe Company has committed to oversee and manage the design and construction of Fort Lauderdale\\-Hollywood International Airport's Terminal 1 Modernization Project, including the design and construction of a new five\\-gate Concourse A with an international processing facility, at a cost not to exceed $333 million\\. Funding for the project has come directly from Broward County aviation sources, but flows through the Company in its capacity as manager of the project\\. Construction of Concourse A was completed during second quarter 2017, and construction on Terminal 1 is estimated to be completed by mid\\-2018\\. In general, as work is being completed on the project by various contractors, invoices are submitted to Broward County for initial payment to the Company, which then makes such payments to the contractors performing the work\\. \n\nThe Company\u2019s liquidity could be impacted by this project to the extent there are instances in which the Company chooses to make payments to contractors prior to receiving initial payment from Broward County, although the Company currently does not expect this to occur often based on its past experience with smaller projects conducted at the airport\\. The project is not expected to have a significant impact on the Company\u2019s capital resources or financial position\\.\n\n**Los Angeles International Airport**\n\nIn March 2013, the Company executed a lease agreement (the \"T1 Lease\") with Los Angeles World Airports (\"LAWA\"), which owns and operates Los Angeles International Airport (\"LAX\")\\. Under the T1 Lease, which was amended in June 2014 and September 2017, the Company is overseeing and managing the design, development, financing, construction, and commissioning of the airport's Terminal 1 Modernization Project at a cost not to exceed $526 million (including proprietary renovations, or $510 million excluding proprietary renovations)\\. In October 2017, the Company executed a separate lease agreement with LAWA (the \"T1\\.5 Lease\")\\. The Company intends to oversee and manage the design, development, financing, construction, and commissioning of a passenger processing facility between Terminal 1 and 2 (the \"Terminal 1\\.5 Project\")\\. The Terminal 1\\.5 Project is expected to include ticketing, baggage claim, passenger screening, and a bus gate at a cost not to exceed $479 million for site improvements and non\\-proprietary improvements\\.\n\nThese projects are being funded primarily using the Regional Airports Improvement Corporation (\"RAIC\"), which is a quasi\\-governmental special purpose entity that acts as a conduit borrower under syndicated credit facilities provided by groups of lenders\\. Loans made under the separate credit facilities for the Terminal 1 Modernization Project and the Terminal 1\\.5 Project are being used to fund the development of each of these projects, and the outstanding loans will be repaid with the proceeds of LAWA\u2019s payments to purchase completed construction phases\\. The Company has guaranteed the obligations of the RAIC under each of the credit facilities of the respective lease agreements\\.\n\nThe Company\u2019s liquidity could be impacted by these projects under certain circumstances; however, the Company does not expect this to occur based on its past experience with other projects\\. These projects are not expected to have a significant impact on the Company\u2019s capital resources or financial position\\. Construction on the Terminal 1 Modernization Project began during 2014 and is estimated to be completed during 2018\\. Construction on the Terminal 1\\.5 Project began during third quarter 2017 and is estimated to be completed during 2020\\. \n\n**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**\n\nThe Company\u2019s Consolidated Financial Statements have been prepared in accordance with GAAP\\. The Company\u2019s significant accounting policies are described in Note 1 to the Consolidated Financial Statements\\. The preparation of \n\n59"}
{"_id": "Alaska-2017_88.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**NOTE 10\\. SPECIAL ITEMS**\n\nIn 2017, the Company recognized special items of $118 million for merger\\-related costs associated with its acquisition of Virgin America\\. Costs classified as merger\\-related are directly attributable to merger activities\\. The Company also recognized a special tax benefit of $280 million due to the remeasurement of net deferred tax liabilities as a result of the Tax Cuts and Jobs Act signed into law on December 22, 2017, partially offset by certain state tax law enactments\\.\n\nIn 2016, the Company recognized $117 million in merger\\-related costs\\. $39 million of these costs were not deductible under the U\\.S\\. federal tax law, as discussed in Note 6\\. The Company recognized a special tax expense of $17 million representing the impact of adjustments to the Company's position on income sourcing in various states\\.\n\nIn 2015, the Company recognized special items of $32 million in aggregate\\. The special items included expense of $14 million for a lump sum settlements offered to terminated and vested participants in the qualified defined benefit pension plans and a litigation\\-related matter\\. See Note 7 for more information regarding the pension settlement charge\\. The Company also recognized a special tax benefit of $26 million representing the discrete impacts of adjustments to the Company's position on income sourcing in various states\\.\n\nThe following breaks down merger\\-related costs incurred in 2017 and 2016 (in millions):\n\n\n\n|                                      |          |          |\n| ------------------------------------ | -------- | -------- |\n|                                      | **2017** | **2016** |\n| Consulting and professional services | **$52**  | $32      |\n| Severance and retention benefits     | **40**   | 22       |\n| Banking fees                         | **\u2014**    | 36       |\n| Legal and accounting fees            | **3**    | 22       |\n| Other merger\\-related costs ^(a)^    | **23**   | 5        |\n| Total Merger\\-related Costs          | **$118** | $117     |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                          |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (a) | Other merger\\-related costs consist primarily of costs for marketing and advertising, IT, training and skill development, employee appreciation and company sponsored events, moving expenses, supplies, and other immaterial expenses\\. |\n\n\n\n**NOTE 11\\. STOCK\\-BASED COMPENSATION PLANS**\n\nThe Company has various equity incentive plans under which it may grant stock awards to directors, officers and employees\\. The Company also has an employee stock purchase plan\\.\n\nThe table below summarizes the components of total stock\\-based compensation (in millions):\n\n\n\n|                                                  |          |          |          |\n| ------------------------------------------------ | -------- | -------- | -------- |\n|                                                  | **2017** | **2016** | **2015** |\n| Stock options                                    | **$3**   | $2       | $2       |\n| Stock awards                                     | **24**   | 11       | 11       |\n| Deferred stock awards                            | **1**    | 1        | 1        |\n| Employee stock purchase plan                     | **6**    | 5        | 3        |\n| Stock\\-based compensation                        | **$34**  | $19      | $17      |\n| Tax benefit related to stock\\-based compensation | **$13**  | $7       | $7       |\n\n\n\nUnrecognized stock\\-based compensation for non\\-vested options and awards and the weighted\\-average period the expense will be recognized (in millions):\n\n\n\n|                                        |            |                                         |\n| -------------------------------------- | ---------- | --------------------------------------- |\n|                                        | **Amount** | **Weighted\\-Average**<br><br>**Period** |\n| Stock options                          | **$3**     | 1\\.2                                    |\n| Stock awards                           | **34**     | 1\\.7                                    |\n| Unrecognized stock\\-based compensation | **$37**    | 1\\.7                                    |\n\n\n\nThe Company is authorized to issue 17 million shares of common stock under these plans, of which 10,927,824 shares remain available for future grants of either options or stock awards as of December 31, 2017\\.\n\n 89"}
{"_id": "Delta-2017_90.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nSegment Reporting\n\nSegment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP\\. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand\\-alone basis\\.\n\n\n\n|                                  |             |               |                              |       |                  |\n| -------------------------------- | ----------- | ------------- | ---------------------------- | ----- | ---------------- |\n| **(in millions)**                | **Airline** | **Refinery**  | **Intersegment Sales/Other** |       | **Consolidated** |\n| **Year Ended December 31, 2017** |             |               |                              |       |                  |\n| Operating revenue:               | $40,742     | $5,039        |                              |       | $41,244          |\n| Sales to airline segment         |             |               | $<br><br>(886<br><br>)       | ^(1)^ |                  |\n| Exchanged products               |             |               | (3,240<br><br>)              | ^(2)^ |                  |\n| Sales of refined products        |             |               | (411<br><br>)                | ^(3)^ |                  |\n| Operating income                 | 6,004       | 110           |                              |       | 6,114            |\n| Interest expense (income), net   | 403         | (7<br><br>)   |                              |       | 396              |\n| Depreciation and amortization    | 2,188       | 47            |                              |       | 2,235            |\n| Total assets, end of period      | 51,165      | 2,127         |                              |       | 53,292           |\n| Capital expenditures             | 3,743       | 148           |                              |       | 3,891            |\n| **Year Ended December 31, 2016** |             |               |                              |       |                  |\n| Operating revenue:               | $39,406     | $3,843        |                              |       | $39,639          |\n| Sales to airline segment         |             |               | $<br><br>(695<br><br>)       | ^(1)^ |                  |\n| Exchanged products               |             |               | (2,658<br><br>)              | ^(2)^ |                  |\n| Sales of refined products        |             |               | (257<br><br>)                | ^(3)^ |                  |\n| Operating income (loss) ^(4)^    | 7,077       | (125<br><br>) |                              |       | 6,952            |\n| Interest expense, net            | 386         | 2             |                              |       | 388              |\n| Depreciation and amortization    | 1,862       | 40            |                              |       | 1,902            |\n| Total assets, end of period      | 49,930      | 1,331         |                              |       | 51,261           |\n| Capital expenditures             | 3,270       | 121           |                              |       | 3,391            |\n| **Year Ended December 31, 2015** |             |               |                              |       |                  |\n| Operating revenue:               | $40,398     | $4,741        |                              |       | $40,704          |\n| Sales to airline segment         |             |               | $<br><br>(990<br><br>)       | ^(1)^ |                  |\n| Exchanged products               |             |               | (3,108<br><br>)              | ^(2)^ |                  |\n| Sales of refined products        |             |               | (337<br><br>)                | ^(3)^ |                  |\n| Operating income ^(4)^           | 7,512       | 290           |                              |       | 7,802            |\n| Interest expense, net            | 481         | \u2014             |                              |       | 481              |\n| Depreciation and amortization    | 1,805       | 30            |                              |       | 1,835            |\n| Total assets, end of period      | 51,785      | 1,349         |                              |       | 53,134           |\n| Capital expenditures             | 2,853       | 92            |                              |       | 2,945            |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                         |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations\\. We determine market price by reference to the market index for the primary delivery location, which is New York Harbor, for jet fuel from the refinery\\. |\n\n\n\n\n\n|       |                                                                                                                                |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------ |\n| ^(2)^ | Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis\\. |\n\n\n\n\n\n|       |                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------- |\n| ^(3)^ | These sales were at or near cost; accordingly, the margin on these sales is de minimis\\. |\n\n\n\n\n\n|       |                                                                                                                                              |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Includes the impact of pricing arrangements between the airline and refinery segments with respect to the refinery's inventory price risk\\.  |\n\n\n\n 86"}
{"_id": "United-2019_95.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|         |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| ------- | --------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n|  4\\.5   | UAL  <br>United | [Third Supplemental Indenture, dated as of January 26, 2017, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee, providing for the issuance of 5\\.000% Senior Notes due 2024 (filed as Exhibit 4\\.2 to UAL's Form 8\\-K filed January 27, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015517000004/e75742257ex4_2.htm) |\n| 4\\.6    | UAL  <br>United | [Form of 5\\.000% Senior Notes due 2024 (filed as Exhibit A to Exhibit 4\\.2 to UAL's Form 8\\-K filed January 27, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015517000004/e75742257ex4_2.htm)                                                                                                                                                                                                          |\n| 4\\.7    | UAL  <br>United | [Form of Notation of Note Guarantee (filed as Exhibit B to Exhibit 4\\.2 to UAL's Form 8\\-K filed January 27, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000095015517000004/e75742257ex4_2.htm)                                                                                                                                                                                                             |\n| 4\\.8    | UAL  <br>United | [Fourth Supplemental Indenture, dated as of September 29, 2017, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee, providing for the issuance of 4\\.250% Senior Notes due 2022 (filed as Exhibit 4\\.2 to UAL's Form 8\\-K filed October 4, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517302468/d463744dex42.htm) |\n| 4\\.9    | UAL  <br>United | [Form of 4\\.250% Senior Notes due 2022 (filed as Exhibit A to Exhibit 4\\.2 to UAL's Form 8\\-K filed October 4, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517302468/d463744dex42.htm)                                                                                                                                                                                                             |\n| 4\\.10   | UAL  <br>United | [Form of Notation of Note Guarantee (filed as Exhibit B to Exhibit 4\\.2 to UAL's Form 8\\-K filed October 4, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517302468/d463744dex42.htm)                                                                                                                                                                                                                |\n| 4\\.11   | UAL  <br>United | [Fifth Supplemental Indenture, dated as of May 9, 2019, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as Trustee (filed as Exhibit 4\\.2 to UAL's Form 8\\-K filed May 10, 2019, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312519144324/d745969dex42.htm)                                                                         |\n| 4\\.12   | UAL  <br>United | [Form of 4\\.875% Senior Notes due 2025 (filed as Exhibit A to Exhibit 4\\.2 to UAL's Form 8\\-K filed May 10, 2019, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312519144324/d745969dex42.htm#ex4_2toc745969_33)                                                                                                                                                                                              |\n| 4\\.13   | UAL  <br>United | [Form of Notation of Note Guarantee (filed as Exhibit B to Exhibit 4\\.2 to UAL's Form 8\\-K filed May 10, 2019, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312519144324/d745969dex42.htm#ex4_2toc745969_33)                                                                                                                                                                                                 |\n| 4\\.14   | UAL  <br>United | [Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934](https://www.example.com/ual12311910kex414.htm)                                                                                                                                                                                                                                                                                                                       |\n|         |                 | **Material Contracts**                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n|  \u202010\\.1 | UAL             | [Agreement, dated April 19, 2016, by and among PAR Capital Management, Inc\\., Altimeter Capital Management, LP, United Continental Holdings, Inc\\. and the other signatories listed on the signature page thereto (filed as Exhibit 10\\.1 to UAL's Form 8\\-K filed April 20, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000110465916112937/a16-8741_2ex10d1.htm)                                           |\n|  \u202010\\.2 | UAL             | [United Airlines Holdings, Inc\\. Profit Sharing Plan (amended and restated effective January 1, 2019)](https://www.example.com/ual12311910kex102.htm)                                                                                                                                                                                                                                                                                                                                      |\n|  \u202010\\.3 | UAL  <br>United | [Employment Agreement, dated December 31, 2015, among United Continental Holdings, Inc\\., United Airlines, Inc\\. and Oscar Munoz (filed as Exhibit 10\\.1 to UAL's Form 8\\-K/A filed January 7, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000110465916088696/a16-1427_1ex10d1.htm)                                                                                                                         |\n|  \u202010\\.4 | UAL  <br>United | [Amendment to Employment Agreement, dated April 19, 2016, by and among United Continental Holdings, Inc\\., United Airlines, Inc\\. and Oscar Munoz (filed as Exhibit 10\\.1 to UAL's Form 8\\-K filed April 20, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000110465916112678/a16-8741_1ex10d1.htm)                                                                                                           |\n|  \u202010\\.5 | UAL  <br>United | [Second Amendment to Employment Agreement, dated April 21, 2017, by and among United Continental Holdings, Inc\\., United Airlines, Inc\\. and Oscar Munoz (filed as Exhibit 10\\.1 to UAL's Current Report on Form 8\\-K filed on April 21, 2017, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000110465917025203/a17-11675_1ex10d1.htm)                                                                              |\n|  \u202010\\.6 | UAL  <br>United | [Transition Agreement, dated as of December 4, 2019, by and among United Airlines Holdings, Inc\\., United Airlines, Inc\\. and Oscar Munoz (filed as Exhibit 10\\.1 to UAL's Current Report on Form 8\\-K filed on December 6, 2019, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000110465919070590/tm1924595d1_ex10-1.htm)                                                                                          |\n|  \u202010\\.7 | UAL  <br>United | [SERP Agreement, dated as of October 1, 2010, by and among United Continental Holdings, Inc\\., Continental Airlines, Inc\\. and Gerald Laderman (filed as Exhibit 10\\.2 to UAL's Form 10\\-Q for the quarter ended September 30, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515350093/d63220dex102.htm)                                                                                             |\n\n\n\n96"}
{"_id": "AmericanAirlines-2018_29.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n***We face challenges in integrating our computer, communications and other technology systems\\.*** \n\nAmong the principal risks of integrating our businesses and operations are the risks relating to integrating various computer, communications and other technology systems that are necessary to operate US Airways and American as a single integrated business and to achieve cost synergies by eliminating redundancies\\. While we have to date successfully integrated many of our systems, including our customer reservations system and our pilot, flight attendant and fleet scheduling system, we still have to complete several additional important system integration or replacement projects\\. In a number of prior airline mergers, the integration of these systems or deployment of replacement systems has taken longer, been more disruptive and cost more than originally forecasted\\. The implementation process to integrate or replace these various systems will involve a number of risks that could adversely impact our business, results of operations and financial condition\\. New systems will replace multiple legacy systems and the related implementation will be a complex and time\\-consuming project involving substantial expenditures for implementation consultants, system hardware, software and implementation activities, as well as the transformation of business and financial processes\\.\n\nWe cannot assure you that our security measures, change control procedures or disaster recovery plans will be adequate to prevent disruptions or delays in connection with systems integration or replacement\\. Disruptions in or changes to these systems could result in a disruption to our business and the loss of important data\\. Any of the foregoing could result in a material adverse effect on our business, results of operations and financial condition\\.\n\n***We rely heavily on technology and automated systems to operate our business, and any failure of these technologies or systems could harm our business, results of operations and financial condition\\.***\n\nWe are highly dependent on existing and emerging technology and automated systems to operate our business\\. These technologies and systems include our computerized airline reservation system, flight operations systems, financial planning, management and accounting systems, telecommunications systems, website, maintenance systems and check\\-in kiosks\\. In order for our operations to work efficiently, our website and reservation system must be able to accommodate a high volume of traffic, maintain secure information and deliver flight information, as well as issue electronic tickets and process critical financial information in a timely manner\\. Substantially all of our tickets are issued to passengers as electronic tickets\\. We depend on our reservation system, which is hosted and maintained under a long\\-term contract by a third\\-party service provider, to be able to issue, track and accept these electronic tickets\\. If our technologies or automated systems are not functioning or if our third\\-party service providers were to fail to adequately provide technical support, system maintenance or timely software upgrades for any one of our key existing systems, we could experience service disruptions or delays, which could harm our business and result in the loss of important data, increase our expenses and decrease our revenues\\. In the event that one or more of our primary technology or systems vendors goes into bankruptcy, ceases operations or fails to perform as promised, replacement services may not be readily available on a timely basis, at competitive rates or at all, and any transition time to a new system may be significant\\.\n\nOur technologies and automated systems cannot be completely protected against events that are beyond our control, including natural disasters, power failures, terrorist attacks, cyber\\-attacks, data theft, equipment and software failures, computer viruses or telecommunications failures\\. Substantial or sustained system failures could cause service delays or failures and result in our customers purchasing tickets from other airlines\\. We cannot assure you that our security measures, change control procedures or disaster recovery plans are adequate to prevent disruptions or delays\\. Disruption in or changes to these technologies or systems could result in a disruption to our business and the loss of important data\\. Any of the foregoing could result in a material adverse effect on our business, results of operations and financial condition\\.\n\n***We are at risk of losses and adverse publicity stemming from any public incident involving our company, our people or our brand, including any accident or other public incident involving our personnel or aircraft, or the personnel or aircraft of our regional, codeshare or joint business operators\\.***\n\nIn a modern world where news can be captured and travel rapidly, we are at risk of adverse publicity stemming from any public incident involving our company, our people or our brand\\. Such an incident could involve the actual or alleged behavior of any of our more than 125,000 employees\\. Further, if our personnel or one of our aircraft, or personnel of, or an aircraft that is operated under our brand by, one of our regional operators or an airline with which we have a marketing alliance, joint business or codeshare relationship, were to be involved in a public incident, accident or catastrophe, we could be exposed to significant reputational harm and potential legal liability\\. The insurance we carry may be inapplicable or inadequate to cover any such incident, accident or catastrophe\\. In the event that our insurance is inapplicable or not adequate, we may be forced to bear substantial losses from an incident or accident\\. In addition, any such incident, accident or catastrophe involving our personnel or one of our aircraft (or personnel and aircraft of our regional operators and our codeshare partners) could create an adverse public perception, which could harm our reputation, result in air travelers being reluctant to fly on our \n\n30"}
{"_id": "Alaska-2018_88.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nThe following table summarizes information about outstanding stock awards:\n\n\n\n|                                |                                |                                             |                                                                                  |                                                                              |\n| ------------------------------ | ------------------------------ | ------------------------------------------- | -------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- |\n|                                | **Number**<br><br>**of Units** | **Weighted\\-Average Grant Date Fair Value** | **Weighted\\-**<br><br>**Average**<br><br>**Contractual**<br><br>**Life (Years)** | **Aggregate**<br><br>**Intrinsic**<br><br>**Value (in**<br><br>**millions)** |\n| Non\\-vested, December 31, 2017 | 525,145                        | $85\\.47                                     | 1\\.6                                                                             | $39                                                                          |\n| Granted                        | 401,424                        | 66\\.55                                      |                                                                                  |                                                                              |\n| Vested                         | (310,403)                      | 73\\.33                                      |                                                                                  |                                                                              |\n| Forfeited                      | (104,353)                      | 80\\.77                                      |                                                                                  |                                                                              |\n| Non\\-vested, December 31, 2018 | 511,813                        | $78\\.75                                     | 1\\.5                                                                             | $31                                                                          |\n\n\n\n***Deferred Stock Awards***\n\nDeferred Stock Units (DSUs) are awarded to members of the Board of Directors as part of their retainers\\. The underlying common shares are issued upon retirement from the Board, but require no future service period\\. As a result, the entire intrinsic value of the awards is expensed on the date of grant\\. \n\n***Employee Stock Purchase Plan***\n\nThe ESPP allows employees to purchase common stock at 85% of the stock price on the first day of the offering period or the specified purchase date, whichever is lower\\. Employees may contribute up to 10% of their base earnings during the offering period to purchase stock\\. Employees purchased 632,145, 406,628 and 308,920 shares in 2018, 2017 and 2016 under the ESPP\\.\n\n**NOTE 13\\. OPERATING SEGMENT INFORMATION**\n\nAlaska Air Group has two operating airlines\u2014Alaska (including Virgin America after the single operating certificate received in January 2018) and Horizon\\. Each is a regulated airline by the U\\.S\\. Department of Transportation\u2019s Federal Aviation Administration\\. Alaska has CPAs for regional capacity with Horizon, as well as with third\\-party carriers SkyWest and PenAir, under which Alaska receives all passenger revenues\\. \n\nUnder U\\.S\\. General Accepted Accounting Principles, operating segments are defined as components of a business for which there is discrete financial information that is regularly assessed by the Chief Operating Decision Maker (CODM) in making resource allocation decisions\\. Financial performance for the operating airlines and CPAs is managed and reviewed by the Company's CODM as part of three reportable operating segments:\n\n\n\n|   |                                                                                                                                                                                                    |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | **Mainline**  \\- includes scheduled air transportation on Alaska's Boeing or Airbus jet aircraft for passengers and cargo throughout the U\\.S\\., and in parts of Canada, Mexico, and Costa Rica\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                        |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | **Regional**  \\- includes Horizon's and other third\\-party carriers\u2019 scheduled air transportation for passengers across a shorter distance network within the U\\.S\\. under CPAs\\. This segment includes the actual revenues and expenses associated with regional flying, as well as an allocation of corporate overhead incurred by Air Group on behalf of the regional operations\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                           |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | **Horizon**  \\- includes the capacity sold to Alaska under CPA\\. Expenses include those typically borne by regional airlines such as crew costs, ownership costs and maintenance costs\\.  |\n\n\n\nThe CODM makes resource allocation decisions for these reporting segments based on flight profitability data, aircraft type, route economics and other financial information\\. \n\nThe \"Consolidating and Other\" column reflects parent company activity, McGee Air Services, consolidating entries and other immaterial business units of the company\\. The \u201cAir Group Adjusted\u201d column represents a non\\-GAAP measure that is used by the Company CODM to evaluate performance and allocate resources\\. Adjustments are further explained below in reconciling to consolidated GAAP results\\.\n\n 89"}
{"_id": "Delta-2018_31.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nPassenger revenue related to our international regions  increased  6\\.7%  year\\-over\\-year including growth in all three regions, despite reduced capacity in the Pacific and Latin America\\. During 2018, we continued to expand our branded fare products and leveraged the relationships with our alliance partners to generate unit revenue increases across all three international regions\\.\n\nIn the Atlantic, unit revenues increased due to year\\-over\\-year yield strength from business cabin traffic and the benefit provided by foreign currency fluctuations\\. Yield growth was particularly strong as we continued to leverage our alliance partners' hub positions in Europe's leading business markets of Amsterdam, London and Paris\\. During 2018, we initiated service on our flagship A350\\-900 with Delta One suites and the Delta Premium Select cabin from Detroit to Amsterdam\\. We also launched several new routes, including Los Angeles to Paris and Amsterdam, Indianapolis to Paris and Atlanta to Lisbon\\.\n\nUnit revenues increased in Latin America principally as a result of yield growth, particularly in the Caribbean which has generated seven consecutive quarters of unit revenue growth\\. Key destinations impacted by the 2017 hurricane damage continue to recover\\. The increase was partially offset by the impact of political and economic uncertainty and foreign currency fluctuations in Mexico, Brazil and Central America\\. The negative impact of travel advisories and political uncertainty in Mexico has diminished toward the end of the year\\. We benefited from our joint cooperation agreement with Aerom\u00e9xico, which marked its first anniversary during 2018\\. Over that time, we have combined with Aerom\u00e9xico to launch nine new routes between the United States and Mexico, providing our customers with improved connectivity, more convenient schedules and seamless service between the two carriers\\.\n\nUnit revenues increased in the Pacific region due to yield strength, particularly in Japan and Korea, and a benefit provided by foreign currency fluctuations\\. In May 2018, we launched a joint venture with Korean Air which provides more opportunities for our customers to reach destinations throughout Asia\\. During 2018, we also introduced our flagship A350\\-900 on routes from Los Angeles to Shanghai, Detroit to Beijing and Shanghai and Atlanta to Seoul\\-Incheon, which has improved the customer experience and added premium seats to the market, resulting in unit revenue increases\\. \n\nOther Revenue\n\n\n\n|                                   |                             |                             |                                    |                                      |\n| --------------------------------- | --------------------------- | --------------------------- | ---------------------------------- | ------------------------------------ |\n|                                   | **Year Ended December 31,** | **Year Ended December 31,** | **Increase**<br><br>**(Decrease)** | **% Increase**<br><br>**(Decrease)** |\n| **(in millions)**                 | **2018**                    | **2017**                    | **Increase**<br><br>**(Decrease)** | **% Increase**<br><br>**(Decrease)** |\n| Ancillary businesses and refinery | $1,801                      | $1,591                      | $210                               | 13\\.2 %                              |\n| Loyalty program                   | 1,459                       | 1,269                       | 190                                | 15\\.0 %                              |\n| Miscellaneous                     | 558                         | 587                         | (29)                               | (4\\.9)%                              |\n| Total other revenue               | $3,818                      | $3,447                      | $371                               | 10\\.8 %                              |\n\n\n\nAncillary Businesses and Refinery\\.  Ancillary businesses and refinery includes aircraft maintenance and staffing services provided to third parties, our vacation wholesale operations, our private jet operations and refinery sales to third parties\\.  The increase compared to 2017 primarily resulted from growth in our aircraft maintenance business of 19% on higher engine overhaul volume\\.\n\nIn December 2018, we sold DAL Global Services, LLC (\u201cDGS\u201d), which provides aviation\\-related, ground support equipment maintenance and professional security services, to a new subsidiary of Argenbright Holdings, LLC\\. We received a non\\-controlling  49%  equity stake in the new company and  $40 million  cash\\. The new company will continue to service our customers and third parties, and is expected to continue operating at the same airport locations it currently serves\\. In 2019, DGS will no longer be reflected within ancillary businesses and refinery\\.  DGS generated $244 million and $214 million in third\\-party revenues during 2018 and 2017, respectively\\. \n\nLoyalty Program\\.  Loyalty program revenues relate to brand usage by third parties and other performance obligations embedded in mileage credits sold, including redemption of mileage credits for non\\-travel awards\\.  Loyalty program revenues increased compared to 2017 related to growth in our co\\-brand credit card relationship with American Express through both additional card acquisitions and increased spend\\.\n\nMiscellaneous\\.  Miscellaneous revenue is primarily composed of lounge access and codeshare revenues\\. \n\n 29"}
{"_id": "AmericanAirlines-2017_112.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.**\n\n\n\n|      |                                                                              |\n| ---- | ---------------------------------------------------------------------------- |\n| ^b)^ | There are no significant concentrations of holdings by company or industry\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                          |\n| ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^c)^ | Investment includes mutual funds invested  42%  in equity securities of large\\-cap, mid\\-cap and small\\-cap U\\.S\\. companies,  33%  in U\\.S\\. treasuries and corporate bonds and  25%  in equity securities of international companies\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                               |\n| ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^d)^ | Includes approximately  74%  investments in corporate debt with a S&P rating lower than A and  26%  investments in corporate debt with a S&P rating A or higher\\. Holdings include  86%  U\\.S\\. companies,  12%  international companies and  2%  emerging market companies\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                     |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^e)^ | Includes approximately  61%  investments in U\\.S\\. domestic government securities and  39%  in emerging market government securities\\. There are no significant foreign currency risks within this classification\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^f)^ | Includes limited partnerships that invest primarily in U\\.S\\. ( 95% ) and European ( 5% ) buyout opportunities of a range of privately held companies\\. The pension plan\u2019s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated\\. It is estimated that the underlying assets of these funds will be gradually liquidated over the next  one  to  ten years \\. Additionally, the pension plan\u2019s master trust has future funding commitments of approximately  $456 million  over the next  ten years \\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^g)^ | Investment includes  73%  in an emerging market 103\\-12 Investment Trust with investments in emerging country equity securities,  12%  in Canadian segregated balanced value, income growth and diversified pooled funds and  15%  in a common/collective trust investing in securities of smaller companies located outside the U\\.S\\., including developing markets\\. Requests for withdrawals must meet specific requirements with advance notice of redemption preferred\\. |\n\n\n\n\n\n|      |                                                                                                                                                                                                                                                                                                                                                                                            |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^h)^ | Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy\\. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements\\. |\n\n\n\nChanges in fair value measurements of Level 3 investments during the year ended December 31, 2017, were as follows (in millions):\n\n\n\n|                                                     |                                            |                                                  |\n| --------------------------------------------------- | ------------------------------------------ | ------------------------------------------------ |\n|                                                     | **Private Equity**<br><br>**Partnerships** | **Insurance Group**<br><br>**Annuity Contracts** |\n| Beginning balance at December 31, 2016              | $21                                        | $2                                               |\n| Actual loss on plan assets:                         |                                            |                                                  |\n| Relating to assets still held at the reporting date | (4)                                        | \u2014                                                |\n| Purchases                                           | 1                                          | \u2014                                                |\n| Sales                                               | (1)                                        | \u2014                                                |\n| Transfers out                                       | (3)                                        | \u2014                                                |\n| Ending balance at December 31, 2017                 | $14                                        | $2                                               |\n\n\n\nChanges in fair value measurements of Level 3 investments during the year ended December 31, 2016, were as follows (in millions):\n\n\n\n|                                           |                                            |                                                  |\n| ----------------------------------------- | ------------------------------------------ | ------------------------------------------------ |\n|                                           | **Private Equity**<br><br>**Partnerships** | **Insurance Group**<br><br>**Annuity Contracts** |\n| Beginning balance at December 31, 2015    | $16                                        | $2                                               |\n| Actual return on plan assets:             |                                            |                                                  |\n| Relating to assets sold during the period | 7                                          | \u2014                                                |\n| Purchases                                 | 7                                          | \u2014                                                |\n| Sales                                     | (9)                                        | \u2014                                                |\n| Ending balance at December 31, 2016       | $21                                        | $2                                               |\n\n\n\n113"}
{"_id": "AmericanAirlines-2017_42.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n|       |                                                                                                                      |\n| ----- | -------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | See Note 2 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for further information on special items\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Merger integration expenses included costs related to information technology, professional fees, re\\-branding of aircraft and airport facilities and training\\. Additionally in 2016, Merger integration expenses also included costs related to alignment of labor union contracts, the launch of re\\-branded uniforms, relocation and severance, and in 2015, also included share\\-based compensation related to awards granted in connection with the Merger that fully vested in December 2015\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Fleet restructuring expenses, driven in part by the Merger, principally included the acceleration of depreciation, impairments, remaining lease payments and lease return costs for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Employee bonus expense included costs related to the $1,000 cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of H\\.R\\. 1, the 2017 Tax Cuts and Jobs Act (the 2017 Tax Act)\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(5)^ | Labor contract expenses primarily included one\\-time charges to adjust the vacation accruals for pilots and flight attendants as a result of the mid\\-contract pay rate adjustments effective in the second quarter of 2017\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                      |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(6)^ | In 2015, there was no net tax effect associated with special items\\. During 2015, our net deferred tax asset, which includes our NOLs, was subject to a full valuation allowance\\. Accordingly, our NOLs offset our taxable income and resulted in the release of a corresponding portion of valuation allowance, which offset the tax provision dollar for dollar\\. |\n\n\n\nAdditionally, the table below presents the reconciliation of mainline operating costs (GAAP measure) to mainline operating costs excluding special items and fuel (non\\-GAAP measure)\\. Management uses mainline operating costs excluding special items and fuel to evaluate our current operating performance and for period\\-to\\-period comparisons\\. The price of fuel, over which we have no control, impacts the comparability of period\\-to\\-period financial performance\\. The adjustment to exclude aircraft fuel and special items allows management an additional tool to better understand and analyze our non\\-fuel costs and core operating performance\\. Amounts may not recalculate due to rounding\\.\n\n\n\n|                                                                                                                 |                             |                             |                             |\n| --------------------------------------------------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                                                                 | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                                                                 | **2017**                    | **2016**                    | **2015**                    |\n| **Reconciliation of Mainline Operating Costs per Available Seat Mile (CASM) Excluding Special Items and Fuel:** |                             |                             |                             |\n| **(In millions)**                                                                                               |                             |                             |                             |\n| Total operating expenses \u2013 GAAP                                                                                 | $38,149                     | $34,896                     | $34,786                     |\n| Less regional expenses:                                                                                         |                             |                             |                             |\n| Fuel and related taxes                                                                                          | (1,382)                     | (1,109)                     | (1,230)                     |\n| Other                                                                                                           | (5,164)                     | (4,935)                     | (4,753)                     |\n| Total mainline operating expenses                                                                               | 31,603                      | 28,852                      | 28,803                      |\n| Adjusted for: Special items, net  ^(1)^                                                                         | (712)                       | (709)                       | (1,051)                     |\n| Adjusted for: Aircraft fuel and related taxes                                                                   | (6,128)                     | (5,071)                     | (6,226)                     |\n| Mainline operating expenses excluding special items and fuel                                                    | $24,763                     | $23,072                     | $21,526                     |\n| **(In millions)**                                                                                               |                             |                             |                             |\n| Available Seat Miles (ASM)                                                                                      | 243,806                     | 241,734                     | 239,375                     |\n| **(In cents)**                                                                                                  |                             |                             |                             |\n| Mainline CASM                                                                                                   | 12\\.96                      | 11\\.94                      | 12\\.03                      |\n| Adjusted for: Special items, net per ASM                                                                        | (0\\.29)                     | (0\\.29)                     | (0\\.44)                     |\n| Adjusted for: Aircraft fuel and related taxes per ASM                                                           | (2\\.51)                     | (2\\.10)                     | (2\\.60)                     |\n| Mainline CASM excluding special items and fuel                                                                  | 10\\.16                      | 9\\.54                       | 8\\.99                       |\n\n\n\n\n\n|       |                                                                                                                      |\n| ----- | -------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | See Note 2 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for further information on special items\\. |\n\n\n\n43"}
{"_id": "United-2018_16.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nnature of future requirements and their applicability to the Company are difficult to predict, but the financial impact to the Company and the aviation industry would likely be adverse and could be significant\\.\n\nSee Part I, Item 1, Business\\-Industry Regulation\\-Environmental Regulation, of this report for additional information on environmental regulation impacting the Company\\.\n\n***The United Kingdom's withdrawal from the EU may adversely impact our operations in the United Kingdom and elsewhere\\.***\n\nIn June 2016, United Kingdom (\"UK\") voters approved an advisory referendum for the UK to exit the EU\\. The UK parliament voted in favor of allowing the government to commence negotiations to determine the future terms of the UK's relationship with the EU, including the terms of trade between the UK and the EU and other nations\\. The timing of the proposed exit is currently scheduled for March 29, 2019, with a transition period potentially running through December 2020\\. A withdrawal plan was presented to the UK parliament in January 2019 and rejected, creating further uncertainty in negotiations and the process of withdrawal\\.\n\nDepending on the outcome of these negotiations, we could face new challenges in our operations, such as instability in global financial and foreign exchange markets\\. This instability could include volatility in the value of the British pound and European euro, additional travel restrictions on passengers traveling between the UK and other EU countries, changes to the legal status of EU\\-resident employees, legal uncertainty and potentially divergent national laws and regulations\\. At this time, we cannot predict the impact that an actual exit from the EU will have on our business generally and our UK and European operations more specifically, and no assurance can be given that our operating results, financial condition and prospects would not be adversely impacted by the result\\.\n\n***The Company's operating results fluctuate due to seasonality and other factors associated with the airline industry, many of which are beyond the Company's control\\.***\n\nDue to greater demand for air travel during the spring and summer months, revenues in the airline industry in the second and third quarters of the year are generally stronger than revenues in the first and fourth quarters of the year, which are periods of lower travel demand\\. The Company's operating results generally reflect this seasonality, but have also been impacted by numerous other factors that are not necessarily seasonal, including, among others, extreme or severe weather, outbreaks of disease or pandemics, ATC congestion, geological events, political instability, terrorism, natural disasters, changes in the competitive environment due to industry consolidation, tax obligations, general economic conditions and other factors\\. As a result, the Company's quarterly operating results are not necessarily indicative of operating results for an entire year and historical operating results in a quarterly or annual period are not necessarily indicative of future operating results\\.\n\n***Increases in insurance costs or inadequate insurance coverage may materially and adversely impact our business, operating results and financial condition\\.*** \n\nThe Company could be exposed to significant liability or loss if its property or operations were to be affected by a natural catastrophe or other event, including aircraft accidents\\. The Company maintains insurance policies, including, but not limited to, terrorism, aviation hull and liability, workers' compensation and property and business interruption insurance, but we are not fully insured against all potential hazards and risks incident to our business\\. If the Company is unable to obtain sufficient insurance with acceptable terms, the costs of such insurance increase materially, or if the coverage obtained is insufficient relative to actual liability or losses that the Company experiences, whether due to insurance market conditions, policy limitations and exclusions or otherwise, its operating results and financial condition could be materially and adversely affected\\.\n\n***The Company has a significant amount of financial leverage from fixed obligations, and insufficient liquidity may have a material adverse effect on the Company's financial condition and business\\.***\n\nThe Company has a significant amount of financial leverage from fixed obligations, including aircraft lease and debt financings, leases of airport property and other facilities, and other material cash obligations\\. In addition, the Company has substantial noncancelable commitments for capital expenditures, including for the acquisition of new aircraft and related spare engines\\.\n\nAlthough the Company's cash flows from operations and its available capital, including the proceeds from financing transactions, have been sufficient to meet these obligations and commitments to date, the Company's future liquidity could be negatively affected by the risk factors discussed in this report\\. If the Company's liquidity is materially diminished, the Company might not be able to timely pay its leases and debts or comply with certain operating and financial covenants under its financing and credit card processing agreements or with other material provisions of its contractual obligations\\. \n\nThe Company's substantial level of indebtedness and non\\-investment grade credit rating, as well as market conditions and the availability of assets as collateral for loans or other indebtedness, may make it difficult for the Company to raise additional capital if needed to meet its liquidity needs on acceptable terms, or at all\\. In addition, our variable rate indebtedness may use \n\n17"}
{"_id": "AmericanAirlines-2018_83.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**AMERICAN AIRLINES GROUP INC\\.**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n**(In millions)**\n\n\n\n|                                                                                  |                  |                  |                  |\n| -------------------------------------------------------------------------------- | ---------------- | ---------------- | ---------------- |\n|                                                                                  | **December 31,** | **December 31,** | **December 31,** |\n|                                                                                  | **2018**         | **2017**         | **2016**         |\n| **Cash flows from operating activities:**                                        |                  |                  |                  |\n| Net income                                                                       | $1,412           | $1,282           | $2,584           |\n| Adjustments to reconcile net income to net cash provided by operating activities |                  |                  |                  |\n| Depreciation and amortization                                                    | 2,159            | 2,017            | 1,818            |\n| Debt discount and lease amortization                                             | (92)             | (114)            | (119)            |\n| Special items, non\\-cash                                                         | 458              | 272              | 270              |\n| Pension and postretirement                                                       | (300)            | (132)            | (68)             |\n| Deferred income tax provision                                                    | 440              | 2,089            | 1,556            |\n| Share\\-based compensation                                                        | 86               | 90               | 100              |\n| Other, net                                                                       | (64)             | (39)             | (18)             |\n| **Changes in operating assets and liabilities:**                                 |                  |                  |                  |\n| Decrease (increase) in accounts receivable                                       | 222              | (190)            | (160)            |\n| Increase in other assets                                                         | (390)            | (433)            | (184)            |\n| Increase (decrease) in accounts payable and accrued liabilities                  | (147)            | 299              | 307              |\n| Increase in air traffic liability                                                | 297              | 65               | 158              |\n| Increase (decrease) in loyalty program liability                                 | (283)            | (308)            | 417              |\n| Contributions to pension plans                                                   | (475)            | (286)            | (32)             |\n| Increase (decrease) in other liabilities                                         | 210              | 132              | (105)            |\n| Net cash provided by operating activities                                        | 3,533            | 4,744            | 6,524            |\n| **Cash flows from investing activities:**                                        |                  |                  |                  |\n| Capital expenditures and aircraft purchase deposits                              | (3,745)          | (5,971)          | (5,731)          |\n| Proceeds from sale of property and equipment and sale\\-leaseback transactions    | 1,207            | 947              | 125              |\n| Purchases of short\\-term investments                                             | (3,412)          | (4,633)          | (6,241)          |\n| Sales of short\\-term investments                                                 | 3,705            | 5,915            | 6,092            |\n| Proceeds from sale of investments                                                | 207              | \u2014                | \u2014                |\n| Decrease in restricted short\\-term investments                                   | 72               | 309              | 53               |\n| Purchase of equity investment                                                    | \u2014                | (203)            | \u2014                |\n| Other investing activities                                                       | (7)              | \u2014                | \u2014                |\n| Net cash used in investing activities                                            | (1,973)          | (3,636)          | (5,702)          |\n| **Cash flows from financing activities:**                                        |                  |                  |                  |\n| Proceeds from issuance of long\\-term debt                                        | 2,354            | 3,058            | 7,701            |\n| Payments on long\\-term debt and finance leases                                   | (2,941)          | (2,332)          | (3,827)          |\n| Deferred financing costs                                                         | (59)             | (85)             | (77)             |\n| Treasury stock repurchases                                                       | (837)            | (1,615)          | (4,500)          |\n| Dividend payments                                                                | (186)            | (198)            | (224)            |\n| Other financing activities                                                       | (3)              | 27               | 33               |\n| Net cash used in financing activities                                            | (1,672)          | (1,145)          | (894)            |\n| Net decrease in cash and restricted cash                                         | (112)            | (37)             | (72)             |\n| Cash and restricted cash at beginning of year                                    | 398              | 435              | 507              |\n| Cash and restricted cash at end of year  ^(a)^                                   | $286             | $398             | $435             |\n\n\n\n^(a)^ The following table provides a reconciliation of cash and restricted cash to amounts reported within the consolidated balance sheets:\n\n\n\n|                                                                         |      |      |      |\n| ----------------------------------------------------------------------- | ---- | ---- | ---- |\n| Cash                                                                    | $275 | $295 | $322 |\n| Restricted cash included in restricted cash and short\\-term investments | 11   | 103  | 113  |\n| Total cash and restricted cash                                          | $286 | $398 | $435 |\n\n\n\nSee accompanying notes to consolidated financial statements\\.\n\n84"}
{"_id": "Delta-2018_99.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nNOTE 18 \\. QUARTERLY FINANCIAL DATA (UNAUDITED)\n\nThe following table summarizes our unaudited results of operations on a quarterly basis\\. The quarterly earnings per share amounts for a year will not add to the earnings per share for that year due to the weighting of shares used in calculating per share data\\.\n\nWe recast certain 2018 quarterly amounts to conform with the adoption of the lease standard effective January 1, 2018\\.\n\n\n\n|                                             |                         |                         |                         |                         |\n| ------------------------------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- |\n| **As recast for lease accounting standard** | **Three Months Ended,** | **Three Months Ended,** | **Three Months Ended,** | **Three Months Ended,** |\n| **(in millions, except per share data)**    | **March 31**            | **June 30**             | **September 30**        | **December 31**         |\n| **2018**                                    |                         |                         |                         |                         |\n| Operating revenue                           | $9,968                  | $11,775                 | $11,953                 | $10,742                 |\n| Operating income                            | 844                     | 1,684                   | 1,645                   | 1,090                   |\n| Net income                                  | 557                     | 1,036                   | 1,322                   | 1,019                   |\n| Basic earnings per share                    | $0\\.79                  | $1\\.49                  | $1\\.93                  | $1\\.50                  |\n| Diluted earnings per share                  | $0\\.79                  | $1\\.49                  | $1\\.92                  | $1\\.49                  |\n\n\n\n\n\n|                                          |                         |                         |                         |\n| ---------------------------------------- | ----------------------- | ----------------------- | ----------------------- |\n| **As previously reported**               | **Three Months Ended,** | **Three Months Ended,** | **Three Months Ended,** |\n| **(in millions, except per share data)** | **March 31**            | **June 30**             | **September 30**        |\n| **2018**                                 |                         |                         |                         |\n| Operating revenue                        | $9,968                  | $11,775                 | $11,953                 |\n| Operating income                         | 840                     | 1,680                   | 1,642                   |\n| Net income                               | 547                     | 1,025                   | 1,312                   |\n| Basic earnings per share                 | $0\\.78                  | $1\\.47                  | $1\\.91                  |\n| Diluted earnings per share               | $0\\.77                  | $1\\.47                  | $1\\.91                  |\n\n\n\nAs disclosed in our 2018 Form 10\\-Qs, we recast certain 2017 quarterly amounts to conform with the adoption of the revenue recognition and retirement benefits standards\\.\n\n\n\n|                                          |                         |                         |                         |                         |\n| ---------------------------------------- | ----------------------- | ----------------------- | ----------------------- | ----------------------- |\n|                                          | **Three Months Ended,** | **Three Months Ended,** | **Three Months Ended,** | **Three Months Ended,** |\n| **(in millions, except per share data)** | **March 31**            | **June 30**             | **September 30**        | **December 31**         |\n| **2017**                                 |                         |                         |                         |                         |\n| Operating revenue                        | $9,101                  | $10,747                 | $11,061                 | $10,229                 |\n| Operating income                         | 999                     | 1,982                   | 1,823                   | 1,162                   |\n| Net income                               | 561                     | 1,186                   | 1,159                   | 299                     |\n| Basic earnings per share                 | $0\\.77                  | $1\\.63                  | $1\\.62                  | $0\\.42                  |\n| Diluted earnings per share               | $0\\.77                  | $1\\.62                  | $1\\.61                  | $0\\.42                  |\n\n\n\n 97"}
{"_id": "Southwest-2018_58.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nhave resulted in a $63 million, or less than one percent, change in Passenger revenues recognized for the year ended December 31, 2018\\.\n\nEvents and circumstances outside of historical fare sale activity or historical Customer travel patterns can result in actual spoiled tickets differing significantly from estimates\\. The Company evaluates its estimates within a narrow range of acceptable amounts\\. If actual spoilage results in an amount outside of this range, estimates and assumptions are reviewed and adjustments to Air traffic liability and to Passenger revenue are recorded, as necessary\\. Additional factors that may affect estimated spoiled tickets include, but may not be limited to, changes to the Company\u2019s ticketing policies, the Company\u2019s refund, exchange, and unused funds policies, the mix of refundable and nonrefundable fares, promotional fare activity, events leading to significant flight cancellations, and the impact of the economic environment on Customer behavior\\. The Company\u2019s estimation techniques have been consistently applied from year to year; however, as with any estimates, actual spoiled tickets may vary from estimated amounts\\.\n\nThe Company believes it is unlikely that materially different estimates for future spoiled tickets would be reported based on other reasonable assumptions or conditions suggested by actual historical experience and other data available at the time estimates were made\\.\n\n***Accounting for Long\\-Lived Assets***\n\nFlight equipment and related assets make up the majority of the Company\u2019s long\\-lived assets\\. Flight equipment primarily relates to the 699 Boeing 737 aircraft in the Company\u2019s fleet at December 31, 2018, which are either owned or on capital lease\\. The remaining 51 Boeing 737 aircraft in the Company\u2019s fleet at December 31, 2018, are operated under operating leases\\. The Company also has 85 B717 aircraft, which are part of the lease/sublease with Delta\\. As these aircraft were not in service for the Company, they were not included in the fleet count as of December 31, 2018 or 2017\\. In accounting for long\\-lived assets, the Company must make estimates about the expected useful lives of the assets, the expected residual values of the assets, and the potential for impairment based on the fair value of the assets and their future expected cash flows\\.\n\nThe following table shows a breakdown of the Company\u2019s long\\-lived asset groups, along with information about estimated useful lives and residual values for new assets generally purchased from the manufacturer and assets constructed for others:\n\n\n\n|                                   |                        |                                   |\n| --------------------------------- | ---------------------- | --------------------------------- |\n|                                   | Estimated useful life  | Estimated<br><br> residual value  |\n| Airframes and engines             | 25 years               | 15 percent                        |\n| Spare aircraft engines            | 25 years               | 20 percent                        |\n| Aircraft parts                    | Fleet life             | 4 percent                         |\n| Assets constructed for others (a) | 5 to 30 years          | 17 to 75 percent                  |\n| Ground property and equipment     | 5 to 30 years          | 0 to 10 percent                   |\n\n\n\n(a) Within the given range, LFMP and HOU assets are at the high end of the range, while the FLL and LAX assets are at the low end of the range\\. See Note 4 for further information on the Company's Assets constructed for others\\.\n\nIn estimating the lives and expected residual values of its aircraft, the Company primarily has relied upon actual experience with the same or similar aircraft types, current and projected future market information provided by independent third parties, and recommendations from Boeing\\. Flight equipment estimated useful lives are based on the number of \"cycles\" flown (one take\\-off and landing) as well as the aircraft age\\. The Company has made a conversion of cycles into years based on both historical and anticipated future utilization of the aircraft\\. Subsequent revisions to these estimates, which can be significant, could be caused by changes to aircraft maintenance programs, changes in utilization of the aircraft (actual cycles during a given period of time), governmental regulations on aging aircraft, and changing market prices of new and used aircraft of the same or similar types\\. The Company evaluates its estimates and assumptions each reporting period and, when warranted, adjusts these estimates and assumptions\\. Generally, these \n\n59"}
{"_id": "Alaska-2017_11.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nlegroom, early boarding, premium snacks and a complimentary alcoholic beverage\\. Additionally, in 2017 we increased the distance between seats in our first class cabins on the Alaska B737\\-900 and B737\\-900ER fleet, providing significantly more space for guests flying in the First Class cabin\\. We expect to fully complete the First Class cabin upgrades on the B737\\-900 and B737\\-900ER fleet in early 2018\\. \n\nStarting in 2018, we will begin reconfiguring the interior and livery of the Airbus fleet\\. The new livery and interior reconfiguration will provide guests a consistent brand experience across the Mainline fleet\\. The projects are expected to be complete in late 2019\\.\n\nOur employees are a key element of our product\\. We have a highly engaged workforce that strives to provide a high degree of service and hospitality to our guests both at the airport and in flight\\. We heavily emphasize our service standards with our employees through training and education programs and monetary incentives related to operational performance and guest surveys\\.\n\n\n\n|   |                              |\n| - | ---------------------------- |\n| \u2022 | Fares and ancillary services |\n\n\n\nFare pricing is a significant competitive factor in the airline industry, and the increased availability of fare information on the Internet allows travelers to easily compare fares and identify competitor promotions and discounts\\. Pricing is driven by a variety of factors including, but not limited to, market\\-specific capacity, market share per route/geographic area, cost structure, fare vs\\. ancillary revenue strategies, and demand\\. \n\nFor example, airlines often discount fares to drive traffic in new markets or to stimulate traffic when necessary to improve load factors\\. In addition, traditional network carriers have been able to reduce their operating costs through bankruptcies and mergers, while low\\-cost carriers have continued to grow their fleets and expand their networks, potentially enabling them to better control costs per available seat mile (the average cost to fly an aircraft seat one mile), which in turn may enable them to lower their fares\\. These factors can reduce our pricing power and that of the airline industry as a whole\\.\n\nDomestic airline capacity is dominated by four large carriers, representing over 80% of total seats\\. Accordingly, if these carriers discount their fares or enter into our core markets, we must match those fares in order to maintain our load factors, often resulting in year\\-over\\-year decreases in our yields\\. We will defend our core markets and, if necessary, redeploy capacity to better match supply with demand\\. We believe the restructuring we've completed over the past decade has decreased our costs, enabling us to offer competitive fares while still earning returns for our shareholders\\.\n\n\n\n|   |                                                                                                       |\n| - | ----------------------------------------------------------------------------------------------------- |\n| \u2022 | Routes served, flight schedules, codesharing and interline relationships, and frequent flyer programs |\n\n\n\nWe also compete with other airlines based on markets served, the frequency of service to those markets and frequent flyer opportunities\\. Some airlines have more extensive route structures than we do, and they offer significantly more international routes\\. In order to expand opportunities for our guests, we enter into codesharing and interline relationships with other airlines that provide reciprocal frequent flyer mileage credit and redemption privileges\\. These relationships allow us to offer our guests access to more destinations than we can on our own, gain exposure in markets we don't serve and allow our guests more opportunities to earn and redeem frequent flyer miles\\. The Mileage Plan\u2122 offers some of the most comprehensive benefits to our members with the ability to earn and redeem miles on 18 partner carriers\\. \n\nIn addition to domestic or foreign airlines that we compete with on most of our routes, we compete with ground transportation in our short\\-haul markets\\. To some extent, our airlines also compete with technology, such as video conferencing and internet\\-based meeting tools that have changed the need for, or frequency of, face\\-to\\-face business meetings\\.\n\n**TICKET DISTRIBUTION**\n\nOur tickets are distributed through three primary channels:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | *Direct to customer:*  It is less expensive for us to sell through our direct channels at alaskaair\\.com and virginamerica\\.com\\. As a result, we continue to take steps to drive more business to our websites\\. In addition, we believe these channels are preferable from a branding and customer\\-relationship standpoint in that we can establish ongoing communication with the customer and tailor offers accordingly\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *Traditional and online travel agencies:*  Both traditional and online travel agencies typically use Global Distribution Systems (GDS) to obtain their fare and inventory data from airlines\\. Bookings made through these agencies result in a fee  |\n\n\n\n 12"}
{"_id": "Delta-2018_16.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nThe compromise of our technology systems resulting in the loss, disclosure, misappropriation of, or access to, customers', employees' or business partners' information or failure to comply with regulatory or contractual obligations with respect to such information could result in legal claims or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information, disruption to our operations and damage to our reputation, any or all of which could adversely affect our business\\. The costs to remediate breaches and similar system compromises that do occur could be material\\. In addition, as cybercriminals become more sophisticated, the cost of proactive defensive measures may increase\\.\n\nDisruptions of our information technology infrastructure could interfere with our operations, possibly having a material adverse effect on our business\\.\n\nDisruptions in our information technology network could result from a technology error or failure impacting our internal systems, whether hosted internally at our data centers or externally at third\\-party locations, or large scale external interruption in technology infrastructure support on which we depend, such as power, telecommunications or the internet\\. For example, we experienced a power outage at our data center in 2016 that disrupted our operations even though it was quickly addressed\\. The operation of our technology systems and the use of related data may also be vulnerable to a variety of other sources of interruption, including natural disasters, terrorist attacks, computer viruses, hackers and other security issues\\. A significant individual, sustained or repeated failure of our network, including third\\-party networks we utilize and on which we depend, could impact our customer service and result in increased costs\\. While we have in place initiatives to prevent disruptions and disaster recovery plans (including the creation of a back\\-up data center since 2016) and continue to invest in improvements to these initiatives and plans, these measures may not be adequate to prevent a business disruption and its adverse financial and reputational consequences to our business\\.\n\nFailure of our technology to perform effectively could have an adverse effect on our business\\. \n\nWe are dependent on technology initiatives to provide customer service and operational effectiveness in order to compete in the current business environment\\. For example, we have made and continue to make significant investments in customer facing technology such as delta\\.com, mobile device applications, check\\-in kiosks, customer service applications, application of biometric technology, airport information displays and related initiatives, including security for these initiatives\\. We are also investing in significant upgrades to technology infrastructure and other supporting systems\\. The performance, reliability and security of the technology are critical to our ability to serve customers\\. If our technology does not perform effectively, our business and operations would be negatively affected, which could be material\\.\n\nAgreements governing our debt, including credit agreements, include financial and other covenants\\. Failure to comply with these covenants could result in events of default\\.\n\nOur primary credit facility has various financial and other covenants that require us to maintain a minimum fixed charge coverage ratios and a minimum asset coverage ratio\\. We have other smaller facilities, some of which are secured and also contain collateral coverage ratios\\. A decline in the value of our assets supporting these facilities from factors that are not under our control could affect one or more of the ratios\\. In addition, the credit facilities contain other negative covenants customary for such financings\\. These covenants are subject to important exceptions and qualifications\\. If we fail to comply with these covenants and are unable to remedy or obtain a waiver or amendment, an event of default would result\\.\n\nThe credit facilities also contain other events of default customary for such financings\\. If an event of default were to occur, the lenders could, among other things, declare outstanding amounts due and payable\\. In addition, an event of default or declaration of acceleration under any of the credit facilities could also result in an event of default under other of our financing agreements\\. The acceleration of significant amounts of debt could require us to renegotiate, repay or refinance the obligations under the credit facilities or other financing arrangements\\.\n\nEmployee strikes and other labor\\-related disruptions may adversely affect our  operations\\.\n\nOur business is labor intensive, utilizing large numbers of pilots, flight attendants, aircraft maintenance technicians, ground support personnel and other personnel\\. As of  December 31, 2018 , approximately  19%  of our workforce, primarily pilots, was unionized\\. Relations between air carriers and labor unions in the United States are governed by the Railway Labor Act, which provides that a collective bargaining agreement between an airline and a labor union does not expire, but instead becomes amendable as of a stated date\\. The Railway Labor Act generally prohibits strikes or other types of self help actions both before and after a collective bargaining agreement becomes amendable, unless and until the collective bargaining processes required by the Railway Labor Act have been exhausted\\. Monroe's relations with unions representing its employees are governed by the NLRA, which generally allows self help after a collective bargaining agreement expires\\.\n\n 14"}
{"_id": "Southwest-2017_39.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nOn January 31, 2018, the Company launched a new accelerated share repurchase program by advancing $500 million to a financial institution in a privately negotiated transaction (\"First Quarter 2018 ASR Program\")\\. The specific number of shares that the Company ultimately will repurchase under the First Quarter 2018 ASR Program will be determined based generally on a discount to the volume\\-weighted average price per share of the Company's common stock during a calculation period to be completed no later than May 2018\\. The purchase will be recorded as a treasury share purchase for purposes of calculating earnings per share\\. Subsequent to the launch of the First Quarter 2018 ASR Program, the Company has $850 million remaining under its May 2017 $2\\.0 billion share repurchase authorization\\. See Part II, Item 5 for further information on the Company's share repurchase authorizations\\.\n\n**Company Overview**\n\nDuring 2017, the Company began scheduled service to new international destinations of Grand Cayman Island and Providenciales, Turks & Caicos, as well as new domestic service to Cincinnati/Northern Kentucky International airport\\. With the addition of these new markets, the Company now serves 100 destinations across 40 states and ten near\\-international countries, and operates over 4,000 departures a day\\. Additionally, the Company announced plans to begin selling tickets in 2018 for service to Hawaii, subject to requisite governmental approvals, including approval from the FAA for Extended Operations (\"ETOPS\"), a regulatory requirement to operate between the U\\.S\\. mainland and the Hawaiian Islands\\.\n\nDuring 2017, the Company took delivery of 39 new 737\\-800 aircraft from Boeing, 13 new 737 MAX 8 aircraft from Boeing, and 18 pre\\-owned Boeing 737\\-700 aircraft from third parties\\. The Company also retired its remaining 87 Boeing 737\\-300 (\"Classic\") aircraft, which included 61 Classic aircraft grounded in September 2017 as part of an accelerated retirement schedule\\. The Company recorded a charge of $63 million related to the leased portion of the Classic fleet, representing the remaining net lease payments due and certain lease return requirements that could have to be performed on these leased aircraft prior to their return to the lessors, as of the cease\\-use date\\. For 2018, the Company's current firm aircraft commitments would result in 750 aircraft by year\\-end 2018\\. See Part I, Item 2 for further information\\.\n\nThe Company became the first airline in North America to offer scheduled service utilizing Boeing\u2019s new, more fuel\\-efficient, 737 MAX 8 aircraft, which entered service in fourth quarter 2017\\. The Company is scheduled to be the launch customer for the Boeing 737 MAX 7 series aircraft, with deliveries expected to begin in 2019\\. Currently, the Company has firm orders in place for 197 737 MAX 8 aircraft and 30 737 MAX 7 aircraft\\. See Part I, Item 2 for further information\\.\n\nThe Company plans to continue its route network and schedule optimization efforts through the addition of new markets and itineraries, while also pruning less profitable flights from its schedule\\. The Company currently plans to grow its 2018 available seat miles in the low five percent range, year\\-over\\-year, with first half 2018 year\\-over\\-year growth in the low three percent range and second half 2018 year\\-over\\-year growth in the low seven percent range\\. The Company continues to expect the retirement of its Classic aircraft to produce significant incremental cost savings and improvements in pre\\-tax results of at least $200 million, cumulatively, by the end of 2020\\.\n\nOn May 9, 2017, the Company completed a multi\\-year initiative to completely transition its reservation system to the Amadeus Alt\u00e9a Passenger Service System\\. The new reservation system, which represented the largest technology project in the Company's history, was designed to improve flight scheduling and inventory management, enable operational enhancements to manage flight disruptions, such as those caused by extreme weather conditions, enable revenue enhancements, further schedule optimization, support additional international growth, and enable other foundational and operational capabilities\\. The Company continues to expect the new reservation system to produce incremental benefits in pretax results of approximately $200 million in 2018\\.\n\nDuring November 2017, the Company's Facilities Maintenance Technicians, represented by Aircraft Mechanics Fraternal Association (\"AMFA\"), ratified a tentative collective\\-bargaining agreement with the Company\\. The newly ratified contract becomes amendable in November 2022\\. \n\n40"}
{"_id": "Southwest-2018_64.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nthe notes remained at floating rates\\. The following table displays the characteristics of the Company\u2019s secured fixed rate debt as of December 31, 2018:\n\n\n\n|                     |                                                            |                                       |                                 |                                       |\n| ------------------- | ---------------------------------------------------------- | ------------------------------------- | ------------------------------- | ------------------------------------- |\n|                     | **Principal**<br><br>**amount**<br><br> **(in millions)**  | **Effective**<br><br> **fixed rate**  | **Final**<br><br> **maturity**  | **Underlying collateral**             |\n| Term Loan Agreement | $23                                                        | 6\\.315%                               | 5/6/2019                        | 14 specified Boeing 737\\-700 aircraft |\n| Term Loan Agreement | 10                                                         | 4\\.84%                                | 7/1/2019                        | 4 specified Boeing 737\\-700 aircraft  |\n| Term Loan Agreement | 187                                                        | 5\\.223%                               | 5/9/2020                        | 21 specified Boeing 737\\-700 aircraft |\n\n\n\nThe carrying value of the Company\u2019s floating rate debt totaled $994 million, and this debt had a weighted\\-average maturity of 2\\.12 years at floating rates averaging 3\\.48 percent for the year ended December 31, 2018\\. In total, the Company\u2019s fixed\\-rate debt and floating rate debt represented 11 percent and 5 percent, respectively, of its consolidated noncurrent assets at December 31, 2018\\.\n\nThe Company also has some risk associated with changing interest rates due to the short\\-term nature of its invested cash, which totaled $1\\.9 billion, and short\\-term investments, which totaled $1\\.8 billion at December 31, 2018\\. See Notes 1 and 11 to the Consolidated Financial Statements for further information\\. The Company currently invests available cash in certificates of deposit, highly rated money market instruments, investment grade commercial paper, treasury securities, U\\.S\\. government agency securities, and other highly rated financial instruments, depending on market conditions and operating cash requirements\\. Because of the short\\-term nature of these investments, the returns earned parallel closely with short\\-term floating interest rates\\. The Company has not undertaken any additional actions to cover interest rate market risk and is not a party to any other material market interest rate risk management activities\\.\n\nA hypothetical 10 percent change in market interest rates as of December 31, 2018, would not have a material effect on the fair value of the Company\u2019s fixed\\-rate debt instruments\\. See Note 11 to the Consolidated Financial Statements for further information on the fair value of financial instruments\\. A change in market interest rates could, however, have a corresponding effect on earnings and cash flows associated with the Company\u2019s floating\\-rate debt, invested cash (excluding cash collateral deposits held, if applicable), floating\\-rate aircraft leases, and short\\-term investments because of the floating\\-rate nature of these items\\. Assuming floating market rates in effect as of December 31, 2018 were held constant throughout a 12\\-month period, a hypothetical 10 percent change in those rates would have an immaterial impact on the Company\u2019s net earnings and cash flows\\. Utilizing these assumptions and considering the Company\u2019s cash balance (excluding the impact of cash collateral deposits held from or provided to counterparties, if applicable), short\\-term investments, and floating\\-rate debt outstanding at December 31, 2018, an increase in rates would have a net positive effect on the Company\u2019s earnings and cash flows, while a decrease in rates would have a net negative effect on the Company\u2019s earnings and cash flows\\. However, a 10 percent change in market rates would not impact the Company\u2019s earnings or cash flow associated with the Company\u2019s publicly traded fixed\\-rate debt\\.\n\nThe Company is also subject to a financial covenant included in its revolving credit facility, and is subject to credit rating triggers related to its credit card transaction processing agreements, the pricing related to any funds drawn under its revolving credit facility, and some of its hedging counterparty agreements\\. Certain covenants include the maintenance of minimum credit ratings and/or triggers that are based on changes in these ratings\\. The Company\u2019s revolving credit facility contains a financial covenant requiring a minimum coverage ratio of adjusted pre\\-tax income to fixed obligations, as defined\\. As of December 31, 2018, the Company was in compliance with this covenant and there were no amounts outstanding under the revolving credit facility\\. However, if conditions change and the Company fails to meet the minimum standards set forth in the revolving credit facility, there could be a reduction in the availability of cash under the facility, or an increase in the costs to keep the facility intact as written\\. The Company\u2019s hedging counterparty agreements contain ratings triggers in which cash collateral could be required to be posted with the counterparty if the Company\u2019s credit rating were to fall below investment grade by two of the three major rating agencies, and if the Company was in a net liability position with the counterparty\\. See Note 10 to the Consolidated Financial Statements for further information\\.\n\n65"}
{"_id": "Delta-2017_49.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nSupplemental Information\n\nWe sometimes use information (\"non\\-GAAP financial measures\") that is derived from the Consolidated Financial Statements but that is not presented in accordance with GAAP\\. Under the U\\.S\\. Securities and Exchange Commission rules, non\\-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results\\.\n\nThe following table shows a reconciliation of pre\\-tax income (a GAAP measure) to pre\\-tax income, adjusted for special items (a non\\-GAAP financial measure)\\. We adjust pre\\-tax income for the following items to determine pre\\-tax income, adjusted for special items, for the reasons described below:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | *MTM adjustments and settlements\\.*  MTM adjustments are defined as fair value changes recorded in periods other than the settlement period\\. Such fair value changes are not necessarily indicative of the actual settlement value of the underlying hedge in the contract settlement period\\. Settlements represent cash received or paid on hedge contracts settled during the period\\. These items adjust fuel expense to show the economic impact of hedging, including cash received or paid on hedge contracts during the period\\. Adjusting for these items allows investors to better understand and analyze our core operational performance in the periods shown\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                     |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| *\u2022* | *Investment MTM adjustments* \\. We record our proportionate share of earnings from our equity investments in Virgin Atlantic and Aerom\u00e9xico in non\\-operating expense\\. We adjust for Virgin Atlantic's and Aerom\u00e9xico's MTM adjustments to allow investors to better understand and analyze our core financial performance in the periods shown\\.  |\n\n\n\n\n\n|                                             |                             |                             |\n| ------------------------------------------- | --------------------------- | --------------------------- |\n|                                             | **Year Ended December 31,** | **Year Ended December 31,** |\n| **(in millions)**                           | **2017**                    | **2016**                    |\n| Pre\\-tax income                             | $5,701                      | $6,636                      |\n| Adjusted for:                               |                             |                             |\n| MTM adjustments and settlements             | (259)                       | (450)                       |\n| Investment MTM adjustments                  | 8                           | (115)                       |\n| Pre\\-tax income, adjusted for special items | $5,450                      | $6,071                      |\n\n\n\nThe following table shows a reconciliation of CASM (a GAAP measure) to CASM\\-Ex, including profit sharing (a non\\-GAAP financial measure)\\. We adjust CASM for the following items to determine CASM\\-Ex, including profit sharing for the reasons described below:\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                                                  |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | *Aircraft fuel and related taxes\\.*  The volatility in fuel prices impacts the comparability of year\\-over\\-year financial performance\\. The adjustment for aircraft fuel and related taxes (including our regional carriers) allows investors to better understand and analyze our non\\-fuel costs and year\\-over\\-year financial performance\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| *\u2022* | *Other expenses\\.*  Other expenses include aircraft maintenance and staffing services we provide to third parties, our vacation wholesale operations and refinery cost of sales to third parties\\. Because these businesses are not related to the generation of a seat mile, we adjust for the costs related to these sales to provide a more meaningful comparison of the costs of our airline operations to the rest of the airline industry\\. |\n\n\n\n\n\n|                                    |                             |                             |\n| ---------------------------------- | --------------------------- | --------------------------- |\n|                                    | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                    | **2017**                    | **2016**                    |\n| CASM (cents)                       | 13\\.81\u00a2                     | 12\\.98\u00a2                     |\n| Adjusted for:                      |                             |                             |\n| Aircraft fuel and related taxes    | (2\\.66)                     | (2\\.38)                     |\n| Other expenses                     | (0\\.58)                     | (0\\.47)                     |\n| CASM\\-Ex, including profit sharing | 10\\.57\u00a2                     | 10\\.13\u00a2                     |\n\n\n\n 45"}
{"_id": "Delta-2018_68.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2018\n\nLoyalty Program\n\nOur SkyMiles loyalty program generates customer loyalty by rewarding customers with incentives to travel on Delta\\. This program allows customers to earn mileage credits by flying on Delta, Delta Connection and other airlines that participate in the loyalty program\\. When traveling, customers earn redeemable mileage credits based on the passenger's loyalty program status and travel fare paid\\. Customers can also earn mileage credits through participating companies such as credit card companies, hotels and car rental agencies\\. To facilitate transactions with participating companies, we sell mileage credits to non\\-airline businesses, customers and other airlines\\. Mileage credits are redeemable by customers in future periods for air travel on Delta and other participating airlines, membership in our Sky Club and other program awards\\.  \n\nTo reflect the mileage credits earned, the loyalty program includes two types of transactions that are considered revenue arrangements with multiple performance obligations: (1) mileage credit earned with travel and (2) mileage credit sold to participating companies\\. \n\nPassenger Ticket Sales Earning Mileage Credits\\.  Passenger ticket sales earning mileage credits under our loyalty program provide customers with (1) mileage credits earned and (2) air transportation\\. We value each performance obligation on a standalone basis\\. To value the mileage credits earned, we consider the quantitative value a passenger receives by redeeming miles for a ticket rather than paying cash, which is referred to as equivalent ticket value (\"ETV\")\\. Our estimate of ETV is adjusted for mileage credits that are not likely to be redeemed (\"breakage\")\\. Management uses statistical models to estimate breakage based on historical redemption patterns\\. A change in assumptions as to the actual redemption activity for mileage credits or the estimated fair value of mileage credits expected to be redeemed could have a material impact on our revenue in the year in which the change occurs and in future years\\. We recognize breakage proportionally during the period in which the remaining mileage credits are actually redeemed\\. \n\nWe defer revenue for the mileage credits when earned and recognize loyalty travel awards in passenger revenue as the miles are redeemed and services are provided\\. We record the air transportation portion of the passenger ticket sales in air traffic liability and recognize passenger revenue when we provide transportation or if the ticket goes unused\\. \n\nSale of Mileage Credits\\.  Customers may earn mileage credits based on their spending with participating companies such as credit card companies, hotels and car rental agencies with which we have marketing agreements to sell mileage credits\\. Our contracts to sell mileage credits under these marketing agreements have multiple performance obligations\\. Payments are typically due monthly based on the volume of miles sold during the period, and the terms of our marketing contracts are generally from one to eight years\\.  During the years ended  December 31, 2018  and  2017 , total cash sales from marketing agreements were   $3\\.5 billion  and   $3\\.2 billion , respectively, which are allocated to travel and other performance obligations, as discussed below\\. \n\nOur most significant contract to sell mileage credits relates to our co\\-brand credit card relationship with American Express\\. Our agreements with American Express provide for joint marketing, grant certain benefits to Delta\\-American Express co\\-branded credit card holders (\"cardholders\") and American Express Membership Rewards program participants, and allow American Express to market using our customer database\\. Cardholders earn mileage credits for making purchases using co\\-branded cards, may check their first bag for free, are granted discounted access to Delta Sky Club lounges and receive other benefits while traveling on Delta\\. Additionally, participants in the American Express Membership Rewards program may exchange their points for mileage credits under the loyalty program\\. We sell mileage credits at agreed\\-upon rates to American Express which are then provided to their customers under the co\\-brand credit card program and the Membership Rewards program\\. \n\nWe account for marketing agreements, including American Express, consistent with the accounting method that allocates the consideration received to the individual products and services delivered\\. We allocate the value based on the relative selling prices of those products and services, which generally consist of award travel, baggage fee waivers, lounge access and the use of our brand\\. We determined our best estimate of the selling prices by considering discounted cash flow analyses using multiple inputs and assumptions, including: (1) the expected number of miles awarded and number of miles redeemed, (2) ETV for the award travel obligation, (3) published rates on our website for baggage fees, discounted access to Delta Sky Club lounges and other benefits while traveling on Delta and (4) brand value\\. \n\n 66"}
{"_id": "United-2019_40.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| ------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|                                            | ***Indefinite\\-lived Intangible Assets (Route Authorities) Impairment Analysis***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| *Description of the Matter*                | At December 31, 2019, the Company's route authorities indefinite\\-lived intangible assets were $1\\.15 billion\\. As discussed in Note 1 of the consolidated financial statements, indefinite\\-lived assets are reviewed for impairment on an annual basis as of October 1, or on an interim basis whenever a triggering event occurs\\.                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n| *Description of the Matter*                | Auditing management's annual route authorities indefinite\\-lived intangibles impairment test was complex and highly judgmental due to the significant estimation required in determining the fair value\\. The fair value estimate was sensitive to significant assumptions such as revenue growth rate, cost per available seat mile and the discount rate, each of which is affected by expectations about future market or economic conditions\\. As a result of the subjectivity of the assumptions, adverse changes to management's estimates could reduce the underlying cash flows used to estimate fair value and trigger impairment charges\\.                                                                                                                                                        |\n| *How We Addressed the Matter in Our Audit* | We tested the Company's design and operating effectiveness of internal controls that address the risk of material misstatement relating to the estimate of fair value of route authorities used in the annual impairment test\\. This included testing controls over management's review of the significant assumptions used in the discounted cash flow methodology, including revenue growth rate, cost per available seat mile and the discount rate\\.                                                                                                                                                                                                                                                                                                                                                    |\n| *How We Addressed the Matter in Our Audit* | To test the estimated fair value of the Company's route authorities indefinite\\-lived intangibles, we performed audit procedures that included, among others, assessing the fair value methodology used by management and evaluating the significant assumptions used in the valuation model\\. We compared significant assumptions to current industry, market and economic trends, and to the Company's historical results\\. We assessed the historical accuracy of management's estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the intangible assets that would result from changes in assumptions\\. We also involved a valuation specialist to assist in our evaluation of the Company's valuation methodology and discount rate\\. |\n\n\n\n/s/ Ernst & Young LLP\n\nWe have served as the Company's auditor since 2009\\.\n\nChicago, Illinois\n\nFebruary 24, 2020 \n\n41"}
{"_id": "Alaska-2017_23.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nWe continue to strive toward maintaining and improving our competitive cost structure by setting aggressive cost\\-reduction goals\\. This is an important part of our business strategy of offering the best value to our guests through low fares while achieving acceptable profit margins and return on capital\\. If we are unable to maintain our cost advantage over the long\\-term and achieve sustained targeted returns on invested capital, we will likely not be able to grow our business in the future or weather industry downturns\\. Therefore, our financial results may suffer\\.\n\n***The airline industry may undergo further restructuring, consolidation, or the creation or modification of alliances or joint ventures, any of which could have a material adverse effect on our business, financial condition and results of operations\\.***\n\nWe continue to face strong competition from other carriers due to restructuring, consolidation, and the creation and modification of alliances and joint ventures\\. Since deregulation, both the U\\.S\\. and international airline industries have experienced consolidation through a number of mergers and acquisitions\\. Carriers may also improve their competitive positions through airline alliances, slot swaps/acquisitions and/or joint ventures\\. Certain airline joint ventures further competition by allowing airlines to coordinate routes, pool revenues and costs, and enjoy other mutual benefits, achieving many of the benefits of consolidation\\.\n\n***Our concentration in certain markets could cause us to be disproportionately impacted by adverse changes in circumstances in those locations\\.*** \n\nOur strategy includes being the premier carrier for people living on the West Coast\\. This results in a high concentration of our business in key West Coast markets\\. A significant portion of our flights occur to and from our Seattle, Portland, and Bay Area hubs\\. In 2017, passengers to and from Seattle, Portland, and the Bay Area accounted for 81% of our total guests\\. \n\nWe believe that concentrating our service offerings in this way allows us to maximize our investment in personnel, aircraft and ground facilities, as well as to gain greater advantage from sales and marketing efforts in those regions\\. As a result, we remain highly dependent on our key markets\\. Our business could be harmed by any circumstances causing a reduction in demand for air transportation in our key markets\\. An increase in competition in our key markets could also cause us to reduce fares or take other competitive measures that, if sustained, could harm our business, financial condition and results of operations\\.\n\n***We are dependent on a limited number of suppliers for aircraft and parts\\.***\n\nAlaska is dependent on Boeing as its sole supplier for aircraft and many aircraft parts\\. Virgin America is similarly dependent on Airbus, and Horizon is dependent on Bombardier and Embraer\\. Additionally, each carrier is dependent on sole suppliers for aircraft engines for each aircraft type\\. As a result, we are more vulnerable to issues associated with the supply of those aircraft and parts including design defects, mechanical problems, contractual performance by the manufacturers, or adverse perception by the public that would result in customer avoidance or in actions by the FAA\\. Additionally, further consolidation amongst aircraft and aircraft parts manufacturers could further limit the number of suppliers\\. This could result in an inability to operate our aircraft or instability in the foreign countries, in which the aircraft and its parts are manufactured\\.\n\n***We rely on partner airlines for codeshare and frequent flyer marketing arrangements\\.***\n\nOur airlines are parties to marketing agreements with a number of domestic and international air carriers, or \u201cpartners\\.\" These agreements provide that certain flight segments operated by us are held out as partner \u201ccodeshare\u201d flights and that certain partner flights are held out for sale as Alaska or Virgin America codeshare flights\\. In addition, the agreements generally provide that members of Alaska\u2019s Mileage Plan\u2122 program can earn credit on or redeem credit for partner flights and vice versa\\. We receive revenue from flights sold under codeshare and from interline arrangements\\. In addition, we believe that the frequent flyer arrangements are an important part of our frequent flyer program\\. The loss of a significant partner through bankruptcy, consolidation, or otherwise, could have a negative effect on our revenues or the attractiveness of our Mileage Plan\u2122 program, which we believe is a source of competitive advantage\\.\n\nWe routinely engage in analysis and discussions regarding our own strategic position, including alliances, codeshare arrangements, interline arrangements, and frequent flyer program enhancements, and may have future discussions with other airlines regarding similar activities\\. If other airlines participate in consolidation or reorganization, those airlines may significantly improve their cost structures or revenue generation capabilities, thereby potentially making them stronger competitors of ours and potentially impairing our ability to realize expected benefits from our own strategic relationships\\.\n\n 24"}
{"_id": "Southwest-2018_0.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n10\\-K 1 luv\\-12312018x10k\\.htm FORM 10\\-K \n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D\\.C\\. 20549**\n\n**FORM 10\\-K**\n\n(Mark One)\n\n\n\n|   |                                                                                          |\n| - | ---------------------------------------------------------------------------------------- |\n| \u00fe | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\n\n\n|                                             |\n| ------------------------------------------- |\n| For the fiscal year ended December 31, 2018 |\n\n\n\n\n\n|    |\n| -- |\n| or |\n\n\n\n\n\n|   |                                                                                              |\n| - | -------------------------------------------------------------------------------------------- |\n| \u00a8 | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |\n\n\n\n\n\n|                                                                     |\n| ------------------------------------------------------------------- |\n| For the transition period from \\_\\_\\_\\_\\_\\_\\_\\_ to \\_\\_\\_\\_\\_\\_\\_\\_ |\n\n\n\nCommission File No\\. 1\\-7259\n\n![southwestfinal\\.jpg](https://www.example.com/southwestfinal.jpg)\n\n**Southwest Airlines Co\\.**\n\n(Exact name of registrant as specified in its charter)\n\n\n\n|                                          |                      |\n| ---------------------------------------- | -------------------- |\n| TEXAS                                    | 74\\-1563240          |\n| (State or other jurisdiction of          | (IRS Employer        |\n| incorporation or organization)           | Identification No\\.) |\n| P\\.O\\. Box 36611                         |                      |\n| Dallas, Texas                            | 75235\\-1611          |\n| (Address of principal executive offices) | (Zip Code)           |\n\n\n\nRegistrant's telephone number, including area code: **(214) 792\\-4000**\n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n\n\n|                                 |                                               |\n| ------------------------------- | --------------------------------------------- |\n| **Title of Each Class**         | **Name of Each Exchange on Which Registered** |\n| Common Stock ($1\\.00 par value) | New York Stock Exchange                       |\n\n\n\n**Securities registered pursuant to Section 12(g) of the Act:**\n\n**None**\n\nIndicate by check mark if the registrant is a well\\-known seasoned issuer, as defined in Rule 405 of the Securities Act\\. Yes \u00fe No \u00a8\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act\\. Yes \u00a8 No \u00fe\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days\\. Yes \u00fe No \u00a8\n\nIndicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S\\-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)\\. Yes \u00fe No \u00a8\n\nIndicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S\\-K is not contained herein, and will not be contained, to the best of registrant\u2019s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10\\-K or any amendment to this Form 10\\-K\\. \u00fe\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non\\-accelerated filer, smaller reporting company, or an emerging growth company\\. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b\\-2 of the Exchange Act\\.\n\n\n\n|                            |                              |\n| -------------------------- | ---------------------------- |\n| Large accelerated filer  \u00fe | Accelerated filer  \u00a8         |\n| Non\\-accelerated filer  \u00a8  | Smaller reporting company  \u00a8 |\n|                            | Emerging growth company  \u00a8   |\n\n\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act\\.\u00a8\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b\\-2 of the Act)\\. Yes \u00a8 No \u00fe\n\nThe aggregate market value of the common stock held by non\\-affiliates of the registrant was approximately $29,086,256,077 computed by reference to the closing sale price of the common stock on the New York Stock Exchange on June 30, 2018, the last trading day of the registrant\u2019s most recently completed second fiscal quarter\\.\n\nNumber of shares of common stock outstanding as of the close of business on February 1, 2019: 552,688,849 shares\n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\nPortions of the Definitive Proxy Statement for the Company\u2019s Annual Meeting of Shareholders to be held May 15, 2019, are incorporated into Part III of this Annual Report on Form 10\\-K\\."}
{"_id": "United-2017_108.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**EXHIBIT INDEX** \n\n\n\n|                  |                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| ----------------:|:--------------:|:--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------:|\n| **Exhibit No\\.** | **Registrant** |                                                                                                                                                                                                                                                                             **Exhibit**                                                                                                                                                                                                                                                                              |\n|                  |                |                                                                                                                                                                                                                                                                          **Plan of Merger**                                                                                                                                                                                                                                                                          |\n|           \\*2\\.1 |   UAL United   |                                                        [Agreement and Plan of Merger, dated as of May 2, 2010, by and among UAL Corporation, Continental Airlines, Inc\\. and JT Merger Sub Inc\\. (schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation  S\\-K) (filed as Exhibit 2\\.1 to UAL\u2019s  Form 8\\-K filed May 4, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015710000587/ex2-1.htm)                                                        |\n|           \\*2\\.2 |     United     |                                                                                                    [Agreement and Plan of Merger, dated as of March 28, 2013, by and between Continental Airlines, Inc\\. and United Air Lines, Inc\\. (filed as Exhibit 2\\.1 to UAL\u2019s Form  8\\-K filed April 3, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513140583/d514659dex21.htm)                                                                                                     |\n|                  |                |                                                                                                                                                                                                                                                               **Articles of Incorporation and Bylaws**                                                                                                                                                                                                                                                               |\n|           \\*3\\.1 |      UAL       |                                                                                                                           [Amended and Restated Certificate of Incorporation of United Continental Holdings, Inc\\. (filed as Exhibit 3\\.1 to UAL\u2019s  Form 8\\-K filed October 1, 2010, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312510222185/dex31.htm)                                                                                                                            |\n|           \\*3\\.2 |      UAL       |                                                                                                                          [Amended and Restated Bylaws of United Continental Holdings, Inc\\. (filed as Exhibit 3\\.1 to UAL\u2019s Form  10\\-Q  for the quarter ended March 31, 2016, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312516550432/d116267dex31.htm)                                                                                                                           |\n|           \\*3\\.3 |     United     |                                                                                                                               [Amended and Restated Certificate of Incorporation of United Airlines, Inc\\. (filed as Exhibit 3\\.1 to UAL\u2019s Form  8\\-K filed April 3, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513140583/d514659dex31.htm)                                                                                                                               |\n|           \\*3\\.4 |     United     |                                                                                                                                        [Amended and Restated  By\\-laws of United Airlines, Inc\\. (filed as Exhibit 3\\.2 to UAL\u2019s Form  8\\-K filed April 3, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513140583/d514659dex32.htm)                                                                                                                                         |\n|                  |                |                                                                                                                                                                                                                                              **Instruments Defining Rights of Security Holders, Including Indentures**                                                                                                                                                                                                                                               |\n|           \\*4\\.1 |   UAL United   | [Amended and Restated Indenture, dated as of January 11, 2013, by and among United Continental Holdings, Inc\\. as Issuer, United Air Lines, Inc\\. as Guarantor, and the Bank of New York Mellon Trust Company, N\\.A\\. as Trustee, providing for issuance of 6% Notes due 2028, 6% Notes due 2026 and 8% Notes due 2024 (filed as Exhibit 4\\.6 to UAL\u2019s Form  10\\-K for the year ended December 31, 2012, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513074391/d436512dex46.htm) |\n|           \\*4\\.2 |   UAL United   |                                 [First Supplemental Indenture, dated as of April 1, 2013, by and among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as trustee, to the Amended and Restated Indenture, dated as of January 11, 2013 (filed as Exhibit 4\\.1 to UAL\u2019s Form  8\\-K filed April 3, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000119312513140583/d514659dex41.htm)                                 |\n|           \\*4\\.3 |   UAL United   |                          [Second Supplemental Indenture, dated as of September 13, 2013, by and among United Continental Holdings, Inc\\., United Airlines, Inc\\. and The Bank of New York Mellon Trust Company, N\\.A\\., as trustee, to the Amended and Restated Indenture, dated as of January 11, 2013 (filed as Exhibit 4\\.1 to UAL\u2019s Form  8\\-K filed September 19, 2013, Commission file number  1\\-6033, and incorporated herein by reference) ](http://www.sec.gov/Archives/edgar/data/100517/000095015513000046/e62572234ex4_1.htm)                           |\n\n\n\n109"}
{"_id": "AmericanAirlines-2017_141.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nCertain details of American\u2019s 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:\n\n\n\n|                                                                               |                            |                                  |                            |                                  |                                  |                                        |                                       |\n| ----------------------------------------------------------------------------- | -------------------------- | -------------------------------- | -------------------------- | -------------------------------- | -------------------------------- | -------------------------------------- | ------------------------------------- |\n|                                                                               | **2013 Credit Facilities** | **2013 Credit Facilities**       | **2014 Credit Facilities** | **2014 Credit Facilities**       | **April 2016 Credit Facilities** | **April 2016 Credit Facilities**       | **December 2016 Credit Facilities**   |\n|                                                                               | **2013 Term  <br>Loan**    | **2013 Revolving  <br>Facility** | **2014 Term  <br>Loan**    | **2014 Revolving  <br>Facility** | **April 2016  <br>Term Loan**    | **April 2016  <br>Revolving Facility** | **December  <br>2016  <br>Term Loan** |\n| Aggregate principal issued or credit facility availability  <br>(in millions) | $1,900                     | $1,200                           | $750                       | $1,000                           | $1,000                           | $300                                   | $1,250                                |\n| Principal outstanding or drawn (in millions)                                  | $1,825                     | $\u2014                               | $728                       | $\u2014                               | $990                             | $\u2014                                     | $1,238                                |\n| Maturity date                                                                 | June 2020                  | October 2022                     | October 2021               | October 2022                     | April 2023                       | October 2022                           | December 2023                         |\n| LIBOR margin                                                                  | 2\\.00%                     | 2\\.25%                           | 2\\.00%                     | 2\\.25%                           | 2\\.00%                           | 2\\.25%                                 | 2\\.00%                                |\n\n\n\nThe Term Loans are repayable in annual installments in an amount equal to 1\\.00% of the aggregate principal amount issued, with any unpaid balance due on the respective maturity dates\\. Voluntary prepayments may be made by American at any time\\.\n\nThe 2013, 2014 and April 2016 Revolving Facilities provide that American may from time to time borrow, repay and reborrow loans thereunder\\. The 2013 and 2014 Revolving Facilities have the ability to issue letters of credit thereunder in an aggregate amount outstanding at any time up to $150 million and $300 million, respectively\\. The 2013, 2014 and April 2016 Revolving Facilities are each subject to an undrawn annual fee of 0\\.75%\\. As of December 31, 2017, there were no borrowings or letters of credit outstanding under the 2013, 2014 or April 2016 Revolving Facilities\\. The December 2016 Credit Facilities provide for a revolving credit facility that may be established in the future\\.\n\nSubject to certain limitations and exceptions, the Credit Facilities are secured by collateral, including certain spare parts, certain slots, certain route authorities, certain simulators and certain leasehold rights\\. American has the ability to make future modifications to the collateral pledged, subject to certain restrictions\\. American\u2019s obligations under the Credit Facilities are guaranteed by AAG\\. American is required to maintain a certain minimum ratio of appraised value of the collateral to the outstanding loans as further described below in *\u201cCollateral\\-Related Covenants\\.\u201d*\n\nThe Credit Facilities contain events of default customary for similar financings, including cross default to other material indebtedness\\. Upon the occurrence of an event of default, the outstanding obligations may be accelerated and become due and payable immediately\\. In addition, if a \u201cchange of control\u201d occurs, American will (absent an amendment or waiver) be required to repay at par the loans outstanding under the Credit Facilities and terminate the 2013, 2014 and April 2016 Revolving Facilities and any revolving credit facilities established under the December 2016 Credit Facilities\\. The Credit Facilities also include covenants that, among other things, require AAG to maintain a minimum aggregate liquidity (as defined in the Credit Facilities) of not less than $2\\.0 billion, and limit the ability of AAG and its restricted subsidiaries to pay dividends and make certain other payments, make certain investments, incur additional indebtedness, incur liens on the collateral, dispose of the collateral, enter into certain affiliate transactions and engage in certain business activities, in each case subject to certain exceptions\\.\n\n***(b) EETCs***\n\n*2016\\-3 EETCs*\n\nDuring the first quarter of 2017, all remaining net proceeds of the Series 2016\\-3 Class AA and Class A EETCs (the 2016\\-3 EETCs), in the amount of $109 million, were used to purchase equipment notes issued by American in connection with the financing of two of the 25 aircraft financed under the 2016\\-3 EETCs (such 25 aircraft, the 2016\\-3 Aircraft)\\. \n\nIn October 2017, American created one additional pass\\-through trust which issued approximately $193 million aggregate principal amount of Series 2016\\-3 Class B EETCs (the 2016\\-3 Class B EETCs) in connection with the financing of the 2016\\-3 Aircraft\\. The proceeds received from the sale of the 2016\\-3 Class B EETCs were used on the \n\n142"}
{"_id": "United-2018_52.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**UNITED AIRLINES, INC\\.** \n\n**STATEMENTS OF CONSOLIDATED STOCKHOLDER'S EQUITY** \n\n**(In millions)**\n\n\n\n|                                              |                                                       |                                                        |                                                                                    |                                          |           |\n| -------------------------------------------- | ----------------------------------------------------- | ------------------------------------------------------ | ---------------------------------------------------------------------------------- | ---------------------------------------- | --------- |\n|                                              | **Additional**<br><br>**Capital**<br><br>**Invested** | **Retained Earnings (Accumulated**<br><br>**Deficit)** | **Accumulated**<br><br>**Other**<br><br>**Comprehensive**<br><br>**Income (Loss)** | **Receivable from Related Parties, Net** | **Total** |\n| Balance at December 31, 2015                 | $6,138                                                | $3,673                                                 | $(831)                                                                             | $(17)                                    | $8,963    |\n| Net income (a)                               | \u2014                                                     | 2,234                                                  | \u2014                                                                                  | \u2014                                        | 2,234     |\n| Other comprehensive income                   | \u2014                                                     | \u2014                                                      | 2                                                                                  | \u2014                                        | 2         |\n| Dividend to UAL                              | (2,603)                                               | \u2014                                                      | \u2014                                                                                  | \u2014                                        | (2,603)   |\n| Stock\\-settled share\\-based compensation     | 32                                                    | \u2014                                                      | \u2014                                                                                  | \u2014                                        | 32        |\n| UAL contribution related to stock plans      | 6                                                     | \u2014                                                      | \u2014                                                                                  | \u2014                                        | 6         |\n| Other (a)                                    | \u2014                                                     | (56)                                                   | \u2014                                                                                  | (58)                                     | (114)     |\n| Balance at December 31, 2016                 | 3,573                                                 | 5,851                                                  | (829)                                                                              | (75)                                     | 8,520     |\n| Net income (a)                               | \u2014                                                     | 2,163                                                  | \u2014                                                                                  | \u2014                                        | 2,163     |\n| Other comprehensive loss                     | \u2014                                                     | \u2014                                                      | (200)                                                                              | \u2014                                        | (200)     |\n| Dividend to UAL                              | (1,844)                                               | \u2014                                                      | \u2014                                                                                  | \u2014                                        | (1,844)   |\n| Stock\\-settled share\\-based compensation     | 56                                                    | \u2014                                                      | \u2014                                                                                  | \u2014                                        | 56        |\n| UAL contribution related to stock plans      | 2                                                     | \u2014                                                      | \u2014                                                                                  | \u2014                                        | 2         |\n| Excess tax benefits from share\\-based awards | \u2014                                                     | 14                                                     | \u2014                                                                                  | \u2014                                        | 14        |\n| Reclassification of stranded tax effects     | \u2014                                                     | 118                                                    | (118)                                                                              | \u2014                                        | \u2014         |\n| Other                                        | \u2014                                                     | \u2014                                                      | \u2014                                                                                  | (15)                                     | (15)      |\n| Balance at December 31, 2017                 | 1,787                                                 | 8,146                                                  | (1,147)                                                                            | (90)                                     | 8,696     |\n| Net income                                   | \u2014                                                     | 2,131                                                  | \u2014                                                                                  | \u2014                                        | 2,131     |\n| Other comprehensive loss                     | \u2014                                                     | \u2014                                                      | 338                                                                                | \u2014                                        | 338       |\n| Dividend to UAL                              | (1,249)                                               | \u2014                                                      | \u2014                                                                                  | \u2014                                        | (1,249)   |\n| Stock\\-settled share\\-based compensation     | 60                                                    | \u2014                                                      | \u2014                                                                                  | \u2014                                        | 60        |\n| Other                                        | \u2014                                                     | (5)                                                    | 6                                                                                  | (20)                                     | (19)      |\n| Balance at December 31, 2018                 | $598                                                  | $10,272                                                | $(803)                                                                             | $(110)                                   | $9,957    |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n53"}
{"_id": "AmericanAirlines-2019_78.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC\\.\n\nWe use our estimated incremental borrowing rate, which is derived from information available at the lease commencement date ,  in determining the present value of lease payments\\. We give consideration to our recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates\\.\n\nOur lease term includes options to extend the lease when it is reasonably certain that we will exercise that option\\. Leases with a term of 12 months or less are not recorded on the balance sheet\\. Our lease agreements do not contain any residual value guarantees\\.\n\nUnder certain of our capacity purchase agreements with third\\-party regional carriers, we do not own the underlying aircraft\\. However, since we control the marketing, scheduling, ticketing, pricing and seat inventories of these aircraft and therefore control the asset, the aircraft is deemed to be leased for accounting purposes\\. For these capacity purchase agreements, we account for the lease and non\\-lease components separately\\. The lease component consists of the aircraft and the non\\-lease components consist of services, such as the crew and maintenance\\. We allocate the consideration in the capacity purchase agreements to the lease and non\\-lease components using their estimated relative standalone prices\\. See Note 12(b) for additional information on our capacity purchase agreements \\.\n\nFor real estate, we account for the lease and non\\-lease components as a single lease component\\.\n\n(h) Income Taxes\n\nIncome taxes are accounted for under the asset and liability method\\. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards\\. Deferred tax assets and liabilities are recorded net as noncurrent deferred income taxes\\.\n\nWe provide a valuation allowance for our deferred tax assets when it is more likely than not that some portion, or all of our deferred tax assets, will not be realized\\. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income\\. We consider all available positive and negative evidence and make certain assumptions in evaluating the realizability of our deferred tax assets\\. Many factors are considered that impact our assessment of future profitability, including conditions which are beyond our control, such as the health of the economy, the availability and price volatility of aircraft fuel and travel demand\\.\n\n(i) Goodwill\n\nGoodwill represents the excess of the purchase price over the fair value of the net assets acquired and liabilities assumed\\. Goodwill is not amortized but assessed for impairment annually on October 1 or more frequently if events or circumstances indicate that goodwill may be impaired\\. We have   one  consolidated reporting unit\\.\n\nGoodwill is assessed for impairment by initially performing a qualitative assessment and, if necessary, then comparing the fair value of the reporting unit to its carrying value, including goodwill\\. If the fair value of the reporting unit is less than the carrying value, a second step is performed to determine the implied fair value of goodwill\\. If the implied fair value of goodwill is lower than its carrying value, an impairment charge equal to the difference is recorded\\. Based upon our annual assessment, there was   no  goodwill impairment in  2019 \\. The carrying value of the goodwill on our consolidated balance sheets was   $4\\.1 billion  as of  December 31, 2019  and  2018 \\.\n\n(j) Other Intangibles, Net\n\nIntangible assets consist primarily of domestic airport slots, customer relationships, marketing agreements, international slots and route authorities, airport gate leasehold rights and tradenames\\.\n\nDefinite\\-Lived Intangible Assets\n\nDefinite\\-lived intangible assets are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable\\.\n\n79"}
{"_id": "Southwest-2017_25.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|   |                                                                       |\n| - | --------------------------------------------------------------------- |\n| \u2022 | the adoption of more restrictive locally\\-imposed noise regulations\\. |\n\n\n\nBecause expenses of a flight do not vary significantly with the number of passengers carried, a relatively small change in the number of passengers can have a disproportionate effect on an airline\u2019s operating and financial results\\. Therefore, any general reduction in airline passenger traffic as a result of any of the factors listed above could adversely affect the Company's results of operations\\. In addition, in instances where the airline industry shrinks, many airport operating costs are essentially unchanged and must be shared by the remaining operating carriers, which can therefore increase the Company's costs\\.\n\n***The airline industry is affected by many conditions that are beyond its control, which can impact the Company's business strategies and results of operations\\.***\n\nIn addition to the unpredictable economic conditions and fuel costs discussed above, the Company, like the airline industry in general, is affected by conditions that are largely unforeseeable and outside of its control, including, among others:\n\n\n\n|   |                                                                                                                                                                                                                                            |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| \u2022 | adverse weather and natural disasters such as the hurricanes and earthquakes in third quarter 2017, which resulted in approximately $100 million in reduced revenues for the Company as a result of approximately 5,000 canceled flights;  |\n\n\n\n\n\n|   |                                                                                                                                                                                                             |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in consumer preferences, perceptions, spending patterns, or demographic trends (including, without limitation, changes in government travel patterns due to government shutdowns or sequestration); |\n\n\n\n\n\n|   |                                                                                                                                                                                           |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | actual or potential disruptions in the air traffic control system (including, without limitation, as a result of potential FAA budget cuts due to government shutdowns or sequestration); |\n\n\n\n\n\n|   |                                                                                                                 |\n| - | --------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in the competitive environment due to industry consolidation, industry bankruptcies, and other factors; |\n\n\n\n\n\n|   |                                                              |\n| - | ------------------------------------------------------------ |\n| \u2022 | air traffic congestion and other air traffic control issues; |\n\n\n\n\n\n|   |                           |\n| - | ------------------------- |\n| \u2022 | outbreaks of disease; and |\n\n\n\n\n\n|   |                                                                          |\n| - | ------------------------------------------------------------------------ |\n| \u2022 | actual or threatened war, terrorist attacks, and political instability\\. |\n\n\n\n***The airline industry is intensely competitive\\.***\n\nAs discussed in more detail above under \"Business \\- Competition,\" the airline industry is intensely competitive\\. The Company's primary competitors include other major domestic airlines, as well as regional and new entrant airlines, surface transportation, and alternatives to transportation such as videoconferencing and the Internet\\. The Company's revenues are sensitive to the actions of other carriers with respect to pricing, routes, frequent flyer programs, scheduling, capacity, customer service, operational reliability, comfort and amenities, cost structure, aircraft fleet, and code\\-sharing and similar activities\\.\n\n***The Company's future results will suffer if it does not effectively manage its expanded international operations and/or Extended Operations (\"ETOPS\")\\.***\n\nWith the expansion of the Company's international flight offerings, the U\\.S\\. Customs and Border Protection (\"CBP\") has become an increasingly important federal agency\\. CBP personnel and CBP\\-mandated procedures can affect the Company's operations, costs, and Customer experience\\. The Company has made, and is continuing to make, significant investments in facilities, equipment, and technologies at certain airports in order to improve the Customer experience and to assist CBP with its inspection and processing duties; however, the Company is not able to predict the impact, if any, that various CBP measures or the lack of CBP resources will have on Company revenues and costs, either in the short\\-term or the long\\-term\\.\n\nInternational flying requires the Company to modify certain processes, as the airport environment is dramatically different in certain international locations with respect to, among other things, common\\-use ticket counters and gate areas, local operating requirements, and cultural preferences\\. In addition, international flying exposes the Company to certain foreign currency risks to the extent the Company chooses to, or is required to, transact in currencies other than the U\\.S\\. dollar\\. To the extent the Company seeks to serve additional foreign destinations in the future, or to renew its authority to serve certain routes, it may be required to obtain necessary authority from the DOT and/or approvals from the FAA, as well as any applicable foreign government entity\\.\n\n26"}
{"_id": "AmericanAirlines-2019_21.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nOur business is subject to extensive government regulation, which may result in increases in our costs, disruptions to our operations, limits on our operating flexibility, reductions in the demand for air travel, and competitive disadvantages\\.\n\nAirlines are subject to extensive domestic and international regulatory requirements\\. In the last several years, Congress has passed laws, and the DOT, the FAA, the TSA and the DHS have issued regulations and a number of other directives, that affect the airline industry\\. These requirements impose substantial costs on us and restrict the ways we may conduct our business\\.\n\nFor example, the FAA from time to time issues directives and other regulations relating to the maintenance and operation of aircraft that require significant expenditures or operational restrictions\\. These requirements can be issued with little or no notice, or can otherwise impact our ability to efficiently or fully utilize our aircraft, and in some instances have resulted in the temporary grounding of aircraft types altogether (including the March 2019 grounding of all Boeing 737 MAX aircraft, including the 24 aircraft in our fleet, which remains in place as of the date of this report), or otherwise caused substantial disruption and resulted in material costs to us and lost revenues\\. The FAA also exercises comprehensive regulatory authority over nearly all technical aspects of our operations\\. Our failure to comply with such requirements has in the past and may in the future result in fines and other enforcement actions by the FAA or other regulators\\. In the future, any new regulatory requirements, particularly requirements that limit our ability to operate or price our products, could have a material adverse effect on us and the industry\\.\n\nDOT consumer rules dictate procedures for customer handling during long onboard delays, further regulate airline interactions with passengers, including passengers with disabilities, through the ticketing process, at the airport, and onboard the aircraft, and require disclosures concerning airline fares and ancillary fees such as baggage fees\\. Other DOT rules apply to post\\-ticket purchase price increases and an expansion of tarmac delay regulations to international airlines\\. In 2020, the DOT is expected to implement a number of new regulations that will impact us, including disability rules for accessible lavatories and refunds for checked bag fees in the event of certain delays in delivery\\. \n\nThe Aviation and Transportation Security Act mandates the federalization of certain airport security procedures and imposes additional security requirements on airports and airlines, most of which are funded by a per\\-ticket tax on passengers and a tax on airlines\\. Present and potential future security requirements can have the effect of imposing costs and inconvenience on travelers, potentially reducing the demand for air travel\\.\n\nThe results of our operations, demand for air travel, and the manner in which we conduct business each may be affected by changes in law and future actions taken by governmental agencies, including:\n\n\n\n|   |                                                                                                                                                                                                    |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | changes in law that affect the services that can be offered by airlines in particular markets and at particular airports, or the types of fares offered or fees that can be charged to passengers; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                |\n| - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | the granting and timing of certain governmental approvals (including antitrust or foreign government approvals) needed for codesharing alliances, joint businesses and other arrangements with other airlines; |\n\n\n\n\n\n|   |                                                                                                                                                                         |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | restrictions on competitive practices (for example, court orders, or agency regulations or orders, that would curtail an airline\u2019s ability to respond to a competitor); |\n\n\n\n\n\n|   |                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------- |\n| \u2022 | the adoption of new passenger security standards or regulations that impact customer service standards; |\n\n\n\n\n\n|   |                                                                                                                                                                  |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | restrictions on airport operations, such as restrictions on the use of slots at airports or the auction or reallocation of slot rights currently held by us; and |\n\n\n\n\n\n|   |                                                                        |\n| - | ---------------------------------------------------------------------- |\n| \u2022 | the adoption of more restrictive locally\\-imposed noise restrictions\\. |\n\n\n\nEach additional regulation or other form of regulatory oversight increases costs and adds greater complexity to airline operations and, in some cases, may reduce the demand for air travel\\. There can be no assurance that the increased costs or greater complexity associated with our compliance with new rules, anticipated rules or other forms of regulatory oversight will not have a material adverse effect on us\\.\n\nAny significant reduction in air traffic capacity at and in the airspace serving key airports in the U\\.S\\. or overseas could have a material adverse effect on our business, results of operations and financial condition\\. In addition, the United States National Airspace System (the ATC system) is not successfully modernizing to meet the growing demand for U\\.S\\. air travel\\. Air traffic controllers rely on outdated procedures and technologies that routinely compel airlines to fly inefficient routes or take significant delays on the ground\\. The ATC system\u2019s inability to manage existing travel demand has led government agencies to implement short\\-term capacity constraints during peak travel periods or adverse weather \n\n22"}
{"_id": "Alaska-2019_11.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\nWe believe that operating fuel\\-efficient aircraft and executing on operational best practices are the best hedges against high fuel prices\\. Maintaining a young, fuel\\-efficient fleet helps to reduce our fuel consumption rate, but also the amount of greenhouse gases and other pollutants that our aircraft emit\\.\n\nCOMPETITION\n\nCompetition in the airline industry is intense and unpredictable\\. Our competitors consist primarily of other airlines and, to a lesser extent, other forms of transportation\\. Competition can be direct, in the form of another carrier flying the exact non\\-stop route, or indirect, where a carrier serves the same two cities non\\-stop from an alternative airport in that city or via an itinerary requiring a connection at another airport\\. We compete with other domestic airlines and a limited number of international airlines on nearly all of our scheduled routes\\. Our largest competitor is Delta Airlines Inc\\. (Delta), who has significantly increased its capacity in Seattle since 2013\\. Approximately 76% of our capacity to and from Seattle competes with Delta\\. As we have grown in California and have expanded our transcontinental route offerings, United Airlines and Southwest Airlines have also become large competitors and have increased their capacity in markets we serve\\. Our California and transcontinental routes have a higher concentration of competitors when compared to our historical route structure, which was predominately concentrated in the Pacific Northwest\\. Based on schedules filed with the U\\.S\\. Department of Transportation, we expect the amount of competitive capacity overlap with all carriers to increase by more than 1% in the first quarter of 2020, weighted based on our network\\. \n\nWe believe that the following principal competitive factors are important to our guests:\n\n\u2022 Safety\n\nSafety is our top priority and is at the core of everything we do\\. In early 2020, Alaska was again ranked by AirlineRatings\\.com as one of only two U\\.S\\. airlines in the Top 20 safest airlines in the world\\. In 2018, we also received our 17th Diamond Award of Excellence from the Federal Aviation Administration, recognizing both Alaska and Horizon aircraft technicians for their commitment to training\\.\n\n\u2022 Fares and ancillary services\n\nTicket and other fee pricing is a significant competitive factor in the airline industry, and the increased availability of fare information on the Internet allows travelers to easily compare fares and identify competitor promotions and discounts\\. Pricing is driven by a variety of factors including, but not limited to, market\\-specific capacity, market share per route/geographic area, cost structure, fare vs\\. ancillary revenue strategies, and demand\\. \n\nFor example, airlines often discount fares to drive traffic in new markets or to stimulate traffic when necessary to improve load factors\\. In addition, traditional network carriers have been able to reduce their operating costs through bankruptcies and mergers, while low\\-cost carriers have continued to grow their fleets and expand their networks, potentially enabling them to better control costs per available seat mile (the average cost to fly an aircraft seat one mile), which in turn may enable them to lower their fares\\. These factors can reduce our pricing power and that of the airline industry as a whole\\.\n\nDomestic airline capacity is dominated by four large carriers, representing over 80% of total seats\\. One of our advantages is our low fare with high value position in the industry\\. However, given the large concentration of industry capacity, some carriers in our markets may discount their fares substantially to develop or increase market share\\. Fares that are substantially below our cost to operate can be harmful if sustained over a long period of time\\. We will defend our core markets and, if necessary, redeploy capacity to better match supply with demand\\. We believe our strong financial position and low cost advantage enables us to offer competitive fares while still earning returns for our shareholders\\.\n\n\u2022 Customer service and reputation\n\nWe compete with other airlines in areas of customer service such as on\\-time performance and guest amenities \\- including first class and other premium seating, quality of on\\-board products, aircraft type and comfort\\. In 2019, Alaska ranked highest in customer satisfaction among traditional network carriers by J\\.D\\. Power and Associates for the 12th year in a row, and was also named as the best U\\.S\\. airline by Cond\u00e9 Nast Traveler\\. Additionally, in 2019 we opened our new flagship lounge in the North Satellite of Sea\\-Tac Airport and began work on our new lounge at San Francisco International Airport\\. \n\nWe are also in the process of reconfiguring our Airbus aircraft, which began in 2018\\. The new livery and interior reconfiguration will provide guests with one consistent brand experience across the Mainline fleet\\. Airbus livery updates \n\n11"}
{"_id": "Delta-2017_53.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the Board of Directors and Stockholders of \n\nDelta Air Lines, Inc\\. \n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated balance sheets of Delta Air Lines, Inc\\. (the Company) as of  December 31, 2017  and  2016 , and the related consolidated statements of operations, comprehensive income, cash flows, and stockholders' equity for each of the three years in the period ended  December 31, 2017 , and the related notes (collectively referred to as the \u201cconsolidated financial statements\u201d)\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at  December 31, 2017  and  2016 , and the results of its operations and its cash flows for each of the three years in the period ended  December 31, 2017 , in conformity with U\\.S\\. generally accepted accounting principles\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of  December 31, 2017 , based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated  February 23, 2018  expressed an unqualified opinion thereon\\.\n\nBasis for Opinion\n\nThese financial statements are the responsibility of the Company's management\\. Our responsibility is to express an opinion on the Company\u2019s financial statements based on our audits\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud\\. Our audits included performing procedures to assess the risks of material misstatements of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\n\n\n|                                                      |                       |\n| ---------------------------------------------------- | --------------------- |\n|                                                      | /s/ Ernst & Young LLP |\n| We have served as the Company's auditor since 2006\\. |                       |\n| Atlanta, Georgia                                     |                       |\n| February 23, 2018                                    |                       |\n\n\n\n 49"}
{"_id": "Alaska-2017_98.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n**SIGNATURES**\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized\\.\n\n\n\n|                         |                         |       |                   |\n| ----------------------- | ----------------------- | ----- | ----------------- |\n| ALASKA AIR GROUP, INC\\. | ALASKA AIR GROUP, INC\\. |       |                   |\n| By:                     | /s/ BRADLEY D\\. TILDEN  | Date: | February 14, 2018 |\n|                         | **Bradley D\\. Tilden**  |       |                   |\n|                         | Chief Executive Officer |       |                   |\n\n\n\nPursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on February 14, 2018 on behalf of the registrant and in the capacities indicated\\. \n\n 99"}
{"_id": "AmericanAirlines-2018_160.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***Benefit Payments***\n\nThe following benefit payments, which reflect expected future service as appropriate, are expected to be paid (approximately, in millions):\n\n\n\n|                                                   |          |          |          |          |          |                |\n| ------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | -------------- |\n|                                                   | **2019** | **2020** | **2021** | **2022** | **2023** | **2024\\-2028** |\n| Pension benefits                                  | $717     | $754     | $793     | $831     | $872     | $4,891         |\n| Retiree medical and other postretirement benefits | 84       | 75       | 71       | 66       | 64       | 280            |\n\n\n\n***Plan Assets***\n\nThe objectives of American\u2019s investment policies are to: maintain sufficient income and liquidity to pay retirement benefits; produce a long\\-term rate of return that meets or exceeds the assumed rate of return for plan assets; limit the volatility of asset performance and funded status; and diversify assets among asset classes and investment managers\\.\n\nBased on these investment objectives, a long\\-term strategic asset allocation has been established\\. This strategic allocation seeks to balance the potential benefit of improving funded position with the potential risk that the funded position would decline\\. The current strategic target asset allocation is as follows:\n\n\n\n|                                 |                   |\n| ------------------------------- | ----------------- |\n| **Asset Class/Sub\\-Class**      | **Allowed Range** |\n| Equity                          | 60% \\- 85%        |\n| Public:                         |                   |\n| U\\.S\\. Large                    | 20% \\- 50%        |\n| U\\.S\\. Small/Mid                | 0% \\- 10%         |\n| International                   | 17% \\- 27%        |\n| Emerging Markets                | 5% \\- 11%         |\n| Alternative Investments         | 5% \\- 20%         |\n| Fixed Income                    | 15% \\- 40%        |\n| Public:                         |                   |\n| U\\.S\\. Long Duration            | 15% \\- 30%        |\n| High Yield and Emerging Markets | 0% \\- 10%         |\n| Private Income                  | 0% \\- 10%         |\n| Cash Equivalents                | 0% \\- 5%          |\n\n\n\nPublic equity as well as high yield and emerging market fixed income securities are used to provide diversification and are expected to generate higher returns over the long\\-term than U\\.S\\. long duration bonds\\. Public stocks are managed using a value investment approach in order to participate in the returns generated by stocks in the long\\-term, while reducing year\\-over\\-year volatility\\. U\\.S\\. long duration bonds are used to partially hedge the assets from declines in interest rates\\. Alternative (private) investments are used to provide expected returns in excess of the public markets over the long\\-term\\. The pension plan\u2019s master trust also participates in securities lending programs to generate additional income by loaning plan assets to borrowers on a fully collateralized basis\\. These programs are subject to market risk\\.\n\nInvestments in securities traded on recognized securities exchanges are valued at the last reported sales price on the last business day of the year\\. Securities traded in the over\\-the\\-counter market are valued at the last bid price\\. The money market fund is valued at fair value which represents the net asset value of the shares of such fund as of the close of business at the end of the period\\. Investments in limited partnerships are carried at estimated net asset value as determined by and reported by the general partners of the partnerships and represent the proportionate share of the estimated fair value of the underlying assets of the limited partnerships\\. Common/collective trusts are valued at net asset value based on the fair values of the underlying investments of the trusts as determined by the sponsor of the trusts\\. The pension plan\u2019s master trust also invests in a 103\\-12 investment entity (the 103\\-12 Investment Trust) which is designed to invest plan assets of more than one unrelated employer\\. The 103\\-12 Investment Trust is valued at net asset value which is determined by the issuer at the end of each month and is based on the aggregate fair value of trust assets less liabilities, divided by the number of units outstanding\\. No changes in valuation techniques or inputs occurred during the year\\.\n\n161"}
{"_id": "AmericanAirlines-2018_158.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\nrelates to weighted average discount rate assumption changes and, in 2018, changes to American\u2019s medical trend and per capita claim assumptions\\.\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | During  2018 , American contributed  $472 million  to its defined benefit pension plans, including supplemental contributions of  $433 million  in addition to a  $39 million  minimum required contribution\\. During  2017 , American contributed  $286 million  to its defined benefit pension plans, including supplemental contributions of  $261 million  in addition to a  $25 million  minimum required contribution\\. |\n\n\n\n***Balance Sheet Position***\n\n\n\n|                      |                      |                      |                                                                  |                                                                  |\n| -------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                      | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                      | **2018**             | **2017**             | **2018**                                                         | **2017**                                                         |\n|                      | **(In millions)**    | **(In millions)**    | **(In millions)**                                                | **(In millions)**                                                |\n| As of December 31,   |                      |                      |                                                                  |                                                                  |\n| Current liability    | $7                   | $10                  | $23                                                              | $88                                                              |\n| Noncurrent liability | 6,274                | 6,825                | 589                                                              | 627                                                              |\n| Total liabilities    | $6,281               | $6,835               | $612                                                             | $715                                                             |\n\n\n\n\n\n|                                                               |        |        |        |        |\n| ------------------------------------------------------------- | ------ | ------ | ------ | ------ |\n| Net actuarial loss (gain)                                     | $5,341 | $5,337 | $(452) | $(388) |\n| Prior service cost (benefit)                                  | 131    | 159    | (362)  | (600)  |\n| Total accumulated other comprehensive loss (income), pre\\-tax | $5,472 | $5,496 | $(814) | $(988) |\n\n\n\n***Plans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets***\n\n\n\n|                                               |                      |                      |                                                                  |                                                                  |\n| --------------------------------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                               | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                               | **2018**             | **2017**             | **2018**                                                         | **2017**                                                         |\n|                                               | **(In millions)**    | **(In millions)**    | **(In millions)**                                                | **(In millions)**                                                |\n| Projected benefit obligation                  | $16,254              | $18,144              | $\u2014                                                               | $\u2014                                                               |\n| Accumulated benefit obligation (ABO)          | 16,246               | 18,135               | \u2014                                                                | \u2014                                                                |\n| Accumulated postretirement benefit obligation | \u2014                    | \u2014                    | 837                                                              | 1,010                                                            |\n| Fair value of plan assets                     | 9,971                | 11,307               | 225                                                              | 295                                                              |\n| ABO less fair value of plan assets            | 6,275                | 6,828                | \u2014                                                                | \u2014                                                                |\n\n\n\n***Net Periodic Benefit Cost (Income)***\n\n\n\n|                                    |                      |                      |                      |                                                                    |                                                                    |                                                                    |\n| ---------------------------------- | -------------------- | -------------------- | -------------------- | ------------------------------------------------------------------ | ------------------------------------------------------------------ | ------------------------------------------------------------------ |\n|                                    | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br> **Other Postretirement Benefits**  | **Retiree Medical and**<br><br> **Other Postretirement Benefits**  | **Retiree Medical and**<br><br> **Other Postretirement Benefits**  |\n|                                    | **2018**             | **2017**             | **2016**             | **2018**                                                           | **2017**                                                           | **2016**                                                           |\n|                                    | **(In millions)**    | **(In millions)**    | **(In millions)**    | **(In millions)**                                                  | **(In millions)**                                                  | **(In millions)**                                                  |\n| Defined benefit plans:             |                      |                      |                      |                                                                    |                                                                    |                                                                    |\n| Service cost                       | $2                   | $2                   | $2                   | $5                                                                 | $4                                                                 | $3                                                                 |\n| Interest cost                      | 670                  | 717                  | 746                  | 35                                                                 | 39                                                                 | 47                                                                 |\n| Expected return on assets          | (901)                | (786)                | (747)                | (24)                                                               | (21)                                                               | (20)                                                               |\n| Settlements                        | \u2014                    | 1                    | \u2014                    | \u2014                                                                  | \u2014                                                                  | \u2014                                                                  |\n| Amortization of:                   |                      |                      |                      |                                                                    |                                                                    |                                                                    |\n| Prior service cost (benefit)       | 28                   | 28                   | 28                   | (236)                                                              | (237)                                                              | (240)                                                              |\n| Unrecognized net loss (gain)       | 140                  | 144                  | 125                  | (21)                                                               | (23)                                                               | (16)                                                               |\n| Net periodic benefit cost (income) | $(61)                | $106                 | $154                 | $(241)                                                             | $(238)                                                             | $(226)                                                             |\n\n\n\nThe components of net periodic benefit income other than the service cost component are included in nonoperating other income, net in American\u2019s consolidated statements of operations\\. \n\n159"}
{"_id": "AmericanAirlines-2019_164.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\n|                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| ----------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| **Exhibit**<br><br>**Number** | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |\n| 4\\.11                         | [Series 2013\\-2B N907AN Equipment Note No\\. 1, dated as of November 27, 2013 (incorporated by reference to Exhibit 4\\.11 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex411.htm)                                                                                                                                                                                                                                                                                                                                                                             |\n| 4\\.12                         | [Schedule I (Pursuant to Instruction 2 to Item 601 of Regulation S\\-K, this Schedule I contains a list of documents applicable to the financing of the Aircraft in connection with the offering of the Class B Certificates, which documents are substantially identical to those filed herewith as Exhibits 4\\.6, 4\\.7, 4\\.8, 4\\.9, 4\\.10 and 4\\.11\\. Schedule I sets forth the details by which such documents differ from the corresponding Exhibits) (incorporated by reference to Exhibit 99\\.2 to AMR\u2019s Current Report on Form 8\\-K filed on November 27, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513456230/d634326dex992.htm) |\n| 4\\.13                         | [Amended and Restated Intercreditor Agreement (2013\\-2), dated as of December 20, 2013, among Wilmington Trust Company, as Trustee of American Airlines Pass Through Trust 2013\\-2A, American Airlines Pass Through Trust 2013\\-2B and American Airlines Pass Through Trust 2013\\-2C, Morgan Stanley Bank, N\\.A\\., as Class A Liquidity Provider and as Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to AMR\u2019s Current Report on Form 8\\-K filed on December 20, 2013 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312513480827/d647497dex44.htm)                   |\n| 4\\.14                         | [Indenture, dated as of May 20, 2019, by and among American Airlines Group Inc\\., the Guarantor (as defined therein) and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4\\.1 to AAG\u2019s Current Report on Form 8\\-K filed on May 21, 2019 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312519152852/d728811dex41.htm)                                                                                                                                                                                                                                                                                     |\n| 4\\.15                         | [Pass Through Trust Agreement, dated as of September 16, 2014, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee (incorporated by reference to Exhibit 4\\.1 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex41.htm)                                                                                                                                                                                                                                                                                                             |\n| 4\\.16                         | [Trust Supplement No\\. 2014\\-1A, dated as of September 16, 2014, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.2 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex42.htm)                                                                                                                                                                                                                                      |\n| 4\\.17                         | [Trust Supplement No\\. 2014\\-1B, dated as of September 16, 2014, between American Airlines, Inc\\. and Wilmington Trust Company, as Trustee, to the Pass Through Trust Agreement, dated as of September 16, 2014 (incorporated by reference to Exhibit 4\\.3 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex43.htm)                                                                                                                                                                                                                                      |\n| 4\\.18                         | [Intercreditor Agreement (2014\\-1), dated as of September 16, 2014, among Wilmington Trust Company, as Trustee of the American Airlines Pass Through Trust 2014\\-1A and as Trustee of the American Airlines Pass Through Trust 2014\\-1B, Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Class A Liquidity Provider and Class B Liquidity Provider, and Wilmington Trust Company, as Subordination Agent (incorporated by reference to Exhibit 4\\.4 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex44.htm)       |\n| 4\\.19                         | [Amendment No\\. 1 to Intercreditor Agreement (2014\\-1), dated as of June 24, 2015, among American Airlines, Inc\\., Credit Agricole Corporate and Investment Bank, as Class A and Class B liquidity provider and Wilmington Trust Company, as subordination agent and trustee (incorporated by reference to Exhibit 10\\.6 to AAG\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (Commission File No\\. 1\\-8400))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312515261937/d945812dex106.htm)                                                                                                                                                                 |\n| 4\\.20                         | [Note Purchase Agreement, dated as of September 16, 2014, among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust, National Association, as Escrow Agent, and Wilmington Trust Company, as Paying Agent (incorporated by reference to Exhibit 4\\.9 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex49.htm)                                                                                                |\n| 4\\.21                         | [Form of Participation Agreement (Participation Agreement among American Airlines, Inc\\., Wilmington Trust Company, as Pass Through Trustee under each of the Pass Through Trust Agreements, Wilmington Trust Company, as Subordination Agent, Wilmington Trust Company, as Loan Trustee, and Wilmington Trust Company, in its individual capacity as set forth therein) (Exhibit B to Note Purchase Agreement) (incorporated by reference to Exhibit 4\\.10 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex410.htm)                                    |\n| 4\\.22                         | [Form of Indenture and Security Agreement (Indenture and Security Agreement between American Airlines, Inc\\., and Wilmington Trust Company, as Loan Trustee) (Exhibit C to Note Purchase Agreement) (incorporated by reference to Exhibit 4\\.11 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex411.htm)                                                                                                                                                                                                                                                |\n| 4\\.23                         | [Revolving Credit Agreement (2014\\-1A), dated as of September 16, 2014, between Wilmington Trust Company, as Subordination Agent, as agent and trustee for the trustee of the American Airlines Pass Through Trust 2014\\-1A, as Borrower, and Cr\u00e9dit Agricole Corporate and Investment Bank, acting through its New York Branch, as Liquidity Provider (incorporated by reference to Exhibit 4\\.14 to American\u2019s Current Report on Form 8\\-K filed on September 17, 2014 (Commission File No\\. 1\\-2691))\\.](http://www.sec.gov/Archives/edgar/data/4515/000119312514343482/d790263dex414.htm)                                                                                             |\n\n\n\n165"}
{"_id": "Southwest-2019_96.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nunderlying markets or provided by third parties\\. Included in the Company\u2019s cumulative net unrealized  losses  from fuel hedges as of  December 31, 2019 , recorded in AOCI, were approximately   $36 million  in unrealized  losses , net of taxes, which are expected to be realized in earnings during the twelve months subsequent to  December 31, 2019 \\. \n\nInterest Rate Swaps\n\nThe Company is party to certain interest rate swap agreements that are accounted for as either fair value hedges or cash flow hedges, as defined in the applicable accounting guidance for derivative instruments and hedging\\. Several of the Company's interest rate swap agreements qualify for the \"shortcut\" method of accounting for hedges, which dictates that the hedges are assumed to be perfectly effective, and, thus, there is no ineffectiveness to be recorded in earnings\\. For the Company\u2019s interest rate swap agreements that do not qualify for the \"shortcut\" or \"critical terms match\" methods of accounting, ineffectiveness is assessed at each reporting period\\. If hedge accounting is achieved, all periodic changes in fair value of the interest rate swaps are recorded in AOCI\\. The ineffectiveness associated with all of the Company\u2019s interest rate swap agreements for all periods presented was not material\\.\n\nThe fair values of the interest rate swap agreements, which are adjusted regularly, have been aggregated by counterparty for classification in the Consolidated Balance Sheet\\. Agreements totaling a net liability of   $4 million  are fair value hedges, cash flow hedges, and interest rate derivatives not utilizing hedge accounting, and are classified as components of Other assets, Accrued liabilities, and Other noncurrent liabilities\\. The corresponding adjustment related to the net liability associated with the Company\u2019s cash flow hedges is to AOCI, fair value hedges is to the carrying value of the long\\-term debt, and interest rate derivatives not utilizing hedge accounting is to Interest expense\\. See Note  12 \\.\n\nThe Company has a fixed\\-to\\-floating interest rate swap agreement in place associated with its   $500 million   2\\.65 percent  Notes due  2020  that is accounted for as a fair value hedge\\. As a result of the fixed\\-to\\-floating interest rate swap agreement in place, the average floating rate recognized during  2019  was approximately   3\\.01 percent  on the   $500 million  Notes\\. \n\nThe Company has a floating\\-to\\-fixed interest rate swap agreement associated with its   $600 million  floating\\-rate term loan agreement due  2020  that is accounted for as a cash flow hedge\\. The interest rate hedge has fixed the interest rate on the   $600 million  floating\\-rate term loan agreement at   5\\.223 percent  until maturity\\.\n\nThere are also two interest rate swap agreements, which convert a portion of AirTran Holdings' floating\\-rate debt to a fixed\\-rate basis for the remaining life of the debt, thus reducing the impact of interest rate changes on future interest expense and cash flows\\. Under these agreements, which expire in  2020 , AirTran Holdings pays fixed rates between   4\\.35 percent  and   4\\.50 percent  and receives either three\\-month or six\\-month LIBOR on the notional values\\. The notional amount of outstanding debt related to interest rate swaps as of  December 31, 2019 , was   $13 million \\. The mark\\-to\\-market impact associated with these hedges for all periods presented was not material\\.\n\nCredit Risk and Collateral\n\nCredit exposure related to fuel derivative instruments is represented by the fair value of contracts that are an asset to the Company at the reporting date\\. At such times, these outstanding instruments expose the Company to credit loss in the event of nonperformance by the counterparties to the agreements\\. However, the Company has not experienced any significant credit loss as a result of counterparty nonperformance in the past\\. To manage credit risk, the Company selects and periodically reviews counterparties based on credit ratings, limits its exposure with respect to each counterparty, and monitors the market position of the fuel hedging program and its relative market position with each counterparty\\. At  December 31, 2019 , the Company had agreements with all of its active counterparties containing early termination rights and/or bilateral collateral provisions whereby security is required if market risk exposure exceeds a specified threshold amount based on the counterparty's credit rating\\. The Company also had agreements with counterparties in which cash deposits, letters of credit, and/or pledged aircraft are required to be posted as collateral whenever the net fair value of derivatives associated with those counterparties exceeds specific thresholds\\. In certain cases, the Company has the ability to substitute among these different forms of collateral in its discretion\\. The following \n\n97"}
{"_id": "Southwest-2017_109.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Report of Independent Registered Public Accounting Firm**\n\nTo the Shareholders and the Board of Directors of Southwest Airlines Co\\.\n\n**Opinion on Internal Control over Financial Reporting**\n\nWe have audited Southwest Airlines Co\\.\u2019s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control\\-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework), (the COSO criteria)\\. In our opinion, Southwest Airlines Co\\. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on the COSO criteria\\.\n\nWe also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Southwest Airlines Co\\. as of December 31, 2017 and 2016, the related consolidated statements of income, comprehensive income, stockholders\u2019 equity and cash flows for each of the three years in the period ended December 31, 2017, and the related notes (collectively referred to as the \u201cfinancial statements\u201d) of the Company and our report dated February 7, 2018 expressed an unqualified opinion thereon\\.\n\n**Basis for Opinion**\n\nThe Company\u2019s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying \u201cManagement\u2019s Annual Report on Internal Control Over Financial Reporting\u201d\\. Our responsibility is to express an opinion on the Company\u2019s internal control over financial reporting based on our audit\\. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audit in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects\\. \n\nOur audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances\\. We believe that our audit provides a reasonable basis for our opinion\\.\n\n**Definition and Limitations of Internal Control over Financial Reporting**\n\nA company\u2019s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles\\. A company\u2019s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company\u2019s assets that could have a material effect on the financial statements\\.\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become \n\n110"}
{"_id": "Southwest-2019_73.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nThe Company adopted the New Hedging Standard as of January 1, 2018\\. See Note 2 for further information on this adoption\\.\n\nAll cash flows associated with purchasing and selling derivatives are classified as operating cash flows in the Consolidated Statement of Cash Flows, within Changes in certain assets and liabilities\\. The Company classifies its cash collateral provided to or held from counterparties in a \"net\" presentation on the Consolidated Balance Sheet against the fair value of the derivative positions with those counterparties\\. See  Note 10  for further information\\.\n\nSoftware Capitalization\n\nThe Company capitalizes certain internal and external costs related to the acquisition and development of internal use software during the application development stages of projects\\. The Company amortizes these costs using the straight\\-line method over the estimated useful life of the software, which is typically  five  to   fifteen years \\. Costs incurred during the preliminary project or the post\\-implementation/operation stages of the project are expensed as incurred\\. Capitalized computer software, included as a component of Ground property and equipment in the accompanying Consolidated Balance Sheet, net of accumulated depreciation, was   $630 million  and   $674 million  at  December 31, 2019 , and  2018 , respectively\\. Computer software depreciation expense was   $177 million ,   $155 million , and   $168 million  for the years ended  December 31, 2019 ,  2018 , and  2017 , respectively, and is included as a component of Depreciation and amortization expense in the accompanying Consolidated Statement of Income\\. The Company evaluates internal use software for impairment on a quarterly basis; if it is determined the value of an asset was not recoverable or it qualifies for impairment, a charge will be recorded to write down the software to the lower of its carrying value or fair value\\. The Company had   no  significant impairments during  2019 ,  2018 , or  2017 \\.\n\nIncome Taxes\n\nThe Company accounts for deferred income taxes utilizing an asset and liability method, whereby deferred tax assets and liabilities are recognized based on the tax effect of temporary differences between the financial statements and the tax basis of assets and liabilities, as measured by current enacted tax rates\\. The Company also evaluates the need for a valuation allowance to reduce deferred tax assets to estimated recoverable amounts\\. \n\nThe Company\u2019s policy for recording interest and penalties associated with uncertain tax positions is to record such items as a component of income before income taxes\\. Penalties are recorded in Other (gains) losses, net, and interest paid or received is recorded in Interest expense or Interest income, respectively, in the accompanying Consolidated Statement of Income\\. There were no material amounts recorded for penalties and interest related to uncertain tax positions for all years presented\\. See Note  14  for further information\\.\n\nConcentration Risk\n\nApproximately   83 percent  of the Company\u2019s full\\-time equivalent Employees are unionized and are covered by collective\\-bargaining agreements\\. A percentage of the Company's unionized Employees, including its Flight Attendants, Customer Service Agents, Dispatchers, Flight Crew Training Instructors, and Meteorologists, which had contracts that became amendable on or before December 31, 2019, are in discussions on labor agreements\\. Those unionized Employee groups in discussions represent approximately   40 percent  of the Company\u2019s full\\-time equivalent Employees as of  December 31, 2019 \\. \n\nThe Company attempts to minimize its concentration risk with regards to its cash, cash equivalents, and its investment portfolio\\. This is accomplished by diversifying and limiting amounts among different counterparties, the type of investment, and the amount invested in any individual security or money market fund\\.\n\nTo manage risk associated with financial derivative instruments held, the Company selects and will periodically review counterparties based on credit ratings, limits its exposure to a single counterparty, and monitors the market position of the program and its relative market position with each counterparty\\. The Company also has agreements with \n\n74"}
{"_id": "Southwest-2019_123.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\n|          |                                                                                                                                                                   |\n| -------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 21       | [Subsidiaries of the Company\\.](https://www.example.com/luv-12312019xex21.htm)                                                                                    |\n| 23       | [Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm\\.](https://www.example.com/luv-12312019xex23.htm)                                    |\n| 31\\.1    | [Rule 13a\\-14(a) Certification of Chief Executive Officer\\.](https://www.example.com/luv-12312019xex311.htm)                                                      |\n| 31\\.2    | [Rule 13a\\-14(a) Certification of Chief Financial Officer\\.](https://www.example.com/luv-12312019xex312.htm)                                                      |\n| 32       | [Section 1350 Certification of Chief Executive Officer and Chief Financial Officer\\. ](https://www.example.com/luv-12312019xex32.htm) (3)                         |\n| 101\\.INS | XBRL Instance Document \\- The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document\\. |\n| 101\\.SCH | Inline XBRL Taxonomy Extension Schema Document\\.                                                                                                                  |\n| 101\\.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document\\.                                                                                                    |\n| 101\\.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\\.                                                                                                     |\n| 101\\.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document\\.                                                                                                          |\n| 101\\.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\\.                                                                                                   |\n| 104      | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)\\.                                                                        |\n\n\n\n\n\n|     |                                                                                                                                                                                                  |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (1) | Certain confidential information contained in this agreement has been omitted because it (i) is not material and (ii) would likely cause competitive harm to the Company if publicly disclosed\\. |\n\n\n\n\n\n|     |                                                           |\n| --- | --------------------------------------------------------- |\n| (2) | Management contract or compensatory plan or arrangement\\. |\n\n\n\n\n\n|     |                                                                                                                                                                       |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (3) | This exhibit is being furnished rather than filed and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S\\-K\\. |\n\n\n\nA copy of each exhibit may be obtained at a price of 15 cents per page, $10\\.00 minimum order, by writing to: Investor Relations, Southwest Airlines Co\\., P\\.O\\. Box 36611, Dallas, Texas 75235\\-1611\\.\n\nItem 16\\.  10\\-K Summary\n\nNone\\.\n\n124"}
{"_id": "Southwest-2017_118.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               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|\n| [Supplemental Agreement No\\. 65 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238010000079/ex10_1.htm) ; [Supplemental Agreement No\\. 66 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238010000099/ex10_1.htm) ; [Supplemental Agreement No\\. 67 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312511026045/dex101a.htm) ; [Supplemental Agreement No\\. 68 (incorporated by reference to Exhibit 10\\.1(b) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312511026045/dex101b.htm) ; [Supplemental Agreement No\\. 69 (incorporated by reference to Exhibit 10\\.1(c) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312511026045/dex101c.htm) ; [Supplemental Agreement No\\. 70 (incorporated by reference to Exhibit 10\\.1(d) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2010 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312511026045/dex101d.htm) ;[ Supplemental Agreement No\\. 71 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238011000020/ex10_1.htm) ; [Supplemental Agreement No\\. 72 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238011000020/ex10_2.htm) ; [Supplemental Agreement No\\. 73 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238011000070/ex10_1.htm) ; [Supplemental Agreement No\\. 74 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238011000088/ex10_1.htm) ; [Supplemental Agreement No\\. 75 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2011 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000119312512049647/d293991dex101a.htm) ; [Supplemental Agreement No\\. 76 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2012 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238012000089/ex10_1.htm) ; [Supplemental Agreement No\\. 77 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2012 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238012000089/ex10_2.htm) ; [Supplemental Agreement No\\. 78 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2012 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238012000103/ex10_1.htm) ; [Supplemental Agreement No\\. 79 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2012 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238012000103/ex10_2.htm) ;[ Supplemental Agreement No\\. 80 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238013000020/sa80topa18101redacted.htm) ; [Supplemental Agreement No\\. 81 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2013 (File No\\. 1\\-7259))](http://www.sec.gov/Archives/edgar/data/92380/000009238013000020/sa81topa1810redacted.htm) ; [Supplemental Agreement No\\. 82 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000097/sa-82topax1810_redacted.htm) [Supplemental Agreement No\\. 83 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000097/sa-83topax1810_redacted.htm) [Supplemental Agreement No\\. 84 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238013000111/sa-84topax1810redacted.htm) [Supplemental Agreement No\\. 85 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2013 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000010/luv-12312013xex101a.htm) [Supplemental Agreement No\\. 86 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000024/sa-86topax18101redacted.htm) [Supplemental Agreement No\\. 87 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000117/sa-87topax1810redacted.htm) [Supplemental Agreement No\\. 88 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238014000151/sa-88pax18101redacted.htm) [Supplemental Agreement No\\. 89 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238015000027/luv-12312014xex101a.htm) [Supplemental Agreement No\\. 90 (incorporated by reference to Exhibit 10\\.1(b) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2014 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238015000027/luv-12312014xex101b.htm) [Supplemental Agreement No\\. 91 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2015 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238015000098/luv-6302015xex101.htm) [Supplemental Letter Agreement No\\. 1810\\-LA\\-1501773 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2015 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238015000129/luv-9302015xex101.htm) [Supplemental Agreement No\\. 92 (incorporated by reference to Exhibit 10\\.1(a) to the Company\u2019s Annual Report on Form 10\\-K for the year ended December 31, 2015 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238016000175/luv-12312015xex101a.htm) [Supplemental Agreement No\\. 93 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended March 31, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238016000213/luv-3312016xex101.htm) [Supplemental Agreement No\\. 94 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended June 30, 2016 (File No\\. 1\\-7259)); ](http://www.sec.gov/Archives/edgar/data/92380/000009238016000252/luv-6302016xex101.htm)[Supplemental Agreement No\\. 95 (incorporated by reference to Exhibit 10\\.1 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238016000270/luv-9302016xex101.htm) [Supplemental Agreement No\\. 96 (incorporated by reference to Exhibit 10\\.2 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (File No\\. 1\\-7259));](http://www.sec.gov/Archives/edgar/data/92380/000009238016000270/luv-9302016xex102.htm) [Supplemental Agreement No\\. 97 (incorporated by reference to Exhibit 10\\.3 to the Company\u2019s Quarterly Report on Form 10\\-Q for the quarter ended September 30, 2016 (File No\\. 1\\-7259)); ](http://www.sec.gov/Archives/edgar/data/92380/000009238016000270/luv-9302016xex103.htm)<br><br>  <br> |\n\n\n\n119"}
{"_id": "AmericanAirlines-2019_147.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(e)^ | Includes limited partnerships that invest primarily in U\\.S\\. (  94% ) and European (  6% ) buyout opportunities of a range of privately held companies\\. The pension plan\u2019s master trust does not have the right to redeem its limited partnership investment at its net asset value, but rather receives distributions as the underlying assets are liquidated\\. It is estimated that the underlying assets of these funds will be gradually liquidated over the next  one  to   ten years \\. Additionally, the pension plan\u2019s master trust has future funding commitments of approximately   $1\\.0 billion  over the next   ten years \\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                            |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(f)^ | Certain investments that are measured using net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy\\. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the notes to the consolidated financial statements\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |\n| ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(g)^ | Investment includes   45%  in an emerging market 103\\-12 Investment Trust with investments in emerging country equity securities,   37%  in a collective interest trust investing primarily in short\\-term securities,   12%  in Canadian segregated balanced value, income growth and diversified pooled funds and   6%  in a common/collective trust investing in securities of smaller companies located outside the U\\.S\\., including developing markets\\. For some trusts, requests for withdrawals must meet specific requirements with advance notice of redemption preferred\\. |\n\n\n\nChanges in fair value measurements of Level 3 investments during the year ended  December 31, 2019 , were as follows (in millions):\n\n\n\n|                                        |                                 |                                                  |\n| -------------------------------------- | ------------------------------- | ------------------------------------------------ |\n|                                        | **Private Market Partnerships** | **Insurance Group**<br><br>**Annuity Contracts** |\n| Beginning balance at December 31, 2018 | $7                              | $2                                               |\n| Purchases                              | 3                               | \u2014                                                |\n| Ending balance at December 31, 2019    | $10                             | $2                                               |\n\n\n\nChanges in fair value measurements of Level 3 investments during the year ended  December 31, 2018 , were as follows (in millions):\n\n\n\n|                                                     |                                            |                                                  |\n| --------------------------------------------------- | ------------------------------------------ | ------------------------------------------------ |\n|                                                     | **Private Market**<br><br>**Partnerships** | **Insurance Group**<br><br>**Annuity Contracts** |\n| Beginning balance at December 31, 2017              | $14                                        | $2                                               |\n| Actual loss on plan assets:                         |                                            |                                                  |\n| Relating to assets still held at the reporting date | (2<br><br>)                                | \u2014                                                |\n| Purchases                                           | 1                                          | \u2014                                                |\n| Sales                                               | (6<br><br>)                                | \u2014                                                |\n| Ending balance at December 31, 2018                 | $7                                         | $2                                               |\n\n\n\nThe fair value of American\u2019s retiree medical and other postretirement benefits plans assets by asset category, were as follows (in millions):\n\n\n\n|                          |                                                                                                     |                                                                              |                                                                                |                                                     |\n| ------------------------ | --------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------- |\n|                          | **Fair Value Measurements as of December 31, 2019**                                                 | **Fair Value Measurements as of December 31, 2019**                          | **Fair Value Measurements as of December 31, 2019**                            | **Fair Value Measurements as of December 31, 2019** |\n| **Asset Category**       | **Quoted Prices in**<br><br>**Active Markets for**<br><br>**Identical Assets**<br><br>**(Level 1)** | **Significant**<br><br>**Observable**<br><br>**Inputs**<br><br>**(Level 2)** | **Significant**<br><br>**Unobservable**<br><br>**Inputs**<br><br>**(Level 3)** | **Total**                                           |\n| Money market fund        | $4                                                                                                  | $\u2014                                                                           | $\u2014                                                                             | $4                                                  |\n| Mutual funds \u2013 AAL Class | \u2014                                                                                                   | 200                                                                          | \u2014                                                                              | 200                                                 |\n| Total                    | $4                                                                                                  | $200                                                                         | $\u2014                                                                             | $204                                                |\n\n\n\n148"}
{"_id": "Southwest-2017_85.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|                              |                       |                       |\n| ---------------------------- | --------------------- | --------------------- |\n| **(in millions)**            | **December 31, 2017** | **December 31, 2016** |\n| Accounts payable trade       | $186                  | $138                  |\n| Salaries payable             | 201                   | 200                   |\n| Taxes payable                | 203                   | 184                   |\n| Aircraft maintenance payable | 38                    | 26                    |\n| Fuel payable                 | 123                   | 95                    |\n| Other payable                | 569                   | 535                   |\n| Accounts payable             | $1,320                | $1,178                |\n\n\n\n\n\n|                                              |                       |     |                       |\n| -------------------------------------------- | --------------------- | --- | --------------------- |\n| **(in millions)**                            | **December 31, 2017** |     | **December 31, 2016** |\n| Profitsharing and savings plans              | $579                  |     | $645                  |\n| Aircraft and other lease related obligations | 40                    |     | 55                    |\n| Permanently grounded aircraft liability      | 34                    | (a) | \u2014                     |\n| Vacation pay                                 | 365                   |     | 355                   |\n| Contract ratification bonuses                | 83                    |     | 188                   |\n| Health                                       | 100                   |     | 96                    |\n| Derivative contracts                         | 1                     |     | 158                   |\n| Workers compensation                         | 172                   |     | 183                   |\n| Property and income taxes                    | 57                    |     | 68                    |\n| Other                                        | 346                   |     | 237                   |\n| Accrued liabilities                          | $1,777                |     | $1,985                |\n\n\n\n\n\n|                                         |                       |     |                       |\n| --------------------------------------- | --------------------- | --- | --------------------- |\n| **(in millions)**                       | **December 31, 2017** |     | **December 31, 2016** |\n| Postretirement obligation               | $275                  |     | $256                  |\n| Non\\-current lease\\-related obligations | 85                    |     | 125                   |\n| Permanently grounded aircraft liability | 13                    | (a) | \u2014                     |\n| Other deferred compensation             | 237                   |     | 204                   |\n| Derivative contracts                    | 21                    |     | 35                    |\n| Other                                   | 76                    |     | 108                   |\n| Other noncurrent liabilities            | $707                  |     | $728                  |\n\n\n\n(a) These amounts represent the current and noncurrent portion of the Company's cease\\-use liability recorded during third quarter 2017, as a result of the Company grounding its remaining leased Boeing 737\\-300 aircraft on September 29, 2017\\. The liability reflects the remaining net lease payments due and certain lease return requirements that could have to be performed on these leased aircraft prior to their return to the lessors as of the cease\\-use date, but does not include the write\u2013off of approximately $15 million in net prepaid rents associated with the aircraft at the grounding date, which were included in the $63 million charge recorded\\. See Note 7 for further information\\. This loss related to the grounding of the Classic fleet was recorded to Other operating expenses in the Consolidated Statement of Income during third quarter 2017\\. Approximately $3 million of this liability was paid during fourth quarter 2017\\.\n\nFor further information on fuel derivative and interest rate derivative contracts, see Note 10\\. \n\n***Other Operating Expenses***\n\nOther operating expenses consist of distribution costs, advertising expenses, personnel expenses, professional fees, and other operating costs, none of which individually exceed 10 percent of Operating expenses\\.\n\n86"}
{"_id": "United-2018_72.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\nWe develop our expected long\\-term rate of return assumption for our defined benefit plans based on historical experience and by evaluating input from the trustee managing the plans' assets\\.Our expected long\\-term rate of return on plan assets for these plans is based on a target allocation of assets, which is based on our goal of earning the highest rate of return while maintaining risk at acceptable levels\\. The plans strive to have assets sufficiently diversified so that adverse or unexpected results from one security class will not have an unduly detrimental impact on the entire portfolio\\. Plan fiduciaries regularly review our actual asset allocation and the pension plans' investments are periodically rebalanced to our targeted allocation when considered appropriate\\. United's plan assets are allocated within the following guidelines:\n\n\n\n|                          |                       |                                                   |\n| ------------------------ | --------------------- | ------------------------------------------------- |\n|                          |  **Percent of Total** | **Expected Long\\-Term**<br><br>**Rate of Return** |\n| Equity securities        | 30\\-45%               | 9\\.5%                                             |\n| Fixed\\-income securities | 30\\-40                | 5\\.8                                              |\n| Alternatives             | 10\\-25                | 7\\.3                                              |\n| Other                    | 0\\-10                 | 7\\.8                                              |\n\n\n\nOne\\-hundred percent of other postretirement plan assets are invested in a deposit administration fund\\.\n\nA one percentage point decrease in the weighted average discount rate would increase the Company's postretirement benefit liability by approximately $139 million and increase the estimated 2018 benefits expense by approximately $10 million\\. \n\n***Fair Value Information\\.*** Accounting standards require us to use valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs\\. These inputs are prioritized as follows:\n\n\n\n|         |                                                                                                                                                                                         |                                                                                                                                                                                         |                                                                                                                                                                                         |                                                                                                                                                                                         |                                                                                                                                                                                         |                                                                                                                                                                                         |                                                                                                                                                                                         |\n| ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Level 1 | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    | Unadjusted quoted prices in active markets for assets or liabilities identical to those to be reported at fair value                                                                    |\n| Level 2 | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         | Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market\\-corroborated inputs                                         |\n| Level 3 | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities | Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities |\n\n\n\nAssets and liabilities measured at fair value are based on the valuation techniques identified in the tables below\\. The valuation techniques are as follows:\n\n(a)*Market approach\\.* Prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities; and\n\n(b)*Income approach\\.* Techniques to convert future amounts to a single current value based on market expectations (including present value techniques, option\\-pricing and excess earnings models)\\.\n\nThe following tables present information about United's pension and other postretirement plan assets at December 31, (in millions): \n\n\n\n|                                           |           |             |             |             |                               |           |             |             |             |                               |\n| ----------------------------------------- | --------- | ----------- | ----------- | ----------- | ----------------------------- | --------- | ----------- | ----------- | ----------- | ----------------------------- |\n|                                           | **2018**  | **2018**    | **2018**    | **2018**    | **2018**                      | **2017**  | **2017**    | **2017**    | **2017**    | **2017**                      |\n| Pension Plan Assets:                      | **Total** | **Level 1** | **Level 2** | **Level 3** | **Assets Measured at NAV(a)** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Assets Measured at NAV(a)** |\n| Equity securities funds                   | $1,394    | $254        | $106        | $\u2014          | $1,034                        | $1,406    | $269        | $133        | $\u2014          | $1,004                        |\n| Fixed\\-income securities                  | 1,431     | \u2014           | 605         | 21          | 805                           | 1,470     | \u2014           | 834         | 18          | 618                           |\n| Alternatives                              | 596       | \u2014           | \u2014           | 134         | 462                           | 637       | \u2014           | \u2014           | 139         | 498                           |\n| Other investments                         | 406       | 224         | 40          | 142         | \u2014                             | 419       | 32          | 124         | 172         | 91                            |\n| Total                                     | $3,827    | $478        | $751        | $297        | $2,301                        | $3,932    | $301        | $1,091      | $329        | $2,211                        |\n| Other Postretirement Benefit Plan Assets: |           |             |             |             |                               |           |             |             |             |                               |\n| Deposit administration fund               | $53       | $\u2014          | $\u2014          | $53         | $\u2014                            | $54       | $\u2014          | $\u2014          | $54         | $\u2014                            |\n\n\n\n(a) In accordance with the relevant accounting standards, certain investments that are measured at fair value using the net asset value (\"NAV\") per share (or its equivalent) have not been classified in the fair value hierarchy\\. These investments are commingled funds that invest in fixed\\-income instruments including bonds, debt securities, and other similar instruments issued by various U\\.S\\. and non\\-U\\.S\\. public\\- or private\\-sector entities\\. Redemption periods for these investments range from daily to semiannually\\.\n\n73"}
{"_id": "AmericanAirlines-2018_63.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n*Operating Special Items, Net*\n\n\n\n|                                                                    |                             |                             |\n| ------------------------------------------------------------------ | --------------------------- | --------------------------- |\n|                                                                    | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                    | **2017**                    | **2016**                    |\n|                                                                    | **(In millions)**           | **(In millions)**           |\n| Merger integration expenses  ^(1)^                                 | $273                        | $514                        |\n| Fleet restructuring expenses  ^(2)^                                | 232                         | 177                         |\n| Employee 2017 Tax Act bonus expense  ^(3)^                         | 123                         | \u2014                           |\n| Labor contract expenses                                            | 46                          | \u2014                           |\n| Mark\\-to\\-market adjustments on bankruptcy obligations, net  ^(4)^ | 27                          | 25                          |\n| Other operating charges (credits), net                             | 11                          | (7)                         |\n| Total mainline operating special items, net                        | 712                         | 709                         |\n| Regional operating special items, net                              | 3                           | 13                          |\n| Total operating special items, net                                 | $715                        | $722                        |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                                                                                                                          |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | Merger integration expenses included costs related to information technology, professional fees, re\\-branding of aircraft and airport facilities and training, and in 2016, also included costs related to alignment of labor union contracts and the launch of re\\-branded uniforms, both of which drove the $241 million year\\-over\\-year decrease in these expenses\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                       |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Fleet restructuring expenses principally included accelerated depreciation and remaining lease payments for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Employee bonus expense included costs related to the $1,000 cash bonus and associated payroll taxes granted to mainline employees as of December 31, 2017 in recognition of the 2017 Tax Act\\. |\n\n\n\n\n\n|       |                                                                                                                               |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------- |\n| ^(4)^ | Bankruptcy obligations that will be settled in shares of AAG common stock are marked\\-to\\-market based on AAG\u2019s stock price\\. |\n\n\n\n*Nonoperating Results*\n\n\n\n|                                 |                                              |                                              |                                              |                                                       |\n| ------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                 | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **2017**                                     | **2016**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                 | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Interest income                 | $215                                         | $104                                         | $111                                         | nm                                                    |\n| Interest expense, net           | (988)                                        | (906)                                        | (82)                                         | 9\\.1                                                  |\n| Other income, net               | 123                                          | 18                                           | 105                                          | nm                                                    |\n| Total nonoperating expense, net | $(650)                                       | $(784)                                       | $134                                         | (17\\.1)                                               |\n\n\n\nAmerican\u2019s short\\-term investments in each period consisted of highly liquid investments that provided nominal returns\\. Interest income increased $111 million due to higher interest\\-bearing related party receivables from American\u2019s parent company, AAG, as well as a 50 basis point increase in average yields in 2017 as compared to 2016\\.\n\nInterest expense, net increased $82 million in 2017 primarily due to higher outstanding debt as a result of aircraft financings associated with American\u2019s fleet renewal program\\.\n\nOther nonoperating income, net in 2017 and 2016, principally included $138 million and $77 million, respectively, of non\\-service related pension and other postretirement benefit plan income, which reflects an increase in the expected return on pension plan assets in 2017 as compared to 2016\\. In 2017 and 2016, this income was offset in part by $22 million and $49 million, respectively, of net special charges associated with debt refinancings and extinguishments\\.\n\n*Income Taxes*\n\nAmerican is part of the AAG consolidated income tax return\\.\n\n64"}
{"_id": "AmericanAirlines-2018_199.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**SIGNATURES**\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized\\.\n\n\n\n|                         |                                   |                                      |\n| ----------------------- | --------------------------------- | ------------------------------------ |\n|                         | **American Airlines Group Inc\\.** | **American Airlines Group Inc\\.**    |\n| Date: February 25, 2019 | By:                               | /s/ W\\. Douglas Parker               |\n|                         |                                   | W\\. Douglas Parker                   |\n|                         |                                   | Chairman and Chief Executive Officer |\n|                         |                                   | (Principal Executive Officer)        |\n\n\n\nPursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized\\.\n\n\n\n|                         |                              |                                      |\n| ----------------------- | ---------------------------- | ------------------------------------ |\n|                         | **American Airlines, Inc\\.** | **American Airlines, Inc\\.**         |\n| Date: February 25, 2019 | By:                          | /s/ W\\. Douglas Parker               |\n|                         |                              | W\\. Douglas Parker                   |\n|                         |                              | Chairman and Chief Executive Officer |\n|                         |                              | (Principal Executive Officer)        |\n\n\n\n200"}
{"_id": "Alaska-2018_24.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***BRAND AND REPUTATION***\n\n***As we evolve our brand to appeal to a changing demographic and grow into new markets, we will engage in strategic initiatives that may not be favorably received by all of our guests\\.***\n\nWe continue to focus on strategic initiatives designed to increase our brand appeal to a diverse and evolving demographic of airline travelers\\. These efforts could include significant enhancements to our in\\-airport and on\\-board environments, increasing our direct customer relationships through improvements to our purchasing portals (digital and mobile) and optimization of our customer loyalty programs\\. In pursuit of these efforts we may negatively affect our reputation with some of our existing customer base\\. \n\n***LABOR RELATIONS AND LABOR STRATEGY***\n\n***Failure to fully integrate Virgin America\u2019s workforce with Alaska\u2019s workforce, unsuccessful attempts to strengthen our relationships with union employees or loss of key personnel, or a significant increase in labor costs could adversely affect our business and results of operations\\.***\n\nSince acquiring Virgin America, joint collective bargaining agreements or transition agreements have been signed with all unionized workforces except aircraft technicians\\. Work will continue in 2019 to fully implement these integration agreements, and to reach an agreement with the aircraft technicians\\. Failure to reach fully integrated work groups presents the potential for delays in achieving expected synergies and other benefits of integration, or labor disputes that could adversely affect our operations and costs\\. \n\nShould employees engage in job actions, such as slow\\-downs, sick\\-outs, or other actions designed to disrupt normal operations and pressure the employer to acquiesce to bargaining demands during Section 6 negotiations or transition agreement discussions, although unlawful until after lengthy mediation attempts, the operation could be significantly impacted\\. Although we have a long track record of fostering good communications, negotiating approaches and developing other strategies to enhance workforce engagement in our long\\-term vision, unsuccessful attempts to strengthen relationships with union employees or loss of key personnel could divert management\u2019s attention from other projects and issues, which could adversely affect our business and results of operations\\. \n\nLabor costs remain a significant component of our total expenses\\. In addition to costs associated with represented employee groups, labors costs could also increase for non\\-unionized employees and via vendor agreements as we work to compete for highly skilled and qualified employees against the major U\\.S\\. airlines and other businesses in a thriving job market\\. Although ample efforts have been dedicated to right\\-sizing our management structure following the merger with Virgin America, these increased labor costs may adversely affect our financial performance\\.\n\n***The inability to attract, retain and train qualified personnel could result in guest impacts and adversely affect our business and results of operations\\.***\n\nWe compete against other major U\\.S\\. airlines for pilots, aircraft technicians and other skilled labor\\. As more pilots in the industry approach mandatory retirement age, the U\\.S\\. airline industry may be affected by a pilot shortage\\. Attrition beyond normal levels, the inability to attract new pilots, or our key vendors' inability to attract and retain mechanics or other skilled labor positions could negatively impact our operating results\\. As a result, our business prospects could be harmed\\. Additionally, we may be required to increase our wage and benefit packages, or pay increased rates to our vendors, to retain these positions\\. This would result in increased overall costs and impacts to our financial position\\. \n\n\n\n|                                         |\n| --------------------------------------- |\n| **ITEM 1B\\. UNRESOLVED STAFF COMMENTS** |\n\n\n\n None\\.\n\n\n\n|                         |\n| ----------------------- |\n| **ITEM 2\\. PROPERTIES** |\n\n\n\n 25"}
{"_id": "AmericanAirlines-2019_115.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nCritical Audit Matters\n\nThe critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments\\. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate\\.\n\nEvaluation of estimated passenger travel revenue\n\nAs discussed in Note 1(k) to the consolidated financial statements, American recorded passenger travel revenue of $38\\.8 billion for the year ended December 31, 2019\\. Passenger travel revenue includes an estimate for the amount of revenue recognized for tickets that will expire unused in whole or in part\\. The percentage of passenger tickets that are expected to expire unused is estimated based on an analysis of American\u2019s historical data\\.\n\nWe identified the evaluation of estimated passenger travel revenue as a critical audit matter\\. A high degree of auditor judgment was required to assess the underlying assumption made by American to develop this estimate\\. \n\nThe primary procedures we performed to address this critical audit matter included the following\\. We tested certain internal controls over American\u2019s passenger revenue recognition process, including controls related to the estimation of the percentage of passenger tickets that are expected to expire unused\\. We assessed American\u2019s estimate of the percentage of passenger tickets expected to expire unused by comparing previous years\u2019 estimates to the actual percentage of passenger tickets expired unused for the year\\. We evaluated the estimated amount of revenue recorded in the current year related to passenger tickets that are expected to expire unused by developing an independent expectation using actual historical ticket expirations\\. We compared our independent expectation to that of American\\. \n\nAssessment of the estimated selling price for mileage credits earned through travel\n\nAs discussed in Note 1(k) to the consolidated financial statements, American applies a relative selling price approach whereby the total amount collected from each applicable passenger ticket sale is allocated between the air transportation and the mileage credits earned\\. The mileage credits earned are deferred and recognized in passenger revenue at the time mileage credits are redeemed and transportation is provided\\. American estimates the selling price of mileage credits earned through travel using an approach based on inputs and assumptions derived from historical data\\. Additionally, an adjustment is made to the estimated selling price of mileage credits earned to account for the estimate of mileage credits not expected to be redeemed\\. American\u2019s loyalty program liability was $8\\.6 billion as of December 31, 2019, and the associated passenger revenue for mileage credits redeemed for travel was $3\\.2 billion for the year ended December 31, 2019\\. \n\nWe identified the assessment of the estimated selling price for mileage credits earned through travel, including the estimated number of mileage credits not expected to be redeemed, as a critical audit matter\\. A high degree of auditor judgment was required to evaluate the historical data used to develop the estimate\\. \n\nThe primary procedures we performed to address this critical audit matter included the following\\. We tested certain internal controls over American\u2019s loyalty program accounting process, including controls related to the estimation of the selling price for mileage credits earned through travel\\. We evaluated that American\u2019s methodology used to develop the estimated selling price of mileage credits earned through travel, including estimated mileage credits not expected to be redeemed, was consistent with that of historical periods\\. We performed sensitivity analyses over the estimated selling price of mileage credits earned through travel, including estimated mileage credits not expected to be redeemed\\. We assessed the results of the sensitivity analyses to American\u2019s recorded amount of loyalty program liability and the associated passenger revenue\\. We compared American\u2019s estimate of mileage credits not expected to be redeemed to that of other airlines within the industry\\.\n\n/s/ KPMG LLP\n\nWe have served as American\u2019s auditor since 2014\\. \n\nDallas, Texas\n\nFebruary 19, 2020 \n\n116"}
{"_id": "Alaska-2019_9.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2019\n\n\u2022 giving our Mileage Plan^TM^  program a competitive advantage because of our partnership with both unaffiliated international carriers and carriers from all three major worldwide alliances;\n\n\u2022 giving us access to more connecting traffic from other airlines; and\n\n\u2022 providing members of our alliance partners\u2019 frequent flyer programs an opportunity to travel on Alaska and our regional partners while earning mileage credit in our partners\u2019 programs\\.\n\nMost of our codeshare relationships are free\\-sale codeshares, where the marketing carrier sells seats on the operating carrier\u2019s flights from the operating carrier\u2019s inventory, but takes no inventory risk\\. Our marketing agreements have various termination dates, and one or more may be in the process of renegotiation at any time\\. Our codeshare and interline agreements generated 5%, 5%, and 6% of our total marketed revenues as of December 31, 2019, 2018 and 2017\\. \n\nThe comprehensive summary of Alaska's alliances with other airlines is as follows:\n\n\n\n|                                        |                                        |                                        |                                    |                                    |                                    |  |  |  |                                                                 |                                                                 |                                                                 |           |           |           |                                                                                 |                                                                                 |                                                                                 |  |  |  |  |  |  |\n|:-------------------------------------- |:-------------------------------------- |:-------------------------------------- |:----------------------------------:|:----------------------------------:|:----------------------------------:|:- |:- |:- |:---------------------------------------------------------------:|:---------------------------------------------------------------:|:---------------------------------------------------------------:|:---------:|:---------:|:---------:|:-------------------------------------------------------------------------------:|:-------------------------------------------------------------------------------:|:-------------------------------------------------------------------------------:|:- |:- |:- |:- |:- |:- |\n|                                        |                                        |                                        |                                    |                                    |                                    |  |  |  |                            Codeshare                            |                            Codeshare                            |                            Codeshare                            | Codeshare | Codeshare | Codeshare |                                    Codeshare                                    |                                    Codeshare                                    |                                    Codeshare                                    |  |  |  |  |  |  |\n|                                        |                                        |                                        | Frequent  <br>Flyer  <br>Agreement | Frequent  <br>Flyer  <br>Agreement | Frequent  <br>Flyer  <br>Agreement |  |  |  | Alaska Flight \\# on  <br>Flights Operated by  <br>Other Airline | Alaska Flight \\# on  <br>Flights Operated by  <br>Other Airline | Alaska Flight \\# on  <br>Flights Operated by  <br>Other Airline |           |           |           | Other Airline Flight \\#  <br>on Flights Operated by  <br>Alaska or CPA Partners | Other Airline Flight \\#  <br>on Flights Operated by  <br>Alaska or CPA Partners | Other Airline Flight \\#  <br>on Flights Operated by  <br>Alaska or CPA Partners |\n| Major U\\.S\\. or International Airlines | Major U\\.S\\. or International Airlines | Major U\\.S\\. or International Airlines |                                    |                                    |                                    |  |  |  |                                                                 |                                                                 |                                                                 |           |           |           |                                                                                 |                                                                                 |                                                                                 |\n| Aer Lingus                             | Aer Lingus                             | Aer Lingus                             |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               No                                |                               No                                |                               No                                |           |           |           |                                       No                                        |                                       No                                        |                                       No                                        |\n| American Airlines                      | American Airlines                      | American Airlines                      |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               Yes                               |                               Yes                               |                               Yes                               |           |           |           |                                       Yes                                       |                                       Yes                                       |                                       Yes                                       |\n| British Airways                        | British Airways                        | British Airways                        |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               No                                |                               No                                |                               No                                |           |           |           |                                       Yes                                       |                                       Yes                                       |                                       Yes                                       |\n| Cathay Pacific Airways                 | Cathay Pacific Airways                 | Cathay Pacific Airways                 |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               No                                |                               No                                |                               No                                |           |           |           |                                       Yes                                       |                                       Yes                                       |                                       Yes                                       |\n| Condor Airlines^(a)^                   | Condor Airlines^(a)^                   | Condor Airlines^(a)^                   |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               No                                |                               No                                |                               No                                |           |           |           |                                       No                                        |                                       No                                        |                                       No                                        |\n| EL AL Israel Airlines                  | EL AL Israel Airlines                  | EL AL Israel Airlines                  |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               No                                |                               No                                |                               No                                |           |           |           |                                       Yes                                       |                                       Yes                                       |                                       Yes                                       |\n| Emirates                               | Emirates                               | Emirates                               |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               No                                |                               No                                |                               No                                |           |           |           |                                       Yes                                       |                                       Yes                                       |                                       Yes                                       |\n| Fiji Airways^(a)^                      | Fiji Airways^(a)^                      | Fiji Airways^(a)^                      |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               No                                |                               No                                |                               No                                |           |           |           |                                       Yes                                       |                                       Yes                                       |                                       Yes                                       |\n| Finnair                                | Finnair                                | Finnair                                |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               No                                |                               No                                |                               No                                |           |           |           |                                       Yes                                       |                                       Yes                                       |                                       Yes                                       |\n| Hainan Airlines                        | Hainan Airlines                        | Hainan Airlines                        |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               No                                |                               No                                |                               No                                |           |           |           |                                       No                                        |                                       No                                        |                                       No                                        |\n| Icelandair                             | Icelandair                             | Icelandair                             |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               No                                |                               No                                |                               No                                |           |           |           |                                       Yes                                       |                                       Yes                                       |                                       Yes                                       |\n| Japan Airlines                         | Japan Airlines                         | Japan Airlines                         |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               No                                |                               No                                |                               No                                |           |           |           |                                       Yes                                       |                                       Yes                                       |                                       Yes                                       |\n| Korean Air                             | Korean Air                             | Korean Air                             |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               No                                |                               No                                |                               No                                |           |           |           |                                       Yes                                       |                                       Yes                                       |                                       Yes                                       |\n| LATAM                                  | LATAM                                  | LATAM                                  |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               No                                |                               No                                |                               No                                |           |           |           |                                       Yes                                       |                                       Yes                                       |                                       Yes                                       |\n| Qantas                                 | Qantas                                 | Qantas                                 |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               Yes                               |                               Yes                               |                               Yes                               |           |           |           |                                       Yes                                       |                                       Yes                                       |                                       Yes                                       |\n| Singapore Airlines                     | Singapore Airlines                     | Singapore Airlines                     |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               No                                |                               No                                |                               No                                |           |           |           |                                       No                                        |                                       No                                        |                                       No                                        |\n| Regional Airlines                      | Regional Airlines                      | Regional Airlines                      |                                    |                                    |                                    |  |  |  |                                                                 |                                                                 |                                                                 |           |           |           |                                                                                 |                                                                                 |                                                                                 |\n| Ravn Alaska                            | Ravn Alaska                            | Ravn Alaska                            |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               Yes                               |                               Yes                               |                               Yes                               |           |           |           |                                       No                                        |                                       No                                        |                                       No                                        |\n| PenAir^(a)^                            | PenAir^(a)^                            | PenAir^(a)^                            |                Yes                 |                Yes                 |                Yes                 |  |  |  |                               Yes                               |                               Yes                               |                               Yes                               |           |           |           |                                       No                                        |                                       No                                        |                                       No                                        |\n\n\n\n(a) These airlines do not have their own frequent flyer program\\. However, Alaska's Mileage Plan^TM^  members can earn and redeem miles on these airlines' route systems\\.\n\nCARGO AND OTHER REVENUE\n\nThe Company provides freight and mail services (cargo)\\. The majority of cargo services are provided to commercial businesses and the United States Postal Service\\. The Company satisfies cargo service performance obligations and recognizes revenue when the shipment arrives at its final destination, or is transferred to a third\\-party carrier for delivery\\.\n\nThe Company also earns other revenue for lounge memberships, hotel and car commissions, and certain other immaterial items not intrinsically tied to providing air travel to passengers\\. Revenue is recognized when these services are rendered and recorded as Cargo and other revenue\\.\n\n9"}
{"_id": "Alaska-2017_74.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\none year, and $14 million represents airport gates to be amortized on a straight\\-line basis over the remaining lease term of eleven years\\. \n\nThe Company considered examples of intangible assets that the FASB believes meet the criteria for recognition apart from goodwill, as well as any other intangible assets common to the airline industry, and did not identify any other such intangible assets acquired in the transaction\\.\n\n***Goodwill***\n\nGoodwill of $1\\.9 billion represents the excess of the purchase price over the fair value of the underlying net assets acquired and largely results from expected future synergies from combining operations as well as an assembled workforce, which does not qualify for separate recognition\\. Goodwill is not amortized to earnings, but instead is reviewed for impairment at least annually, absent any indicators of impairment\\. \n\n***Merger\\-related costs***\n\nThe Company incurred pretax merger\\-related costs of $118 million and $117 million for the twelve months ended December 31, 2017 and 2016, respectively\\. Costs classified as merger\\-related are directly attributable to merger activities and are recorded as \"Special items\u2014merger\\-related costs\" within the Statements of Operations\\. Refer to Note 10 for further information on special items\\. The Company expects to continue to incur merger\\-related costs in the future as the integration continues\\.\n\n***Pro forma impact of the acquisition***\n\nThe unaudited pro forma financial information presented below represents a summary of the consolidated results of operations for the Company including Virgin America as if the acquisition of Virgin America had been consummated as of January 1, 2015\\. The pro forma results do not include any anticipated synergies, or other expected benefits of the acquisition\\. Accordingly, the unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2015\\. \n\n\n\n|                                           |                              |                              |\n| ----------------------------------------- | ---------------------------- | ---------------------------- |\n| *(in millions, except per share amounts)* | **Years Ended December 31,** | **Years Ended December 31,** |\n|                                           | **2016**                     | **2015**                     |\n| Revenue                                   | $7,511                       | $7,111                       |\n| Net Income                                | 1,008                        | 914                          |\n\n\n\n**NOTE 3\\. DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT**\n\n***Fuel Hedge Contracts*** \n\nThe Company\u2019s operations are inherently dependent upon the price and availability of aircraft fuel\\. To manage economic risks associated with fluctuations in aircraft fuel prices, the Company periodically enters into call options for crude oil\\.\n\nAs of December 31, 2017, the Company had outstanding fuel hedge contracts covering 434 million gallons of crude oil that will be settled from January 2018 to June 2019\\. \n\n***Interest Rate Swap Agreements***\n\nThe Company is exposed to market risk from adverse changes in variable interest rates on long term debt and certain aircraft lease agreements\\. To manage this risk, the Company periodically enters into interest rate swap agreements\\. As of December 31, 2017, the Company has outstanding interest rate swap agreements with a third party designed to hedge the volatility of the underlying variable interest rates on lease agreements for six B737\\-800 aircraft, as well as two interest rate swap agreements with third parties designed to hedge the volatility of the underlying variable interest rates on $265 million of the debt obtained in 2016\\. All of the interest rate swap agreements stipulate that the Company pay a fixed interest rate and receive a floating interest rate over the term of the underlying contracts\\. The interest rate swap agreements expire from February 2020 through March 2021 to coincide with the lease termination dates, and October 2022 through September 2026 to coincide with the debt maturity dates\\. All significant terms of the swap agreements match the terms of the underlying hedged items, and have been designated as qualifying hedging instruments, which are accounted for as cash flow hedges\\. \n\n 75"}
{"_id": "Southwest-2017_106.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n|                                        |          |          |          |\n| -------------------------------------- | -------- | -------- | -------- |\n|                                        | **2017** | **2016** | **2015** |\n| Weighted\\-average discount rate        | 3\\.65%   | 4\\.25%   | 4\\.50%   |\n| Assumed healthcare cost trend rate (1) | 7\\.08%   | 7\\.08%   | 7\\.08%   |\n\n\n\n\n\n|     |                                                                                                                                                                |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (1) | The assumed healthcare cost trend rate is assumed to remain at  7\\.08%  for  2018 , then decline gradually to  5\\.19%  by  2028  and remain level thereafter\\. |\n\n\n\nThe assumed healthcare cost trend rates have a significant effect on the amounts reported for the consolidated postretirement plans\\. A one percent change in all healthcare cost trend rates used in measuring the APBO at December 31, 2017, would have the following effects:\n\n\n\n|                                                         |                 |                 |\n| ------------------------------------------------------- | --------------- | --------------- |\n| **(in millions)**                                       | **1% increase** | **1% decrease** |\n| Increase (decrease) in total service and interest costs | $5              | $(4)            |\n| Increase (decrease) in the APBO                         | $37             | $(32)           |\n\n\n\nThe selection of a discount rate is made annually and is selected by the Company based upon comparison of the expected future cash flows associated with the Company\u2019s future payments under its consolidated postretirement obligations to a yield curve created using high quality bonds that closely match those expected future cash flows\\. This rate decreased during 2017 due to market conditions\\. The assumed healthcare trend rate is also reviewed at least annually and is determined based upon both historical experience with the Company\u2019s healthcare benefits paid and expectations of how those trends may or may not change in future years\\.\n\n**14****\\. INCOME TAXES**\n\nDeferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes\\. The Tax Cuts and Jobs Act (the \"Act\") was enacted on December 22, 2017\\. The Act reduces the U\\.S\\. federal corporate tax rate from the previous rate of 35 percent to 21 percent, requires companies to pay a one\\-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and creates new taxes on certain foreign sourced earnings\\. At December 31, 2017, the Company has calculated the accounting for the tax effects of enactment of the Act as written, and made a reasonable estimate of the effects on the existing deferred tax balances\\. The Company will continue to refine the calculations as additional analysis is completed\\. In addition, these estimates may also be affected as the Company gains a more thorough understanding of the tax law, including those related to the deductibility of purchased assets, state tax treatment, and amounts related to Employee compensation\\. This re\\-measurement in 2017 resulted in a reduction in the Company's net deferred tax liability, as noted by the change in federal statutory tax rate as noted in the provision for income taxes below\\. The components of deferred tax assets and liabilities at December 31, 2017 and 2016, are as follows:\n\n\n\n|                                |          |          |\n| ------------------------------ | -------- | -------- |\n| **(in millions)**              | **2017** | **2016** |\n| **DEFERRED TAX LIABILITIES:**  |          |          |\n| Accelerated depreciation       | $3,193   | $4,726   |\n| Other                          | 86       | 134      |\n| Total deferred tax liabilities | 3,279    | 4,860    |\n| **DEFERRED TAX ASSETS:**       |          |          |\n| Fuel derivative instruments    | 12       | 233      |\n| Construction obligation        | 326      | 402      |\n| Accrued employee benefits      | 309      | 451      |\n| Other                          | 274      | 400      |\n| Total deferred tax assets      | 921      | 1,486    |\n| Net deferred tax liability     | $2,358   | $3,374   |\n\n\n\nThe provision for income taxes is composed of the following:\n\n107"}
{"_id": "Alaska-2018_36.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\n***OPERATING REVENUES***\n\nTotal operating revenues increased$370 million, or 5%, during 2018 compared to the same period in 2017\\. The changes are summarized in the following table:\n\n\n\n|                            |                                      |                                      |                                      |\n| -------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                            | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n| ***(in millions)***        | **2018**                             | **2017**                             | **% Change**                         |\n| Passenger revenue          | **$7,632**                           | $7,301                               | 4\\.5%                                |\n| Mileage Plan other revenue | **434**                              | 418                                  | 3\\.8%                                |\n| Cargo and other            | **198**                              | 175                                  | 13\\.1%                               |\n| Total operating revenues   | **$8,264**                           | $7,894                               | 4\\.7%                                |\n\n\n\n***Passenger Revenue***\n\nOn a consolidated basis, passenger revenue for 2018increased by $331 million, or 5%, on a 5%increase in capacity, partially offset by a 0\\.6 pt decrease in load factor\\. The capacity increase was driven by the expansion of our network and fleet over the past year, although growth was lower than in 2017 as we slowed our expansion to allow for the maturation of a significant number of markets added after our acquisition of Virgin America\\. Lower load factor is a result of our growth and an increase in competitive capacity in markets we serve\\. In 2018, we began the first of a number of initiatives to combat competitive pressures, including increasing our bag fees, reconfiguring our Airbus cabins, and the introduction of our \"Saver Fare\" in the fourth quarter\\. \n\n***Mileage Plan other revenue***\n\nOn a consolidated basis, Mileage Plan other revenue increased$16 million, or 4%, as compared to 2017, primarily due to growth in our affinity credit card program resulting in an increase in miles sold to our affinity credit card partner\\. \n\n***Cargo and Other Revenue***\n\nOn a consolidated basis, Cargo and other revenue increased$23 million, or 13%, from 2017***\\.*** The increase is primarily attributable to increased freight and mail capacity from our three freighters and utilizing our Airbus fleet to transport cargo\\. The remainder of the increase was due to increased lounge revenue as a result of our new lounges at JFK and Sea\\-Tac Airports\\. \n\n***OPERATING EXPENSES***\n\nTotal operating expenses increased$935 million, or 14%, compared to 2017\\. We consider it is useful to summarize operating expenses as follows, which is consistent with the way expenses are reported internally and evaluated by management:\n\n\n\n|                                        |                                      |                                      |                                      |\n| -------------------------------------- | ------------------------------------ | ------------------------------------ | ------------------------------------ |\n|                                        | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |\n| ***(in millions)***                    | **2018**                             | **2017**                             | **% Change**                         |\n| Fuel expense                           | **$1,936**                           | $1,447                               | 33\\.8 %                              |\n| Non\\-fuel expenses                     | **5,553**                            | 5,123                                | 8\\.4 %                               |\n| Special items \\- merger\\-related costs | **87**                               | 116                                  | (25\\.0)%                             |\n| Special items \\- other                 | **45**                               | \u2014                                    | NM                                   |\n| Total Operating Expenses               | **$7,621**                           | $6,686                               | 14\\.0 %                              |\n\n\n\nSignificant operating expense variances from 2017 are more fully described below\\.\n\n***Aircraft Fuel***\n\nAircraft fuel expense includes both *raw fuel expense* (as defined below) and the effect of mark\\-to\\-market adjustments to our fuel hedge portfolio included in our consolidated statement of operations as the value of that portfolio increases and decreases\\. Aircraft fuel expense can be volatile, even between quarters, because it includes these gains or losses in the value of the underlying instrument as crude oil prices and refining margins increase or decrease\\. \n\n 37"}
{"_id": "United-2017_13.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\nanother carrier to indemnify it, the Company could incur substantial losses from an accident, catastrophe or incident which may result in a material adverse effect on the Company\u2019s results of operations or financial position\\.\n\n***If we experience changes in, or are unable to retain, our senior management team or other key employees, our operating results could be adversely affected\\.*** \n\nMuch of our future success depends on the continued availability of skilled personnel with industry experience and knowledge, including our senior management team and other key employees\\. If we are unable to attract and retain talented, highly qualified senior management and other key employees, or if we are unable to effectively provide for the succession of senior management, our business may be adversely affected\\.\n\n***High and/or volatile fuel prices or significant disruptions in the supply of aircraft fuel could have a material adverse impact on the Company\u2019s strategic plans, operating results, financial position and liquidity\\.*** \n\nAircraft fuel is critical to the Company\u2019s operations and is one of its single largest operating expenses\\. The timely and adequate supply of fuel to meet operational demand depends on the continued availability of reliable fuel supply sources, as well as related service and delivery infrastructure\\. Although the Company has some ability to cover short\\-term fuel supply and infrastructure disruptions at some major demand locations, it can neither predict nor guarantee the continued timely availability of aircraft fuel throughout the Company\u2019s system\\. The Company generally sources fuel at prevailing market prices\\.\n\nAircraft fuel has historically been the Company\u2019s most volatile operating expense due to the highly unpredictable nature of market prices for fuel\\. Market prices for aircraft fuel have historically fluctuated substantially in short periods of time and continue to be highly volatile due to a dependence on a multitude of unpredictable factors beyond the Company\u2019s control\\. These factors include changes in global crude oil prices, the balance between aircraft fuel supply and demand, natural disasters, prevailing inventory levels and fuel production and transportation infrastructure\\. Prices of fuel are also impacted by indirect factors that may potentially impact fuel supply or demand balance, such as geopolitical events, economic growth indicators, fiscal/monetary policies, fuel tax policies, environmental concerns and financial investments in energy markets\\. Both actual changes in these factors, as well as changes in market expectations of these factors can potentially drive rapid changes in fuel price levels in short periods of time\\.\n\nGiven the highly competitive nature of the airline industry, the Company may not be able to increase its fares and fees sufficiently to offset the full impact of increases in fuel prices, especially if these increases are significant, rapid and sustained\\. Further, any such fare and fee increases may not be sustainable, may reduce the general demand for air travel and may also eventually impact the Company\u2019s strategic growth and investment plans for the future\\. In addition, decreases in fuel prices for an extended period of time may result in increased industry capacity, increased competitive actions for market share and lower fares or surcharges in general\\. If fuel prices were to then subsequently rise quickly, there may be a lag between the rise in fuel prices and any improvement of the revenue environment\\.\n\nTo protect against increases in the market prices of fuel, the Company may hedge a portion of its future fuel requirements\\. However, the Company\u2019s hedging program may not be successful in mitigating higher fuel costs, and any price protection provided may be limited due to choice of hedging instruments and market conditions, including breakdown of correlation between hedging instrument and market price of aircraft fuel and failure of hedge counterparties\\. To the extent that the Company decides to hedge a portion of its future fuel requirements and uses hedge contracts that have the potential to create an obligation to pay upon settlement if fuel prices decline significantly, such hedge contracts may limit the Company\u2019s ability to benefit fully from lower fuel costs in the future\\. If fuel prices decline significantly from the levels existing at the time the Company enters into a hedge contract, the Company may be required to post collateral (margin) beyond certain thresholds\\. There can be no assurance that the Company\u2019s hedging arrangements will provide any particular level of protection against rises in fuel prices or that its counterparties will be able to perform under the Company\u2019s hedging arrangements\\.\n\n14"}
{"_id": "Southwest-2018_127.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\n|          |                                                                                                                                           |\n| -------- | ----------------------------------------------------------------------------------------------------------------------------------------- |\n| 21       | [Subsidiaries of the Company\\.](https://www.example.com/luv-12312018xex21.htm)                                                            |\n| 23       | [Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm\\.](https://www.example.com/luv-12312018xex23.htm)            |\n| 31\\.1    | [Rule 13a\\-14(a) Certification of Chief Executive Officer\\.](https://www.example.com/luv-12312018xex311.htm)                              |\n| 31\\.2    | [Rule 13a\\-14(a) Certification of Chief Financial Officer\\.](https://www.example.com/luv-12312018xex312.htm)                              |\n| 32       | [Section 1350 Certification of Chief Executive Officer and Chief Financial Officer\\. ](https://www.example.com/luv-12312018xex32.htm) (3) |\n| 101\\.INS | XBRL Instance Document                                                                                                                    |\n| 101\\.SCH | XBRL Taxonomy Extension Schema Document                                                                                                   |\n| 101\\.CAL | XBRL Taxonomy Extension Calculation Linkbase Document                                                                                     |\n| 101\\.DEF | XBRL Taxonomy Extension Definition Linkbase Document                                                                                      |\n| 101\\.LAB | XBRL Extension Labels Linkbase Document                                                                                                   |\n| 101\\.PRE | XBRL Taxonomy Extension Presentation Linkbase Document                                                                                    |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                  |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (1) | Pursuant to 17 CFR 240\\.24b\\-2, confidential information has been omitted and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission\\. |\n\n\n\n\n\n|     |                                                           |\n| --- | --------------------------------------------------------- |\n| (2) | Management contract or compensatory plan or arrangement\\. |\n\n\n\n\n\n|     |                                                                                                                                                                       |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (3) | This exhibit is being furnished rather than filed and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S\\-K\\. |\n\n\n\nA copy of each exhibit may be obtained at a price of 15 cents per page, $10\\.00 minimum order, by writing to: Investor Relations, Southwest Airlines Co\\., P\\.O\\. Box 36611, Dallas, Texas 75235\\-1611\\.\n\n**Item 16\\.** ***10\\-K Summary***\n\nNone\\.\n\n128"}
{"_id": "United-2018_70.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|                                                                        |                                   |                                   |\n| ---------------------------------------------------------------------- | --------------------------------- | --------------------------------- |\n|                                                                        | **Pension Benefits**              | **Pension Benefits**              |\n|                                                                        | **December 31, 2018**             | **December 31, 2017**             |\n| Amounts recognized in the consolidated balance sheets consist of:      |                                   |                                   |\n| Noncurrent asset                                                       | $13                               | $9                                |\n| Current liability                                                      | (6)                               | (8)                               |\n| Noncurrent liability                                                   | (1,576)                           | (1,921)                           |\n| Total liability                                                        | $(1,569)                          | $(1,920)                          |\n| Amounts recognized in accumulated other comprehensive loss consist of: |                                   |                                   |\n| Net actuarial loss                                                     | $(1,382)                          | $(1,610)                          |\n| Prior service cost                                                     | (5)                               | (1)                               |\n| Total accumulated other comprehensive loss                             | $(1,387)                          | $(1,611)                          |\n|                                                                        | **Other Postretirement Benefits** | **Other Postretirement Benefits** |\n|                                                                        | **Year Ended December 31, 2018**  | **Year Ended December 31, 2017**  |\n| Change in benefit obligation:                                          |                                   |                                   |\n| Benefit obligation at beginning of year                                | $1,710                            | $1,687                            |\n| Service cost                                                           | 12                                | 13                                |\n| Interest cost                                                          | 61                                | 66                                |\n| Plan participants' contributions                                       | 68                                | 68                                |\n| Benefits paid                                                          | (181)                             | (178)                             |\n| Actuarial loss (gain)                                                  | (285)                             | 40                                |\n| Other                                                                  | 6                                 | 14                                |\n| Benefit obligation at end of year                                      | $1,391                            | $1,710                            |\n| Change in plan assets:                                                 |                                   |                                   |\n| Fair value of plan assets at beginning of year                         | $54                               | $55                               |\n| Actual return on plan assets                                           | 1                                 | 1                                 |\n| Employer contributions                                                 | 111                               | 108                               |\n| Plan participants' contributions                                       | 68                                | 68                                |\n| Benefits paid                                                          | (181)                             | (178)                             |\n| Fair value of plan assets at end of year                               | 53                                | 54                                |\n| Funded status\u2014Net amount recognized                                    | $(1,338)                          | $(1,656)                          |\n\n\n\n\n\n|                                                                          |                                   |                                   |\n| ------------------------------------------------------------------------ | --------------------------------- | --------------------------------- |\n|                                                                          | **Other Postretirement Benefits** | **Other Postretirement Benefits** |\n|                                                                          | **December 31, 2018**             | **December 31, 2017**             |\n| Amounts recognized in the consolidated balance sheets consist of:        |                                   |                                   |\n| Current liability                                                        | $(43)                             | $(54)                             |\n| Noncurrent liability                                                     | (1,295)                           | (1,602)                           |\n| Total liability                                                          | $(1,338)                          | $(1,656)                          |\n| Amounts recognized in accumulated other comprehensive income consist of: |                                   |                                   |\n| Net actuarial gain                                                       | $554                              | $301                              |\n| Prior service credit                                                     | 170                               | 208                               |\n| Total accumulated other comprehensive income                             | $724                              | $509                              |\n\n\n\n71"}
{"_id": "Delta-2017_81.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nBenefit Plan Assets Measured at Fair Value on a Recurring Basis\n\nBenefit Plan Assets\\.  Benefit plan assets relate to our defined benefit pension plans and certain of our postemployment benefit plans\\. These investments are presented net of the related benefit obligation in pension, postretirement and related benefits on the Consolidated Balance Sheets\\. See  Note 2  of the Notes to the Consolidated Financial Statements for a description of the levels within the fair value hierarchy and associated valuation techniques used to measure fair value\\. The following table shows our benefit plan assets by asset class\\.\n\n\n\n|                                                       |                       |                       |                       |                       |                       |                       |                         |\n| ----------------------------------------------------- | --------------------- | --------------------- | --------------------- | --------------------- | --------------------- | --------------------- | ----------------------- |\n|                                                       | **December 31, 2017** | **December 31, 2017** | **December 31, 2017** | **December 31, 2016** | **December 31, 2016** | **December 31, 2016** | **Valuation Technique** |\n| **(in millions)**                                     | **Level 1**           | **Level 2**           | **Total**             | **Level 1**           | **Level 2**           | **Total**             | **Valuation Technique** |\n| Equities and equity\\-related instruments              | $2,033                | $13                   | $2,046                | $2,021                | $14                   | $2,035                | (a)                     |\n| Delta common stock                                    | 801                   | \u2014                     | 801                   | 386                   | \u2014                     | 386                   | (a)                     |\n| Cash equivalents                                      | 735                   | 697                   | 1,432                 | 228                   | 1,240                 | 1,468                 | (a)                     |\n| Fixed income and fixed income\\-related instruments    | 17                    | 3,648                 | 3,665                 | 8                     | 1,190                 | 1,198                 | (a)(b)                  |\n| Benefit plan assets                                   | $3,586                | $4,358                | $7,944                | $2,643                | $2,444                | $5,087                |                         |\n| Investments measured at net asset value (\"NAV\") ^(1)^ |                       |                       | $7,378                |                       |                       | $5,724                |                         |\n| Total benefit plan assets                             |                       |                       | $15,322               |                       |                       | $10,811               |                         |\n\n\n\n\n\n|       |                                                                                                                                                      |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ |  Investments that were measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy\\. |\n\n\n\nEquities and Equity\\-Related Instruments\\.  Investments include common stock and equity\\-related instruments\\. Common stock is valued at the closing price reported on the active market on which the individual securities are traded\\. Equity\\-related instruments include investments in securities traded on exchanges, including listed futures and options, which are valued at the last reported sale prices on the last business day of the year or, if not available, the last reported bid prices\\. Over\\-the\\-counter securities are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable, generally broker quotes\\.\n\nDelta Common Stock\\.  In each of 2017 and 2016, we contributed   $350 million  of Delta common stock as a portion of the employer contribution to certain of its defined benefit pension plans\\. The Delta common stock investment is managed by an independent fiduciary\\.\n\nCash Equivalents\\.  These investments primarily consist of high\\-quality, short\\-term obligations that are a part of institutional money market mutual funds that are calculated using current market quotations or an appropriate substitute that reflects current market conditions\\. \n\nFixed Income and Fixed Income\\-Related Instruments\\.  Investments include corporate bonds, government bonds, collateralized mortgage obligations and other asset\\-backed securities\\. These investments are generally valued at the bid price or the average of the bid and ask price\\. Prices are based on pricing models, quoted prices of securities with similar characteristics, or broker quotes\\. Fixed income\\-related instruments include investments in securities traded on exchanges, including listed futures and options, which are valued at the last reported sale prices on the last business day of the year, or if not available, the last reported bid prices\\. Over\\-the\\-counter securities are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable, generally broker quotes\\.\n\n 77"}
{"_id": "AmericanAirlines-2018_4.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**PART I**\n\n**ITEM 1\\. BUSINESS**\n\n**Overview**\n\nAmerican Airlines Group Inc\\. (AAG), a Delaware corporation, is a holding company and its principal, wholly\\-owned subsidiaries are American Airlines, Inc\\. (American), Envoy Aviation Group Inc\\. (Envoy), PSA Airlines, Inc\\. (PSA) and Piedmont Airlines, Inc\\. (Piedmont)\\. AAG was formed in 1982 under the name AMR Corporation (AMR) as the parent company of American, which was founded in 1934\\. \n\nAAG\u2019s and American\u2019s principal executive offices are located at 4333 Amon Carter Boulevard, Fort Worth, Texas 76155 and their telephone number is 817\\-963\\-1234\\.\n\n**Airline Operations**\n\nOur primary business activity is the operation of a major network carrier, providing scheduled air transportation for passengers and cargo\\.\n\nTogether with our wholly\\-owned regional airline subsidiaries and third\\-party regional carriers operating as American Eagle, our airline operates an average of nearly 6,700 flights per day to nearly 350 destinations in more than 50 countries through hubs and gateways in Charlotte, Chicago, Dallas/Fort Worth, London Heathrow, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D\\.C\\. In 2018, approximately 204 million passengers boarded our flights\\. During 2018, we launched new seasonal nonstop service to Budapest, Hungary and Prague, Czech Republic from Philadelphia International Airport (PHL), to Venice, Italy from Chicago O\u2019Hare International Airport (ORD) and to Reykjavik\\-Keflavik, Iceland from Dallas/Fort Worth International Airport (DFW), further expanding our global footprint\\. We also announced new seasonal nonstop service beginning in summer 2019 between PHL and Dubrovnik, Croatia, Berlin, Germany and Bologna, Italy\\.\n\nAs of December 31, 2018, we operated 956 mainline aircraft supported by our regional airline subsidiaries and third\\-party regional carriers, which operated an additional 595 regional aircraft\\. See Part I, Item 2\\. Properties for further discussion on our mainline and regional aircraft and \u201c*Regional*\u201d below for further discussion on our regional operations\\.\n\nAmerican is a founding member of the **one**world^\u00ae^ alliance, whose members serve more than 1,000 destinations with approximately 14,250 daily flights to over 150 countries\\. See below for further discussion on the **one**world alliance and other agreements with domestic and international airlines\\.\n\nSee Part II, Item 7\\. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013*\u201c**2018**Financial Overview**,\u201d \u201cAAG\u2019s Results of Operations\u201d* and *\u201cAmerican\u2019s Results of Operations\u201d* for further discussion of AAG\u2019s and American\u2019s operating results and operating performance\\. Also, see Note 14 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 12 to American\u2019s Consolidated Financial Statements in Part II, Item 8B for information regarding operating segments and see Note 1(k) to AAG\u2019s and American\u2019s Consolidated Financial Statements in Part II, Items 8A and 8B, respectively, for passenger revenue by geographic region\\. \n\n***Regional***\n\nOur regional carriers provide scheduled air transportation under the brand name \u201cAmerican Eagle\\.\u201d The American Eagle carriers include our wholly\\-owned regional carriers Envoy, PSA and Piedmont, as well as third\\-party regional carriers including Republic Airline Inc\\. (Republic), Mesa Airlines, Inc\\. (Mesa), Compass Airlines, LLC (Compass) and SkyWest Airlines, Inc\\. (SkyWest)\\. In addition, Air Wisconsin Corporation (Air Wisconsin), Trans States Airlines, Inc\\. (Trans States) and ExpressJet Airlines, Inc\\. (ExpressJet) operated regional jet aircraft for us during 2018; however these arrangements ended in February 2018, December 2018 and January 2019, respectively\\. Our regional carriers are an integral component of our operating network\\. We rely heavily on feeder traffic to our hubs from low\\-density markets that are not economical for us to serve with larger, mainline aircraft\\. In addition, regional carriers offer complementary service in our existing mainline markets\\. During 2018, approximately 56 million passengers boarded our regional carriers\u2019 planes, approximately 44% of whom connected to or from our mainline flights\\. Of these passengers, approximately 31 million were enplaned by our wholly\\-owned regional carriers and approximately 25 million were enplaned by third\\-party regional carriers\\. All American Eagle carriers use logos, service marks, aircraft paint schemes and uniforms similar to our mainline operations\\.\n\nSubstantially all of our regional carrier arrangements are in the form of capacity purchase agreements\\. The capacity purchase agreements provide that all revenues, including passenger, in\\-flight, ancillary, mail and freight revenues, go to us\\. We control marketing, scheduling, ticketing, pricing and seat inventories\\. In return, we agree to pay predetermined fees to \n\n5"}
{"_id": "United-2018_18.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n\n\n|              |                   |\n| ------------ | ----------------- |\n| **ITEM 2\\.** | **PROPERTIES\\.**  |\n\n\n\n**Fleet**\n\nIncluding aircraft operated by United's regional carriers, United's fleet consisted of 1,329 aircraft as of December 31, 2018, the details of which are presented in the tables below:\n\n\n\n|                            |                                       |           |            |                                          |                                                      |                                                      |                                     |\n| -------------------------- | ------------------------------------- | --------- | ---------- | ---------------------------------------- | ---------------------------------------------------- | ---------------------------------------------------- | ----------------------------------- |\n| **Aircraft Type**          | **Total**                             | **Owned** | **Leased** |                                          | **Seats in Standard Configuration**                  | **Seats in Standard Configuration**                  |  **Average Age (In Years)**         |\n| **Mainline:**              |                                       |           |            |                                          |                                                      |                                                      |                                     |\n| 777\\-300ER                 | 18                                    | 18        | \u2014          |                                          | 350\\-366                                             | 350\\-366                                             | 1\\.5                                |\n| 777\\-200ER                 | 55                                    | 46        | 9          |                                          | 269\\-274                                             | 269\\-274                                             | 18\\.8                               |\n| 777\\-200                   | 19                                    | 19        | \u2014          |                                          | 364                                                  | 364                                                  | 21\\.5                               |\n| 787\\-10                    | 3                                     | 3         | \u2014          |                                          | 318                                                  | 318                                                  | 0\\.1                                |\n| 787\\-9                     | 25                                    | 25        | \u2014          |                                          | 252                                                  | 252                                                  | 2\\.8                                |\n| 787\\-8                     | 12                                    | 12        | \u2014          |                                          | 219                                                  | 219                                                  | 5\\.5                                |\n| 767\\-400ER                 | 16                                    | 14        | 2          |                                          | 242                                                  | 242                                                  | 17\\.3                               |\n| 767\\-300ER                 | 38                                    | 25        | 13         |                                          | 167\\-214                                             | 167\\-214                                             | 22\\.9                               |\n| 757\\-300                   | 21                                    | 9         | 12         |                                          | 213\\-234                                             | 213\\-234                                             | 16\\.3                               |\n| 757\\-200                   | 56                                    | 50        | 6          |                                          | 142\\-169                                             | 142\\-169                                             | 22\\.8                               |\n| 737 MAX 9                  | 9                                     | 9         | \u2014          |                                          | 179                                                  | 179                                                  | 0\\.4                                |\n| 737\\-900ER                 | 136                                   | 136       | \u2014          |                                          | 179                                                  | 179                                                  | 6\\.0                                |\n| 737\\-900                   | 12                                    | 8         | 4          |                                          | 179                                                  | 179                                                  | 17\\.3                               |\n| 737\\-800                   | 141                                   | 90        | 51         |                                          | 166                                                  | 166                                                  | 14\\.8                               |\n| 737\\-700                   | 40                                    | 25        | 15         |                                          | 126                                                  | 126                                                  | 19\\.8                               |\n| A320\\-200                  | 99                                    | 70        | 29         |                                          | 150                                                  | 150                                                  | 20\\.3                               |\n| A319\\-100                  | 70                                    | 55        | 15         |                                          | 128                                                  | 128                                                  | 17\\.6                               |\n| Total mainline             | 770                                   | 614       | 156        |                                          |                                                      |                                                      | 15\\.1                               |\n| **Aircraft Type**          | **Capacity Purchase Agreement Total** | **Owned** | **Leased** | **Owned or Leased by Regional Carrier**  | **Regional Carrier Operator and Number of Aircraft** | **Regional Carrier Operator and Number of Aircraft** | **Seats in Standard Configuration** |\n| **Regional:**              |                                       |           |            |                                          |                                                      |                                                      |                                     |\n| Embraer E175               | 153                                   | 54        | \u2014          | 99                                       | SkyWest:<br><br>Mesa:<br><br>Republic:               | 65<br><br>60<br><br>28                               | 76                                  |\n| Embraer 170                | 38                                    | \u2014         | \u2014          | 38                                       | Republic:                                            | 38                                                   | 70                                  |\n| CRJ700                     | 64                                    | \u2014         | \u2014          | 64                                       | SkyWest:<br><br>GoJet:<br><br>Mesa:                  | 19<br><br>25<br><br>20                               | 70                                  |\n| CRJ200                     | 128                                   | \u2014         | \u2014          | 128                                      | SkyWest:<br><br>Air Wisconsin:<br><br>ExpressJet:    | 60<br><br>56<br><br>12                               | 50                                  |\n| Embraer ERJ 145 (XR/LR/ER) | 176                                   | 82        | 90         | 4                                        | ExpressJet:<br><br>Trans States: <br><br>CommutAir:  | 105<br><br>40<br><br>31                              | 50                                  |\n| Total regional             | 559                                   | 136       | 90         | 333                                      |                                                      |                                                      |                                     |\n| Total                      | 1,329                                 | 750       | 246        | 333                                      |                                                      |                                                      |                                     |\n\n\n\nIn addition to the aircraft presented in the tables above, United owned the following aircraft listed below as of December 31, 2018: \n\n\n\n|   |                                                                                                                                                       |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | One Boeing 737 MAX 9 and one Airbus 319\\-100, which were delivered in December 2018 but were awaiting operating certificates as of December 31, 2018; |\n\n\n\n\n\n|   |                                                                    |\n| - | ------------------------------------------------------------------ |\n| \u2022 | One Boeing 767\\-200, which is being subleased to another airline;  |\n\n\n\n\n\n|   |                                                       |\n| - | ----------------------------------------------------- |\n| \u2022 | Nine Boeing 747s, which are permanently grounded; and |\n\n\n\n\n\n|   |                                                          |\n| - | -------------------------------------------------------- |\n| \u2022 | Three Embraer ERJ 145s, which are temporarily grounded\\. |\n\n\n\n19"}
{"_id": "Alaska-2018_31.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nIn 2018, we posted our 15th consecutive annual profit on an adjusted basis\\. Our pretax income was $585 million, compared to $1\\.2 billion in 2017\\. Our 2018 pretax income on an adjusted basis (a non\\-GAAP financial measure) was $739 million, a decrease of 42% from 2017\\. Adjusted pretax income for 2018 excludes $87 million of merger\\-related costs associated with our acquisition of Virgin America, $45 million of other one\\-time special charges, and $22 million of mark\\-to\\-market fuel hedge adjustments\\.\n\nThe decrease in adjusted pretax income was driven largely by an increase in operating expenses, excluding fuel and special items, of $430 million, and an increase in fuel expense of $489 million due to significantly higher fuel prices\\. The increased costs were partially offset by an improvement in operating revenues of $370 million\\.\n\nRevenue growth of $370 million was driven by continued network expansion and aircraft added to our fleet since prior year, allowing us to grow capacity about 5%\\. The regional business grew more quickly as we took delivery of 25 new E175 regional jets and grew capacity by 20%\\. As we look to 2019, we are slowing our capacity growth to 2% as we focus on strengthening our performance across the network and expanding margins\\. \n\nSee \u201cResults of Operations\u201d below for further discussion of changes in revenues and operating expenses and our reconciliation of non\\-GAAP measures to the most directly comparable GAAP measure\\.\n\n***2018 Accomplishments and Highlights***\n\n***Recognition and Awards \\- Alaska***\n\n\n\n|   |                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Ranked \"Highest in Customer Satisfaction Among Traditional Carriers\" in 2018 by J\\.D\\. Power for the 11 ^th^  year in a row\\. |\n\n\n\n\n\n|   |                                                                                          |\n| - | ---------------------------------------------------------------------------------------- |\n| \u2022 | Named \"Best U\\.S\\. Airline\" by Cond\u00e9 Nast Traveler in their 2018 Readers Choice Awards\\. |\n\n\n\n\n\n|   |                                                                                                                       |\n| - | --------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Mileage Plan\u2122 ranked first in U\\.S\\. News & World Report's list of Best Travel Rewards Programs for the fourth time\\. |\n\n\n\n\n\n|   |                                                                                                                         |\n| - | ----------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Ranked among the best U\\.S\\. airlines by Consumer Reports for economy flights and overall satisfaction by passengers\\.  |\n\n\n\n\n\n|   |                                                                                                               |\n| - | ------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Ranked No\\. 1 for performance and quality in the Airline Quality Rating study for the second year in a row\\.  |\n\n\n\n\n\n|   |                                                                                                                                                   |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Won the \"Best Rewards Program\" for Mileage Plan\u2122 for carriers in the Americas region in the annual FlyerTalk Award for the second year in a row\\. |\n\n\n\n\n\n|   |                                                                                  |\n| - | -------------------------------------------------------------------------------- |\n| \u2022 | Top\\-ranked airline in America for the second year in a row by The Points Guy\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                     |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Received 17th Diamond Award of Excellence from the Federal Aviation Administration, recognizing both Alaska's and Horizon's aircraft technicians for their commitment to training\\. |\n\n\n\n\n\n|   |                                                                                                                        |\n| - | ---------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Ranked as one of only two U\\.S\\. airlines in the Top 20 safest airlines in the world for 2018 by AirlineRatings\\.com\\. |\n\n\n\n\n\n|   |                                                                                                       |\n| - | ----------------------------------------------------------------------------------------------------- |\n| \u2022 | Rated \"Best Airline Staff in North America\" and \"Best Regional Airline in North America\" by Skytrax\\. |\n\n\n\n\n\n|   |                                                                                        |\n| - | -------------------------------------------------------------------------------------- |\n| \u2022 | Won the 2018 APEX Passenger Choice Award for Best Food and Beverage in the Americas\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                   |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Ranked as the top U\\.S\\. airline in the Dow Jones Sustainability Index (DJSI) for the second consecutive year, receiving top scores for \u201ccorporate governance\u201d and \u201cefficiency\\.\u201d |\n\n\n\n***Our People and Communities*** \n\n\n\n|   |                                                                                      |\n| - | ------------------------------------------------------------------------------------ |\n| \u2022 | Ranked among Forbes' 2018 \"America's Best Employers\" for the fourth year in a row\\.  |\n\n\n\n\n\n|   |                                                       |\n| - | ----------------------------------------------------- |\n| \u2022 | Awarded  $147 million  in incentive pay for  2018 \\.  |\n\n\n\n\n\n|   |                                                                            |\n| - | -------------------------------------------------------------------------- |\n| \u2022 | Reached joint agreements for all work groups except aircraft technicians\\. |\n\n\n\n\n\n|   |                                                                                                                                                                                                      |\n| - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Launched Flight Path, a work shop for every Air Group employee that includes a mix of presentations, open\\-and\\-honest dialogue and interactive activities focused on Alaska's culture and future\\.  |\n\n\n\n\n\n|   |                                                                                                                                                                                                                           |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Donated over  $17 million  and contributed more than  44,000  volunteer hours to support nonprofits in our local communities, focusing on youth and education, medical (research/transportation) and community outreach\\. |\n\n\n\n 32"}
{"_id": "Delta-2017_15.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2017\n\n[Table of Contents](http://ir.delta.com/.#s38B278257A885660AB93394F5F0EFBED)\n\nExecutive Officers of the Registrant\n\nEdward H\\. Bastian, Age 60 :  Chief Executive Officer of Delta since May 2016; President of Delta (September 2007 \\- May 2016); President of Delta and Chief Executive Officer Northwest Airlines, Inc\\. (October 2008 \\- December 2009); President and Chief Financial Officer of Delta (September 2007 \\- October 2008); Executive Vice President and Chief Financial Officer of Delta (July 2005 \\- September 2007); Chief Financial Officer of Acuity Brands (June 2005 \\- July 2005); Senior Vice President \\- Finance and Controller of Delta (2000 \\- April 2005); Vice President and Controller of Delta (1998 \\- 2000)\\.\n\nPeter W\\. Carter, Age 54 :  Executive Vice President \\- Chief Legal Officer of Delta since July 2015; Partner of Dorsey & Whitney LLP (1999 \\- 2015), including co\\-chair of Securities Litigation and Enforcement practice group, chair of Policy Committee and chair of trial department\\.\n\nGlen W\\. Hauenstein, Age 57 :  President of Delta since May 2016; Executive Vice President \\- Chief Revenue Officer of Delta (August 2013 \\- May 2016); Executive Vice President \\- Network Planning and Revenue Management of Delta (April 2006 \\- July 2013); Executive Vice President and Chief of Network and Revenue Management of Delta (August 2005 \\- April 2006); Vice General Director \\- Chief Commercial Officer and Chief Operating Officer of Alitalia (2003 \\- 2005); Senior Vice President\\- Network of Continental Airlines (2003); Senior Vice President \\- Scheduling of Continental Airlines (2001 \\- 2003); Vice President Scheduling of Continental Airlines (1998 \\- 2001)\\.\n\nPaul A\\. Jacobson, Age 46:  Executive Vice President \\- Chief Financial Officer of Delta since August 2013; Senior Vice President and Chief Financial Officer of Delta (March 2012 \\- July 2013); Senior Vice President and Treasurer of Delta (December 2007 \\- March 2012); Vice President and Treasurer of Delta (August 2005 \\- December 2007)\\.\n\nRahul Samant, Age 51:  Executive Vice President \\- Chief Information Officer of Delta since January 2018; Senior Vice President and Chief Information Officer of Delta (February 2016 \\- December 2017); Senior Vice President and Chief Digital Officer of American International Group, Inc\\. (January 2015 \\- February 2016); Senior Vice President and Global Head, Application Development and Management of American International Group, Inc\\. (September 2012 \\- December 2014); Managing Director of Bank of America (1999 \\- September 2012)\\.\n\nSteven M\\. Sear, Age 52 :  President, International and Executive Vice President \\- Global Sales of Delta since February 2016; Senior Vice President \\- Global Sales of Delta (December 2011 \\- February 2016); Vice President \\- Global Sales of Delta (October 2008 \\- December 2011); Vice President \\- Sales & Customer Care of Northwest Airlines (June 2005 \\- October 2008)\\.\n\nJoanne D\\. Smith, Age 59:  Executive Vice President and Chief Human Resources Officer of Delta since October 2014; Senior Vice President \\- In\\-Flight Service of Delta (March 2007 \\- September 2014); Vice President \\- Marketing of Delta (November 2005 \\- February 2007); President of Song (January 2005 \\- October 2005); Vice President \\- Marketing and Customer Service of Song (November 2002 \\- December 2004)\\.\n\nW\\. Gil West, Age 57:  Senior Executive Vice President and Chief Operating Officer of Delta since February 2016; Executive Vice President and Chief Operating Officer of Delta (March 2014 \\- February 2016); Senior Vice President \\- Airport Customer Service and Technical Operations of Delta (February 2012 \\- February 2014); Senior Vice President \\- Airport Customer Service of Delta (March 2008 \\- January 2012); President and Chief Executive Officer of Laidlaw Transit Services (2006 \\- 2007)\\.\n\nAdditional Information\n\nWe make available free of charge on our website our Annual Report on Form 10\\-K, our Quarterly Reports on Form 10\\-Q, our Current Reports on Form 8\\-K and amendments to those reports as soon as reasonably practicable after these reports are filed with or furnished to the Securities and Exchange Commission\\. Information on our website is not incorporated into this Form 10\\-K or our other securities filings and is not a part of those filings\\.\n\n 11"}
{"_id": "Delta-2019_38.md", "title": "", "text": "Annual Report of DELTA AIR LINES, INC\\.  for year 2019\n\nRefinery Segment\n\nThe refinery primarily produces gasoline, diesel and jet fuel\\. Monroe exchanges the non\\-jet fuel products the refinery produces with third parties for jet fuel consumed in our airline operations\\. The jet fuel produced and procured through exchanging gasoline and diesel fuel produced by the refinery provides approximately 200,000 barrels per day, or approximately 75% of our consumption, for use in our airline operations\\. We believe that the jet fuel supply resulting from the refinery's operation contributes to reducing the market price of jet fuel and thus lowers our cost of jet fuel compared to what it otherwise would be\\.\n\nDuring the December 2018 quarter, the refinery completed a planned maintenance event (\"turnaround\") and did not produce any refined products for approximately 60 days\\. The turnaround was in accordance with the long\\-term maintenance plan for the facility to allow for the safe completion of major repairs and upgrades\\.\n\nThe refinery recorded operating revenues of $5\\.6 billion in 2019, compared to $5\\.5 billion in 2018\\. Operating revenues in 2019 were primarily composed of $4\\.0 billion of non\\-jet fuel products exchanged with third parties to procure jet fuel, $1\\.1 billion of sales of jet fuel to the airline segment and $395 million of non\\-jet fuel product sales\\. Refinery revenues increased compared to the prior year due to higher throughput and yields offset by lower costs of crude oil leading to lower pricing for associated refined products\\. \n\nThe refinery recorded operating income of $76 million and $58 million in 2019 and 2018, respectively\\. The refinery's operating income in 2019 was higher primarily due to the 60 day cessation of operations during the turnaround in the December 2018 quarter and favorable market conditions year over year\\.\n\nA refinery is subject to annual EPA requirements to blend renewable fuels into the gasoline and on\\-road diesel fuel it produces\\. Alternatively, a refinery may purchase renewable energy credits, called RINs, from third parties in the secondary market\\. The refinery operated by Monroe purchases the majority of its RINs requirement in the secondary market\\. Observable RINs prices stabilized in 2019 after significant fluctuations in previous years, with Monroe incurring $58 million in RINs compliance costs during the current year\\.\n\nFor more information regarding the refinery's results, see Note 15 of the Notes to the Consolidated Financial Statements\\.\n\n36"}
{"_id": "Alaska-2017_3.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n[Table of Contents](https://www.example.com#s702BA6B769767C2AC4683A1218F84707)\n\n**PART I**\n\n\n\n|                           |\n| ------------------------- |\n| **ITEM 1\\. OUR BUSINESS** |\n\n\n\nAir Group operates three airlines, Alaska, Virgin America and Horizon\\. McGee Air Services, an aviation services provider, is a wholly\\-owned subsidiary of Alaska\\. Together with regional partner airlines, we fly to 118 destinations with 1,200 daily departures through an expansive network across the United States, Mexico, Canada, and Costa Rica\\. With global airline partners, we provide our guests with a network of more than 900 destinations worldwide\\. During 2017, we carried an all\\-time high 44 million guests and earned consolidated net income of $1\\.0 billion, which represents a 27% increase over net income of $814 million in 2016\\. Our adjusted net income was $823 million, which excludes special items and merger\\-related costs of $118 million, and a $280 million benefit from new tax laws enacted in 2017\\. \n\nOur mission is \"creating an airline people love\\.\" The \"ing\" is to recognize that we are never done; we are continually working to improve\\. We believe our success depends on our ability to provide safe air transportation, develop relationships with guests by providing exceptional customer service and low fares, and maintain a low cost structure to compete effectively\\. It is important to us that we achieve our objective as a socially responsible company that values not just performance, but people, the communities we serve, and environment\\. \n\nIn 2017 we focused much of our energy on integrating Virgin America\\. We achieved several milestones, including merging most back office functions, kicking off station co\\-locations and launching technology that enables our front\\-line employees to be agile between Alaska and Virgin America applications\\. In January 2018, Alaska and Virgin America obtained a single operating certificate from the Federal Aviation Administration (FAA), our most significant integration milestone to date\\. These accomplishments will ease our transition to a single Passenger Service System (PSS) in the Spring of 2018, which will help us unlock many of the revenue synergies expected from the acquisition\\. We remain on track to complete all of our integration milestones on schedule, and continue to be optimistic about the value of our combined company\\. \n\nWith the integration well underway, we remain committed to our strategic focus to become the go\\-to airline for people on the West Coast\\. The acquisition of Virgin America positioned us as the fifth largest airline in the U\\.S\\., with an unparalleled ability to serve West Coast travelers\\. To do so, we believe we need to meet our guest's evolving needs through innovation in our onboard offerings and provide unique destinations with better schedules, while retaining the best of both the Alaska and Virgin America brand experiences\\. We have begun to implement this strategy in a number of ways, including merging our loyalty programs, allowing us to bring the award winning benefits of our Mileage Plan\u2122 program to Virgin America's loyal customer base; rolling out Free Movies and Free Chat to Virgin America's entire fleet; and kicking off the first of several cabin enhancements of Alaska's Boeing aircraft with expressive mood lighting\\. \n\nWhile aircraft and technology enable us to provide air transportation, we recognize this is fundamentally a people business\\. Our employees maintain and strengthen our relationships with guests, and our success depends on our employees working together to successfully execute our strategy\\. In 2017, Alaska was once again named one of America's Best Employers by Forbes Magazine for the third year in a row\\. We know that engaged employees provide excellent service\\. In that vein, in 2017, Alaska ranked highest in J\\.D\\. Power and Associates annual survey of customer satisfaction among traditional network carriers for the tenth year in a row\\. Virgin America was also recognized for excellent service by Conde Nast Traveler and Travel \\+ Leisure magazine also for the tenth year in a row\\. Customer service matters, and we believe the combination of Alaska and Virgin America will only enhance the experience for our guests\\. \n\nOperationally, Alaska held the No\\. 1 spot in the Wall Street Journal's \"Middle Seat\" scorecard for U\\.S\\. airlines for four consecutive years and the No\\. 2 spot for 2017\\. Although we were not the leader in on\\-time performance in 2017, we led the industry for on\\-time performance among major airlines for the previous seven years\\. We are focused on becoming the industry leader in operational performance once again as we fully integrate Alaska and Virgin America operations and we are off to a great start in 2018\\. For achieving safety, customer service, operational and financial goals, we rewarded our employees with $135 million for their service in 2017\\.\n\nIn support of the communities that we serve, we strive to be an industry leader in environmental and community stewardship\\. Our combined fleet is one of the youngest, most fuel\\-efficient fleets in North America and we look forward to further enhancements in this area\\. As a result of our environmental and corporate sustainability leadership, we ranked higher than any other North American airline in this year's Dow Jones Sustainability Index\\. We are also proud of our community stewardship \\- Air Group donated $14 million to over 1,300 charitable organizations, and our employees volunteered more than 32,000 hours of community service, focused on youth and education, medical research, and transportation and community outreach in 2017\\. \n\n 4"}
{"_id": "Southwest-2019_36.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nIssuer Repurchases\n\n\n\n|                                                     |                                           |                                           |                                           |                                           |                                           |\n| --------------------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- |\n| Issuer Purchases of Equity Securities (1)           | Issuer Purchases of Equity Securities (1) | Issuer Purchases of Equity Securities (1) | Issuer Purchases of Equity Securities (1) | Issuer Purchases of Equity Securities (1) | Issuer Purchases of Equity Securities (1) |\n|                                                     | **(a)**                                   | **(b)**                                   |                                           | **(c)**                                   | **(d)**                                   |\n|                                                     |                                           |                                           |                                           | **Total number of**                       | **Maximum dollar**                        |\n|                                                     |                                           |                                           |                                           | **shares purchased**                      | **value of shares that**                  |\n|                                                     | **Total number**                          | **Average**                               |                                           | **as part of publicly**                   | **may yet be purchased**                  |\n|                                                     | **of shares**                             | **price paid**                            |                                           | **announced plans**                       | **under the plans**                       |\n| **Period**                                          | **purchased**                             | **per share**                             |                                           | **or programs**                           | **or programs**                           |\n| October 1, 2019 through <br><br> October 31, 2019   | 2,019,792                                 | $\u2014                                        | (2)                                       | 2,019,792                                 | $1,900,051,674                            |\n| November 1, 2019 through <br><br> November 30, 2019 | \u2014                                         | $\u2014                                        | (3)                                       | \u2014                                         | $1,350,051,674                            |\n| December 1, 2019 through <br><br> December 31, 2019 | 7,276,275                                 | $\u2014                                        | (3)                                       | 7,276,275                                 | $1,350,051,674                            |\n| Total                                               | 9,296,067                                 |                                           |                                           | 9,296,067                                 |                                           |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (1) | On  May 16, 2018 , the Company's Board of Directors authorized the repurchase of up to  $2\\.0 billion  of the Company's common stock\\. On  May 15, 2019 , the Company\u2019s Board of Directors authorized the repurchase of up to  $2\\.0 billion  of the Company\u2019s common stock in a new share repurchase authorization, upon the completion of the May 2018 share repurchase authorization\\. Repurchases are made in accordance with applicable securities laws in open market or private, including accelerated, repurchase transactions from time to time, depending on market conditions, and may be discontinued at any time\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |\n| --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (2) | Under an accelerated share repurchase program entered into by the Company with a third party financial institution in third quarter 2019 (the \u201cThird Quarter 2019 ASR Program\u201d), the Company paid  $500 million  and received an initial delivery of  7,471,534  shares during August 2019, representing an estimated  75 percent  of the shares to be purchased by the Company under the Third Quarter 2019 ASR Program based on a volume\\-weighted average price of  $50\\.1905  per share of the Company\u2019s common stock on the NYSE during a calculation period between  July 30, 2019  and  August 20, 2019 \\. Final settlement of the Third Quarter 2019 ASR Program occurred in October 2019 and was determined based generally on a discount to the volume\\-weighted average price per share of the Company's common stock during a calculation period completed in October 2019\\. Upon settlement, the third party financial institution delivered  2,019,792  additional shares of the Company\u2019s common stock to the Company\\. In total, the average purchase price per share for the  9,491,326  shares repurchased under the Third Quarter 2019 ASR Program, upon completion of the Third Quarter 2019 ASR Program in October 2019, was  $52\\.6797 \\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (3) | Under an accelerated share repurchase program entered into by the Company with a third party financial institution in fourth quarter 2019 (the \"Fourth Quarter 2019 ASR Program\"), the Company paid  $550 million  and received an initial delivery of  7,276,275  shares during December 2019, representing an estimated  75 percent  of the shares to be purchased by the Company under the Fourth Quarter 2019 ASR Program based on a volume\\-weighted average price of  $56\\.6911  per share of the Company\u2019s common stock on the NYSE during a calculation period between November 13, 2019 and December 11, 2019\\. The third party financial institution delivered an additional  1,835,017  shares to the Company in further partial settlements of the Fourth Quarter 2019 ASR Program in January 2020, which was determined based generally on a discount to the volume\\-weighted average price per share of the Company's common stock during calculation periods completed in January 2020\\. The specific number of shares that the Company ultimately will repurchase under the Fourth Quarter 2019 ASR Program will be determined based generally on a discount to the volume\\-weighted average price per share of the Company\u2019s common stock during a calculation period to be completed no later than February 13, 2020\\. At settlement, under certain circumstances, the third party financial institution may be required to deliver additional shares of common stock to the Company, or under certain circumstances, the Company may be required to deliver shares of its common stock or may elect to make a cash payment to the third party financial institution\\. |\n\n\n\n37"}
{"_id": "United-2018_41.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\n**UNITED CONTINENTAL HOLDINGS, INC\\.**\n\n**STATEMENTS OF CONSOLIDATED OPERATIONS**\n\n**(In millions, except per share amounts)**\n\n\n\n|                                                    |                             |                             |                             |\n| -------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                    | **2018**                    | **2017 (a)**                | **2016 (a)**                |\n| Operating revenue:                                 |                             |                             |                             |\n| Passenger revenue                                  | $37,706                     | $34,460                     | $33,429                     |\n| Cargo                                              | 1,237                       | 1,114                       | 934                         |\n| Other operating revenue                            | 2,360                       | 2,210                       | 2,195                       |\n| Total operating revenue                            | 41,303                      | 37,784                      | 36,558                      |\n| Operating expense:                                 |                             |                             |                             |\n| Salaries and related costs                         | 11,458                      | 10,941                      | 10,176                      |\n| Aircraft fuel                                      | 9,307                       | 6,913                       | 5,813                       |\n| Regional capacity purchase                         | 2,601                       | 2,232                       | 2,197                       |\n| Landing fees and other rent                        | 2,359                       | 2,240                       | 2,165                       |\n| Depreciation and amortization                      | 2,240                       | 2,149                       | 1,977                       |\n| Aircraft maintenance materials and outside repairs | 1,767                       | 1,856                       | 1,749                       |\n| Distribution expenses                              | 1,558                       | 1,435                       | 1,395                       |\n| Aircraft rent                                      | 433                         | 621                         | 680                         |\n| Special charges                                    | 487                         | 176                         | 745                         |\n| Other operating expenses                           | 5,801                       | 5,550                       | 5,317                       |\n| Total operating expense                            | 38,011                      | 34,113                      | 32,214                      |\n| Operating income                                   | 3,292                       | 3,671                       | 4,344                       |\n| Nonoperating income (expense):                     |                             |                             |                             |\n| Interest expense                                   | (729)                       | (671)                       | (674)                       |\n| Interest capitalized                               | 70                          | 84                          | 72                          |\n| Interest income                                    | 101                         | 57                          | 42                          |\n| Miscellaneous, net                                 | (76)                        | (101)                       | (11)                        |\n| Total nonoperating expense, net                    | (634)                       | (631)                       | (571)                       |\n| Income before income taxes                         | 2,658                       | 3,040                       | 3,773                       |\n| Income tax expense                                 | 529                         | 896                         | 1,539                       |\n| Net income                                         | $2,129                      | $2,144                      | $2,234                      |\n| Earnings per share, basic                          | $7\\.73                      | $7\\.08                      | $6\\.77                      |\n| Earnings per share, diluted                        | $7\\.70                      | $7\\.06                      | $6\\.76                      |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2014\\-09, *Revenue from Contracts with Customers (Topic 606)* andAccounting Standards Update No\\. 2017\\-07, *Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost\\.* See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n42"}
{"_id": "United-2017_47.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2017\n\n##### [Table of Contents](https://www.example.com#toc) #####\n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** \n\nTo the Stockholder and the Board of Directors of\n\nUnited Airlines, Inc\\.\n\n**Opinion on the Financial Statements** \n\nWe have audited the accompanying consolidated balance sheets of United Airlines, Inc\\. (the \u201cCompany\u201d) as of December 31, 2017 and 2016, and the related consolidated statements of operations, comprehensive income (loss), cash flows, and stockholder\u2019s equity, for each of the three years in the period ended December 31, 2017, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the \u201cconsolidated financial statements\u201d)\\. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2017, in conformity with U\\.S\\. generally accepted accounting principles\\.\n\n**Basis for Opinion** \n\nThese financial statements are the responsibility of the Company\u2019s management\\. Our responsibility is to express an opinion on the Company\u2019s financial statements based on our audits\\. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U\\.S\\. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB\\.\n\nWe conducted our audits in accordance with the standards of the PCAOB\\. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud\\. The Company is not required to have, nor were we engaged to perform an audit of the Company\u2019s internal control over financial reporting\\. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company\u2019s internal control over financial reporting\\. Accordingly, we express no such opinion\\.\n\nOur audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks\\. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements\\. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements\\. We believe that our audits provide a reasonable basis for our opinion\\.\n\n/s/ Ernst & Young LLP\n\nWe have served as the Company\u2019s auditor since 2009\\.\n\nChicago, Illinois\n\nFebruary 22, 2018\n\n48"}
{"_id": "Southwest-2019_99.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nThe following tables present the Company\u2019s assets and liabilities that are measured at fair value on a recurring basis at  December 31, 2019 , and  December 31, 2018 :\n\n\n\n|                                         |                       |                                                                                |                                                               |                                                           |\n| --------------------------------------- | --------------------- | ------------------------------------------------------------------------------ | ------------------------------------------------------------- | --------------------------------------------------------- |\n|                                         |                       | **Fair value measurements at reporting date using:**                           | **Fair value measurements at reporting date using:**          | **Fair value measurements at reporting date using:**      |\n|                                         |                       | **Quoted prices in**<br><br>**active markets**<br><br>**for identical assets** | **Significant**<br><br>**other observable**<br><br>**inputs** | **Significant**<br><br>**unobservable**<br><br>**inputs** |\n| **Description**                         | **December 31, 2019** | **(Level 1)**                                                                  | **(Level 2)**                                                 | **(Level 3)**                                             |\n| **Assets**                              | (in millions)         | (in millions)                                                                  | (in millions)                                                 | (in millions)                                             |\n| Cash equivalents                        |                       |                                                                                |                                                               |                                                           |\n| Cash equivalents (a)                    | $1,999                | $1,999                                                                         | $\u2014                                                            | $\u2014                                                        |\n| Commercial paper                        | 535                   | \u2014                                                                              | 535                                                           | \u2014                                                         |\n| Certificates of deposit                 | 14                    | \u2014                                                                              | 14                                                            | \u2014                                                         |\n| Short\\-term investments:                |                       |                                                                                |                                                               |                                                           |\n| Treasury bills                          | 1,196                 | 1,196                                                                          | \u2014                                                             | \u2014                                                         |\n| Certificates of deposit                 | 268                   | \u2014                                                                              | 268                                                           | \u2014                                                         |\n| Time deposits                           | 60                    | \u2014                                                                              | 60                                                            | \u2014                                                         |\n| Interest rate derivatives (see Note 10) | 2                     | \u2014                                                                              | 2                                                             | \u2014                                                         |\n| Fuel derivatives:                       |                       |                                                                                |                                                               |                                                           |\n| Option contracts (b)                    | 110                   | \u2014                                                                              | \u2014                                                             | 110                                                       |\n| Other available\\-for\\-sale securities   | 197                   | 197                                                                            | \u2014                                                             | \u2014                                                         |\n| **Total assets**                        | $4,381                | $3,392                                                                         | $879                                                          | $110                                                      |\n| **Liabilities**                         |                       |                                                                                |                                                               |                                                           |\n| Interest rate derivatives (see Note 10) | $<br><br>(6<br><br>)  | $\u2014                                                                             | $<br><br>(6<br><br>)                                          | $\u2014                                                        |\n\n\n\n(a) Cash equivalents are primarily composed of money market investments\\.\n\n(b) In the Consolidated Balance Sheet amounts are presented as an asset\\. See  Note 10 \\.\n\n100"}
{"_id": "AmericanAirlines-2017_49.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n***Results of Operations \u2013*** ***2017*** ***Compared to*** ***2016***\n\nPre\\-tax income and net income were $3\\.1 billion and $1\\.9 billion in 2017, respectively\\. This compares to 2016 pre\\-tax income and net income of $4\\.3 billion and $2\\.7 billion, respectively\\. Excluding the effects of pre\\-tax net special items, pre\\-tax income was $3\\.8 billion and $5\\.1 billion in 2017 and 2016, respectively\\. For reconciliation of pre\\-tax income excluding special items to their comparable measures on a GAAP basis, see Part II, Item 6\\. Selected Consolidated Financial Data \u2013*\u201cReconciliation of GAAP to Non\\-GAAP Financial Measures*\\.*\u201d*\n\nThe year\\-over\\-year declines in our pre\\-tax income on both a GAAP basis and excluding pre\\-tax special items were principally driven by higher fuel costs and wage rates\\.\n\n*Operating Revenues*\n\n\n\n|                          |                                              |                                              |                                              |                                                       |\n| ------------------------ | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                          | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **2017**                                     | **2016**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Mainline passenger       | $29,238                                      | $27,909                                      | $1,329                                       | 4\\.8                                                  |\n| Regional passenger       | 6,895                                        | 6,670                                        | 225                                          | 3\\.4                                                  |\n| Cargo                    | 800                                          | 700                                          | 100                                          | 14\\.3                                                 |\n| Other                    | 5,274                                        | 4,901                                        | 373                                          | 7\\.6                                                  |\n| Total operating revenues | $42,207                                      | $40,180                                      | $2,027                                       | 5\\.0                                                  |\n\n\n\nThis table presents our total passenger revenues and the year\\-over\\-year change in certain operating statistics:\n\n\n\n|                          |                                  |                                                                |                                                                |                                                                |                                                                |                                                                |                                                                |\n| ------------------------ | -------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- | -------------------------------------------------------------- |\n|                          |                                  | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2016** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2016** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2016** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2016** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2016** | **Increase (Decrease)  <br>vs\\. Year Ended December 31, 2016** |\n|                          | **Year Ended December 31, 2017** | **Passenger**<br><br>**Revenue**                               | **RPMs**                                                       | **ASMs**                                                       | **Load**<br><br>**Factor**                                     | **Passenger**<br><br>**Yield**                                 | **PRASM**                                                      |\n|                          | **(In millions)**                |                                                                |                                                                |                                                                |                                                                |                                                                |                                                                |\n| Mainline passenger       | $29,238                          | 4\\.8%                                                          | 1\\.2%                                                          | 0\\.9%                                                          | 0\\.3pts                                                        | 3\\.5%                                                          | 3\\.9%                                                          |\n| Regional passenger       | 6,895                            | 3\\.4%                                                          | 2\\.2%                                                          | 3\\.2%                                                          | (0\\.7)pts                                                      | 1\\.2%                                                          | 0\\.2%                                                          |\n| Total passenger revenues | $36,133                          | 4\\.5%                                                          | 1\\.3%                                                          | 1\\.1%                                                          | 0\\.2pts                                                        | 3\\.2%                                                          | 3\\.3%                                                          |\n\n\n\nTotal passenger revenues increased $1\\.6 billion, or 4\\.5%, in 2017 from 2016 primarily due to a 3\\.2% year\\-over\\-year increase in consolidated passenger yields driven by strong demand\\. Domestic consolidated yields increased 3\\.5% and international yields rose 3\\.2%, due principally to improved performance in Latin America\\.\n\nCargo revenue increased $100 million, or 14\\.3%, in 2017 from 2016 primarily driven by an increase in freight volume\\.\n\nOther revenue primarily includes revenue associated with our loyalty program, baggage fees, ticketing change fees, airport clubs and inflight services\\. Other revenue increased $373 million, or 7\\.6%, in 2017 from 2016 primarily driven by higher revenues associated with our loyalty program\\. In 2017 and 2016, loyalty program revenue was $2\\.4 billion and $2\\.1 billion, respectively\\. Of this, $2\\.2 billion and $1\\.9 billion related to the marketing component of mileage sales and other marketing related payments, respectively\\.\n\nTotal operating revenues in 2017increased $2\\.0 billion, or 5\\.0%, from 2016 driven principally by a 4\\.5% increase in total passenger revenues as described above\\. Our TRASM was 15\\.27 cents in 2017, a 3\\.9% increase as compared to 14\\.70 cents in 2016\\.\n\n50"}
{"_id": "AmericanAirlines-2018_173.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**ITEM 9\\. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**\n\nNone\\.\n\n**ITEM 9A\\. CONTROLS AND PROCEDURES**\n\n**Management\u2019s Evaluation of Disclosure Controls and Procedures**\n\nThe term \u201cdisclosure controls and procedures\u201d is defined in Rules 13a\\-15(e) and 15d\\-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)\\. This term refers to the controls and procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC\u2019s rules and forms, and is accumulated and communicated to management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), as appropriate to allow timely decisions regarding required disclosure\\. An evaluation of the effectiveness of AAG\u2019s and American\u2019s disclosure controls and procedures as of December 31, 2018 was performed under the supervision and with the participation of AAG\u2019s and American\u2019s management, including AAG\u2019s and American\u2019s CEO and CFO\\. Based on that evaluation, AAG\u2019s and American\u2019s management, including AAG\u2019s and American\u2019s CEO and CFO, concluded that AAG\u2019s and American\u2019s disclosure controls and procedures were effective as of December 31, 2018 at the reasonable assurance level\\.\n\n**Changes in Internal Control over Financial Reporting**\n\nOn December 9, 2013, AAG acquired US Airways Group and its subsidiaries\\. We are still in the process of integrating certain processes, technology and operations for the post\\-Merger combined company, and we will continue to evaluate the impact of any related changes to our internal control over financial reporting\\. In connection with the adoption on January 1, 2018 of the New Revenue Standard and the adoption in the fourth quarter of 2018, of the New Lease Standard as of January 1, 2018, we modified certain processes and implemented internal controls related to our loyalty program and leases, respectively\\. The operating effectiveness of these changes was evaluated as part of our December 31, 2018 annual assessment of internal control over financial reporting\\. Except as described above, for the three months ended December 31, 2018, there have been no changes in AAG\u2019s or American\u2019s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, AAG\u2019s and American\u2019s internal control over financial reporting\\.\n\n**Limitation on the Effectiveness of Controls**\n\nWe believe that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected\\. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives, and, as noted above, the CEO and CFO of AAG and American believe that our disclosure controls and procedures were effective at the reasonable assurance level as of December 31, 2018\\.\n\n**Management\u2019s Annual Report on Internal Control over Financial Reporting**\n\nManagement of AAG and American is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a\\-15(f) and 15d\\-15(f) under the Exchange Act\\. AAG\u2019s and American\u2019s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP\\. AAG\u2019s and American\u2019s internal control over financial reporting includes policies and procedures that:\n\n\n\n|   |                                                                                                                                                                                   |\n| - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of AAG or American, respectively; |\n\n\n\n\n\n|   |                                                                                                                                                                                                                                                                                                                               |\n| - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of AAG or American are being made only in accordance with authorizations of management and directors of AAG or American, respectively; and |\n\n\n\n\n\n|   |                                                                                                                                                                                                                     |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of AAG\u2019s or American\u2019s assets that could have a material effect on the financial statements\\. |\n\n\n\nBecause of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements\\. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate\\.\n\n174"}
{"_id": "Southwest-2017_13.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\nUnder ATSA, substantially all security officers at airports are federal employees, and significant other elements of airline and airport security are overseen and performed by federal employees, including federal security managers, federal law enforcement officers, and federal air marshals\\. TSA personnel and TSA\\-mandated security procedures can affect the Company's operations, costs, and Customer experience\\. For example, as part of its security measures, the TSA regulates the types of liquid items that can be carried onboard aircraft\\. In addition, as part of its Secure Flight program, the TSA requires airlines to collect a passenger's full name (as it appears on a government\\-issued ID), date of birth, gender, and Redress Number (if applicable)\\. Airlines must transmit this information to Secure Flight, which uses the information to perform matching against terrorist watch lists\\. After matching passenger information against the watch lists, Secure Flight transmits the matching results back to airlines\\. This serves to identify individuals for enhanced security screening and to prevent individuals on watch lists from boarding an aircraft\\. It also helps prevent the misidentification of passengers who have names similar to individuals on watch lists\\. The TSA has also implemented enhanced security procedures as part of its enhanced, multi\\-layer approach to airport security, including physical pat down procedures, at security checkpoints\\. Such enhanced security procedures have raised privacy concerns by some air travelers, and have caused delays at screening checkpoints\\.\n\nThe Company, in conjunction with the TSA, participates in TSA PreCheck\u2122, a pre\\-screening initiative that allows a select group of low risk passengers to move through security checkpoints with greater efficiency and ease when traveling\\. Eligible passengers may use dedicated screening lanes at certain airports the Company serves for screening benefits, which include leaving on shoes, light outerwear, and belts, as well as leaving laptops and permitted liquids in carryon bags\\. A similar CBP\\-administered program, Global Entry\u00ae, allows expedited clearance for pre\\-approved, low\\-risk international travelers upon arrival in the United States\\.\n\nThe Company also participates in the TSA Known Crewmember\u00ae program, which is a risk\\-based screening system that enables TSA security officers to positively verify the identity and employment status of flight\\-crew members\\. The program expedites flight crew member access to sterile areas of airports\\.\n\nThe Company works collaboratively with foreign national governments and airports to provide risk\\-based security measures at international departure locations\\.\n\nIn 2017, the Department of Homeland Security granted the Company designation coverage under the Support Anti\\-Terrorism by Fostering Effective Technologies Act of 2002 (the \"SAFETY Act\") for a five year term\\. The designation is based on certain safety and security procedures put in place by the Company to date related to the protection of its Employees, Customers, and assets from terrorists and other criminal activities\\. The designation coverage affords the Company certain limitations of liability for claims arising out of an \"act of terrorism,\" as defined under the SAFETY Act\\.\n\nThe Company has also made significant investments to address the effect of security regulations, including investments in facilities, equipment, and technology to process Customers, checked baggage, and cargo efficiently; however, the Company is not able to predict the impact, if any, that various security measures or the lack of TSA resources at certain airports will have on Passenger revenues and the Company\u2019s costs, either in the short\\-term or the long\\-term\\.\n\n**Environmental Regulation**\n\nThe Company is subject to various federal laws and regulations relating to the protection of the environment, including the Clean Air Act, the Resource Conservation and Recovery Act, the Clean Water Act, the Safe Drinking Water Act, and the Comprehensive Environmental Response, Compensation and Liability Act, as well as state and local laws and regulations\\. These laws and regulations govern aircraft drinking water, emissions, storm water discharges from operations, and the disposal of materials such as jet fuel, chemicals, hazardous waste, and aircraft deicing fluid\\. \n\nAdditionally, in conjunction with airport authorities, other airlines, and state and local environmental regulatory agencies, the Company, as a normal course of business, undertakes voluntary investigation or remediation of soil or groundwater contamination at various airport sites\\. The Company does not believe that any environmental liability associated with these airport sites will have a material adverse effect on the Company's operations, costs, or profitability, nor has it experienced any such liability in the past that has had a material adverse effect on its operations, costs, or profitability\\. \n\nFurther regulatory developments pertaining to the control of engine exhaust emissions from ground support equipment could increase operating costs in the airline industry\\. The Company does not believe, however, that pending \n\n14"}
{"_id": "United-2019_43.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\nUNITED AIRLINES HOLDINGS, INC\\.\n\nSTATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)\n\n(In millions)\n\n\n\n|                                                     |                             |                             |                             |\n| --------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                     | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                     | **2019**                    | **2018 (a)**                | **2017 (a)**                |\n| Net income                                          | $3,009                      | $2,122                      | $2,143                      |\n| Other comprehensive income (loss), net of tax:      |                             |                             |                             |\n| Employee benefit plans                              | 80                          | 342                         | (195<br><br>)               |\n| Investments and other                               | 5                           | (4<br><br>)                 | (5<br><br>)                 |\n| Total other comprehensive income (loss), net of tax | 85                          | 338                         | (200<br><br>)               |\n| Total comprehensive income, net                     | $3,094                      | $2,460                      | $1,943                      |\n\n\n\n(a) Amounts adjusted due to the adoption of Accounting Standards Update No\\. 2016\\-02,  Leases (Topic 842) \\. See Note 1 to the financial statements contained in Part II, Item 8 of this report for additional information\\.\n\nThe accompanying Combined Notes to Consolidated Financial Statements are an integral part of these statements\\.\n\n44"}
{"_id": "Alaska-2017_99.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n|                           |                                                                                                    |\n| ------------------------- | -------------------------------------------------------------------------------------------------- |\n| /s/ BRADLEY D\\. TILDEN    | Chairman and Chief Executive Officer <br><br>(Principal Executive Officer)                         |\n| **Bradley D\\. Tilden**    | Chairman and Chief Executive Officer <br><br>(Principal Executive Officer)                         |\n| /s/ BRANDON S\\. PEDERSEN  | Executive Vice President/Finance and Chief Financial Officer <br><br>(Principal Financial Officer) |\n| **Brandon S\\. Pedersen**  | Executive Vice President/Finance and Chief Financial Officer <br><br>(Principal Financial Officer) |\n| /s/ CHRISTOPHER M\\. BERRY | Vice President Finance and Controller <br><br>(Principal Accounting Officer)                       |\n| **Christopher M\\. Berry** | Vice President Finance and Controller <br><br>(Principal Accounting Officer)                       |\n| /s/ PATRICIA M\\. BEDIENT  | Director                                                                                           |\n| **Patricia M\\. Bedient**  |                                                                                                    |\n| /s/ JAMES A\\. BEER        | Director                                                                                           |\n| **James A\\. Beer**        |                                                                                                    |\n| /s/ MARION C\\. BLAKEY     | Director                                                                                           |\n| **Marion C\\. Blakey**     |                                                                                                    |\n| /s/ PHYLLIS J\\. CAMPBELL  | Director                                                                                           |\n| **Phyllis J\\. Campbell**  |                                                                                                    |\n| /s/ RAYMOND L\\. CONNER    | Director                                                                                           |\n| **Raymond L\\. Conner**    |                                                                                                    |\n| /s/ DHIREN R\\. FONSECA    | Director                                                                                           |\n| **Dhiren R\\. Fonseca**    |                                                                                                    |\n| /s/ DENNIS F\\. MADSEN     | Director                                                                                           |\n| **Dennis F\\. Madsen**     |                                                                                                    |\n| /s/ HELVI K\\. SANDVIK     | Director                                                                                           |\n| **Helvi K\\. Sandvik**     |                                                                                                    |\n| /s/ J\\. KENNETH THOMPSON  | Director                                                                                           |\n| **J\\. Kenneth Thompson**  |                                                                                                    |\n| /s/ ERIC K\\. YEAMAN       | Director                                                                                           |\n| **Eric K\\. Yeaman**       |                                                                                                    |\n\n\n\n 100"}
{"_id": "AmericanAirlines-2017_68.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\nBoeing 787 aircraft and two Boeing 777 aircraft and the purchase of five Boeing 757 aircraft previously being leased\\. These cash outflows were offset in part by $391 million in net sales of short\\-term investments\\.\n\n*Financing Activities*\n\nAmerican\u2019s net cash provided by financing activities was $3\\.8 billion and $2\\.4 billion in 2016 and 2015, respectively\\.\n\nAmerican\u2019s principal financing activities in 2016 included net proceeds of $7\\.7 billion from the issuance of debt, including the issuance of $2\\.8 billion of EETCs, $2\\.3 billion provided under the April 2016 and December 2016 Term Loan Facilities and $1\\.8 billion borrowed in connection with the financing of certain aircraft\\. These cash inflows were offset in part by $3\\.8 billion in debt repayments, including the repayment of $588 million and $970 million in remaining principal of the 2013 Citicorp Credit Facility Tranche B\\-2 and Tranche B\\-1 term loans, respectively\\.\n\nAmerican\u2019s principal financing activities in 2015 included net proceeds of $4\\.5 billion from the issuance of debt, including the issuance of $2\\.3 billion of EETCs and $1\\.9 billion borrowed in connection with the financing of certain aircraft\\. These cash inflows were offset in part by $2\\.2 billion in debt repayments, including the $400 million repayment of the AAdvantage loan with Citibank\\.\n\n***Collateral\\-Related Covenants***\n\nCertain of our debt financing agreements contain loan to value ratio covenants and require us to appraise the related collateral annually\\. Pursuant to such agreements, if the loan to value ratio exceeds a specified threshold, we are required, as applicable, to pledge additional qualifying collateral (which in some cases may include cash collateral), or pay down such financing, in whole or in part\\. As of December 31, 2017, we were in compliance with the collateral coverage tests for the 2013 Credit Facilities, the 2014 Credit Facilities, the April 2016 Credit Facilities and the December 2016 Credit Facilities as of the most recent measurement dates\\. For further information regarding our collateral\\-related covenants, see Note 5 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and Note 3 to American\u2019s Consolidated Financial Statements in Part II, Item 8B\\.\n\n***Credit Ratings***\n\nThe following table details AAG and American\u2019s credit ratings as of December 31, 2017:\n\n\n\n|                                        |                    |\n| -------------------------------------- | ------------------ |\n|                                        | **Current Rating** |\n| S&P Local Issuer Credit Rating         | BB\\-               |\n| Fitch Issuer Default Credit Rating     | BB\\-               |\n| Moody\u2019s Corporate Family Rating  ^(1)^ | Ba3                |\n\n\n\n\n\n|       |                                                                                            |\n| ----- | ------------------------------------------------------------------------------------------ |\n| ^(1)^ | This rating is for AAG only\\. The credit agency does not rate this category for American\\. |\n\n\n\nA decrease in our credit ratings could cause our borrowing costs to increase, which would increase our interest expense and could affect our net income, and our credit ratings could adversely affect our ability to obtain additional financing\\. If our financial performance or industry conditions worsen, we may face future downgrades, which could negatively impact our borrowing costs and the prices of our equity or debt securities\\. In addition, any downgrade of our credit ratings may indicate a decline in our business and in our ability to satisfy our obligations under our indebtedness\\.\n\n**Commitments**\n\nFor further information regarding our commitments, see the Notes to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A and the Notes to American\u2019s Consolidated Financial Statements in Part II, Item 8B at the referenced footnotes below\\.\n\n\n\n|                                           |         |              |\n| ----------------------------------------- | ------- | ------------ |\n|                                           | **AAG** | **American** |\n| Long\\-term debt and debt covenants        | Note 5  | Note 3       |\n| Employee benefit plans                    | Note 9  | Note 7       |\n| Commitments, contingencies and guarantees | Note 11 | Note 9       |\n\n\n\n69"}
{"_id": "AmericanAirlines-2018_50.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**AAG\u2019s Results of Operations**\n\n***Operating Statistics***\n\nThe table below sets forth selected operating data for the years ended December 31, 2018, 2017 and 2016\\.\n\n\n\n|                                                                          |                             |                             |                             |                                    |                                    |\n| ------------------------------------------------------------------------ | --------------------------- | --------------------------- | --------------------------- | ---------------------------------- | ---------------------------------- |\n|                                                                          | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Increase (Decrease) 2018\\-2017** | **Increase (Decrease) 2017\\-2016** |\n|                                                                          | **2018**                    | **2017**                    | **2016**                    | **Increase (Decrease) 2018\\-2017** | **Increase (Decrease) 2017\\-2016** |\n| Revenue passenger miles (millions)  ^(a)^                                | 231,160                     | 226,346                     | 223,477                     | 2\\.1%                              | 1\\.3%                              |\n| Available seat miles (millions)  ^(b)^                                   | 282,054                     | 276,493                     | 273,410                     | 2\\.0%                              | 1\\.1%                              |\n| Passenger load factor (percent)  ^(c)^                                   | 82\\.0                       | 81\\.9                       | 81\\.7                       | 0\\.1pts                            | 0\\.2pts                            |\n| Yield (cents)  ^(d)^                                                     | 17\\.60                      | 17\\.29                      | 16\\.58                      | 1\\.8%                              | 4\\.3%                              |\n| Passenger revenue per available seat mile (cents)  ^(e)^                 | 14\\.42                      | 14\\.15                      | 13\\.55                      | 1\\.9%                              | 4\\.5%                              |\n| Total revenue per available seat mile (cents)  ^(f)^                     | 15\\.79                      | 15\\.42                      | 14\\.68                      | 2\\.4%                              | 5\\.0%                              |\n| Aircraft at end of period                                                | 1,551                       | 1,545                       | 1,536                       | 0\\.4%                              | 0\\.6%                              |\n| Fuel consumption (gallons in millions)                                   | 4,447                       | 4,352                       | 4,347                       | 2\\.2%                              | 0\\.1%                              |\n| Average aircraft fuel price including related taxes (dollars per gallon) | 2\\.23                       | 1\\.73                       | 1\\.42                       | 29\\.0%                             | 21\\.4%                             |\n| Full\\-time equivalent employees at end of period                         | 128,900                     | 126,600                     | 122,300                     | 1\\.8%                              | 3\\.5%                              |\n| Operating cost per available seat mile (cents)  ^(g)^                    | 14\\.85                      | 13\\.88                      | 12\\.83                      | 6\\.9%                              | 8\\.2%                              |\n\n\n\n\n\n|       |                                                                                                                    |\n| ----- | ------------------------------------------------------------------------------------------------------------------ |\n| ^(a)^ | Revenue passenger mile (RPM) \u2013 A basic measure of sales volume\\. One RPM represents one passenger flown one mile\\. |\n\n\n\n\n\n|       |                                                                                                          |\n| ----- | -------------------------------------------------------------------------------------------------------- |\n| ^(b)^ | Available seat mile (ASM) \u2013 A basic measure of production\\. One ASM represents one seat flown one mile\\. |\n\n\n\n\n\n|       |                                                                                                     |\n| ----- | --------------------------------------------------------------------------------------------------- |\n| ^(c)^ | Passenger load factor \u2013 The percentage of available seats that are filled with revenue passengers\\. |\n\n\n\n\n\n|       |                                                                                      |\n| ----- | ------------------------------------------------------------------------------------ |\n| ^(d)^ | Yield \u2013 A measure of airline revenue derived by dividing passenger revenue by RPMs\\. |\n\n\n\n\n\n|       |                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------- |\n| ^(e)^ | Passenger revenue per available seat mile (PRASM) \u2013 Passenger revenues divided by ASMs\\. |\n\n\n\n\n\n|       |                                                                                  |\n| ----- | -------------------------------------------------------------------------------- |\n| ^(f)^ | Total revenue per available seat mile (TRASM) \u2013 Total revenues divided by ASMs\\. |\n\n\n\n\n\n|       |                                                                                      |\n| ----- | ------------------------------------------------------------------------------------ |\n| ^(g)^ | Operating cost per available seat mile (CASM) \u2013 Operating expenses divided by ASMs\\. |\n\n\n\n***Results of Operations \u2013*** ***2018*** ***Compared to*** ***2017***\n\nPre\\-tax income and net income were $1\\.9 billion and $1\\.4 billion in 2018, respectively\\. This compares to 2017 pre\\-tax income and net income of $3\\.4 billion and $1\\.3 billion, respectively\\. Excluding the effects of pre\\-tax net special items, pre\\-tax income was $2\\.8 billion and $4\\.2 billion in 2018 and 2017, respectively\\. For reconciliation of pre\\-tax income excluding special items to their comparable measures on a GAAP basis, see Part II, Item 6\\. Selected Consolidated Financial Data \u2013*\u201cReconciliation of GAAP to Non\\-GAAP Financial Measures*\\.*\u201d*\n\nThe year\\-over\\-year declines in our pre\\-tax income on both a GAAP basis and excluding pre\\-tax net special items were principally driven by an increase in fuel costs, which was offset in part by higher revenues driven by strong demand\\.\n\n*Operating Revenues*\n\n\n\n|                          |                                              |                                              |                                              |                                                       |\n| ------------------------ | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                          | **Year Ended December 31,**                  | **Year Ended December 31,**                  | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **2018**                                     | **2017**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                          | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Passenger                | $40,676                                      | $39,131                                      | $1,545                                       | 3\\.9                                                  |\n| Cargo                    | 1,013                                        | 890                                          | 123                                          | 13\\.8                                                 |\n| Other                    | 2,852                                        | 2,601                                        | 251                                          | 9\\.7                                                  |\n| Total operating revenues | $44,541                                      | $42,622                                      | $1,919                                       | 4\\.5                                                  |\n\n\n\n51"}
{"_id": "Alaska-2017_50.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\n***Consolidated Nonoperating Income (Expense)***\n\nDuring 2016, we recorded nonoperating expense of $4 million, compared to nonoperating income of $14 million in 2015\\. In 2016, we incurred more interest expense associated with the financing obtained to fund the acquisition of Virgin America\\. This expense was partially offset by additional interest income earned during the period we held those funds in advance of the acquisition close date\\. \n\n***ADDITIONAL SEGMENT INFORMATION***\n\nRefer to Note 12 of the consolidated financial statements for a detailed description of each segment\\. Below is a summary of each segments' profitability\\.\n\n***Mainline***\n\nPretax profit for Mainline was $1\\.3 billion in 2016 compared to $1\\.2 billion in 2015\\. This segment includes financial results of Virgin America from the date of acquisition through December 31, 2016\\. The $135 million increase was due to an increase in operating revenues of $277 million, offset by an increase in operating expenses of $126 million\\. Revenue growth was primarily driven by the $159 million increase in passenger revenues and the $100 million increase in Mileage Plan\u2122 revenue, both described previously\\. Growth in operating expenses was due to higher wages to support our network growth, higher ramp and passenger handling due to increased flying and higher wage rates at stations where we use vendors to assist us, higher depreciation related to our fleet growth, and selling expenses related to increased advertising\\. Economic fuel cost, as defined above, decreased due to lower raw fuel costs and increased fuel efficiency, slightly offset by an 8% increase in consumption\\.\n\n***Regional***\n\nPretax profit for Regional was $93 million in 2016 compared to $105 million in 2015\\. The $12 million decrease in pretax profit was driven by a $74 million increase in non\\-fuel operating expenses in 2016 to support additional departures, partially offset by a $56 million increase in revenue and a $6 million decrease in fuel expense when compared to the prior year period\\. \n\n***Horizon***\n\nPretax profit for Horizon was $14 million in 2016 compared to $28 million in 2015\\. CPA Revenues (100% of which are from Alaska and eliminated in consolidation) increased due to additional capacity added in 2016\\. The $32 million increase in Horizon's non\\-fuel operating expenses was largely driven by higher medical costs due to an increased number of large medical claims, increased volume of engine overhaul and heavy airframe work, employee signing bonuses and overhead restructuring costs\\. \n\n**LIQUIDITY AND CAPITAL RESOURCES**\n\nOur primary sources of liquidity are:\n\n\n\n|   |                                                                                                                |\n| - | -------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Our existing cash and marketable securities balance of  $1\\.6 billion , and our expected cash from operations; |\n\n\n\n\n\n|   |                                                                                                                            |\n| - | -------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Our  72  unencumbered aircraft in the operating fleet as of  December 31, 2017 , that could be financed, if necessary; and |\n\n\n\n\n\n|   |                                                                                                                                                                                                         |\n| - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| \u2022 | Our combined bank line\\-of\\-credit facilities, with no outstanding borrowings, of  $400 million \\. Information about these facilities can be found in Note 5 to the consolidated financial statements\\. |\n\n\n\nIn 2017, we took delivery of 14 B737\\-900ER and 10 E175 aircraft and made debt payments totaling $397 million\\. We also continued to return capital to our shareholders by paying dividends totaling $148 million and repurchasing $75 million of our common stock\\. Because of our strong balance sheet and financial performance, we are one of only three airlines in the U\\.S\\. with investment grade credit ratings\\. \n\nWe believe that our current cash and marketable securities balance combined with future cash flows from operations and other sources of liquidity will be sufficient to fund our operations and meet our debt payment obligations for the foreseeable future\\.\n\n 51"}
{"_id": "Alaska-2017_84.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2017\n\nThe expected amortization of prior service credit and net loss from AOCL in 2018 is $1 million and $31 million, respectively, for the qualified defined\\-benefit pension plans\\. \n\nNet pension expense for the qualified defined\\-benefit plans included the following components (in millions): \n\n\n\n|                                      |           |          |          |\n| ------------------------------------ | --------- | -------- | -------- |\n|                                      | **2017**  | **2016** | **2015** |\n| Service cost                         | **$39**   | $37      | $41      |\n| Interest cost                        | **74**    | 73       | 84       |\n| Expected return on assets            | **(106)** | (108)    | (122)    |\n| Amortization of prior service credit | **(1)**   | (1)      | (1)      |\n| Recognized actuarial loss            | **26**    | 25       | 26       |\n| Settlement expense  *(special item)* | **\u2014**     | \u2014        | 14       |\n| Net pension expense                  | **$32**   | $26      | $42      |\n\n\n\nIn 2015, the Company recognized a settlement charge of $14 million related to lump sum settlements offered to terminated, vested plan participants\\. The result was a reduction in the projected benefit obligation of $62 million\\. The settlement charge reflects the remaining unamortized actuarial loss in AOCL associated with the settled obligation\\.\n\nThere are no current statutory funding requirements for the Company\u2019s plans in 2018\\. \n\nFuture benefits expected to be paid over the next ten years under the qualified defined\\-benefit pension plans from the assets of those plans (in millions): \n\n\n\n|            |           |\n| ---------- | --------- |\n|            | **Total** |\n| 2018       | $97       |\n| 2019       | 101       |\n| 2020       | 116       |\n| 2021       | 116       |\n| 2022       | 130       |\n| 2023\u2013 2027 | 723       |\n\n\n\n***Nonqualified Defined\\-Benefit Pension Plan***\n\nAlaska also maintains an unfunded, noncontributory defined\\-benefit plan for certain elected officers\\. This plan uses a December 31 measurement date\\. The assumptions used to determine benefit obligations and the net period benefit cost for the nonqualified defined\\-benefit pension plan are similar to those used to calculate the qualified defined\\-benefit pension plan\\. The plan's unfunded status, PBO and accumulated benefit obligation are immaterial\\. The net pension expense in prior year and expected future expense is also immaterial\\. \n\n***Postretirement Medical Benefits***\n\nThe Company allows certain retirees to continue their medical, dental and vision benefits by paying all or a portion of the active employee plan premium until eligible for Medicare, currently age 65\\. This results in a subsidy to retirees, because the premiums received by the Company are less than the actual cost of the retirees\u2019 claims\\. The accumulated postretirement benefit obligation for this subsidy is unfunded\\. The accumulated postretirement benefit obligation was $85 million and $76 million at December 31, 2017 and 2016, respectively\\. The net periodic benefit cost was not material in 2017 or 2016\\.\n\n***Defined\\-Contribution Plans***\n\nThe seven defined\\-contribution plans are deferred compensation plans under section 401(k) of the Internal Revenue Code\\. All of these plans require Company contributions\\. Total expense for the defined\\-contribution plans was $103 million, $67 million and $60 million in 2017, 2016, and 2015, respectively\\. \n\n 85"}
{"_id": "United-2019_96.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|          |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |\n| -------- | --------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n|  \u202010\\.8  | UAL  <br>United | [Stock Option Award Notice, dated as of December 4, 2019, to J\\. Scott Kirby pursuant to the United Continental Holdings, Inc\\. 2017 Incentive Compensation Plan (filed as Exhibit 10\\.2 to UAL's Current Report on Form 8\\-K filed on December 6, 2019, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000110465919070590/tm1924595d1_ex10-2.htm)                                                                                                                       |\n|  \u202010\\.9  | UAL             | [Form of Stock Option Award Notice pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended September 30, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516739859/d259980dex101.htm)                                                                                                                                                                        |\n|  \u202010\\.10 | UAL             | [Form of Restricted Stock Unit Award Notice pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Exhibit 10\\.2 to UAL's Form 10\\-Q for the quarter ended September 30, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516739859/d259980dex102.htm)                                                                                                                                                               |\n|  \u202010\\.11 | UAL             | [Description of Benefits for Officers of United Airlines Holdings, Inc\\. and United Airlines, Inc\\. ](https://www.example.com/ual12311910kex1011.htm)                                                                                                                                                                                                                                                                                                                                                                                          |\n|  \u202010\\.12 | UAL             | [United Continental Holdings, Inc\\. Officer Travel Policy (filed as Exhibit 10\\.24 to UAL's Form 10\\-K for the year ended December 31, 2010, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312511042335/dex1024.htm)                                                                                                                                                                                                                                              |\n|  \u202010\\.13 | UAL             | [United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Annex A to UAL Corporation's 2013 Definitive Proxy Statement filed on April 26, 2013, Commission file number 1\\-6033, and incorporated herein by reference) (now named the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan)](http://www.sec.gov/Archives/edgar/data/100517/000104746913004972/a2214585zdef14a.htm#la45701_annex_a)                                                                                                          |\n|  \u202010\\.14 | UAL             | [First Amendment to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (changing the name to United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Annex A to UAL's Definitive Proxy Statement filed on April 26, 2013, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000104746913004972/a2214585zdef14a.htm#la45701_annex_a)                                                                                             |\n|  \u202010\\.15 | UAL             | [Second Amendment to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Exhibit 10\\.19 to UAL's Form 10\\-K for the year ended December 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex1019.htm)                                                                                                                                                                                                    |\n|  \u202010\\.16 | UAL             | [Form of Stock Option Award Notice pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (filed as Exhibit 10\\.5 to UAL's Form 10\\-Q for the quarter ended June 30, 2008, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000104746908008342/a2186941zex-10_5.htm)                                                                                                                                                                          |\n|  \u202010\\.17 | UAL             | [Form of Restricted Stock Unit Award Notice pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan (stock settled) (filed as Exhibit 10\\.21 to UAL's Form 10\\-K for the year ended December 31, 2016, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312517054129/d300268dex1021.htm)                                                                                                                                                 |\n|  \u202010\\.18 | UAL             | [United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Exhibit 10\\.31 to UAL's Form 10\\-K for the year ended December 31, 2010, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312511042335/dex1031.htm)                                                                                                                     |\n|  \u202010\\.19 | UAL             | [First Amendment to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (effective with respect to performance periods beginning on or after January 1, 2012) (filed as Exhibit 10\\.33 to UAL's Form 10\\-K for the year ended December 31, 2011, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312512073010/d260625dex1033.htm) |\n|  \u202010\\.20 | UAL             | [Second Amendment to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Exhibit 10\\.29 to UAL's Form 10\\-K for the year ended December 31, 2012, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312513074391/d436512dex1029.htm)                                                                                      |\n|  \u202010\\.21 | UAL             | [Third Amendment to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Exhibit 10\\.1 to UAL's Form 10\\-Q for the quarter ended March 31, 2015, Commission file number 1\\-6033, and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312515144255/d891332dex101.htm)                                                                                         |\n|  \u202010\\.22 | UAL             | [Fourth Amendment to the United Continental Holdings, Inc\\. Performance\\-Based Restricted Stock Unit Program (adopted pursuant to the United Continental Holdings, Inc\\. 2008 Incentive Compensation Plan) (filed as Exhibit 10\\.22 to UAL's Form 10\\-K for the year ended December 31, 2015, Commission file number 1\\-6033 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/100517/000119312516468479/d13806dex1022.htm)                                                                                        |\n\n\n\n97"}
{"_id": "United-2018_35.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2018\n\n[Table of Contents](https://www.example.com#sCFFD9DA26B5659A3A528A4B51B718F87)\n\ntransportation are recognized as passenger revenue at the estimated value to be billed to the other airline when travel is provided\\. Differences between amounts billed and the actual amounts may be rejected and rebilled or written off if the amount recorded was different from the original estimate\\. When necessary, the Company records a reserve against its billings and payables with other airlines based on historical experience\\.\n\nThe Company sells certain tickets with connecting flights with one or more segments operated by its other airline partners\\. For segments operated by its other airline partners, the Company has determined that it is acting as an agent on behalf of the other airlines as they are responsible for their portion of the contract (i\\.e\\. transportation of the passenger)\\. The Company, as the agent, recognizes revenue within Other operating revenue at the time of the travel for the net amount representing commission to be retained by the Company for any segments flown by other airlines\\.\n\nRefundable tickets expire after one year from the date of issuance\\. Non\\-refundable tickets generally expire on the date of the intended travel, unless the date is extended by notification from the customer on or before the intended travel date\\.The Company records breakage revenue on the travel date for its estimate of tickets that will expire unused\\. To determine breakage, the Company uses its historical experience with refundable and nonrefundable expired tickets and other facts, such as recent aging trends, program changes and modifications that could affect the ultimate expiration patterns of tickets\\. Fees charged in association with changes or extensions to non\\-refundable tickets are considered part of the Company's passenger travel obligation\\. As such, those fees are deferred at the time of collection and recognized at the time the travel is provided\\. \n\nUnited initially capitalizes the costs of selling airline travel tickets and then recognizes those costs as Distribution expense at the time of travel\\. Passenger ticket costs include credit card fees, travel agency and other commissions paid, as well as global distribution systems booking fees\\.\n\n***Long\\-Lived Assets\\.*** The net book value of operating property and equipment for the Company was $28 billion and $26 billion at December 31, 2018 and 2017, respectively\\. The assets' recorded value is impacted by a number of accounting policy elections, including the estimation of useful lives and residual values and, when necessary, the recognition of asset impairment charges\\.\n\nThe Company records assets acquired, including aircraft, at acquisition cost\\. Depreciable life is determined through economic analysis, such as reviewing existing fleet plans, obtaining appraisals and comparing estimated lives to other airlines that operate similar fleets\\. The Company has generally estimated the lives of those aircraft to be between 25 and 30 years\\. Residual values are estimated based on historical experience with regard to the sale of both aircraft and spare parts and are established in conjunction with the estimated useful lives of the related fleets\\. Residual values are based on when the aircraft are acquired and typically reflect asset values that have not reached the end of their physical life\\. Both depreciable lives and residual values are revised periodically as facts and circumstances arise to recognize changes in the Company's fleet plan and other relevant information\\. A one\\-year increase in the average depreciable life of the Company's flight equipment would reduce annual depreciation expense on flight equipment by approximately $85 million\\.\n\nThe Company evaluates the carrying value of long\\-lived assets and intangible assets subject to amortization whenever events or changes in circumstances indicate that an impairment may exist\\. For purposes of this testing, the Company has generally identified the aircraft fleet type as the lowest level of identifiable cash flows for purposes of testing aircraft for impairment\\. An impairment charge is recognized when the asset's carrying value exceeds its net undiscounted future cash flows and its fair market value\\. The amount of the charge is the difference between the asset's carrying value and fair market value\\.\n\nSee Note 14 to the financial statements included in Part II, Item 8 of this report for additional information\\. \n\n***Indefinite\\-lived intangible assets\\.*** The Company has indefinite\\-lived intangible assets, including goodwill\\. Goodwill and indefinite\\-lived intangible assets are not amortized but are reviewed for impairment on an annual basis as of October 1, or on an interim basis whenever a triggering event occurs\\. An impairment occurs when the fair value of an intangible asset is less than its carrying value\\. \n\nSee Note 2 to the financial statements included in Part II, Item 8 of this report for additional information\\.\n\n***Defined Benefit Plan Accounting\\.*** We sponsor defined benefit pension plans for eligible employees and retirees\\. The most critical assumptions impacting our defined benefit pension plan obligations and expenses are the weighted average discount rate and the expected long\\-term rate of return on the plan assets\\. \n\nUnited's pension plans' under\\-funded status was $1\\.6 billion at December 31, 2018\\. Funding requirements for tax\\-qualified defined benefit pension plans are determined by government regulations\\. In 2019, we anticipate contributing at least $318 million to our pension plans\\. The fair value of the plans' assets was $3\\.8 billion at December 31, 2018\\.\n\n36"}
{"_id": "AmericanAirlines-2017_46.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n*AAG\u2019s* *2017* *Results*\n\nThe selected financial data presented below is derived from AAG\u2019s audited consolidated financial statements included in Part II, Item 8A of this report and should be read in conjunction with those financial statements and the related notes thereto\\.\n\n\n\n|                                                       |                                              |                                              |                                              |                                                       |\n| ----------------------------------------------------- | -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ----------------------------------------------------- |\n|                                                       | **Year Ended**<br><br>**December 31,**       | **Year Ended**<br><br>**December 31,**       | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                                       | **2017**                                     | **2016**                                     | **Increase**<br><br>**(Decrease)**           | **Percent**<br><br>**Increase**<br><br>**(Decrease)** |\n|                                                       | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)** | **(In millions, except percentage changes)**          |\n| Mainline and regional passenger revenues              | $36,133                                      | $34,579                                      | $1,554                                       | 4\\.5                                                  |\n| Other operating revenues                              | 5,274                                        | 4,901                                        | 373                                          | 7\\.6                                                  |\n| Total operating revenues                              | 42,207                                       | 40,180                                       | 2,027                                        | 5\\.0                                                  |\n| Mainline and regional aircraft fuel and related taxes | 7,510                                        | 6,180                                        | 1,330                                        | 21\\.5                                                 |\n| Salaries, wages and benefits                          | 11,816                                       | 10,890                                       | 926                                          | 8\\.5                                                  |\n| Total operating expenses                              | 38,149                                       | 34,896                                       | 3,253                                        | 9\\.3                                                  |\n| Operating income                                      | 4,058                                        | 5,284                                        | (1,226)                                      | (23\\.2)                                               |\n| Pre\\-tax income                                       | 3,084                                        | 4,299                                        | (1,215)                                      | (28\\.3)                                               |\n| Income tax provision                                  | 1,165                                        | 1,623                                        | (458)                                        | (28\\.2)                                               |\n| Net income                                            | 1,919                                        | 2,676                                        | (757)                                        | (28\\.3)                                               |\n| Pre\\-tax income \u2013 GAAP                                | $3,084                                       | $4,299                                       | $(1,215)                                     | (28\\.3)                                               |\n| Adjusted for: Pre\\-tax special items  ^(1)^           | 756                                          | 772                                          | (16)                                         | (2\\.1)                                                |\n| Pre\\-tax income excluding special items               | $3,840                                       | $5,071                                       | $(1,231)                                     | (24\\.3)                                               |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                      |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | See Part II, Item 6\\. Selected Consolidated Financial Data \u2013  *\u201cReconciliation of GAAP to Non\\-GAAP Financial Measures\u201d*  and Note 2 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for details on the components of special items\\. |\n\n\n\n***Pre\\-Tax Income and Net Income***\n\nPre\\-tax income and net income were $3\\.1 billion and $1\\.9 billion in 2017, respectively\\. This compares to 2016 pre\\-tax income and net income of $4\\.3 billion and $2\\.7 billion, respectively\\. Excluding the effects of pre\\-tax special items, we recognized pre\\-tax income of $3\\.8 billion in 2017 as compared to $5\\.1 billion in 2016\\. The year\\-over\\-year declines in our pre\\-tax income on both a GAAP basis and excluding pre\\-tax special items were principally driven by higher fuel costs and wage rates\\. Fuel costs increased driven by a 21\\.4% increase in the average price per gallon of fuel\\. Wage rates were higher primarily due to mid\\-contract pay increases for pilots and flight attendants effective in the second quarter of 2017, as well as increases for maintenance and fleet service work groups, which became effective in the third quarter of 2016\\. These increases were offset in part by higher revenues\\.\n\n***Revenue***\n\nIn 2017, we reported total operating revenues of $42\\.2 billion, an increase of $2\\.0 billion, or 5\\.0%, as compared to 2016\\. Mainline and regional passenger revenues were $36\\.1 billion, an increase of $1\\.6 billion, or 4\\.5%, as compared to 2016\\. The increase in mainline and regional passenger revenues was due to a 3\\.2% year\\-over\\-year increase in consolidated yields driven by strong demand\\. Domestic consolidated yields increased 3\\.5% and international yields rose 3\\.2%, due principally to improved performance in Latin America\\.\n\nAdditionally, other revenues increased $373 million primarily due to higher revenues associated with our loyalty program\\. Our mainline and regional total revenue per available seat mile (TRASM) was 15\\.27 cents in 2017, a 3\\.9% increase as compared to 14\\.70 cents in 2016\\.\n\n***Fuel***\n\nOur mainline and regional fuel expense totaled $7\\.5 billion in 2017, which was $1\\.3 billion, or 21\\.5%, higher as compared to 2016\\. This increase was driven by a 21\\.4% increase in the average price per gallon of fuel to $1\\.73 in 2017 from $1\\.42 in 2016\\.\n\n47"}
{"_id": "Southwest-2018_8.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2018\n\nmajor enhancements to offer corporate travel managers helpful tools including Unused Funds Reports, Hotel Booking, additional reporting, mobile changes, and shared confirmation receipt emails\\. \n\nIn 2018, the Company also continued to invest in broadening mobile capabilities for Customers\\. The mobile shopping and booking experiences were updated to allow Customers to book, change, and check in for international trips, as well as sign up for the Rapid Rewards credit card while making a booking\\. The Company also enhanced the day of travel experience with an improved multi\\-passenger boarding experience, more intuitive trip cards, Google Pay\\-enabled mobile boarding passes for Android users, and a mobile standby list\\. The Company added additional Customer experience enhancements with in\\-app ratings and review technology, personalization technology, and an iPad optimized version of the iOS application\\.\n\nIn 2018, the Company also invested in major updates to its messaging platforms with a complete overhaul of its e\\-mail experiences\\. All confirmation emails were updated with a new modern look and feel, including personalized information and clearer itinerary information, as well as enhanced travel tips and promotional areas\\. This overhaul also extended into EarlyBird, Gift Card, LUV Voucher, and SWABIZ Account notifications\\. Promotional messaging emails were also updated with new personalization technology designed to increase click\\-through rates\\.\n\nFor the year ended December 31, 2018, approximately 80 percent of the Company\u2019s Passenger revenues originated from its website (including revenues from SWABIZ^\u00ae^)\\.\n\n**Marketing**\n\nDuring 2018, the Company continued to aggressively market and benefit from Southwest's points of differentiation from its competitors\\. For example, the Company's Trans**fare**ncy^SM^ campaign emphasizes Southwest's approach totreating Customers fairly, honestly, and respectfully, with its low fares and no unexpected bag fees, change fees, or hidden fees\\.\n\nSouthwest continues to be the only major U\\.S\\. airline that offers to all ticketed Customers up to two checked bags that fly free (subject to weight and size limits)\\. Through both its national and local marketing campaigns, Southwest has continued to aggressively promote this point of differentiation from its competitors with its \"Bags Fly Free^\u00ae^\" message\\. The Company believes its decision not to charge for first and second checked bags, as reinforced by the Company's related marketing, has driven an increase in the Company's market share and a resulting net increase in revenues\\.\n\nSouthwest also does not charge a fee on any of its fares for a Customer change in flight reservations\\. The Company has continued to incorporate this key point of differentiation in its marketing campaigns\\. The campaigns highlight the importance to Southwest of Customer Service by showing that Southwest understands plans can change and therefore does not charge a change fee\\. While a Customer may pay a difference in airfare, the Customer will not be charged a change fee on top of any difference in airfare\\.\n\nAlso unlike many of its competitors, Southwest does not impose additional fees for items such as seat selection, snacks, curb\\-side check\\-in, and telephone reservations\\. In addition, Southwest allows each ticketed Customer to check one stroller and one car seat free of charge, in addition to the two free checked bags\\.\n\nThe Company also continues to promote all of the many other reasons to fly Southwest such as its low fares, network size, Customer Service, free movies\\-on\\-demand and live and on\\-demand television, free messaging via iMessage or WhatsApp, the iHeartRadio service, and its Rapid Rewards loyalty program\\. \n\nThe Company's visual expression of its brand is its Heart\\. The Company believes its Heart sets it apart from the industry standard\\. The Company's Heart symbol is purposely placed on the Company's aircraft livery, airport experience, and logo, and symbolizes the Company's care, trust, and belief in providing exceptional Hospitality and its Employees' dedication to connecting Customers with what is important in their lives\\. The Company's 737\\-800 and 737 MAX 8 aircraft include a Heart cabin interior, which gives Southwest Customers a look and feel of the future, with bold blue seats and additional seat width and legroom, an adjustable headrest, enhanced back comfort, and extra room for personal belongings\\. In addition, front\\-line Employees wear Employee\\-designed uniforms that highlight the Company's red, yellow, and blue Heart brand\\.\n\n**Technology Initiatives**\n\n9"}
{"_id": "Alaska-2018_13.md", "title": "", "text": "Annual Report of ALASKA AIR GROUP, INC\\. for year 2018\n\nsusceptible to congested air space and Air Traffic Control delays due to our heavy concentration of departures from Seattle and San Francisco\\. \n\nNo material part of our business, or that of our subsidiaries, is dependent upon a single customer, or upon a few high\\-volume customers\\.\n\n**EMPLOYEES**\n\nOur business is labor intensive\\. As of December 31, 2018, we employed 23,376 (17,520 at Alaska, 4,052 at Horizon, and 1,804 at McGee Air Services) active full\\-time and part\\-time employees\\. Wages and benefits, including variable incentive pay, represented approximately 41% of our total non\\-fuel operating expenses in 2018 and 39% in 2017\\. Additionally, in the first quarter of 2018 we paid approximately $25 million in one\\-time bonuses to employees as a result of tax reform\\. \n\nMost major airlines, including Alaska and Horizon, have employee groups that are covered by collective bargaining agreements (CBA)\\. Airlines with unionized work forces generally have higher labor costs than carriers without unionized work forces, and they may not have the ability to adjust labor costs downward quickly enough to respond to new competition or slowing demand\\. \n\nAs part of the integration, we have been working to bring represented work groups under single collective bargaining agreements\\. The process for combining work groups begins with the union filing a petition with the National Mediation Board (NMB), at which point the NMB performs a review to assess a \u2018single carrier determination\u2019 for the airlines\\. Following this single carrier determination, the NMB makes a representation determination depending on size of the pre\\-merger bargaining units and will either extend the certification if one is significantly larger than the other or require a vote\\. Once representation is determined, the NMB certifies the union as the bargaining representative for the work group\\. The parties must also work together to achieve agreed upon single collective bargaining agreements\\. Integration also requires the pre\\-merger work groups to agree upon and finalize integrated seniority lists\\. As of December 31, 2018, four of our five unionized groups at Alaska have joint collective agreements and integrated seniority lists in place\\. This is a major milestone just 24 months after the official close of the acquisition of Virgin America in December 2016\\. A tentative agreement reached with the Aircraft Mechanics Fraternal Association (AMFA) was rejected by Boeing technicians\\. We will continue to work with AMFA and our technicians to reach a transition agreement\\.\n\nAt December 31, 2018, labor unions represented 84% of Alaska\u2019s, 45% of Horizon\u2019s, and 87% of McGee Air Services' employees\\. \n\nOur relations with U\\.S\\. labor organizations are governed by the Railway Labor Act (RLA)\\. Under the RLA, collective bargaining agreements do not expire but instead become amendable as of a stated date\\. If either party wishes to modify the terms of any such agreement, it must notify the other party in the manner prescribed by the RLA and/or described in the agreement\\. After receipt of such notice, the parties must meet for direct negotiations, and if no agreement is reached, either party may request the NMB to initiate a process including mediation, arbitration, and a potential \u201ccooling off\u201d period that must be followed before either party may engage in self\\-help\\.\n\nAlaska\u2019s union contracts at December 31, 2018 were as follows: \n\n\n\n|                                                                           |                                        |                         |                      |\n| ------------------------------------------------------------------------- | -------------------------------------- | ----------------------- | -------------------- |\n| **Union**                                                                 | **Employee Group**                     | **Number of Employees** | **Contract Status**  |\n| Air Line Pilots Association, International (ALPA)                         | Pilots                                 | 2,871                   | Amendable 4/1/2020   |\n| Association of Flight Attendants (AFA)                                    | Flight attendants                      | 5,815                   | Amendable 12/17/2021 |\n| International Association of Machinists and Aerospace Workers (IAM) ^(a)^ | Ramp service and stock clerks          | 688                     | Amendable 7/19/2018  |\n| IAM                                                                       | Clerical, office and passenger service | 4,506                   | Amendable 1/1/2019   |\n| Aircraft Mechanics Fraternal Association (AMFA) ^(a)^                     | Mechanics, inspectors and cleaners     | 725                     | Amendable 10/17/2021 |\n| Mexico Workers Association of Air Transport                               | Mexico airport personnel               | 73                      | Amendable 9/29/2019  |\n| Transport Workers Union of America (TWU)                                  | Dispatchers                            | 87                      | Amendable 3/24/2019  |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                    |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (a) | Negotiations with AMFA for a transition agreement with our aircraft technicians and with the IAM for an agreement with our ramp service and stock clerks are ongoing as of the date of this filing\\. Number of employees under the AMFA agreement shown above are  |\n\n\n\n 14"}
{"_id": "AmericanAirlines-2018_168.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\ninformation relating to these contracts and the DOJ has also sought information concerning certain of the airlines that transport mail on a codeshare basis\\. The DOJ has indicated it is investigating potential violations of the False Claims Act or other statutes\\. American is cooperating fully with the DOJ with regard to its investigation\\.\n\n*General*\\. In addition to the specifically identified legal proceedings, American and its subsidiaries are also engaged in other legal proceedings from time to time\\. Legal proceedings can be complex and take many months, or even years, to reach resolution, with the final outcome depending on a number of variables, some of which are not within American\u2019s control\\. Therefore, although American will vigorously defend itself in each of the actions described above and such other legal proceedings, their ultimate resolution and potential financial and other impacts on American are uncertain but could be material\\. See Part I, Item 1A\\. Risk Factors \u2013*\u201cWe may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity\u201d* for additional discussion\\.\n\n***(f) Guarantees and Indemnifications***\n\nAmerican is a party to many routine contracts in which it provides general indemnities in the normal course of business to third parties for various risks\\. American is not able to estimate the potential amount of any liability resulting from the indemnities\\. These indemnities are discussed in the following paragraphs\\.\n\nIn its aircraft financing agreements, American generally indemnifies the financing parties, trustees acting on their behalf and other relevant parties against liabilities (including certain taxes) resulting from the financing, manufacture, design, ownership, operation and maintenance of the aircraft regardless of whether these liabilities (including certain taxes) relate to the negligence of the indemnified parties\\.\n\nAmerican\u2019s loan agreements and other LIBOR\\-based financing transactions (including certain leveraged aircraft leases) generally obligate American to reimburse the applicable lender for incremental costs due to a change in law that imposes (i) any reserve or special deposit requirement against assets of, deposits with or credit extended by such lender related to the loan, (ii) any tax, duty or other charge with respect to the loan (except standard income tax) or (iii) capital adequacy requirements\\. In addition, American\u2019s loan agreements and other financing arrangements typically contain a withholding tax provision that requires American to pay additional amounts to the applicable lender or other financing party, generally if withholding taxes are imposed on such lender or other financing party as a result of a change in the applicable tax law\\.\n\nIn certain transactions, including certain aircraft financing leases and loans, the lessors, lenders and/or other parties have rights to terminate the transaction based on changes in foreign tax law, illegality or certain other events or circumstances\\. In such a case, American may be required to make a lump sum payment to terminate the relevant transaction\\.\n\nAmerican has general indemnity clauses in many of its airport and other real estate leases where American as lessee indemnifies the lessor (and related parties) against liabilities related to American\u2019s use of the leased property\\. Generally, these indemnifications cover liabilities resulting from the negligence of the indemnified parties, but not liabilities resulting from the gross negligence or willful misconduct of the indemnified parties\\. In addition, American provides environmental indemnities in many of these leases for contamination related to American\u2019s use of the leased property\\.\n\nUnder certain contracts with third parties, American indemnifies the third\\-party against legal liability arising out of an action by the third\\-party, or certain other parties\\. The terms of these contracts vary and the potential exposure under these indemnities cannot be determined\\. American has liability insurance protecting American for some of the obligations it has undertaken under these indemnities\\.\n\nAmerican is required to make principal and interest payments for certain special facility revenue bonds issued by municipalities primarily to build or improve airport facilities and purchase equipment, which are leased to American\\. The payment of principal and interest of certain special facility revenue bonds is guaranteed by American\\. As of December 31, 2018, the remaining lease payments through 2035 guaranteeing the principal and interest on these bonds are $588 million and the current carrying amount of the associated operating lease liability in the accompanying consolidated balance sheet is $321 million\\.\n\nAs of December 31, 2018, American had issued guarantees covering AAG\u2019s $750 million aggregate principal amount of 5\\.50% senior notes due 2019 and $500 million aggregate principal amount of 4\\.625% senior notes due 2020\\.\n\n169"}
{"_id": "United-2019_26.md", "title": "", "text": "Annual Report of United Continental Holdings, Inc\\. and United Airlines, Inc\\. for year 2019\n\n[Table of Contents](https://www.example.com#s1B306C2BC5705F95B83EC9EC687675EF)\n\n\n\n|                                                                          |                             |                             |                             |                             |                             |\n| ------------------------------------------------------------------------ | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                          | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                          | **2019**                    | **2018**                    | **2017**                    | **2016**                    | **2015**                    |\n| **Select operating statistics (a)**                                      |                             |                             |                             |                             |                             |\n| Passengers (thousands)  (b)                                              | 162,443                     | 158,330                     | 148,067                     | 143,177                     | 140,369                     |\n| Revenue passenger miles (\"RPMs\") (millions)  (c)                         | 239,360                     | 230,155                     | 216,261                     | 210,309                     | 208,611                     |\n| Available seat miles (\"ASMs\") (millions)  (d)                            | 284,999                     | 275,262                     | 262,386                     | 253,590                     | 250,003                     |\n| Cargo revenue ton miles (millions)  (e)                                  | 3,329                       | 3,425                       | 3,316                       | 2,805                       | 2,614                       |\n| Passenger load factor  (f)                                               | 84\\.0%                      | 83\\.6%                      | 82\\.4%                      | 82\\.9%                      | 83\\.4%                      |\n| Passenger revenue per available seat mile (\"PRASM\") (cents)              | 13\\.90                      | 13\\.70                      | 13\\.13                      | 13\\.18                      | 13\\.11                      |\n| Total revenue per available seat mile (\"TRASM\") (cents)                  | 15\\.18                      | 15\\.00                      | 14\\.40                      | 14\\.42                      | 15\\.15                      |\n| Average yield per revenue passenger mile (\"Yield\") (cents)  (g)          | 16\\.55                      | 16\\.38                      | 15\\.93                      | 15\\.90                      | 15\\.72                      |\n| Cost per available seat mile (\"CASM\") (cents)                            | 13\\.67                      | 13\\.83                      | 13\\.02                      | 12\\.70                      | 13\\.08                      |\n| Average price per gallon of fuel, including fuel taxes                   | $2\\.09                      | $2\\.25                      | $1\\.74                      | $1\\.49                      | $1\\.94                      |\n| Fuel gallons consumed (millions)                                         | 4,292                       | 4,137                       | 3,978                       | 3,904                       | 3,886                       |\n| Average stage length (miles)  (h)                                        | 1,460                       | 1,446                       | 1,460                       | 1,473                       | 1,487                       |\n| Average daily utilization of each mainline aircraft (hours:minutes)  (i) | 10:39                       | 10:45                       | 10:27                       | 10:06                       | 10:24                       |\n\n\n\n(a) Includes data from our regional carriers operating under CPAs unless otherwise noted\\.\n\n(b) The number of revenue passengers measured by each flight segment flown\\.\n\n(c) The number of scheduled miles flown by revenue passengers\\.\n\n(d) The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown\\.\n\n(e) The number of cargo revenue tons transported multiplied by the number of miles flown\\.\n\n(f) RPM divided by ASM\\.\n\n(g) The average passenger revenue received for each revenue passenger mile flown\\.\n\n(h) Average stage length equals the average distance a flight travels weighted for size of aircraft\\.\n\n(i) The average number of hours per day that an aircraft flown in revenue service is operated (from gate departure to gate arrival)\\.\n\n27"}
{"_id": "Southwest-2017_35.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2017\n\n**Issuer Repurchases**\n\n\n\n|                                                     |                                           |                                           |                                           |                                           |                                           |\n| --------------------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ----------------------------------------- |\n| Issuer Purchases of Equity Securities (1)           | Issuer Purchases of Equity Securities (1) | Issuer Purchases of Equity Securities (1) | Issuer Purchases of Equity Securities (1) | Issuer Purchases of Equity Securities (1) | Issuer Purchases of Equity Securities (1) |\n|                                                     | **(a)**                                   | **(b)**                                   |                                           | **(c)**                                   | **(d)**                                   |\n|                                                     |                                           |                                           |                                           | **Total number of**                       | **Maximum dollar**                        |\n|                                                     |                                           |                                           |                                           | **shares purchased**                      | **value of shares that**                  |\n|                                                     | **Total number**                          | **Average**                               |                                           | **as part of publicly**                   | **may yet be purchased**                  |\n|                                                     | **of shares**                             | **price paid**                            |                                           | **announced plans**                       | **under the plans**                       |\n| **Period**                                          | **purchased**                             | **per share**                             |                                           | **or programs**                           | **or programs**                           |\n| October 1, 2017 through <br><br> October 31, 2017   | 1,206,365                                 | $\u2014                                        | (2)                                       | 1,206,365                                 | $1,700,000,000                            |\n| November 1, 2017 through <br><br> November 30, 2017 | 670,000                                   | $\u2014                                        | (3)(4)                                    | 670,000                                   | $1,410,017,716                            |\n| December 1, 2017 through <br><br> December 31, 2017 | 4,280,204                                 | $\u2014                                        | (3)(5)                                    | 4,280,204                                 | $1,350,032,588                            |\n| Total                                               | 6,156,569                                 |                                           |                                           | 6,156,569                                 |                                           |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                    |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| (1) | On  May 17, 2017 , the Company\u2019s Board of Directors authorized the repurchase of up to  $2\\.0 billion  of the Company\u2019s common stock\\. Repurchases are made in accordance with applicable securities laws in open market, private, or accelerated repurchase transactions from time to time, depending on market conditions, and may be discontinued at any time\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (2) | Under an accelerated share repurchase program entered into by the Company with a third party financial institution in third quarter 2017 (the \"Third Quarter 2017 ASR Program\"), the Company paid  $300 million  and received an initial delivery of  4,130,592  shares during August 2017, representing an estimated 75 percent of the shares to be purchased by the Company under the Third Quarter 2017 ASR Program based on a volume\\-weighted average price of  $54\\.4716  per share, which was the closing price of the Company\u2019s common stock on the New York Stock Exchange during a calculation period between August 1, 2017 and August 24, 2017\\. Final settlement of the Third Quarter 2017 ASR Program occurred in October 2017 and was determined based generally on a discount to the volume\\-weighted average price per share of the Company's common stock during a calculation period completed in October 2017\\. Upon settlement, the third party financial institution delivered  1,206,365  additional shares of the Company\u2019s common stock to the Company\\. In total, the average purchase price per share for the  5,336,957  shares repurchased under the Third Quarter 2017 ASR Program, upon completion of the Third Quarter 2017 ASR Program in October 2017, was  $56\\.2118 \\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (3) | Under an accelerated share repurchase program entered into by the Company with a third party financial institution in fourth quarter 2017 (the \"Fourth Quarter 2017 ASR Program\"), the Company paid  $250 million  in November 2017 and received an initial delivery of  3,323,537  shares during December 2017, representing an estimated 75 percent of the shares to be purchased by the Company under the Fourth Quarter 2017 ASR Program based on a volume\\-weighted average price of  $56\\.4158  per share of the Company\u2019s common stock on the New York Stock Exchange during a calculation period between November 8, 2017 and December 6, 2017\\. Final settlement of the Fourth Quarter 2017 ASR Program occurred in January 2018 and was determined based generally on a discount to the volume\\-weighted average price per share of the Company's common stock during a calculation period completed in January 2018\\. Upon settlement, the third party financial institution delivered  736,838  additional shares of the Company\u2019s common stock to the Company\\. In total, the average purchase price per share for the  4,060,375  shares repurchased under the Fourth Quarter 2017 ASR Program, upon completion of the Fourth Quarter 2017 ASR Program in January 2018, was  $61\\.5707 \\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                    |\n| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (4) | During the period from November 29, 2017 through November 30, 2017, the Company repurchased  670,000  shares of its common stock on the open market at an average price of  $59\\.6751  per share\\. |\n\n\n\n\n\n|     |                                                                                                                                                                                                   |\n| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| (5) | During the period from December 1, 2017 through December 15, 2017, the Company repurchased  956,667  shares of its common stock on the open market at an average price of  $62\\.7022  per share\\. |\n\n\n\n36"}
{"_id": "AmericanAirlines-2019_45.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nThe following table presents the components of our total net special items and the reconciliation of pre\\-tax income and net income (GAAP measures) to pre\\-tax income excluding net special items and net income excluding net special items (non\\-GAAP measures)\\. Management uses pre\\-tax income excluding net special items and net income excluding net special items to evaluate our current operating performance and to allow for period\\-to\\-period comparisons\\. As net special items may vary from period\\-to\\-period in nature and amount, the adjustment to exclude net special items allows management an additional tool to understand our core operating performance\\.\n\n\n\n|                                                                          |                             |                             |\n| ------------------------------------------------------------------------ | --------------------------- | --------------------------- |\n|                                                                          | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                          | **2019**                    | **2018**                    |\n|                                                                          | **(In millions)**           | **(In millions)**           |\n| **Components of Total Special Items, Net:**  **^(1)^**                   |                             |                             |\n| Fleet restructuring expenses  ^(2)^                                      | $271                        | $422                        |\n| Fleet impairment  ^(3)^                                                  | 213                         | \u2014                           |\n| Merger integration expenses  ^(4)^                                       | 191                         | 268                         |\n| Litigation reserve adjustments                                           | (53)                        | 45                          |\n| Mark\\-to\\-market adjustments on bankruptcy obligations, net  ^(5)^       | (11)                        | (76)                        |\n| Severance expenses  ^(6)^                                                | 11                          | 58                          |\n| Intangible asset impairment  ^(7)^                                       | \u2014                           | 26                          |\n| Labor contract expenses                                                  | \u2014                           | 13                          |\n| Other operating charges, net                                             | 13                          | 31                          |\n| Mainline operating special items, net                                    | 635                         | 787                         |\n| Regional operating special items, net                                    | 6                           | 6                           |\n| Operating special items, net                                             | 641                         | 793                         |\n| Debt refinancing and extinguishment charges                              | 16                          | 13                          |\n| Mark\\-to\\-market adjustments on equity and other investments, net  ^(8)^ | (5)                         | 104                         |\n| Other nonoperating income, net                                           | (8)                         | (4)                         |\n| Nonoperating special items, net                                          | 3                           | 113                         |\n| Pre\\-tax special items, net                                              | 644                         | 906                         |\n| Income tax special items, net  ^(9)^                                     | \u2014                           | 18                          |\n| Total special items, net                                                 | $644                        | $924                        |\n| **Reconciliation of Pre\\-Tax Income Excluding Net Special Items:**       |                             |                             |\n| Pre\\-tax income \u2013 GAAP                                                   | $2,256                      | $1,884                      |\n| Adjusted for: Pre\\-tax special items, net                                | 644                         | 906                         |\n| Pre\\-tax income excluding net special items                              | $2,900                      | $2,790                      |\n| **Reconciliation of Net Income Excluding Net Special Items:**            |                             |                             |\n| Net income \u2013 GAAP                                                        | $1,686                      | $1,412                      |\n| Adjusted for: Total special items, net                                   | 644                         | 924                         |\n| Adjusted for: Net tax effect of net special items                        | (151)                       | (219)                       |\n| Net income excluding net special items                                   | $2,179                      | $2,117                      |\n\n\n\n\n\n|       |                                                                                                                          |\n| ----- | ------------------------------------------------------------------------------------------------------------------------ |\n| ^(1)^ | See Note 2 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for further information on net special items\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                           |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | Fleet restructuring expenses principally included accelerated depreciation and rent expense for aircraft and related equipment grounded or expected to be grounded earlier than planned\\. |\n\n\n\n\n\n|       |                                                                                                                                         |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(3)^ | Fleet impairment principally includes a non\\-cash write\\-down of aircraft related to the planned retirement of our Embraer E190 fleet\\. |\n\n\n\n46"}
{"_id": "AmericanAirlines-2019_47.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nSelected Consolidated Financial Data of American\n\nThe selected consolidated financial data presented below under the captions \u201cConsolidated Statements of Operations data\u201d and \u201cConsolidated Balance Sheet data\u201d for the years ended December 31,  2019 ,  2018 ,  2017 ,  2016  and  2015  are derived from American\u2019s audited consolidated financial statements\\. \n\n\n\n|                                                                     |                             |                             |                             |                             |                             |\n| ------------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                                     | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                     | **2019**                    | **2018**                    | **2017**                    | **2016**                    | **2015**                    |\n|                                                                     | **(In millions)**           | **(In millions)**           | **(In millions)**           | **(In millions)**           | **(In millions)**           |\n| **Consolidated Statements of Operations data:**                     |                             |                             |                             |                             |                             |\n| Total operating revenues                                            | $45,761                     | $44,530                     | $42,610                     | $40,125                     | $40,938                     |\n| Total operating expenses                                            | 42,714                      | 41,807                      | 38,405                      | 35,045                      | 34,749                      |\n| Operating income                                                    | 3,047                       | 2,723                       | 4,205                       | 5,080                       | 6,189                       |\n| Net income                                                          | 1,972                       | 1,658                       | 1,285                       | 2,689                       | 8,120                       |\n| **Consolidated Balance Sheet data** <br><br>**(at end of period):** |                             |                             |                             |                             |                             |\n| Total assets                                                        | $71,890                     | $70,878                     | $61,401                     | $60,428                     | $50,439                     |\n| Debt and finance leases                                             | 23,042                      | 23,197                      | 23,294                      | 22,577                      | 18,826                      |\n| Pension and postretirement obligations  ^(1)^                       | 6,037                       | 6,893                       | 7,550                       | 7,904                       | 7,526                       |\n| Operating lease liabilities                                         | 9,083                       | 9,496                       | \u2014                           | \u2014                           | \u2014                           |\n| Stockholder\u2019s equity                                                | 13,422                      | 11,770                      | 9,888                       | 8,578                       | 9,698                       |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                          |\n| ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | Substantially all defined benefit pension plans were frozen effective November 1, 2012\\. See Note 8 to American's Consolidated Financial Statements in Part II, Item 8B for further information on pension and postretirement benefits\\. |\n\n\n\n48"}
{"_id": "AmericanAirlines-2017_150.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2017\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***Other Investments***\n\nAmerican has an approximate 25% ownership interest in Republic Airways Holdings Inc\\. (Republic), which it received in the second quarter of 2017 in consideration for its unsecured claim in Republic\u2019s bankruptcy case\\. This ownership interest is accounted for under the equity method and American\u2019s portion of Republic\u2019s financial results is recognized within other, net on the consolidated statements of operations\\. In 2017, American recognized $544 million of regional expense from its capacity purchase agreement with Republic\\.\n\nAdditionally, in the third quarter of 2017, American acquired 2\\.7% of the outstanding shares of China Southern Airlines Company Limited for $203 million\\. Since American\u2019s subscription agreement restricts the sale or transfer of these shares for three years, American accounts for this investment under the cost method\\.\n\nThese investments are reflected within other assets on American\u2019s consolidated balance sheets\\.\n\n**7\\. Employee Benefit Plans**\n\nAmerican sponsors defined benefit and defined contribution pension plans for eligible employees\\. The defined benefit pension plans provide benefits for participating employees based on years of service and average compensation for a specified period of time before retirement\\. Effective November 1, 2012, substantially all of American\u2019s defined benefit pension plans were frozen and American began providing enhanced benefits under its defined contribution pension plans for certain employee groups\\. American uses a December 31 measurement date for all of its defined benefit pension plans\\. American also provides certain retiree medical and other postretirement benefits, including health care and life insurance benefits, to retired employees\\. Effective November 1, 2012, American modified its retiree medical and other postretirement benefits plans to eliminate the company subsidy for employees who retire on or after November 1, 2012\\. As a result of modifications to its retiree medical and other postretirement benefits plans in 2012, American recognized a negative plan amendment of $1\\.9 billion, which is included as a component of prior service benefit in OCI and will be amortized over the future service life of the active plan participants for whom the benefit was eliminated, or approximately eight years\\. As of December 31, 2017, $631 million of prior service benefit remains to be amortized\\.\n\n***Benefit Obligations, Fair Value of Plan Assets and Funded Status***\n\nThe following tables provide a reconciliation of the changes in the pension and retiree medical and other postretirement benefits obligations, fair value of plan assets and a statement of funded status as of December 31, 2017 and 2016:\n\n\n\n|                                           |                      |                      |                                                                  |                                                                  |\n| ----------------------------------------- | -------------------- | -------------------- | ---------------------------------------------------------------- | ---------------------------------------------------------------- |\n|                                           | **Pension Benefits** | **Pension Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** | **Retiree Medical and**<br><br>**Other Postretirement Benefits** |\n|                                           | **2017**             | **2016**             | **2017**                                                         | **2016**                                                         |\n|                                           | **(In millions)**    | **(In millions)**    | **(In millions)**                                                | **(In millions)**                                                |\n| Benefit obligation at beginning of period | $17,148              | $16,310              | $990                                                             | $1,129                                                           |\n| Service cost                              | 2                    | 2                    | 4                                                                | 3                                                                |\n| Interest cost                             | 717                  | 746                  | 39                                                               | 47                                                               |\n| Actuarial (gain) loss  ^(1) (2)^          | 1,007                | 725                  | 49                                                               | (104)                                                            |\n| Plan amendments                           | \u2014                    | \u2014                    | \u2014                                                                | 7                                                                |\n| Settlements                               | (4)                  | (2)                  | \u2014                                                                | \u2014                                                                |\n| Benefit payments                          | (723)                | (633)                | (80)                                                             | (92)                                                             |\n| Other                                     | 28                   | \u2014                    | 8                                                                | \u2014                                                                |\n| Benefit obligation at end of period       | $18,175              | $17,148              | $1,010                                                           | $990                                                             |\n\n\n\n151"}
{"_id": "AmericanAirlines-2018_144.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2018\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.**\n\n***(q) Regional Expenses***\n\nExpenses associated with American Eagle operations are classified as regional expenses on American\u2019s consolidated statements of operations\\. Regional expenses consist of the following (in millions):\n\n\n\n|                                                               |                             |                             |                             |\n| ------------------------------------------------------------- | --------------------------- | --------------------------- | --------------------------- |\n|                                                               | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                               | **2018**                    | **2017**                    | **2016**                    |\n| Aircraft fuel and related taxes                               | $1,843                      | $1,382                      | $1,109                      |\n| Salaries, wages and benefits                                  | 338                         | 356                         | 327                         |\n| Capacity purchases from third\\-party regional carriers  ^(1)^ | 3,267                       | 3,283                       | 3,186                       |\n| Maintenance, materials and repairs                            | 8                           | 7                           | 4                           |\n| Other rent and landing fees                                   | 583                         | 602                         | 487                         |\n| Aircraft rent                                                 | 27                          | 27                          | 28                          |\n| Selling expenses                                              | 369                         | 361                         | 347                         |\n| Depreciation and amortization                                 | 267                         | 262                         | 237                         |\n| Special items, net                                            | \u2014                           | 3                           | 13                          |\n| Other                                                         | 362                         | 289                         | 271                         |\n| Total regional expenses                                       | $7,064                      | $6,572                      | $6,009                      |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                                                         |\n| ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | In  2018 , American recognized  $565 million  of expense under its capacity purchase agreement with Republic Airline Inc\\. (Republic)\\. American holds a  25%  equity interest in Republic Airways Holdings Inc\\. (Republic Holdings), the parent company of Republic\\. |\n\n\n\n**2\\. Special Items, Net**\n\nSpecial items, net on American\u2019s consolidated statements of operations consisted of the following (in millions):\n\n\n\n|                                                                    |                             |                             |                             |\n| ------------------------------------------------------------------ | --------------------------- | --------------------------- | --------------------------- |\n|                                                                    | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |\n|                                                                    | **2018**                    | **2017**                    | **2016**                    |\n| Fleet restructuring expenses  ^(1)^                                | $422                        | $232                        | $177                        |\n| Merger integration expenses  ^(2)^                                 | 268                         | 273                         | 514                         |\n| Severance expenses  ^(3)^                                          | 58                          | \u2014                           | \u2014                           |\n| Litigation settlement  ^(4)^                                       | 45                          | \u2014                           | \u2014                           |\n| Intangible asset impairment  ^(5)^                                 | 26                          | \u2014                           | \u2014                           |\n| Labor contract expenses                                            | 13                          | 46                          | \u2014                           |\n| Mark\\-to\\-market adjustments on bankruptcy obligations, net  ^(6)^ | (76)                        | 27                          | 25                          |\n| Employee 2017 Tax Act bonus expense  ^(7)^                         | \u2014                           | 123                         | \u2014                           |\n| Other operating charges (credits), net                             | 31                          | 11                          | (7)                         |\n| Mainline operating special items, net                              | 787                         | 712                         | 709                         |\n| Regional operating special items, net                              | \u2014                           | 3                           | 13                          |\n| Operating special items, net                                       | 787                         | 715                         | 722                         |\n| Mark\\-to\\-market adjustments on equity investments, net  ^(8)^     | 104                         | \u2014                           | \u2014                           |\n| Debt refinancing and extinguishment charges                        | 13                          | 22                          | 49                          |\n| Other nonoperating credits, net                                    | (4)                         | \u2014                           | \u2014                           |\n| Nonoperating special items, net                                    | 113                         | 22                          | 49                          |\n| Income tax special items  ^(9)^                                    | 18                          | \u2014                           | \u2014                           |\n| Impact of the 2017 Tax Act  ^(10)^                                 | \u2014                           | 924                         | \u2014                           |\n| Income tax special items, net                                      | 18                          | 924                         | \u2014                           |\n\n\n\n145"}
{"_id": "AmericanAirlines-2019_156.md", "title": "", "text": "Annual Report of American Airlines Group Inc\\. for year 2019\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES, INC\\.\n\n16\\. Transactions with Related Parties\n\nThe following represents the net receivables (payables) to related parties (in millions):\n\n\n\n|                                         |                  |                  |\n| --------------------------------------- | ---------------- | ---------------- |\n|                                         | **December 31,** | **December 31,** |\n|                                         | **2019**         | **2018**         |\n| AAG  ^(1)^                              | $14,597          | $12,808          |\n| AAG\u2019s wholly\\-owned subsidiaries  ^(2)^ | (2,146<br><br>)  | (2,142<br><br>)  |\n| Total                                   | $12,451          | $10,666          |\n\n\n\n\n\n|       |                                                                                                                                                                             |\n| ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(1)^ | The increase in American\u2019s net related party receivable from AAG is primarily due to American providing the cash funding for AAG\u2019s share repurchase and dividend programs\\. |\n\n\n\n\n\n|       |                                                                                                                                                                                                                                 |\n| ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ^(2)^ | The net payable to AAG\u2019s wholly\\-owned subsidiaries consists primarily of amounts due under regional capacity purchase agreements with AAG\u2019s wholly\\-owned regional airlines operating under the brand name of American Eagle\\. |\n\n\n\nPursuant to a capacity purchase agreement between American and AAG\u2019s wholly\\-owned regional airlines operating as American Eagle, American purchases all of the capacity from these carriers and recognizes passenger revenue from flights operated by American Eagle\\. In  2019 ,  2018  and  2017 , American recognized expense of approximately   $2\\.2 billion ,   $1\\.8 billion  and   $1\\.7 billion , respectively, related to wholly\\-owned regional airline capacity purchase agreements\\.\n\n17\\. Subsequent Event\n\n2014 Credit Facilities Refinancing\n\nIn January 2020, American and AAG entered into the Eighth Amendment (the Eighth Amendment) to Amended and Restated Credit and Guaranty Agreement, amending the 2014 Credit Agreement, pursuant to which American refinanced the 2014 Term Loan Facility, increasing the total aggregate principal outstanding to   $1\\.22 billion , reducing LIBOR margin from   2\\.00%  to   1\\.75% , with a LIBOR floor of   0% , and reducing the base rate margin from   1\\.00%  to   0\\.75% \\. In addition, the maturity date for the 2014 Term Loan Facility was extended to January 2027 from October 2021\\. The 2014 Revolving Facility remains unchanged and, as of January 29, 2020, the effective date of the Eighth Amendment, there were no borrowings or letters of credit outstanding thereunder\\.\n\n157"}
{"_id": "Southwest-2019_30.md", "title": "", "text": "Annual Report of Southwest Airlines Co\\. for year 2019\n\nThe Company owns two additional headquarters buildings, located across the street from the Company's main headquarters building, on land owned by the Company including (a) an energy\\-efficient, modern building, called TOPS, which houses certain operational and training functions, including the Company's 24\\-hour operations and (b) the Wings Complex, completed in 2018, consisting of a Leadership Education and Aircrew Development (LEAD) Center (housing 18 of the Company's 20 Boeing 737 flight simulators and classroom space for Pilot training), an additional office building, and a parking garage\\. Construction has begun on an expansion of the LEAD Center, and is expected to be operational in late 2020\\.\n\nAs of December 31, 2019, the Company operated seven Customer Support and Services call centers\\. The centers located in Atlanta, San Antonio, Chicago, Albuquerque, and Oklahoma City occupy leased space\\. The Company owns its Houston and Phoenix centers\\.\n\nThe Company performs substantially all line maintenance on its aircraft and provides ground support services at most of the airports it serves\\. However, the Company has arrangements with certain aircraft maintenance providers for major component inspections and repairs for its airframes and engines, which comprise the majority of the Company's annual aircraft maintenance costs\\.\n\nItem 3\\.  Legal Proceedings \n\nOn June 30, 2015, the U\\.S\\. Department of Justice (\"DOJ\") issued a Civil Investigative Demand (\"CID\") to the Company\\. The CID seeks information and documents about the Company\u2019s capacity from January 2010 to the date of the CID, including public statements and communications with third parties about capacity\\. In June 2015, the Company also received a letter from the Connecticut Attorney General requesting information about capacity\\. The Company is cooperating fully with the DOJ CID and the state inquiry\\.\n\nFurther, on July 1, 2015, a complaint was filed in the United States District Court for the Southern District of New York on behalf of putative classes of consumers alleging collusion among the Company, American Airlines, Delta Air Lines, and United Airlines to limit capacity and maintain higher fares in violation of Section 1 of the Sherman Act\\. Since then, a number of similar class action complaints were filed in the United States District Courts for the Central District of California, the Northern District of California, the District of Columbia, the Middle District of Florida, the Southern District of Florida, the Northern District of Georgia, the Northern District of Illinois, the Southern District of Indiana, the Eastern District of Louisiana, the District of Minnesota, the District of New Jersey, the Eastern District of New York, the Southern District of New York, the Middle District of North Carolina, the District of Oklahoma, the Eastern District of Pennsylvania, the Northern District of Texas, the District of Vermont, and the Eastern District of Wisconsin\\. On October 13, 2015, the Judicial Panel on Multi\\-District Litigation centralized the cases to the United States District Court in the District of Columbia\\. On March 25, 2016, the plaintiffs filed a Consolidated Amended Complaint in the consolidated cases alleging that the defendants conspired to restrict capacity from 2009 to present\\. The plaintiffs seek to bring their claims on behalf of a class of persons who purchased tickets for domestic airline travel on the defendants' airlines from July 1, 2011 to present\\. They seek treble damages, injunctive relief, and attorneys' fees and expenses\\. On May 11, 2016, the defendants moved to dismiss the Consolidated Amended Complaint, and on October 28, 2016, the Court denied this motion\\. On December 20, 2017, the Company reached an agreement to settle these cases with a proposed class of all persons who purchased domestic airline transportation services from July 1, 2011, to the date of the settlement\\. The Company agreed to pay $15 million and to provide certain cooperation with the plaintiffs as set forth in the settlement agreement\\. The Court granted preliminary approval of the settlement on January 3, 2018, and the plaintiffs provided notice to the proposed settlement class\\. The Court held a fairness hearing on March 22, 2019, and it issued an order granting final approval of the settlement on May 9, 2019\\. On June 10, 2019, three objectors filed notices of appeal to the United States Court of Appeals for the District of Columbia Circuit\\. Two of the objectors dismissed their appeals, and the Company and the other settling parties moved to dismiss the remaining appeal because the district court did not certify the approval order as appealable\\. The district court denied the remaining objectors' request to certify the approval order as a final appealable order, and on November 6, 2019, the objectors asked the court of appeals to dismiss their appeal\\. The case is continuing as to the remaining defendants\\. The Company denies all allegations of wrongdoing\\.\n\nOn July 11, 2019, a complaint alleging violations of federal and state laws and seeking certification as a class action was filed against Boeing and the Company in the United States District Court for the Eastern District of Texas in Sherman\\. The complaint alleges that Boeing and the Company colluded to conceal defects with the MAX aircraft in \n\n31"}